The frenzy

It is what it is. A swarm of people pushing, unruly, desperate to get inside a set of glass doors manned by a cop who pushes right back. And what are they frenzied to do? Buy houses. Once inside, the lucky ones will spend eight hundred or a million on a home which won’t be built for at least two years.

“I’m not shocked,” says Trevor. “I’ve seen this before. Will see it again next weekend.” Trev is a career builder, nearing retirement and a senior executive at one of the country’s biggest developers.

The vid above was shot on the weekend by the realtor brother of a blog dog outside the sales office for a freehold townhouses development in Brampton. That city now has 600,000 inhabitants, making it the fourth-largest in Ontario – big as Halifax. Unlike the largest urban area in Atlantic Canada, however, Brampton’s growing at about 7% a year, with miles of farm fields in the northern sector now utterly consumed by an endless, muddy construction site full of orange stakes, roofers and the rising skeletons of pressboard palaces.

Family income here is relatively high – about $94,000. Considered an ‘ethnoburb’, much of Brampton is dominated by families of South Asian heritage, with a penchant for big houses, communal living and an unwavering belief in the eternal supremacy of real estate. Detached houses in this area – well-served by 400-series expressways but 75 km from the downtown core of Toronto – start at a million and spurt upwards from there. Every development sells out in days. Or hours. This is the other real estate market, too often overlooked, yet also spiraling out of control.

Combine a growing population, many of them housing fanatics at a time when fear of ‘missing out’ is intense, with a scarcity of new homes and chaos ensues. Last Spring there were 21,006 pre-construction properties available for sale in a region of six million souls. This Spring that number collapsed by half, to just 10,153. At the end of March fewer than 950 units were still available in builder inventories across the entire GTA (only 233 were detached) , compared with almost 18,000 a decade earlier. The supply of available detached properties is down 98% in ten years, says the builders’ trade association.

The victim is affordability, murdered on the spot by toxic brew of provincial policies, greedy municipalities and other-worldy building codes.  The average price for available new detached homes was $1.743 million in March, up $716,711 in one year. Yes, that’s an increase of more than 65%. And this explains the near-riots occurring outside the sales trailers.

“Once the buzz about a new release gets out into the community,” says Trevor, “nothing is going to stop this kind of event. Not higher mortgage rates. Not the resale market. Not even higher prices as sales are taking place. Actually price is irrelevant. It’s the fear of missing out that’s driving this. The feeding frenzy won’t end because this is, simply, where they want to put all their money.”

Builders lay the blame squarely at the feet of the same provincial government which days ago brought in a 16-point plan to quash speculation and quell house lust. “There are ongoing major challenges with a lack of serviced and permit ready developable land and out of date zoning bylaws. The complexity and time it takes to get the vast numbers of approvals and permits necessary to build have increased dramatically in recent years,” says local building association boss Bryan Tuckey. So now 80% of new deals are condos, where sales levels have exploded and average prices are approaching $700 a square foot.

Universal rent controls, just announced, will probably chill the condo trade, says Trevor, but that may end up putting even more pressure on the precious detached market. More crowds. More pushing. More cops. Higher prices.

A new development of semis and towns opens up for sales next weekend by Tribute Homs in the extreme east end of the region, he adds. ”Not a single ad has been published, no mailings done – nothing. Just a sign on the site, and 4,000 people are signed up to attend.

“I’m just not shocked anymore.”

There are those who believe – like the shovers and the jostlers – that house prices can, and will, rise forever. That a mass-produced wooden-and-face-brick building in the distant burbs bought for $1.7 million today will be four or five million in a decade. Maybe. But it would be the first time in human history an asset bubble did not burst.

A miracle – in a Brampton cow field.

Tale of 2 nations: Canadians embrace debt, Americans shed

239 comments ↓

#1 TorontoSux on 05.02.17 at 5:39 pm

Scary video, if they don’t get a house, they will be looking to rent. But you don’t want to wind up renting to these people-
https://www.thestar.com/news/immigration/2017/05/02/tenants-religious-rights-violated-by-brampton-landlord-who-refused-to-remove-shoes.html

#2 Rick Fast on 05.02.17 at 5:39 pm

First!! Bring down the house of cards

#3 Mike Rosenberg on 05.02.17 at 5:41 pm

Brampton is a dump.

This will end very badly.

#4 Hotel California on 05.02.17 at 5:50 pm

Yawn….another indication that the Vancouverization of the GTA is taking hold.

This is so reminiscent of Vancouver in – 2011, 2012, 2013, 2014, 2015, part of 2016, and back again now in Spring 2017…

The GTA has a long ways to go up to catch up with the current situation of incomes being completed detached from prices. But oh, you are so getting there….

And once there, prices stay there – there is no down in Vancouver. After the much heralded demise of Vancouver with ‘plunging sales’ for the past few months the market is back again on fire after a breather…

Soon you will start to scratch your head and wonder how this can continue – just like every Vancouverite has done since 2010.

Its like the Hotel California – there is no leaving this bubble – its an unstoppable juggernaut!

#5 Andrew McManus on 05.02.17 at 5:59 pm

What a housing revolution this is. With this investment now, Toronto could be as important a market as New York in about 10 years!

#6 matteo on 05.02.17 at 6:00 pm

I understand our GDP was positive only because of housing. As Marc Cohodes says the fix is in . A psychological nightmare that is destroying our society. People have lost their marbles . Maybe we need Kim to drop a bomb to wake people up. My mortgage was $150,000 and that is a lot a debt . Can’t imagine sheeple carrying $700000-$1000000 for 30 years – debt slave anyone. On the other hand missed out sold my house for $500000. a few years back and is now worth 2,500000 . It was hard to swallow but I have made some gains in my portfolio and keep fighting like Rocky.- I learned a lot for example the government can mess with markets etc. In the long run either adapt or die. I was depressed for the longest time but somehow I regained myself and feel it was all for a reason. God loves to mess with us like that . Good luck guys all the best

#7 common sense on 05.02.17 at 6:03 pm

Seriously? Speechless.

#8 Curious on 05.02.17 at 6:07 pm

So you agree with supply side issues?

#9 Randy on 05.02.17 at 6:08 pm

Love that Supercycle Chart. Those Smug indebted Canadians can blame Trump I guess.

#10 [email protected] on 05.02.17 at 6:08 pm

Everyone looks the same in that video except the doorman pushing back.

#11 Help Me Thrive on 05.02.17 at 6:10 pm

When will be the first time in human history that Garth admits that he was wrong?

#12 SimplyPut7 on 05.02.17 at 6:10 pm

I don’t get it, there are so many homes for sale in that area within that price range. Why would people wait 2 years for a home at that price when they can have a resale home with more space and better quality in a lower price range now?

#13 Mr Reality on 05.02.17 at 6:13 pm

Sheeple.

Thank you for the entertainment!

Mr R

#14 Steve on 05.02.17 at 6:15 pm

a fool and his money are soon parted

#15 Basement for Rent on 05.02.17 at 6:18 pm

First

#16 The Arctic Gringo: Qalunaaq on 05.02.17 at 6:21 pm

Meanwhile, on the First Nations reserves, home to the First Peoples and supposedly the responsibility of the Federal Government continue to live in squalor with decades-long boil water advisories, no year round road access, high rates of TB, continue without what these greedy, financially irresponsible lust over.

#17 Ret on 05.02.17 at 6:22 pm

Yeah, apparently everyone wants to live in Brampton. Who would have thought?

After seeing the RE sales office spectacle on the video clip, one would wonder why the developers are not charging at least $3-400,000 more. Stairs from the garage to the basement would be a $65,000 manditory option for all homes as well.

They clearly don’t get that supply vs. demand thing.

#18 David W2 on 05.02.17 at 6:23 pm

Starting to get a little board of the same warnings and no change. Ready for the final game buzzer.

#19 Forecast on 05.02.17 at 6:23 pm

You are wasting your time by predicting future. Houses will keep on rising until these wussy politicians cannot increase the rates.
You cannot fight the tide so stop telling these people any advice regarding real estate.

#20 I'm Not Poloz on 05.02.17 at 6:24 pm

As Nelson in The Simpsons would say “HAHA!”

Paying $1,000,000 for a house in Brampton where there is only one major hospital, and it’s so overcrowded that it’s like waiting in a 3rd world Communist Cuba public hospital facility?

Oh wait, I don’t mean to disrespect the wait times in Cuba healthcare, but Brampton is in that league.

Today the Loonie sank to the low 72 cent range, will reach 71 cent if SHTF, eventually declining to 55-60 cents when Poloz cuts interest rates so that thousands of these immigrants and greater fools can fight to purchase an overpriced house in a suburb of Toronto.

It’s also Indian & Chinese culture to own a house for a family for generations. That’s why these immigrants from those countries are able to afford bidding wars because their wealth was from generations before.

But what are their reaction when they find that their Property Taxes are going towards paying for those Pride parades in downtown Toronto? Isn’t that against their cultural beliefs, or do they go along nude with them at Pride?

#21 45north on 05.02.17 at 6:27 pm

Household debt as a percentage of GDP – Canada is 169 and the US is 103.

If you’re paying $1.7 million for a new detached house in the GTA, you are betting that Canada is going to sustain more debt. But it isn’t. In the case of Home Capital Group its mortgage book is going to be sold. Ross Kay says that the people with poorer credit are going to be squeezed out. Household debt in Canada is going down and prices are going down with it.

#22 VIT on 05.02.17 at 6:28 pm

Demand for Vancouver-area condos, townhomes pushing up prices up.I wonder if they have a rent control ?

http://www.cbc.ca/news/canada/british-columbia/real-estate-board-greater-vancouver-april-1.4095714

#23 Grey Dog on 05.02.17 at 6:28 pm

Grew up just north of Brampton in Caledon, but know a lot of the farm families that won the farm land lottery in Brampton.

One real shame of this area is the Brampton Hospital is horribly overstretched, horror stories abound about patients being left in stretchers in the hallway for days! Note: If any blog Dogs get seriously sick May 13 from eating too much ice cream or sprinkles…do NOT go to this hospital!

See you at the Palooza with Grey Dog leading the way.

#24 Al on 05.02.17 at 6:29 pm

We can thank Poloz for this mess with his ultra low interest rates resulting in a ultra low CAD$. Surprised that Trump hasn’t twitted about the low CAD$ yet.

#25 Sailorman on 05.02.17 at 6:31 pm

In almost everything, price is now immaterial. The only consideration is the payment. Cars used to be sold on 24 or 36-month terms, now 84-months isn’t unusual. In the latest Canadian Tire catalog they have the monthly payments on items selling for as little as $99-
When the Bank of Canada releases figures showing 168% debt ratios they fail to mention that 25% of Canadians have no debt so the true ratio of the other 75% is 226%
People also forget that a house is a depreciating asset. It takes money and work to keep it in good repair and when friends tell me they own their home, I say no you don’t. Stop paying your property taxes and you’ll discover who owns it. You rent your house from your municipal government forever.
We are in a deflationary environment – look at that 4.6 cent carbon tax on a liter of gas. Don’t forget to add 13%HST to that 4.6 cents and then remember you’re paying with after tax money so for most of you here, you have to earn 7 to 8 cents. Every new tax and fee has HST added to it and is all after tax monies that will no longer find its way into the private sector of the economy. The government won’t release the cost of these carbon fees but will be over $1200- per family again in after tax income.

#26 Mark on 05.02.17 at 6:31 pm

“landlord family” types trying to pick up yet another unit? Wannabee specu-vestors? Paid actors?

Definitely no signs of “Chinese” or “Chinese money” in that line-up, I’ll say that much. And hopefully not get in trouble for making such a simple observation.

#27 rodnay dinger on 05.02.17 at 6:32 pm

Very similar to getting on a train in India….I know what Rodney Dangerfield would say though…..” I went to a house showing and a hockey game broke out”!

#28 VIT on 05.02.17 at 6:33 pm

After 2 years of no houses for sale on my street finally one came 2 weeks ago . but today sign gone . i guess owner just did not got what he want and took house off the market . I think its going to be a trend . No rush to sell wait another year for a 20-30% gain .

#29 Frank on 05.02.17 at 6:33 pm

Per the last chart. Americans haven’t shed debt, their economy just grew enough to cover the ratio.

#30 ole Doberman on 05.02.17 at 6:34 pm

All brown people?

That was your final comment here. — Garth

#31 Leo Trollstoy on 05.02.17 at 6:37 pm

Nutz

This fomo psychological issue is why GYA real estate has been increasing in price on identical units for almost 2 decades now. And land constraints.

Crazy

#32 'This will end very badly ' on 05.02.17 at 6:37 pm

Is that like the theme song here ?

Lmfao

#33 George Hampton on 05.02.17 at 6:38 pm

DELETED

#34 VIT on 05.02.17 at 6:38 pm

DELETED

#35 Poloz rate raise on 05.02.17 at 6:40 pm

So, I’m riding shotgun with my realtor the other week.

The guy lets out of a fart but refused to acknowledge it.

Typically realtor behavior…they poo their pants and deny they did it.

#36 TheSpangler on 05.02.17 at 6:41 pm

With debt levels so high, including huge mortgages, will the trigger be rate increases?

Will the CDN start plunging that the BoC be required to raise rates?

#37 akashic record on 05.02.17 at 6:44 pm

Mindblowing article:

I Never Knew How Screwed Up The Global Financial System Was Until I Started My Own Bank

http://www.zerohedge.com/news/2017-05-02/i-never-knew-how-screwed-global-financial-system-was-until-i-started-my-own-bank

SWIFT is a worldwide banking network that links allows financial institutions to send and receive messages about wire transfers and payments.

Anytime you send an international wire, it’s customary to enter the receiving bank’s “SWIFT code” as part of the wire details.

SWIFT is absolutely critical to global banking and handles billions of transactions and messages each year.

So you can imagine my surprise when I found out that SWIFT runs on Windows Vista an obsolete operating system that Microsoft no longer supports.

When my bank received its SWIFT code, we were told that we had to have a computer running Vista in the office in order to connect to SWIFT.

It was such an absurd exercise to find an obsolete computer running an obsolete operating system to connect to the supposedly most advanced and important international payment network in the world.

Unsurprisingly, SWIFT has been hacked numerous times, both by the NSA as well as private hackers who have stolen a great deal of money from their victims.

Last year a bunch of hackers famously penetrated the SWIFT network and stole over $100 million from the Bangladesh central bank.”

#38 the Jaguar on 05.02.17 at 6:46 pm

Explains why there will be an abandonment of some areas of cities when the sh_t hits the fan. No one will want to live in those areas. Detroit II, Canadian style. Big ugly monster homes with multiple family members living there. That kind of density just isn’t attractive. Most people just don’t get the concept of less being more, better design, quality over quantity, substance over style (or the lack of it more likely). The great divide grows ever wider. Not just in a monetary ways, but in the other ways.
Who are these people one asks, and what is the best way to distance ones self from them….. Trump might have the right idea. Drain the swamp. In this case those in the swamp will do the draining themselves.
Thanks for your thoughtful post Matteo (#6). Think you came out a winner.

#39 S.Bby on 05.02.17 at 6:46 pm

#12 SimplyPut7

Because these people are speculators who will deposit a bit of a DP and when they are ready to close in 2 years they will flip the house and make a fortune (they hope). Pretty sure most of them don’t plan to actually live in these houses.

#40 Cuba on 05.02.17 at 6:47 pm

#20 I know you were trying to reference a third world country but Cuba has some of the best healthcare in the world.. use Haiti or the USA next time to make your point..

#41 Poloz rate raise on 05.02.17 at 6:48 pm

So you think Toronto is expensive, eh? Not even close!

This is the future. $100Millon for a row house is coming…

http://www.msn.com/en-ca/money/homeandproperty/15-of-the-world%e2%80%99s-most-expensive-homes-for-sale-right-now/ss-BBAAZCX?li=AAggNb9&ocid=mailsignout#image=26

#42 Doug t on 05.02.17 at 6:52 pm

Slaves – lost souls – sheeple. Meanwhile it seems like North Korea is going to get what wants pretty soon.

RATM

#43 Roial1 on 05.02.17 at 6:54 pm

To read this post gives instant joy,— that I left that area when I did.
Moved to Brampton with a pop. of 9500. Yup! 9500.
Left when about 15000. Never missed it for a nano second.
Still don’t.

#44 Adrian on 05.02.17 at 6:54 pm

Sales continued to reach record levels on vancouver island long after Vancouver had started to crash. But just this month, it is really becoming apparent how things have started to turn around. 27% drop in sales year/year for april 2016:
http://www.vireb.com/assets/uploads/04apr_17_vireb_stats_package_64292.pdf

#45 Bigrider on 05.02.17 at 6:56 pm

My nonno’s friends are the the builders who are selling these lots to the masses of south asians. No need to tell you of what ethnic descent they are.

Don’t worry about the Chinese Asians or any other ethnic group horny for RE as they are also ” johnny come latelys” to the RE party.

The origins of this party and the ones who are benefiting the most from it are the same ones who can grow their own food, make their own vino and who came here with nothing.

Here is my point: Since the old timers of this particular ethnic groups overwhelming success is quite evident, perhaps when they spout “da price ofa da realestato she’sa go uppa Uppa UPPA” we should have all listened.

That includes me.

#46 Nonplused on 05.02.17 at 6:57 pm

Who knew people who can afford a million dollar shack could be so unruly? It looks like a boxing day sale at Walmart.

I think there is a scenario for continued house price increases in Canada but it involves a nasty devaluation of the dollar (even more so than we’ve already had) and some sort of wage inflation. A nasty devaluation of the dollar is possible, wage inflation probably isn’t. The era of “peak jobs” is past. Automation is the way of the future. It has been for some time.

I remain convinced that the 2 main challenges we face, which will result in a revolution of some sort, are declining energy return on energy invested and increasingly sophisticated automation technologies, both of which are deductive to the value of human labor.

In times past an equipment operator could have the value of his labor amplified enormously through the leverage of cheap energy. Now that energy isn’t so cheap, the leverage declines. Add to that the fact that the operator himself is often no longer needed and the labor is even less valuable. It’s a slow process but it’s happening. Soon the only labor required will be to keep the machines running.

#47 staged on 05.02.17 at 6:57 pm

I think this is staged sale event.

#48 bb on 05.02.17 at 6:57 pm

Those people lining up could just be buying on assignment then flip the house when its ready to move in.

#49 Lulu on 05.02.17 at 7:00 pm

LET ME IN, LET ME BUY THESE DAMN HOUSE!!! LOL
This is epic when people look back after the burst!!

#50 TLG on 05.02.17 at 7:00 pm

Immigrants from certain countries / ethnic groups live with 3 generations under one roof. They pool their resources to buy real estate. That looks like what may be happening in the post above, driving prices into the stratosphere.

#51 PM on 05.02.17 at 7:03 pm

Is it possible to determine whether the people in the video are speculators? Probably not.

I have been waiting since 2015 to purchase, hoping that the madness would subside. I just do not understand where is the money coming from for this circus to continue.

Unfortunately, I suspect that my generation will be lost unless our leaders wake up and tame the beast they created.

TREB will release the stats tomorrow. Lets see what the damage is.

#52 MF on 05.02.17 at 7:04 pm

The GTA market is a complete mess. I’m still looking for a condo to purchase and live in and it’s nothing but frustration. It’s not just the hugely overpriced units, but also the absent slime realtors, misplaced lock boxes/keys, dog poop on balconies, expired listings etc.

At work a co worker was happy he over bid on a house. He thinks houses only go up. Everyone believes this is the “Manhattenization” of Toronto. Speculation is rampant. Nobody cares about debt and no one expects to pay off the mortgages.

My place of employment has tons of us older millennials (28-34) working 2 jobs/7 days a week who cannot afford anything.

Reasons for buying into all this:
-Rent is too high
-I detest the idea of a “landlord”.
-I don’t have it in me to invest. Tried it and didn’t like it.

Reasons for this bubble:

-The Bank of Canada is a complete failure and needs to be gutted. Poloz is incompetent and should be replaced as soon as possible. The institution is useless.
-CMHC needs to be eliminated. This “corporation” has outlived it’s mandate of ensuring affordable housing for ww2 vets and needs to go. Another worthless institution.

I should add Brampton is a dump and I hope Home Capital falls.

MF

#53 jay on 05.02.17 at 7:07 pm

Who cares about NAFTA , we just going to build homes ,we don’t need industry .Canada is the best country .

#54 Nonbuyer on 05.02.17 at 7:08 pm

This is currency devaluation. That’s how this will end. Mark my words.

#55 Adam on 05.02.17 at 7:08 pm

I’ve just about had it with this country. I work in tech, moved from BC to Ontario because the cost of living made no sense for my family, despite the pay cut. We were renting for the last year while we settled, but now the same shit is happening here. Our family income is around $150,000 and that gets you dick all. We could do so much better on half as much in the states.

#56 Jimbo on 05.02.17 at 7:10 pm

What a great way for future neighbours to introduce themselves to each other.

#57 John in Mtl on 05.02.17 at 7:12 pm

That video is pathetic! I mean, look at the MOB. Even needed a cop at the door. For a cookie-cutter, cornflake built, faux house that will never outlast a 1960’s frame? Sheesh! Delusional is right!

#58 Joe2.0 on 05.02.17 at 7:17 pm

Vancouver housing market taking off again.

#59 Ace Goodheart on 05.02.17 at 7:20 pm

There are far more people who want to buy houses, than there are houses to buy. I have seen this happen in South East Asia. These people aren’t stupid. They know the supply of land is very limited, and if you don’t get a house on some dirt you’ll be condo’d for life.

Most of Ontario is Crown Land (85%-87%). Crown land has no title and cannot be bought or sold. It must be converted into saleable land through a legal process. The last general all sale of Crown land occurred in the 1960s. There likely will not be another sale in our lifetimes.

We all purchase and sell severed land parcels, which were severed for the most part prior to the Partition Act (which stopped land severance without government approval).

A “subdivision” is just a parcel of land, which was Crown land at one point, and was converted to in most cases a privately owned farm, and then through a legal process involving approval of the local government, “subdivided” legally into individual plots which are then sold.

There are only so many large farm plots available. The rest is Crown land (unsaleable).

So that is why this is happening. Too many people, not enough land.

#60 Derek Holmes on 05.02.17 at 7:25 pm

What, no mention of Home Capital today. The whole Home Capital situation looks like a hussle by their competitors.

#61 Olivia on 05.02.17 at 7:26 pm

YUK !!!

#62 unfrenzy on 05.02.17 at 7:26 pm

Unfrenzy yourself, pass some time

https://www.youtube.com/watch?v=1OEron4rXfk

#63 Chaddywack on 05.02.17 at 7:27 pm

It’s true for whatever reason a lot of recent immigrants and people of Asian background tend to see housing as literally the ONLY way to make money.

A friend of mine at work who is of Chinese background said that his opinion was that a lot of people in his community see real estate is something tangible and therefore it is equated with being safe.

He is also sees the flaw in that argument but admitted to me that he is a renter much to the chagrin of his family, but as he says “throwing all your money into a house or condo is the same as throwing it into one stock.”

I think this video needs to be saved for when a correction eventually happens. It’s scary now and everyone is afraid prices will go up for ever, but hindsight is always 20/20 and this video will be hilarious…..at least for those of us on the sidelines.

#64 AR on 05.02.17 at 7:31 pm

I’m not clear why you are bullish on Canadian investments right now if you also believe the housing market will collapse. This housing market is a large percentage of the economy. Won’t everything dip when the housing market drops? Can you please explain again. Thanks.

#65 BobC on 05.02.17 at 7:32 pm

Sometimes you win. Sometimes you learn. Like smoking man I’ve had the one to many. I just want to say that those of you on here that have been cheerleading for new higher taxes and the destruction of real estate may now feel free to laugh at the young, inexperienced middle class. HaHa they’re so stupid they and their young families deserve personal failure! Let them suffer!!

#66 BG on 05.02.17 at 7:33 pm

“it would be the first time in human history an asset bubble did not burst.”

Obviously, if humans have been calling something a bubble only when it burst, your point will always be true, as well completely useless.

Hindsight bias.

#67 MF on 05.02.17 at 7:36 pm

#53 Ace Goodheart on 05.02.17 at 7:20 pm

It’s called speculation.

Eliminate that and boom, watch “listings” rise.

Do you think demand went up 33% in one month? No of course not. Just more cheap rates, idiocy, and speculation.

MF

#68 CL on 05.02.17 at 7:41 pm

“There are those who believe – like the shovers and the jostlers – that house prices can, and will, rise forever. ”

Prices can, and will, continue to rise. No will from any political level to stop it and no will from banks or the BoC obviously. It can’t end and if something does crack there will be a massive bail out of the irresponsible including the banks at the expense- once again- of the responsible.

What a stupid country.

#69 John Smith on 05.02.17 at 7:41 pm

http://m.huffpost.com/ca/entry/9762348

#70 MF on 05.02.17 at 7:44 pm

#43 Bigrider on 05.02.17 at 6:56 pm

When that particular ethnic group came to Canada, they partnered with another particular ethnic group that had been here for a few decades already, and has almost the same cultures/traditions (think Ray Liotta’s wife Karen in Goodfellas.)

The reason why these groups did so well in real estate is simply falling interest rates and luck. Decades of RE stagnation are also conveniently forgotten (late 80′ – 2003).

MF

#71 Cto on 05.02.17 at 7:46 pm

Hey Garth and dogs. Many of you must have noticed this too but won’t say it.
There was something unique about that cop in the video and not that he was wearing a police uniform.
Take that as you will.

#72 Smartalox on 05.02.17 at 7:46 pm

Is that chart debt to GDP, or is it debt to income? Last I saw, the Canadian debt to income was up around $1.69 owed for every dollar earned.

My wife and I owe nothing, so I feel sorry for the people who owe $2.38 for every dollar they’ll earn.

That’s wealth inequality for you: not only do the rich get richer, but those that owe, owe more and more and more, widening the gap faster and faster.

Especially when they’re told that they’re richer than they think.

#73 M on 05.02.17 at 7:46 pm

Just about everything is primed to go down for a while in larger percentage than the going up story.
HCG was a great occasion to make more than 20X as a taste of things to come. Same goes for the banks that are at the top and primed for failure 10% loss in cibc over the last while will continue. We have entered a magnificent realist market that will last for years.
We do live in beautiful times.

#74 original dave on 05.02.17 at 7:48 pm

yet I read on twitter today that there was a huge listing spike in april. I’m confused.

#75 Hotel California on 05.02.17 at 7:49 pm

Oh, I see that the Vancouver narrative has changed now:

VANCOUVER HOME PRICES SURGE

https://www.bloomberg.com/news/articles/2017-05-02/vancouver-home-price-surge-defies-canadian-housing-jitters

Now where are all those posters like VREU who said that you a sales plunge precedes a price plunge? All those that said this was a willy coyote moment of hanging off a cliff?

I guess we do have a new paradigm shift. It is not only possible to step off the cliff ledge, but to go up on your own!

Time to examine if its really low rates that is causing the price surge :)

#76 Ace Goodheart on 05.02.17 at 7:50 pm

RE: #67 MF on 05.02.17 at 7:36 pm

“It’s called speculation.”

I would tend to respectfully disagree with you on that point, in reference to the folks shown in the amateur video above.

Those people are not speculators. They are desperate every day folks, who are trying to purchase a house. There are thousands and thousands of them out there, and there are simply not enough houses.

Sure, they could all live in condos.

But they don’t want to. They want houses.

#77 meslippery on 05.02.17 at 7:55 pm

#59 Ace Goodheart
The rest is Crown land (unsaleable).
————–
Oh no Canada is running out of land..
Change the law.
Sell land reduce taxes with the profits.
Reduces home costs.

#78 Cto on 05.02.17 at 7:56 pm

52 MF holy, words spoken from MY heart!

59 Ace, hey bud! Need land? Iv got a friend with land for sale! Couple thousand treed acres near Parry Sound. Beautiful country $60,000.!
Just because it’s north of 7 doesn’t mean the Boogie man Gina get ya!

#79 GFD on 05.02.17 at 8:03 pm

DELETED

#80 Sir James on 05.02.17 at 8:07 pm

I think my Dad once said Brampton was built on an old quarry that wasn’t tamped proper. Thats why the houses shift and are all “higgly-piggly” to each other.

Brampton covers 266 square kilometers. Your dad wasn’t tamped proper. — Garth

#81 MF on 05.02.17 at 8:11 pm

#76 Ace Goodheart on 05.02.17 at 7:50 pm

Right so demand magically went up 33% in one month? Or maybe we all got a 33% raise…

Nope.

If you ask around, you will see there are lots of people with investment properties. There’s tons of speculation. People of all ethnic origins.

#72 Smartalox on 05.02.17 at 7:46 pm

None of these people intend to pay off these mortgages. That debt is now seen as “good debt”. Seriously, that’s how delusional these people are. Debt is a cool and fun playful thing now. Like how smoking was seen in the 1950’s. Or joining the military in 1914 was.

#68 CL on 05.02.17 at 7:41 pm

The country is not stupid. The vast majority are honest, hard working and friendly, living up to our international reputation. The diversity IS a strength too.

Our RE market in the major cities is (I think) an institutional disaster. We have old, dated, self interested and useless institutions like the CMHC or the BoC that need to be gutted. People are only doing what they think will make them money.

How else can you make money? Stocks? NOBODY trusts the market (me included, sadly).

MF

#82 John thhr stager on 05.02.17 at 8:13 pm

staged on 05.02.17 at 6:57 pm
I think this is staged sale event.

I know the realtors on here could easily spot this as a fake. Brampton is a dump. Developers have been paying the same guys to camp out to drump up interest. Its funny but has worked in the past. Goodluck to those who got suckered by this fraud

#83 Quad on 05.02.17 at 8:14 pm

What police force would send their men to be doormen at a real estate office! This is set up.

Happens every weekend. — Garth

#84 Roger on 05.02.17 at 8:15 pm

Only an ignorant will say Cuba has a good healthcare system!

#85 RedneckBluecollarWhitetrash on 05.02.17 at 8:18 pm

Look at all those crazy Canadians, isn’t Canada great? I can’t wait to celebrate 150, what a success Brampton is.

#86 Ned Flanders on 05.02.17 at 8:20 pm

Help me out here, I’m confused.
Supply is at an all time low and demand is at an all time high. That’s the narrative.

Supply – this is not scientific by any stretch but I’ve lived in TO for 15 years and in the last 5 I’ve noticed a crazy amount of building. Not just condos but housing sub divisions too. When I first came here Milton was a sleepy village now it’s a pretty big city of identical looking houses.

Demand – driven by population right? All immigrants blah blah blah. So why is it that according to the census the GTA grew at the slowest pace in 40 years from 2011-2016?

Hate to admit it but I think this stupidity will continue until rates increase by a decent amount. The only fundamental driver of all this seems to be the money supply.

#87 Freedom First on 05.02.17 at 8:22 pm

Yes. Frenzy is a good word to describe what is going on in that photo.

However, I know of 2 words that describe what is going on in that photo even better. Hypergamy.

#88 Seagoblin on 05.02.17 at 8:23 pm

#5 What a housing revolution this is. With this investment now, Toronto could be as important a market as New York in about 10 years!

——————-

What New York is to the USA, Toronto is to Canada.

#89 dr. talc on 05.02.17 at 8:26 pm

Plenty of land in Canada.
We are experiencing controlled scarcity, it’s a UN mandate. In previous decades the Bolsheviks did the same thing. They want you in a condo because condos are not conducive to child rearing-they want less people.
That’s why Harper waged and won the war on the Canadian family. He will likely be rewarded with a UN position in some new global initiative, you know.. “I’m Stephen Harper, I’m from the United Nations.. I’m here to help you.. ” He will be elevated in the media as a great man. (Great to the elite because of HST= Harper’s Sales Tax.)

#90 Bob on 05.02.17 at 8:26 pm

Not surprised about the video. Punjabi, Hindi and Gujarati families have unshakable faith in real estate…no matter where they live in this world. No matter how far prices advance…they will buy…no matter what.

#91 Pete from St. Cesaire on 05.02.17 at 8:27 pm

Watch Equitable Group. On an unrelated note: I love playing dominoes.

#92 Bob on 05.02.17 at 8:29 pm

Last comment should have read Hindu…not Hindi.

#93 Ret on 05.02.17 at 8:29 pm

#16 First Nations reserves
Yes, what you say is all true. One step to solving this problem would be to have an accounting of the millions of dollars that have gone into some First Nations reserves and yet the people are living squalor.

One solution proposed has been to fund Native people directly and not the reserves through elected band leaders. Individuals make better choices than elected officials when it comes to looking after themselves.

Canadians are truly distressed by the current situation on reserves and do not understand where the $ are going. More money for Native peoples has not worked in the past and is not the answer to better outcomes for Native peoples today.

In spite of what the Canadian government and the Band leaders want us to believe, this is a fixable problem. The status quo is no longer acceptable.

#94 TurnerNation on 05.02.17 at 8:30 pm

Score:
Nonnas: 1
Fancy chart reading Certifications: 0

#95 OlderbutWiser on 05.02.17 at 8:36 pm

I experienced this kind of buying mania in a sales office in Newmarket in the late 80’s. We all know what happened to the market after that….I just sold my condo on the lake at the foot of Bay St. in Toronto in 1 DAY for $800 a sq ft. unreno’d!! Absolutely CRAZY. Retiring to my farm in the country…

#96 Leo Trollstoy on 05.02.17 at 8:39 pm

#158 Northwind on 05.02.17 at 12:59 pm
http://globalnews.ca/news/3417919/the-10-best-jobs-of-2017-in-canada-according-to-indeed-ca/

““The first thing that surprised us was how dominant tech-related roles were,” says Paul D’Arcy, senior vice-president of Indeed. “We expected it to be a more diverse list that better represented the diversity of the Canadian economy, but it turns out that there’s been a lot of growth in the tech sector in Canada.””

Bingo.

Like I’ve always said, if you wanna do well, go tech. IT is booming in North America.

#97 dr. talc on 05.02.17 at 8:41 pm

“It’s called speculation.”
They are desperate every day folks, who are trying to purchase a house. There are thousands and thousands of them out there, and there are simply not enough houses.

Ace, you have no way of knowing what anyone’s intent is.
But who cares if someone buys on spec? We all have an opportuniy to do so. Some builders build on spec. Shopkeepers import and stock shelves on spec. In fact it’s a shopkeeper mentality that runs the world

#98 Pete from St. Cesaire on 05.02.17 at 8:43 pm

A little off topic: Austria Found a Way to Tax Google Searches and Social Media Posts. Read about it. Next they’ll be taxing every keystroke of the user.

#99 Porsche on 05.02.17 at 8:48 pm

Looks like a frenzy of new immigrants.

How can you tell if they are ‘new immigrants’ or the native-born sons and daughters of old immigrants? Regardless, they are all called ‘citizens.’ This blog disgusts me some days. — Garth

#100 bigtowne on 05.02.17 at 8:48 pm

The Humber River area of Etobicoke where they are putting in new wings in the hospital for Emergency and
Maternity has much better neighborhoods south and north of the Humber College for less than the Brampton new builds.

There are many South Asian pockets throughout that corner of Etobicoke but the closer you get to the Go on the Lakeshore the prices go up so it mostly north of the QEW where you get breathing room without the Go sticker shock. Also there is a surplus of new doctors in the area in all the newly opened clinics without clients. It seems doctors like the rest of Canada are inclined to move to Toronto for their career and family so some of them have had to settle for Etobicoke. Our old now departed but not forgotten Mayor Rob Ford resided in Etobicoke.

#101 Freedom First on 05.02.17 at 8:48 pm

#56 Jimbo

Hilarious!

#102 Smoking Man on 05.02.17 at 8:50 pm

Penny Henny?

Up date. Getting worried.

#103 to_be_frank on 05.02.17 at 8:51 pm

To put this into perspective, South Asia (India, Pakistan, Bangladesh, Sri Lanka, Afghanistan, Nepal, Bhutan, Maldives) has a population of 1.749 billion people. Brampton at 600 thousand is 0.034% of that. Also, nominal GDP of South Asia is $2.9 trillion and growing considerably faster than Canada’s. The population of India alone is growing by 16 million people per year, or one Brampton every 13.8 days. More to come.

#104 joe on 05.02.17 at 8:52 pm

This is gambling on free money. if you lose, pocket your heloc, file bankruptcy, Go back home for few years; come back, rinse and repeat. I see it happen everyday, everybody is in on it except few who come here and secretly regret missing out. Only people who have no other place to go will end up holding the bag.

#105 Paul on 05.02.17 at 8:53 pm

74 original dave on 05.02.17 at 7:48 pm

yet I read on twitter today that there was a huge listing spike in april. I’m confused.-
——————————————————————–
Was offering tonight on home if the south west end.
Called at 1:30 no offers registered. Presenting at 6:00,
Called to register at 5:00 was told there are 10 offers!

#106 Paul on 05.02.17 at 8:59 pm

81 Quad on 05.02.17 at 8:14 pm

What police force would send their men to be doormen at a real estate office! This is set up.

Happens every weekend. — Garth
——————————————————————–
It’s called pay duty. They get $100 or more an hour.

#107 Jacques Strappe on 05.02.17 at 9:04 pm

Looking at the desperate people in that video, clamouring to buy a house in a shithole 75KM from the downtown core, I have to wonder what role Canada’s immigration policy has played in this housing mess.

Where I live, in Montreal, I seem to be surrounded more and more by Parisian French accents, both on the street and in the workplace. Putting my biases aside, I have asked several of my Continental colleagues why the hell they would move from France (land of fine wine and cheese), to Quebec (land of winter and cheese curds). The answer is twofold: security and affordable housing. Owning a house in Paris is nearly impossible for a young up and comer. Too expensive. Don’t even ask about the living conditions in Parisian suburbs. These young professionals, like many who come to Canada, are economic refugees of sorts, viewing our living situation as highly desirable despite the shitty weather we endure. They ain’t moving to Thunder Bay or Truro. All of the economic opportunity, culture and future is happening in Canada’s largest cities, and perhaps the house price fundamentals have shifted accordingly. I’m not saying house prices won’t go down, but maybe the days of houses costing three times an average worker’s wage might be over in this age of globalization, where Vancouver, Toronto, and apparently even Montreal are desirable, safe and clean relative to what is happening in the rest of the world, and we have to pay a premium now to be a part of it.

The shift to urbanization will continue, with two thirds of the world’s citizens expected to live in cities by 2050. Toronto sees net migration of over 100K people per year. In these markets, real estate demand isn’t local, but global.

#108 Smoking Man on 05.02.17 at 9:06 pm

102 Paul on 05.02.17 at 8:53 pm

Paul what did that Triplex go for on 42 street go for. In Shlong Branch. Hell another 50 cm of rain and marie curtis park will be under water. I’ve never seen the lake water so high.

Is this a sign.

#109 Shawn Allen on 05.02.17 at 9:06 pm

They are all people too…

#99 Porsche on 05.02.17 at 8:48 pm
Looks like a frenzy of new immigrants.

How can you tell if they are ‘new immigrants’ or the native-born sons and daughters of old immigrants? Regardless, they are all called ‘citizens.’ This blog disgusts me some days. — Garth

****************************************
Yes, and they are for sure all people. Why should anyone be protected from competition from ANY other person?

Nationalism is thinly disguised racism and will someday be politically incorrect.

Watch the Genius series now on TV. In Chapter 1 Einstein calls nationalism infantile. Interesting.

Buffett points out that immigrants to the U.S. included Einstein. Not a bad catch.

#110 traderJim on 05.02.17 at 9:06 pm

#40 Cuban healthcare

There are few lies bigger than the one that says Cuba has great healthcare. Sure they sell some of their top docs to foreign countries for cash, and top CP leaders get ok care, but the average Cuban can’t get even basic services.

Try visiting Cuba sometime and ask the people about healthcare. Oh, and bring some aspirin, it’s desperately wanted, and if you bring a big bottle of Tylenol you’ll be a god.

here’s a peek at the truth about Cuban healthcare: (with actual photos, not just pathetic repetitions of Castro’s propaganda)

http://www.therealcuba.com/?page_id=77

Next thing you’ll be telling us about Cuba’s great education system. Really? Lots of Cuban Nobel prize winners and brilliant Cuban inventions?

Some people really just believe whatever they are told I guess.

http://www.therealcuba.com/?page_id=77

#111 Leo Kolivakis on 05.02.17 at 9:09 pm

Does anyone remember what happened in the early eighties when former Fed Chair Paul Volcker jacked up interest rates to slay the inflation dragon? People were dropping off the keys to their house at the bank, unable to make their mortgage payments.

Now, we have the opposite problem, global debt deflation. When the next crisis hits — and it will in a bigly way — soaring unemployment will hit highly indebted households in a brutal and harsh way. People will be returning the keys to their banks once again, or more likely, face foreclosure.

My own cynical view of what is going on:

Wealthy foreigners are parking their money in Canada, buying up houses like crazy to obtain Canadian citizenship to have one foot out the door in case something goes wrong, and let’s admit it, to evade taxes from their country of residence. You might be surprised (I’m not) to find out that Canada is a safe haven for Malaysian and other money launderers.

So, you have wealthy foreigners, most with legitimate gains, some without, bidding up home prices on the high and medium end to obtain citizenship, forcing Canadians with stagnant incomes to enter into bidding wars to buy houses. Crooked and unethical Canadian real estate agents using first offers to get a second and higher “blind” offer also fuel these bidding wars on houses (note: if you put an offer on a house, tell your agent to tell the other the agent the seller has four hours to respond or else the offer is null, this way they can’t peddle your offer to prompt another prospective buyer to outbid you. Most agents are ethical but there are plenty of unethical sharks, especially in the high-end where competition is fierce and basically controlled by a handful of agents).

Canadians looking to buy houses but that can’t afford one because their incomes don’t support a mortgage from the big banks are increasingly using subprime lenders to secure loans for a home. Some subprime lenders are ethical but many aren’t and again, their entire business model is predicated on the fact that Canada’s housing market won’t collapse and suffer a severe correction, which is pure fantasy.
Canadian policymakers have contributed to this real estate mania, passing bylaws that limit the supply of housing. Regulators have turned a blind eye to it because housing is such an important component of economic activity and so have politicians because they collect more taxes from this real estate mania.

Now that shares of subprime mortgage lenders are collapsing, there is no doubt that everyone — big banks, subprime lenders, politicians, regulators, the CMHC and the Bank of Canada — is petrified of what happens when the music stops and Canada’s real estate bubble bursts. But for now, they are all hoping the market won’t collapse.

#112 traderJim on 05.02.17 at 9:09 pm

Sorry, I should have put a warning on that Cuban healthcare link.

Some of the photos are very graphic and very disturbing. I did not remember them being that bad.

Apologies.

#113 Paul on 05.02.17 at 9:10 pm

99 Porsche on 05.02.17 at 8:48 pm

Looks like a frenzy of new immigrants.

How can you tell if they are ‘new immigrants’ or the native-born sons and daughters of old immigrants? Regardless, they are all called ‘citizens.’ This blog disgusts me some days. — Garth
—————————————————————–
Not all “New Immigrants” are lining up to buy.
Just did a rental Syrian family main floor $1800.00 plus
60% utilities. Syrian doctor his wife and baby basement $1200.00 plus 40% utilities. left everything .
behind. Not one of them on Government assistance working for $12 to $19 per hour. They can only dream of lining up for a house.

#114 Smoking Man on 05.02.17 at 9:12 pm

Wynee at it again. Next yeat she will be known as the person that destroyed the Toronto Real Estate market. And now bill 89.

She’s going down huge next year.

Bill 89 requires child protection, foster, adoption service providers, and judges to take into account and respect a child’s “race, ancestry, place of origin, colour, ethnic origin, citizenship, family diversity, disability, creed, sex, sexual orientation, gender identity and gender expression.”

#115 Toronto1 on 05.02.17 at 9:15 pm

interesting observation to share about the GTA market.

in the last 6 months, i have never seen so many choice commercial properties up for grabs in the GTA proper- name the street or hot neighborhood and there will be multiple commercial properties (res/com mix, commercial, multi tenant res etc..) for sale. Even large scale commercial

Never seen this before- as most of these places have been owned for decades, never seen so many ” first time ever for sale” listings.

maybe the smart money is looking to unload?

on a side note- so many business for sale at below replacement cost (cost to build out), service style places, restaurants, bars, fast food, etc.. that worries me as small business are the backbone of the economy-
not sure what this means, but like i said i have never seen so many business and commercial property for sale in my lifetime.

anyway just an observation

#116 Original dave on 05.02.17 at 9:16 pm

Was offering tonight on home if the south west end.
Called at 1:30 no offers registered. Presenting at 6:00,
Called to register at 5:00 was told there are 10 offers!

———————

Calling bull on that. Your sales must be slow. In my neighbourhood things were selling very quickly. In the past two weeks a few listings have come up and nothing has sold. I was simply asking about skyrocketing inventory. I dont believe in things selling super quick – and I def. dont believe 10 offers

#117 will on 05.02.17 at 9:22 pm

“Maybe. But it would be the first time in human history an asset bubble did not burst.”

Hahahahahahhaha!

#118 Ole Doberman on 05.02.17 at 9:35 pm

BANNED

#119 Wait There on 05.02.17 at 9:42 pm

They do not want a house. They see it as a safe levered investment that will pay off in two years. It’s only the down payment that they need now. History has told them they will find a greater fool in two years. Good luck with that, by that time the same house will be worth 1.5 million. How can you lose?
The argument is show me an investment fully levered with no carrying costs or charges for two years or longer? Even if there is a dip houses always increase in prices.

#120 Darren on 05.02.17 at 9:43 pm

I actually feel sorry for these poor folks lined up to buy tulip bulbs. The madness of crowds….
If this is not the top, the summit clearly is in sight. In the end there will be tears, regrets, abandoned projects and lawsuits that will take years to sort through.

#121 Another Deckchair on 05.02.17 at 9:50 pm

@#50 TLG

“Immigrants from certain countries / ethnic groups live with 3 generations under one roof.”

I lived with my grandparents, as did lots of my friends. Most of my friends’ parents (and mine) came from Northern Europe. (mine from the UK)

A colleague, from Africa, is bringing over their parents. Friends from Asia bring over their parents.

It happens all the time, to any “ethnic group”; it just makes sense depending on what the “home country” is up to.

#122 Joe2.0 on 05.02.17 at 9:58 pm

1st time home buyers eligible for the 37.5 k downpayment grant/ loan also eligible for better mortgage rates then established borrowers.

#123 Ole Doberman on 05.02.17 at 9:59 pm

BANNED

#124 Ole Doberman on 05.02.17 at 10:00 pm

BANNED

#125 Lee on 05.02.17 at 10:09 pm

Does the fact Wynne has abandoned Toronto mean she believes the Liberals have lost the 416?

#126 Puzni on 05.02.17 at 10:19 pm

Garth I think it’s time to re asses and think from a different perspective. People no longer believe that money has inherent value. No longer issues like balanced budget(federally) or economic slowdown even enter their minds. To a lot of people buying a house is like buying a GIC. Would there be a ” bump in economy” government will lower the interest rates and party will start again.

#127 GFD on 05.02.17 at 10:22 pm

#10 [email protected] on 05.02.17 at 6:08 pm
Everyone looks the same in that video except the doorman pushing back.

. . those are Canadians, maan

#128 Paul on 05.02.17 at 10:32 pm

#116 Original dave on 05.02.17 at 9:16 pm

Was offering tonight on home if the south west end.
Called at 1:30 no offers registered. Presenting at 6:00,
Called to register at 5:00 was told there are 10 offers!

———————

Calling bull on that. Your sales must be slow. In my neighbourhood things were selling very quickly. In the past two weeks a few listings have come up and nothing has sold. I was simply asking about skyrocketing inventory. I dont believe in things selling super quick – and I def. dont believe 10 offers
—————————————————————–
Well you can believe it now call this office in the A.M.tell them you are from Remax and ask how many offers were on this address last night.

Then you can apologies

https://www.realtor.ca/Residential/Single-Family/18077432/313-DURIE-Street-Toronto-Ontario-M6S3G2-Runnymede-Bloor-West-Village

#129 common sense on 05.02.17 at 10:35 pm

OLD DOBERMAN

Get the hint….3 strikes your out. BANNED means No more, Nugga, Never Again, aloha, goodbye, don’t come back, so long, have a nice life, ciao, etc, etc,etc,etc.

CUBAN HEALTHCARE makes me laugh when my Cuban friends look at me with a sigh and say “What do you get for nothing”. It’s also said very discreetly so no one else hears them so they are not reported to the authorities.

Would love to do a post some night on the Cuban monetary system/ lifestyle for the fellow blog dogs…we may be living the same lifestyle someday in the future.

#130 Paul on 05.02.17 at 10:36 pm

108 Smoking Man on 05.02.17 at 9:06 pm

102 Paul on 05.02.17 at 8:53 pm

Paul what did that Triplex go for on 42 street go for. In Shlong Branch. Hell another 50 cm of rain and marie curtis park will be under water. I’ve never seen the lake water so high.

Is this a sign.
—————————————————————–
Here you go

11 Forty Second St
Toronto Ontario M8W3P2
Sold:$1,600,000
List:$1,200,000
Toronto W06 Long Branch Toronto118-4-V
Taxes:$4,808.93 /2016
For:Sale
% Dif:133

#131 conan on 05.02.17 at 10:37 pm

I assume people own binoculars in N Korea. They must be in awe, looking at these bombers. Kim, of course, is a nuclear nerd with death camps.

https://www.youtube.com/watch?v=EuHHh6JNKVs

I wonder if these bombers could parachute individual Snicker bars, using wind and science, to get to the target?

Park a satellite over N Korean and beam in free internet. Parachute in cell phones. Most people have a decent phone that they don’t use anymore.

#132 NoName on 05.02.17 at 10:38 pm

#122 Smoking Man on 05.02.17 at 9:51 pm

Are the free shirts pink?

#133 Quebec is Great on 05.02.17 at 10:39 pm

Hey Garth, you got mentioned on CBC News – Opinion Today.

“Canadians need to grow a consumer backbone: Neil Macdonald”
http://www.cbc.ca/news/opinion/canadian-consumer-backbone-1.4094486

#134 -=jwk=- on 05.02.17 at 10:40 pm

@ #55 Adam.

You didn’t move to Ontario. You moved to Toronto. If you move to Manhattan, would you complain New York State is too expensive?

Our household income is similar to yours and we live like kings in Ontario, but not Toronto.

#135 The Great Gazoo on 05.02.17 at 10:45 pm

Garth, if you’re going to keep this blog going for the foreseeable future, sure would be nice if you can look into a new blog software package. One that has a recommend post feature. I have read some very worthwhile posts by blog dogs that I wanted to check off the rec box, but allas none existed.

Plus, everyone needs to register and can use an anonymous moniker -if they wish.

And for those that consistently post useless information (in the eyes of the beholder of course), they can be put on ignore – never to be seen again.

#136 GFD on 05.02.17 at 10:51 pm

TSX:EQB borrow up to $2 billion from banks

https://www.todayville.com/reddeer/equitable-group-stock-soars-after-deal-to-borrow-up-to-2-billion-from-banks/

#137 OttawaGuyRenting on 05.02.17 at 10:53 pm

To put this into perspective, South Asia (India, Pakistan, Bangladesh, Sri Lanka, Afghanistan, Nepal, Bhutan, Maldives) has a population of 1.749 billion people. Brampton at 600 thousand is 0.034% of that. Also, nominal GDP of South Asia is $2.9 trillion and growing considerably faster than Canada’s. The population of India alone is growing by 16 million people per year, or one Brampton every 13.8 days. More to come.
———-
This is my social circle!
Not painting with a broad brush either. But you are 100% correct.

Two families I know (India decent) are both bag holders here in Ottawa
One Fam – three house owner ALL in Ottawa – can’t rent one and the other has been sitting on the market for almost 9 months over value.
2nd Fam – 3 houses now – “hate that tenants can’t pay. Complain about everything.” One property was so heavily damaged by tenants they struggled to rent again because they wouldn’t do full repairs

Both families speak to me about home ownership all the time “Why you throw all that money away I don’t understand”

Home ownership is a cultural right of passage for some

#138 The Limited Sage on 05.02.17 at 10:57 pm

I live in Brampton – born just over twenty-eight years ago in Peel Memorial. The politicians are a joke and the infrastructure is a disaster. This city is a dump. That is all.

#139 Smoking Man on 05.02.17 at 11:15 pm

131 Paul on 05.02.17 at 10:36 pm
108 Smoking Man on 05.02.17 at 9:06 pm

102 Paul on 05.02.17 at 8:53 pm

Paul what did that Triplex go for on 42 street go for. In Shlong Branch. Hell another 50 cm of rain and marie curtis park will be under water. I’ve never seen the lake water so high.

Is this a sign.
—————————————————————–
Here you go

11 Forty Second St
Toronto Ontario M8W3P2
Sold:$1,600,000
List:$1,200,000
Toronto W06 Long Branch Toronto118-4-V
Taxes:$4,808.93 /2016
For:Sale
% Dif:133
….

Shit, I fk up huge. GivING Shlong Branch away so cheap.

At leased the baby of the couple that got this place.
Is good.

God hates me. I hate him more.

#140 Shortymac on 05.02.17 at 11:16 pm

One thing people don’t realize is these developers will purposely inflame people’s fears of not getting a house through very aggressive sales tactics like auctioning plots, demanding people to make decisions right now or lose it, encouraging people to pick multiple plots, having these small little “releases” to give the appearance of scarcity. Downright sickening.

#141 Smoking Man on 05.02.17 at 11:21 pm

‘Again

who’s coming to dogapaluza at the general store on May 13. Need to know how many free books I need to print seeing I can’t sell worth a shit. Marketing has always been a problem with me.

Your the best vba code smith that God ever created. The Job market exploding like never before for that role and I can’t get a gig.

The interview, stench of tabacco and JD, the God ugly teeth. And the fact that I can’t control my body laugange that tells the interviewer. Your such a suck up loser. Nice pink shirt.

Show of hands please. Who’s coming. Might get some tee shirts done too.

See how pathetic my life is. Got to buy friends.

#142 Boombust on 05.02.17 at 11:21 pm

#4 Hotel California.

That is complete and utter BS.

#143 n1tro on 05.02.17 at 11:24 pm

What time is the meetup on may 13? I normally zip by the store riding along the Forks of the Credit but could stop in. I’ll be the one on the red Daytona 675.

#144 If you only read the headlines... on 05.02.17 at 11:34 pm

#4 Hotel California on 05.02.17 at 5:50 pm

Yawn….another indication that the Vancouverization of the GTA is taking hold.

This is so reminiscent of Vancouver in – 2011, 2012, 2013, 2014, 2015, part of 2016, and back again now in Spring 2017…

The GTA has a long ways to go up to catch up with the current situation of incomes being completed detached from prices. But oh, you are so getting there….

And once there, prices stay there – there is no down in Vancouver. After the much heralded demise of Vancouver with ‘plunging sales’ for the past few months the market is back again on fire after a breather…

Soon you will start to scratch your head and wonder how this can continue – just like every Vancouverite has done since 2010.

Its like the Hotel California – there is no leaving this bubble – its an unstoppable juggernaut!
********************

…you will be able to spin the story. Here is what you missed.

http://www.theprovince.com/business/vancouver+housing+market+rebounds+from+impact+with+prices+three/13340267/story.html

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets,” said Jill Oudil, president of the board. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm.”

The board said for the first four months of the year, condominiums and townhomes accounted for 68.5 per cent of all residential sales, up from the 58.2 per cent average over the same period last year.

#145 For those about to flop... on 05.02.17 at 11:35 pm

The other day I featured prominently on the Blowhard Billboard.

When is someone going to do an update of the Banned Billboard…

M42BC

#146 SimplyPut7 on 05.02.17 at 11:36 pm

RE: #67 MF on 05.02.17 at 7:36 pm
RE: #76 Ace Goodheart on 05.02.17 at 7:50 pm

These are speculators, there are more than enough resale and empty newer detached homes and town homes available for sale in that area. They just don’t the market has started to cool.

http://www.msn.com/en-ca/money/topstories/toronto-housing-market-frenzy-may-be-subsiding-some-realtors-say/ar-BBAzK3T

Favourite part of article:

The pause may be welcome for buyers. But it’s frustrating for sellers, who have, for months, been primed for bidding wars and over-asking-price offers,

She cited an offer presentation on Tuesday that drew a single bid. Although it was higher than the property’s listed price, it came with conditions for financing and a home inspection.

“We haven’t seen that for months,”

#147 Whatever on 05.02.17 at 11:47 pm

I don’t get it…

Isn’t this just more proof the housing market is NOT cooling down?!?!

Canadians are stupid.

#148 NoName on 05.02.17 at 11:51 pm

Off topic but interesting read.

http://bit.ly/2pDJjNf

#149 april on 05.03.17 at 12:01 am

#75 – Read Ross Kay, Canadian Realty Consultant. Vancouver HPI to “plummet over the next 3 months.

#150 Arjun on 05.03.17 at 12:04 am

I’m of Indian descent and my whole extended family and all our friends are absolutely obsessed with real estate. It’s the only thing they talk about at every gathering, party, wedding, even at the Temple!

Whenever I even try to mention things like a diversified portfolio or an ETF, I’m literally told to shut up and agree to the fact that real estate is a safe investment and that we should keep buying. RIP.

#151 crowdedelevatorfartz on 05.03.17 at 12:18 am

@#123 &124 Ole Doberman cant learn new Trix

Permanently banned

Buh Bye……… :)

#152 crowdedelevatorfartz on 05.03.17 at 12:22 am

@#141 Smoking GenderNeutralPinkShirtGuy

Sorry Smokey.
I cant make it.
Air Canada isnt having a seat sale that weekend.
Besides
Belfountain doesnt have elevators…..where’s the thrill?

#153 Ronaldo on 05.03.17 at 12:25 am

#135 The Great Gazoo on 05.02.17 at 10:45 pm

What makes you so special?

#154 DON on 05.03.17 at 12:29 am

#58 Joe2.0 on 05.02.17 at 7:17 pm

Vancouver housing market taking off again.

&

#75 Hotel California on 05.02.17 at 7:49 pm

Oh, I see that the Vancouver narrative has changed now:

VANCOUVER HOME PRICES SURGE

https://www.bloomberg.com/news/articles/2017-05-02/vancouver-home-price-surge-defies-canadian-housing-jitters

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

I take it realtor school doesn’t tell you to read the whole story….condo’s prices are on the rise and it has been that way for a couple of months while detached houses flounder.

The realtor group think is troubling if it isn’t down right scary.

#155 If you only read the headlines... on 05.03.17 at 12:32 am

#117 will on 05.02.17 at 9:22 pm

“Maybe. But it would be the first time in human history an asset bubble did not burst.”

Hahahahahahhaha!
************************

Then again Canada is different, colder in Canada than the US – hard to live out of your car.

#156 James Kook on 05.03.17 at 12:32 am

DELETED

#157 paulo on 05.03.17 at 1:04 am

#141
May 13th blog dog gathering, if actually confirmed will make the trip

#158 data on 05.03.17 at 1:14 am

From the video we are still in a raging bull market, don’t think this is a bad thing. We are simply running out of houses.

How these people can afford them or what the plan is with it is the main question that people are asking. From the graph ,money is cheap and available, so why not borrow?

Why are prices not going down with volume? In fact even if homes were printing at lower prices, you simply would never know. Remember the design of the price scale never shows original ask vs sale, it simply looks at sale prices. We all keep looking at the same video’s, same graphs, same logic and you know what, we get the same answer….maybe we are looking in the wrong place?

#159 Millennial-falcon on 05.03.17 at 1:19 am

https://www.nytimes.com/2017/05/02/world/canada/british-columbias-business-temptation-an-opaque-array-of-tax-breaks.html?_r=0

BC=money laundering

#160 For those about to flop... on 05.03.17 at 1:46 am

Pink Pollen falling in North Vancouver.

North Vancouver is one of the few cities that make up Greater Vancouver that is actually still positive year over year ,yet one of my cases sold at a loss last week and these guys are within 3% of their purchase price after shelling out 3.150m this time last year.

Chelsea is going to win the premiership this year ,hopefully these guys aren’t left feeling the blues…

M42BC

4250 CHELSEA Crescent, North Vancouver

Mar 27:$3,388,000
May 2: $3,238,000
Change: – 150000.00 -4%

https://www.zolo.ca/index.php?sarea=4250%20Chelsea%20Crescent,%20North%20Vancouver&filter=1

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDAyODNYTQ==

#161 I know I know on 05.03.17 at 2:03 am

“There are those who believe – like the shovers and the jostlers – that house prices can, and will, rise forever. That a mass-produced wooden-and-face-brick building in the distant burbs bought for $1.7 million today will be four or five million in a decade. Maybe. But it would be the first time in human history an asset bubble did not burst.” – Garth

———————————————————-

Doomers will say that Toronto RE is dead, but they’ve said that non-stop for the last eight years. And they’ve been wrong. As others have said, the fundamentals don’t count. Foreign money will continue to come into the TO RE market and drive prices higher still. The politicians will NOT do anything meaningful to stop that.

#162 Henry on 05.03.17 at 2:03 am

@smoking man #141
If (free stuff=true)
a=a+1

#163 Adam on 05.03.17 at 2:15 am

@ -=jwk=

How nice of you to track where I moved to. No, I did not move to Toronto, but neither did I move to North Bay. I refuse to lever my family into a dangerous situation predicated on overnight rates never rising again, which would make housing completely unaffordable just about *everywhere* in southern Ontario.

But apparently I’m alone in not wanting to be stuck with a 600,000 loan two hours from Toronto when rates normalize.

#164 April 9th, 1974 on 05.03.17 at 3:26 am

You were correct Garth, the only ON Gov. action that can stop what you show in the video is to do as follows (from your “Victims” blog):

“April 9th, 1974…the province imposed a 50% tax on any and all profits an investor might realize from the sale of any piece of real estate. The only exceptions – your farm or your principal residence. And this was on top of the federal capital gains tax.”

“It was an astonishing thing for a conservative government to do, but it worked. Sales collapsed overnight. Within days, prices followed.”

Lost on your ON Premier and data munching T2 on principal residence declarations – so much smarter back then.

#165 willworkforpickles on 05.03.17 at 4:38 am

It was this very sort of frenzied hype that blinded the greater fools 28 years ago into believing the real estate price explosion would never end.
It ended. Badly.
Trump has kicked the can to expanding the debt ceiling down the road, flip flopping on most or all of his election promises.
Pedictable for a lack of depth and knowledge he didn’t have when he made those promises uncertainty now abounds with trump leading.
The markets don’t do well under a great deal of uncertainty. It doesn’t work.
I posted a few months back that 2017 would be the year of the greater fool.
Don’t see any deviation from that yet.
The sheeple are out in force…the sheeple…the blind…the greater fool.

#166 phily on 05.03.17 at 4:40 am

The herd moves following their financial plan.
I have never had a desire to move there ever since living here some 36 years.

#167 Stock Picker on 05.03.17 at 5:23 am

Stephen Poloz….the BOC governor without a financial degree to his name must feel like a god. He puts the boots to the dollar….and it sinks…..he keeps emergency rates at zero and houses go up……the actions of a man god.

In a country where an ex Prime Minister named Trudeau decided to make a joke of the national currency and call the dollar a ‘loon’…..so that people would lose respect for money…..also….godlike……the “Loonie” sinks towards a value of zero…..see the coincidence? Zero is the number…..zero rates….zero dollar….zero future. Johnny Rotten is whispering to Peter Pan….and the country is being flushed down the toilet…..on purpose.

Because…..people will be so on edge…..so worried that they lose everything if a responsible government replaces the loonie liberals…..that people’s who’s nuts are in a vice will think they can’t adjust to change…..so far into the toilet they’ve sunk…….that they’ll maybe vote Liberal…….because like the Sex Pistols screamed……no future….no future…..no future for youuuuuuuuuu.

Meanwhile….another Canadian company disappears into the M&A abyss……
Verasen is taken out…….I bought at $11 barely over a month ago….
For the monthly dividend and it’s been bought foe $18.65……easy money…..and since I got the news while staying at a very expensive resort
….it’s money appreciated. But……it makes work for me…..good companies are getting harder to find…..and the alpha is getting sucked out of ETFs so hard I see many going bust and returning capital to shareholders.

#168 phily on 05.03.17 at 5:51 am

#41, geez man not even close to a comparable

#169 Dan.t on 05.03.17 at 5:57 am

That video is INSANE!

Wow, what is wrong with people. I grew up in Canada and herd mentality and peer pressure (keeping up with the Jones) is massive but this is ridiculous. I’ll say it again…Real Estate is Religion in Canada. Nothing else matters.

Who cares if you have to eat can SPAM all day as long as you can keep and make payments somehow on that 1.2 million POS semi detached shack. Or Canadians are super rich and can afford it no problem.

Starting to believe, until rates rise (which probably mass majority of Canadians believe will never happen) and money costs more, the stupidity will continue. Go Poloz. Watch him drop rates and lets really get the party started.

There is your affordability crisis! Canadians buying as many homes as possible with family, friends, DEBT, bank of mom, it doesn’t matter how, and the BANKS letting the credit flow like a water fall.

How many homes and condos does the average Canadian own? I bet it is something like 1.8 or 2.4 or even higher. That is a total guess… but I bet many realtors own numerous and amateur speculators many on top of that.

Everyone sites lack of supply. Ya, when every Canadian wants 20 houses, then you won’t be able to build them fast enough.

Here is a tip to those wise policy makers trying to cool the market with weak measures (Poloz especially who says zero interest rates don’t matter). This is what you are fighting.

First a religious belief in Canada housing (pray to your particle board and hardwood) & the stigma that renters are fools who only throw their money away…poor, poor, silly renters- just disgusting- who cares if it makes financial sense.

Second, most people fear financial assets. They are viewed as rigged or whatever, because they don’t understand them and even if they do, bank will never give you money @ 2.99% to leverage an investment. HOUSE everyone can understand…

As financially crazy (debt wise) as the average Canadian seems, they understand and believe interest rates will never rise so…Give Bank $30,000, get zero back. Since Real estate only ever goes up. Give mortgage broker a 30k downpayment, leverage that 95-100% and buy real estate…make hundreds of thousand tax free and be rich. Rinse and repeat.

That is the result of 10 years of government policy to push houses and free money being given to anyone with a heart beat and 10 years of “emergency 0.5% interest rates”. Why are prices insane, every cent of that free money flows into one asset class. Until it stops. Wow, then look out.

I guess house prices in Canada really will go up forever.

#170 SimplyPut7 on 05.03.17 at 6:20 am

#137 OttawaGuyRenting on 05.02.17 at 10:53 pm

We have had tax-paying Canadian citizens of South Asian decent for decades in Canada, none of them have ever acted like this. The people in the video are younger and not well informed, we used to trust financial advisers who we would share our whole financial net worth with, and they would state that this kind of “investment” is not a great idea, that real estate is an asset that does not easily sell in a downward market.

Do you see any people there with their families (wife, children, grandparents) to look at what type of home would be best to raise their family? Buying a home is a family decisions, you used to look at what schools are in the area, where is transit, how close is the highway, what is the distance from home to work, where are the grocery stores, hospitals, community centres and what type of programs are available there for the family.

They look like young men who were told at some real estate investment conference they could be the next real estate mogul and build their empire by buying new properties and renting them out or sitting on them to flip them. There are hundreds of detached homes and town homes in their area available for sale, when you add in the condos there are over two thousand. In many cases, these properties are vacant and close to new from other speculators who thought they could easily sell their home.

In most people in Ontario would view owning a home as a rite of passage, but if you were really a primary homeowner you would just buy one of the 800 resale town homes and detached homes in Brampton available for sale, rational people would not say I want to spend more money at a higher mortgage rate than needed to if there are resale homes listed at two to three hundred thousand dollars less than this developer.

#171 Cto on 05.03.17 at 6:24 am

I wouldn’t be surprised if 10% of our housing stock in the GTA is lying vacant not rented not lived in. Just being held. No problem carrying a house when the gain is 20% a year.
The illusion has gone so far, that people think you don’t even have to rent and be cash flow positive because just holding the house will make you money whether you live in it or not, better not to live in it.
I live on a Street with 12 houses and 4 of them are empty.

#172 Cto on 05.03.17 at 6:42 am

So. They’re rioting at the sales office. Would same people riot in the street in two years if things got tough?
Or would they just lay back in their houses and say , well I made my bed so I should sleep in it now?

#173 westcdn on 05.03.17 at 6:53 am

I recently completed my 2016 Tax Return using software. I having doing so for years because I can file paperless and I get a database of returns. It annoys me that despite consistent net taxable income, my average income tax rate grows.

Then I discover I can Transfer in Kind to my TFSA from my non- registered margin account. Fortunately both are with the same bank.

Thank you Garth – what a godsend. Due to life events, I didn’t make any retirement contributions since the TFSA was introduced beyond a deposit to open the account. The only wrinkle was capital losses. Capital gains are crystalized at the time of transfers in kind but capital losses are denied.

It is weird to me but okay since I have my share of losers to sell. At the end of the day, I plan to have tax free dividend income and less net taxable income in 2017 and going forward.

#174 Dan.t on 05.03.17 at 7:02 am

http://www.cbc.ca/news/opinion/canadian-consumer-backbone-1.4094486

Hehe, Couldn’t agree more. Stop paying 500k+ for a 1 bedroom POS hip condo or 1.2 million POS crack shack and stop participating in bidding wars… but what ever way the herd goes, it’s way easier to follow.

not like it matters but, I pay about $26 CAD a month for my 5gb internet and 300 free minutes (which is enough for me) with no contract cell plan where I am. Would be bit cheaper if I took out a 2 year plan and I could probably get a cheaper one just haven’t checked in a while…so many choices.

Multi corps and oligopolies must just love to do business in Canada. Canadians just keep taking it and loving it. Not a peep. Just behind closed doors or after a few.

Oh and hehe . #56 Jimbo
“What a great way for future neighbours to introduce themselves to each other.”

#175 LP on 05.03.17 at 7:14 am

#83 Quad on 05.02.17 at 8:14 pm
What police force would send their men to be doormen at a real estate office! This is set up.
*************************************

No Police service “sends their men” to an event like this. The developer would have asked for a “paid duty officer” who works the event at an hourly rate paid separately from regular pay.

Trust me – I know. That is exactly how my husband and I earned the funds for a down-payment on our first house bought in 1972…for $26,995 in Erin, Ontario.

#176 Wrk.dover on 05.03.17 at 7:21 am

So when every body has a house, then what?

Who would want to live where they are located, bearing in mind you only live once.

My property measures 240′ X 8000′, not near anything that costs money to go to, so it sucks to live here? With reams of hobbies and tools in outbuildings?

If I had a million dollar mortgage location, I could spend a day’s net and go to Skydome, and drink beer cheering for a team. Woo. Go team! And back home to a 3000 square foot lot, amongst hundreds of thousands just like it. Woo. Go team!

#177 maxx on 05.03.17 at 8:07 am

#69 John Smith on 05.02.17 at 7:41 pm

http://m.huffpost.com/ca/entry/9762348

…….over-nighting in lawn chairs, peeing in jars……….

Dumb and gross at this level makes it really hard, if not impossible to resist capitalizing from it.

#178 crowdedelevatorfartz on 05.03.17 at 8:10 am

@#155 If only you read the headlines

“Then again Canada is different, colder in Canada than the US – hard to live out of your car…”
++++++

Apparently not.

http://www.google.ca/url?url=http://bc.ctvnews.ca/kitsilano-camper-van-with-jar-for-bathroom-available-on-airbnb-1.3051450&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwj1ib6V2NPTAhVP3GMKHYhABNsQFghpMAw&usg=AFQjCNGbut2lWzlLvaWJYS48CYdKeZHRNw

BYOMJ ( mason jar)

#179 Trump on 05.03.17 at 8:11 am

I wonder what Ross Kay would say about this? This blog struggles with myopic thinking. If we want to talk about debt then shouldn’t we look at a nations debt – Gov and citizen?

We talk about the US being the model to aspire too but their GDP growth is lower and things are going so well that the vote in a President who is mocked globally.

The reality is that there is a series of asset bubbles and by myopically focusing on real estate we are missing a much more broader dialogue. The real estate market could continue to percolate for months or years.

https://beta.theglobeandmail.com/real-estate/vancouver/greater-vancouver-condo-prices-surge/article34877701/?ref=http://www.theglobeandmail.com&service=mobile

#180 Lee on 05.03.17 at 8:15 am

If you ask your friendly neighborhood real estate agent he will tell you most of the new homes are pre-sold to investor groups of real estate agents or others. They come in an buy five or ten lots each, and then maybe 20% of the inventory remains, but by that time the prices have already gone up 20%. Then the agents flip the properties to their clients for a profit. Solution: become a real estate agent.

#181 maxx on 05.03.17 at 8:20 am

#88 Seagoblin on 05.02.17 at 8:23 pm

#5 What a housing revolution this is. With this investment now, Toronto could be as important a market as New York in about 10 years!

——————-

“What New York is to the USA, Toronto is to Canada.”

Almost. New Yorkers are friendlier.

#182 traderJim on 05.03.17 at 8:24 am

#109 Shawn Allen

Immigration is unambiguously good, but somewhere between Japan’s xenophobic/racist policies and open borders there is a common sense middle ground that says we should encourage LEGAL immigration of people that do not explicitly want to commit terrorist or other criminal acts.

And since we have already blown our budgets it doesn’t seem particularly intelligent to bring in all the elderly parents of recent immigrants who will never contribute a dime to the kitty, but will be a massive drain on healthcare.

#183 traderJim on 05.03.17 at 8:26 am

Interesting that government’s ‘solution’ to the housing supply problem is to take away the property rights of individuals, instead of relaxing ridiculous restrictions on new developments.

Really makes you wonder.

#184 Andrew t on 05.03.17 at 8:39 am

#115 Toronto1 on 05.02.17 at 9:15 pm
interesting observation to share about the GTA market.

in the last 6 months, i have never seen so many choice commercial properties up for grabs in the GTA proper- name the street or hot neighborhood and there will be multiple commercial properties (res/com mix, commercial, multi tenant res etc..) for sale. Even large scale commercial

Never seen this before- as most of these places have been owned for decades, never seen so many ” first time ever for sale” listings.

maybe the smart money is looking to unload?

on a side note- so many business for sale at below replacement cost (cost to build out), service style places, restaurants, bars, fast food, etc.. that worries me as small business are the backbone of the economy-
not sure what this means, but like i said i have never seen so many business and commercial property for sale in my lifetime.

anyway just an observation

It’s another side effect of the greed that’s rampant. Owners want ridiculous rents, so they are holding out for a chain store or waiting to be scooped up by a developer looking to build a condo, and they don’t want a lease standing in the way of that. It’s really doing a number on independent businesses.

#185 Detached/Semis down 9% MoM on 05.03.17 at 8:43 am

In one month, GTA detached/semi prices are down 9%….which is huge , but no MSM mentions it , interesting…..

#186 soost on 05.03.17 at 8:52 am

FROM CBC TODAY:

“[But as the housing supply went up, sales fell 3.2 per cent year-over-year.

What keeps climbing though, is housing prices. The average selling price for all types of homes combined now sits just shy of $1 million at $920,791.

That’s a jump of 24.5 per cent since last April, and TREB is predicting that that number won’t subside.

“Expect annual rates of price growth to remain well-above the rate of inflation as we move through the spring and summer months,” Mercer explained in the report. ]”

HERE’S SOME REDUCTIONIST ANALYSIS FROM SOOST:

TREB’S ANALYST THINKS THAT MORE LISTING AND LESS SALES = EXPECTATION OF GROWTH OUTPACING INFLATION.

JUSTIFIED BY GLOSSING OVER THE LATEST MONTH-TO-MONTH TREND AND HUMPING THE Y-O-Y NUMBERS.

Great selection of expert panelists. Maybe Trumpo was right about the media.

#187 soost on 05.03.17 at 8:56 am

HERE’S ANOTHER GEM!!!:

“Once the flowers come out, a lot more listings come out,” explained real estate agent Danyelle Boily.

Boily said that more choice, combined with some “burnout” for buyers who have been watching “crazy bidding wars” over the last few months has resulted in what she describes as a “wait and see mood.”

“It’s still a true sellers’ market; it’s just right now there’s a little bit of a lull. ”

IT’S A TRUE SELLER’S MARKET JUST RIGHT NOW ITS A BIT NOT

#188 John of Grant on 05.03.17 at 8:59 am

#37 akashic record

Unsurprisingly, SWIFT has been hacked numerous times, both by the NSA as well as private hackers who have stolen a great deal of money from their victims.

Last year a bunch of hackers famously penetrated the SWIFT network and stole over $100 million from the Bangladesh central bank.”
—————————————-

SWIFT wasn’t hacked. The Bangladesh Central Bank was hacked.

#189 Pierre on 05.03.17 at 9:21 am

This is the greed stage, the top is near

http://ochousingnews.com/wp-content/uploads/2007/06/Psychological-Stages-of-a-Bubble-Market1.jpg

#190 Turdo sunshine on 05.03.17 at 9:26 am

You know what they say about someone desperate to buy a big house.

The buyers here are obviously compensating for something.

This is what we are all thinking.

#191 Penny Henny on 05.03.17 at 9:28 am

#102 Smoking Man on 05.02.17 at 8:50 pm
Penny Henny?

Up date. Getting worried.

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

I replied twice yesterday. JEES

#192 Kim on 05.03.17 at 9:30 am

Vancouver is “hot” again only because of Krusty’s stupid free interest loan program. Notice all the units moving are cheaper townhomes and condos. The free interest loan (37.5k) x 5 years for the downpayment amounts to an additional 200k in purchase price for most people, so a 500k condo can now be pushed to 700k. Notice detached and anything over 1 million is not really selling. This subprime loan is going to come back to bite people in five years when the loan reverts back to normal interest rates.

#193 Dominoes Lining Up on 05.03.17 at 9:30 am

#115 and #184

in the last 6 months, i have never seen so many choice commercial properties up for grabs in the GTA proper- name the street or hot neighborhood and there will be multiple commercial properties (res/com mix, commercial, multi tenant res etc..) for sale. Even large scale commercial

It’s another side effect of the greed that’s rampant. Owners want ridiculous rents, so they are holding out for a chain store or waiting to be scooped up by a developer looking to build a condo, and they don’t want a lease standing in the way of that. It’s really doing a number on independent businesses
__________________________________________

These comments got my attention – I have been noticing the same sort of things.

All around formerly desirable parts of midtown Toronto are closed up shops and vacant businesses. On St Clair west, this stretches from Bathurst to Keele. There’s a travel store near Atlas avenue that’s been boarded up and graffiti covered for over five years. Restaurants, high end ones, to the east of this have closed and are vacant and empty now for a year. Near Dufferin, a fancy bicycle store closed 18 months ago, still vacant.

My favourites: at St Clair and Via Italia, there are two empty storefronts. One advertises a Shoppers DM drugstore ‘coming soon’ (for five years) and the other is a Sutton Realty office, with a sign about them moving soon, dated September 2013! The street bars and cafes are occupied by lots of rough unemployed dudes hanging out during the daytime. This area was busted by police about a year ago, lots of the cafes and bars are actually running illegal gambling businesses upstairs or in the basements.

But realtors brag about what a great place this is, LOL.

This St. Clair West area is a classic bubble territory. (The income opposite of Leaside, but with similar house prices.) Everyone has jumped aboard, bidding a million plus for many area homes. Many fools spend their days and weekends upgrading their shacks. But the area’s high schools are not great (one is closing this spring) and the population is largely lower educated, lower income seniors of Portuguese and Italian descent who are not hipsters by any measure and their kids have all moved to the 905.

And what’s with the trend all over of empty spaces being leased out to low-end cheapo fitness clubs?

St Clair West has a number of these now, as do other midtown areas and empty plazas in the burbs. Fitness clubs have got to be the most inefficient use of space for leasing, and the owners are getting pinched for sure on the rents. Many have signs advertising $5-10 weekly charges. How can that work as a business long term? Even ‘major’ locations have this – check out the subway level mall floor at North York civic centre. All the commercial spaces except for a Starbucks and a couple others have been neatly boarded up for years. At the west end, a Goodlife fitness club is the only tenant for a 200 metre stretch, advertising super cheap memberships.

The weakness of the underlying commercial economy is clearly a product of people overextending themselves so much on bubble real estate.

#194 Deplorable Communications on 05.03.17 at 9:30 am

#141 Smoking Man on 05.02.17 at 11:21 pm

‘Again

who’s coming to dogapaluza at the general store on May 13. Need to know how many free books I need to print seeing I can’t sell worth a shit. Marketing has always been a problem with me.

Your the best vba code smith that God ever created. The Job market exploding like never before for that role and I can’t get a gig.

The interview, stench of tabacco and JD, the God ugly teeth. And the fact that I can’t control my body laugange that tells the interviewer. Your such a suck up loser. Nice pink shirt.

Show of hands please. Who’s coming. Might get some tee shirts done too.

See how pathetic my life is. Got to buy friends.
..
Don’t you have to be at the tax farm in new york working for the swiss bankers…

#195 Penny Henny on 05.03.17 at 9:31 am

#108 Smoking Man on 05.02.17 at 9:06 pm
102 Paul on 05.02.17 at 8:53 pm

Paul what did that Triplex go for on 42 street go for. In Shlong Branch. Hell another 50 cm of rain and marie curtis park will be under water. I’ve never seen the lake water so high.

Is this a sign.
//////

1.6M

#196 };-) aka Devil's Advocate on 05.03.17 at 9:34 am

This market is INSANE !!!

Might be time to retire, sit back and watch the absurd world as an observer rather than a participant.

Feels a lot like 2007/2008… but on steroids. I can’t believe that it’s not going to crash and burn like never before.

It’s no different here. It’s population increase and urbanization. Irrational exuberance turned to GREED.

Our socio-economic models are not equipped to deal with it appropriately.

The vulnerability is there. We are hanging on by a thread. A sinister force could, and probably will, bring it all crashing down. Not a World Trade Centre type of event but one more far reaching and Western World crushing as they attack our most vulnerable weakness – our panache for debt financing our conspicuous consumption.

That or Trump drops a bomb on N. Korea.

Some how, some way the reset will be pressed.

#197 Stan Broock on 05.03.17 at 9:53 am

I would not live in Brampton even if they pay me.

for 1 mil I can live 2 lifetimes in Thailand or Spain, with great weather, much better health care and I would never have to work again. Knowing the corporate culture in Canada the last benefit (not having to work ever again) is sufficient itself to drive my choices.

Paying over 1 mil to live in a crappy suburb, with no infrastructure whatsoever, be a debt slave your whole life (if lucky to have a job in rapidly deteriorating outsourced and automated economy), enjoy horrible traffic (Steels for example in Brampton is almost completely non-drivable in rush hours) for the privilege to hit the local crowded mall on the weekend to mix and mingle with the herd and enjoy the humid unbearable summer is well, the very definition of insanity.

Just thinking of it drives me to depression.

Need to open another bottle. Cheers.

#198 };-) aka Devil's Advocate on 05.03.17 at 10:07 am

#193 Dominoes Lining Up

“But realtors brag about what a great place this is, LOL.”

What the “_____” do you expect them to say. “This place sucks. You don’t want to buy here” Yup that’ll get the job done for their principle.

Which is precisely why we have Buyer Agency and EBAs or BRAs. You want a REALTOR® who will work for you just as the Seller has one working for them… UNDER CONTRACT specifically with your best interest at the forefront of the dealings.

#199 };-) aka Devil's Advocate on 05.03.17 at 10:15 am

Notice the incongruent nature of my last two posts.

No this (real estate) is not a fun business to be in right now. My only saving grace is that my station in life right now affords me the option of saying “no” to that which others are pressured by lower level wants and needs to prostitute themselves and say “yes” to.

Buyer beware };-)

#200 Jonah on 05.03.17 at 10:28 am

I thought, Garth had put my video which I took at Bowmanville but this is actually Brampton (the only difference).

Most of these people that you see are flippers and not actual first time home buyers. They want to invest in certainties of the house value going up in 100s of thousands; blinded by greed, and driven by cash disposals acquired from flipping recent property begging to be reinvested in to ever expanding housing bubble.

With municipalities making millions on Land Transfer Tax on monthly basis, and with over 50K realtors earning their easy 1 to 6 % through as Garth puts it home horny and house flipping maniacs, the end which I hear is near would be not a pleasant one.

#201 TorontoSux on 05.03.17 at 10:28 am

#193

Sharp post-that stretch of St. Clair between Bathurst and Keele should be humming in this market but it sure is one grungy, lonely part of town.

#202 Dogapaluza on 05.03.17 at 10:28 am

#194 Deplorable Communications on 05.03.17 at 9:30 am

#141 Smoking Man on 05.02.17 at 11:21 pm

‘Again
who’s coming to dogapaluza at the general store on May 13. Need to know how many free books I need to print seeing I can’t sell worth a shit. Marketing has always been a problem with me.
Your the best vba code smith that God ever created. The Job market exploding like never before for that role and I can’t get a gig.
The interview, stench of tabacco and JD, the God ugly teeth. And the fact that I can’t control my body laugange that tells the interviewer. Your such a suck up loser. Nice pink shirt.
Show of hands please. Who’s coming. Might get some tee shirts done too.
See how pathetic my life is. Got to buy friends.
……………………………………….
Don’t you have to be at the tax farm in new york working for the swiss bankers…
_______________________________________
Who cares about Smoking Mans fake tax farm job in NYC working for the Swiss. We are all eager to meet Mrs Smoking Man AKA “The Hag” “Gamble-aholic” “Crazy Assed wife” Loved your book, Heather is my wife’s name, she came from Scotland and moved to Toronto when she was eight, and I met her when she was sixteen. She’s loving, loyal with crazy ass mood swings. She’s perfect for me. Never a dull moment in our home.

So is it Heather? Or just Mrs Smoking Man?

#203 Drill Baby Drill on 05.03.17 at 10:44 am

These same people clamoring for their opportunity to buy overpriced particle board shacks will be the first ones seeking government bailouts when interests rates go up and prices fall.

We are witnessing greed on a grand scale at all levels of Government and society.

#204 Smoking Man on 05.03.17 at 10:53 am

#194 Deplorable Communications on 05.03.17 at 9:30 am
#141 Smoking Man on 05.02.17 at 11:21 pm

‘Again

who’s coming to dogapaluza at the general store on May 13. Need to know how many free books I need to print seeing I can’t sell worth a shit. Marketing has always been a problem with me.

Your the best vba code smith that God ever created. The Job market exploding like never before for that role and I can’t get a gig.

The interview, stench of tabacco and JD, the God ugly teeth. And the fact that I can’t control my body laugange that tells the interviewer. Your such a suck up loser. Nice pink shirt.

Show of hands please. Who’s coming. Might get some tee shirts done too.

See how pathetic my life is. Got to buy friends.
..
Don’t you have to be at the tax farm in new york working for the swiss bankers…
.

Nope. Changed my mind. Getting older. No pention. Can’t aford to trade time for crumbs.

Big anouncement at dogapaluza.

#205 NEVER GIVE UP on 05.03.17 at 11:02 am

#1 TorontoSux on 05.02.17 at 5:39 pm
Scary video, if they don’t get a house, they will be looking to rent. But you don’t want to wind up renting to these people-
https://www.thestar.com/news/immigration/2017/05/02/tenants-religious-rights-violated-by-brampton-landlord-who-refused-to-remove-shoes.html
=====================================
I actually do not know any Canadian born people who wear shoes in the home.

Is this a thing anywhere? Who would go outside and step on doggie doo coated streets and then walk into their home with their shoes?

These people are quite civilized if you ask me. The landlord sounds like a bully who was born in a barn?

#206 Joe2.0 on 05.03.17 at 11:12 am

#192 Kim
Nailed it.

They get everyone hooked up on mortgages no matter what it takes and then up the rates down the road.
It’s almost the same MO as crack dealers.

#207 NoName on 05.03.17 at 11:20 am

The end off beer, or not. TAP in free fall today.

http://bit.ly/2pwQecI

#208 45north on 05.03.17 at 11:32 am

MF: When that particular ethnic group came to Canada, they partnered with another particular ethnic group that had been here for a few decades already

my Italian story:

I remember the 60′s, Woodbridge was still farms. One summer job was in the flooring business. One job was to pour a floor at Mary Miles Meat Packing Plant. The crew was Italian. We had mostly finished the floor when somebody noticed a flaw in the concrete. The boss said to ignore it. Without saying a word, one of the workers waded through the freshly poured concrete, repaired the flaw and troweled his way back.

http://www.greaterfool.ca/2013/03/19/what-f-knows/#comment-230535

#209 Raj on 05.03.17 at 11:41 am

I’m myself a person of South Asian heritage.And I can tell you I’m tired seeing the same shit of Real estate worshipping culture brought here by our own people.
The Same thing is applicable to Chinese as well.

BTW, those people in the video are all speculators who own 5-6 properties at any single time.I know this thing will end badly but just frustrating to see this madness continuing while you’re on sideline.

#210 45north on 05.03.17 at 11:56 am

CTO: So. They’re rioting at the sales office. Would same people riot in the street in two years if things got tough?

they’re not rioting, they’re being demonstrative.

#211 For those about to flop... on 05.03.17 at 11:59 am

Mind the gap.

Here is some fresh meat for the daytime crew from the gang over at howmuch.

They break things down so dumbo’s like me can easily understand them.

Still a little bit miffed I haven’t received my free set of crayons they promised me to colour in all their charts…

M42BC

How Big is the Gap Between Renting and Buying a House in Your State?

“It’s never been cheaper to own a home in 2017 than now. This despite the fact that mortgage costs surpass renting expenses across the United States. The average 30-year fixed mortgage rate in recent days reached a bottom for the year at 4.08 percent. Whether you rent or own, however, your housing costs are likely to represent30 percent of your annual expenses.”

https://howmuch.net

#212 Mike in Edm on 05.03.17 at 12:02 pm

I wonder if any of these ‘buyers’ are possibly just acting as agents for very rich people in other countries? Much like what is going on in the high end luxury vehicle market, where the biggest and most expensive Porsche and MBenx SUV’s sell for 2x of 3x as much in China (for example) vs Canada. But the dealerships here claim it’s illegal for someone to buy a vehicle from them and export it out of the country (it’s not, but the dealership can get dinged with fees from their parent company), so exporters will pay normal every day folks up to $10k to buy one of these SUV’s for them because the exporters can’t just go into these dealerships weekly and buy a new $150k SUV.

Maybe these people in the video are acting as agents for foreigners out of country, and in exchange for buying one of these houses, they get a one time fee, or maybe they get to live in it for free?

Just a thought because the whole luxury car situation thing is RAMPANT as there’s huge money to be made.

#213 Where's The Money Guido? on 05.03.17 at 12:23 pm

Coming to a province near you: Credit Unions in BC, along with the BC gov’t, are changing their coverage of their accounts from $1 million to $100,000 in the guise to take their CUs across Canada and to limit their exposure to the fallout of the coming housing crash as they are dis-proportionally exposed to the mortgages.
With the change, they are also going to issue shares on stock exchanges and be bought and sold.
This has happened in Australia and has left its members without the say and share in the profits when they get sold ( http://cufutures.ca/2017/04/10/coast-capital-sales-culture/).
Coast Capital is at the forefront of the rip-off of its members. and is having their Annual General Meeting today-the meeting is at 5 pm today (May 3rd), 2017 at Quilchena Golf & Country Club
3551 Granville Avenue Richmond, BC V7C 1C8.
If any of you are Coast members, I suggest you get to this meeting to question this rip-off.

#214 Damifino on 05.03.17 at 12:33 pm

#205 NEVER GIVE UP

I actually do not know any Canadian born people who wear shoes in the home.
————————————–

Interesting. I’m one.

If it’s raining out (which happens a lot in Vancouver) I’ll take my shoes off inside the door, otherwise, I never think about it much in my own home. I just walk in and carry on. But I might take them off later if I feel like it.

In other people’s homes, I always ask. Some cultures are horrified about street shoes worn in the house (the Japanese, for example). Others, like me, don’t see it as much of an issue unless they’re muddy or wet in which case, common sense should prevail.

#215 pBrasseur on 05.03.17 at 12:45 pm

This bubble never ceases to amaze!

Lots of unoccupied units out there and I bet many speculators are prepared to endure negative cash flow for as long as they expect to make a profit in the end.

Similar for occupying buyers, they’re ok with paying nutty prices as long as they believe their assets is going to hold its value.

These people may even be ready to live with a small decline in prices, thinking this is just temporary.

Real nasty problems start when most realize that prices may very well decline further and that decline could last a very long time. That’s when the S will really hit the fan.

By then Home Capital will look like a picnic!

#216 Paul on 05.03.17 at 12:50 pm

#128 Paul on 05.02.17 at 10:32 pm

#116 Original dave on 05.02.17 at 9:16 pm

Was offering tonight on home if the south west end.
Called at 1:30 no offers registered. Presenting at 6:00,
Called to register at 5:00 was told there are 10 offers!

———————

Calling bull on that. Your sales must be slow. In my neighbourhood things were selling very quickly. In the past two weeks a few listings have come up and nothing has sold. I was simply asking about skyrocketing inventory. I dont believe in things selling super quick – and I def. dont believe 10 offers
—————————————————————–
Well you can believe it now call this office in the A.M.tell them you are from Remax and ask how many offers were on this address last night.

Then you can apologies
—————————————————————–
Dave did you call yet, my offer would have been #11 we walked

313 Durie St

Sold:$1,335,313

List:$998,000

#217 Bond Junkie on 05.03.17 at 1:04 pm

#216 Durie is a great street, and that place is done, close to Bloor, walkable subway, no brainer at $1.3. It will be $1.5 by next year.

The market has done nothing beyond hold just south of peak parabola. House kiddie corner from me was offered without @ 1.89 during the March madness. I couldn’t figure out why. Obviously sellers didn’t get what they wanted ala SM mantra, relisted last week at 1.62.. traded at 2mil on the weekend.

Move along nothing to see here…

-Bj

#218 For those about to flop... on 05.03.17 at 1:07 pm

Pink Pollen falling in Coquitlam.

I would say roughly 95% of the people I have found in trouble purchased in 2016, with maybe 4% 2015 and amazingly I’ve even seen some 2014 purchases having some trouble getting their money back so chalk that down to give or take 1%.

This case falls into the 2015 lot.

In late 2015 ,they decided it was a good idea to spend 1.08m on this house in Coquitlam,close to 50% more than it was assessed at the time at a distant 731k

The bumper 2016 assessment came up roughly the same amount to cover their number but now when they are trying to cash out even with this shallow correction they are having trouble being made whole simply because they got carried away and overpaid by such a vast amount.

I’m sure they got the realtors message that real estate only goes up fresh from the Fleet Street presses…

M42BC

2995 Fleet Street, Coquitlam

Oct 30:$1,388,000
May 2: $1,099,000
Change: – 289000.00 -21%

https://www.zolo.ca/index.php?sarea=2995%20Fleet%20Street,%20Coquitlam&filter=1

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDAzWFE5SA==

#219 bdwy sktrn on 05.03.17 at 1:24 pm

dan: not like it matters but, I pay about $26 CAD a month for my 5gb internet and 300 free minutes
————————
where are you? maybe you need to shop around.

in vancouver i pay 29 for unlimited calls, unlimited texts and unlimited data (but throttled at 5gb).
best is 0.05/Mb for us roaming. i can read this soggy blog for a nickel anywhere in the usa.
downside: not the best coverage outside of urban areas.

#220 The real Kip on 05.03.17 at 1:58 pm

You think houses are expensive? Just bought a new pair of Sketchers for $105 tax included! It was either new shoes or a head of cauliflower but not both, I picked the shoes.

#221 IHCTD9 on 05.03.17 at 2:08 pm

#17 Ret on 05.02.17 at 6:22 pm
Yeah, apparently everyone wants to live in Brampton. Who would have thought?

After seeing the RE sales office spectacle on the video clip, one would wonder why the developers are not charging at least $3-400,000 more. Stairs from the garage to the basement would be a $65,000 manditory option for all homes as well.

They clearly don’t get that supply vs. demand thing.
_____________________________________

I’d get the cop to get them all off the door, then step outside and have them start bidding. Profits would soar, and knowledge of your market base would increase 10 fold.

Buddy might find out just how stupid, and how greedy his potential clientele is. A golden opportunity to fleece the heard for everything they’ve got and more – all while they get into fistfights with each other trying to drown out opposing bids.

What a collection of idiots.

#222 simplyput7 on 05.03.17 at 2:09 pm

#212 Mike in Edm on 05.03.17 at 12:02 pm

They are just local speculators who just don’t know it’s over yet.

#223 Blacksheep on 05.03.17 at 2:28 pm

Listen folks, we have approx 70% home ownership in Canada.

With…

Inflating RE values causing a wealth generator effect? Creates employment, even if you don’t own RE?
A rising tide lifts all boats?

As Garth recently pointed out, we have frig all else of significance driving our economy, making the foreign Dinero pouring into our RE market from parts unknown is a blessing. (more so for RE owners)

This video is just confirmation of more of the same….

Sure some have missed said proverbial boat, but that’s how life goes sometimes. Any expectation for the system to act against its own, best interest, beyond placation is simply being naive.

Those ‘voting’ in BC for fairness are being duped. You just may get cheaper housing, problem is your not going to have a job, cause the BC economy will go in the shitter like it has every other time the NDP has taken power in the last 40 years.

You may not like the fashion that Christy baby conducts business, but you have to admit, we are doing better than the rest of Canada and that’s good enough to get my vote.

#224 Ron Maiden on 05.03.17 at 2:33 pm

Looks like HCG can’t lift itself out of the gutter.

How will the rest of the subprimers fair?

#225 Blacksheep on 05.03.17 at 2:47 pm

By the way, fundamentals have SFA to do with our current RE market. Took me years to realize this. This is why those expecting a crash (including myself in the past) have been dead wrong, with many are now priced out….

Want proof?

House hold income in Van is 70K, how the hell are SFH’s going for well north of $1,000,000 per, at a minimum?

Let me help with some pre supplied justifications:

Foreign influx of loot, Grow opps, rental income, multi family occupancies, low rates, ect.

In the end, you can throw out the expectation of reversion to the mean / ratio (1:4 or whatever) based on income fundamentals, since they simply do not apply to this multi influenced market.

#226 Doug in London on 05.03.17 at 3:00 pm

All I can say in if you own a house in Brampton, cash in your winning lottery ticket RIGHT NOW!!!!!!!! The frenzy in the video reminds me of the frenzy to buy gold in January 1980 at $800/ounce. Here we go into the time tunnel again. For the first time I’m hearing a new wave tune with the words “here in my car I feel safest of all, I can lock all my doors it’s the only way to live in cars”. Who’s that artist, did I hear the radio DJ say Gary Numan? As I use a hand winch and all the strength I’ve got to pull myself back out of the time tunnel, before it pulls me back in again I’ll say: if you own a house in Brampton, put that computer down RIGHT AWAY, get up off your ass and cash in that winning lottery ticket now! Don’t wait!

#227 Greater Fool on 05.03.17 at 3:23 pm

This video looks like one of those black Friday’s video where people are after good deals.
A rich person with a million bucks would NEVER EVER behave like that, these guys are sub-prime fools.

#228 april on 05.03.17 at 3:28 pm

#186 – apparently home price numbers being quoted today by the real estate board are based on last January. Today’s numbers will not be released till next July or August [the usual lag] and prices are expected to be down drastically. The HPI is expected to plummet over the next 3 months.

#229 bdwy sktrn on 05.03.17 at 3:49 pm

#226 Doug in London on 05.03.17 at 3:00 pm
… put that computer down RIGHT AWAY, get up off your ass and cash in that winning lottery ticket now! Don’t wait!
————————-
you said this about 604 a few years back, no?
avg van city house up 500k since then.

yes these people may be canadian citizens, but canadian means multi-culture, so one can be 100% canadian (by law)and also 100% (insert old home country here) culturally.
there is no questioning the belief in land ownership in the planets largest two cultures. they put the pizza guys to shame in their desire for dirt.
expecting ex-pats them to drop this culture once they get a maple passport is not only ridiculous, but ‘racist’???.

brampton prices will be fine – the culture will not change.

#230 jess on 05.03.17 at 4:08 pm

May 3, 2017 – 11:00

Germany has summoned the Swiss ambassador to Berlin over a Swiss secret service agent alleged to have been involved in uncovering German tax investigators who bought stolen banking data.
https://www.swissinfo.ch/eng/diplomacy_banking-data-spy-row-with-germany-escalates/43153096

https://www.swissinfo.ch/eng/banking-data_swiss-agent-suspected-of-exposing-german-tax-sleuths/43148958

#231 Johnny Boy on 05.03.17 at 4:27 pm

Oh the humanity, look at all those poor people.
https://www.youtube.com/watch?v=pUVDmXvXcbk

#232 jess on 05.03.17 at 4:32 pm

incentives to rent /buy
Buy a home, get a car free: offers galore as London estate agents struggle to sell
https://www.theguardian.com/business/2017/may/03/buy-a-home-get-a-car-free-offers-galore-as-london-estate-agents-struggle-to-sell

=====
a shower in the kitchen?
http://www.businessinsider.com/this-london-flat-has-a-shower-in-the-kitchen-2017-4

#233 Madness on 05.03.17 at 4:39 pm

Just saw this same video on my facebook feed (I follow a Brampton parody site)
Comments revealed that not only is this happening, but people are also selling their “VIP appointments” on kijiji for $500-$1,500.

#234 Entrepreneur on 05.03.17 at 5:09 pm

I also think that video is a setting a stage for group emotions to buy, buy, buy. Good job blogger(s) for pointing out that phoney police officer, caught in the act.

#223 Blacksheep….You are kidding about voting for Kristy, hope you are. You have to live in a bubble to vote for her. Her last ad was about how she protected jobs but I think she meant the jobs she sent to other countries like our B.C. ferries to Poland. When she puts down the other parties I think she is “looking in the mirror.”

Paid duty police officers are not ‘phoney’ but are used routinely across many jurisdictions for special event crowd control. Don’t get out much, do you? — Garth

#235 Sam on 05.03.17 at 5:24 pm

Smoking Man,
Please save a book for me.

#236 Michael Bay on 05.03.17 at 9:58 pm

When will people finally learn to rotate their iphone sideways instead of shooting in ridiculously skinny portrait mode. Jeez, even I know that landscape is the way to go.

#237 Doug in London on 05.03.17 at 11:13 pm

@bdwy sktrn, post #229:
These kind of price increases are NOT SUSTAINABLE. If you sold 2 years ago and put the money into stocks, equity ETFs, REITs, and preferred share ETFs in late 2015 or early 2016 when they were on sale you could have made a killing in capital gains. Not only that but you could have left Vancouver behind, moved somewhere where property is cheaper, sitting on your ass in the comfy cozy chair, putting your feet up, retired, and have left the rat race behind for 2 more years of the rest of your life.

Corrections in real estate have happened before, and when they do it becomes harder to sell and prices drop. It makes more sense to get out when the market is strong, because it won’t stay that way forever. Sooner or later it will run out of greater fools. I would sleep better at night once I took the money and ran, as any sane person would.

#238 choptstix on 05.04.17 at 10:33 am

the vancouver condo market ain’t seein’ any slowdown…guess greasy new coast realty wa right in their assessement, in that condos are where the real gold is…Scamcouver
http://www.metronews.ca/news/vancouver/2017/05/03/average-price-of-vancouver-westside-condo-nears-one-million.html

#239 Doug in London on 05.05.17 at 10:56 am

Further to my above comment #237, if you sold your house, in other words cashed in your WINNING lottery ticket and now have some cash on hand, you could buy more XEG as it’s ON SALE now!