Sticker shock

In desperate Markham, one of the GTA’s affluent, hyperventilating exburbs, James’ neighbour’s house had been for sale for an eternity. Since April, actually, the month when the lights went out for real estate sales, when dark Audis stopped prowling the streets and prices began their sickening descent.

“I figured he was having a difficult time selling with the market being slower,” Jim says, “but I was shocked to see a “Sold Over Asking” sign on his front yard a couple weeks ago.” Indeed. The place was listed for $1,048,000 and somebody actually came along and paid $1,050,000. Two thousand bucks – enough to give the listing agent the immense giggle of slapping that ‘over asking’ sticker on the sign out front, and then on his Century21 web site.

And here it is. Nice house, if you’re into glue-&-particle-board McMansions covered with face brick and fake stone on a street where nobody uses their garages because they’re full of sweaty hockey pads.

But, being nosy and emboldened by a pathetic blog that knows no shame and has had all its shots, he decided to do some research. Jimbo asked an agent for a sales history of the kind the Toronto Real Estate Board has blocked from being available online at realtor.ca for all to see. This stands in stark contrast to what other consumers can access, like those in Nova Scotia, where Viewpoint.ca – soon to be the model for the nation – gives an instant and full sales ledger, including all relistings, price reductions, terminations and sold data. Everybody browsing for a house can be fully informed on a property’s history before ever engaging an agent.

“Now that I have access to what was previously considered top secret realtor data, I can see what really happened,” he says. “Originally listed for 1.84 and sold for 1.05 Another sleazy realtor exposed.” You bet. Here is the litany of price cuts – five of them.

So what? Well, 64 Outlook may have sold for a few whiskers over the last ask, but it also went for almost $800,000 less than the original price six months earlier – a 44% haircut of Biblical proportions. Transparency in the listing would have disallowed this realtor fiction of a rising market (Sold over Ask!!), and also have guided any potential buyer that may have felt like ruthlessly vultching an owner clearly desperate for an offer. It also would have provided a true representation of a market that’s dying.

In any case, if I know what a Bitcoin sold for last week, or a share in my fav weed stock, or a CryptoKitty, then why should I be kept blind to what this house fetched the last time it changed hands, or to know the frequency and magnitude of price changes? This is exactly what the federal courts have wondered, too, and why TREB had its rear paddled last week. Barring any successful appeal (won’t happen), soon all houses will be naked.

“Another sleazy realtor exposed,” says James. Only 110,000 to go.

$        $        $

Speaking of Bitcoin, you moisters can stop savaging me on social media over my warning not to speculate on this blockchain application. I don’t care. Digital currencies may invade our daily lives in the future, but this thing is a massive bubble with close to 100% volatility. You have a very good chance of doubling your money in a week, and then losing all of it in a couple of days. That’s not investing. It’s gambling.

Two events worth knowing: the Bank of Canada may be getting into the digital currency business which means you can expect the Fed, the Bank of England and the ECB to do the same. Digital money offers no transaction fees and will be cheaper for consumers than debit or credit cards, while promisinging huge savings in the large-scale payments system. Inter-bank transfers alone are massive.

If it happens, guess what the legal tender would be? Adios Bitcoin.

Meanwhile those who think Bitcoin is Tulip Money and are waiting to short the pistils out of it will soon have their chance. Futures trading begins in about five days’ time, first on the CBOE, then CME and later on Nasdaq, giving money-sniffing hedge funds a way to trash an asset that’s increased 1,000% this year.

This comment from one anxious player sums it up nicely: “This is one of the greatest shorting opportunities ever. You have a lot of zealotry, and a lot of people, including me, who think it’s the greatest thing to ever happen in the history of mankind. You have a lot of people who think it’s a bubble and a Ponzi scheme. It turns out both of them can’t be right.”

Futures trading lets people gamble on going long (betting on gains) as well as rolling the dice and going short (betting on declines). It’s like smoking, only faster.

163 comments ↓

#1 Bytor the Snow Dog on 12.04.17 at 6:30 pm

Where’d HHCE when you need him?

BTW…..FIRST!

#2 Fake News Again on 12.04.17 at 6:32 pm

Meanwhile all day today on the radio: Money Laundering of Real Estate from the Asian Dudes that are supposedly not money laundering…….I guess what they say is true about the mainstream media. Its all fake news…..

#3 CryptoKitty on 12.04.17 at 6:36 pm

Hah! Garth mentioning CryptoKitty!

No one can say he’s an out of touch wrinkly.
He knows what’s hip :-)
Good stuff for drawing in Millennial readers.
Kudos.

#4 Prarie Puncher on 12.04.17 at 6:38 pm

I hope you will share any reputable sites like viewpoint if available for AB real estate and other provinces too as they arrive. Curious do you know how this info being public has impacted the housing market and realtors in NS? I am guessing realtors are going to need to do a lot more to justify their worth once all this info becomes public.

#5 PupPatrol on 12.04.17 at 6:42 pm

Some 32 year olds want clothing or purses for Christmas, I want SOLD DATA in BC.
;)

#6 MGTOW is the right choice on 12.04.17 at 6:42 pm

Look at all of these 888888888s….but still $1,050,000 for a house in the middle of York Region? Even if you sell your Canadian loonies for Trump dollars, which will be about US$800,000, YOU CAN ACTUALLY buy a decent house of similar size 30 miles from Los Angeles county.

What’s so special about Toronto and Markham that Blue Pillers pay California prices for real estate?

#7 Turritopsis on 12.04.17 at 6:42 pm

Why wouldn’t the buyers REA supply information like this to his/her client buyer in all cases?… isn’t that the kind of information the buyers pay huge commissions to the REA representing them? the word “shyster” comes to mind. Perhaps it is time for our government to protect its citizens from shysters and start regulating this industry. I think T2 owes us all an apology for allowing this to continue

#8 FOUR FINGERS WATSON on 12.04.17 at 6:43 pm

On the heels of a weekend full of threats and promises from governments, bankers, and the mainstream media, Bitcoin was lambasted once again overnight, this time by The People’s Bank of China.

For a brief 6 months or so, China was the dominant region for Bitcoin in the world, but then – as capital flows accelerated – the government and central bank began to ‘crackdown’ on crypto, first by banning ICOs and then shutting down local exchanges. Volume disappeared…
Looking back at the crackdowns, QZ reports that Pan Gongsheng, a deputy governor of the People’s Bank of China, believes Beijing made the right decisions.

“If we had not shut down bitcoin exchanges and cracked down on ICOs several months ago, if China still accounted for more than 80% of the world’s bitcoin trading and ICO fundraising, everyone, what would happen today? Thinking of this question makes me scared.”
QZ further notes that Pan went on to share a recent column by economist Éric Pichet in the French newspaper La Tribune (link in French). In it, Pichet, a professor at the Kedge Business School in France, makes a familiar argument that bitcoin is a bubble waiting to burst, just like the tulip mania in the 1600s and the Internet bubble of 2000.

He predicts that bitcoin will die of a grand theft, a hack into the blockchain technology behind the cryptocurrency (which actually is unlikely), or a collective ban by global governments.

Pan cited lines from Pichet to wrap up his talk:

As Keynes has taught us, “the market can remain irrational longer than you can remain solvent.”

There is only one thing left to do: Sit by the river bank and see bitcoin’s body pass by one day.
But for now, while his comments could have taken the shine of overnight trading, Bitcoin is bid again this morning…

#9 Fastest way to lose your money. on 12.04.17 at 6:44 pm

Down side potential of a single bitcoin is only usd$11k at the moment.

Up side potential of a bitcoin has no limit.
What if we end up w a $1M bitcoin next year?

And you want to short *that* ?
There is no greater fool than someone doing just this.
I’m pretty sure that 99% of all bitcoin shorts thus far, have been burnt badly.
Like this guy:

https://www.reddit.com/r/Bitcoin/comments/5m0suc/someone_just_lost_10million_trying_to_short/

But by all means, try your luck as a bear.

#10 Bitcoinrulezzzz on 12.04.17 at 6:47 pm

FIRST.

#11 NeedDataNow on 12.04.17 at 6:49 pm

Garth where did you find the data for the house in Markham? I’m jonesing to watch the fireworks.

#12 The real Kip on 12.04.17 at 6:50 pm

The guy who sold the place in Markham (Jim’s neighbour) probably is happy to to be moving away from nosey people like Jim who’ve nothing better to do than trash talk everyone else.

#13 Jungle on 12.04.17 at 6:54 pm

Can’t wait to see what futures trading does to bitcoin.

Like gambling on crack. The whole thing might crash along with the exchanges, you can’t even trade to get out, lol

#14 JoeG on 12.04.17 at 7:00 pm

Odds are the sales rep. Put in the two grand so he/she could advertise, sold over asking. In an attempt to puff up a fragile ego, as well as a smoke and mirrors marketing ploy.

#15 Marcus on 12.04.17 at 7:03 pm

Please please please short Bitcoin! I have my popcorn and will enjoy the show. Just to let you know that bank backed “digital” currency is just the same old centralized BS. Bitcoin is decentralized by purpose and execution. Big difference. Also Bitcoin is not rising in value, fiat is falling. Falling like a rock.

#16 rainclouds on 12.04.17 at 7:04 pm

Unregulated commissiond house sales weasel doing what their species has been encouraged to do by the lack of oversight or meaningful sanctions.

House sales
Mortgage sales
Brokerages
Real estate boards and their scuzzy economists
Bank and their equally scuzzy economists

All systers who care about 1 thing. Commissions/mortgages from the greater fools

Maybe time to move the UK. apparently it’s perfect there? according to Madame J 24

#17 Doug t on 12.04.17 at 7:05 pm

Crypto controlled by gubberment is one step closer to 1984

RATM

#18 YVR - 60% crash on 12.04.17 at 7:05 pm

Anyone know when is the best time to grap these audi fleet return? 3 months … 6 months from now?

#19 Blue Pumpkin on 12.04.17 at 7:11 pm

Blue Pumpkin in Toronto
https://www.mongohouse.com/soldrecords/5a18447194ab3a1f22a79a5f

List Price Sold Price Sold Date Status
$3,680,000 $3,225,000 November 2017 Sold
$3,398,000 $4,020,006 March 2017 Sold
$2,788,000 N/A N/A Suspended

#20 young & foolish on 12.04.17 at 7:13 pm

Lower transaction fees should alter the world of banks and credit card companies … no?

Regarding bitcoin … unlike future Bank of Canada digital issues, it is not centrally controlled and has a supposed limited supply (this is what has exited the digital gold bug community)

#21 Ace Goodheart on 12.04.17 at 7:14 pm

RE: “Now that I have access to what was previously considered top secret realtor data, I can see what really happened,” he says. “Originally listed for 1.84 and sold for 1.05 Another sleazy realtor exposed.” You bet. Here is the litany of price cuts – five of them.”

This is a game changer. This totally smacks RE as we know it in the GTA. Any buyer now has this amazing opportunity to know how desperate a seller is, how much money they’re losing on a sale and what offer they should be making. The days of blind offers and blind bidding wars are over likely.

The Mils can finally buy houses again. I have a bunch of millenial friends who hate the GTA market and are just over joyed about this finally happening.

For us we own our house outright anyway so it is not really a concern (we aren’t moving any time soon – probably the next time this house sells will be when the wife dies – she is younger than me by quite a bit and women usually live longer than men).

Game changer. Totally.

#22 dr. talc on 12.04.17 at 7:17 pm

I don’t see a problem, James is a nosy neighbor, they live, he got all the info he wanted from a realtor. He’s complaining because it isn’t online? I hope his children put his banks statements and tax returns on youtube. James should mind his own business. So by extension if the house was up for sale on kijiji for five years that’s James’ business too? He needs a government dept to inform him about that? please people, it’s none of your business what your neighbors ask or get, it’s a private transaction between two principals- go into the gm dealer and ask what you neighbor paid for his car, the disdain you’ll get is what you deserve

#23 BlorgDorg on 12.04.17 at 7:18 pm

The timing couldn’t be any better for this particular example. I’m presently looking at a very nice rental in a much more pleasant part of Markham. Watching my neighbours descend into default could be very entertaining.

#24 Andrewski on 12.04.17 at 7:21 pm

Ran in to friends I had not seen in a while & they’re giddy as their 20 something son & his girlfriend are on the doorstep of buying their first home, say what!
I tried to explain that the new mortgage rules coming in to effect in January will have a downward pressure on home prices, but recency bias reared it’s ugly head, so I changed the subject.

#25 I’m stupid on 12.04.17 at 7:23 pm

While I believe bitcoin is a scam and useless, I wouldn’t short it. Something like 3million of them may be lost forever and something like 1000 people own 70 or 80% of the remainder.

#26 Old Ron the Realtor on 12.04.17 at 7:25 pm

If a buyer approaches me, and he/she is considering putting in an offer on a house, I do a complete search of the property, usually going back for several years. As well as a complete market evaluation of everything in the neighbourhood dating back several months. As Buyer agent, I have a fiduciary duty, and an ethical responsibility to fully inform my clients.

Garth you are making it sound like it is difficult to get information from 46,000 agents. LOL Ask your agent, any agent for the data and you will get it. Particularly since our handcuffs were removed last week by the court ruling.

I know a good blog thrives on controversy, and this is a good blog, but come on man. You have the personal emails of dozens of agents including mine. What do you want to know ? You will have it in 5 minutes.

Here’s a shock for you: lots of people (most) don’t trust agents and would like an online source of factual data on properties. That is why we need a transparent market with all data provided. Just like stocks. — Garth

#27 Robert B on 12.04.17 at 7:31 pm

Its about time the past seller data is available.
Transparency is pretty much every in our lives .
Why not in real estate.

But come on Garth, “64” is someones house.
People love their homes no matter what you say.
Something about paying rent to someone else to help pay off his mortgage doesn’t sit well with me.

I agree shorting Bitcoin is a great opportunity for any opportunists on the blog. Options will soon bring Bitcoin to a fair manipulated value like is done with Gold.

Nice to see the Winklevoss twins were the first Bitcoin billionaires on an $11 million dollar bet. Hope they can
sell it before the reevaluation comes.

#28 TheFeed on 12.04.17 at 7:31 pm

Check out this quote:

“Vancouver was late to the game [on reporting suspected money laundering using real estate].” — Charlene Ciesklic, CPO @ Rogers Bank, former FINTRAC regulator

#29 young & foolish on 12.04.17 at 7:34 pm

Crypto blockchains are going to be part of the next technological revolution, along with AI, robotics, nano tech, and bio tech … not to mention genetics.

Big changes on the horizon … but are we ready?

#30 Watchful in Victoria on 12.04.17 at 7:34 pm

$3 million for Sammy Haggar’s mansion in Hawaii or a crack shack on E10th Vancouver?

https://www.realtor.ca/Residential/Single-Family/17469297/2878-E-10TH-AVENUE-Vancouver-British-Columbia-V5M2B3

http://beta.latimes.com/business/realestate/hot-property/la-fi-hotprop-sammy-hagar-20171106-story.html

#31 Bob Dog on 12.04.17 at 7:36 pm

Thats comical. Ive been researching cities to move to when I abandon Canada in the new year. The median home value in San Jose is $934,000. The heart of silicon valley is more affordable than Markham.

I was in Markham once. Haven’t had any reason to ever go back.

Canadians ain’t too bright.

#32 Lost...but not leased on 12.04.17 at 7:37 pm

Good points Garth…

Once consumers are able to view price history of given pieces of Real Estate, speculation will likely die off.

#33 K-dot on 12.04.17 at 7:38 pm

Speaking of hiding sales statistics, I can no longer see what houses sold for in the sales listings I receive from a realtor in Winnipeg. It looks like they re-designed the MLS portal so seeing “sold” stats are no longer visible. I have no intention of buying yet, but liked to keep an eye on how things were selling. That this info seems unavailable is suspicious…

Has anyone else noticed this, or do I just not know how to access them? (also entirely possible).

I’m in Winnipeg (pity me), where prices haven’t even gone too insane, so if they start to really weaken here, I suspect everyone is screwed!

#34 Lost...but not leased on 12.04.17 at 7:40 pm

Question:

Do all the people who graduated at the bottom of their class in architecture get recruited to Ontario?

…..morseo Toronto and outlying areas ?

#35 BC is cooked on 12.04.17 at 7:44 pm

Welcome to BC…the worldwide gateway for dirty money.

B.C. attorney general orders ICBC to investigate claims linked to casino money-laundering probe

‘five eyes’ intel community is interested in BC money laundering situation

Eby, at a conference on corruption, said he has learned BC has dubious rep in world intelligence community for its unique transnational money laundering model

BC is finally getting the idea that financial crime & money laundering is a whopping business in Vancouver. In fact, it’s a factory.

http://vancouversun.com/news/local-news/b-c-attorney-general-orders-icbc-to-investigate-claims-linked-to-casino-money-laundering-probe

#36 Todd on 12.04.17 at 7:51 pm

Anyone come across a site that shows Kitchener Waterloo real estate sales data yet? Someone mentioned housesigma, but their results are woefully incomplete with a lot of missing listings.

Hurry up Canadian Zillow. We need you.

#37 Nonplused on 12.04.17 at 7:56 pm

So here in Calgary, listing history is not available on MLS or whatever they call it now, but my realtor seems to have had access to the information for years and was willing to share it with me. I think at least as far back as 2008 they had access to the transaction history and I’ve been in this house now 5 years and all the listing history was available for all the houses we looked at. You had to be a realtor to get it though.

My house went through a similar price reduction over about 9 months as the one shown in today’s blog post. However I don’t think it was an example of falling prices. Instead I would say the original list was, how shall we say, “optimistic”? Or how about “crazy”? Anyway the seller still got out of me almost 2.5 times what it cost him to build to build it in 1996. How can that be for something made out of wood? Oh well he did use good materials for the time, stucco, tile roof, tile and hardwood floors, in floor heating. When the bank was doing the assessment for insurance they only figured I’d paid about $50,000 over replacement, but it’s hard to say what 2 acres fully serviced 1 mile from the city limits is worth. It wasn’t a mile from the city limits when it was built, and the road is much better now too 4 lane expressway all the way to McMahon and an LRT station only 8 minutes away. Plus the landscaping is very nice. They moved in a lot of sandstone and planted a lot of trees. The bank doesn’t pay anything for that.

The difference between Bitcoin and smoking is that cigars taste good to those who enjoy them. So you get something for the money even if it doesn’t make the best sense if you are trying to outlive your retirement savings and the coming nuclear winter.

The thing about retirement savings is that the way things are going we are all going to be vaporized within a few years anyway, so why bother? But you have to in case it doesn’t happen. We’ve avoided it I guess for 70 years but what people don’t realize is the outcome gets worse and worse each passing year as they pile up more and more spent fuel, all of which is going atmospheric in the event of an all out nuclear war. Sure, you might have been able to survive a nuclear war in a bomb shelter in the 50’s and 60’s, but this is no longer the case today. You’ll run out of food and water hundred’s of thousands of years before the world is habitable again. The weapons are orders of magnitude more powerful and numerous so the destruction of society will be complete, and then any survivors will have to deal with the nuclear winter and fallout. There has never been a time in human history where any endeavor is more in vain than today, because if we don’t figure this out there won’t be a tomorrow. The cold war is supposedly over, but the total possible impact of the nuclear age has only continued to grow. Nobody in the MSM or the alt-media seems to think much about not only the increased destructive capabilities but also what happens when all 400 nuclear reactors and their spent fuel pools go “Fukashima” after the war. The war will last about 30 minutes, and I expect 90% of the reactors will be destroyed in that time with all their nuclear materials now airborne. The remaining reactors will all melt down or blow themselves up.

The thing to remember about Fukashima is that most of the nuclear material is still on site. But if Japan couldn’t contain it, it wouldn’t be. We’ve really backed ourselves into a corner. Current thinking isn’t going to get us out.

#38 Zapstrap on 12.04.17 at 7:56 pm

#30 Watchful in Victoria on 12.04.17 at 7:34 pm
$3 million for Sammy Haggar’s mansion in Hawaii or a crack shack on E10th Vancouver
——————————————————————–
Word on the street is Sammy’s selling the place to buy the shack.

#39 BC is cooked on 12.04.17 at 7:57 pm

All that money flowing into Vancouver, over to Victoria, into Kelowna…all of the honest working individuals in those communities are on the hook…

And the very people supposedly employed to protect national security issues like this: crickets.

Does anybody know how clean the money is?

“The housing boom should have been stopped and we shouldn’t have allowed foreigners to buy houses with money which I’m not sure how clean it was. That should have been stopped way before and now these increases in the interest rates are making it even more attractive for foreigners to buy our bonds when they don’t want to buy American bonds anymore.”

Stephen Jarislowsky, the billionaire investor and founder of Montreal-based Jarislowsky Fraser

#40 TnT on 12.04.17 at 7:57 pm

“Vancouver Model”

The ability to launder millions of dollars through British Columbia’s casinos has come to be known internationally as the “Vancouver Model”

Wow… years of people pointing, screaming and stomping their feet only to be told “Move along… There’s nothing to see here…”

So sick and tired of scam after scam being perpetrated by those holding the levers of power.

Pitch Forks & Torches are coming folks and I can’t wait!

https://www.theglobeandmail.com/news/british-columbia/bc-attorney-general-moves-to-curb-casino-money-laundering/article37175698/

#41 akashic record on 12.04.17 at 8:00 pm

the Bank of Canada may be getting into the digital currency business which means you can expect the Fed, the Bank of England and the ECB to do the same. Digital money offers no transaction fees and will be cheaper for consumers than debit or credit cards, while promisinging huge savings in the large-scale payments system. Inter-bank transfers alone are massive.

If it happens, guess what the legal tender would be? Adios Bitcoin.

Why would the government need the FED, ECB when BTC (and the other cryptos) prove that none of those are necessary to operate blockchain?

Blockchain was about – to paraphrase you – Adios to FED.

BTC is not an innovation idea for the FED, which is addicted to print money.

Sure, you can use some iteration of blockchain to do the same thing what money printing did prior blockchain – but what’s the point if it just continues the same addiction, using a different- more efficient, cheaper drug?

What you are describing about transaction fees, etc. is basically removing the bread and butter from the banking, credit card, etc. business.

What’s exactly is then your outlook on bank stocks (about 40% weight of TSX) if the “new legal tender” strips the major source of profit out of the financial industry?

#42 the Jaguar on 12.04.17 at 8:03 pm

MGTOW is the right choice on 12.04.17 at 6:42 pm
Look at all of these 888888888s….but still $1,050,000 for a house in the middle of York Region?

The number “8” is considered a lucky number in a particular sector of the population. Just as “4”, especially anything ending in “4” is not. This is a marketing ploy to attract interest from all , but perhaps lure in those who are believers in that numerology.

#43 ANON on 12.04.17 at 8:04 pm

Shorting anything these days is worse than playing Russian roulette with an automatic. :)
It all goes down at once, so relax, the best (not easiest) way to short anything at the moment is not going into debt.

#44 Mattl on 12.04.17 at 8:05 pm

That is a sleazy move but a house selling for less than ask is not a loss. Was the 1.8mm original asking price in line with market? What was the previous sale on this house?

If for instance this house sold for 700k in 2012 and 1.05 in 2017 is that considered a haircut? If I list my house 200k under market and it sells for 200k over ask is that evidence that the market is on fire.

Lets be real here, gains and losses on homes are only realized realitive to the previous sale. If you make a bunch of money on a home but don’t realize your asking price that is no way a loss. But all know that.

Haven’t read the comments yet but someone must have access to sold history on this home. Jim would have gotten it from his realtor buddy but obviously didn’t think it relevent.

#45 Quintillionaire (18 zeros) on 12.04.17 at 8:06 pm

If it happens, guess what the legal tender would be? Adios Bitcoin.

Too late Garth.

Maduro Unveils “The Petro”: Venezuela’s Official Cryptocurrency To “Overcome Financial Blockade”

#46 crowdedelevatorfartz on 12.04.17 at 8:13 pm

@#4 Prairie Puncher
“I am guessing realtors are going to need to do a lot more to justify their worth once all this info becomes public….”

+++++

Realtors have “worth”?

Charging exorbitant commissions to basically unlock the door to a house or condo that sells itself?

Please explain what value they add to the sale?

#47 Quintillionaire (18 zeros) on 12.04.17 at 8:17 pm

Bitcoin will continue to prosper as fiat currencies decline. The panic bid.

Ever heard about jumping ship before it sinks?

The purchasing power of $1USD in 1959 is now a little under 12 cents.

M2 money supply has expanded almost 50 times….

Pretty obvious to see what is coming…

#48 Chelsea on 12.04.17 at 8:17 pm

When you think about the whole process of buying a home, why waist time with the seller’s realtor if they wouldn’t answer the buyer’s questions about the home. Kind of ironic, seems the seller is not serious in selling their home. It is like pulling teeth asking questions to any realtor … what is so top secret. If we do not have the information we ask about a home, we move onto the next home for sale. Don’t waste your time… with any realtor who is bluntly rude, tongue in cheek … they will only lead you astray, and it will cost you dearly in the long run.

Alas, some good news… when will it happen! Hope soon.

#49 crowdedelevatorfartz on 12.04.17 at 8:21 pm

@#45 Quintillionaire
“Maduro Unveils “The Petro”: Venezuela’s Official Cryptocurrency To “Overcome Financial Blockade”
++++++

Maduro? MADURO?
A socialist former BUS DRIVER now dictator…. is a macro economic “genius”?
My God.
The man that has almost single handedly caused an entire nation to involuntarily lose weight faster than Jenny Craig ever dreamed.
Maduro will be luck to keep his own head before Venezuala’s economic “miracle” is said and done.

Maduro Money will be as valuable as Zimbabwe’s

http://www.google.ca/url?url=http://www.zimbabwediscountdollars.com/&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwjupfWB2vHXAhUQ6WMKHa5XDlEQwW4IQTAM&usg=AOvVaw2oskcNaSUk99Ks5t9z2fPJ

Bwhahahahahahahah

#50 BillyBob on 12.04.17 at 8:21 pm

#26 Old Ron the Realtor on 12.04.17 at 7:25 pm

Garth you are making it sound like it is difficult to get information from 46,000 agents. LOL Ask your agent, any agent for the data and you will get it. Particularly since our handcuffs were removed last week by the court ruling.

I know a good blog thrives on controversy, and this is a good blog, but come on man. You have the personal emails of dozens of agents including mine. What do you want to know ? You will have it in 5 minutes.

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

Why is it then, that when Flop asks over and over for information to research his “Pink Properties”, he gets little to no help?

I call bs.

You can only have a true free market with proper price discovery. Of course realtors don’t want that. Just like any cartel. Control the information, control the market – or at least manipulate it.

Problem is, the unwashed do eventually get tired of being manipulated.

#51 For those about to flop... on 12.04.17 at 8:22 pm

Here’s the latest effort from howmuch…

M43BC

“Mapping the Greatest Employers on the Planet.

With the stock market hitting record highs almost every day and unemployment dropping to itslowest level in 17 years, it’s safe to say that skilled employees are now discovering the flexibility to decide where they want to work. This raises an interesting question. What’s the best company to work for where you live? We took new data from Forbes to create a unique map to help you find out.

Forbes recently released a ranking of the best companies in the world. They consider a variety of different perks and benefits, like the quality of food served to employees and parental leave policies. Forbes even looked at whether companies allow their employees to nap while on the job. We mapped these companies by paying attention to their market capitalization to get a feel for how large an organization needs to be to afford such high-quality benefits. One company therefore represents each country, color-coded by market cap. Red countries have an employer worth over $100B, and dark blue countries boast relatively small employers under $10B. Several trends immediately pop out from our map.
Red countries with huge companies predominantly originate in North America and Western Europe. Alphabet (think Google) is the largest on our list by a landslide with a market cap of $579.5B, bigger than the entire GDP of Argentina. The three exceptions proving the rule are a tobacco company in India called ITC with a market cap of $51.6B, plus Hong Kong (CNOOC, $54.8B) and Taiwan (Han Hai Precision, $54.4B). All three of these places experienced long-term and unique economic and political relationships with the West.

There are three obvious and glaring gaps on our map as well. Africa only contributes a single company to Forbes’ list, namely Remgro from South Africa, a conglomerate made of many subsidiaries from different industries. The Middle East and Eastern Europe also have only a few companies counted among the best places to work in the world. These places have a long way to go before they will become desirable destinations for people to find work.

Here’s a simplified list of the countries with the best employers in the world, ranked in order of their total market cap ($ billion). We also included the number of employees working at each company for reference. Think about the list like this: the U.S. has the biggest and best company in the world, Alphabet. Which country has the second biggest company? Switzerland.

1. United States – Alphabet: Computer Services – $579.5B and 72,053 employees

2. Switzerland – Nestle: Food Processing – $229.5B and 328,000 employees

3. Netherlands – Unilever: Household/Personal Care – $143.9B and 169,000 employees

4. Germany – Daimler: Auto & Truck Manufacturers – $76.1B and 282,488 employees

5. Hong Kong – CNOOC: Oil & Gas Operations – $54.8B and 19,718 employees

6. Taiwan – Hon Hai Precision: Electronics – $54.4B and 1,000,000 employees

7. Canada – Suncor Energy: Oil & Gas Operations – $51.7B and 12,837 employees

8. India – ITC: Tobacco – $51.6B and 25,564 employees

9. Italy – Enel: Electric Utilities – $47.5B and 62,080 employees

10. Australia – CSL: Biotechs – $43.9B and 16,000 employees

So Alphabet takes the cake as the best place in the world to work, both because it tops Forbes’ ranking and because of its size and market dominance. There’s no doubt that the company will be around for a long time, so if you can manage to get your foot in the door, even only as an intern, then plan on making the most of the opportunity. There will almost always be a line of people trying to work there.”

https://howmuch.net/articles/worlds-best-employers-by-country-2017

#52 Bitcoin is not just a bubble, it is a scam! on 12.04.17 at 8:27 pm

Saying Bitcoin is in a ridiculous bubble does not do justice to what Bitcoin really is: a massive scam. Bubbles can arise in real markets where people trade at arms-length. Bitcoin is nothing of the sort: many of the online exchanges, all completely unregulated, are run by small groups of people who then use these exchanges to engage in massive numbers of FAKE transactions: that is, they trade among themselves. More specifically, if I have 1000 Bitcoins, nobody knows whether they are held by 1000 different people or by a single one. I can start “buying” and “selling” my own Bitcoins to myself online, at whatever prices I pull out of thin air. Why would One do that? Well, to lure in naive outsiders, in the hope they will buy some of my Bitcoins as they see the price going up. In the same way, from time to time I artificially make the price go lower, to make it look like the bubble is bursting. But that is just a trick to garner massive free news. When I let the price go up again, the news will report that Bitcoin has bounced back. By doing this on a regular basis, I am conditioning naive outsiders to believe that a downtrend is a great time to buy because th price will go up again. In short, this is one gigantic scam. It is completely beyond me why regulators have not stepped in, why the operators of these exchanges are not thrown in jail, why converting Bitcoin into other forms of money (Bitcoin is not a form of money, in fact), and so forth. What the hell is wrong with the regulators and pur criminal justice system? At a minimum by not informing the public of the nature of the exchanges that place online, people think that no scamming going on; merely a bubble, they believe, and one they may risk some of their money on in a speculative bet. But it is not a speculative bet. That is the part that the public needs to be informed about. It is one gigantic bait scam! And don’t get me started on the efficiency and lack of security problems of the Bitcoin architecture itself; not everyone has a PhD in math with advanced crypto under their belt on this forum, so I will refrain from going into that topic. But it is irrelevant for the public: what people do need to know is that Bitcoin exchanges are a massive scam.

#53 The gift that keeps on giving on 12.04.17 at 8:28 pm

Houses are for living in.

Food is for eating.

Anyone who needs shelter and thinks that rising house prices are a good thing is a fool.

Government, speculators and the businesses (which is pretty much all businesses in BC now) tied to housing love it…they are addicted to it.

Don’t dare take away punch bowl.

This is our home…which will forever go up in value – backed by government.

In BC you can enjoy a standard of living that involves all work and no play to keep up with the bills.

Lonely in Vancouver? So are 30 per cent of young people
‘It’s this trade-off between affordability and time’

http://www.cbc.ca/news/canada/british-columbia/loneliness-report-young-people-in-metro-vancouver-1.4426486

#54 AACI Home-Dog on 12.04.17 at 8:31 pm

That house sure is close to its neighbour…maybe 6′ away ? I bet you can smell the neighbour’s shin pads when the garage door opens !

#55 Blacksheep on 12.04.17 at 8:41 pm

1) This house selling for $ 1,050,000 is 100% meaningless. When did they buy and how much did they pay? Then you can asses market direction.

2) Bit coin is gambling, period. Pretend you went to Vegas and bet (buy) what you plan on losing. Sure, go ahead and short it, I dare ya…

3) The big stinkola about RE becoming full disclosure in T.O. is a non event. My realtor gets me any RE details I need, the same day I ask. The people that are bitching are the people with no contacts.

4) Canadian (any FED) backed digital currency has all the same sovereign liabilities as the paper (plastic?) stuff. This does not fill the required anonymity of cypto (or Gold). Ya, ya gold’s not money, but you pay me with it, any day.

#56 young & foolish on 12.04.17 at 8:41 pm

For starters, the original 1.8M listing was somewhat optimistic and seems to smack of opportunism (taking advantage of the overnight 30% rise in prices).

Short bitcoin at your peril …. the herd is just beginning to pile in! Bitcoin to the moon !!!

#57 islander on 12.04.17 at 8:52 pm

Who needs Bitcoin when you’ve got the ‘Vancouver Model’!
“The ability to launder millions of dollars through British Columbia’s casinos has come to be known internationally as the “Vancouver Model,” says the province’s Attorney-General, who maintains regulations have been so lax that the province has become an unwitting ally of organized crime.”
YVR houses a ‘little overpriced’ ….jeez…..’unwitting’ …..gotta love it!

#58 islander on 12.04.17 at 8:53 pm

https://www.theglobeandmail.com/news/british-columbia/bc-attorney-general-moves-to-curb-casino-money-laundering/article37175698/
… link to above quote……….

#59 For those about to flop... on 12.04.17 at 8:54 pm

12.04.17 at 7:25 pm
If a buyer approaches me, and he/she is considering putting in an offer on a house, I do a complete search of the property, usually going back for several years. As well as a complete market evaluation of everything in the neighbourhood dating back several months. As Buyer agent, I have a fiduciary duty, and an ethical responsibility to fully inform my clients.

Garth you are making it sound like it is difficult to get information from 46,000 agents. LOL Ask your agent, any agent for the data and you will get it. Particularly since our handcuffs were removed last week by the court ruling.

I know a good blog thrives on controversy, and this is a good blog, but come on man. You have the personal emails of dozens of agents including mine. What do you want to know ? You will have it in 5 minutes.

Here’s a shock for you: lots of people (most) don’t trust agents and would like an online source of factual data on properties. That is why we need a transparent market with all data provided. Just like stocks. — Garth

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

Garth Turner is a somebody.

I am a nobody.

But a few times you have written here about trying to be honest and your concern for your clients.

I donate hours a week to this blog as payment for my continual learning on this site.

I asked you at least twice by name if you could help me do five listings a week to help out the thousands of readers in Vancouver starved for information.

You didn’t have the decency to reply and say that you weren’t interested in helping me out.

That’s fair enough,but stop coming here pretending to care.

Talk is cheap.

Canadians are tired of the games.

If an immigrant that has no intention of buying property here can donate some time to the cause,then 10/15 minutes a week for someone who makes a living and perhaps more importantly has access to the requested information would be a simple thanks from to Garth Ss he had had to read thousands of my b- grade posts trying to shine a dim light on Vancouver real estate.

I have never told anyone on here not yo buy real estate.

Most of my posts have a negative tone ,because that is one piece of the puzzle that is missing here amongst others.

When someone on here posts factual information that I’d not being published anywhere else you are helping the people on this blog stay ahead of the curve and the boss of this blog can in turn write posts ahead of all the other guys and document housing trends in a more selective way that main stream media can’t or won’t report.

People told me I can’t make a difference and am wasting my time.

My message to them is get out of my way…

M43BC

#60 Victor V on 12.04.17 at 8:54 pm

Markham sales and prices are collapsing…November numbers are ugly.

https://markham.listing.ca/detached-home-price-history.htm

#61 Leo Trollstoy on 12.04.17 at 9:00 pm

Greedy seller overprices their home

Realtor let’s the Market teach greedy seller a lesson that words can’t

Realtor sells home at a price reflective of the market

Rinse and repeat

Not news

#62 For those about to flop... on 12.04.17 at 9:07 pm

I don’t usually bother correcting my mistakes as I am a man with many faults but this paragraph got distorted by my iPad.

“If an immigrant that has no intention of buying property here can donate some time to the cause,then 10/15 minutes a week for someone who makes a living and perhaps more importantly has access to the requested information would be a simple thanks from yourself to Garth as he has had to read thousands of my b- grade posts trying to shine a dim light on Vancouver real estate.”

Probably not much better but it might make a little more sense now…

M43BC

#63 Bitcoinnaire on 12.04.17 at 9:16 pm

>Shorting Bitcoin

Go ahead Garth, or readers, short Bitcoin… I dare you.

You’ll see your position wiped out within a day, I guarantee it. Please screencap your trading platform when that happens to the amusement of us all.

The ONLY way to lose on Bitcoin, thus far, is NOT to participate.

BTW, any easy 5x opportunity is currently taking place in the Ethereum-derived REQ token, which is a decentralized PayPal 2.0 with fees which are orders of magnitude lower than the hated corporation.

Up 27K USD today. Good hunting out there.

#64 rknusa on 12.04.17 at 9:17 pm

re: Transparency in the listing would have disallowed this realtor fiction of a rising market (Sold over Ask!!)

Better yet when did the seller last purchase the house and what did he pay, oh sorry that is not readily availabel in Ontario

unlike in Maryland where “real property data search” State of Maryland gives you access to assessed value and purchase history to all residents for free

instead Ontario allowed someone (MPAC) to make a profit off what should be public information off it own citizens

so much for the democratizaton of info in Ontario

#65 Reality Check on 12.04.17 at 9:18 pm

A few sites are already providing all sales data (as of last Friday).

http://housesigma.com/site/

http://www.mongohouse.com

Many more to come…

#66 rknusa on 12.04.17 at 9:20 pm

re:#61

true MPAC collected info but why did the deal the Province strike with them allow them to sell it back to us

#67 Pete on 12.04.17 at 9:34 pm

Hey Smokingman what’s your take on this bitcoin things ( you have interesting insight) My take is bitcoin was created by government agents and allowed to inflate or purposely inflated to ridiculous levels to get idiot millennials to fall in love with digital money. This has given all governments the cover to create their own big brother bitcoin and millennials will cheer their future slavery? Anyone else have their own theories?

#68 Rargary on 12.04.17 at 9:35 pm

Why never mention Kelowna combined with surrounding area average detached is higher than T.O. on its own? Kelowna without “surrounding area” would stomp eboli ridden, thick smoggy T.O. to the curb if those numbers were published. Kelowna has clean air, ski mountain, tons of beaches, way cleaner lake.. nicer weather., mountains, Int’l airport…AND JOBS! LOL

#69 FOUR FINGERS WATSON on 12.04.17 at 9:37 pm

Xmas Gift idea for the blog dogs :

https://www.msn.com/en-ca/lifestyle/whats-hot/this-justin-trudeau-%E2%80%98canadian-boyfriend%E2%80%99-calendar-is-a-best-seller-on-amazon-us/ar-BBGdkK9

#70 Vanreal on 12.04.17 at 9:41 pm

Ex burbs should be the first to fall, the urban core the last to fall. Who in their right mind would live there or in Oakville or in Langley if they had a choice.

#71 Blacksheep on 12.04.17 at 9:41 pm

Flop the good,

“If an immigrant that has no intention of buying property here can donate some time to the cause”
—————————————–
WHAT!!!

You never have plans to possibly buy? Why the hell put so much energy into which direction the RE market is going?

Full disclosure:

At one time, I bailed out of the RE market (5yrs) and wanted houses to tank, for my personal gain.

Now I own again (4 yrs) and want RE to keep going up, for my personal gain.

May I respectfully suggest, you find a new hobby dude, spend some time with the family or what ever. To many A holes like me on here, giving you grief, why bother for no payback?

Life’s short and time is $.

#72 Keith in Rio on 12.04.17 at 9:48 pm

Sammy Hagar had good taste.

I’m in at $3MM US and would still have money left over to have different “company” stay over every week of the year……ad infinitum.

Could drive them around the other island in my black Ferrari 512bbi in excess of 55 mph just to keep the legend alive…….heh.

#73 Danny on 12.04.17 at 10:01 pm

Wonderful to know that finally the Real Estate Market selling history is to become transparent thanks to the Courts.
Many months Mayor Tory…..want to be Premier of Ontario said on CBC that the City had no business in influencing the Real Estate Market…..because like any investment market it is to be free of Government interference…but never spoke about the lack of transparency.

Glad the Courts did not agree with Tory….and saw that in any markets that sell stuff….transparency in sales can not only be available to the Cartel members and every person should access to true numbers before electing to invest in a commodity.
I had written to the Ontario Premier 2 months ago on this matter of lack of transparency.
Garth

1.Do you think it is worthwhile writing to any other level of governments or is it now a matter of the courts?
2. Which Ontario body will be responsible to oversee how the public’s right of information is provided?
Maybe you can write about this in the future? Let’s keep them honest!

#74 Oakville Stinks on 12.04.17 at 10:10 pm

Garth’s Response: “Here’s a shock for you: lots of people (most) don’t trust agents and would like an online source of factual data on properties. That is why we need a transparent market with all data provided. Just like stocks. — Garth”

Garth, when I was stupid and was looking to buy, I had dealt with many realtors in different parts of the city and even different cities. THEY ALL LIED!!! SHOCKER! You are correct!

#75 FOUR FINGERS WATSON on 12.04.17 at 10:15 pm

#68 Rargary on 12.04.17 at 9:35 pm
Why never mention Kelowna combined with surrounding area average detached is higher than T.O. on its own? Kelowna without “surrounding area” would stomp eboli ridden, thick smoggy T.O. to the curb if those numbers were published. Kelowna has clean air, ski mountain, tons of beaches, way cleaner lake.. nicer weather., mountains, Int’l airport…AND JOBS! LOL
……………………………….

Clean air ? We were socked in with forest fire smoke all summer. Beaches ? Tiny and mostly rocky. Cleaner lake ? Beware swimmer’s itch from the Canada Goose crap infestation. Nicer weather ? Too hot and smoky in the summer, cold and too overcast most of the late fall and winter. Jobs ? WTF are u smokin ? Whatever it is I want some.

#76 genbizx on 12.04.17 at 10:29 pm

no thanks to government crypto…

everyone with any sense will oppose it..

how about negative rates with no choice but to spend your money or see it dwindling away?

what about not being able to access your money?

gov. has too much power already….

#77 Bobby on 12.04.17 at 10:29 pm

Pricing and days on market information are only a few of the pieces of valuable information when contemplating buying a home. How about the mysterious competing offers that always seem to materialize when a buyer puts in a offer. There have been too many cases of bogus offers that have driven up prices.
I sold my house on my own with the help of my very capable lawyer in a private sale. It went exceedingly well. I knew exactly what was being said and controlled the process.
The days of the commissioned realtor are coming to an end.

#78 BG on 12.04.17 at 10:30 pm

If it [Bank of Canada digital currency] happens , guess what the legal tender would be? Adios Bitcoin.
*******************************************

Nope, sorry Garth.
One of the appeals of Bitcoin or any other popular crypto-currency is that they are not regulated by a central banks.

Another lexical detail: digital currencies already exist within the traditional system.
The Canadian Dollars on my bank account are digital currency.
Crypto-currency are what the current fuss is about.

Why is the word “crypto” important here? Because cryptographic based algorithms are what allow these currencies to be trustless and decentralized.

#79 FortDB on 12.04.17 at 10:33 pm

My view is that the agents bemoaning the publication of the data, arguing that anyone can ask their agent for the data, are missing the point. There is not one good reason that the public should be denied the information. The public should be able to perform their own research and due diligence, even if for no other reason than to confirm that the agent who will get the commission is providing reasonable, accurate and useful advice. I recently had an agent text me incomplete sales history for a listing. The only reason I knew it was incomplete was because of mongohouse (someone here linked to it some months ago). It may or may not have been deliberate withholding of complete information. But, the reality is that some buyers’ agents could let their diligence fall victim to the need to get a deal. That is, a buyers’ agent has an incentive to steer the buyer to a price that is more likely to get the the sale with minimal fuss and negotiation, as opposed to arming the buyer with a good analysis that leads to an informed decision about top purchase price, and a higher chance of losing a deal.

#80 Mordko on 12.04.17 at 10:33 pm

“it also went for almost $800,000 less than the original price six months earlier – a 44% haircut of Biblical proportions. “

Except that the original “price” may have been unrealistic. By about 800k. The real price likely hadn’t changed all that much. There was no “haircut”, but there was a bad realtor who was keen to win business by promising mountains of cash and misleading the seller.

#81 calgaryguy on 12.04.17 at 10:36 pm

MintChip was already tried from the Canadian government about 5 years ago.

I do not think any national government has the competence of starting a cryptocurrency. At the very least they would need to fork bitcoin. I doubt anything other than a pre-mined currency would be allowed anyway. Blockchain developers are charging > $500usd an hour these days, no government is going to be willing to pay these rates anytime soon.

I really doubt the Trudeau or Trump governments are going to push for an entirely new method of currency, which would take out V and other huge companies.

I suspect they will try something crazy like banning SHA-256 or something misguided like that and we will just have to use another algo.

#82 BG on 12.04.17 at 10:38 pm

Also about shorting Bitcoin… It’s just too risky.

You can be a fervent Bitcoin believer, or you can think it’s tulip bubble 3.0, it’s irrelevant.

You don’t short something that display such exuberant and unpredictable price rises.

#83 millmech on 12.04.17 at 10:43 pm

#68 You forgot to add in the sunshine tax of 20 to 30 percent. I ran into a manager at a plant I worked for in 1989 where I earned 26.71/hr. He offered me the same position that I previously held in 1989 for 23.45/hr. I refused the job because I was already short listed for a journeyman parts person job at 13.00/hr.
Try finding a job once you have been laid off at another plant when everyone else is applying for the same job.
Everyone has 2 or 3 jobs just to make ends meet.

#84 Dan.t on 12.04.17 at 10:45 pm

“In any case, if I know what a Bitcoin sold for last week, or a share in my fav weed stock, or a CryptoKitty, then why should I be kept blind to what this house fetched the last time it changed hands, or to know the frequency and magnitude of price changes?”
————————————————-

Exactly!

What a joke that the biggest buy in your lifetime involves you, the buyer, listening to some commission sales person, telling you how it is and so it is essentially a gamble…

You can’t see if his buddy is trying to flip it for +60k more or truly how long it’s been sitting waiting on the market, because, well, just delist it, relist it, reduce price, increase price, call it a mansion, call it a crap hole ready for development, no one knows. You only need to keep reeling in the next greater fool.

Rip on Crypto all you want but at least it is more transparent than the BS real estate board in Canada. And more legit than CMHC tainting the market, gov devaluing money to nothing, gov policies encouraging exactly what they want…a housing bubble- but you are right in the end…gov will win one way or another. Sad really.

#85 45north on 12.04.17 at 10:50 pm

Two events worth knowing: the Bank of Canada may be getting into the digital currency business which means you can expect the Fed, the Bank of England and the ECB to do the same. Digital money offers no transaction fees and will be cheaper for consumers than debit or credit cards, while promising huge savings in the large-scale payments system. Inter-bank transfers alone are massive.
If it happens, guess what the legal tender would be? Adios Bitcoin.

Danielle DiMartino Booth: at the 19:00 minute mark: talking about block chain technology: “it scares me that central bankers are studying it very closely to figure out precisely how it works. So that when the time comes, they can march right in and do an outright monetization of the debt. They’re going to be controlling our spending using the block chain technology.”

http://www.howestreet.com/2017/11/22/bubbles-capital-risk-and-the-panic-building/

Ace Goodheart: This is a game changer. This smacks RE as we know it in the GTA. Any buyer now has this amazing opportunity to know how desperate a seller is, how much money they’re losing on a sale and what offer they should be making. The days of blind offers and blind bidding wars are over likely

key word is likely, TREB has said it will appeal the ruling. It has 60 days to apply for leave to appeal. Real estate sites publishing the data on their web sites may bring about the total collapse of real estate in the GTA – imagine everybody finds out his house is worth half what he thought.

#86 slippery cricket on 12.04.17 at 11:04 pm

Maybe…. if the realtor had not put “sold over asking “the sale would not propel someone to expose the reality of the situation.This makes exposing the scenario deserving.Buying a home stopped being a simple transaction a while ago. Better to dig a little deeper now with prices as ridiculous as they are.

#87 Dan.t on 12.04.17 at 11:07 pm

I should add, you wonder about the rise of decentralized systems…

Look what the liberals and gov policies did to BC. Wanna start your life over again as a 24 year old grad in BC right now? Actually, ask any boomer that question- let me know what they say.

The liberals sold out BC, allowed crime and money laundering to happen on a massive scale (now all coming to light), every policy encouraged debt, and fraud and corruption was ignored…any thing real estate related, free pass, not claiming rental income, no problem, flipping condos/ shadow flipping, for massive tax free (often illegal) gains, no problem, and on and on …

but, don’t worry those few bucks you made in Crypto, gov, will hunt you down, it might cost them 50x more doing it than what they take in but, who cares, money is no object for your tax dollars… can’t have them not in control, no matter what it costs.

See why people are running to crypto…many hope it will bring in something better and many hope to profit big time…either way, now money is flowing into crypto, they are interested in what exactly…their cut? Gotta pay those sick gov pensions somehow.

#88 Raging Ranter on 12.04.17 at 11:37 pm

Dr. Talc, you don’t get to decide what Jim’s business is. Only Jim gets to decide that. And Jim decided to make the price history of that house his business. Two recent court cases say he can. Drives you nuts doesn’t it?

#89 Raincity on 12.04.17 at 11:44 pm

I know people in retail, small businesses, that are not busy for the Christmas Season. Why? Because there is no disposable income left for people to spend. After paying high rent or high mortgages, plus living expenses, there’s nothing left. There is a clear relationship between high real estate and spending power. This relationship is hurting the larger economy.

#90 Bottoms_Up on 12.04.17 at 11:49 pm

Thank goodness the consumer protection bureau finally did something. 15 years too late (some might argue 30 years), but better late than never.

#91 Anonymous on 12.04.17 at 11:49 pm

While I’m happy about the price transparency rules, I am not sure why this blog is necessarily touting this is a win.

“That is why we need a transparent market with all data provided. Just like stocks. — Garth”

Often times this blog argues that a home shouldn’t be considered an investment or a commodity, but a place for shelter. (or criticises the fact that people buy houses as if they are commodity, betting on future gains). Now we hear that we need a transparent market similar to stocks, equating RE with an investment for future gains (stocks).

A private home, while huge in value, doesn’t seem to me any different in principal than a private vehicle or computer or any other private possession. If I want to sell my used car to a someone it is no ones business to ask for the price we settled on and publish it for all to see. I am not sure why the market for private property in the form of a house is any different than private property in the form of a car, or used electronics or anything else.

It is clear that the opaque market led to some frenzied behaviour that put the public at financial risk, and maybe the public need some protection from it’s own actions. But from a personal privacy point-of-view, I can’t see why it is anyone’s right to know the ins-and-outs of someone else private transactions. (excluding tax authorities if gains need to be declared and similar official and legal requirements).

#92 Vit on 12.04.17 at 11:54 pm

So after reading all this Im still not sure should we buy or should we sell Bitcoin . ?????? I want to make some $$$$ to cover my Xmas expenses.

#93 Bottoms_Up on 12.04.17 at 11:55 pm

#80 Mordko on 12.04.17 at 10:33 pm
—————–
But in our brave new world realtors and sellers will have to think hard about their initial listing price. No more fishing expeditions lest you look greedy relative to what you paid or to what others have recently sold for.

#94 Bottoms_Up on 12.05.17 at 12:10 am

#46 crowdedelevatorfartz on 12.04.17 at 8:13 pm
———————–
Agents can do legwork for you: comparables, get info on the house and neighbourhood, negotiate, arrange viewings, show your house, offer ideas on renos, provide contacts (bankers, lawyers, moving companies, inspectors). They do the paperwork. Some of them know the law. They work all hours. Provide recommendations. They can be quite handy actually.

#95 Smoking Man on 12.05.17 at 1:19 am

Happens every time a state allows a Smokey in.
Santa Ana winds Smoke and hot wind everywhere.

I’ve died and gone to heaven. Apart from the crazy ass lefties everywhere.

Surfs up and I can surf.

So happy to be out of kunckstan. T2 is your problem now. Got no fight left in me.

Time to enjoy life. Don’t have much left.

#96 Dolce Vita on 12.05.17 at 1:25 am

#62 For those about to flop…

Don’t sweat the lesser here that talk a good story but do not walk the talk. The vast majority here I am sure appreciate what you do, including me.

There are a lot of YVR RE delusionals out there that boast about how rich they are on paper and when you fire broadsides of reality, that they aren’t and their “wealth” is diminishing by the hour…well you know the rest.

Keep on truckin’ Flop, yours are the posts I always read.

Cannot wait for B20 to hit…your posts then ought to be even more entertaining as the Vandelusionals paper millionaires stampede to the exit gates outbidding each other, lower and lower and lower, to get out at any cost and while they still can…1981/82 all over again.

BTW, Enel in Italy is the main distributor of electricity and natural gas and relies on resellers to flog its wares…so the overall impact in terms of jobs is even higher than that posted in that article. Enel negotiates with Russia et. al. on behalf of Italy and gets the best prices possible…not bad I say.

#97 Kelsey on 12.05.17 at 1:35 am

Agree with #41. If ~40% of TSX market cap is comprised of Financials instead of businesses that create real things, you know you have a serious problem in your society. The bank earns more through interest than the trades people who actually built the house and the businesses that sold the raw materials. All for conjuring money out of thin air via the Central Banking System and Fractional Reserve Banking. But us little people have to repay the banks back with our lifetimes of labor. Whether or not Cryptos succeed, they are a backlash against this Neo-feudalism. It is very sad that this isn’t better understood by the general public, but hopefully the Cryptos are an awakening rather than further conditioning for a cashless society.

#98 Evaluate on 12.05.17 at 2:39 am

Overheard yesterday a Vancouver real estate appraiser sweating bullets that local B.C. appraisers need to start building a defence to protect privileged sales data as if this new ruling comes to town it would be like a earthquake ending business

#99 down_boy on 12.05.17 at 3:16 am

$ > ltc > dash > ltc > sys > dash > xlm > mon > dgb > ltc > $$$$

Bitwhat?

From the hectare club… when everyday you can pee on a different tree, life is full of opportunity.

#100 backwardsevolution on 12.05.17 at 3:27 am

#52 Bitcoin is not just a bubble, it is a scam!

“Bitcoin is nothing of the sort: many of the online exchanges, all completely unregulated, are run by small groups of people who then use these exchanges to engage in massive numbers of FAKE transactions: that is, they trade among themselves. More specifically, if I have 1000 Bitcoins, nobody knows whether they are held by 1000 different people or by a single one. I can start “buying” and “selling” my own Bitcoins to myself online, at whatever prices I pull out of thin air.”

Thank you for that. I also heard that this scam was happening in the real estate industry too. So many scams, and nary a regulator to be found.

In China, speculators would buy up a bunch of copper, then take loans from multiple banks using the same bunch of copper as collateral and nobody was the wiser, that is until the various banks tried to seize the same collateral all at once. Whoops! That fraudulent money then went all over the world.

These past few decades have been a shyster’s dream because nobody has been minding the store (on purpose).

#101 Kevin on 12.05.17 at 4:45 am

#40 you have my support. I’ve been saying this for a long while. Hard to believe here in Vanderland we would riot over a hockey game but not for the gutting of our cities

#102 Howard on 12.05.17 at 5:14 am

#30 Watchful in Victoria on 12.04.17 at 7:34 pm

$3 million for Sammy Haggar’s mansion in Hawaii or a crack shack on E10th Vancouver?

https://www.realtor.ca/Residential/Single-Family/17469297/2878-E-10TH-AVENUE-Vancouver-British-Columbia-V5M2B3

http://beta.latimes.com/business/realestate/hot-property/la-fi-hotprop-sammy-hagar-20171106-story.html

——————————————

I shouldn’t read this blog when at work. I burst out laughing at the photo of the $3 million Vancouver hovel.

BC truly is in its own dimension.

#103 Under the radar on 12.05.17 at 5:31 am

Curious why jimbo did not ask when the sellers bought and what they paid . ? Land registry records would have revealed that info . My hunch is that these were not speculators and they likely paid well under the selling price and made a nice sum as they downsize .

#104 Dharma Bum on 12.05.17 at 6:38 am

My next door neighbour’s house went up for sale a month ago.

^
^
^
^
^
^
^ ….Crickets.

#105 Howard on 12.05.17 at 6:52 am

#55 Blacksheep on 12.04.17 at 8:41 pm

3) The big stinkola about RE becoming full disclosure in T.O. is a non event. My realtor gets me any RE details I need, the same day I ask. The people that are bitching are the people with no contacts.

—————————————————-

Which illustrates exactly why this ISN’T a non-event.

Why should only those with “contacts” (oh, la dee da) have access to this information? What do you think will happen when all those millions of unwashed contact-less people suddenly have access to this info with a click of a mouse?

Even if it’s hypothetically possible to call a realtor to ask for data on a specific house, not everyone wants to bear the stench of interacting with a realtor and additionally, how can one be certain that the realtor is giving accurate information?

#106 Plexcoin Crypto on 12.05.17 at 6:56 am

Good morning Garth,

I have a good one for you, and very much related to your post.

The SEC halted “PLEXCOIN”.
You may ask, wth is that?
Well, an ICO of course?
You may think this was one of those multiple ICOs created in Asia, that the Chinese government crushed recently.
No, this was “invented” by a Quebec resident (and his wife).

A 15 million dollar scam that promised “investors” that they would multiply their investment by 13 times within 1 month (something like that).

You know the best part? The SEC said that it’s not the first time that this man (Delacroix) breaks securities laws.

If a guy who breaks securities law can do it so easily a second time, no kidding we have so many pumps and dumps on the TSX! I’m talking about a series of venture stocks like PHM.V, where the “founders”, right after marketing their business on BNN (Canada’s best network) sold their shares and took off on a boat, while their stock returned to were it belongs, to 0.15/share. So, people, don’t fall for these “companies” pretending to be the Couche-Tards of blockchain ok? I’m talking about stocks like LTV.V, FTEC.V, HIVE.V. And yes, some guests have come on BNN to start marketing some of these. You can be sure that they personnally own some and will dump them after a quick 200%, buy some nice things to their girlfriend, and laugh at how gullible retail investors are.

Plexcoin.
Do a search on Twitter for #Plexcoin and see the horror.

#107 Victor V on 12.05.17 at 7:28 am

https://www.bnn.ca/toronto-home-sales-rise-listings-surge-ahead-of-new-mortgage-rules-1.934741

There was also some evidence that homeowners might be trying to cash out before the new rules take effect, as active listings of properties available for sale surged 110.6 per cent year-over-year in November.

The average selling price across the GTA was $761,757 in November, compared with $780,104 in October.

#108 crowdedelevatorfartz on 12.05.17 at 8:25 am

@#94 Bottom feeders

Realtors also….
Flip sales two or three times earning commissions each time.
Relist the same property again and again and again as a “new listing” to hide the fact that its a dog with fleas
Lie to potential sellers to get a listing.
Lie to potential buyers to make a sale.

I could go on and on and on but lets face it.

Comissioned based sales people HATE when a potential buyer may actually have the FACTS to make a reasoned, informed decision on the most important purchase of their LIFE.

And that is why CREA doesnt want Canadians to have timely verifiable, truthful information on housing….because it will affect their comission.

Realtors have held all the cards for far, far too long. And their “self regulating” kangaroo “courts” are a farce.
Times have changed.
Its almost 2018 not 1958

Happy housing sales comission crash everyone

#109 kman on 12.05.17 at 8:28 am

There are transaction fees for digital currency.
The race to mine cryptos isn’t just to get the coins but control of the block, where the real money is.
Read this: http://www.businessinsider.com/bitcoin-price-miners-making-killing-in-transaction-fees-2017-8

#110 Angel on 12.05.17 at 9:11 am

Martin Armstrong today on bitcoin:

Beware!

https://www.armstrongeconomics.com/world-news/cryptocurrency/bitcoin-being-declared-a-financial-institution-beware/

#111 fancy_pants on 12.05.17 at 9:23 am

desperate times call for …
https://www.yahoo.com/news/venezuela-create-digital-currency-amid-financing-crisis-210230448.html

#112 Bytor the Snow Dog on 12.05.17 at 9:41 am

I see this post brought out quite a few BUTTHURT REALTORS®, like #91 “Anonymous”.

Sure Anon, it’s all about privacy…right Buddy.

#113 Sean on 12.05.17 at 9:48 am

Is there a link for that data you shared there or is that a realtors view?

#114 Phil on 12.05.17 at 9:49 am

Garth,

Do you follow Christine Duhaime‏ @cduhaime?
She’s a Canadian anti-money laundering lawyer.

She posted this last week:

“BC is finally getting the idea that financial crime & money laundering is a whopping business in Vancouver. In fact, it’s a factory.”

A family friend banker at a Toronto investment bank was telling me that about once a year, his firm denies a new client from investing with them, because of red flags regarding the source of money, and the last one they denied was claiming to generate a good proportion of his cash from gambling. But the ratio of generated cash from wins relative to his salary was so high that it was virtually impossible. He has to report those applications to the RCMP and deny them.

#115 cramar on 12.05.17 at 10:00 am

Speaking of Markham! We were just there last week staying with sister-in-law for one night. Her house is up for sale—moving to a new condo. Her house looks similar to the one in the picture only one story. Likewise, a single car garage, but only parking for one vehicle in drive. Smallest house in the area. Currently only one bedroom. The front den could be set up as another, and there is a room in the basement that would be used as another bedroom. The yard has to be all of 12 feet deep! Asking $900k.

My wife and I took a walk around the hood. Majority 2 car garages, but a lot of triples. The thing that grabbed my attention is evident in the picture. On the right, the house is about four feet from its neighbour and two feet from the property line. The one in the picture is better on the left though. A lot of these large houses are four feet from the neighbour on both sides! Great view! And most of these million dollar homes also have pathetically small yards. Large house, no land! You can keep it!

The traffic at rush hour in Markham is insane. No better than downtown Toronto! Or Don Mills. Or anywhere in the GTA. You can keep it. I was so thankful to be home!

Visited younger relatives for dinner. All Gen X relatives have large houses. Everyone is a millionaire in housing assets, but hate living there—chained there by family and jobs. I said to our hosts, “I know what you will do when you retire. Get outta here!”

He said I had that right.

#116 Mirabelle on 12.05.17 at 10:18 am

@ #91 Anonymos
“A private home, while huge in value, doesn’t seem to me any different in principal than a private vehicle or computer or any other private possession. If I want to sell my used car to a someone it is no ones business to ask for the price we settled on and publish it for all to see. ”
– – –

Normally, cars and especially computers are not expected to rise in value after their purchase.

#117 Fundamentalist on 12.05.17 at 10:42 am

Unfortunately, a public price history hasn’t calmed the Bitcoin maniacs, it only encourages them. “They’re not making anymore, so its gotta go up.”
Houses – same story, but it is all about the land (see Duddy Kravitz).

According to my robust calculations, when the price trajectory is positive (eg BTC) and the rate of change, d$/dt approaches infinity you short. When the price trajectory is negative (eg TO hovels) AND the the 2nd derivative (ie change in the rate of change) of d$/dt approaches zero you buy.

The math just models the cycle of human behavior, from dumb to dumber to stupid to insane, and back again. If the math is too hard I am launching an ETF called CRACRA.UN. Units are limited.

#118 MediOgre on 12.05.17 at 10:46 am

All by design. Governments, Feds and global money masters are in complete control. There is a new tech that is changing the way money is exchanged.

What better way to have the greater fools run back to the comfort and warmth of their motherland currency than to have a massive flop on this thing. It could take a while to run through – I suspect they would want about 50% of the active population exposed somehow. Then in comes the federal bank with a solution! Block Chain backed by your country. Problem and solution now back to work

#119 Leo Trollstoy on 12.05.17 at 11:20 am

A family friend banker at a Toronto investment bank was telling me that about once a year, his firm denies a new client from investing with them, because of red flags regarding the source of money

So basically they’ve denied 10 in the last decade

Sounds about right

#Irrelevant

#120 Doug in London on 12.05.17 at 11:53 am

It wasn’t that long ago a lot of “experts” who post comments here said that if prices dropped there would be a flood of new buyers coming in and demand would pick up again. Why isn’t that happening?

#121 rainclouds on 12.05.17 at 12:01 pm

Preliminary update by the Bolsheveks on illegal money laundering out today at 10:45.

-Timed perfectly to fester over the Xmas break. House not sitting.
-Stress test kicking in, 3 weeks.
-Full report comes in Feb ( liberal leadership convention weekend :-)
-Peaceful citizens up in arms in Vancouver over rezoning SFD neighbourhood for sardine can homeless shelters (NIMBY’S r pissed)
-Listing up, sales down in Vandelusional.
-Prices dropping

Starting to get interesting out in here inWonderland. …………When the average schmuck figures out this deck of cards is collapsing.Stampede for the exits

On another note. Are the commissioned house sales professionals on this blog getting any inkling of the revulsion the general population has for their prectices? Didn’t think so….. carry on. ZILLOW CANADA PLEASE!

#122 Stan Brooks on 12.05.17 at 12:06 pm

This guy/the current finance minister will be in charge of deciding how to spend and to whom to reward contracts by the new infrastructure bank, tens of billions of taxpayers dollars to be given to the private sector in advance at the sole discretion of the minister of finance himself.

Finance Minister Awarded With Another Ethics Investigation!

https://www.youtube.com/watch?v=4Y0sIdbEDLU

The question is:
Do you believe he can make sound judgement after the lamentable failures with:
– the failure to put his assets in a blind trust.
– introduction of bills, sponsored by him that benefit his company – Bill 27C.
– alleged sales of 680 000 shares worth over 10 millions just prior/a week before the announcement.
His father apparently managed somehow to pull the same smart move with different amount of shares amount the same time
– the fiasco with the tax assault on the small business and the ridiculous short time for discuss, manipulated discussion and rushed decisions.
– the french villa and the private company to manage it which he forgot to disclose.
– the Bahama story?

Thinking that this guy manages OUR tax authorities and can make everyone’s life miserable selectively gives me the chill.

They already accused over 2 million private business in tax cheating!

Elitist demagogy!

#123 Daniel James on 12.05.17 at 12:18 pm

Garth, I don’t think you understand: the whole point of a cryptocurrency is that it isn’t supposed to be regulated. Bitcoin Bubble aside: Part of the first deal in New York with the early exchanges was that the owners of cryptocurrencies would be identified. And that is mostly it. Bitcoin/Bitcash has its limitations but I can see a scenario wherein all future cryptocurrencies will be exchanged for one another (without regulation). A true market based on demand and supply. No more bubbles, and no more crashes, no more recessions, no more financial parasites.

Simple enough to understand if your income doesn’t depend on not understanding it.

#124 IHCTD9 on 12.05.17 at 12:28 pm

#102 Howard on 12.05.17 at 5:14 am
#30 Watchful in Victoria on 12.04.17 at 7:34 pm

$3 million for Sammy Haggar’s mansion in Hawaii or a crack shack on E10th Vancouver?

https://www.realtor.ca/Residential/Single-Family/17469297/2878-E-10TH-AVENUE-Vancouver-British-Columbia-V5M2B3

http://beta.latimes.com/business/realestate/hot-property/la-fi-hotprop-sammy-hagar-20171106-story.html

——————————————

I shouldn’t read this blog when at work. I burst out laughing at the photo of the $3 million Vancouver hovel.

BC truly is in its own dimension.
________________________________________

Look at the stats for that neighbourhood. Average HOUSEHOLD income for the area is $60,866.

What a joke!

#125 Ogopogo on 12.05.17 at 12:30 pm

#27 Robert B on 12.04.17 at 7:31 pm
Its about time the past seller data is available.
Transparency is pretty much every in our lives .
Why not in real estate.

But come on Garth, “64” is someones house.
People love their homes no matter what you say.
Something about paying rent to someone else to help pay off his mortgage doesn’t sit well with me.

This is the mentality of housing cultists in our sad tundra-nation. They can’t stand the thought of “helping someone pay their mortgage,” even if the rent is being heavily subsidized by the “landlord.” Luckily for the smart renter-investor, this is precisely what allows us to profit handsomely from the ignorance of the drooling masses. Renting has freed up so much investment capital that the thought of buying in Kelowna seems like a real money loser unless the market corrects/crashes.

So, tell me more why renting is bad. I’ll wait.

#126 d'Edmonton on 12.05.17 at 12:58 pm

#91 Anonymous on 12.04.17 at 11:49 pm
.
.
A private home, while huge in value, doesn’t seem to me any different in principal than a private vehicle or computer or any other private possession. If I want to sell my used car to a someone it is no ones business to ask for the price we settled on and publish it for all to see. I am not sure why the market for private property in the form of a house is any different than private property in the form of a car, or used electronics or anything else.
.
.
—————————
While I think you are right that in principle the purchase of a house could be on par with the purchase of a private vehicle or computer when considering privacy, a house is a really a de facto investment for the vast majority of people.

#127 Stan Brooks on 12.05.17 at 1:15 pm

#124 IHCTD9 on 12.05.17 at 12:28 pm
#102 Howard on 12.05.17 at 5:14 am
#30 Watchful in Victoria on 12.04.17 at 7:34 pm

$3 million for Sammy Haggar’s mansion in Hawaii or a crack shack on E10th Vancouver?

https://www.realtor.ca/Residential/Single-Family/17469297/2878-E-10TH-AVENUE-Vancouver-British-Columbia-V5M2B3

http://beta.latimes.com/business/realestate/hot-property/la-fi-hotprop-sammy-hagar-20171106-story.html

——————————————

I shouldn’t read this blog when at work. I burst out laughing at the photo of the $3 million Vancouver hovel.

BC truly is in its own dimension.
________________________________________

Look at the stats for that neighbourhood. Average HOUSEHOLD income for the area is $60,866.

What a joke!

—————————–

So you are saying the shack is inferior to the ocean front Hawaiian estate (where the garage itself is larger and in a better condition than the whole Van City shack?)

Repeat with me: proud Canadian, proud Canadian,…
100 times.

Then transgender washrooms, transgender washrooms
100 times
and you will get it.

What is live in a mental health facility.

#128 Daniel James on 12.05.17 at 1:17 pm

#97 Kelsey on 12.05.17 at 1:35 am
“Whether or not Cryptos succeed, they are a backlash against this Neo-feudalism. It is very sad that this isn’t better understood by the general public”

But I would argue that we have come a long way in the last couple of years and most people now do indeed understand that our monetary system is simply a shared delusion. We continue with it because we had no other choice until now. Blacksheep, may I recommend you quit with your whining on RE, and get back to your more refined understanding of the monetary system and how the blockchain may help us progress? I look forward to your more enlightened commentary…

#129 Ponzius Pilatus on 12.05.17 at 1:21 pm

#29 young & foolish on 12.04.17 at 7:34 pm
Crypto blockchains are going to be part of the next technological revolution, along with AI, robotics, nano tech, and bio tech … not to mention genetics.

Big changes on the horizon … but are we ready?
————–
Sure we are.
Pitchforks and torches are ready.

#130 Ponzius Pilatus on 12.05.17 at 1:37 pm

#67 Pete on 12.04.17 at 9:34 pm
Hey Smokingman what’s your take on this bitcoin things ( you have interesting insight) My take is bitcoin was created by government agents and allowed to inflate or purposely inflated to ridiculous levels to get idiot millennials to fall in love with digital money. This has given all governments the cover to create their own big brother bitcoin and millennials will cheer their future slavery? Anyone else have their own theories?
————-
Garth,
Where do you find posters like this?
Priceless

#131 Ubul on 12.05.17 at 2:09 pm

#130 Ponzius Pilatus on 12.05.17 at 1:37 pm
#67 Pete on 12.04.17 at 9:34 pm

————-
Garth,
Where do you find posters like this?
Priceless

You can buy them on the social media slave market.

#132 AGuyInVancouver on 12.05.17 at 2:17 pm

#28 TheFeed
#35 BC is Cooked
#114 Phil
#121 rainclouds

Certainly the BC Liberals are going to be cooked after the revelation they sat on this report for over a year and did nothing. It has long been apparent to anyone with eyes that skullduggery was going on in Vancouver’s real estate market. These revelations give the BC NDP the justification to bring down the hammer on this game.

#133 Fundamentalist errata on 12.05.17 at 2:18 pm

An astute reader has alerted me to an error in my calculation. I incorrectly assumed IQ was always positive, so please take the absolute value of the 2nd derivative. Apologies for the error.

#134 dr. talc on 12.05.17 at 2:36 pm

#88 Raging Ranter on 12.04.17 at 11:37 pm
Dr. Talc, you don’t get to decide what Jim’s business is. Only Jim gets to decide that. And Jim decided to make the price history of that house his business. Two recent court cases say he can. Drives you nuts doesn’t it?


I actually have zero interest in the court cases or Jim if he even exists.Some people value privacy more than others

#135 RAY on 12.05.17 at 2:40 pm

In what appears to be an attempt to pressure the US NAFTA negotiations, T2 went to China to discuss a free trade deal. It seems he was handed his head , and politely asked to not let the door hit you in the ass when leaving. Now the US NAFTA negotiators are in a better position.
http://nationalpost.com/news/politics/john-ivison-would-it-be-too-cynical-to-say-china-just-ambushed-trudeau-on-trade-talks-no

#136 triplenet on 12.05.17 at 2:59 pm

#98 Evaluate

Overheard yesterday a Vancouver real estate appraiser sweating bullets that local B.C. appraisers need to start building a defence to protect privileged sales data as if this new ruling comes to town it would be like a earthquake ending business.

………Such foolish comment. ~99% of the time an Appraiser will NOT have a discussion with the residential Buyer.

#137 IHCTD9 on 12.05.17 at 3:07 pm

#126 d’Edmonton on 12.05.17 at 12:58 pm

a house is a really a de facto investment for the vast majority of people.
____________________________________________

Nay, maybe in YVR, and a healthy chunk of folks in the GTA; but outside these two areas, houses are for living in. Anyone who is honest about the costs involved with ownership will admit that near bubble like price increases are necessary just to break even – forget about making a profit.

#138 Payment after Renewal on 12.05.17 at 3:13 pm

Do you want to know what happens with the payment at mortgage renewal?

Historically, according to MacLeans, this:

http://www.macleans.ca/wp-content/uploads/2017/11/Ben_Rabidoux_web.jpg

#139 Kelsey on 12.05.17 at 3:19 pm

#128 Daniel – I agree. This first struck me a few months back when we were joined at dinner by someone who was by all intents and purposes a blue pill socialist, but without any prompting he brought up Bitcoin and wondered why it can’t be money if digital US dollars are also money. The key is that it made him question fiat currency which otherwise never would have happened. This seems to be happening at an accelerating pace. About a year ago every conversation quickly devolved to Real Estate, now you can’t go a few hours without someone mentioning Bitcoin.

#140 I’m stupid on 12.05.17 at 3:35 pm

#52 bitcoin is a bubble and scam

Nice post. Human nature doesn’t change, everyone wants something for nothing. Bitcoin has filled that need. I’d invest in bitcoin if someone can explain to me this… how can something have value when it took zero effort to create and doesn’t exist in reality? The original bitcoins could be mined using a home computer. They’re no different than collecting gold coins in Mario bros games. Now you expect me to believe that those imaginary coins are worth something? How could anyone be so stupid? If I buy a bitcoin I’m not getting the technology behind it, I’m just getting a product of that technology. It’s the same as eating truffles and selling your feces.

#141 Hamilton on 12.05.17 at 3:35 pm

Posted today https://ca.finance.yahoo.com/news/mortgage-stress-test-rules-block-151637886.html

LOL!!!!!!!

New rules aimed at cracking down on the mortgage market will result in 100,000 people failing a stress test of their finances, and about half of them will be blocked from buying a home.

That’s one of the major takeaways of a new report published Tuesday from Mortgage Professionals Canada, an industry group that represents 11,500 mortgage brokers, lenders and insurers.

The federal government has moved seven times since 2008 to tighten rules surrounding the real estate market, and practically every time, the market has shrugged off tighter rules around areas like maximum debt loads and amortization periods.

But new rules implemented in October could be different.

As of now, uninsured borrowers from federally regulated lenders must have their finances “stress tested” to ensure they would be able to pay off their mortgages if rates were higher than they are today. To do that, the lender must run a test assuming rates were two percentage points higher than they are right now, and see if borrowers would be able to pay off the loan.

By the group’s estimates based on the market today, “18 per cent of mortgage borrowers who are stress tested, would fail the stress test.”

Since there’s roughly 700,000 homes sold every year in Canada, and most of them involve some sort of mortgage. That means up to 100,000 buyers would fail the new stress test and be forbidden from buying the home they want at the price they want.

“Perhaps 50,000 to 60,000 per year will be able to make a different purchase, albeit one that is less attractive to them,” the group said. But “perhaps 40,000 to 50,000 per year will be entirely removed from homeownership.”

The group says it doesn’t object to the idea of a stress test in general, just that the current parameters are too rigid. Essentially, the mortgage group says running the numbers with rates that are two percentage points higher than they are today isn’t realistic or helpful..

For starters, the majority of new buyers get a five-year fixed rate mortgage, which means if they lock in now. they would be immune from rate hikes until 2022.

Currently, the average mortgage rate in Canada is 2.96 per cent, the report found.

Even assuming rates are higher when they have to renew, the current stress test rules ignore two things: On average, borrowers will have paid off 15 per cent of their principal, five years into their first mortgage, even if they do nothing more than make their monthly payments with no prepayments. Having more equity in their homes makes them better able to handle debt, even at a higher rate.

The stress test rules also ignore that people generally tend to see their incomes increase over time too.

“Based on trends over the past five years, mortgage borrowers will typically have seen their incomes rise by 10 per cent” by the time they renew, the group says.

A better level for the stress test, the group says, would be testing borrowers’ finances at an interest rate that’s three-quarters of a percentage point higher, not two.

“Using the posted mortgage interest rate today in mortgage stress tests is excessively stringent, and will unnecessarily impair the housing market and therefore the broader economy,” the report found.

“And it will unnecessarily [and therefore unfairly] prevent large numbers of Canadians from achieving their reasonable housing goals.”

#142 Jag Mann on 12.05.17 at 3:40 pm

bitcoin – tulip mania all over again. I have no problem with speculating, but the speculators should at least recognize that they are speculating and not investing. I hear the lame justifications for why bitcoin will continue to go up (how bitcoin supply is constrained and only x number of bitcoin will ever be mined, blah blah). When you remind them that it’s a DIGITAL CURRENCY and supply is not constrained because people can create an alternative crypto-currencies, they really have no response.

#143 Where's The Money Guido? on 12.05.17 at 3:45 pm

More casino money laundering:
https://globalnews.ca/news/3896853/hong-guo-lawyer-trust-fund-casino/
How come no one has been criminally charged with money laundering at BC casinos. Oh yeah, it’s the gov’t, enough said.
We can only hope that the BC NDP and RCMP is better than that and someone gets to spend time at the crowbar hotel, hopefully the ones who stopped the investigations, because “it costs too much to run” in Coleman’s own words.
I’ll put my odds on the NDP before the cops, as we know they’re prone to turn their heads the other way especially when Rich Coleman was the cop boss under the BC Lieberals.
Has anyone noticed how many times now on all media in BC they run casino commercials? The casinos must be getting desperate for customers since the launderers have disappeared like the millionaire property purchasers in BC since they can’t use funny money.
I’m even getting ads in emails (I have a BCLC card for betting on sports), now that never happened before. It’s now what can we do to get you into our casinos and improve your “experience”, hahahah.
In my twice yearly jaunts to the local casino I’m bored now that I can’t watch ladies come in with shopping bags full of money and sit there stuffing the bandits while never spinning the reels.
It’s so sad how we have these casinos grovelling for our biz, those poor casinos, not filling their coffers with dirty money. What are they gonna do, oh yeah, they have to compete for the little money customers that do go there now or find other shysters to launder their dirty money like the article above. They are now finding they can’t make money on just the suckers betting $40 there anymore.
I have also noticed from speaking with regulars I know that the one-armers are not spitting out the coin like they used to. I guess they rigged the machines a little more in favor of the house. They also upped the minimum bet on the table games at the Hard Rock Casino in Coquitlam, a reason I never go there anymore and I never play the slots, unless I get free plays or if I can get a real ticket to one of their concerts without paying the Quebec ticket shark who buys up all the tickets with bots to scalp. Last show was Paul Rodgers, a great show that I got to see with a cheap ticket, by luck. So bye bye Hard Rock, never really luved ya.
I now go to the Cascades Casino in Langley since they still have $5 tables.
When the Hard Rock first opened as the Boulevard Casino and up until this money laundering scam came to the news, when I received free slot plays by swiping my card to try to win promos, I got to play for a while, winning something maybe every five pulls. Then just last week when I went to Cascades Casino in Langley for one of their promos, I got some free slot play (got a free dinner also). Well I spun the reels with that coin and won ONCE in 25 spins for not even the amount of the bet, hahaha. lasted all of 8 minutes and 5 of those minutes were sitting there trying to find out how to bet. They make it so hard to see what you are betting anymore, no doubt planned. I even called a slot girl over and she couldn’t figure it out either!
Do they think I will ever stuff a bill into those machines with those odds and shenanigans? The security guy I spoke with Cascades even said they don’t have any laundering being done there because they are a different company running the casino, yup, sure……
I guess they just don’t know the demographic that has clean money anymore, since they never had to cater to them in the last 10+ years.
Watch out Ontario, a money launderer by the name Great Canadian Gaming Corporation that was doing most of the laundering here in BC is coming to your province with the blessing of your Premier. Real estate gonna go uppa uppa uppa now if they get in.
It’s the same plan with President’s Choice points, have you ever tried to figure out their website showing points you received.
I phoned them to complain about this hiding the details of purchases and how I couldn’t figure it out, their CSOs couldn’t either, but what I did find out was I was missing some points.
They tried to explain it away by saying they “bundle” some purchases and that’s why I can’t figure it out. WTF????
I noticed over 100 purchases that I can’t find clear evidence they have paid out the points. I have a complaint in to the Competition Bureau about this but so far nada.
I hope they all go bust……..Shysters……just another scam like real estate, casinos.
Know your limit, play within it, yeah sure you do, since you don’t want those casinos to go by the way of the dodo. And you don’t want them to have to supply all those “charities” with taxpayer money do you?
Who has any extra money anymore with mortgages taking 90% of take home coin.

#144 SoggyShorts on 12.05.17 at 3:56 pm

#140 I’m stupid on 12.05.17 at 3:35 pm
#52 bitcoin is a bubble and scam

Nice post. Human nature doesn’t change, everyone wants something for nothing. Bitcoin has filled that need. I’d invest in bitcoin if someone can explain to me this… how can something have value when it took zero effort to create and doesn’t exist in reality?
*************************
I don’t know w whole lot about bitcoin, but enough to know you are very wrong.
To make (mine) a bitcoin you need to have your computer solve an equation, and that takes time and electricity.
Each coin mined increases the difficulty of the next one. There is a limit (21m) of bitcoins that can ever be mined.
All of this is recorded in what is called blockchain, which is some sort of unalterable record.

I’m not saying it’s a good or bad investment, but you can educate yourself on it pretty easily– I just did in 30 seconds of skimming wikipedia.

#145 Kelsey on 12.05.17 at 4:00 pm

#142 Jag…playing Devil’s Advocate, what about Network effects? If enough people adopt Bitcoin and it survives threats such as Government crackdowns, slow transaction speeds, etc., wouldn’t it have enormous value relative to newer cryptos that never had widespread adoption? Facebook is worth billions but endless similar sites could be replicated for very little cost but implicitly everyone has agreed to use Facebook and not some other site. Much of the value attributable to today’s national currencies also derive from network effects, particularly if you look at something like the US Dollar in international trade.

#146 Where's The Money Guido? on 12.05.17 at 4:07 pm

Money-laundering at B.C. casinos: Review calls for increased reporting of big cash deposits
http://vancouversun.com/news/local-news/preliminary-findings-of-review-into-money-laundering-at-b-c-casinos-released-by-peter-german
We’ll see how this washes out. But at least we should give the NDP a chance though.

#147 Stan Brooks on 12.05.17 at 4:08 pm

#135 RAY on 12.05.17 at 2:40 pm
In what appears to be an attempt to pressure the US NAFTA negotiations, T2 went to China to discuss a free trade deal. It seems he was handed his head , and politely asked to not let the door hit you in the ass when leaving. Now the US NAFTA negotiators are in a better position.
http://nationalpost.com/news/politics/john-ivison-would-it-be-too-cynical-to-say-china-just-ambushed-trudeau-on-trade-talks-no

————————-

Exactly.

I personally, having worked with and knowing some very bright individuals with background in Business, have very little respect for our so called politicians, the likes of T2 and BM.

My impression of them is of lame sitting ducks who are stupid and arrogant enough to look down from position of superiority on the regular Canadians.

Huge tragedy for this nation.

The very fact that these …. control and own you is an insult to everyone’s intelligence.

Sad, sad story.

#148 James on 12.05.17 at 4:09 pm

#95 Smoking Man on 12.05.17 at 1:19 am
Happens every time a state allows a Smokey in.
Santa Ana winds Smoke and hot wind everywhere.
I’ve died and gone to heaven. Apart from the crazy ass lefties everywhere.
Surfs up and I can surf.
So happy to be out of kunckstan. T2 is your problem now. Got no fight left in me.
Time to enjoy life. Don’t have much left.
______________________________________
Jesus Christ are you still here? Go and enjoy what little life you have Smoking Man. Ha, now that is funny a Trump idiot in California, better keep your yapper shut. I just returned from meetings in Cupertino, California and they don’t put up with the likes of your kind.

#149 young & foolish on 12.05.17 at 4:29 pm

Why should everyone have access to the price paid for your house? Is that not private information and should be available only to interested buyers?

It’s not like other assets since you usually only have one … eg. you can list the price of a stock, but would you want everyone to know how many shares you owned?

#150 Where's The Money Guido? on 12.05.17 at 4:41 pm

A little history on money laundering in BC: The door has been wide open since 2001 when the BC Liberals got elected and Greedo Scampbull said we wouldn’t recognize BC after he’s finished….He immediately went to the Bildergerg Conference and the graft had started.
http://nationalpost.com/news/canada/meet-the-mysterious-tycoon-at-the-centre-of-half-a-billion-in-b-c-property-deals
So who’s really running the show, since Guido got himself a plum job in London for his duplicitous work, home of the biggest thieves.
It’s so blatant that the former BC Liebs should be packing rocks in a Pen somewhere cold, like Northern Saskatchewan where the inmates are mostly aboriginal and hate ex-cops and politicians.
No wonder Crusty tried everything she could, even table the same platform as the NDP to get elected, as they knew the SWHTF and they could no longer cover it up.
Where’s Christy, our former Premier, hiding in London, China, somewhere there’s no extradition like Brazil?
Who can help us out so we can ask her a couple questions, and have them answered, in court and/or under oath, if that makes any difference!

#151 SimplyPut7 on 12.05.17 at 4:42 pm

Bloomberg.com: Laurentian Bank Finds Flawed Mortgage Data in Home Capital Echo

https://www.bloomberg.com/news/articles/2017-12-05/laurentian-bank-audit-finds-misrepresentations-in-mortgages?utm_content=canada&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social&cmpid%3D=socialflow-twitter-canada

What’s the likelihood that any of the regulators will do a thorough investigation to see how this happened in the first place?

#152 Brian on 12.05.17 at 4:56 pm

Maybe I don’t understand bitcoin but as a currency, how can it “hold value” when it’s so volatile. So the reason for its creation, doesn’t even exist because it’s so volatile. As for no middle man, being deregulated, etc. do you really think governments will go for this? Governments will regulate bitcoin to death. And every day there are new ICOs. What am I buying with these ICOs? Hopes and dreams?

#153 Victor V on 12.05.17 at 4:57 pm

Laurentian Bank finds flawed mortgage data in audit

https://www.bnn.ca/laurentian-bank-finds-flawed-mortgage-data-in-audit-1.935301

Laurentian Bank of Canada (LB.TO -7.89%) fell after reporting it found customer misrepresentations on some mortgage loans it sold to another firm, echoing problems that almost sunk alternative-lender Home Capital Group Inc. earlier this year.

An audit “identified documentation issues and client misrepresentations” with some mortgages sold to a third-party firm by its B2B Bank unit, the Montreal-based lender said Tuesday in its annual report. Laurentian said it will repurchase about $89 million of the mortgages in the first quarter, or 4.9 per cent of such loans sold to the firm.

“The bank intends to perform an in-depth review of the mortgages originated in its branch network that have been sold to the third-party purchaser and to work with such purchaser to resolve any issues it identifies,” Laurentian said.

#154 I’m stupid on 12.05.17 at 5:09 pm

#41 akashic record

Only one problem with your argument. Someone created bitcoin and started out with 1million of them at no cost.

#155 AGuyInVancouver on 12.05.17 at 5:15 pm

#135 RAY on 12.05.17 at 2:40 pm
In what appears to be an attempt to pressure the US NAFTA negotiations, T2 went to China to discuss a free trade deal. It seems he was handed his head , and politely asked to not let the door hit you in the ass when leaving. Now the US NAFTA negotiators are in a better position.
http://nationalpost.com/news/politics/john-ivison-would-it-be-too-cynical-to-say-china-just-ambushed-trudeau-on-trade-talks-no
_ _ _
Good. Any Canadian who truly wishes for free trade with China is a fool. Hopefully Justin used the Chinese demands, no doubt unreasonable, as an excuse to walk away. The last thing we want is to get stuck with a deal like Australia’s.
https://www.theglobeandmail.com/news/world/australian-publisher-drops-book-on-chinese-influence-author-warns-canada-is-also-at-risk/article37024966/

#156 More Canadian bank mortgage fraud news.... on 12.05.17 at 5:29 pm

Oops we did it again…Laurentian bank this time

http://www.cbc.ca/amp/1.4433982

#157 dimi on 12.05.17 at 5:41 pm

Thinking that shorting bitcoin bull market is an easy great trade would be complete suicide.

Bitcoin futures will settle in cash, and actual Bitcoins are scarce and has limited supply. I would not be surprised if fearless “tulip” traders will be short squeezed before Christmas Eve’s dinner is served. Stay safe

#158 MediOgre on 12.05.17 at 6:30 pm

#78 BG “Nope, sorry Garth.
One of the appeals of Bitcoin or any other popular crypto-currency is that they are not regulated by a central banks.”
—————————————————————

This is only true until you lose half of the money you put in…then you and everyone else will be BEGGING for some regulation. How could it swing down you ask? Same as why other currencies go down ~ too much of it. Is it impossible to create a computer that can mine the shit out of this stuff and make it worthless… what do you think ~ are you sure about that? Can bitcoins be fabricated or hacked or or or..

The only real appeal is leaving out the middle man for financial transactions. That’s it ~ and that is block chain. Not bitcoin

#159 Mr. Laurentian on 12.06.17 at 10:08 am

Are you kidding me?
Laurentian Bank involved in mortgage fraud?
A second canadian lender?

Do we need to see this revealed by a 3rd lender before we can say that Mortgage fraud is systemic in Canada?

Is that why housing is doing so well in Montreal?

#160 Bottoms_Up on 12.06.17 at 11:51 am

#144 SoggyShorts on 12.05.17 at 3:56 pm
————————
There are only 21 billion tulip bulbs. It takes soil water and sun energy to mine them. Thus they should be worth $1 million a piece.

#161 Bottoms_Up on 12.06.17 at 11:58 am

#134 dr. talc on 12.05.17 at 2:36 pm
———————–
People know the cost of the car you drive (likely what you paid if it is new). If they know your profession they have a ballpark idea of what you earn. Based on your postal code they know how much you house is worth. Stop worrying so much about Gen X’ers finding out how little you paid for your house.

#162 Bottoms_Up on 12.06.17 at 12:02 pm

#123 Daniel James on 12.05.17 at 12:18 pm
——————–
The dollar use to be pegged to gold. Bitcoin will never work as an actual currency.

#163 Cashin Mortgages on 12.06.17 at 4:15 pm

Garth,

Here is your Christmas gift, directly from BNN.
A mortgage broker taking about mortgage application misrepresentation.

https://www.bnn.ca/video/laurentian-bank-s-client-misrepresentations-may-be-result-of-stricter-mortgage-rules-broker~1278692

I’m floored.