Tools

Last April the weather was better in most places, mortgages were still around at 2%, there was no stress test (except for the low-downpayment crowd), stock markets were cavorting higher, volatility was low and average house prices in the Bubble Cities were jumping 33% year/year. It was, we now know, peak house.

As prices jumped so did buyer creativity. Bank of Mom loans exploded so newbies could avoid paying mortgage insurance – plus meeting higher income requirements – with a bigger deposit. If you could pony up 20%, you could flip CMHC the bird and cut the red tape. So that’s what happened. And soon the banks found more than half their home loan portfolios were uninsured, even though tons of those people were actually higher-risk. They’d bought homes, in other words, with other people’s money. If rates rose or the market choked and borrowers walked, the bankers would be exposed.

So, we got B20.

Now everyone, regardless of where they obtain the downpayment, must pass a test proving they can handle the payments even if rates pop 2% higher.

In a year, breathtaking change. Peak house passed. Prices are off 10% nationally, 14% in the GTA and 25-30% in McMansion-laced suburbia. The Dippers took over BC and are purposefully killing the market there. Mortgage rates have increased. Real estate sales have dropped by a third. What activity there is has been pushed down into the condo segment. As far as housing goes, this is the silent spring realtors have dreaded.

As detailed here recently, B20 is powerful, and it’s backfiring. By making detached houses less affordable, it’s driven demand elsewhere. Condo prices are up 25% in Van and 15% in Toronto since this time last year. Meanwhile SFH values in popular urban areas have not moved much at all, and the only ‘bargains’ are in the hinterland where $1.9 million suburban sprawls are now $1.3 million – still well outside the means of the average newbie buyer (and over 90% of the population).

The overall result has been to reduce affordability by trimming the fat on houses few people can buy and increasing the price on those that they can (or used to). Big fail. The BC tax assault will have an identical outcome. Politicians are such tools.

Anyway, in an astonishing development, Global News did something useful a couple of days ago. Those guys came up with some graphic evidence how B20 has massively penalized first-time buyers in a few select cities (you know which ones) compared to other places where people can actually raise a family and have a life.

Global produced a chart showing what income and downpayment are required to buy an average house in various places. The assumptions are generous – 20% down, 2.99% five-year mortgage and that the buyers must have no other debt of any kind (do you know anybody like this? Me neither.).

Remember the formula bankers use: total debts cannot take more than 42% of pre-tax income and housing costs must be less than 32% – and that’s based on a stress test of the current mortgage rate + 2%.

So here’s a sample of what you must earn and have saved, to buy a home, based on current average prices:

Halifax
Down: $59,671
Income required: $55,000

Montreal
Down: $75,318
Income required: $70,000

Winnipeg
Down: $59,462
Income required: $60,000

Calgary
Down: $93,121
Income required: $85,000

Ottawa
Down: $81,380
Income required: $75,000

Toronto
Down: $163,528
Income required: $145,000

Vancouver
Down: $216,800
Income required: $175,000

Conclusions: (a) B20 has failed in YVR & 416. Buying detached is impossible for first or second-time purchasers. So condo prices have popped, and soon that option will be gone. (b) You need a damn good reason to stay in urban Toronto or Van – and that doesn’t include Sbux, Muttonhead or Robson Street. (c) Life in two of our major cities has been made worse by political interference and financial engineering. You elected them. (d) Buy now in Halifax.

236 comments ↓

#1 TRUMP on 04.15.18 at 4:39 pm

What the heck is there to do in HALIFAX………

#2 Warren Buffett on 04.15.18 at 4:46 pm

Get familiar with the term “Margin of Safety” and let this be the backbone of all your investment decisions.

#3 arfmoocat on 04.15.18 at 4:49 pm

Where is Halifax?

#4 The Fat Lady on 04.15.18 at 4:52 pm

Halifax……is that somewhere is Canada??

Yo Adrian……Garth says “Buy Halifax”

#5 Butcher on 04.15.18 at 4:52 pm

Too bad The Donald got involved in Syria’s mess.
Now Putin will not be buddies with him.

#6 Brian1 on 04.15.18 at 4:56 pm

Comey is a liar and CNN are perverts.

#7 taxpayer on 04.15.18 at 4:59 pm

Buy a sailboat with your excess cash, or horrors….invest the difference. Your investment income can help to pay off your mortgage in Halifax. Borrow for that, you can write off interest expenses on those investments & keep your excess cash. Get creative, man.

I’m a retired BOOMER. My mortgage was paid off in 7 years & I’m living mortgage/non-tax deductible, debt free. I spend plenty of time on my investments, while paying little in the way of taxes. Not all of them are ETF’s. When I was working, investing was my second job, with every spare bit of cash. It should be yours, too. Get your nose out of your phone & Faceplant & put to work some of what this man blogs about.

There is no free lunch, life is not a bowl full of cherries & you never know when some calamity will come crashing down on you, if you don’t plan to deal with it.

#8 toronto1 on 04.15.18 at 5:02 pm

At some point in the very near future- the price of a reasonable sized condo- say min 750 sq feet to 1000sq feet will be at or near the price of a single semi or detached home when you factor in maint fees etc..

at that point condo’s will drop hard and fast- beware if your buying a condo………

B20 did what it was intended too do, it just takes time for the market to adjust. B20 was always to protect the banks and not customers.

in essence a lot of first time buyers are going to be able to forego their first purchase which is usually a town home or condo and move right into a semi or detached house when this market drop is over

#9 Bobs ur uncle on 04.15.18 at 5:10 pm

What the heck is there to do in HALIFAX………

***

Drink. Lots.

http://thechronicleherald.ca/novascotia/1294865-municipality-urged-to-address-heavy-drinking-in-c.b.

“Nova Scotia has the highest number of heavy drinkers in the country.”

#10 Lost...but not leased on 04.15.18 at 5:10 pm

Today’s blog photo:

The subject is a “pointer” playing possum.

#11 Gyga on 04.15.18 at 5:13 pm

GTA is a place where millionaires live.
Pretty much any carboard pos is worth a million or more.
The Chronicles of Narnia

#12 North Burnaby on 04.15.18 at 5:17 pm

2 bedroom condos can still be had under $1-million dollar is a steal in North Burnaby

#13 Lost...but not leased on 04.15.18 at 5:21 pm

Garth erred re downpayment required in Vancouver…

Dippers will be requiring:
(i) 1st born….and

(ii)donation of any vital organ that is currently paired up..(males watch out !)

#14 Andrew Woburn on 04.15.18 at 5:22 pm

#6 Brian1 on 04.15.18 at 4:56 pm
Comey is a liar and CNN are perverts.

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

I thought Trump was a “reality” show but he has become a cult.

#15 Vince on 04.15.18 at 5:25 pm

If this continues, the price of a condo will eventually be about the same price as a single house. So what happens then?

#16 FOUR FINGERS WATSON on 04.15.18 at 5:26 pm

We are not unique…….i was considering buying a condo in Cebu City in the Philippines in January. Went out and looked at a few and made some enquiries. I found that an EQUIVALENT condo in Cebu City would cost roughly the same price as the one I own in Kelowna. WTF ? I asked. The average family income is under $7000 cad here. How can any Filipino afford to buy one ? I was informed that foreigners are not allowed to own land in the PI so they can only buy condos. I was told that Chinese and Koreans are the ones snapping them up and putting huge pressure on the condo market. Many purchases seem speculative as many condos sit empty for years.The only Filipinos that can afford to buy a condo are the rich ones. Most Filipinos live 3 generations to a house. Maybe that is our future too…………..

#17 Natalie on 04.15.18 at 5:27 pm

Garth,

If you say that the government measures did not work, what is your suggestion? What measures could they put in place to combat the speculation that has occurred in Vancouver and GTA?

#18 Andrew Woburn on 04.15.18 at 5:27 pm

DELETED

#19 Zapstrap on 04.15.18 at 5:40 pm

With numbers like that … who needs enemies … in Van?
At least we have 420 to soothe the nerves.

#20 X on 04.15.18 at 5:41 pm

Wouldn’t reverting back to 10% down slow the condo market, for those only able to afford the lowest priced places in the RE market. By making RE more expensive (having to save more), demand would decrease, and valuations for that segment decrease as well.

Doesn’t sound unreasonable to pitch to Canadians that it is being done to protect them from themselves in the event of a downturn, and to blame it all of the previous government.

#21 MF on 04.15.18 at 5:49 pm

Everyone outside this blog knew B-20 would be a failure.

The reason is simple: ask the average Torontonian what B-20 is and he/she/x will have no idea what you are talking about.

I guess I can sort of say I predicted this (I didn’t buy any condo after all), but I was wrong about single family detached prices not moving yet. They will though.

If you can buy then buy now.

“b) You need a damn good reason to stay in urban Toronto or Van – and that doesn’t include Sbux, Muttonhead or Robson Street.”

-How about your job, your career, your family?

MF

#22 Betsy is my Aunt on 04.15.18 at 5:49 pm

Halifax… pfft…
Everyone should move to Lunenburg.. I hear it’s swell.

#23 MF on 04.15.18 at 5:52 pm

There’s a reason why Halifax RE is cheap. Lots of people want the big city feel…and Halifax aint it.

The GTA is currently booming. There are people from all over the world here. It is the New York of Canada.

Anyone who says otherwise is delusional and biased.

MF

And you are parochial. Even lived in Halifax, Ottawa or Montreal? – Garth

#24 crowdedelevatorfartz on 04.15.18 at 5:52 pm

@#9 Uncle Bob
“Nova Scotia has the highest number of heavy drinkers in the country.”
++++++

As an expat Scotian……..I’ll drink to that.

#25 MF on 04.15.18 at 5:54 pm

#8 toronto1 on 04.15.18 at 5:02 pm

Not even a drop in condo prices is to be expected. The reason is that most of the empty nester boomers will be moving out of their SFD houses at some point in large numbers. Where will they go? Condos. Up she goes.

MF

#26 crowdedelevatorfartz on 04.15.18 at 5:56 pm

@#1TRUMP, #3 aroofcat, and #4 Rubinesque Female

Your snobbery is only exceeded by your geographical laziness…
Visit Newfie Scotia in July, Aug, Sept and be amazed.

#27 Still waiting in Kelowna on 04.15.18 at 6:11 pm

Everything interesting in Kelowna is $650,000 plus.
I get that RE is always local but does anyone think these new measures will actually lower prices in such a small market like this?

#28 crowdedelevatorfartz on 04.15.18 at 6:12 pm

@#12 MF
“Toronto….It is the New York of Canada.”
++++++
Bwahahaha.
Is that what Margaret Atwood told you?
Or do you believe the city’s own hype?
Time to get out more.
The city smog has affected your reasoning skills.
Toronto, another flat, boring, somewhat clean, anonymous cookie cutter North American city.
Devoid of any soul.
Broiling hot in the summer and freezing cold in the winter.
With a huge phallic symbol(CN Tower)pointed at the US.
The only thing “world class” are its traffic jams and its former Mayor Ford……

#29 Larry B on 04.15.18 at 6:15 pm

Provincial income taxes in Nova Scotia will kill you. For our family, an extra $5000/year. This does not include the fact that pretty much everything (including the HST) is more expensive in Nova Scotia. Besides, you can’t get there from here and you can’t get anywhere from there. Health care and education is a nightmare in NS.

So many manufactured reasons not to leave your comfort zone. People are funny. Now dis Montreal or Ottawa. – Garth

#30 Stan Brooks on 04.15.18 at 6:18 pm

Any talks about GTA/Toronto being world class are just that, talks.

Poor working class city ‘thriving’ on debt.

And apparently inhibited by idiots as only an idiot will buy a crappy glass walls noisy and cold condo with huge ever increasing maintenance and property taxes.

#31 pathcontrolmonk on 04.15.18 at 6:26 pm

#23 MF – If Toronto was equivalent to NYC, it wouldn’t have to compare itself to an American city to tell everyone how great it is. #inferioritycomplex

#32 Ron on 04.15.18 at 6:27 pm

5.18 at 5:52 pm

The GTA is currently booming. There are people from all over the world here. It is the New York of Canada

—————

The only thing New York-ish about Toronto are the tall office buildings. Culturally, Montreal is much closer as an old east coast city with cultured, outgoing people.

#33 When the Whip Comes Down on 04.15.18 at 6:33 pm

Did you not state we will not know the full effects of B20 for 6 months? That would include Yvr and 416. It was suspected far in advance that this would only inflate the lower end of the market.

#34 45north on 04.15.18 at 6:37 pm

As far as housing goes, this is the silent spring realtors have dreaded.

January, February and March were down 40% year-over-year in the GTA. If April is down 40%, it’s gona be a silent spring. It will be the evident collapse of the real estate market. Just in time for the June 7 election.

#35 For those about to flop... on 04.15.18 at 6:39 pm

I don’t know if it’s a forgone conclusion that the Millys will switch over to detached when the math after expenses roughly works out the same.

There is no perfect way to do a direct comparison between a condo and a detached but a recent sale I just put up the other day emboldened me to try.

This condo out at U.B.C was on the market for 1.28 and someone according to the realtor just snapped it up for 1.50

It was built in 2007

https://www.zolo.ca/vancouver-real-estate/5989-iona-drive/205

I wasn’t really sure which detached to put up as something to compare as to what they could have gotten if they had been focused on a detached,but then instead of going for a bigger older one ,settled on a newer one with perhaps some of the more modern finishes that appear in most modern condos.

It is on the market for 1.39.

100k or so below what the condo went for without the $515 a month maintenance.

It was built in 2010.

It’s not over until the Millys deal with their addiction to glass.

The next round of leaky condos is the cure for that…

M43BC

https://www.zolo.ca/vancouver-real-estate/2373-e-33rd-avenue

#36 MSM Free Zone on 04.15.18 at 6:40 pm

Sad to see your final ride being trailered away. Hope you kept some good memories.

Though, you might have held out until Friday, July 13th. Should be the biggest mid-summer barn burner in Dover for awhile.

Then again, I’m sure you wisely sold her in peak spring market.

#37 Lost...but not leased on 04.15.18 at 6:41 pm

#15 Vince….

Yes….as it stands….SFH prices could easily collapse to the cost of the average condo/strata.

..or conversely…condos/strata could rise to cost of average SFH..

……the ultimate convergence.

Then the “SHTF” fun happens…

QUESTION: guess which RE option will win ?

#38 R Vanzo on 04.15.18 at 6:47 pm

pathcontrolmonk
Let’s be honest, Canada is a inferior version of the USA. Just by looking at your paycheck you can see that.

#39 BurlingtonShyster on 04.15.18 at 6:50 pm

Funny, history repeating….

http://www.cbc.ca/news/canada/toronto/toronto-housing-prices-through-the-roof-in-1988-1.3538045

https://www.huffingtonpost.ca/2016/04/25/toronto-real-estate-1988_n_9762348.html

See you in 2024-25 for the bottom in housing

#40 isuckless on 04.15.18 at 6:51 pm

Try comparing Toronto to Boston. Why New York? Is Toronto Empire city?

#41 Toronto the bland on 04.15.18 at 6:52 pm

#25 MF on 04.15.18 at 5:54 pm

#8 toronto1 on 04.15.18 at 5:02 pm

Not even a drop in condo prices is to be expected. The reason is that most of the empty nester boomers will be moving out of their SFD houses at some point in large numbers. Where will they go? Condos. Up she goes.

MF

..
Hey dude. Sell your preferreds and just buy a house for f sale.

#42 Penny Henny on 04.15.18 at 6:54 pm

#132 Ace Goodheart on 04.15.18 at 4:23 pm

It would not surprise me at all if he laid off the Chinese once they start letting his corporations put hotels in their cities. That is Trump.

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

cuckoo

#43 burnaby guy on 04.15.18 at 6:56 pm

“average house prices in the Bubble Cities were jumping 33% year/year. It was, we now know, peak house.”

“In a year, breathtaking change. Peak house passed”

Hey Mark the 2013 peak RE guy – Garth says 2017 was peak house not 2013. Nobody believes your 2013 peak RE and sales mix theory except you and that Ross who guy. I notice your last few posts about rent mix theory. What a joke, especially for a guy that doesn’t live in the lower mainland BC. I know you are the ” know it all ” type guy and always have a theory and reply for everything. I am expecting a long reply from you now. I am getting my finger and mouse ready to scroll pass it.

#44 TheDood on 04.15.18 at 6:57 pm

#12 North Burnaby on 04.15.18 at 5:17 pm
2 bedroom condos can still be had under $1-million dollar is a steal in North Burnaby
____________________________________
LOL! Sounds like quite a steal. Where’s my chequebook!!??

#45 Honey Dripper on 04.15.18 at 6:58 pm

Doesn’t sound like the average family can afford the average house in an average neighbourhood. Gawd I miss the 70’s.

#46 acdel on 04.15.18 at 7:01 pm

That pic, such a ham, like my late pooch, gotta love it unless your Felix!

Although I live in the West you just cannot beat the people on the East Coast, lovely, beautiful scenery, snow up to their roofs in the winter but they somehow scramble out of there residents using whatever means with a big smile on there faces. That is a community..

It snows less in Halifax than Toronto, actually. – Garth

#47 David on 04.15.18 at 7:01 pm

FAIL. Name one bank in Canada that doesn’t go 44TDS and 39 GDS. name one bank that stops at 30-32GDS. Global fail by staff who know nothing. Garth. Really?

#48 renter in Surrey on 04.15.18 at 7:02 pm

#17 Natalie

What measures could they put in place to combat the speculation that has occurred in Vancouver and GTA?

——————————————————————

I think the only measures that could work are:
– get rid on CHMC completely, let banks risk their money;
– prohibit foreign ownership of any RE;
– prohibit airbnb;
– raise BoC interest rates to 7%-10%;
– implement punitive taxation on RE transactions;

none of the above will ever happen, so as Garth pointed – moving out of GTA, BC is the only option.
At least for those who were stupid enough not to buy 5-10 year ago.

That ship is sailed and never coming back. Accept it.

#49 renter in Surrey on 04.15.18 at 7:06 pm

#15 Vince on 04.15.18 at 5:25 pm
If this continues, the price of a condo will eventually be about the same price as a single house. So what happens then?

——————————————————————–

Then SFD will go up in price even more.

#50 Dee on 04.15.18 at 7:06 pm

B20 is just starting to show. We’re nowhere near bottom. Tell me a bubble as long as gta housing that correction lasted one year

#51 TheDood on 04.15.18 at 7:07 pm

#23 MF on 04.15.18 at 5:52 pm
There’s a reason why Halifax RE is cheap. Lots of people want the big city feel…and Halifax aint it.

The GTA is currently booming. There are people from all over the world here. It is the New York of Canada.
________________________________
Am glad you love GTA. Stay there.

#52 Danny on 04.15.18 at 7:07 pm

Remember Einstein’s law of relativity.
I’m surprised that more weren’t buying condos when house prices hit the rafters….last year.

Still today interest is low…….relative to many years ago.

Interesting that housing prices are still high relative to many years ago.

Would be nice to compare housing prices relative to 10 to 5 years ago.

Maybe then comment as well on the government policies or lack of them….in those days?

I find comparing prices to less than a year ago….well weak…..especially because last year was historically high and not a usual condition.
What do you think Garth….is a longer time frame more relative to understanding the housing market…like other types of investment portfolios?

#53 KLNR on 04.15.18 at 7:13 pm

@#28 crowdedelevatorfartz on 04.15.18 at 6:12 pm
@#12 MF
“Toronto….It is the New York of Canada.”
++++++
Bwahahaha.
Is that what Margaret Atwood told you?
Or do you believe the city’s own hype?
Time to get out more.
The city smog has affected your reasoning skills.
Toronto, another flat, boring, somewhat clean, anonymous cookie cutter North American city.
Devoid of any soul.
Broiling hot in the summer and freezing cold in the winter.
With a huge phallic symbol(CN Tower)pointed at the US.
The only thing “world class” are its traffic jams and its former Mayor Ford……
______________________
LOL, sure it is. Toronto is the closest resemblance to NYC that canada has wether you like it our not. Obviously don’t live in Toronto nor have you been there you old curmudgeon.

#54 young & foolish on 04.15.18 at 7:17 pm

I agree that the big smoke has become ridiculously expensive … I just went through Craigslist Toronto and I have been finding basement apartments listed at 2K per month!

#55 MF on 04.15.18 at 7:18 pm

#28 crowdedelevatorfartz on 04.15.18 at 6:12 pm
#31 pathcontrolmonk on 04.15.18 at 6:26 pm

I’m curious, what city do you live in?

MF

#56 Lost...but not leased on 04.15.18 at 7:20 pm

Strata is T-H-E “JUNK BOND” of Real Estate options

The End

(..N/C +PST/GST)

#57 KLNR on 04.15.18 at 7:20 pm

@#32 Ron on 04.15.18 at 6:27 pm
5.18 at 5:52 pm

The GTA is currently booming. There are people from all over the world here. It is the New York of Canada

—————

The only thing New York-ish about Toronto are the tall office buildings. Culturally, Montreal is much closer as an old east coast city with cultured, outgoing people.
___________
LOLOLOL at all the trolls who get triggered when Toronto is compared to the worlds other great cities. most likely never lived/visited Toronto in the past 30+ years.
LOL who’s got the complex?

#58 Brian1 on 04.15.18 at 7:21 pm

This blog is full of jealous left wing hysteria towards Donald Trump who is a natural born leader.

#59 Whatcha Minnie on 04.15.18 at 7:24 pm

I had some success at growing produce in recycled 5 gallon buckets. My previous gardening attempts here in the high desert had been much less successful. Strangely, asparagus, okra and beets were the big winners for surviving the heat and producing edibles. I had early success with sugar snap peas, but they picked up a fast-moving fungus that killed them in about 2 days. We planted a couple of berry bushes about 18 months ago. They didn’t produce this past summer, but I have high hopes for next summer!

#60 young & foolish on 04.15.18 at 7:31 pm

EZ money seems to have resulted in high RE and other asset values. Is that not obvious to everyone?

Rates have increased five times in about a year in the US with several more rounds to come. Not obvious to you? – Garth

#61 FOUR FINGERS WATSON on 04.15.18 at 7:39 pm

#27 Still waiting in Kelowna on 04.15.18 at 6:11 pm
Everything interesting in Kelowna is $650,000 plus.
I get that RE is always local but does anyone think these new measures will actually lower prices in such a small market like this?
………………………………………….
I don’t. Kelowna is now like a bedroom suburb of Vancouver like Surrey / Langley/ Aldergrove / Coquitlam etc. I know people who work 3-4 days in Vancouver and live in Kelowna. Many also work in the oil patch and do the same.Many new arrivals have cashed in from the Big Smokes and settled here. More are coming. Lots of condos going up everywhere. Lots of foreign students here putting pressure on rentals. Kelowna’s economy is mostly a service economy, hotels, restaurants, seasonal agriculture etc. with many many of the jobs being filled by low paid foreign workers putting more pressure on rentals.I don’t see demand slackening here in Kelowna. I don’t think prices will correct much at all.

#62 Zapstrap on 04.15.18 at 7:42 pm

#45 Honey Dripper on 04.15.18 at 6:58 pm

Doesn’t sound like the average family can afford the average house in an average neighbourhood. Gawd I miss the 70’s.

Glad I didn’t miss the 70’s.

#63 Gyga on 04.15.18 at 7:48 pm

Just tax the primary residence same as non primary.
Goes up pay tax,goes down you sell , claim losses carry forward for 10 years. We need to stop speculation.

#64 Long-Time Lurker on 04.15.18 at 7:52 pm

Where are we: The beginning of the end or the end of the beginning?

#121 FOUR FINGERS WATSON on 04.15.18 at 12:02 pm
#110 MF on 04.15.18 at 9:56 am
82 FOUR FINGERS WATSON on 04.14.18 at 10:42 pm

Serious question: what’s your age? Are you retired?

MF
………………………….

I will be 69 this year. Retired for 9 years now. I bounce around between Kelowna and SE Asia.

Bucket list was done a few years back.

>What happened to your other fingers?

#65 FOUR FINGERS WATSON on 04.15.18 at 7:56 pm

#59 Whatcha Minnie on 04.15.18 at 7:24 pm
I had some success at growing produce in recycled 5 gallon buckets. My previous gardening attempts here in the high desert had been much less successful. Strangely, asparagus, okra and beets were the big winners for surviving the heat and producing edibles. I had early success with sugar snap peas, but they picked up a fast-moving fungus that killed them in about 2 days. We planted a couple of berry bushes about 18 months ago. They didn’t produce this past summer, but I have high hopes for next summer!
………………………………

Sometimes when i get bored I fly from Manila to Kota Kinabalu. I like flying on Cebu Pacific airlines cuz it is the best and the food is good and the stewardesses are very friendly and
sometimes they give me extra nuts.
https://m.youtube.com/watch?v=riTMSz5Ml0M

#66 acdel on 04.15.18 at 7:57 pm

It snows less in Halifax than Toronto, actually. – Garth

Yeah, my mistake, I was referring to the East Coast in general, great area of Canada with great attitudes.

Meanwhile we are expecting another 10 to 20 cm’s of the great white stuff tomorrow in my neck of the woods.

East Coaster any good ideas to deal with yet another dump??

#67 Happy Housing Crash Everyone! on 04.15.18 at 8:00 pm

Lol so many dirty SHYSTERS posting their high school drop out wisdom. From MF to Four Finger SHYSTER. You dirty high school drop out SHYSTERS are useless eaters suffering from zero sales. :-)) . Condos are going to be crashing back down to earth. So many flippers trying to bail out of the market that SHYSTERS can’t locate the right lock box. You SHYSTERS are Lucky millennials the dumbest generation in history are clueless to reality. Pre B-20 is done. Watch for condos to crash with SFH. To say condos will keep going up is idiotic and a dirty SHYSTER thing to say. You dirty SHYSTERS are horrible POS.

Ps. I HATE H A T E SHYSTERS

#68 Keith in Rio on 04.15.18 at 8:00 pm

Buy in Halifax ?

Are you out of your skull ?

The winter weather there is enough reason to stay away permanently.

Myth. Ottawa and Montreal are far worse. – Garth

#69 Brian1 on 04.15.18 at 8:01 pm

Andrew Woburn
A cult implies a relgious following. Trump is not a god.

#70 Lost...but not leased on 04.15.18 at 8:01 pm

#59 Watcha Minnie

Whilst your ambition is kudos with actual effort(..as opposed to some Gov’t Grant via SJW )

….rumour has it that Voting Rights may be extended to any/all carbon- based lifeforms.

This may force Mr. Dressup to whore for votes costumed up in apropos regional cash crops..(.ie in Maritimes as a cross between Lobsters , Potatoes and Uncle Willy)

PS: I am not the ultimate arbitrator as to whether this is a positive or negative development.

#71 Vanreal on 04.15.18 at 8:04 pm

I grew up in Halifax, went to school in Ottawa and Toronto and live in Vancouver. I think I’m in a position to comment. Toronto is a great city but Vancouver is way more liveable and Ottawa and Halifax suck. They are boring and the weather is horrendous.

#72 Dog in The Fight on 04.15.18 at 8:08 pm

I did the Coquitlam open house thing this weekend as I will be buying a house in that area in the next little bit. With one exception there were crickets at every open house. The one open house was like of 2016 and was an estate sale on Thermal. It listed at accessed and had a big lot. The house was built 35 years ago and had antiques for appliances, original roof and that 1970’s musty smell. The crowd were mostly millennials many with first baby in tow. My bet is it goes for 1.45. But it will need about $200K to modernize it. So the winner will get a nice house on a busy street for $1.65 million all in. Crazy.

#73 FOUR FINGERS WATSON on 04.15.18 at 8:14 pm

#67 Happy Housing Crash Everyone! on 04.15.18 at 8:00 pm
Lol so many dirty SHYSTERS posting their high school drop out wisdom. From MF to Four Finger SHYSTER. You dirty high school drop out SHYSTERS are useless eaters suffering from zero sales. :-)) . Condos are going to be crashing back down to earth. So many flippers trying to bail out of the market that SHYSTERS can’t locate the right lock box. You SHYSTERS are Lucky millennials the dumbest generation in history are clueless to reality. Pre B-20 is done. Watch for condos to crash with SFH. To say condos will keep going up is idiotic and a dirty SHYSTER thing to say. You dirty SHYSTERS are horrible POS.

Ps. I HATE H A T E SHYSTERS
…………………………….

Nobody likes you either. Even your sister says you look like the north end of a cow going south.

#74 TurnerNation on 04.15.18 at 8:15 pm

This trade desk will be open in case of war, pestilence, and famine.

Blog dogs better have this one on repeat, avec JD:

“The “Original” Sweet Home Alabama”
https://www.youtube.com/watch?v=4eECO5dlVh8

#75 Fiendish Thingy on 04.15.18 at 8:15 pm

If first and second time buyers can’t afford SFD in Vancouver, that will bring the whole house of cards down.

B-20 was absolutely the right thing to do, but govt. should have ignored the urge to add new taxes, and simply shut down the CHMC.

Now, we’re going to get a messy, unpredictable unraveling, as panic buyers assume more lethal debt, others default as rates rise, and listings begin to pile up, along with new “starter home” condo towers in the pipeline. Add to that tighter credit that eliminates 30% of the pool of buyers at present prices, and it’s a recipe for disaster. It may take a major recession from the drought in RE sales to bring things painfully back to sanity.

#76 waiting on the westcoast on 04.15.18 at 8:22 pm

Interesting post…

I was chatting with Mrs Waiting and pointed out that we could buy a house and 20 acres about 30 minutes from downtown Ottawa today for 1/3 the price of 6 acres with home (both 70s to 80s builds) in Victoria (Saanich). I suggested that the ~1.2M in savings could be used to finance a 4 month trip away from “home” to warmer climes every year.

MF – you are a smart guy. You need to take ownership of your decisions. There are a lot of variables over the past 10 years that did not play out as expected. If it had gone the other way, as it did in the US, you would have been the bomb. Unfortunately, it didn’t. Look for your best opportunity today and going forward. The past is no more… It’s just there to help you learn for next time.

#77 pay your taxes on 04.15.18 at 8:22 pm

“and average house prices in the Bubble Cities were jumping 33% year/year. It was, we now know, peak house.”

Not according to our resident expert who dwells in his parents’ basement. What about the sales mix?

A coworker of mine flogged his North Van house (under duress) and moved his family to NS a few years ago. He’s quite happy to have made the move, friendly locals and cheaper everything except: income tax.

MIL was a little loose with the purse strings and got herself into a terrible bind. They flogged the house to cover her debts and stop the visits from the collection agents who arrive on two wheels and charge usurous interest rates.

#78 Willy on 04.15.18 at 8:23 pm

” … B20 is powerful, and it’s backfiring. By making detached houses less affordable, it’s driven demand elsewhere. ”
__ __ __ __ __

Detached homes have been unaffordable in most livable pockets of the GTA since 2012 as archived on this very blog. Some extreme bear-dogs would argue unaffordability was even present prior to 2012…

Yes, we are off-peak by 30% in some areas but let’s be realistic, most of these areas are the very same locals that had inflated near 30% year-over-year 2016-2017.

B20 has intensified trends that have been increasing for years now. Millenials and Gen Z have been priced out and their only entry point in this distorted market are rundown 1970’s town homes, 1970’s semi’s in seedy areas or a spanking new condo.

Isn’t B20 saving young and foolish potential Greater Fools from leveraging away their futures by purchasing what are still over-valued assets and breaking the diversification rule?

In my opinion, it’s really groundhog day in terms of affordability, we haven’t gone much further back than 2016 pricing for most detached homes at this point.

My prediction is a further drop to near 40% off-peak in some markets. Closer to the asset-mean.

#79 Theycallmered on 04.15.18 at 8:25 pm

Hi, I just stumbled on your website today.

I don’t think your fear is that the newbie buyers won’t be able to buy. Because if the market goes down, they will be able to buy within their means. What you worry about is the consequences of the wrongful actions taken in the past ten years after the crash. You can’t have nobody lose money and have a fresh start. There are always consequences for a home buyer and you can’t and shouldn’t always rely on a greater fool. People in BC refuse to accept the current prices as a norm. They will and should drop. You are a smart politician moving from highly aggressive Neoliberal conservative party to a conservative minded cute Liberal party. At the end of the day you are who you are. From someone writing a book called the greater fool, how can you expect market to run its full course and victimize the general public! Governments responsibility is to regulate in a way that supports the economy from bottom up. You can’t have a top down elitist economy in a developed country. Hope your kind disappears in a couple of decades and the world can learn from the mistakes the likes of you have made.

#80 No tanks mun on 04.15.18 at 8:26 pm

“Nova Scotia has the highest number of heavy drinkers in the country.”

—————————–

Understandable.

#81 zee on 04.15.18 at 8:33 pm

how can you say B20 has not worked. it has!

30% price jump year over year is gone on million dollars plus homes with no fear whatsoever.

condo market will also decline in the near future. its not sustainable. and its far better if debt is rising at 10-15% at 500,000 something condo than 30% on million dollar homes.

net result is less debt and that’s what the govt wanted.

#82 Ct on 04.15.18 at 8:34 pm

DELETED

#83 Sorry Garth :) on 04.15.18 at 8:37 pm

It snows less in Halifax than Toronto, actually. – Garth

——————————

Nope.

Halifax annual rainfall 1300mm, snow 160cm

Toronto annual rainfall 700mm, snow 120cm

Both suck, Halifax just sucks more. Dated a girl from Halifax for over a year-and-a-half 10 years ago. The climate is awful. Really nice people but a dismal place to live according to the locals. Poor prospects for quality work and not exactly the cultural center of the universe. But then again, no city in Canada is.

So many excuses not to make a good economic decision. Enjoy your big mortgage. BTW, average snowfall: Barrie 225 cm, Kitchener 159 cm, Halifax 155 cm. Not so bad – Garth

#84 conan on 04.15.18 at 8:42 pm

Is it throw a bone to Halifax night?

Best tourist video I could find.

https://vimeo.com/136543862

#85 Pete on 04.15.18 at 8:56 pm

…so I lived in Halifax for a while. The only problem is the employment situation. As soon as I retire, I’m going back to the friendly people, ocean views, fresh seafood, amazing pubs, clean air, dry summers, better symphony orchestra than any GTA can offer (but TSO is better), etc. etc. Oh, and the winters are not as bad as you think.

#86 People are Strange on 04.15.18 at 9:02 pm

B20 along with the provincial/regional laws that were passed to try and correct this had to be done. I believe in the market correcting itself but Canadians have proven they’ll eat their young…in the form of their futures in terms of home ownership. We cannot be trusted to go it alone. If we weren’t so stupid, then I’d say let the market look after itself.

Night night.

#87 pay your taxes on 04.15.18 at 9:03 pm

So many excuses not to make a good economic decision. Enjoy your big mortgage. – Garth

I said the same thing about a guy I know who bought a condo for 367k a few years back. Now assesed at 850k and would sell in a day if he listed it. Moving to those backwater places is the ultimate lost opportunity cost.
Btw the coworker who sold his place to get mumsie out of hock lost over 2 mil in appreciation with that move. Could have bought ten houses in Halifax free and clear, now he carries a mortgage instead. God bless mumsie!

‘Backwater’? You need to get out more. – Garth

#88 Terrie Rolph on 04.15.18 at 9:04 pm

Halifax, is a beautiful, historic and cultured city. Nova Scotia and Cape Breton is filled with natural beauty. I’ve travelled it and I love it.

#89 Yo on 04.15.18 at 9:07 pm

For #17 Natalie:

Government should only do these:
– increase interest rate, work with central bank
– enforce 20% down payment
– eliminate CMHC, this will ensure the bank only lend money to people who afford to buy
– release sales data, transparency helps
buyer to make an educated decision

#90 Deplorable Dude on 04.15.18 at 9:08 pm

Well Nanaimo’s sfh market still seems to be on fire….everything around us selling within a couple of weeks. B20 doesn’t seem to have affected us yet.

In other news…the ‘Big Ugly’ has started south of the border. The Inspector General’s first report this week confirmed fired FBI Andy McCabe is a congential lying slimy pos who tried to blame his lover Lisa Page for his misdeads….he’s been a very naughty boy…lying under oath……criminal proceeedings incoming. Add to his lying…falsifying Fisa warrants to spy on an incoming President…lots more to come folks…..

McCabe threw Comey under the bus, Comey threw past AG Loretta Lynch under the bus in his new book, and tonight Lynch has responded by torching Comey on Twitter. Lets get this party started…..

Next month will be the major MOABs….the IG reports on the weaponisation of the FBI/DOJ to spy on and try and frame an incoming President with a fake dossier…

…….I believe there’s a word for that….begins with ‘T’.

Stocking up on popcorn…..

#91 Yorkville Renter on 04.15.18 at 9:09 pm

the buyers must have no other debt of any kind (do you know anybody like this? Me neither.).

Garth… I’m sure this is for dramatic affect… as THIS guy you know does not have any debt. Hooray for me!

#92 The real Kip on 04.15.18 at 9:11 pm

Hahahaha. Last week MSM was reporting that many of those people who can’t afford anything are now forced into a tight rental market and the expected side effect will be increased rents that are already unaffordable.

Actually, this situation is perfect. The more politically motivated intervention in the housing market we see, the worse it gets. Don’t change a thing, leave everything as it is, it’s perfect!

#93 backfiring? on 04.15.18 at 9:12 pm

As detailed here recently, B20 is powerful, and it’s backfiring.

…………..

not at all. Housing prices are dropping. Of course people will navigate to condos. That was predictable.

b20 was absolutely needed. Rates at 3% would take care of it? Rates arent rising super fast- forget it, the house of cards would fall

#94 Honey Dripper on 04.15.18 at 9:14 pm

#62 Zapstrap on 04.15.18 at 7:42 pm

They were the best of times:)

#95 Yorkville Renter on 04.15.18 at 9:14 pm

Brian1 on 04.15.18 at 4:56 pm
Comey is a liar

———-

isnt that a badge of honour in trumpland?
or is it just the kettle calling the pot black?

how ANYONE can take trump labeling someone as a liar as legit is beyond any reason

#96 cry me a river on 04.15.18 at 9:16 pm

Those guys came up with some graphic evidence how B20 has massively penalized first-time buyers in a few select cities

………..

too bad. Not everyone can buy a house. Entitled crowd? grow up. The Bank of Mom and Dad cant cut it anymore. Damage has been done

#97 renter in Surrey on 04.15.18 at 9:17 pm

Rates have increased five times in about a year in the US with several more rounds to come. Not obvious to you? – Garth
—————————————————————–

BoC rate is what, 1.54%?
Five more rates increase and it will be what, 1.84%?
It is so immaterial it’s not even worth talking about.

At this speed we get to 7%-10% territory in 20-25 years, if ever.
But then I’ll be preparing to move to a peace of RE I bought three years ago.
It’s 2×2 ft and I will move there in handy urn.

It’s like rate was %0.01, now it is %0.10; OMG rate increased 10 fold, run for your life.

Me think houses have not become more expensive.
It’s our money became worthless.
Thanks to the government that spends like drunk sailor and print money (aka QE). The difference between US and Canada QE – there is demand for US dollars in the world, so QE is absorbed outside of US, but for Canada it’s all goes to RE withing the country.

So government steals half of our money through taxes, other half through money printing. In exchange it legislate gender neutral pronounces and bathrooms. Sounds like great deal.

#98 Fish on 04.15.18 at 9:19 pm

40 Mil a day, empty your pockets folks, as the government needs money, BoC the 18th

#99 Lost...but not leased on 04.15.18 at 9:31 pm

Daily wrap-up..

(2) OUT OF (7) NHL teams in playoffs are having @sses handed to them on a platter (Canuckistaners will blame Trump)

BC will be in election mode soon….Andrew”Climate Change” Weaver and his 2 Green Party minions will be forced to migrate to Eastern Canada and spew their toxic subjective junk -science venom.

#100 HalifaxFishFry on 04.15.18 at 9:31 pm

We got lots to do in Halifax like hanging out at the local Timmy’s, Wednesday night dart night at the Legion and of course there’s Friday night Chase the Ace – eh

#101 Wrk.doverd on 04.15.18 at 9:34 pm

The difference between Halifax and Toronto is, with Toronto, when you head 2.5 hours north into cottage country, the weather gets worse in the winter.

With Halifax you can head 2.5 hours south west to excellent weather by Canadian standards, in the winter, in a Muskoka type topography. Surrounded by Ocean.

The sleds stayed in the garage this winter, unless they were trailered up country or inland.

Bring a Doctor.

There are 700,000 people in BC waiting for a family doctor and 42,200 on the waiting list in NS. The wait time is almost two years in the Niagara region. The entire health care system is in trouble. – Garth

#102 Bob on 04.15.18 at 9:36 pm

Fantastic idea, Garth. I’m going to drop everything and move nearly 2,000 km away from all my friends and family tomorrow! Any idea what I should do for work once I reach Halifax?

How can so many people complain about things, then refuse to find a solution? Yes, nobody in Halifax has a job. – Garth

#103 Sorry Garth :) on 04.15.18 at 9:36 pm

So many excuses not to make a good economic decision. Enjoy your big mortgage. BTW, average snowfall: Barrie 225 cm, Kitchener 159 cm, Halifax 155 cm. Not so bad – Garth

——————————————————————

I don’t have a mortgage on my home in the 416. Couldn’t wait to pay this pile of crap off and made my last payment in early 2005 when I was in my mid-30s and not nearly as crusty and jaded as I am now. I absolutely hate Toronto with a passion, trust me. I’d love to see a collapse in house prices because it would never affect me very much. I bought my home to eat, sleep and poop in. Strange huh? But telling renters to drop everything and move to Halifax or Winnipeg isn’t exactly a magic bullet solution now is it? It may be an excellent option for some but not for most to be honest. I mean let’s face it housing is overpriced there as well when you consider where you’re going.

Oh and I wouldn’t live in Barrie or Kitchener either. But yes Halifax IS so bad when it comes to climate… did you miss the part with 1300mm of rain? More than Vancouver with four times the snow ;-)

Let’s not even get into Winnipeg…

Canada just doesn’t have that many desirable places to live for many reasons beyond climate. And there lies a big part of the problem. The highest per capita immigration in the world with the vast majority of the new hard-working Canadiens wanting to settle into one relatively small region. Add to that the dense population that was already here along with others migrating from other regions of Canada, and hello housing and rental crisis!!! It’s not only Millennials that need or want a place to live. Suggesting to any of these groups that they should move or even initially settle if you’re a new Canadian, off to places like the ones we’re discussing this evening is not going to be received very positively for a myriad of reasons.

Now back to this unprecedented mid-April ice storm.

#104 MSM-Free Zone on 04.15.18 at 9:44 pm

Brian1 on 04.15.18 at 7:21 pm
“…This blog is full of jealous left wing hysteria towards Donald Trump who is a natural born leader….”
___________________________

Sorry, dude……..Dictator ≠ Leader

Cadet Bone Spurs is nothing but an insecure, thin-skinned, self-absorbed, serial-lying, draft-dodging hypocrite, a totally unpredictable, market-deflating, monosyllabic, twittering blowhard completely devoid of any moral compass or social conscience, propped up by a bunch of evangelical hypocrites and second amendment hijackers.

It’s a complete miracle the this immature man-child ever mastered the art of walking upright on two legs, much less drinking from a sippy cup in front of a microphone.

Exactly what kind of ‘stable genius’ stares straight into a solar eclipse when his daycare workers advised him not to?

#105 BG on 04.15.18 at 9:45 pm

I always think it’s funny when people call Toronto “the New York of Canada”.

It’s a subtle – yet accurate – confession that Toronto has absolutely no personality for a city of this size.
A very generic North American city.

Hell, even the dull CN Tower is a symbol of that.
A symbol of nothing.

As harsh as I may come out, I still like Toronto.
It’s safe, clean. Has good shopping and food options.

#106 millmech on 04.15.18 at 9:48 pm

Funny thing today, went to a couple of showings for condos, spoke with realtors at two condos who are flogging these units which were great investments, can not lose they told me.
When I enquired about the sellers at these two condos the floggers told me that they were the owners, so now the realtors seem to be unloading their properties but why sell a great investment ?
Another thing was all offers to be made on Tuesday at every single place I looked at today, I guess to make a sense of urgency, but I was the only person viewing these units today!

#107 Ace Goodheart on 04.15.18 at 9:57 pm

RE: #42 Penny Henny on 04.15.18 at 6:54 pm
“#132 Ace Goodheart on 04.15.18 at 4:23 pm

It would not surprise me at all if he laid off the Chinese once they start letting his corporations put hotels in their cities. That is Trump.

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

cuckoo”

Maybe.

But if Trump’s corporation is allowed to put a few hotels in Beijing following an “amicable resolution” of the current “trade war”, as a good will gesture on the part of the Chinese, don’t say I didn’t tell you so.

#108 Ian on 04.15.18 at 10:00 pm

Halifax is where the Blues are meeting from 20-24 August this year to plan policy for the 2019 election to finally get rid of the two trust fund clowns, The Snowboarder and Tax Fairness.

Already got all my stuff booked. See you there!

Lobster tour with gourmet pasta Wednesday night.

M48ON – UltraBlues

#109 inconsistent on 04.15.18 at 10:01 pm

I love your blog, but you today’s post is inconsistent with your previous argument.

If the max you can afford is, e.g. $3000/month
and before B20, if that house cost X

Now, because of B20, you must be able to afford say $3500/month. You can only afford that if house costs less than X.

Houses have therefore gone down
And you can now buy the same house, at $3000/month
and have confidence that if/when rates rise, you have a nice little cushion.

That’s what you argued a few months back

#110 Brian1 on 04.15.18 at 10:03 pm

Trump is not the only one calling Comey a liar and you don’t elect a dictator. Grow up.

#111 windsor guy on 04.15.18 at 10:07 pm

Geez Garth, I didn’t realize our healthcare was in worse shape than I already did..lord help us

#112 mike from mtl on 04.15.18 at 10:07 pm

#23 MF on 04.15.18 at 5:52 pm
….The GTA is currently booming. There are people from all over the world here. It is the New York of Canada.

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

Uhm no. Respectfully the GTA is like some sort of copypasta of a midwestern USA city – like Milwaukee but 10x bigger. There’s no ‘culture’ or real character other than imported ones from QC or south Asia.

Only reason immigrants flock there is it’s very safe and newcomers can find their own fairly easily. Plus there’s very few other places here that the weather is tolerable – lazy choice.

I’d so rather be over the lake in Chicago, a true world class city, than boring Toronto.

#113 Andre on 04.15.18 at 10:08 pm

Garth, similarly to #17 Natalie I would be interested to know your opinion on solutions to increase affordability in TO and Vancouver.

Do you think the condo demand will be met by an increase in supply? I was looking at Vancouver new condo listing for the Q1 and it is very low. So if one considers a horizon of 5 years (assumed development time line) the current condo prices should be under pressure? In the short term, higher interest rates should cut purchasing power from the condo market also contributing with a possible lower price?

#114 Cat on 04.15.18 at 10:11 pm

#73 FOUR FINGERS WATSON on 04.15.18 at 8:14 pm
#67 Happy Housing Crash Everyone! on 04.15.18 at 8:00 pm
Lol so many dirty SHYSTERS posting their high school drop out wisdom. From MF to Four Finger SHYSTER. You dirty high school drop out SHYSTERS are useless eaters suffering from zero sales. :-)) . Condos are going to be crashing back down to earth. So many flippers trying to bail out of the market that SHYSTERS can’t locate the right lock box. You SHYSTERS are Lucky millennials the dumbest generation in history are clueless to reality. Pre B-20 is done. Watch for condos to crash with SFH. To say condos will keep going up is idiotic and a dirty SHYSTER thing to say. You dirty SHYSTERS are horrible POS.

Ps. I HATE H A T E SHYSTERS
…………………………….

Nobody likes you either. Even your sister says you look like the north end of a cow going south.

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

I disagree with you, 40 thumbs watson.

Happy Housing Crash tells it the way it is. I like him. Individuals who con, lie and mislead others, are Scum, Dirty, Filthy Shysters!

#115 Lived in both Halifax, Toronto, Victoria, and Ottawa on 04.15.18 at 10:17 pm

Having lived in Halifax (twice), Toronto (born and raised), Victoria (twice), and Ottawa (twice, and now my current home), I’d say there is nothing really wrong living in Halifax or Ottawa. Halifax is cheap when real estate is involved. It does feels a little isolated as it seems you always have to fly to Montreal or Toronto to fly somewhere internationally, but is getting better (there are now direct flights to London, UK). The people are 1000 times nicer than what you’ll meet in Toronto. Toronto has become a poor man’s LA, everyone seems to be pretentious, though they are living pay cheque-to-pay cheque. The weather is about the same in Halifax and Toronto, Ottawa….well you might as well live in the Arctic. Halifax is a party town, more universities than Toronto, a fresh, growing restaurant scene, and did I mention friendly people? Were else can you buy ocean front property for $81,000 https://www.realtor.ca/Residential/Single-Family/18872304/4180-Clam-Harbour-Road-Clam-Bay-Nova-Scotia-B0J1W0-Clam-Bay
or a Sea Side Beach house on 2 acres for $239,900:

https://www.realtor.ca/Residential/Single-Family/18870089/2601-West-Ship-Harbour-Road-Owls-Head-Nova-Scotia-B0J1Y0-Owls-Head

#116 Bob on 04.15.18 at 10:19 pm

How can so many people complain about things, then refuse to find a solution? Yes, nobody in Halifax has a job. – Garth

Solution to what problem? If the goal is to live comfortably and securely near the place I was born, then moving to Halifax doesn’t solve it. What else you got?

Why do you live where you were born? Are you a trout? – Garth

#117 waiting on the westcoast on 04.15.18 at 10:29 pm

#102 Bob on 04.15.18 at 9:36 pm says… “Fantastic idea, Garth. I’m going to drop everything and move nearly 2,000 km away from all my friends and family tomorrow! Any idea what I should do for work once I reach Halifax?”

You could probably afford to live on EI there… ;-)

#118 B20 on 04.15.18 at 10:41 pm

Failed ?

Not a chance . It’s the main reason real estate is tanking (not rising rate – yeah at 3.35%?)

They knew first time buyers would be screwed . Who cares ? Seriously ?

#119 Surfing Nova Scotia on 04.15.18 at 10:42 pm

The best bit about Nova Scotia is the opportunity to surf the hurricane swells…

https://www.ec.gc.ca/hurricane/default.asp?lang=en&n=6DA4287E-1

#120 BC Millenial on 04.15.18 at 10:44 pm

How did the bc govt interference make this worse Garth???
It would have been way worse if they didnt get involved the way things were headed. U keep blaming them but not backing it up with anything?

#121 An idea on 04.15.18 at 10:47 pm

Whoever, says a place was boring, had a great chance to make that place interesting by their own presence.

#122 For those about to flop... on 04.15.18 at 10:47 pm

#116 Bob on 04.15.18 at 10:19 pm
How can so many people complain about things, then refuse to find a solution? Yes, nobody in Halifax has a job. – Garth

Solution to what problem? If the goal is to live comfortably and securely near the place I was born, then moving to Halifax doesn’t solve it. What else you got?

Why do you live where you were born? Are you a trout? – Garth

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

I’m 13,500 kilometres away from where I was born.

I can still breathe…

M43BC

#123 Reynolds531 on 04.15.18 at 10:49 pm

Thanks to this wretched blog and using a sale down the street this week as reference, I calculate I can sell my house in London and walk away with a 220k cash profit. Which is incidentally what I paid for the house five years ago.

I hate you all.

#124 Fake News Again on 04.15.18 at 10:51 pm

With all the Govt workers, proxy govt workers (contractors) and money launderers in YVR…..the B20 means nothing.

#125 Lost...but not leased on 04.15.18 at 10:54 pm

Maritimes?

In hindsight, I feel guilty laughing at olde jokes such as a requiem for Newfies who attended a Drive -In movie on the marquee with “Closed- For- The- Season” and were not found for several months.

Any part of Canada that can incubate and produce artistic classics like “Trailer Park Boys “deserves an O -of -C.

As Ricky would say “Its not rocket appliances”

#126 akashic record on 04.15.18 at 10:57 pm

There are 700,000 people in BC waiting for a family doctor and 42,200 on the waiting list in NS. The wait time is almost two years in the Niagara region. The entire health care system is in trouble. – Garth

Get a good naturopathic doctor, be willing to adjust your diet and lifestyle to eliminate the root causes of your existing or potential health problems. The initial visit can take 2 hours, unlike the 10-15 minutes at the family doctor.

Fixing you will take time and depends on your commitment. It’s not like popping pills for instant blocking out of the symptoms, while nothing really gets cured.

The upside is that you might be able to avoid living with pharmaceutical drugs, with all the side-effects and dependency. If you start living (health)conscious life in time, before ruining the natural healing capacity of your body, you may end up seeing your family doctor mostly on the yearly (or these these 2-year) check-up.

Also be aware that many physical illness is originated in unresolved psychological trauma, going back as far as childhood.

You are even weirder than I thought. – Garth

#127 Fake News Again on 04.15.18 at 10:59 pm

MSM-Free Zone on 04.15.18 at 9:44 pm
Brian1 on 04.15.18 at 7:21 pm
“…This blog is full of jealous left wing hysteria towards Donald Trump who is a natural born leader….”
___________________________

Sorry, dude……..Dictator ≠ Leader

Cadet Bone Spurs is nothing but an insecure, thin-skinned, self-absorbed, serial-lying, draft-dodging hypocrite, a totally unpredictable, market-deflating, monosyllabic, twittering blowhard completely devoid of any moral compass or social conscience, propped up by a bunch of evangelical hypocrites and second amendment hijackers.

It’s a complete miracle the this immature man-child ever mastered the art of walking upright on two legs, much less drinking from a sippy cup in front of a microphone.

Exactly what kind of ‘stable genius’ stares straight into a solar eclipse when his daycare workers advised him not to?

________

Apparently Brian1 can now say “I rest my case……”

#128 terry on 04.15.18 at 11:06 pm

#91 – your “that guy”

I’m also out of debt, we’re really that rare of a breed?
I like to look at facts, but would like to get more. Such as, is the population in Canada growing? look what’s happening in Japan. Their real estate got overpriced, they tried all the same things Canada is trying now, their population is shrinking now, and even with negative interest rates, economy still in the toilet (Good friend is from there, not going back) What about Greece? our household debt is higher than theirs when their society basically failed, sure Canada has more natural resources and is different in many ways, but if the debt to GDP is worse than theirs when things failed, why can we get away without similar consequences?
As for weather, coldest, longest spring I’ve seen in BC (grew up here, but haven’t been here my whole life) Is this from an ocean current stalling and making colder, longer winters in N. America? if this trend continues, it won’t matter what city your in, weather will be bad, and this will affect everything, especially energy prices and burden on people paying heating bills. It’ll affect food production as well, driving cost of living higher. All we have to look at is the facts, what’s happening in this country compared to what we’ve seen happen in others to know where it’s headed. Add in unprecedented environmental problems and problems compound.
PS. People in Halifax drink that much? I never would have thought anyone else in Canada drank more than Calgarians? Alberta still has the record for consuming the most alcohol as a province doesn’t it?

#129 Dog in The Fight on 04.15.18 at 11:18 pm

Went to many open houses in Coquitlam today. Every realtor talked about the B20 rules. They were more than a little ticked off over the new rules.

Also, the unit sales of Condos and Townhouses are way down in Coquitlam. The prices might be OK , but not the volume. Looking around there are record completions of Condo and Townhome inventory coming on stream. It’ll be interesting to see how this plays out.

#130 Ronaldo on 04.15.18 at 11:19 pm

#25 MF on 04.15.18 at 5:54 pm

#8 toronto1 on 04.15.18 at 5:02 pm

Not even a drop in condo prices is to be expected. The reason is that most of the empty nester boomers will be moving out of their SFD houses at some point in large numbers. Where will they go? Condos. Up she goes.

MF
—————————————————————
Not a chance. Boomers are smarter than that. Maybe the GenXer’s but I doubt that they will either. Even they are smarter than that. The mills will be trapped in their 650 s.f. boxes in the sky for a good long time. We aren’t going anywhere til they carry us out. That view of Departure Bay is awesome tonite.

#131 akashic record on 04.15.18 at 11:25 pm

#126 akashic record on 04.15.18 at 10:57 pm

There are 700,000 people in BC waiting for a family doctor and 42,200 on the waiting list in NS. The wait time is almost two years in the Niagara region. The entire health care system is in trouble. – Garth

Get a good naturopathic doctor, be willing to adjust your diet and lifestyle to eliminate the root causes of your existing or potential health problems. The initial visit can take 2 hours, unlike the 10-15 minutes at the family doctor.

Fixing you will take time and depends on your commitment. It’s not like popping pills for instant blocking out of the symptoms, while nothing really gets cured.

The upside is that you might be able to avoid living with pharmaceutical drugs, with all the side-effects and dependency. If you start living (health)conscious life in time, before ruining the natural healing capacity of your body, you may end up seeing your family doctor mostly on the yearly (or these these 2-year) check-up.

Also be aware that many physical illness is originated in unresolved psychological trauma, going back as far as childhood.

You are even weirder than I thought. – Garth

Maybe, but my family doctor for 20 years calls me her best patient, for hardly ever visiting her beyond the yearly checkup and during this time she gave me prescription once for a back injury (that I actually never took).

How does your weirdness track record compare?

#132 Ronaldo on 04.15.18 at 11:32 pm

#59 Whatcha Minnie on 04.15.18 at 7:24 pm

I had some success at growing produce in recycled 5 gallon buckets. My previous gardening attempts here in the high desert had been much less successful. Strangely, asparagus, okra and beets were the big winners for surviving the heat and producing edibles. I had early success with sugar snap peas, but they picked up a fast-moving fungus that killed them in about 2 days. We planted a couple of berry bushes about 18 months ago. They didn’t produce this past summer, but I have high hopes for next summer!
—————————————————————-
My potato harvest last year was only 35 lbs compared to the previous two years where I harvested 60 and 45 respectively. I suspect it was because of the drought we had last year. I might give up on the potatoe’s. Any suggestions on what I should do this year? Pot maybe?

#133 Aussie Salmon on 04.15.18 at 11:32 pm

#122 For those about to flop… on 04.15.18 at 10:47 pm

#116 Bob on 04.15.18 at 10:19 pm
How can so many people complain about things, then refuse to find a solution? Yes, nobody in Halifax has a job. – Garth

Solution to what problem? If the goal is to live comfortably and securely near the place I was born, then moving to Halifax doesn’t solve it. What else you got?

Why do you live where you were born? Are you a trout? – Garth

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

I’m 13,500 kilometres away from where I was born.

I can still breathe…

M43BC

Hey, only 13,500 kms to swim so you can reproduce… you crazy aussies!

#134 BillyBob on 04.15.18 at 11:40 pm

“b) You need a damn good reason to stay in urban Toronto or Van – and that doesn’t include Sbux, Muttonhead or Robson Street.”

-How about your job, your career, your family?

MF

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

All portable. Didn’t your girlfriend move from the Philippines to Canada for better opportunities? And you can’t even consider leaving the armpit of the country, the GTA, for a place so much nicer it’s not even a contest.

You’re doomed to a life of complaining. At least you’re good at it. Doubt the Filipina stuck around though, they’re more ambitious than that.

Garth, PLEASE shut up about Halifax! It’s my one small hope of ever returning to Canuckistan and if the word gets out it’ll just get ruined like everywhere else as too many “come from aways” move in…

#135 Ustabe on 04.15.18 at 11:45 pm

Garth:

How much would it cost me, either as a monthly subscription or a one time fee, to receive this blog as a Trump free offering?

I can tolerate the Canadian politics but the constant Trump stuff grows even thinner than Smoking Man’s drivel.

Name your price.

#136 Ronaldo on 04.15.18 at 11:45 pm

#61 FOUR FINGERS WATSON on 04.15.18 at 7:39 pm

”Kelowna’s economy is mostly a service economy, hotels, restaurants, seasonal agriculture etc. with many many of the jobs being filled by low paid foreign workers putting more pressure on rentals. I don’t see demand slackening here in Kelowna. I don’t think prices will correct much at all.”
—————————————————————–
By mid September each year Kelowna becomes a dead zone. Very lively in the summer months. Don’t know how these restaurants and hotels and motels can make it in an economy that only lasts 4 months per year. Seasonal workers are just that, seasonal. They leave when the work is done. Even the ski resort has little effect on the place since everyone who works there lives up there and that is where they spend the little money they have left after paying their rent to those gouging landlords who have a tough time breaking even on the high priced condos they bought. Prices will correct and they will correct bigly. Nothing to support them. Seen this play out many times in the past 40 years.

#137 Bob on 04.15.18 at 11:53 pm

Why do you live where you were born? Are you a trout? – Garth

Once a politician, always a politician, I guess. I’ll take that evasive non-answer to mean that you’ve got nothing. People like me are just out of luck, and that’s just fine with you. Better luck next life.

#138 Nonplused on 04.15.18 at 11:54 pm

I said it before but I’ll say it again: “Anything the government tries to improve they make worse.” The possible exception being things they can turn over to engineers like roads and sewers.

Now that Nutley and Turdeau are working hard on carbon taxes and the $15 minimum wage, wait for a soda tax. It’s coming I tell you. Where they expect people to get the money to pay for all this I do not know. And it’s all going to screw the poor they are allegedly trying to help. Do you know who pays a disproportionate (compared to income) amount for carbon and soda? The poor. And actually I am surprised they missed the opportunity to impose carbon taxes on soda as those lovely bubbles are CO2, the very stuff that is so deadly to the environment but so tasty in the water. But the rich don’t drink soda they drink wine. Not BC wine in Alberta because we have a bit of a trade dispute going on. (Between provinces if you can believe it! I thought the federal government was suppose to have jurisdiction over that kind of stuff but apparently not.)

But they have been giving rebates on LED bulbs lately I noticed so I took advantage of that. Costco had some bulbs that normally run $14 a pack on sale for $3 a pack after the rebate. I figured “why not”? I don’t think they will last 22 years like it says on the pack because the compact florescent bulbs that came before them never lasted anywhere near as long as they were supposed to but I like the LED’s better, better light, instant on, and cooler running. Go get yourself some before it’s over because it’s probably a 1 time event. Why buy your own lights if the government is going to pay for them? Problem there again is going to be that the poor won’t spend $3 to buy new lights until they need them, and the program will probably be over by then. But I’m stocked up!

There is probably one group of people all this B20 nonsense is going to help. Sort of middle income people who own a condo but want to buy a house. They are winning on both ends of the price movements, the condo is going up and the house is coming down. Most of them are probably government employees. So maybe they aren’t as dumb as I thought.

#139 Karlhungus on 04.16.18 at 12:01 am

Garth you are the king of strawman arguments

#140 R Vanzo on 04.16.18 at 12:02 am

Whenever I see you guys talking about how many years you have to wait to be able to get a family doctor I remember what a joke single payer healthcare systems are. And also reminds me to keep on paying my health insurance in my county of birth Brazil.

My Canadian friends get genuinely surprised when I tell them that private healthcare means you walk into a private hospital (that looks far better than the hospitals here) and before long (maybe 15 to 20 minutes) you’re talking with a specialist. And that’s walking into an ER without any previous appointment and nothing urgent happening to you.

#141 Reynolds531 on 04.16.18 at 12:10 am

I just figured out why Ontario is broke.

For anyone wishing to wonder why they pay taxes….

https://www.thestar.com/amp/news/gta/2018/04/15/bickering-ex-lovers-bring-unique-twist-to-issue-of-child-support.html

#142 Dolce Vita on 04.16.18 at 12:35 am

2013 CRA Income by Age, > $150,000/year, Number of Persons:

0-24 yrs old: 2,010 (Trust Fund babies?)
25-34 yr old: 46,010
35-44 yr old: 150,380
45-55 yr old: 219,970
55-64 yr old: 169,620
65 yrs and older: 89,450

Total = 677,440 of 26,172,530 reporting income, 2.6% of that population.

Population has not grown that much since 2013.

The + $150K/yr crowd can’t all be living in YVR and 416.

So where is the Income coming from to even buy lower priced Condos in those 2 cities?

They can’t all be dual income mortgages.

Since Garth likes to blame the Moisters for the Condo purchases, here is the 2013 $ Income vs. Number of Persons, 0 to 34 yr old:

> $50,000: 1,456,190
> $75,000: 559,740
> $100,000: 214,560
> $150,000: 48,020

Total = 2,278,510 persons, 0-34 yr old.

Still, you have to wonder how so many can afford even Condos in YVR and 416 with not that many Moisters out there making enough income to meet the Numbers calculated by Global.

So where is all that money coming from, clearly it can’t be from their Income.

#143 JWD on 04.16.18 at 1:07 am

Or you can rent in Halifax…waterfront for less than 2k
https://www.kijiji.ca/v-house-rental/city-of-halifax/waterfront-home-for-rent/1345659788?siteLocale=en_CA

#144 jane24 on 04.16.18 at 1:41 am

Hey ‘Lived in both Halifax, Toronto, Victoria, and Ottawa’

About those direct flight from Halifax to London, who does them please? The only flight I can find to Halifax from London seems to be landing in Dublin first and then switching airlines. Need to visit a friend. Halifax would have a milder climate than inland as it is on the sea. Basic geographic principle.

B20 will work, it just needs to run for a while. Leave it alone Garth.

Condo prices will peak and drop later this year, such is life. A tough lesson in so called investing for many kids. Yes it is a sign of market topping out when the RE agents are selling their own condo portfolios.

A lot of RE agents will be hurting as I used to be in the business and you consider money made April to Dec to be yours to spend and Jan to April money pays the income taxes. Agents will be desperate if this Spring is quiet to pay those taxes.

Saw a photo of my sister shoveling snow today in Mississauga. Still laughing as I admire my English tulips.

Gone to Vietnam for a few weeks now so you lot will have a break from me. Will report back if expat life there is still as great as it was 2 years ago. Smashing place to visit.

#145 Smoking Man on 04.16.18 at 2:40 am

When you fail to plan. Not enough wine around when your hot flash spouse is demanding more wine.

You pull out a secret stash of JD. She cool with it. Then after a few gulps. I give you the beast from Glasgow Scottland. Easter house hood.

JD is not for everyone….where the hell are the band aids.
Need a few repairs on my face.

I love this woman. May 21. 35 years of bliss.

I’m a real man.

#146 backwardsevolution on 04.16.18 at 4:00 am

“(d) Buy now in Halifax.”?

Is anybody trying to sell Halifax?

How about buying nowhere and letting the prices come down.

#147 backwardsevolution on 04.16.18 at 4:16 am

“The shrinking ability to borrow in a rising rate environment will limit the number of sales and potential buyers. Vendors: sharpen thy pencils.”

​Easy credit and cheap money is over.

#148 Al on 04.16.18 at 4:37 am

Garth is right, most people in Halifax have jobs, only 6% don’t : http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/lfss03a-eng.htm

Not sure how that compares to other cities. National rate is at 5.8%.

#149 Shawn Allen on 04.16.18 at 6:27 am

China’s GDP WILL surpass that of the U.S.A. Here’s why:

China has close to three times the population. Unless the per capita GDP is to remain at less than a third that of the U.S.A. as measured in the same currency then China must surpass the USA in total GDP. And with technology being roughly equally available to China their per capita GDP will rise towards that of the U.S.A. It’s inevitable.

When China gets to half the GDP per capita of the U.S.A. and has a higher total GDP will we say that China has won?

Will it be a concern that China will have a larger GDP than the U.S.A.? Maybe, since that could mean they will have the largest military. But in a world of mutual assured destruction is that a concern? Well, maybe if they have a mad man running China…which would never happen in the U.S.A. (right?)

#150 MF on 04.16.18 at 6:48 am

And you are parochial. Ever lived in Halifax, Ottawa or Montreal? – Garth

-Life is parochial. That’s why me, and some 6.4 million other people are in the GTA.

Been to Ottawa, Montreal but not Halifax. Both cities are too small for my liking.

MF

Sounds like you have no wisdom to impart here. Maybe keeping quiet would help. – Garth

#151 MF on 04.16.18 at 6:51 am

#51 TheDood on 04.15.18 at 7:07 pm

“Am glad you love GTA. Stay there.”

-I will. If you can handle not being high for a bit, so you can think clearly again, come by and see for yourself how the city is booming.

MF

#152 I’m Stupid on 04.16.18 at 6:57 am

#137 Bob

If I was working for minimum wage, I wouldn’t live in Yvr or Yyz. It make absolutely no sense to pay a premium to live in a big city if you’re not looking for opportunity. Minimum wage in Ontario is around $14 an hour, that’s the same wage in a Sudbury Walmart as it is in a Toronto one. Yet the living expenses are at least double in Toronto. You may not like the choices but you do have them.

The definition of crazy is doing the same thing over and over and expecting a different result. If you’re not happy with the circumstances of your life change something!

#153 MF on 04.16.18 at 6:57 am

#64 Long-Time Lurker on 04.15.18 at 7:52 pm
FOUR FINGERS WATSON

-Got it. So you used Canada (I’m assuming you were Canadian) for work for decades. Now you have a life, education, health enough to retire in a cheaper jurisdiction…but can’t realize why anyone younger (i’m 34) would stay in Canada where our career/lives are.

#112 mike from mtl on 04.15.18 at 10:07 pm

How can the GTA be some copy pasta of a mid west city if it is 10x bigger?

“Only reason immigrants flock there is it’s very safe and newcomers can find their own fairly easily. Plus there’s very few other places here that the weather is tolerable – lazy choice.”

-Being safe and easy to establish yourself and find work is what every human being on the planet desires.

MF

#154 Hogan's Hero on 04.16.18 at 7:03 am

As someone who was born and raised in Toronto, I’d like to ask my fellow Torontonians to please shut up.

We are not liked and it’s not because people are jealous; its because we are terribly insecure, narrow minded and wannabe New Yorkers. It’s embarassing.

There is a world outside the GTA that has a lot of offer. Halifax is a lovely city. St. John’s is also brilliant. Guess what? These cities also have cool and hip restaurants to waste all of your money on all the time so you can tell someone how hip and walkable your city is.

#155 MF on 04.16.18 at 7:08 am

#134 BillyBob on 04.15.18 at 11:40 pm

Oh this comment is great. What on earth are you rambling on about with Filipinos?

Anyways,

Someone who couldn’t cut it in Canada telling me how I am doing something wrong by staying in Canada because that’s where my the life, career, and family I’ve been able to build are is rich.

And, please cite where I complained? I mentioned house prices will shoot higher and was correct. They will/have already. Observations/predictions are different than complaining.

The irony of course, is all we hear expats do on here is complain about Canada (mostly around the weather too..which no one has any control of).

MF

#156 I’m Stupid on 04.16.18 at 7:15 am

#140 R Vanzo

I’d like to see how that argument would change if you couldn’t afford insurance in Brazil, private school, helicopter taxis or bulletproof cars. Rio and São Paulo are very polarized cities, comparing them to any Canadian city is ridiculous. Ask every Brazillian living in a favela where they’d rather live.

#157 Brian1 on 04.16.18 at 7:43 am

Donald Trump is not the only one calling Comey a liar and dictators are not elected.

#158 Steven Rowlandson on 04.16.18 at 8:01 am

After figuring out what those home prices are divide each one of those average home prices by equal to or less than 6000 man hours and that is what you must earn per hour to buy the average home. Think about it.
Is your employer paying you enough?

#159 Wrk.dover on 04.16.18 at 8:21 am

Draw a line from end to end along the centre of NS.
The rainfall is double on the Halifax/Atlantic side.

Too much rain there? Drive thirty minutes on the twinned 101 to Windsor. Problem solved and housing price halved.

There are probably more lake front homes in HRM than any other RM anywhere, but who wants to know?

Twice this winter I stayed by the Halifax Airport out in the wilderness and on both weekday mornings drove HWY 102 at 100 km/hr on cruise, all the way to the 60 km/hr zone in the city, arriving at that point at 9:00AM.

Is this the normal speed from Pearson to Front Street at that time of day? On cruise?

And New York City a measure of goodness? Good grief. Herd mentality? Try a feedlot for companionship.

#160 Ron on 04.16.18 at 8:33 am

The argument that there are ‘lots of jobs’ in the GTA is dumb. No one needs more than one job and incomes are similar in other cities.

#161 crowdedelevatorfartz on 04.16.18 at 8:35 am

@# 144 Jane24
“Smashing place to visit.”
+++++
Egad! I say old bean. Vietnam? Cant enough french cuisine in Paris or is the service better in Saigon? Visiting the colonies not worth it?
Oh well, stay the course, stiff upper lip,
pip pip, Cheerio and all that Tommy rot eh wot.

#162 ben on 04.16.18 at 8:42 am

Sentiment is changing.

https://www.theguardian.com/commentisfree/2018/apr/16/landlords-social-parasites-last-people-should-be-honouring-buy-to-let

> it’s the buy-to-let vampires, monopolising new builds, setting social inequality in stone, who define the term today. Try to understand these characters, so money-driven that they view people’s need to sleep indoors as the chance to turn a tidy profit.

> f you’re one of these people, you can shove your property portfolio up your arse

> The notion of houses as investment opportunities of any sort has been a cancer.

#163 Russ on 04.16.18 at 8:42 am

KLNR on 04.15.18 at 7:13 pm

@#28 crowdedelevatorfartz on 04.15.18 at 6:12 pm
@#12 MF
“Toronto….It is the New York of Canada.”
++++++
Bwahahaha.
Is that what Margaret Atwood told you?
Or do you believe the city’s own hype?

The only thing “world class” are its traffic jams and its former Mayor Ford……
______________________
LOL, sure it is. Toronto is the closest resemblance to NYC that canada has wether you like it our not. Obviously don’t live in Toronto nor have you been there you old curmudgeon.
===========================

Everyone needs a reminder once in a while.

http://www.greaterfool.ca/2015/10/19/real-change/

#164 the Jaguar on 04.16.18 at 8:46 am

The Jag lived in Toronto for a few years. Without a doubt there were many cultural opportunities, but everyone was so exhausted from the daily grind of commuting, be it on the QEW,401, or even the daily subway grind. Too many people and not enough nature. Some people thrive in that atmosphere, but if you prefer quiet green spaces there are other places. Every area of Canada has its plus and minus…you have to know yourself and what you need to be happy.
One measurement of a city is its airport. Says a lot. Calgary International. Super clean, efficient. Southern Alberta. Big blue skys and sunshine year round. No wonder so many great pilots came from the prairies.

#165 LivinLarge on 04.16.18 at 8:54 am

” When I was working, investing was my second job, with every spare bit of cash. It should be yours, too.”…why leave your long term financial health to anyone for whom it is a second “job”? Hire a trained, well experienced professional who can devote their entire work day to delivering results.

The largest component of learning what to do is first learning “what not to do” and that’s where breadth and depth of professional experience is invaluable.

I know ego drives a lot of folks to think they can equal or better experienced professional planners and maybe on a very short time frame they occasionally can but over the long haul, one significant error early on, when your knowledge/experience is at its lowest, will seriously disable your long term future cumulative rate of return.

#166 Howard on 04.16.18 at 9:06 am

It snows less in Halifax than Toronto, actually. – Garth

————————————

Demonstrably untrue.

Toronto annual snowfall ranges from 125-150cm, with the most in the northern suburbs.

Halifax ranges 150-200cm, with the low end right along the coast.

Although in Halifax, snowstorms are often followed by rain and above-freezing temps, so snow on the ground is usuallly minimal at any given moment.

#167 Penny Henny on 04.16.18 at 9:25 am

#36 MSM Free Zone on 04.15.18 at 6:40 pm
Sad to see your final ride being trailered away.
///////////////

My guess is that is was just being delivered after spending the winter stored at the dealer.

#168 wxman on 04.16.18 at 9:27 am

You know Garth I dont quite get why you are angry at the government for finally trying to put a brake on the out of control property market. Yes it took them too long but better late than never and one way or anotehr this bubble has to pop and all bubbles pop hard. You cant slowly deflate a bubble..the mistake was the government and central bankers allowing the bubble to start in the first place. Central bankers have kept interest rates too low for way too long which caused the speculative juices to run wild and the government stood around watching the bubble expand to ridiculous levels.
I am still astounded that you think the correction is over in Toronto. We have witnessed a historic bubble in housing driven by a historic easing of interest rates..it wont end that easily with a one year drop of 17 percent. We have another 30-50 percent to go and years of pain. Canadians are engorded on debt at record levels and higher interest rates will bury them.

#169 dharma bum on 04.16.18 at 9:29 am

#116 Bob

If the goal is to live comfortably and securely near the place I was born, then moving to Halifax doesn’t solve it.
——————————————————————-

So typically Canadian:

“Oooooh, I was BORN here, so I need to LIVE here, and my family and friends are here…ooooohhh, I couldn’t bear to move to a different city and stand on my own two feet, and build a life of independence.”

So sickening.

#170 Who ya gonna believe? Ghostbusters! on 04.16.18 at 9:40 am

#104 MSM-Free Zone on 04.15.18 at 9:44 pm

Brian1 on 04.15.18 at 7:21 pm
“…This blog is full of jealous left wing hysteria towards Donald Trump who is a natural born leader….”
___________________________

Sorry, dude……..Dictator ≠ Leader

Cadet Bone Spurs is nothing but an insecure, thin-skinned, self-absorbed, serial-lying, draft-dodging hypocrite, a totally unpredictable, market-deflating, monosyllabic, twittering blowhard completely devoid of any moral compass or social conscience, propped up by a bunch of evangelical hypocrites and second amendment hijackers.
It’s a complete miracle the this immature man-child ever mastered the art of walking upright on two legs, much less drinking from a sippy cup in front of a microphone.
Exactly what kind of ‘stable genius’ stares straight into a solar eclipse when his daycare workers advised him not to?
_________________________________________
James Comey in his interview came across as a flawed individual with customary human concerns like 99.9% of the people on this planet. If you listened carefully to his elocution it was earnest and quite comfortable. He honestly admitted that there were matters that given the second chance he would have perhaps given more though and consideration an even gone in a different direction. On matters of integrity and due diligence regarding the constitutional basis of the American legal system he was quite clear. He would not have changed anything regarding the Hillary Clinton affair or the Donald Trump Russian connection differently at all. With that he has a heavy heart and understands why people can hate him, however it comes to integrity. That is the moral basis of his psyche. Donald Trump is a childlike habitual liar and has no decent moral feelings whatsoever towards any of the 99.9% of the people on this planet. When Donald Trump wants you in his fold he floods the individual with copious amounts of praise. When you’re on his opposing side he starts a deluge against the same individual with disdain and name calling. When it comes to believing James Comey or Donald J Trump I rest my case on the ethical merits of the two individuals.
James Comey = How many documented lies?
Donald J Trump = How many documented lies over two thousand as President and counting!
http://www.politifact.com/personalities/donald-trump/statements/byruling/false/
http://time.com/5084420/donald-trump-lies-claims-fact-checks/

#171 Who ya gonna believe? Ghostbusters! on 04.16.18 at 9:43 am

#145 Smoking Man on 04.16.18 at 2:40 am

When you fail to plan. Not enough wine around when your hot flash spouse is demanding more wine.

You pull out a secret stash of JD. She cool with it. Then after a few gulps. I give you the beast from Glasgow Scottland. Easter house hood.

JD is not for everyone….where the hell are the band aids.
Need a few repairs on my face.

I love this woman. May 21. 35 years of bliss.

I’m a real man
______________________________________
Yes the Russian Girls said that too!
You are real man Doanld!

#172 Who ya gonna believe? Ghostbusters! on 04.16.18 at 9:54 am

#154 Hogan’s Hero on 04.16.18 at 7:03 am

As someone who was born and raised in Toronto, I’d like to ask my fellow Torontonians to please shut up.

We are not liked and it’s not because people are jealous; its because we are terribly insecure, narrow minded and wannabe New Yorkers. It’s embarassing.

There is a world outside the GTA that has a lot of offer. Halifax is a lovely city. St. John’s is also brilliant. Guess what? These cities also have cool and hip restaurants to waste all of your money on all the time so you can tell someone how hip and walkable your city is.
___________________________________________
Lived in St Johns for a year what a great little town, people are incredible.

#173 Brian1 on 04.16.18 at 9:54 am

I’m just trying to practice free speech. Are there rules for your blog? Are there quotas? I’d like to defend myself. I,ve followed you for years and bought your books. I took your advice and did not buy a house. Why can I not be heard.

#174 Diana on 04.16.18 at 9:59 am

Garth, after watching your comment section meltdown over the horrors of living in Halifax, imagine the wailing and gnashing of teeth if you’d dared to suggest Winnipeg.

#175 wxman on 04.16.18 at 10:03 am

So now you censor your comments..nice. This is the second time in a month that my comments were not posted and my comments were pretty meek..is questioning you not allowed?
Are you only accepting comments that agree with you? I was not insulting nor derogatory nor disrespectful..you always have the option of adding a snotty little response in italics at the bottom which of course we cant respond to so you always have the last word.
I guess dissenting voices are just now allowed..hail Garth the King!

#176 luc on 04.16.18 at 10:07 am

Is real estate and the economy dead?https://www.msn.com/en-ca/money/topstories/cracks-are-starting-to-show-in-canadas-borrowing-binge/ar-AAvStES?ocid=spartanntp

#177 TRUMP on 04.16.18 at 10:08 am

SORRY GARTH….

Didn’t mean for the floodgates to open on you.

But for real though ….. Is Halifax in Canada??

#178 Stan Brooks on 04.16.18 at 10:14 am

Frankly speaking I never thought I was capable of such schadenfreude.

https://www.thestar.com/news/gta/2018/04/16/what-you-need-to-know-as-toronto-wakes-up-to-ice-storm-aftermath.html

Considering the weather, the city character/or the lack of such, the lack of jobs and the bunch of low paid idiots mortgaged up to the hilt buying small noisy cold crappy glass wall condos with huge maintenance and property taxes, with crappy kitchen cabinets that break in less than 2 years, 5 years old but hey, ‘stainless steel’ appliances, radioactive counter-tops, living room
so small that you need special furniture to fit in, bedrooms 2 x 2.5 meters so you can barely place queen size bed inside and then there will be no room left….

I can only say one thing: This place is a mental institution with patients running amok that actually needs adult supervision and heath care professionals.

#179 Stan Brooks on 04.16.18 at 10:15 am

#156 I’m Stupid on 04.16.18 at 7:15 am
#140 R Vanzo

I’d like to see how that argument would change if you couldn’t afford insurance in Brazil, private school, helicopter taxis or bulletproof cars. Rio and São Paulo are very polarized cities, comparing them to any Canadian city is ridiculous. Ask every Brazillian living in a favela where they’d rather live.

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

95 % of Brazilians if forced to live in Canada will commit suicide. Do not underestimate the weather effect. They will die here.

#180 N on 04.16.18 at 10:30 am

What the media says….

https://www.thestar.com/business/real_estate/2018/04/13/gta-housing-market-poised-for-spring-thaw.html

#181 joblo on 04.16.18 at 10:32 am

trip to China FAIL
trip to India Fail
Trip to Van Fail
now Paris?
What a joke, now the Lieberals face this

https://www.hindustantimes.com/word-news/jaspal-atwal-says-trudeau-govt-lying-about-rogue-elements-in-india-over-dinner-controversy/story-0Fz0X1xBRptffIvKbLzBDO.html

Oh ya Global warming, carbon tax?

#182 Stan Brooks on 04.16.18 at 10:44 am

Gulf-stream weakening.

https://www.scientificamerican.com/article/slow-motion-ocean-atlantics-circulation-is-weakest-in-1-600-years/

Mini ice age due to reduced solar activity.

http://www.dailymail.co.uk/sciencetech/article-5215575/Plummeting-temperatures-cause-mini-ice-age-2030.html

Congrats to all suckers who bought crash shacks and glass condos in the frozen tundra.

But hey, think positively. Having ice ring all year round… Nobody will beat us at hockey!

#183 David Pylyp on 04.16.18 at 10:44 am

BC is closed

Changes to B.C.’s property transfer tax omits beneficial ownership
British Columbia recently passed a budget bill with significant changes to the province’s Property Transfer Tax Act. The amendments include a new increased tax rate that applies to the purchase of a residential property worth more than $3 million; extending the geographical scope and raising the rate of the foreign buyers tax (FBT), which is governed by the same statute as the basic Property Transfer Tax (PTT); expanding the general anti-avoidance provision to apply to the entire regime (and not only to the FBT); and introducing a new administrative penalty regime for avoidance and evasion.

#184 RE_Investor on 04.16.18 at 10:57 am

#114 Cat on 04.15.18 at 10:11 pm
I disagree with you, 40 thumbs watson.
Happy Housing Crash tells it the way it is. I like him. Individuals who con, lie and mislead others, are Scum, Dirty, Filthy Shysters!

LOL!!!!
HHCE’s multiple personalities is finally breaking out…LOL
Check out his post in Dec. Looks like Cat#6 is leaking out of HHCE’s grey matter….Too funny!

http://www.greaterfool.ca/2017/12/18/common-sense-2/#comment-561017
And the shysters will soon see that normal people like me dont need mcmansions!!!!!!!I have plenty of space in my 550 sq ft basement apt for me and the six cats. Dad lets me use the car and the shysters can starve. I have enough left over from my benefits to by whiskas, Star Trek convention tickets, and I even saved up for the next Tony Robbins superstar retreat in Vegas!!!

#185 Dog in The Fight on 04.16.18 at 11:04 am

Remember when we made fun of people that said things like Mr Eby’s quote below? Like Col Jessup said “we can’t handle the truth..(sic)” It is obvious the greatest change in YVR real estate was the end of all the money from dubious sources.

“Mr. Eby described his shock when, early in his tenure, gambling regulator staff showed him videos and photographs of people wheeling large suitcases stuffed with money into casinos and plopping down stacks of cash at casino cages. “On a purely practical matter, $800,000 in twenties is very heavy,” Mr. Eby said, driving his point home.

#186 Keith in Rio on 04.16.18 at 11:07 am

#156 I’m Stupid……..

Your handle is appropriate.

As a Canadian who now has permanent residency in Brasil, and is married to a Carioca who started her working life there in the health system, you have utterly no clue as to what you are talking about.

When it comes to health care, if you cannot pay for private care (more on that later) you can walk into a SUS government run health care centre (there is one next door to my condo in Copacabana) and the experience is just like being treated in Canada. You will probably wait in line for 2-6 hours to be seen by someone. Just like walking into an ER here or any of the walk in clinics located on our streets. The physicians who work in those are top notch.

Drugs are free for poor people, and those with specific diseases, like AIDS for example. One of my gay friends who attended my wedding in Rio 17 years ago is still alive today because of this. My father in law is getting first class radiation treatment for his prostate cancer for free.

If you have some money, and it doesn’t take much, you can walk into a private clinic and see a top shelf doctor/specialist within 24-48 hours and pay out of pocket. I have done so myself. The communist f**kheads that live here in Canada get twisted because of people wanting to do this.

I had a heart condition in 2008 that my doctor could not get diagnosed for 8 months at least. Went down to Rio on holidays, spent R$400 ($160 CAD) and saw one of the top cardio’s in Rio in 48 hours. Got a battery of tests that cost me IIRC R$700 ($280 CAD) within the following 24 hours and went back to see him. Diagnoses confirmed, but as I was going back to Canada the next week, there was no point in getting treatment down there.

Walked into my doctor here, dropped the pile of tests on his desk and said, I’ve got this, and I need that to fix it. He was speechless. One phone call got me into a top U of C cardio specialist and I was repaired.

It would have taken 8 months to get seen for the first time, and I could have stroked or died by then.

“Oh Kanaduh indeed.

The rest if your post is so absurd, I won’t even waste Garth’s server space responding to your garbage.

Going back to Rio in 6 weeks again. Can’t wait.

#187 For those about to flop... on 04.16.18 at 11:09 am

I have relatives that live in Sunnyvale.

Pretty sure they don’t make 110k a year…

M43BC

“You Need to Get Paid This Much to be in the Top Half of Earners

What does it mean to be rich? An oft-cited study from a few years ago suggests that money does in fact buy happiness—to a point. Earning an annual income of $75,000 is directly correlated to personal fulfillment, but earners above that threshold reported less happiness than we might expect. So which cities have average salaries at the magic number of $75k per year? Check out our new visualization.

We gathered average household income figures from the U.S. Census Bureau for the top 50 most populated metro areas for 2016, the latest year for which numbers were available. We then plotted each city as a slice on an exploding pie chart. This lets you quickly and easily see how much money your household would need to make to be in the top 50% of earners in your area.

1. San Jose-Sunnyvale-Santa Clara, CA: $110,040

2. San Francisco-Oakland-Hayward, CA: $96,677

3. Washington-Arlington-Alexandria, DC-VA-MD-WV: $95,843

4. Boston-Cambridge-Newton, MA-NH: $82,380

5. Seattle-Tacoma-Bellevue, WA: $78,612

6. Baltimore-Columbia-Towson, MD: $76,788

7. Minneapolis-St. Paul-Bloomington, MN-WI: $73,231

8. Hartford-West Hartford-East Hartford, CT: $72,559

9. Denver-Aurora-Lakewood, CO: $71,926

10. New York-Newark-Jersey City, NY-NJ-PA: $71,897

Only one metro area crosses the $100k mark for average household income (San Jose, CA), and only two surpass $90k (San Francisco and Washington DC). The top two are clearly at an advantage thanks to Silicon Valley—computer engineers no doubt add to the average income figure. Washington DC makes the top three because of its proximity to American political power. Lobbyists and government contractors have to get paid after all.

The bad news is that only six cities surpass the threshold of $75k for maximizing personal happiness. Every other metro area falls somewhere below—sometimes not even half as much—as their more prosperous counterparts. New Orleans, LA is way down at the very bottom, where the average household only brings in $48.8k. In fact, 37 of the top 50 metro areas have average income levels below $70k. Of course, there are certainly people who make six figures living in every city in the country. But our graph shows that, all things being equal, the odds of making at least $75k will remain out of reach for the clear majority of Americans.

But it all depends on where you live. Making six figures means a family is in the middle class in Silicon Valley, but for most of the country, that much money would be a dream come true. Check out our cost of living calculator to gain a deeper understanding for exactly how far an average salary goes in your city.”

https://howmuch.net/articles/salary-needed-top-50-earners

#188 T on 04.16.18 at 11:44 am

MF,

Want some cheese with that whine?

#189 pathcontrolmonk on 04.16.18 at 11:53 am

MF, to answer your question, I live in the center of Tokyo in a mortgage free house. But I am definitely moving to Halifax to spite you.

#190 IHCTD9 on 04.16.18 at 11:59 am

Tax return this year was almost 15K. Trudeau et al can go with plan B for revenues, I’ve got other plans for my paycheque.

Next year’s return will drop a good chunk, but it’ll still kick some major Asz for a couple of wage earners.

#191 Bob Dog on 04.16.18 at 12:05 pm

What a mess. Y’all got a 3rd world standard of living in canada. An entire population enslaved to a criminal banking cartel. Gobs and gobs of diversity though. At least you have that going for you.

#192 Sonny on 04.16.18 at 12:23 pm

Rising interest rates starting to pinch more Canadians: poll

https://www.theglobeandmail.com/business/article-rising-interest-rates-starting-to-pinch-more-canadians-poll/

#193 SimplyPut7 on 04.16.18 at 12:23 pm

#142 Dolce Vita on 04.16.18 at 12:35 am

HELOCs and cheap non-bank loans and private lenders not caring about the quality of the borrower because real estate always goes up.

From 2011 – 2015, the housing market was elevated, but many areas of the GTA had detached homes under 400k. Toronto detached houses were 400k – 700k for homes outside of affluent areas. Lenders back then were a bit more prudent about how much they would give to borrowers.

After 2015, even after interest rates went down further, most buyers were only able to get their loans because all the different lenders kept bending the rules to get them into the homes and mortgage agreements. Once in your home, as long as equity kept increasing, you had money to buy the next house or put the car, renovations and investment property on the credit line.

But with B20, rising rates, and buyers waiting to see how much this market can fall. More cases like “Derek” and Mattamy will be come more common.

Everyone who lied will be exposed, from the lenders who bent the rules with subprime borrowers who have mortgages coming up for renewal soon, to the buyers who have signed contractual obligations to take ownership of their newly built home or investment property based on assumptions that are no longer true e.g. property values rise, rates stay low forever, buyers will be plentiful, banks will give you any amount of money you ask for.

It will be interesting to see the credit quality and net worth of the buyers/speculators who own the 60,000 condo units under construction and bought the 40,000 pre-construction unit in the GTA. If Mattamy sold million dollar homes to buyers who don’t have a million dollars. What did some of the less experienced developers do to get all those condos and low-rise properties sold?

Also the vacant flipped homes or newly-built-homes-on-an-old-lot in the price range of $1.4 -$2.8 million, who owns those? How long are lenders willing to wait before they go after the borrowers of those homes for not paying the short-term loan in full? Or are they afraid to go after them because any public court documents might show regulators lenders did not complete their due diligence before giving large sums of money to risky speculators.

Looks like Australia is facing the same problem:

‘On Friday, the central bank warned that over the next four years around $500 billion (AUD) worth of interest-only mortgages would reach the end of their five-year interest-only period.

That $500 billion represents around one-third of the nation’s entire mortgage stock – that is, the total amount owed by home owners and property investors to mortgage lenders (mostly banks).

Thanks to much tighter lending standards, a large chunk of these interest-only mortgages would then be reset to principal and interest loans, an event which would see repayments rocket by 30 to 40 per cent.’

https://thenewdaily.com.au/money/finance-news/2018/04/16/rba-interest-only-homeowners-warned/

Looks like there were not as many rich foreigners obsessed with investing in real estate in ‘world-class’ cities as first thought after all. When will people learn, real estate is local.

#194 Suck to be you.. I know I know on 04.16.18 at 12:26 pm

The problem living in Halifax is hard to find a job that pay you $55K a year.

#195 Victor V on 04.16.18 at 12:37 pm

1/3 of Canadians fear bankruptcy amid ‘debt trap’ warning: Survey

https://www.bnn.ca/1-3-of-canadians-fear-bankruptcy-amid-debt-trap-warning-survey-1.1058013

More than half of respondents to the MNP survey (51 per cent) said they fear higher rates will affect their ability to repay debts, 43 per cent of respondents admit to feeling the effects of already-higher rates and 29 per cent said they have no financial breathing room after paying monthly bills.

“Nearly half of outstanding mortgages have interest rate renewals within a year so monthly mortgage payments are set to rise for a huge proportion of people. But a staggering percentage of Canadians say they already don’t have any wiggle room at all,” said MNP President Grant Bazian in a press release.

“Households currently showing signs of financial difficulty and living on credit are about to fall into a debt trap if interest rates continue to rise or if they face an unexpected expense.”

#196 After Communism on 04.16.18 at 1:03 pm

I am enjoying how the Bank of Canada’s “macro prudential” is not working out, and raising interest rates, faster, sooner, would have been better, than those liberal economists’ suggestions.

#197 joblo on 04.16.18 at 1:14 pm

Be sure to tune in CBC:
Tonite: Prime Minsters dawns his Napoleon costume
April 17: Beefeater costume

#198 Rexx Rock on 04.16.18 at 1:14 pm

Where I live in Langford I noticed a real slowdown.Usually you’d see a house for sale sign and in two days it would be sold. Now its anywhere between 7 to 14 days.Unbelievable!I never would have thought I would see a house take so long to sell.

#199 Howard on 04.16.18 at 1:49 pm

Here we go again.

https://www.thestar.com/business/real_estate/2018/04/13/gta-housing-market-poised-for-spring-thaw.html

“Downtown Toronto properties are attracting multiple offers, while realtors in the wider GTA see signs of the market heating up.”

#200 Howard on 04.16.18 at 1:58 pm

out.

#130 Ronaldo on 04.15.18 at 11:19 pm
#25 MF on 04.15.18 at 5:54 pm

#8 toronto1 on 04.15.18 at 5:02 pm

Not even a drop in condo prices is to be expected. The reason is that most of the empty nester boomers will be moving out of their SFD houses at some point in large numbers. Where will they go? Condos. Up she goes.

MF
—————————————————————
Not a chance. Boomers are smarter than that. Maybe the GenXer’s but I doubt that they will either. Even they are smarter than that. The mills will be trapped in their 650 s.f. boxes in the sky for a good long time. We aren’t going anywhere til they carry us out. That view of Departure Bay is awesome tonite.

———————————————-

Carry you out….the Boomers will live forever. How can they not having lived such an easy, stress-free life?

Their children on the other hand – overworked, underpaid, constantly stressed, and unhealthy – will keel over in their 60s just like their great-great-grandparents. Gen-Z / Centennials will have to tend to you because the Mills will already be dead.

Btw what generation do you think is buying condos as a rental investment?

#201 Niagara Region on 04.16.18 at 2:12 pm

REMAX’S OFFICIAL TAKE ON THE NIAGARA REGION

Today my long-term realtor emailed me Remax’s official first-quarter analysis of real estate sales and prices in the Niagara Region:
http://www.remax-gc.com/mw-0102-market-overview

The report is rosy. Remax’s new undertaking of circulating such reports indicates that Remax is very scared about the RE market in the Niagara Region.

I see a staggering amount of speedy overbuilding of townhouses, condos, and semis in the region, but I doubt that these developments are sustainable. I now see a steady flow of “price reduced” signs and ads. Also, it’s not a great place to live: for example, the cancer rates in Niagara Falls and St. Catharines are unusually high (perhaps because across the Niagara River in Towanda, NY, there is a lot nuclear waste from the Manhattan project; and 270,000 irradiated mice are buried at a nuclear waste site in Lewiston, NY).

#202 AGuyInVancouver on 04.16.18 at 2:13 pm

#148 Al on 04.16.18 at 4:37 am
Garth is right, most people in Halifax have jobs, only 6% don’t : http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/lfss03a-eng.htm

Not sure how that compares to other cities. National rate is at 5.8%.
_ _ _
Unemployment rate in Vancouver is 4%. And the tulips are out!

#203 IHCTD9 on 04.16.18 at 2:14 pm

#194 Suck to be you.. I know I know on 04.16.18 at 12:26 pm

The problem living in Halifax is hard to find a job that pay you $55K a year.
_________

That 55K requirement is household income, and said 55K minimum is based on average RE costs. Sub-200K houses abound outside Halifax proper.

If a couple of 11.00/hr minimum wagers bought a house for 150K in Kentville NS, their mortgage payment at 3.2% would be 725.00/month. Their income would be ~3800.00/month. That 725.00 is less than 20%, well within the range of affordability.

Kentville is a ~1 hr commute to Halifax. If you both can eventually find good jobs there making 40-50K each, you’ve got it MADE IN THE SHADE. Even if 40K ea was the best you could do, 80K household still POUNDS your 725.00 mortgage payments to only 11% of your monthly gross.

Even if all else fails, two full time coffee servers or burger flippers can STILL cover the monthly pretty much indefinitely if need be.

Compare that to an SFD in the 416 at 6,200.00/month lol! You’d need a household of 391,600.00 to pay that monthly with the same ease as the burger flippers, and a smokin’ 676,363.00 to be at the same comfort level as the 80K Kentville household. Actually, they’d need even more than that as incomes at this level are taxed to death!

#204 Big Kahuna on 04.16.18 at 2:20 pm

#128Terry-I guess you haven’t been informed that Planet Earth is boiling over-as Obama said-global warming is the number one threat to humanity-here in Wynnetario we are glad to pay so that the high priests can somehow bring about the necessary cooling to save us all from extinction.

#205 Stan Brooks on 04.16.18 at 2:21 pm

#186 Keith in Rio on 04.16.18 at 11:07 am
#156 I’m Stupid……..

Your handle is appropriate.

As a Canadian who now has permanent residency in Brasil, and is married to a Carioca who started her working life there in the health system, you have utterly no clue as to what you are talking about.

———————————–

Clueless Canadian?

Sure. There are millions of them having high opinion of a very rudimentary and in cases very bad health care system only because they are told it is fine and ‘free’ and they are completely incapable of independent thinking.

It applies/the clueless-ness/ not only to the health care system which is inferior to 80 % of the countries our there except probably most African countries but also to everything else – education, housing (every location is good location).

Everyone who disagrees with official narrative (aka brainwashing) is eliminated by ‘public opinion’ and ‘education by the state’.

Smoking man has it pretty correct on the education here.

#206 Stan Brooks on 04.16.18 at 2:30 pm

#186 Keith in Rio on 04.16.18 at 11:07 am

really great post. won’t get the appropriate attention though, people here ARE STUPID.

=================================
Oh, I forgot.

The ONLY G7 country with no drug plans for seniors?

Canaduh.

And of course we have the best ever, free amazing health care system in the world.

Waiting times to see a specialist is the longest in the world as far as I know, I personally spent tens of thousands of US dollars on health care going to US while living in Canada due to our ‘superior’ health care system and complete lack of alternatives for second opinion.

#207 Howard on 04.16.18 at 2:44 pm

Toronto is really quite a nice city.

The problem is the Torontonians.

#208 april on 04.16.18 at 3:27 pm

A#198 – the usual realtor spin.

#209 Bob on 04.16.18 at 3:27 pm

@#152 I’m Stupid

Good grief. Where did I ever say I was making minimum wage? I wouldn’t be looking to buy a house anywhere if I was.

#210 tim on 04.16.18 at 3:39 pm

Don’t fly Allegiant aircrafts…
Have you seen the allegiant air safety report:
https://onemileatatime.boardingarea.com/2018/04/16/allegiant-air-60-minutes/

#211 TS on 04.16.18 at 3:40 pm

@Keith in Rio
“I had a heart condition in 2008 that my doctor could not get diagnosed for 8 months at least. Went down to Rio on holidays, spent R$400 ($160 CAD) and saw one of the top cardio’s in Rio in 48 hours. Got a battery of tests that cost me IIRC R$700 ($280 CAD) within the following 24 hours and went back to see him. Diagnoses confirmed, but as I was going back to Canada the next week, there was no point in getting treatment down there.”

Median monthly wages in Brazil are R$1268 (465 CAN) per month. You wouldn’t last a week if you depended on the SUS. Life is pretty easy in Canada if you’re in the 1% too you know.

#212 B20 Bust on 04.16.18 at 3:42 pm

April is shaping up to be another month of the B20 nothingburger. The word of the devasting impact of B20 has been out for 6 months, and pre-approvals are all exhausted.

In South Vancouver lsland, anything of quality is selling within days of being listed at the inflated assessed prices, and in a handful of cases, over selling price.

Quality continues to sell regardless of rising interest rates or the B20 nothing burger.

Nobody cares about a decline in sales volumes unless there are significant price declines. Sellers are just pulling their houses when they don’t get their inflated list prices, further contracting supply and increasing demand and hence prices.

For those on the sidelines in BC, there will be no Toronto style correction. TO had a last minute parabolic rise in prices over a year and a half – which corrected the next year. In BC, the near parabolic increases in prices in recent years is an established trend in Vancouver, which then spread to Victoria, Nanaimo and Kelowna for the last 2-3 years.

There is no parobolic increase in interest rates, with tiny little adjustments every few months and years. At this rate of interest rate normalization, we may see the mythical 6-8% in a decade from now.

As has been said here before, all those on the sidelines for years will have to wait many more years for even the potential of a softening of prices. The amount of money spent on ever rising rents for a 5-10 year decline will be more than on servicing a mortgage, even when the value of the house declines and interest rates rise.

As recently announced here, average houses are out of the reach of average families in major urban areas. Of course, they were not out of reach 5-10 years ago…hmmmm

#213 LivinLarge on 04.16.18 at 3:53 pm

“you always have the option of adding a snotty little response in italics at the bottom which of course we cant respond to so you always have the last word.”…so, let me get this straight, you’re whining like a petulant 6 y/o because you went to someone’s blog and they censored your whining AND you’re not bright enough to figure out how to reply to italic comments????

Maybe you should have your afternoon nap.

#214 Dogman01 on 04.16.18 at 4:04 pm

Days of Snow and Snowfall Canadian Cities

https://www.currentresults.com/Weather/Canada/Cities/snowfall-annual-average.php

As the snow drifts past my cube window here in Calgary…

#215 crowdedelevatorfartz on 04.16.18 at 4:07 pm

@#212 B20 Bust Aka Realtor.

You remind me of a Brit friend who voted for Brexit and then smugly commented 2 weeks after the polls closed,
” See ! Nothing has happened. All the doomsayers were full of shite!”
I looked at his and said,” It’s only been 2 weeks.”

B20 came into effect Jan 1st. Pre approved mortgages take up to 90 days to expire…thus March 31st was the beginning.

At the risk of repeating myself to another smug , head in the sand, ostrich,’
“Its only been two weeks.”

Talk to us in Sept. after a Summer of dismal sales stats.

#216 James on 04.16.18 at 4:20 pm

#205 Stan Brooks on 04.16.18 at 2:21 pm

#186 Keith in Rio on 04.16.18 at 11:07 am
#156 I’m Stupid……..

Your handle is appropriate.

As a Canadian who now has permanent residency in Brasil, and is married to a Carioca who started her working life there in the health system, you have utterly no clue as to what you are talking about.

———————————–

Clueless Canadian?

Sure. There are millions of them having high opinion of a very rudimentary and in cases very bad health care system only because they are told it is fine and ‘free’ and they are completely incapable of independent thinking.

It applies/the clueless-ness/ not only to the health care system which is inferior to 80 % of the countries our there except probably most African countries but also to everything else – education, housing (every location is good location).

Everyone who disagrees with official narrative (aka brainwashing) is eliminated by ‘public opinion’ and ‘education by the state’.

Smoking man has it pretty correct on the education here.
………………………………………………………………….
Baha ha ha ha………………Smoking Man has no education at all so how would he know what is right or wrong?
http://thepatientfactor.com/canadian-health-care-information/world-health-organizations-ranking-of-the-worlds-health-systems/

#217 Stan Brooks on 04.16.18 at 4:24 pm

#211 TS on 04.16.18 at 3:40 pm
@Keith in Rio
“I had a heart condition in 2008 that my doctor could not get diagnosed for 8 months at least. Went down to Rio on holidays, spent R$400 ($160 CAD) and saw one of the top cardio’s in Rio in 48 hours. Got a battery of tests that cost me IIRC R$700 ($280 CAD) within the following 24 hours and went back to see him. Diagnoses confirmed, but as I was going back to Canada the next week, there was no point in getting treatment down there.”

Median monthly wages in Brazil are R$1268 (465 CAN) per month. You wouldn’t last a week if you depended on the SUS. Life is pretty easy in Canada if you’re in the 1% too you know.

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

And in which country life is not easy when you are 1 % – er?

If you leave aside your ignorance and do some research you will find that Canada is actually one of the countries where least of 1 % -ers can afford to live without working.

It is a working class country, a giant labour camp working for the wealth of the few.

#218 IHCTD9 on 04.16.18 at 4:25 pm

#207 Howard on 04.16.18 at 2:44 pm
Toronto is really quite a nice city.

The problem is the Torontonians.
_____

Aye, some of the dumbest voters in the Country.

Right on par with those in Vancouver.

Funny how they are in basically the same predicament no?

#219 Mattl on 04.16.18 at 4:26 pm

I’m amazed at how many people that post here think that homes in major markets will ever reflect median family incomes. That ship sailed 30 years ago.

The RE market is global today, homes in places like Whistler, Vancouver and Kelowna will never reflect local incomes as long as people from other places with more wealth want to live here. Spec taxes and foreign buyer taxes will soften prices in the short term but there is no going back.

YVR gets knocked a lot by posters here that missed the boom but in my work I talk to business people all the time that gush over how much they love Van. Europe has culture, architecture and landmarks. Van has world class recreation and the rich love to play here. Golf, ski and catch salmon on the same day, there are not many major cities like it, geographically its a unicorn. Deal with it.

#220 IHCTD9 on 04.16.18 at 4:28 pm

#212 B20 Bust on 04.16.18 at 3:42 pm

As has been said here before, all those on the sidelines for years will have to wait many more years for even the potential of a softening of prices. The amount of money spent on ever rising rents for a 5-10 year decline will be more than on servicing a mortgage, even when the value of the house declines and interest rates rise.

As recently announced here, average houses are out of the reach of average families in major urban areas. Of course, they were not out of reach 5-10 years ago…hmmmm
__________

Might be time for all you patient folks over there to pack up and head for Kentville NS.

#221 The Vulture on 04.16.18 at 4:31 pm

Great post Garth!
I’m so glad that peak house has come and gone. Now we may be experiencing peak condo. Condos are alright but would not be my first choice.
How about a posting on the various demographics across Canada and how they affect real estate prices?

#222 Calgary Rip Off on 04.16.18 at 4:48 pm

A person needs to think big. Current houses that are $500K in Calgary are overpriced. By about $200K. This happened because of speculation. People buy mortgages to make money off properties, such as the house flippers and investors. Thanks for this. Screwed it up for those who simply want to buy a place and live.

One of the docs I work with I encouraged to buy a rental property: https://www.realtor.ca/Residential/Single-Family/16589822/6-ASPEN-RIDGE-LN-SW-Aspen-Woods-Calgary-Alberta-T3H5H9-Aspen-Woods

Its his friends house and has been on the market for two years. I told him to buy it and rent out the chateau to me. For $1,000/month. I would simply hang out in it on weekends. Mostly to get away from the neighbours in NW Calgary. As far as Im concerned, the population is too dense in NW Calgary. I require a minimum of 40 acres around my person to feel the ambiance, not 8 feet typical between properties. If I can sense there are people around, thats too much noise.

This world is screwed up. I blame the problems in real estate in Calgary on Satan, smart phones and their twenty year old users(and stupid social media-you are not that important) and the investors that think they are important.

#223 B20 Bust on 04.16.18 at 5:00 pm

#215 crowdedelevatorfartz on 04.16.18 at 4:07 pm
@#212 B20 Bust Aka Realtor.

You remind me of a Brit friend who voted for Brexit and then smugly commented 2 weeks after the polls closed,
” See ! Nothing has happened. All the doomsayers were full of shite!”
I looked at his and said,” It’s only been 2 weeks.”

B20 came into effect Jan 1st. Pre approved mortgages take up to 90 days to expire…thus March 31st was the beginning.

At the risk of repeating myself to another smug , head in the sand, ostrich,’
“Its only been two weeks.”

Talk to us in Sept. after a Summer of dismal sales stat
———

Happy to circle back in a few months time, as nothing material will have changed. Feel free to save this one because B20 will be as useless in cooling the market in BC as all the other past failed federal measures that were heralded as ‘game changers’ including:

– the elimination of the 40 year mortgage
– elimination of the 35 year mortgage
– changed CMHC rules to a limit of $999,999
– changed equity withdraw rates for second properties to 65%
– the increased down payment requirements above 500k
– the stress test for the less than 20% down crowd

Ever six months a new meaure to prick the market is heralded as the moister killing marker changer. There is always the glimmer of hope, only to be dashed a few months later as prices continue their ascension.

This has been going on for a decade and each time the measure gets implemented, there is a loophole or external forces (aka capital) that circumvent the ‘intended’ effect of the measure.

Upon second thought, no need to save this post. I will be posting regulary on the immaterial impact of the measure to curb BC’s market.

Oh, and by the way, your friend appears to be right with Brexit. The currency bounced back; all the financial institutions stayed and more are looking at locating to London; the stock market took off; GDP grew and; average wages actually went up.

#224 TS on 04.16.18 at 5:06 pm

Stan you missed the point buddy but thats ok, we’re on the same page

#225 Zapstrap on 04.16.18 at 5:13 pm

#218 IHCTD9 on 04.16.18 at 4:25 pm

#207 Howard on 04.16.18 at 2:44 pm
Toronto is really quite a nice city.

The problem is the Torontonians.
_____

Aye, some of the dumbest voters in the Country.

Right on par with those in Vancouver.

Funny how they are in basically the same predicament no?

Pretty sure it was Edward Longshanks that said the same thing about Scotland a few years ago.

#226 Stan Brooks on 04.16.18 at 5:26 pm

LIMIT

#227 Brian Verden on 04.16.18 at 5:26 pm

Halifax is a great place to raise a family. A 500 sq ft condo in T.O. not so much. In the end breeding drives real estate.

#228 Stan Brooks on 04.16.18 at 5:28 pm

LIMIT

#229 oncebittwiceshy on 04.16.18 at 5:39 pm

B20 Bust:
“– the elimination of the 40 year mortgage
– elimination of the 35 year mortgage
– changed CMHC rules to a limit of $999,999
– changed equity withdraw rates for second properties to 65%
– the increased down payment requirements above 500k
– the stress test for the less than 20% down crowd”

<<<<<<<<<<<<<<<<<<<<<<<

Okay, so you've listed all of the federal measures that were used to blow up this bubble. Now they have been taken away, mind you, you did forget about the "interest only loans" and "no income verification loans", but they are gone as well, so, let's focus on the only real "prick" that matters.

https://www.bnn.ca/1-3-of-canadians-fear-bankruptcy-amid-debt-trap-warning-survey-1.1058013

https://www.reuters.com/article/us-usa-fed-dudley/dudley-sees-three-or-four-fed-rate-hikes-in-2018-cnbc-idUSKBN1HN20M

Yes, now they are going to take away the monopoly money and we shall see how many REIN wannabees are up the proverbial creek without a paddle.

The Canadian banks have been making everyone feel comfortable with the low loan loss/mortgage default levels but as of January 01 of this year they have to play by international standards. Ooops.

Post away my friend, but I doubt that we will hear from you within the next 6 months as your world (as you see it) falls apart.

#230 Stan Brooks on 04.16.18 at 5:40 pm

#223 B20 Bust on 04.16.18 at 5:00 pm

Repeat with me:

1. There is no external capital flow into Canada. On the contrary, there is capital outflows.

2. There is no external capital inflow into the housing market in Canada. If there was such we wouldn’t need the subprime shit insurance to the tune of 900 billion +
And you know what? Banks exclude these from their risk assessments as they think the sheeple – you, me will cover the ultra-subprime mortgage shit that they underwrote/originate.

I am so happy that soon I will have no risk exposure whatsoever in thus place.

2 years folks, 2 years until I remove all my assets there in tax – efficient way, counting the days,

#231 Earnings on 04.16.18 at 5:41 pm

#194 Suck – The average earnings in Ontario is $52,260 2017 vs Nova Scotia $45,292 2017 for example. The real difference in the cost of living can be much cheaper in Nova Scotia by at least 50% or more.

#232 crowdedelevatorfartz on 04.16.18 at 5:53 pm

@#223 B20 Realtor Buster

Brexit has already happened?
Did I miss a year?
Is this Apr 2019?
Has the EU capitulated on Hard core issues such as the Irish Border?
Immigration?
Financial Regulatory authuories?
Taxes?
Currency?
Scottish Seperatists rearing their sour heads?
Nah. Brexit ramifications haven’t even started yet…..and after all is said and done the sheeple that blindly voted for it will realize ….they are worse off.

Lets give B20 a bit more time before we declare it a total failure shall we? Two weeks?

Because, ” Its different here”
Please.

#233 crowdedelevatorfartz on 04.16.18 at 7:44 pm

Shades of “Brexit”?

British passports to be printed in…….France.

https://www.google.ca/url?url=https://www.theguardian.com/politics/2018/mar/22/contract-to-print-uk-passports-abroad-will-save-120m&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwjL2tHU-7_aAhXK31QKHfp6BDgQFggiMAM&usg=AOvVaw10nzXhiay1WUtheuzOTUW9

We wont bother talking about the Financial services sector quietly moving out of London for “frindlier EU shores….
Speaking of shores….the British fishery has decided to continue with EU rules until at least 2012 because….Britiain has a lck of skilled trade negotiators……Why? You ask?
Because most of the skilled trade negotiators from Britain…..work for the EU in Brussels….

Oh my.
What will happen to Jolly old Blighty when the whip comes down next March 31st, 2019?
More of the same?
Only difference.
Britain WONT have a seat at the negotiating table even though they will have to pay HUGE money to have access to the EU markets……
Please explain to me why Brexit is “good”?
B20….coming to a housing market near you.

#234 RW_Z on 04.17.18 at 3:09 am

@ #7 taxpayer

“I’m a retired BOOMER. My mortgage was paid off in 7 years”

A few blustery sentences later:

“There is no free lunch”

There used to be. And you ate it.

#235 Laura on 04.17.18 at 4:30 pm

Are we seriously expected to take out an insurance policy or borrow money to pay taxes to a Crown Corporation (CRA) that controls our government? They do not have the legal right to tax you in the first place and they know it. They just hope you don’t. That money has already been taxed at the source prior to purchasing the property. The profits are yours to keep, not some unelected bureaucrat.

#236 Shawn on 04.17.18 at 4:45 pm

I have been 0% Canadian equities since 2012. Best to stay that way.