Shed II

What comes after house porn? Crash porn, of course. And we have plenty of it on this pathetic blog which just spent the last decade telling you that it’s okay to be house horny so long as you’re balanced. Apparently millions ignored me.

Yesterday it was all blood & guts from YVR and the LM. Today the bleeding continues with damage to 416 and the GTA. Mainstream media and the real estate cartel are spinning the current numbers as being a ‘stabilization.’ Death is also stable. It’s all relative – and the real estate market in southern Ontario is decidedly unhealthy.

On the heels of Van’s numbers, the largest real estate board in North America this week delivered some tough news: sales in the GTA tumbled by a third from April of last year, when everyone on this blog said prices would rise forever. They didn’t. The average value of a detached home has dropped more than 14%. In fact sales of detacheds – the gold standard in the spring of 2017 – crashed almost 40% across this vast region of six million souls.

Despite the obvious, realtors are fighting back. Says the cartel: “The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types.”

You can certainly take issue with that statement, since we’re just freshly into the post-B20 era when the mortgage stress test is seriously reducing available credit. Plus mortgage rates bloated last week, the US Fed will increase four times in 2018, the Bank of Canada is expected to plump its rate again this summer, and benchmark US Treasuries are rocking yields in the bond market.

Well, when your BIL tells you over dinner this Sunday what a loser you are for renting because, of course, houses always go up, share the following. (You might wish to write some of this on your hand.)

  • Despite what realtors tell you, they just had one of their worst months in 15 years. The mood change from last April to this one was intense and profound. The vast majority of agents have had no sales. No wonder they’re bitchy.
  • The 7,800 deals recorded in the region last month was the worst result for an April since 2003. Sales have now declined for four months consecutively.
  • This is the worst start for any year since the financial crisis of 2009.
  • Real estate sales in general just hit the lowest level since 2010.
  • A year ago listings were surging and buyers had more choice. This year they have crashed by 25%, from almost 22,000 to just over 16,000. This lack of quality product (sellers are on strike) is why prices have not plopped further. So, wait.
  • The top end of the market is being pummelled. Houses worth $2 million or more accounted for 10% of all sales last year. Now that’s dropped by 50%.
  • The market is cleaving. Single-family homes are being shunned, even as the price falls, while condo sales have held up and average prices even increased a little. This proves again people buy what’s increasing and flee those things in decline. Big fail.
  • With 20,000 new condo apartments coming in each of the next two years and mortgage rates rising, be very careful about grabbing a pre-sale unit – especially to rent. Remember that about 45% of all amateur landlords in Toronto are in negative cash flow. If prices start to reverse, they’re toast.

Now, finally, there’s an election coming soon in Ontario. One on side are the Libs whose 16-point market-killing plan of last April included a foreign buyers tax, universal rent controls and a crackdown on flippers and speckers. On the other hand are the untested and testosterone-addled Tories who want less government, fewer regs and no taxes on offshore money. Meanwhile McMansions in some parts of the GTA have already shed a quarter or more of their value and – as detailed above – buyers are few and far between.

Yes, this is a confused market full of scared sellers, homeowners in disbelief, moisters overpaying for purchases they’ll regret and a mass of buyers too doubting to make an offer. As always, do the opposite of what everyone thinks is smart. And guess what that is?

160 comments ↓

#1 Love on 05.03.18 at 5:02 pm

First and I love it!

#2 Vain on 05.03.18 at 5:13 pm

Conrad Black is likely feeling pretty smug right about now after selling his house and renting it from the buyer.

#3 a-question-on-leasing-a-house-in-Ontario on 05.03.18 at 5:19 pm

Anyone knows there is a new standard lease agreement by gov’t Ontario found through :

https://studentlife.uoguelph.ca/information/rental-living/rental-resources/lease-reviews

As of April 30, 2018, rental situations covered by the RTA require the landlord and tenant to use a single standardized lease provided by the Province of Ontario. If you signed a lease before April 30, 2018 then that lease stands, with the exception of clauses that violate the Residential Tenancies Act (RTA). ”

here is the actual doc link
http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=2229E&NO=047-2229E

Choose browser version and click so that you dont need to install latest adobe to see it.

Now MY question is , if a house for lease is listed through MLS system, should not this be the one used for leasing ? Realtor claims through MLS it should go through their system and their agreement style and their forms…
Is that right !? Any expert idea ?

#4 Mark on 05.03.18 at 5:35 pm

I’m personally invested in developing my new superpower. I have committed myself to waking up everyday and practicing for at least 15 minutes before leaving for school, and another 15 minutes before bedtime. This makes 30 whole minutes of superpower development everyday.

I would like to practice more but I am unable to focus on my superpower development without complete uninterrupted quiet solitude. As you can imagine, a rather large family such as mine, living in a small 2 bedroom rental apartment is not conducive to the environment I require. And it’s not like there is any space or time during lunch hour.

For instance, last night while I was practicing before bedtime my parents were catching up on their podcasts. Unfortunately my parents are somewhat hard of hearing and need to listen at very high volumes. This interrupted my focus, but after listening for a minute I realized it was my favourite podcaster Ross Clerk. This podcast was a bit older but one of my favourites, if not my favourite of all time. It must be my parents favourite too as they play it often. It’s a podcast from 2013. Ross Clerk, he’s so incredible, he called the peak of the housing market to the day as it was happening in that very podcast.

My parents are so happy they followed this incredible advice from who can only be referred to as a modern day prophet, Ross Clerk. We all miss our beautiful house in the Brampton’s, but we are living it up with the money we cashed out for in 2013 and waiting to buy back in at the bottom. Besides, this apartment is beautiful and has everything we need, and living across the street from a No Frills grocery store has its benefits.

I can’t wait to show you all my new superpower when I’ve developed it enough. It’s hard work and I’m not certain of how long it will take, but as you can tell I am dedicated.

#5 waiting on the westcoast on 05.03.18 at 5:36 pm

I find it frightening that the condo moisters aren’t cluing in on the shift. They will be holding the bag.

I’m happy that my eldest kids are at the tail end of the moisters. Still too young to think about buying, they are going to have a front row seat to the unwinding and will be hitting their stride near bottom in a few years…

#6 YVR Comment on 05.03.18 at 5:44 pm

Garth, so it is agreed that dippers in BC are not responsible for blood-bath in Southern Ontario. The real estate prices were plummeting anyways, both in Ontario and BC. It was just matter of time. Why blame BC NDP then, they are simply trying to control money laundering and trying to regulate real estate cartel locally, which is totally out of control. Obviously, taxes etc are necessary on people owning second properties, few genuine people will get screwed, however every policy decision by politicans has collateral damage. This is the reality. It will settle down eventually.

#7 NotLegalAdvice on 05.03.18 at 5:49 pm

I’m sitting beside a greater fool on the Train Home today.

He looks about 22 years old and wants to put an offer on a pre-construction condo. He tells his buddy sitting directly across him that he doesn’t have the money now, but will have it by 2020 to give 5 percent down.

His buddy says he’s in a great financial position because if he can’t sell the 1 bedroom condo after he’s ready to move into a home, he can rent it and make money.

Do I drop my 2 cents into their convo or should I just stay quiet? What’s the point in trying to explain how the market works to a bunch of monsters on this 20 minute commute?

If I had 10 years, maybe then they’d understand! Or maybe I’d feel a lot like Garth.

#8 Blood in the Streets on 05.03.18 at 5:49 pm

“Yes, this is a confused market full of scared sellers, homeowners in disbelief, moisters overpaying for purchases they’ll regret and a mass of buyers too doubting to make an offer.

As always, do the opposite of what everyone thinks is smart. And guess what that is?”

Answer: Contrarian?

#9 For those about to flop... on 05.03.18 at 5:58 pm

Recent Sale Report/ Realtor Assistance Needed.

This house in White Rock sold 39 days ago.

So yeah, it’s got a bit of a crust on it but it was only a Possible Pinkie based on the lower than ask assessment.

Let’s see if I can get an answer and help someone out that is wondering what is going on out that way.

If they only got 1.12 or so then they basically ended up Even Stevens…

M43BC

1540 STEVENS ST WHITE ROCK paid 1.04 ass1.02 asking 1.19

https://www.zolo.ca/white-rock-real-estate/1540-stevens-street

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDA3NU5GUA==

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

Feel free to make a donation.

Flop For Fox Fund…

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

#10 JSS on 05.03.18 at 6:04 pm

We’ve heard lots about GTA and lower mainland. Let’s hear some juicy stories of the prairie cities!

#11 Dani on 05.03.18 at 6:11 pm

If anyone bought a condo at pre-construction prices or a house as little as 3- 5 years ago, if prices in the GTA crash 30% (they won’t, but if they do..), owners will still make an insane profit. Housing has practically doubled over this time frame..With a “crash”, RE will still be expensive and unattainable for the average Joe/Jane. Owning property is for the rich. In fact, renting is for the rich as well in TO. If you make $100,000 per year, renting a shoe box will take 1/2 your monthly income. So, the only way to naturally bring down the market is to (if you can), stay where you are, and don’t rent and don’t buy a house. Make FOMO a thing of the past, and make HTMO (Happy to Miss out) the trend of the future. The market will respond accordingly.

#12 Capt. Serious on 05.03.18 at 6:18 pm

As always, do the opposite of what everyone thinks is smart. And guess what that is?

Go RVing?

#13 For those about to flop... on 05.03.18 at 6:19 pm

Recent Sale Report/Realtor Assistance Needed.

Here is another one with a crust on it that was in my Possible Pinkies folder.

Someone managed to barge through the cows in Langley and make a successful offer 41 days ago…

M43BC

4085 205A ST LANGLEY paid 1.48 asking 1.69

https://www.zolo.ca/langley-real-estate/4085-205a-street

https://www.zolo.ca/index.php?sarea=4085%20205a%20Street,%20Langley&filter=1

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

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

Feel free to make a donation.

Flop For Fox Fund…

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

#14 Mark on 05.03.18 at 6:24 pm

“#11 Dani on 05.03.18 at 6:11 pm
If anyone bought a condo at pre-construction prices or a house as little as 3- 5 years ago, if prices in the GTA crash 30% (they won’t, but if they do..), owners will still make an insane profit. “

How so? Prices are at 2013 levels in the GTA on individual identical properties. Any alleged ‘increases’ since then have been entirely due to the dramatic shift in the sales mix. There is no ‘insane profit’. Buyers at 2013 (peak) prices are facing the prospect of having minimal to no equity other than whatever they paid in (downpayment and principal repayment), and mortgage renewal is likely to be at substantially higher rates than they faced on their term 5 years ago.

RE must, in the long run, always be affordable for the average Jane/Joe, but that’s not to say that everyone has an entitlement or will ever be able to afford a SFH in a major city. However, mean reversion implies that during the phase of overshoot beneath the mean, that Canadians who did not over-extend themselves into RE at high prices and gorged themselves on credit will have incredible buying power if they desire to own RE.

Owning property is for the rich.

If you read Garth’s comments or actually study the numbers, you’ll see that RE ownership, particularly leveraged RE ownership, is for the poor, and actually makes people poor. Business ownership easily, in the long run, on a balanced and diversified basis, easily outperforms RE.

#15 Lawnboy on 05.03.18 at 6:25 pm

@#3…lease deal.

A lesser being ( municipality) can’t write a law that trumps the province. The provincial law stands. The new forms are the ones used and anything that MLS thinks should be in the contract will not hold water . Like say “ no blog dogs”….

Good luck. Buy a cat.

#16 Happy Housing Crash Everyone on 05.03.18 at 6:29 pm

You dirty uneducated high school dropout SHYSTERS. You are not qualified for a $14 an hour job. SHYSTERS are useless eaters that serve no purpose. These SHSYSTERS are some of the LAZIEST people in Canada. Two of the LAZIEST people I know that hate working and don’t want to work are SHYSTERS. Why is that? Why do LAZY people that don’t like working want to be SHYSTERS? Also why are the these LAZY SHYSTERS Conservatives? Food for thought.

#17 Paul on 05.03.18 at 6:30 pm

How’s cottage country doing? I see a lot of listings… would imagine rec property would be the first thing to go homeowners get squeezed, especially the ones bought with HELOCS

#18 Leo Kolivakis on 05.03.18 at 6:35 pm

Garth,

I was talking to a blog reader out in Vancouver last night, and he blew me away saying how housing prices have soared but “quality of life is going down” because there’s too much traffic in the city as workers, teachers and first responders have to live far away in the suburbs and drive in and out of the city every day.

He also told me something I didn’t know, in the province of British Columbia, after the age of 55, you can defer property taxes till you die (Ontario has a similar program for seniors). “You have cash flow poor seniors on a fixed income living in the most expensive real estate where they can live till they die and then the estate pays real estate taxes owed over the years but it’s a pittance compared to the asset value of the homes.”

Here are the links to these programs:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes

And

https://www.fin.gov.on.ca/en/refund/plt/seniors.html

At least in Ontario, irs for low income seniors. Did you know about these programs?

Leo

#19 Happy Housing Crash Everyone! on 05.03.18 at 6:39 pm

SHYSTERS are lucky Millennials are stupid. They are generation S (stupid). They have been brainwashed to believe what they are told. That’s what schooling will do. It’s kinda interesting how uneducated SHYSTERS can fooll educated Millennials. Smokingman can answer that question I believe.

#20 crowdedelevatorfartz on 05.03.18 at 6:40 pm

@#12 Capt Serious
“As always, do the opposite of what everyone thinks is smart. And guess what that is?

Go RVing? ”
++++++
Nope.
Tattoo laser removal…..

#21 crowdedelevatorfartz on 05.03.18 at 6:43 pm

@#16 Happy Housing Crush Everyone.

Calm down brudda.
Yer gonna have a stroke.
You’ll miss the inevitable “karma crash” you’ve been foaming at the mouth to see.

#22 Debtslavecreator on 05.03.18 at 6:48 pm

It’s RENT Garth
Pay cheap / low risk rent to a dumb landlord who drank the KoolAid instead of paying a lender/government much more expensive rent for a chance on a tax free capital gain
Btw blog dogs the charter does not give you the right to own property in Canadstan
Might as well pay risk free and much cheaper rent to the landlord instead of being a homeDebtRenter
But if you find a good home in a good location in 1-2 years selling at a price less than 15 times the annual rent and your mortgage is reasonable then consider being a debt renter and buying
Cheers

#23 Penny Henny on 05.03.18 at 6:49 pm

#181 Shawn Allen on 05.03.18 at 3:03 pm
176 Stan Brooks on 05.03.18 at 2:34 pm responded:
#173 Shawn Allen on 05.03.18 at 1:56 pm

Good.

1. I am a Chartered Financial Analyst, a Certified Management Accountant and have an MBA degree.

Not even a CFA? Shame.

******************************
I wonder what Stan thinks CFA stands for…

Stan is only interested in insults and certainly my point stands that debts can’t exceed the savings/deposits/securities whatever of wealthy owners on the other side of that debt.

The net debt on this earth cannot exceed zero when all debt is owed to someone. If some people owe a lot, others own a lot.

Let the readers decide who is more credible here.

//////////

I think Stan has himself to be a proven Canadian hating dick. Complain, complain, complain.
To Stan it’s always better somewhere else.
Stan, don’t like it here then MOVE.
Maybe you can’t because of your record, that’s your problem.
Stan I think are alot like Mark.
You might be be smart but you are not knowledgeable.

#24 The Wet One on 05.03.18 at 6:51 pm

Although this slaughter probably won’t be coming to Edmonton anytime soon, since I plan on buying next year, I hope this continues for a few more months to put fear and trepidation into the hearts of buyers and capitulation into sellers so they drop their price and drop them bigly.

We’ll see though. Edmonton is its own market and the pains seen elsewhere won’t necessarily manifest here.

But I can HOPE!!!!

#25 renter in Surrey on 05.03.18 at 6:52 pm

Crash porn, blood & guts…

—————————————————————–

Yeah, sure. There are no decent SFH in Fraser Valley below $1mil (988K rounded is still a million).

#26 Smoking Man on 05.03.18 at 6:54 pm

Happy Housing Crash Everyone on 05.03.18 at 6:29 pm
You dirty uneducated high school dropout SHYSTERS. You are not qualified for a $14 an hour job. SHYSTERS are useless eaters that serve no purpose. These SHSYSTERS are some of the LAZIEST people in Canada. Two of the LAZIEST people I know that hate working and don’t want to work are SHYSTERS. Why is that? Why do LAZY people that don’t like working want to be SHYSTERS? Also why are the these LAZY SHYSTERS Conservatives? Food for thought.
…..

Now I know why we are legalizing weed.
Chill out LaughingCon

#27 Linda on 05.03.18 at 6:57 pm

Today in the news: ‘Calgary billionaire puts property up for auction’. The owner has had the property listed for two years; price was originally $9.9 million & was dropped to $7.9 million. Still no offers. So now is putting it up for auction to see if anyone will actually make an acceptable offer. Of course, Calgary has not had the extreme housing price rise of Toronto or Vancouver but for sure the ‘luxury’ property market has been defunct ever since Alberta’s economic downturn.

#28 Lawnboy on 05.03.18 at 6:58 pm

#17. Cottage Garage sales.

Just cruise up #35 on the long weekend coming up, drop in the Rock Cliff Hotel. Your gonna see lots of toys, ie; jet ski, quads, and Dog Polishers out beside the road. The toys go first .

#29 Jonathan on 05.03.18 at 6:59 pm

#18 Leo Kolivakis

I live in Vancouver and can attest to the “quality of life is going down” part… My commute is about 45min each way and over the past 5 years have noticed traffic has gotten way worse for the same route at the same time of day. Getting more and more frustrating each day I have begun to take more transit (since gas is at stupid level now too – seriously how can we have more expensive gas than New York City or Los Angeles?)

https://www2.gov.bc.ca/assets/gov/taxes/sales-taxes/publications/mft-ct-005-tax-rates-fuels.pdf

TransLink: 17cents
BC Transportation Financing tax: 7cents
Provincial general tax: 2cents
Carbon tax: 8cents
total BC tax: 34cents (out of current 160cents/litre)

Those that blame the carbon tax or other tax on the high gas prices have ulterior motives that’s for sure…

#30 Shawn Allen on 05.03.18 at 7:03 pm

Blacksheep, Don’t Get Stuck on First Base

Blacksheep responded to me at 185 and said:

Shawn today # 173, on 05.03.18

“Blacksheep is correct that a bank does not FIRST need to attract a deposit to make a loan. Instead deposits and loans mostly get created at the same time.”
——————————————–
So…you now agree.

For a chartered bank to lend funds, it does NOT need to fund said loans via a third parties deposit of funds, whether the 1% or anyone else, being irrelevant.

See…that wasn’t that hard now was it?

***************************************
Well, in step 1 here the bank (together with a customer) has created a loan and a deposit simultaneously. The customer is funding his own loan at this stage because he has not spent it yet.

But don’t be like a teenager stuck on first base. You need to keep going.

In Step 2 the borrower spends the deposit and it gets sent off to land in the bank of the person or business it was spent at.

Now our first bank needs to attract another deposit to continue to fund that loan.

I believe my simple point is that when people say there is a mass of debt $2 trillion or whatever. It ALL has to be owed to someone.

When owed to a bank it must be funded by deposits or bank equity of some kind.

Balance sheets gotta balance.

Surely we can agree that one person’s liability (debt) must be the asset of someone else? And when that someone else is a bank, the bank’s assets are funded by deposits (owned by people and corporations) and to a small extent bank equity.

And guess who owns bank equity and other corporations? People.

If there is $2 trillion in debt there is at least $2 trillion in savings/investment out there.

Again, believe whatever you want. Or maybe open your mind just go look at a bank balance sheet. An easy one would be a simple lending bank like Canadian Western Bank.

Move beyond first base. There is enjoyment past first base.

Meanwhile Stan Brooks asked what banks mean by “other deposits”. I will take a wild guess and say those are deposits of some kind, owned by depositors of some kind.

#31 Leo Kolivakis on 05.03.18 at 7:05 pm

Just to follow up on my comment #18, this blog reader of mine out in Vancouver also shared this with me:

“I can see a rationale for it – don’t want property rich/cash poor seniors have to sell the family home just to pay the property taxes – but if you’re going to ask young people who are dying in this market to subsidize the boomers who are sitting on these lottery gains, don’t pour salt in the wound with seniors discounts on many services.

Plus, 55 is far too young for deferral rights. If you’re going to allow deferrals, surely it should be for “pensioners”. And there should be a means test. I’ve got no problem deferring taxes for those who truly need it. But I’m 56 and have the means to easily pay my property taxes, yet I have a right to stick to the young people who are fleeing my community because they cannot afford to live here; and soon I’ll be able to stick to them again when I go to the recreational center and get a reduced seniors rate. As I said, it’s a moral outrage. “

#32 Penny Henny on 05.03.18 at 7:06 pm

From what I am watching in Etobicoke (W08) prices are maybe down 5-7% from last May (when I sold).
So not a huge drop, but sales seem to be much slower.

Of course they are still about 40% HIGHER than the peak in 2013. Ha, ha, ha

#33 The real Kip on 05.03.18 at 7:07 pm

With 7,800 sales last month in GTA the TREB report is right, it looks worse because we are comparing it to last April when the market was stupid the other way. It’ll all work out, no big deal.

#34 Happy Housing Crash Everyone! on 05.03.18 at 7:07 pm

All you SHYSTERS know it’s true. SHYSTERS , Lazy , hate working , Conservative is all true. You know that pretty girl or lazy guy who hates working and is lazy who became a SHYSTER and is voting Conservative.

#35 S.Bby on 05.03.18 at 7:10 pm

#18 Leo Kolivakis on 05.03.18 at 6:35 pm

Yes and they charge a whopping 1.2 percent simple interest. Take the deferred money and stick it in a TFSA and make a bundle.

#36 S.Bby on 05.03.18 at 7:14 pm

#25 renter in Surrey on 05.03.18 at 6:52 pm

Yeah, sure. There are no decent SFH in Fraser Valley below $1mil (988K rounded is still a million).
=============================
Rubbish. there is lots under a million.

#37 Lost in London on 05.03.18 at 7:17 pm

Does anybody have any insight on what’s going on with the London market? Seems like there’s blood in the water everywhere except for London right now where houses that would have sold for 275,000 two years ago are now 450,000.

#38 Tedfiftyfour on 05.03.18 at 7:18 pm

#3 standard form only, no more private or mls forms allowed in Ontario

#39 a-question-on-leasing-a-house-in-Ontario on 05.03.18 at 7:21 pm

#15 Lawnboy on 05.03.18 at 6:25 pm

Thanks for confirming.

#40 Wrk.dover on 05.03.18 at 7:23 pm

As always, do the opposite of what everyone thinks is smart. And guess what that is. Garth

——————————————

Fill a TFSA with GICs ?

Just messing with you Garth.

#41 David on 05.03.18 at 7:26 pm

And here in one of Ottawa’s hottest suburbs townhomes that were bought for $300k 12 months ago are being flipped for $380k and singles sell in days with multiple offers. So this is what the gta felt like in 2015: me like

#42 young & foolish on 05.03.18 at 7:27 pm

They’ll have to take a lot of money out of the system before we go back to any “mean” most would recognize as affordable territory.

#43 crowdedelevatorfartz on 05.03.18 at 7:36 pm

….and just when Realtors thought Canada’s Interest rates were bad………

https://outlook.live.com/owa/redir.aspx?REF=bkv0RlkFG2_pVbkFgMm-7uTTyCqJoW1F4I2ghRsNbUXR1CwnTrHVCAFodHRwczovL2NsaWNrLmUuZWNvbm9taXN0LmNvbS8_cXM9NDYzMDlhZTY2ZDNjMzdmMzI1YjFhYmMwYzFhZjkwODM4MDk5MmM1MWUyYzEzODdlODIzODU1ZTc0MTBmYzQxODYyZmNkZWNkMjgxNmQ4OTM5OTg4NGQ5ODI1NDMwMjRjMmZhZGYzYWFkOTI2NTlmNWIwY2RiMDIxNGY5NDZlZGY.

#44 crowdedelevatorfartz on 05.03.18 at 7:38 pm

Oops.
Canada vs Argentina Bank rate

Link!

https://www.google.ca/url?url=https://www.reuters.com/article/argentina-rate/argentina-central-bank-raises-benchmark-interest-rate-to-3325-pct-idUSE6N1M702C&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwjlhZ382uraAhUL8mMKHfSFBg4QqQIIGTAB&usg=AOvVaw0PCQKowJmx-w2juDupGY5v

#45 YVRvan on 05.03.18 at 7:47 pm

#25 renter in Surrey on 05.03.18 at 6:52 pm

Yeah, sure. There are no decent SFH in Fraser Valley below $1mil (988K rounded is still a million).

/////

obvious realtor shill. all his posts disregard fact.

the fireworks haven’t even started yet. why are people so impatient? the bottom will take years.

#46 Cliff on 05.03.18 at 7:55 pm

Oh but wait, market is starting to improve….what’s it called? Bull trap? Return to normal moment. Let’s see what happens in the second half of the year.

#47 Under a M on 05.03.18 at 7:56 pm

#36
“Rubbish. there is lots under a million.”

You need to learn to read the listing better.
If it is under a million, 9 out of 10 times, it means it is NOT FREEHOLD. You get to borrow the land from First Nation tribe for a few decades to come. Then they own it again, regardless what is sitting on that land.

#48 renter in Surrey on 05.03.18 at 7:57 pm

The keyword is “decent”.
Prove me wrong, put few URLs from mls here.

#49 Reynolds531 on 05.03.18 at 7:59 pm

#37 lost in London

Three doors down from me did exactly that in London. Just sold 370k.

London never went up that much, low growth and no jobs. Kellogg’s, Ford, gm diesel, all closed recently. Lowest labour participation rate in Canada. Highest child poverty. Rough ride here last ten years.

#50 renter in Surrey on 05.03.18 at 8:00 pm

Bottom will take years.
————————————

10 years, 15 years?

#51 The Late, Great Jim Lahey, Sunnyvale Trailer Park Supervisor on 05.03.18 at 8:22 pm

“As always, do the opposite of what everyone thinks is smart. And guess what that is?”

Buy a trailer kids, buy a trailer in a trailer park near water like Lake Huron and live rent free and mortgage free while enjoying views of the sunset over the lake. Can’t believe more haven’t figured it out….

#52 MSM Free Zone on 05.03.18 at 8:28 pm

Since when did the well-being of a bunch of neck-tied parasitic land pimps become a barometer for the financial well-being of a country?

REALTURD®’s have had an undeserved, easy decade pumping their fake news, FOMO, and bully bids. Now the home equity ponzi party is over, and REALTURD®’s have nothing to show for it. How Alberta-esque. Cue the Audi lease returns.

Didn’t take long for Ontario’s up-and-coming, fake anti-elitist DoFo to get busted on video, showing his true colours, selling himself out to GTA developers,(followed by a quick, hypocritical, campaign retraction). Chock one more to epic-failure OREA Hudak.

#53 Lefty Campus Millenial on 05.03.18 at 8:39 pm

Shame on you monster! Why did you have to end the lives of those poor pooches? Shame! Dogs are living beings that have souls in them!

#54 Blacksheep on 05.03.18 at 8:45 pm

Shawn # 30,

“Blacksheep is correct that a bank does not FIRST need to attract a deposit to make a loan. Instead deposits and loans mostly get created at the same time.”
——————————
Bla, bla, bla….sall bull shit after the above comment.

Gonna save this little diddy for the next time you,
‘get confused,’ about how the system works.

#55 Smoking Man on 05.03.18 at 8:46 pm

Nice. Don’t think James or Gray Train will like this but Tim Alens show last man standing that was cancelled due to psychotic political correctness is coming back.
Yuuge ratings guaranteed

The sample is Rosan Barr yugge success and ratings boom. Being a Trump Suppoter.

It seams the silent majority is a lot yuuger than anyone can imagen.

MAGA. Yeah!!!!!

#56 PastThePeak on 05.03.18 at 8:50 pm

#41 David on 05.03.18 at 7:26 pm
And here in one of Ottawa’s hottest suburbs townhomes that were bought for $300k 12 months ago are being flipped for $380k and singles sell in days with multiple offers. So this is what the gta felt like in 2015: me like
+++++++++++++++++++++++++++++++++

Yes, I hear the west end market is pretty hot the last few months. Any idea what is causing it? Is T2 hiring that many new civil servants?

I am seeing a few more homes in my area for sale than a previous years, so people looking to downsize might be taking advantage.

#57 Spectacle on 05.03.18 at 8:56 pm

Just a friendly general comment regarding this post…
#33 The real Kip on 05.03.18 at 7:07 pm
With 7,800 sales last month in GTA the TREB report is right, it looks worse because we are comparing it to last April when the market was stupid the other way. It’ll all work out, no big deal.

—— you neglect that a corresponding drop of say, um, 10% of a million dollars in a specific time period, Is huge compared to a similar drop of say 10% of $450,000 over a similar and specific time period.

It is staggering if conceived in the correct light . Now add in the additionally massive increase in listings, and years of listings in stock to date.

Sir Turner has made this point before….
Regards

#58 Spectacle on 05.03.18 at 9:00 pm

#51 The Late, Great Jim Lahey, Sunnyvale Trailer Park Supervisor on 05.03.18 at 8:22 pm
“As always, do the opposite of what everyone thinks is smart. And guess what that is?”

Buy a trailer kids, buy a trailer in a trailer park near water like Lake Huron and live rent free and mortgage free while enjoying views of the sunset over the lake. Can’t believe more haven’t figured it out….
———————————

Boat……

#59 IKnow on 05.03.18 at 9:07 pm

Garth, a sincere question, why is ‘Happy Housing Crash Everyone’ allowed? Why ranting & cursing a certain group several times a day okay?

#60 Leo Trollstoy on 05.03.18 at 9:09 pm

The comparison of this year’s sales and price figures to last year’s record peak masks the fact that market conditions should support moderate increases in home prices as we move through the second half of the year…

The peak in real estate prices last year in 2017 makes a tough comparison

But that’s beside the point. Prices for detached homes are cratering because they were unsustainable after peaking so high in 2017

#61 Leo Trollstoy on 05.03.18 at 9:11 pm

Gold is still dead

Dead money for years

Dead like deflation

Lol

#62 IKnow on 05.03.18 at 9:11 pm

#25 renter in Surrey on 05.03.18 at 6:52 pm

Yeah, sure. There are no decent SFH in Fraser Valley below $1mil (988K rounded is still a million).
=============================
Rubbish. there is lots under a million.

——————–

Absolute minimum decent SFH over there is $850k

#63 D C on 05.03.18 at 9:15 pm

Andrea Horvath wishes you realized there’s more than 2 sides in the ON election….

#64 For those about to flop... on 05.03.18 at 9:16 pm

#48 renter in Surrey on 05.03.18 at 7:57 pm
The keyword is “decent”.
Prove me wrong, put few URLs from mls here.

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

Stop moaning.

And lying for that matter…

M43BC

https://www.rew.ca/properties/R2253889/26594-28a-avenue-langley-bc

#65 D C on 05.03.18 at 9:17 pm

PS: This pic is like an ad for a Furminator: Best doggie tool evah!

#66 For those about to flop... on 05.03.18 at 9:24 pm

#48 renter in Surrey on 05.03.18 at 7:57 pm
The keyword is “decent”.
Prove me wrong, put few URLs from mls here.

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

Here is another one, sub 800k backing onto a golf course.

Built this century.

You have been proven wrong.

O.k that’s enough time wasted on you.

Next…

M43BC

https://www.rew.ca/properties/R2260987/129-8888-216-street-langley-bc

#67 #3 on 05.03.18 at 9:25 pm

#38 Tedfiftyfour on 05.03.18 at 7:18 pm

Thank you !

#68 arfmoocat on 05.03.18 at 9:41 pm

Yes, this is a confused market full of scared sellers, homeowners in disbelief, moisters overpaying for purchases they’ll regret and a mass of buyers too doubting to make an offer. As always, do the opposite of what everyone thinks is smart. And guess what that is?
……………………………………………………………………

People want to jump on a moving train for a ride, it’s the same in the stock market.

#69 Bob’s ur uncle on 05.03.18 at 9:44 pm

Still not feeling any slowdown here in the BC kootenays. Some properties are getting snapped up in days. It feels like a frenzy. I have no idea where the money is coming from. Honestly thought that the B20 rules would kneecap a lot of locals, seeing as we don’t have even vancouver incomes, but apparently not yet. Waiting for the ripples to reach our shores…in the meantime, my landlord is talking about selling so I may be on the move again. Potential buyers, 20-something couple, strolled through looking around with the bank of Mom and dad in tow.

May be time to move to the trailer park with Ricky, Julian, and Bubbles.

#70 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 05.03.18 at 9:48 pm

Pathetic and deplorable losers define Toronto.

https://www.thestar.com/sports/raptors/opinion/2018/05/03/raptors-two-games-down-after-blowout-loss-to-cavaliers.html

MLSE is a great metaphor for your city. Over-rated dumping ground of mediocrity. High-priced crap.

Drake has been a complete fool, acting like a princess and actually helping the Cavs win. What a goof.

Your sports teams, like your real estate fantasies, are crashing, Toronto. Your houses will soon be worth a fraction of current values.

You are a dumping ground for people too dumb to know better.

A fifth rate city. Horrible teams, shady politicians, roads destroyed by potholes, ghettoized suburbs, horrible congestion stealing years of your lives away.

You could not pay most smart Canadians to live there.

Only idiot Toronturds support this city and its perfectly suited sports teams.

Go CAVS!!!!!!!!

Bwaahaahaaahaahahahahahahahaaaaaaaa!!!!!!!!

#71 AisA on 05.03.18 at 9:59 pm

Comedy?

:-)

#72 S.Bby on 05.03.18 at 10:10 pm

#47 Under a M on 05.03.18 at 7:56 pm

#36
“Rubbish. there is lots under a million.”

You need to learn to read the listing better.
If it is under a million, 9 out of 10 times, it means it is NOT FREEHOLD. You get to borrow the land from First Nation tribe for a few decades to come. Then they own it again, regardless what is sitting on that land.

“First Nations tribe”?
LOL where’d you dream that up?
You realtors are getting desperate.

#73 AisA on 05.03.18 at 10:13 pm

Ok, look, I’ve taken it on the chin and dished it out big time in many markets, the condo dudes and dudettes that are about to get fleeced six ways from Sunday are not financially illiterate, they are mathematically disabled. While the two may be related, they are not the same thing. There’s a good 30 points I.Q. diff and there is no way to avoid the highway pile up about to happen in a semi free society.

#74 Rocky McChesterflex on 05.03.18 at 10:15 pm

Where is this apocalypse people keep promising me? Life just goes on and on and on… All in due time, I guess.

#75 Chris Murray on 05.03.18 at 10:23 pm

Calgary having their price reductions ongoing. In East Elbow Park beautiful 4100 sq ft new Home for sale at $3,289,000 Oct 2017. Now $3 million as of today. If prices not correct property sits.

#76 renter in Surrey on 05.03.18 at 10:30 pm

#66 For those about to flop… on 05.03.18 at 9:24 pm

Here is another one, sub 800k backing onto a golf course.

Built this century.

You have been proven wrong.

O.k that’s enough time wasted on you.

Next…

M43BC

https://www.rew.ca/properties/R2260987/129-8888-216-street-langley-bc

—————————————————————-

It is not freehold.
If I wanted to have strata I’d buy a condo.

And BTW, $800K for that…. Yahoo! Affordability is finally here, right?

Find something like this in Fraser Valley

https://www.zillow.com/homes/for_sale/Dallas-TX/house_type/26634302_zpid/38128_rid/300000-350000_price/1198-1398_mp/globalrelevanceex_sort/33.017012,-96.348038,32.506576,-97.086182_rect/10_zm/

#77 Ian on 05.03.18 at 10:33 pm

Blog out of control tonight!

#61 Leo

Generally when you invest it’s good to look foreward. There been an eight year US bull market. That ended the last day of January this year.

Let’s talk in one year about gold and see if you’re still laughing.

#78 -=jwk=- on 05.03.18 at 10:43 pm

@ #56

Yes, I hear the west end market is pretty hot the last few months. Any idea what is causing it? Is T2 hiring that many new civil servants?

DND and RCMP both moving west. Orleans is flat to negative, Kanata and ilk soaring. T2 reducing size of federal government; about 20,000 fewer so far than in the peak Harper years of 2010/2011.

#79 Dee on 05.03.18 at 10:47 pm

As always, do the opposite of what everyone thinks is smart. And guess what that is?

——————————-/////—————-

Yeah but, i dont think there’s a consensus opinion at the moment. The only thing is there’s less credit available. The general public is not panicking. It’s those that dig into the numbers that are raising the alarm bells…rightfully.

Right now, it just feels like everyone has glazed over eyes. Real estate had huge gains for a long time and the story is over. People just arent expecting big losses.

So doing the opposite…not sure what that is but i think we are in for a huge decline. The sales numbers just arent there. We will see some fireworks through the spring,summer, and fall. This will be anything but normal

#80 Niagara Region on 05.03.18 at 10:55 pm

RE: QUESTION ABOUT LONDON
RE: COMMUTE TIMES

To Lost in London, #37
Some factors contributing to the rise in London house prices:
-London is outside the golden horseshoe region and therefore has not had the foreign tax in effect on real estate purchases in the region.
-According to MacLean’s “Canadian University Guidebook” (2018 edition) approximately 12% of the first-year undergrads (and 22% of the graduate students) at the University of Western Ontario are foreign nationals. It is commonplace for many parents of foreign students to purchase Canadian houses allegedly for their children but actually as investments. Over the past few years, Brock University doubled its number of Chinese students; and, probably not coincidentally, Remax reported that 20% of all real estate purchased in St. Catharines from 2015-2017 was bought by Chinese nationals.

RE: COMMUTES (#18, #29)
I’ve lived in the Niagara Region for 10 years, and the commute time to Toronto over this period has nearly doubled (from approx. 75mins, to now 2 & 1/2 hours), due to the dense volume of traffic on the Q.E.W. Yes, the quality of life (in terms of commuting) is worse in the Niagara Region, and this volume of vehicles is producing a lot of pollution.

#81 Oft deleted much maligned stock picker on 05.03.18 at 11:03 pm

Surely Trudumb and his handlers Butts and Axelrod see a big opportunity to step in a finance the “middle class” they’ve been bloviating about. After all , Obama said the same thing during his 2008 Hillary crushing campaign. If Trudummy continues in lockstep with Axelrods advice to Obama, how can he go wrong? I see Trudette the Obama Clone and Global Head of Trump Hate…stepping up on this with a Bernie Sanders guarantee that RE goes up forever.

#82 ANON on 05.03.18 at 11:07 pm

The Shed series brings back memories of BigD and DII…

#83 conan on 05.03.18 at 11:10 pm

That’s a lot of hair.

Rally Time…..

https://youtu.be/aT0QiO-TvkM?t=21

#84 Hamsterwheelie on 05.03.18 at 11:19 pm

I have no idea why or how anyone would buy a condo to make a negative return renting it out. All 3 of our houses have paid us well for the minor ministrations we gave them, the rents were reasonable but always made positive returns clearing all bills, taxes, renos and minor mortgages with ease – so much so that I remain confused as to why more folks didn’t grab as many of these lovely Victorian brick homes as they could. (like we did) Now that the ‘secret’ about this town is out everyone pats us on the back and tells us we’re so smart – but are we? Positive rental returns will happen on our biggest project yet but financing lately has become so tight that we may have to keep extending that high interest loan – Morygage brokers and private lenders must be raking in the cash.

#85 Where's The Money Greedo? on 05.03.18 at 11:46 pm

Re: #6 YVR Comment on 05.03.18 at 5:44 pm
Garth, so it is agreed that dippers in BC are not responsible for blood-bath in Southern Ontario. The real estate prices were plummeting anyways, both in Ontario and BC. It was just matter of time. Why blame BC NDP then, they are simply trying to control money laundering and trying to regulate real estate cartel locally, which is totally out of control. Obviously, taxes etc are necessary on people owning second properties, few genuine people will get screwed, however every policy decision by politicans has collateral damage. This is the reality. It will settle down eventually.
++++++++++++++++++++++++++++++++++++++++++
Insiders’ (realtors-developers-numbered companies…) RE trading-flipping, aided by favorable laws set up in BC, backstopped by huge donations from the RE cartel noted by reporter Kathy Tomlinson’s piece, just proves that there is no “market” per se.
Bob Rennie, Condo King in Vancouver was former Premier Christy Clark’s Campaign chair in the last election and one of her “premiere” donators.
https://en.wikipedia.org/wiki/Bob_Rennie.
I would like to ask why has the courts not looked into this egregious behavior and started a criminal investigation.
Why is Canada so blatantly a third world kleptocracy that we cannot throw these venomous life destroyers to the gallows.
This is akin to insider trading in the stock markets and should be dealt with accordingly.
When you’re controlling the action just like Goldman Sachs did the markets, why is this not criminal? Why do Canadians just capitulate.
The cry of “well it’s a roll of the dice and the property “could” go down”, just doesn’t wash with the deals that Kathy has exposed. The provinces allowing this along with past and present Federal Gov’t’s boggles my mind…..
These insiders should be in jail. There is no “market”.
Especially in RE.
Such a sham.

#86 Where's The Money Greedo? on 05.03.18 at 11:55 pm

Forgot Kathy’s stories:
http://realestatereviews.ca/news/british-columbia-considers-halt-to-exclusive-access-for-condo-presales-the-globe-and-mail/
http://canadanewsmedia.ca/2018/04/30/flipping-of-condo-units-by-insiders-fuels-hot-vancouver-market/

The Globe and Mail spent weeks piecing together available data on who bought and flipped condos in six new buildings. The investigation revealed a highly profitable game being played by local industry insiders
I didn’t use Mop&Pail because they want money. I don’t pay for news….

#87 Widening Gyre on 05.04.18 at 12:21 am

#51 The Late, Great Jim Lahey, Sunnyvale Trailer Park Supervisor on 05.03.18 at 8:22 pm

Is that you Mr. Lahey? I remember the FASTPGFBDCParty (except for the two days I was blacked out) – Good times!

#88 Stan Brooks on 05.04.18 at 12:41 am

#23 Penny Henny on 05.03.18 at 6:49 pm

I think Stan has himself to be a proven Canadian hating dick. Complain, complain, complain.
To Stan it’s always better somewhere else.
Stan, don’t like it here then MOVE.
Maybe you can’t because of your record, that’s your problem.
Stan I think are alot like Mark.
You might be be smart but you are not knowledgeable.

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

Shawn (supposedly a CFA) after reading for 15 years the balance sheets of the banks (in his own words) can not say what is behind ‘other deposits’ section which for Canadian banks is 1.7 trillion or over 40 % of their liabilities.
He is taking ‘wild guesses’.

Did you even track the details of this discussion?

The guy has no clue of finance, comes with the big ‘credentials’ and funny statements that behind each loan there ‘must be deposit’ ignoring the obvious fact that this is not the case for external liabilities/loans/MBS and some ‘other deposits’ and when I point out the case that he is financially illiterate I am suddenly a ‘proven Canadian hating dick’?

And why ‘dick’ and not ‘prick’?

I certainly do not want to be in your wet dreams, that would worry me.

#89 Smoking Man on 05.04.18 at 1:19 am

Canadian artists. I’m in.

https://youtu.be/DmeUuoxyt_E

#90 WUL on 05.04.18 at 1:33 am

I really feel that some of the emerging comparisons of Doogie Ford to Prez Trump are manifestly unfair and do not hold water.

Trump is about six times more intelligent.

#91 AGuyInVancouver on 05.04.18 at 1:50 am

There will be no crash as Poloz is a timid little fool. He’s a frightened little Dr.Frankenstein, too scared to try and put the monster he created back in the box. He soiled himself when one province’s economy went down the tubes thanks to crashing oil, and now he can’t figure out how to deal with the real estate bubble that embarrassing overreaction has caused.

#92 Holland & Associates Real Estate on 05.04.18 at 1:53 am

Are you shearing sheep or dogs?

#93 Myra Andrews on 05.04.18 at 2:29 am

Greater Vancouver Stats from realtor Paul Boenisch

May 3 New 213 Sold 103 TI 10503
May 2 New 268 Sold 146 TI 10481
May 1 New 363 Sold 134 TI 10420
Apr 30 New 375 Sold 163 TI 10349

April 16-27 New 2453 Sold 1224 TI 10,347
April 3-13 New 2111 Sold 916 TI 9727

Mar 19-29 New 1834 Sold 1072 TI 9032
Mar 5-16 New 2248 Sold 1224 TI 8743

The inventory at the end of February was 8211

#94 Nonplused on 05.04.18 at 3:10 am

#29 Jonathan

Your gas prices are so high partly because of the carbon taxes but also because some of your fuels come from the US since you won’t allow the Trans-Mountain expansion. In Washington state a pipeline and a refinery were shut down for maintenance so no gas for you (or at least not enough). Keep up with the news it you want to be all smart.

#95 Nonplused on 05.04.18 at 3:15 am

#47 Under a M

It’s a lot worse than that. There have been more than a few cases where you have to renegotiate your lease with the tribe every time they have an election. A lease on a reserve isn’t worth the paper it’s printed on, unless you have a very business friendly tribe, of which there are a few.

#96 Nonplused on 05.04.18 at 3:25 am

#61 Leo Trollstoy on 05.03.18 at 9:11 pm
Gold is still dead

Dead money for years

Dead like deflation

Lol

————–

Still the best performing part of my “balance portfolio” not counting the bubble. Last I checked it was still over $1300 USD an ounce and the CAD has dropped 20%. It’s no miracle but I expect going forward it will remain more valuable ounce for ounce than OSB. Sure, there will be storage fees but OSB has property taxes. I pay a lot more in property taxes than I pay in storage fees. Although that perhaps isn’t fair, my OSB is supposedly worth a lot more. Diversification after all.

#97 Howard on 05.04.18 at 3:45 am

What evidence do you have that condo buyers are mostly Millennials? Where is the age breakdown on RE purchasers?

#98 NoName on 05.04.18 at 4:27 am

In a last 6months 30yr mortgages in is went from just above 3.5% to almost 4.5%, 20% increase.

https://imgur.com/a/KY35yQl

#99 Mark on 05.04.18 at 6:19 am

“The investigation revealed a highly profitable game being played by local industry insiders
I didn’t use Mop&Pail because they want money. I don’t pay for news….”

If a developer wants to leave profit on the table by allowing insiders to pick up units below market value, I don’t see a problem with that. As long as shareholders or creditors aren’t being deprived by such actions, there’s nothing illegal about it.

However, there does seem to be an element of hype and market manipulation involved here. Perhaps the fair market value of those condo units isn’t anywhere near what the ‘flippers’ are supposedly transacting in them at, but rather, the transactions are merely shams intended to inflate MLS “valuations” and are really between related or quasi-related entities. That’s definitely a problem that we’ve seen particularly in Vancouver with so-called “assignment flipping” where there was a concerted effort amongst representatives and agents of the “landlord families” to inflate MLS prices even though individual identical properties transacted through arms-length entities stopped appreciating around 2013 or so (the notorious Flaherty CMHC crackdown peak).

Will the scam sucker in a few people who actually believe there’s been post-2013 appreciation? Sure. We even have someone in this comments section who sounds like he’d be easily suckered. But most people who have good buy-side advice will see right through it. And I’m not convinced that, at the end of the day, these ‘insiders’ are really walking away, on the net, with much of anything. Except a lot of fear that the CRA might hunt ’em down if they don’t declare their taxes properly.

#100 Mark on 05.04.18 at 6:28 am

“#88 Stan Brooks on 05.04.18 at 12:41 am “

Your comments are really unfortunate and extremely disrespectful. I may or may not be the only person to tell you such other than Shawn, but you really should tone it down and perhaps apologize for calling his professional credentials into disrepute.

He’s one of the few posters here that has chosen to be publicly identifiable, so verifying such credentials is trivial. Agree with him or not, the mere tone of what now appears to be personal attacks that you have chosen to use is incredibly unfortunate and continued, would probably have the effect of depriving the Greaterfool community of valuable knowledge.

#101 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 05.04.18 at 7:17 am

Raptors crushed, but MLSE continues to cash in big.

“The Raptors rebuilt everything, only to find it wasn’t as sturdy as they thought. Jaded, of course, is just another word for having enough experience that you’ve come to expect that it won’t go well. It means, after seeing enough things go wrong, that you have become used to disappointment.”

That is so much the story of Toronto.

Will these be wake up call for Toronturds, who will finally realize that there is NOTHING special about their city and suburban wasteland?

Get out of your slanty semis people, go see how much more liveable things can be in places like Ottawa, Quebec and many more.

Enjoy the crash Toronto, it is coming, in every way.

BwahahahaahaahaahaaahahaHHAAHHAAAAHAAAAA!!!

#102 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 05.04.18 at 7:20 am

Raptors crushed, but MLSE continues to cash in big.

“The Raptors rebuilt everything, only to find it wasn’t as sturdy as they thought. Jaded, of course, is just another word for having enough experience that you’ve come to expect that it won’t go well. It means, after seeing enough things go wrong, that you have become used to disappointment.”

That is so much the story of Toronto.

Will these be wake up call for Toronturds, who will finally realize that there is NOTHING special about their city and suburban wasteland?

Get out of your slanty semis people, go see how much more liveable things can be in places like Ottawa, Quebec and many more.

Enjoy the crash Toronto, it is coming, in every way.

BwahahahaahaahaahaaahahaHHAAHHAAAAHAAAAA!!!

https://www.thestar.com/sports/raptors/opinion/2018/05/03/hard-to-believe-in-raptors-after-game-2-fadeaway.html

#103 Keith in Rio on 05.04.18 at 7:25 am

#99 Mark

The entire RE industry from the developers and banksters to the politicians is a criminal cartel akin to the mafia.

Ehat is needed is an aggressive prosecutorial anvironment to take them down and jail them.

#104 Proof ? on 05.04.18 at 7:37 am

clarification question for Garth Turner :

You report that 10 % of houses sold for $ 2 million or more last year.

To what geograhhical area does this apply please?

GTA or Toronto or ???

Thanks in advance.

GTA. That was 10% of dollar sales volume, not numerical. – Garth

#105 Tater on 05.04.18 at 7:38 am

#3 a-question-on-leasing-a-house-in-Ontario on 05.03.18 at 5:19 pm
Anyone knows there is a new standard lease agreement by gov’t Ontario found through :

https://studentlife.uoguelph.ca/information/rental-living/rental-resources/lease-reviews

As of April 30, 2018, rental situations covered by the RTA require the landlord and tenant to use a single standardized lease provided by the Province of Ontario. If you signed a lease before April 30, 2018 then that lease stands, with the exception of clauses that violate the Residential Tenancies Act (RTA). ”

here is the actual doc link
http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=2229E&NO=047-2229E

Choose browser version and click so that you dont need to install latest adobe to see it.

Now MY question is , if a house for lease is listed through MLS system, should not this be the one used for leasing ? Realtor claims through MLS it should go through their system and their agreement style and their forms…
Is that right !? Any expert idea ?

—————————————————————–
Not an expert, but just leased a house via an agent and MLS and we used the new form.

#106 jess on 05.04.18 at 7:58 am

Stan:Did you even read it? collusion appearance of independence? bad chases out the good honest labs
see :Gresham dynamic
“Dishonest dealings tend to drive honest dealings out of the market. The cost of dishonesty, therefore, lies not only in the amount by which the purchaser is cheated; the cost also must include the loss incurred from driving legitimate business out of existence.” Akerlof posited that Gresham’s Law – or Gresham’s Dynamic as he employed it and called it – wasn’t just related to money; it also applied to all businesses. In essence, businesses run with bad ethics tend to drive those who possess good ethics out of the market. Obviously, this is not the result our society desires.”

Industrial Bio-Test Laboratories (IBT Labs) was an American industrial product safety testing laboratory.[1][2] IBT conducted significant quantities of research for pharmaceutical companies, chemical manufacturers and other industrial clients; at its height during the 1950s, 1960s, and 1970s, IBT operated the largest facility of its kind and performed more than one-third of all toxicology testing in the United States.[3][4][5] IBT was later confirmed of engaging in extensive scientific misconduct, or more properly, fraud, which resulted in the indictment of its president and several top executives in 1981 and convictions in 1983.[6][7] The revelations of misconduct by IBT Labs led to reforms in the regulation of pesticides in the United States and Canada.

#107 #101's Psychiatrist on 05.04.18 at 7:59 am

Hi Blog Dogs,

My apologies for #101’s ranting. We just released him from his straight jacket for a few moments and well he went straight to his blog post. He is back in his straight jacket and heavily medicated until his next maniacal rant…

#108 jess on 05.04.18 at 8:06 am

.China Has Stopped Buying American Soybeans – Mother Jones
https://www.motherjones.com/politics/…/china-has-stopped-buying-american-soybean…

1 day ago – US soybean growers rely heavily on foreign markets—they typically export about half of the crop, and China is by far the biggest foreign buyer. In 2016, the nation bought $14.2 billion worth of US soybeans, representing more than 60 percent of foreign sales. Meanwhile, US soybean farmers are already ..

In mid-April, the nation imposed a 179 percent tariff on US-grown sorghum, putting the brakes on a nearly $1 billion market for farmers in two deep-red states, Texas and Kansas.

The effect was immediate. “Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain,” Reuters reported on April 19.

=========
==========================
Except for PCBs, almost every chemical discussed in the Poison Papers is still manufactured and sold today, either as products or as product contaminants. Recent research from Australia, shows that many newly-synthesized chlorinated chemical products, including the herbicide 2,4-D, remain contaminated with dioxins. Notably, 2,4-D has just been authorized by EPA for use on Dow’s new GMO 2,4-D-tolerant soybeans.

Because genetically modified crops allow dicamba to be sprayed later in the year, after crops emerge from the ground, and in hotter and more humid weather, the chemical is susceptible to what is known as “volatility” — it can turn into a gas and drift onto whatever happens to be nearby.

#109 crowdedelevatorfartz on 05.04.18 at 8:13 am

@#69 I No
“Why ranting & cursing a certain group several times a day okay?”
+++++

Because Reaturds deserve it?

#110 Haggett on 05.04.18 at 8:19 am

Hey Garth, not long ago you said Hamilton was a good buying choice – still think now is the time or is it going to continue to melt down? The report out yesterday did not look good!

#111 Gravy Train on 05.04.18 at 8:24 am

#88 Stan Brooks on 05.04.18 at 12:41 am
“And why ‘dick’ and not ‘prick’? I certainly do not want to be in your wet dreams; that would worry me.”

Floppy, it’s hilarious quotes like this—oh, and of course Garth’s sage advice—that keep me coming back to this blog every day! I’m hopelessly addicted! Is there a recovery group for addicts like me? :)

#112 Tater on 05.04.18 at 8:43 am

#70 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 05.03.18 at 9:48 pm
Pathetic and deplorable losers define Toronto.

https://www.thestar.com/sports/raptors/opinion/2018/05/03/raptors-two-games-down-after-blowout-loss-to-cavaliers.html

MLSE is a great metaphor for your city. Over-rated dumping ground of mediocrity. High-priced crap.

Drake has been a complete fool, acting like a princess and actually helping the Cavs win. What a goof.

Your sports teams, like your real estate fantasies, are crashing, Toronto. Your houses will soon be worth a fraction of current values.

You are a dumping ground for people too dumb to know better.

A fifth rate city. Horrible teams, shady politicians, roads destroyed by potholes, ghettoized suburbs, horrible congestion stealing years of your lives away.

You could not pay most smart Canadians to live there.

Only idiot Toronturds support this city and its perfectly suited sports teams.

Go CAVS!!!!!!!!

Bwaahaahaaahaahahahahahahahaaaaaaaa!!!!!!!!
—————————————————————–

And what utopia do you hail from?

#113 #3 of the Majestic 12 on 05.04.18 at 8:52 am

#17 Paul #28 Lawnboy

I am in the Kawarthas, lakefront. ON FIRE.
Listings are up and gone same week…4 doors down listing of 1970’s gem (the elderly owner died a few months ago) listed at 589k just went for 645k—needs new EVERYTHING (unless you like old panelling, linoleum and missing roof shingles). Three others on our street have sold this spring—bidding wars, all over 800k (but admittedly much nicer than the one I just described). A lot where the buyer had to tear down the cottage and regrade the entire lot to the water (could have doubled as a ski hill) went for 430k (75 feet water frontage). A pie shaped lot at the other end, only about 50 ft actual waterfront, over 500k. People that have cashed out of Toronto are spending big bucks to buy and convert to year round homes. There is no such thing as a cheap cottage anymore, at least not on any of the major lakes in the Kawarthas. When the 407 comes to 35 hwy lakefront will appreciate even more here—you will be at your cottage in an hour from the GTA (as opposed to 90 minutes now from downtown)…already know Toronto cashouts who commute.
49FON

#114 Lord Tweedsmuir on 05.04.18 at 9:13 am

“What comes after house porn? Crash porn, of course. And we have plenty of it on this pathetic blog which just spent the last decade telling you that it’s okay to be house horny so long as you’re balanced. Apparently millions ignored me.”

Blog dogs, I propose a Governor General’s award for our bearded mystic sage leader who has been crying out in the financial wasteland of Canada for the past decade. His blog has saved countless from financial annihilation and enriched them with sound financial advice. A petition to the folks in Ottawa is in order blog dogs!

#115 Michael on 05.04.18 at 9:21 am

Right now I could risk capital loss and buy ZAG for 3 ish or buy a 1yr gic at the fruit people for 2.5 and re-allocate in a year, perhaps getting an even better yield if rates actually do go anywhere.

Doesn’t seem so brain-dead nowadays.

Why would I want to hold a bunch of ZIRP-era bonds anyway

#116 Toronto Basher's Psychiatrist on 05.04.18 at 10:31 am

#112 Tater

“And what utopia do you hail from?”

He is locked away for life in an asylum and he occasionally gets away from his straight jacket and meds to post comments on this blog. Please have mercy on him! He is even more pathetic in person than his deranged attacks…

#117 Smoking Man on 05.04.18 at 10:36 am

USA
The unemployment rate fell to 3.9 percent in April, an 18-year low, even as nonfarm payrolls rose by just 164,000, the BLS says.

Note to self. Sell every god damn bond in my portfolio.

#118 Gravy Train on 05.04.18 at 10:38 am

#90 WUL on 05.04.18 at 1:33 am
“Trump is about six times more intelligent.”

But six times zero is still zero! N’est-ce pas? :)

#119 rental property math on 05.04.18 at 10:39 am

http://www.macleans.ca/economy/realestateeconomy/toronto-real-estate-losses/

Maclean’s article on the people who got toasted buying last spring.

Hamilton is still rock solid.

#120 Ronaldo on 05.04.18 at 10:43 am

#109 crowdedelevatorfartz on 05.04.18 at 8:13 am

@#69 I No
“Why ranting & cursing a certain group several times a day okay?”
+++++

Because Reaturds deserve it?
————————————————————–
That they do. Keep up the good work Crowdie.

#121 Stan Brooks on 05.04.18 at 11:09 am

To Shawn Allen:

Shawn, my sincere apologies.

Still I believe to be correct, pls. look at the links provided in my posts.

Best,
Stan B.

#122 DM in C on 05.04.18 at 11:13 am

Calgary’s CREB puts out their numbers:

http://www.cbc.ca/news/canada/calgary/calgary-real-estate-house-sales-down-may-1.4647009

Anecdotally, nothing much is moving, and I am getting constant price reduction notices for a very popular community in NW Calgary.

Glad we were able to sell when we did. On the sidelines, not worrying any more.

#123 Ian on 05.04.18 at 11:15 am

#114

You can do e-petitions to the Commons these days…

https://petitions.ourcommons.ca/en/Home/Index

#124 Marco on 05.04.18 at 11:29 am

Thanks God for Marco Rubio.
https://youtu.be/ReJDaqB5XTY

#125 soost on 05.04.18 at 11:32 am

I guess you took my request to heart yesterday Gartho. Thanks for the pornography!

#126 For those about to flop... on 05.04.18 at 11:40 am

#111 Gravy Train on 05.04.18 at 8:24 am
#88 Stan Brooks on 05.04.18 at 12:41 am
“And why ‘dick’ and not ‘prick’? I certainly do not want to be in your wet dreams; that would worry me.”

Floppy, it’s hilarious quotes like this—oh, and of course Garth’s sage advice—that keep me coming back to this blog every day! I’m hopelessly addicted! Is there a recovery group for addicts like me? :)

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

Hey Gravy,I am over on the percussion side of the blog and march to my own beat.

Some people don’t like my Pink Snow posts,but the beauty of them is whenever I get some free time I can add to the discussion without having to fight with anyone just to get in on the conversation.

People seem to like the howmuch posts I put up as well.

Some of the guys on here come looking for a daily dispute and there will always will someone willing to oblige.

It appears some of them need to check their ego at the door ,but that will fall on deaf ears.

You yourself ,no doubt, have some wisdom to share and probably would be better served writing original content than correcting people’s spelling mistakes.

You have more to offer,you know that.

I try and stay away from the horn section that comprises of Shawn ,Mark ,Stan ,Blacksheep and a few others.

They might be nice guys in real life but they sure don’t leave that impression on here much.

They come across as a bunch of bum trumpets…

M43BC

#127 Happy Housing Crash Everyone! on 05.04.18 at 11:50 am

You dirty SHYSTER scum

http://www.macleans.ca/economy/realestateeconomy/toronto-real-estate-losses-gallery/

http://www.macleans.ca/economy/realestateeconomy/toronto-real-estate-losses/

#128 Happy Housing Crash Everyone! on 05.04.18 at 11:52 am

To all you dirty SHYSTERS posting your fiction of hot markets and strong sales are full of it. The numbers clearly show you are dirty SHYSTERS who lie for money. You are terrible people.

Okay. We get it. – Garth

#129 Dissident on 05.04.18 at 11:55 am

Speaking of house porn, I had my eye on a very cute detached in South Mimico area, priced ever-so-teasingly at $699K. I was right to think that was a fake price. Sold at $840K on a bully offer. Quite outside of what I’d be willing to pay for it. But damn, what an adorable house.

http://www.slideshows.propertyspaces.ca/91lake

#130 Entrepreneur on 05.04.18 at 12:05 pm

On the news mayors are talking about building affordable homes. Wonder if they mean for doctors, etc. that cannot afford to buy/live here in BC?

Have to agree with #6 YVR comment on “why blame the BC NDP” when the housing bubble is correcting in both Toronto and Vancouver.

As for the BC NDP taking control of the bold-right-in-our-faces money laundering and as a law abiding Canadian citizen, thumbs up! And a THUMPS DOWN to the BC Liberals, with 16 years in power, played dumb to the problem.

Also, our little group here liked the Portugal PM, Antonio Costa, and agreed with leadership reasoning (decriminalizing as to legalizing, climate change and moving onto to green energy). As for T2 goes onto his agenda but where is the analytical thinking and planning?

#131 Shawn Allen on 05.04.18 at 12:24 pm

To Stan Brooks and also Mark and Penny Henny

Stan thank you for the apology and thank you Mark for coming to my defense and Penny Henny as well.

Most of us due to time constraints and other reasons are seldom willing to consider any information that goes against our pre-existing views. We like to see confirmation of what we already believe. I am sure we all guilty of this much of the time.

None of us have time to reconsider our views constantly. But once in a while an open mind is needed in order to add to understanding.

#132 Welcome to Slurrey on 05.04.18 at 12:26 pm

#76 Renter in Surrey ……….. I agree with your initial observations. For someone who was saving and investing in 2009 , now in 2018 you cannot buy anything decent under 1 mill. The properties that Flop pointed out would have been half the price in 2011, you will require double the leverage today, and those properties will be quite further away from where you intially wanted to be. Accept the reality , be happy you have liquidity and are not paying the enormous carrying costs of curret home ownership ( prop. Taxes are ridiculous) , Garth gives great advice but was wrong on his initial predictions about YVR, FOMO is real it happened to you maybe the next generation will live in more affordable housing, YVR is a beautiful place but given the housing costs is an unhappy place to live …………. leave the city if you want to purchase a home in your lifetime.

#133 rental property math on 05.04.18 at 12:56 pm

The people who got slaughtered in Toronto real estate last year are dumb as rocks though.

-Bidding 20% more on a property
-Unable to get traditional financing
-Not selling their residence first
-Not being anywhere near being able to cover their costs by renting the property as a back up plan

These people just have a piece of fat between their ears. Just a little rental property math would make it so blatantly obvious on what a poor decision they are making. Doesn’t anyone live within their means anymore?
I guess like in any market.. In order for their to be winners, there has to be losers.

#134 IHCTD9 on 05.04.18 at 12:58 pm

#129 Dissident on 05.04.18 at 11:55 am
Speaking of house porn, I had my eye on a very cute detached in South Mimico area, priced ever-so-teasingly at $699K. I was right to think that was a fake price. Sold at $840K on a bully offer. Quite outside of what I’d be willing to pay for it. But damn, what an adorable house.

http://www.slideshows.propertyspaces.ca/91lake

_______________

The most adorable thing about that house is how the porch shingles are being frigged up by the neighbours eaves trough lol!

That might be detached – but barely. Maybe just enough room for mold to grow between the houses. Camera angles deliberately avoid showing the area.

Every ad I see like this brings a smile to my face remembering how I decided to work locally rather than chase the big bucks in the GTA.

#135 Lord Tweedsmuir on 05.04.18 at 1:04 pm

#129 Dissident

What would you have been willing to pay for it?

#136 jess on 05.04.18 at 1:10 pm

Mueller Seeks 70 Blank Subpoenas in Manafort Case
May 3, 2018

https://www.courthousenews.com/mueller-seeks-70-blank-subpoenas-in-manafort-case/

#137 ShawnG in TO on 05.04.18 at 1:15 pm

does anyone know of a publicly traded law firm here in toronto?

buyers, sellers, and agents are suing each other. the law firms must be awash with money right now.

http://www.macleans.ca/economy/realestateeconomy/toronto-real-estate-losses/

also, desperate buyers / refinancing are seeking lawyers to write up private mortgage contracts.

re lawyers will have booming business for years to come.

#138 Newcomer on 05.04.18 at 1:30 pm

I have some questions that Google hasn’t answered well for me.

1) Has Canada ever had a major recession when the US was not in a recession?
2) Is it likely that BC could have a major recession without the rest of Canada being in a recession?

I am wondering about the probability of a BC (or Canada) housing downturn causing a recession in isolation from a healthy Canadian (or North American) economy.

#139 IHCTD9 on 05.04.18 at 1:36 pm

Another weekend approaches to work on my quantum de-entanglement theory. The Libs will be receiving more of my “spooky action at a distance”.

These late night actions emanating from the IHCTD9 hangars sever the strings attached to my wallet.

My newly rebuilt and now multi-purposed tandem axle will roll out into the sun for the first time this weekend – a new birth after 14 years of faithful service, ready for 14 more. Zero taxes paid on new trailers not purchased. Near zero taxes paid on same self built trailer 14 years ago either.

More work by my own tax free hands will be accomplished working on the house as well. It’s good to have skills, it saves a ton of cash (and tax). Home ownership ain’t cheap, the tax bill being a big chunk.

Unlike the mortgage, the tax bill never gets paid off, and it always goes up every year.

#140 Blacksheep on 05.04.18 at 1:58 pm

Flop # 126,

“I try and stay away from the horn section that comprises of Shawn ,Mark ,Stan ,Blacksheep and a few others.”
———————————————-
I must say…..I find your comment deeply offensive and hurtful.

While I accept I may not have the panache of my peers:

The village idiot rational of our man Mark, the unrequested over sharing and promotion of all things banking from Shawn, or even the in your face styling’s of newcomer Stan, with his venomous delivery, served with a side of indignation.

Pretty tough company to be sure….

But why did I only rank…a fourth place mention?

I thought, our exchanges were pretty emotionally charged, but they obviously left a much bigger impression on my person, than yours. Going forward, if we ever partake in written discourse again, I will endeavour to raise the bar as to not be so easily placed on the backburner.

You know, just when you think having some impact, BAM, someone bursts your bubble……

#141 Newcomer on 05.04.18 at 1:59 pm

#137 ShawnG in TO on 05.04.18 at 1:15 pm
does anyone know of a publicly traded law firm here in toronto?
——-

I don’t know about Canada but in the US law firms can only be owned by lawyers and I imagine it’s the same here. It would be hard for lawyers to act in the best interests of their clients if the were also working for non-lawyer owners.

#142 Blacksheep on 05.04.18 at 2:10 pm

Or, or…did my fourth place mention really mean:

Shawn, Mark, Stan and most importantly, Blacksheep.

Ya, that’s what I think you meant.

Phew…I feel better about myself now.

#143 Tony on 05.04.18 at 2:19 pm

Re: #14 Mark on 05.03.18 at 6:24 pm

Prices in the GTA are at 2016 levels, even with the condo sector stripped out single detached homes in the GTA are still at 2016 levels.

#144 Fake News Again on 05.04.18 at 2:30 pm

S.Bby on 05.03.18 at 7:14 pm
#25 renter in Surrey on 05.03.18 at 6:52 pm

Yeah, sure. There are no decent SFH in Fraser Valley below $1mil (988K rounded is still a million).
=============================
Rubbish. there is lots under a million.

_________

And most of them are BC Box 30 – 50 year old garbage. That was the OPs point…….

#145 Fake News Again on 05.04.18 at 2:34 pm

Gravy Train on 05.04.18 at 10:38 am
#90 WUL on 05.04.18 at 1:33 am
“Trump is about six times more intelligent.”

But six times zero is still zero! N’est-ce pas? :)

_______

What have you done that even comes CLOSE to President Trump? Stop a nuclear war lately? Bring down taxes for 200 million people? Cut the FAT from the Govt anywhere?

No…..didn’t think so. Enjoy your “armchair” quarterback position.

#146 bill on 05.04.18 at 2:51 pm

#136 jess on 05.04.18 at 1:10 pm
looks like chickens returning to the roost to me …

#147 Boots on the Ground in Ptown on 05.04.18 at 3:00 pm

Jess
Poison papers link. Excellent find as always thanks.

Stan Brooks blacksheep etc.
Too busy to comment much but in agreement with much of what you say!

The Secret Code Millmech
Insights re: Kelowna Vernon Okanagan appreciated, keep it coming

——————————–
Garth:
You’re not the only one apparently found in “violation” of- heaven forbid -typing the “R” word on your blog:

http://thehousingbubbleblog.com/?p=10422#comments

“Comment by SandalTanLines
2018-05-04 10:25:18

“Make an offer immediately and make it high.”

Sometimes I wonder if the people quoted in these pieces even hear themselves. This sounds like some of the worst advice ever.

Also, Ben, what does “UHS” stand for? I see it used a lot around here and I have yet to discern it’s meaning.
Reply to this comment

Comment by BlackSwandive
2018-05-04 10:26:56

Used house salesperson.
Reply to this comment

Comment by Ben Jones
2018-05-04 10:31:55

There’s a story behind UHS that’s old enough many don’t remember. Around 2007 or so, I got an email from somebody at the California association of UHS telling me that my use of the R word at the top of the blog was in violation of their trademark. So I promptly started posting used house salesperson instead.

I never heard from them again.

(Comments wont nest below this level)
Comment by SandalTanLines
2018-05-04 10:37:25

Thank you BSD and Ben. Strange that used house salespersons seem to enjoy a better reputation than used car salespersons, given UHS scam you out of orders of magnitude more money than used car salesmen do.”

#148 Bibi on 05.04.18 at 3:10 pm

#129 Dissident on 05.04.18 at 11:55 am
Speaking of house porn, I had my eye on a very cute detached in South Mimico area, priced ever-so-teasingly at $699K. I was right to think that was a fake price. Sold at $840K on a bully offer. Quite outside of what I’d be willing to pay for it. But damn, what an adorable house.

http://www.slideshows.propertyspaces.ca/91lak
———————————————————–
You are a bloody fool. In any normal country this old crappy shack would cost no more than $200k. It looks almost like a teardown. Canadians have lost their minds.

#149 Gravy Train on 05.04.18 at 3:42 pm

#145 Fake News Again on 05.04.18 at 2:34 pm
“What have you [ever] done that even comes close to [the achievements of] President Trump? [You’re not even good enough to shine Trump’s shoes! Etc., etc.] Enjoy your ‘armchair’ quarterback position.”

Now, don’t get yourself into a snit! Breathe deeply! Feel better now?

So—do we know yet when Trump meets with Mueller? Won’t that be game, set and match? Or for the chess players out there, I believe there’s a one-word term: checkmate! :)

#150 NoName on 05.04.18 at 3:51 pm

whats happened to silicon north from other day?

https://www.theglobeandmail.com/business/technology/article-canada-facing-brain-drain-as-young-tech-talent-leaves-for-silicon/

#151 waiting on the westcoast on 05.04.18 at 3:51 pm

#140 Blacksheep says… “You know, just when you think having some impact, BAM, someone bursts your bubble……”

Awesome! At least you now perceive the gap and can work hard at improving your standing. With concerted effort, you could rise to number 2.

But no one, and I mean no one, can beat robo-Mark!

#152 Mithan on 05.04.18 at 4:01 pm

People are buying condos because they are cheaper, no other reason. Here in Regina, that is all they are building. Anybody can come up with the money to borrow to get into $250-350k townhouse or condo.

#153 Alistair McLaughlin on 05.04.18 at 4:05 pm

@129 Dissident, aren’t detached houses supposed to have a space between them? The roof overlaps with the neighbouring house. “Adorable” like two squirrels f***ing.

#154 Stan Brooks on 05.04.18 at 4:06 pm

#150 NoName on 05.04.18 at 3:51 pm
whats happened to silicon north from other day?

https://www.theglobeandmail.com/business/technology/article-canada-facing-brain-drain-as-young-tech-talent-leaves-for-silicon/

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

Of course.

The young and smart, the adaptable and capable are leaving.

Why would they stay:
1. Idiotic house prices, you basically have to choose between having kids and a mortgage. Even with that in GTA and Vancouver you need at least 20 ‘good’ (over 100 k before taxes) net yearly incomes to buy a ‘decent’ house. (most likely crack shack)

2. Idiotic taxes. Just look at the finance minister’s face for Christ sake, how would you feel if this incompetent individual comes and tells you to ‘pay up more fair share’ whatever that means in his confused mind.

3. Horrific weather. Pathetic leasures,

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

Of course only the mediocre/complacent will stay.

Canada has no high-tech future.

Every capable individual, soon even doctors will leave in a hurry.

Sad.

#155 SilverSon on 05.04.18 at 4:25 pm

#113 #3 of the Majestic 12 on 05.04.18 at 8:52 am

You wouldn’t happen to be a realtor would you? I know a couple realtors that live on waterfront (but not in Kawarthas) so I know it’s possible to be a waterfront resident of an area and a realtor at the same time.

I know both Kawarthas and Muskoka pretty well so it’s hard for me to imagine Karwartha stuff selling so much better than Muskoka. I’ve been following Muskoka more than Kawarthas lately and of course some places in Muskoka have been selling, but it hasn’t been many and of the ones I happened to follow have been ~20% below ask. Some that are on the market now have been relisted every summer for several years in a row and still not sold before the listing expired 6 months later. Sorta seems to me the lower cost Muskoka places haven’t changed since about 2014 and the higher cost Muskoka places have come down a good chunk. The ones that aren’t selling seem to be of an asking price about 30% higher than going rate from 2014 so maybe the owners haven’t realized that the tides have turned.

#156 Mark on 05.04.18 at 4:26 pm

“Prices in the GTA are at 2016 levels, even with the condo sector stripped out single detached homes in the GTA are still at 2016 levels.”

Sure, I agree. Which are similar to 2013 levels on individual identical properties. The market basically plateaued in the 2nd or 3rd quarter of 2013, and hasn’t moved much since. The only thing that’s been seen in the numbers has been a dramatic shift to the sales mix.

What we’re seeing right now with the rapid falls in prices is mostly the mix changes having run their course.

#157 World Traveller on 05.04.18 at 4:30 pm

Happy Housing Crash dial it back will ya?

#158 Mark on 05.04.18 at 4:34 pm

“Every capable individual, soon even doctors will leave in a hurry.”

TN visa (the visa that Canadians use to work in the US) issuance peaked in 2001 at 113,654.

In 2016, the number of TN visas issued to Canadians by the US plummeted to 14,768.

Even when you adjust for the new 3-year validity period compared to the old 1-year validity period, TN visa issuance has dropped dramatically.

So the claims of Canada suffering a ‘brain drain’ are vastly and severely overstated. The Globe and Mail, as is often the case, is full of it with their hysterical claims.

Sources (just in case anyone wants to verify):

https://cis.org/Be-Our-Guest-Trade-Agreements-and-Visas <– for 2001 TN Visa issuance numbers.

http://business.financialpost.com/news/economy/chaos-and-confusion-whats-at-risk-if-nafta-professional-visas-are-lost-in-negotiations <— for 2016 TN Visa issuance numbers.

#159 gfd on 05.04.18 at 8:56 pm

Just learned two new words. . . boondogle and lapdoodle.

#160 #3 of the Majestic 12 on 05.04.18 at 9:44 pm

#155 SilverSon

Not a realtor….just armchair observing in my hood.
We actually bought here from the GTA as Muskoka was too pricey.

I know dogs will cite me on the source but the link has avg prices in Kawarthas for lakefront at the 700k mark in 2016. The guide provides a good breakdown by province….and seems to back up 2018 prices we are seeing.

Cheers

https://www.canadianrealestatemagazine.ca/files/file/Royal_LePage_2016_Canadian_Recreational_Housing_Report.pdf