Metropolis and Urbanity

foreclosed1

A tale of two cities, two years apart?

In Urbanity, things are actually picking up a bit on the real estate market. Well, sort of.

There were so many foreclosed and abandoned homes hitting the market over the last couple of years it was bound to happen that vultures would move in once a home could be bought and carried by rent. As a result, home sales in January actually increased, and there is now just a four-month supply of houses for sale.

The bad news is that almost all of the sales are bank-owned foreclosed properties selling at deep discount. That means homeowners who just need, or want, to move, can’t. In addition, everybody is afraid a second wave of foreclosures is about to begin, as so many folks lose their jobs in the recession, and their ability to make mortgage payments. Fear, as a result, still stalks Urbanity.

And it disgusts people like George Arag, who is struggling to keep his two investment properties from foreclosure. He bought one in 2002 for $220,000 and the second two years ago for $344,000.

But today the average home price in Urbanity is $125,000 – a level which has not been seen for eight years. Jorge’s retirement nestegg has been scrambled along with his equity. “I definitely feel discouraged,” he says.

Home prices in Urbanity are down 68.5% from their recent peak.

In Metropolis, something odd and newsworthy has started to happen.

While large-scale layoffs are becoming almost daily occurrences, one local company has boosted its staff by a fifth. That office of lawyers handles foreclosures, and the level of business has just spiked, to its highest point in 25 years.

The number of citizens at least three months behind in the mortgage payments has doubled in about a year. There are more foreclosures now than in the six months prior and, in many cases of real estate distress, authorities are finding borrowers owe more than their homes are worth.

“They’re going to throw in the key or walk away,” says investment company founder Warren Fenn.

This is news because it’s, well, news. Foreclosures, mortgage defaults and negative equity have been unknown in Metropolis for about three decades, and now seem to be cascading just as the economy sinks and jobs vanish. And it has all happened so quickly – just a year or so after house prices hit their zenith.

“Throughout all the excitement,” says a mortgage broker specializing in high-risk borrowers, “I think most people weren’t thinking…”

Home prices in Metropolis have dropped 18% so far from their recent peak.

* * *

All that may be separating these places is time. But no one knows.

Which cities are they?

(Answer, as several people discerned: Urbanity = Stockton CA, Metropolis = Calgary AB.)

137 comments ↓

#1 squidly77 on 02.12.09 at 10:27 pm

calgary home prices down $92,871
edm home prices now down $73,339

calgary homes deflating $5,136/mo
edm homes now deflating $3,651/mo
both cities are now crashing hard

Revulsion to debt is being shared by all market participants. Buyers don’t want to take it on even at relatively low interest rates, and sellers are tired of making payments.

In a market that is deflating, serious sellers get in front of the price declines and set their prices lower than their competitors. The alternative is to get overwhelmed by the competition, or run out of equity and let the bank foreclose.
http://www.canadian-housing-price-charts.235.ca/

Tumbling home values boost mortgage defaults in Calgary….’We have never seen this many foreclosures’

#2 squidly77 on 02.12.09 at 10:35 pm

and if i was guessing i would have to say phoenix after all phoenix is calgarys sister city

#3 Boffo on 02.12.09 at 10:46 pm

I’m pretty sure one is Calgary, don’t know about the other, Minneapolis maybe?

#4 Midas on 02.12.09 at 10:52 pm

Fort Myers and Vancouver
Phoenix and Toronto
Las Vegas and Calgary
Atlanta and Edmonton
Tampa and Kelowna
All of the above

#5 Lucas on 02.12.09 at 10:56 pm

Metropolis is based on the news in Calgary today… I guess the first city is somewhere in the States like Midas said :)

#6 lemontory on 02.12.09 at 10:57 pm

miami and vancouver

#7 American Expat & Future Canuck on 02.12.09 at 11:28 pm

Stockton, CA and Calgary,AB

Link for Stockton story:
http://www.contracostatimes.com/business/ci_11682217

Link for Calgary story:
http://www2.canada.com/calgaryherald/iphone/news/calgary/story.html?id=1279897

You know you are in trouble when bankruptcy lawyers are boosting their staff and “nonprofit” debt consolidation agencies are renting entire TTC subway car to advertise their services.

#8 squidly77 on 02.12.09 at 11:30 pm

you can delete my above comments.. no problemo
calgary is canadas bell weather city as we have zippo without high energy prices especially nat gas prices and they are heading to $3 for sure
calgary has attracted the sleaziest people that you could ever imagine and they have treated it like a casino
trust me i have already and will going forward unload these fools of a lot of their cash as it likes taking candy from a baby..theyre the biggest idiots who came to the biggest casino in canada and drank way to much booze

#9 deja.vu on 02.12.09 at 11:37 pm

who cares?

#10 Dee on 02.12.09 at 11:46 pm

I don’t know how accurate the information is.

http://blownmortgage.com/2009/02/09/it-is-happening-already/

The New York mayor is talking about a 4 day work week for city employees. And the U.S. banks may be insolvent.

http://www.nytimes.com/2009/02/13/business/economy/13insolvent.html?_r=1&hp

#11 jrochest on 02.12.09 at 11:47 pm

“Metropolis” is Calgary: the mortage broker is interviewed in this Calgary Herald article:

http://www2.canada.com/calgaryherald/news/city/story.html?id=477dec49-4d2f-42fb-ac16-a37d241b351a

The other? I’ll say Vegas, but it could be Phoenix, too.

#12 Da HK Kid on 02.13.09 at 12:10 am

San Diego and TO
Detroit and Vancouver

#13 Eduardo on 02.13.09 at 12:13 am

Metroplis is Calgary, the bankruptcy people are increasing staff by 25% and Urbancity is ??

#14 Eduardo on 02.13.09 at 12:15 am

Garth if you are suggesting that Urbancity and Metropolis are the same place at different times I would suggest to lay off the hard drugs. 125,000? cmon.

#15 Da HK Kid on 02.13.09 at 12:17 am

Rent vs. Buy calculator

http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?_r=1&ref=patrick.net

#16 kitchener1 on 02.13.09 at 12:22 am

Urbanity is somewhere is Cali? I remeber hearing or reading somethin about this in the last few days, 100% this is somewhere sounther US

Metropolis I think is Dublin Ireland? I can;t think of anywhere in North America that has lost 17% of home value in one years time

#17 MBS-guru on 02.13.09 at 12:23 am

Urbanity = Las Vegas
Metropolis = Toronto

From the front lines, mortgage apps in the pipeline is about 1/3 of what it was last year. The next 2 months will give us a clear signal on where we’re headed in the spring.

#18 Da HK Kid on 02.13.09 at 12:46 am

Home prices and mortgages rates may have to fall well below historical levels in order to clear away the massive buildup in inventories, and it’s a condition which may need to exist for a protracted period of time before home price stability can occur.

Until home prices stabilize there can be no stemming the decline of bank assets. Until bank assets stop falling, there can be no real healing in the stock market or the economy.

Right now Case Shiller states the avg. home prices have returned to 2004. And that’s based on End of Nov 08 data reported on Jan 27, 2009. Feb 24th is the next data point!

Canada seems to be lagging by 1.5 years!

I agree with Midas, Fort Myers and Vancouver!

#19 TrueGritCalgary on 02.13.09 at 12:47 am

Phoenix and Calgary

#20 bumbum on 02.13.09 at 12:48 am

yup, it’s vancouver two years from now. at this moment, bob rennie, the condo king is on the air waves informing people to get away from the negativities.

time to duck taped him forks!

#21 Jmack on 02.13.09 at 12:50 am

http://www.funnyordie.com/videos/0364784775/george-carlin-stuff-from-classicstandupfan

#22 Aizlynne on 02.13.09 at 12:55 am

Anytown Florida – Toronto

#23 Bailing in B.C. on 02.13.09 at 1:36 am

Calgary and Stockton CA. The epicentres of it all. But I agree with Midas. It could be all of the above

#24 yaa on 02.13.09 at 1:53 am

stockton and calgary

#25 trotting on 02.13.09 at 2:20 am

The second one is from Wade Fenner, a Calgary lawyer (google the quote to find the article).

#26 WestCoast Girl on 02.13.09 at 2:20 am

Stockton, CA = Urbanity

From the Stockton Record:
Stockton resident Jorge A. Aragon is shocked at the ever-sinking house prices, hammered down by a predominantly foreclosures market over the past 21/2 years, but he’s not looking to buy. He bought a house in 2002 for $220,000 and another in 2007 for $344,000, and now he’s working with two banks to try to get loan modifications that will keep them out of foreclosure. Meanwhile, he can only be amazed as people move into his neighborhood into homes such as his at prices running below $100,000.

In Stockton, the median sales price of $125,000 last month is a level not seen since 2001, said John Knight, professor of finance and real estate at University of the Pacific’s Eberhardt School of Business.

And Midas (post above) called it first with Calgary = Metropolis

http://www2.canada.com/calgaryherald/iphone/news/calgary/story.html?id=1279897

#27 WestCoast Girl on 02.13.09 at 2:21 am

Holy CRAP.

#28 trotting on 02.13.09 at 2:28 am

And the first city is Stockton, California. Jorge A. Aragon is the scrambled name … a quick Google on “definitely feel discouraged” came up with this article as the first hit.

#29 WestCoast Girl on 02.13.09 at 2:33 am

Sorry Garth, didn’t mean to give away the goods so early in the game…i’m a research diva at heart and couldn’t resist the challenge.

#30 Shane on 02.13.09 at 2:41 am

Phoenix and Calgary

#31 Zoronqueen on 02.13.09 at 3:15 am

Ralph– In regards to that hot dog stand analogy, it’s like saying:

Harper is our Prime Minister, so everyone must have voted for him….

He has a masters in economics so he must know the difference between recession and depression…..

He wears a blue sweater vest…. Let’s all go out and buy a blue sweater vest and all will be fine…..

#32 WesternGrit on 02.13.09 at 4:00 am

I’m betting it’s Toronto and either Miami or Phoenix…

#33 islander on 02.13.09 at 5:43 am

Somewhere in California. And somewhere in Ontario.

#34 Kash is King on 02.13.09 at 6:57 am

Sacramento and Toronto

#35 David Bakody on 02.13.09 at 7:13 am

Slum land-lording is not a pretty picture for any town or city. It to years, many years to clean them up. Vacant buildings and homes are even more of a threat. Once a building is vacant it is torn down to ground level, pronto, why? usually insurance costs and should it become occupied by the homeless it most likely will become local front page news and then the editorial fun really starts. The year is 2009 not 1929 and the speed of bad news coupled with the amount of houses that have sprung up like spring dandelions over the past 10 years is almost impossible to police should even 10% become vacant. We are indeed in a new territory. And there will plenty who will try to profit thinking it is 1929 all over again ….. lawyers, yup and this new territory will see a host of new legal problems …. and that ladies and gentlemen you can take to the bank!

#36 CalgaryRocks on 02.13.09 at 7:31 am

I knew it was Calgary even before researching because of your typical hateful attitude towards the west.

Thank God Ontario is doing so much better. Oh it’s not? What’s that? The only reason Canada has not been in a depression for 3 years is because of the west? Oh, remember that.

How sad. A wounded western ego. — Garth

#37 AM on 02.13.09 at 7:57 am

#33 Westerngrit
“I’m betting it’s Toronto and either Miami or Phoenix…”

#34 islander
“Somewhere in California. And somewhere in Ontario.”

Let me guess…you’re both from western Canada and are both obviously in denial…you picked Toronto & somewhere in Ontario over cities in BC or Alberta.

#38 North Vancouver Citizen Jr. on 02.13.09 at 8:10 am

“”Deflation is hitting the credit card industry..Fewer transactions, Lower gross margins, Rising late pays, More charegoffs, and New rules and regulations making it harder to raise rates and fees.

Canadian Writeoffs Soar To $800 Million…Economic difficulties will cause more Canadian consumers to hold off paying their credit card bills.””

http://globaleconomicanalysis.blogspot.com/
—————————————————————-

…Garth’s quizz…

Muskoka….and….New York City

…Have I ever mentioned Vancouver will become the next Financial/Trade/Leisure Capital of North America?…Well, I think it might.

#39 North Vancouver Citizen Jr. on 02.13.09 at 8:48 am

“”The euro zone plunged deeper into recession in the fourth quarter of last year with its sharpest contraction in gross domestic product since records began in 1995…. led by the biggest quarterly fall in German GDP in more than two decades. France and Italy also reported severe downturns.

Davros said:Feb. 13, 7:51 AM
…Meanwhile shares of boot polish and medal manufacturers soar.

http://www.businessinsider.com/europe-economy-collapses-2009-2

(Is Armed Conflict inevitable between Europe and its neighbouring Emerging economies?)

#40 Jonathan on 02.13.09 at 8:55 am

“The New York mayor is talking about a 4 day work week for city employees. And the U.S. banks may be insolvent.”

Most large US Banks have been insolvent for a few months now. As the feds have issued preferred stock which is first in the pecking order, common shares are worthless. People buying these shares are just speculating and stand a significant chance of losing their investment.

#41 Signal Loss on 02.13.09 at 8:56 am

Have I ever mentioned that Vancouver will belong to the Musqueam in ten years? Well I think it might.

#42 AlbertaGirl on 02.13.09 at 8:59 am

Hey # CalgaryRocks…

I don’t think Garth is hateful to the West in anyway. He says the same thing about TO and people there get all pissy on him too.

You must have purchased Calgary Real Estate in the last 3 years instead of sold it like I did. I’d be cranky too.

#43 BE on 02.13.09 at 9:05 am

I’m curious. With all of these forclosures and the possibility of even more people walking away from their homes. Where the hell is everybody going? People still have to live somewhere! Family of 5 goes bankrupt and walks away from their house… into oblivion?!?!? Surely there must be some counter balance to this phenomenon? Are rental vacancy rates decreasing in the states? Are monthly rental fees increasing as well? Where are all of these people going?!?

A buyer’s market and a renter’s market are developing simultaneously in most cities. — Garth

#44 Bill-Muskoka (NAM) on 02.13.09 at 9:07 am

LOL We awoke this morning to a bright and sunny day in our HOME!

This afternoon our three grandkids are coming for a two night sleepover and they will play and have fun in Nana and Papa’s HOME. It is a place that we live our lives, share laughter and joy, and sometimes sorrow, but even though we have a mortgage we still know it as our HOME.

Someday we will pass from this short lived existence and someone else will live in our HOME. That is what a house is supposed to be.

Yes, it is our HOME, not our investment. I sincerely hope all you Midas’s someday learn the difference and get a life that has meaning to you other than your wallet.

#45 Another Albertan on 02.13.09 at 9:11 am

What is interesting is the number of Calgarians who bought or built in Phoenix at the peak and then the number of Calgarians who have subsequently poached in Phoenix. I can name at least a dozen families. (All of these families are able to absorb a hit on these properties as they are all deep-pocketed, so don’t go crying the blues.)

#46 CalgaryRocks on 02.13.09 at 9:17 am

#43Alberta girl

Oh great, the army of Garth defenders are activating and coming out of their pods. How refreshing.

Let’s just say that if Alberta wanted advice on how to prosper it wouldn’t be taking it from the newly have not Ontario.

As for my finances, you should read my previous posts instead of assuming as we all know what that stands for.

Miss your bran flakes today, cowboy? — Garth

#47 dd on 02.13.09 at 9:21 am

“But today the average home price in Urbanity is $125,000”

Wow … not in Calgary

#48 dd on 02.13.09 at 9:25 am

“Wow … not in Calgary”

Calgary Home prices are still too high!

#49 Bill-Muskoka (NAM) on 02.13.09 at 9:33 am

#44 BE on 02.13.09 at 9:05 am

They are all being abducted by aliens! Yes, this is a giant conspiracy to coverup the thousands of missing people that have been abducted. It is a world wide plot to eliminate excess people so more elite golf courses can be built.

But we are far better off today because unlike 1929 people know what is going on and they didn’t back then because the news media only had a local effect. No TV or internet, just radio.

Ah, those heady days of H.G. Wells and ‘War of The Worlds’ creating a national panic that the ALIENS ARE COMING! ‘OH NO! They’re HERE!’ LOOK! Over there! A shiny thing!

Hot Dog anyone?

#50 North Vancouver Citizen Jr. on 02.13.09 at 9:35 am

42 Signal Loss
“” Have I ever mentioned that Vancouver will belong to the Musqueam in ten years? Well I think it might.””

…S L…I thought they and their brothers already claim/own, like…107% of BC.

Olympic Athlete’s Village…(Habitat 2010)

http://www.neatorama.com/2008/04/15/caption-monkey-26-redneck-habitrail/

Houseboat tied up at Olympic A V Marina….

http://www.kk.org/streetuse/archives/2006/08/redneck_technology.php

Van Olympic limos…

http://tinyurl.com/ct337m
————————————————————-

On a serious note….

“”Italy, the fourth-biggest economy in Europe, is host to the Group of Seven talks on fighting the spiraling crisis which were to begin later Friday.

700,000 people demonstrated in Rome Friday calling for financial aid from Prime Minister Silvio Berlusconi’s government as new figures showed Italy was deeper in recession than expected.””

…Europe is imploding.

#51 lgre on 02.13.09 at 9:42 am

calgaryrocks is probably a REIN member leveraged up to his/her eyeballs..only REIN members defend an overpriced market..and Calgary is the home town..lol

#52 Darryl on 02.13.09 at 9:43 am

Urbanity = Milton
Metropolis = Toronto
Anything not within 50 Km of the center of the universe does not exist.

Fingers are in ears now. :)

#53 Darryl on 02.13.09 at 9:50 am

Air Canada down graded to sell and $.25 per share.

Seen this movie before? That’s 5 bucks for the head set please.

It’s already $3. — Garth

#54 Calgary37 on 02.13.09 at 9:54 am

Here is an interesting article that is an extension of my article on Survivalist Communities.

“Survival Retreat vs. Neighborhood Survival”

http://www.stevequayle.com/News.alert/06_Prep_tips/090211.survival.neighborhood.html

Here is a warning from NASA

http://www.blacklistednews.com/news-3299-0-6-6–.html

“NASA warns of ‘space Katrina’ radiation storm”

Most of the information that NASA releases to the public is a pile of crap. This is the most truthful info that I have seen come from them in many years. Many people have been aware for some years of the potential danger of a major Solar Blast in 2012. Furthermore, there are other events than can cause some of the same problems that NASA is discussing.

Be Prepared.

#55 Jacqueline on 02.13.09 at 9:55 am

I think home prices have dropped 18% since their peak in Toronto but there was an article about foreclosures yesterday in the Calgary Herald? so one of these may be Metropolis.

#56 J.B. on 02.13.09 at 10:03 am

#45 Bill-Muskoka – Great post. We need to keep a sense of humour and not lose sight of what’s important during these times i.e. family and friends, charitable donations.

#57 colette on 02.13.09 at 10:08 am

The problem is not so much who are these cities and the difficulties they are experiencing now…but more so these cities are just a reflection of what the scope of the problem is…and will be.

These cities are really every city…or will be soon.

#58 Marie on 02.13.09 at 10:13 am

Hello Garth

I have a qestion. Ho do you think rural Canada will be impacted by this crisis? In the last 30 years, we’ve seen fishery collapses, papermill and sawmill closures, farm town emptying themselves of our young people. Is the tide turning? I am just hoping that if so, the greed bug wont spread. We are more in need of the money invested in real wealth production (agriculture and small businesses) than skyrocketting land and properties price.

#59 Backbacon Crusader on 02.13.09 at 10:16 am

Moved out to Calgary for a job (Not Oilfield!) back in 2006, and thankfully still have it (actually, I’m doing very well).

That being said, Calgary is only just beginning to see the fruits of their irresponsible behaviour. I know people at work who bought TWO homes they could barely afford BOTH with the intent of flipping, while they continued to rent.

I know personally of two suicides in Calgary directly linked to the collapse of the RE market, as both individuals were carrying multiple mortgages on flipping properties and were underwater.

#60 Sail1 on 02.13.09 at 10:17 am

#37 CalgaryRocks

Thank God Ontario is doing so much better. Oh it’s not? What’s that? The only reason Canada has not been in a depression for 3 years is because of the west? Oh, remember that.

I think you are correct (no sarcasm intended), how ever,your argument is with the wrong party.
Canada’s regional subsidy system is this. The provinces, who receive, mainly Manitoba and the Atlantic Provinces including Quebec, are bubble economies which mean they are permanently dependent on large subsidies from other provinces, meaning Albertans and Ontarians, to support their populations and economies at anything like their present scale. It is the drag on a federal decision to permit Ontario to access equalization, that leaves Ontario and Alberta unprotected, in the current economic climate.

#61 CalgaryRocks on 02.13.09 at 10:22 am

#54 Calgary 37

Great link about neighbours banding together. That’s kinda what I was thinking too.

On a related note, one of these days we should organize a little get together at the Shooting Edge for members of this web site that live in Calgary!

#62 Farm Boy on 02.13.09 at 10:27 am

Anyone with the name CalgaryRocks posting on a blog like this is obviously a real estate spec. Probably some mortgage broker or an agent. Probably told a bunch of loved ones to leverage themselves over the last few years. Probably hears his name in whispers behind his back now that the market is tanking. Newsflash man, Calgary and Edmonton will experience devastating losses. I’ve lived in both cities and these gains are not sustainable. So all of the people who planned on being young millionaires are going to have to forget about it and learn how to work again. Maybe that’s it, you have your knickers in a knot because you have had to let go of your unlicensed assistant and will be manning the showhomes yourself this weekend. Works sucks eh? Dang, and you thought that 6 weeks of “education” would have secured you the good life.

ps. Let us know when your Lexus is on Kijiji.

The real estate orgy has screwed this province over.

#63 smwhite on 02.13.09 at 10:27 am

#32 Zoronqueen

Don’t forget kittens, Harper loves kittens.

The ironic thing about this recession, unlike the one in the late 70’s is this, there isn’t Pierre Elliot Trudeau or NEP to blame this time. Its the west’s very own pedigree, the “Alliance Party” a la Stephen Harper, expert economist, leading the charge in Ottawa.

That’s why the like of Calgary Rocks are super sensitive and got the kleenex out in full force.

#64 Ally Ally Oxycontin Free on 02.13.09 at 10:31 am

Forecasting, except for David Phillips, Weather Canada, is a lost art. With hourly, daily, weekly revisions arriving, Art Carney’s son, Mark, appears to be way out there with the Money Hoovers, anticipating a ‘quick turnaround’ by mid ’09.

It’s actually FAR WORSE THAN ANTICIPATED.

http://online.wsj.com/article/SB123445757254678091.html#video%3D38E85FF9-6E3F-41C6-9AED-5E6BCD63C26F%26articleTabs%3Darticle

http://online.wsj.com/video/forecasters-2009-economic-rebound-unlikely/38E85FF9-6E3F-41C6-9AED-5E6BCD63C26F.html

http://online.wsj.com/public/resources/documents/info-flash08.html?project=EFORECAST07

#65 CalgaryRocks on 02.13.09 at 10:36 am

#62 Farm Boy

I am not in RE however I do have this to say:

Better to have had a Lexus and lost it than to never have had a Lexus at all. Just kidding, I drive a Mazda.

#66 CalgaryRocks on 02.13.09 at 10:42 am

#60 Sail1

Totally agree. I’ve lived in Quebec most of my life and I definately think it’s the spoiled child of Canada. I could never figure out it’s have not status, considering it’s staggering available resources.

#67 Toronto C9 Renter on 02.13.09 at 10:43 am

#47 Calgary Rocks said: “… if Alberta wanted advice on how to prosper it wouldn’t be taking it from the newly have not Ontario…”

Sure Alberta’s a great place, I lived there for a few years in ’80’s when I worked for Schlumberger. I especially like the mountains.

But with due respect, other than resources Alberta’s a lightweight. Albertan pride is a good thing, but as a Canadian I wish Albertans were a bit more self-critical and challenge themselves to be much more.

Remember, California has oil too, but it has been many decades since that was how people defined the California economy. Where would they be today if they were content to remain a one-trick pony? Not one of the world’s top 10 GDP’s, thats for sure!

Rant over.

#68 go green on 02.13.09 at 10:56 am

I seldom post on this blog as the boom & bust of real estate is not really of concern as I live in the M’times and we haven’t seen the swings in prices as in the rest of the country. It is a sign of the depressing economic situation in most of Canada & will, no doubt, eventually affect us as unemployment increases. No man is an island.

We bought our current home in ’91 for $115,900. with a 25% DP and paid it off in 7 yrs. Our latest assessment is $226K (basically to increase taxes – another 10% this year). We’ve the 2nd least expensive house on the street – based on assessment. We’ve made renovations over the years but they’re not on the books. I’m with Bill (NAM) on this subject. We bought to have a HOME, not strictly as an investment. Yes, it would be nice when we must move, due to health reasons, that we would realize a gain.

BTW, I recall during the early to mid 80’s when my sis and I bought an inexpensive condo townhouse the mtg rate was 14%. We assumed the mtg. & all predictions , IIRC, were that the rate would decrease before we had to renew in 6 mos. Well, we got hit with 18+%. Shortest term was 6 mos. which we took. As memory is fuzzy, I think it then went down to 11% . When my sis and I married in 86 ? she sold her share to me. I think it cost us $20K to buy her out, based on selling prices in the complex. But, she gained in that when we sold we had to pay RE fees. A neighbour of ours, at that time, rented his TH & moved to TO for work and was renting the exact same 3 level townhouse for 3X times what it was costing him here. He eventually moved back and bought a duplex, costing him 1/3 or half what he was paying in TO. I know, the salary is far more in TO, but all things are relative.

When I hear the wages being paid, housing prices in major cities in Canada & the incumbent stress, I’d rather live here for now. It takes my husband 7-15 mins. to go to work, depending on where his first call is.

I also recall during the mid or maybe late 80’s the number of stores borded up on Barrington St. in Hfx. For the previous 5+ years it was filled with boutiques, restuarants, etc. It has never regained that ‘upbeat’ mood. Yes, Hfx. is still a lively town, considering its size, but not the same. Maybe its my age. :-)

#69 Pierre on 02.13.09 at 10:58 am

Finished reading your book After the Crash. Great stuff in my humble opinion. One question, if I buy gold coins, how does a grocerer give me back change on the purchase of a loaf of bread at $100 or nuts for squirrels :-) at $50? How pratical is it to have gold as an exchange currency? Thank you.

#70 wjp on 02.13.09 at 10:59 am

I am curious, are there any Canadians other than Bill M. on here? Or are we only concerned about our own litlle territory?

#71 go green on 02.13.09 at 11:05 am

Darryl on 02.13.09 at 9:50 am Air Canada down graded to sell and $.25 per share.

Seen this movie before? That’s 5 bucks for the head set please.

It’s already $3. — Garth

On some of the European airlines (charters to/fro Cda)they’re charging anywhere from 3+Euros I believe.

We’ve GOT to go to France this summer and I’ve been doing lots of research trying to find prices from Hfx to Paris or Frankfurt. Travelled with Icelandair several years ago and they were great. But, based on reviews, they’ve gone downhill like most. Also worried they could go under and we’d be left holding the bag. Looking at Corsair as well as Condor. Any thoughts anyone?

#72 Rich Grover in Van on 02.13.09 at 11:06 am

I don’t want to seriously get into east-west stuff…it has been played to death….but despite so called negative numbers for the west, it is still doing significantly better than Kenora east (unemployment in alberta is around 4.5%?)…and probably will throughout this whole debacle.

#73 wasnt that bad on 02.13.09 at 11:10 am

Here’s a though to all those people that saying buying a home in the last 3 to 4 years was the wrong thing to do,

this was a boom, house shot up in price and so did wage, maybe not in ontario, but in alberta it did. the group of people that i chum around with bought in the last 3 to 4 years as we are a younger group. i would say 70 percent of them have there house payed for.

So was the boom really that bad? sure they will lose money on the long term value but so what…. its payed for…… i want to know how many people pissed the boom away, or didnt even know there was one………

#74 Greg W., Oakville on 02.13.09 at 11:11 am

Hi Garth, FYI

This seem to be from February 12, 2009 C-SPAN
on youtube, 4min (Found it on http://www.reddit.com)

Ron Paul: “What if our foreign policy of the past century is deeply flawed and has not served our national security interests? … What if people learn the truth?”

http://www.youtube.com/watch?v=4fTVn2tMI3E&feature=subscription

#75 K on 02.13.09 at 11:25 am

I really don’t understand what people think they are going to do once interest rates start to rise….And they will. You may be able to buy cheap property today at a low cost and at a low interest rate but what about 3-5 years from now. Not to mention all the people out there who insist on hanging on to properties they can’t afford due to greed or emotional attachment.Sometimes selling at a loss is a good thing…Think about the alterative. IMO everyone out there needs to stop living for today and start thinking about what might happen tomorrow and the years to come. Renting is not a crime. And in most cases is only temporary. Get your heads around that.

#76 Kash is King on 02.13.09 at 11:26 am

…Have I ever mentioned North Vancouver gets 220 inches of rain per year…?

Got moss?

#77 Nick on 02.13.09 at 11:33 am

Calgaryrocks: Ontario built their wealth through industry. Alberta built their wealth by having the good fortune to live on top of oil. Take that oil away and what does Alberta have? Nothing.

#78 Foreign Investor on 02.13.09 at 11:41 am

Check this site for the answer to question b – Metropolis

http://www.canadian-housing-price-charts.235.ca/

#79 Bill-Muskoka (NAM) on 02.13.09 at 12:30 pm

#56 J.B. on 02.13.09 at 10:03 am

That is what real life is about, not money. Money is merely a medium of exchange and beats the hell out of having to drive all that livestock around. LOL

Maybe we need to have a Draft, aka conscription, and send all these youngin’s through military training. They will learn fascinating skills like living out of backpack, washing their own clothes in a tub, personal hygiene, socialization skills like ‘I have half our tent. Who has the other half?’ Eating fine cuisine like the 1943 C-Rations we ate during ‘Nam, or the modern wonder of MRE’s (Meals Rejected by Everyone/Ethiopians).

Yes, and they will learn the true meaning of trickle down economics when they are selected to burn the CRAP with kerosene from the officer’s latrine.

There are other marvelous skills like working together as a team, sharing a building with stacked bunks and matresses so thick you can feel the springs beneath. Did I mention how to make a bed? Swabbing the decks, and the thrilling experience of mastering a floor polisher.

Why, they will even learn how to clean the entire bathroom with a toothbrush and what clean REALLY means. That is a white glove on the hand of a Sargeant Major who has no sense of humour that he, or anyone else, is aware of.

You will even get in shape after doing 800 pushups, a thousand squat thrusts, a nice little 600 situps, running eight miles with 80 pounds of gear on your back. No Nike’s there, just combat boots that weigh in at about 3 lbs each.

You will also learn you are not invincible, just human, and DO need help from others. You will be Back To The Basics that make men and women fully human instead of a bunch of whiney spoiled brats wanting more and more. Your foot locker or duffle back is where your ‘stuff’ is kept and that is all you have, or have room for.

Oh, and talk about travel! Wow, you have no idea what fascinating places you will get to visit.

They will also learn to be thankful for little things like sitting down and the occaisional ride in a Cattle Car to another training site instead of walking mile after mile through the dust, rain, cold, and over uneven ground.

The beauty of it is that at the end of each day you are so friggin’ tired that you haven’t the energy to fret about all the pissy things people do in this world.

Now I will sit back and sing in my head the John Lennon song ‘Imagine!’ ;-)

#80 Marie on 02.13.09 at 1:13 pm

Sails1,

It would be easier to feel some sympathy for Albertans and Ontarians without ignorants spewing the same cliche over and over again about the other provinces.
The regions are not doing economically very good because they were developped according to a resource extraction model. In that kind of scenario, the regions are pillaged, their ressources taken with insufficient compensations and no money invested in secondary sectors like transformation. We’ve given away our grains, our wood, our minerals, our fish and ultimatelly our young people with very little in return. Its really interesting how Newfoundland economy started turning around when Danny Williams said enough was enough and the province oil revenues went into Newfoundlander pockets. The bubble economy is more in the realm of big urban centres where greed and speculation lead to overinflated property prices. In Atlantic Canada, 200 000$ is not for a shitty prefab house on a post stamp lot, its a 50 acres farm with a decent house and a couple of outbuildings. I’d be curious to see the numbers on what percentage of our population own a home already paid for. The ‘poor’ provinces will be much less affected than the rich ones because we already have seen very hard times and downsized lot of infrastructures. Our houses and land are much cheaper and our potential for self-sufficiency is far greater than megalopolis like Toronto where the best farmland was paved over. Without transfer paiements, governement and services most probably will be affected, which will cost some jobs and decrease disposable income, but all in all, its easier to get by without movie theaters and cell phone than food on a table and a roof over your head.

#81 Greg W., Oakville on 02.13.09 at 1:27 pm

Hi Garth,
from the controversial section of reddit.com

Absent in Geithner’s Bank PLan / Truth and Transparency
http://www.opednews.com/articles/Absent-in-Geithner-s-Bank-by-Allen-L-Roland-090211-105.html

#82 avenWen on 02.13.09 at 1:36 pm

First of all, I just received the books and started to read. Then, I would like to thank Garth for signing the books. You are so sweet and thoughtful. It is wonderful to have such meaningful books, so thank you very much.

#83 Flip on 02.13.09 at 1:41 pm

So what do you folks make out of today’s press release from Boardwalk Real Estate Investment Trust:
http://www.boardwalkreit.com/PressReleases/p2009/pr090213.asp

I like the part:
“Despite tempering market fundamentals, our Western markets continued to show positive results in the fourth quarter of 2008.
Although the province posted a loss of 16,000 jobs in December, unemployment in Alberta was 4.1%, still the lowest in the country and well below the national average of 6.6%. Boardwalk is pleased to note that Alberta made employment gains in January, with 3,300 jobs created, helping to offset the loss in December.”

But more importantly:
“With the weakening economy and low price of oil,
several projects in the Alberta oil sands have been put on hold, including Petro-Canada’s $21 billion Fort Hills project and Connacher Oil and Gas Ltd.’s $345 million Alger project. In addition, Suncor announced in January 2009 that it will further cut its capital spending on its Voyageur project for 2009 to $3 billion from the $6 billion announced in October 2008. However, investment in major Alberta projects remained strong at over $270 billion as of December 31, 2008, with $163 billion related to oil sands development. Imperial Oil currently plans to move ahead with its $8 billion Kearl project, a positive note for Alberta oil sands production, and it is estimated that Alberta oil sands development will total $218 billion over the next 11 years.”

And that’s at oil running at less than $40 a barrel – what will happen when it is at $80 – since OPEC is turning off the tap…

#84 Greg W., Oakville on 02.13.09 at 1:44 pm

Hi Garth, Does anyone know if this story is real?

9 U.S. states declare sovereignty!
http://www.topix.com/forum/topstories/TNHPLRJVTQPAIM0GM

#85 Jeff Smith on 02.13.09 at 1:48 pm

Did anyone see the report in the Globe and Mail???

http://business.theglobeandmail.com/servlet/story/RTGAM.20090213.whomesales0213/BNStory/Business/home

That’s just chilling….

#86 HalifaxFamily on 02.13.09 at 1:50 pm

http://business.theglobeandmail.com/servlet/story/RTGAM.20090213.whomesales0213/BNStory/Business/?page=rss&id=RTGAM.20090213.whomesales0213

Tell me why prices are up in Halifax/Dartmouth? Are you kidding? It’s only a matter of time before things crash here too.

#87 Sail1 on 02.13.09 at 1:51 pm

Home sales fall by 41 per cent

LORI MCLEOD

Globe and Mail Update

February 13, 2009 at 12:47 PM EST

The media keeps barking about falling sales, but prices in the GTA still don’t reflect the decline.

http://business.theglobeandmail.com/servlet/story/RTGAM.20090213.whomesales0213/BNStory/Business/home

Sales drop first, prices second, with a lag of 3 to 9 months. That information has been posted here many times. — Garth

#88 HalifaxFamily on 02.13.09 at 1:57 pm

February 16, Halifax Nova Scotia
Marriott Hotel (downtown) 7 pm, Financial seminar, open to public

looking forward to it. hopefully, we can get there after work. is there a cost?

It’s free, and worth every damn cent. — Garth

#89 Bill-Muskoka (NAM) on 02.13.09 at 2:28 pm

#70 wjp on 02.13.09 at 10:59 am

:-) Thank you. Sometimes it is like reading comments from Bosnia/Herzegovina/Serbia, eh?

All the provinciality is not helping CANADA!

If we do not pull together we shall surely be torn asunder from within. This NOT a hockey game!

#90 Sail1 on 02.13.09 at 2:36 pm

#80 Marie

Its clear I have struck a nerve, however policies should reflect a changing climate.

#91 CalgaryRocks on 02.13.09 at 3:03 pm

#76 Nick,

You must also think that your doctor makes a lot of money because he stumbled into medical school one night and 7 years later got out with a medical degree.

Read the history of the oil sands, it’s an overnight success 100 years in the making.

#92 Irene on 02.13.09 at 3:15 pm

Oil is in my town, has seen a .07 cent increase in my area, South Okanogan in the last couple of days. Why is that when the media is telling us that there is a big surplus of gas available and that is what is why the TSX is in a down whirl spiral. Does anybody have an idea why we are seeing increases such as this when oil prices are going down almost daily?I have received and am now reading After The Crash and am putting it in my DH’s face but he is not picking it up. He is a very smart man but it looks like he is part of the deniers.

Have a great weekend all.

Cheers

#93 Bill-Muskoka (NAM) on 02.13.09 at 3:19 pm

#76 Nick on 02.13.09 at 11:33 am

Now, now, Alberta, like Texas, would still have lots of BS, a.k.a., Meadow Muffins, Cow Pies, with rodeos and Hats.

Ontario still has Latte’s, people with huge egos and debt (Note: A recent study showed that the size of their debt is directly proportional to the size of their ego, but inversely proportional to the size of their IQ)

Quebec, well, what can be said about Quebec that some Quebecois will not be offended by?

Manitoba and Saskatchewan, just don’t block their view or claustrophobia sets right in.

B.C., ah, their greatest fear is being DRY!

The Maritimes, real Canada where real people live, work, survive, and have a neighborly attitude. They have the freshest seafood around and lots of it. ‘In Cod We Trust.’ Now, if only we could learn to understand what the heck they are saying, eh? Must be the Screech?

The Arctic Territories, God bless the Frozen Chosen where it if summer comes on a Saturday and you have it off…ENJOY! My favourite bumper sticker ‘Vegetarian: Indian word for Lousy Hunter’. When it comes to housing they get by by their skin and their teeth!

Canada, vhat a country!

#94 TorontoBull on 02.13.09 at 3:25 pm

what do you make of this?
http://www.newsweek.com/id/183670

#95 Eduardo on 02.13.09 at 3:32 pm

Re 82: Flip, the problem with posting meaningful things like that instead of slandering Alberta with no facts is that nobody from the forums reads your posts.

Keep in mind the demographics of the country still favour having ~4-5 (?) people from Ontario for every person from Alberta on this forum.

They don’t like numbers like inventory of vacant or new construction houses in Calgary being down from ~2300 to ~2000 YoY. They don’t like listening to the fact that listings are down almost as much as sales. There’s far less inventory on the market than last year in both Edmonton and Calgary for SFH and condos… etc… etc…

They also like to neglect the fact that none of these oil sands projects were deep into construction and lots of them were in preliminary engineering so the job impact is low. In terms of service industy, yeah jobs were lost, but there wasn’t as much drilling last year anyways due to the royalty changes and uncertainty.

They also don’t like hearing that the GDP per capita and disposable income is much higher and can actually support higher housing prices.

What they do like is saying Alberta is a “one-trick pony” (ignoring the monster impact the auto industry is having in Ontario). They ignore the fact that Alberta has the most biotech startups in Canada and a fraction of the population of Ontario. Many businesses are also headquartered here because of the favorable tax rates, unlike Ontario’s massively uncompetitive tax structure.

Bottom line is Ontario hates to see the West succeed. For those who say the vice versa is true, you’re wrong. We just don’t want to get pillaged when we are doing well with equalization payments then scoffed at when we are doing poorly. If you don’t like the O&G industry… give us back the billions of tax dollars you’ve taken and perhaps we could develop into a more rounded or environmentally sound province… EVEN THEN don’t tell me that Ontario is a whole lot better off environmentally… that’s a load of $%^&. Mines/smelters galore, Smog alerts? Cmon… be fair.

For those who are going to drop the water card… If ALL of the proposed projects went ahead in the North Saskatchewan and Athabasca rivers the total water draw would be <5% of annual flow. That’s by no means ridiculous and less than multiple other areas in North America.

For those who are going to drop the CO2 card… ~75-80% of emissions come out of your tailpipe. If you want to cut emissions by 20%, then drive 20% less instead of making the producers cut their emissions by 80% so that you can drive the same amount.

#96 Eduardo on 02.13.09 at 3:42 pm

Bill M Re 88:

I honestly don’t try to be offensive towards Ontario, I would just like to have a say in Federal politics and to be respected as a member and KEY FINANCIAL CONTRIBUTOR to Canada.

It’s like people have never seen the equalization payments before and they still talk about how rich oil is making Alberta. Wrong… it’s making all of us better off.

Instead of working together, Alberta is attacked nonstop by Ontario. How is it our fault that xx% of your industry is autos, Nortel, Bombardier? I find that most of the time I spend defending Alberta by making comparisons to other provinces. Then people say “stupid Albertan”.

#97 Eduardo on 02.13.09 at 3:50 pm

Finally the funniest part of the Alberta/Ontario feud is that the majority of the slander is exactly that… SLANDER… because it’s misinformed or uninformed.

#98 squidly77 on 02.13.09 at 3:56 pm

eduardo
do you enjoy kicking your big brother when hes down

Until the 2009-2010 fiscal year, Ontario was the only province to have never received equalization payments;
http://en.wikipedia.org/wiki/Equalization_payments

#99 john on 02.13.09 at 4:09 pm

#94 Eduardo..For those who are going to drop the CO2 card… ~75-80% of emissions come out of your tailpipe. If you want to cut emissions by 20%, then drive 20% less instead of making the producers cut their emissions by 80% so that you can drive the same amount.
…….In actual fact the Tar Sands emit more chemicals into the air than all of the automobiles in Canada! Suggest you do some research on this :-)

#100 Eduardo on 02.13.09 at 4:12 pm

Squidlly,

I do realize that Ontario has never drawn from it. I also realize that if it wasn’t for Alberta, Ontario would have paid a lot more… I’m not complaining about sending money. I’m complaining about sending money then getting crapped on all the time.

#101 David Bakody on 02.13.09 at 4:16 pm

#69 wjp on 02.13.09 at 10:59 am

All politics are local ….. this is perhaps more true than ever when it’s your job, our home and family that is effected. Of course we all share the land between the 5 1/2 time zones but far too many people are up at dawn and home at dust just to make ends meet ….. all that is about to change for the wrong reasons.

News from G&M

LORI MCLEOD

Globe and Mail Update

February 13, 2009 at 12:47 PM EST

Sales of existing homes fell to the lowest level since the mid-1990s last month, with activity dropping by 41 per cent in January from a year ago.

http://business.theglobeandmail.com/servlet/story/RTGAM.20090213.whomesales0213/BNStory/Business/home

Sorry to rain on the Real Estate Parade ….. but the facts speak for themselves.

#102 Eduardo on 02.13.09 at 4:20 pm

Another thing Squidly,

Guess what? Alberta is down too and all we do on this forum (and in Federal politics) is get kicked… all the time… good times and bad… it doesn’t even matter that the party most aligned with our views formed a minority government because it’s essentially impossible for us to ever form a majority even though we were the only party to run with a platform that could appeal across Canada and not just to special interest groups.

It’s just too bad that Canada will never be a unified country because Ontario would never go for senate reform because a true balance of power would mean that it’s not just them that has a say at the table.

Get off the table and get back on topic. The Reform Party tanked, remember? — Garth

#103 squidly77 on 02.13.09 at 4:21 pm

now eduardo the challenge to you is to figure out why albertas GDP is so high..

#104 CalgaryRocks on 02.13.09 at 4:25 pm

Squidly77,

Unfair comment. If anything eduardo brought some good points on both sides and he is way more level headed than most, myself included.

Besides you’re an Albertan yourself so the least you can do is defend it’s good points.

#105 dave99 on 02.13.09 at 4:25 pm

I’ve never understood the resentment from the other provinces towards Ontario, (and especially Toronto).

I’m born and raised in Toronto, have worked here my whole life, and I value the other provinces and the diversity of the country.

Frankly, when I hear people from Alberta/Quebec/etc making snide comments about Ontario (or other provinces) it seems like such a self-evident demonstration of cultural insecurity.

It seems so unnecessary.

Here we are in a country that is among the most enlightened, fairminded and stable in the world. Surely we must all recognize that our federation of provinces has worked out pretty well thus far?

If we pull together, I’m sure we’ll come through the next 3-5 years of depression just fine.

ps. at least, that is how it looks from my perspective here at the centre of the universe! ;-)

#106 Eduardo on 02.13.09 at 4:27 pm

Why is this a challenge?

#107 Eduardo on 02.13.09 at 4:32 pm

John RE: 98

WRONG

75-80% of CO2 from a barrel of oil from production, transportation to combustion DOES come from your tailpipe. I suggest that YOU do some research… this is the exact type of uninformed BS I was talking about. I love the smiley too. It makes me even more annoyed that you added the smiley, it makes you seem so smug in your ignorance…

Inform yourself on page 17

http://www.energy.alberta.ca/Org/pdfs/AB_ProvincialEnergyStrategy.pdf

#108 sss on 02.13.09 at 4:34 pm

#43 BE on 02.13.09 at 9:05 am

I’m curious. With all of these forclosures and the possibility of even more people walking away from their homes. Where the hell is everybody going? People still have to live somewhere! Family of 5 goes bankrupt and walks away from their house… into oblivion?!?!? Surely there must be some counter balance to this phenomenon? Are rental vacancy rates decreasing in the states? Are monthly rental fees increasing as well? Where are all of these people going?!?

A buyer’s market and a renter’s market are developing simultaneously in most cities. — Garth

Not true in BC, though. The rent maximum increase numbers regulated by Govt, basically, that is the official inflation %. I have the rental unit, which rented for $1000 back in 2000, now it is just $1250, while the property price has more than doubled. Why the hell the rent price should keep pacing with the property price decrease, if it never paced with the property price increase during the bubble-time? Lazy to find the article, but in USA, (which Garth always takes as a “good” example), the rent has decreased just 2,4% so far. I don’t mind to return to $1000, if property prices crush by 50-60% to 2000 level, but that never means the my rental unit price will be $500 when that happens. Not a good news for all of you rental basement rats.

#109 Oblivious Calgarians on 02.13.09 at 4:36 pm

You have no idea what is coming our way. Hold that 4.4% unemployment number tight because its about to change FAST. Ignorance is bliss I guess.

#110 go green on 02.13.09 at 4:39 pm

101 Eduardo on 02.13.09 at 4:20 pm Another thing Squidly,

Guess what? Alberta is down too and all we do on this forum (and in Federal politics) is get kicked… all the time… good times and bad… it doesn’t even matter that the party most aligned with our views formed a minority government because it’s essentially impossible for us to ever form a majority even though we were the only party to run with a platform that could appeal across Canada and not just to special interest groups.

It’s just too bad that Canada will never be a unified country because Ontario would never go for senate reform because a true balance of power would mean that it’s not just them that has a say at the table.

Get off the table and get back on topic. The Reform Party tanked, remember? — Garth

Sorry Garth – Just have to reply to Eduardo. If you don’t allow my post fine. Eduardo says “we were the only party to run with a platform that could appeal across Canada and not just to special interest groups.” If that were the case, your CRAP party should have attained a majority. Approx 60% of the voters did not like your party’s platform, nor its ‘special interest groups’.

#111 CalgaryRocks on 02.13.09 at 4:44 pm

Hey go green, the liberals took a beating in the last election. The green party? A joke, not even worth mentioning.

#112 Jerome on 02.13.09 at 4:47 pm

Words from ~~~ The late Dr. Adrian Rogers , 1931 to 2005 ~~~
“You cannot legislate the poor into freedom by
legislating the wealthy out of freedom. What one person
receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going
to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it.”

#113 Eduardo on 02.13.09 at 4:54 pm

RE 109:

That’s fair. and I agree. I’m mostly arguing that it’s impossible for my interests to be represented in the current system. I’m not saying that we should have won but we did win 6 provinces of 10 and we still have significant seats everywhere except for Danny Williams land. I’m just saying that senate reform with 23 or 26 senators (2 for each of the provinces and 1 or 2 for each territory) would ACTUALLY provide a sober second thought instead of a rubber stamp.

Regardless, if people hate everything I say I still suggest that you take a peak at page 17 from post 106.

Oh Canada!

#114 squidly77 on 02.13.09 at 4:58 pm

i love calgary as its my home and as far as i am concerned its the nicest place to be in canada as is vancouver to vancouverites and as toronto is to torontonians..i can not defend people who mindlessly state that we are the best and thats that

by the way only 14% of albertas oil goes to eastern canada the rest is either exported to the US or is consumed here in alberta..google it

now back to the sorry state discussion of bubbled up real estate

(btw..if i knew how to add smileys to my post i would have put 22 of them on)

#115 jess on 02.13.09 at 5:07 pm

calling all patriots

http://www.michaelmoore.com/
I am in the middle of shooting my next movie and I am looking for a few brave people who work on Wall Street or in the financial industry to come forward and share with me what they know. Based on those who have already contacted me, I believe there are a number of you who know “the real deal” about the abuses that have been happening. You have information that the American people need to hear. I am humbly asking you for a moment of courage, to be a hero and help me expose the biggest swindle in American history.

#116 Cara on 02.13.09 at 5:51 pm

“You cannot legislate the poor into freedom by
legislating the wealthy out of freedom. What one person
receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going
to get what they work for, that my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it.”

Wow. That is pretty profound. As good an argument against a socialist state as any I’ve ever heard, and a lot shorter.

#117 James on 02.13.09 at 7:15 pm

“Are our children being taught not only to work for what they need, not what they want, and also to work for others, so that they will always have a surplus to give away? Are they taught to tithe themselves to give even one-tenth of what they are going to earn, to the poor?” – Dorothy Day

(If our children were taught this… would the world be in the mess it’s in – regardless of province, nation, and so on?)

#118 David on 02.13.09 at 7:32 pm

I knew Calgary was in a real estate bubble when I checked prices in Forest Lawn in 2006.
I read today than CanWest Global is in the glue financially these days. Remember back in the day when Calgary had a very active film making community? How about some Canadian content productions for our times? This Old McMansion, as series for the handy man dealing with his circa 2005 fixer upper. Or, Real(tor) Wives of Calgary, a show for the over 30 demographic. The drama never ends. Perhaps, Calgary McMansion Girls Gone Wild, a Dionysian party tour of suburban Calgary like you have never seen it. Nubile 20 some things having fun at house parties while Mom and Dad are tapping out the last of the credit line in Palm Springs. These girls will do anything for a trucker hat and tank top. Late night viewing for mature audiences only. The bubble was bound to come to a very bad ending.

#119 hmm.. on 02.13.09 at 7:36 pm

#79 Marie on 02.13.09 at 1:13 pm

you are possibly right, but you should still take your pills.

#120 Bottoms_Up on 02.13.09 at 8:01 pm

Home resales fall 40.9%

anyone else being blocked from opening the article?

http://www.thestar.com/

#121 Bottoms_Up on 02.13.09 at 8:21 pm

http://www.yourhome.ca/homes/article/587375

Ok, I can access it now.

#122 ThumbsUp on 02.13.09 at 8:35 pm

Donald Trump fired himself Friday from the casino company that bears his name.

http://ca.news.finance.yahoo.com/s/13022009/2/biz-finance-donald-trump-quits-casino-company-s-board.html

#123 go green on 02.13.09 at 8:42 pm

110 CalgaryRocks on 02.13.09 at 4:44 pm Hey go green, the liberals took a beating in the last election. The green party? A joke, not even worth mentioning.

I’m not a`green party member. I just believe in a greener & more sustainable future. King Harpie looks like a dog with his tail between his legs.

#124 ThumbsUp on 02.13.09 at 8:51 pm

Canadian women are considering postponing retirement by an average of six
years due to market conditions

http://www.newswire.ca/en/releases/archive/January2009/26/c2032.html

It reminds me of Garth talking about ‘young Canadian being screwed’ on ‘the hour’ (CBC) – – no new position for new graduates.

No new buyers for 6 years.

#125 go green on 02.13.09 at 9:20 pm

February 16, Halifax Nova Scotia
Marriott Hotel (downtown) 7 pm, Financial seminar, open to public

looking forward to it. hopefully, we can get there after work. is there a cost?

It’s free, and worth every damn cent. — Garth

I must have been asleep for a week. Been waiting for confirmation of location, phone no. etc.

#126 Reg on 02.13.09 at 9:51 pm

A sure sign the econony is bad…

http://blog.macleans.ca/2009/02/13/a-line-of-cocaine-is-now-cheaper-than-a-pint-of-beer/

#127 jess on 02.13.09 at 10:28 pm

You cannot multiply wealth by dividing it.”

only on wall street!!!!!!!!!

#128 Gord In Vancouver on 02.13.09 at 10:33 pm

Toronto condos – money-back guarantee:

http://www.theglobeandmail.com/servlet/story/RTGAM.20090213.WBhometurf20090213173641/WBStory/WBhometurf

#129 john on 02.13.09 at 11:23 pm

For ..Eduardo!!….”few know the environmental and social devastation that is taking place.The tar sands could destroy over 149,000 square kilometres or Boreal forest an area the size of Florida. By 2020 they are expected to emit more than 141 million tonnes of greenhouse gases – more than double that currently produced by all the cars and trucks in Canada ” :-) :-)

#130 TS on 02.13.09 at 11:34 pm

Here’s a link with more information on home sales in decline on a national basis:

http://finance.sympatico.msn.ca/investing/news/businessnews/article.aspx?cp-documentid=17795838

#131 patriotz on 02.14.09 at 2:15 am

“The late Dr. Adrian Rogers , 1931 to 2005 ~~~”

Rogers was an authoritarian right wing religious nutcase in the mold of Jerry Falwell.

“Dr. Rogers served three times as president of the Southern Baptist Convention, the largest American Protestant denomination with 16 million members. He was first elected to this post on a platform of biblical inerrancy, and under his leadership, the denomination shifted sharply rightward, firing liberal and moderate seminary professors, as well as requiring all employees of the denomination’s seminaries and the national office to affirm their adherence to the Baptist Faith and Message, a document which Rogers later (when he was no longer president) succeeded in significantly revising. The denomination has remained staunchly conservative since Rogers’ first term as president.”

The Southern Baptist Convention was formed in the 19th century to fight the abolition of slavery.

http://en.wikipedia.org/wiki/Adrian_Rogers

#132 dotava on 02.14.09 at 6:53 am

#43 BE on 02.13.09 at 9:05 am

Those houses are vacant also. Canada as a whole need around 10M places to live (own or rent) – everything over that is a waste.
BTW is there any statistic how many houses/condos are build just in recent 8 years?

#133 Dawn in Calgary on 02.14.09 at 11:17 am

Thought you folks in Ontario would be interested in this…. the Real Estate Council of Ontario is looking for a Spin Master……

http://www.workopolis.com/EN/theme/ccsym/job/10630312?&OMAlert=Y

#134 Got A Watch on 02.14.09 at 1:33 pm

I’m in Ontario and the economy here has been in one of those funny ‘technical recessions’ for over 2 years now at least.

It’s just getting worse now, that’s all. Real estate has turned and will crater back to ’97 values.

I’m not sure who thinks people here talk about the West or East Coast or wherever much. I don’t detect much ill will towards the West or any other region these days. Except on this Blog, maybe.

Most people are concerned about the economy and their job. Regular citizens. Layoffs are epic here. You know it’s bad when Toyota and Honda cut back to 1 shift 4 days a week. Actually met some returnees from Alberta and Florida too, back home to live with relatives.

You can actually see a noticeable reduction in vehicle traffic on the roads. Only busy during rush hour. During the middle of the day and late evenings, the streets are deserted like it’s 6 AM Sunday morning.

btw, as a Conservative voter, I have to say they will lose the next election hugely. The Party in power always get blamed in hard times, in any election. The Liberals would get blown out if they were in power at the time, it’s just voters venting their anger. I’d say it’s about 90% likely. We’ll just have to get over it.

The same fate awaits the Provincial McGuinty Liberals though, karmic payback. They will have the “economic incompetence” can tied to them, and get blown out. Good riddance there.

#135 Chris on 02.14.09 at 4:12 pm

I have noticed a huge spike in house sales in Victoria over the last couple of weeks. I guess the lower interest rates are bringing out some greater fools. Too be honest I am really tempted to buy, as finding a place to rent in Vic is as much fun as getting teeth pulled. The landlord is selling our house, it took me 3 months to find a suitable place to rent last time. We have great credit and references.

#136 TomOfMilton on 02.15.09 at 8:43 am

#111 Jerome on 02.13.09 at 4:47 pm Words from ~~~ The late Dr. Adrian Rogers , 1931 to 2005 ~~~
“You cannot legislate the poor into freedom by
legislating the wealthy out of freedom… …You cannot multiply wealth by dividing it.”

Along those same lines of thought provoking words are another set from an American: John W. Campbell Jr.

“There seems to be a basic law of the Universe that is correctly and accurately expressed in our [U.S.] Declaration of Independence in saying that amoung the inalienable rights of Man is the right to the PURSUIT of Happiness. The framers of that doucment had more sense than our modern educational philosophers; they did NOT say that a man had a right to Happiness.”

I sort of makes me do a double take. And I like it. I need to remember that when in public service in some forms…I’m obligated to ensure that everyone gets an equal opportunity. BUT it is Not my job to ensure everyone is happy. It really makes a difference.

#137 charliegosurf on 02.15.09 at 2:51 pm

two face..

hey gogreen, is this a sarcastic way of showing the way.., gottago to france in a big puffing flying sardinescan, braggin and loathin for deals.

keep it dark green i guess,lol

from all the comments i retain one word ; SCREECH.

Canada has an amazing mountain area, a big kickass plaines area, the greatest of lakes and a screech zone. all are getting raped and exhausted.

a t(uhh)hree word plan; 1- EXTERMINATIoN of the vermine$$$
2- PROTECTIoN of what’s left
3- RESToRATIoN to all the kiddo’s future without a $ mentality.

vive le Canada libre de la sale mentalite royale de merdre.