Yes dear

Between massages, I corresponded over the weekend with Corey. Poor dude. He actually posted on this blog a week ago saying he’d sold a house in Vancouver last year and was sitting on eight hundred grand. In a wretched savings account. Where, he opined, to invest? Then I learned about his wife.

We exchanged a few emails and it became apparent that after a year of renting, Corey’s spouse was hot to burn through all that cash, using it as a downpayment on new digs. “I hope your wife likes losing money,” I replied supportively. “You have a windfall on your hands. Don’t blow it.”

But blowing is popular. Last night, as the nation readied itself for Orange Crush, he sent me this:

I believe you are right, however, my wife is out of patience. She constantly refers to some friends who were waiting for the correction, then capitulated after tiring of living with the in-laws for a year. They built their new dream home (just moved in) and could likely sell for several hundred thousand more than they built for. Everyone believes it is different here because of the Chinese buyers, and the social pressure is enormous.

Nothing makes sense anymore:

  • wages are stagnant,
  • a lot of people are highly indebt and leveraged but do not seem to worry
  • economically things don’t make sense to support an escalating housing market, but everyone here drinks the cool-aid they are fed by the MSM
  • people are insane – some in our hood are buying and then trying to flip the house within say 6 months for 200,000 – 300,000 profit (with little or no renos).
  • Anyone who dares suggest that interest rates are about to rise soon dismiss the idea saying that the impact will be minimal, or that the government will not raise rates with a high dollar etc.
  • If I suggest to friends that the housing market is going to correct they look at me as if I have 2 heads
  • Some are so confident that nothing will change that they are buying before they have sold, gambling that they will get their price (or more)

. . . I am beginning to doubt  . . . and to wonder myself if the Chinese do make things “different here”?

Economically and financially, Corey’s right. There are no fundamentals supporting current real estate values in Toronto, Calgary or Vancouver, among other places. Personal debt’s at a crushing level. Rates will only go higher, not lower. Swelling taxes are a no-brainer. Unemployment went up in the latest reporting. Last month the economy actually shrunk. US housing continues to free fall. Salaries sure as hell are not increasing. New mortgage rules have zapped first-time buyers. The Boomers are withering by the minute, closer to bailing. It costs twice as much to own as to rent the same house. And we seem ready to be plunged into political deadlock.

In short, there’s no case for current housing values. Nada. And yet they exist. Which brings me back to Corey’s words: “If I suggest to friends that the housing market is going to correct, they look at me as if I have two heads.”

So the wire holding up Canadian real estate is the thinnest, most fragile, gossamer thread possible. That of perception. When people believe something collectively, it’s perceived to be true. When friends and peers express a conviction, you either agree, or question yourself. Because the greatest human need is that of belonging, it’s a hurt and a challenge when somebody looks at you and sees two heads.

But, here we go. Already it was a slam dunk that real estate is going down instead of up. Now we have a whole new bunch of reasons to run screaming for the exits – especially if you have $800,000 hidden from your wife in your athletic supporter.

Assuming there’s no majority government when I post my next piteous entry, and that the socialist barbarians (F’s term) compose the official opposition, Canada will be viewed as mildly insane. The reaction may not be immediate, but it will be incremental. The dollar will likely retreat, and the way will be open for the Bank of Canada to retrace interest rates a bit quicker. And once stock markets correct to where they should be (about 10% lower), bond yields will be marching higher – taking five-year mortgages along with them. All that should happen this summer.

Now, don’t get me wrong. I love Jacko’s cane thing. And the other guys seriously sucked in this election campaign. They all deserve to be paddled by a hot Asian. But people are in a pissy mood, and most of them just reject the idea that their votes can have economic implications. They want different.

I’m sure Corey’s house-horny wife is one of them. It’s all about what you believe, not what you know. What you desire, not what you need. And damn the consequences, you’re gonna get it.

How could this be anything but Jack Layton’s moment?

Note: This blog was the subject of a suspected attack Sunday evening which disabled comments for a period of time. To readers, I apologize to those who tried to post and could not. It’s been remedied since the attacker was a fail. — Garth

179 comments ↓

#1 Kurt on 05.01.11 at 10:42 pm

Bear in mind that the NDP are extremely unlikely to win a majority, so even if they form the government their policies will be tempered by the opposition parties. I have no doubt that there will be a business hickup if they form the government, but it will quickly become obvious that we’re close to business as usual. Hell, maybe we’ll even see transparency, civility and accountability from the government. And maybe we’ll all get ponies too, but I can dream. Anyway, the economy won’t be any worse off (it’s set for another leg down, which is why Harper brought the election about.) Of course, that blip in the business community should kick-off the initial slide in still-inflated housing markets. Wheeee!

#2 The Phantom on 05.01.11 at 10:45 pm

Evening Garth, fellow blogger and “shy ones”:

A lower dollar would be a blessing in so many ways. I recall debating the issue with a relative who was regaling us with the “glory days” when the Cdn dollar was worth more than the greenback (in early to mid 70’s). No one said a word and younger man that I was then (our debate would have been early 90’s), I proceeded to remind him of all the exporting jobs that directly depend upon a lower currency. He vehemently disagreed and as I tried to explain to him that a lower Canadian dollar meant cheaper exports for Canadian manufacturers and therefore more jobs, he cut me off with the terse comment, “A low Canadian Dollar is NEVER good for Canada!” Further debate was pointless and I discontinued as a result. He has been dead now for some years and therefore I have been unable to confirm whether or not he has changed his mind any from those days but I can tell you that my convictions remain unchanged…

His manner of thought (then and now if unchanged) tells me there was a degree of national pride or prestige associated with a dollar that was worth more than the US dollar. Granted US imports become more costly when our dollar is lower (so we pay more for fresh fruits and/or veggies) but our exporting companies thrive under those conditions.

These days however, I wonder how much more interest rates would have gone up already if the dollar were lower than it is. Should the dollar drop in value certainly that will allow the B of C more room to raise interests rates and hopefully cool down the housing market, lower inflation and encourage people to pay off their debts faster and begin to become a nation of savers again.

If I could encourage people to do one thing tomorrow it would be to get out and vote…even if you are not happy with anyone, vote anyway and cast your ballot…people the world over have fought and died for the right to practice democracy, in some cases to protect democracy and some countries are still fighting for the right to engage in democratic representation…

Sometimes Canadians strike me as a passive, nay, even a slightly apathetic lot. All too often our collective inaction at election time leads me to conclude that we are a rather complacent bunch content to leave it to “the other guy” to get worked up over politics and/or get out and vote. Those who take their liberties lightly are destined to lose them…when I hear of the youth in our society articulating their intent to vote tomorrow, it encourages me to continue to hope for the future. Anyway, my day is done…in a few short hours it is a new day in so many senses of the word.

the Phantom

#3 mid-Ontario on 05.01.11 at 10:47 pm

Bin Laden is dead.

Jack’s about to pull off his biggest “win” for the NDP ever.

Harper is toast.

The US debt cannot be fixed.

Commodities are going to the moon causing RE is to tank.

Your friends are right..who cares about interest rates.

RE will die by other means first.

May is here. The end is nigh!

#4 T.O. Bubble Boy on 05.01.11 at 10:47 pm

THIS JUST IN:
*** Stephen Harper in Massage Scandal ***

http://www.vancouversun.com/news/decision-canada/1997+interview+shows+Harper+flip+flop+over+minority+coalition/4661967/story.html

“… Stephen Harper has managed to massage and obscure his coalition-friendly past…

And, since he was in Calgary in 2008, he must be tied to this story:
http://www.canada.com/topics/travel/story.html?id=c5e63bfb-67c2-4901-9966-d622a505a8ce

So, here we have Mr. Harper — “massaging” in a City with pro-gay tourism campaigns!

How can anyone vote for this flip-flopping massager? I’ve heard (from SUN TV) that he frequents Calgary’s bath houses!

#5 Makes Cents on 05.01.11 at 11:03 pm

Could it be that my comments about Rahim Jaffer (and his wife’s) scandalous ways provoked this attack? Well I’ll say it again. Drunk driving, cocaine, escorts, MANY lies and an association with the HA. But go ahead and keep talking about Layton’s massage …… I believe him. Con’s have big problems when they look for dirt in the 11th hour and come up with a suspicious massage from 1996.

#6 nonplused on 05.01.11 at 11:04 pm

Will Jack have a program for subsidized “paddling by a hot asian”? If so, he’s got my vote.

The more I think about it, the harder time I have seeing a good outcome after this election. A conservative majority now seems extremely unlikely. A Liberal-NDP coalition is looking more like an NDP-Liberal coalition with Jack PM. Either way, tax and spend will be the order of the day. Jack’s promises to raise OAS to higher than many people’s wages is selling like hotcakes to broke boomers approaching retirement while still in debt. The only good news is we might finally see the end of the Bloc. That was probably coming anyway as the younger generations in Quebec were raised by the internet just like elsewhere, and they probably don’t understand the separatist movement, but they do understand free tuition for higher education. Great, now even more kids are going to study basket weaving so they can get in on the 4 year government funded booze and sex party, and then finish “school” thinking most real jobs are beneath them.

Things are turning up dead roses everywhere you look. Our now 40 year old experiment with ignoring reality has produced a crop of people who believe what they want is the same thing as what they should get. Unfortunately, I think some day in the not to distant future, they might get what they deserve. We already know how it happens, because it’s started in Europe. Usually, when there is a revolution, the “easy money” crowd chops off the heads of the “sound money” crowd. This time, it’s the “give me everything I want” crowd against the “easy money” crowd, the “sound money” crowd is already hiding in bomb shelters and hording spam.

I don’t know how this thing turns out, but I am pretty sure that things that can’t go on indefinitely, usually don’t, to quote Bill Bonner. And it will probably take much longer to play out than one would think. Maybe years longer. But of one thing I am sure: The rise of Jack Layton will be followed by the fall of the Canadian dollar. There are a lot of foreign investors who bought the “resource rich, fiscally responsible” made-in-Canada story. After jack takes the thrown, Fiscally responsible is gone on day 2 and the resource sectors will be taxed to death and regulated to non-existence in later days. Jack’s plan is of course to kill the golden goose to distribute more eggs now, and make golden goose raising illegal due to the environmental affects.

Anyway, this probably won’t print until after the election, due to the “attack”. Let’s hope we are all comfortable with the bed we wake up in on Tuesday.

#7 Hoof - Hearted on 05.01.11 at 11:05 pm

First!!!!!! on this planet ( 2nd on Mars……no way re : Uranus)

Damn Garth….. how did you get that picture of Olivia Chow ?

PS Was she in a Stallone/Schwarzenegger movie?

#8 Dirt Dog on 05.01.11 at 11:06 pm

Thanks Garth..I just knew it would be a question of time before my last wife showed up here!!!

Now we’re cooked…

#9 Abitibidoug on 05.01.11 at 11:08 pm

It all reminds me of something I read in the last 6 months about the life cycle of bubbles. As the bubble gains momentum, sensible and rational people see it’s a bubble and keep their distance. As the bubble gets near the top some of those rational people, bothered by how much money they’ve “lost” by being out, capitulate, say what the hell, and start piling money in. That’s where the real estate market is right now.

If I were sitting on 800 grand in cash I would bid farewell to Vancouver, move to somewhere cheap to live, invest the money (with helpful hints from this blog) and retire. Simple as that.

#10 Mr. Vmax on 05.01.11 at 11:12 pm

Is there an ETF that I can Short the TSX?

#11 Ahab on 05.01.11 at 11:16 pm

Anyone but Harper:
http://www.avaaz.org/en/canada_elections/?cl=1047012100&v=9005

Plug in your postal code, find out which opposition candidate has the best chance, vote for him/her and turf the Dictator and his swastika leather panties out the door.

#12 prairie gal on 05.01.11 at 11:19 pm

#209 Not 1st:

Ya so high end furniture is assembled overseas and can do it cheaper than manufacturers here. You proved my point. Its a global economy. Whatever can be done cheaper elsewhere and shipped here will be until the cost of shipping outweights the economic benefits of cheaper labour.

As for your idiotic example of oil and gas ‘leaving’ in the 70’s… the price of oil had TANKED from all-time highs due to a global recession, causing global demand destruction. This has NOTHING to do with the government of the day. The price of oil goes up and they come back and drill some more.

As for the location of head offices – this is more to do with the cost of skilled labour and office space.

Man you are dumb.

#13 prairie gal on 05.01.11 at 11:25 pm

… and the Romanow government (NDP) in Saskatchewan had to dig this province out of a massive deficit dug by the previous CONservative government (of which many MLAs went to jail for corruption). Romanow closed over 40 rural hospitals and balanced the budget within one term, or risk having Saskatchewan declare bankruptcy due to CON policies of buying the rural vote with our own money.

#14 Slow Learner on 05.01.11 at 11:28 pm

Amen to Bin Laden’s demise!

Couldn’t happen to a better guy. Kind of a feel-good weekend, Royal wedding on Friday, end of the world’s number one scum bag on Sunday.

The only bad thing may be tomorrows election news will be relegated to page 3 outside of Canada. Or maybe thats a good thing, I don’t know.

As unconnected as this is to economics, there may be a big jump just on the feel-good factor.

#15 Hoof - Hearted on 05.01.11 at 11:30 pm

Actually…..Obama best watch out.

He may have Osama’s head stuffed and mounted for a political trophy ….but if he thinks there won’t be brutal retaliation for this ,now that he has effectively martyred Osama, he’s stooooooopider than he looks.

#16 Cato on 05.01.11 at 11:32 pm

Guaranteed Corey & gal would be singing different tune if properly positioned to take advantage of run in equities last fall. If they follow up one financial mistake with another and buy a house in lotusland at least they have the equity to not burden rest of us when things turn south.

This is where things get interesting. Keynes was right – markets can remain irrational a lot longer than you and I can remain solvent. There is no excuse for canadians walking into this debt trap, we’ve had the benefit of watching housing meltdown around the globe and still managed to step into the trap.

Correction in stocks could come sooner then expected with bin-laden’s death. Fear of retaliation should mean pull back into cash by bigger players so BTFD.

#17 eltabarnacos on 05.01.11 at 11:35 pm

Silver is down 13% because the criminal banksters didnt like it so high they prefer you to have their banknote so they can tax you /steal you as much as they wish through printing, so they increased the margins at the comex

#18 leftcoaster on 05.01.11 at 11:40 pm

Osama bin Laden has been killed!

The bad news is he was shot not stoned to death.

#19 Mr. Reality on 05.01.11 at 11:43 pm

Sorry Corey but really, put your foot down and tell the wife to chill out. Then when everything tanks you’ll look like a genius buying the same house for much much less. Its called smart money for a reason.

Mr. R.

#20 Tim on 05.01.11 at 11:47 pm

NDP will win the election, because Harper has pissed so many people off. He’s restricted access to his rallies, he’s booed a CBC reporter who was just asking him a question, some of his cabinet members are facing jail time for corruption charges, he’s tried his best to restrict debate and participation in government. It sounds kind of strange saying the NDP Government, but I would vote for the Green party before voting for Harper. He is a pathetic man, who will stop at nothing to keep himself in power.

b

#21 Jon B on 05.01.11 at 11:48 pm

Bin Laden’s in the bag, Canadians are poised to turf Harper. May 2, 2011 is shaping up to be quite interesting.

#22 The American on 05.01.11 at 11:54 pm

So happy to know Osama Bin Laden is no longer in the picture. Flying to DC tonight. Watching Joan Rivers’ Fashion Police Royal Wedding Special right now. I’m practically in heaven. What a terrific day!

#23 Who Hates Harper? on 05.02.11 at 12:03 am

Noticing that some people have a rabid hatred of Harper and the Conservative party, I decided to look into the matter and find out why. The results were very interesting. While there were some legitimate reasons for disliking Harper and some of his policies, here are the major reasons I came across by asking people and reading the newspaper.

Some people were IGNORANT. They knew nothing about any of the candidates or political parties, but someone had told them that Harper was “bad.” Harper had simply been the victim of a political smear campaign.

Some people were POWER HUNGRY and were simply frustrated that Harper had outwitted them. They wanted to be in his office so they could do whatever they wanted to do.

Some people were DRUG ADDICTS and feared that Harper would force them to clean up their act. They wanted someone who would legalize drugs.

Some people were CRIMINALS and feared that Harper would put them in one of his new prisons. They did not want to reform.

Some people were “JOHNs” (or “JACKs”) and feared that Harper would not allow prostitution to be legalized. They wanted someone who would let them do such things.

Some people were BABY KILLERS and feared that Harper might try to take away what they thought was their right to do this.

I could go on, but I do not want this to get too controversial.

In conclusion, the people who hated Harper the most with such a satanic hatred were not very good characters themselves.

Unbelievable. — Garth

#24 TaxHaven on 05.02.11 at 12:10 am

Is that an old picture of Madame Nhu?

#25 Zarathustra on 05.02.11 at 12:12 am

Garth,

Stick to real estate. Stop the baseless and presumptuous political fear mongering. There are many nations governed by social democratic parties that do very, very well (Norway comes to mind). There are also many countries governed by the centre right that have tanked (one right beside us).

I was going to give up on this blog anyway, but your scare tatics have sealed the deal.

Good luck.

Enjoy Norway. — Garth

#26 Dusko Jocic on 05.02.11 at 12:13 am

I find it very interesting that housing prices in Toronto and the rest of Canada are through the roof while commercial property values have fallen substantially. I put together a short program called “DEAD MALLS” to show how substantial that difference is in the Toronto. If anyone is interested take a look at these zombie malls and vacant shopping properties this is the link.

http://gasolinegangsters.com/episodes/april/episode17.html

Honeydale Mall is the worst by far. I hope to have another episode in the next few weeks about vacant commercial properties in the GTA. If anyone wants me to record real estate disasters in Toronto let me know.

#27 Nostradamus Le Mad Vlad on 05.02.11 at 12:14 am


Yes Dear Yes Dear Three Bags Full Dear (of moolah, investments). Then again, I’m a man so this is beyond me!

“There are no fundamentals supporting current real estate values . . .” — Which further means that NA is an an air bubble of gargantuan proportions, supported by helium. Pull the trigger, baby! Double-barreled shotgun blast straight between the eyes! Guaranteed to cure any RE horniness or your money back!
*
#205 SMOKING MAN on 05.01.11 at 6:14 pm — Great post. As the saying says, “If you can’t dazzle ’em with brilliance, then baffle ’em with bullshit.”

#222 Alex on 05.01.11 at 7:24 pm — “Canada is an open police state.”

Got that right. Proof is all over the country, but most don’t want to notice.

Something’s Up ObL died in Dec. 2001 of kidney failure, and is buried somewhere in northern Pakistan (not that he cares about this too much), so what reason does Obama have for this cock-and-bull story? Although the WSJ says the body is here.
*
Levees, HAARP and NMF Positioning itself. Sheeple are expendable.

Crisis? We’re running outta them, so here is another one!

Gas and Diesel Fuel Just as Russia has clamped down on excess purchases, now (like the protests) it travels west, thruout the UK and Eurozone, then here.

Silver tanks and Krispy Kash Krunch.

The EU is tryinng to merge the UK and France, just like the Chunnel.

#28 Thetruth on 05.02.11 at 12:18 am

If you’re age 45 or younger, you would be insane if you vote for the NDP!

If you’re age 55 and older, you would be insane if you DIDN’T vote for the NDP!

fellow age 45 and younger bloggers, do you really want to pay higher taxes for the next few decades so boomers can enjoy more entitlements?? Don’t get suckered in by voting the wrong way.

#29 desert dweller on 05.02.11 at 12:22 am

To those who favour a weak currency (yes, Ben, that includes you)…
If devaluation was the pathway to prosperity, Argentina and Zimbabwe would be wealthy while Switzerland and Singapore would be basket cases.
That’s not the way it worked out.

#30 Nancy on 05.02.11 at 12:24 am

Garth,
Is there ANY glimmer of hope for a small, one-income family wanting to get into the Lower Mainland/Fraser Valley housing market? We have modest income, but no debts and can afford a sizeable downpayment (over 100k), yet we are still priced out of the market. We are determined to keep our total housing costs at less than 35% of our gross income, but in doing so we can’t afford anything that would be a suitable long-term “investment”.

Is it reasonably possible that the Vancouver/Lower Mainland market could cool enough for us to jump in, or are we doomed to rent forever (which actually costs more than a mortgage, though obviously less risky)?

#31 farmboybc on 05.02.11 at 12:28 am

so why have Inot seen a single word on the msm about Jack gettin’ jacked?

#32 Jimbo on 05.02.11 at 12:29 am

One thing that really bothers me about politics is that we don’t allow leaders to change their minds. The media calls it “flip flopping”. A political leader is supposed to make a choice and stick to it even if circumstances change or else he is considered to be weak and indecisive.

Yet in our personal lives, we all take in new information and make decisions and changes daily. It’s normal. We research, try things, and make changes if it isn’t working out. The same is true of good businesspeople. Anyone who didn’t do that would have to be a complete idiot. “I promised shareholders that we’d invest in our VHS tape division. And even though VHS tapes are now dead, I will not break my promise to shareholders!” Insane, right?

#33 no guts on 05.02.11 at 12:44 am

I just heard that Bin Laden was found in a mansion in Abbottsford. Very convenient, just before the election. Smells like CONSERVATIVE leaks to the Americans to make us forget to vote for Jack.

#34 Patz on 05.02.11 at 12:45 am

In a few hours we’ll go to the polls in an election that will tell us more about ourselves than about the parties and candidates. Will we, like good little sheeple, trot bleating down the path to our own econo–slaughter or will we dig our heels in just a little and refuse the Kool–Aid?

The middle–class has been righteously reamed by the right for some time now. We, the MC, have seen roughly 3 decades of flat–lining income and wealth appreciation while the rewards to the top 1% or even .1% have reached record proportions. It has been accompanied by the hypnotic drumbeat of neoliberal rhetoric and rationalizations. “We’re the ones you can trust with the economy. The others are tax and spenders. Taxes are evil incarnate.” And so on.

But governments all over have found clever ways to shift the burden ever more to the MC. Take just one example from the Liberals (actually a Lib/Con coalition) in BC. We have a provincial insurance corporation, a crown corporation owned by the government. The provincial government is dipping into its coffers to the the tune of roughly $1 bn to put into general revenue. At the same time they brag about having a “low tax regime.” But every citizen pays the same rate for car insurance. Billionaire Jim Pattison pays the same as Joe 6Pk. (Obviously with the difference in vehicles and driving records taken into account.) But Jim P. gets a BIG break on his tax bill. Joe 6Pk pays proportionately more.

They have refined so many ways to screw us and when we show the least signs of voting in our own interests they bring out the boogie men.

And we’re supposed to worry about Jack. Baaaa…

#35 no guts on 05.02.11 at 1:02 am

As an athlete, Jack had his groin pulled. A serious injury requiring specialized care. It happens all the time to hockey players and other elites.

#36 Not Fooled By Property Spruikers Hype on 05.02.11 at 1:25 am

The “MYTH” that Australia has a “Under Supply” has finally been exposed as a massive “Oversupply”

http://nfbpsh.blogspot.com/2011/05/australias-housing-oversupply.html

No doubt if the same test was applied to Canada’s “Housing Shortage” the truth would come out?

#37 Cellar Dwellar on 05.02.11 at 1:26 am

My Gawd Garth !
Where DO you find these pictures? Jack Laytons’ locker at the subsidised housing co-op bath house?
You’ve shown us all a damn scary scenario. (politically AND photographically).

…….and a POX on all HACKERS. May your appendages rot off first and your analytical brains turn to mush.

#38 jjpetes on 05.02.11 at 1:28 am

Off topic,

Nobel Peace Prize winning president of the US stated: “”Today at my direction,” Obama said, the U.S. launched a targeted attack” to kill Osama Bin Laden. How Noble.

US Intelligence knew of Osama’s position for a long time. Here is what happens next. Social Engineering to accomplish at least 2 major objectives;

1. Socially engineer the belief amongst the masses through media that the mission is now accomplished. To do this “public relations” where it was once called propaganda (a term with too much negative connotations associated to it as the Germans used that term in WWI), will repeat to the masses that OBL is dead and that our mission should therefore be “accomplished”.

2. Undermine the moral justification of the wars to diminish public support. Within 6 months to 1.5 years, there will be 3 major events to undermine the moral justification to being in Iraq/Afg. The events will culminate in 2 supportive events such as the killing of OBL, and 1 unsupported event such as a expiration of a relatively expendable number of US troops, however noteworthy in its numbers.

3. To accomplish the real objective and that is to end both wars due to;
a) Regressive fiscal expenses of the Iraq/Afghan conflict.
b) Forces are to be concentrated once again to prepare for a different theater of war. One that would require relatively small strategic positions remaining in Iraq/Afghanistan while retracting the majority of the forces in preparation of a wider conflict.

Let the games begin…

jjpetes

#39 wes_coast on 05.02.11 at 1:30 am

I live in Metro Van and i see anicdotal evidence of the Chinese effect. I spoke to realtor in Richmond that i know and he said it wasnt actual people coming here but funelling money thru relatives and contacts that are already here. On W 14th ave in Kits there is a new million dollar home that sits empty while the Chinese owner awaits their papers to enter the country. This may all sound like roses but be careful. China is trying to protect itself from inflation so it has allowed its nationals to funnel money into other realestate globally. China is a bubble waiting to burst and the more of our property they own the more we will feel the effects when they do burst. In the 80’s everyone thought Japan was going to take over and they popped. China is next if you can turn a profit flipping to these ‘investors’ – go for it. But for the house horny HGTV i love my postal code more than my husband types – watch out – you are going to get crushed.

#40 earlymidlifecrisis on 05.02.11 at 1:38 am

So what does the death of osama mean for financial/real estate issues? I’m concerned that a hornets nest has been kicked and there will be some stings coming. Wasn’t it the uncertainty and tension following the September 11 attacks that that kicked off the historically low interest rates, or at least kept them low? Isn’t that what the powers that be do in times of instability- cut rates to keep everyone shopping and numb?

#41 LH on 05.02.11 at 2:10 am

who is that in the picture? is it Jack “the John” L’s masseuse?

#42 betamax on 05.02.11 at 3:52 am

Bin Laden is dead and Harper is about to get a whupping.

Can this day get any better?

#43 SquareNinja on 05.02.11 at 5:05 am

It’s going to be so exciting when residential real estate in Canada starts to plummet! Finally, regular people will be able to afford to live in the cities in which they work, without taking on copious amounts of debt.

Let us dissect the “Chinese Influence” on Vancouver house prices. First, read this article regarding how many millionaires there are in China (2008): http://www.businessweek.com/blogs/eyeonasia/archives/2008/07/china_now_has_m.html

So, there are 414,900 people in all of China worth more than $1 million USD, excluding their principle residences. Metro Vancouver has a population of 2,116,581… make your own conclusions.

#44 NDP on 05.02.11 at 5:06 am

I don’t care who you vote for, you get what you deserve, NDP ruined BC and Ontario, but we survived. So we will survive this angry mob. Then my question is who will you vote for after the economy is ruined and houses are zip?

So just vote it is your civic duty.

#45 Jody on 05.02.11 at 5:59 am

Any majority as long as it ain’t a Harper majority. I’m also getting sick and tired of reading in the paper that Harper is a libertarian and an Austrian economist, what a load of crap, he is neither. He’s from the stupid Chicago school and they are all Keneysian scumbags. As a metal bug I’m happy to see silver north of $50 an ounce, told ya so.

#46 DBL on 05.02.11 at 6:00 am

On a day like today , one can’t help but think of Danny Williams… ABC. Anyone , but conserative or perhaps more to the point ABH. Anyone , but Harper. Most of us are more afraid of what Stevie would do with a majority than we are of Smilin’ Jack. Remeber to get out and vote!

#47 bob on 05.02.11 at 6:08 am

well, well…
After Harper wins tonite there will be more resentment on this blog for another 4 years. He will not – again – win a majority but he will remain PM.
Y’all know that your favourite man of evil, “F” will also remain in his present position.
Canada is the bestest country in the world. Canadians are the luckiest citizens in the whole universe. All is well.
Stop thinking and cheering for whatever crash or calamity you wish for that could make our awesome country worse off… less democratic.

#48 Alpha Bravo on 05.02.11 at 6:34 am

#26 DBL

“Most of us are more afraid of what Stevie would do with a majority than we are of Smilin’ Jack.”

——————-

Agreed.

#49 MikeT on 05.02.11 at 6:39 am

offtopic:

– Johnny, did you do your homework?
– Yes Ma’am, but I can’t show it to you, because it’s buried at sea.

Sorry. Couldn’t resist.
Bullshit is now served in bulk and with a straight look into your eyes.

#50 Steven Rowlandson on 05.02.11 at 6:59 am

Garth wrote:

In short, there’s no case for current housing values. Nada. And yet they exist. Which brings me back to Corey’s words: “If I suggest to friends that the housing market is going to correct, they look at me as if I have two heads.”

Hello Garth.
The problem is that real estate is a multi generational mass movement that is viewed as a sure thing where as the stock market is viewed as a casino and the bond market has little or no security of capital due to excessive debt and no income in excess of real inflation.
Commodities are manipulated and there is no security of capital unless you possess the commodity and then may be. So that leaves a roof over your head.
That is something buyers understand and think they control. As a home owner/ investor they want profits
and because they think everyone needs a roof over their heads, they think the profit is assured.
If I had to take a good guess I would say that this is why real estate prices are persistantly high and will not fall significantly until all the believers in high prices die of old age.
That means only the rich and well paid will have a home and have a chance to breed. Shut out immigration and refugees and the population will decline and the economy will decline with it. Ultimately this is a no win situation for Canada and it will persist for some time because very few people want to recognise the error of their ways let alone make corrective changes.
There is a way that seems right to people but it is the way of death. I think that proverb applies to many situations these days.

Steven

#51 from Russia with love on 05.02.11 at 7:25 am

Dear Corey,
Put the money in a Swiss bank.
Do not believe anybody (your wife, Garth, even me, etc).
But do ask Mr. IgnAteav for an advice. He should know better. The rumors are true, he is a great history teacher confused by motto ‘History doesn’t teach us anything’, but who can blame him? He’s not the only one. Just look around what’s going on. It is different here

#52 Nuke It on 05.02.11 at 7:49 am

Bin Laden Dead? Why didn’t Obama have his head on a stick to show the Americans? The Donald will demand no less. While the GOP was demanding their Commander in Chief’s Hawaii birth certificate he was executing a kill order on the USA’s enemy #1.

As for Canada, any news happening here? I do have a massage this week.

#53 MikeT on 05.02.11 at 8:15 am

@51 Nuke It:
Obama’s “American birth certificate” pdf file had 30 layers when a Photoshop/Illustrator professional downloaded it from WH web site. He didn’t say it was fake (he’s a smart guy), but he said it didn’t look like it was an ordinary scan of a document.
Let’s now guess how many layers the pics of Osama’s body will have. Obama vs Osama – who’ll win?

#54 Bobby on 05.02.11 at 8:33 am

Interesting how Jack Layton and his wife have accumulated some of the greatest expenses of all MP’s, just to travel to Toronto.

Let’s remember that this clown lived in subsidized housing in Toronto while serving as a city councillor. And for the supposed greatest supporter of public healthcare, he used the private Shouldice clinic in Toronto.

There is lots of sizzle, but no steak. I remember waking up in Ontario in 1990 and Bob Rae was premier. Even he was surprised. That day he peaked and it took a common sense revolution to get Ontario back on track. Interesting how he moved on to the Libs.

Be careful what you wish for.

#55 BlorgDorg on 05.02.11 at 8:36 am

Human nature is universal — the Chinese should know this better than anyone.

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

#56 pessimist on 05.02.11 at 8:54 am

I have very little regard for the honesty of real estate agents.

I just made an offer on a house last week (pretty good discount, and costing about 27% of my net worth), and quickly encountered a bit of deja vu.

My wife and I previously bought a house back in 1994. We made our best bid, and were told that there was a competing offer and that if we wanted to get the house, we’d better make a higher offer.

We refused to be pressured into paying more than we were willing to pay, and said that we had made our highest offer. Surprise, surprise the other “offer” immediately disappeared when we took our hard stand. We were able to buy the house at our offer price.

Fast forward to last week. We found a suitable house, but felt that it was a bit overpriced. We shaved off about 10% off of the asking price and made an offer. We immediately heard about a competing offer that was significantly higher than ours that the sellers were considering. We were told that if we really wanted to buy the house, we had better bid full price, or – even better – over asking.

Having NOT just fallen off the turnip truck, we gritted our teeth and said “no thanks” while not saying what we really thought. One last armtwist telling us that the house would be gone, and we walked away.

Today, the house is still available, and even our own agent (a veritable saint among a pit of vipers) can’t believe the outright nerve of the listing agent.

Chances are good that the house will still be on the market a year from now (it has been off and on for about four). And chances are excellent that we will be making an offer even lower than our last offer.

Some sellers just don’t understand that prices have finally started to decline. And some agents just don’t understand that bullying and lying does not always get them the sale.

#57 Love this Blog on 05.02.11 at 8:56 am

#47
Well at least we know now why Jack is always smilin’!!

#58 The American on 05.02.11 at 8:58 am

At #33: No Guts, no, we got the s.o.b. Bin Laden is dead and his body is being guarded. They will not be giving his body over, only so that the radical extremists can make a shrine of it. Now, go vote!!!

#59 jerry on 05.02.11 at 9:00 am

Predictions are difficult, especially about the future.

#60 Ryan the Thirtysomething on 05.02.11 at 9:00 am

If there’s one thing I’m learning from this blog it’s that getting married would be a bad financial decision.

#61 The American on 05.02.11 at 9:03 am

At #38: JJpetes, did you even watch President Obama’s speech? He is NOT trying to “socially engineer” a belief that the mission is accomplished. In fact, that was Bush who said “mission accomplished” 8 years and 1 day ago. President Obama CLEARLY stated our mission is not over and that we would not be exiting occupied territories at this time. Additionally, it is CLEARLY being stated that although Bin Laden is gone that there should be much-increased awareness as we could be more vulnerable to attack. Do you listen to NPR? If not, do it.

#62 The American on 05.02.11 at 9:11 am

Osama Bin Laden’s death is having a substantial global effect on the markets today. Commodity prices have dropped, dollar has strengthened. Why would investors react like this? It is being referred to as a “catalyst” as the economy was at the tipping point of improving. Again, its all about confidence. More to come. Tune into NPR, people. A lot of good information today!

#63 Fellow Calgarian on 05.02.11 at 9:11 am

I’m growing sick of all the comments that “we need a lower Canadian dollar to create jobs”. No. We are inefficient at manufacturing. We shouldn’t do it. A high CAD means we can import technology cheaply from nations that produce it best and use it to advance our information based economy. We are smart. We aren’t good at manufacturing. Sorry.

#64 Kaganovich on 05.02.11 at 9:12 am

#34 Patz

Well put!

#65 SMOKING MAN on 05.02.11 at 9:14 am

Ba hahahahahahahah

Bin Laden has been dead since 2002, 911 was so an inside job. As always get rid of the evidence. The yanks have no problem blowing up brown people with drones, yet they supposedly respect Osama so much that they burry him where no one can find him within 24 hours of his claimed death.

Ba hahahahahahah

#66 The American on 05.02.11 at 9:15 am

http://www.npr.org/

#67 Not 1st on 05.02.11 at 9:19 am

Hey prairie gal, you aren’t knowledgeable enough to vote or even post on a blog like this.

As far as sask and the NDP goes, I was there on the ground in that province when they were around and it had nothing to do with the price of oil. Blakeny had the brainwave idea to tax all the oil companies in the province raise royalties and set up his own competing govt oil company called saskoil. That sent all the exploration to alberta and head office back to cowtown permanently. Why do you think there are 40 story office buildings with petroleum engineers in calgary and not regina? because of the price of office space?? Why do you think our fresh grads went west for 20 years?? Are you on crack?

Its people like you who have no economic knowledge who will sink canada just like half the eurozone.

#68 eltabarnacos on 05.02.11 at 9:23 am

So just vote it is your civic duty.

____________

Im so tired of hearing such bullshit!
Voting is NOT a duty, I dont want to have my country run by the careless and idiots vote, do you??

I say if you are politically informed you will vote by your own and don’t need the tv to tell you “On monday 2nd VOTE!” or “It is your DUTY!”

Thats so stupid, comon on!

#69 Mr. Reality on 05.02.11 at 9:28 am

Mr. Vmax on 05.01.11 at 11:12 pm

Is there an ETF that I can Short the TSX?

Yes there is. HXD.TO.

Mr. R.

#70 Painted Toenails on 05.02.11 at 9:28 am

Oh Tory Statesman! With your uncomprehending stare
A long army arises, unbowed, from hills and valley
Its furious, unfurling X’s take aim

#71 Rural Rick on 05.02.11 at 9:43 am

Jack using private medicine? Come on anyone with a hernia should go to the Shouldice clinic. It is a specialist unit that treats hernias more effectively than anywhere else in Ontario. Many doctors recommend it.
It is covered by OHIP. Hey many of my friends have traveled hundreds of miles to have their hernias treated there. Why? Because they need to get back to work as quick as possible and they want it done right. All this shows is Jack did his homework and selected the best option. Hardly an election issue.

#72 The American on 05.02.11 at 9:49 am

At #55: Pessimist, I know that every word you wrote is absolutely true, particularly in BC. Its the name of the game. I myself wanted to “test the waters” with this theory. I found an agent, made and offer on a property that had been listed for 94 days, and guess what? That VERY SAME DAY another competing offer came in, much higher than my offer was of course. HAHAHAHAHAHA! It was laughable and quite insulting to one’s intelligence.

Can I ask what controls are in place within Canada to prevent this kind of behavior? The Listing Agents seem not to have to actually PROVE to the Buyer’s Agent that another offer has been submitted. Is this true?

#73 eltabarnacos on 05.02.11 at 10:04 am

Quote:
The battle for silver is not the old Hunt Brothers high of $50. The real battle for Silver is to decisively break above the price of JP Morgan’s stock price. JPM has used its own stock to collateralize naked shorts against Silver so if the price breaks above JPM’s stock price, it’s an Enron type collapse for JPM’s stock (and US dollar). I’ve said this for more than a year now – so the current struggle to break free of the JPM stock price was anticipated. This level will fall and then the $50 level will be taken out quite quickly as we march toward $500 and the collapse of the US dollar.

Max Keiser
maxkeiser.com

#74 Mr. Plow on 05.02.11 at 10:07 am

#212 squidly77 on 04.29.11 at 3:47 pm

I don’t normally back track on thread comments but I couldn’t let Squidly go on this one.

Sorry to those who read this, other than him, it is not the least bit relevant to this blog post.

Squidly…

I’m not looking to argue with you I’m just telling you like it is for some people, you can make all kinds of assumptions about my situation to help suit your argument but you don’t know anything about me and I am telling you what I have done, I’m not looking to argue about it. Just trying to point out that not all people are slaves to the bank like you like to point out.

To recap, you made another sensational claim about variable rate mortgages and home owners being slaves to the bank and I am calling you on your crap and giving you an example of how low variable rates used with home equity over the last 5 years can be quite profitable.

I will say it again in big letters this time cause it has been said three times. THE LOAN IS PAID OFF. So here again are the steps I outlined:

1.) Take equity out of rental properties at an interest rate of 1.5-2.5%.
2.) Invest it, getting returns greater than interest rate.
3.) Have loan paid off by renters over the last five years.
4.) Enjoy inflated RRSP and TFSA accounts thanks to close to free money from the bank.

Your assumption that I purchased at the top of the market with next to nothing down is what sinks you in this case. I know you like to assume all home owners are in this group, but not the case. Like I said many times 5-10 YEARS AGO, some properties purchased way back when and some as far back as 5 years.

I understand you may be defensive because as a renter you may feel like I am bashing or taking advantage of the renters for paying this loan off for me. I’m not, this is all part of any business relationship in life. Like many here (including you) have stated I am the one with all of the risk owning these places; but that means I get the reward, the renters get a good place to live and at a fair price. What I choose to do with the houses they live in and their rental income is up to me.

That’s how it works.

Enjoy your six pack tonight.

#75 tonguestump on 05.02.11 at 10:08 am

Garth, thank you for teaching me the “client to client” attorney structure within the offering process over the phone – You are one major badass – loved doing it – better than a lap dance. 10 lap dances. Thanks again, Tonguestump

#76 BrianT on 05.02.11 at 10:17 am

#64Smoke-Nobody wants to hear that stuff-it ruins the feel good story-it is like telling the bible crowd that the Earth isn’t 4000 years old-you know it isn’t and they know it isn’t but the story sounds good-the same psychological dynamic is at play here-a 5 yr old kid wouldn’t swallow this silly story.

#77 Timing is Everything on 05.02.11 at 10:17 am

“DNA matching is under way on samples from his body, the official said. There are photographs of the body with a gunshot wound to the side of the head that shows an individual who is not unrecognizable as Bin Laden, the official said.

Bin Laden’s body was later buried at sea, an official said. Many Muslims adhere to the belief that bodies should be buried within one day.[CNN]

http://www.cnn.com/2011/WORLD/asiapcf/05/02/bin.laden.dead/index.html?hpt=T1&iref=BN1

HAAA! Best one of the decade. LOL!

Now that calls for a double double sno-cone.

#78 Timing is Everything on 05.02.11 at 10:19 am

#64 SMOKING MAN

Agreed…Of course. Yes, they really that gullible.

#79 Dodged-a-Bullit-in Alberta on 05.02.11 at 10:20 am

Greetings: Very pleased you got the blog up and running before I go to vote. Been away for 10 days and sure miss the posts. The posting from yesterday has helped me decide when I go to the polling station. Harper sucks big time and has no respect for Canadians!!!!

#80 BrianT on 05.02.11 at 10:21 am

#61-Champ: every single thing you type we can get off the boob tube 24/7-try something original for a change of pace.

#81 warptweet on 05.02.11 at 10:23 am

Im starting to think that our government and other governments around the world are not really responsible for the pumping of QE money into their economies.
WE all know that the USA is pumping credit in the form of QE into their economy. If any country does not do the same then their currency will rise quickly and that can destroy export industries that took decades to build.
If they don’t follow the USA then the USA can debase their currency, pay off foreign debt, increase exports and heal their economy at all other country’s expense.
I believe that the USA is preparing for a decade of 10% annual inflation. That ought to clear up a lot of their foreign debt and wipe out the value of the savings of the boomer generation.

#82 Oasis on 05.02.11 at 10:23 am

simply WOW.

is there NOTHING that can help the american dollar go up? bin laden killed, european debt problems, japanese tsunami and nuclear disaster, lybian war, middle east unrest…

all this and the USD CONTINUES to collaspe. what happened to it’s “safe haven” status?? man, if i was a dollar bull, i’d look pretty stupid. good thing i’m a dollar bear.

gold now up, silver down $1, oil at $114.50. and usd, keeps sinking. the dollar must be even in worse shape than even I though. incredible.

#83 jess on 05.02.11 at 10:27 am

“Trusts are ways to unbundle different the aspects of ownership into separate parts. This can be done for valid and legitimate reasons, or for abusive ones.”

A Primer on Trusts
Wednesday, July 22, 2009
In trusts we trust

http://taxjustice.blogspot.com/2009/07/in-trusts-we-trust.html

=
February 27, 2011

Professor Austin W. Scott
“separate the benefits of ownership from the burdens of ownership.”

“Costs of economic activity should be internalized . . . yet trusts are often employed solely to externalize certain costs of property ownership.”

Kent D. Schenkel
New England Law – Boston

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1771642

#84 warptweet on 05.02.11 at 10:28 am

It is clear that the USA artificially controls short term interest rates by buying their own bonds at the federal reserve auctions.
Then it is reasonable to assume that Canada cannot raise interest rates very much above comparable USA rates or we will have a very high dollar and the problems that will cause to export industries.
Sadly that could prolong the RE bubble here.

#85 Todd on 05.02.11 at 10:33 am

Garth, you mention bonds should be set for a rise shortly. I’ve been boning up on my bond education lately to get a little more diversity in my stock-heavy portfolio and have come across a lot of varying viewpoints on whether buying bonds directly or buying bond funds is the way to go. It seems the main groups are those who say individual bonds are more stable and those who say bond funds bring more diversity. Then there’s a smaller group that says “it depends.” As a generally contrarian investor, I tend to think the latter group is on to something. Wondering what your take is on all this.

Also, note to everyone: go vote! If you don’t vote, you can’t complain about the outcome. And we know us humans like us some bitchin’.

#86 mississaugaboy on 05.02.11 at 10:34 am

Well, if interest rates wont kill the RE market, maybe inflation will.

#87 bill on 05.02.11 at 10:37 am

hey american ..thanks for the link .

#88 interpreter (in training) on 05.02.11 at 10:52 am

#78 Dodged-a-Bullit-in Alberta wrote “The posting from yesterday has helped me decide when I go to the polling station”

“The posting from yesterday” were overwhelmingly for NDP, right? If “Yes dear”, “You might want to bone up again on that NDP platform, and their plans for taxes and spending.”

#89 bridgepigeon on 05.02.11 at 11:00 am

What a great day for American celebrations! Osama is dead! Osama is dead!
Let’s see, roughly; two wars, well over 1 million dead, around 6000 US troops dead and over 30,000 injured, millions of families displaced, over 1 trillion spent and counting…..
Too bad they couldn’t have taken him alive. Would have been interesting to hear his side, how he got NORAD to stand down, etc. etc…
Too bad no one can even examine the body with that quick burial at sea…
I did see one photo of his dead body online.
What a day for victory….for photoshop.
Osama is dead! Osama is dead!

#90 Chaos on 05.02.11 at 11:01 am

Toenails, what a beautiful Haiku.

Get ready for Mr. Harper to sing his Beatles swan song…”Yesterday”…

“All my troubles seemed so far away…”

And then his retirement to Las Vegas in an off the strip seedy smoke laden crying in your beer lounge.

#91 abc on 05.02.11 at 11:02 am

TIK..TOK..TIK…TOK..

#92 abc on 05.02.11 at 11:04 am

Oh No..Harper time is finished….

He is the one that create housing bubble, and I don’t like it

#93 Timing is Everything on 05.02.11 at 11:07 am

#77 Timing is Everything on 05.02.11 at 10:19 am

#64 SMOKING MAN

Agreed…Of course. Yes, they really that gullible.

I should clarify….I agree Bin Laden has been dead for quite awhile. Full stop.

#94 tkid on 05.02.11 at 11:14 am

For Vlad:

“Lying is the new normal. Ignorance is one thing, lying to ourselves all the time, about absolutely everything, is something else. The least you can say about it is that it does not help us prepare for the very different everyday reality that we are moving into: a world made by hand.”

http://kunstler.com/blog/2011/05/lying-is-the-new-normal.html

#95 SMOKING MAN on 05.02.11 at 11:15 am

Benazire Butto

She was killed a few weeks after she said Bin Ladden was killed, while running for boss of packistan.

see for yourself at 2:15 of the clip

http://www.youtube.com/watch?feature=player_embedded&v=UnychOXj9Tg

#96 jess on 05.02.11 at 11:19 am

De – construction

“We aren’t good at manufacturing. ”
.
..acid- laced waste spilled from the site, poisoning enough fish to feed 72,000 people for a year.

no isms so far have been very good and technology has not been the saviour just ask the salmon!

http://www.pbs.org/wnet/nature/episodes/salmon-running-the-gauntlet/introduction/6546/

#97 Hoof - Hearted on 05.02.11 at 11:20 am

Anyone recall this..the NDP Waffle Manifesto

http://www.connexions.org/CxLibrary/Docs/CX5372-WaffleManifesto.htm

#98 Bobby on 05.02.11 at 11:22 am

For #’s 55 and 71,
The competing offer is one of the oldest lines in the book, yet it is interesting how many people seem to believe it.

Happened to a colleague once, same scenario. He walked and surprise, his realtor called and said the competing offer fell through. Yes, he did submit another offer, but at further lower price. The realtor was aghast and refused to submit the new offer, initially, until my colleague told him to get lost.

Yes, he got the house at the further reduced price. Two can play that game.

Regards

#99 Jack Layton next PM on 05.02.11 at 11:29 am

Yessir….looking good.

I am getting another massage….and told the masseuse to throw away the can after one more butt paddle. Actually it was all an act. I am in such good shape that I am going for a 25 mile jog.

As I am now somewhat of a rock star like Trudeau, I will need an entourage. Probably start with South Park characters, some from Family Guy(Stewie)and Alex Baldwin.

Maybe Charlie Sheen, Courtney Love and Lindsay Lohan

Don’t know why Michael Jackson isn’t answering my calls…screw him…

Yessir…..singing ” Owe Canada” 24 hours from now.

#100 Silentblogger on 05.02.11 at 11:40 am

Well well…d-day and it seems the US news eclipses any of the last 48hrs of “campaign news” Harper gets a pass on the message smear and Jack does too!

The next 48 should be very interesting – I mean there is a “burial at sea” debate a brewin already…

*SIGH*

#101 Utopia on 05.02.11 at 11:49 am

Bin Laden is dead?

Can’t be true. I just saw him at the local Timmies this morning. He was having coffee with Elvis and Jim Morrison.

They really seem to enjoy each others company.

#102 Tom from Mississauga on 05.02.11 at 11:53 am

Anybody else seeing a lot of retailers close in there hometowns? On Dundas, Lakeshore and Dixie in Mississauga there are a bunch of closings in the last 2 months…

#103 CrowdedElevatorFartz on 05.02.11 at 12:04 pm

@#71 The American
Realtors in Canada are nothing more than glorified used car salesmen in a quasi monopolistic position….Right BPOE?

#104 KingBubbles on 05.02.11 at 12:05 pm

An entertaining, and probably fairly common, real estate story:

A couple weeks ago a coworker decided he wanted to buy a property in a average location in Winnipeg at the asking price. He was pressured by his agent to go above asking since the Winnipeg market was so hot.

I gather the offer was submitted at asking and the seller decided not to accept the offer because there ended up being only one offer and the seller wanted to hold out until there were competing offers in order to get a higher price.

The house was still sitting on the market last time I checked.

Seems like a shortage of inventory but no shortage of greed here.

#105 jjpetes on 05.02.11 at 12:07 pm

#60 The American

Since you believe everything your so called leaders tell you I have RE in Canada to sell you that will only go up.

jjpetes

#106 John the ejackulayton on 05.02.11 at 12:09 pm

Looks like John is ejackulayton the taxpayer. So Garth, will this finally cause housing prices to climax and go limp in the Dundas area of Toronto? Could a drop in housing prices be delayed if the Velvet touch reopens and offer a two for one special for city councilors? What impact on housing if Dolt spends millions of tax payer dollars investigating a jacko? Isn’t it time for someone to get the taxpayer off?

#107 realpaul on 05.02.11 at 12:20 pm

BC Credit Unions attack consumer with a vengeance.

http://www.financialpost.com/personal-finance/mortgages/best+mortgage+deal+move/4707860/story.html

And why shouldn’t they……….the financial institutions have zero risk as every mortgage they spin is taken up by the CMHC and hung around the necks of the taxpayer.

All the Credit Unions have to do is effectively advertise ( through the willing whores of the local media) and rope in the unwitting suckers. They sell the deal…get the commish….but never have to think about the default risk….sweet !

If it wasn’t for this sweetheart deal between the Finance Ministry and the real estate pimps…the Credit Unions would have to function like responsible institutions instead of commissioned sales-sharks.

#108 VHC on 05.02.11 at 12:39 pm

I came across this website posted on a flyer at a restuarant on Davie Street:
http://vancouverhousingcrisis.com/

#109 Danforth on 05.02.11 at 12:42 pm

#64 SMOKING MAN on 05.02.11 at 9:14 am

Thanks for sharing some wisdom and truth!
Garth, thanks for publishing this.

BinLaden has been dead for years. And 9/11 didn’t happen the way we were told it happened.

Now back to the news of the day…

Nothing much will change tomorrow. At most a new party in Opposition, which doesn’t really matter anyways who it was.

Who really noticed when the Bloq was the Official Opposition?

#110 Daystar on 05.02.11 at 12:43 pm

Just thought I’d weight in my own thoughts with Jack’s massage story. It probably won’t change any minds at this late stage, but readers should know what I know and decide for themselves.

In 2004, 2005, 2006 I began to blog regularly on http://www.thetyee.ca and one of the themes I projected then (up to the 2008 election where Dion was smeared as deaf and dumb by the CTV and the Libs bleed 5 points overnight, potentially costing Garth his re-election bid) was Jack’s weakness as a leader. People familiar with the sight likely know that the tyee is a pro NDP sight, but their participants are not unused to self examination, or introspection of their parties weakness/strength. To wit, on one occasion, I put forth a strong argument against Jack as best choice for leading the NDP party and what came out of the blogging discussion was Jack’s incident in the massage parlor (with roughly the same detail as was reported in the sun).

At that point, it would have been on media’s radar and in the war rooms of the other parties (at least, those war rooms that are organized) and what was said then was simple. Whether or not Jack was a victim of circumstances or he had in fact had moral weakness in his fibre was no longer an issue, the story had the ability to damage his credibility at crunch time in a federal election with the Con’s most definitely using it as a weapon should the NDP ever surge in the polls and as such, a better candidate for leader than Jack should be looked for regardless of his innocence or guilt.

Lets let it sink in what I’m saying. The NDP party and some members knew about it, were openly talking about it on a pro NDP website (myself included) and roughly 6 years later, Jack is still there and his massage story breaks with 3 days to go in an election. Oh, by the way, do I think Jack has improved as a leader since then? Most definitely. Was he smeared? A tip goes to a Sun reporter who times the story with 3 days to go in an election where suddenly Jack’s massage becomes the number one issue of the nations affairs leaping ahead of the economy/environment/foreign affairs etc… most definitely. Its not a far leap to believe that the Con war room was all over this one making it to Sun media (although it could have come from the Libs or bloc) and its “greasy”. Will it be effective? Hard to say.

I still think Harper has a very real chance at a majority. Nanos polling had the Cons at 43% in Ontario last I checked. They will lose seats in Quebec, make gains in Atlantic Canada, possibly Manitoba and BC marginally and repeat elsewhere but Ontario is a make or break province for them and my guess is voting is soft in Ontario for all parties. The provincial Lib brand has hurt Ontario federally and Iggy bombed in my view with Peter Mansbridge’s interview and debates. He had to make it happen there and fell short in a number of key areas. (I’ll likely get into more detail after the election, but most of us already know why)

What I want to know is what Sun media was promised by the Conservatives in terms of media market share should the Harper party win a majority and privatize CBC. Thats what I really want to know. Who benefits and why? Offering further, can and should they be stopped? Readers… thats a major reason as to why we should vote. It should be offensive to Canadians that a 15 year old story like this makes the news just 3 days before an election. Whether Jack was innocent or guilty, this is a low blow by an opposition party (most likely from Harper) to wait so long in introducing “speculation” on Jack’s morality. It should be offensive to Canadians and I think it will be. But we shall see. It will be very interesting to see how things shake out in Ontario and whether or not such a greasy tactic was behind it. We won’t have long to wait!

#111 The American on 05.02.11 at 12:48 pm

At #104: JJpetes, again, you haven’t listened to his speech. You made a false claim that our President is claiming “mission accomplished.” In fact, he said precisely the opposite. I know what I heard, and it was directly in the face of your false statement. You are making this up as you go along. Just youtube it, or better yet, turn on some news. You’ll see he is not claiming this is over yet.

#112 Victoria on 05.02.11 at 12:49 pm

King Bubbles,

Usually the first offer is the best offer too.

#113 kilby on 05.02.11 at 12:52 pm

Turned on the news this morning to crowds in Washington and New York waving flags and chanting “USA” “USA””USA” scary stuff, it was like all the news from the far east only here……

#114 Soylent Green is People on 05.02.11 at 12:54 pm

So why the sudden push for the NDP, despite the fact that the numbers don’t suggest any big gain?

Pollster Allan Gregg calls it “an unholy alliance with journalists who routinely misconstrue data and ignore margins of error.” And he warns us about putting too much stock in polls. When asked who among the pollsters we should believe, he says:

“Nobody,” says veteran pollster Allan Gregg, an outspoken critic of his own industry and chairman of Harris-Decima, which conducts polls for The Canadian Press. As far as Gregg is concerned, the election campaign has magnified problems with political polling: methodological issues that are skewing the results of both telephone and online surveys; commercial pressures that are prompting pollsters to over-hype their surveys.

http://unseatharper.ca/wordpress/2011/04/im-sorry-but-i-dont-accept-that/

………………………………………………….

With all the fabricated hype of a Jackomania and NDP surge, the reality is that the NDP will gain few seats. As 308 reminds us: “more than half of the NDP’s boost in support is located in Quebec. But according to their own people in the province, they don’t have a local organization worth its salt in more than six or eight ridings.”

http://pushedleft.blogspot.com/2011/04/thinking-twice-why-conservative-ndp.html

………………………………………………….

“This is all about an NDP surge and whether NDP candidates have moved ahead of candidates from other parties we’re recommending. It hasn’t happened. The NDP did not place second in 2008 in any of the ridings where we’re recommending Liberals or Bloc candidates.”

With only three or four exceptions, the NDP did not place second in any of Catch 22’s target ridings in the last four elections. Except for the “too close to call” ridings, they were a distant third (sometimes fourth) in almost every race in 2008.

“This shows that our initial methodology was sound and can stand up to scrutiny despite any surges,” said Shaul.

http://catch22campaign.ca/

………………………………………………….

Repost from Greg Vezina – The so-called NDP surge….This is a fantasy – the LIBERAL base is 5 MILLION VOTES – the same as the CPC, a blip in quebec has been maginified three times to the LOCAL level. ON ELECTION day PEOPLE WILL ELECT THE BEST PERSON TO DEFEAT DARPER IN EVERY RIDING. Becasue of the Liberals starting with them next most seats – they must finish that way when you take away the CPC Seats. LIKE in 1993, the propoertion of the actual seats in the house after tyall but 2 seats out of 211 were gone, the seats left were split exactly according to the fracts of those left. simple MATH.

………………………………………………….

snip snip: I spoke with one of the organizers of a strategic voting group, and asked if they had changed any of their seat projections, and if we should now promote an alternative. But they have been out door knocking and hand shaking and assure me that they see no NDP wave in Ontario.

I got the same feel in Kingston yesterday, when I was out talking to people. They want Harper out and are sticking with Liberal candidate Ted Hsu, as the best option to beat out the Conservative candidate.

I’m sure there will be many surprises, but I’m more concerned with the shock, if we find that once again vote-splitting has returned Stephen Harper to power, possibly with a majority.

http://pushedleft.blogspot.com/2011/04/democracy-in-action-we-need-more-of.html

………………………………………………….

One of Conservatives at the protest rally asked: “so I guess you’re voting NDP”. And I said “no, I was voting strategically in the riding, so would be sticking with the Liberals”.

They mocked, saying “Oh, but haven’t you heard. The NDP are on a surge.”

I said, “the day a Conservative tells me to vote NDP is the day I know I’m being played.” They just laughed and walked off.

http://pushedleft.blogspot.com/2011/04/democracy-in-action-we-need-more-of.html

………………………………………………….

Strangely, in the 2004 election, and much more overtly in 2006, the ndp leader exhibited a penchant for short-term fixes over long-term party-building.

Jack Layton became a servant to the proposition what was good for working people and for the left was more seats for the ndp—no more, no less.

Playing right into Conservative hands, in the 2006 election Layton helped frame the central issue as Liberal scandals.

The Canadian Election Study, published just after the election, suggests this issue was responsible for the Conservative victory.

http://pushedleft.blogspot.com/2011/04/vote-splitting-means-american-style.html

#115 The InvestorsFriend on 05.02.11 at 1:12 pm

I VOTED FOR NONE OF THE ABOVE…

I am a Conservative but don’t trust or like Harper so couln not vote for him.

I don’t like the policies of the other parties…

My local candidates are totally irrelevant to me since the country is governed by Party and Cabinet or Prime Minister. Backbenchers are nothing.

And nothing material will change in my life depending on who wins.

My one single vote will not change anything (that is a mathematical fact)

So… I spoiled my ballot … as is my right.

This election is purely entertainment to me.

#116 UK Love Calling on 05.02.11 at 1:14 pm

Timing is Everything
Bridgepidgeon
BrianT
JJPetes
Smoking Man

You are all the reason why canadians are deemed so pathetically stupid. No other country harbors more conspiracy theorists who not only cannot back up their bullshit, but love to obsess and jerk off to the U.K. and U.S. Face it, canada is done.

#117 jess on 05.02.11 at 1:29 pm

geez even the cost of war is deflating

$131.6 billion—for 2012. That averages out to about $360 million a day…or $250,000 a minute.

Although the Iraq War has absorbed more money than the Afghanistan War—$823 billion to $557 billion—Afghanistan overtook Iraq in FY 2010 and currently accounts for 86% of U.S. war spending.

VA medical care has gone up four years in a row and now costs $3 billion a year.

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

Suspicions about the loyalty of the ISI were publicized last year when five families of those killed or injured in the 2008 Mumbai terrorist attacks sued in American court, claiming Pakistani intelligence operatives helped carry out the assaults that left 166 people dead and more than 300 wounded.

=

One incident prior to the September 11, 2001, terrorist attacks illustrates why U.S. forces would have been reluctant to share details of their attack on bin Laden. In the summer of 2001, Egyptian intelligence officers had tracked down Ahmed Khadr, a close associate of Osama bin Laden and the suspected mastermind of the 1995 bombing of the Egyptian embassy in Islamabad that killed 19 people. Khadr was hiding in a safe house in the Pakistani frontier city of Peshawar when Egyptian forces surrounded the building. Lacking the authority to arrest Khadr, they notified General Mahmood Ahmad, the chief of the ISI, so that he could send his men in to capture Khsdr. Instead, that night a car with diplomatic plates arrived at the Peshawar house, and the Egyptian intelligence officers watched while Taliban militants jumped out, grabbed Khadr, brought him back to the car and then drove him across the border into Afghanistan and beyond the Egyptians’ reach

#118 Daija on 05.02.11 at 1:32 pm

Howdy

Re: on competing offers, also a little Deja Vu

Some years ago, friends from US up in Nelson, put an offer in on a house. We had our own RE agent, as we had been looking towards owning our first home to house our family tribe. We did not put in an offer, but discussed privately with her, that if they did not decide to complete that purchase, we might put one in next.

Imagine our surprise, within just a few hours, while we were all sitting on a local beach (both parties) together with our children, they got a call from their Realtor with a “competing offer coming in” – pressure pressure !

As we were sitting there with our friends, we told them we might jump if they decided to pass, and that we had spoken privately with our agent, and that the discussion was not at any paper-signing stage, and not even fully decided.

We were all aghast at the ‘ploy’.

Small towns, you know….. Each Realtor was with a different office, even. But you know everyone talks (to each other….)

Imagine, before the end of the day, both realtors realized we were all there at the beach together when the cellphone ‘Call’ had come, and the jig was up.

Upshot …. our friends passed, of course, ditched the Realtor, found another, bought a different house. Us, we ditched the other Realtor, didnt buy, and then :) found you, Garth, and have never looked back, happy renters on the Lake.

True story

#119 fancy_pants on 05.02.11 at 1:36 pm

obama… osama…
they have both contributed to the demise of the US, one just happens to do it much more subtly wearing a suit and in plain sight.

#120 Rareasasparagus on 05.02.11 at 1:40 pm

It really doesn’t matter who gets elected PM. From the comments today it’s obvious you people are ungovernable.
To paraphrase de Gaulle: How can you govern a country with 246 varieties of paranoid delusional conspiracy theories?

#121 justsayin on 05.02.11 at 1:56 pm

#10

Short the TSX using an ETF called HXD. Double Inverse ETF.

#122 BrianT on 05.02.11 at 2:07 pm

You gotta love this old grifter-5 minutes after being caught stealing from his shareholders he is pontificating about burials at sea http://finance.yahoo.com/news/Buffett-Welch-Bin-Laden-death-apf-589551584.html?x=0&sec=topStories&pos=main&asset=&ccode=

#123 BrianT on 05.02.11 at 2:09 pm

#119Rare-Like you say-everything will be fine-just put your faith in the man in the suit and go back to sleep. Now you feel better.

#124 Bill Grable on 05.02.11 at 2:14 pm

I have my suspicions about your DNS attack. (*Gee, let’s not go there).

Don’t ususally talk POL – but –

Here’s the way I see it: Media is useless, and floundering, at least we had some idea about who supproted who, but not now.

Iggy was running like this gig is for Hall Monitor, and he even screwed that up.

Harper looks like Goering the day after Normandy, and has tried to scare us “rubes” into thinking he actually gives a damn.

He seems so disconnected.

Except when the doors are closed and then real Harper comes out. (No thanks). (He said WHAT?)

So what does that leave me?

In BC, our votes have never counted.

The election was over for us before we even saw results. Not tonight.

Layton could just wind up PM, and if I was in any Canadian Mining stock, or betting on low rates to continue forever, I would RUN FOR THE HILLS if this likeable, but politically left of Stalin, dude, gets in.

So = markets hate uncertainty.

Rates up = the phantom Chinese are going to go “poof”.

One more thing > CSIS could make a few heavies if they simply sit at casinoes and watch the overt laundering of money – even I can figure out what is going on.

Had to emcee an event, and so wandered around a Casino, and saw a LINE of Chinese buying THOUSANDS in chips. They sit and play for 45 minutes, take chips back > clean money.

The Canadian, the hard working tax paying kind, gets it in the neck – and this time the Vampires are winning, and people won’t be happy.

One more reason to start paying attention, Bunky.

Er, Corey. (* I have given up on his dumbell wife)

#125 BrianT on 05.02.11 at 2:16 pm

#115UK-You are just feeling a letdown after the wedding festivities are over. It is kinda nice that you have that particular strain of DNA to look up to and worship.

#126 betamax on 05.02.11 at 2:43 pm

#92 Timing is Everything: “I agree Bin Laden has been dead for quite awhile.”

and yet, oddly, Bush didn’t take credit earlier. Nuts.

#127 betamax on 05.02.11 at 2:52 pm

Anyone who spoils their ballot merely wastes their own time. Do you think the ballot-counters care or think about it a second afterward?

#128 Timing is Everything on 05.02.11 at 3:01 pm

betamax – said “and yet, oddly, Bush didn’t take credit earlier. Nuts.”

That may be because, they [Bush], didn’t have a ‘body’ to prove it. And oddly, they still don’t. Nuts.

#129 skube on 05.02.11 at 3:27 pm

I saw this stat on Inside Toronto Real Estate:

Median home price in 1999 : $250k
Median home price in 2011 : $450k
$250k = $360k in 2011 dollars

Interest in 1991 : 15%
Interest in 2011 : 3.89%

#130 skube on 05.02.11 at 3:28 pm

*1991 not 1999

#131 SMOKING MAN on 05.02.11 at 3:28 pm

115 UK Love Calling on 05.02.11 at 1:14 pm

Canadian’s are stupid I agree.

But not for the reasons you claim, to be a conspiracy theorist is actually the smart way to be. Keeps you away from danger when buying a used car, or getting sucked into a multi level marketing ponzi scream.

People like you that believe everything with out question that main stream media spits out is why crack shacks in Vancouver sell for millions.

In fact I am a contrarian on this blog, and am I always bullish on real estate because Canada is filled with people that have no deductive reasoning skills.

But thanks for the add homonym attack it is so scripted and typical, if fact just from you post, I can pretty well guess your religion, sex, age, and political party you support.

But this blog is not mine, I am a guest, but if you wana fight it out, click on my name and we will do it there.

#132 Sold Vancouver House 800K in 2010; “Wife Is Out Of Patience”; “Social Pressure Is Enormous” To Rebuy; “Nothing makes sense anymore”. | Vancouver Real Estate Anecdote Archive on 05.02.11 at 3:28 pm

[…] anecdote extracted from Garth Turner’s headline piece at greaterfool.ca, 1 May 2011 – “Corey sold a house in Vancouver last year and was sitting on eight hundred grand. In a […]

#133 Danforth on 05.02.11 at 3:32 pm

@#125 betamax on 05.02.11 at 2:43 pm , &
@ #127 Timing is Everything

For a while it is convenient for the CIA to have OBL alive as a bogeyman to secure funding and continue the mission.
And later it is convenient to have the victory of having eliminated OBL.
The entire production today reeks of being a charade.

#134 Mikey the Realto on 05.02.11 at 3:33 pm

Holy $h*t, Binny is dead for the 6 time in the last decade. Eat your heart out kitty’s.

I wonder what rub n’ tug Jack ol’boy is going to visit after his loss? Any ideas, Garth?

#135 The InvestorsFriend on 05.02.11 at 3:34 pm

Betamxx, my spoiled ballot was an expression of my democratic wishes. I chose “None of the Above”.

Political analysts will look at how many did not bother to vote and how may spoiled ballots there were. They will try discern the meaning of it.

Do you think your one vote will change the outcome in your riding, much less the country? If your vote will not change the outcome, how is that not just as much a waste of time as mine? Multiple votes matter collectively, a one single vote does not. It’s paradoxial but true.

Repect my right to spoil my ballot. Soldiers fought for my freedom. I am free to spoil my ballot.

#136 JohnnyBGood on 05.02.11 at 3:44 pm

A Ken Dryden canvasser comes to my door today asking for my support.

I tell him not to worry, Dryden is a shoe-in in this riding, which has been painted Liberal red for as long as I can remember.

Not so fast, he says. The challengers have been mounting a very effective campaign. But, this riding is a parachute riding, I retort. Any time the governing Liberals wanted to make a new-comer a cabinet minister they dropped him here. A sure thing.

It’s not going to be that easy this time, the canvasser laments.

Tonight, nothing will surprise me.

#137 CalgaryRocks on 05.02.11 at 3:48 pm

But we shall see. It will be very interesting to see how things shake out in Ontario and whether or not such a greasy tactic was behind it.

Re: I think we have a pretty good idea how ‘things’ shook out in the Layton massage story. The evidence was right there in the masseuse hand.

Regarding, stopping the Sun News Network. Why do socialists want to ‘stop’ every other opinion but their own? Just wondering why the democratic process only covers left of center opinion in Canada.

#138 SMOKING MAN on 05.02.11 at 4:07 pm

One more thing UK Love Calling

From a UK paper, yup us conspiracy theorist are crazy

http://www.guardian.co.uk/world/2011/may/02/osama-bin-laden-photo-fake

Now the photo is found to be fake.

Dude go buy some property in Vancouver prices are about to skyrocket

#139 steve p on 05.02.11 at 4:12 pm

have you ever used the word ponzi in your articles?
just wondering

#140 UK Love Calling on 05.02.11 at 4:18 pm

@124: BrianT-

She’s on your money too. Half the areas and cities are named from the crowne. Get real. You worship it as much as anyone.

#141 jess on 05.02.11 at 4:23 pm

eye for eye so where’s the head?

Since 2007, militants from Tehrek-e-Taliban Pakistan have used beheadings as a form of punishment for opponents, criminals and spies in the north west region of Pakistan. Severed heads of opponents or government officials in Swat were left on popular street corners in order to terrorize local population. The beheadings have stopped in Swat since the military incursion and sweep-up that began in May 2009 and ended in June 2009. Three Sikhs were beheaded by the Taliban in Pakistan in 2010. Daniel Pearl was beheaded by his captors in the city of Karachi. (wiki)

#142 UK Love Calling on 05.02.11 at 4:24 pm

What a group of jealous conspiracy theorists. The job is not done yet. Why must you be angry Osama is dead? Why must you try to find reasons it is not a good thing he is gone? You are never satisfied, canada. You cry like little babies and whine for everyone else around you to take care of you. Keep going at it because your allies are growing tired of your loser, hypocritical bullshit. You WILL be abandoned and your tiny little worthless army will not be able to defend you. Face it you rely on those Yanks to baby you and hold your hand every step of the way.

#143 jjpetes on 05.02.11 at 4:26 pm

#110 The American

Where did I say the president said “Mission Accomplished”. Nowhere. You are a very good American, one whom interprets incorrectly what they read. A very typical American at that, ignorant, a finely mastered quality you posses.

#115 Uk Love Calling

Do I hear envy in that scorn? Canada is done? Hardly, we happen to have a strong commodities based country here where you and your American pals base your GDP on consumption, never mind; just go back to more Quantitative Easing your debt is so coveted for these days.

As for your conspiracy shot at me. Look up a gentleman by the name of Edward Bernays, nephew of Sigmund Freud. How he helped social engineer typical fools like you and American societies from a needs based to wants based culture.

In fact, they made a documentary from your own beloved BBC called “Century of Self” a four part series. Watch the first part at least a few times, I doubt your ignorance will diminish very much however. Its far better to read the books he had written at that time to gain a firmer understanding of the influence on our society today. Until you remove your ignorance of how our history has evolved, your left with petty name calling and envy.

There is much more information to help you and American to remove your ignorance, but the layers are nearly far too deep.

jjpetes

#144 Live Under Your Means on 05.02.11 at 4:28 pm

Was at a mainly St party Sat. eve. Was surprised when someone brought up the election. All but one person did not comment. Not really surprising cause he doesn’t watch the news or even read a paper. He’s a great chap, but his wife was ill and she’s the one who makes the decisions in their household. Rest were in agreement – get rid of Harper. Thought I was anti-Harper until I heard her.

Today at a grocery store a young cashier asked if I had voted. Yep, just did. His face lit up and said that it would be the first time he was eligible to vote. We chatted about the Mob votes and Rick Mercer.

Who knows what will happen.

#145 skyrider on 05.02.11 at 4:45 pm

UK Love Calling:

I think it’s great that you love the Americans so much you have adopted all their spelling and grammatical habits.

“lack luster”….hahaha.

I was going to point out your other numerous basic English errors, but I have better things to do.

Thanks for taking an interest in our little election. You must have a lot of time on your hands.
Cheers.

#146 Danforth on 05.02.11 at 4:47 pm

@ #130 SMOKING MAN on 05.02.11 at 3:28 pm

I love a contrarian perspective as much as the next person.
Howewer, note that people do take note of spelling and punctuation. Those who express contrarian views (as _right_ as they might be and I share your views on a few things), are often dismissed if expressed with poor grammar and a multitude of spelling mistakes.

@#142 UK Love Calling on 05.02.11 at 4:24 pm
Just consider that _all_ information about OBL in the past 10 years has come from one source, and one source only, the US administration.

ZERO information from a secondary source. You could probably add a few years pre-9/11 to that tally also.

There were multiple fake OBL videos/pictures over the years, which are obvious to any 10 year old. So yes, there’s plenty of reason to be suspect of the United States’ militaristic operations and all “news” associated with it. It couldn’t be more obvious that OBL was a constructed bogeyman.

To bring this back on-topic… :)
The OBL news coming out on election day can potentially be in the Conservatives’ favour, for fence sitters who now think that buying really expensive planes is a good thing to do, and the Tories will get their vote. Despite Harper being a bit of a jackass .

#147 BPOE on 05.02.11 at 4:52 pm

Crazier than a Sheethouse rat
__________________________________
.#61 The American on 05.02.11 at 9:11 am
Osama Bin Laden’s death is having a substantial global effect on the markets today. Commodity prices have dropped, dollar has strengthened. Why would investors react like this? It is being referred to as a “catalyst” as the economy was at the tipping point of improving. Again, its all about confidence. More to come. Tune into NPR, people. A lot of good information today

#148 The American on 05.02.11 at 5:03 pm

At #142: JJpetes, you wrote the following, “Nobel Peace Prize winning president of the US stated: “”Today at my direction,” Obama said, the U.S. launched a targeted attack” to kill Osama Bin Laden. How Noble.”

JJpetes, you then said the following,”US Intelligence knew of Osama’s position for a long time. Here is what happens next. Social Engineering to accomplish at least 2 major objectives; 1. Socially engineer the belief amongst the masses through media that the mission is now accomplished.”

Ummm, yeah. Whatever helps you sleep at night. You certainly did say the next step is to socially engineer the belief that the mission is accomplished. If the President himself clearly stated the mission is not even far from over, then no “social reengineering” will go in direct defiance of his words that were addressed to all of the American people. There is no hidden agenda to convince anyone this is a mission that has been accomplished. You are in denial over your own written words. Truly unbelievable.

#149 Coho on 05.02.11 at 5:23 pm

UK Love Calling

“You are never satisfied, canada. You cry like little babies and whine for everyone else around you to take care of you. Keep going at it because your allies are growing tired of your loser, hypocritical bullshit. You WILL be abandoned and your tiny little worthless army will not be able to defend you. Face it you rely on those Yanks to baby you and hold your hand every step of the way.”

That’s the spirit! Spoken like a true Imperialist. George III would’ve been proud. After all, Canada is merely a ball in the bearing of the British Empire. Jolly old England, you say!? What rubbish! A misnomer if I ever heard of one. It’s never taken its claws off America’s back and it’s so sad to see the USA continue to be manipulated into fighting for UK conquests. America, the land of freedom and liberty being reduced to a big bully as the UK whispers sweet nothings into its ear, forever inflating its ego.

Say “Heil” to the Hanovers in Buckingham Palace for us. Did the Germans really lose the war?

#150 randman on 05.02.11 at 5:26 pm

#72 Eltabarnacos

99% of the people here have no understanding of gold
or silver for that matter

Although I understand your short snippit of relevant info
most won’t

You can’t put the cart before the horse

I return to sound money basics and understanding is required first

Sadly not taught in our schools and will never be
until the system implodes and square 1 is reached

The margin limit changes are a sign of desperation
by the Government and JPM

This little correction will only solidify the rush to PM’s

#151 45north on 05.02.11 at 5:41 pm

jjpetes: US Intelligence knew of Osama’s position for a long time.

that’s what you have been telling us for a while now. Like today.

#152 ballingsford on 05.02.11 at 5:57 pm

Wow, hot picture today Garth! Was she one of the Navy Seals who got Osama Bin Laden?

She’s a bit too wild for my liking; I think, but I’m not sure

#153 az on 05.02.11 at 6:10 pm

Osama Bin Laden’s last words… Top ten (eleven)

10) “This place sure beats anything we had in Tora Bora”

9) “Did you hear something… Actually, It’s probably nothing”

8) “Yusef, call Ali and tell him to PVR Celebrity Apprentice”

7) “Anyone see where I left my body armour?”

6) “I think it was bad luck to eat that second Bacon McMuffin”

5) “This buddy of mine can do crazy things with C4 explosives… you’d like him”

4) “No no, I don’t want phones and internet it will keep us inconspicuous”

3) “Listen up, I just figured out how to destroy the United States”

2) “Poker night with Al-Zawahiri and the boys, I can’t wait!”

1) “Kate Middleton, yeah, I’d do her!”
.
.
.
1*) “This place goes for a Million Bucks? You should see the crap a Million Bucks buys you in Vancouver”

#154 Dubble on 05.02.11 at 6:15 pm

I think we can all agree that there is something fishy about 9/11.

You don’t need to be a conspiracy theorist to smell bullshit.

I’m also curious about the burial at sea. Smell something?

#155 LS on 05.02.11 at 6:17 pm

#39 wes_coast

Very, very true.

I do remember when Japan was the envy, but also the scourge of everyone. How everyone was worried they would take over the world.

That’s what waits for the US, China and dare I say Canada as well.

#156 Nostradamus Le Mad Vlad on 05.02.11 at 6:19 pm


ELECTION OPTION??? BETTE MIDLER CALLS IT “RIGHT!”

‘I haven’t left my house in days. I watch the news channels incessantly.

‘All the news stories are about the election; all the commercials are Viagra and Cialis.

‘Election, erection, election, erection!

‘Either way we’re screwed!’ — Bette Midler.

Better example!
*
#42 betamax — “Bin Laden is dead and Harper is about to get a whupping. Can this day get any better?”

Spontaneously combusting while bursting into song is one option!

#89 Chaos — “Get ready for Mr. Harper to sing his Beatles swan song…”Yesterday”…”

Sung in falsetto, like Tiny Tim!

#93 tkid — Great link and thanks! Better to be true to oneself, ignore the brownshirts (cops, rcmp, politicians etc.) and focus on what is necessary.

#108 Danforth — “Nothing much will change tomorrow.” — Unless the Rhinos form the next govt. Then the fun can start (at last)!

#115 UK Love Calling — “Timing is Everything, Bridgepidgeon, BrianT, JJPetes, Smoking Man and #94 SMOKING MAN ”

Hey, don’t ferget me! Remember Benazhir Bhutto? See the following 1:12 clip. Now, do you trust the m$m (six individuals control 94% of the west’s m$m), fed. govts. or whacknutpschyobabblers like us? ‘Coz we ain’t got nothin’ to lose!

#132 Danforth — “#125 betamax and #127 Timing is Everything — The entire production today reeks of being a charade.”

Indeed, one that has carried the CIA – Mossad for a decade now but it’s time to turn attention to When The Levees Break, HAARP and the NMF. bin Laden Productions turn out a very good product, ‘tho!

#157 Jack Layton next PM on 05.02.11 at 6:30 pm

Yessir…

BTW that Obama thing involved a doppelganger.

I got the original one will be a future masseuse.

Yessir………I am so excited I think I will go skinny dipping near Niagara Falls and flip the Americans

#158 CrowdedElevatorFartz on 05.02.11 at 6:32 pm

@ #142 UK Calling

Ahhh yessss . The peanut gallery has a new voice.

Our pathetic armed forces.
Lets not forget that Canada has a population of aprox 30 million. Which is less than half your population and tax base.
Our country is aprox 4500 MILES from sea to sea. Which is quite a bit of area (with our 50% smaller tax base)to maintain highways, communications, Hydro lines, etc. and Dont forget snow removal( it snows here 6 months of the year. Unlike your balmy barmy back water).
Limey-land( aka The British Isles) is what?
650 miles from Tip to Sheep Shagging tip?
My god manboy. Vancouver Island has just about the same land mass. It’s full of loud mouthed idiots as well. It must be the isolation of being surrounded by sea water and inbreeding.
Just be glad we “whiney” Canucks still have the Queen on our dollar. Because we’ll probably get sucked into bailing your insignificant Limey butts out of another European war sometime in the near future. Remember Vimy ridge in WW1( England ,France and the Belgians counldnt take it after 3 YEARS. We kicked the Krauts back in HOURS!
Remember WW2 ? The Canadian Navy went from the smallest navy in the Allied fleet to the 3rd LARGEST Navy in the WORLD by the end of the war. All in 6 years.
If it wasnt for us “whiney” Canadians performing convoy duty Your Grandmother would have starved or been learning how to speak German so she could earn enough money to by sausages and weiner schnitzel.
Your an IDIOT.

#159 CrowdedElevatorFartz on 05.02.11 at 6:34 pm

OOOOOOOOOO BPOE is back!
SMELLL IT ! That’s REALTOR FEAR
moo hoo haa haa haaaaaaaa

#160 bridgepigeon on 05.02.11 at 6:40 pm

UK Love Calling
If brains were dynamite you couldn’t even blow your nose.

#161 S.B. on 05.02.11 at 7:00 pm

Until we can vote for the Central Bankers who control our money we will not have real democracy.

In the mean time they have dumbed down the process to a kids level: we can vote for Red, Blue or Orange.
I guess it’s a slight improvement over the Red and Blue to the south of us. Yay colours!

Wow what a week, two newz stories manufactured expressly for our consumption: Obama and Osama.
Brought to you by the same brilliant strategists behind the “We know he has WMD” sell job.

The same folks who invaded Iraq in 1991 and…wait for it…left Saddam in power for 10 more years! Who invades and then leaves a dictator in power…unless said dictator serves a purpose?
See: Gadhaffi (who is STILL in power!) See what I mean. THINK for a second people. It’s a massive con job.

Nothing makes sense except the truth of course. But it hurts. Hurts bad. We sat here and watched Shock and Awe the bombing of Iraq civillans and never lifted a finger.
Well 1000 people tried during Toronto’s G20 and were summarily arrested and brutalized…and released without charge. Nevermind, we have freedom: blue, red, or orange.

#162 bridgepigeon on 05.02.11 at 7:10 pm

153 az
I’m just stepping out for a bit, you feed the dogs, I’ll feed the fish…

#163 Nostradamus Le Mad Vlad on 05.02.11 at 7:10 pm


Garth — From your post: “Note: This blog was the subject of a suspected attack Sunday evening which disabled comments for a period of time. To readers, I apologize to those who tried to post and could not. It’s been remedied since the attacker was a fail. — Garth” — and from wrh.com:

“Yes, we are still under DDOS attack. Starting just moments before President Obama announced the death of Osama bin Laden, our website was hit with what the hosting company described as a massive distributed denial of service attack that is still ongoing.”

Chances are there is plenty of hacking presently going on.
*
#154 Dubble — “Smell something?”

Yes, and it’s ghastly. The Bovine Excrometer just blew up in the WH’s face. Truly a sickening site!

Dick Cheney He is a warmongerer, involved with Halliburton, Af’stan has a veritable smorgasbord of diamonds so obviously the war continues.

Iran “All that is missing is an ‘Al Qaeda Revenge Attack’ (nudge nudge wink wink) and World War 3 cranks up into rock and roll full tilt boogie kill them all and let god sort them out mode.” wrh.com, and here.

Buried at sea? “And the ‘compound’ where this guy supposedly was killed gets conveniently burned to the ground, leaving no definitive traces Bin Laden was ever there.” wrh.com. Not so fast! 4:52 clip Guess who benefits the most from this? Santa (in drag) Claws!

China Is this a reason for this ObL BS? Chinese Media “So much for the Obama CIA operation targeting bin Laden.” wrh.com. This is more in line with Benazhir Bhutto’s story.

3:44 clip The Toilet’s actors.

#164 pjwlk on 05.02.11 at 7:40 pm

#70 Rural Rick: “…Come on anyone with a hernia should go to the Shouldice clinic…”

I totally agree with you. This is a little off topic but a number of years ago my elderly mother developed a hernia. I mentioned to our family doctor that we wanted to take her to Shouldice. The doctor tried to persuade us into having her hernia done at the local hospital which btw was performing an inferior procedure. “As far as I know Shouldice is world renown” I said, “I’ve never heard anything bad about it”. He then told us that “Shouldice isn’t the be all and end all that everybody thinks it is”.

I went home that evening and did some research on the Internet (Doctors love that) and had not found a single compliant anywhere about Shouldice – not even on the dreaded news groups where honesty is brutal.

We contacted the doctor to tell him of our final decision and to get a referral, and lo and behold the prick told us that we didn’t need one — but you do need one of course to get into the local hospital he recommended… Imagine that?

Long story a little shorter. She did indeed have her hernia done at Shouldice. Everything from the surgery and staff to the facilities and food was absolutely first rate. They even gave us the second half of the room (for free!) so that we could stay with and watch my mother (she suffered from Alzheimer’s). We met people there during her stay who came from as far away as Mexico for treatment.

So yeah I don’t blame ol’ Jacky boy for going there at all.

#165 BrianT on 05.02.11 at 7:51 pm

#154Dubble-Nothing fishy about a giant skyscraper collapsing at freefall speed, caused by the dust blown at it by two other buildings imploding-it happens pretty well weekly.

#166 renters rule on 05.02.11 at 8:08 pm

Yikes, what up with weird UK Angry Guy? Did a Canadian guy run over his dog AND steal his girlfriend?

#167 Love this Blog on 05.02.11 at 8:09 pm

So, just a few hours until a Conservative majority??
(stirrin’ the pot!! LOL)

#168 Hoof-Hearted on 05.02.11 at 8:26 pm

Garth:

What is that silver thingy hanging by that hot asian chicks gender defining X -Y chromosone given parts

#169 S.B. on 05.02.11 at 8:29 pm

Update from GTA (Garth Turner Area): our incumbant Garth is leading, with 92% of people voting for him. The other 8% are bankers and realtor(s).

#170 S.B. on 05.02.11 at 8:35 pm

His body disappeared faster than the steel hauled away from WTC 1, 2 and 7 buildings. Dead men tell no tales.

#171 walter safety on 05.02.11 at 8:43 pm

I am going to go watch the election results now. What do people who think they have it all figured out do when their wrong ? Admit it or go buy a house?

#172 Herb on 05.02.11 at 8:46 pm

As I settle down for a long election night with a bottle of scotch for sustenance, I thought I’d clear one loose end before suffering the agony or ecstacy ahead.

Quite the picture, Garth, just lovely, but that belly button badly needs plastic surgery.

I will remember one Hon. Garth Turner, PC, and his efforts to establish digital democracy in at least one toast.

Now bring it on!

#173 UK Love Calling on 05.02.11 at 8:53 pm

Rubbish. All rubbish. canadians are inferior in every way, and frankly the two most powerful countries in the world know it and should no longer allow you to travel freely in our lands. canadians are wannabe Brits and Americans, but canadians have no real identity of their own because they are too afraid to actually do SOMETHING for themselves. This is why you place a maple leaf on McDonald’s signs. Pure trash. It is easy to ALWAYS sit on the sidelines and do ABSOLUTELY NOTHING to better your country or your fellow allies and then later point the finger when the job is done and present bullshit rhetoric with ridiculous conspiracy theories. canadians are substantially less educated than Brits and Americans: THAT IS A KNNOWN FACT. This is why you’re always trying to PROVE you are smarter or wealthier or healthier, none of which is true in the least. This is why neither of our countries rarely, if ever, acknowledges your existence.

When the Americans were attacked on September 11, the canadians were nowhere to be found, other than in the bushes jerking off to photos of the US. Twats you are, I say! your country is at a breaking point and you do not even know it because you are too stupid to get over your short-lived minimal prosperity. Your debt loads and government will not serve you well as you are a commodity-based economy. How dumb is that? This means the globe wants nothing more to do with you other than to take your resources – and they will. I hope to hell nobody is there to back your pussy asses because you do not deserve it. A real economy is based on consumption, production, and innovation, none of which canada has.

You want it both ways from your politics to your economy to world events. History has proven any country that rides the fence in ALL matters, just like canada, will be consumed itself or fail in misery. You were screaming to capture and kill Osama in the name of justice, yet you were against any kind of military action. Military action commenced and you cried like little school girls, forgetting the 3000 lives that were taken from a sick human being. Osama was killed and you cry it is all a farce and and this simply isn’t good enough. canadians are never happy with any good information. Instead, you CHOOSE to put your stupid heads in the sand and ignore facts.

You call flag waving a scary thing. Well, canada is the biggest flag waving piece of shit country known to man. You cannot even put on a jump suit without slapping a canadian flag on it. You’re pathetic people with no identities who wish you were ANYONE but canadian. Your sick and perverted obsessions with the US and UK prove it.

#174 S.B. on 05.02.11 at 9:07 pm

#26 Dusko Jocic on 05.02.11 at 12:13 am

Great post, I know a few malls seen in the video. Not so sure about peak oil but certainly pricey oil is here.

Did you notice how all the successfull malls – yorkville, Square One, Eaton Centre, Fairview, Markville, Upper Canada, etc. are filled with identical store chains! All are dependent upon the same supply chains, oil, and of course consumers’ credit cards.

Cut off any one of these links and they will wither. The comeback of smaller independent stores again? What if a war for example cut off Wal-mart’s China supply chains or shipping routes. Their stores would be empty within few days.

#175 renters rule on 05.02.11 at 9:11 pm

hmmmm, maybe the Canadian guy ran over his cat and stole his boyfriend?

#176 rental monkey on 05.02.11 at 9:26 pm

At 173 ~UK calling~

Who let this nutbar loose on this blog? FYI when airspace was shut down on 9/11 the good people of Newfoundland opened up their runways and HOMES to many stranded passengers in those frightening few days. Many of which were American passengers.

The negativity that you are spewing makes me think you are a bitter, lonely soul that probably bought a house in the last two years and probably hasn’t been laid in way more than that.
Take your toxic energy and rantings and beat it.

#177 UK calling = wanker on 05.02.11 at 10:11 pm

ooohh what a tough-talking guy you are.

“not winning”, dude.

asshat

#178 Yeah Right on 05.03.11 at 2:02 am

Timing is Everything on 05.02.11 at 11:07 am
#77 Timing is Everything on 05.02.11 at 10:19 am

#64 SMOKING MAN

Agreed…Of course. Yes, they really that gullible.

I should clarify….I agree Bin Laden has been dead for quite awhile. Full stop.

—————-

And how is determined to be true.
“Well, someone said so”

Is that someone telling the truth?

.

#179 CrowdedElevatorFartz on 05.03.11 at 2:46 pm

@UK “rhymes with Gay”
Yup.
YOUR AN IDIOT
bwahahahahahahahahahaahahah