Curb the enthusiasm

It was a bust. Of course.

When it comes to being pissed about unaffordable houses, it’s a lot easier to Tweet than it is to show up and, like, wave a sign. So a protest in Vancouver expected to “draw thousands” this weekend attracted about two hundred, at least half of them organizers. Included was the Green Party boss (propping up the current socialist government) who wants any non-BC person banned from owning property there. Xenophobia comes in many hues.

The event was meant as a pressure tactic on the NDP in advance of tomorrow’s big budget, urging the Dippers to make this a housing crisis document which, by all accounts, is just what’ll happen. So expect the usual government drivel about creating affordable units over the years to come, changing zoning laws to allow densification (ie – more ridings with NDP supporters), cracking down on money laundering (zero impact on real estate) and – the big one – a spec tax.

In BC things are getting truly messy. Yes, a local real estate bubble has developed making average houses unattainable to average families, but that’s a global urban trend. Instead of accepting it, as has happened in Toronto, New York or San Francisco, in YVR the locals won’t give up clinging to the 80s. They think children should be able to move into the same hoods their parents chose, and could afford, four decades ago. Quaint.

So when monetary policy, economic expansion or demographics make that impossible, YVRers moan, whine and elect socialists to fix it. Meanwhile in Toronto, crickets. No protests. No placards. No hating immigrants. Yet, look at this…

So here we are. In Van, a 15% anti-foreigner tax. An empty houses tax. Rising property tax. Talk of a non-resident ban. Soon (maybe) a speculation tax. All co-mingling with higher mortgage rates and a borrower stress test. And some people think Amazon’s going to open a new mega-HQ there. Like, seriously?

What happens if Premier Comrade Horgan brings in a spec tax on Tuesday? Let’s look at history for a clue.

On April 9th, 1974, after the average Toronto house price had catapulted 30% in a year, the provincial government (a Conservative one, no less) imposed a speculation tax without warning. The toll was 50% of all profits made on land transactions. Notably exempted were owner-occupied principal residences and family-owned farms.

The impact on the entire industry was immediate and overwhelming. Deals blew up overnight, sales withered and the market croaked. Prices tumbled since buyers fled. The same aggressive-Con administration later shocked everybody by blocking the sale of thousands of apartment units involved in a massive corporate deal – then slapped on rent controls. The market choked for a couple of years, before forming an historic bubble which collapsed into a smouldering heap. It would take 15 years for prices to recover.

The moral? Never, ever look to politicians to ‘fix’ the real estate market. On one hand they punish, tax, surprise and ream people legally profiting from it while, on the other, they use public money to subsidize buyers and create more demand. Suck, blow. Bubble, bust.

By allowing voters, locals and people waving signs to think they can turn back the clock and make houses cheap again, the horde running BC’s a fraud. The latest version. We keeping electing liars. They keep lying. Booting out foreigners, collaring realtors, raising taxes or jailing land criminals won’t change the price of property. Only Mr. Market can do that, which rising interest rates and epic household debt are hastening.

Worry about those things you can control in life, kids. This ain’t one of them.

226 comments ↓

#1 Garyg on 02.19.18 at 4:44 pm

First

#2 -=jwk=- on 02.19.18 at 4:47 pm

They think children should be able to move into the same hoods their parents chose, and could afford, four decades ago. Quaint

who is supposed to live there then? and where do the children go?

They move to Abby and work their way back. – Garth

#3 Jim on 02.19.18 at 4:47 pm

Since when has housing become an investment and a business instead of a place to live? Just look at all the help wanted signs in retail in Vancouver and the places that open later because they can’t find staff. That’s what happens when you have boneheads on the take like Gregor Robinson, the whore to developers. Thank God he’s toast now…far to late….

#4 LandlessinVan on 02.19.18 at 4:48 pm

We can only wish that would happen here. It won’t; there is too much wealth and too many people who want to plant their money in Canada’s big cities.

#5 Screwed Canadian Millenial on 02.19.18 at 4:50 pm

Great post Garth. Happy Screwed Canadian Family Day. Yet another nasty, ugly grey day in Toronto. Here is even some even more evidence about how millennials are the most screwed generation since WWII.

These charts are frightening.

Boom Turns to Bust for Millennials Across Advanced Economies
https://www.bloomberg.com/news/articles/2018-02-19/boom-turns-to-bust-for-millennials-across-advanced-economies

I have to say, what the hell is it with Canadian politicians completely screwing their own people? The elites sure are lucky that the Canadian people are some of the most complacent and domesticated on the planet.

It’s headlines like these that goes to show how pathetic this country has become. They’re spitting in your face at this point.

Vancouver criticized for boasting about low pay of its tech workers in Amazon HQ bid. After the failed bid proposal was posted online, observers questioned why the city would highlight that its tech workers have the ‘lowest wages of all North American tech hubs’
http://nationalpost.com/news/canada/city-of-vancouver-criticized-for-boasting-about-low-pay-of-its-tech-workers-in-amazon-hq-bid

What a joke. Canadian politicians destroy your wages. Destroy the value of your dollar. You have no purchasing power. Your taxes and your cost of living are through the roof. And then they pat themselves on the back if they manage to siphon a few jobs off the US because of what a joke our currency and wages are. God what a terrible country. Can’t wait to get out of here. This is the last year baby.

Don’t worry I’ll still be posting here.

#6 Peter McLean on 02.19.18 at 4:52 pm

You post the dankest doggie photos Garth. I only come here for the dog pictures.

#7 Parksville Prankster on 02.19.18 at 4:55 pm

True, demographics, monetary policies, and FOMO have had an impact on the Vancouver market, but as Andy Yang points out in a recent article in McLeans magazine, the influence and flow of foreign capital cannot be simply dismissed as an insignificant ’rounding error’. Whilst the money laundering and untaxed dollars entering the YVR residential real estate market as a storage position for the flight of foreign capital can be ignored or debated, the hard data cannot be disputed.

Sigh. Why do I bother? – Garth

#8 MF on 02.19.18 at 4:55 pm

#196 NoName on 02.19.18 at 3:52 pm

Did you just blame me for FF not commenting anymore?

Maybe he found a nice woman and got married?

MF

#9 Samuel on 02.19.18 at 5:06 pm

BC NDP platform called for a 2% spec tax. Very different than the 50% tax Ontario put in place. 2% won’t make any difference. 50% would be a game changer.

2% of land price and 50% of profits are not so dissimilar. – Garth

#10 Victor V on 02.19.18 at 5:07 pm

B.C. budget to include comprehensive housing plan: Finance Minister

https://www.bnn.ca/b-c-budget-to-include-comprehensive-housing-plan-finance-minister-1.1003825

VICTORIA — British Columbia’s New Democrats are promising initiatives in Tuesday’s budget to increase the supply of affordable homes for families, students and seniors, while also bringing in measures to dampen speculation in the real estate market.

Finance Minister Carole James says her budget will take a multi-pronged approach to creating more housing options in a province where some seniors are forced to couch surf with friends and working couples are living in basement rentals because they can’t afford a down payment on a home.

“Housing affordability is in a crisis in our province,” said James. “That’s clear from anyone you talk to who’s trying to find affordable housing, whether they are tenants, renters, whether they are looking to own a home.”

#11 Chipshot on 02.19.18 at 5:07 pm

Thousands didn’t show up because it was below zero. West coasters don’t do cold.

Whose going to buy all those hundreds of money laundered/fentanyl dealers houses being exposed ? $50 million uncovered by two reporters, this is a massive network that drove up West Side prices and the Canadian sheep followed. Prices are on the verge of being pushed over the cliff via US 2007 style.

#12 Mean Gene on 02.19.18 at 5:11 pm

Maybe there’s a future farming potatoes in PEI?

How about writing code in PEI? – Garth

#13 History Lesson on 02.19.18 at 5:13 pm

In BC, the current property transfer tax was brought in as a ‘speculator tax’ by Premier Vander Zalm.

It was meant to curb speculation – but it did not. It was not a death knell. But it soon became the cost of doing business as BC sought to attract global capital which has shaped the cost of housing since 1986.

History will simply repeat itself.

#14 Samuel on 02.19.18 at 5:13 pm

“They move to Abby and work their way back. – Garth”

Worked for me in the 90’s. Things aren’t so different today after all.

#15 TheSpangler on 02.19.18 at 5:13 pm

Does anyone have a chart of the what % people spend of their total income on housing from say 1960- to somewhat recently?

#16 TEMPLE on 02.19.18 at 5:22 pm

Nice re-writing of history, Garth. Next time, don’t forget to mention that your beloved conservatives are the ones that blew up the bubble in the first place, along with worshipping on the alter of Big Oil, tax cuts for the wealthy, and social spending cuts to pay for it all. The idea of a “free market” is entirely laughable.

Don’t be so wussy. I trashed all pols. – Garth

#17 akashic record on 02.19.18 at 5:24 pm

The USB comment for the list.

Buying a 60m2 (650 sqft) apartment exceeds the budget of people who earn the average annual income in the highly skilled service sector in most world cities.

In Hong Kong, even those who earn twice the city’s average income would struggle to afford an apartment of that size. House prices have also decoupled from local incomes in London, Paris, Singapore, New York and Tokyo, where price-to-income multiples exceed 10x.

Unaffordable housing is often a sign of strong investment demand from abroad, tight zoning and rental market regulations. If investment demand weakens, the risk of a price correction will increase and the long-term appreciation prospects will shrink.

#18 Homeless in BC on 02.19.18 at 5:27 pm

When the repo’s start, the car will be the first to go. Notice that the dealers offer free OnStar with 0% financing. If you don’t make your payments, OnStar locks the cars computer and it is a no-start. GPS tells the tow truck where to come and get it. It is in the finance contract. Gotta read that mouseprint

#19 Karma on 02.19.18 at 5:27 pm

SCM, I think you should watch this video:
https://www.youtube.com/watch?v=GJJClhqGq_M&t=5126s
It will help with your negativity if you take some of the lessons to heart.

#20 Sam the Sham on 02.19.18 at 5:27 pm

“They think children should be able to move into the same hoods their parents chose, and could afford, four decades ago.”

Actually their insufferable millennial children will eventually move into the same neighborhood as they live in. The only down side is they have to croak first and leave them the property. Don’t tell the boomers!

#21 Smartalox on 02.19.18 at 5:30 pm

I live within one block of two (2) large BC-government sponsored housing projects. These projects have been ‘under construction’ for more than 2 years at this point, with surprisingly little progress made, compared to the multi-storey, ‘for profit’, condos that were started AFTER these government-guaranteed projects, and that are now fully occupied.

Seriously. Mold has already started to take hold of the exposed wood in these structures, they’ve been exposed to the elements for so long.

Don’t even get me started about the Little Mountain project.

Government cannot be trusted to make markets for housing, and yet, the cannot be relied upon to PROVIDE housing either.

#22 Samuel on 02.19.18 at 5:31 pm

“2% of land price and 50% of profits are not so dissimilar. – Garth”

True enough. Especially if there isn’t a profit.

#23 Victor V on 02.19.18 at 5:35 pm

https://www.bnn.ca/b-c-budget-to-include-comprehensive-housing-plan-finance-minister-1.1003825

Prof. Paul Kershaw of University of British Columbia’s school of population said the government must make it unattractive to speculate on real estate by looking at taxing housing wealth.

“A principal residence is almost entirely sheltered from taxation in Canada,” Kershaw said. “That works for one generation only. It’s dreadful for their kids and grandchildren.”

#24 akashic record on 02.19.18 at 5:38 pm

How about writing code in PEI? – Garth

What would make PEI a special place for that?

Why do you think the Russian immigrant kid, studying at U of Waterloo got snapped by Peter Thiel to write the second most influential crypto, Ether and left Canada since then?

That’s the point. Location becomes increasingly irrelevant. – Garth

#25 Lisa on 02.19.18 at 5:38 pm

Screwed Canadian Millenial:

That’s a great article! I was reading it right before this one. That chart comparing software engineer wages between Canada and the US was amazing. We really have nothing to brag about here. High taxes, crazy cost of living, bottom of the barrel dollar…should I keep going?
Happy Family Day!

#26 NoName on 02.19.18 at 5:40 pm

#8 MF on 02.19.18 at 4:55 pm
#196 NoName on 02.19.18 at 3:52 pm
Did you just blame me for FF not commenting anymore?
Maybe he found a nice woman and got married?
MF

you might be on to something here, I think he got dog and woman, being married not like him. married men post here regularly.

#27 IslandGirl on 02.19.18 at 5:41 pm

“They think children should be able to move into the same hoods their parents chose, and could afford, four decades ago.”
Except they also think they just made a ton of money when their house value went up. You can’t have it both ways. Either your house goes up in value or houses are affordable, you can’t do both.

#28 Madcat on 02.19.18 at 5:42 pm

At least some people got out there to let their government know they’re pissed. Good for them.

I don’t think any of my sign ideas would have gone over very well… ‘Raise Rates!!’ ‘Increase Down Payments!!’ ‘End CMHC!!’

#29 MF on 02.19.18 at 5:43 pm

#26 NoName on 02.19.18 at 5:40 pm

Haha
My bet is on married with a kid.

He’s probably pushing the stroller through wal mart as we speak!

MF

#30 Millennial-falcon on 02.19.18 at 5:46 pm

Garth didn’t you post multiple times saying Vancouver is not a world class city , and should never be compared to the likes of San Fran and New York , and that it was pretty much anonymous on a world scale ? now a post about how it’s a international player and prices will always be high? I thought prices were going “collapsing” ? This whole post is a troll move

#31 renter in Surrey on 02.19.18 at 5:52 pm

decent houses in Abbotsford are $700K+

#32 Bezengy on 02.19.18 at 5:56 pm

I want numbers on how many properties, and what the value of these Vancouver properties are that have been confiscated (if any) by the BC and CRA authorities for being tied to illegal activity. I tried searching with no luck. Anyone?

#33 Musty Basement Dweller on 02.19.18 at 6:02 pm

If the conservative spec tax in the 70’s crashed the market didn’t it do the intended job? The politicians actually did fix it?

Prices ended the year up 9%. – Garth

#34 huh? on 02.19.18 at 6:07 pm

So it used to be that things always return to the norm and it’s not different this time or any other time. Now we’re calling it a trend that urban areas are getting more pricey and unaffordable to locals. Suck. Blow. What gives?

#35 akashic record on 02.19.18 at 6:11 pm

#24 akashic record on 02.19.18 at 5:38 pm

How about writing code in PEI? – Garth

What would make PEI a special place for that?

Why do you think the Russian immigrant kid, studying at U of Waterloo got snapped by Peter Thiel to write the second most influential crypto, Ether and left Canada since then?

That’s the point. Location becomes increasingly irrelevant. – Garth

The point is, that if location for innovation was as irrelevant as you think, this kid would still be in Toronto.

He is not even in Canada and that should make Canadians pause and think. Can you even imagine Elon Musk staying in Canada and creating Tesla, SpaceX?

#36 About time ! on 02.19.18 at 6:15 pm

Vancouver imposes a spec tax . But it’s too late .also too late was foreign tax .

Nobody can afford vcr houses – folks selling to each other . A married combo of lawyer /doctor can’t afford . What an embarrassment

The GTA and VCR are disasters

Rent for life , the new Canada

#37 Demographics are destiny on 02.19.18 at 6:15 pm

DELETED

#38 renter in Surrey on 02.19.18 at 6:18 pm

Are we going to see any B20 effect eventually?
It doesn’t look like there is any yet.

#39 Screwed Canadian Millenial on 02.19.18 at 6:18 pm

#19 Karma on 02.19.18 at 5:27 pm

LOL AHAHAHAAH.. you know why conservatives and right wingers worship Professor Kermit the Frog?

Because they are effing children

ahahahaha

I can’t stand Jordan Peterson. The guy is a joke. Last I saw his Patreon was up to what $65k a month so kudos to him for picking right wing neckbeards pockets. Conservatives will never admit it but they are way more obsessed with gender fluidities and SJW issues than liberals. Look at all these right wing personalities making entire careers out of these nonsense distraction issues. I don’t care if gay people wanna get married, people wanna call themselves 2-spirited, or boomers wanna toke up but boy have conservatives always gotten so hot & bothered over these issues.

Baby boomers are the biggest cannabis consumers: StatsCan
https://biv.com/article/2018/02/baby-boomers-are-biggest-cannabis-consumers-statscan

#25 Lisa on 02.19.18 at 5:38 pm

Hi Lisa yes that table which shows Toronto and Vancouver salaries so far below American cities goes to show how pathetic this country truly is.

Check out this one.

https://www.reddit.com/r/vancouver/comments/6pskix/tech_salaries_in_vancouver_vs_north_america/

This country just blows.

2/4 ( I didn’t post yesterday). Gartho do I earn compound interest on my unused balanced, diversified posts?

#40 Cold Front on 02.19.18 at 6:20 pm

Globe & Mail says…
Every day, someone in British Columbia is faced with a rental increase that has the potential to force them into homelessness. Every day, a hard-working person with an above-average income is faced with a decision on how far they will have to commute to work every day if they want to purchase a property. And every day, a couple is forced to put their goal of having a family on hold, waiting for some kind of government action that will increase the affordability of the primary expense in everyone’s life, their home.
….yes indeed, tinged money stealing properties from deserving Canadians.
Clark blindly allowed it, but
Horgan wake up man and be a man!! twit

#41 Leo Kolivakis on 02.19.18 at 6:22 pm

Just wait, after foreign tax, spec tax, Canada’s going to go nuclear on foreign buyers like New Zealand did:

http://www.independent.co.uk/news/world/australasia/new-zealand-ban-foreigners-buy-homes-housing-crisis-property-building-a8107681.html

I figure they’ll pass something similar right when the next crisis hits. Will do wonders for our housing market and economy. /sarc

#42 crdt on 02.19.18 at 6:26 pm

“So when monetary policy, economic expansion or demographics make that impossible, YVRers moan, whine and elect socialists to fix it. ”

Is this basically saying it is different this time due to monetary policy, economic expansion and demographics?

#43 Mattl on 02.19.18 at 6:28 pm

YVR is a mess. I moved my family out of the LML when new build in Maple Ridge were selling at 800 to a mil. Realized that even though we have the income to buy an over priced shack in the suburbs of Van, I could never pay a million plus to live on a city lot in an 80s tear down. Just never made sense to us. Never whined or protested, life isn’t always fair but Kelowna has been great to us. Got an acreage with lakeview for same price as a new build walkout in Mission on a mini lot.

Lots of great places to live in this country.

#44 Leftover on 02.19.18 at 6:31 pm

Correct Garth, government intervention won’t affect the market and certainly new taxes won’t, but enforcing existing laws will. Real estate is tax evasion for the masses, whether it’s a basement suite or undeclared capital gains. All the CRA has to do is enforce existing laws and the market will crater.

#45 Dan.t on 02.19.18 at 6:32 pm

No one is on the street protesting because on average every BC resident owns like 3.2 properties. A house, a rental and a few pre-sales…

Ok, I made that stat up but it probably is pretty close. No one will bite off the hand that feeds them…the whole province is in on only one asset class. Real Estate. Screw anyone else who didn’t get on board.

No protesting from anyone really….can’t mess with hard earned equity. Sure the situation sucks, but, man, don’t mess with my investments!

All smoke and mirrors…nothing will be done by politicians (NDP or who ever- they all have equity too). They goosed the bubble, brainwashed the masses, now they will fix it?

Yes, only money costing something (interest rates rise) will change it- may as well wipe your butt with CAD. Just inflate your way out of everything gov.

#46 Damifino on 02.19.18 at 6:37 pm

#5 Screwed Canadian Millenial

Happy Screwed Canadian Family Day.
———————————-

Not here. We had ours last Monday. Once again, BC is ahead of the curve. Or, at least we were. Now Horgan has moved the date to coincide with most of the rest of Canada.

Bummer. I had someone tell me they were effectively getting two holidays in BC. The second Monday in February (provincially legislated) and the third Monday when nobody does any work because corporate head offices and government are closed in the east.

#47 Dan.t on 02.19.18 at 6:40 pm

How is shelter….a basic human need an issue in a civilised and modern society. Get your s”t together BC. Seriously. So many people worried about getting kicked out of rentals, finding a home, no one being able to afford anything reasonable close to work etc…if that isn’t failed government policies, I don’t know what is.

But, everyone is too busy worrying about their 3.2 houses or paying to live in BC that they can’t make it out to a rally. Way to fight for affordable housing.

#48 Samson Nights on 02.19.18 at 6:41 pm

Seems like the facts are once again negating the increasingly biased, blind-eyed ideology of this blog:

https://www.theglobeandmail.com/news/national/globe-investigation-into-money-laundering-in-bc-real-estate-will-lead-to-new-rules-ag-says/article38018921/

You are so easily diverted. – Garth

#49 DB on 02.19.18 at 6:42 pm

You sure do attract a lot of low information, socialist wackadoos to your comment section Garth, glad to see you’re doing something right! Emotionally driven, moral high grounders, they need your dose of reality. If only to cost them sleep and fuel angry conversation in safe spaces across our offended nation…

#50 ImGonnaBeSick on 02.19.18 at 6:45 pm

Wake me when the Millenials invent something.

#51 akashic record on 02.19.18 at 6:47 pm

#39 Screwed Canadian Millenial on 02.19.18 at 6:18 pm

I can’t stand Jordan Peterson. The guy is a joke.

====

Jordan Peterson has plenty of videos online.

Pick one and make your counter-arguments, let’s see who is the joke.

What I have seen so far from Peterson and from you, you are not in the same league.

But let’s see what can you come up with.

#52 Kelsey on 02.19.18 at 6:50 pm

#39 Screwed Canadian Millenial

I don’t think Jordan Peterson cares if gay people get married or someone calls themselves two-spirit or whatever. His issue is with legislated, compelled speech. Nice straw man argument though.

#53 Screwed Canadian Millenial on 02.19.18 at 6:51 pm

#44 DB on 02.19.18 at 6:42 pm

The ultimate safe space is only being able to handle 2 of my posts per thread.

3/4

#54 Terry on 02.19.18 at 6:57 pm

Too many Canadians move too often. We’ve been living in our present home for over 20 years now. All paid off years ago and no plans to move until we are ready for assisted living or a retirement home to see us out. Life is good.

And so diverse! – Garth

#55 Jabones on 02.19.18 at 6:58 pm

http://www.macleans.ca/news/canada/the-battle-to-clean-up-b-c/

#56 Bob Dog on 02.19.18 at 7:03 pm

“They think children should be able to move into the same hoods their parents chose, and could afford, four decades ago. Quaint”

Silly Canadian, this only applies to legitimate countries. Canada is a product for sale. Nothing more.

Actually it has more to do with expectations and the death of the ‘starter home.’ – Garth

#57 curious on 02.19.18 at 7:03 pm

#45 Dan.t on 02.19.18 at 6:32 pm
No one is on the street protesting because on average every BC resident owns like 3.2 properties. A house, a rental and a few pre-sales…

Ok, I made that stat up but it probably is pretty close. No one will bite off the hand that feeds them…the whole province is in on only one asset class. Real Estate. Screw anyone else who didn’t get on board.

No protesting from anyone really….can’t mess with hard earned equity. Sure the situation sucks, but, man, don’t mess with my investments!

All smoke and mirrors…nothing will be done by politicians (NDP or who ever- they all have equity too). They goosed the bubble, brainwashed the masses, now they will fix it?

Yes, only money costing something (interest rates rise) will change it- may as well wipe your butt with CAD. Just inflate your way out of everything gov.

^^^^^^^^^^^^^^^^^^^^^^^^^^

so Dan, you’re a renter then?

#58 TheDood on 02.19.18 at 7:04 pm

#4 LandlessinVan on 02.19.18 at 4:48 pm

We can only wish that would happen here. It won’t; there is too much wealth and too many people who want to plant their money in Canada’s big cities.

_______________________________________

Seriously?!!!! If YOU had money, would you plant it in Canada’s big cities?

Questions for the dogs;

Q1: Why do so many Canadians have such an inflated opinion of our big cities?

My Answer: I don’t have an inflated opinion as I’ve lived overseas in several big cities and Canada’s don’t even rate a mention.

Q2: If you had several mil outside of Canada, would you sink it into Canada’s ‘big cities’?

My Answer: Absolutely Not!

#59 akashic record on 02.19.18 at 7:06 pm

#53 Screwed Canadian Millenial on 02.19.18 at 6:51 pm

#44 DB on 02.19.18 at 6:42 pm

The ultimate safe space is only being able to handle 2 of my posts per thread.

3/4

===

I will never support censorship, having said that, your limitation is still better than this:

https://www.zerohedge.com/news/2018-02-18/100-chicago-professors-propose-exclude-viewpoints-they-find-objectionable

#60 the ryguy on 02.19.18 at 7:07 pm

Hate to harp on you Garth, but Id really wish you’d stop claiming xenophobia. The protests and (Im assuming 98% of the blog comments) aren’t saying “These god damn immigrants are changing the culture and I don’t like them”..that would be racist. They are pointing out that an average Vancouver house is 20X income, and they believe its because of foreign money coming in, big difference.

Whether they are correct or not, tbd. I know you think its minimal, I think its absolutely destroyed the real economy; especially in BC, whatever thats not the point.

It ain’t racism, at least the vast vast majority, its frustration. Id like to think a smart man like you would be more careful about crying wolf. Far too often a logical discussion gets shut down when one side plays the Scarlet R, and IMO opinion it has absolutely ruined any chance for civil discourse.

Just my $.02 anyway, great blog and advice none the less.

Xenophobia is not racism. It is just as you described. – Garth

#61 Fake News Again on 02.19.18 at 7:08 pm

#39 Screwed Canadian Millenial on 02.19.18 at 6:18 pm
#19 Karma on 02.19.18 at 5:27 pm

LOL AHAHAHAAH.. you know why conservatives and right wingers worship Professor Kermit the Frog?

Because they are effing children

ahahahaha

I can’t stand Jordan Peterson. The guy is a joke. Last I saw his Patreon was up to what $65k a month so kudos to him for picking right wing neckbeards pockets. Conservatives will never admit it but they are way more obsessed with gender fluidities and SJW issues than liberals. Look at all these right wing personalities making entire careers out of these nonsense distraction issues. I don’t care if gay people wanna get married, people wanna call themselves 2-spirited, or boomers wanna toke up but boy have conservatives always gotten so hot & bothered over these issues.

_______

Pretty obvious why people wanted you booted off here with ridiculous comments like this about JP. If you took the time to research Bill C-16 you would know that the reason it is flawed has zero to do with protecting trans people. But rather 100% because it crosses the line between democracy and totalitarianism. A govt does not have the “right” to “tell you” what words you will speak from your own free mouth. That is a very VERY dangerous path to take. Think Mao, Hitler and Stalin……..

#62 Headhunter on 02.19.18 at 7:10 pm

#39 SCM
I can’t stand Jordan Peterson. The guy is a joke. Last I saw his Patreon was up to what $65k

To the woodshed for SCM ( as an aside some of your points are valid but your ego is so big its a miracle you can walk upright.. SJW rant any position that doesn’t mirror yours..alas I digress)

If you cant stand the guy how do you know his Patreon id @ 65K? Extra woodshed time for you SCM. Deep down your just bitter an jealous of someone else’s success. The reason he is onfire and has gone viral is people want to hear his message.

Your message mighty SCM? posting the same shit ad nauseum and running your mouth.

#63 JTZ on 02.19.18 at 7:12 pm

YVR inhabitant here (renter). First things first – let’s at least limit the practice of purchasing homes through #co’s to avoid disclosing true ownership. Then we can start collecting the information we need to determine who’s buying (or flipping) the real estate in YVR and ensure they’re paying their fair share of taxes. Can we at least agree on that Garth?

Of course not. If I want my plumbing company to buy my house, then I live in it and declare a taxable benefit, it’s my right. None of your business. – Garth

#64 YVRMC on 02.19.18 at 7:14 pm

SCM , two posts of whining drivel is sufficient for most on this blog …

#65 akashic record on 02.19.18 at 7:15 pm

This facts on this thread, courtesy of other posters, is worth to analyze seriously.

It puts in the spotlight very important, hardly ever discussed symptoms that relates to the future of the Canadian economy. I would say, it is far more important than real estate.

https://www.reddit.com/r/vancouver/comments/6pskix/tech_salaries_in_vancouver_vs_north_america/

#66 Fake News Again on 02.19.18 at 7:17 pm

#60 the ryguy on 02.19.18 at 7:07 pm
Hate to harp on you Garth, but Id really wish you’d stop claiming xenophobia. The protests and (Im assuming 98% of the blog comments) aren’t saying “These god damn immigrants are changing the culture and I don’t like them”..that would be racist. They are pointing out that an average Vancouver house is 20X income, and they believe its because of foreign money coming in, big difference.

Whether they are correct or not, tbd. I know you think its minimal, I think its absolutely destroyed the real economy; especially in BC, whatever thats not the point.

It ain’t racism, at least the vast vast majority, its frustration. Id like to think a smart man like you would be more careful about crying wolf. Far too often a logical discussion gets shut down when one side plays the Scarlet R, and IMO opinion it has absolutely ruined any chance for civil discourse.

Just my $.02 anyway, great blog and advice none the less.

Xenophobia is not racism. It is just as you described. – Garth

____

xen·o·pho·bi·a
ˌzenəˈfōbēə,ˌzēnəˈfōbēə/Submit
noun
intense or irrational dislike or fear of people from other countries.

Maybe I can’t read as well as I used to….but I do not see anything in the definition of xenophobia that describes people destroying the livability of an area in the country by laundering their money with Real Estate.

You just did it again. X is the fear of foreigners, and they clearly have you quaking. – Garth

#67 Freddie on 02.19.18 at 7:19 pm

Met up with a friend N Carolina . Got to talking real estate . He had no idea of the shit shows in Toronto and Vancouver

I showed him a listing in VCR – junk needing tons of work

Asking price – $1,400,000

His delayed response –

‘This is insane ‘

#68 Lazy Gen Xer on 02.19.18 at 7:20 pm

Personally I believe only Canadian citizens should own residential property in Canada, and that there isn’t anything wrong with viewing a home for what it is. A home, not a Ponzi scheme.
The quaint idea of hoping your children will one day be able to sustain the same standard of living that you as a parent have given is not so bad. Its easy for people who didn’t bother to raise a family to dismiss this as old fashioned idea since their interest in Canada is only as long as their life expectancy. As a father, you worry about future generations. Of course my comments would be viewed as insensitive, archaic and non inclusive in today’s world. I hope I didn’t make anyone cry over it.

People have a right to a home. Not real estate. Cry over that. – Garth

#69 Dead Cat Bounce on 02.19.18 at 7:20 pm

BC NDP will do nothing re: the YVR housing affordability crisis , after 16 years of CC and the Liberals destroying BC, Finance Minister Carole James will only announce that more taxes will go up, BC Hydro, ICBC, PST (.5%) as well a new road tax will be announced to help fund Translink to name a few.
The mass exit of Vancouver will continue, both business and family’s… it will only get worse !!!

#70 bigtowne on 02.19.18 at 7:26 pm

The immigration during Pierre Trudeau’s time was 50,000 per year and housing was not the only thing in the media and top worry for most Canadians. The last 25 years we have had uber immigration with no regard for rental vacancy or affordable housing.

Now we have zero housing rental vacancy in the large cities in Canada and the average income is unable to support a single family home.

The mantra “Immigration will solve all our problems and there is never any problems and it’s all good” might not be as true as we were all lead to worship hold as our first Canadian value forever.

The last time immigration was at 50,000 or below was 1942. Stop making up facts to support a wrong and hateful myth. Houses cost too much because Canadians have over-borrowed and over-paid. – Garth

#71 ANON on 02.19.18 at 7:28 pm

Worry about those things you can control in life, kids. This ain’t one of them.

Word.

#72 the ryguy on 02.19.18 at 7:28 pm

#66 Fake News Again on 02.19.18 at 7:17 pm
—————————————————

We’re beating a dead horse here, his mind is made up. (Shoulder shrug emoji) we tried.

#73 akashic record on 02.19.18 at 7:30 pm

#63 JTZ

If I want my plumbing company to buy my house, then I live in it and declare a taxable benefit, it’s my right. None of your business. – Garth

Could this particular interest, you just described, be the real reason why Canada does not collect this type of real estate ownership information?

#74 mark on 02.19.18 at 7:30 pm

The Case Against the Traditional 60/40 Portfolio

Listen an weep…………

https://www.youtube.com/watch?v=qbZfztcaT0Y

Funny. That vid is two years old – and a 60/40 rocked during both 2016 and 2017. If you’d listened to this advice, you’d be weeping, too. – Garth

#75 Old gringo on 02.19.18 at 7:32 pm

Okay…….. so what am I missing?
So much anger, so many taxes, no return on investment!
And just willing to post on this pathetic blog and and not be proactive!
I don’t get it, I just don’t!
God, save you !!!!!!

#76 Can be done on 02.19.18 at 7:36 pm

Actually Garth, there is much that can and should be done that has nothing to do with racism. We have a moral obligation to make sure that everyone is playing by the same rules. When numbered companies using vast shadow banking networks are supported by tax rules that do not require any disclosure as to the source of the funds nor the sale of said properties. We are naive enough to rely on people to self report and self police. That isn’t how most of the world works. Even Canadian lenders don’t require income verification for foreign buyers or permanent residents if they put 25%+ down. Try doing that as a Canadian in your own backyard. These are simple easy fixes that are being avoided because it took the government too long to realize the systemic risk they created while they were lining their own pockets. Shame on them and shame on you for using racism as an excuse for not doing the right thing that has nothing to do with race. These are fundamentally tax policy and disclosure issues

#77 dr. talc on 02.19.18 at 7:36 pm

#39 Screwed Canadian Millenial on 02.19.18 at 6:18 pm

I can’t stand Jordan Peterson. The guy is a joke.


You might find these podcasts interesting

https://jaysanalysis.com/2018/02/03/dr-jordan-peterson-critiqued-classical-liberal-incoherence-jay-dyer-half/

https://jaysanalysis.com/2018/02/12/jordan-peterson-alien-sex-sjws-trans-debates-truth-vs-shrooms-jay-dyer-on-obdm/

#78 Bob Dog on 02.19.18 at 7:36 pm

I have had the low wage tech job conversation for years here in vancouver. It comes down to supply and demand like everything else. There are not a lot of tech jobs here and an endless supply of young people moving here who are willing to work for peanuts. I would too if I moved here form Thailand.

Having had the good sense to work in the US software industry for 10 years I can say without question that moving from the Seattle software industry to the Vancouver software industry was like leaving the NHL to play road hockey with the local kids. Whats really amazing is that BC’ers are far too arrogant to take any advice on how to do things in a way that generate profit for the shareholders. BC tech people simply learn to parrot words they read about on the net.

Canada is the only country in the world that needs give welfare handouts to the software industry in order for it to survive.

It really is sad. Maybe wages are low for a reason. Nobody knows what they are doing.

#79 Lisa on 02.19.18 at 7:39 pm

All this talk of foreign ownership makes me wonder: How many Canadians own property down south in Florida or somewhere like Belize or Costa Rica? There seems to be a lot of Canadians buying homes out of country. Should they ban us?

#80 akashic record on 02.19.18 at 7:40 pm

#61 Fake News Again

From his/her comment, SMC got triggered and run into safe space way before getting so far in the argument where Peterson connects the dots.

#81 AB Boxster on 02.19.18 at 7:41 pm

So talked to a lady today about housing.
She and her hubby emigrated to Canada in 1958.
He made $5000 per year. She made $2500 per year.
Together they bought a house in YVR for $8000 bucks.
House price at 1X annual salary.

My dad built a house for $27k in 1970 on salary of 14k per year.
House price – 2 x annual salary.

I bought my first house in 1990 for 100K on a combined annual salary of around 50k. Sold in 2000 for 135K. Salary was around 60 k.
house price – 2 x annual salary.

Today average salary in YVR is around 60K.
Average house price is 1.3 million.
House price – 25x annual salary.

I disagree that it is quaint to look to the past as if it were some unrealistic anomaly. In fact the past is a prime example of what a normal housing market should look like.

The fact that our idiot politicians (municipal, provincial, and federal) have allowed the Canadian housing markets to get to the point that they are today is a crime.

Whether through artificially low rates caused by the greed of Wall Street and banking policies, uncontrolled foreign funds impacting domestic markets, poorly planned cities, etc.

Such that the housing industry now makes up greater proportion of GDP than mining and energy.

And now governments rely on revenues from gst on home sales, land transfer taxes, etc, etc, and cannot wean thmselves off of this golden teat.

What a pathetic country of house horny speculators we have become, fueled by moronic government policies of our fearless leaders.

And because of this progressiveness, Canadian must now manage their expectations and are told that they have no ‘right’ to affordable housing where their kids and dog can run in the yard, or there is room to plant a garden.
Because it is 2018?

Not, by the way, no right because you have made bad life decisions, or are part of the lower income class.

Nope, you have no ‘right’ to affordable housing, even if you are middle or upper class and earn better than average incomes.

Sorry, but today is the anomaly.
People have right to be royally pissed off.

#82 Chico on 02.19.18 at 7:41 pm

#43 Mattl on 02.19.18 at 6:28 pm

Lots of great places to live in this country.

———————————————-

Exactly, but most people think that where they live, within a couple hours drive at least, is Canada. Most of the slagging that is done by Canadians about other parts of the country is done out of ignorance or jealousy. It takes effort to lift up one’s head, take a look around, and actually see the diversity of the country.

Regarding Garth’s point about writing code in PEI…the fastest growing city in the country is Halifax and the tech industry is leading the growth. Where are they selling their services? Pretty safe to say it’s “around the globe.” If guy who writes code moves to PEI, then from a financial perspective, he will have an easier time earning a living, saving, investing, having a family, etc., as opposed to some high priced city.

A Syrian refugee comes to Canada, specifically Antigonish NS, and starts a chocolate company. It’s only been a couple years and he has got his product being distributed through all the Sobey’s in Atlantic Canada. Yes it helps that his father ran a chocolate business back in Syria that he learned the ropes on, but he saw an opportunity and he took it.

There are lots of opportunities around the country but very few people are looking and willing to do what it takes to make it happen. They spend time whining about it, blaming the weather, boomers, moisters, women, men, whatever…as long as they don’t have to focus on themselves.

#83 TheSecretCode on 02.19.18 at 7:49 pm

That is how many people that you can find on a Friday night downtown Vancouver these days.

I am telling you…ghost town downtown Vancouver. The hustle and bustle is Langley now.

And brutal turn out…but who is going to commute in from Salmon Arm, Victoria, Prince George…where everyone quietly headed.

They should have held it in Langley.

#84 Lost...but not leased on 02.19.18 at 7:50 pm

Re today’s blog photo:

Clearly….Dog is a vegetarian

#85 akashic record on 02.19.18 at 7:52 pm

#70 bigtowne

Stop making up facts to support a wrong and hateful myth. Houses cost too much because Canadians have over-borrowed and over-paid. – Garth

===

The cities in red of the USB real estate bubble index all (maybe the exception of Hong-Kong) seem to be major immigration destinations.

Is it just a co-incidence that people in those cities over-borrow and over-pay? Is there any real analysis available about this?

Canadian immigration has been at, or below, 1% of the population for decades. Seems reasonable. – Garth

#86 Lazy Gen Xer on 02.19.18 at 8:02 pm

You’re entitled to your opinion Garth, I just don’t agree with it. The cry over that comment put a smile on my face. I’m glad I got to share my opinion with people I strongly disagree with and have absolutely nothing in common with.

Thank You

#87 IHCTD9 on 02.19.18 at 8:02 pm

#39 Screwed Canadian Millenial on 02.19.18 at 6:18 pm
———

Wow, over the top reaction!

Evidently whatever JP is preaching must be cutting the SJW zealots deep.

Like, right to the bone.

#88 Hugh Janus on 02.19.18 at 8:08 pm

Vancouver has always been for wealthier folks, anyone hoping to fit in there on a working persons salary is naive. A few years ago it was slightly more affordable but now anyone wanting to live there, short of being a multimillionaire, needs their head examined.

There are many towns in b.c. i would rather live in than lotus land. The politicians are corrupt and exploiting the city for their own pockets. Foreign money is being laundered through the casinos and real estate among the many other ways and everyone is walking around as if its just another day at the park. In many places around the world they are calling it the “vancouver example” for money laundering and corruption.

Take garths advise. You dont need to get a mortgage to have children. They dont care what part of town you are living in they just want mom and dad and a happy meal once in a while.

#89 TheSecretCode on 02.19.18 at 8:09 pm

So, I just rolled into Kelowna…highway drive, after they finally opened up the Coq….winter in BC…these closures happen daily right now…

Did not notice any money launderers on this trip on the road…Mid to late 2016 seemed to have been the peak where I noticed duffle bag types heading up to Lake City Casino, impressing local brokerages shortly after before returning back to Vancouver…like literally in the Merritt pull out.

This is what I did notice: quiet..very quiet…like that protest having you ask: where is everyone?…

I can feel it…smell it…things have calmed outside of the Lower Mainland…the market is already correcting…It is on like donkey kong now!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Local radios in Vancouver fully expecting 2% spec tax on anyone not showing Canadian income as one of the measures tomorrow….it is not the 2%…it is the rule that gives them the ability to find out who you are, since the Lawyers won their landmark case last year in hiding client identities….this is the .gov work around…and you know the .gov can get their hands on anything they want…if that is what they want to do.

Come on Johnny…bring in all 30+ recommendations!!

This might kill the Kelowna SFD sell for the Calgary SFD buy being structured right now…300k+ profit on the SFD betting line for a greater fool to buy my Kelowna house for 790K, which will make me free and clear on the Calgary SFD equivalent going for around 495K.

All for the best SFD buy opportunity – which is in Calgary right now – since US SFDs were full on sale in 2011.

I might have missed the boat on this one…stay tuned.

#90 KLNR on 02.19.18 at 8:15 pm

@#82 Chico on 02.19.18 at 7:41 pm
#43 Mattl on 02.19.18 at 6:28 pm

Lots of great places to live in this
____________
So true, I’ve been to quite a few cities around the world. Can’t imagine my family and I living anywhere but Canada. Wouldn’t mind trying Halifax.

#91 robert on 02.19.18 at 8:17 pm

I used to donate blood regularly, volunteer at local schools and neighborhood committees, help restore parks, donate to and support local charities. I saw it as part of being a good citizen and contributor to the community. It’s harder to make ends meet now with the inflated cost of living generated by the housing bubble. It’s difficult to keep giving when the community is being sold out from under our feet. So I’ve stopped. I’ll leave it to the new landholders to look after the rest. Bonnes chances.

#92 akashic record on 02.19.18 at 8:17 pm

#82 Chico

There are lots of opportunities around the country but very few people are looking and willing to do what it takes to make it happen. They spend time whining about it, blaming the weather, boomers, moisters, women, men, whatever…as long as they don’t have to focus on themselves.

====

Entrepreneurship is the bottom line. I tend to think though, that one is born with this trait, just like musicians, mathematicians, athletes, etc.

For some people it comes natural, the only way to exist, others can never learn enough to become one.

It’s a symbiotic relationship, both needed to keep the balance.

#93 Newcomer on 02.19.18 at 8:18 pm

I am guessing, Garth, that Bandit has taught you the most dog-like virtue of seeing every day as new and fresh, unclouded by anything that has gone before and, more specifically, anything you have said before.

A mere human myself, I can’t help wanting to know what your position is. Are Vancouver house prices undesirably and unnaturally high, or are they where they should be? Are Vancouver house prices reflective of, and supported by, local demand, or can locals never hope to buy here?

Apparently more than 90% of transactions are between locals, who therefore set the prices. Live with the results and certainly do not expect ‘the government’ to change it for the better. Next time do not disparage me, as I do not you. – Garth

#94 Fake News Again on 02.19.18 at 8:18 pm

xen·o·pho·bi·a
ˌzenəˈfōbēə,ˌzēnəˈfōbēə/Submit
noun
intense or irrational dislike or fear of people from other countries.

Maybe I can’t read as well as I used to….but I do not see anything in the definition of xenophobia that describes people destroying the livability of an area in the country by laundering their money with Real Estate.

You just did it again. X is the fear of foreigners, and they clearly have you quaking. – Garth

_______

You truly believe you are winning this argument don’t you? Even though 10s of thousands of Canadians across the country say your wrong with facts to back them up. Well….you know what they say about insanity and repetition…….

Feel free to debate, or to leave. You are not free to insult. – Garth

#95 Hans on 02.19.18 at 8:23 pm

Here’s a listing that’s considered GTAish that shows what’s happening at the moment. It’s in “Poshawa” which is the north end of Oshawa. The nickname came from the challenging history and socio-economics of the south end of Oshawa, ravaged over the years by the decimation of the car assembly and manufacturing business (thank you NAFTA). Regardless, Poshawa which is new and shiny and far more affluent, has been relentlessly building in recent memory and many have been caught with their pants down by the market.

Case in point….
1713 Finkle Dr.
Listed June 19th $899K
Listed September 7th $729K
Listed December 8th $699
Sold for $640K (Ouch!)

Now here’s the kicker. The listing description using the new build price currently being offered for this same house in a subdivision being built nearby…..price is over $1 million. So here’s a house that is being peddled by the builder at over $1 million, sold used (about 5 years old) for a 35% haircut.
(1) I can’t see anyone buying from the builder when an already built house, that likely has some additional features added by homeowners (deck, finished basement, colour) is selling for 35% less.
(2) What happens to those that have signed on for the million dollar house when they go for a mortgage? Banks will look at comparable houses – how about the same model within 5 minutes selling for 35% less than builders price. I can’t see the bank offering a mortgage based on builders price when it’s an appraisal that’s based on recent sales that matters most as far as I know.
(3) What happens this spring when listings bloat and people move into houses that they are already significantly underwater?
I will admit that things are looking pretty bleak.

#96 BobC on 02.19.18 at 8:25 pm

#5 SCM

I still may be a couple years early but “Drain the swamp and MCGA.”

#97 chopstix on 02.19.18 at 8:26 pm

TheSecretCode on 02.19.18 at 7:49 pm
That is how many people that you can find on a Friday night downtown Vancouver these days.

I am telling you…ghost town downtown Vancouver. The hustle and bustle is Langley now.

And brutal turn out…but who is going to commute in from Salmon Arm, Victoria, Prince George…where everyone quietly headed.

They should have held it in Langley.
————————————————–
i found that out, too, when i was visiting a friend near the core…i was surprised at how quiet was the granville/robson area around 8pm..maybe a one off, who knows.

PS I’d LOVE to see the smaller prairie town of Winnipeg, along with the Maritimes thrive: good community focused people there, down to earth…so unlike the soul less and isolated feeling of Vancouver.

#98 IHCTD9 on 02.19.18 at 8:28 pm

#78 Bob Dog on 02.19.18 at 7:36 pm
I have had the low wage tech job conversation for years here in vancouver. It comes down to supply and demand like everything else
———-

Same thing in the GTA. Any kind of manufacturing based office admin, management, and mechanical engineering position pays no more than it did in the late 90’s in today’s dollars. Back then, it was a good job for kids coming out of school running the new CAD software. Now there are boatloads of locals and newcomers vying for a dwindling number of jobs.

Funny thing though, wages on the floor are WAY up since the 90’s, and it’s the same supply and demand thing again. No one wants grease under their fingernails these days.

#99 Milkman on 02.19.18 at 8:29 pm

Look at this… BMO has a “Growth GIC” that may pay up to 30% WITH NO RISK!

The 30% is actually the MAXIMUM that they will pay you, if you read the fine print… but just ignore that…

https://www.bmo.com/main/personal/banking/investments/gic/growth-gic

#100 Blackdog on 02.19.18 at 8:29 pm

@ NoName re: #196, “Did you just blame me for FF not commenting anymore? Maybe he found a nice woman and got married?”

Or maybe he met a black widow who stole his fortune and offed him.

#101 Ustabe on 02.19.18 at 8:30 pm

#54 Terry writes:

Too many Canadians move too often. We’ve been living in our present home for over 20 years now. All paid off years ago and no plans to move until we are ready for assisted living or a retirement home to see us out. Life is good.

and Garth responds:

And so diverse! – Garth

We’ve been in our home for 17 years. In that time we have been to Holland, rural France and Germany, southern Italy and Spain, Mexico, Cuba, rural England and Portugal. Don’t really care for the big cities.

We are returning to Portugal next month where we will home base and travel into northern Spain, Morocco, Gibraltar. Maybe more of north Africa, we will see when we get there.

You can own a home and be diverse or whatever it is you are complaining about Garth.

Such a pissy bunch of people on here tonight. – Garth

#102 gfd on 02.19.18 at 8:31 pm

Maybe too late to make things right. Perhaps this society would collapse. They’re trying instead to revert the inevitable. . . . for so long now. All that was stolen and ravished by every administration is gone goodbye now. Look around what fed is prepared to do to raise money. Weed, confiscation. There’s no money anywhere. Not even OPP patrolling highways to collect salary/benefits. We now have signs telling us not to drink and drive. Same for population and media headlines. Conditioning. Justin may have actually realized that besides free vacations at the “island” there’s nothing more to steal. Perhaps it’s too late to elect the honest one perhaps we need that special kind of a juggernaut to run this circus. I say burn it down and start again.

#103 IHCTD9 on 02.19.18 at 8:34 pm

I can’t see the bank offering a mortgage based on builders price when it’s an appraisal that’s based on recent sales that matters most as far as I know
———-

Correct, banks will lend you only what they think they can sell it for (their appraised value). Buyers would have to come up with the difference – in cash.

#104 n1tro on 02.19.18 at 8:36 pm

#5 Screwed Canadian Millenial on 02.19.18 at 4:50 pm

I have to say, what the hell is it with Canadian politicians completely screwing their own people? The elites sure are lucky that the Canadian people are some of the most complacent and domesticated on the planet.
———————–
Well there is a refreshing change. You are acknowledging (I hope) that politicians screw their own people. This would include all parties right? If so, welcome to the club of enlightenment!

#105 FOUR FINGERS WATSON on 02.19.18 at 8:36 pm

Canadian immigration has been at, or below, 1% of the population for decades. Seems reasonable. – Garth
……………………………………

It does seem reasonable…….if we are increasing the supply of doctors, nurses, hospitals, schools, teachers, roads, bridges, affordable housing and infrastructure etc. But what i am seeing is longer lineups and wait times for doctors, medical services, schools, daycare, traffic congestion, and unaffordable housing. This is not an ideal scene.

#106 Steve B. on 02.19.18 at 8:37 pm

#79 Lisa – great call, couldn’t agree more! It’s kind of the elephant in the room, isn’t it? We could add Nicaragua, Mexico, Belize and I’m sure others to that list.

#107 Mark on 02.19.18 at 8:41 pm

“I have had the low wage tech job conversation for years here in vancouver.”

Even minimally advertised tech jobs in most of Canada receive a dramatic multiple of applicants relative to positions available. The salaries on offer, when they are on offer, aren’t low because of a lack of talent available, that’s for sure. Yes, there’s an occasional bit of propaganda that Canada’s tech industry is ‘hot’, but if you sniff beneath such claims, you find the usual suspects — businesses which basically ignore the local talent pool and want to hire foreign nationals on temporary worker visas.

Its also well know that underemployment/unemployment is horrifically high in other STEM specialties, such as 2/3rds of Canada’s engineering talent being unable to find training-relevant employment:

https://www.ospe.on.ca/public/documents/advocacy/2015-crisis-in-engineering-labour-market.pdf

#108 Smoking Man on 02.19.18 at 8:41 pm

SCM. Harpo put limutes on TFW

T2 opened the flood gates. Why your a lefty is beyhond me.

Peterson has huge fans accross both sides of the political landscape. He’s teaching school system feminized boys to men again.

The well organized radical left have issues with him. Very small group who are losing power daily.
Libralism is on it’s way out.

#109 Sardonic Lizard on 02.19.18 at 8:45 pm

#81 AB Boxster on 02.19.18 at 7:41 pm

Buddy you have my vote for Comment of the Month!

#110 BillyBob on 02.19.18 at 8:50 pm

I am no fan of Jordan Peterson, but I DO appreciate someone who can craft an argument to defend their viewpoint.

In that regard Dr. Peterson absolutely eviscerates Screwy. It could be something to do with his having an IQ twice that of SCM, who knows.

Note to SCM: complaining, whining, and excessive post counts of angry, frustrated rants do not constitute intelligent debate.

#111 Blackdog on 02.19.18 at 8:50 pm

@Can be done, re:#76.

You’re not racist, you’re xenophobic. Try to keep up. You are irrational and dislike foreigners, admit it.

#112 DON on 02.19.18 at 8:52 pm

#11 Chipshot on 02.19.18 at 5:07 pm

Thousands didn’t show up because it was below zero. West coasters don’t do cold.

Whose going to buy all those hundreds of money laundered/fentanyl dealers houses being exposed ? $50 million uncovered by two reporters, this is a massive network that drove up West Side prices and the Canadian sheep followed. Prices are on the verge of being pushed over the cliff via US 2007 style.
*******************

and the ctv bc news of a realtor in a targeting shooting on Saturday morning.

Just saying…I am sure it is unrelated.

#113 Fake News Again on 02.19.18 at 8:59 pm

No one is trying to insult anyone here. Or be pissy. But when time and time again….facts are ignored or dismissed out of hand or DELETED – a certain level of frustration is going to develop. I think George Orwell said it best in the case of RE in YVR:

“In a time of deceit, telling the truth is a revolutionary act.” G. Orwell

This blog will not now or ever become a vessel for the opinions of haters. Get used to it or get lost. – Garth

#114 VicPaul on 02.19.18 at 9:00 pm

Evidently whatever JP is preaching must be cutting the SJW zealots deep. – IHCTD9

Yes, he rails against the insanity of runaway political correctness flirting with Fascism. Here are a couple of intelligent men sharing interesting ideas.

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

Anyone heard from our friendly Fort Mac Lawyer?
M54BC

#115 IHCTD9 on 02.19.18 at 9:06 pm

I just can’t understand why those who are struggling in GVRD and the GTA just don’t pack it in and haul ass outta there.

If it were me, I’d have already been long gone. The writing was on the wall years ago – especially in BC. I wouldn’t give a rip about the weather, the view, or anything else unrelated to attaining my security and financial independence as soon as possible.

This Urban RE rat race at rock bottom wages via a 90 min commute is for the freaking birds. My cat lives better than that.

If you’re not on the road to making millions, time to start packing the trunk because you’re not going anywhere in those two cities.

#116 Zapstrap on 02.19.18 at 9:08 pm

#100 Blackdog on 02.19.18 at 8:29 pm

@ NoName re: #196, “Did you just blame me for FF not commenting anymore? Maybe he found a nice woman and got married?”

Or maybe he met a black widow who stole his fortune and offed him.

I heard he rode off into the sunset with BPOE. Hope they are happy together at last.

#117 earlybird on 02.19.18 at 9:12 pm

(Calgary Herald)
Luxury home deal hunters will flock to first-ever Calgary auction

To help market a nearly $4-million home, its sellers have changed the address numerals to appeal to prospective Asian buyers.

HAM moving east??

#118 young & foolish on 02.19.18 at 9:16 pm

“That’s the point. Location becomes increasingly irrelevant. – Garth”

I wonder about that … will people, being social animals, ever want to turn their back on the density of urbanity (baring a social collapse)? It seems to be a recurring desire.

Of course most people won’t. Most people fail, too. – Garth

#119 waiting on the westcoast on 02.19.18 at 9:23 pm

#67 Freddie on 02.19.18 at 7:19 pm says “Met up with a friend N Carolina . Got to talking real estate . He had no idea of the shit shows in Toronto and Vancouver
I showed him a listing in VCR – junk needing tons of work
Asking price – $1,400,000
His delayed response – ‘This is insane ‘”

And yet 90% of us keep trying to play… Everyone keeps looking for the bogeyman. Guess what, he’s us!

#120 Leo Trollstoy on 02.19.18 at 9:30 pm

Tech is definitely the place to be. But only if you’re smart. The rest need not apply

Tech giants like Google and Facebook have a near-endless demand for developer talent. But these days, so does everyone else. A quick look at online job postings shows that, as of this writing, American Express, The National Football League, Sony, Etsy, Columbia University, Macy’s, Boeing, Quest Diagnostics, Weather Underground, FedEx, and The New Yorker were all hiring developers.

Endless demand baby!

http://time.com/money/5138428/how-to-be-software-developer-best-job/?utm_campaign=the-brief&utm_content=2018021914pm&utm_medium=email&utm_source=time.com

#121 Linda on 02.19.18 at 9:42 pm

A 2% land tax vs. 50% of profits. Well, let’s see. If a piece of land was sold for one million, the 2% land tax would be $20,000. If a home was sold for one million by someone who was not a principal resident & had been purchased for say $800,000 then a 50% tax on the profit – one million less eight hundred thousand would be considered two hundred thousand in profit, would it not? – would then result in $100,000 being handed over in tax. Argh, matey & hoist the Jolly Roger:)

#122 Investx on 02.19.18 at 9:43 pm

No surprise SCM hates Jordan Peterson. The truth, backed by clinical facts, not emotion, hurts (and embarrassingly so, as Cathy Newman learned).

Calling him Kermit the Frog? How typically hypocritical.

Back to your Safe Space!

#123 Chico on 02.19.18 at 9:45 pm

#92 akashic record on 02.19.18 at 8:17 pm

Entrepreneurship is the bottom line. I tend to think though, that one is born with this trait, just like musicians, mathematicians, athletes, etc.

For some people it comes natural, the only way to exist, others can never learn enough to become one.

It’s a symbiotic relationship, both needed to keep the balance.

————————————————-

I agree that people like myself were born with a bent towards entrepreneurship, but throughout time, people didn’t have the big corporation to look to for their survival.

You have eggs, I grow corn, we see if we can do some business, etc. Small enterprise was the norm throughout history and we have been taught through our school system to look for a job and receive little to no training for starting a small business.

People from other countries often don’t have our “corporate” mentality towards putting food on the table. If they can’t get a job they try to make one!

You know what the biggest segment of new farmers are? Educated women. Grassroots, organic, and the market is not going away but getting bigger all the time. I just bought Triscuits (spelling) a couple weeks ago, and they were organic.

Our country would be a lot better off if we had more entrepreneurial people and less clock punchers.

#124 NoName on 02.19.18 at 9:50 pm

Interesting read

Mines Linked to Child Labor Are Thriving in Rush for Car Batteries https://www.bloomberg.com/news/articles/2018-02-20/deadly-mines-linked-to-child-labor-thrive-in-rush-for-batteries

#125 Chico on 02.19.18 at 9:51 pm

#97 chopstix on 02.19.18 at 8:26 pm

PS I’d LOVE to see the smaller prairie town of Winnipeg, along with the Maritimes thrive: good community focused people there, down to earth…so unlike the soul less and isolated feeling of Vancouver.

—————————————————

The recent stats show a large increase of immigrants going to the prairies and the maritimes in comparison to the past several decades. It’s seems the newcomers can also do math :)

#126 Not Screwed Millennial on 02.19.18 at 9:53 pm

#48 Samson Nights on 02.19.18 at 6:41 pm
Seems like the facts are once again negating the increasingly biased, blind-eyed ideology of this blog:

https://www.theglobeandmail.com/news/national/globe-investigation-into-money-laundering-in-bc-real-estate-will-lead-to-new-rules-ag-says/article38018921/
——————————————————————–
Yikes, you’ve really got to be an idiot to read the G and M. As soon as I see that a story is by them, peace out, I’m gone. Horrible reporting, made up stories to run the myth that housing is ever in demand and prices are ever increasing. If you can’t see that they are just government shills then I feel sorry for you.

#127 john m on 02.19.18 at 10:00 pm

Great post Garth and how very true.

#128 Chico on 02.19.18 at 10:01 pm

#58 TheDood on 02.19.18 at 7:04 pm

Questions for the dogs;

Q1: Why do so many Canadians have such an inflated opinion of our big cities?

—————————————————–

Conditioned stupidity. You’ve been to different places so you have a broader perspective. The people that complain the most or brag the most, (take your pick) about where they live, have not actually lived much, not actually been to many different places.

Once a person meets the people, eats the food, learns about the history, they can gain an appreciation for a different city. Until then, they just sound like SCM who hasn’t actually been anywhere but tries to sound knowledgeable.

#129 MF on 02.19.18 at 10:08 pm

#116 Zapstrap on 02.19.18 at 9:08 pm

“Or maybe he met a black widow who stole his fortune and offed him.

I heard he rode off into the sunset with BPOE. Hope they are happy together at last.”

-Lol. This is good. We gotta keep this going.

—>I was downtown this evening at Yonge and Dundas square waiting to cross the street. This guy pulled up in a red corvette with a hot blonde. 70’s classic rock was blasting on the radio. He had sunglasses on, slicked back hair, and a nice tan.

I leaned in nervously and yelled over the music if he was freedom first. I could smell the cologne wafting through the air. The dude just lowered his shades and gave me a nod.

The light then turned green and he peeled out, leaving frozen in awe in a cloud of dust.

Might have actually been him. I guess we will never know.

MF

#130 toronto1 on 02.19.18 at 10:08 pm

no doubt that offshore $ has something to do with increased prices in GTA and VAN- they might have started the fire and through on some gasoline, but it was the locals who did most of this- own up and take responibility

when the tide washes out, and yes it will, it always does, the media will be full of stories about how families are homeless and how they lost it all etc…

in GTA and beyond, there is some serious damage being done in Innisfil, Newmarket and as far south as Richmond Hill

the biggest losers so far are Brampton and Durham- the farther east the worst it is

only a matter of time before the carnage gets worse- the speculators are going to get their you know what handed to them

every generation has their stock market bust- there real estate bust their pets.com or bre x (looks like its Bitcoin for this generation) its never different.

next up will be a massive rise in interest rates in the next few years (just like the older generations)

Just ask Garth, dudes been around a while, seen the movie before, he knows how this ends…………

#131 Changing the price of Property on 02.19.18 at 10:09 pm

“Booting out foreigners, collaring realtors, raising taxes or jailing land criminals won’t change the price of property.”

Well at least taxes will go up and they will pay for services for the rest of us. I like the idea of our Government looking after OUR interests above the interests of foreigners. Foreign investment has ruined our once beautiful paradise. Toronto was never a paradise anyway so who cares what happens there? The movement to Reclaim Vancouver is moving into high gear. Don’t knock socialism when it comes to the RIGHT of resident Canadians to own an affordable home. Your comments are hyprocritical because you say it won’t affect prices yet you said the 15% tax smashed the GTA market. So which is it? BTW you’re all welcome for my bringing in the 15% tax ;-) More to come kiddies.

#132 JSquared on 02.19.18 at 10:09 pm

I was wandering around the rich neighborhood of Shaughnessy in Van. (some homes in the $20-30million range) over the weekend (it’s been years since last visit to the area) and was gobsmacked at the size of some of the houses, truly ridiculous. Strange thing I noticed during my walk was that the whole neighborhood felt like the Twilight Zone. No people anywhere, it was bizarre. No one in the park, in the yards, on the streets, no children anywhere. Most homes with security gates & bars on the windows. Seems like an odd way to live, holed up in your luxury digs sequestered from the outside world. Well, as long as other people envy you then mission accomplished, I guess.

#133 acdel on 02.19.18 at 10:14 pm

I could care less what ethnicity one relates to but it is at the crucial point as to where 13 countries in one need to cooperate and recognize the big picture (Canada).

Those of you that feel that T2 is the future then there is no future; I am lucky enough to go else where if I have to; do I want to? NO! But unless like minded stand up and make a difference especially to many lost young men who have given up, selling drugs, robbing, or worst, the pendulum has swung too far, for those who do not care, I fear for the future, for those that get it let’s fight back for the sake of what will or could happen, this current ideology is failing!

I looked at the current pics on the publicly funded CBC that idolizes this family; no disrespect to the wife and children, I will not go there, they are not elected just caught up in it, but for our elected official (Trudope) with that fake smile and no guts to deal with Canadian issue’s I found it sickening especially on our tax dollars! Cest la vie!

#134 bk on 02.19.18 at 10:18 pm

Garth, have you seen prices in abbotsford, even chilliwack for that matter. Only about 5% of new owners can afford a house there.(bank of mom aside) Where do the other 95% go? And having that commute for an overpriced condo…. crazy dumb

Regina is nice. – Garth

#135 Smoking Man on 02.19.18 at 10:20 pm

Long read. But it explains the rise of Trump and the coming downfall of T2 and Wynne.

Hunter was brilliant

https://www.thenation.com/article/this-political-theorist-predicted-the-rise-of-trumpism-his-name-was-hunter-s-thompson/

#136 Newcomer on 02.19.18 at 10:22 pm

Next time do not disparage me, as I do not you. – Garth
———–

I did not intend to offend and apologize for having done so. I couched it in doggy terms by way of putting in a complimentary light (you can compare my thinking to that of a dog any time). I really cannot follow your thinking on where RE prices should naturally be, but that may certainly be my fault. Dog knows, you’ve put more thought into than me.

#137 Happy Housing Crash Everyone! on 02.19.18 at 10:43 pm

Madcat on 02.19.18 at 5:42 pm
At least some people got out there to let their government know they’re pissed. Good for them.

I don’t think any of my sign ideas would have gone over very well… ‘Raise Rates!!’ ‘Increase Down Payments!!’ ‘End CMHC!!’

______________________________

Are you a sicko? SHYSTERS would scream like a wild animal foaming at the mouth with the other SHYSTER scum in the FIRE sector. Those useless parasites couldnt last one day in the free and open market. Those useless POGarbage act like they are so smart and special when we all know they are useless SCUM of the earth SHYSTER garbage destroying Canada one sale at a time. Vancouver has suffered alot of brain drain. My cousin making good coin and living a very happy life in the US got a job in Vancouver in 2007 for 30k more. He was born in TO and happy to be back in Canada. By 2013 he owed more then what he could sell for and went bankrupt. The kids even got jobs to try to help out but they still went bust. He left Canada for Europe and they are so happy and doing well. They visit once in a while but will never come back to Canada again. They have this [email protected]$K THAT! type of reaction. I tried to tell him Chicago cost of living is alot cheaper than Vancouver and the extra 30G doesnt make up for the short fall. Smart IT GUYs sucks at math I guess.

#138 Pete on 02.19.18 at 10:52 pm

Smokingman whats you call on the DOW? Your advise is usualy gold. What tips you have for us humans

#139 Ucluelet on 02.19.18 at 10:53 pm

First-time reader, long-time poster.
Has anyone considered what effect the increase in Canadian life expectancy since 1960 (+ 10 yrs) has had on housing demand? If one’s offspring must wait another 10 years for a space to “open up”, this implies more competition for fewer homes. The solution is obvious.

#140 LivinLarge on 02.19.18 at 10:54 pm

Hmmmm, Milan is starting to look attractive.

#141 common sense on 02.19.18 at 10:55 pm

#135 Smokie

Good article…Thanks.

Hunter was accurately describing a few people we see here regularly as well….arrogant, sometimes ‘holier than thou” people…

#142 notagreaterfool on 02.19.18 at 11:00 pm

Re: “cracking down on money laundering will have zero impact on real estate.” Are you serious?

With earlier bubbles, was there drug trafficking, laundering of cash, complicit lawyers that hide source of funds etc? Could this be the reason why new measures/controls are needed?

Just like the in the NHL where game has changed (from 20 years ago), the real estate game has evolved. New measures needed – not just tax (cash grab) solutions.

#143 DON on 02.19.18 at 11:03 pm

#51 akashic record on 02.19.18 at 6:47 pm

#39 Screwed Canadian Millenial on 02.19.18 at 6:18 pm

I can’t stand Jordan Peterson. The guy is a joke.

====

Jordan Peterson has plenty of videos online.

Pick one and make your counter-arguments, let’s see who is the joke.

What I have seen so far from Peterson and from you, you are not in the same league.

But let’s see what can you come up with.
**************
Agree with akashic.

Attack his arguments SCM and not the man!

Calling him names will not get anyone anywhere. People Up SCM…People Up!

#144 LivinLarge on 02.19.18 at 11:07 pm

“There seems to be a lot of Canadians buying homes out of country. Should they ban us?”…some places already do and I fear more will follow.

The one saving grace is that for every foreign buyer there is a seller who wants the most they can get for their property. Alas, we foreign buyers drive the local prices up because we have the disposible cash to buy at almost any price and that always pisses the locals off.

#145 TRT on 02.19.18 at 11:21 pm

The NDP in the west are finished for at least a decade.

BC: The NDP have deserted their base on housing. Votes will stay home or migrate to the Greens. This vote split will mean BC Liberals back to power next election.

NDP: United Conservatives win in a landslide in 18 months.

Things will really change then. Let’s privatize Medicare and get rid of civil servant pensions.

#146 Ace Goodheart on 02.19.18 at 11:25 pm

Canadian politics always has a wild swing to it. We go from hard right to socialist left and back again. It gives a person whiplash to live through it. The transitions are not smooth. Always hoped we’d mature as a nation and our political swings would get less violent. Still feels like a ship at sea being taken aback whenever the govt changes.

In other news. Took the via train to Ottawa and back. I knew something was up when the conductor told us on departure “with a little luck we’ll be there on time”. I was thinking “this vehicle is on rails. You can calculate the average speed. It’s not like it takes a different route every time. What do they mean by luck?”

Well apparently riding the rails in Canada is like using a sub Saharan bus service. Sometimes the trains are a few hours late. Sometimes they arrive days after they are expected. Arrival times are just rough estimates. It’s all about luck.

And people want to buy real estate Here?

#147 TRT on 02.19.18 at 11:27 pm

And to those complaining about high prices, your democracy has chosen globalization and diversity. Trudeau says we are a post nation state.

I welcome the day that the Western European culture is Canada is one of many here; not a dominant culture but equal to others growing in importance here. Hopefully Trudeau opens immigration further.

#148 Screwed Canadian Millenial on 02.19.18 at 11:34 pm

#108 Smoking Man on 02.19.18 at 8:41 pm
SCM. Harpo put limutes on TFW

——————

You’re completely out of your mind Smokey. You know, for someone who claims to be awake and redpilled, you really are a gullible sheep.

Harper didn’t put limits on TFW, HE QUADRUPLED THE PROGRAM you fool. He flooded the country with TFWs. Who the hell even heard of TFWs before 2006. Wake the hell up man, sometimes you really grind my gears with how gullible and naive you are. You eat up that globalist corporate propaganda like no one else.

When Harper got caught, and companies were blatantly replacing Canadian workers with TFWs, all he did was switch TFW to IMP, to trick fools like you who don’t know any better.

Wake up man.

I had so many better replies but I burned my last one on you. I consider it a public service to try to give that carcass between your ears a little bit of life.

And you fell for blatant Russian propaganda that it was a commie Antifa kid who did that Florida shooting. A fake Russian antifa Twitter account put out a picture of an innocent kid (not Nikolas Cruz) and you bought it hook, line and sinker. Do you ever give your head a shake?

>The trend lines of these two categories are now moving in different directions. The use of the traditional foreign worker program, with its requirements to seek out available Canadians, has essentially been flat from 2010 to 2014, while the use of the IMP has been on a steady climb – nearly tripling from 2004 to 2014 to 194,332 permits. Both streams had a combined 361,051 permits in 2014, a 64-per-cent increase from 2004.

Use of foreign worker program exempt from Canadians-first rule rising: report
https://www.theglobeandmail.com/news/politics/use-of-foreign-worker-program-exempt-from-labour-market-screening-on-rise-report/article31774425/

Forget the red pill Smokey. You need a red enema.

4/4

#149 YVR Renter on 02.19.18 at 11:34 pm

#132 – J Squared-that’s because the houses in Shaughnessy are empty. One burnt to the ground last fall – empty, no one to call the fire dept till it was toast. We looked at one or two for renting last yr at this time – Ads said all renovated – ya in 1962! Disgusting mold pits, owner overseas. Absolutely no upkeep or maintenance had been done. No thank you! Relatively cheap for the size, if you aren’t allergic to mold or hideous 70’s wallpaper, and can all enjoy sharing 1 bathroom for the 4-5 bedrooms upstairs. Basement suites for a hermit.

#150 hans on 02.19.18 at 11:34 pm

i meant with zero honor

#151 Vanreal on 02.19.18 at 11:38 pm

Great post today. Nobody has a right to live anywhere. If you can’t afford to live in Vancouver then leave! The incessant whining is so tiresome.

#152 Karlhungus on 02.19.18 at 11:46 pm

Scm quit whining. You realize you are in the top .1% of any population that has ever lived? Think about that for a second.

#153 Midnights on 02.19.18 at 11:59 pm

Housing Policy Feeds And Hides Growing Problems

http://brucewilds.blogspot.ca/2018/02/housing-policy-feeds-and-hides-growing.html?m=1

#154 mark on 02.20.18 at 12:18 am

The Case Against the Traditional 60/40 Portfolio

Listen an weep…………

https://www.youtube.com/watch?v=qbZfztcaT0Y

Funny. That vid is two years old – and a 60/40 rocked during both 2016 and 2017. If you’d listened to this advice, you’d be weeping, too. – Garth

Good Information is timeless.

#155 Entrepreneur on 02.20.18 at 12:25 am

I think like most of the people here in that we want our communities back (to start a small business, people/customers walking/talking/spending) and we want honesty/data to protect us taxpaying Canadians. And it looks like the Liberals could care less about us.

And for sure I am concerned about illegal competition and, with that, using our social net to benefit.

And I agree with #81 AB Boxster…and if this matter is not dealt with properly there is going to be a lot of anger. Honest hard-working taxpaying Canadian come first! But ignored again!

Like the first oil tanker off our coast in the seventies, the so-called experts said that there would be “No oil spills” but we know now that was a “lie.” And we know now how the consultations are conducted, push through no matter what. Then call it “illegal” if disagree (to protect our ocean eco-system).

Canadians are tired of being used and lied to.

#156 Zapstrap on 02.20.18 at 12:56 am

#132 JSquared on 02.19.18 at 10:09 pm

I was wandering around the rich neighborhood of Shaughnessy in Van. (some homes in the $20-30million range) over the weekend (it’s been years since last visit to the area) and was gobsmacked at the size of some of the houses, truly ridiculous. Strange thing I noticed during my walk was that the whole neighborhood felt like the Twilight Zone. No people anywhere, it was bizarre. No one in the park, in the yards, on the streets, no children anywhere. Most homes with security gates & bars on the windows. Seems like an odd way to live, holed up in your luxury digs sequestered from the outside world. Well, as long as other people envy you then mission accomplished, I guess.

Walked through there myself a little while ago. What got me were the beautiful streets completely covered over with the foliage of the old trees and not a single car parked on any street. Over in East Van every new build on a 33′ lot now has 2 addresses on the house and another on the lane house for a total of 3. So I figure that means about 5 or so cars per lot and no where to park except on the street. What a difference. The squirrels on the west side seemed happy though.

#157 Time For A Change on 02.20.18 at 1:11 am

Wow, its almost after a decade of calling for a correction you do not want a correction with this post!

Given the economic and social fallout from an affordability crisis that impacts all ages, genders, races and income levels, why would you slam policies that might have the semblance of prompting a soft landing.

At most, any measures the NDP government might enact would simply stabilize prices or prompt a teeny price correction. What is 10% or 25% after prices have tripled in a decade.

Seriously, how many years into a crisis do you want before you want things to change. People’s patience has been tested – after a 15 year bull run in places like Vancouver, its time for a change.

But alas, we know that if the goal is to stablize prices, then nothing will happen with tomorrow’s budget…

#158 Ca$h money on 02.20.18 at 1:17 am

Haha what a post tonight Garth. I dont think anyone expects houses downtown to be $100k but what we do want is to understand what is going on. We need data and the NDP will help on the transparency front.

Looking forward to tomorrow.

#159 Go Kart Mozart on 02.20.18 at 1:19 am

“Only Mr. Market can do that”

That’s chauvinistic and sexist….

#160 DON on 02.20.18 at 1:23 am

#114 VicPaul on 02.19.18 at 9:00 pm

Evidently whatever JP is preaching must be cutting the SJW zealots deep. – IHCTD9

Yes, he rails against the insanity of runaway political correctness flirting with Fascism. Here are a couple of intelligent men sharing interesting ideas.

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

Anyone heard from our friendly Fort Mac Lawyer?
M54BC
**************

Washed up and Freedom First have not posted for a couple of months (Freedom for sure).

#161 SWL1976 on 02.20.18 at 1:25 am

No shortage of people moving to the small Vancouver Island town where we live. Everyday it seems there is someone new coming in the Pizza Shop who have cashed in on their housing gains and are quite content to live in a small town with affordable housing

We welcome them all

SCM – Quit your incessant whining it’s PATHETIC. You may have a few good points, but it’s lost in your attitude

Life aint fair and never will be

Get OVER it

I spent a good portion of my life swimming against the current only to find it gets you no where and leaves you exhausted

Swim with the current, just don’t loose direction of where you are going or where you want to be

As always Garth, awesome blog and keep on keepin on

#162 I like cookies on 02.20.18 at 1:26 am

Yup, location doesn’t matter anymore. I write code full time for mid-six figures (USD) for a company overseas, living in an undisclosed rural location filled with mostly retired hippies. Life is good and my next door neighbours are deer and coyotes. City life is for chumps.

#163 TheSpangler on 02.20.18 at 1:46 am

#134 bk on 02.19.18 at 10:18 pm
Garth, have you seen prices in abbotsford, even chilliwack for that matter. Only about 5% of new owners can afford a house there.(bank of mom aside) Where do the other 95% go? And having that commute for an overpriced condo…. crazy dumb

Regina is nice. – Garth

Why would anyone want to live in Regina?

#164 Howard on 02.20.18 at 5:05 am

Patrick Chan, now retired from figure skating, is moving to Vancouver to become a real estate agent.

You can’t make this up.

He will move to Vancouver, hopes to open a skating academy and get his commercial real estate licence. He said, “I’m so proud that I was able to stick in it this long. I’m happy that I can leave these Games with a gold medal in team event. Now I’m looking for gold medals in other things in my life. I look forward to that.

https://www.thestar.com/sports/olympics/opinion/2018/02/17/after-figure-skating-career-of-greatness-and-heartbreak-patrick-chan-says-hes-happy.html

#165 Vancouver should be ahead of TO for most bubbly on 02.20.18 at 5:57 am

How did these people come to rank these cities. I think they are off. BC has one of the lowest wages and the most expensive housing and lifestyle. Vancouver, in my eyes is most bubbly. Piece of s**t for over a million.

#166 Howard on 02.20.18 at 6:10 am

In BC things are getting truly messy. Yes, a local real estate bubble has developed making average houses unattainable to average families, but that’s a global urban trend. Instead of accepting it, as has happened in Toronto, New York or San Francisco, in YVR the locals won’t give up clinging to the 80s. They think children should be able to move into the same hoods their parents chose, and could afford, four decades ago. Quaint.

———————–

Really, Garth? Comparing Shatcouver to NYC and San Fran?

New York and San Fran offer plentiful, high-salary jobs in a myriad of industries that enable the locals to afford the price tag. Vancouver has some of the lowest wages in North America.

Besides which, it’s possible to find somewhat affordable housing in Queens or Brooklyn. A ways away from Manhattan but easily accessible by transit. Not possible in the Lower Mainland unless you want to commute 3 hours to work every day.

#167 Under the radar on 02.20.18 at 6:30 am

the crown trust- greymac caper? . I remember devouring the Morrison report . Those guys were so audacious with the Cf flip , like bulls in a china shop.

#168 Howard on 02.20.18 at 6:37 am

#34 huh? on 02.19.18 at 6:07 pm

So it used to be that things always return to the norm and it’s not different this time or any other time. Now we’re calling it a trend that urban areas are getting more pricey and unaffordable to locals. Suck. Blow. What gives?

—————————

Yeah I had the same confused reaction. I had to read the post several times since at first glance it appears that Garth has done a 180.

So are prices destined to correct or are they not?

I also find it a bit flippant to tell young Canadians that they should be okay with being shut out of the #1 and #3 largest cities in the country, where most of the jobs happen to be located.

I don’t think anyone is arguing that Toronto and Vancouver should be cheap places to live, but it is certainly reasonable to expect that the ratio of wages to cost of living should be somewhat on par with the larger US cities.

The market will correct, in varying degrees, but government actions are unlikely to have any lasting effect, if history is a guide. As stated, economic growth, monetary policy and urbanization have ended the ability of average wage-earners to own property near the core of Toronto or Vancouver. That will not be turned back, so stop moaning about it. As for the US, voters there would never elect an NDP government, which breeds high costs, high taxes, high regulations and, inevitably, less opportunity. – Garth

#169 Howard on 02.20.18 at 6:52 am

#39 Screwed Canadian Millenial on 02.19.18 at 6:18 pm

Rather than making juvenile comments about Dr. Peterson’s voice, why don’t you cite one of his stated positions and why it is wrong?

Maybe provide a link to a recording of your own so that we can criticize your voice?

I must say you’re a bit of an contradiction, SCM. On the one hand you do seem to recognize SOME leftist dogma and bromides for the horse manure that it is, and on that I give you credit for being ahead of the curve for your demographic. On the other hand you seem to yearn for acceptance with the SJW crowd thereby lapsing into personal attacks, smears, and unnuanced thinking for which that cult is known. You’ve demonstrated some ability to think for yourself but you’re not quite there yet. Hopefully that will come with age.

#170 Howard on 02.20.18 at 7:25 am

#79 Lisa on 02.19.18 at 7:39 pm

All this talk of foreign ownership makes me wonder: How many Canadians own property down south in Florida or somewhere like Belize or Costa Rica? There seems to be a lot of Canadians buying homes out of country. Should they ban us?

——————————————

Sure. Why not? Ban us.

Worth noting that Canadians aren’t buying properties right in the middle of major cities in Costa Rica and Belize – if they were, and driving up values, I suspect there would be pushback from locals. And if I understand correctly Canadians in Florida are subject to far more stringent non-resident taxes and regulation than Canadian cities impose of foreign buyers.

But all that said, sure, ban us. I wouldn’t care.

There are no additional taxes imposed on Canadians buying Florida properties. But non-residents don’t qualify for a property tax rebate program. It’s a piffle. (Canadians bought $19 billion US worth of American real estate in 2017.) – Garth

#171 Rooster™ on 02.20.18 at 7:51 am

Some juicy gossip in last week’s Economist, a dispatch that pays dividends, unlike Ivanhoe Mines, which is aghast at the Congolese for upping royalties from 2% to 3.5%. The Belgian’s formerly owned the Congo and Olympic cycling, until their doping arrested their small hearts. Too much of a banned thing?

Tim’s gets a dishonourable mention for the min. wage affair, and Airbus has ratted on itself! for excessive bribes. Bagehot revisits the prophecies in “The Rise of the Meritocracy”, a satirical book written in 1958 that pegs 2033 as the year to watch out for. The author’s comments in 2001 are worth a free read:

https://www.theguardian.com/politics/2001/jun/29/comment

If you think the unrest will be confined to the British Isles, an article on the site of Tesla’s battery factory may prove illuminating. The site in Nevada was purchased from a shrewd “chicken” rancher, who bought it from Gulf Oil in 1998 for a song. Gulf had wisely abandoned plans to create a Luxury! hunting lodge when America wasn’t so great.

But the world still turns, and today the sun shone down on Canada’s Virtue and Moir.
Rejoice while there is still time.

#172 crowdedelevatorfartz on 02.20.18 at 8:23 am

@#164 Howard
“Patrick Chan, now retired from figure skating, is moving to Vancouver to become a real estate agent.”
+++++

Perhaps uberrealtor Bob Rennie can hire him to do “skating tricks” at open houses to draw in the rubes.

#173 Chico on 02.20.18 at 8:34 am

#163 TheSpangler on 02.20.18 at 1:46 am

Why would anyone want to live in Regina?

———————————————

There are 2 main reasons someone like you would make that statement that’s poorly disguised as a question.

1. You have the ability to move anywhere you want and couldn’t care less about other people and their feelings, or

2. You’re stuck where you are or don’t have the courage to make a change and you slag other places in order to not feel so pathetic.

Which one is it?

P.S. – I’m not from Regina, don’t live there.

#174 Bobby on 02.20.18 at 8:50 am

I’ve never understood NDP economics, probably because I realized a long time ago that nothing is free. Yes, someone actually pays. I see the federal NDP are now proposing free tuition and the B.C. NDP are proposing, well to make housing affordable in one of the most unaffordable cities and will also throw in $10 daycare and a rent subsidy. Should be an interesting budget.
My suggestion is a tax on idiots. There are certainly enough of them out there that believe that the NDP can control the housing market. As my daughter said there are two ways to make housing more affordable, lower prices or increase incomes.
If that clapped out duplex in Abbotsford went from $800k to $400k under NDP policies, just imagine the other problems we will see.
There is a reason the NDP still have less seats than the Liberals after 16 years in Opposition, they don’t have a clue.

#175 LivinLarge on 02.20.18 at 9:39 am

“I was thinking “this vehicle is on rails. You can calculate the average speed. It’s not like it takes a different route every time. What do they mean by luck?””. You don’t understand how VIA works.

Passenger trians in N. America don’t own the rails they ride on. They rent “time/distance” from the freight carriers who do actually own the rails and therefore VIA just like Amtrack run secondary to all scheduled freight traffic. And the rails are maintained to a frreight traffic speed and not to the higher passenger wagon max speed. Freight wagons travel a lot slower than passenger wagons can to run economically.

So, the freight traffic is slower and has priority and the freight traffic volume changes daily so VIA at at the total mercy of the freight carriers.

I took Amtrak from TO to NYC for a Highspeed Rail Conference in Phily a couple of years ago and it was 8 hours late getting into Penn Station.

#176 LivinLarge on 02.20.18 at 9:39 am

“I was thinking “this vehicle is on rails. You can calculate the average speed. It’s not like it takes a different route every time. What do they mean by luck?””. You don’t understand how VIA works.

Passenger trians in N. America don’t own the rails they ride on. They rent “time/distance” from the freight carriers who do actually own the rails and therefore VIA just like Amtrack run secondary to all scheduled freight traffic. And the rails are maintained to a frreight traffic speed and not to the higher passenger wagon max speed. Freight wagons travel a lot slower than passenger wagons can to run economically.

So, the freight traffic is slower and has priority and the freight traffic volume changes daily so VIA at at the total mercy of the freight carriers.

I took Amtrak from TO to NYC for a Highspeed Rail Conference in Phily a couple of years ago and it was 8 hours late getting into Penn Station.

#177 econsensus on 02.20.18 at 9:40 am

#81 AB Boxster on 02.19.18 at 7:41 pm

Absolutely correct. Anomalous to the extreme. Real Estate valuations are no longer predominantly contingent on incomes. Even with zirp, they are unsustainable and they are siphoning capital away from sustainable economic activities.

We are approaching the precipice. Grab a parachute and enjoy the ride.

#178 Tater on 02.20.18 at 9:43 am

#99 Milkman on 02.19.18 at 8:29 pm
Look at this… BMO has a “Growth GIC” that may pay up to 30% WITH NO RISK!

The 30% is actually the MAXIMUM that they will pay you, if you read the fine print… but just ignore that…

https://www.bmo.com/main/personal/banking/investments/gic/growth-gic
—————————————————————–
These investments aren’t that hard to decompose, and if we had more long-term options you could build your own. Here’s an example for a 2 year note linked to the ZEB (CAD bank ETF):

Assume you have 100k to invest, put 94k in an Oaken GIC at 3.1%. In 2 years you have your 100k back. Take the 6k left over, buy 33 of the Mar 2020 calls on the ZEB with a strike of 29 and sell 33 contracts of the March 2020 at the 34 strike. You can now make up to 17% over 2 years if CAD banks do well. that’s a max CAGR of 8.5% per year. VS the 6% max CAGR on the bank note.

If we had longer-term options, you could build the same structure and benefit from the greater compounding and higher rates on your deposit.

#179 Smoking Man on 02.20.18 at 9:56 am

#138 Pete on 02.19.18 at 10:52 pm
Smokingman whats you call on the DOW? Your advise is usualy gold. What tips you have for us humans.
…..

Short Libralism high taxes and regulation.
Long tax cuts and reduced regulations.

Capital has wings.

#180 paulo on 02.20.18 at 9:58 am

Liberal economics :
The SOX this morning announced that his trade mission to India has netted a 250 million dollar investment for Canada.
Canada has committed to investing 750 Million in India.
have to wounder……. oh yes in keeping with spending 3 dollars for every dollar of tax revenue got it.

#181 paulo on 02.20.18 at 10:07 am

#170 howard

Actually property owners in Florida that are non residents
are subject to a 20% tax surcharge upon sale of real property.

False. Capital gains taxes are levied on profits, with an amount withheld upon sale (as in every other state). You can reclaim on your tax return. – Garth

#182 Dan.t on 02.20.18 at 10:09 am

#81 AB Boxster

————/

Well said! Excellent actually ….but everyone is too invested to want to change it… I don’t even live in Canada but visit B.C. … and find it sad and criminal what has happened but it must be ok – since B.C. residents made it that way.

Wait, I heard the solution is to move out of your hometown or go to Manitoba. See you have options and Kelowna houses are only 800k and incomes are super high- go buy a few there. Can’t afford it- suck it up- there is always a stable and affordable rental market from what I hear. Oh wait isn’t renting even worse in B.C. ? – curious to see if the NDP actually do anything worthwhile..

I guess stable, affordable housing really is so passé- seems to be much better now for the younger generations.

Anyhow best advice of the day is “worry about the things you can control in your life”.

#183 Smoking Man on 02.20.18 at 10:17 am

#148 Screwed Canadian Millenial on 02.19.18 at 11:34 pm

Great effort on the rebuttal. It’s obvious you’re not exactly a lone crusader here. Social media and place like the comments section have much more influence than MSM these days.

I don’t think it’s a stretch that your part of a well organized information war funded by liberals.

I like how you split TFW with IMP . Brilliant tactic for argument sake. But when I speak with former IT workers from Canadian Banks the ranks of contractors from Indian based consulting companies is at an all time high.

Hence the reason I’m in the USA where billing rates are almost double and taxes even in California are way less especially now that income splitting is forbidden.

Put that in your liberal pipe.

#184 Midnights on 02.20.18 at 10:22 am

CRA wants it all….
CRA cracks down on undeclared tips for restaurant and bar staff

https://www.theglobeandmail.com/report-on-business/small-business/talent/cra-cracks-down-on-undeclared-tips-for-restaurant-and-bar-staff/article38025478/

#185 For those about to flop... on 02.20.18 at 10:22 am

You say boarder, I say border…

M43BC

“This Graph Shows the Average Tax Refund in Every State

Everyone dreads tax season, but at least there’s one thing to look forward to – your tax refund! Every year, the federal government gives back hundreds of billions of dollars to taxpayers who paid too much. But not all taxpayers receive the same amount. Take a look at our map below to see the average tax refund in every state.

In the map above, states are split into four groups depending of the size of their average tax refund. Dark green states have average tax refunds over $3,001, light green states between $2,751 and $3,000, light blue states between $2,501 and $2,750 and dark blue states between $2,300 and $2,500. The data were collected from the IRS and SmartAssset.com.

Top Five States by Tax Refund Size
Texas: $3,133

Oklahoma: $3,088

Louisiana: $3,073

New York: $2,986

Connecticut: $2,958

Bottom Five States by Tax Refund Size
Maine: $2,302

Oregon: $2,342

Vermont: $2,348

Wisconsin: $2,367

Montana: $2,367

In 2017, the IRS returned $324 billion back to taxpayers. According to IRS data, the average tax refund was $2,895 per taxpayer. But that’s just the average. The refunds received by taxpayers varied significantly between states and was within a range of between $2,302 and $3,133.

There are only three states where the average tax refund was more than $3,000: Texas, Oklahoma and Louisiana. Taxpayers in Texas received the most on average at $3,133 per taxpayer. That compares to the national average of $2,895. Additionally, Texas is one of the seven states that do not tax earned income. If you’re really looking to save on taxes, Texas is the place to be. The three states with the lowest average were Maine, Oregon and Vermont. Maine had the lowest average tax refund in the country at $2,302 per taxpayer. One thing to notice is that eight of the 10 states with the lowest tax refund share a border with Canada. Also, states with refunds lower than average tend to states with low populations, but there are a few exceptions.

Another thing to notice is that the states with the lowest tax refunds are further away from the national average than the states with the highest refunds. Texas is only $238 above the average ($3133 – $2895). The bottom five states – Maine, Oregon, Vermont, Wisconsin and Montana – are all more than $500 away from the average, more than double the distance from the average of Texas. This is because the four most populated states in the country – California, Florida, New York and Texas – all had relatively larger refunds compared to smaller states. This weighed the average national refund higher.

If you’re looking to save the most on your taxes, you still might want to move away from the border with Canada and towards a southern state. If you are considering moving to a new state to save on taxes, then Texas is that best choice. Either way, you’ll only save a few hundred dollars. But if you’re a penny pincher, every dollar counts!”

https://howmuch.net/articles/average-tax-refund-in-every-state

#186 "If" on 02.20.18 at 10:33 am

#177 Tater on 02.20.18 at 9:43 am
#99 Milkman on 02.19.18 at 8:29 pm
Look at this… BMO has a “Growth GIC” that may pay up to 30% WITH NO RISK!
The 30% is actually the MAXIMUM that they will pay you, if you read the fine print… but just ignore that…
—————————————————————–
These investments aren’t that hard to decompose, ……. You can now make up to 17% over 2 years if CAD banks do well.
**************

If I were a train, I’d be late again.
If I were a good man, I’d talk to you more often than I do.

(“If” – Pink Floyd)

#187 Vancouver Realtor on 02.20.18 at 10:44 am

Local Vancouver realtor here. The anticipated 2 % speculation tax that will be announced by the government today will have zero effect on the market. The condo market rises 20 % annually in average. Sad but true

#188 Caleb Landry on 02.20.18 at 10:46 am

DELETED

#189 crowdedelevatorfartz on 02.20.18 at 11:12 am

@#186 Local Van realtor.
“The anticipated 2 % speculation tax that will be announced by the government today will have zero effect on the market.”
++++++

Past history.
Any comment on the effect of the new B20 rules?
Rising interest rates?
Slowing economy?
Tanking sales and prices?

Or is it always “still a good time to buy because its different here”?

#190 Stan Brooks on 02.20.18 at 11:17 am

#183 Midnights on 02.20.18 at 10:22 am
CRA wants it all….
CRA cracks down on undeclared tips for restaurant and bar staff

https://www.theglobeandmail.com/report-on-business/small-business/talent/cra-cracks-down-on-undeclared-tips-for-restaurant-and-bar-staff/article38025478/

——————————

Wild bill wants to screw everything that is moving… except his elitist billionaire friends on bay street, so no stock options tax hike, only screw small businesses and the middle class … for the benefit of the middle class.

The fair share guy.

#191 james on 02.20.18 at 11:20 am

#135 Smoking Man on 02.19.18 at 10:20 pm
Long read. But it explains the rise of Trump and the coming downfall of T2 and Wynne.
Hunter was brilliant
https://www.thenation.com/article/this-political-theorist-predicted-the-rise-of-trumpism-his-name-was-hunter-s-thompson/
……………………………………………………………………
While Hunter S T Thompson was a creative genius he was a troubled individual with serious addition issues.
Thompson was asked to go to Las Vegas to write a 250-word photo caption on a motorcycle race, the Mint 400. Introducing himself as a “doctor of journalism,” he chronicled the fuel he brought along: “two bags of grass, 75 pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, and a whole galaxy of multicolored uppers, downers, screamers, laughers . . . and also a quart of tequila, a quart of rum, a case of Budweiser, a pint of raw ether and two dozen amyls… Not that we needed all that for the trip, but once you get locked into a serious drug collection, the tendency is to push it as far as you can.”
Thompson left a suicide note, titled “Football Season Is Over,” which was printed in Rolling Stone. “67,” Thompson wrote. “That is 17 years past 50. 17 more than I needed or wanted. Boring. I am always bitchy. No fun for anybody. 67. You are getting Greedy. Act your old age. Relax – This won’t hurt.” Thompson’s death recalled the suicide of his literary hero Ernest Hemingway. “Hunter had really gone from being a celebrity to being a legend,” “Part of that legend is his suicide, much like Hemingway another troubled addictive personality.”
Be careful of who you try to copy in life as it may lead to your ultimate demise.

#192 A J on 02.20.18 at 11:27 am

#186 Vancouver Realtor

Take your propaganda elsewhere please.

#193 aa5 on 02.20.18 at 11:35 am

Bankers can inform their lifer debt-slaves the good news. Bankers are getting a ‘yuge’ raise this year on the rising rates.

#194 Steven Rowlandson on 02.20.18 at 11:37 am

“When it comes to being pissed about unaffordable houses, it’s a lot easier to Tweet than it is to show up and, like, wave a sign. So a protest in Vancouver expected to “draw thousands” this weekend attracted about two hundred, at least half of them organizers. Included was the Green Party boss (propping up the current socialist government) who wants any non-BC person banned from owning property there. Xenophobia comes in many hues.”

Quite likely many of the people expected to show up had a vested interest in the real estate market as investors or had relationships with those that do.
Tax free profits seduces quite a few people.

#195 joblo on 02.20.18 at 11:40 am

Post nation state? piffle?
My Kanadian edukation fails me.

#196 ANON on 02.20.18 at 11:46 am

The condo market rises 20 % annually in average.

Wow, that means doubling every 42 months. If one attended only math in school, and had no logic whatsoever, one might be inclined to think this can inflate forever, despite all signs showing that humongous cracks are developing.

#197 A J on 02.20.18 at 11:48 am

#115 IHCTD9

I totally agree. It’s amazing how people talk about lifestyle in big cities too, when they’re too broke to even enjoy it. When it comes to living in the city though, for me, I have a job with insane benefits and a ton of seniority. It’s hard to leave that. I could care less about the urban lifestyle, but I’ve established myself and if I left, I’d have to start from scratch. But trust me, some days I wish I’d be laid off so the decision would be made for me! Then I’d pack up and live in a cabin in the woods.

Also, did you all see this? http://www.huffingtonpost.ca/2018/02/19/canadians-raiding-rrsp_a_23365414/

It’s little signs like this that, to me, truly show what’s really going on with Canadian’s finances. If you have to raid your RRSPs to pay for everyday expenses, you’re pooched. It seems that many Canadians are just hanging on by a thread. So I don’t want to hear about how RE will go up forever. A lot of Canadians are flat broke, so that’s a bunch of bull. I even heard a couple today talking on public transit about how in order to pay for their roof repair, they’ll have to put their $3,000 vacation on credit. I was just shaking my head. People need to get their priorities straight. You cannot have your cake and eat it too. Many Canadian’s are so close to the edge, all they need is a little push. Things aren’t as rosy as they seem. Not from what I’m seeing and hearing anyway.

#198 For those about to flop... on 02.20.18 at 11:51 am

Vancouver Realtor on 02.20.18 at 10:44 am
Local Vancouver realtor here.

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

Here,since you don’t have much going on I might as well put you to good use,fill in the blanks for me…

M43BC

January 2018 Sales Report/Realtor Assistance Needed.

Pandora paid 1.29

https://www.zolo.ca/vancouver-real-estate/2712-pandora-street

1st Ave Paid 1.41 condo

https://www.zolo.ca/vancouver-real-estate/88-w-1st-avenue/1101

Milford Paid 1.23

https://www.zolo.ca/coquitlam-real-estate/1508-milford-avenue

Sophia Paid 1.47

https://www.zolo.ca/vancouver-real-estate/5748-sophia-street

Farmer Paid 1.21 Sold 1.21

https://www.zolo.ca/abbotsford-real-estate/34288-farmer-road

Jaskow Paid 1.9 Sold 1.58

https://www.zolo.ca/richmond-real-estate/5691-jaskow-drive

Woodhead Paid 1.31

https://www.zolo.ca/richmond-real-estate/4231-woodhead-road

79thave, Paid 845k

https://www.zolo.ca/delta-real-estate/11288-79-avenue

Chamberlayne Paid 1.02 Sold 1.08

https://www.zolo.ca/delta-real-estate/5295-chamberlayne-avenue

Coventry Paid 2.83

https://www.zolo.ca/richmond-real-estate/4260-coventry-drive

Sunland Paid 1.3

https://www.zolo.ca/burnaby-real-estate/4582-sunland-place

Pintail Paid 1.62.not sure if sold yet as not cleared.

https://www.zolo.ca/richmond-real-estate/11580-pintail-drive

72nd ave,Paid 560this cheaper option in Surrey actually sold in late December but I will put it up in the hope it helps someone.

Was in Possible Pinkies Folder but most likely made money.

https://www.zolo.ca/surrey-real-estate/14948-72-avenue

$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#199 For those about to flop... on 02.20.18 at 11:55 am

Vancouver Realtor on 02.20.18 at 10:44 am
Local Vancouver realtor here.

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

Here,since you don’t have much going on I might as well put you to good use,fill in the blanks for me…

M43BC

January 2018 Sales Report/Realtor Assistance Needed.

Pandora paid 1.29

https://www.zolo.ca/vancouver-real-estate/2712-pandora-street

1st Ave Paid 1.41 condo

https://www.zolo.ca/vancouver-real-estate/88-w-1st-avenue/1101

Milford Paid 1.23

https://www.zolo.ca/coquitlam-real-estate/1508-milford-avenue

Sophia Paid 1.47

https://www.zolo.ca/vancouver-real-estate/5748-sophia-street

Farmer Paid 1.21 Sold 1.21

https://www.zolo.ca/abbotsford-real-estate/34288-farmer-road

Jaskow Paid 1.9 Sold 1.58

https://www.zolo.ca/richmond-real-estate/5691-jaskow-drive

Woodhead Paid 1.31

https://www.zolo.ca/richmond-real-estate/4231-woodhead-road

79thave, Paid 845k

https://www.zolo.ca/delta-real-estate/11288-79-avenue

Chamberlayne Paid 1.02 Sold 1.08

https://www.zolo.ca/delta-real-estate/5295-chamberlayne-avenue

Coventry Paid 2.83

https://www.zolo.ca/richmond-real-estate/4260-coventry-drive

Sunland Paid 1.3

https://www.zolo.ca/burnaby-real-estate/4582-sunland-place

Pintail Paid 1.62.not sure if sold yet as not cleared.

https://www.zolo.ca/richmond-real-estate/11580-pintail-drive

72nd ave,Paid 560this cheaper option in Surrey actually sold in late December but I will put it up in the hope it helps someone.

Was in Possible Pinkies Folder but most likely made money.

https://www.zolo.ca/surrey-real-estate/14948-72-avenue

$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#200 Fed on 02.20.18 at 12:17 pm

Hey Garth,

I heard FED changed course again.
QT is now QE again, because the mini crash spooked them allegedly.
Buying up 16B assets.

#201 Howard on 02.20.18 at 12:31 pm

#198 Fed on 02.20.18 at 12:17 pm

Hey Garth,

I heard FED changed course again.
QT is now QE again, because the mini crash spooked them allegedly.
Buying up 16B assets.

————————————–

If anyone dismissed the existence of a Plunge Protection Team, well there you have it. It’s become almost illegal for the stock market to decline.

#202 James on 02.20.18 at 1:02 pm

Justin Trudeau’s first official visit to India is generating plenty of publicity, but for all the wrong reasons.
Though the Canadian leader is more than halfway through a week-long trip, he has yet to meet with a single senior member of the Indian government, sparking widespread speculation he has been “snubbed” by New Delhi. What a waste of taxpayers money.
Just one question? Why the flying F$#k is his family going along on this trip? Did we pay for that one too? Is this guy milking us for every dime. What exactly does his wife do? Does she work for the government in any capacity. Justin Trudeau badly wants to be taken as a serious leader around the world while everyone just laughs at him and his selfie gaffes. The Chinese played him as well. Didn’t he learn from his first lessons. He should sit down and shut up for the duration of his role as prime-minister and then at the end slink off to the cesspool with the wacky guy south of us so they can rot and stink together in misery.

#203 James on 02.20.18 at 1:05 pm

#189 Stan Brooks on 02.20.18 at 11:17 am

#183 Midnights on 02.20.18 at 10:22 am
CRA wants it all….
CRA cracks down on undeclared tips for restaurant and bar staff

https://www.theglobeandmail.com/report-on-business/small-business/talent/cra-cracks-down-on-undeclared-tips-for-restaurant-and-bar-staff/article38025478/

——————————

Wild bill wants to screw everything that is moving… except his elitist billionaire friends on bay street, so no stock options tax hike, only screw small businesses and the middle class … for the benefit of the middle class.

The fair share guy.
………………………………………………………………….
Where have I heard this before…………………hummmmmm oh yes south of the 49th…………….

#204 Karma on 02.20.18 at 1:18 pm

“Canadian immigration has been at, or below, 1% of the population for decades. Seems reasonable. – Garth”

I disagree for a couple of reasons:

1) 1% is by far higher than every other Developed Country, bar Australia and NZ. So “reasonable” in comparison to what? The US, our usual benchmark, has immigration closer to 0.4% of their population. People don’t realize how fast Canada’s population is growing that they erroneously say that the US is 10x bigger than Canada. It’s actually 9x bigger, meaning we’ve grown significantly faster than people are realizing, which is not a bad thing inherently.

2) What is inherently bad is that Canada’s federal structure makes for incoherent policies. When immigration policies don’t take into consideration the realities of Provincial and Municipal politics, it leads to far more suffering (see housing crisis in Vancouver and Toronto, perhaps elsewhere). Vancouver’s vacancy rate hasn’t been above 1% since October 2013. If vacancy in Vancouver was a steady 3%, we would not have the massive backlash against foreign buyers, empty homes, housing speculation, etc, that so many people are complaining about. If Municipalities weren’t so beholden to NIMBYs, then the governance structure wouldn’t be such a problem. But they are, and people are pissed, and now we have a “Green” leader becoming the most Trumpian politician in Canada because people are that pissed.

3) Immigration policy is really a question of how much, not whether it’s good or bad. IMO, Harper was far more pragmatic than Trudeau when it came to immigration policy. In 2015, the target was 250k, but Trudeau moved it to 300k in 2016, which is a 20% y/y increase (coincidently very similar to Wynne’s increase in minimum wage). If history is a lesson for anyone, Rapid Change (i.e. 20% in one year) is a cause for revulsions and backlash (see how many times you’ve written the word “xenophobia” more recently relative to previous time years. I bet there’s been an increase). If Trudeau went from 250k target to 275k (10% y/y), the consequences of such a move would have been smaller. In 2016/2017, rents in Metro Vancouver grew by 7% y/y according to CMHC, and that’s just purpose built rentals. In condos it was likely higher. Langley (!) rents grew by 15% according to CMHC. As well as the economy has done over the past few years, the biggest variable is immigration increases!

My entire family (except for me and a couple of cousins) are immigrants to Canada. 90% of my friends are first or second generation Canadians. Immigration isn’t bad. The problem arises by the rate of change by Trudeau, which IMO was ill-advised, ESPECIALLY as Alberta (The largest per capita absorber of new migrants) was in a deep recession. And the local and provincial politicians had no choice but to react to Trudeau’s actions. We’ll see what happens today in BC.

There is zero statistical evidence immigrants are responsible for the $1.6 million average detached home price in Vancouver. – Garth

#205 morrey on 02.20.18 at 1:28 pm

New Zealand has restrictions on foreign ownership of homes.

#206 Karma on 02.20.18 at 1:35 pm

#139 Ucluelet on 02.19.18 at 10:53 pm
“First-time reader, long-time poster.
Has anyone considered what effect the increase in Canadian life expectancy since 1960 (+ 10 yrs) has had on housing demand? If one’s offspring must wait another 10 years for a space to “open up”, this implies more competition for fewer homes. The solution is obvious.”

That’s one aspect of increased demand that makes time periods less comparable. Another one is the increase in people getting married or living common law later in life. Women making more money now than ever is also increasing the total income available to spend on housing, thus increasing inflationary pressures relative to previous decades. Also, we have more foreign students than ever before (5% of Metro Vancouver’s population ~130,000), which increases competition for housing.

#207 Karma on 02.20.18 at 2:05 pm

#147 TRT on 02.19.18 at 11:27 pm
“And to those complaining about high prices, your democracy has chosen globalization and diversity. Trudeau says we are a post nation state.

I welcome the day that the Western European culture is Canada is one of many here; not a dominant culture but equal to others growing in importance here. Hopefully Trudeau opens immigration further.”

Western European culture will always be the dominant culture in Canada and the US. Non-Westerners, such as my family, come here and become Westerners by ideology. Even in the UK, where muslims are far more attached to their home culture, the young get ever farther away from their parents’ home culture, and their children will be even farther, etc.

I would like to point out that Western European “Culture” is real the “Culture” of the European Enlightenment movement. Therefore it’s ideals that drive the culture. Chinese-Canadians, such as my girlfriend and many of my friends, are nominally “Chinese”. They go out for Chinese food for CNY, but never go to a buddhist temple, or speak or write the language, and often adopt Christian/European names, and thus can’t pass down proper traditions to their children. They were put in “Chinese” school by their immigrant parents, but forgot everything a year or two after quitting it. This is not specific to any groups, but a universal situation.

For example, the same can be the said for my family’s Indian traditions (disclaimer: I’m quite ignorant of Indian traditions, as are my siblings and cousins). Indians are more likely to keep Indian names, but that’s slowly changing. Less Sikhs wear turbans with each generation. Less Muslim women wear hijabs than their home countries, and their children are less likely to wear them than they are (Especially as MBS liberalizes KSA). As more people have mixed children, it’s literally impossible for that child to remember everything from both cultures, especially the further away from the source (i.e. multiple generations) it gets.

Think about it this way: The US was founded by English settlers. Today, descendants of those English settlers probably make up no more than 10%-15%, and the rest was due to immigration, but everyone melts into an Anglo-American culture. German-Americans are actually the largest ethnicity in the US, that’s why “Burgers” and Hot Dogs are so culinarily American.

In Canada, British Canadians are by far the largest ethnicity in Canada, making up something like 45% of the population (including Irish Canadians). Add in French Canadians are you’re at about 60% of the population. People who come here become Anglicized or Gallicized (French) and then are just added to a genetical mix-up of Canadiana. In 2001, there was no “Canadian” on the Census, as far as I can remember. But now it’s quite a large portion, and it represents people who are so mixed that they can’t classify themselves as “English” or “French”, or “Scottish”, “Chinese”, etc.

#208 MF on 02.20.18 at 2:26 pm

Sh*tcoin trading above 11k again.

Garbage “weed stocks” up again.

At least hcg is down. There’s hope?

MF

#209 Karma on 02.20.18 at 2:31 pm

“There is zero statistical evidence immigrants are responsible for the $1.6 million average detached home price in Vancouver. – Garth”

I am not saying they are. But if population growth rises at 1.5% y/y, but the supply of housing rises at 0.5%, then you have a demand mismatch. In 2016, there was a net migration of 10,000 people from Alberta to BC. Technically, you can call them “immigrants”, but the Federal government has no control over where people with the legal right to live in Canada can go. But they have control of the spigots of how many more people can be allowed to legally live in Canada.

In your, dare I say, political correctness need to not be “xenophobic”, you’re committing to the problem of trying to shut down any criticism of higher immigration rates. Do you believe that 20% increase in 1 year is a good idea? Do you agree that one policy change can have adverse effects that lead to other counter-measurements? Politics is reactionary, so there is always some blame to be distributed.

Blaming immigrants for economic conditions has been the time-worn staple of hater politics. Not on this blog, dude. – Garth

#210 paul on 02.20.18 at 2:31 pm

DELETED

#211 chopstix on 02.20.18 at 2:35 pm

There is zero statistical evidence immigrants are responsible for the $1.6 million average detached home price in Vancouver. – Garth
—————————————————
edit:
and heck it’s not just about ‘immigrants’…nothing wrong with them if they’re honestly contributing to our economy (my ancestors are immigrants as is the case with many on here, no doubt).
it’s also about the flippers (both local and offshore/presales etc) as one said: the increasing commodization of housing esp with china capital flight…many would argue that much of this isn’t caught in the stats the govt releases…even those are supposedly ‘the tip of the iceberg’ from the dept that released them, with more to come in the next few months.

#212 Karma on 02.20.18 at 2:37 pm

“There is zero statistical evidence immigrants are responsible for the $1.6 million average detached home price in Vancouver. – Garth”

That said, there is statistical evidence that a significant portion of price growth can not be explained by fundamentals (income growth, population growth, mortgage rates).

But it can easily be explained by speculation and debt accumulation. – Garth

#213 SoggyShorts on 02.20.18 at 2:43 pm

#139 Ucluelet on 02.19.18 at 10:53 pm
First-time reader, long-time poster.
Has anyone considered what effect the increase in Canadian life expectancy since 1960 (+ 10 yrs) has had on housing demand? If one’s offspring must wait another 10 years for a space to “open up”, this implies more competition for fewer homes. The solution is obvious.

*****************************
Logan’s Run?
https://en.wikipedia.org/wiki/Logan%27s_Run_(film)

#214 crowdedelevatorfartz on 02.20.18 at 3:04 pm

@#211 Soggy
“Logan Run”
+++++
A classic

Right up there with dreadful actor Charston Heston’s Soylent Green and Bruce Dern in Silent Running.

So bad…..they’re good.

#215 James on 02.20.18 at 3:25 pm

#182 Smoking Man on 02.20.18 at 10:17 am

#148 Screwed Canadian Millenial on 02.19.18 at 11:34 pm
Great effort on the rebuttal. It’s obvious you’re not exactly a lone crusader here. Social media and place like the comments section have much more influence than MSM these days.
I don’t think it’s a stretch that your part of a well organized information war funded by liberals.
I like how you split TFW with IMP . Brilliant tactic for argument sake. But when I speak with former IT workers from Canadian Banks the ranks of contractors from Indian based consulting companies is at an all time high.
Hence the reason I’m in the USA where billing rates are almost double and taxes even in California are way less especially now that income splitting is forbidden.
Put that in your liberal pipe.
…………………………………………………………………
Wow you used a big boy word, “Hence” I’m slightly impressed. So we can take it that you are committed to MAGA 100%?
Captain America? Did you and the old hag apply for a full citizenship in the local county trailer park? BTW how many medals have you won in the Olympics?
What? What is that sound I hear ?……chirp, chirp, chirp, chirp, chirp. Hummm sounds like crickets!

#216 James on 02.20.18 at 3:27 pm

#212 crowdedelevatorfartz on 02.20.18 at 3:04 pm

@#211 Soggy
“Logan Run”
+++++
A classic

Right up there with dreadful actor Charston Heston’s Soylent Green and Bruce Dern in Silent Running.

So bad…..they’re good.
…………………………………………………………………
Ocean’s dying, plankton’s dying… it’s people. Soylent Green is made out of people. They’re making our food out of people. Next thing they’ll be breeding us like cattle for food. You’ve gotta tell them. You’ve gotta tell them!

#217 jess on 02.20.18 at 3:43 pm

“We really have nothing to brag about here. High taxes, crazy cost of living, bottom of the barrel dollar…”
=============
the grass may not be greener
my nephew works for apple Cupertino…hugely expensive to live there ….

http://www.cbc.ca/passionateeye/episodes/the-persuasion-machine-of-silicon-valley

Y Combinator has been blamed for its encouragement of the ageism culture in Silicon Valley. Paul Graham said in 2005 that people over 38 lacked the energy to launch startups[32]. It was also at a Y Combinator event, the 2007 Startup School, that Mark Zuckerberg infamously said, “Young people are just smarter”[33].

#218 jess on 02.20.18 at 3:49 pm

another point of view scm might want to have a look

The Entrepreneurial State

The Entrepreneurial State: debunking public vs. private sector myths is stirring up much-needed debate worldwide about the role of the state in fostering long-run, innovation led economic growth

https://marianamazzucato.com/entrepreneurial-state/es-us/

#219 april on 02.20.18 at 3:49 pm

#200- That’s what I’d like to know re who’s paying for the whole family plus their entourage of servants and security.

#220 Entrepreneur on 02.20.18 at 4:07 pm

But have to add with debt to buy a house, as #174 Bobby wrote “two ways to make houses more affordable, lower prices or increase incomes.” Playing the debt card with the bank(s) and real estate and speculators (here and foreign) makes one nasty hot bubble. And the average worker is out of the picture.

As for the Liberals in for 16 years: You mean the ones who mean one thing at election time and do another when elected. And pretend to care about our fish and use words like “streamline” to avoid issues.

As for the “NDP government which breeds high cost, high taxes, high regulations and, inevitably less opportunity” but I think we have those high costs/taxes/regulations and less opportunities after having the bully-pals Conservatives and Liberals running the show for far too long.

#221 45north on 02.20.18 at 4:12 pm

Hans: Poshawa which is new and shiny and far more affluent, has been relentlessly building and many have been caught with their pants down by the market

“Poshawa” pretty funny

(3) What happens this spring when listings bloat and people move into houses that they are already significantly underwater?

I will admit that things are looking pretty bleak.

People moving into a house are going to be paying the new price – they aren’t going to be underwater. This is the year, house prices take a beating and north Oshawa is going to be beat worse than anywhere else.

Things are looking pretty bleak and the politicians aren’t making it any better. Justin Trudeau is going to talk about gender equality and Kathleen Wynne has already bumped the minimum wage to $15 an hour. Neither of two is making it any better.

My plan would give a family that lost their house due to bank action, $1000/month for 12 months. I’m thinking the family that just sold 1713 Finkle would qualify.

#222 TheDood on 02.20.18 at 4:20 pm

#210 Karma on 02.20.18 at 2:37 pm
“There is zero statistical evidence immigrants are responsible for the $1.6 million average detached home price in Vancouver. – Garth”

That said, there is statistical evidence that a significant portion of price growth can not be explained by fundamentals (income growth, population growth, mortgage rates).

But it can easily be explained by speculation and debt accumulation. – Garth
_________________________________________

Or, it can easily be explained by outright stupidity!

Canadians responding to an outstanding marketing campaign by the RE cartels, lined up down the street, eager to overpay and take on a lifetime of debt!

Good lord.

#223 Lost...but not leased on 02.20.18 at 4:29 pm

#205 Karma:

Homework is review COUDENHOVE- KALERGI Plan and report back.

Then distinguish Stalinesque Communism vs Trotsky Communism.

Representative Gov’t and Democracy were corrupted the same day they were established.

#224 IHCTD9 on 02.20.18 at 4:39 pm

#147 TRT on 02.19.18 at 11:27 pm
And to those complaining about high prices, your democracy has chosen globalization and diversity. Trudeau says we are a post nation state.

I welcome the day that the Western European culture is Canada is one of many here; not a dominant culture but equal to others growing in importance here. Hopefully Trudeau opens immigration further
—————

Culture has nothing to do with it. As Karma correctly identified, all immigrants become Westernized – and in Canada that happens quick. I don’t know jack about my Parents’ country, customs, language, and little of its history. My Dad did not think it important to pass any of that stuff along. He’s only been back to his birth country once in the last 67 years, and couldn’t wait to get back here.

Make no mistake, immigration is about the money, gdp, revenues, and keeping our bloated bureaucracy in the black. Immigration will be a permanent fixture as one of the side effects of becoming Westernized is having less, or zero kids.

Trudeau was actually advised to do 500k per year…

#225 Newcomer on 02.20.18 at 5:03 pm

#139 Ucluelet on 02.19.18 at 10:53 pm
……
Has anyone considered what effect the increase in Canadian life expectancy since 1960 (+ 10 yrs) has had on housing demand?
——–
Life expectancy, immigration, etc. are just some of the inputs, you also have to look at birth rates etc. In the overall, population growth in Canada is at historic lows and basically all projections are for slowing or negative growth unless it is offset by greatly increased immigration. The whole population bomb is so 70s. These days policymakers are more concerned with population collapse.

#226 PastThePeak on 02.21.18 at 12:44 pm

#180 paulo on 02.20.18 at 10:07 am
#170 howard

Actually property owners in Florida that are non residents are subject to a 20% tax surcharge upon sale of real property.

False. Capital gains taxes are levied on profits, with an amount withheld upon sale (as in every other state). You can reclaim on your tax return. – Garth
++++++++++++++++++++++++++++++++++

Garth is right, whereas the arm-chair know-it-all is wrong.

We just sold Florida property last year (so nice of the Americans to let us foreigners buy…), and while there is a 15% withholding on the total value, you will get this back upon final settling of taxes.

However, as a bonus, the Florida tax man seemed to have accelerated wisdom, in that knowing we are Canadian and will be paying the higher tax here, they were nice enough to return almost all of that 15% withholding after about a month (our US tax return will be filed this year).