More ambition

BLIND modified

Time for some follows.

RECO is the housing cop in Ontario. It functions as a regulator of the industry, but without the cut-off-your-glands judiciary clout of the agency that oversees the financial advisory business. Still, RECO can fine agents, suspend licenses and make life reasonably miserable for those who break the rules. The trouble is, unlike the financial and bank cops, RECO doesn’t have a platoon of investigators, inspectors and auditors who make registrants live in fear of breaching the smallest rule.

Hence, the Wild West that now exists in our biggest province, with imitations across the country. In BC, for example, land of yellow helicopters ferrying fake Chinese agents, and condo showrooms with fake Chinese buyers, the Real Estate Council of British Columbia’s turned from watchdog into lapdog, or maybe more like a pet guppy in a plastic bag in your mom’s guest bathroom toilet tank. Egregious malfeasance on the part of professional housing marketers has escaped scot-free.

Well, back to Nancy Taza and her condo-thumping fictional math. Former career realtor and housing consultant Ross Kay says not only is the 31-year-old realtress in contravention of RECO guidelines with the email message posted here yesterday, but also with content posted on her web site and wild-‘n-crazy Facebook page.  (Note: after this post was published Ms. Taza’s FB page, replete with its bikini pictures, was taken offline.)

“While RECO can’t touch TREB or it’s non-registrant staff,” says Kay, “Taza is a different story.  This has been brought to RECO’s attention.”

TAZA modifiedIndeed. A developer, builder or marketing maven  can promise you a 160% return in three years on a two-bedroom condo that isn’t built yet, but it’s a different story entirely when a licensed agent/broker makes the same broad statements. As pointed out here yesterday, there are an astonishing number of people who actually believe it all. Especially when it comes from the lips of a Mercedes-driving, penthouse-dwelling, party-going Amazon.

And here’s another follow for you – the sad saga of Meerai Cho, the go-to lawyer for Toronto’s real estate-buying Korean crowd who mistakenly gave $12 million in condo deposits to a developer who promptly flew to Seoul. The cops figure she’ll eventually face 300 charges, while she’s already been thrown out of the legal profession, and declared bankruptcy. But the victims find themselves in a limbo – covered only marginally for lost deposits by the new home warranty people, and unable to sue a dink who fled the country.

So will they be able to go after Cho’s malpractice insurance policy – blanket coverage all lawyers must carry?

Not so fast.

CHO  One of the blog dogs is an insider, and provides this: “All the stories seem to be leaving out that as a practicing lawyer she’d have malpractice insurance coverage,” he says. “What it would hinge on though, among a million other things, is whether it was a genuine error (which is covered) or fraud (which is isn’t covered by the policy).

“It all depends entirely on what kinds of claims end up in our claims department, but my two cents is that those buyers would be a lot better off if she genuinely just screwed up.”

The Cho saga resumes on October 2, with her next court appearance. Unfortunately for the victims – at least one of whom plopped down $700,000 – the combined local cop/RCMP investigation could take well into 2015, and no insurance payouts are expected until the whole mess has been unpeeled.

There are lessons here, as I’ve pointed out. Despite the fact 70% of Canadians are heavily invested in this one asset, and have placed $1.1 trillion in financing on it, real estate remains basically unregulated. Agents can promise future returns on property that doesn’t exist. Real estate boards can secretly alter published numbers, without consequences. Consumers can be denied access to basic information, like days on market or sales histories. Developers can delay for years handing over product they’ve already sold. And 200 families can lose their life savings and look forward to diddly.

Meanwhile people worry about losing money on a bank stock. It might be different, of course, if there were a tank top involved.

146 comments ↓

#1 bdy sktrn on 08.28.14 at 7:13 pm

bank stocks rule.

#2 Chickenlittle on 08.28.14 at 7:18 pm

Hey Garth, my inlaws are staying for the entire weekend. Throw me a bone and make me #1. I need it.

#3 Yogi Bear on 08.28.14 at 7:19 pm

The victims will want her punished, which means they’ll be pushing the fraud angle over the egregious mistake angle.

It is sad, but a little bit funny as well.

#4 totalinvestor.com on 08.28.14 at 7:21 pm

Why wouldn’t you trust Nancy Taza, she has a rosary hanging from here rear view mirror?

http://postimg.org/image/71sr8e1bt/

#5 Happy Renting on 08.28.14 at 7:25 pm

Thank you, Garth, for using your powers for good instead of evil.

#6 omg on 08.28.14 at 7:28 pm

FRUAD VERSUS INCOMPETENT

The funny thing will be, her lawyers will be arguing that she was just plain incompetent. We are talking bag of hammers incompetent.

Incompentent is embarrassing, but not illegal.

Seeing that she is bankrupt I assume she will have some legal aide type lawyer.

She probably should not defend herself.

#7 ronh on 08.28.14 at 7:30 pm

It used to be snake oil salesmen, now its condo pumpers.
People never learn. Sad, sad, sad.

#8 Happy Renting on 08.28.14 at 7:32 pm

Bummer. Looks like you at least need a Facebook account to see Taza’s wild and crazy page. Is the ability to view being restricted, or content and photos being pulled down, due to all the Garth-fuelled free publicity she is now getting?

#9 Inglorious Investor on 08.28.14 at 7:35 pm

What is it about the real estate business that seems to attract so many women who obviously really want to be porn stars?

#10 Cici on 08.28.14 at 7:40 pm

wild-n’-crazy FaceBook page? Garth, was that a joke? Because if not, she’s caught on and is covering up her tracks.

#11 Uh Oh Canada on 08.28.14 at 7:50 pm

So far this year, I scooped up 2k worth of growth on my financial investments. It’s not a lot, but for a do-it-yourself-beginner-investor, it makes me happy.

I’m sure others would say I’d be better off plopping the cash down on real-estate, but stories like this and just this deep down gut feeling that it’s all gonna crash, makes me happy that I listened to Garth.

#12 Don Sanderson on 08.28.14 at 7:53 pm

Canada’s 10 year bond 1.99% and Canada’s 30 year bond is 2.55%.

They are following the U.S. with 10 year bonds at 2.33% and 30 year bonds at 3.07%

When are they going up to 5.5% and 6% again. When all the polar ice caps melt, maybe 50 years from now. Good luck with that.

#13 LH on 08.28.14 at 7:55 pm

Ah bank stock

I have 600k of restricted
And at least as much coming again january 2015
Rich world problems!

#14 Victoria Real Estate Update on 08.28.14 at 7:57 pm

Let’s take a look at Oak Bay’s housing market.

. . . . . . . . .Single Family Home Prices. . . . . . . . . .
. . . . . . . . . . . . . . Oak Bay. . . . . . . . . . . . . . . .
. . . . . . . . (Percent Below 2010 Peak). . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0%. . . * . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-1%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-2%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-3%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-4%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-6%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-7%. . . . . . . . . .*. . . . . . . . . . . . . . . . . . . . . .
-8%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-9%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-10%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-11%. . . . . . . . . . . . . . . *. . . . . . * . . . . . . . .
-12%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-13%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-14%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-15%. . . . . . . . . . . . . . . . . . . . . . . . . . . . .*. . .
-16%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
———————————————————————————-
. . .March 10. . Dec.10. . Dec.11. . Dec.12. . Dec.13

This graph was put together using SFH median price data for Oak Bay (averaged over 3 months to smooth out monthly price fluctuations). By the end of December 2013, SFH prices in Oak Bay had fallen 15.3% below March 2010’s peak level. Note that December 2013 was the last month that median price data was available for Greater Victoria.

In 1989, total (yearly) SFH sales peaked in Greater Victoria. 2010’s total was 45% below that. In Oak Bay, 2014’s SFH sales pace has been slower than 2010’s.

In May 2010, 5-year mortgage rates were at 4.29%, today they are at 2.64%. This should have resulted in skyrocketing house prices and record-high SFH sales totals in Oak Bay since 2010, but neither happened.

This Oak Bay house continues to sit on the market with no buyer, despite historically low interest rates.

945 Falkland Rd, Oak Bay
* asking price: $649.9 K ($34 K below assessed value).
* nicely updated and freshly painted
* garage, 4 beds, 1 bath, 1,791 sq. ft. , open plan
* empty and move-in ready

Why would anyone buy a vacation property in Oak Bay (or anywhere in Greater Victoria) when properties in several US states (with year-round warm weather) are available for a fraction of the cost? Let’s compare.

The lowest-priced house in Oak Bay is 1975 Haultain:

* 1954 bungalow
* main level has 3 beds, 1 bath, approximately 1,200 sq. ft. (the rest of the house is in the basement)
* asking price: $525 K

For approximately that amount of money (or less), you could buy a beautiful, massive house in one of these US locations (with year-round warm weather). Many of these are luxury homes located in exclusive neighbourhoods.

(min. 5 beds, 3 baths, 10 years old or newer, min. 5,000 sq. ft., attached garage, pool)

Florida:

$366 K, Port Saint Lucie, FL
$340 K, Hudson, FL
$469 K, Fort Pierce, FL
$577 K, Royal Palm Beach, FL

Arizona:

$368 K, Queen Creek, AZ
$564 K, Phoenix, AZ
$513 K, Queen Creek, AZ

Texas:

$573 K, Roanoke, TX
$512 K, Spring, TX
$557 K, Crowley, TX

How cold are winters in Victoria? Consider the following 7 day weather snapshot from Feb. 3-9, 2014:

Date__High___Low (degrees Celsius)
3____+3.7___ -0.4
4____+0.3___ -3.0
5____-0.8___ -3.8
6____-0.5___ -4.6
7____+0.8___ -5.8
8____+2.4___ -6.7
9____+2.6___ -2.5

There is always plenty of rain in Victoria in February.

Houses in Victoria, a city with cold, wet winter weather should cost less than in these warm US locations, not 5 times as much. Obviously Victoria’s housing market is extremely overvalued.

Girls and guys, do not buy a house in Oak Bay or any other area of Greater Victoria until prices fall a lot more. If you buy now you will soon be faced with the financial difficulty associated with an underwater mortgage. Millions of near-peak buyers in the US continue to deal with extreme financial hardship as a result of buying at the wrong time. Don’t put yourself and your family in that position.

Until next time – Cheers!

#15 NostyVlad the Snugglebombed on 08.28.14 at 7:57 pm

Watching Obama squirm while putting on his poker / serious face today gave me a clear, lucld and vivid recollection of dubya’s “Sadaam has newcleeear WMD, is a grave threat to the world and must be stopped at all costs”, as well as G.H.W. Bush’s “Read my lips — no new taxes”.

This brings forth a hypopathetical conundrum — what if BK and TH set up head offices in Baghdad to avoid north american taxes completely? It is an idea whose time has come, to spread the wealth more liberally over the poorer countries.

As far as Russia being isolated, well, Obama’s a politico and has to do what he is told, or the gravy train runs out for him. Europe is in a blather of a recession / depression. Further, Merkel and Super or Subsonic?
*
#130 bill on 08.28.14 at 11:18 am — “dance instructor extraordinaire!”

Thanks Bill! These are some of my better moves. (The last few seconds are exquisite!)

#61 april on 08.25.14 at 10:04 pm — “Rent the land?” Not a bad idea! See the link and you’ll get the drift!
Yellowstone and Iceland’s revenge (on the bankers); NSA’s Secret Google; Neocons screwed the US; CNN Bloodbath The paid-for and controlled m$m. Nobody likes a liar.

#16 crowdedelevatorfartz on 08.28.14 at 8:03 pm

“Despite the fact 70% of Canadians are heavily invested in this one asset, and have placed $1.1 trillion in financing on it, real estate remains basically unregulated……”

Hmmmmm, eventually……..When TSHTF………I wonder how many people will look dumbly at the tv reporters and say………”Somebody should have TOLD us this was gonna happen!”

#17 ILoveCharts on 08.28.14 at 8:06 pm

This belongs here tonight:
http://www.news1130.com/2014/08/28/surrey-real-estate-firm-shut-down/

“Surrey real estate firm shut down”

#18 OttawaMike on 08.28.14 at 8:07 pm

2 things happened to me over the last 24 hours that have convinced me that we have finally reached the tipping point here in O town.

I went to see my buddy last night who runs a large brokerage and is the former pres of the OREB.

He said nothing is moving and we are on a downward trajectory as even the CMHC predicts. In fact, over a 37 year career, he says this is the first time that 3 deals have been scuttled in a row for him due to financing or other conditions not being met. The bedroom suburb of Rockland has not had a single sale in over 2 months.

Today I phoned my bylaw officer buddy to find out what the ramifications would be of parking my new express super tanker in my driveway for a while. He explained how I can dock my diesel cruiser until somebody complains, then beg forgiveness to buy more time.
We started talking houses and pseudocop tells me how he just had his own home appraisal come in at $320k for an LOC and his neighbour listed an identical Rockland house at $269K–45 days later(ouch). He also went on to tell me he had just returned from posting 11 properties as POS due to delinquent property taxes. He said the tax sale would likely see over 50 properties in the next sale, a new record number that is being broken with every tax auction. Some of these places are in prime locations including 2 on the “good” side of Beechwood.

#19 Vancouver Troy on 08.28.14 at 8:16 pm

Anyone know why Garth calls people Amazons?

#20 Millennial-Falcon on 08.28.14 at 8:20 pm

#8

Your conspiracy theories are laughable.

Same old drivel over and over again.

Here is an idea: Try working hard and making your own success. Stop blaming others for your own situation. Your envy and jealous is so obvious.

As for the article, I..a 31 year old male in the GTA..can tell you that 90% of my friends would believe anything Nancy Taza told them.

MF

#21 Andrew Woburn on 08.28.14 at 8:21 pm

Not everybody loses sleep over the coming dethroning of the US dollar but you won’t see this on King World News.

Dethrone ‘King Dollar’ – NYTimes.com

http://www.nytimes.com/2014/08/28/opinion/dethrone-king-dollar.html

#22 Trojan House on 08.28.14 at 8:22 pm

For anyone interested:

https://www.resume.com/nancytaza

https://www.facebook.com/pages/TAZA-Real-Estate/512155112196823

Thought I had just visited the “Hooters” facebook page.

#23 Millennial-Falcon on 08.28.14 at 8:26 pm

CORRECTION

My post at #20 was directed towards this NostyVlad character at #15

#24 eddy on 08.28.14 at 8:27 pm

Consumers can be denied access to basic information, like days on market or sales histories.

In Toronto, DOM is info owned by TREB, and is available through an agent, for free
Sales histories can be purchased from Teranet or MPAC type companies, or sometimes through an agent for free.

And you don’t even have to be a ‘consumer’ to get the info, you could be a nosy neighbor

WCS you pay

#25 Frustrated on 08.28.14 at 8:35 pm

Hi Garth
Have you heard anything if the government will regulate the numbers that come out of real estate numbers.

#26 Debra on 08.28.14 at 8:37 pm

Nancy, can you please speak up here. Just say what you were telling me this morning. That will shut them up!!

#27 Alberta Ed on 08.28.14 at 8:44 pm

“Lapdog” would also apply to the MSM.

#28 M on 08.28.14 at 8:45 pm

DELETED

#29 Nemesis on 08.28.14 at 8:45 pm

“What is it about the real estate business that seems to attract so many women who obviously really want to be porn stars?” – IngloriousInvestor

A better question, IngloriousInvestor: Why do so many porn stars become [redacted]™?

[DailyMail] – Deep Throat star Harry Reems dies aged 65 after renouncing the adult industry, finding God and becoming a successful realtor

http://www.dailymail.co.uk/news/article-2296700/Deep-Throat-star-Harry-Reems-dies-aged-65-renouncing-adult-industry-finding-God-successful-realtor.html

#30 Sebee on 08.28.14 at 8:50 pm

BTNB plate eh? Sound like Butt Nip, and looks like someone finally will nip this in the butt!

#31 Chickenlittle on 08.28.14 at 8:54 pm

#9 Inglorious Investor:

RE is a gateway career. You start off by taking professional “sexy” photos. Then you master the art of straight faced lying to people and pretending to like them. A few hours later, BINGO: Big dough of just a few hours work.
To me it makes sense that adult entertainment would come next…

………..

Thanks, Garth. #2. I tried. Always a bridesmaid….. ;)

#32 Andrew Woburn on 08.28.14 at 8:58 pm

This is an article about US real estate so don’t worry, Canada is different.

“Why the Trade-Up Housing Market Is Gone”

“If sales volume was stronger, this huge increase in home listings would not be very troublesome. However, Redfin.com’s latest report for June showed that sales volume was down year-over-year in 21 out of 29 major metros which they track. You don’t need to be a genius to understand what the soaring number of listings combined with weak sales means for home prices.”

http://econintersect.com/a/blogs/blog1.php/why-the-trade-up-housing

#33 Happy Renting on 08.28.14 at 8:59 pm

#20 Millennial-Falcon on 08.28.14 at 8:20 pm
#8

I could respond to your comment if I had the barest idea of what you were referring to.

#34 Johnny Dollar on 08.28.14 at 9:01 pm

The greaterfool blog always has the hottest women.
(Meerai Cho notwithstanding)

#35 d on 08.28.14 at 9:01 pm

I BEG TO PARDON. My mother-in-law is a real estate agent and I have YET to see her in a porn movie!

#36 Millenial on 08.28.14 at 9:03 pm

#26 Debra on 08.28.14 at 8:37 pm
Nancy, can you please speak up here. Just say what you were telling me this morning. That will shut them up!!

*****************************

Yeah, Nancy, I’d like to hear your side of the story. Speak up!

#37 Playing4fun on 08.28.14 at 9:06 pm

And wait until the victims are told they are responsible for all the forensic accounting costs to support the police/crown case against Meerai Cho. It’s a surprise outlay of money most fraud victims dont anticipate.

#38 Shawn on 08.28.14 at 9:08 pm

Bank Stocks

LH at 13 says:

Ah bank stock

I have 600k of restricted
And at least as much coming again january 2015
Rich world problems!

*****************************************
Congratulations. You are doing well. Can you explain what you mean by restricted and how you acquired the stock and where the next 600k is coming from in January.

#39 JSS on 08.28.14 at 9:08 pm

I am on Nancy’s side on this, because she’s hot.

Sorry Garth.

#40 JSS on 08.28.14 at 9:09 pm

#35 d on 08.28.14 at 9:01 pm
I BEG TO PARDON. My mother-in-law is a real estate agent and I have YET to see her in a porn movie!

^ Dude, you’re kinda gross.

#41 Ray Skunk on 08.28.14 at 9:15 pm

Yeah Nancy, I echo Debra and Millenial – speak up!

I’d like to see particular emphasis on the RECO guideline contravention and how you plan on defending yourself. Should make for some good bedtime reading.

Hope you’re seeing this… although there’s every chance you’re at one of your party’s(sic), braying along with your blowhard ilk who would happily stab you in the back for a $100 commission cheque.

#42 Andrew Woburn on 08.28.14 at 9:17 pm

#167 Oceanside on 08.28.14 at 4:18 pm
Admittedly we live in a smaller centre than Vancouver or Toronto, the realtors here are mostly middle age through to their 60′s and most have been in the community for a long time. Any high pressure/aggressive ones don’t do well here and just seem to disappear.
===========================

Totally agree. We introduced ourselves to three different realtors in the Oceanside area. We told we had sold a home in Vancouver and planned to buy on the Island in the next several months. Note the sales cues: “had sold” not “might sell”, and “buy now” not “buy sometime”. One guy got so excited he took us out for an afternoon to look at properties. We never heard from him again. The other two saved time. They didn’t even followup by phone. Way too aggressive, I guess.

But, as you say, there are people who earn their keep. Eventually we found a sensible, diligent, middle aged woman who listened well and emailed answers to our questions and organized at least thirty showings. She pointed out the pro’s and con’s of each and helped us avoid a bad decision. She didn’t drive a Mercedes. She wasn’t even blonde.

#43 crowdedelevatorfartz on 08.28.14 at 9:19 pm

Hmmmmmm another day another realty company ‘in trouble’
Vancouver suburb Surrey has two realtors from 8th Avenue Realty that have had their company’s assets seized and both are “missing” allegedly with clients’ deposits and thousand.

The only thing truly amazing about the 6:15pm news story was that it was actually reported in Global.

#44 betamax on 08.28.14 at 9:26 pm

#26 Debra: “Nancy, can you please speak up here. Just say what you were telling me this morning. That will shut them up!!”

LOL. Even funnier than yesterday’s post.

#45 betamax on 08.28.14 at 9:29 pm

#22 Trojan House:”Thought I had just visited the “Hooters” facebook page.”

You did, my friend, you did.

#46 I. RONNEE on 08.28.14 at 9:32 pm

Re. #6 omg on 08.28.14 at 7:28 pm
“FRUAD” VERSUS INCOMPETENT

You may qualify to fill out paperwork for Meerai Cho….how are you with numbers?

#47 X on 08.28.14 at 9:40 pm

I am not one for more gov’t intervention, but other than not wanting to look like the bad guy, and the associated costs, why doesn’t the gov’t create a board or something to oversee/regulate the RE boards?

I just don’t get why nothing is done. Everyone knows there is a lack of RE oversight. And when most Canadians have most of their net worth in RE, wouldn’t it be in the economies best interest to ensure Canadians aren’t getting taken for a ride on their RE purchases.

#48 idpluckher on 08.28.14 at 9:49 pm

If real estate falls in price. will that destroy the earnings of bank stocks?

Why? Homeowners’ debt levels wouldn’t fall. — Garth

#49 LH on 08.28.14 at 9:57 pm

Restricted means granted but not vested yet (can’t sell, but I do get the delicious dividends)

As a bankster we get oodles every january

#50 Bailing in BC on 08.28.14 at 9:58 pm

#22 Trojan House
Good grief, how stupid would you have to be to post that resume on line? Did she even read it? Her summary and objectives were essentially the same paragraph repeated. Her entire education consisted of N.A, N.A, Graduated N.A. I assume that by N.A she means N/A or non-applicable. She must have at least passed some RE board courses, a resume would seem like a good place to mention them. Unless she was forced to post this resume, it seems like doing nothing is better that doing something, in this case. All the entire exercise
Seems to have achieved is to let everybody know that she is uneducated and has no attention to detail

#51 dave on 08.28.14 at 10:11 pm

The last 2 articles about real estate policy and agent practices have been boring. Tell us more about how screwed the state of Canadian real estate is….or your take on the direction of global equity markets.

#52 Sheane Wallace on 08.28.14 at 10:15 pm

#12 Don Sanderson

low bond interest rates imply strongly negative interest rates (real inflation is more tan 2 %). Makes you wonder who buys the bonds… It is definitely not me, I have not seen a single positive statement so far from Garth on bonds, so the big question again is who buys these bonds?

Just think about it and what would happen if these mysterious bonds buyers suddenly disappear…

German bonds are bellow 1 %!…

#53 Sheane Wallace on 08.28.14 at 10:16 pm

German bonds are bellow 1 %!…

while my dividends alone are above 4 %.

#54 Bottoms_Up on 08.28.14 at 10:20 pm

#169 Jumpin jack splash on 08.28.14 at 4:58 pm
————————————————————-
Because there’s corrupt money funding the environmental movement doesn’t mean that climate change isn’t happening.

It IS happening…the debate and uncertainty surrounds how much of an impact humans are having on the changing climate.

But people in Canada shouuld be aware that Russia is indeed funding environmental protesters here in Canada.

#55 Bottoms_Up on 08.28.14 at 10:27 pm

#26 Debra on 08.28.14 at 8:37 pm
——————————————-
So you admit you didn’t quite understand what she was saying to you this morning, so you are unable to enlighten us yourself?

#56 bill on 08.28.14 at 10:29 pm

#15 NostyVlad the Snugglebombed on 08.28.14 at 7:57 pm
oh man!
do the mudshark baby!

#57 rainclouds on 08.28.14 at 10:34 pm

Wow. 3 bimbos in 1 day from the GTA getting national coverage

Well done, I look forward to Friday

#58 Bottoms_Up on 08.28.14 at 10:38 pm

#18 OttawaMike on 08.28.14 at 8:07 pm
—————————————————
Interesting anecdotes, the connected agents in Ottawa will tell you inventory is definitely building…routinely we’re getting 3000+ new monthly listings, but only 1500 sales….repeated monthly, and listings really start to (and have) piled up.

And for readers that don’t know Rockland is (barely) commuting distance to Ottawa, but along a sketchy 2 lane (non-divided) highway. Due to the unreliable commute, people are hesitant to move there (1 accident permanently cuts off traffic in both directions).

#59 DocInWaitingRoom on 08.28.14 at 10:55 pm

DELETED

#60 Spectacle on 08.28.14 at 10:56 pm

Just a shout out to my blog-dogs !

#14 Victoria Real Estate Update on 08.28.14 at 7:57 pm
Let’s take a look at Oak Bay’s housing market.

Dude, thank You so very much for your effort on Garth’s blog. So very appreciated!
**************************

#15 NostyVladSnuggle…
I appreciate your input,mand I also understand your input , now. It was me not you…

********

Just another point re Bankruptcy of one Ms Cho, despite her misguided ” ambitions…” You can’t really do it to attempt fraud or avoid legal processes. It gets very complicated.

And as usual shout out to Garth, master of the amazons etc..etc!

Thanks Your input is great,

Regards all

#61 sven on 08.28.14 at 10:58 pm

garth, what bank preferred shares do you recommend? or is there a good etf?

#62 bankruptcy geek on 08.28.14 at 11:10 pm

@ #14 Victoria Real Estate Update

Love your posts, keep ‘em coming!

#63 john h on 08.28.14 at 11:11 pm

Ottawa Mike, great post, you’re confirming everything I’m seeing around this town. If property can’t move at these low interest rates then hire rates will be the final blow

#64 Smoking Man on 08.28.14 at 11:11 pm

I did a really nice thing today on the plane.

An older couple, not in great health wanted me to help them with there investments. They won a lottery about 7 years ago. And 2/3 of is gone.

They where hosed by financial advisors.. Big time. They never bought a house, just paid off condo they owned for ten years.

It was tempting for me to take them up on handling loot.

But I’m not the business, Gartho is..

I gave them your tel and email.

Hope they call you, they would be happy with 7% returns.

But they have absolutely no idea of modern finance.

#65 Winterpeg on 08.28.14 at 11:11 pm

#18 Ottawa Mike. Interesting observations out of Ottawa.
Time to start hearing more from smaller centres other than T.O. or Vancouver. In the ‘Peg, two friends of mine are frustrated trying to sell their homes (at prices from last year or the year before) Good luck. Hate to tell them they are probably dreaming. Things are slowing down here. Seasonal? or “the tipping point”?

Regarding today’s post: Just noticed Nancy’s Facebook page “not available” anymore.

#66 45north on 08.28.14 at 11:16 pm

omg : The funny thing will be, her lawyers will be arguing that she was just plain incompetent. We are talking bag of hammers incompetent.

the funny thing is the lawyer will be top-drawer : “no that is covered under client-attorney confidentiality, sorry no”

OttawaMike : Today I phoned my bylaw officer buddy

He also went on to tell me he had just returned from posting 11 properties as Power of Sale due to delinquent property taxes.

I’ll mention that to my brother-in-law who may well already know.

Andrew Woburn : You don’t need to be a genius to understand what the soaring number of listings combined with weak sales means for home prices.”

which is what Mark Hanson is saying

X I just don’t get why nothing is done. because it’s in nobody’s interest. Could imagine the first year some meaningful program is put in place? Sales down 20%, 30%. Pretty funny.

#67 Andrew Woburn on 08.28.14 at 11:16 pm

#22 Trojan House on 08.28.14 at 8:22 pm

Thought I had just visited the “Hooters” facebook pag
============================

What have you got against prominent realtresses?

No, wait! Let’s not go there.

#68 Ford Prefect on 08.28.14 at 11:21 pm

One of the blog dogs is an insider, and provides this: “All the stories seem to be leaving out that as a practicing lawyer she’d have malpractice insurance coverage,” he says. “What it would hinge on though, among a million other things, is whether it was a genuine error (which is covered) or fraud (which is isn’t covered by the policy).

If this is a correct statement of malpractice insurance in Ontario then the Law Society of Ontario beats the realtors for criminality.

Who benefits from this interpretation? No points for guessing the Law Society. If it is a big claim then claim fraud and the Law Society is off the hook. And fraud is in the eye of the beholder – in this case a judge who was probably a long term member of the Law Society and even more probably a bencher.

Who loses? Again no points for guessing the depositors. What difference does it make to them if the trust funds are missing as the result of fraud as opposed to simple incompetence? In this case, and absolutely wrongly, all the difference in the world.

When is a trust fund not a trust fund? Again no points for guessing when it is held by a lawyer in Ontario.

#69 Ronaldo on 08.28.14 at 11:36 pm

Nancy’s Facebook page currently unavailable. Oh oh, poor Nancy is going to get her knuckles wrapped.

#70 bdy sktrn on 08.28.14 at 11:37 pm

van sun – The Canada Mortgage and Housing Corporation last spring projected a 1.9-per-cent vacancy rate this year for rentals and 1.8 per cent next year, reflecting one of the tightest rental markets in Canada.

A balanced market has a vacancy rate between three and five per cent.

Perhaps rental units in Vancouver are poised to become more affordable, due to a greater supply. But can you find a unit? According to CMHC, that remains a challenge.

Then, there’s the 48 per cent or so in Vancouver who don’t want to rent. …..

According to the Real Estate Board of Greater Vancouver, typical prices for all detached properties in Vancouver increased 6.5 per cent just since last year.

Anyone buying a single-family detached abode on the city’s west side in July typically had to ante $2.2 million for it. That’s up an astonishing 58 per cent in the past five years.

Those opting for the east side typically paid $932,000, up 48 per cent since 2009.
http://www.vancouversun.com/opinion/editorials/Barbara+Yaffe+Mayor+boast+rentals+cold+comfort+home/10157966/story.html

#71 Derek R on 08.28.14 at 11:55 pm

#19 Vancouver Troy on 08.28.14 at 8:16 pm wrote:
Anyone know why Garth calls people Amazons?

Because they are Amazons. What are they teaching people in the schools today?

You need to know what an Amazon is. Take a look at this Wikipedia article

https://en.wikipedia.org/wiki/Amazons

PS. Garth is a noted connoisseur of Amazons.

#72 45north on 08.28.14 at 11:59 pm

Andrew Woburn : from your link :

Those desperate homeowners opting to rent out their house rather than selling at a loss have no idea what headwinds await them. You do.

With listings soaring and prices now weakening around the country, the number of underwater homeowners will be increasing rather than falling. Here is my advice to you and to your clients in this situation:
Disregard the optimistic pundits and do not assume that your underwater house will regain its equity in the foreseeable future.
If you are thinking of moving, put your house on the market now at a realistic price and take your lumps before the market deteriorates further.
If you have clients with underwater investment properties, my analysis also applies to them. They should seriously consider liquidating their investment real estate holdings while markets are still liquid.

The whole article is worthy of study. Funny how many people in Canada think that there is no possibility that this is coming to a neighbourhood near them. Maybe it’s the extra u.

#73 NostyVlad the Snugglebombed on 08.29.14 at 12:04 am

#20 Millennial-Falcon on 08.28.14 at 8:20 pm — “Your conspiracy theories are laughable. Here is an idea: Try working hard and making your own success. Stop blaming others for your own situation. Your envy and jealous is so obvious.”

My oh my. What a strange offspring. Still, to each their own. BTW, I’m happily and successfully retired. You?

#74 Lucy Armstren on 08.29.14 at 12:13 am

Toronto is on the verge of a growing economy. At least 100,000 people immigrate to Toronto every year. Toronto-born women are smarter, more educated, richer and ambititious. The reason why many men are whining about real estate is that they r locked out and left behind.

welcome to the 21st century. It’s our turn as women to lead the way for a prosperous and growing city.

Making blogs about sexist misogynist accusations and objectifying women isn’t going to make any doom and gloomer money.

For your information, the lady in the picture is being cyberbullied by some of your comments. Objectifying women is a violation of her rights. do something Garth

#75 Don Sanderson on 08.29.14 at 12:18 am

To #53 Sheane Wallace

10 year German bond yields are currently 0.89%. I saw on bloomberg that an analyst said German 10 year 0.60% yields are coming in the next few months.

#76 Spaccone on 08.29.14 at 12:18 am

#9 Inglorious Investor on 08.28.14 at 7:35 pm
> What is it about the real estate business that seems to attract so
> many women who obviously really want to be porn stars?

I’ve seen a few of the drivers from female acquaintances/family and the following is my own uneducated opinion:

– $_$ in their eyes and the expensive tastes that require chasing the carrot ever farther and higher.
– Relatively low barrier to entry into a profession with a large dating pool/clique of more or less ambitious and/or well-off men.
– being a R.E. agent feels like it’s been a “fad” for many years now..and I think if there’s anything women are drawn to it’s (the maintain/increase your status in the) herd behaviour–the strongest trending fads, the latest hot book, job/profession, style/look, food (cupcakes anyone?), or design of the season.

#77 young & foolish on 08.29.14 at 1:07 am

All this realtor bashing on here. Common sense should tell you (and most people) that above-average claims are a red flag (Bernie Madoff anyone?) in any investment scheme. Do your due diligence!

I agree with Garth regarding the emotional element in most RE purchases. It seems to cloud one’s better judgement.

#78 Nomad on 08.29.14 at 1:13 am

#48

Bank stocks would fall if house prices go down because of the fear it would create. People would sell thinking others are likely to sell, even if profits would keep coming in for our banks. Other than then scoop the stocks on sale but who knows how long that would take or how low the drop would be.

Sluuuuurp, National Bank stock doing well, and still cheap. Surprised that Quebec borrowers and the weakened house sales haven’t affected the bank.

#79 nnso on 08.29.14 at 1:28 am

#50 Bailing in BC
when attractive people talk others would listen. Did you ever met her?
Brain hiding under the head. Her assets are not…

#80 Jumpin jack splash on 08.29.14 at 3:30 am

“If real estate falls in price. will that destroy the earnings of bank stocks?

Why? Homeowners’ debt levels wouldn’t fall. — Garth”

TD’s most recent numbers reveal that the bank has the least exposure of all banks to residential real estate. I have a bet on TD for their exposure to an improving US exposure…of which the bank has the most exposure of any CDN Bank.

I am loving what TD has been doing with wealth mgmt on both sides of the border but especially with TD Ameritrade……..when American retail clients get going…and they will…..profits will continue to boom boom boom. YTD we’re up around 17.5%

#54…at least your big enough to admit that change is a constant that no one understands. Climate change has been a constant since the Big Bang…….it’s only recently that a few liberal capitalists figured out how to make a buck out of it by bucking big oil and clawing out some territory of their own…..good or bad…greed is human nature.

Mike Crawley…President of the Federal Liberals has taken $475 million dollars from Canadian taxpayers so far….to build wind mills that have quadrupled power cost for Ontario taxpayers….but are saving the people of Michigan a bundle because we sell them all the power at hugely discounted rates.

I’m surprised more people don’t know the back story of this ‘green capitalism’ and the massive propaganda push from not only guys like Mike…but also the proven connection to foreign governments and hedge funds working against Canada……and having many Canadians so stupefied and baffled by the misleading and shamefully junk science propaganda & BS they don’t know what to think.

It’s hard for some Canadians to realize that cute little dwarfs like David Suzuki and the Green Groups with cute sounding names have been selling Canada down the river for money from the Rockefeller Foundation…..but this is all coming out as the governments of both the US and Canada are making their tax filings public.

I hope people come to their senses and realize that these carpet baggers are funding the frivolous lawsuits and paying the protestors to make it appear like Canada is a bad actor…which it is certainly not.

We need the revenue from our resources if we are to build hospitals and feed hungry seniors….and all the civil servants who want their indexed pensions….Where will the money come from otherwise? And so many naive and uniformed Canadians have been totally hoodwinked into believing that the climate is changing today and we’ll al die if we don’t do something tomorrow. Thats all hype and propaganda that is keeping the cash flowing into the pockets of hedge fund managers and Arab princes…while impoverishing Canada.

The first green initiative was created as a carbon tax to fund sustainable development in the third world….a few bureaucrats got hold of it and ran it up to what is know a death spiral for the human race…..it never existed before . The whole thing is a massive scam. Any one who researches the history of the ‘green movement’ will find the money trail goes back to two camps…Canada’s resources competitors and the Bureaucrats who hope to get rich after they retire….like Mike Crawley.

#81 Finally on 08.29.14 at 3:39 am

Live in YVR. I’m a bear, but waving the white towel. It’s time to buy an overpriced house in Vanvouver. Budget is 900k, not much in this market, maybe a fixer upper.

#82 blobby on 08.29.14 at 3:53 am

Well Garth is OBVIOUSLY wrong as the RBC has said that housing has become MORE affordable

(er, if you look at todays interest rates – and dont factor in that you’re buying for 25+ years… where rates can and WILL change)

#83 SWL1976 on 08.29.14 at 5:12 am

#20 Millennial-Falcon

Ah my friend if you find all of this info provided to us by Nosty laughable, clearly you are still asleep, and have not yet woken up to the reality that we live in.

It is far eaiser to dismiss all of this as a joke, but reality it is my friend, interesting times indeed…

Yes watching Obombya accuse Russia of lying is laughable given their track record, oh and dubya going into Iraq the first time to find… What was that???

Look how that turned out…

Thanks for trying to keep these condo slingers somewhat honest, or at least on their toes Garth, always an interesting site to visit, you deserve every penny of your pension, but most MP’s don’t

#84 Spiltbongwater on 08.29.14 at 5:17 am

#34 Johnny Dollar on 08.28.14 at 9:01 pm
The greaterfool blog always has the hottest women.
(Meerai Cho notwithstanding)

Meerai Cho has 12 million dollars, or a small percentage any way. Hot enough for me.

#85 Detalumis on 08.29.14 at 7:17 am

#83 Unfortunately for women wealth, power or status does not make us important. Gina Rinehart is single, why not go with her instead of Meerai. Young women don’t say I wish I could be Gina or Angela Merkel or a Hillary Clinton, they say gee isn’t Mila Kunis lucky she bagged Ashton Kucher.

It’s the complete opposite of male trajectories where your best years are after you become emotionally and intellectually mature. Put it this way Demi Moore is considered an old lady, she should be content to hang out with grandkids and do nothing for the next 40 years but George Clooney who is 2 years older, is in the prime of life and just ready to settle down.

Life is not fair, that’s why the 30 something women act like desperados. Time is a-ticking.

#86 rosie "moving forward" in the knowledge that, "this won't end well" on 08.29.14 at 7:31 am

Where’s the HAM?

http://www.thestar.com/business/real_estate/2014/08/29/inside_canadas_most_expensive_condo.html

#87 earthboundmisfit on 08.29.14 at 7:35 am

“She ain’t pretty – she just looks that way”

#88 Dziner8 on 08.29.14 at 7:37 am

Well, it’s about time! ;-)

[CBC: Mortgage rate drop means housing more affordable this spring]

http://www.cbc.ca/news/business/mortgage-rate-drop-means-housing-more-affordable-this-spring-1.2749383

#89 Smoking Man on 08.29.14 at 7:48 am

So my kid who’s presently on a quest for an obedience certificate hands he one of his text books.

Titled Addictive Disorders. Even the title is disturbing.
disorder.. It should be called benefits of an addictive personality.

If I wasn’t wired this way, I could never have achieved such a hi level of success.

So I drink a bit, gamble a bit.. It’s just a bi product of obsessive addictive personality.

In fact, if you’re not wired like this it’s very difficult to ever build a business.

But I do realize I need to tone down my bad habits a bit. So I’ll read the book. Then UOG… Then out debate the little bastard on the topic…

It’s a ultra competitive disorder I have.

#90 Herb on 08.29.14 at 7:55 am

#79 Jumpin jack splash,

if you Neandercons every realized that allegations are not facts and that vitriol only makes diatribes incredible, you would be dangerous. As it is, keep on rantin.

#91 T.O. Bubble Boy on 08.29.14 at 8:18 am

@ #81 blobby on 08.29.14 at 3:53 am
Well Garth is OBVIOUSLY wrong as the RBC has said that housing has become MORE affordable

(er, if you look at todays interest rates – and dont factor in that you’re buying for 25+ years… where rates can and WILL change)
—————————–

Exactly – these surveys are only accurate is you literally buy a house with a fixed mortgage and sell it before that term is up.

Canada’s entire mortgage market essentially resets in 5 years or less, which is the type of “risky” mortgage that the U.S. frowns upon after their crisis (30-yr fixed is the norm).

#92 Hot Albertan Money on 08.29.14 at 8:34 am

Are we allowed to pose serious questions here? If so, here goes…

My mortgage is up for renewal soon so is there ever a good reason to lock into a mortgage rate for more than 5 years?

Five year fixed = 3% (or slightly less). Ten year = 4.6%. That’s a big insurance premium to pay. — Garth

#93 Dupcheck on 08.29.14 at 8:54 am

So basically all we can do to these RE agents that openly advertise fraudulent claims is: nothing…

As long as they are backed up by their empires we can scream as much as we want…

Politicians are puppets, money rules the world, and sheeples are the new era slaves…

but wait there is more… to be continued…

#94 gladiator on 08.29.14 at 8:55 am

I love her.
Hot chick set up her own business, hired more hot chicks and makes good money riding the latest wave called RE craze.
Went all-in on a business opportunity, works hard, parties hard, knows what clicks with the general populace in order for them to hand her their money: show a leg, dress attractively, etc.
She qualifies for the “Smoking Woman Award” (Smokie, do you agree?).
Who cares that she may bend the truth here and there? She is winning and deserves the dough she’s raking in.
Did I say I love her?

#95 Hot Albertan Money on 08.29.14 at 9:05 am

Thanks Garth

#96 OttawaMike on 08.29.14 at 9:33 am

Smokingman,

Ping me via my blog please.

I want to run some ideas past you on importing a US boat. I have studied University of Google but I’m sure you have some good input.

#97 Londoner on 08.29.14 at 9:36 am

Nice bump in GDP. Now if you guys can get wages up a bit and unemployment a little lower then you can do away with all this talk about a housing market correction. And if you can get that then you might even get a hike in interest rates. If, if, if…

#98 45north on 08.29.14 at 9:47 am

Detalumis : detail you miss – finally got it

Unfortunately for women wealth, power or status does not make us important.

good post

talking about all the posters on the blog – it’s hard to tell the sex from the name

mea culpa

#99 Kenchie on 08.29.14 at 9:47 am

“#73 Lucy Armstren on 08.29.14 at 12:13 am
Toronto is on the verge of a growing economy. At least 100,000 people immigrate to Toronto every year. Toronto-born women are smarter, more educated, richer and ambititious. The reason why many men are whining about real estate is that they r locked out and left behind.”

The word “verge” implies that there wasn’t a growing economy beforehand and that an inflection point will hit soon that makes it grow. This is wrong. TO has been growing for a long time, hence the development in recent years and inward migration.

Regarding your 100,000 people migrating to TO, this is misleading. In the 12 months to June 2013, about 155,000 moved into the GTA, but about 100,000 moved out of the GTA. This leaves a net increase of about 55,000. That is significantly lower than what you are presenting.

And if you think all international migrants are able to pay high rents or buy condos, you are naive. Net int’l migration in 12 months to June 2013 was 80,000. About 25,000 left the GTA for other parts of Canada.

And do not be fooled into think “Toronto-born” women are somehow superior to other women. There are plenty of non-ambitious TO-born women to prove you wrong. Ambition is more or less distributed normally, which doesn’t give an advantage to one place over another.

I do agree with you on the weakness of men over the past decade or so. Some haven’t been quick to adapt to changing economy and gender roles. That said, there are still far more women dependent on men than you would expect in the 21st century. Survival of the fittest still remains supreme.

#100 crowdedelevatorfartz on 08.29.14 at 9:47 am

@#63 Smoking Man

Dont go all soft on us Smokey.
You have a rep to live up to and helping old folks out is just the beginning of a long slippery slope downhill to humanity.
Everyone is allowed to backtrack once in a Blue Moon but not you! You’re the Alpha. You eat Omega.
Never forget that.
Now go push a little old lady and steal a kid’s candy. get back on track!

#101 Mark on 08.29.14 at 9:50 am

Bank profits should accelerate in a housing downturn as banks are able to collect a higher risk premium for lending on account of housing being considered a riskier asset class to lend against.

Given the acceleration in bank profits recently, it appears that such is underway.

It might not be an exact replication of the 1990s, but the big bank stocks mostly more than tripled from 1990-2000, with housing still down slightly a decade later.

#102 crowdedelevatorfartz on 08.29.14 at 9:53 am

@#93 Gladiator
Let me guess, you have a really really really big flashy watch on your wrist and drive a leased flashy car.
Whatever works to get the silicone enhanced slave girls eh Gladius-Maximus…… Because image is everything.
Sorry, I have to go, coffee enema is calling………. dont ask.

P.S. could you give Smoking Man some refreshment tips on crass boorish behaviour? He’s slipping off his pedestal and I’m a tad worried.

#103 BillyBob on 08.29.14 at 9:58 am

There are a thousand “Nancy’s” here in Dubai, flogging RE at kiosks in the malls, decorating booths at RE trade shows, basically selling their best assets to make a sale. Most are from places with names that end in -stan, plus a fair number from the ME regions where jobs are tough to find but there’s always a place for a pretty face. Nothing wrong with that except they have exactly zero qualifications to sell…anything.

It’s old news. It’s only interesting how many people still fall for it.

#104 gladiator on 08.29.14 at 10:01 am

@ #50 Bailing in BC

You have touched a very interesting point: about people who seemingly have less education and not hiding it.

I am observing people for a long time (I’m 37 y.o.) and noticed that it is not how well you can spell, how good your math or grammar is and how many diplomas/certificates you have – what matters is how much dough you can make with the skills/knowledge you have by providing a necessary product/service or by coming up with something new and useful.
I know software developers who make awful mistakes in their emails, with really bad spoken English and who make at least 150$ an hour because they’re good at what they do. Do they care about their bad English? Nope. Head hunters banging at their doors (figuratively speaking) about new opportunities is much more important to them, because in the end, money is all that matters.
Why do we go to work every day? Except for 1% or 2% of us who really enjoy their jobs, everyone works for this thing called money. And it does not matter what your means of getting more of it are, as long as done legally, the goal is to get as much as possible. We trade at least 9 hours (including commute) of our lives every workday for 10’s of years and this is precious time that we trade for a salary that allows us to satisfy our needs and hopefully some wants. It is a great sacrifice, so we better find ways to get as huge a reward for it as we humanly can.
I have an MBA and will soon get my CFA charter – in addition to courses from Canadian Securities Institute and certifications from other countries. Does it help that I have a stack of papers saying that I am good at regurgitating information? Did these papers help me make more money? Yes, I have a decent salary, but will it make me rich? Not At All! Even with these nice little papers, my income is much less than the income of the people who have less schooling (which you wrongfully call “education” but that’s for a different discussion) and who focused on where the money is and simply went after it. Those people focus on the right thing: the money and they are correct not to care about how schooled they look if that doesn’t help them get even more money.
So I say – good for Nancy and screw those NAs on her resume. They don’t stop her from getting richer day by day.
End of rant.

#105 crowdedelevatorfartz on 08.29.14 at 10:27 am

@#73 Lucy Armstrange

God I love it when a pseudo-intellectual spews forth drivel.
” Toronto-born women are smarter, more educated, richer and ambititious. ‘

….sooooo I guess you’re inferring that all other women born elsewhere are stupid, uneducated, poor and lazy?

” many men are whining about real estate.”
Whats the opposite of mysoginistic? “cause you fit the mold ( or is that mould?) of a man hater.

” It’s our turn as women to lead the way for a prosperous and growing city.”
You go girl! Lead on. I’m getting tired of seeing Rob Ford tucking his shirt in on tv every night.

” objectifying women’
Ummmm correct me if I’m wrong but didnt Nancy Taza dress up in tight clothes and post her photos? I hate to bust yer bubble but she’s using the 2nd oldest sales trick in the world. Sexy sells. But you’d have to be sexy to realize that.

” the lady in the picture is being cyberbullied by some of your comments. Objectifying women is a violation of her rights. do something Garth”

I find this statement somewhat ironic. You were chastizing men earlier for not reacting to the life in the new millenium. Welcome to the 21st century. Cyberbullying, the new reality. Get used to it or stay off the internet. Once you post it. You cant take it back. Forever.
You anti-male diatribe is predictably juvenile.
Please post more , I’m bored today.

#106 gladiator on 08.29.14 at 10:29 am

@102 crowded.

You’re a bit wrong. I am:
– Driving a 2000 Honda Accord
– Renting
– Saving around 30% of my income (having a stay-at home wife and 2 kids) with a sub-100k salary, but the bonus is nice ;)
– wearing a 190$ wristwatch, very simple design, Swiss-made – since you’ve touched this subject
– Last, but not least, I really-really-really appreciate entrepreneurial spirit of any legal activity that makes good money for people who took their risks and who later fully deserve the fruits of their labour.

And you enjoy the fruits of your labour in that crowded elevator.

#107 Mixed Bag on 08.29.14 at 10:53 am

#100 crowdedelevatorfartz on 08.29.14 at 9:47 am

Then you don’t understand the character that is the Smoking Man.

#108 DM in C on 08.29.14 at 10:53 am

her online resume is no different from her LinkedIn profile. ca.linkedin.com/pub/nancy-taza/3b/397/61b

Lucy; I’m a woman executive and I have no time for this sort of ‘successful’ woman — using her body and sex appeal to sell to horny guys is not enlightened nor empowering — it is an age old method.

What’s wrong with using facts, truth and honesty? Oh right, she’s in real estate.

Tell me, what is sexist or misogynist about calling out a woman for using her body to market her business?

#109 Insider on 08.29.14 at 10:58 am

#68
Ford Prefect, the Law Society has a compensation fund that deals with fraud. Its the lawyer insurance policy that wouldn’t cover it. The compensation fund, however, may not cover nearly as high an amount as the insurance does. Long complicated process either way.

#110 ShawnG in TO on 08.29.14 at 11:16 am

what’s the reason we have not heard more about RECO before? is it because RECO doesn’t have the resources to punish any wrong doing? or is it because our open transparent democratic unbiased media only show RE in nothing but the best light for their own financial interest?

#111 BG on 08.29.14 at 11:29 am

#94 gladiator

If it were a middle aged dude with a pot belly, you would have said something very different.

#112 Robert Agnew on 08.29.14 at 11:37 am

Enjoying my Tollhouse cookie and coffee near 200 Rideao Condo mega tower. For 400k plus you get to breath car fumes and listen to diesel trucks roar between Qurbec and Ontario all day and night on your micro baloney balcony.

People and city politicians are insane pumping condos
Pumping green intensification
This is a code word for greedy developers to cash and the city to make a giant tax grab on the maroons

I am laughing at the wanna be downtown guys and gals
They are so broke

#113 Suede on 08.29.14 at 12:10 pm

Canadian economy grows at 3.1% in Q2.

Must be all the Ontarians coming out of their homes after the winter time.

Do we believe StatsCan and give them a pass for the last employment numbers? Why nat.

2-3 more quarters of this and……..

#114 jess on 08.29.14 at 12:22 pm

from 2009 cbc: going back to 2000-1
will this end up really being the largest?

“A former Vancouver lawyer involved in one of the largest legal fraud cases in B.C. history was sentenced Tuesday to seven years in prison — a term that was sought by the Crown.

Martin Wirick, 54, pleaded guilty last Friday to fraud and forgery in connection with 107 fraudulent real estate transactions between 2000 and 2002

Misappropriated funds

Their scheme came to light in May 2002. Wirick, who had practised law for more than 20 years, then admitted to the Law Society of B.C. that he had misappropriated trust funds in real estate transactions by failing to pay out and discharge mortgages. Instead, he had applied the funds to other purposes, in breach of his undertakings.

Wirick admitted forging mortgage documents and filing the legal paperwork for the homebuyers he knew had no intention of living in the properties, court heard last Friday.

He then flipped the properties and, instead of using that money to pay the initial mortgages, he left them open.

============

More Lawyers Become Defendants in Mortgage-Fraud …
online.wsj.com/…/SB1000087239639044423050457761735207353127…

Sep 18, 2012 – So far, more than 100 lawyers in California have been disbarred or otherwise … The case of Mr. Rieger is an example of such a fraud. With the …
Disbarred Vancouver lawyer gets 7-year jail sentence for fraud
http://www.cbc.ca/…/disbarred-vancouver-lawyer-gets-7-year-jail-sentence-for...
Jun 9, 2009 – Former Vancouver lawyer pleads guilty to $40M mortgage fraud … A former Vancouver lawyer involved in one of the largest legal fraud cases in …
BMO settles with most in Alberta mortgage fraud lawsuit – Cbc

http://www.cbc.ca/…/bmo-settles-with-most-in-alberta-mortgage-fraud-lawsuit-...
Jun 4, 2013 – 160 parties were sued over alleged mortgage fraud … to pay $9.2 million to BMO to settle the case on behalf of all 17 lawyers named in the suit. … The other six lawyers have resigned, been disbarred, or are not practising law for reasons unrelated to the case. …. cbc.radio-canada.ca · cbc.ca · radio-canada.ca.

#115 Metrotownboom on 08.29.14 at 12:30 pm

Bby is on fire right now, sold signs everywhere even on the million plus homes. Condos still selling out in days , come on blog dogs find some numbers and prove the prices are falling here….metrotown is unstoppable and we all know why….

#116 Randis on 08.29.14 at 12:37 pm

Nancy: Your online resume states that you live a “healthy” lifestyle and active and exercise etc. Your pictures say you lied.

Do you even lift?

Garth, seriously, I worry for your safety now. Her boybands may come ambush you for real.

#117 crowdedelevatorfartz on 08.29.14 at 12:37 pm

@#106 gladiator
I stand corrected.
But you may want to change your name to Plebe.

Since you work and rent.
And Gladiators were slaves.

I’m thinking in a strictly ancient roman context.
http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=7&cad=rja&uact=8&sqi=2&ved=0CDYQFjAG&url=http%3A%2F%2Fwww.historyonthenet.com%2Fromans%2Fsociety.htm&ei=VqsAVOKgKYG2iwK944GIDg&usg=AFQjCNHMVRge5sKR4rtMAFKCzNRMq7bwYQ

PS. I’m done in the elevator. You can use it now……..

#118 Shawn on 08.29.14 at 12:43 pm

Money Talks, not degrees

Gladiator at 104 talked about successful people with little education.

I agree. I have more than my share of higher education.

But I have met people with little education that have a ton of common sense and the ability to make money.

Lot of Nancy Bashing here.

She is bashed for using to sex to sell. Really? She should ignore one of the most powerful human motivators?

She is bashed for unrealistic return figures in a brochure. Perhaps that is fair to bash but anyone fooled by that wanted to be fooled.

As Gladiator mentions, she is making a legal living. Many people are simply jealous.

People, if you don’t want a condo don’t buy one. Recommend that others don’t. But bashing the whole industry is a bit much. And anonymous hurtful personal attacks on a public forum (where the target is named) seems unbecoming and cowardly. Garth at least uses his real name in his attacks and assumes whatever risks come along with that. That’s called having the courage of his convictions and I admire that.

#119 Nemesis on 08.29.14 at 12:48 pm

#@SnugglyPapalNostyButtocks/73… #ForkTonguedWarriors:TheSecondOldestProfession

[VillageVoice] – Forked-Tongue Warriors: In the Battle for Hearts and Minds, Watch Out for the Psy-Ops

…”Wedged between a rack of 99-cent Cheetos and a display of pork rinds stood a life-sized cardboard cutout of a buxom blond in a red miniskirt. Resting on her inner thigh was a frosty bottle of Miller Genuine Draft. “That’s essentially what wedo,” an army major remarked, pointing to the stiletto-heeled eye-catcher. “But we don’t sell beer.”

The scene was a recruitment barbecue conducted by the U.S. Army’s 11th Psychological Operations Battalion (“Psy-ops,” for short), held last month at Andrews Air Force Base, outside of Washington, D.C. Amid the Cheetos, cheesecake, and a sweaty game of softball, there was casual chitchat about the workplace challenges faced by these fatigue-wearing PR execs whose job it is to sell Brand America in foreign and hostile territory…

…Less than an exact science, psy-ops is a clumsy art that has seen few real innovations over the years. Alexander the Great ordered his metalworkers to craft giant helmets to fit men the size of 20-foot monsters. His soldiers would then leave the helmets strewn about in conquered villages, hoping to inflame the wildest imaginations of enemy armies passing through the area. Folklore has it that along the same lines, though pitching at a slightly lower angle, American psy-op specialists in Vietnam left foot-long condoms along the Ho Chi Minh Trail, presumably to preoccupy the enemy soldiers with hiding their wives and daughters.”…

http://www.villagevoice.com/2002-10-08/news/forked-tongue-warriors/full/

#BonusShinto:TheNewModel

http://tinyurl.com/nkgxcap

#120 gladiator on 08.29.14 at 12:57 pm

@111 BG:

It it were a middle aged, pot-bellied dude who found his own lucrative way of making money, I would admire him even more.
It is not beauty that I admire – it is the ability to use to the max one’s skills/looks/knowledge/connections/whatever to make a good buck.
Nancy found her niche and is on her way to good riches. That’s why I love her.

#121 Bailing in BC on 08.29.14 at 12:59 pm

#79 nnso

I’m sorry I do not follow what you are trying to say. Please clarify.

#104 gladiator

You have entirely missed my point. I too know many people who by intelligence and hard work have achieved a great deal of success. My first employer in sales was someone who never graduated from high school but made wads of cash. He said to me that he could never understand people who wanted to become doctors to get rich. They come out of years and years of schooling with massive amounts of debt, way better he said to leave school at 16 and get on with making money, which is exactly what he did.
I also know people who have letters behind their names, who seem completely unable to follow a rational argument. One of the most frustrating things about many of these people is that they also think they know it all because they have a certificate on the wall.
Believe me when I say I come from the Smoking Man school of schooling.

What my comment was referring to is the posting on line, which as I said “let(s) everybody know that she is uneducated and has no attention to detail.”

The purpose of a resume is to impress upon people how suitable you would be for employment, is it not? If you can’t spell (which would describe me to a T by the way) and you are trying to impress people, you use spell check or get some else to read your resume. In fact if you’re really good at what you do and make lots of money doing it, you pay someone else who is good at writing resumes to write it for you. That way you can get back to making cash leaving the details to a minion.

Under the section which SHE labeled “Education” she essentially put nothing aside from the fact that she graduated (I assume high school). As you pointed out education and schooling are not the same thing. So she has no schooling beyond high school(?) She also claims to have no education beyond high school either. Someone with a few clues could come up with a tidy little summary of the education that they have received from the school of hard knocks, the smoking man school of sales, their experience in the industry, something! She doesn’t even mention her RE license, which you would think would be a prerequisite.

My other point is that she has no attention to detail. If I am going to work with someone who is writing up contracts for me I want them to notice EVERYTHING. I want them to notice if a period is out of place, (it’s the difference between $1,000,000.00 and $1,000,00.000). I want them to notice that the deposit will be paid in full on 1/9/13. This woman didn’t notice that she had repeated two entire paragraphs in a document that only contained six.

If her aim was to impress people (and what other purpose does a resume serve?), she failed surely. Would you hire her based on this resume? She herself claims to be uneducated and she definitely has no attention to detail. What else does this resume tell us, other than she likes to go jogging and rollerblade?

A email to a colleague can be full of errors as long as it conveys it’s point adequately. People expect however, that your resume is putting your best foot forward. If it’s not your best foot, don’t put it out there.

#122 Nemesis on 08.29.14 at 1:00 pm

#BonusBonusShinto… #Or,SpeakingOf’Manure”…

[CBC] – False Creek E. coli contamination threatens dragon boaters: Fecal bacteria count is 26 times higher than safe levels

http://www.cbc.ca/news/canada/british-columbia/false-creek-e-coli-contamination-threatens-dragon-boaters-1.2749563

[NoteToGT: Just between the two of us, it would appear that the only thing truly ‘Olympic’ about the former OlympicVillage’s shoreline… are the ‘floaters’. BonusEffluent: http://thetyee.ca/News/2014/04/05/Olympic-Village-Developer-Bankrupt/ ]

#123 Kenchie on 08.29.14 at 1:09 pm

To all those defending Ms Taza, instead of reacting to people’s comments, have you stopped to read what (according to the post) what was pitched in the email?

At best, Ms Taza naively misrepresented the (potential) returns an investor can expect from this opportunity. It comes no surprise that she isn’t qualified to make assumptions on future pricing given the uncertainty in the bond market and monetary policy. That’s no diss to Ms Taza, very few people are qualified to comment on the future. The least she should have done is do that math correctly.

At worst, Ms Taza knowingly lied to prospective clients via an illegal communication medium that requires the consent of the receiver to accept emails after July 1, 2014. She (potentially) lied about future appreciation given supply coming to market, the future monthly mortgage payments (no amortization mentioned), the future rental rate in a competitive market, the amount of principal paid down each month, and the lack of numbers around property management fees (monthly and initial lease).

I have respect for people who take the risk to start their own business. That’s good for one or too mistakes when it comes to business ethics since new-ish companies have the ability to improve their practices. I hope for Ms Taza’a sake, she improves her business ethics practices, because word travels fast about bad ethics (see Centerplate Inc CEO backlash).

PS: some of those pictures make Ms Taza look like a Madame/pimp…

#124 :):(Ying Yang on 08.29.14 at 1:23 pm

#64 Smoking Man on 08.28.14 at 11:11 pm
I did a really nice thing today on the plane.
…………………………………………………………………..
Smoking Man you on a plane again? Where to now Vegas? Just left Seneca with girlfriend and around $8K. Nice haul this time. Now I’m going to through it into a wild stock gamble and see how it plays out. Found money what the hell! At least I can take a loss on capitol this year if it doesn’t work. If it works I pay. Oh yes and she won some $$. But here went to the fashion outlet mall for some high end purses and clothes. Now we are headed north to a friends cottage, he has a place in Muskoka, big boat you know all the toys.

#125 Randis on 08.29.14 at 1:25 pm

Garth, quick question: Ross Kay mentioned RECO can’t touch TREB and you mentioned Developers and marketers can can false advertise without a scratch.

Is it because of this reason that Bard Lamb can consistently advertises some 253% return on RE investment without being dinged like Nancy? Because he wears his “developer” hat but not his “RE agent” hat?

This is so super crooked …

#126 High Plains Drifter on 08.29.14 at 1:30 pm

There is no doubt in my mind as to Toronto women being superior. There was also an alluded inferance that Toronto men were inferior. We refer that question to the Leafs and Jays.

#127 jess on 08.29.14 at 1:42 pm

Damnatio memoriae ?

http://metronews.ca/news/toronto/1022986/why-do-ontario-lawyers-who-steal-rarely-go-to-jail/

http://www.thestar.com/news/gta/2014/03/20/law_society_looks_at_boosting_compensation_for_victims_of_lawyer_theft.html

#128 Happy Renting on 08.29.14 at 1:47 pm

#98 45north on 08.29.14 at 9:47 am

“Detalumis” is “simulated” backwards.

#129 Hot Albertan Money on 08.29.14 at 1:53 pm

@ Robert Agnew (#112) 200 Rideao Condo

——————–

Ahh yes, Ottawa’s Hong Kong. I hear it’s quite nice this time of year

(BTW, it’s actually spelled ‘Rideau’)

#130 gladiator on 08.29.14 at 2:28 pm

@123 Kenchie:
who cares that she misrepresented the return numbers? She is good at closing deals and that’s all that matters. As long as there is no law prohibiting such claims of return from RE investments, she is doing it legally.
Yes, it’s unethical, but not illegal. Since the law in such cases does not exist to protect the buyers, they are on their own. Buyer beware at its finest.

@ Bailing in BC:
thanks for the clarification. I more or less may have misinterpreted what you said, but I am glad you are on the same page with me on the fact that money-making is quite uncorrelated to the amount of schooling one has

@ crowdedelevatorfartz:
yes, I am Plebe or whatever you want to call me because I work and rent, but my goal is to become a rentier and I’m well on my way to achieving it.
And I take the stairs, thank you very much. I wouldn’t like to crowd it even more with you in it ;)

#131 M on 08.29.14 at 2:53 pm

for #19 Troy

Anyone know why Garth calls people Amazons?

***********************************************************

I know.. :) Garth stole my “civilized language” book, that’s why. Thank God (of medium breasts Amazons) that he didn’t find the one with “xxx slang” – though I bet he was looking for it. :)

So.. Amazons refers to “babes one can look at for a looooong time” ’cause we all know with this fast food/ready to cook world an impressive number of locally bred are “babes one can never look at”.

So my dear amazon-wanna-be as you said..I used “look” not “marry” since further testing and field trials should be undertaken with any “amazon” project for extensive periods of time.

I wonder what Smokin’ Man would have to say s a second opinion

#132 Kenchie on 08.29.14 at 2:54 pm

#130 gladiator on 08.29.14 at 2:28 pm
“@123 Kenchie:
who cares that she misrepresented the return numbers? She is good at closing deals and that’s all that matters. As long as there is no law prohibiting such claims of return from RE investments, she is doing it legally.”

A lot of people care. Hence, large public-facing corporations go to great lengths to fix mistakes that would make them look unethical. Therefore, it’s a very good chance that Taza Real Estate, which is around the corner from me, might not be there in a year or two.

Mostly because, in my opinion, once all the Concord-owned (discounted) condos are sold in CityPlace, the resale market won’t be able to sustain The Real Estate Store, The Condo Store, Taza Real Estate, etc, that will be competing against realtors from the suburbs who are more diversified and have lower rental costs. The unit her business is in is actually a townhouse that didn’t sell. Eventually, it will. And she will be SOL. Not to mention that 1 realtor per 140 residents in the GTA is not sustainable. It will be a bloodbath.

#133 Buy When They Cry, Sell When They Yell on 08.29.14 at 2:55 pm

I was lucky enough to have seen her facebook page last night. I actually “liked” a comment another blog dog left on one her pictures!

#134 Victoria Real Estate Update on 08.29.14 at 3:11 pm

#60 Spectacle

“Dude, thank You so very much for your effort on Garth’s blog. So very appreciated!”

No worries.

#62 bankruptcy geek

“Love your posts, keep ‘em coming!”

Thanks, I plan to keep posting comments as long as Garth allows it.

#135 Holy Crap Wheres The Tylenol on 08.29.14 at 3:25 pm

Oh my god I just pulled a Smoking Man, Hell I’m gettting too old for this.
Was supposed to read

#118 Shawn on 08.29.14 at 12:43 pm

SEX SELLS, plain and simple. Stupid people will think with their sex organs instead of their noggins!

#136 Holy Crap Wheres The Tylenol on 08.29.14 at 3:26 pm

Where the hell is this Smoking Man? He’s been afully quite over the last few days? Hows the book going Smoky?

#137 DavidTO on 08.29.14 at 3:41 pm

Garth, why are you picking on one small time realtor? I mean I agree that those numbers are f***ed, but what about the developers and big brokers like Brad Lamb who do this, and have been doing this for way longer? She’s basically a front line pusher trying to make a living in an already unethical industry, and you’re coming after her. Next you should try and take down the tellers at the bank, since banks are crooked too, and the tellers are a obviously behind it with your logic.

Mr. Lamb and colleague developers, along with agents, marketers and others across Canada have been called out on this blog often. Ms. Taza may be insignificant, but her behaviour seems sadly indicative. — Garth

#138 Reddy on 08.29.14 at 4:20 pm

I’m with the taza supporters. She’s cute. Cute sells. If ur ugly, learn to read & write

#139 Smoking Man on 08.29.14 at 4:27 pm

6 Holy Crap Wheres The Tylenol on 08.29.14 at 3:26 pmWhere the hell is this Smoking Man? He’s been afully quite over the last few days? Hows the book going Smoky?
…..

Nursing my body back to health, hell of a week. Took a Jet ski out on the Colorado River, jumped a wave messed up my back. I self medicated with JD. Go to my blog for a pic.

ottawa Mike, boats simple, pay HST, apply on line for your boat numbers. if new trailer 200 bucks to have crapy tire to certify it. That’s it. Avoid used boats, from ocean ports, salt damage, you can’t see .

#140 Smoking Man on 08.29.14 at 4:29 pm

#124 :):(Ying Yang on 08.29.14 at 1:23 pm

I’m back, going to Seneca to see George Lopez tomorrow. Then Str, last night of go-go dancers.

#141 earthboundmisfit on 08.29.14 at 5:14 pm

@138 Reddy
Would seem you are a fan of botox and collagen.

#142 nothing happening here - move along ... on 08.29.14 at 5:15 pm

Some RE funny-money in BC too…

Web story from GlobalBC:

The Real Estate Council of B.C. (RECBC) has suspended the real estate licence of 8th Avenue Elite Realty in Surrey and frozen its bank accounts.

The council says it suspended the licence in the public interest as a result of the firm’s alleged failure to account for trust account monies held on behalf of clients.

http://globalnews.ca/news/1533450/surrey-real-estate-firm-licence-suspended/

and News 1130:

http://www.news1130.com/2014/08/28/surrey-real-estate-firm-shut-down/

I had a laugh reading in the 2nd story that they were trying franchise the operation across B.C.

I heard today the Real Estate Council of B.C. (RECBC) and the local REB started this investigation a few weeks ago, and it’s only being publicized this week.

#143 Ronaldo on 08.29.14 at 5:42 pm

The real estate industry in this country is getting to be much like the get rich quick “fake it til you make it” pyramid schemes that were sweeping the country back in the 70’s until Attorney General MacDonald clamped down on them and changed the rules. Something needs to be done about these unethical, scheming, cheating, lying so and so’s.

#144 rosie "moving forward" in the knowledge that, "this won't end well" on 08.29.14 at 5:48 pm

Excellent reading for all you budding landlords.

http://landlordrescue.ca/10-biggest-lies-in-real-estate/

#145 Lurcher on 08.29.14 at 6:02 pm

#115 Metrotownboom:
Absolutely.

#146 DavidTO on 08.29.14 at 6:58 pm

Taza may have sent those numbers, but she only sent them because she doesn’t know any better. Instead of coming after her, the right person to go after is RECO and Treb, not for lack of enforcement, but for lack of education. They hand out real estate licenses, collect their fees and wait for people to speak up. That’s what’s wrong, the education system, the fact that this chick is selling condos for developers isn’t what’s bad, she legitimately believes what she is doing is right by her clients! The developers need to be more accountable, and the regulators should make getting a license to sell real estate (which can be very lucrative) more difficult than a simple exam. Don’t target hard working tax payers, target the foreign developers raping our country and the government that let’s them do it!