What now?

Stock markets look set to romp and chomp Monday following the decision by French electors to bury Marine Le Pen. It was the right choice, if you like global stability and growth. It was a cop-out if you hate immigrants and crave nationalism. The Le Pen defeat was so decisive it puts a fat spike in populism’s coffin, and demonstrates to the world a Trump will likely never happen again. First Holland, now France, later Germany and Britain. Common sense, 2. Deplorables, 0.

This matters, why?

Rightist politics has lately been all about building walls. Not just physical ones, like Trump’s Mexican fantasy, but trade tariffs, border taxes, trade deal abrogations and non-tariff barriers. Softwood lumber. Border Adjustment Tax. Ripping up NAFTA. Brexit from the EU. Buy American, hire American. Foreign Buyer taxes. All flowing from the same source – a pissed middle class. As real as that is, it won’t be solved by isolationism nor protectionism. If there were a wall around Canada, we’d have $400,000 Vancouver houses and Cuba’s standard of living.

Populism is the enemy of corporate efficiency since it stops the free flow of labour and capital. The disaffected hate globalism for migrating jobs to lower-wage places. The global redistribution of wealth created Trump, Lafarge and Le Pen. More will follow, for sure. But logic tells us that walls and barriers won’t work – even here in frosty Beaverland, where Kevin O’Leary and Kellie Leitch just crashed and burned. The world’s had enough tribalism.

France gifted America the Statue of Liberty for a reason. “Give me your huddled masses yearning to breathe free.” No walls there.

$     $     $

Anecdotal evidence continues to mount that peak house is behind us. In the last seven days a fresh 5,200 properties hit the market in the GTA and 2,300 in the Lower Mainland. Inventories have been bloating as increasing numbers of people realize the ascent has ended and this might be the last chance to sell at bloated, unsustainable prices to complete greater fools.

Like Sarah, in Oakville.

“I took a look at the realtor.ca website, to see how many listings there are out there,” she wrote me on Sunday. “Unbelievable.”

I recently sold my house (past few weeks) when there was not much on the market. The listings were just starting to flood in. Now there’s a downpour – kind of like the rain over the last few days.

We bought for $695K 7.5 years ago, and just sold for $1.520K – closing the end of July. And we signed a 2 year lease with the new owner, so we don’t need to move right away. Why did I sell? It was costing me at least $30K per year in maintenance, just to keep my 40 year old house from falling apart. Forget about any remodelling with a single income and four kids. And I’m in the top 1% income bracket. I wanted to walk away with $1M in cash, but in the end settled for $800K. I think there is an interesting story here. If I can’t afford both a mortgage and maintenance when I bought on the dip 7.5 years ago – it’s going to be a problem for those buying in the past year. I’m glad to get out now, and not have to worry about losing my job, replacing the furnace etc.

And what happens if you miss the crest of the market by a few weeks? As Dan tells me, greed has a way of turning into dismay, real quick.

“I’m a long time reader and believer… I hadn’t been paying much attention to the housing market until about a month ago when a friend and neighbour told me he was going to sell his house,” he says. “Well it sold the weekend he listed for 2.1mil which is a couple of hundred more than asking but was what he was expecting.

Well after finding out my house was ‘worth’ 1.9mil (I bought 7 years ago for 600k) I quickly convinced my wife it was time to get out. We listed with the best realtor in the area who was sensing the market was slowing and he advised to list on Good Friday. There were no other places available in our demand hood and he could see there would be a bunch of new listings after Easter.

Easter came and went, no interest. We had listed low in anticipation of a bidding war! None came. We changed the price to the ‘honest’ price. The price we would be happy with. 1.7…. nothin!  There are about 15 places now listed in our area. All around a similar price.  So…The reason I am boring you with my story,  I have no idea what to do. The realtor says be patient… I can do that but we have a lot of competition at the moment it’s probably only a matter of time before someone has to sell and drops a couple hundred k off their asking price. Well what to do???

Simple, Danny boy. Drop your price until you find the correct one – the market value.

Friday’s job stats should be a wake-up call for many people, coming on the heels of the Canadian subprime mortgage meltdown, Ontario’s anti-bubble crusade, another Fed rate increase next month, the spendy federal budget and the looming Dipper win in BC. I mean, what’s it take to convince people that 30% year/year price increases are the biggest evidence possible we’re about to deflate? Debt is exploding and wages have puddled. As Sarah points asks, how can the fool paying $1.5 million for her house ever hope to be solvent when a 1%er can’t do it after forking out less than half that amount for the same place?

This is the time to take money off the table. Not put it on. The soft landing looks impossible. Find a buyer.

Vive les fools!

219 comments ↓

#1 Victor V on 05.07.17 at 4:25 pm

Would you co-own with a total stranger? Priced-out Torontonians turn to real estate speed dating

https://www.thestar.com/business/2017/05/07/would-you-co-own-with-a-total-stranger-priced-out-torontonians-turn-to-real-estate-speed-dating.html

There is nervous laughter among the gulps of wine, tentatively proffered handshakes and exchanged numbers. But the personalized name tags at this speed-dating event in a Yorkville pub are a clue that this isn’t a romantic quest.

“I have a big down payment,” reads the badge of a woman in a stylish grey business suit.

“I love dogs,” says one man’s name tag.

They are among roughly two dozen people, mostly millennials, who have come in search of someone who might be willing to share a roof, but not necessarily a life.

This is speed dating for house hunters. Many people here already have personal partners, and some have already owned homes.

Discouraged by the Toronto region’s high home prices and cut-throat bidding wars, they have turned up on a soggy Thursday evening in pursuit of a step up on the city’s increasingly unaffordable property ladder.

#2 pathcontrolmonk on 05.07.17 at 4:32 pm

A nice reprieve perhaps, but the reasons Le Pen got so close aren’t likely to resolve themselves anytime soon. The same reasons that Canada will eventually have its own Trump.

#3 Derron McFleur on 05.07.17 at 4:32 pm

Time to sell gold and buy the French stock market! Long live capitalism!

#4 Anonymous on 05.07.17 at 4:35 pm

To Dan, who can’t sell his house for 1.9M:

You never paid attention to the housing market, so keep not paying attention. Why are you even selling, because you neighbor made a killing or because you have to move? Keep enjoying your life like you did before you neighbor sold. Jealousy and greed are not the keys for happiness.

#5 moneydriven on 05.07.17 at 4:37 pm

Yet Vancouver “correction” meant another 15% higher prices in condo or anything less than a 1M… The correction in luxury market is pointless..

Also rate increase in Dec 2015 Dec 2016 Mar 2017, and maybe June 2017… Yet mortgage rate are only .25 over the lowest rate ever. This is after the home capital wake up call shock!

Is there ever going to be anything impactful for someone who wants to live in lower mainland?
When is mortgage raising?
When is a Relevant correction in Vancouver?

#6 Eurovision on 05.07.17 at 4:48 pm

When we owned a crip in BWillage (aka a 50’s dump site) making well over the average income x2, our overhead was not even close to covering our costs, and this was way before things got stupid, I can’t even imagine how freaky it’s about to get.

#7 waiting on the westcoast on 05.07.17 at 4:48 pm

The next door neighbors to my parents bought the 5 acre property as two couples (don’t know if any swinging is going on). Same issue – wanted land but could not afford to make the 1.5M price tag out in Langley.

On another note, we will be moving back to Canada after our escapade to Uruguay ends in the next few months. Great place to retire but a little difficult for travel back and forth for me. I will miss the 25 degree weather right now (which is equivalent to early November in Canada).

We will be leasing in Victoria until the animal sprouts recede…

#8 Maxime Bernier on TWIM on 05.07.17 at 4:55 pm

Maxime Bernier on This Week in Money:
Economic Vision for Canada, Privatization, Lower Taxes, and Free Trade both Internationally and Provincially.

http://www.howestreet.com/2017/05/05/this-week-in-money-103/

#9 Nothing has changed on 05.07.17 at 5:05 pm

Young bankers created a ways to reduce risk. How to make loans less risky which resulted in credit default swaps. This created the greatest crisis after the Great Depression.

Frontline : Money, Power and Wall Street (Documentary)
https://www.youtube.com/watch?v=OQqSP4OhMDI

Has anything changed?
http://business.financialpost.com/news/fp-street/rbc-exploring-sale-of-bonds-backed-by-uninsured-residential-mortgages

#10 waiting on the westcoast on 05.07.17 at 5:05 pm

Umm… Spirits not sprouts…

#11 For those about to flop... on 05.07.17 at 5:16 pm

Just took this photo out the front of an open house not far from where I live.

http://imgur.com/a/9zjui

The house has been owned by an elderly lady who is cashing in and moving back east to be with family apparently.She waited a year too long ,but will still make an excellent profit after buying it for less than 200k.

This is the second weekend of an open house and even though it’s one of the more affordable houses in Vancouver it has surprised me by the lack of activity.

1.3m for a house on a bike way ,5km from town ,I thought the bearded ones would be all over that.

Not that many viewers but I noticed on a bus ride down Fraser yesterday that a few knockdowns had finally sold after the owners waited 6 months to sell after probably realizing like the elderly lady that the chance to get 1.6/1.7 had passed last Spring.

I wish her luck…

M42BC

https://www.zolo.ca/vancouver-real-estate/904-e-37th-avenue

#12 Pete from St. Cesaire on 05.07.17 at 5:17 pm

Populism is the enemy of corporate efficiency since it stops the free flow of labour and capital.
———————————————————
Facism is the merger of corporatism and government. There is more to life than corporate efficiency. If you threw open all of the world’s borders you might find that capitalism would be more popular than communism amongst the worlds citizens but the Western world would immediately find themselves at a disadvantage and a quick drop of their standard of living.We

Nobody, anywhere, has seriously proposed eliminating borders. — Garth

#13 Lulu on 05.07.17 at 5:18 pm

Umm.Sarah, not so happy yet till your property close in July, many things can happen during this time till July, you should pray and pray every night that the buyer won’t get a cold feet and pull back and you are in a yoyo like Garth mentioned that dude the other day.

Yes, listing is flooded just like our weather in the past few days and properties are not selling, very big different than the same time last year…haha.

God Bless The Recent Buyers…lol

#14 X on 05.07.17 at 5:19 pm

A co worker sold to foreigners within the past 3 weeks….the buyers have since asked for a 15 day extension for financing. More than likely due to the new tax.

Had a patient in last week, single mom, not a lot of cash, just bought an investment property in Oshawa. Why are the weakest always the last ones in….but hey I provide health care not financial advice.

Another buddy had listed low, but had crickets at his offer date, relisted for what seemed like the market price, got one offer…obviously took it. 10 days on market all in all.

And the wealthiest person I know, just sold all of his RE (in the last month), with the exception being his family home.

Factor in further rising of rates…and we may just have a reversal of a RE market from crazy to reality in slow motion.

#15 Ride out! on 05.07.17 at 5:21 pm

This is your house we are talking about here. Would love to see what you people do when your stock portfolio is down a few percent.

You’ll all get renovicted one day. Renting isn’t what you think it is. And I’m a nice landlord.

#16 Ride out! on 05.07.17 at 5:23 pm

Another tip for you renters. Not having a yearly rent increases is nothing to be happy about. Your fate is either 1) your landlord sells the place because his/her yield is terrible. 2) you get renovicted

#17 interpretations on 05.07.17 at 5:25 pm

Seems ISIS wanted Le Pen elected, doesn’t it? — Garth

Seems ISIS wanted to terrorize French voters, by sending a message to not elect someone who disturbs the pro-Islam Europe status quo.

Seems it is much more beneficial for ISIS a French president who thinks terror is normal, French citizens should get used to it and embrace it, in the name of anti-racism, anti-nationalism, far-left Islam support, playing the role as defender of liberty and equality.

Doubtful. Extremists crave disruption and leaders who will withdraw into their own borders and not participate in campaigns against terrorist organizations. ISIS likely wanted Le Pen, just as Putin wanted Trump. — Garth

ISIS supports the goal of making Islam as influential in Europe and other parts of the world as possible. That’s the fundamental goal of ISIS.

ISIS absolutely does not want candidates who participate in campaigns in France or other European countries against Islamist terrorist organizations – and against extending the influence of Islam in general – within Europe, or any other part of the world.

ISIS cares less about globalist leaders, who fight them in the Middle-East.

Macron can participate as much as he wants in bombing Islamic countries, those countries will remain Islamic countries.

The goal of ISIS is to support the influence of Islam in Islam-minority countries and regions. For this reason Macron is the dream president for France for the goals of ISIS.

Let’s bury this. France can figure it out. Oh wait, it did. — Garth

#18 Livin Large on 05.07.17 at 5:44 pm

$2,500 per month in maintenance???? What am I missing? Who buys anything with $2,500 per month needed to keep it standing?

You might be the most fortunate woman in Canada Sarah, you did indeed find your “greaterfool”.

#19 Chaddywack on 05.07.17 at 5:55 pm

Word around Surrey BC is that the market is still hot and there is money to be made from “flipping.”

Check out this Beauty:

https://www.zolo.ca/surrey-real-estate/9771-124a-street

Only $1.069 Million for one of the cheapest and most amateur renos I have ever seen. Low end finshings, cheap hardwood, and 70s style wood panelling in the basement that has been painted over…..it also is in Whalley, which is the “poor” area of Surrey.

They bought this place this past January for $692k and are looking to profit $377k in 4 months! The audacity/greed of that price just blows me away. I hope this one ends up on flop’s Pink Snow/Pollen/Lemonade reports eventually.

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDA3NkJUNg==

#20 conan on 05.07.17 at 6:03 pm

I believe in free trade and free movement of capital as well, but once a company routinely sells 300 million dollars a year of product in Canada, that company needs to produce it here. Or, pay a tax.

People have to work, it leads to harmony and wealth creation.

https://youtu.be/C2406n8_rUw?t=10

#21 common sense on 05.07.17 at 6:04 pm

#11 Flopper

Was that sunshine in that photo?

I forgot what it looked like. Thanks.

#22 AK on 05.07.17 at 6:05 pm

Trump may be talking the walk and walking the talk, but he is always looking for : Foreign Investors

#23 A on 05.07.17 at 6:10 pm

You always have the perfect picture!

I have been wondering how the Canadian dollar will fare with the ensuing elections in Germany and Britain should the will for global trade crest, notwithstanding US protectionism.

A pissed middle class hopefully begets a united growth mindset and resilient posture. Do you think that’s possible? Will rising US interest rates defeat the possibility?

#24 I'm Not Poloz on 05.07.17 at 6:10 pm

Trump wants to bring back manufacturing and boost exports in the USA, but Poloz wants a 50 cent Loonie and even lower than that, making US Imports expensive for Canadians.

Will currency wars be the future? Poloz said that he will even introduce negative interest rates and lower the Loonie to 10 cents to remain “competitive” to the world market.

Complete fabrication. Don’t lie on this blog. — Garth

#25 Smartalox on 05.07.17 at 6:11 pm

The disaffected hate globalism for migrating THE EASY jobs to lower-wage jurisdictions

There, fixed it for you.

Since when is advanced IT support easy? — Garth

#26 SimplyPut7 on 05.07.17 at 6:20 pm

The quality of homes listed keep improving, even though prices have not decreased in Toronto. I don’t think some of the sellers in the outskirts of the GTA know the game is over. Their prices are now way too high to encourage a buyer to move to those areas of the GTA, especially as better quality homes near transit, schools, shopping and entertainment closer to Toronto are starting to list for less.

#27 Deplorable Dude on 05.07.17 at 6:29 pm

‘Populism is the enemy of corporate efficiency since it stops the free flow of labour and capital. ‘

Yet the markets love Trump….hmmm??

Seemingly a contradiction.

BTW what’s the opposite of populism? Elitism??

#28 Doug t on 05.07.17 at 6:29 pm

Actually the world will see much more nationalism in the future – the 1% will fight to keep globalism alive but it will destroy itself in the end with wars. If you want WWIII get on the globalism train – WWI was the beginning of the end of the Western control of the world – TPTB will stop at nothing until they have total control.

RATM

#29 For those about to flop... on 05.07.17 at 6:32 pm

common sense on 05.07.17 at 6:04 pm
#11 Flopper

Was that sunshine in that photo?

I forgot what it looked like. Thanks.

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

Yep Common,decent weekend in the Couv for the first time in a while.

That was part of my point, even with the nice weather not much action at the open house.

The house will go ,just a matter of time and how stuck on that price she is.

She lives in that big house by herself and has struggled to maintain it ,it could be a money pit but it could be bulldozed and a new 8 bedroom could appear.

I see her up at the Fraser st shops all the time and I always offer her a lift when I have my van because she doesn’t have a car and struggles with the groceries.

Hope your well, been a while since we wrote each other…

——————————–

Chaddywack,I went the other way with your post.

I looked at the numbers of the previous transaction and realized that the other people took on all that risk just to make approximately 20k of they didn’t put anything into it.

As for the current flippers, yeah they are being greedy but it is up to potential buyers to educate themselves about what they can get for that type of money.

If you commute into Vancouver each day ,there are detached houses in East Van for the same price.

I haven’t come up with anything better than your suggestion for Pink Salmon in the fall and so I will probably use it if the squeeze is still on for the over leveraged…

M42BC

#30 inflation tank on 05.07.17 at 6:32 pm

corporate efficiency = 5 guys making a gazzilion $s and 4,000 get sent to the unemployment line… Change must come… corporate efficiency,,, ha…

#31 James Kook on 05.07.17 at 6:40 pm

“… If there were a wall around Canada, we’d have $400,000 Vancouver houses and Cuba’s standard of living.”

Without wall: we have 3,400,000.00 houses and … Cuba’s standard of living.

Besides, the Cuba’s healthcare is better than BC’s

#32 BobC on 05.07.17 at 6:43 pm

Isn’t the US and Cuba the only 2 countries without a border tax? Doesn’t Canada have one? Would it be ok if the US copied word for word Canadas immigration laws? Why is ok for Canada but not your neighbor? Can you think of a reason?

#33 Vlad Pufkin on 05.07.17 at 6:58 pm

We are so glad to see the election of Macron after so many persuasions by our hackers and fake media outlets. You see, the problem facing the Russian Federation is that our missiles are not so accurate, so in the event of war we would prefer Europe to be united so we didn’t accidentally bomb an ally, as France and Russia have historically been. We take our alliances very seriously.

We will continue our top secret “election hacking” in all western nations to ensure we don’t accidentally bomb an ally. Secretly of course! We are so good at it the Americans can’t even decide why we would want Trump over Hilary, both war mongers! The answer of course is that we didn’t care, we just had to ensure that the areas of the US at which our missiles are pointed remained enemies, because quite frankly we’ve forgotten how to aim these old things. So rather than re-aim them we influence the elections!

#34 Millenial on 05.07.17 at 7:00 pm

Marine Le Pen is 48-years-old. That’s 26 years younger than Emmanuel Macron’s wife. I wouldn’t count her out, Le Pen that is. There’s a good chance she’ll be president of France one day. Vive le Rothschild banker! God bless. Keep buying everything blog dogs!

#35 For those about to flop... on 05.07.17 at 7:05 pm

Actually ,thinking about giving that elderly lady a lift home with her groceries reminded me of another favour that I did for another lady one time.

I seen an elderly Chinese lady walking,carrying her groceries hunched over like that Notre Dame guy, shuffling her feet but barely moving ,so I pulled over and asked her if she needed a lift.

The lady didn’t speak any English but saw what was up and climbed into my van and motioned where she wanted me to go.I was surprised how much further she had to go when she pointed at a house 6 or 7 blocks away and doubly surprised when she exited my van ,walked towards her house and left her groceries on the floor.

I was confused as to what she was doing and then realized she wanted full service ,so I put my hazard lights on in the middle of the street and carried her groceries in for her..

M42BC

#36 akashic record on 05.07.17 at 7:11 pm

“All flowing from the same source – a pissed middle class. As real as that is, it won’t be solved by isolationism nor protectionism…

Populism is the enemy of corporate efficiency since it stops the free flow of labour and capital. The disaffected hate globalism for migrating jobs to lower-wage places. The global redistribution of wealth created Trump, Lafarge and Le Pen. More will follow, for sure.

But logic tells us that walls and barriers won’t work.”

“corporate efficiency”, “logic”…

Garth, would you care to elaborate on this “logic”? Is this what used to be called “the market”?

How will that magic “logic” solve the problems, which are “real as it is”?

How will “logic” deal with the “global redistribution that created Trump”?

You claim “logic” tells you what won’t work.

At the same time experience of large number of the population tells people <b<what does not and has not worked.

What you describe that created all the politically deplorable things you dislike with passion is the exact “logic” what you are promoting heavily as the key for future prosperity.

#37 BMC on 05.07.17 at 7:18 pm

Sarah`s is the 3rd time I have heard of a seller in Oakville leasing back their home from the buyer, all 3 have been in the last month, all 2 year leases, same story.

My spider sense tells me something is amiss

#38 Trojan House on 05.07.17 at 7:22 pm

I believe you are wrong Garth. France has just surrended their sovereignty to the powers that be in Brussels who want to federalize Europe. It’s going to be a hard fall.

#39 Tony on 05.07.17 at 7:33 pm

Re: #18 Livin Large on 05.07.17 at 5:44 pm

Most people don’t even spend one thousand dollars a year for maintenance. A roof should last 15 years a furnace 20 to 25 years and flooring done once in 25 years. My brother spent about twelve thousand dollars in maintenance in 20 years. New roof new flooring in the kitchen and living room before selling the house to a Chinaman about five months ago.

#40 Tony on 05.07.17 at 7:36 pm

Re: #26 SimplyPut7 on 05.07.17 at 6:20 pm

Anything built after the year 1979 is simply put a piece of garbage unless it was a custom build. The homes with a block construction foundation were the best built.

#41 Tony on 05.07.17 at 7:39 pm

With the shadow banking industry being in the spotlight I’m keeping a close eye on this link right here:

http://www.ovlix.com/ca/for-sale/Ontario/Brampton?price=1

#42 Sam the Sham on 05.07.17 at 7:42 pm

“…logic tells us that walls and barriers won’t work – even here in frosty Beaverland”
————————————–
There are approximately seven billion people in the world. Half of these people probably have serious health problems or serious economic or political problems. That’s three and a half billion people who would love to come to Canada. Are these bad people? No most of them are not; they are in serious dire straights. But a country like Canada can not have “free” healthcare, a generous welfare system AND open borders. It is a receipt for disaster!! Sorry bleeding hearts.

Who in Canada is advocating open borders? Fake argument. — Garth

#43 SunShowers on 05.07.17 at 7:49 pm

“Populism is the enemy of corporate efficiency”

You know what else is the enemy of corporate efficiency? A swath of working poor who can’t afford to buy what companies are selling. All corporations want their customers rich but their employees poor, and they’re too myopic to realize that they’re the same people.

In the name of “corporate efficiency”, wages and benefits that would have gone to employees have been hoovered up by the top brass, and then SOLD back via the stock market to the plebs who earned it in the first place.

You can’t convince me that a dozen or so scotch sniffing cigar suckers in a stuffy boardroom are able to to do more good for the economy as a whole by paying themselves exorbitantly rather than paying their employees what they would have earned if wages had kept up with efficiency. Even if they reinvest into the company to create more jobs, the same effect would have come about by having more wealthy customers who would have more to spend at said company.

Far-right populism says “taxation is theft”, and while that flavor of populism is thankfully, on the decline (though it might not have been if Trump wasn’t such a colossal buffoon). However, far-left populism says “corporate greed is theft”, and the most popular US politician right now happens to be a far-left populist.

Walls and barriers may not work, higher corporate tax rates, executive compensation limits, and offshore holding crackdowns may not work either. But the thing with populist uprisings is that lack of a solid transition plan never stopped the pitchforks from coming out when the time was right.

#44 Robert White on 05.07.17 at 7:53 pm

Rain and a lack of sunshine can have a stifling effect on Real Estate sales. Listing pre-spring is what Real Estate brokers always advise but being early does not necessarily translate into early sales. There is no ratio level data that emanates from listing pre-spring and into warmer weather. Sales are dependent upon demand for location. If a neighbourhood is not strategically located in a high demand area it will undoubtedly sit on the market until someone decides they want it on a sunny day with few clouds and clear blue sky overhead. Spring in Ontario is not synonymous with blue sky optimism that most assuredly generates sales compared to overcast skies IMHO.

#45 KLNR on 05.07.17 at 7:58 pm

30k per year in maintenance on a 40 yr old houseLOL.
what kind of dump does thi lady live in.

crappy bungalows in west end TO still selling like hotcakes and well over asking. no slow down here even though listings are wayyyy up.

#46 Mattl on 05.07.17 at 8:06 pm

Cuban standard of living Garth? Please tell me you understand that Cubans have no oil,
potash, precious metals, clean fresh water, etc , etc. If they put a wall around Canada we would never live like Cubans.

And please tell the lady that is spending 30k a year on maintenance that you don’t have to do the roof every year. I mean come on, she is spending 300k every decade maintaining a 40 year old house and none of that is remodelling? 30k is a kitchen reno every year, new siding every year, a pool every two years. Get real, she is either getting ripped off by contractors or is lieing. And only a fool would buy that story

#47 AK on 05.07.17 at 8:11 pm

#34 Millenial on 05.07.17 at 7:00 pm
“Marine Le Pen is 48-years-old. That’s 26 years younger than Emmanuel Macron’s wife.”
——————————————————————
16 years younger.

#48 In Markham on 05.07.17 at 8:12 pm

1.3 million for half a house.. Is this greed or insanity?

https://www.remax.ca/on/markham-real-estate/na-30-memon-place-na-crea_id18112935-lst/

#49 SimplyPut7 on 05.07.17 at 8:15 pm

#40 Tony on 05.07.17 at 7:36 pm

Younger people want homes with natural light, open concept rooms and high ceilings, you can really notice the difference in an older house where the ceilings are lower and the rooms are very dark.

I do prefer older homes, they usually sit on larger properties, closer to highways, transit, amenities and are better built; many of the homes made in this boom have been crap. But after seeing all the new listings, I was surprised to see that many new homes were well built and have rooms that connect well with each other as well as have high ceiling basements.

I feel a bit sorry for the people close to retirement who want to cash out to have savings in retirement, it will be hard to compete with the flippers who redid ever room and have to sell because they can’t afford to have the mortgage on their flip eat into their profits.

#50 Boombust on 05.07.17 at 8:21 pm

#19 Chaddywack

Surrey has TONNES of newer and much nicer homes than that place. All WELL-below 1M, too.

Those people that bought that place to reno are the Greater Fools, alright.

#51 Boombust on 05.07.17 at 8:25 pm

#26 SimplyPut7

You are correct. This has also happened throughout Greater Vancouver, too

You are now getting much more bang for your buck here now over last year at this same time.

Ross Kay calls this “The flight to quality”.

Price drops are often “masked” by increased purchasing power.

#52 Cow Man on 05.07.17 at 8:36 pm

Dir Garth Said:

“Nobody, anywhere, has seriously proposed eliminating borders. — Garth”

What would one call the European Union, other than border-less?

Read this. — Garth

#53 SimplyPut7 on 05.07.17 at 8:43 pm

#18 Livin Large on 05.07.17 at 5:44 pm

#39 Tony on 05.07.17 at 7:33 pm

Many newer homes have expensive to maintain amenities e.g. tennis courts, indoor and outdoor pools, saunas, bowling alleys, gyms, gates and/or have security guards at entrance of the building. I saw one listing in the GTA where the maintenance for a semi-detached house was $1600 a month and it was not close to transit, grocery stores or schools.

Lots of condos also have these amenities in the building, the developer may advertises low maintenance fees e.g. $250 a month or even offer to pay the up to the first 2 years of maintenance fees, and in a few years the fees can creep up to $500 a month. Many people new to condo life, do not realize these fees may not cover all of the utilities or expenses for the unit and find themselves cash poor at the end of the month.

After 5 – 7 years it’s not uncommon for unit to have maintenance fees of $550 – $850 a month, and these are just the basic 1 bedroom units. Two bedroom units can have more than a $1000 a month. Even some newer townhouses have maintenance fees that can be in the $450 a month range in a few years.

Also in Ontario, houses are very expensive to heat.

#54 Where's the house? on 05.07.17 at 8:45 pm

https://www.remax.ca/on/markham-real-estate/na-12-deer-park-lane-na-crea_id18086220-lst/

#55 Globalization on 05.07.17 at 8:55 pm

“If there were a wall around Canada, we’d have $400,000 Vancouver houses and Cuba’s standard of living.”

The idea of globalization is to have everyone have the same standard of living. That way everyone lives better but at the expense of those who already do live better. N’est pas?

#56 traderJim on 05.07.17 at 8:56 pm

I’m just not feelin’ it.

If this is the bubble bursting, it will be the first bubble burst I have missed calling since 1987 (in North America anyway).

I don’t see how any of the underlying causes have changed?

Now, it could be that there are no more buyers, but I don’t think so.

People listing are hoping for a crazy price, but won’t sell for last year’s price.

I’m far from certain, but my gut tells me this is a temporary lull while buyers wait to see what happens.

Once they see that nothing is changing hands, the panic will resume.

3 to 5 months until the bidding wars resume? That’s my guess.

#57 traderJim on 05.07.17 at 8:59 pm

#54 Where’s the house?

Hahaha I love that listing. I saw the ‘mortgage payment’ said $1,230/month. I thought, what? That can’t be right…then noticed it was a WEEKLY mortgage payment. Hahahaha guess that’s one way of making it seem affordable.

#58 traderJim on 05.07.17 at 9:03 pm

“Open borders”

It seems to me that a LOT of people in the Democratic Party and media seem to think the US should not secure its Southern Border? Am I missing something?

They don’t even want a basic first step barrier called a ‘wall’, let alone anything more effective.

Pretty sure that was a huge debate in the election.

#59 Julia on 05.07.17 at 9:05 pm

Neighbour’s house hit the market this week. A similar but non renovated house up the street sold in a bidding was last summer for $1.1 on a $789 listing price. That weekend was impossible to park on the street with so many people at the open house.
Neighbours listed a little above $1.1 and I don’t think we saw more than a dozen people. Certainly no parking issue on the street. A few more houses for sale than a few months ago but not a ton.

We’ll see what happens but traffic around open houses has certainly slowed.

#60 maka on 05.07.17 at 9:07 pm

Now Realters® would say “This is a buyer’s market”. Plenty of choices and affordable prices :)

#61 SimplyPut7 on 05.07.17 at 9:09 pm

#54 Where’s the house? on 05.07.17 at 8:45 pm

I wouldn’t be surprised if that house is really old and protected by the local historical society. Which means you have to get everything approved by the society before you can even touch the house.

And if the new owner touches that huge tree in the front, I’m sure neighbours will complain and the city will fine the new owners.

#62 meslippery on 05.07.17 at 9:11 pm

#18 Livin Large on 05.07.17 at 5:44 pm

$2,500 per month in maintenance???? What am I missing? Who buys anything with $2,500 per month needed to keep it standing?
———
Maintenance.. Property tax, Insurance, heat, hydro,(Bell/Rogers)
How much are we up to???

#63 Tony on 05.07.17 at 9:15 pm

Nothing is selling during what should be RE crazy time. No buyers and desperate sellers wanting out of the housing bubble. Mortgage fraud is out of control and thanks to an American short to expose Canada’s housing ponzi scheme that has ended. Without mortgage fraud the market will crash HARD! My buddy is thinking of selling his investment property and mentioned how many houses are on the market. Looks like panic is setting in. Prices went high on light volume and will crash hard on heavy volume. Lots of air pockets on the way down.

#64 toronto1 on 05.07.17 at 9:21 pm

#14 X

the smart money is getting out

Ask anyone you know who owns a home if they can afford to buy it at today’s prices, 7 out of 10 will say no- soon they will find out that without creative financing no one else can either.

Word in finance circles is that “fake paper” mortgages are next to impossible to source at any reasonable rates(still available in the 7% plus range) but nothing in the 4-5% range that was going rate until about a month ago……..

watch for action on the outskirts of GTA first- Brampton-Durham and North– no point in paying 800K for a house in those locals if you can get one closer in the city for the same………

#65 Smoking Man on 05.07.17 at 9:33 pm

My realtor sent me sales in south etobicoke.

Prices still up on the solds.but inventory through the roof.

#66 Herb on 05.07.17 at 9:33 pm

#46 Mattl,

you also might ask our host if he understands that there has been a US commercial, economic and financial embargo on Cuba in effect for 50-odd years, which would hardly be conducive to the standard of living there.

#67 AK on 05.07.17 at 9:43 pm

#56 traderJim on 05.07.17 at 8:56 pm

“3 to 5 months until the bidding wars resume? That’s my guess.”
——————————————————————–
Where would the mortgage money come from ? Have you seen what has been happening with Home Capital and all the other subprime lenders?

#68 akashic record on 05.07.17 at 9:47 pm

The young women released on Sunday were among 276 mostly Christian schoolgirls whose abduction by Boko Haram caused an international outcry in April 2014.

Over 100 of the former schoolgirls, who are now around 20 years old, remain in Boko Haram’s hands, along with many others, male and female, including very young children. In recent years, many of these have been forced by the militant group to carry bombs to busy areas and explode them, killing themselves and hundreds of other civilians.

https://www.theguardian.com/world/2017/may/07/chibok-schoolgirls-familes-await-as-82-are-freed-by-boko-haram-exchange-prison

#69 Original dave on 05.07.17 at 9:48 pm

I’m just not feelin’ it.

If this is the bubble bursting, it will be the first bubble burst I have missed calling since 1987 (in North America anyway).

I don’t see how any of the underlying causes have changed?

Now, it could be that there are no more buyers, but I don’t think so.

People listing are hoping for a crazy price, but won’t sell for last year’s price.

I’m far from certain, but my gut tells me this is a temporary lull while buyers wait to see what happens.

Once they see that nothing is changing hands, the panic will resume.

3 to 5 months until the bidding wars resume? That’s my guess.
————–

So what would you see as a catalyst to a decline?

#70 Ret on 05.07.17 at 9:53 pm

$800,000 to change the name of an existing TTC subway station in Toronto?
Geez, I wonder why those TTC fares keep going up?

Can’t some of the TTC Sunshine (Salary Disclosure List) employees print up some file folder labels and stick them on the subway maps?

When did thrift, ingenuity and common sense get thrown under the bus at the TTC?

http://www.blogto.com/city/2017/04/downsview-subway-station-getting-new-name/

#71 Mark Baum on 05.07.17 at 9:53 pm

Anecdotally, friends and I have definitely noticed more ‘for sale’ signs in the Richmond Hill/Markham area.

How much can be attributed to spring selling season, and how much to sellers looking to cash in on the lottery?

#72 AK on 05.07.17 at 9:56 pm

#63 Tony on 05.07.17 at 9:15 pm
“Nothing is selling during what should be RE crazy time. No buyers and desperate sellers wanting out of the housing bubble. Mortgage fraud is out of control and thanks to an American short to expose Canada’s housing ponzi scheme that has ended. Without mortgage fraud the market will crash HARD! My buddy is thinking of selling his investment property and mentioned how many houses are on the market. Looks like panic is setting in. Prices went high on light volume and will crash hard on heavy volume. Lots of air pockets on the way down.”
——————————————————————
So, Tony, the fact that everybody wants to live in the GTA and there is not enough supply is a myth ?

I have been hearing the pumping on BNN on a regular basis over the past 2 years. LOL…

#73 45north on 05.07.17 at 9:58 pm

The soft landing looks impossible.

first clue was Home Capital Group

second was Smoking Man taking the best price he could get

#74 Keith on 05.07.17 at 9:58 pm

Oh, those working stiffs. They want to stop immigration, which would cut unemployment and raise wages, and slow rising housing costs. How dare they desire to rig market forces in their favour. Crony capitalism is for the wealthy and connected.

#75 Figmund Sreud on 05.07.17 at 10:01 pm

What now?
__________________

Well, … First Lady – Brigitte Macron – will keep coaching her husband, but on a much, much bigger stage now! [ … and never mind MacronLeaks! ]

F.S. – Comox, BC.

#76 MARGARET on 05.07.17 at 10:10 pm

The nation lost 31,200 full-time jobs, and gained 34,300 part-time jobs during the month.
All the job gains were self-employed and public sector. Canada lost 50,500 jobs in the private sector. bloomberg

road kill

#77 Alba on 05.07.17 at 10:13 pm

#34 Millenial

Nicola Sturgeon did quite well in the Scottish elections the other day but you didn’t post a comparison between the age of her spouse and the opposing party leader’s ages. I’m now curious about the ages of Angela Merkel’s and Theresa May’s spouses in comparison to other world leaders and how it is somehow relevant.

#78 Northwind on 05.07.17 at 10:16 pm

Although it sounds a great idea in an ideal world, the free flow of labour and capital (globalization) caused huge social and economic misery to the common public, at least to the people in the advanced countries. Of course, the elite group have benefited enormously from it, but I believe most people will gradually realize that this elite group takes all is not a desirable model for a sound human society. Until the problems can be addressed, sooner or later, you will see more Trump or Le Pen, or you will see the rise of communism like the popularity of Melenchon in France. More and more people will get to know this through their bitter experiences.

#79 Greater Fool on 05.07.17 at 10:24 pm

This real estate craziness is not fun anymore, I’m waiting and every single day I’m getting more and more depressed, I could have bought last year a nice town house in cash and now, after a year of hard work, I would have to get a mortgage for the same town house.
Banks in Canada are destroying many dreams with this insanity and greed, I hope this economy collapses and realtors and bankers starve util death.

#80 Smoking Man on 05.07.17 at 10:25 pm

Why is the western world so divided.

When robots send yield to savy investors the machine don’t want you hunting down Shlong Zumanga. You will be to busy fighting each other.

He will be on a big boat in St Marrten laughing his diabolical ass off.

You can’t beat the machine.

38 book sales so far, 38 people know what’s going down.

Pathetic.

#81 Tony on 05.07.17 at 10:28 pm

Mortgage fraud is the only thing that kept the house of cards from falling apart. Now mortgage fraud is hard to get and speakers are in a panic looking to get out. Lots of air pockets on the way down.

#82 Rates vs Capital on 05.07.17 at 10:37 pm

Sigh….

If you were to revisit the posts in March/April/May for the last 5 years on this blog, there is always one heralding the ‘potential’ decline in prices because of a surge of listings…

Its seasonal – and even when a caveat is placed that there are seasonal surges, there is always some undefinable ‘feeling’ that this might be the year. And throughout those 5 years of Spring listing posts, there are the blog dogs all giving their anecdotal information supporting a supposed surge – neighbour, BIL, co-worker, all putting their place up for sale and ‘difficulty’ selling the place.

The same formula:
– highlight employment levels and lack of job/pension security (7 out of 10 have no pension)
-acknowledge that Canadians have reached the highest debt levels ever (was about 143% when this stat was first cited, now up to 168%?)
– introduce a global potential black swan event – H1N1, Syria, Trump’s ascendency, etc to support uncertainty and fear
– comment on forthcoming interest rate hikes with a doubling of current interest rates
– sprinkle in a bank, IMF, bloomberg, BNN pundit or research report outlining the risks of an overvalued market

And voila, an ostensibly credible threat to the value of real estate – each and every Spring. And for each and every Spring the last 5 years, the prices have been up and up and up…

Just saying, those hoping that this ‘surge’ in listings will be the beginning of the end will be reading about the surge in 2018 as well – after another stellar year of RE appreciation.

#83 Tony on 05.07.17 at 10:39 pm

toronto1 on 05.07.17 at 9:21 pm
#14 X

the smart money is getting out

Ask anyone you know who owns a home if they can afford to buy it at today’s prices, 7 out of 10 will say no- soon they will find out that without creative financing no one else can either.

Word in finance circles is that “fake paper” mortgages are next to impossible to source at any reasonable rates(still available in the 7% plus range) but nothing in the 4-5% range that was going rate until about a month ago……..

watch for action on the outskirts of GTA first- Brampton-Durham and North– no point in paying 800K for a house in those locals if you can get one closer in the city for the same……

Many speakers are afraid that if they can no longer get fraudulent mortgages then who else can? The housing bubble is all based on fraud.

#84 Doug t on 05.07.17 at 10:45 pm

The thing about politics is if you don’t have a massive ego and “me me” complex you won’t survive – the election here in BC right now is a complete joke – all of the candidates look and act like a bunch of idiots – it’s so pathetic how they strut around like peacocks and spew their rhetoric (insert BS) – and then they expect you to show up at a designated place and actually PICK one of these ass*s – it’s enough to put me in a comma

RATM

#85 jay on 05.07.17 at 10:50 pm

#48 In Markham Its a fugly house on top of the 1.3 million price tag.

#86 Smoking Man on 05.07.17 at 10:50 pm

The moment you realize you lost your mind.

ABBA on the ear buds and you like it.

https://youtu.be/cvChjHcABPA

#87 mouldyinyvr on 05.07.17 at 11:01 pm

https://betterdwelling.com/1-in-5-canadian-homeowners-commits-mortgage-fraud-says-top-broker/
How can they afford to buy?….oh wait -they can’t -but some how did!

#88 joblo on 05.07.17 at 11:12 pm

Que Sera Sera!
Whatever will be will be……..
signed: Global Banking cartel

#89 acdel on 05.07.17 at 11:18 pm

The French lost their opportunity by not supporting Fillon, what a waste, so what, he had a few cobwebs; who doesn’t, his underlining message is was what France needed, now they will will be stuck with another term of sucking Germany’s teet!

#90 Ponzius Pilatus on 05.07.17 at 11:20 pm

“Corporate efficiencies”
Obviously Garth, you have never worked in a large corporation.
I have for 35 years.
CEO’s making 1000 times the wages of average workers.
Not to mention the stock options and bonuses.
Efficiency, my ass.

#91 Con Fuscious on 05.07.17 at 11:32 pm

“when they realize they WILL buy back higher”

#92 mouldyinyvr on 05.07.17 at 11:33 pm

https://www.cmhc-schl.gc.ca/en/co/buho/plmayomo/plmayomo_004.cfm
What is mortgage fraud….? Glad you asked!

#93 acdel on 05.07.17 at 11:49 pm

#86 Smoking Man

Agnetha, man, perhaps my age is showing, wow she was hot, still is! Who seriously did not dance to their music when they were at their prime???

#94 DON on 05.07.17 at 11:49 pm

#73 45north on 05.07.17 at 9:58 pm

The soft landing looks impossible.

first clue was Home Capital Group

second was Smoking Man taking the best price he could get
***********

Nicely put..Smoking Man selling was interesting as he has be adamant on holding out.

#95 Vit on 05.07.17 at 11:50 pm

WE have to realize that most people selling now not because they cant pay their mortgages and banks chasing after them , they selling just to get this huge appreciation and if they dont get it they will just delist the house.No pressure here to sell. Economic conditions did not changed . Who nervous here is a buyers because its could be the lust chance to buy before price resume upward move .
In China people pay 1.7mill $ USA for a 1 bedroom apartment in Beijing or Shanghai and because of pollution they have to buy Canadian air to breathe
So I cant blame them for trying to come here and breath this air for free . Plus trade small polluted apartment for a 2.3 mil house in GTA or Van .
https://www.theweathernetwork.com/news/articles/high-demand-in-china-for-canadian-bottled-air-/67713

http://www.thespec.com/news-story/6202140-canadian-company-selling-cans-of-clean-air-to-china/

#96 In Markham on 05.08.17 at 12:01 am

#85 Exactly my point…. 1.3 million for an ugly semi. We have officially lost our mind.

#97 BG on 05.08.17 at 12:03 am

“The Le Pen defeat was so decisive it puts a fat spike in populism’s coffin, and demonstrates to the world a Trump will likely never happen again.”

Sounds delusional to me.
The “Front National” has been scoring higher and higher over the years.
If they had an actual economic program, the could have won.
If they were a far right party with a different name, and a different leader name, they could have won.

French far right is just a couple of presidential elections away from winning.

There’s no alternative for people who think France has an immigration/integration/identity problem.
A problem that no party has been willing to even acknowledge for decades.
The real reason why the Front National lost this time is their party has been demonized for decades.

#98 traderJim on 05.08.17 at 12:43 am

#67 AK

HCG could be the pin prick, but I just don’t think so. The whole point is there is too much money flowing all over the world, looking for someplace to go. The amounts are in the trillions. (US Fed alone has a $4 T balance sheet)

#99 traderJim on 05.08.17 at 12:50 am

#69 Original Dave

Catalyst could be: 1) Fed actually aggressively raising rates, instead of just talking about it 2) A Big 5 bank admitting it has massive amount of fraudulent mortgages on its books 3) Some kind of crash in China 4) Contagion involving subprime lenders in Canada

Again, this MIGHT be the beginning of the crash…really no way to know until we start to see significant PRICE declines, not just number of sales falling.

#100 Welcome to Slurrey on 05.08.17 at 12:52 am

Anyone who is here from the lower mainland knows ……. things are not getting cheaper , rents and prices both out of control ……just talked to someone who makes average income , just got outbid on a 1.2 mill home in slurrey ( the same house would have gone for 800 000 2 years ago) ……… they and the herd have not changed their mind about housing ….. ” smart investors” continue to lose :(

#101 not 1st on 05.08.17 at 1:05 am

Garth, globalism will end one way or another. Machines will be making the goods without labour in the not too distant future.

We will see how well the enlighten masses like free movement of capital then.

#102 not 1st on 05.08.17 at 1:08 am

You can expect a housing boom in the GTA and beyond now with the flooding. Just like happened in calgary a few yrs ago and Ft McMurray last year. Disaster leads to a boom. Especially when regulators ban development on huge swaths of flood plains.

#103 Tim on 05.08.17 at 1:16 am

Lol, “an honest price of 1.7 million” Who would pay that for a house? The party is just getting started

#104 Sir James on 05.08.17 at 1:32 am

Anyone with interests in the future of France needs to Google Marion Le Pen.

Marine is toast.

#105 Pete from St. Cesaire on 05.08.17 at 1:43 am

#77 ALBA – Nicola Sturgeon did quite well in the Scottish elections the other day but you didn’t post a comparison between the age of her spouse and the opposing party leader’s ages. I’m now curious about the ages of Angela Merkel’s and Theresa May’s spouses in comparison to other world leaders and how it is somehow relevant.
———————————————————–
Here’s how it’s relevant. She is much older than her husband and therefore she is being used by the press as a role model for the older, feminist, unmarried, ‘cat ladies’ who see the marrying of a younger man (their wealthy, influential prince charming) as being their salvation. They want to believe that this scenario is a strong possibility and what better way to support this fantasy than by throwing their support behind this candidate. The media and the films in France as of late are heavily pushing this theme of the older woman latching on to a younger guy. The propaganda worked.

#106 Nonplused on 05.08.17 at 2:15 am

#86 Smoking Man

Get at least a bit up to date.

https://www.youtube.com/watch?v=bd2B6SjMh_w

#107 Stock Picker on 05.08.17 at 4:06 am

As I predicted…..the EU numbers were wildly inflated to gas the market towards creating a psychological euphoria Macron win. All futures markets are way down now that realty is back on the front page and Le Pens realism is again on the back burner. The EU rally was all phony…..any mediocre day to day equity analyst could see what had been cooked up. Sorry if you went long Europe……at least a 20 % fall from here…..likely quickly. Hey……when 50 mainstream EU rags have granny love boy Macron on the cover and not a single story supporting any opposition party….inc Le Pen …you know the fix is in….a middling contrarian will tell you that. EU taxpayers likely bought billions to beef up the Macron position and that of preference of EU state legislatures. Let’s see if they have an agile plunge protection team to manage the swoon. ‘ Cause you know what…….any idiot can buy…..but who ya gonna sell to? Likely the smart institutional money is way short..cause if a hack like me can figure this scam then the suits with big dough will have the French cock feathered and cooked by the opening bell.

#108 Fortune500 on 05.08.17 at 4:37 am

I wonder how common this is becoming …

https://www.reddit.com/r/PersonalFinanceCanada/comments/69pqsg/does_anyone_have_experience_selling_a_home_im_in/

#109 Grantmi on 05.08.17 at 5:36 am

the spendy federal budget and the looming Dipper win in BC.

Not happening….. Garth-O

#110 Mark Baum on 05.08.17 at 5:42 am

@ #82 Rates vs Capital

Looked into the question earlier regarding how much listings have increased this spring vs normal. It appears that we have roughly 20% more listings than the previous 2 springs, while sales volume remains the same or slightly lower. Indeed it looks like sellers are looking to cash in.

(Source: https://betterdwelling.com/city/toronto/toronto-homeowners-scramble-cash-april-new-listings-soar-33/)

#111 Mark Baum on 05.08.17 at 5:46 am

@ #82 Rates vs Capital

My mistake, 33% increase in listings from this time last year**

#112 LP on 05.08.17 at 6:01 am

#84 Doug t on 05.07.17 at 10:45 pm

– it’s enough to put me in a comma
***********************************

So glad to know you won’t be terminal – period!

#113 neo on 05.08.17 at 6:03 am

Garth,

$30,000 a year in maintenance and a 40 year old house? So she is trying to tell us that she spent $225,000 on maintenance sine she bought? And you believe that? Maintenance is 1-2% of the price of your home a year tops unless you live in a century old home and even then replacing knob and tube would be around $10,000-$15,000 and you wouldn’t be doing that every year.

#114 neo on 05.08.17 at 6:15 am

#71 Mark Baum on 05.07.17 at 9:53 pm
Anecdotally, friends and I have definitely noticed more ‘for sale’ signs in the Richmond Hill/Markham area.

How much can be attributed to spring selling season, and how much to sellers looking to cash in on the lottery?

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

Here is the answer to your question. Notice the HUGE spike in listings recently. Prices are already softening as well.

https://www.zolo.ca/richmond-hill-real-estate/trends

https://www.zolo.ca/markham-real-estate/trends

As you can see the inventory is WAY higher than it was the same time last Spring. There is definetly a rush to the exits going on here. This is happening in almost every community in the GTA right now.

#115 2017 Pulitzer Prizes on 05.08.17 at 6:37 am

For Journalism under the category National Reporting,
David A. Fahrenthold of The Washington Post won for persistent reporting that created a model for transparent journalism in political campaign coverage while casting doubt on Donald Trump’s assertions of generosity toward charities.

For Journalism under the category Editorial Writing Fred Hiatt of the Washington Post was a finalist. Hiatt’s editorials argued against Trump’s candidacy while defending American values and condemning the normalization of bigotry.

http://www.pulitzer.org/prize-winners-by-year/2017

#116 Victor V on 05.08.17 at 7:19 am

Breaking news: Home Capital Group has drawn $1.4B of their $2B line of credit from HOOPP. And also suspends dividend.

Circling the drain. — Garth

#117 Average Joe on 05.08.17 at 7:33 am

From http://www.macleans.ca/economy/what-the-home-capital-crisis-reveals-about-the-housing-market/

“The risk wouldn’t be so great, critics charge, if the regulatory response to Home Capital had been stronger. Mortgage professionals in the province are regulated by the Financial Services Commission of Ontario (FSCO) and, after Home Capital revealed it suspended some of the brokers in its network, the agency conducted its own review into the matter. “Most of the brokers and agents who were the subject of our review continue to be licensed mortgage brokers and agents,” an FSCO spokesperson wrote in an email, adding that the agency requires a higher standard of proof to discipline brokers than an individual lender does.
The upshot is the improper conduct of the 45 brokers disqualified them from working with Home Capital—but apparently not with other institutions. “I’m disappointed, but not surprised,” says Bruce Joseph, principal broker at Anthem Mortgage Group in Barrie, Ont. “There’s not enough punishment or enforcement to scare people out of engaging in this,” he says. Goosing incomes or fudging employment details to secure a mortgage is often seen as a victimless crime, which Joseph says is a false assumption. For one thing, the practice can artificially inflate home prices, making the affordability problem worse in some markets.”

No subprime problem in Canada, eh?

#118 maxx on 05.08.17 at 7:36 am

“This is the time to take money off the table. Not put it on. The soft landing looks impossible. Find a buyer.”

Thing about fools is that they’re generally ‘fraidy cats. ‘Fraid to miss out, ‘fraid to be left out…………..
As ‘fraid to lose out takes hold in earnest, ‘fraidy cat buyers will be so thin on the ground and ‘fraidy cat sellers so numerous, that a sea change in prices to the down side (waaaaay down) will manifest.

In the short-term, a seller-buyer stall exists, however the rope is fraying fast on the sellers’ side.

Real money is thin on the ground and people like Sarah even more so. Rather than focusing only on job creation, which for the most part are service industry back-breakers, we ought also to focus on the loss of good jobs, ejected by the hundreds and thousands on a weekly basis.

Owners better hope that lenders are feeling as frisky as ever.

We’re staying all comfy-cozy on the side-lines.

Forget the popcorn. Something a bit tonier is more fitting.

#119 Ret on 05.08.17 at 7:37 am

HC issues maybe 1% of the mortgages. It goes deeper than just HC.

http://www.macleans.ca/politics/ottawa/inside-the-taming-of-cmhc/

#120 FLHTK on 05.08.17 at 7:50 am

Houses will cool off for a bit till peak summer then the frenzy will start again!

#121 Herb on 05.08.17 at 7:52 am

#25 Smartalox,

The disaffected hate globalism for migrating THE EASY jobs to lower-wage jurisdictions. …

Since when is advanced IT support easy? — Garth

So clothing, shoe and other manufacturing left Canada because they were too high-tech for the Canadian labour force?

Nice pivot. Actually the jobs may have left concurrent with workers wanting wages high enough to buy $1 million houses in Milton. — Garth

#122 YVR update on 05.08.17 at 7:56 am

This article explains a lot. This blog will delete anything that is anti-globalization. A forum to promote an elitist agenda. No thanks.

The blog deletes comments which are racist, xenophobic or disparaging of religious or ethnic groups. If this is your definition of anti-globalist, you might as well leave now. — Garth

#123 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 05.08.17 at 8:03 am

RAPTORS CRUSHED!!! TORONTO SUCKS!!!

0-4

Toronto Raptors utterly annihilated by Lebron. Delusional Toronto fans look again to “next year”.

Hahahahahahahahaha!!!!

Another failure, brought to you by the same outfit that had the Toronto Maple Leafs sucking money out of losers’ pockets at multiples of what Washington playoff tickets cost.

Then, the corp. erases all the twitter links with their OWN FANS!!!!

http://www.cbc.ca/news/canada/toronto/maple-leafs-unfollow-1.4091218

You are SUCKERS, Torontonians!!!!

Your city is third rate.

Your sports teams are pathetic.

You are losers.

Your real estate is a vastly overpriced bubble with no underlying fundamental strength, just crooked lenders.

Your transit is falling apart.

Your politicians are cowards too afraid to tax properly to build a decent (forget ‘great’, LOL!) city.

Good jobs are disappearing. People are shopping at Dollarama for groceries, good grief!

People commute from Whitby to Mississauga in five hours of daily traffic for jobs that barely pay minimum wage so they can ‘afford’ million dollar particleboard suburban shacks that will soon lose more than half their value.

RAPTORS :(

LEAFS :(

This is YOU, Toronto!

(and don’t even get me started about the Blow Jays – holy crap do they suck!!!)

#124 TurnerNation on 05.08.17 at 8:05 am

The State has turned us into children.
Peer into any window at night and see people enthralled with the bright, moving primary colours flashing on their big screen.
Much like a child’s mobile in a crib.
Dressed in soft fleece (jogging pants and onsies) and eating mushy food (pizza) they loll on the couch.

Feeding time for baby! Entertain me. I am a Little King. I need non stop entertainment on demand. 500 channels. I demand it.

The State controls our breeding too: Stay in School. Else the Truant Officer will come for you or parents.
This delays breeding until at least age 18, longer if one wants a “career” and FourMoreYears of school.

Breeding compliant tax slaves. There no “news” on TV. 90% of it is fictional and reactive.
The real news is in our heads. I just wrote it.

#125 TurnerNation on 05.08.17 at 8:16 am

#68 akashic record you gotta remember something: since time began human fight over one thing and one thing alone. LAND.
Why, even here we are in Bidding WARS against our fellow Kanadians.

Never let a good crisis….even in WW2 Britain pushed southwards, into Africa. No Germans down there. Some of that land was given to Israel.
(The ever-expanding country).
Funny how that works.
No, stories like the one you posted meas it’s in the bag – stringing us along. They got Syria too. Land. Watch it closely. The rest is noise.

#126 Con Fuscious on 05.08.17 at 8:37 am

“Stock markets look set to romp and chomp Monday ”
————————————-
Ummmm, the CAC 40 is down 1% so far this morning.. I guess this business of predicting the future must be harder than most think.

No prediction. The Dow futures were up 83 points on the French vote. — Garth

#127 Renter's Revenge! on 05.08.17 at 8:38 am

#113 neo on 05.08.17 at 6:03 am
Garth,

$30,000 a year in maintenance and a 40 year old house? So she is trying to tell us that she spent $225,000 on maintenance sine she bought? And you believe that? Maintenance is 1-2% of the price of your home a year tops unless you live in a century old home and even then replacing knob and tube would be around $10,000-$15,000 and you wouldn’t be doing that every year.

========

$30,000 is 2% of $1.5M

#128 Chopstix on 05.08.17 at 8:38 am

http://statscentre.rebgv.org/infoserv/s-v1/7ghx-if5
And yet in Scamvouver allegedly condo demand and prices only increase…makes sense as people downsize/cashout, as well as can’t afford detached.

#129 Realist on 05.08.17 at 8:57 am

Globalist scum. Islam will rape your family and here you are complaining that you might make a 1-2% lower return this year.

I let this comment stand as a reminder to everyone who comes here of why ‘populism’ is tribalism, and how economic nationalism leads to racism and hatred. It’s turning into a sad world. — Garth

#130 pete on 05.08.17 at 9:02 am

home capital’s GIC also dropped $220 million from april 28 to may 5. their current liquid assets is $1160 million, but had withdrawn $1400 million in credit line. this means, without the draw, they would already have been bankrupt last week. that is why they are willing to pay 22% interest rate.

#131 pete on 05.08.17 at 9:04 am

The attention has shifted to the run on home capital’s GIC base. GIC dropped $220 million in just one week. at this rate, they will definitely not survive. Equitable Trust is next.

#132 Victor V on 05.08.17 at 9:10 am

Grab the popcorn. News getting worse for HCG…

http://www.bnn.ca/home-capital-suspends-dividend-as-outflows-accelerate-1.745484

In an interview on BNN, Paul Taylor, chief investment officer of Asset Allocation at BMO Global Asset Management, said the company’s inability to stem the outflow of funds is a serious concern.

“The fact that short-term funds are evaporating as quickly as they have is a cause for meaningful concern,” Taylor said. “We’re well aware of the situation, and obviously they’re doing all that they can in the short term to shore up their balance sheet, but I think we want to see that they’re getting ahead of this. The concern is, these are some very serious runoffs.”

#133 Ex-Cowtown on 05.08.17 at 9:18 am

Nobody, anywhere, has seriously proposed eliminating borders. — Garth
++++++++++++++++++++++++++++++++++

Eliminating borders does not have to be made via formal proposal or legislation. The Obama Doctrine of deciding to not enforce existing laws accomplishes the same thing without the mess. People pick up on the fact of no consequences very quickly and act accordingly.

Just ask Wal-Mart. In the US crowds have started to swarm and loot stores. No need to bother with a riot or a police shooting to trigger a looting; that is so passe.

They’ve figured out that the security guards can’t stop them, so…. no consequences.

National borders, store borders; all meaningless if no one is there to enforce the law.

Please provide a link where Americans are ‘swarming and looting’ Wal-Marts. — Garth

#134 Con Fuscious on 05.08.17 at 9:18 am

You have to laugh at these people getting fake stats from such places as Zolo .. there’s no big increase in new listings. Just took a peek in my area (in C13), it seems some houses have been re-listed – the inventory for detached homes is actually lower than it’s ever been. Sellers who could not entice a bidding war, simply re-listing closer to real asking price. What sold in the last couple of weeks, sold pretty much at same price as March – just fewer sales.

#135 Alex S on 05.08.17 at 9:20 am

Someone please explain me how you can buy a condo apartment located at the border between Toronto and Mississauga with $840 monthly maintenance fee for $400,000?
Listing ID: W3773148

Another unit (W3786978) sold for $410,000. Maintenance fee is $860

How buyers can justify it?

#136 Neo on 05.08.17 at 9:31 am

#117 Average Joe on 05.08.17 at 7:33 am

The most remarkable thing about this whole fiasco that isn’t spoken of enough is that these infractions all occured in late 2014 and early 2015. The market has shot up 40% since then and incomes are growing at less than 1%! How is it possible that LESS fraud is occurring in this environment.

#137 Neo on 05.08.17 at 9:37 am

#127 Renter’s Revenge! on 05.08.17 at 8:38 am
#113 neo on 05.08.17 at 6:03 am
Garth,

$30,000 a year in maintenance and a 40 year old house? So she is trying to tell us that she spent $225,000 on maintenance sine she bought? And you believe that? Maintenance is 1-2% of the price of your home a year tops unless you live in a century old home and even then replacing knob and tube would be around $10,000-$15,000 and you wouldn’t be doing that every year.

========

$30,000 is 2% of $1.5M

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

Except she paid $695K which is $6,950 annually. The $1.5M that fool paid has bigger issues going forward. Two percent is more for 100+ year old houses not a 40 year old house.

#138 Lee on 05.08.17 at 9:50 am

#133 Ex-Cowtown,

The video he is talking about is certainly a video of a Mexican Wallmart being looted which I think he saw as I did on Zero Hedge (posted to show what would/willl happen when the America financial system allegedly collapses or someone jams the electrical grids). If looting like that took place in Texas the security cops would shoot you dead.

#139 Pierre on 05.08.17 at 9:56 am

“The Le Pen defeat was so decisive it puts a fat spike in populism’s coffin, and demonstrates to the world a Trump will likely never happen again.”

Completely wrong!

According to the Ipsos / Sopra Steria poll for France Télévisions *, 33% of its voters say they voted for him for the renewal he represents, only 16% for his program and 8% for his personality.

66% * 33% = 22% This is the real support of his program.

http://www.francetvinfo.fr/elections/presidentielle/quatre-chiffres-qui-montrent-que-l-election-d-emmanuel-macron-n-est-pas-si-ecrasante_2180067.html

Macron: 66%. Le Pen: 34%. All else is irrelevant. — Garth

#140 bigrider on 05.08.17 at 9:58 am

Any opinions out there with regard to these LPs that invest in housing and condo projects throughout the city on an ‘accredited investor’ basis. Greybrooke, Empire ,Olympia trust, the list goes on and on.

Average folk are being ‘accredited’ by the sales people and being told that the investment is secured against the real estate.

Lots of money leaving RRSP’s ,TFSA’s etc to fund these projects.

So far anyway, the winnings for investors in past deals have dwarfed returns from mainstream investments promoted here.

#141 Ole Doberman on 05.08.17 at 10:01 am

Wow HCG smashing support at $5.90

Next stop is $1.00 – maybe bankrupcy

#142 Keith in Calgary on 05.08.17 at 10:02 am

Please provide a link where Americans are ‘swarming and looting’ Wal-Marts. — Garth

Ask and yee shall receive…..there is even video and a niced asortment from various sources so you cannot make your standard liberal claim of bias in reporting.

———————————

http://www.breitbart.com/big-government/2015/06/30/black-mob-swarms-georgia-walmart-to-see-how-much-damage-they-could-do/

http://www.thegatewaypundit.com/2016/09/video-charlotte-race-protesters-loot-walmart-flat-screen-tvs-ipads/

http://www.macon.com/news/local/crime/article30241674.html

http://newstome.blog.ajc.com/2015/07/01/50-teens-bent-on-destruction-swarm-georgia-wal-mart/

In California petty theft is classified as under $1,000…….you get a ticket if you get caught…….what’s happening there is that gangs of people are going into stores and grabbing everything they can under $1,000 per person.

Teenage vandalism. And you blame that on a former US president and gloablization? Too funny. — Garth

#143 Keith in Calgary on 05.08.17 at 10:06 am

Interesting Calgary RE anecdote.

Out of boredom wifey and I were looking at condo listings in the downtown core and beltline of the city. Trust me, we’re not thinking of buying here, just watching the train wreck unfold is interesting enough.

There are now many one bedroom condo units under $300K…….in fact, there are lots around $200-250K all of a sudden, when there were literally NONE for years. It seems like every condo in the city centre has dropped by $100-150K in the last 6 months. I think the rats (rent seeeking speculators) are leaving the ship.

#144 Miller Time on 05.08.17 at 10:15 am

#18 Livin Large
#39 Tony
#45 KLNR
#46 Mattl
#113 neo (see #127 Renter’s Revenge!, LOL)

Per #127, 2% of $1.5M is $30K. 3% of the original house price for Sarah is $21K, so it’s not an unreasonable amount. Start with the expected percentage of the home value, when budgeting. Older homes could require 3-5% depending on age and condition. Most people have no clue what the real ownership costs are, unless they plan out 10-15 year budgets.

To those challenging the cost of home maintenance, consider the following factors that affect what you should budget.
-Oakville – standards are high for home maintenance to start with – everyone wants turnkey
-Bigger yards require much labour to maintain, plus landscaping materials costs (fertilizer, mulch, weed control, trimming, etc)
-Pools cost $$$ – heating, salt generation, wear and tear, chemicals, robotic vacuum, pool deck, liner, opening/closing, safety cover, fence etc – it adds up over time
-The bigger the house, the more that will wear out – e.g. doors, windows, exterior paint, other hardware
-Appliances – can easily spend $15K on crap that needs to be replaced every – 5-7 years – that’s $2-5K per year
-Decks – have you priced one out lately? Can easily be 5 figures
-Roof – shingles are one cost, but what about houses with a flat roof – priced that out lately – much more costly
-Fence – need to set aside $ each year as a reserve to pay for this big ticket
-Furnace, air conditioner, gas fireplaces – all need cleaning, maintenance etc – and don’t forget the duct cleaning
-Chimney and brick repair – especially on older homes with large chimneys – water and ice are not your friend
-What about damages due to leaks from toilets, dishwashers etc? They eventually happen.
-Interior painting – just to clean up wear and tear from kids – can be $15K
-Heating/hydro/water/home insurance/taxes/hot water rental or purchase
-Carpet cleaning, window cleaning
-I could go on…

Everything manufactured lately is crap with short lifespans. So don’t assume things last forever.

Bottom line is that if you neglect the maintenance – you’ll take a hit on the sale price later on. You’ll take an even bigger hit if you’re not keeping the house up to current decorating standards.

What do people do with the artificial gains in their homes? Buy/lease expensive cars and pull out $ from lines of credit to remodel and buy furniture. What happens when they can’t borrow any more?

Another scenario – people buy houses with every penny they can scrape together – then find out they can’t afford paint or window coverings. They are house poor and simply hit a wall emotionally and financially.

#145 Ron Maiden on 05.08.17 at 10:29 am

#139 Keith in Calgary on 05.08.17 at 10:06 am

Interesting Calgary RE anecdote.

Out of boredom wifey and I were looking at condo listings in the downtown core and beltline of the city. Trust me, we’re not thinking of buying here, just watching the train wreck unfold is interesting enough.

There are now many one bedroom condo units under $300K…….in fact, there are lots around $200-250K all of a sudden, when there were literally NONE for years. It seems like every condo in the city centre has dropped by $100-150K in the last 6 months. I think the rats (rent seeeking speculators) are leaving the ship.
——————————————————–
Just go to Rentfaster map search, apartment/condo rentals everywhere – those that can’t sell and stuck renting.

#146 Simplyput7 on 05.08.17 at 10:31 am

#135 Alex S on 05.08.17 at 9:20 am

See my comments at:
#53 SimplyPut7 on 05.07.17 at 8:43 pm

#147 crowdedelevatorfartz on 05.08.17 at 10:31 am

Latest poll numbers in BC indicate a Christy Clark Liberal win.
Apparently people will take a breathtakingly imaginative storyteller who accepts $50,000 cash payments from her party’s coffers(donated by corporate toadies) than a tax and spend socialist.

4 more years of the Cheshire Cat grin, unlimited cash for access, rising ICBC, MSP, Bridge Tolls, BC Hydro rates and more user fees on every govt. agency……
As a famous politician once said…..
“Never underestimate the stupidity of the general voting public.”

One can only hope that if the Canadian economy spins down from NAFTA delays, low oil prices and a housing meltdown will finally force that lazy disingenuous political hack to actually EARN her meagre $200,000 annual salary.
But she always has her party donation fund to help out…….

#148 crowdedelevatorfartz on 05.08.17 at 10:34 am

@#141 Ole Doberman

Hey!
Who let the dog in?

#149 nubbers on 05.08.17 at 10:44 am

Victor V @1
Would you co-own with a total stranger? Priced-out Torontonians turn to real estate speed dating

A friend of mine did exactly this in London, UK in late 1988. She could not have afforded an apartment on her own.

Unfortunately, this marked the very peak of property prices, which crashed shortly after in 1989. Even more unfortunately, after she and her new flatmate moved in, they discovered that they did not get on. They then had a big mess to sort out with negative equity and in a crashing market.

#150 Doug in London on 05.08.17 at 10:44 am

Why didn’t Danny Boy sell his house earlier this year when there was a shortage of listings and he could get a premium price?

#151 paulo on 05.08.17 at 10:47 am

For those with deposits at HCG and think they are insured:
a quick review of CDIC 2016 annual report, in particular
Page 25 and 26 ouch!

#152 paulo on 05.08.17 at 10:52 am

#148 day parole

#153 Simplyput7 on 05.08.17 at 10:52 am

At what point will OSFI admit they have to close Home Trust because they don’t have enough of a lifeline from HOOP to keep afloat?

#154 KLNR on 05.08.17 at 10:53 am

@#129 Realist

Please crawl back in your hole.
Folks like you are the problem.

#155 Grantmi on 05.08.17 at 10:59 am

#141 Ole Doberman on 05.08.17 at 10:01 am
Wow HCG smashing support at $5.90

Next stop is $1.00 – maybe bankrupcy

Someone is propping this corpus up this morning. Straight up to over $6 bucks after gaping down to $5 on the open.

Looks like – Weekend at Bernie’s II

#156 Stan Broock on 05.08.17 at 11:09 am

Interesting. Home Capital has 18 billion in mortgages, 1 % of the 1.4 trillion mortgage market.

The CDIC capital? 3.4 billion.

http://www.cdic.ca/en/newsroom/financial-reports/Pages/2016-annual-report.aspx#p=26

#157 Pierre on 05.08.17 at 11:12 am

“Macron: 66%. Le Pen: 34%. All else is irrelevant. — Garth”

In Canada it would not matter because canadians are dociles.

Look, he is not even in power that riots have already started.

http://www.zerohedge.com/news/2017-05-08/watch-live-french-activists-unions-clash-riot-police-first-anti-macron-protest

France has a consistent history of public protests. Yawn. — Garth

#158 };-) aka Devil's Advocate on 05.08.17 at 11:13 am

Here is Kelowna what little inventory there is pretty much is all under contract many of which have backup offers.

I have out of town clients camped out in campers waiting for the first opportunity that comes up to be first in. Doesn’t really make much difference as listing agents postpone offer presentations until there are multiples.

House horny is a real ailment that inflicts many and there doesn’t seem to be any cure in such an overheated market as this.

This market is absurd, I’ve never seen anything like it. Due in great part to Torontonians and Vancouverites selling out high there, moving here with a wad of cash enabling them to pay whatever it takes to purchase their part of the “Okanagan dream”.

Urbanization… Kelowna has left “town” and become a popular urban centre – city.

People love crowds. Ever notice how many show up for one?

#159 Sir James on 05.08.17 at 11:35 am

DELETED

#160 For those about to flop... on 05.08.17 at 11:45 am

Advocate on 05.08.17 at 11:13 am
Here is Kelowna what little inventory there is pretty much is all under contract many of which have backup offers.

I have out of town clients camped out in campers waiting for the first opportunity that comes up to be first in. Doesn’t really make much difference as listing agents postpone offer presentations until there are multiples.

House horny is a real ailment that inflicts many and there doesn’t seem to be any cure in such an overheated market as this.

This market is absurd, I’ve never seen anything like it. Due in great part to Torontonians and Vancouverites selling out high there, moving here with a wad of cash enabling them to pay whatever it takes to purchase their part of the “Okanagan dream”.

Urbanization… Kelowna has left “town” and become a popular urban centre – city.

People love crowds. Ever notice how many show up for one?

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

The Okanagan is full of good people.

Already this month 109 people have put their financial futures to the side to make it easier for you to get your clients out of their R.Vs and into an overpriced house…

M42BC

136 price changes in Kelowna in May 2017

Average Change: 0.90% Up:27 Down:109
Overall $ Change: -2536239.00 Average Change Amount:-18648.82

#161 Mattl on 05.08.17 at 11:49 am

Miller Time – you must use the same contractors this lady does. 15k for paint and 15k in appliances every 5 years? Is this your actual experience of home ownership?

I have a 10k foot lot with extensive landscaping and I don’t spend 500 a year on it. If my kid marks upnthe walls I spend an afternoon touching up paint. My whole appliance package was well under 5k and I will get 15 years out of it. I built a new 14×12 deck with railings for 4500 and didn’t do any of the work myself. The deck add more than that in value to the home and will last 15 years before it needs new boards. Carpet cleaning? We rent the machine from Save On for 79 bucks. We wash out own windows. I bring in a gutter guy every few years and that costs a whopping 250 cash.

If you aren’t a complete moron maintaining a home is very easy and the real big ticket stuff does not come along very often. I guess if you need someone to do everything for you and you have no ability to shop for reasonable rates home ownership could be a disaster and you are best renting in a concrete high rise.

#162 Rexx Rock on 05.08.17 at 11:53 am

Wow!!Talk about wage growth,$1.52 million from $695,000.This reflects what people can afford almost 8 years later.Pretty amazing stats.Toronto is place to be for great wage jobs along with Vancouver and with Victoria not to far behind.

#163 Pepito on 05.08.17 at 11:53 am

‘Populism is the enemy of corporate efficiency since it stops the free flow of labour and capital. ‘- Garth
——————–
“Corporate efficiency” is Orwelian doublespeak for extracting the most profit at least cost. It considers human labour a commodity to be bought and exploited with consideration only to profit. It is amoral and has brought slavery and misery to human society to this day.

The word “free” in ” free flow of labour and capital” is another doublespeak. Free here actually means the right to access labour and deploy speculative capital anywhere in the world at no cost or consideration to societal disruption and degradation.

“Populism” is the political expression of frustration and a precursor to social unrest. It is a shot across the bow for policy makers and owners of capital to be ignored at their own peril.

Like I’m ignoring you? — Garth

#164 Lee on 05.08.17 at 11:57 am

$156 Stan Brook,

What does CDIC have to do with mortgage debt? It is the GIC holders that may be concerned with CDIC.

#165 AK on 05.08.17 at 12:01 pm

#98 traderJim on 05.08.17 at 12:43 am
#67 AK
“HCG could be the pin prick, but I just don’t think so. The whole point is there is too much money flowing all over the world, looking for someplace to go. The amounts are in the trillions. (US Fed alone has a $4 T balance sheet)”
——————————————————————–
Of course. There are better places to Invest in the world than Canada.
Houses on my street were selling for $238K back in 1997.
On March of this year, they were selling for $1.2 Million.
Somebody making $50K in 1997, is not making $200K today.
How sustainable is this pattern ?

#166 NoName on 05.08.17 at 12:10 pm

PRESS PLAY

Wiki sad she is comedian too, man does she ever sings and dance.
http://bit.ly/2prN6w4

Plenty of drama with this ultra-wide angle lense.
http://bit.ly/2pU2HXX

#167 Livin Large on 05.08.17 at 12:31 pm

Yawn indeed.

After football (and maybe even before), public protest, demonstration and even civil disobedience are a fundamental birthright in France. It’s endemic.

A day without a mass protest somewhere in France is like a day without sunshine.

Basing any conclusion about France on protest is about as valid as basing any conclusion about Canada as a whole on the state of the maple syrup industry,

#168 NoName on 05.08.17 at 12:43 pm

Interesting read

More Robots, Fewer Jobs

https://www.bloomberg.com/graphics/2017-more-robots-fewer-jobs/

“Bottom line: Robots do replace workers. On the other hand, some industries that don’t automate end up losing workers anyway, because their costs are too high and their customers go elsewhere. For workers, robots are only part of the problem.

#169 WelcometoSlurrey on 05.08.17 at 1:04 pm

To the homeowners out there who have no mortgage….. let me know if you agree….. Home Ownership is a blessing and a curse. Sure you can do what you want with your home, but even your new home over time will require maintenance and upgrades….forever. Unless you decide to sell and upgrade (move up buyers) , but you either use capital for this or leverage. If you leverage your back in the debt pool and if you use your capital your not earning growth or interest from investments. Was ready to exit in 2013 and go liquid. Would have felt like a fool if I did, even though its locked in equity, home prices skyrocketed. So now we offset maintenance with a portion of investment income. The only win seems to be …..try to be in the 1% and 99% of us are not there.

#170 EB on 05.08.17 at 1:05 pm

Sigh. Being against unrestricted population migration is not the same thing as being “against immigration” but it’s a lot easier to smear your opposition with the latter.

Le Pen is avowedly anti-Islam. That’s not population control. It’s open prejudice, unworthy of a national leader. — Garth

#171 Joblo on 05.08.17 at 1:22 pm

Is America Great Again yet?

#172 Smartalox on 05.08.17 at 1:22 pm

@ Fartsy, #147:

You direct all of your anger at Christy Clark; dont’ make it personal – why not point the finger at ministers of the Government?

Isn’t that what John Horgan and the NDP opposition were supposed to be doing ever since the last election? Except the NDP were completely ineffectual in opposition, so much so that most voters could not even put a name to Horgan’s picture at the start of this campaign.

Horgan likes to accuse Clark of gutting schools and letting patients die in hospital hallways but the truth is he and his party did NOTHING to stop it. Now he thinks that he deserves to be in charge?

If you don’t like Christy Clark, register to vote in her riding, then vote for her opponent. Like what happened the last time, when Clark lost the point-grey riding that had been left for her – to the NDP.

Horgan has already promised to deliver the Government of BC to the United Steel Workers. Have a look at this video:

https://m.youtube.com/watch?v=q01qMenQ2mM

I’ve posted it before: its John Horgan’s speech to the 2014 United Steelworkers’ 2014 convention. In the speech, he doesn’t extol BCs opportunity, or its low unemployment rate, or the good job he’s doing protecting BC workers, or industries. He does however, in the last minute of the video, turn to the president of the Steelworkers, thanks him for the Union’s support (largest-ever political donation in BC, and four senior NPD campaign officials, bought and paid for by the Union elite) and promises to return “as Premier of British Columbia”.

John Horgan, in his own words, on the SteelWorkers own YouTube channel.

If Horgan’s NDP get elected, it will be a socialist kleptocracy that will rival Venezuela.

#173 rates vs capital on 05.08.17 at 1:31 pm

Oh my, it looks like its game on for real estate in BC as the Liberals have taken the lead in the polls.

Expect a surge of buyers following tomorrow’s election as the smart ones were waiting to see if the NDP got in will now be forced to buy.

Many pundits are predicting that the BC Foreign Buyers tax will be rescinded because it was purely optics anyways.

Another 4 years where BC is open for global capital to park itself into RE, and further create housing as a speculative commodity. Expect the continued Vancouverization to take place in the Fraser Valley, Victoria, Kelowna as locals and those cashing out flee to cheaper spots. Vancouver will be a part-time resort town for the global elite.

All those data centric and investigative stories on the ponzi scheme in metro vancouver’s real estate did little to sway the voter – everyone wants a piece of the pie. Heck, real estate is 25% of the provincial GDP – no desire by anyone to stop the gravy train.

Oh my bears, looks like I get to watch my 13 year bull run in Vancouver for another 4 years. Popcorn anyone?

#174 Milla on 05.08.17 at 1:33 pm

A last call for greedy people to sell? Fine, I understand. To find a rental home with four kinds? He or she is very lucky to find a rental home. Question is for how long a landlord can be patient?

#175 Damifino on 05.08.17 at 1:38 pm

#164 WelcometoSlurrey

To the homeowners out there who have no mortgage….. let me know if you agree….. Home Ownership is a blessing and a curse.
———————————

I was once an owner of two mortgage-free homes. Together, they constituted my largest assets by far. Now they are both liquidated and the money is invested in a widely diversified portfolio.

If you are following the ‘Rule of 90’ then it may well be a blessing to own your own home. But if that home is your only asset, you are likely taking a significant financial risk. That could be a curse.

#176 Con Fuscious on 05.08.17 at 1:40 pm

Exhaustion gap on HCG.. you know which side you have to play now, don’t you? I mean.. if you want to see a bottom more clearly, you need to buy one of those top-shelf magazines..

#177 crowdedelevatorfartz on 05.08.17 at 1:48 pm

@#160 Rantzalot

Venezuela?
Please.
Spare me the dramatics.
I’d take Horgan for 4 years than that lying, scheming, cash payout taking harridan for another 4 years.
At least the rest of the Liberals would have to reboot their party with some fresh blood rather than the bloated, corporate donation sucking hacks that currently infest every level of govt.

If you don’t see a problem with a leader demanding $50,000 per year “top ups” from the Liberal re-election “war chest” funded by big business……
If you don’t see a problem with paying $5000 to meet the Premier for lunch while you’re bidding on govt contracts……
If you don’t see a problem with a major campaign contributor also owning the company involved in the Mt. Polley mine disaster
If you don’t see a problem with building a Dam in seismically unstable area that no one other than her campaign contributors wants. A Dam construction that has repeatedly violated the Fisheries Act. A Dam being built without a set contract or confirmed final price.
A dam, like all the other mega projects the Liberals have built, that will be two or three times its original estimate.
A Dam that will ultimately bankrupt BC Hydro…..

Then I feel sorry for you but I understand…….
Uninformed, ignorant, blind partisan allegiance is what Christy is counting on……….

Good job.

#178 Mike in Edm on 05.08.17 at 1:54 pm

#143 Keith in Calgary on 05.08.17 at 10:06 am
Interesting Calgary RE anecdote.

Out of boredom wifey and I were looking at condo listings in the downtown core and beltline of the city. Trust me, we’re not thinking of buying here, just watching the train wreck unfold is interesting enough.

There are now many one bedroom condo units under $300K…….in fact, there are lots around $200-250K all of a sudden, when there were literally NONE for years. It seems like every condo in the city centre has dropped by $100-150K in the last 6 months. I think the rats (rent seeeking speculators) are leaving the ship.
*****************************************

A good friend rents in the Keynote building close to the stampede grounds (The one with the Sunterra market in it). Compared to a couple years ago, he is now renting a 2 bedroom unit literally right next door to the 1 bedroom he was renting a couple years ago for a few hundred dollars less a month.. Here is his pricing details:

His building:
2014: 2 bedroom $2500-$3500
2017: 2 bedroom $1500-$2000

2014: 1 bedroom $1700-$2000
2017: 1 bedroom $1100-$1300

Lower end places:
2014: 2 bedroom $1800-$2200
2017: 2 bedroom $900-$1200
2014: 1 bedroom $1200-$1400
2017: 1 bedroom $600-$900

Overall about a 40% drop.

Anything priced above $4000/mo has been more like 50% drops… you can rent a 2014 $1MM+ house (3000sq ft or bigger) for literally half now… I was looking at a 3700sq ft 5 bedroom house overlooking a valley for only $2000 a month…

#179 Mike in Edm on 05.08.17 at 2:01 pm

More from my friend regarding his Calgary condo….

And there’s about 20-30 units for rent at any time in my building too… hard enough filling at those prices…

Condo fees in my building are $550 a month (I don’t pay them) and taxes are another $150… so call that $700 a month in fixed costs… I pay $1600 a month in rent, leaving the owner with $900 a month in net income… the condos sold for about $500k…

Pretty sure her $500k mortgage payments are more than $900/mo lol

#180 Milla on 05.08.17 at 2:02 pm

I wonder, if you ever had a close Coptic orthodox Arab friends? Did you ever asked how Coptics were treated in Egypt? How happy they are now here in Canada. Balance is a very abstract subject. It changes with time. If eventually the country primary religion turns to Islam due to majorities of believers, would you be happy that your discendants will bend to Islam rules or may be Shariah rules? Really, Garth. I think some concerns have grounds. Concerns are not prejudice.

Islamophobes can find another blog to pollute. You are unwelcome here. — Garth

#181 Jessica on 05.08.17 at 2:24 pm

#105 Pete from St. Cesaire

“Here’s how it’s relevant. She is much older than her husband and therefore she is being used by the press as a role model for the older, feminist, unmarried, ‘cat ladies’ who see the marrying of a younger man (their wealthy, influential prince charming) as being their salvation.”

Misogyny at it’s finest. Oh look, Trump has a spouse much different in age, too. He must be a role model for the older, macho, unmarried, ‘cat men’ who see the marrying of a younger woman (their beautiful, malleable arm ornaments) as being their salvation.” Do you see how absurd it is? No, no you don’t.

—-

The blog deletes comments which are racist, xenophobic or disparaging of religious or ethnic groups. If this is your definition of anti-globalist, you might as well leave now. — Garth

And sexist, misogynist?

What misogyny? — Garth

#182 Victor V on 05.08.17 at 2:31 pm

Home Capital troubles are stalling Canada’s nascent mortgage bond market, insiders say

http://business.financialpost.com/personal-finance/mortgages-real-estate/home-capital-troubles-are-stalling-canadas-nascent-mortgage-bond-market-insiders-say

Trouble at lender Home Capital Group Inc. is stalling efforts to create what would be the closest thing Canada has to a subprime mortgage bond market.

At least two bond sales are on hold in Canada as investors wait to see how the Home Capital situation shakes out, according to people with knowledge of the matter. While discussions on both bond offerings were in early stages, one of the deals would be backed by loans from MCAP Corp., and the other, marketed by Royal Bank of Canada, with loans from Home Capital and Equitable Group Inc., said the people, who asked not to be identified because the talks are private.

All three of those firms focus on borrowers that the biggest banks shy away from, such as people who are self-employed and have irregular income. Their loans are often known as “alt-A” mortgages.

#183 Privileged in most of Canada on 05.08.17 at 2:50 pm

Keith in Calgary

lack of education, jobs, opportunity etc. from one generation to the next.

While some people are mulling over spending millions on a home, Canada might go towards this kind of poverty:

https://www.youtube.com/watch?v=zZxjb4gB93A

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

https://www.youtube.com/watch?v=J9mtx31qJ3Y

#184 jess on 05.08.17 at 2:53 pm

BTW what’s the opposite of populism? Elitism??
———————-
how bout ochlocracy?

#185 Privileged in most of Canada on 05.08.17 at 2:55 pm

Teenage vandalism. And you blame that on a former US president and gloablization? Too funny. — Garth

Yes, gov’t has a role in bailing out wall street and not main street. Gov’t is responsible for spending tax payers’ money properly on things that matter like better infrastructure, homes, education, leadership, opportunity etc. rather than letting bankers walk away with millions despite the greatest downturn since the great depression.

Non sequitur. — Garth

#186 Ed on 05.08.17 at 2:56 pm

What will happen once Macron accomplishes absolutely nothing during his presidency and ends his term with single digit approval ratings, just like Hollande?

NOBODY seriously considered Le Pen will win this time around. I mean, did you see HER do the dance after the “devastating” loss? Nobody in the Front National camp thinks of this as a loss. 33% of electorate is a huge win for them.

For Le Pen and Front national its all about time.

In 5 years time, there will be more terrible banker/corporation friendly policies, more eroded rights, dwindling middle class, stagnating salaries, more immigrants with bigger ghettos and other problems.

The electorate obviously wants immigrants out. And they want to screw the bankers. But they wanna play nice with the EU, USA, etc. Front National is learning. They will become more moderate, less Russia friendly, more EU friendly. And what will happen in 5 years? In 10 years?

#187 Livin Large on 05.08.17 at 3:37 pm

You can spin this six ways to Sunday Ed but that’s neither what happened in France nr what the average French voter believes happened.

It was a two horse race and anything less than mid to high 40s for Le Pen was and is a total defeat of her family values.

Basically, everyone right of center voted for Le Pen and there were only mid 30% in that cohort. That’s pretty much the same proportion of rightist since Chirac.

Oh, and now there is still that nagging loan to the Russian bank that has to be paid and political contributons to a movement that just failed AGAIN, are notoriously fickle.

Le Pen is a spent force, the FN is almost certainly going to have to replace her and frankly there is no successor in the wings so the FN will forever languish as also rans, loud, obnoxious but still marginal players for ever, sort of their version of our Greens and Rhinos.

#188 Mattl on 05.08.17 at 3:38 pm

Fartz – I suspect many aren’t voting for Clark rather against the NDP and what they will do with taxes. I think the 90k I paid last year in CIT was enough. Guys like Horgan will wamt more and at least the Libs aren’t going to squeeze guys like me any more. And lots of us remember the NDP years and not in a good way.

So ya, who cares if Clark takes donations or is a slimeball, at least she won’t reach deep into my pockets like the NDP and turn that money over to labour. Private sector chumps like me have to save 50k a year to retire like a teacher so I’d apprciate if someone else chips in, maybe labour can give up the DB pensions?

#189 Stan Broock on 05.08.17 at 3:41 pm

#164 Lee on 05.08.17 at 11:57 am
$156 Stan Brook,

What does CDIC have to do with mortgage debt? It is the GIC holders that may be concerned with CDIC.

——————————-
mortgage debt is covered by GICs.

when people withdraw the GICs en masse there is a run on the bank. That can be compensated by external loans against quality collateral.

How quality is the collateral for home capital mortgages? Apparently bad enough to justify 22 % interest.

In case no financial institution backs Home Capital it goes bankrupt and CDID kicks in.

The very fact that no bank stepped in and it had to be rescued by a pension fund is worrying. It is an orchestrated backing, not a market one for sure.

Would CPP start backing up failed mortgage lenders?

#190 Hana on 05.08.17 at 3:50 pm

Another anecdotal story from Toronto real estate. Friend listed semi detached in demand area with bellow market price (in her and her agent’s view). They expected bidding and offers at least 30% over asking price.
Fifteen showings and not one offer.

#191 Johnny Boy on 05.08.17 at 3:52 pm

#180 Milla on 05.08.17 at 2:02 pm

I wonder, if you ever had a close Coptic orthodox Arab friends? Did you ever asked how Coptics were treated in Egypt? How happy they are now here in Canada. Balance is a very abstract subject. It changes with time. If eventually the country primary religion turns to Islam due to majorities of believers, would you be happy that your discendants will bend to Islam rules or may be Shariah rules? Really, Garth. I think some concerns have grounds. Concerns are not prejudice.

Islamophobes can find another blog to pollute. You are unwelcome here. — Garth
__________________________________________
Agreed. We are in a free open society here, inclusive not exclusive. Any one who supports this garbage might as well move to the good old USA where Trumpism is rampant. Every time I hear Trump and his mouthpieces talk it makes me sick. He and his Breithbart gang are hidden white supremacists.
Ciao

#192 Mark Baum on 05.08.17 at 3:58 pm

Kind of crazy how close Vancouver’s Residential Average Sale Price Graph is to the ‘Anatomy of a Bubble’ graph.

Vancouver:
http://www.mikestewart.ca/wp-content/uploads/2017/04/March-2017-REBGV-Price-Chart-from-1977-Mike-Stewart.jpg

Anatomy of a Bubble:
http://portfoliolive.wpengine.netdna-cdn.com/wp-content/uploads/2011/06/bubble-phases-1024×686.jpg

Return to “Normal”

#193 Smartalox on 05.08.17 at 4:09 pm

@Fartz (#177)

I assume that this post was directed at me. My post wasn’t #160, but it’s clear that you’ve whipped yourself into a deluded frenzy, so I’ll go easy on you.

In your post you make allusions to Christy Clark’s supporters, wanting “this or that” consideration from her, but you don’t name these people or organizations specifically. Please draw the links of the influences you describe, I’m very far behind on my reading of leftist conspiracy websites< and I'm not sure what you're talking about.

The Site C dam is a great opportunity. Especially now that there are no more (carbon-based) fuel stations for automobiles in downtown Vancouver. Cars are going electric, and they're going to need to get those Amp-hours from somewhere proven, somewhere renewable, and somewhere that avoids a carbon tax.

If remote hydroelectric power was such a boondoggle, why was Quebec so successful (James Bay) at it, and why would Newfoundland and Labrador be so interested (Goose Bay and Muskrat falls)? Or should the provincial utility fund a bunch of risky start-up ventures like Ontario did (oops!)

BCs is a very lucrative economy, and everyone should benefit. The problem that I have with Horgon is that if he's elected, it won't be BC that reaps the benefits, it'll be his union bosses in the US.

If you ask me, it's the BC NDP that need to lose the election and re-build. They should shed their ties to the Bolsheviks, and elect a progressive like David Eby to lead the party. They'd do a lot better courting votes on the right if that were to happen!

#194 DavidC on 05.08.17 at 4:18 pm

Hi Garth,

30k a year of maintenance? That has to be made up. No-one I know pays more than 6k of maintenance per year on average. How can you know those stories you receive are real?

David

#195 Hollywood Jack on 05.08.17 at 4:20 pm

Lol government officials having vested interest in HCG – nothing new here just corruption profiting from another housing bubble:

http://www.bnn.ca/wynne-targets-conflict-of-interest-in-home-capital-saga-1.745995

#196 French election on 05.08.17 at 4:26 pm

Clearly the propaganda is working in overdrive.

Macron here, Macron there.. Macron everywhere

Such a non-event for the world and soon for France.

They had a chance to shake things up and they missed the boat – again.

Oh well, another 5 years down the tube for France.

But at least the entire world can put a face to the name Macron.

The fog of NWO propaganda is getting thicker with every passing day. Beats me why some are still not seeing what is going on.

Nobody has a say anymore. France, Germany, US or Canada doesn’t matter. NWO puppets on a string in all governments.

Live accordingly. Get out and .. really get out of the machine.

#197 Con Fuscious on 05.08.17 at 4:34 pm

If David Eby is the best they have, they’re in real trouble (and you). When it comes to real estate he seems to think that paying for a house and the afferent property taxes is not enough, that somehow housing is subsidized by the taxpayer through various policies?! The guy is nuts, but he is not the only one, I think they all need a vacation. This year North Korea , next year Venezuela.

#198 Stan Broock on 05.08.17 at 4:34 pm

#191 Johnny Boy on 05.08.17 at 3:52 pm

We live in a free speech society. learn to ignore the idiots, you can’t shut them down. There always will be idiots.

Any prohibition or attempt to restrict what can be said and what can’t only exacerbates the problem.

#199 Ex-Cowtown on 05.08.17 at 4:47 pm

Agreed. We are in a free open society here, inclusive not exclusive. Any one who supports this garbage might as well move to the good old USA where Trumpism is rampant. Every time I hear Trump and his mouthpieces talk it makes me sick. He and his Breithbart gang are hidden white supremacists.
Ciao

++++++++++++++++++++++++++++++++++

Interesting comment…. as long as you hate a group on the “Progressive Approved” list, you’re good to go.

I was not aware of that.

#200 Ron Maiden on 05.08.17 at 4:52 pm

#192 Mark Baum on 05.08.17 at 3:58 pm

Kind of crazy how close Vancouver’s Residential Average Sale Price Graph is to the ‘Anatomy of a Bubble’ graph.

Vancouver:
http://www.mikestewart.ca/wp-content/uploads/2017/04/March-2017-REBGV-Price-Chart-from-1977-Mike-Stewart.jpg

Anatomy of a Bubble:
http://portfoliolive.wpengine.netdna-cdn.com/wp-content/uploads/2011/06/bubble-phases-1024×686.jpg

Return to “Normal”
———————————————————
Looks like a bit of a dead cat bounce there, next leg down will be horrific.

#201 jess on 05.08.17 at 5:06 pm

…”It is thought the alleged Swiss spy had a list of German investigators, provided by the FIS, and used his secret ministerial informer to verify those names.

That intelligence could then be used to accuse specific German officials of violating Swiss banking laws and engaging in commercial espionage.

NRW Finance Minister Norbert Walter-Borjans voiced alarm (text in German) over the latest revelations.

“The scandal reaches new proportions when spies sign up informers in the finance administration, in order to spy on successful NRW tax investigators and play into the hands of people who make billions in profit at the expense of society,” he said.
http://www.bbc.com/news/world-europe-39804133

#202 A Reply to #147 crowdedelevator on 05.08.17 at 5:09 pm

The latest Ipsos Reid poll of the B.C. election breaks down party preferences as follows.

Gender Gap: The BC Liberals lead by 8-points among men (44% Lib vs. 36% NDP), while the New Democrats have a 10-point lead among women (44% NDP vs. 34% Libs).

Age Gap: The BC Liberals lead by 6-points among 55+ years (44% Lib vs. 38% NDP), while the NDP leads by 3-points among the 35-54 years segment (41% NDP vs. 38% Lib) and by 9 points among the 18-34 years segment (42% NDP vs. 33% Lib). The Green Party does better with those under the age of 55 years (19% among 18-54 years vs. 14% among 55+ years).

Regions: The NDP has a 5-point lead in Metro Vancouver (44% NDP vs. 39% Lib). The BC Liberals lead by 12-points in the Interior/North (46% Lib vs. 34% NDP). On the Island, the NDP leads at 40% of decided voters, with the Greens (28%) and BC Liberals (27%) splitting the rest of the vote.

http://www.ipsos-na.com/news-polls/pressrelease.aspx?id=7636

#203 maxx on 05.08.17 at 5:21 pm

“corporate efficiency”

Hmmm………

Is that why we see so many government handouts to corps that vaporize cash or move out of the country, crashed “emergency” interest rates and QE?

Why history is practically wall-papered with corps that have screwed their employees out of pensions by running themselves into the ground?

Is that why commercial skips across the country (world?) are filled to the brim with food and product that never sold (and are not given to the needy) because pricing was way off the mark?

Why dumb-a$$ CEOs that don’t give a rat’s behind about customers that can vote with their wallets (nearly as often as they should) end up making a complete farce of the companies in their charge and laughing stocks of themselves?

Is that why we see economic action plans and infrastructure plans that create galactic public debt almost beyond comprehension?

Insane price rises in essential commodities such as hydro? Reduced funding to health care?

Methinks corporate efficiency is an ideal, but has a very long way to go.

Corporate “efficiency” has a track record of impacting the economy at large in a decidedly inefficient way.

#204 crowdedelevatorfartz on 05.08.17 at 6:09 pm

@#193 Frenzy Instigator

Yes.
I was in a bit of a lather after seeing the local fishwrapper and realizing I will have to see that smirking visage for 4 MORE years..
The Site C Dam will be a 10 Billion(15?) dollar boondoggle if we’re lucky. Generating power we don’t need. Electric cars? Maybe in 15 years…. if we can afford to insure them. ICBC rates should be about 5 grand a year if the Liberal party stays the course.
I’m happy that you can ignore the BC Rail scandal, the cash for access, , Mt Polley, etc etc etc all because Horgan is a commie somewhere left of Stalin.

Enjoy the LNG tankers scraping and banging their way past the Horseshoe Bay Ferry Terminal and the dead whales rotting on the local beaches after being struck by one of the hundreds of oil tankers that will ply the waters of Georgia Straight when the pipeline is finished in Burnaby.
Its all about money and jobs.
Don’t worry Christy will save us.
She’ll go to Washington right after the election and give President Trump a piece of her mind about softwood lumber and NAFTA…..
If you think Christy Clark felt empowered before…..just wait til after she’s re elected and really gets going with the cash for access.
Nothing like an entitled, self absorbed, pathological serial truth avoider with delusions of invincibility to set the stage for an epic downfall.
Christy Clark and hubris…..I cant wait.
“Give the devil a horse and he’ll ride it straight to Hell. ”

As the bumper stickers used to say during the Vander Zalm years of THAT premier accepting paperbags of cash for a real estate deal.

“don’t blame me I voted NDP”.

#205 traderJim on 05.08.17 at 6:21 pm

#165 AK

Don’t get me wrong, there is absolutely no doubt that Canada has a housing bubble (most pronounced in GTA and Vancouver of course).

I’m just saying I don’t really think the bubble has burst yet.

No evidence for my belief, just experience which gives me some intuition.

I hope the bubble has burst, as the longer it goes on the more distortions it causes.

Seems to me like this is a pause, a correction perhaps, and the true crash will be a few years down the road.

#206 traderJim on 05.08.17 at 6:27 pm

“France had a chance to elect a Trump-like candidate, but instead chose a rich, white businessman with no government experience. ”

Scott Adams

heh heh heh

#207 Tony on 05.08.17 at 6:31 pm

Re: #176 Con Fuscious on 05.08.17 at 1:40 pm

My guess was $3.71 Canadian on Home Capital Group for the low. It’s looking like it will put in a low around May 25th or May 26th.

#208 AGuyInVancouver on 05.08.17 at 6:45 pm

#188 Mattl Ya right, Christy and the BC Fiberals don’t call it a tax, but they reach into your pocket with fees and massive increases in things like Hydro and ICBC. Total scammers bought and owned by the real estate industry.

#209 Tony on 05.08.17 at 7:04 pm

Hana on 05.08.17 at 3:50 pm
Another anecdotal story from Toronto real estate. Friend listed semi detached in demand area with bellow market price (in her and her agent’s view). They expected bidding and offers at least 30% over asking price.
Fifteen showings and not one offer.

The fifteen showings were probably other sellers trying to see their competition. No one can qualify for a mortgage without committing fraud in this housing bubble.

#210 Smartalox on 05.08.17 at 7:13 pm

@Fartz (#204)

Your argument is based on the error of assuming as fact, events that have not happened yet, and that may not happen (whales, struck by LNG tankers, washing ashore?).

CP rail does a much better job of running BCRAIL than the Crown ever did, that’s for sure. The fact that you can recite a laundry list of scandal that short, after 16 years in government, is actually remarkable. It’s a scandal rate (measured in scandals per year) arguably consistent with BC governments of every political stripe. Bill Van de Man included.

Clark is no saint, but if the Government were truly running the province into the ground, the opposition parties had 16 years to stop it, to initiate change on any one of a dozen issues and yet they haven’t. The possible exception being K-12 education, but that issue the NDP fought in the courts (absent accountability to voters, politicizing the lives of minor children, under the BCTF ‘flag of convenience’) instead of in the legislature, where fiscal policy debates belong.

I’ve lived here 15 years, and in that time, I’ve seen nothing from the NDP’s performance in opposition that suggests to me that they’d be any better than the incumbents if they were to form a government, and a lot that leads me to believe their performance would be far worse, and counter to the objectives that I feel are important to myself and my family.

With the NDP is office, BC was seen as a ‘basket case’ of a province, by central Canada, reliant on federal transfer payments, and provincial in every sense of the word.

This is not the image of BC today, and I’d prefer that it not revert to the former.

#211 Bark on 05.08.17 at 7:19 pm

DELETED

#212 crowdedelevatorfartz on 05.08.17 at 7:26 pm

@#202 A reply to…..ME !

Well I’m bucking a few Liberal voting trends here.
I’m male and over 55 and I voted NDP.
Not because I think they’re the best choice for the economy.
I just think they’re not as corrupt as the liberals.
The Liberals have nothing to smirk about…..
This election is ramping up to be a repeat of the last election.
Once again a third party came in and scooped away an NDP victory in those tight ridings….

#213 crowdedelevatorfartz on 05.08.17 at 7:48 pm

@#209 Smartlots

Wow . You’ve been here a whole 15 years, Well. I’ll see you 15 and raise you 36.

As for dead whales washing up on beaches apparently you havnt heard of Sechelt last month? and the dead killer whale ? Hit by a ship? Or the whale carcass on White Rock beach last year? Or the whale stuck on the bow of a cruise ship last year in Vancouver Harbour? Or the concerns of leading cetation expert of the detrimental effects of the hundreds of new tankers that will be negatively affecting whales with sonar?
Google it.

“CP Rail does a better job than BC Rail ever did” ….. We wont even talk about the litany of train derailments that CP was responsible for after they took over the BC Rail stock …derailments that kept occuring until the bean counters in Ontarion realized there was a reason BC Rail only ran 85 cars instead of the 110 cars CP does….winding track tends to whip snap cars of the track…..idiots.
No No . I was referring to the SALE of BC Rail.
Christy Clark was a Deputy Premier and a member of the inner cabinet when the sale of BC Rail was discussed. Immediately after those closed door cabinet meeting phone calls were made to her ex husbands lobbyist company representing CP. By whom I wonder?
Not to worry , rumours swirled until the RCMP raided the legislature on Christmas eve and carted away hundreds of files and computors …..two assitants to ministers were hung out to dry and charged with insider info… One week into the trial which would have had senior govt employees testifying the whole thing is settled out of court with an illegal $6million( anything over a million is supposed to be voted on in the Leg) dollar payout to cover the DEFENDANTS leagal costs EVEN THOUGH THEY PLEA BARGAINED. The Premier quit and skeedaddled to London England and let Christy take the reigns. The new orders? All emails were to be triple deleted and then Liberal ministers were caught using personal email addresses to do govt business. A direct violation of their own rules. They also used post-it notes which could be easily destroyed.
Her personal assistant was married to the lead RCMP investgator in the BC Rail investigation.
I once played golf with a crown prosecutor that was directly involved with the trial. He didnt say much but was disgusted with the turn of events.

I could go on and on and on all night about the rotten to the core liberal leadership and the party.

Christy Clark has the morals of an alley cat in heat.
She’s scum leading scum.
One only hopes she will eventually get caught
( hopefully by a US govt sting so she’ll serve real time instead of the “club fed” sentences handed out up here) trading inside infor in another govt sales scam. “BC Ferries? BC Hydro? ICBC?
Skys the limit when you’re invincible.

#214 Entrepreneur on 05.08.17 at 7:48 pm

I am voting NDP as I want jobs back, for the youth to have dreams and have families. So the working person does have to live in vehicles, tents or whatever they can obtain.

The NDP will bring in the electoral reform and will work on mental health that is so desperately needed in this province. Correct me if I am wrong.

Smartalox, you gave us a video of John Hogan at a Steel Union meeting but what about a video of our B.C. Ferries built in Poland by Christy Clark. Now let us be fair and not so bias in thinking.

Voting for the NDP for the above reasons and more but to also to give the Liberals the boot. Then when the NDP are in the Greens will have a better chance.

#215 crowdedelevatorfartz on 05.08.17 at 8:07 pm

@#213 Entrepreneur.

The NDP’s Premier Glenn Clark had the Fast Ferries fiasco hung around his neck.
Mark my words……
Christy Clark will have those Polish Ferries fiasco hung around hers…..

#216 Triplenet on 05.08.17 at 8:33 pm

EU and Borders

It is my understanding that EU laws in areas for which the EU is responsible override any conflicting laws of member countries.
The principles of ‘Supremacy’ and ‘Direct Effect’ are applicable.
Self explanatory….

#217 soost on 05.08.17 at 8:46 pm

Where vendor#2 dan from?

#218 Bengals on 05.08.17 at 9:57 pm

Listed our house here in Burlington last Thursday. Open House on Sunday with a few repeats coming back between today and tomorrow for a second look.
Keeping fingers crossed.

#219 Bobby13 on 05.08.17 at 10:26 pm

Yip we are in tax pens the government sells the idea to us by promising to provide safety and health care. No one seems to connect the dots. Would make sense to drop citizenship incorporate out of a tax haven and hold a couple passports. Remove the thumb holding one down.