The bad day

Fear & Loathing in Don Mills

There are over 120,000 realtors in Canada. Astonishingly, 48,000 of them work in a single market – the GTA. This probably explains why the region has 10 Audi dealerships. And why there was an audible wail in the air Friday afternoon, epicentred on Don Mills Road just south of the Death Highway known as 401. The massive Toronto Real Estate Board, the largest in North America, just got smoked.

It’s taken six years and a massive pile of court documents, but the real estate cartel’s stranglehold on information has finally been broken. The federal Court of Appeal upheld a previous ruling that TREB (and, by extension, every other real estate board in the country) must allow its members to freely publish consumer-friendly stats and related data, the way the enlightened realtors in Nova Scotia do.

What this means: expect progressive agents and real estate marketers to start publishing the sold prices of houses, sales histories including expired or renewed listings, days-on-market, price reductions or increases, pending sales as well as broker commissions. Dashed have been the real estate cartel’s arguments that this is proprietary data and  revealing it would encroach on the privacy of homeowners.

So, finally. Transparency on sales histories, giving buyers some context, opening the door for a Canadian Zillow. Combined with rising mortgage rates, universal rent controls, anti-Chinese-dude taxes, empty-house taxes and the 2% stress test, plus assaults on AirBnB and the lunacy going on in Vancouver, this ruling helps ensure 2018 will be a year of profound adjustment in the housing market. Aren’t you glad you listened to advice here and bailed in March?

More Realtor Panic®

Apparently it’s not enough to have 30-year-old children living in the basement, sucking off parental cash flow, or have the Bank of Mom finance junior’s new condo by dipping into the equity in the family home, now realtors want kids to Hoover their folks’ retirement savings as well.

What better indicator of industry panic than CREA’s ask that the 2018 federal budget allow parents’ RSPs to be used as down payments on houses their children buy? Not only that, but realtors want the max distribution under the Home Buyers Plan to be increased by a whopping 40% – to $35,000 per person.

The justification? Houses cost too much and “intergenerational RRSP loans would ease the financial burden that many young Canadians face when trying to purchase a home for the first time.” The real reason? Everybody knows the market is an unsustainable, inflated, bilious gasbag that, in the absence of even more demand, will righteously rupture. And letting the kidults consume dad’s registered funds will help fight the headwinds now gathering force.

Of course, this is appalling. Every survey ever done shows Canadians save way too little as it is with RRSP contributions withering, debt rising and savings rates tanking. Worse, the money in RRSPs was subsidized by taxpayers as an incentive for people to take care of their futures. Letting the Basement People suck it out, tax-free, for use in buying an urban condo so they can bike to Sbux, was never the intention.

Let’s hope Bill Morneau makes the ethical and morally correct decision on this. What a pleasant change that would be.

Up she goes

Any doubt 2018 will bring higher interest rates in Canuckistan were just broomed by the latest jobs report. Economists, being the dour little weenies that they are, had forecast 10,000 new jobs to be created in November. Pshaw. Employers created 79,500 positions, which plunged the jobless rate down to 5.9%.

It’s the best number since the credit crisis, and the longest span of job-creation we’re seen in seven years. The report caused the dollar to surge and the odds jump for another rate increase – if not next Wednesday, then January 17th or (at the latest) March 7th. Meanwhile the US Fed is still expected to increase its benchmark rate a week from next Wednesday, the fourth jump in 12 months – with more to come now that the Trump tax cut package looks like a done deal.

Well, draw your own conclusions about what’s coming. And stay close to your local Audi dealership. Big inventory surge ahead.

172 comments ↓

#1 Happy Housing Crash Everyone! on 12.01.17 at 5:45 pm

Happy Housing Crash Everyone! :-)

eat it SHYSTERS

#2 Bob Dog on 12.01.17 at 5:47 pm

Nice. I may stay in Canada after all.

#3 crowdedelevatorfartz on 12.01.17 at 5:50 pm

“Everybody knows the market is an unsustainable, inflated, bilious gasbag that, in the absence of even more demand, will righteously rupture.”
+++++

Hopefully rupture like a realtors client list…….
:)

#4 Happy Housing Crash Everyone! on 12.01.17 at 5:56 pm

Hopefully we will finally be free of these horrible gatekeepers. They don’t care about anyone other then their greedy selves. They are obsolete and they know it. The good realtors will make money and the bad ones will fail. This is a good day for freedom , democracy and free markets. Almost everything they hate.

#5 Trojan House on 12.01.17 at 5:57 pm

I wish they would do the same with new and used car sales!

#6 Smartalox on 12.01.17 at 6:00 pm

Champagne corks be poppin’ for the man that be Floppin’!

Looks like the court’s going to put your ‘pink’ posts out of business.

#7 john on 12.01.17 at 6:02 pm

What about the possible appeal? TREB said they will appeal, and that it will end at the Supreme Court. That appeal could take another couple years to be finalized.

#8 paracho on 12.01.17 at 6:02 pm

Either way , the Toronto area real estate market was up for a correction long ago . It was artificially inflated via low interest rates, lower mortgage standards and a surge of speculators on top of it all . It was a heard mentality .
Many of my real estate agent friends are now openly worried on social media .

#9 Oakville Sucks on 12.01.17 at 6:02 pm

Wooohooooo…..TREB LOST!!!!

Buhbye shysters!!!!

Now we need transperacy on the bidders!

#10 noname on 12.01.17 at 6:03 pm

This will go to the supreme court for sure.

#11 Hans on 12.01.17 at 6:03 pm

Employment up, economy doing well, most sectors firing on all cylinders….wont wage inflation come into play at some point? If so, wont increased mortgage rates be a moot point? The feds apparently have a money farm growing somewhere, so infrastructure spending continues to go unabated….shouldnt we be pulling back on the gas pedal aka budgetary stimulus spending?

#12 Steve on 12.01.17 at 6:05 pm

There’s a Steppenwolf song about the CREA. G×××××N THE PUSHER!!

#13 maka on 12.01.17 at 6:11 pm

“opening the door for a Canadian Zillow”

Music to my ears!!!

Happy Housing data everyone.

#14 acdel on 12.01.17 at 6:15 pm

It’s Friday night, cook up some popcorn; hug your loved one’s, watch a great movie or play a board game with your kids, TREB, oh, never mind, ha,ha,ha! ok, not quite satisfied, ha,ha,ha,ha,ha,ha,ha,ha,ha,ha,ha,ha,ha,ha, now I feel better; good week-end all!

#15 Jason Han on 12.01.17 at 6:15 pm

Yeah, finally these bullies lost. Apparently some website already making these sold information public http://housesigma.com/blog-en/2017/12/01/federal-court-of-appeal-dismissed-trebs-appeal-torontonian-will-be-getting-their-sold-data-soon/

#16 Robert B on 12.01.17 at 6:16 pm

Garth

79500 jobs is tremendous . It might not be a bit too fast to add jobs. We might run out of workers to fill vacant positions.

Let the rate hikes continue. My father will be happy his GIC rates will go up.

#17 bubu on 12.01.17 at 6:20 pm

“Well, draw your own conclusions about what’s coming”
Nothing is coming…

How is this transparency on sales histories gong to change anything? If I want to see a house the first thing I ask my realtor is the sale and listing history on it and he is providing that…. maybe he is different….

#18 ole Doberman on 12.01.17 at 6:20 pm

Wonder at what point T2 will step in to offer free homes to all LGBTQ that have been victims of something or other last three decades

#19 Poloz, do the right thing, and hike rates NOW! on 12.01.17 at 6:24 pm

That pic isn’t funny….how would you like it if Donald Trump threw a Frisbee and it hit your face? I hope you have Dental Insurance because our “Liberal” governments would rather decriminalize the wilful spread of contagious STDs and fund over 10Billion to one gender, than to provide universal health care for all.

Poloz isn’t going to hike rates; Toronto runs the rest of Canada. If Toronto doesn’t prefer to cool their real estate market, Poloz isn’t going to hike.

Expect international university students to pay $1,000 a month for a room in an unlicensed boarding house near the York Region border, or if they are lucky and their parents “worked hard”, they can pay $4 million dollars for a bungalow near Yonge Street and Steele’s Ave West/East in Toronto.

#20 jobs report on 12.01.17 at 6:24 pm

Is it possible to see a professional break down of the jobs report by region and industry?

What sectors of Canada’s economy are red smoking hot? Can’t be just services, can it? Is our manufacturing coming back?

#21 PastThePeak on 12.01.17 at 6:24 pm

There is absolutely no reason why BoC rates shouldn’t rise, if not in Dec then right away in the new year (I can see them wanting to let the Fed move first). Unemployment rate dropping lowest in a long time, inflation expectations from the Ontario $14 min wage on Jan 1.

BUT, I believe that Poloz is the ultimate dove and wants above all else to keep the $Cad as low as possible. So I only think a rate increase in next 4 months is 50:50.

#22 X on 12.01.17 at 6:27 pm

If Morneau went with CREA request to allow people to raid their RRDP more for housing, I am sure the Conservatives/NDP would be all over Morneau wanting to know why he allow people to raid their RRSP’s more, yet upped the CPP as we won’t have enough in retirement. Politically he doesn’t need any more bad press.

#23 Trs on 12.01.17 at 6:27 pm

Don’t forget about LCBO monopoly or car insurance system.This what you get in non free market environment and almost zero competition.

#24 Yeah, Woo Hoo, Hurray!! on 12.01.17 at 6:30 pm

What a great Christmas Gift from the courts! Only lumps of coal in TREBs stocking! This, I believe should be the final nail in the real estate coffin. I sold already. . .2018 should be interesting!

#25 rainclouds on 12.01.17 at 6:30 pm

SCourt may refuse to hear an appeal. Clearly TREB CREA likes spending their members commission more than AUDI likes getting it.

They will lose regardless. ……writing on the wall.

#26 jim on 12.01.17 at 6:32 pm

” CREA’s ask that the 2018 federal budget allow parents’ RSPs to be used as down payments on houses their children buy”

To use an archaic expression, realtors are scraping the bottom of the bung barrel now.

What’s next? Dogs as collateral?

“Employers created 79,500 positions, which plunged the jobless rate down to 5.9%.”

Woo hoo. I note that a staggering number of those are retail or part-time positions. Another good portion are government workers. Some gains in manufacturing, though.

Good news on the court case involving realtors and data access, though. Next, let’s see them subjected to the same sorts of oversight as stockbrokers or the like.

#27 Calgary vs. Ottawa on 12.01.17 at 6:35 pm

Thanks everyone for tremendously helpful information on both Calgary and Ottawa. Hopefully it will also help other new Canadians who are looking for alternatives to GTA or Vancouver.

Last but not least question on this theme. Given our RE budget for a detached home of max CDN1M, which are the best neighbourhoods in Calgary and/or Ottawa for a young family to settle in? We have the usual family oriented selection criteria of good houses, good schools, and safety. Thank you!

#28 DON on 12.01.17 at 6:43 pm

Never let an unregulated industry of salespeople (commission based) lobby the government to change finances.

The Blog dogs need to lobby government(s) to regulate the… (as Happy puts it) SHYSTERS and their false marketing.

Headwinds are right. The hang over is coming!

#29 tccontrarian on 12.01.17 at 6:43 pm

“And stay close to your local Audi dealership. Big inventory surge ahead.” -GT
——————————————————-
LOL
I’m eying a Jag – Audis are so…common these days!

All I can say is that 2018 will be remembered in history – probably for all the wrong reasons.

TCC

#30 Fuzzy Camel on 12.01.17 at 6:46 pm

Prices are probably coming down next year. The dumping is starting, all the speculators are trying to unload the houses they bought on spec. Turns out people can’t pay more than $1600/month in a crappy hillbilly town an hour east of TO. That’s a problem, because they are underwater with the mortgage now, and they need to rent their houses at about $2500+ to not break even.

So, houses everywhere with for sale signs, right next to lease signs. They want to either rent it or sell it, and at these prices no one is showing up.

More problems, hillbilly’s drive gas guzzling dodge rams jacked up 12″, getting 8 mpg. Gas prices are shooting up, interest rates are starting to ascend. That’s a lot of money leaving Boobous Canadianous’ pocket.

Canadians are acting like retarded monkeys with credit cards right now. Lots of fools going to be broke next year, and even more the year after.

#31 DON on 12.01.17 at 6:46 pm

#6 Smartalox on 12.01.17 at 6:00 pm

Champagne corks be poppin’ for the man that be Floppin’!

Looks like the court’s going to put your ‘pink’ posts out of business.
*****************
Nope…we still need Flop’s commentary…but soon he will be able to highlight more aspects with new and improved data at his disposal…Flop on.

#32 DON on 12.01.17 at 6:51 pm

#17 bubu on 12.01.17 at 6:20 pm

“Well, draw your own conclusions about what’s coming”
Nothing is coming…

How is this transparency on sales histories gong to change anything? If I want to see a house the first thing I ask my realtor is the sale and listing history on it and he is providing that…. maybe he is different….
*********

You are diligent…but the vast majority of house horny Jones may not be.

#33 Cto on 12.01.17 at 6:58 pm

Janet Yellen and poloz can sleep tonight knowing that they have a great Donald Trump reason for keeping rates at 0 and kick the can to the next jackass to do the ethical dirty work.

#34 conan on 12.01.17 at 7:00 pm

Monday will be telling for the markets. Always lots going on when Trump is the President. But, now, it is at a whole new level.

Is it ever a good time to buy gold or place a bet on Tiger Woods?

https://youtu.be/1WSdRee0Ufs?t=23

#35 MSM-Free Zone on 12.01.17 at 7:02 pm

“…..intergenerational RRSP loans would ease the financial burden that many young Canadians face when trying to purchase a home for the first time…..”
____________________________

Who’s writing CREA press releases now? alternative fact pumper Sarah Huckabee Sanders? epic failure Tim Hudak?

Just when you thought the CMHC-pretzeled real estate market couldn’t be twisted any further, along comes a another bunch of lobbying, self-serving REALTURD® to tie a new knot in it.

With his public integrity at record lows, trust Morneau to show balls of steel wool on this one and cave into these clowns with vote-buying Halloween candy, thus pickling Canadians into further retirement debt.

#36 Mid Island Rules on 12.01.17 at 7:09 pm

Nanaimo is down a tick. Directly correlated to how many BC Burger Combos they serve on the slow boat.

https://goo.gl/eJUviw

#37 Izzy on 12.01.17 at 7:09 pm

Saving up for that Lease return Audi.
Take that douche bags shysters!

#38 n1tro on 12.01.17 at 7:13 pm

#18 ole Doberman on 12.01.17 at 6:20 pm
Wonder at what point T2 will step in to offer free homes to all LGBTQ that have been victims of something or other last three decades
—————–
All homeless people aren’t created equal apparently. Special housing of you are LGBTQ homeless!

https://torontoist.com/2015/03/inside-canadas-first-lgbtq-transitional-housing-program/

#39 FOUR FINGERS WATSON on 12.01.17 at 7:16 pm

#27 Calgary vs. Ottawa on 12.01.17 at 6:35 pm
Thanks everyone for tremendously helpful information on both Calgary and Ottawa. Hopefully it will also help other new Canadians who are looking for alternatives to GTA or Vancouver.

Last but not least question on this theme. Given our RE budget for a detached home of max CDN1M, which are the best neighbourhoods in Calgary and/or Ottawa for a young family to settle in? We have the usual family oriented selection criteria of good houses, good schools, and safety. Thank you!
………………..

Don’t worry about the budget. The budget will balance itself.

#40 Jobs stats can on 12.01.17 at 7:18 pm

To the person who asked where the Jobs are
From the news
More than half the new jobs were in Ontario, but British Columbia, Quebec and Prince Edward Island also saw decent gains. New Brunswick lost about 2,700 jobs during the month. Everywhere else, the jobs figures basically stood still.
By sector, trade and education led the way on the service side, adding 38,800, and 20,700 new jobs, respectively. The construction industry added 16,200 jobs, and manufacturing added 30,400.

#41 Renter's Revenge! on 12.01.17 at 7:19 pm

Wow! Do the math on the HBP withdrawal:

Taking $35k out of your RRSP at 31 is going to cost you 1.07^34 = 10 x $35k = $350k when you’re 65!

#42 SASK TO AB on 12.01.17 at 7:39 pm

#27 Calgary vs. Ottawa on 12.01.17 at 6:35 pm

We have lived in Calgary in the community of Lake Bonavista since 2001 and loved it. 6 schools in the community, and high school is next community over.

#43 crowdedelevatorfartz on 12.01.17 at 7:42 pm

@#38 Nitro
https://torontoist.com/2015/03/inside-canadas-first-lgbtq-transitional-housing-program/

That house looks like THIS house!

https://www.pinterest.ca/pin/304555993534760923/

#44 acdel on 12.01.17 at 7:46 pm

#27 Calgary vs. Ottawa

I suggest that you spend one month in each city and see what the difference are regarding your families lifestyle.

It has been awhile since I have been in Ottawa so I cannot say what the current environment is like. It is a beautiful city especially the surroundings; I am not up to date with the current political, jobs, economy or taxes etc part of it.

Calgary. I should say Alberta is a province of contradictions. We are proud people that will always help one another. Through all the tragic events that we have gone through; we always pulled together to help one another as any other Canadian would do; it is full of kind people ( although most hear that we are a bunch of read necks, what is wrong with that, hard workers???) who can be a bit obnoxious but full of ideas, go getters I feel that are ahead of our times. This represents all of Western Canada and the Territories with the exception of the West Coast free-loaders!

Calgary is a great place during the warmer and colder months, I will add Edmonton as well which is 3 hrs away with their excellent Fringe Festival; In Calgary we have all sorts of summer activities with all the wonderful ethnic population offering the best foods and culture, last time I checked there is over 700 km of pathways for riding a bike or walking; close to the Rockies, COP offers all sorts of training, skiing and other cultural events, there is so much more to say but you and your family need to make that decision; spend a month in each city and make your decision.

By the way, in Calgary, one just cannot beat the Chinooks, blue skies,spectacular sunrises or sunsets no matter how cold the weather is; that is the beauty of living in the Prairies, could be minus 30 out there but the sun is shining, clear blue skies which makes it so much warmer then is actually is; it’s up to you and your family!! There is so much more to say about this young vibrant Province!!

#45 Ben on 12.01.17 at 7:49 pm

Have a laugh at this Toronto realtor muppet:

https://i.imgur.com/TUPFSUP.jpg

What a mix. Advice on GTA in the profile. Bitcoin margin account with no idea what he’s doing.

#46 Ben on 12.01.17 at 7:52 pm

Garth – is such open data available in Quebec? If not, would this ruling also apply to Quebec, or is there any similar pressure to open up there?

ps you should mention Quebec more!

#47 Fish on 12.01.17 at 7:55 pm

Guess who the fall…… Guy is, we will see soon enough

#48 Entrepreneur on 12.01.17 at 7:56 pm

TREB, we live in a democracy country not a communist one. Bring on the true numbers!

Yeah to #20 jobs report…I also would like to see a graph breaking down the “region and industry.” Are we getting honest reporting or quickly hire more to make us look good?

Noticed P.E.I. voted in the Green Party and they are by the ocean like B.C. We love our clean water and waterways! And we stand with Nevada(?) where the
people are “standing up together” to protest the pipeline. We like to see/feel clean water which is more important than oil.

I really wish these leaders that put all their “time and energy in pipelines and tankers” would “transfer” that same amount “time and energy into green and natural energy.” What happened to the TRANSITION action.

TGF

#49 For those about to flop... on 12.01.17 at 8:06 pm

#31 DON on 12.01.17 at 6:46 pm
#6 Smartalox on 12.01.17 at 6:00 pm

Champagne corks be poppin’ for the man that be Floppin’!

Looks like the court’s going to put your ‘pink’ posts out of business.
*****************
Nope…we still need Flop’s commentary…but soon he will be able to highlight more aspects with new and improved data at his disposal…Flop on.

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

Hey boys,

Might have been a bit harsh on myself yesterday when I referred to myself as an amateur real estate reporter.

After hundreds of hours spent on research and thousands of post written for this blog, I am at least semi- professional…

M43BC

#50 AGuyInVancouver on 12.01.17 at 8:09 pm

#1 Happy Housing Crash Everyone!
_ _ _
Awesome that you made 1st on this of all days!!

#51 GTA and Surrounds Selling Prices on 12.01.17 at 8:10 pm

Check out the sold prices for GTA and surrounds including Barrie and Oakville and KW.

http://housesigma.com/site/map/checkprice

Thanks #15 Jason Han

#52 FOUR FINGERS WATSON on 12.01.17 at 8:10 pm

#47 Entrepreneur on 12.01.17 at 7:56 pm
TREB, we live in a democracy country not a communist one. Bring on the true numbers!

Yeah to #20 jobs report…I also would like to see a graph breaking down the “region and industry.” Are we getting honest reporting or quickly hire more to make us look good?

Noticed P.E.I. voted in the Green Party and they are by the ocean like B.C. We love our clean water and waterways! And we stand with Nevada(?) where the
people are “standing up together” to protest the pipeline. We like to see/feel clean water which is more important than oil.

I really wish these leaders that put all their “time and energy in pipelines and tankers” would “transfer” that same amount “time and energy into green and natural energy.” What happened to the TRANSITION action.

TGF
…………………………..

Show us how ii is done. Sell your car, walk to work in the winter, blow up your furnace and do jumping jacks to keep warm. Eat twigs and bark. You bozo.

#53 YVR - 60% crash on 12.01.17 at 8:16 pm

Got my popcorn ready! Let it rock!

#54 Dan.t on 12.01.17 at 8:16 pm

HAHA!! As I was reading this… I was thinking, cue, the Happy housing Crash Everybody guy…and guess who i saw as #1 today in the comment section. That made my night!

I guess all that is left is Bitcoin and Pot stocks… or whatever else the herd in Canada jumps on…just let me know in advance, because the herd is very strong in Canada and once they start to move, I want in early and out early!

#55 Dan.t on 12.01.17 at 8:20 pm

But seriously, how can people not think, about time! About time people can see past prices, sales history, bla bla…it’s called free and open market.

Hey, wanna make the biggest investment in your life time with zero reliable date, relying on a sales guy who makes commission on you as long as you buy ( and maybe on the seller too), who lie, cheat, get you to FOMO buy, and on and on …

Why can’t you sell your investment advice like that? Oh, right, they would skin you alive on bay street.

What a serious joke the real estate industry has become in Canada!

#56 crowdedelevatorfartz on 12.01.17 at 8:26 pm

@#241 The Awakened One
“Should set up a survey for blog dogs re: who believe Bitcoin will be here to stay and will go big eventually. Yay or Nay. Winner takes Bandit ?”
*******

You want to raffle away the man’s dog?
Is this Felix?

#57 Mean Gene on 12.01.17 at 8:28 pm

Realturds® at it again… happy they got their a$$es handed to them, this f***ery has gone on long enough.

#58 Lee on 12.01.17 at 8:34 pm

Why is the ruling today necessarily a bad thing for realtors? Even if it depresses prices 10%: big deal.

#59 Asterix1 on 12.01.17 at 8:35 pm

I was taking a quick look of that site mentioned earlier on on the blog. HouseSigma.com. Pretty interesting…

I scrolled down to this house with all its info:
http://housesigma.com/site/search/house/N3969604

Listed for $999,988(Sold for $1,068,000)
List:2017-10-30 End:2017-11-08

Listed for $1,188,888(Terminated)
List:2017-09-28 End:2017-10-30

Listed for $1,288,888(Terminated)
List:2017-08-09 End:2017-09-28

Listed for $1,388,888(Terminated)
List:2017-06-02 End:2017-07-03

He finally sold the place for 320,888$ less than his initial listing in June, a 23% cut! During this time he created 4 new listings on MLS, what a joke.

He sure likes his 8’s.

#60 Hugh Janus on 12.01.17 at 8:36 pm

Wallyworld, timmys, marks, mcd’s, sbux, arby’s, 7 eleven, booster juice, independant grocers, costco, superstore, are all full time jobs right??

And all those people can afford $600,000 mortgages right?? Ya, thats what i thought. So all is good. When the boomers all want to dump their luvshacks at the same time there will be lots of buyers right?? Ya, thats what i thought.

Happy meltdown y’all……..

#61 Puzni on 12.01.17 at 8:37 pm

TERB will appeal this decision to the Supreme Court of Canada.
It will be interesting to see where this will go. For now their Monopoly will continue.

#62 For those about to flop... on 12.01.17 at 8:41 pm

Recent Sale Report.

This sale so fresh zolo hasn’t updated yet.

3435 w 8th ave,Vancouver.

Originally asking 2.658 then2.438

Just sold for 2.250

Tax assessment 2.346

The Real Estate Board rulings are an ongoing saga and so I will just keep on keeping on.

As I wrote I while back ,while the concerned citizens of Canada lobby for change I will do my best to circumvent the current system to the best of my ability.

The way I do things is not sexy but it gets the job done…

M43BC

https://www.zolo.ca/vancouver-real-estate/3435-w-8th-avenue

#63 Lead Paint on 12.01.17 at 8:46 pm

I read this a couple nights ago and I’m still puzzled by it. Garth referred to Jamie Dimon as a ‘financial genius’. Obviously he’s an incredibly smart and successful, as all Fortune 100 CEOs are.

But why the ‘genius’ label? Wikipedia shows a successful career, but nothing more. Aside from dogs, REITs, preferred shares and Rany Bachman, I’m not sure I’ve seen Garth praise anything… well aside from democracy, free press, hard work, and human rights, and that kind of thing. But an actual person? Not so much.

#64 dosouth on 12.01.17 at 8:52 pm

“Employers created 79,500 positions, which plunged the jobless rate down to 5.9%….”

Yes and watch, if the truth does come out in Jan and Feb that these are jacked up numbers due to seasonal employment and there will be a “jobless correction” early next year which will put a lid on any gains and in fact once retail realizes how they lost to on-line, the correction will be greater and this supposed 79k in jobs will be like the future of Bitcoin…..smoke.

#65 WUL on 12.01.17 at 9:01 pm

#27 Calgary vs. Ottawa on 12.01.17 at 6:35 pm

Having lived in Calgary for about 50 of 61 years I am inclined to chime in. With the exception of my neighbourhood, I am hardly an authority. A key issue you left out is the location of your workplace as commutes vary. If you can take Deerfoot Trail out of your life, you’ll be better off. In the past, if job opportunities entailed a commute from SW Calgary north on Deerfoot, my wife and I simply would not apply.

I’m sure your requirements can be satisfied by a multitude of neighbourhoods. However, take a look at a map of Calgary. It could not grow to the southwest because of the Tsuu T’ina First Nation Reserve hence that portion of the city stretches straight south like a peninsula and the southern reaches of 14th Street, McLeod Trail and Deerfoot traffic can be very congested.

I have been an SOB (South of the Bow) forever so I am not conversant with life in the north part of the city, but if a quick exit to the mountains ranks high in your wishes, the NW is hard to beat. Many fine ‘hoods for NOBs, certainly.

If the workplace is downtown and the public school system rather than the separate school system is needed for your children, I am partial to my neighbourhood of Chinook Park. Elementary, junior high and high schools (good quality) all within a 10 minute walk. Hospital right there and 5 minutes to the bike path around Glenmore reservoir. 20 minute commute on Elbow Drive and 4th Street (very low stress) to the parkade downtown. Done it thousands of times.

The western edges of Chinook Park gets noisy however with 14th street traffic.

Safe and friendly and $675K to $800K will get you a fine family home. $1MM puts you into Kelvin Grove with all of the same attributes.

In the fine Calgary tradition, I’m happy to help out and hope I have done that. Welcome stranger.

#66 45north on 12.01.17 at 9:02 pm

The federal Court of Appeal upheld a previous ruling that TREB (and, by extension, every other real estate board in the country) must allow its members to freely publish consumer-friendly stats and related data, the way the enlightened realtors in Nova Scotia do.

this is good news but TREB is going to drag this out as long as it can.

While Friday’s decision could enable agents across the country to introduce new online services, some in the industry say that’s unlikely until the case meanders its way through the top rung of Canada’s legal system.
“We’re certainly not going to be publishing anything, I don’t believe, at this time until we see the outcome of that,” said John Pasalis, president of Toronto real estate firm Realosophy.
His company will seek some legal advice, but he anticipates the Supreme Court will allow TREB’s appeal to proceed and grant a stay in the decision.

http://nationalpost.com/pmn/news-pmn/canada-news-pmn/newsalert-federal-appeals-court-rules-real-estate-agents-must-make-data-public-2

#67 sue on 12.01.17 at 9:10 pm

#12 Steve on 12.01.17 at 6:05 pm
There’s a Steppenwolf song about the CREA. G×××××N THE PUSHER!!

Can I buy a vowel?

#68 WUL on 12.01.17 at 9:19 pm

#27 Calgary vs. Ottawa

I almost forgot. Here is a rich resource on all Calgary neighbourhoods that you can explore from your armchair. Drawn from 2011 federal census (outdated?), the 2014 civic census and a 2011 National Housing source. Wanna know levels of income, age distribution, percentage of owned residences etc? Have at it.

Cheers.

http://www.calgary.ca/CSPS/CNS/Pages/Research-and-strategy/Community-profiles/Community-Profiles.aspx

#69 the Jaguar on 12.01.17 at 9:21 pm

Why is Bandit on leash at Bell Fountain? Isn’t this the country atmosphere? Same dog who wouldn’t leave his owner’s side until EMS arrived when you failed the audition for Ice Capades…. Seems unlikely he would flee. Or maybe this is some local by-law. Then again as I examine the image it comes to me that the one on the leash isn’t the Spirit Dog. It’s the one on the other end, holding the leash. In every relationship one person is more in love. That one is powerless.

Why shouldn’t property transactions be transparent?
I can search any property today and find out who or what is registered on title. That means all the mortgage charges, caveats, lis pendens, judgements, and other flotsam jetsam, — there for all the world to see if they so desire. Pretty sure some make a hobby of it. And of course there are the ‘bone collectors’ who search under name, just in case they come across a purchase that might help settle old grievances…. More for satisfaction than the settlement of old debts as they took advantage of that on their financial statements. They can’t have it out on the street that you were taken for a ride. Seems righteous. Don’t get mad, get even. Always worked for me. Or, put in another way – Revenge is a dish best served cold.

#70 the Jaguar on 12.01.17 at 9:23 pm

Spirit Dog loves the water.

#71 crdt on 12.01.17 at 9:27 pm

Peeka boo! Now they wont be able to play OZ with their magic passwords…. The curtain will drop and they will get found out for many past endeavours. I wonder how curious recent buyers will be to double check a thing or two if the info is easy enough to get at..

#72 mathman on 12.01.17 at 9:28 pm

Transparency is a great first step. It will show people that the shit shack they are bidding on sold for half of what they are willing to fork down 5-6 years ago. Will that change behaviour?

You can bet the mutual fund lobby will be on the other side of the CREA on the RSP issue, protecting their turf and rightfully so.

As a Gen X’er it is beyond me how people in my cohort borrow money from their parents to buy homes, with little or no thought to the fact that it may be reducing their parents quality of living in retirement.

I was talking to a younger colleague and he was asking about my wedding, which was years ago. He asked who paid, her parents or mine? I said my wife and I paid we were adults.

#73 acdel on 12.01.17 at 9:41 pm

#64 WUL

Good post, as you mentioned there is a difference between North,South,East ,West like any other city.

I am a North guy and could only explain what I have experienced but overall it means very little in the overall landscape of who we are. I have lived here most of my life so I have a pretty good understanding of this city as you. 3.8% tax rate by %$# hall is a just irresponsible idiocy; they split the vote and carry on like typical libs. It will all be sorted out..

Any newcomers are welcome but if you are trying to make that decision or where to live; spend some time in that city and make sure that it is right for you; most of it comes down to attitude, is it right for you or not?

I could easily write all that I feel is wrong but it is different for each! Overall there is a reason as to why so many continue to move here!

#74 Fish on 12.01.17 at 9:43 pm

#51 FOUR FINGERS WATSON

What’s with the crab claw, I do believe it was Pepsi

#75 Pillboy on 12.01.17 at 9:48 pm

It’s about time. People need to be able to make informed decisions, and having good data is tantamount. As the saying goes, garbage data in, garbage data out.

#76 Capt. Serious on 12.01.17 at 9:50 pm

I hadn’t really thought about it, but next year could be a good year for lease take overs. We’ll be in the market for another car then anyway — fortuitous.

#77 8102 on 12.01.17 at 9:53 pm

“Everybody knows the market is an unsustainable, inflated, bilious gasbag that, in the absence of even more demand, will righteously rupture.”

Garth, no one delivers advice and analysis with the degree of finesse and manliness that you do. You are the man!

#78 Raging Ranter on 12.01.17 at 10:12 pm

@ #44 Ben, thanks for the laugh. I’m still laughing at him. He trades Bitcoin on margin and loses his stake in minutes, then publicly whines about it on Twitter and demands his money back. That’s comedy gold.

#79 cowtown cowboy on 12.01.17 at 10:14 pm

#72 acdel on 12.01.17 at 9:41 pm

#64 WUL

Good post, as you mentioned there is a difference between North,South,East ,West like any other city.

I’ll chime in with my 2 cents, moved down to Cowtown in ’99 from the ‘Chuck’, and have more or less loved every minute of it. When we first got here, I went nuts in the mtns, biking, climbing, skiing, etc. but as I’ve gotten older with kids that has tailed off a bit…but that’s life. We’ve always lived in the SW, I’m a stone throw from the Olympic ski jumps and to me this is the ideal location, I can hop on my road bike and be in Springbank in minutes, and it’s super convenient when we pack up the kiddies and go skiing, when I’m working downtown it’s about a 20 min commute, although that is likely going to increase as more communities are popping up here, and if the O&G sector rebounds in any significant way, commuting will as well. Prices are probably highest in the SW, and anything within the greenbelt will be pricey.

Satellite communities like Okotoks and Airdrie are an option, I just personally couldn’t handle the commute. I used to ride bike to work year round and loved it, the Chinooks are a definite plus! As mentioned, it may be cold at times, but it is almost always sunny, I think Calgary averages the most sunny days in the country, compare that to Vancouver’s 4 straight months of grey…I think I’d go nuts! Pretty windy at times as well. Every place has it’s pros/cons you just gotta find what works for you, but there is a real sense of spirit in Calgary/Alberta that you likely would not find in the capital…

#80 Bobby on 12.01.17 at 10:19 pm

I’m pleased to see this change as it is long overdue. When buying our new home two years ago I told my realtor that I wanted the sales data where we were looking; price history, days on market and selling price. He obliged as he knew I would go elsewhere. Ironically, he said this information should be readily available to everyone.
Looking at the true sales data presented a totally different picture here on the island. No, there were no bidding wars and houses were certainly not selling well over listing. Rather they were sitting awhile and selling for a reduced list price. The end result was we secured our home 6% under the asking price and much more in line with what it was worth.
What surprises me is the financial illiteracy and naivety of so many. People turn to someone whose income is based on commission for sound advice. And from my discussion with some of these agents, their advice is pretty poor.
This will not end well.

#81 Day of Judgement on 12.01.17 at 10:26 pm

The real estate scum will not sink easily. Expect them to continue fighting tooth and claw like demons being expelled by a priest.

Will this market data require people to sign up for an account with a realtor? will it be truly open on the internet like Zillow in the USA?

#82 Bill on 12.01.17 at 10:32 pm

#57 Lee
“Why is the ruling today necessarily a bad thing for realtors? Even if it depresses prices 10%: big deal.”

BoneHead, these bullshit con-artists, who have never worked a day in their life, will have to think twice about misleading and lieing to buyers and sellers. Prices have already been “depressed” by 20% and another 30% is on it’s way. You must be another shyster realturd!

#83 acdel on 12.01.17 at 10:35 pm

#78 cowtown cowboy

Good analogy!

Every city has its ups and downs!

As I mentioned in a previous post; its Friday, hug your loved one’s and just enjoy them; the rest is good to forget for a couple of days.

Cheers!

#84 crypto on 12.01.17 at 10:36 pm

Study Shows Millennials Favor Bitcoin Over Traditional Banking
One in four millennials are investing their hard-earned money in the leading digital currency Bitcoin instead of opening traditional bank accounts. They claim that they earn more from their Bitcoin investments and their money is safer, according to a survey.

https://cointelegraph.com/news/study-shows-millennials-favor-bitcoin-over-traditional-banking

#85 Big Daddy on 12.01.17 at 10:38 pm

It’s strange that the gov’t releases positive numbers when Trudeau numbers poll at the lows…..very suspect. Hiring civil servants and painting the tape with new debt is not GDP…..it’s fraud.

#86 crypto on 12.01.17 at 10:45 pm

Bitcoin could ‘easily’ reach $40,000 by the end of 2018, hedge fund legend Novogratz says

https://www.cnbc.com/2017/11/27/bitcoin-could-easily-reach-40000-by-the-end-of-2018-novogratz.html

#87 Calgary vs. Ottawa on 12.01.17 at 10:51 pm

#41 SASK TO AB
#43 acdel
#64 WUL
#78 cowtown cowboy

Thank you for the thoughtful and very helpful advice! If anybody else wants to chime in, that would be excellent. Nothing beats local knowledge and wisdom. We will of course do our field work as was suggested, but your advice will make it much more focused and effective.

I forgot to mention: commuting is not a big issue. Anything within 40mins to the core by car in either of these cities will do great.

#88 Entrepreneur on 12.01.17 at 10:55 pm

The usual reply #51 Four Fingers Watson and can understand the anger as jobs are at stake.

But we have to go back to the 60’s and 70’s when the electric car was rejected by the three big car dealerships for the push ahead for fossil fuel vehicles.

That is when our great leaders needed to think and transfer into green energy. Now we are more dependant on fossil fuel and more tightly squeezed by higher rates/taxes. Hard to move, the wrong road.

Even though we are on the wrong road does not mean that we should keep going, at least slow down and transition to green energy. Jobs from the fossil fuel can be transferred too. A good leader would make the transaction smooth as natural as can be. And the anger would not be there.

At least 50 years behind and a lot of catching up to do, get busy and show us the transactions.

#89 TheRealist on 12.01.17 at 10:59 pm

TREB will drag it out – even though they will probably lose – they can still enforce cease and desist for those wanting to pedal any insightful data to the general public.

It is kind of like how C.Clark dragged out the teachers ruling. They knew that they were going to lose, but dragging it out saved a ton money upfront until they finally lost.

Not allowing the general public access to data – until they have to allow access – will save TREB and any other board a ton of money as people cannot make informed data dependent decisions when they do not have any quality data.

Nonetheless, it is not hard to do your own due diligence and find the data that you need (regardless of if it is public or not). It is just that most people could not be bothered when it is hidden and cumbersome to acquire.

#90 akashic record on 12.01.17 at 11:03 pm

Let’s hope Bill Morneau makes the ethical and morally correct decision on this.

Didn’t this sentiment died with Bill Clinton in the White House?

#91 45north on 12.01.17 at 11:06 pm

Blind River: what’s going on?

This is the remarkable story of Blind River, Ont., a small town that has been saddled with millions of dollars in debt because of solar-energy dreams that turned into a nightmare.

http://ottawacitizen.com/feature/how-solar-energy-dreams-became-a-nightmare-for-the-small-ontario-town-of-blind-river

Big Ontario cities like Ottawa and Toronto are sophisticated and astute. I suppose there are Ontario towns which are sophisticated and astute but obviously Blind River isn’t one of them.

http://www.greaterfool.ca/2015/03/01/muzzled/

#92 SecretCode on 12.01.17 at 11:16 pm

The secret code has some interesting information.

Leverage ability of Canadians as of November 20, 2017 is just a hair above the decelerating trend.

What does this mean? At present, the change in leverage will shrink your house price by $12,634.11 above and beyond any speculative measure.

The secret code can also tell you what the speculative measure is on any home in Canada.

#93 common sense on 12.01.17 at 11:23 pm

I drive p/t in car auctions…..prices are still high except for 5-6 yr old BMW or Benz’s with 80000 pus K’s….

true bargins…

#94 Renting Sucks... but we do it anyway on 12.01.17 at 11:28 pm

#86 Calgary vs. Ottawa:
Hate to say it, but if you’re here, you must understand that there’s a huge potential downside to buying at this point. Yes, renting sucks, but if you’re going to the trouble of moving cities, renting for a year in the new city might save you a fortune, as well as let you figure out which areas you’d like to live in.

With finally some significant changes coming to Canada’s absurd real estate market, like B20, this might just be the very worst possible time to buy a property even in Ottawa, let alone overpriced Calgary.

From what I’ve read about asset bubbles, it’s not just the most extremely elevated markets that will see a correction, but other areas will get slammed also. (I always laugh when I hear people say, “well, Vancouver might crash, but out here in the suburbs, an hour away, prices will stay high as always. (it’s different here)” No, it doesn’t work that way.

The impact of low interest rates has been felt Canada-wide, so why wouldn’t impacts like rising rates or B20 also be felt Canada-wide?

Perhaps look at the house price graphs from about 2000 on, for both Ottawa and Calgary, and also look at the multiple of local incomes that the current prices are at. When did the prices diverge from the reality of incomes (and rents)? This might give an idea for how safe it might be to buy now.

#95 Entrepreneur on 12.01.17 at 11:43 pm

And no National Carbon Tax! But keep going down the same road and add another tax!

#96 Jason Han on 12.02.17 at 12:02 am

This place was terminated and resold 13 times over the course of 2 years. OMG, these asian investors…Yeah, I am asian myself, but not the rich ones.
http://housesigma.com/site/search/house/N3976856

#97 Fake News Again on 12.02.17 at 12:06 am

#11 Hans on 12.01.17 at 6:03 pm
Employment up, economy doing well, most sectors firing on all cylinders….wont wage inflation come into play at some point? If so, wont increased mortgage rates be a moot point? The feds apparently have a money farm growing somewhere, so infrastructure spending continues to go unabated….shouldnt we be pulling back on the gas pedal aka budgetary stimulus spending?

___________

BUNK – go look at the stats for the amount of “public sector jobs” everytime they make a jobs announcement. You need to understand that for every 1 Govt job there needs to be 3 PRIVATE sector jobs to pay for it. Govt workers make 100K a year with benefits and pensions so you need 3 PRIVATE jobs EACH paying 100K a year to compensate.

The jobs announcements are as phoney as the Govt who announces them. Canada is DOOMED.

#98 Freebird on 12.02.17 at 12:08 am

#29 tccontrarian on 12.01.17 at 6:43 pm

And stay close to your local Audi dealership. Big inventory surge ahead.” -GT
——————————————————-
LOL
I’m eying a Jag – Audis are so…common these days!

All I can say is that 2018 will be remembered in history – probably for all the wrong reasons.
—————————-
Jaguar Land Rover is made/owned by Tata and up until fall 2016 have Ford engines. Now changing to Tata engines built in UK and China.

As far as I know Audi is still German. Some like my spouse debate based on quality. I’m neither here nor there but prefer the UK ads for Jags.

#99 How to Lose a half Mil in 8 months on 12.02.17 at 12:17 am

yikes

http://housesigma.com/site/search/house/N3977314

worst part – same brokerage sold the property both times

#100 FOUR FINGERS WATSON on 12.02.17 at 12:42 am

#87 Entrepreneur on 12.01.17 at 10:55 pm
The usual reply #51 Four Fingers Watson and can understand the anger as jobs are at stake.

But we have to go back to the 60’s and 70’s when the electric car was rejected by the three big car dealerships for the push ahead for fossil fuel vehicles.

That is when our great leaders needed to think and transfer into green energy. Now we are more dependant on fossil fuel and more tightly squeezed by higher rates/taxes. Hard to move, the wrong road.

Even though we are on the wrong road does not mean that we should keep going, at least slow down and transition to green energy. Jobs from the fossil fuel can be transferred too. A good leader would make the transaction smooth as natural as can be. And the anger would not be there.

At least 50 years behind and a lot of catching up to do, get busy and show us the transactions.
………………………….

Oil helps tp pay for our schools and hospitals and roads and bridges and airports and all the rest of it. Let us know when you find a replacement source of funding.

#101 slick on 12.02.17 at 12:43 am

it’s too baad everyone has to live in the city

https://www.kijiji.ca/v-house-rental/norfolk-county/gorgeous-1-level-brick-bungalow-available-spring-2018/1314111406?enableSearchNavigationFlag=true

#102 N V Landlord on 12.02.17 at 12:45 am

# 27 How to choose the best subdivision in any city:
I haven’t lived in Calgary or Ottawa, but I have done a Masters Degree in Education @UNBC. You might be interested to know studies have been done first in USA and also in Canada, which have determined the best schools (elementary and secondary) in both countries that have full-time qualified teacher-librarians (NOT clerks nor volunteers) have the highest overall academic standings.
How come? Teacher-librarians help teach the students how to think. This comes about by teaching them how to do their research, from evaluating their resources, defining their topic, clarifying the important facts, and practising their arguments for and against their idea. In other words teacher- librarians teach critical thinking. We need MORE teacher-librarians than ever!
Good luck and welcome to Canada!

#103 paulo on 12.02.17 at 1:00 am

been following the bit coin debate on the blog; i think many are missing a key point. both internet services, isp’s and telecom service providers are regulated in most countries by there respective federal governments. most also have laws on the books,that allow there respective tax revenue collection agencies ie in canada the CRA and state side the IRS access to review and examine records in most cases without the requirement of a court order. the bottom line is that make no mistake on this bit coin game big brother is watching and has the ability to find you,and track your transactions! you may get a nasty surprise from your favorite person, the tax collector.
On the judgement released today the queen Vs. treb the 3 lawyers i work for by a vote of 3-0 figure the supreme court will refuse to hear the application for appeal from the treb,and will make a speedy ruling to that effect. so we shall see. apparently today’s released
order is very air tight.

#104 Howard on 12.02.17 at 1:41 am

Thanks for getting our hopes up Garth. As I read in the comments, they’re taking it to the Supremes so at best any real transparency is years away. The vermin realtors continue to play gatekeeper.

#105 NEVER GIVE UP on 12.02.17 at 1:48 am

Have they done anything to address the mythical competing buyers that mysteriously materialize to pump up prices?

There is a court case going on right now in Richmond regarding just that. The buyer was bidding against no one.

They must reveal the names of these competitors. Even then how many of them are “shills” paid for by the realtor. Las Vegas uses them. Almost every auction house uses them. I am sure it is standard practice in the unregulated world of real estate.

Canadians are soft. Its better to just lay down and pay double.

In the Simpsons, Lenny was asked what he thought about Homer, the Safety Inspector sleeping on the job at the Nuclear Power Plant. Lenny replied, “It’s best not to think of these things”

#106 jane24 on 12.02.17 at 1:51 am

Here in Britain we don’t have either a TREB or a MLS. Houses are listed and sold by independent agents that are competitive to each other. This does mean that as a buyer you have to do your own searching on overall house sale websites such as Rightmove or Prime Property and then contact each agent directly yourself but to also means that due to the tough competition the average commission on selling a house is 1.5% and BRAs do not exist. I think it is well worth hitting your computer yourself to inspect potential property listings to save thousands of dollars.

You can check each property’s selling history and sold prices on ZOOPLA and this is VERY useful. Without a TREB though they get their info from the govt Registry Office as each deal completes. This data is open to anyone. I have never been able to understand why in Canada the levels of govt do not open up their land transfer and property tax records in this way. So if Canadians want this info then demand this route in, rather than chasing TREB. You have after all paid for for the land transfer office to exist, so get their data.

#107 For those about to flop... on 12.02.17 at 1:52 am

Recent Sale Report.

This one probably gonna shock a few people.

Just sold ,no update from zolo yet.

4033 Osler st ,Vancouver.

Originally asking 7.500 then 6.990 then 5.990

Sold for 4.500

Tax assessment 5.265

And so even though they were ridiculously ambitious with the opener it might have flown in the old days.

40% less than original ask.

14.5% less than assessment.

I just want to make one thing clear,when we look back in four or five years people will probably say it was the empty homes tax or foreign buyers tax or whatever eventually gets implemented that instigated a correction in Vancouver.

The correction in Vancouver started in Fall 2016, the market started to buckle under its own weight.

The B.C Liberals poured a bit more gasoline on the cooling coals as they went out the door ,but it was already happening and even if they hadn’t implemented their plan condos still probably would have continued to climb because of affordability and demand and the current market compression that is occurring would just be happening at a slower rate.

Spring 2016 was epic,but when those speculators put their properties back on the market in Fall 2016 to collect what was supposed a quick profit,they soon realized that the market hadn’t digested what had taken place 5 or 6 months earlier.

My critics choose to focus on my spelling and grammar instead of the information that was being offered.

Every one of my thousands of posts trying to keep people up -to -date has a mistake in it.

I seldom correct them as long as the numbers are true ,the rest is just a fallible guy trying to make a small difference.

My writing is rough ,but the transfer of information is smooth…

M43BC

https://www.zolo.ca/vancouver-real-estate/4033-osler-street

#108 Bc auto on 12.02.17 at 2:22 am

Third month in a row where sales targets at the big Vancouver BMW dealership have missed, getting worse each month and off 25% in November, things getting ugly

#109 Deplorable Dude on 12.02.17 at 2:35 am

Fake news is getting downright dangerous…..markets tank 350 points this morning when ABC news drops a completely false story saying ‘candidate Trump’ ordered Flynn to contact the Russians before he was elected.

Wrong…it was ‘President Elect Trump’s transition team that told Flynn to contact the Russians as part of normal transition discussions..

…a world of difference…

Day before we have yet another fake story of about Rex Tillerson leaving……

The liberal media wiped billions off the markets today in their insane rabid attempts to pin anything on Trump.

ABC are now back pedellaing…but its the usual tactic…tweet out fake news which gets retweeted a gazillion times, then issue a retraction hours later that no one sees. Narative setting…..

You guys are pooched. – Garth

#110 Kool Aid on 12.02.17 at 3:39 am

These RE changes seem meaningful, though oddly are generally moot.

The info was always available if you know who to ask and where to look.

Some great RE deals coming soon, happy home hunting.

#111 Where's The Money Guido? Coleman on 12.02.17 at 3:46 am

http://vancouversun.com/news/local-news/more-to-come-on-money-laundering-allegations-b-c-attorney-general-says
The writing’s on the wall.
Garth you were wrong by a long shot, there was major influence in the market and it still is happening.
The crooks gotta launder those gains, by any means.
Where the fuck is former BC Premier Christy Clark and her underlings? No doubt hiding in the same place that took in Greedo Scumbag Campbell. Even “Rich” Coleman is hiding in his half dozen Langley rentals, the former “cop”, who shut this down when it was getting teeth a half dozen years ago.
It’s obvious they have sold BC down the road since the early 2000’s and NOTHING can be done to fix it unless we get rid of all corrupt government including the federal Liberals, that seems to harbor the same attitude as the BC Criminals who governed BC since the early 2000’s. Hey the plan worked for 15+ years to scam BC taxpayers since nothing was done to curb the RCMP’s own assertion that “organized crime has infiltrated the BC legislature”.
The Morneau side show is all the evidence you need. Canada is but a pimple on the world “rulers” ass.
What about all those “trade” missions to China at the start of the federal Liberal mandate? I guess getting their orders.
Why isn’t the US all over this. Why no rebuttal from them unless it’s “all in the plan”. If I saw what was happening on my doorstep I would set those Canucks straight, if it wasn’t in the plan.
Anywhere else in the world, we would have been invaded by the US to stop “all the corruption” and their leaders. Unless the corruption is directed from the US. Ha!
WTF is going on?
Venezuela here we come, better start hiding any assets you have before they decide to liquidate since there is obviously no “law and order”.
Even gang member murderers are getting off mass murder: http://vancouversun.com/news/local-news/murder-conspiracy-charges-against-jamie-bacon-in-surrey-six-case

#112 Where's The Money Guido? Coleman on 12.02.17 at 3:54 am

Re: #88 TheRealist on 12.01.17 at 10:59 pm

Not allowing the general public access to data – until they have to allow access – will save TREB and any other board a ton of money as people cannot make informed data dependent decisions when they do not have any quality data.

Nonetheless, it is not hard to do your own due diligence and find the data that you need (regardless of if it is public or not). It is just that most people could not be bothered when it is hidden and cumbersome to acquire.

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

Exactly, and more so when you have the media involved. It’s a pretty big wall to scale when the obstacles are immense, all produced by the sleaze that picks your pocket every day.
What did you think they do for 8 hours every day in their building of fiefdom. They obviously have more time than your wallet.
You lose……
Lemmings…….

#113 Where's The Money Guido? Coleman on 12.02.17 at 4:08 am

Re:
#84 Big Daddy on 12.01.17 at 10:38 pm
It’s strange that the gov’t releases positive numbers when Trudeau numbers poll at the lows…..very suspect. Hiring civil servants and painting the tape with new debt is not GDP…..it’s fraud.

Yeah so, what has that got to do with it.
Just behave or you will end up like smokey, a wanted man……hehe.
We’re in the wild west buddy and you better be packin’ when they come for yours’, because they will be coming. How else are they going to keep the money train backing up to their back door.
https://www.youtube.com/watch?v=xoqVlFYbqIA

#114 Where's The Money Guido? Coleman on 12.02.17 at 4:42 am

Re: #77 Raging Ranter on 12.01.17 at 10:12 pm
@ #44 Ben, thanks for the laugh. I’m still laughing at him. He trades Bitcoin on margin and loses his stake in minutes, then publicly whines about it on Twitter and demands his money back. That’s comedy gold.
++++++++++++++++++++++++++++++

Yeah, that’s gold Gerry
https://www.youtube.com/watch?v=j0qm0KUPeD8

#115 Stan Brooks on 12.02.17 at 5:29 am

Absolutely fantastic news for the us Stock market.
DOW to 27-28k, even 30 k is a given.

Combined with a stronger US dollar.

https://www.msn.com/en-us/news/politics/senate-passes-sweeping-revision-of-us-tax-code/ar-BBG1eq3?li=BBnb7Kz&ocid=mailsignout

While Canadians are busy with hearings on the drama teacher and his incompetent ministers.

Sad.

Don’t be confused by the ‘strength’ of the loonie, these 80 k temporary jobs are low paid and will not change the overall bleak economy picture.

Our credit and housing implosion troubles have not even started yet.

And no, BOC will not increase rates in December.

#116 Where is Garth? on 12.02.17 at 7:07 am

Over 90 comments and not one reply from Lead Dog. My mama told me there would be days like this.

I heard that. – Garth

#117 maxx on 12.02.17 at 7:15 am

#1 Happy Housing Crash Everyone! on 12.01.17 at 5:45 pm

“Happy Housing Crash Everyone! :-)

eat it SHYSTERS”

Hear, hear!

Quasi-useless, self interested, egotistical, interfering, economy-destroying, middlemen.

High time idiot realtards got the smack down they deserve and be forced to quit hijacking the economy….with hopefully more to come.

Canada badly needs to heal its economy from the ravages of artificially induced cancerous home prices.

When our economy’s healing gains traction, money will naturally flow into all spending areas, not just re and most everyone will benefit, not only greedy, salivating realtards, flippers and speckers.

#118 Dolce Vita on 12.02.17 at 7:15 am

Reading all the Fanboi and Fangurl, this is the death of RE, along with B20 posts of late.

When you consider that of the $83 B mortgages in the last 12 months, $29 B were Refinances and Multiple Mortgages or 35% of the total [same property, mortgage balance increased by > 10%, CMHC estimate]:

It will end up very bad for an indebted nation relying on HELOCs to finance Junior, retirement, debt consolidation, etc.

Never mind B20 negatively affecting New Owner mortgages, $33 B or about 40% of the total.

I think this ends up the largest asset devaluation Canada has ever seen…within the year I think.

The thing is, no one ever sees it coming…not even Garth’s dour little weenie Economists.

#119 Freebird on 12.02.17 at 8:21 am

So Mr Morneau’s hole gets deeper…

https://globalnews.ca/news/3889576/bill-morneaus-father-sold-200k-shares-capital-gains-tax/?utm_source=Article&utm_medium=EditorsPick&utm_campaign=2015

Maybe some new socks from the PM to help deflect attention.

#120 Freebird on 12.02.17 at 8:29 am

#99 slick on 12.02.17 at 12:43 am

Ya know your in the country when your between Teetersville and Rattlesnake corner.

#121 crowdedelevatorfartz on 12.02.17 at 8:38 am

@#109 Where’s the money

Apparently Christy ( no mirror is too small) Clark has been hiding from her not so adoring public after her epic fail at the polls.
Her Christyness has apparently holed up and started eating and eating and eating…to the tune on an extra 30lbs or so.
Not to worry, as most narcissists cant bear to see themselves in an unflattering light or reflected image…. so goes our Ms Clark.
But Im sure if you’re right, the Province of BC could offer her and “Rich” Coleman a balanced diet and lots of exercise in prison.

#122 crowdedelevatorfartz on 12.02.17 at 8:41 am

@#106 BCauto
“Third month in a row where sales targets at the big Vancouver BMW dealership have missed, getting worse each month and off 25% in November, things getting ugly”
++++++
Now THAT is a telling stat in the world of Beemer Leasers aka Realtors.

Anyone got some vancouver Audi sale/lease stats for us?
Anyone?

#123 crowdedelevatorfartz on 12.02.17 at 8:47 am

@#105 Floppie

Excellent analysis and summation as always Flop.
Alas, I think your work may , eventually, come to an end with the Court ruling from Ontario.
I’m sure numerous free websites will begin to pop up showing verifiable stats, history, taxes, etc.

Perhaps you should be the first in BC?
What say you Blogdogs?
Put your money where your mouths are!
Drive a wooden stake through the bloodsucking heart of BCREA and VREA?
Wanna crowdfund the Flopster ?

#124 Gravy Train on 12.02.17 at 9:13 am

#20 jobs report on 12.01.17 at 6:24 pm
“Is it possible to see a professional break down of the jobs report by region and industry?

“What sectors of Canada’s economy are red smoking hot? Can’t be just services, can it? Is our manufacturing coming back?”

Here you go:
https://www.statcan.gc.ca/eng/start

https://www.statcan.gc.ca/daily-quotidien/171201/t001a-eng.htm

https://www.statcan.gc.ca/daily-quotidien/171201/t002a-eng.htm

https://www.statcan.gc.ca/daily-quotidien/171201/t003a-eng.htm

#125 Allen on 12.02.17 at 9:21 am

I wish I had taken a screenshot of this one but another sleezy realtor tactic that I haven’t seen often. This one was listed at 799,000 to start and when nobody came, they raised it to 824,000 the next week and the week after reduced to 795,000. Listing showed it was newly reduced by 29,000. My guess is that they were called out on it and have now relisted the property. Now listing shows Nov 29 listing at 799,000 and reduced to 795,000 on Dec 1. All of this action happened in 3 and a half weeks. PATHETIC!!!

https://www.zolo.ca/port-coquitlam-real-estate/2150-salisbury-avenue/18

#126 LivinLarge on 12.02.17 at 9:23 am

“Canada badly needs to heal its economy from the ravages of artificially induced cancerous home prices.

When our economy’s healing gains traction, money will naturally flow into all spending areas, not just re and most everyone will benefit, not only greedy, salivating realtards, flippers and speckers.”…well, maybe it “needs” to but the actual process to is like herding cats.

Human nature is at work with home ownership and all the chest beating in the world won’t change that dynamic one whit.

Yes, the collective Canadian economy would be far better off if average home prices correlated with average income multiples but until you can change the mind sets of 30 million individuals, absolutely nothing “will” change.

Every time we see a wholesale reset of the RE market along with the resulting collapse of the agent population, we also see a recovery. Everything changed for Canada starting in 1946 and expecting the world to ever revert to the pre 1940 mind set is just unfortunately naive.

We saw double digit interest rates in the late 70s and even that simply slowed the growth of home ownership rather than fundamentally change the demand in any way. Humans are voracious consumers of everything in their paths and nothing will ever change that without a despotic dictatorship in Ottawa.

The 2018 correction will almost certainly mirror the 1990 correction and maybe even last longer but it will once again be “business as usual” in a few years.

#127 Oliver H on 12.02.17 at 9:31 am

Garth,

Thank you for sharing on your popular blog the bad stuff going on out here, this time, that realtors are lobbying for more money to come from RRSP(s). Without your blog, I bet a lot more would get passed. Your blog also triggers some readers to start discussions on Reddit and Twitter, which reaches the young generation, who otherwise would not be informed.

I hope readers direct their anger to do something useful when they read about Realtors pushing for their interest at the expense of the future generation. Don’t put in all your effort replying to this comments section, as it gets zero attention from the “outside world”.

Create yourself an account on Twitter or Reddit:

1- start or participate in threads related to Real-Estate. “cc:” the Bank of Canada or Morneau, when the topic applies.

2- Follow Scott Terrio

3- Follow John Pasalis

4- Subscribe to Reddit Toronto:
https://www.reddit.com/r/toronto/

5- Subscribe to Reddit Personal Finance:
https://www.reddit.com/r/PersonalFinanceCanada/

Put pressure on Realtors and encourage Morneau to not bend to their pressure.

#128 Dharma Bum on 12.02.17 at 9:40 am

#27 Calgary vs Ottawa

If ya wannabe a cowboy, go west. Alberta is the Texas of Canada. Especially around “Stampede” time. Yeeeeeehawww! Calgary is more fun to live in than Ottawa. But is that your main criterion? I think not.
You seem to be big on schools.

Best neighbourhood in Ottawa: Westboro

Best neighbourhood in Calgary: Varsity

https://www.livingin-canada.com/living-in-calgary-alberta.html

https://www.livingin-canada.com/living-in-ottawa.html

If you think that you will take advantage of the splendour that the western landscape has to offer (i.e., the Rocky Mountains), and your into skiing, mountain biking, hiking, camping, wildlife viewing, fishing, hunting, and the great outdoors, then head west, and enjoy!

If you are into a more practical, conservative, relatively boring but safe and comfortable urban lifestyle, and you need to travel a lot for work in the eastern regions of Canada and the US, then go to Ottawa. It’s a nice place.

Both are great cities. The west is still for adventure seekers, while the east is more suited for the mainstream types.

#129 sue on 12.02.17 at 9:50 am

#107 Deplorable Dude
Agreed. I think it doesn’t really matter if there was no wrong doing by the Prez. The Deep State wants him out and they are still more powerful. Meanwhile, Hillary is the most corrupt person I can think of and she walks off with 145M from Russia. Uranium One stinks to high heaven.

Flynn is an avowed criminal. Explain that. – Garth

#130 Ian on 12.02.17 at 9:57 am

Well, well. We awake this am to find US tax reform passed the senate 51-49 overnight.

Major victory for Trump. Economic growth expands, rates rise, and deficits explode.

Should be quite a 2018!

On this topic in the post, I love it. Open data, open competition, and finally a break on the CREA stranglehold. Beautiful!

#131 Doug in London on 12.02.17 at 10:29 am

Good, what happened yesterday isn’t just overdue, but long, long, long, long, long, long overdue. This change to make the real estate market more transparent should have occurred in 1791, when John G. Simcoe became Governor of Upper Canada.

#132 someone drank the cool aid on 12.02.17 at 10:41 am

and didnt leave a drop……….

……………

Absolutely fantastic news for the us Stock market.
DOW to 27-28k, even 30 k is a given.

Combined with a stronger US dollar.

https://www.msn.com/en-us/news/politics/senate-passes-sweeping-revision-of-us-tax-code/ar-BBG1eq3?li=BBnb7Kz&ocid=mailsignout

While Canadians are busy with hearings on the drama teacher and his incompetent ministers.

………….

as if this helps the middle class. The separation of middle class and the rich will widen even further. It’s nearing historical separation, mirroring 1935-1940.

fool

#133 Ace Goodheart on 12.02.17 at 10:44 am

Re: #104 jane24 on 12.02.17 at 1:51 am

“I have never been able to understand why in Canada the levels of govt do not open up their land transfer and property tax records in this way. So if Canadians want this info then demand this route in, rather than chasing TREB. You have after all paid for for the land transfer office to exist, so get their data.”

In Canada you actually can get all of the data you are speaking of. You simply visit the local land registry office, pay $15.00 to search the title of whatever property you are interested in, and all of the information is available.

What people could not get, and what the appeal decision regarding TREB was about, was historical listings.

In Ontario, particularly in Toronto, Agents were playing a little game. The game was, list a house, wait a few weeks (or months) to see if it sells. If it does not, remove it from the market, wait a week, and re-list it at a lower price as a “new listing”. If it sells for at or over asking, you could then claim that it sold for the full amount or “over asking” and no one would be able to find the historical listing.

This resulted in “franken numbers” with houses being flogged again and again until they sold, with each iteration being presented as a completely new listing.

This will all change now and we will be able to see the selling history of a house. If it has been on the market for five years, with ten different price points, we will be able to see that. This is a game changer.

#134 Trumpocalypse2017 on 12.02.17 at 10:52 am

Yesterday the DOW dropped 350 points in a flash based on one report by ABC news of Trump’s direction connection and request to Flynn to involve the Russians (since redacted by the network)

http://money.cnn.com/2017/12/01/media/abc-news-flynn-correction/index.html

Just imagine, for a moment, the epic crash that will happen once Trump is fully implicated, which will happen within the next weeks, maybe months at best.

Get out of all US exchange stocks NOW!!!!!

Use the proceeds to buy canned beans and meat and stock up on batteries.

Prepare.

#135 Paul_TO on 12.02.17 at 10:54 am

Im not sure the near medium term outcome is that predictable. Interest rates will not rise significantly because Canadians are so leveraged already. Low unemployment plus current immigration rates and foreign wealth seeking safe haven means there is a robust demand. Question is what is price ceiling? Using just canadian measures one could argue we are close. However using international measures there could be a lot of room left… unfortunately for us. I see our quality of life declining under the current climate. Trump is an idiot but some of his problem statements are true.

#136 Stan Brooks on 12.02.17 at 11:01 am

#130 someone drank the cool aid on 12.02.17 at 10:41

as if this helps the middle class. The separation of middle class and the rich will widen even further. It’s nearing historical separation, mirroring 1935-1940.

fool

———————————

It is absolutely inevitable – the destruction of the middle class. Learn to recognize the writing on the wall.

Even the liebarals are targeting the middle class, not the rich.

Hedge accordingly.

#137 Stan Brooks on 12.02.17 at 11:05 am

#132 Trumpocalypse2017 on 12.02.17 at 10:52 am
Yesterday the DOW dropped 350 points in a flash based on one report by ABC news of Trump’s direction connection and request to Flynn to involve the Russians (since redacted by the network)

http://money.cnn.com/2017/12/01/media/abc-news-flynn-correction/index.html

Just imagine, for a moment, the epic crash that will happen once Trump is fully implicated, which will happen within the next weeks, maybe months at best.

Get out of all US exchange stocks NOW!!!!!

Use the proceeds to buy canned beans and meat and stock up on batteries.

Prepare.

——————————-
It was clarified – this is fake news/non event.

New tax cuts were approved and now DOW is heading towards 30 K.

STAY INVESTED IN THE US STOCK MARKET!

#138 crowdedelevatorfartz on 12.02.17 at 11:14 am

@#132 TrumpPuckerdLips2017
“Use the proceeds to buy canned beans and meat and stock up on batteries….”
*****

Well if your main diet is canned beans and canned pork….speaking from my own personal experience……you might want to stock up on carbon filters for the air recirculation fan…

#139 Ponzius Pilatus on 12.02.17 at 11:16 am

#85 crypto on 12.01.17 at 10:45 pm
Bitcoin could ‘easily’ reach $40,000 by the end of 2018, hedge fund legend Novogratz says.
—————–
I think it will reach $39,999.99.
Stop listening to the tea leaf readers.
No one has a clue where this baby is going.
Far too early.

#140 SW on 12.02.17 at 11:18 am

#105 For those about to flop… on 12.02.17 at 1:52 am

Sincere thanks for all you do, sir!
Ignore the pedants. Your heart’s in the right place.

#141 Ponzius Pilatus on 12.02.17 at 11:28 am

#121 crowdedelevatorfartz on 12.02.17 at 8:47 am
@#105 Floppie

Excellent analysis and summation as always Flop.
Alas, I think your work may , eventually, come to an end with the Court ruling from Ontario.
I’m sure numerous free websites will begin to pop up showing verifiable stats, history, taxes, etc.

Perhaps you should be the first in BC?
What say you Blogdogs?
Put your money where your mouths are!
Drive a wooden stake through the bloodsucking heart of BCREA and VREA?
Wanna crowdfund the Flopster ?
————–
Sure.
I’ll donate 10 Bitcoins

#142 Ponzius Pilatus on 12.02.17 at 11:30 am

#114 Where is Garth? on 12.02.17 at 7:07 am
Over 90 comments and not one reply from Lead Dog. My mama told me there would be days like this.

I heard that. – Garth
————-
HaHa.
Careful dogs.
Garth is watching you.

#143 Ben on 12.02.17 at 11:35 am

Seriously Garth why not write more on Quebec.

For example for some time here they’ve had pretty high property taxes, they’ve had rent increase controls. And also they don’t have the same anglophone culture of looking for a free ride via rentier activity.

I think it would actually be a pretty enlightening thing to dig into. It’s like a parallel experiment. Same currency. Same interest rates. Same credit restrictions.

Yet in Vancouver you have a hellscape outcome (for young people) and in Montreal the kids have a chance.

#144 Ponzius Pilatus on 12.02.17 at 11:58 am

Hail the Chief.
http://www.spiegel.de/fotostrecke/fotostrecke-155756-8.html

#145 crowdedelevatorfartz on 12.02.17 at 12:11 pm

@#141 Ben
“And also they don’t have the same anglophone culture of looking for a free ride via rentier activity….”
++++
No .
Just a francophone culture of a free ride via Federal Equalization payments….”

http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwiJk6GG6evXAhUYHGMKHb9aADQQFggqMAE&url=http%3A%2F%2Fwww.torontosun.com%2F2012%2F08%2F17%2Fquebec-proves-that-not-all-is-equal-in-canadas-equalization-payment-program&usg=AOvVaw13z4viPawowMi0GM2BpIBr

#146 TurnerNation on 12.02.17 at 12:29 pm

I see this sht bung in by buddy’s area is over 1 mill – includes plans for a chipboard-and-2×4 McMansion.

Located near the confluence of Hwy 401 and Allen Road – you too can wait in the traffic jams.

https://www.realtor.ca/Residential/Single-Family/18891757/342-RANEE-AVE-Toronto-Ontario-M6A1N8-Yorkdale-Glen-Park

#147 Blacksheep on 12.02.17 at 12:44 pm

Flop # 105,

“Recent Sale Report.

This one probably gonna shock a few people.

Just sold ,no update from zolo yet.

4033 Osler st ,Vancouver.

Originally asking 7.500 then 6.990 then 5.990

Sold for 4.500

Tax assessment 5.265

And so even though they were ridiculously ambitious with the opener it might have flown in the old days.

40% less than original ask.

14.5% less than assessment.”
————————————–
Good thing they only paid, 3.5 mill.

#148 Evangeline on 12.02.17 at 1:14 pm

#135 Stan B.

Trump’s enemies had to do something, anything to rain on his parade. Yesterday was a very big day for his administration.

If that particular fake news story hadn’t been published, I wonder how high the markets would have climbed yesterday.

This is funny:

https://www.youtube.com/watch?v=DuhXkCF-L2E

#149 Damifino on 12.02.17 at 1:15 pm

I didn’t like Christy Clark’s political stripes either. But, she’s gone now, for good. Fat-shaming isn’t appropriate.

#150 Keith in Rio on 12.02.17 at 1:24 pm

#106 BCauto…….

Third month in a row where sales targets at the big Vancouver BMW dealership have missed, getting worse each month and off 25% in November, things getting ugly

——————-

Not hitting targets is irrelevant, for targets themselves are an arbitrary thing pulled out of thin air in this industry, as they are often dictated to the sales teams from out of touch dealership owners, or newly hired general managers.

Where are they YTD in RDR’s over the previous years stats ?

That is the proof in the pudding.

I have no dog in this hunt, just making sure people realise the difference between “hopium” and reality.

#151 Ogopogo on 12.02.17 at 1:26 pm

I must admit I got happy reading this post, tempered only by the rage at CREA’s unethical push to gut the meagre savings of a generation of lobotomized housing cultists.

Realtors as a class are dirtbags. If there was ever any doubt before, we now have full confirmation. Fingers crossed for an all-out correction (while, as always, hoping for a crash).

#152 Contrary Canadian on 12.02.17 at 1:42 pm

One step closer to transparency for sure and the writing is on the wall. But it’s been 6 years in court so far and sounds like one more appeal may be coming as yet another delaying tactic.

Does anyone know how long a supreme court appeal might take? Let’s get this over with and access the data already. Jeez!!!

#153 crowdedelevatorfartz on 12.02.17 at 2:01 pm

@#147 Damfino
Sorry I offended thee.
No shaming involved.
Merely stating the truth.
Overweight is overweight
You’d prefer
“Dangerously diabetic”?
“Morbidly Obese”?
“Buffet Ballerina”?

#154 SoggyShorts on 12.02.17 at 2:33 pm

#143 crowdedelevatorfartz on 12.02.17 at 12:11 pm
@#141 Ben
“And also they don’t have the same anglophone culture of looking for a free ride via rentier activity….”
++++
No .
Just a francophone culture of a free ride via Federal Equalization payments….”

http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwiJk6GG6evXAhUYHGMKHb9aADQQFggqMAE&url=http%3A%2F%2Fwww.torontosun.com%2F2012%2F08%2F17%2Fquebec-proves-that-not-all-is-equal-in-canadas-equalization-payment-program&usg=AOvVaw13z4viPawowMi0GM2BpIBr
****************************
Nice one!

#155 TS on 12.02.17 at 2:38 pm

#133 Paul TO

Is that wishful thinking on your part? The writing is on the wall. Interest rates will rise (even small increase will be significant to many) based on latest economic data and stress test will have significant impact on # of greater fools left to buy. You must be a realtor – too bad, so sad. As said many times “happy housing crash everyone!”

#156 Cloudy on 12.02.17 at 2:41 pm

Flop, I appreciate your effort and contributions. I’m across the Straight of Georgia, but Vancouver trends end up followed here to some extent. Please keep it up!

As to the ruling against TREB: great news. I hope their appeal is quashed in a timely fashion and the whole nation gets access to vital information.

#157 #83 Crypto I’m stupid on 12.02.17 at 2:54 pm

https://www.prnewswire.com/news-releases/blockchain-capital-survey-finds-over-one-in-four-millennials-would-prefer-investing-in-bitcoin-over-stocks-and-bonds-300551422.html

Here’s the actual study you linked. Notice how it says rather own bitcoin and not actually own bitcoin. Please read the survey next time. That’s a big difference. Smh this won’t end well.

#158 jess on 12.02.17 at 3:39 pm

fallout from the usa housing market?

bezos temps

“camperforce”workampers

https://www.wired.com/story/meet-camperforce-amazons-nomadic-retiree-army/

#159 crowdedelevatorfartz on 12.02.17 at 3:47 pm

@#150 Contrarian Canuck
“Does anyone know how long a supreme court appeal might take? Let’s get this over with and access the data already. Jeez!!!”
+++++
Good question.
According to their website.
The application may take 3 to 6 months.
IF they find that the judge in the last trial made a mistake.(highly doubtful)
Another 7 months before a trial begins
Then another month or so of arguements.

http://www.google.ca/url?url=http://www.scc-csc.ca/contact/faq/qa-qr-eng.aspx&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiS8KabmezXAhVS2mMKHS4bDlQQFggUMAA&usg=AOvVaw3VhzlgMsD2kvz-CaLmCwqW

Either way with G20, sliding sales and now this….2018 will NOT be a good year for real estate sales shysters.
Merry Christmas!

#160 Damifino on 12.02.17 at 3:50 pm

#151 C.E.F.

I wasn’t all that offended. It just seemed a little on the Trumpian side to comment on the rotundity of someone who’s been sent the way of Gordon Campbell (except for the cushy non-job in London) and who no longer poses any threat to the dippers of BC. BTW, I voted for her. Didn’t really want to. No other real choice.

#161 YVRMC on 12.02.17 at 3:56 pm

Very first comment HHCE ‘s “eat it Shysters ” caused me to burst out laughing . For Flop , really appreciate your efforts , keep the re updates coming brother !

#162 Data Gold Mine on 12.02.17 at 4:12 pm

Can anyone blog dog here explain how the Land Registry office in Ontario works? An early comment by a Brit made sense. He said our tax dollars pay for the Land Registry to exist and that Canadians should demand that the data be open and accessible. This makes a lot of sense to me.

Land registry data should be online and this way someone with data mining skills can download the data and post it on a website in a user friendly way. Even if TREB if forced to release all data this Land registry data would still be useful to have because sometimes a sale price in TREB is not the same sale price registered with this government office.

#163 jess on 12.02.17 at 4:29 pm

Homeowners trapped by ‘fleecehold’ – the new cash cow for developers
https://www.theguardian.com/money/2017/jul/25/leasehold-houses-and-the-ground-rent-scandal-all-you-need-to-know

#164 ben on 12.02.17 at 5:07 pm

crowdedelevatorfartz – one could argue that having your banks launder money to ramp the price of *the exact same* housing is printing money.

No work is being done here, no value created. However it is causing BoC a severe headache when rates clearly need to go up we all have to drag our heels to avoid these fools imploding.

#165 LivinLarge on 12.02.17 at 5:17 pm

Data, the LRO data is totally accessible . It’s about as easy to use as you can imagine. Just turn up with the address and a credit card and ask for the report on the property. They’ll print it off for you.

The daa isn’t online as far as I know and I can’t imagine they want it easily accessed without a fee.

#166 Glengarry Girl on 12.02.17 at 5:27 pm

#156 Jess

I posted that story on my FB, very interesting. I am a Canadian traveling full time in a travel trailer this year. There are thousands of nomads living as cheap as they can in their vehicles here in Nevada, Arizona and California. Its another world that many I tell can’t imagine. I’ve lived in the US for 10 years with a front row seat to this huge correction. My Canadian friends and family can not understand or believe what that period of time did to many Americans. Loss of good paying jobs, loss of home equity, loss of retirement funds, and rising Health care/insurance costs have created a situation of survival. Watch Bob Wells utube videos and you can see how well organized these nomads have adapted to this new reality. We met up in Quartzsite Arizona in Jan this year camping in Desert with thousands people. It was a very happy and freeing experience. Many head to Baja Mexico where u can get medications, Dental work, glasses Cheap. An underworld like Mad Max. There are huge tents set up where hundreds sign up to work for Amazon in warehouse for a couple months to fund the rest of the year.

#167 Glengarry Girl on 12.02.17 at 5:45 pm

I am planning to invest in more Property in Ontario after the Big Correction. I got my feet wet last year and purchased a new build condo in London fully expecting that it was at the top of the bubble. Since then it’s gone up 20%, dont care am going to keep it long term and rent it out. My 3 daughters live and go to college there and I could not stand to see them in slum lord rental situations any longer. We made a Family plan and will use this condo for housing for them as well as income from renting rooms to students along the way as they leave. They cover all of the expenses now and it’s significantly less than when they rented a room in a dingy basement with no way to escape in a fire. The housing for students and low income people or even young professional’s is pathetic. No rules and regulations whatsoever. I read recently, some young man died in a fire in a rental in my hometown Windsor, heartbreaking. Mine are no moisters nor are we parents that believe in financial support of adult children. Desperate times call for out of the box thinking. More and more the old European Family model looks appealing to me. Don’t trust the banks, don’t trust the markets, don’t make any interest on your money. If you trust your kids and their ability, why not work together. When they rent a room they have incentive, we lower their expenses and share the wealth.

#168 Glengarry Girl on 12.02.17 at 6:23 pm

Oh I meant to make a point about housing data and investors using it to make decisions. I personally am glad that this information will be easier to get. First point, most home buyers are not savy enough to use the data for their advantage anyway. With the last decade of housing brainwashing most do not believe that house values go down, only up. Most young real estate agents could not put an email together for me with reliable information. I don’t even think they were Shysters, I think they didn’t understand the numbers I was crunching. I don’t think that many understand the very simple basic math regarding risk and return. Maintenance 2% a year, depreciation of appliances, rental potential. You can make money at the lows and at the highs. You loose if you have to sell at a low, if you intend to rent it out, you can find higher quality renters. During and after a housing correction rents most likely will go up. Many professionalls that would normally buy will rent during volatility. During these times job security is low and mobility is high. I’m hoping to attract that renter. This happened and is still happening in the US a decade after the correction. If you can use your investment for housing for yourself or your Family during tough times, that alone holds value. This past decade or more have produced a population that doesn’t understand basic financial principals and common sense. They truly believe that old school thinking is obsolete because leveraging debt is cheap. No it is not different this time…boom bust, same things will happen.

#169 Boonerator on 12.02.17 at 6:58 pm

#92
in Victoria, you can get a Benz from the 90’s or early 2000’s for less than 5K, sometimes way less.
Test drove one that looked showroom good, $4200
Yet people gladly pay twice that for Fords or
Kiss. Go figure

#170 Under the radar on 12.03.17 at 6:10 am

92
Cost to maintain and fix a BENZ is huge , that’s why they fall hard and no one wants a 20 year old S class except aspiring young gangsters

#171 Vanreal on 12.03.17 at 11:43 am

Ottawa or Calgary. Pass on both.

#172 Old Ron the Realtor on 12.03.17 at 1:16 pm

I have polled perhaps a dozen agents in the last few days about the ruling regarding releasing sales data. Every single one of them was very pleased. (100%)

Prior to the Federal Gov. imposing Privacy legislation agents always disclosed sales information to anyone who wanted it. After PIEPEDA we had to be far more discrete.

So now if I am out knocking on doors and somebody asks me what number #55 sold for, I can tell them.

What is missing in this thread is the reason Realtor’s stopped disclosing sales data in the first place—well it was the Federal Gov who told us not to. Now the Gov is saying you must disclose.

We just try to stay compliant with the laws of the land folks. Right now all of us are happy to disclose every scrap of information we have. Sorry “Happy Housing Crash”–no conspiracy.

Actually, Old Ron, for years TREB and other boards have not allowed MLS data to be independently published as they claimed it was proprietary information. That preceded the passage of current privacy laws. It’s always been about protecting a monopoly. Now, hopefully, sunshine. — Garth