The hots

FIRE 1 modified

“I hate your blog,” Evelyn writes. “No, I hate you. Hate your advice.  Your arrogant responses to people. I even hate your stupid dog pictures.”

And what brings on this torrent of Garth abuse? Guess.

“My husband reads your stupid, pathetic, loser blog every day and insists on telling me about it every night when we go to bed. Are u serious? All I hear is this stuff about not buying a house, which we aren’t while everybody I know is, and making tons of money. I hope your dog bites you someplace painful so you will retire, or die.”

And I thought politics was a tough gig…

Well, turns out sweet Ev lives in Mississauga, in a rented townhome near the Marilyn Munro condo towers (Google it), and despite the fact she and her lucky (to still be alive) husband have only $70,000 between them, she’s convinced they should own. And that I must perish.

By the way, Mississauga’s a honking big place these days – about 750,000 souls living in the 6th biggest and 1st most boring Canadian city. Last month 777 properties changed hands, which was a disastrous 29% decline from last year. (The realtors have never mentioned this officially, by the way.) But because the number of listings has also plunged, prices have risen – up 9.6% in the last twelve months, to an average of $568,671 (which includes lots of condos and towns). In short, some people (including the poor, mal-informed Globe) think the place is smokin’, when in fact it may have hit a wall.

Anyway, Evelyn baby, this post is for you. I call it, “How to Buy a Property in a Hot Market when you are Surrounded by other Horny, Irrational and Delusional Fools.”

Rule 1: Get an agent.
Sure, you can shop realtor.ca every 15 minutes, then call the listing agent when a new place comes up, get him or her to write  an offer and present it, but this is a bad idea, on so many levels. First, agents see listings before you do, or before they’re published. Second, the listing agent doesn’t work for you. Even if you sign a BRA to that effect, it’ll never truly be the case. Third, you have no idea if your offer is communicated correctly to the sellers or if you’re just cannon fodder in a bidding war the agent’s trying to arrange. In short, get your own guy. It costs nothing.

Rule 2: Be first
This alone is reason enough to have an agent who can alert you to the hot, steamy stuff just hitting the market. When a seller isn’t holding back offers for a certain day (hateful practice) getting your bid in first and initiating the sign-back process can tie up the property, shut out competitors and give you the best chance of success (and paying less).

Rule 3: No conditions
In a hot market, swarming with hollow-eyed Millennials cranked up on massive pre-approvals and weed, forget making a conditional offer. You cannot ask for time to arrange financing, to inspect the house or (God forbid) sell another property. If you need to know the roof is shot or the basement leaks, get an inspector in before you bid. Have the financing arranged in advance. Make sure you possess the funds for a certified cheque once the offer’s accepted. Yes, this exposes you to unlimited upside risk, especially if the vendor has concealed structural flaws and not signed a property disclosure statement. But, you asked for it.

Rule 4: Give them what they want.
Sellers are mostly motivated by price, because they’re greedy little weasels, but other factors may assist you in a successful offer. Like closing. Find out in advance what the vendor wants – to get out fast (before the termites wake up and finish eating the deck), or to hang around for months while they find new digs. Try to be cooperative and accommodating, maybe even offering to let the seller lease the place back for a while, agreeing to her silly exclusions or even (if necessary) flattering her about her decor or irritating children.

Rule 5: Big deposit
Money talks. If you offer more than the usual 5% deposit (which realtors want to cover commissions), your offer stands a better chance of being taken seriously when several sit on the kitchen table. In places like Toronto these days agents will routinely ask for a certified cheque for $100,000 to accompany an offer on any house over a million. Try not to throw up on it.

Rule 6: Connect
Sometimes this works, sometimes not. But it costs nothing, so give it a shot. Research the seller, find an email addy and send your reasons for wanting the house (Tip – avoid words like ‘horny’, ‘desperate’ and ‘will kill you’). Or, pen a letter and put it in the door, under a wiper, or in their hand after you march up and intro yourself. You might luck out and find someone as emotionally unstable as you!

Rule 7: Don’t blame me for what happens.

So, Evelyn, have hubs to read this to you in bed tonight. Guaranteed results.

223 comments ↓

#1 Panhead on 03.11.16 at 6:24 pm

Hub’s is toast.

#2 First on 03.11.16 at 6:27 pm

FIRST!!!!!!

#3 Hotdogs from Heaven on 03.11.16 at 6:27 pm

Rule 5: Big deposit
Money talks. If you offer more than the usual 5% deposit (which realtors want to cover commissions), your offer stands a better chance of being taken seriously when several sit on the kitchen table. In places like Toronto these days agents will routinely ask for a certified cheque for $100,000 to accompany an offer on any house over a million. Try not to throw up on it.

And make damned, damned, damned, damned sure that you understand that ALL deposits are NON-refundable unless EXPLICITLY written into the contract that both parties sign (and it is not in over 99% of all cases).

It is astounding to me just how many people put a deposit down and then change their mind or can’t get the financing or whatever and then demand the deposit back.

Deposits are implicitly non-refundable and this has been enforced by courts in Canada and going all the way back to British courts a couple of centuries ago.

#4 crowdedelevatorfartz on 03.11.16 at 6:28 pm

“Evelyn , a modified dog…..” Frank Zappa
Ironic in so many ways

https://www.google.ca/url?url=https://www.youtube.com/watch%3Fv%3DqtSU8jTEJH0&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwi_85a55LnLAhUU-GMKHXvYAlQQyCkIGDAA&sig2=1egSmj0garRhgRbuX-dkJQ&usg=AFQjCNGplGWHLmW_hwJ8uLXFQVFpFE_ZfQ

#5 turn of the tide on 03.11.16 at 6:29 pm

Some people can’t handle the truth!

“cheque for $100,000 to accompany an offer on any house over a million. Try not to throw up on it.”

hahahaha, that was funny :)

I’m sorry for the hubs, know too many in similar spot. This is not gonna end well!

#6 ILoveCharts on 03.11.16 at 6:30 pm

Classic post to end off the week. I have similar night-time cuddle talk with my squeeze.

The economic climate today:

“Canadians’ debt burden still growing, hits record”
http://www.bnn.ca/News/2016/3/11/Canadians-debt-burden-still-growing-hits-record-in-fourth-quarter.aspx

“Overall, the national unemployment rate reached the highest level in almost three years as Canada shed almost 52,000 full-time jobs.”
http://www.bnn.ca/News/2016/3/11/Canada-sees-a-loss-of-jobs-in-February-unemployment-rate-ticks-higher.aspx

“Royal Bank says low oil prices will make 2016 more challenging for Canada’s economy than previously thought.”
http://www.bnn.ca/News/2016/3/11/RBC-cuts-GDP-forecast-to-17-on-oil-weakness.aspx

#7 Victoria Real Estate Update on 03.11.16 at 6:32 pm

# 174 understood by few

House prices in Victoria are probably still below the peak level reached in 2010, despite emergency interest rates and, perhaps, the laxest lending standards in the world. With all of that stimulus, house prices here should have posted year over year gains of at least 10% each year, going back to 2009 when emergency rates were brought in. That this hasn’t happened is a clear indication of a housing market failing to do what it should be doing and indicates weakness.

Victorians who are waiting for lower prices will be rewarded. Those who buy now will be faced with years of disappointment and financial difficulties as house prices in Victoria inevitably fall to the deep bottom that awaits.

Victoria’s housing market missed out on the opportunity of the century to make 10% plus price gains per year since 2009, but it failed as prices today are basically at the same level as then.

Many Victoria families lost a lot of money by buying in 2010 and then having to sell after prices fell at least 15% within a few years. They have people like you to blame for that – house pumpers who say that those waiting for lower prices are “missing out”.

Victoria’s price decline from 2010-2014 was an appetizer for the main course that’s on the way.

Interest rates will begin their upward path of normalization almost immediately. Fact: house prices fall as rates rise.

Since 2010 house prices in Victoria have been in a slow melt – but that was in a highly stimulative environment of falling 5 year mortgage rates. Rates have stopped falling.

Rates have stopped falling and are set to normalize. As I’ve said: prices fall as rates rise.

This will push house prices down and we will see Victoria’s slow melt turn into something faster as prices inevitably fall to the deep bottom that awaits.

The only thing those who are waiting for lower prices will “miss out” on is the financial difficulties that hit many families as house prices inevitably fall as a housing bubble deflates.

It’s people like you who tried to convince Americans that they were “missing out” on buying when the US housing bubble reached maximum size in 2006. Canada’s bubble is bigger. Those who buy in Canada now based on advice such as yours will be faced with the same financial difficulties that millions of American families continue to deal with today – a decade after the US correction began.

Market conditions (supply/demand) can change quickly as we have seen in Victoria in 2010. Today’s market conditions are, of course, only temporary.

Canada’s economy is in the tank. In 2015 Canada was the only G7 nation in recession and we could be there again in 2016. A temporary increase in construction in some Canadian cities is no long term fix for a weak economy.

House prices in many US cities, especially on the west coast, fell back to pre-boom, pre-bubble levels or lower (think Victoria and Vancouver).

They said it wouldn’t happen in the US, but it did. Victoria’s housing market crashed in the 1980s along with Vancouver, Calgary and Edmonton.

It just isn’t different in debt-bloated Canada.

#8 Interstellar Old Yeller on 03.11.16 at 6:33 pm

Evelyn’s husband: maybe you should just seek police protection?

#9 Mean Gene on 03.11.16 at 6:35 pm

Oh my, what a couple sexy buildings, I wonder if they are full of barbiturates and booze??

#10 pathcontrolmonk on 03.11.16 at 6:37 pm

Finally a post without any mention of T2’s evil do-goodery and all the people who hate him for it.

#11 Owe Canada on 03.11.16 at 6:39 pm

It sure takes a tremendous amount of piling on of debt by governments (all levels), businesses and households in this country to keep our way of life going.

The following numbers are taken from the Statistics Canada website:

At the end of December, 2015 the total debt outstanding in Canada (bottom line of the credit market summary data table) was $6.89 trillion.

At the end of December, 2014 the total debt outstanding was $6.28 trillion. In the one year period from the end of December, 2014 to the end of December, 2015 it increased by $614 billion. This is an increase of 9.7%.

The approximate beginning of the global financial crisis was June, 2007. At the end of June, 2007 the total debt outstanding was $3.99 trillion. In the last 8-1/2 years it has increased by $2.90 trillion. This is an increase of 72.8%.

Looking at the total debt outstanding in Canada of domestic non-financial sectors (17th line up from the bottom of the credit market summary data table):

At the end of December, 2015 the total debt outstanding of domestic non-financial sectors was $4.90 trillion.

At the end of December, 2014 the total debt outstanding of domestic non-financial sectors was $4.58 trillion. In the one year period from the end of December, 2014 to the end of December, 2015 it increased by $320 billion. This is an increase of 6.9%.

At the end of June, 2007 the total debt outstanding of domestic non-financial sectors was $2.84 trillion. In the last 8-1/2 years it has increased by $2.06 trillion. This is an increase of 72.4%.

The start date of this Statistics Canada data table can be changed by clicking on the “add/remove data” tab at the top of the page.

http://www5.statcan.gc.ca/cansim/pick-choisir?lang=eng&p2=33&id=3780122

#12 CREIT on 03.11.16 at 6:39 pm

My wife and I make approx. $185,000 combined, 2kids under 10, both have defined pensions and we rent a 2 bdrm townhouse in Toronto (Donmills/Lawrence).

We would like to buy a property but it’s just not affordable.

People keep missing the point, it’s not if prices will continue to rise or fall, it’s a matter of affordability.

And at these prices, my hood a detached house is approx. 1.1 million, we cant afford to buy.

sooo… we will continue to rent. It’s that simple.

#13 Rick on 03.11.16 at 6:41 pm

Garth you must have fun reading all the hate mail:)

#14 CREIT on 03.11.16 at 6:42 pm

Forgot to mention, spoke to my mom yesterday and she insisted I buy house soon as it really bothers her that we’re renting!! i’m 37 and wife is 35..

Unbelievable!!!

#15 paul on 03.11.16 at 6:45 pm

Rule # Over bit by 100k

#16 Ry YYZ on 03.11.16 at 6:45 pm

I’m so glad that I’m not married…

#17 nubbers on 03.11.16 at 6:45 pm

Divorce would be cheaper.

#18 TurnerNation on 03.11.16 at 6:46 pm

This is the year of Maple.

#19 Randy Randerson on 03.11.16 at 6:49 pm

Evelyn is the epitome of why successful male getting married is a loser’s game. No thanks, I don’t like to live with an irrational psycho. Freedom First!

#20 tundra pete on 03.11.16 at 6:50 pm

Mind boggling. Offers over asking, no conditions and bag licking down payments. I can’t even imagine trying to compete in that. Haven’t bought or sold anything for a few years now obviously it’s different now.

Last house I bought I paid $72 000.00. Was listed at $84 000.00. I offered $70 000.00 and the realtor told me I was nuts, they wouldn’t take less than $76 000.00 and yah they didn’t take it. So I went to $70 050.00. Drove the realtor nuts. Drove the seller nuts but I did get it for $72,
000.00. Those were the days.

#21 Frank on 03.11.16 at 6:54 pm

The idea of buying a house without an inspection is crazy to me. That said, she’s not wrong. Houses are just like stocks, until you sell to networth is only on paper and anyone that has ignored this blog for the last 7 years has more value on paper than if the read it every day. Barring a house crash that sets prices back 7 years (I.e. not going to happen) the people who ignored you in 2009 are better off.

The ones who bought in 2014/2015? Well, we’ll see.

#22 earlybird on 03.11.16 at 6:55 pm

Hahaha…that is the best post ever! Garth, your a gem!

#23 Lulu on 03.11.16 at 6:55 pm

Geez!! Her hubby is a keeper for sure, knowing not own something you can’t afford, he is saving her life or maybe their life if he loves her enough, seems so still at the moment, if she keeps at it, not so sure about that anymore.

Rule 8, NEVER compare yourself to anyone, literally ANYONE!!! You will sleep better tonight and wake up without headache.

#24 S.Bby on 03.11.16 at 6:58 pm

Those are 7 good reasons not to buy a house right now.

#25 Grey dog on 03.11.16 at 6:58 pm

Is 70k down enough even for a doghouse in the 905? Garth you are being too generous with info on how to commit financial suicide using real estate tonight.

I do appreciate your wisdom most other times.

#26 Good Job on 03.11.16 at 6:58 pm

Why are my comments being moderated

Because you’re a troll and it’s faster than sacrificing you on a goat altar. — Garth

#27 mark on 03.11.16 at 6:58 pm

Whoops, I never considered my wife might not want to hear what Garth Turner thinks every night, but she met you once and said you were a nice man, so I’m getting away with it.

#28 Damifino on 03.11.16 at 7:01 pm

It’s one thing to dump on Garth if you feel you must, but it’s quite another to badmouth all the fine canines featured here over the years.

They’ve done you no harm. Leave ’em alone.

#29 MoneyDriven on 03.11.16 at 7:03 pm

OMG end of the world is coming when Garth writes a buying a house guide!!

PS wrong on point 1.
1) You can get the listings before they are published on MLS from many realtors websites. Publicly available and no need to use them.
2) When you write the offer with the seller agent, they get twice the commision and they will work a lot harder to get the seller to go with you because of they get twice the commission.

Have a great weekend Garth

You have lots of hot market experience there in Timmins? — Garth

#30 Mark on 03.11.16 at 7:03 pm

” Barring a house crash that sets prices back 7 years (I.e. not going to happen)”

What makes you so sure when you say, “not going to happen”?

You are aware that in some of the most overheated markets in the US, prices went back to early-mid 1990s levels in the 2008-2010 timeframe, right?

Heck, even more recently, prices on gold stocks went back to mid 1990s levels. The more ‘impossible’ price reversions seem, the more likely they are to happen when the buyer pool is utterly exhausted as it now appears to be.

#31 Doug t on 03.11.16 at 7:08 pm

No worries Ev – this market has 3 years left before a correction. Buy now and sell in couple years and then wait again. Rinse – repeat.

#32 bob on 03.11.16 at 7:14 pm

April…. FIRST?

#33 Cici on 03.11.16 at 7:14 pm

Oh that poor hubby, she sounds absolutely dreadful…but then again, maybe that perma-angry state translates into awesome sex for DH.

#34 Retired Boomer WI on 03.11.16 at 7:18 pm

Were I still working, and my wife too, our combined income U.S. would be about $130G convert to Canadian its even more.

Would I buy a home in GTA at today’s prices? No. Hell NO!!!

There is no equity VALUE in those prices. Too much RISK.

Would I invest the same amount in the US market right today? No. Same reason for RE.

Ask me when the markets have had a string of oil based disaster days in a row. Markets off 15-20% from last year.

My answer will be an unabashed YES!!

#35 Cici on 03.11.16 at 7:18 pm

#10 Path Control Monk

Well, here you go then:

I don’t know what the MSM is smoking, but his wife’s red dress was hideous…and she doesn’t even look good in red. Not her colour. And she should stop trying to look so proactive…her nostrils flare too much and she starts to ressemble a thin Miss Piggy.

#36 common sense on 03.11.16 at 7:21 pm

Garth Garth Garth!

For the love of god 97% of the population do not want to hear the truth man. When will you ever learn and join the sheeple? When?

Convenient lies forever until this thing blows up.

Geez.

#37 Cici on 03.11.16 at 7:22 pm

#12 CREIT

Well done! I think you might be THE most intelligent person in Canada. If only there weren’t so many dummies without any real resources of their own doing all of the “buying.”

#38 common sense on 03.11.16 at 7:26 pm

#6 ILOVECHARTS

You too! STOP IT with the reality.

Please…Everything is going GREAT everywhere….Stock markets, housing prices will never go down in our lifetime.

Ok? Thank you.

#39 common sense on 03.11.16 at 7:31 pm

#12 CREIT

C’mon, join the program and BUY!

$185,000 between 2 of you? Surely, you can scrap together a bit and give your kids the life they deserve.

Kraft dinner 7 nights a week, every holiday a stayvacation, long walks to the food bank and sally ann for basic needs.

Our economy NEEDS people just like YOU. Do it for US, Wynne and T2.

At least reconsider…Thank you.

#40 mr noodles on 03.11.16 at 7:33 pm

sobering numbers today from the fort mcmurray realty board,glacial melt of prices is moving on to the nuclear phase,all levels of housing units are in the negative double digits.sorry dont know how to post the link

The latest real estate board report is here. — Garth

#41 Daisy Mae on 03.11.16 at 7:34 pm

“….So, Evelyn, have hubs read this to you in bed tonight. Guaranteed results.”

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

Well, those seven rules should shut her up…. LOL

#42 acdel on 03.11.16 at 7:34 pm

#12 CREIT

Good for you and the family, smart move!
———————————————-

Evelin for gods sake read “CREIT” response and grow up!

————————————————————-

Garth, good blog!

#43 salonist on 03.11.16 at 7:38 pm

#17 nubbers
Divorce would be cheaper?

https://www.youtube.com/watch?v=WwRrKaq0IyY&ebc=ANyPxKpvcYiMySJSBUa0EhmEYVfm-AxwDa0SkqFd31nQAkQCjYTffzEsf3KubPqw08GccktStjxUHzGqXAp75v8FOk0KAwBbpA

https://www.youtube.com/watch?v=Hx24WZ8Cf78

#44 MoneyDriven on 03.11.16 at 7:39 pm

You have lots of hot market experience there in Timmins? — Garth

Always loved your smart comments but this is black and white you CAN EASILY see the listing as soon as real estate agent. The point is you don’t go to MLS site and go to realtors websites.
Realtor see listings on RealtorLink which pulls listing from RETS system. This is the system that MLS will eventually publish the listings from. Many realtor website connects directly to the RETS and pull and publish the listing on their website at the same time as the Realtor see it themselves.

Second point is just logical but writing an offer with the selling agent, then he is double ending the deal. They are not seller’s buddy and many are most loyal to money. They would do anything they can include pursuing the seller to go with you and telling you what are the other offering etc.

Please give me logical response then call me an idiot :)

Have a great weekend Garth and thanks for your blog.

In a one-horse, three-realtor town, if you want to log into the local agent sites hourly, you might gain such knowledge. But not in a metro area with over a thousand brokers, 15,000 agents and a highly competitive market. Far better to have one agent looking at the system for you continuously, narrrowing in on the area of your choice. That only stands to reason. Every buyer should have individual representation. As for double-ending a deal and getting a better price as a result — pure urban myth. Say, I didn’t realize you had the Internet up there. Good to know. — Garth

#45 oye on 03.11.16 at 7:43 pm

@Victoria Real Estate Update

Give it up. Nobody reads your daily diatribe.

Really, 2‰ population of Canada, Victoria, what’s your motivation? Crash Vancouver? Good luck with that…

#46 Millmech on 03.11.16 at 7:47 pm

#32 Cici
That won’t happen,most likely furnace kicks on when she enters the room.

#47 BS on 03.11.16 at 7:50 pm

MoneyDriven on 03.11.16 at 7:03 pm

PS wrong on point 1.
1) You can get the listings before they are published on MLS from many realtors websites. Publicly available and no need to use them.
2) When you write the offer with the seller agent, they get twice the commision and they will work a lot harder to get the seller to go with you because of they get twice the commission.

Get a buyers agent if you want to buy. If you try to call a listing realtor directly you will find in many cases they don’t bother to return your call. Anybody who is a serious buyer has a buyers agent. Everyone else is a tire kicker. Calling without a buyers agent puts you at the bottom of the realtors priority list. Commissions are only paid when someone buys. Tire kickers pay nothing, because they are not ready to buy.

#48 Popeye the sailor man on 03.11.16 at 7:53 pm

http://movie-sounds.org/disney-movie-sound-clips/chicken-little-2005/your-hate-mail-box-is-full

Just like in the Movie Chicken little; Garths Hate mail box is full.

I also was Quoting Garth all the time and the wife was not appreciating it also. So I backed off a lot and only show her one or two a week sometimes none for a while depends what comes up.

If she talks about why all the Neighbors have this or that or go here or there and why we dont being on a single income I wait for something timely.

I also show her stuff to make her feel good also like what the avg debt in Alberta is and how ours is a 10th of that some times less. Also who we rank with investments and the rule of 90 with our house. Point is don’t just bring all the stuff up that makes Garth sound like he is the one saying NO!.

#49 gut check on 03.11.16 at 7:54 pm

@ #24 S.Bby on 03.11.16 at 6:58 pm
Those are 7 good reasons not to buy a house right now.

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

my thoughts exactly

#50 conan on 03.11.16 at 7:55 pm

Amazed at your treasure trove of real estate knowledge Garth. Going way back to when you did like RE did you use a real estate agent or did you instead slip on the Captain Highliner disguise and negotiate the deals yourself?

#51 M on 03.11.16 at 8:14 pm

@29 Mark

What makes you so sure when you say, “not going to happen”?
You are aware that in some of the most overheated markets in the US, prices went back to early-mid 1990s levels in the 2008-2010 timeframe, right?
Heck, even more recently, prices on gold stocks went back to mid 1990s levels. The more ‘impossible’ price reversions seem, the more likely they are to happen when the buyer pool is utterly exhausted as it now appears to be.
—————————————————————–
Mark, you have been babbling on about price drops for a long time:

RFD (June 23. 2012 Vancouver real estate thread, posted by Mark)

“Only a 50% drop? You’re being generous!”

or

“Over the long term, housing must keep up with inflation because inflation impacts replacement costs. ”

“The problem we face today is largely because housing, due almost entirely to changes in our financial system and the massive amount of credit expansion not warranted by the growth in the economy, was propped up to prices far in excess of those implied by inflation. This stimulated massive new supply, which will probably give rise to “an inevitable 60-70% crash”.

and

“Just like you, I could care less about the price of houses over the long term as I will probably inherit enough housing to meet my needs.”

———————————————————

To cap off your gibberish. How could you not care about the price of housing with the amount of effort you have spent posting crap on the internet on a daily basis for years. Soon to be decades….

You were wrong 4.5 years ago and still going strong.
Seriously get a life. And any others who want some incite into how Mark thinks and the garbage he/she spews read the thread posted above.

#52 tundra pete on 03.11.16 at 8:27 pm

The correction will be a majority of three factors.

The first being epic debt pileup. Like your dogs yard after the snow. Epic. It will all of the sudden be too much. Can’t pile it any higher.

The second being the first time buyers being priced out of any market. They will come to their senses and make the easy decision of simply renting. Saving and investing then buying when time is right.

The third will be those boomers. Yes the wrinkly, thirsty underwear wearing, property and job hogging boomers. When those fossils decide to cash in their equity bank, a whole pile will be doing it at the same time. It will be the epitome of herdonomics. Like a sale at the drug store on depends, polident and viagra. This will be the tipping point. The fulcrum when it’s all headed downhill. The party is over.

#53 WalMark of Sadkatoon on 03.11.16 at 8:38 pm

ppl want to be poor. they justify their decisions that make them poor. they fight tooth and nail to be poor.

let them

#54 Felix on 03.11.16 at 8:39 pm

I hope all dogs bite themselves someplace painful and die.

And they’re just stupid enough to do it.

^ ^
* *

#55 acdel on 03.11.16 at 8:39 pm

#43 salonist

Great video!
——————————————–

Outta here! Gone fishing!

Are all fisherman liars, or do only liars fish? :)

#56 Randy Randerson on 03.11.16 at 8:40 pm

I think Evelyn secretly read GT’s blog and the comment section. After reading tonight’s comments and realizing how irrational and stupid she is, she’ll give her pet dog (hubby) an ultimatum: divorce or a house.

They’ll buy a house, in 5 years she’ll bitch about how the house is too small, that she needs a sewing room, or a workout room to watch her daytime soap opera. Hubby will either relent again. Evelyn will lose all sexual attraction to hubby because he’s more obedient than a trained border collie, and file for a divorce, taking half his shit with her.

Hubby needs to invent a time machine to go back in time, and stop his own wedding.

#57 Smoking Man on 03.11.16 at 8:42 pm

Wow riot in Chicago at canceled.

Trump Rally. Oh those lefties, always the most violent, and always trying to shut down free speech they don’t agree with. Look at the venom poor Rob Ford faced here.

Look at James, the aggressive lefty who comes out daily to attack my free speech, personal attacks. That’s how the newly schooled lefty social justice warriors operate.

I only attack his ideas, he comes after me.

Pathetic.

At any rate those protesters just handed Trump the presidency. He’s going to win Florida Yuug, and will now take Ohio.

On behave of Conservatives world over, Thank you Chicago lefties.

They just handed the presidency, I know the Herd

#58 Scully on 03.11.16 at 8:43 pm

Evelyn,
I read this blog, not my husband. We rent. If you want to play house do what my kid does – build a fort – blankets and kitchen chairs work the best. So do card board boxes, which is where some of us may end up if we don’t stop debt bingeing.

#59 For those about to flop... on 03.11.16 at 8:48 pm

A tale of two beaters…

House one,went on the market for one week.
Mysteriously on Monday ,realtor sign was gone,post remained.Today post gone.
Who puts their house up for sale in a hot market and takes it of after 2 open houses.
Maybe they looked around and seen what it was going to replace it.You can’t get top dollar for your house and expect a bargain in a similar area .Wanted 1.5

House number 2 First open house tomorrow,on the market for 1.6 ,a fixer upper but I’m expecting lots of traffic from Granola Munchers not the old Hambag.

Spring Break 2016 ,here I come…

M41BC

#60 Freedom First on 03.11.16 at 8:50 pm

#1, #5, #8, #14, #16, #17, #19,

Evelyn. Those Posts are for you.

I love my life. Thanks for the reminder, Evelyn.

The real Freedom First.

#61 pwn3d on 03.11.16 at 8:51 pm

“When a seller isn’t holding back offers for a certain day (hateful practice)”

What seller isn’t holding back offers? If your house is at all sell-able you under list and hold back offers. It’s not a hateful practice at all imo. Of course you can only do it in a killer market, which would explain why everyone in the GTA is doing it now. Mark loses again.

#62 Paul on 03.11.16 at 8:54 pm

#45 oye on 03.11.16 at 7:43 pm

@Victoria Real Estate Update

Give it up. Nobody reads your daily diatribe.

Really, 2‰ population of Canada, Victoria, what’s your motivation? Crash Vancouver? Good luck with that…

http://www.timescolonist.com/news/local/buying-wave-sparks-bidding-battles-for-victoria-real-estate-1.2188107

#63 Kuato Lives on 03.11.16 at 8:57 pm

Sometime in the summer of 2000…..

Dear Garth. I hate you you arrogant prick. Everyone is buying Nortel stock and getting rich except for me and my wife. Just because you don’t have the balls to invest in the new normal, don’t tell everyone else they should settle for an annual return of 7%. Nortel was up 8% ON MONDAY ALONE! Tomorrow I’m going to mortgage the house and dump all my life savings into Nortel and then we’ll see who’s laughing in a year. Good luck scratching out a living at 7% putz.

Regards,

Jim and Sandy

#64 Hopeful but realistic on 03.11.16 at 9:04 pm

Ev, listening to your hubby being so right may be very difficult, the more difficult is living in the GTA area and never realizing there is a much better life elsewhere in this great country.

My condolences!

#65 Randy Randerson on 03.11.16 at 9:28 pm

#60 Freedom First on 03.11.16 at 8:50 pm

The REAL FF is back, what’s with the hiatus?

#63 Kuato Lives on 03.11.16 at 8:57 pm

I wonder how this couple turned out 16 years later.

#66 For those about to flop... on 03.11.16 at 9:29 pm

#60 Freedom First on 03.11.16 at 8:50 pm
#1, #5, #8, #14, #16, #17, #19,

Evelyn. Those Posts are for you.

I love my life. Thanks for the reminder, Evelyn.

The real Freedom First.

/////////////////////////////

About time you showed up…
I got lonely, and in a weak moment I thought about trying to become friends with Mark Farquar.

Also you said you only needed to borrow my wife’s Dora the Explorer backpack for a couple of days and it’s been almost a month..

Yeah ,yeah I know Freedom First…..friends second…

M41BC

#67 Ace Goodheart on 03.11.16 at 9:32 pm

Thanks for the laugh that was awesome.

RE: Buying a house without an inspection – nuts, but of course we are in a bubble market. When we bought our house (inner city, 2012, bad neighbourhood) we were looking around and found this cute little four bedroom wooden job with a garage and driveway. Backed onto an auto service garage, so the backyard was basically a concrete wall and some dead looking yellow grass…oh well, went inside, kitchen floor was sloping at a 15 – 20 degree angle off vertical. Asked the agent, she says something like “well isn’t that cute, these old houses and their sloping floors, that is how they built them back then”. So I am like, yeah right this house was built in the ’40s, they weren’t that stupid, so I go downstairs and have a look at the foundations under the kitchen, turns out they are crumbled, main beams rotted at their terminal points, basically nothing holding up the house on the northeast side under the kitchen. Showed the agent she was like “well the house passed an inspection” and she wanted to show me the booklet saying all was fine.

Get someone you know, who knows houses, to inspect the house.

Ended up not buying that one (though with the market moving the way it did, and that house being listed for $310,000.00 and eventually selling under asking, probably would have been better if we DID buy it – even if we couldn’t live in it because it turned out to be structurally unsound – could have flipped it onto some starry eyed couple who would have loved those sloping floors for years until the house collapsed).

RE: $70,000 in savings on a $775,000 house. Yeah, that is right. Why do people do this? A mortgage is NOT an asset people. You do not “own” a $705,000 mortgage, as an asset that you have qualified to own. You are $705,000 in friggin’ debt. This is not something to brag about or something to put on the right side of your balance sheet. Mortgages are not assets people. Wake up!

#68 Mark on 03.11.16 at 9:47 pm

“Of course you can only do it in a killer market, which would explain why everyone in the GTA is doing it now. Mark loses again.”

Hardly. It speaks to a certain level of desperation on the part of the vendors, to get deals done before prices drop even further and even more negative equity is exposed.

#69 totalinvestor.com on 03.11.16 at 9:50 pm

Here is a nice article from Zerohedge titled “Canadian Housing & Mortgage Investment Corporations – Time To Worry?”

http://www.zerohedge.com/news/2016-03-11/canadian-housing-mortgage-investment-corporations-%E2%80%93-time-worry

#70 Mark on 03.11.16 at 9:51 pm

“You were wrong 4.5 years ago and still going strong.
Seriously get a life. And any others who want some incite into how Mark thinks and the garbage he/she spews read the thread posted above.”

We’re almost 3 years into the housing price declines, with a significant acceleration to come. Just like in the early stages (ie: 2006-2008) of the US housing market crash, the currency fell. Now the currency is rising as we’re entering a more panic-filled phase in the market decline and coming meltdown. Not wrong then. Definitely not wrong now. It speaks a lot of your character to be calling stuff ‘garbage’ when the facts do not support you in the least.

#71 randy on 03.11.16 at 9:51 pm

It’s all a plot to make the reverse mortgage scheme seem like a great idea.

#72 Dups on 03.11.16 at 9:54 pm

We need good humour once in a while and Garth delivered with this posting. Maybe he can write one up every month to bring blog morale up.

#73 Washed Up Taiga Lawyer on 03.11.16 at 9:57 pm

#40 mr noodles on 03.11.16 at 7:33 pm

sobering numbers today from the fort mcmurray realty board
%%%%%%%%%%%%%%%%

With my mukluks on the ground up here, I say those numbers are far from “sobering”. In fact they are having the opposite effect. Go long, real long, on Labatt’s Series “A” Preferred.
_________________

#46 Millmech on 03.11.16 at 7:47 pm
#32 Cici

That won’t happen, most likely furnace kicks on when she enters the room.
!!!!!!!!!!!!!

Jaysus, that hit my funny bone with a tire wrench. After rolling on the floor laughing I had to compose myself before commenting.

Out,

WUTL

#74 Mark on 03.11.16 at 10:02 pm

“RE: $70,000 in savings on a $775,000 house. Yeah, that is right. Why do people do this? A mortgage is NOT an asset people. You do not “own” a $705,000 mortgage, as an asset that you have qualified to own. You are $705,000 in friggin’ debt. This is not something to brag about or something to put on the right side of your balance sheet. Mortgages are not assets people. Wake up!”

Even nuttier is Canadians are borrowing these sums of money and, in roughly 40% of the cases, allowing their bank to set the interest rate at their sole discretion (ie: anything linked to the “Prime” rate), or going for, at best, 5-year reset periods.

I can understand paying a bit more for a house if one takes on a 30-year fixed term mortgage with deductible interest. After all, if interest rates rise, the “present value” of servicing the mortgage obligation falls. However, with the adjustable rate mortgages that Canadians pretty much universally use, decreases in the value of the underlying collateral and equity position will likely directly translate to an increase in risk premium come renewal time. With individual borrowers severely exposed to systemic risk in the financial system. After all, if the banks run into trouble on their loans, guess who they’re going to ask to make up the short-term shortfall? The adjustable rate borrowers, of course!

Which brings me to the last point, along the same lines — many claim that the Canadian banks were bailed out during the 2008/2009 financial crisis. Actually, what happened was that they called the government and told them, in quite plain language, that if the systemic crisis continued, severe rate increases would be passed onto the adjustable rate borrowing base out of necessity. The BoC/GoC thus stepped in with measures to stop such contagion. The banks always had the upper hand, and the legal right of redemption of the CMHC-insured subprime mortgages that were temporarily liquefied at 100 cents on the dollar. Garth is right about the Canadian banks and bail-ins — basically impossible for Canada’s Schedule 1 banks.

#75 Keith in Calgary on 03.11.16 at 10:05 pm

#57 Smoking Man……

Leftists are the pallbearers of societies.

#76 Garth Vadar on 03.11.16 at 10:06 pm

But Garth you are an arrogant prick dictator at times with your communist blog policing..Gold will be kicking your ass all year long. Remember this pathetic paragraph. .

#77 AfterTheHouseSold on 03.11.16 at 10:06 pm

Garths ‘Rule of 90’ explains what % of household net worth should be in real estate. Has examples.

http://www.greaterfool.ca/2015/03/20/rule-of-90/

#78 M (The REAL) on 03.11.16 at 10:07 pm

“I hate your blog,” Evelyn writes. “No, I hate you. Hate your advice. Your arrogant responses to people. I even hate your stupid dog pictures.”

HAHAHAHAHAHA…. don’t worry Gartho baby… This means you’re doing well.

It reminds me of a few X’s and answers to profiles on dating sites :)

..keep up the good work

..when babe calls you a “dickhead” you’re at your best mano…

#79 Smoking Man on 03.11.16 at 10:07 pm

Got a great idea for my next best seller.

An eccentric day trading genius, tired of having his wealth stolen from communists, develops a plan and encryption technology. He set up hundreds of traders in tax free islands, sends them buy and sell instructions via the encryption. They place trades form him, he makes billions.

Knowing he gets audited every single god damn year he sells his mansion, gives up the country club life and buys an old rundown mold infested bungalow in a shit part of town, stages it with cigarette buts all over the lawn, the back yard and turns his shower on with a set of vice grips, drives a manual transmission truck with a cracked windshield and balding tires.

Every time the auditors visit, they feel sorry for the guy, and don’t dig to deep. The character Having a low boredom tolerance frustrated at there lack of investigating and effort, taunts liberals on several pathetic blogs. He tweets insults to political leaders on social media hoping they come after him with everything they got. He has a demented need to see if he can get away with it when they give it there all, but secretly wants to get caught so he can truly have bragging rights.

He’s into the game, catch me if you can, sadly he really doesn’t give two shits about money. He will leave a bit to his family, but will save the homeless, provided they share there story, he loves stories.

#80 Housing Party Forever! on 03.11.16 at 10:29 pm

On March 20, Trudie The Twit will announce a capital gains inclusion rate increase to 75%, but he will leave the capital gains tax on home sales at zero. Our government will do everything in its power to keep the housing bubbles intact. The only thing that could cause problems is the US increasing its interest rate further. As it stands, this will not happen any further any time soon. And even if it would, our govt can simoppy reinstate some of the 2009 emergency measures, such as longer amortization period and lower downpayment requirement; unlike the cons, the libs have shown that they have no problem being reckless with our financial future, and so they will not sweat about such measures. In all, the housing bubble will keep going for at least 4 more years, no matter what. So, admit it Garth, you have been wrong recommending folks for years that buying is an unwise investment – those who bought 10 years ago made a mega killing financially, even even those who bought three years ago have done very well. This party ain’t over until the goofball exits federal stage.

I have recommended balance, and have been correct. It’s time everyone worried about real estate risk. — Garth

#81 brandy on 03.11.16 at 10:31 pm

My biggest regret in life is not buying a house back in 2007.

Someone build a time machine, please.

#82 GORDIE BEAMER on 03.11.16 at 10:33 pm

people are very emotional about real estate.Evelyn reminds me of ex in ft mac in 2004.I would not buy then too expensive,using Robert Shiller s book Irrational Exuberance as expert advise.the book dissappeared,so i bought another.She made my life very difficult after that and was soon replaced.LOVE based on conditions doesnt last.you married the wrong women cut your losses

#83 james on 03.11.16 at 10:33 pm

“Evelyn is the epitome of why successful male getting married is a loser’s game. No thanks, I don’t like to live with an irrational psycho. ”

Eh, my sister is the same way. The problem with Canada is that the only way to get ahead is to pray on housing. She even says so herself ‘everyone else is making tons of money’. Irrational? Yes. Common? Yes.

You can imagine that feeling of having everyone else pass you by. Strong emotions can override reason, even where it exists.

As for marriage, it depends on the person. There are smart, stable women out there. I was just at a conference at Stanford with a woman (PhD holder from a top US university) who founded her own company and sold it to a big pharma. I wager she is far more accomplished and financially savvy than 99.99% of men.

#84 common sense on 03.11.16 at 10:34 pm

#79 Smokie

What’s the title of this book?

“Smoking Man – My dream life” ?

#85 Retired Boomer WI on 03.11.16 at 10:41 pm

#79 Smoking Man

Maybe the plot line is a bit TOO C?LOSE to reality from your previous blog posts…

#86 MF on 03.11.16 at 10:47 pm

#60 Freedom First on 03.11.16 at 8:50 p

Welcome back.

MF

#87 Binder Dundat on 03.11.16 at 10:51 pm

” taunts liberals on several pathetic blogs. He tweets insults to political leaders on social media hoping they come after him with everything they got. He has a demented need to see if he can get away with it when they give it there all, but secretly wants to get caught so he can truly have bragging rights.”

Yeah, that “character” will be a real stretch for you to “develop”. ;)

You’re crazy but we love you, SM.

#88 Herf on 03.11.16 at 10:53 pm

Just so you know how your money got pissed away last night, here’s the official guest list for the JT’s love-in at the Whitehouse. I counted 16 government staff (including 8 cabinet ministers) and JT’s puppeteers, Butts & Telford. Even the Liberal Party prez was there (presumably at the Party’s expense?).

https://www.whitehouse.gov/the-press-office/2016/03/10/expected-attendees-tonights-canada-state-dinner

#89 WalMark of Sadkatoon on 03.11.16 at 10:59 pm

You were wrong 4.5 years ago and still going strong.

to be accurate WalMark admitted that he’s been wrong on real estate prices for 3 yrs.

on other things he’s been wrong for 2 yrs on the USD, inflation and barrick gold

#90 Smoking Man on 03.11.16 at 11:03 pm

#75 Keith in Calgary on 03.11.16 at 10:05 pm
#57 Smoking Man……

Leftists are the pallbearers of societies.
…………..

Every mass murdering mad man in the history of humanity started out as a lefty socialist.

Hitler, Stalin to name a few.

See they have vision, a dream, a perfect book, a narrative.

They get so god damn confused in the imagination of that rush reading that story, the second some one shakes then, wake up.

They pull out the revolver and shoot em in the head.

Conservatives don’t live in a dream world. That’s why we don’t mass murder people.

James? waiting for your rebuttal you commie freak show.

#91 Okanagan Man on 03.11.16 at 11:04 pm

Hey VREU;

Did you see the Times Colunist article today ?

“Buying wave sparks bidding battles for Victoria Real Estate”

May be you could update your graphs for us. Bahahaha

#92 Ronaldo on 03.11.16 at 11:07 pm

Millmech on 03.11.16 at 7:47 pm

#32 Cici
That won’t happen,most likely furnace kicks on when she enters the room.
================================
Now that was funny.

#93 Smoking Man on 03.11.16 at 11:16 pm

#86 MF on 03.11.16 at 10:47 pm
#60 Freedom First on 03.11.16 at 8:50 p

Welcome back.

MF
………….

I second that, I’m thinking the bastard fell in love with a Swedish massage therapist, talking from experience.

But I’m disciplined. Don’t start drinking till 9pm quit by midnight. I pay them them to go away, shit a real man does to avoid prostate cancer. Don’t use it, you lose it.

Nothing personal, just man logic..

#94 Ronaldo on 03.11.16 at 11:22 pm

#80 brandy on 03.11.16 at 10:31 pm

My biggest regret in life is not buying a house back in 2007.

Someone build a time machine, please.
—————————————————————
That would have been the peak for housing in most parts of Canada and prices in those areas have changed little since that time. Except for Van and To of course. That’s a tale yet to be written.

#95 Smoking Man on 03.11.16 at 11:27 pm

#83 james on 03.11.16 at 10:33 pm
“Evelyn is the epitome of why successful male getting married is a loser’s game. No thanks, I don’t like to live with an irrational psycho. ”

Eh, my sister is the same way. The problem with Canada is that the only way to get ahead is to pray on housing. She even says so herself ‘everyone else is making tons of money’. Irrational? Yes. Common? Yes.

You can imagine that feeling of having everyone else pass you by. Strong emotions can override reason, even where it exists.

As for marriage, it depends on the person. There are smart, stable women out there. I was just at a conference at Stanford with a woman (PhD holder from a top US university) who founded her own company and sold it to a big pharma. I wager she is far more accomplished and financially savvy than 99.99% of men.
……….

Your a chic with a brush cut, I knew it..

That’s why you hate me so much……

Power of the UCC

#96 slick on 03.11.16 at 11:32 pm

the wife’s niece listed their 16 ft wide YHM house for $229K on a Monday morning. Down near new football stadium. They upgraded for a bigger one with a yard that needed a lawnmower to cut. my advice was at the very least, don’t accept offers for one week. have the open house on the weekend and then sell it. They sold it for $231,500 on the Thursday. No open house. Prolly 100 potential buyers never even seen it.

#97 VanNuck on 03.11.16 at 11:33 pm

God help Vancouver if the Chinese buyers dry up.

https://jaksview3.wordpress.com/2016/03/11/why-are-we-building-so-much-so-fast/

#98 koenig on 03.11.16 at 11:47 pm

Don’t get an agent, don’t negotiate with their agent. Leave a nice note in the mail box of several properties you like. Call me when the listing expires I don’t deal with real estate agents!

Foolish. — Garth

#99 JPN on 03.11.16 at 11:54 pm

Over the past 10 years… All while reading Garths blog.. I’ve turned 4 homes in Kelowna and am now mortgage free with a sound rental property, half paid for.. I would have never got here without these real estate investments. I’m not saying this works for everyone., but it can work.. True story… Never took advantage .. Just sound investments..

Only makes sense if all your net worth is not in that one asset. The goal if life is not a house. — Garth

#100 Entrepreneur on 03.11.16 at 11:55 pm

“It’s time everyone worry about real estate.-Garth”

Oh, that sounds scary! Everyone! Worry! Real Estate! But it is so hard when everyone is buying into it. The crunch is happening now like #52 tundra pete mentioned the three “majority factors” like debt, priced out, boomers selling.

Evelyn has to look at the bigger picture and should be happy to have a smart husband who stands back with critical thinking.

#101 Harbour on 03.11.16 at 11:58 pm

#94 Ronaldo on 03.11.16 at 11:22 pm
#80 brandy on 03.11.16 at 10:31 pm

My biggest regret in life is not buying a house back in 2007.

Someone build a time machine, please.
—————————————————————
That would have been the peak for housing in most parts of Canada and prices in those areas have changed little since that time. Except for Van and To of course. That’s a tale yet to be written.

………………………………………………………………………

Bullcrap… I remember the date 2007 very well. It was the big D and I sold the house for $270,000… Today that same box pushes $500,000 in recession Alberta.

#102 drydock on 03.12.16 at 12:06 am

26 Good Job on 03.11.16 at 6:58 pm

Why are my comments being moderated

Because you’re a troll and it’s faster than sacrificing you on a goat altar. — Garth

0101010101010101010101

Heyyy,
Human sacrifice of the irritating.
We’ll be the coolest place on the net.
Part of the dark web.
I’m not quite sure what the dark web is, but with human sacrifice i’m pretty sure we’ll qualify.

#103 Vancouverization of VREU on 03.12.16 at 12:18 am

So VREU the reality is finally setting is, as your one line says it all – ‘House prices in Victoria are probably still below the peak level reached in 2010’

You are finally looking around, hearing the panic of wannabe buyers, reading it in the paper, and looking at the numbers – and your dogmatic position is softening.

VREU is having a ‘does not compute’ moment when the fundamentals do not make sense, yet prices keep going up.

Welcome to the world of Vancouver housing analysis VREU.

Nothing has seemingly changed right VREU? Rates are the same, migration is the same, the economy is the same in Victoria, but what could possibly be different? Hmmm…

Look to Vancouver VREU, because the domino effect is here coupled with the nasty influx of foreign capital that will soon make Victoria even more unaffordable then it already is.

Take a trip to West Vancouver VREU – it is foreshadowing what will happen to your lovely town.
High priced homes that sit empty or replace character homes; empty houses used a store of (illegal) wealth, spiking rental rates; private schools being overwhelmed by non-local demand; communities that slowly disappear as mom and pop shops are driven out of business because buyers fail to contribute or support the local economy (because they don’t live there); and the installation of high end stores that cater to, well, not your crowd VREU, nor local incomes.

You have officially been warned that the Vancouverization process as begun. And your ‘does not compute’ moment will last years as they do with the best of us bears, but in the end, you will be left out in the dust. Take it from a long time bear.

#104 family beagle on 03.12.16 at 12:31 am

Evelyn… We rent a blueberry farm in 604 right next to the city, but we own in 250. Paid cash for land. Used the seller’s realtor on the agency website with early listings, pre-mls. Did our own due diligence, including tracking back the history to the original survey in 1869, and getting letters of approval from regional district zoning office that allowed for our plans. Offered 20% below after a winter walk around, seller countered, settled on 10% below ask. We acted very fast and new all the properties for sale in the region we wanted. This one was the gem. We enjoyed the research. Realtor was professional and provided all the data we required.

This rent-while-buying-dream-strategy allowed us to cover both kid’s post secondary and one spent last summer in Europe. Both are employed with no debt and cash/tfsa/rrsps.

When asked if we own, I explain we have title on a lodge and a valley with a mountain and surrounding forest. We’re just stewards. Deer, moose, cougar, bear, red squirrel, whiskey jacks, ravens, big horn sheep, wild horses, a wolf, pheasant, grouse, even a whistle stop junction–these were here before us. Lots of tourists/guests visit and there are extensive trails/lakes/vistas. It’s a haven.

Together, we agreed we didn’t want a regular house, we wanted a park. Life is short. Live as you must. Not everything in real estate is an investment. If you want something, make it work. Research, negotiate, act, follow through. Do it as a team with clear goals. Have a backup plan and accept the consequences together. Even though we have the means, we won’t buy in 604, certainly not a suburban build. Our front doors are 4″ thick hemlock slabs floating in arched stonework. Foundation sill walls are 60 cm thick reinforced concrete. The lodge will last longer than I.

And maybe someday I’ll burn some cash and rent an apt downtown again for fun– because this hound also likes neon. Woof.

#105 drydock on 03.12.16 at 12:47 am

#79 Smoking Man on 03.11.16 at 10:07 pm

Got a great idea for my next best seller.

An eccentric day trading genius, tired of having his wealth stolen from communists, develops a plan and encryption technology. He set up hundreds of traders in tax free islands, sends them buy and sell instructions via the encryption. They place trades form him, he makes billions.

Knowing he gets audited every single god damn year he sells his mansion, gives up the country club life and buys an old rundown mold infested bungalow in a shit part of town, stages it with cigarette buts all over the lawn, the back yard and turns his shower on with a set of vice grips, drives a manual transmission truck with a cracked windshield and balding tires.

Every time the auditors visit, they feel sorry for the guy, and don’t dig to deep. The character Having a low boredom tolerance frustrated at there lack of investigating and effort, taunts liberals on several pathetic blogs. He tweets insults to political leaders on social media hoping they come after him with everything they got. He has a demented need to see if he can get away with it when they give it there all, but secretly wants to get caught so he can truly have bragging rights.

He’s into the game, catch me if you can, sadly he really doesn’t give two shits about money. He will leave a bit to his family, but will save the homeless, provided they share there story, he loves stories.

01010101010101010101010

It’s brilliant.

#106 Sally Turner on 03.12.16 at 12:53 am

The Trudeau Liberals are working flat out to destroy the Canadian economy in order to re-design the social order in their own image. Canada is a freaking disaster slow walking off a cliff. The macro timing is hard to call, as Garth is experiencing, Dr Foote who wrote Boom Bust Echo took his lumps while theory slowly gelled into reality, but the facts are lined up for an inevitable crash, no doubt.

Buy a house in this economy? Idiocy.

#107 ilbastardo on 03.12.16 at 12:57 am

RULE EIGHT 8 ATE?
check tax returns of FOS friends making all this RE money,
Ask where the lambo is garaged.

#108 Freedom First on 03.12.16 at 12:58 am

#65 Randy Randerson

….what’s with the hiatus?

………………………………………….

I like to spread the joy.

#109 drydock on 03.12.16 at 12:59 am

51 M on 03.11.16 at 8:14 pm

To cap off your gibberish. How could you not care about the price of housing with the amount of effort you have spent posting crap on the internet on a daily basis for years. Soon to be decades….

You were wrong 4.5 years ago and still going strong.
Seriously get a life. And any others who want some incite into how Mark thinks and the garbage he/she spews read the thread posted above.

0101010101010101010101

Your use of incite instead of insight was i thought a mistake.
After a reread however i’m inclined to believe you got it right the first time.
To the goat alter with you.

#110 Big Dipper on 03.12.16 at 1:00 am

#90 Smoking Man on 03.11.16 at 11:03 pm

#75 Keith in Calgary on 03.11.16 at 10:05 pm
#57 Smoking Man……

Leftists are the pallbearers of societies.
…………..

“Every mass murdering mad man in the history of humanity started out as a lefty socialist.

Hitler, Stalin to name a few.”

——————————————

This whole fascist/socialist/communist thing is just confusing the crap out of you! You should have paid attention in class instead of giving your prostate those inappropriate workouts.

But I’ll give you a hint. Only one of those guys had his brown shirts kicking the crap out of commies and socialists, and that same guy won the German 1933 election on a slogan of, “making Germany great again”.

Oh, and a lefty- socialist is an oxymoron. Again the school – prostate thing…

#111 Freedom First on 03.12.16 at 1:36 am

#93 Smoking Man

Yes. You know. You haven’t forgotten. I do enjoy being in love. Every one of my girlfriends knows I loved them. I know they were sad when it came time to let them go, but they all understood. I’m honest, treated them well, and they knew it. Though eventually, most forgot that. Like Evelyn. Became demanding of something. Mostly of my time. Too smothering. Even trying to think for me.

I don’t have to hide from anyone in the world. Big part of living free.

#112 jane 24 on 03.12.16 at 2:18 am

The most amazing thing about those Fort McMoney numbers is that people are still buying. Why?

Truly falling knife territory.

#113 Good advice, yes RE can crash a lot & jobs on 03.12.16 at 2:44 am

Great advice Garth.. Exactly what I did in YVR sonce mid 90s and found a top notch, honest and professional realtor I stuck with for 15 years and 4 properties. He saved and made a lot of cash.

Yes people, prices can crash A LOT:

https://vreaa.files.wordpress.com/2012/05/canadian-cities-house-price-index-with-quotes-1980.jpg

However, as long as people have jobs, the capacity/collateral to pay then no crash until a severe job loss recession.

Yesterday Labour Force Survey -2300 jobs Canada wide and another job stagnant result over last quarter ignored by MSM. Bright spots BC and ON +job creation.

Hope I am wrong but looking dismal other than in YVR and 416 for RE and economy in general.

After reading #11 Owe Canada’s post, I am glad to be retired, debt free and traveling to where I please.

#114 604 Fools on 03.12.16 at 3:31 am

It’s amazing how many boomers are willing to put their own equity down to help out the kids. They just want to see their kids get a place before getting “priced out of the market”. All that work paying off the house, only to put it into another house at the market peak. So confident… they can’t see the risk. This is fueling bidding wars.. thus the problem just gets bigger.

#115 Enrico on 03.12.16 at 3:37 am

Seems to me that these 2 sets of recent data paint a pretty bleak picture of our immediate economic future. Scary stuff….

http://www.cbc.ca/news/business/debt-income-1.3486811

http://www.bnn.ca/News/2016/3/11/Canada-sees-a-loss-of-jobs-in-February-unemployment-rate-ticks-higher.aspx

#116 The Last Great Place in 604 on 03.12.16 at 3:44 am

Wow! Here in 604, this developer is tapping directly into the fears of being “priced out forever”.

http://www.burquitlamcapital.com/

Cute cartoon… “A place to call home” Really? A 23-storey condo on a sky train line? This is completely nuts.

#117 Vangrrl on 03.12.16 at 6:05 am

She’s dissing dog pictures? Not cool.
I’ve been living in southern Europe for over a year and know very few Canadians here. Sometimes I get homesick but then I remember how dull Canadians can be. It’s so refreshing to be surrounded by (mostly) European expats (with kids or not) who couldn’t care less if they rent rather than ‘own’ property.

#118 economictsunami on 03.12.16 at 7:29 am

Interesting weekend reads:

The Vacant Condos in Vancouver: Suddenly lurking in the shadow inventory.

“And one thing stood out: 12.5% of the condos were deemed non-occupied.

They accounted for most of the city’s 10,800 empty homes. But it might have been much higher: The methodology identified condos used as summer homes as occupied for the entire year, even if they were vacant the rest of the year.”

http://wolfstreet.com/2016/03/10/the-vacant-condos-in-vancouver/

Tale of two cities: Jobless rate in Calgary surpasses Windsor, Ont

“Statistics Canada job figures for February show an unemployment rate of 8.4 per cent in Calgary, the epicentre of the country’s oil wealth before the latest crude crash.
In Windsor, hit hard by the downturn in the automotive sector in recent years, the jobless rate was at 7.7 per cent last month.

http://tinyurl.com/zcrdtll

I get the distinct feeling that Evelyn won’t be happy, until she’s worse off than the Jone’s…

#119 JamesA on 03.12.16 at 7:51 am

http://www.nationalhomeshow.com/
+
https://www.etsy.com/ca/listing/222431874/the-crochet-fake-beard-dont-grow-a?ref=market
+
https://goo.gl/TsZ9gC
= my Saturday

#120 Herb on 03.12.16 at 8:28 am

#105 Sally Turner,

there is more idiocy in your post than your example of buying a house in this economy.

#121 preet89 on 03.12.16 at 8:39 am

I was watching the news of Justin with the Obama’s and he was explaining to many how a snowboarder can become Prime Minister. He even had to take a job as a bouncer he said! Everyone LOVED him. Canada has the coolest leader in the world.

Wrinklies shouldn’t be jealous of our country’s prosperity that has made it’s way to our generation.

My grandma uses an ipad now and she says it’s the best thing ever.

Other countries are looking up to Justin Trudeau. His online presence is the highest it has been. Donald Trump will be the next President and he understands how to deal with social media like Justin. I am excited to see Donald Trump as President.

#122 Bottoms_Up on 03.12.16 at 8:56 am

#12 CREIT on 03.11.16 at 6:39 pm
—————————-
Exactly, it’s all a matter of circumstance. You could easily have those salaries in Ottawa, where you can get a decent SFH for $400k, and a very nice one for $500k.

#123 Herb on 03.12.16 at 9:04 am

#90 SM –

It wasn’t socialists that brought Hitler to power, it was German Conservatives who voted for and enabled him. German socialists disappeared in concentration camps for opposing the regime, starting with the deputies who voted against Hitler’s Enabling Legislation in 1933 – the only parliamentarians to do so, while Conservatives flourished and corporations prospered under fascism.

But don’t let ignorance stop you from spreading that Neandercon meme.

#124 Heil Trump! on 03.12.16 at 9:32 am

Put the women, blacks and other 99%ers in their rightful place – for good!

Make America Great! Make Canada sniff America’s butt and eat its scraps!

Heil Trump!

#125 Dave in Kincardine on 03.12.16 at 9:48 am

Poor Garth, dumped on again by some unfortunate person who is left behind in the wealth accumulation game. Life is not fair in case anyone wanted to know. As a person in the financial field I run into people who want a house and I have cautioned them on prices, debt loads, US house crash. The only think I do not like is people who use their RSP’s as a down payment. Terrible idea. The loss of compounding and lack of retirement is just sad. Maybe they will get it right in their next life.

#126 For those about to flop... on 03.12.16 at 9:59 am

I finally found out what Daisy Mae looks like…

M41BC

http://www.dailystar.co.uk/news/latest-news/500688/Internet-viral-roller-coaster-ride-Disney-World-woman-frowning

#127 theAwakenedOne on 03.12.16 at 10:02 am

“I hope your dog bites you someplace painful so you will retire, or die.” – Ev

Garth, I’m missing you already: Who will continue this crazy addictive dog blog when you’re retired or gone??? (which seems inevitable from the sentiment here on this blog).

Seriously. We gotta find a way to clone Garth (or at least mummify him for now & put him somewhere safe.. maybe the Hill?), and Bandit to perpetuate this thing!

#128 Penny Henny on 03.12.16 at 10:18 am

#7 Victoria Real Estate Update on 03.11.16 at 6:32 pm

/////////////////////////////////////////////

I feel sorry for you and your obsession with house prices in the Victoria market. For the sake of your health you should pack your bags and move to one of the US homes that you provide links to.

#129 ideological color of rainbow on 03.12.16 at 10:28 am

“Every mass murdering mad man in the history of humanity started out as a lefty socialist.

====

There were mass murdering mad men in history before “left”, “socialist” ever existed and had any meaning.

When the Nazi party banned all the other parties, they accepted members only from the Communists, “lefties”, based on the common view of monopolizing political power. Those who didn’t accept the offer ended up eliminated.

Where do you put on the “left/socialist” map the War on Terror, Weapons of mass destruction-induced mass murdered people, or just the died or living dead victims of War on Drugs?

#130 Penny Henny on 03.12.16 at 10:42 am

#61 pwn3d on 03.11.16 at 8:51 pm
“When a seller isn’t holding back offers for a certain day (hateful practice)”

What seller isn’t holding back offers? If your house is at all sell-able you under list and hold back offers. It’s not a hateful practice at all imo. Of course you can only do it in a killer market, which would explain why everyone in the GTA is doing it now. Mark loses again.

///////////////////////////////////////

Agreed. Holding back offers in a hot market is the most efficient way to sell a house. Much less of a disruption in the sellers life. Also bidders have an emotional attachment once the offer is placed and may go price extremes they may not have considered if not in competition.

#131 WalMark of Sadkatoon on 03.12.16 at 10:51 am

pics of swedish massage therapists pls

love the billy goats gruff reference

good times

#132 MF on 03.12.16 at 10:54 am

#120 preet89 on 03.12.16 at 8:39 am

Not sure if your trolling or serious?

Everyone I know felt like vomiting throughout that coverage. Liberal media spinning lies to get the smart among us can’t stand the drama teacher to like him.

I’m a millennial by the way.

MF

#133 sockeye sam on 03.12.16 at 10:55 am

#117 economictsunami. Around mid June until the end of Sept. all these expensive cars start coming out of the vacant house garages. Vancouver is becoming a summer resort town for the elite of the communist party of China.

#134 M on 03.12.16 at 10:58 am

@Mark #70

We’re almost 3 years into the housing price declines, with a significant acceleration to come. Just like in the early stages (ie: 2006-2008) of the US housing market crash, the currency fell. Now the currency is rising as we’re entering a more panic-filled phase in the market decline and coming meltdown. Not wrong then. Definitely not wrong now. It speaks a lot of your character to be calling stuff ‘garbage’ when the facts do not support you in the least.

—————————————————-

I could post Mark77 posts all day long from RFD, but why bother.

So to start a simple discussion, what facts support you? And to be more specific support what? Or to have to be more general:

#135 MF on 03.12.16 at 11:13 am

I love reading these comments to Garth.

Either the usual delusional homeowners upset Garth tells it as it is and that their “fool proof investment” is nothing more than a mega overvalued asset about to get creamed.

OR

The jealous idiots who blame Garth for “telling” them not to buy and now “all their friends are so rich” because they foolishly stumbled into this completely artificial and manipulated evonimic environment that enabled houses to rise until they don’t.

Garth is like the mad scientist trying to sound the alarms about the imminent collapse that everyone ignores in the dystopian future sci-fi thriller movie.

MF

#136 JimmyPage on 03.12.16 at 11:16 am

The Ominous Parallels by Leonard Peikoff is a book which compares some of the similarities between pre-Hitler Germany and present day America. It was written in 1982 and unfortunately has become more relevant today. I apologize that this book is not related to to subject of the blog but it does address some of the comments and assertion made in the comments section.

#137 Damifino on 03.12.16 at 11:28 am

#115 The Last Great Place in 604

“Really? A 23-storey condo on a sky train line? This is completely nuts.”

Why does that come as such a surprise?

The entire reason for rapid transit development in Greater Vancouver is to supply convenient RE corridors to facilitate the construction of utilitarian cubbyhole towers in aid of indenturing the innumerate masses.

It’s the same reason YVR hosted the Olympics. Hint: it had nothing to do with promotion of world class sports.

It’s the same reason behind the push for a Skytrain extension out to UBC. Hint: it’s not to help medieval history majors get to class by 9:00 AM.

#138 Arfmooocat on 03.12.16 at 11:30 am

Politics was so borrrring and mundane till Trump arrived

#139 Make America Great Again on 03.12.16 at 11:34 am

“won the German 1933 election on a slogan of, “making Germany great again”

—–

Know your facts:

http://www.snopes.com/make-germany-great-again/

Former president Ronald Reagan used the slogan “Let’s make America great again” in 1980. During a general election address in 1950, Margaret Thatcher said that her goal was to “make Britain great again.” President of the Philippines Ferdinand E. Marcos once promised “with the help of the masses to make this country great again.”

While an underlying theme of Nazi propaganda was “making Germany great again,” a message that directly contributed to Hitler’s rise to power, this does not mean that Donald Trump (or Ronald Reagan, or Margaret Thatcher, or Ferdinand Marcos, or anybody else) necessarily campaigned on Nazi principles.

#140 Drill Baby Drill on 03.12.16 at 12:09 pm

Pathetic blog why would you allow comments like #123 to be posted ?

Is it not satire? — Garth

#141 BS on 03.12.16 at 12:13 pm

VanNuck on 03.11.16 at 11:33 pm
God help Vancouver if the Chinese buyers dry up.

https://jaksview3.wordpress.com/2016/03/11/why-are-we-building-so-much-so-fast/

This analysis illustrates why housing bubbles always pop. The increase in values creates over building. At some point there is too much housing for demand. Then as prices fall when inventory exceeds demand the speculators and developers who are still holding properties have to dump what they have. Then prices crash. The work in this article shows the crash is inevitable in Vancouver.

#142 Ronaldo on 03.12.16 at 12:14 pm

#101 Harbour on 03.11.16 at 11:58 pm

#94 Ronaldo on 03.11.16 at 11:22 pm
#80 brandy on 03.11.16 at 10:31 pm

My biggest regret in life is not buying a house back in 2007.

Someone build a time machine, please.
—————————————————————
That would have been the peak for housing in most parts of Canada and prices in those areas have changed little since that time. Except for Van and To of course. That’s a tale yet to be written.

………………………………………………………………………
#101 Harbour said:

Bullcrap… I remember the date 2007 very well. It was the big D and I sold the house for $270,000… Today that same box pushes
===================================
Don’t know where this box of yours is located but since I was there working in 2006 and given that both my sons live and own homes there I have a fairly good idea of how things were back then. As an example, the house in the link below on Covepark Rd. NE would have sold in 2004 for around $149,000 or thereabouts. My son bought almost identical one down the street from that one in May of 06 for $259,000 and sold it exactly 1 year later for $349,000 and walked away with $90,000 then rented for a couple years and watched prices drop another 20% before returning back to what he sold it for 4 years later. He tells me that this house listed below would be lucky to fetch what he sold it for back in May 2007. Those are facts, not bullcrap. This is the story in many parts of the country and there are people who would back me up on this blog. Real estate has been dead in Calgary for the most part in the past 9 years and it’s going to get much worse given that you now have a higher unemployment rate than Windsor, Ontario at over 8% and rising.

http://www.calgary-real-estate.com/listing/c4053159-37-covepark-rd-ne-coventry-hills-calgary/

#143 BS on 03.12.16 at 12:27 pm

Only makes sense if all your net worth is not in that one asset. The goal if life is not a house. — Garth

The sad part is for so many Canadians that is their life goal. Somehow owning a house completes their life and makes them successful. As a former owner of many homes it would be at the bottom of my list of life accomplishments. Pathetic how many have this as some measure pinnacle of success. IMO the only reason to own RE is because it is cheaper and makes more financial sense than renting. Right now that is clearly not the case.

#144 SWL1976 on 03.12.16 at 1:08 pm

#89 WalMark of Sadkatoon

on other things he’s been wrong for 2 yrs on the USD, inflation and barrick gold

———————————–

I’ve almost doubled my my on Barrick in a short time, so not sure what of your cliam (troll) is in this case?

My biggest question now is whether to hold or sell?

SM – Looks like Herb and Big Dipper put you in your place today in response to your rather absurd rant

#145 koenig on 03.12.16 at 1:57 pm

Maybe foolish for the average person. But I’ve also sold 3 properties without an agent. Real estate agents have no real value to me. Even without actual sales data, like what properties sold for. You can get a general idea of the market with common sense. Not using an agent for buying and selling, its the same as buying and selling stock without a broker.

First and foremost I don’t consider real estate as an investment. I don’t care if money is lost when selling. I don’t go in expecting a profit. Its just a place to live for 10 to even 30 years.

Both the buyers and sellers agents are on commission, they are on neither parties side. They’ll do whatever to make the most commission.

All you really need is a good real estate attorney.

#146 The CATZ AZZ on 03.12.16 at 2:15 pm

“In a hot market, swarming with hollow-eyed Millennials cranked up on massive pre-approvals and weed”…..

LMFAO……that just about explains young Canadian mainstream mentality. You forgot the hockey and beer.

#147 Ronaldo on 03.12.16 at 2:15 pm

Calgary unemployment rate 8.4%……you ain’t seen nothing yet. The glory days are over kids. Hope you saved during the boom times. Going to be lots of vacation real estate for sale in the Okanagan this summer.

http://www.680news.com/2016/03/11/tale-of-two-cities-jobless-rate-in-calgary-surpasses-windsor-ont/

#148 Bobby13 on 03.12.16 at 2:32 pm

I can understand her frustration as her husband has been brainwashed reading this blog and its easy to see you’ve been wrong on housing prices basically forever. However no doubt the sun will shine on the dogs butt in due time.

#149 understood by few on 03.12.16 at 2:57 pm

#7 Victoria Real Estate Update
House prices in Victoria are probably still below the peak level reached in 2010..

———————-

Bahahahahahaha. No. Prices recovered by late 2014 and surpassed it in 2015 now we are in a crazy seller’s market. It does vary by area (east municipalities doing the best, western communities doing poorly as usual).

Seriously. If you care so much about Victoria real estate (and go as far as calling yourself VREU) you should maybe look at what houses are closing for currently.

One place I know quite well (I don’t have historic prices for most places, because I don’t have that kind of access) sold in 2010 for 508K. Mid 2015 it sold for 550K. It listed last week for 650K. 50 viewings later it sold for 702K.

A place in Gordon Head (1847 Penshurst Rd) that listed a week ago for 768K just sold for 875K (went to pending today).

Even garbage in the Tillicum area is going full asking and they are asking a lot more than 2010 prices.

#150 johnyk on 03.12.16 at 3:03 pm

Garth, sweet Evelyn sure loosed a shitestorm at you. Just because you publish a blog that she chooses to read. Give thanks, you don’t have to wake up next to her.

#151 Josh in Calgary on 03.12.16 at 3:30 pm

This post reminds me of a Calvin and Hobbs Cartoon. Calvin asks little Suzy if girls are like bugs and not even aware of how stupid they are. Of course she then pummels him. But don’t worry, I don’t think girls are like bugs. Just the girls (and guys) who are house horny like Evelyn. Go ahead and buy if you want to, but at least admit to yourself that your taking a massive risk.

#152 crowdedelevatorfartz on 03.12.16 at 4:06 pm

@#135 JimmePage
“The Ominous Parallels ……written in 1982”
+++++++++++++++++++++++++++++++++++

1982……wasnt that around the time we heard that killer bees were coming to Canada in a few years?

#153 Vampire Studies GMST 454 on 03.12.16 at 4:07 pm

Welcome back freedom first

45 Oye 127 Penny – Scroll baby scroll!

140 ronaldo – yes all depends where you were. My house is almost identical to 2007, maybe even a little under.

#154 Retired Boomer WI on 03.12.16 at 4:10 pm

I am hearing WAY too much support here for one Donald Trump.

The guy is basically a loser.

1. He would now possess twice his net worth had he merely invested his considerable inheritance in a broad based index fund.

2. While never ‘personally’ bankrupt, the same can’t be said for numerous of his investments / developments.

3. He is a sore loser. Look at the record of lawsuits filed by him.

Yes, he makes for an interesting campaign character, much as Justin T did. We however, do not need such a character actually at the seat of power here. Sorry, Smoking Man, you best rewrite that chapter.

RB

#155 Damifino on 03.12.16 at 4:30 pm

#134 MF

“Garth is like the mad scientist trying to sound the alarms about the imminent collapse”

Patently incorrect! Garth is not now, nor has he ever been an alarmist calling for the imminent collapse of anything. That’s a straw man created by his detractors.

Instead, he has for years consistently warned against lack of financial diversification which, for many, is the concentration of their entire worth into a single highly overvalued asset. That is a serious financial risk even without the much-ballyhooed-but-never-actually-here Real Estate crash.

It’s the same warning he would give to someone who had all their wealth in Telus, CPR or gold. It applies to houses just like any other asset.

Wealthy people tend to stay that way because they are balanced, diversified and not inclined to follow the heard or to make emotional decisions.

Now you properly understand Garth. Unfortunately, thousands don’t.

#156 triplenet on 03.12.16 at 4:47 pm

#3 hot dogs from heaven

WRONG!

……conditions precedent.
Learn.

#157 Ontario's Left Coast on 03.12.16 at 4:48 pm

#66 For those about to flop… on 03.11.16 at 9:29 pm
#60 Freedom First on 03.11.16 at 8:50 pm
#1, #5, #8, #14, #16, #17, #19,

Also you said you only needed to borrow my wife’s Dora the Explorer backpack for a couple of days and it’s been almost a month..

Good one brother, but I honestly don’t think that’s the real Freedom First. Dude used to start every comment with the word “Yes.” The new guy’s not nearly creepy enough.

#158 nubbers on 03.12.16 at 4:53 pm

salonist @43

Thanks, I enjoyed the songs.

However, I speak from personal experience when I say that divorce is not only cheaper, but it is probably inevitable anyway, even if they buy the house.

Imagine what happens if they do buy. Even if interest rates stay low and house prices don’t crash like a stone through a wet paper bag, the extra financial stress of buying an overpriced house, or being unable ever to move up will test the marriage, severely. You have to pay off that silly purchase price eventually.

But if/when the world reverts to ‘normal’ (and I grew up with an even higher accepted long term average interest rate of ~8%), then they are going to be debt slaves for life, without hope of respite. Evelyn’s husband is going to get the blame anyway for not being stronger and saying ‘no’ to her.

If Evelyn’s husband does the right thing now, then he will get his life back. If not, he’s doomed.

#159 JP on 03.12.16 at 5:28 pm

Debt trap..

http://www.thestar.com/business/2016/03/11/stuck-on-the-car-loan-treadmill-wells.html

#160 For those about to flop... on 03.12.16 at 5:46 pm

at 4:48 pm
#66 For those about to flop… on 03.11.16 at 9:29 pm
#60 Freedom First on 03.11.16 at 8:50 pm
#1, #5, #8, #14, #16, #17, #19,

Also you said you only needed to borrow my wife’s Dora the Explorer backpack for a couple of days and it’s been almost a month..

Good one brother, but I honestly don’t think that’s the real Freedom First. Dude used to start every comment with the word “Yes.” The new guy’s not nearly creepy enough.

$$$&&&$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

#110 Freedom First on 03.12.16 at 1:36 am
#93 Joking Man

Yes. You know. You haven’t forgotten. I do enjoy being in love. Every one of my girlfriends knows I loved them. I know they were sad when it came time to let them go, but they all understood. I’m honest, treated them well, and they knew it. Though eventually, most forgot that. Like Evelyn. Became demanding of something. Mostly of my time. Too smothering. Even trying to think for me.

I don’t have to hide from anyone in the world. Big part of living free.

//////////////////////////

Hey OLC, you must have missed the above post.

I felt so slimy after reading it I drove to my local car wash and did a walk through…

M41BC

#161 For those about to flop... on 03.12.16 at 5:52 pm

You know thing are messed up when one of the more modern houses in your area gets the orange death mesh around the trees out front.

The western world is truly wasteful…

M41BC

#162 Ronaldo on 03.12.16 at 6:36 pm

#151 Vampire Studies GMST 454 on 03.12.16 at 4:07 pm

”140 ronaldo – yes all depends where you were. My house is almost identical to 2007, maybe even a little under.”

Thanks for the confirmation Vampire. It’s the same in many cities and towns across the country. Take Vernon for example, a 1970’s style house (original) with little or no renovations in 2008 listed for $420,000. Today, that same place would be lucky to get $320 and that would still be too high. Sister sold their hose a couple years ago that at the peak in 08 was assessed at around $550m. They sold for $390m and it was in immaculate condition, beautiful landscaping and they’d just put on a new roof. Still, they gained $190m from their purchase price in 95. Peanuts though compared to Vancouver where that won’t even buy you the front hall closet.

#163 For those about to flop... on 03.12.16 at 6:41 pm

The eldest boy in the photo…
” I’m not real sure if I’m ever gonna tell them that it was me using the wrong iPhone charger that started this whole thing…”

M41BC

#164 BillyBob on 03.12.16 at 6:47 pm

Y’know, I consider myself an equal-opportunity type of person when it comes to matters of race and ethnicity. There’s only one race I somewhat despise: the human race. A misanthrope? Sure. It’s inevitable when you live for years in the expat human sewer of Dubai. But racist? Kiss my cultural mosaic of an ass…

Having said that, this article and accompanying picture was still able to make one of the eyebrows above my weary jaded eyes rise a little…

http://www.theglobeandmail.com/news/british-columbia/bc-realty-withholding-commissions-from-sale-of-luxury-homes-agents-say/article29198578/

“The agents involved said the owner of New Coast Realty, Ze Yu Wu, required them to sign a contract when they were hired, written in Chinese. Each contract has a set term – nine years for example – that agents must work for the company to fulfill the terms. They all said they weren’t allowed to have a copy of what they signed.”

I know, I know. Everyone’s a Canadian, (or at least have blue passports with a coat of arms on the front). It’s all local, offshore money is unproven, nothing to see, no stats to back anything up, carry on.

*sigh*

And I’m saying this as someone who has no intention o returning permanently to Canada, so please spare me the accusations of xenophobia or whatever – feel free to let as much foreign money whether American, Iranian, Russian, or *gasp* Chinese in as possible. My only points are that:

a. it absolutely is happening and
b. perhaps allowing it to do so unfettered is not A Great Idea.

But I’m sure the Trudeau Liberals know better than pretty much every other country in the world that restricts foreign ownership of property.

#165 Ace Goodheart on 03.12.16 at 6:55 pm

Re: #157 JP “Debt Trap” This situation is actually far worse than people think. The article mentions that the “average life” for a car is six to seven years. It used to be twenty. I have followed the “evolution” of the automobile with increasing concern. What I see now truly frightens me.

It used to be that you could purchase a car for under 10K, and that car would be “user serviceable” in respect that you could do a tune up, set the timing, repair the brakes, change the suspension, change the oil and various filters, repair the fuel system and complete minor engine repairs, all in your driveway, with hand tools you could buy at the local hardware store. These cars would last about twenty years. When the main bearings gave out or the rings were gone, then if you were handy you could drop the oil pan, do a quick bearing job or pull out the pistons and use the “drill and sandpaper” method to get another 50,000 or so KM out of the motor before the car would have to be scrapped.

Enter the computer, applied to cars. The computer has made cars into black boxes. Try to do a simple wheel cylinder job on a computerized car. Oops, can’t do that, you have to connect to the OBD port to run the ABS pump. The software is proprietary. Can’t get it. Only the dealer has it. They dump the systems every ten years. An 11 year old car is a “time bomb” in that when it breaks, you can’t fix it because you can’t get the computer software link any more. The dealer doesn’t have it. They introduce you to their sales team. Time for a new ride.

Right now I am buying up old VW diesel motors (still in cars). I rebuild them and put them in my cars. They are getting harder and harder to find (need a diesel VW that was built prior to 1997). You can rebuild them three times then they are boat anchors. The beauty of them is, no computer. They run with one 12 volt wire attached to the stop solenoid. You can tune them yourself. Change the oil, filter, even timing belt, in your driveway. Takes about 1/2 hour.

What people don’t understand about the modern car is these things are engineered to fail at predictable mileages. If they do manage to last past the engineered best before date, all the car company has to do is make the software that runs them obsolete, and you need a new car. They are disposable units of transportation. Literally, when you plop 60K down on a new SUV, what you are doing is buying 300,000km or ten years of transport, whichever occurs first. After than your 60K is worth $300.00 for scrap. You can’t fix them, can’t rebuild them, can’t save them.

The computer killed the car. Literally. Just a warning to everyone.

#166 Vundo on 03.12.16 at 6:59 pm

So that is what happens when a person allows herself to be entirely consumed by greed and fear. It is more sad than scary until you think about the fact that she is not the only one like this. What have we become if this kind of attitude is no longer beyond the pale?

#167 TurnerNation on 03.12.16 at 7:07 pm

M41BC you’ve only posted six times today. You feeling alright?

Sincerely,

M40ON

#168 espressobob on 03.12.16 at 7:17 pm

#76 Garth Vadar

Actually, index investors will have the last laugh over goldbuds in the long run. You see, we own the miners, in no particular order. Way more upside by market cap.

Market timing including commodity plays usually result in a world of pain.

Some individuals learn the hard way. Enjoy.

#169 sockeye sam on 03.12.16 at 7:28 pm

Chinese home buyers explained by a robot.

https://www.youtube.com/watch?v=BQJ4yJCD5_I

#170 Smoking Man on 03.12.16 at 7:29 pm

#152 Retired Boomer WI on 03.12.16 at 4:10 pm
I am hearing WAY too much support here for one Donald Trump.

The guy is basically a loser.

1. He would now possess twice his net worth had he merely invested his considerable inheritance in a broad based index fund.

2. While never ‘personally’ bankrupt, the same can’t be said for numerous of his investments / developments.

3. He is a sore loser. Look at the record of lawsuits filed by him.

Yes, he makes for an interesting campaign character, much as Justin T did. We however, do not need such a character actually at the seat of power here. Sorry, Smoking Man, you best rewrite that chapter.

RB
……

You don’t know the herd in the good old USA. Nor the 4 stages of trump.

Conrad Black is his buddy did a story. And before trump through his hat in the rink. He did every poll imaginable to get the pulse of the nation. He could have saved a fortune had the campaign ask me to help out earlier.

You have no idea the reach of Garths pathetic blog
Most of the regular posters are quite famous but dont know it. Especially me.

Those protester in chicago a Soros funded shit disterbing posy. Moveon.org

If anyone wants to know what the devil looks like. Google Soros.

#171 Smoking Man on 03.12.16 at 7:32 pm

Fight night at senica . UFC Thing going on. What a freek show. Wierd men, with hotties dressed like they’re going to a new years eve party.

Chilling with soom Trumptinites tonight.

#172 "Loser" Trump on 03.12.16 at 7:33 pm

I am hearing WAY too much support here for one Donald Trump.

The guy is basically a loser.

1. He would now possess twice his net worth had he merely invested his considerable inheritance in a broad based index fund.

2. While never ‘personally’ bankrupt, the same can’t be said for numerous of his investments / developments.

——–

Entrepreneurs don’t put their money into index funds.

They also often go on financial roller coaster ride financially.

I find taking risk to create something way more attractive than “clipping coupons” of risk-free investment and complaining that the world owes guaranteed return on capital.

#173 sockeye sam on 03.12.16 at 7:54 pm

#159 For those about to flop. Ah yes! The orange death mesh. Only a person from the west side knows what the “orange death mesh is.I cringe every time I see the orange death mesh in front of a beautiful old west coast house. Last week the orange death mesh went up in front of “count em” four beautiful old homes across from Lord Byng pool. This is going to be a heart breaker to watch the machine take these ones down.I wish I knew how to attach photos and I’d send ya’ll some.”Out of F@#kin control!And I bet after these brand new homes are built the only time you’ll see the owners is for two months in the summer.Does any one know what it’s like to have saw dust built up on you kitchen counters every morning? Sick of it! Sick of it! Sick of it!

#174 WalMark of Sadkatoon on 03.12.16 at 8:13 pm

media feeding your yellow bias

gullible sheep

#175 BobC on 03.12.16 at 8:18 pm

#152 retired boomer.

It has nothing to do with Trump the man. It’s what he represents. You’ll understand in a few years.

#176 Bram on 03.12.16 at 8:18 pm

Hmmm… shady operation by New Coast Realty.

http://www.theglobeandmail.com/news/british-columbia/bc-realty-withholding-commissions-from-sale-of-luxury-homes-agents-say/article29198578/

#177 TurnerNation on 03.12.16 at 8:28 pm

USA, Canada, North Korea, Cuba all are led by Father then Son leaders. Elite bloodlines persist. Now that’s real power.

We’re here talking about T(he Distractor-in-chief’s)2 shoe color? What’s the actor’s take on record Alberta unemployment? Bread and circuses.

Enjoy Netflix binging.

#178 For those about to flop... on 03.12.16 at 8:58 pm

#165 TurnerNation on 03.12.16 at 7:07 pm
M41BC you’ve only posted six times today. You feeling alright?

Sincerely,

M40ON

//////////////////////////////
Hey TN,wasn’t it twice yesterday and four today?
Anyway since I’m writing I will tell everyone that the open house on the beater around the cnr was a bust,only seen two cars in two hours.
I’m sure the realtor will blame the crappy weather instead of the 1.6 price tag.
I don’t feel guilty when I post a bunch as I never post the same thing twice.
Thanks for checking up on me and feel free to call me Flop/ Flopper.

M41BC

#179 TRT True Times on 03.12.16 at 9:12 pm

What I predicted a few years ago has come true.

Toronto and Vancouver will be the only cities to go up in prices as the floodgates of immigration (both Perm 300,000 and Temp 400,000) are wide open.

Now add to this the HAM factor. Realtors in Metro vancouver have been instructed by HAM clients to buy detached as there are limited numbers. Only 45,000 detached in Van city. Now the suburbs are being bought out.

Cities within 100Km are being bid up by locals who sold out in the big cities. Abbotsford, Victoria, Hamilton going up as well.

#180 Smoking Man on 03.12.16 at 9:13 pm

#172 “Loser” Trump on 03.12.16 at 7:33 pm
I am hearing WAY too much support here for one Donald Trump.

The guy is basically a loser.

1. He would now possess twice his net worth had he merely invested his considerable inheritance in a broad based index fund.

2. While never ‘personally’ bankrupt, the same can’t be said for numerous of his investments / developments.

——–

Entrepreneurs don’t put their money into index funds.

They also often go on financial roller coaster ride financially.

I find taking risk to create something way more attractive than “clipping coupons” of risk-free investment and complaining that the world owes guaranteed return on capital.

There are those that sign the check on the front. Hello me.

And those that sign it on the back.

One signs it with the right hand. The other, the left hand.

The difrance between loser and winner, education . And I’m not talking about school.

#181 Smoking Man on 03.12.16 at 9:32 pm

This Boston gig. More political that coding. Pay rediculos , wife is going to have an amazing year pissing away loot on penny slots this year.

Shit you do for love, she’s not the 90 pounder I fell in love with. But her face hasn’t changed. Being fat while aging is so underrated .

Thank good for prostate cancer avodance therapists.

Trying to fake being human for a nectonite is very complicated.

#182 Sally Turner on 03.12.16 at 9:53 pm

Right back to the way things were under Papa Doc Pierre. Under the Trudeau Liberals of old Canadian flags didn’t fly from federal buildings, Canadian history wasn’t taught in school for an entire generation, Canadians had no idea of where or who had started their country.

We were taught that Canadian meant ‘village’ in Algonquin, although the natives can’t find that in their history, in the politically correct campaign of liberal immigration policy, when in fact ‘Aca Nada’ ( Canada) was taken off the original Spanish maps stolen from the French that had indicated that the area along the coast they were exploring had held nothing of particular value to the Spanish crown, hence, Aca Nada, meaning ‘Here is Nothing’.

The Trudeau Liberal concept that overwrites all our history with the politically correct meme of what the liberal social engineers deem necessary to foist their idiotic ‘we are the world’ mentality on us.

And it’s happening again. The liberals are back it. rewriting history, banning nationalism, making sure no one thinks Canada is something to be proud of as a nation.

http://news.nationalpost.com/full-comment/conrad-black-wlus-decision-to-remove-the-statue-of-john-a-macdonald-is-cowardly-and-disgraceful

It’s back to 4 more years of absurd Liberal propaganda.

Mr Trudeau, you’re no John A McDonald. Not by a long shot.

#183 Smoking Man on 03.12.16 at 9:58 pm

Siting in my boot at senica, the junk yard dog of grand island ny had bigger tips. Wtf.

His sister, a fake blond , middle aged with huge softness above that bellly that keeps crashing my elbow.

I look around for wifee poo. Safe space
.

Had to gently diliver a no.

She’s not In the short term rental go away philosophy.

Tragedy. I knew that ear lick was the best Iñ the universe.

Disaplin dogs. It’s defining.

#184 Snowboid on 03.12.16 at 10:08 pm

#149 understood by few on 03.12.16 at 2:57 pm …

For your benefit, since you obviously missed my previous reply to you:

“I really hadn’t delved into the VREB stats for Oak Bay, so here goes:

SFH

July 2008 $926,025
July 2009 $867,980
July 2010 $869,810
July 2011 $862,345
July 2012 $779,944
July 2013 $975,631
July 2014 $772,700
July 2015 $829,600
Feb 2016 $881,500

So by the real estate boards own stats, prices have not even kept pace with inflation.”

Unless things have improved since last month, 2016 prices are well behind the peak in 2008, also down from 2013 and barely above 2010.

You do consider Oak Bay as part of the “east municipalities”, don’t you?

BTW, how are you privy to all the information you mention if you aren’t an agent? Or are you?

#185 Smoking Man on 03.12.16 at 10:26 pm

DELETED

#186 Wicked as it seems on 03.12.16 at 11:13 pm

I sold a big 100 year old house in Fairfield, Victoria in June, 2007 for $700k with bidding war….had 3 owners since, each selling for less, the greater fool has it up for sale now at $599 and sign has been up a long while….whatever you say about location, price is the imperative factor!

#187 tundra pete on 03.12.16 at 11:35 pm

Trump is an excellent distraction to the voters. The Republicans, including the Bush crime family, and like the Democrats, wield some amazing influence over the voters. The Republicans particularily are aware of the sheeple slowly waking up to the blatant corruption of the Establishment. They will protect this scheme at any and all expense.

As long as Trump pulls his act in front of the sheeple, and they react and eat it up the way they have been, the oligarchs are protected. A simple ploy really but quite effective. Recall Mark Twains advise; If voting made any difference, they wouldn’t let us do it.

#188 JPN on 03.13.16 at 12:14 am

#143 .. Seriously ? You make it sound like a bad thing to want to own your own home.. Some want their own picket fence.. We should all rent like you choose to ? Who owns the ones you rent then ?

#189 Ronaldo on 03.13.16 at 12:23 am

Hard to understand what is going on as far as housing sales in the area of Mt. Pleasant that I’ve been monitoring the past couple months. On my previous walkabout of this 30 sq. block area on Feb. 27th. between Cambie and Main and 18th and 23rd. there was only one house that had come up for sale in this area on Feb. 24th on west 18th. The list price was 2.88 million. According to the owner of the coffee shop across the street, he tells me it sold for $3.5 million.

On my walkabout yesterday, only two houses had for sale signs. 1 sold and the other pending. 8 had the ”orange death mesh” (prepped for demo or reno) but more likely a demo. 2 had been torn down and in process of rebuilding. There were 4 new builds.

So basically, very few homes coming up for sale and sell within a few days. Very low supply. Will be interesting to see how things develop in the next few weeks. Certainly no rush to the exits just yet.

#190 WalMark of Sadkatoon on 03.13.16 at 1:04 am

tech boom in canada. unfortunately not enuff quality candidates here

http://www.huffingtonpost.ca/2016/03/12/it-jobs-skills-shortage-canada_n_9440872.html

#191 Ace Goodheart on 03.13.16 at 3:48 am

Well just having a look at the news relating to the upcoming US elections. We have a couple of career socialists, running up against what can only be described as pure terror. Bernie Sanders, I mean, the man speaks, and it makes you want to go and hug him. He is awesome. If he wins, I will be happy, basically forever. Hilary Clinton: well, she had to put up with Bill, who was also a career socialist, probably they’re both a little on the odd side, but her heart seems in the right place.

Then we have “The Donald”. Reminds a lot of people of Adolf, while he was still cute and funny and before he became a monster. Then we have Ted Cruz. Determined to bring the “Christian” USA back into the fore. The what? What is he talking about? A religious state? Doesn’t that go against like about ten amendments to the US constitution? The world’s economic powerhouse, and global super power, run as a religious caliphate? This guy is scary. Really, really scary. Apparently he is Canadian (we don’t want him back, please keep him).

What I am trying to say, is that the USA is effing eff’d. In a big way. They are morphing into something I don’t understand. And they control the global banking system, they are the world’s power broker, they control global trade….

This will be an interesting year.

#192 Ace Goodheart on 03.13.16 at 4:15 am

#182 Sally Turner:

Trudeau mania is upon us again.

Seriously, Conrad Black? As your “valedictorian:?

Nationalism: (and Canadian history) – Big ole’ spot of land, already occupied when the French came here. So they took up roots, married the natives and settled in. English showed up, with their tea and their insatiable desire to “fight” for things, staged a “war” they didn’t really win, and then for the most part left, leaving the stragglers to “fight” against the newly released US of A’ers, who didn’t really want to take over this (formerly) frozen wasteland anyway (though thanks to “global warming” we might soon actually have a country that is “liveable” more than six months of the year). Rise of the Canadian “feudal” system, everything that you need or want, is controlled by closely held, government linked companies backed by lobbyist supported regulations and statues that make it impossible to compete with them, enter the multinationals, make use of the “feudal system” to take over our economy, successfully fight and win against democratically elected governments (even though they don’t even live here and their leaders are not Canadian), and we are in the current quagmire that we’re at.

So go bang a drum and march to war. Against what, I don’t know because we’ve never been invaded (too friggin cold). Or get your hat out of yer ‘but and see what’s happening……we still have democracy (stolen from the Greeks, who don’t want it anymore and are following the Turk way of doing things now, though they are supposed to hate each other), but we don’t have governments who can stand up to the “feudal system”. Our odd, colonial based corporate holder-ship system, bought by multinationals, that trickles down to control everything we do.

Try to sell a beer in a supermarket, you are violating NAFTA. Yay “feudal” multinationals. The serfs are finally controlled, by persons who are not actually persons, and who don’t actually live here. Kind of makes you feel like Ireland, doesn’t it?

#193 Love my Kia on 03.13.16 at 5:45 am

To Smokey,

You realize that Trump idolizes Hitler ‘the commie’ don’t you? He uses the same play book.

http://www.businessinsider.com/donald-trumps-ex-wife-once-said-he-kept-a-book-of-hitlers-speeches-by-his-bed-2015-8

#194 Love my Kia on 03.13.16 at 6:04 am

Smoking Man, should have paid more attention in history class. Hitler was anti-communist, a fascist, or in simple terms he was extreme right.

This is where education would have been helpful for you.

#195 Daniel on 03.13.16 at 7:09 am

“Sellers are mostly motivated by price, because they’re greedy little weasels”

You must be joking Garth. Obviously they will try to get as much for their property as they can. This is how all business works, as you well know. Their is nothing immoral about it, unless you consider capitalism immoral.

#196 Smoking Man on 03.13.16 at 8:34 am

#194 Love my Kia on 03.13.16 at 6:04 am
Smoking Man, should have paid more attention in history class. Hitler was anti-communist, a fascist, or in simple terms he was extreme right.

This is where education would have been helpful for you.

Who the hell is up this early. Hell me , haven’t gone to bed yet. Remember many trips to the atm

Dread falling a sleep then login in to my bank app.

It’s going to be ugly…..

You only live once…

Good night dogs.

#197 Smoking Man on 03.13.16 at 9:08 am

#194 Love my Kia on 03.13.16 at 6:04 am
Smoking Man, should have paid more attention in history class. Hitler was anti-communist, a fascist, or in simple terms he was extreme right.

This is where education would have been helpful for you….

…..

Why should I let facts get in the way of a good narative.

See, I can one day be a good liberal one day.

#198 jess on 03.13.16 at 9:09 am

One Minimum-Wage Earner Cannot Afford a Modest Rental Unit Anywhere in the Country
Housing Wage Needed to Afford a Two-Bedroom Apartment

“THE STRUGGLE OF WORKING FAMILIES AND SENIORS
To combat the rising cost of living, the federal minimum wage is currently set to increase gradually from today’s $5.85 to $7.25 by 2009. Yet even if the full amount were now in effect, one minimum-wage job would not pay enough to cover the cost of a modest two-bedroom rental unit anywhere in the country. According to the latest estimates from the National
Low Income Housing Coalition (NLIHC), the housing wage—or the hourly wage that someone working 40 hours a week, 52 weeks a year, would have to earn to cover the cost of a modest two-bedroom rental while paying no more than 30 percent of income for rent—climbed from $16.31 in 2007 to $17.32 in 2008. The shortfall in renter earnings is not for lack of effort. Based on an analysis of the 2006 American Community Survey, the NLIHC reports that 77 percent of renter households received wage and salary income. The shares receiving such income increase withhousehold size, from 61 percent for one-person households to 92 percent for households with five or more persons. Moreover, more than half of all renter households
with earnings in 2006 reported working more than the stan-dard 40 hours a week … “Unfortunately for young and old renters alike, even full time employment is no guarantee that a household can afford housing. Using statewide average fair market rents (FMRs), NLIHCestimates that 42.6 percent of all working families did not earn enough in 2006 to afford an appropriately sized housing unit.Although larger renter households tend to receive higher wage and salary income because they have multiple workers, they are still unable to cover the relatively higher costs of larger apart-ment units. As a result, as many as 59 percent of five- and six-person renter households cannot afford the fair market rent for a modest three bedroom apartment.

http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/rh08_americas_rental_housing.pdf
(Figure 17).page 19/36
========================
America’s Rental Housing: Expanding Options for Diverse and Growing Demand
Publication Date: December 9, 2015
Author(s): Joint Center for Housing Studies

AFFORDABILITY CHALLENGES AT RECORD LEVELS
Between 2001 and 2014, real rents rose 7 percent while household incomes fell by 9 percent. In combination, these trends pushed the number of cost-burdened renters (paying more than 30 percent of income for housing) up from 14.8million to a new high of 21.3 million. Even worse, the number of these households with severe burdens (paying more than
half of income for housing) jumped from 7.5 million to 11.4 million, also setting a record.
page 4/7
http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/introduction_and_summary_from_americas_rental_housing_2015_web.pdf

#199 saskatoon on 03.13.16 at 9:20 am

#194 Love my Kia

“we are socialists, we are enemies of today’s capitalistic economic system for the exploitation of the economically weak, with its unfair salaries, with its unseemly evaluation of a human being according to wealth and property instead of responsibility and performance, and we are determined to destroy this system under all conditions.”

– adolph hitler, may 1st, 1927

#200 Wu Lim on 03.13.16 at 10:31 am

http://www.theglobeandmail.com/news/investigations/the-real-estate-technique-fuelling-vancouvers-housing-market/article28634868/

Interesting article Garth….any comments about the ethnic references…..and a whopping 543 comments….

Old news. The existence of the assignment clause may have been newly discovered by the Globe and its uninformed readership, but this is likely an inconsequential market-mover. As for mucho comments, the paper is finding relevance again by catering to a low common denominator. It’s working in the US, no? — Garth

#201 bug report on 03.13.16 at 10:41 am

#195 Daniel on 03.13.16 at 7:09 am

“Sellers are mostly motivated by price, because they’re greedy little weasels”

You must be joking Garth. Obviously they will try to get as much for their property as they can. This is how all business works, as you well know. Their is nothing immoral about it, unless you consider capitalism immoral.

====

It’s a memory leak in the ideology class subroutine.

#202 For those about to flop... on 03.13.16 at 11:15 am

Who said Canadians are crap at saving?

We’re saving daylight aren’t we…

M41BC

#203 PhD debunker on 03.13.16 at 11:41 am

#83 james on 03.11.16 at 10:33 pm
“I was just at a conference at Stanford with a woman (PhD holder from a top US university) who founded her own company and sold it to a big pharma. I wager she is far more accomplished and financially savvy than 99.99% of men.”

PhD? BFD, IMHO. LOL.

Who knows, she sold it, for stock? cash? at an inflated value (if so, good on her). On paper, sure, she’s more accomplished. I find that ppl who are paper-complished, e.g. MD’s, JDs, PhDs, are only good at one thing – the studies they did. This does not correlate to success and accomplishment in “real life”.

I’ve met many a PhD or MD or JD who couldn’t enhance their net worth but through their hubris (based on having PhD, MD, JD, etc.) thought they were holier than thou.

#204 Americans on 03.13.16 at 11:54 am

http://www.businessinsider.com/liz-ann-sonders-financial-crisis-impact-2016-3

According to Liz Ann Sonders, chief investment strategist at Charles Schwab, this experience has scarred the way Americans see the economy and will continue to do so.

“It really kind of changed the psyche of a generation.”

And the signs are everywhere, according to Sonders. Some of the biggest and clearest are the decisions Americans make on whether to spend their money or save it. Sonders cited studies down by credit-card giants MasterCard and Visa that has showed consumers are now using 0ne-third of their income apiece on spending, saving, and paying down debt.

“Since the financial crisis people have had very little interest in the stock market,” said Sonders.

In fact, according to Sonders, based on net demand for stocks, there has not been a single dollar put into the stock market by pension funds and individual investors since the end of the crisis.

And in Sonders’ view this seismic attitude shift toward stocks, the economy, and personal finances may not change for a long time to come.

Plus:

Canadian Prime Minister Justin Trudeau is becoming a cult hero in the US — here’s why

http://www.businessinsider.com/justin-trudea-cult-hero-2016-3

#205 AfterTheHouseSold on 03.13.16 at 11:55 am

It just keeps on coming.

http://business.financialpost.com/news/energy/more-pain-for-canadas-natural-gas-producers-u-s-drillers-ready-to-pounce-and-reverse-flow-northward?__lsa=d106-1c2e

#206 Little Timmy on 03.13.16 at 12:30 pm

Tremendous bite in a lot of your posts lately Garth!

The bit about sacrificing troll on the alter like a goat was fabulous.

He didn’t think so. — Garth

#207 SWL1976 on 03.13.16 at 12:42 pm

…finding relevance again by catering to a low common denominator. It’s working in the US, no? — Garth

Brilliant statement

#208 Al on 03.13.16 at 12:52 pm

Rule #4 is so yesterday!. You have to give the Seller more than what they want!

If you are a fool. — Garth

#209 Herb on 03.13.16 at 12:59 pm

#199 Saskatoon,

history is good stuff and would be very useful if people stopped prostituting it as a handmaiden of politics.

It’s a bit of a stretch to turn Hitler into a socialist, but it’s a great anti-socialist propaganda ploy. Not a bad summary of points for and against is at –

http://europeanhistory.about.com/od/germanyandprussia/fl/Was-Adolf-Hitler-a-Socialist-Debunking-a-Historical-Myth.htm

If you’re interested in more than propagating propaganda, you can really fill your boots from the 11 M entries at –

https://www.google.ca/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=Was+Hitler+a+socialist

#210 koenig on 03.13.16 at 1:44 pm

Sure for the average house buyer, the buying advice works well. I’m not an average house buyer. I’m in the $3 to $5million range. In most area’s, houses in this segment sit on the market for a long time. I know of five houses in West Vancouver that have been on the market since 2015.

Sure an agent has some info. But the reality in todays, internet world, they are about as useful as an average stock broker or money manager. Not all that helpful for the commission they cost you. Hence like a stock broker, you can easily cut them out.

Watch an area, note most houses sit on the market months, not days. Fact is the real estate board is flat out lying about how hot the market is. When they promote, just like stock promoters, they are promoting to sell. To make money real estate agents need listings, the market is hot time to cash out! They also need those listings to sell. Better buy now or be priced out of the market or before interest rates rise, etc. The real estate board is all about creating a market for their realtors to make money. They are not on the side of the buying public. Just like the stock market industry is all about selling the public stock!

All you need to buy and sell is a good real estate attorney!

Troll. — Garth

#211 koenig on 03.13.16 at 1:44 pm

Meant on the market since 2014

#212 paul on 03.13.16 at 2:54 pm

#208 Al on 03.13.16 at 12:52 pm

Rule #4 is so yesterday!. You have to give the Seller more than what they want!

If you are a fool. — Garth
————————————————————-
It’s not about more than they want, It’s about more than they asked for ie. list low and let the offers flow and take the most.

#213 Mark on 03.13.16 at 3:22 pm

“Interesting article Garth….any comments about the ethnic references…..and a whopping 543 comments”

My favourite quote from that Globe and Mail story is:

““It worries me a lot that this could all come crashing down. I worry about it all the time,” said one Re/Max agent, Khalid Hasan, who said he owns or co-owns 15 to 20 properties, all destined for resale.

How many other “Khalids” are there in Vancouver hoarding 15 to 20 properties (or more)? I suspect hundreds. Perhaps even thousands. That’s the real elephant in the room, and its obvious why the Vancouver speculators (such as “Khalid”) are desperate to create hype to unload units into a declining housing market and save themselves.

#214 LL on 03.13.16 at 3:25 pm

208 – Al

Rule #4 is so yesterday!. You have to give the Seller more than what they want!

If you are a fool. — Garth

…Looks there is a lot by these days!

#215 sockeye sam on 03.13.16 at 3:44 pm

#200 Wu Lim

Thanks Wu, Wow! This is all news to me regarding the article you attached. My family has lived on the west side for ever and we had no idea that this was going on. I’m sure there are more articles like this. People are afraid to post in fear that they will be labeled.When it comes the time when we decide to sell our shack I’ll be getting a lawyer involved. Much to complicated for a blue collar bus driver and a teachers aid.

#216 jess on 03.13.16 at 4:22 pm

The Ghost House of Sussex: £40million mansion is still being built by slum landlord friend of Robert Mugabe 31 YEARS after work first began

Nicholas Van Hoogstraten began the construction of Hamilton Palace in 1985 but work appears to have now ceased The British property baron’s half-built home has now been nicknamed the Ghost House of Sussex by local residents Now living in Zimbabwe, Hoogstraten is an associate of Robert Mugabe and has invested millions in the country

Read more: http://www.dailymail.co.uk/news/article-3490220/The-Ghost-House-Sussex-40m-mansion-built-property-baron-friend-Robert-Mugabe-31-years-work-started.html#ixzz42ogIeQRW
Follow us: @MailOnline on Twitter | DailyMail on Facebook

…”The enormous edifice is intended to house his collection of art – currently stored in Switzerland – including a mausoleum.
Under English law, perpetual trusts are only allowed in the upkeep of monuments and graves. By using the palace as a mausoleum, van Hoogstraten’s trust would legally own the buildings and their fittings after his death…”A large portion of his wealth has been transferred into a Bermudian trust for the upkeep of historic monuments.”
Read more: http://www.dailymail.co.uk/news/article-3490220/The-Ghost-House-Sussex-40m-mansion-built-property-baron-friend-Robert-Mugabe-31-years-work-started.html#ixzz42nhhKEkT
=

Slum conditions in 2016 Britain show little has changed since shocking pictures of the 1960s

19:58, 12 Mar 2016
Updated 12:20, 13 Mar 2016
By Lewis Panther , Nick Hedges
http://www.mirror.co.uk/news/uk-news/slum-conditions-2016-britain-show-7544949

#217 Siva on 03.13.16 at 4:40 pm

Nazism (or National Socialism; German: Nationalsozialismus) is a set of political beliefs associated with the Nazi Party of Germany. It started in the 1920s. The Party gained power in 1933, starting the Third Reich. They lasted in Germany until 1945, at the end of World War II.

#218 Siva on 03.13.16 at 4:47 pm

That’s why Bernie identifies himself as democratic socialist, so as not to get tagged with Nazis.

What Trump espouses is national socialism, or Nazism in German.

#219 Tony on 03.13.16 at 5:35 pm

Re: #34 Retired Boomer WI on 03.11.16 at 7:18 pm

No one is buying stock presently except the FED and the bankers. Day traders and short sellers are all that’s left. What I tell people who buy on the dips is like in a game of poker. You might win the small pots but you’ll lose the big one and get wiped out. We’re still in a long term bear market that began with the dot-com crash.

#220 WalMark of Sadkatoon on 03.13.16 at 6:09 pm

not sure why we’re talking about hitler. some people call her hitlery but I don’t see the comparison. just sounds like lots of cry babies.

we should focus on the emotions and economics behind stratospheric real estate prices in vancouver and toronto

#221 Future Expatriate on 03.13.16 at 11:39 pm

#45 Speak for yourself… I read his stuff and appreciate the effort. I would like to retire in Vic once reality sets in and prices halve.

Could care less what happens in Vancouver.

#222 family beagle on 03.14.16 at 4:06 am

#195 Daniel on 03.13.16 at 7:09 am
“Sellers are mostly motivated by price, because they’re greedy little weasels”

You must be joking Garth. Obviously they will try to get as much for their property as they can. This is how all business works, as you well know. Their is nothing immoral about it, unless you consider capitalism immoral.

Tax residential capital gains a bit to build affordable housing. Or risk running out of the service personnel that make a community tick. Gotta spend some to make some. A case study on 604 and 416 would be interesting…has cost of goods sold has overtaken price support? Stagnation in product sales? Can’t keep good help on diddly and a long commute. Any increase in our prices is a reflection on the cost to be here for your convenience.

#223 Unreal Watchdog on 03.14.16 at 7:00 am

A bit confused about this post. I initially thought the “Rules” were pure sarcasm… but after seeing the comments exchange between Garth and MoneyDriven, I’m not so sure anymore… (“Every buyer should have individual representation. As for double-ending a deal and getting a better price as a result — pure urban myth. ” – Garth )

1) Buyer Agents are NOT free for Buyers because the $ comes out of Buyers’ pockets in the end.

2) Depending on the property and market conditions, Buyers can sometimes negotiate a decent rebate directly from the Seller Agent.