Carnivorous

If Mark Carney had hailed a cab after his speech Wednesday afternoon, a few hours before the riots, and asked where he could buy a dime bag, he’d be half way there. After all, it’s just a 15 minute ride out from the iconic Convention Centre building along East Hastings, past the hookers, the sad sea of humanity milling in front of the ancient Carnegie Library, the perforated bodies splayed on the sidewalk and the alleyways, the pushers, the pimps, through a downscale Chinatown and into a working-class hood crouching near the flyway to the Second Narrows bridge.

There the erudite central banker could have climbed out and stared at a small example of what he has done to a city – render it utterly unaffordable.

The house above, at 2556 Trinity Street, frame covered with a coat of stucco, was built 60 years ago. It has two tiny bedrooms, one bath, contains just 940 square feet and is butt-ugly. It was listed in March and sold in two days to a realtor who paid $773,000. Now it’s back on the market, this time aimed at Asian buyers – at the ‘lucky’ price of $888,000.

That’s an increase of 15% in 75 days, and multiple offers are expected. Says blog dog Doug: “It’s one thing for Joe Public to be speculating on real estate, but when realtors are effectively buying and selling to each other pocketing the commissions or cutting them out completely while inflating the price adds another level to the pyramid and one more ball in the air.”

So what does this cheeky flip have to do with Brother Carney?

Well, I guess the same as the 25.7% annual increase in Vancouver prices over the last year, taking the average property (including condos and crack shacks) to $832,000. Single family detached homes average more than $1 million. In fact, according to Coldwell Banker this week, the average two-bathroom, four-bedroom house in Van – the kind you can’t get rid of in Mississauga – now sells for $1.546 million.

Speaking of the godless GTA, prices there are up 9% in a year when inflation was 2%, and the average SFH in 416 is now valued at just under $800,000. Actually, according to Carney himself (in his big speech yesterday), house prices across Canada have catapulted ahead more than 30% since the financial crisis of just over two years ago.

During that time household incomes have flatlined, unemployment’s stayed mired north of 7%, family debt has hit an all-time high, savings have gone to zero and mortgage debt has bloated.

We all know why. Carney brought the crack. Canadians got stoned.

After all, the inflation rate currently is 3.3% and you can get a variable-rate mortgage for less than three. That makes it free money. Small rodents now qualify for financing on some bungalows. Not only this, but zero-down lending is more readily available than a $50 trick, while every major Canadian bank will loan hundreds of thousands of dollars to people with no savings.

What Carney told us following the financial panic were emergency interest rates are still in effect, feeding the biggest housing bubble in Canadian history. They’ve allowed naive and inexperienced first-time buyers to jump into bidding wars, throwing around wads of monopoly money, knowing they can get at least 95% financing. Virtually free money has fuelled not only greed and speculation, but also engendered a sense of housing entitlement. Suddenly property virgins expect granite, SS and a nicer first house than their parents secured after decades of moving up.

Worse, it’s the price thing. Escalating values and swampy incomes have resulted in this mountain of debt which Mark Carney knows will have to be repaid (or defaulted on) at far higher interest costs. Ironically, when rates go up, prices will go down. Equity will flit away, putting a lot of those buyers under water. People will feel less wealthy as houses lose altitude, likely cutting back spending, and squeezing the economy.

Is this how you expect the Bank of Canada to manage things?

Hmmm. It’s now widely believed that when America’s central banker did the same thing after Nine Eleven (Alan Greenspan), dropping rates enough to fuel a housing explosion, he gassed a bubble so big its bursting blew up the middle class. Does Carney know this?

Of course. He even said yesterday some house prices are now “extreme.” But he left something out. Action.
It’s hard to see what master is served when average people can no longer afford average houses. When, with resentment and hostility, the locals watch helplessly as neighbourhoods are consumed by wealthy foreigners. When dumb kids are seduced into homes they don’t deserve and debt they don’t understand. And when we’re all played – set up for the inevitable and painful trip back.

Monetary policy. Stones not included.

Ironically, riotous citizens just did to Vancouver real estate what their banker dares not. It made for great TV in China.

 

316 comments ↓

#1 Charlie Sheen on 06.15.11 at 9:38 pm

fiiiiiiiiiiiiiiiiiiirrrrrrrrrrrrrrrrrst winner

#2 Mark Carney Is a Joke on 06.15.11 at 9:46 pm

Hi Mark Carney I am telling you to your face I will borrow borrow borrow until I go bankrupt. That’s if you rise interest rates or force people to pay back their mortgages or LOC. If housing goes up then I will pay off my debts with money I did not earn. Thanks Mark Carney for the free lunch. You are POWERLESS and USELESS and all your TALK is laughed at by EVERYONE. Keep TALKING Mark Carney cause I will keep borrowing money that I will never pay back. Hey Mark Carney I can LAUGH in your face and you will do nothing about it. Mark Carney Is a Joke

#3 bsallergy on 06.15.11 at 9:48 pm

Tis a pity canadian’s bought into the fairy and unicorns dream wrought by our selfservative government in search of a majority. Little do they realize we are collectively on the hook for all the 0 down and other forms of all in mortgages our banks have written. If we are smart we will repudiate CMHC’s obligations a la iceland. . . . but no the dream of wealth through mortgage debt, granite and stainless will die too hard. We’ll have at least one more selfservative majority where they will borrow and spend us into oblivion. Carney keeps warning about this and that, if we were serious about his warnings he would simply raise rates. Another tool of his former masters at goldinsacks.

#4 mooncake on 06.15.11 at 9:50 pm

Real estate is just like Vancouver Canucks,
It all ends in misery.
Go Leafs Go!!

#5 smartalox on 06.15.11 at 9:50 pm

Tonight will mark the first of many bubbles in Vancouver. As soon as they realise they overpaid for their goalie, they’ll start wondering what else they’ve paid too much for.

Time.to sell the house to pay for those pricey playoff tickets.

#6 kenken on 06.15.11 at 9:52 pm

Mark is only starting the “it’s not me, it’s them” game.
He is coming out saying his mandate is ONLY inflation and the existing housing bubble and impeding burst is not his fault!
well done Mark…
and what is Flaherty doing in the meantime!!….nothing!
they have been riding their luck with housing contributing to higher GDP and growth while all other economies are not growing so much!
… the poor guys!! they will go down in history as the guys who ruined the Canadian middle class
it`s the US 2005-2010 all over again…and this time, it`s live at home!

#7 Mark Carney Is a Joke on 06.15.11 at 9:53 pm

OH NO…..Mark Carney said some house prices are now “extreme.” . OH NO big Mark is talking what will big Mark Carney do? What’s that Mark??? Oh No I made Mark Carney mad what will he do??? Oh No Mark Carney is going to TALK some more. OH NO!!!!!!!!!!

#8 Sid on 06.15.11 at 9:54 pm

seems like the notion of cash flow and cap rates does not exist in Vancouver.

#9 Jim on 06.15.11 at 9:54 pm

Vancouver is driven by Asian newly minted millionaire corrupt mid level government officials from the provinces of the PRC.
Vancouver is officially now a money laundering Meca for cash stolen from China. We are epic losers.

#10 Hoof - Hearted on 06.15.11 at 9:57 pm

Let’s call a spade a spade…

Mark Carney is simply a Goldman Sachs incubi/ hit man

He is simply a puppet put in place to deflect attention, and who is simply a spent condom.

Now his quantitative easing is the vaseline of propoganda, like Alfred E. Neumans ” What Me Worry”?

He has served his shadow masters.

F*ck em and the whores he rode in on,….

#11 Jon B on 06.15.11 at 9:58 pm

I think the Cons and the BoC are going to unveil some action plan that will delay the inevitable. I believe it will be a surprise and difficult to predict by the “experts”. They know this puppy is going down in flames (just like the Canucks), but will find a way to delay delay delay. Of course by sustaining the consumers addiction to cheap and easy credit, the resulting correction is going to be massive.

#12 pipo on 06.15.11 at 10:01 pm

Can we do something to dismiss that governor who is not doing its job? Who does he work for, certainly not canadians..

#13 TS on 06.15.11 at 10:01 pm

I have a feeling H and C are making F work on the problem. A press release from yesterday.
Could get interesting…..

Reinforce the stability of Canada’s housing finance system

•Strengthening the Government’s oversight of the mortgage insurance industry.

http://www.fin.gc.ca/n11/11-047-eng.asp

#14 len on 06.15.11 at 10:04 pm

Carney is a subsidiary of the Federal Reserve; all the world central bankers are thanks to the reserve currency status of the US dollar. He makes policy in this context. He is in a box: by raising interest rates, he will lift the loonie and kill whatever manufacturing we still have going but people are stuffing themselves with cheap credit – hence the credit bubble fuelled orgy

The housing bubble will not be addressed through monetary policy – if it were that easy, he would have raised interest rates long ago. Moderating the housing bubble is a political decision that could be accomplished with the levers of CMHC and lending rules. Carney has no tools at his disposal that would not tank the general economy.

With the wheels coming off the Chinese “miracle”, things will resolve themselves soon enough.

#15 ken on 06.15.11 at 10:05 pm

Great analysis,you could not be more accurate.I fail to understand what this governor is thinking.Could low interest rates be a great advantage to the banking system? The BOC is supposed to be independent from banks and above all the federal government.Why would anyone allow a bubble to materialize for such a long period of time ? Something to think about.

#16 1milcrackshacks on 06.15.11 at 10:07 pm

Just like the vancouver cansux the real estate is going down ROFL

#17 Average_Joe on 06.15.11 at 10:11 pm

Thanks Garth for the bog. I am a regular reader and value your opinions. I believe that there will be a lot of financial uncertainty in coming months (and years). I am giving up my IT Consulting business for less lucrative but stable job at a Bank’s IT Department . My wife thinks I am over reacting. But I get really worried when I think about what is happening around the world. Please continue to give us tips on how to survive the coming financial meltdown.

#18 marcus aurelius on 06.15.11 at 10:15 pm

AS OF 10 MINUTES AGO, VANCOUVER AND TORONTO ARE NOW EXACTLY THE SAME:

(1) EACH HASN’T WON A STANLEY CUP IN OVER 40 YEARS; AND

(2) EACH ARE GOING TO HAVE A LOT OF FOLKS WHO OVERPAID HANDSOMELY FOR A CRACK-SHACK, BY THE END OF NEXT YEAR.

PS – Zillow advises that a new suburban minimansion in Boston can be had for about $500K (Canadian Dollars) AND you get to brag about being from a championship city!

#19 unbalanced on 06.15.11 at 10:16 pm

Vancouver will CHOKE just like the Canucks and the SEDIN sisters!!!

#20 obert on 06.15.11 at 10:18 pm

CMHC not even mentioned – a taboo.

#21 LJ on 06.15.11 at 10:21 pm

The question to ask is what event, exactly, will cause a turn in sentiment? Might be tonights hockey game…

Something will happen out of the blue and Garth may be wrong on his long slow decline call and we shall see a “short, sharp shock.” The plunge will rattle the entire housing/building industry in this country and the BoC/CMHC (government) will end up owning all the mortgages, just as the Fed is basically in control now down in the States.

Don’t count out C or F quite yet, they might just surprise us.

Either that, or we see a real “blow off top” to this insanity.

#22 Maxamillion on 06.15.11 at 10:22 pm

It’s official everything in Vancouver sucks and you too Mark Carney.

#23 Peter Pan on 06.15.11 at 10:29 pm

Credit is cheap, but Mark Carney’s talk is cheaper.

Debt-heads don’t care about words… they’ve been warned and have still racked up $1.5 trillion in revolving debt.

Time to take action and jack up BOC rates. Anything else is just hot air.

#24 Larry on 06.15.11 at 10:30 pm

If the HAM was the reason for the RE bubble in Vancouver, then how will raising mortgage rate helps deflate it?

#25 vyw on 06.15.11 at 10:30 pm

There’s two markets in Vancouver. The average prices quoted are just that averages and the higher prices homes are boosting the numbers. SFH’s didn’t increase by 25.7%, the realtylink index is up only 10% YOY and only a few areas are in double digits YOY: Richmond, West Van, Vancouver West-side and Burnaby. Port Moody actually lost ground YOY. Prices are up significantly though from the lows of 2009 – around 40% in some areas (meaning a correction now of 30% in prices only brings us back to the lows of 2009).

But I am reminded of Greenspan’s comment about irrational exuberance – made in 1996 – the Nasdaq paused for a few days and continued to climb (from 2000 to 5000+) until 2000 when the bubble burst.

There was a comment from Gandalf a few days ago about shorting the market too early. With high demand, lack of sales and now a BoC apparently unable to raise rates til 2012, the high demand areas in Vancouver will just continue to climb. Sellers are on the sidelines watching homes sell at record prices but also fearing that they will be priced out if they sell. And they will not be interested in selling for less that the Jones.

Baring another Lehman, the low supply of SFH and high demand in choice Vancouver areas could mean another leg up – of 30+% – before it corrects.

#26 Willy H on 06.15.11 at 10:30 pm

Speaking of the godless GTA, prices there are up 9% in a year when inflation was 2%, …

After all, the inflation rate currently is 3.3% and you can get a variable-rate mortgage for less than three.
___ ___ ___ ___

Garth, I completely agree with your take on the Bank of Canada’s and the Fed’s role in this mess. However, I get a laugh when we actually take the inflation rates these same rogues churn out as gospel.

Real inflation, the way we used to calculate it is likely 30-50% higher than what is reported. Gas and food prices alone this spring have eaten up my 2% GST savings and my piddly 2.5% salary increase, and then some.

I have no faith in these inflation numbers, they are not much more than central banker propaganda misleading the public into believing their jihad against inflation is working, when it likely isn’t.

My financial adviser loves these inflation numbers, they ensure the bar is set fairly low in terms on what return he needs to supposedly beat inflation with my investment dollars.

My employer uses the very same numbers to ensure my salary increases barely keep pace with “reported” inflation, in reality my salary adjusted for real inflation shrinks year over year.

I can see right through this farce.

#27 SMOKING MAN on 06.15.11 at 10:36 pm

First off thanks Gartho for censoring my last comment I would have lost all my allies with that laser focused truth.. And it is true, what I forgot to say was I paid for it. 1000 over ten years is not a stretch, I have a problem. God they are cute. Hookers and crack well we won’t go there. Got the message…….Thanks know the boundres

But lets go to Carney, what can this guy do, spike rates when my Greek bros are saying f the bankers, default it. We are not going to become debt slaves. We will blow the EU and start printing our own labor credits

Carneys nuts are in a knot, spike the rates and kill mfg in Ont and Que. As the bubble heads cry.

Real estate is gold do you really think that Harpo does not have a tentacle in the BOC. Man is on a quest, as he bows to his Zio masters. O I can’t talk about that.

Kids the mob, the herd or how ever u spell it know that Carnage can’t move on rates, with the TSE going in the john( as I stated a few weeks ago(Batman head) Real Estate is gold.

Too drunk to type night night all

#28 Sgt Bilko on 06.15.11 at 10:37 pm

The Canucks managed to pop the first bubble….the rest should start to fall in line from here.

#29 roy stacey on 06.15.11 at 10:39 pm

Let’s assume the US decides to get REAL and raise interest rates to the 4% they should be. How long before our Canadian neighbors realize they’ve just taken it up their poop-chute…….free trade and all that crap.

Carney will HAVE to raise interest rates, as the hot money will flow into the country offering the better rates of return. Remember, we have had 4 years to get the house- porn out of our systems, and recent price declines say we have mostly done that. We are de-leverging and it has sucked, big time.

Don’t look quite yet, but you may be forced to follow the big brother….sorry about that!!!

HAM and eggs anybody???

#30 45north on 06.15.11 at 10:40 pm

Garth talking about low interest rates They’ve allowed naive and inexperienced first-time buyers to jump into bidding wars, throwing around wads of monopoly money, knowing they can get at least 95% financing.

contrast this to the US where More than four in every five mortgages now require a down payment of 20 percent, and credit history standards have tightened.

http://www.cnbc.com/id/43395857

I sense an imbalance, like a super-saturated salt solution

one obvious trigger is affordability, as prices rise, fewer people can pay for them. How high can it go?

#31 SMOKING MAN on 06.15.11 at 10:41 pm

.#17 Average_Joe on 06.15.11 at 10:11 pm

Man u are a losser u gave up f-ing the Govt as a contractor to become an emp with your tax taken off your check. Before u get coin.

You need a weekend with me.

Da

#32 Tim on 06.15.11 at 10:41 pm

The impotent banker just wags his finger and does absolutely nothing to remedy the housing bubble. Meanwhile he collects his taxpeyer-funded salary. It must be great to be so smooth… Rates will be low for a long time

#33 GTAInsider on 06.15.11 at 10:43 pm

Yeah…new sites north of GTA are all sold out…thanks to cheap $$$..these newbies are paying $ 30,000 – $ 40,000 down to finance a $ 450,000 home hoping price will go up forever …thanks mark !

#34 Tim on 06.15.11 at 10:45 pm

The wealthy foreigners are ruining our neighborhoods and communities. Our spineless government is doing nothing to protect Canadians from being disenfranchised by wealthy immigrant speculators many of whom don’t contribute to the tax base and do nothing for the community. To make matters worse, many who have citizenship voted for Harper!

#35 robert james on 06.15.11 at 10:49 pm

There are riots in downtown Vancouver after the Vancouver Fruitcakes lost to the Bruins… You show the world,, Vancouver,, what a world class city you are .. Azzholes!!!!

#36 Mr. Reality on 06.15.11 at 10:50 pm

See why I get so excited over shorting Garth? The end result after this mess bottoms out will be epic.

I think a slow deflation is really out of the picture with all this debt piling up. If there is ever a QE3 it won’t fix a thing. Hmmm what will that first big shoe drop be?

Mr. R.

#37 Basil Fawlty on 06.15.11 at 10:52 pm

How smart is a Central Bank Governor that consistently leaves interest rates below the rate of inflation? Is this the driver of the Conservatives “strong on the economy” election campaign blarney? A fire hydrant could run up a successful bubble with these interest rates.
What a joke! I’m sure there are lot of fixed income seniors, living on the lowest interest rates in history, that would like to pass wind in his general direction.

#38 HouseBuster on 06.15.11 at 11:00 pm

Vancouver real estate is now going to plummet!!!

#39 NotAGreaterFool on 06.15.11 at 11:07 pm

Finance Minister Jim Flaherty tabled a budget implementation bill Tuesday he says will formalize his powers to intervene in Canada’s hot housing market to restrain borrowing.

http://webcache.googleusercontent.com/search?q=cache:zEFfrJ7W1EgJ:www.brandonsun.com/national/breaking-news/123822794.html%3Fthx%3Dy+Jim+Flaherty+bill&cd=6&hl=en&ct=clnk&gl=ca&source=www.google.ca

#40 Lisa on 06.15.11 at 11:08 pm

Holy Kool-Aid! Conklin Carney thinks this housing market is “healthy” and “balanced”?? Casually flip about the average price of a SFH in Toronto (market here much cooler and more balanced than Vancouver, don’tcha know). Folks, we are being strung along like a bunch of animals being led to slaughter…they don’t let us see too far ahead so as not to create panic but by the time most figure it out, it’s too late.
Lies and misinformation and you gotta ask yourself why?
Harper and his motley crew are all about two-tier; Rich and poor. First class and second class. Lord and serf.
Buckle up Canada, these people have all the power now and they don’t gotta tell us the truth.

#41 tomohawk on 06.15.11 at 11:10 pm

Hey this cup loss might be a golden opportunity for people to get idiots to torch their homes for free and collect on the insurance.

#42 Fleabitten Monkey on 06.15.11 at 11:10 pm

Cars flipped over and on fire. All I can see is smoke billowing from downtown Vancouver up here from my south granville pad. BEST PLACE ON EARTH??? YOU GOTTA BE HERE? Yeah, right. Vancouver = Losing! Get a grip Vancouver. Nothing to do with real estate I know, but disturbing.

#43 Industrial Guy on 06.15.11 at 11:12 pm

The price for an average four-bedroom, two-bathroom home in Windsor is $144,456 according to a recent report from Coldwell Banker. This is an example of a housing market driven by employment and not speculators or HAM. Families in this town see the writing on the wall and know the good times manufacturing cars and car parts are over. A mass migration out of South Western Ontario is starting. Without real jobs with industrial wages …why would anyone stay. It’s proof that the claim by the Government of Canada that all the jobs lost during the recession have been recovered is politically motivated half truth. The number may be equal, but these minimum wage, part time jobs and the sham of “Self Employment are not the same as a steady pay cheque paying industrial wages. It’s not only killing the housing market. it’s killing Government tax revenues as well.

The City of Windsor has “re-branded” itself as a retirement community. You can live in an abandoned factory …… lots of parking and roll up docks make moving furniture in a breeze,

Some of the more affordable places to relocate according to Coldwell Banker are in the Golden Horseshoe area. Welland, Fort Erie, St. Catherines, London and Brantford are all within the top eight cheapest places in Canada to buy a home. All have suffered staggering job losses over the last three years. The 10% plus “Official” unemployment rate for the region is on the rise … again.

In Brantford, images of abandoned houses are fresh in the memories of long time residents. They remember the collapse of Massey Ferguson and rows of boarded up houses. The Town is still paying out millions of dollars in annual brownfield remediation charges related to the pollution nightmare left on the abandoned Massey properties. The final clean up charges will far exceed any tax revenues generated by Massey over the life of their manufacturing operations in Brantford.

Brantford has “re-branded” itself as a College and University town.
So far, flocks of executive jets filled with HAM have ignored this area.

Lets compare some average house prices…….

VANCOUVER BC $1,546,475
NIAGARA FALLS ON $272,769
HAMILTON ON $244,906
WALKERTON ON $243,271
PORT DOVER ON $240,720
OSHAWA ON $239,457
LASALLE ON $234,683
BRANTFORD ON $226,700
LONDON ON $223,882
ST. CATHARINES ON $220,883
FORT ERIE ON $215,236
WELLAND ON $196,321
WINDSOR ON $144,460

Just cross the Rainbow Bridge to Niagara Falls, New York and a nice “Executive” home will cost you $61,000 … cheapest in the U.S.
Remove the speculators and flippers and markets eventually adjust to income levels.

#44 Boycott on 06.15.11 at 11:15 pm

Flaherty and Carney will do nothing…. Only way is a 2008 kind of credit crisis or first time buyers must boycott until the price crashes.

http://www.facebook.com/pages/Canada-home-buyers-boycott-now/203937936304340

#45 arbroathscotland on 06.15.11 at 11:18 pm

Great one Garth. Hit the nail on the head. One of your best.

Mark is not man enough to do anything.

This is not going to end well.

Canucks pooped the bed.

#46 Mister Obvious on 06.15.11 at 11:19 pm

Mr Carney makes yet another eloquent appeal to the innumerate masses:

“If you kids don’t settle down right now I’m turning this car around and we’re heading straight back to 1982!”

“Yeah right, Dad.”

#47 BPOE - Biggest Pyromaniacs On Earth on 06.15.11 at 11:19 pm

Go Van! Yeah!!! What a Post Game Show!!!

That’s why we sell electric cars here; They won’t burn!

#48 The Other David on 06.15.11 at 11:21 pm

Canucks fans rioting, Vancouver truly is a city of retards.

#49 Jane on 06.15.11 at 11:23 pm

Housing rush fuels debt, leaves many ‘vulnerable’: Carney – June 15 Financial Post headline. Check out the prediction at the end of the article:

“On the topic of housing bubbles though, we think one exists and we expect a major correction in Canada’s housing market of up to 25% over three years,” David Madani, Canada economist with Capital Economics, said in a note.

“If we are correct, then the risks to the economy from negative equity may be greater than ever before, particularly when that growth in debt has been driven by the already most leveraged households.”

If this is to be true for our country as a whole, what is going to happen in Vancouver and Toronto?

#50 charles on 06.15.11 at 11:25 pm

who cares who win the cup….most of the boston bruins are from canada! Go Canada, Go!

#51 Utopia on 06.15.11 at 11:26 pm

#14 Len: Good points regarding interest rates. We are boxed in and everyone knows it. Management of credit granting that can be specifically targeted at mortgage lending falls under the jurisdiction of the Minister of Finance and is a policy issue for the Government to determine. We do of course need higher interest rates but the hazards of running ahead of the US and Europe are just too high at this time.
——————————————————

#13 TS wrote…..

A press release from yesterday. Could get interesting…..
“Reinforce the stability of Canada’s housing finance system
•Strengthening the Government’s oversight of the mortgage insurance industry.

I will suggest that is code for bringing the CMHC under the watchful eye of the Superintendent of Financial Institutions or another governing body specifically charged with the oversight of the that organization.
———————————————————————-

If I had one single complaint against the Mark Carney speech today it is this…He made it on the same day of the Stanley Cup Finals in the most bubbly of cities in Canada, thus assuring he would be a page two story instead of the days top news. I don’t know what he was thinking but his staff blew it when they set the date for his speech. Vancouver’s loss tonight blew him right off the days cover.

#52 Freedom 85 on 06.15.11 at 11:29 pm

Garth,
All this talk of hookers and Hastings and not even a reference to our Canucks. Great season and great group of guys. Great learning experience and I can’t wait until next year. Go Canucks!!!! Win or lose, my heroes!

#53 Bast on 06.15.11 at 11:37 pm

#10 – Hoof-hearted

That’s incubus, not incubi, as Carney is but one man, contrary to popular myth. GS is full of incubi. Isn’t Latin fun?

#54 Nostradamus Le Mad Vlad on 06.15.11 at 11:37 pm


“Carnivorous, or defaulted this mountain of debt on what he has done to a city – render it utterly unaffordable. Canadians got stoned. Stones not included.” — The Rolling Stones are quite wealthy, and we’re not so I guess that’s why they’re not included!

However, all universes are unfolding as they should. As such, all is in order — Organized Chaos, or Order Out Of Chaos.
*
#10 Hoof – Hearted and #14 len — “Carney is a subsidiary of the Federal Reserve . . .” — Both great posts — spot on.
*
Hypothetical terror attack/s in Germany on June 26, which goes with 3:25 clip Possible nuke attack on Berlin June 26 (date today is Sat., June 11).

Housing One and Housing Two. Shouldn’t be happening but it is. C-H-F really do know what they are doing, which is taking us to the cleaners.

Fukushima Apocalypse Now?

HI and / or GD It’s happened before, will happen again and generally leads to world wars. Russia and China, plus other nations getting antsy at the US. The Decline of the American Empire Just as previous Brit. PM’s watched the US rise, now David Cameron and others watch the reverse; Part Time work doesn’t pay the mortgage and bills. Then there’s food on top of that; China just bought Idaho. Anyone notice? Further to Idaho. China inflation. Putin One and Putin Two. Political claptrap? Not with a mini ice age on the way!

No-fly zone in US. Is this the reason? Global Cataclysms Not conspiracy stuff anymore! Mini Ice Age in a decade. That’s when hell freezes over! Also here. Crimes Against Humanity You probably won’t believe the latest two.

Soros and Agenda 21(st Century) What it is. Whether it will work or not is another matter. Obama Possible reason for a one-term prez.; handing state secrets over to Russia, and 3:38 clip Kissinger endorsing someone for the WH? Fake Revolutions They’re all fake. That’s why people are as mad as hell and are standing up against tyrannical dictators.

Syria and WW3 Possible; 15 min. clip Bubonic plague false flag coming shortly?

#55 nonplused on 06.15.11 at 11:37 pm

Chill hockey fans. Games that big are rigged by the online betting companies. No Canadian team has won since 1993, even with the salary caps, and no Canadian team ever will again. We have 6 of the what, 28? teams and none have won since 1993. If we assume the teams are somewhat close to parity, we should see a Canadian team win roughly every 5 years. It’s been close to 20. The odds of that happening in nature I am not sure how to calculate but it might be something like 1/5 ^ 4 or 1 in 600. Surely we aren’t that bad of hockey players. So I say someone is rigging the games, and they aren’t even embarrassed about it.

The fact is that no Canadian team has ever won a title in a league the Americans consider their own. So after the expansion of the NHL in the states and the loss of the Jets and the second team in Quebec, no more Stanley cups.

If you are a betting man remember that the Blue Jays will never even play in the “World Series”. The Raptors will be lucky to ever make the playoffs. It will never happen because professional sports is rigged. There is too much money on the line for it to be otherwise. You may as well watch WWE. (Which is also rigged if you were wondering, besides being all around faked.) Even Ultimate Fighting is likely rigged.

The 2 most likely entities to rig hockey are, the online betting companies of course, but also the NHL itself. If Vancouver had won the cup, how much are revenues really going up? Not much, that market is nearly fully exploited. Just having made it to the cup will keep the stands full for the next 10 years as it has in Calgary and Edmonton. But even Steven Harper had no trouble getting tickets in Boston, whereas he had to watch the last game in Vancouver on TV. So revenue could be improved in Boston. But worse yet, what would happen to US ticket sales all over the US if a Canadian team won? Well, the NHL has experience with that from the 80’s and early 90’s. You can’t sell a game to the American audience that the Americans aren’t winning, so it hasn’t happened since. Even Gretzky got sold south.

(PS the stock markets are rigged too, and the SEC is just a cover organization. Ever wonder how the SEC and the Accounting world missed Enron, WorldCom, and BreX, and now Sino Forest? Well, wonder no more. But GS probably made a bundle shorting them at just the right moment, even while their loans went bad. The regulators are all “captured”.)

#56 Bolo on 06.15.11 at 11:41 pm

In other news, the Vancouver housing market just sunk…along with the Canucks’ hopes of winning the cup.

#57 nonplused on 06.15.11 at 11:42 pm

PS but back to real estate, Garth, have you heard about this new Affordable Homes Calgary (a subsidiary of the city of Calgary) scam? It’s all over the radio. If you make between $50,000 and $80,000 per year, the city will give you your down payment on a condo. Those are my tax dollars! And I didn’t think people earning $80,000 a year needed government help! And of course, earning slightly more than $80,000 a year, I do not qualify for the assistance I am paying for.

#58 mikett on 06.15.11 at 11:44 pm

Vancouver has leaky luongos?

#59 poco on 06.15.11 at 11:50 pm

from Carneys’ speech today

Nationally, our house prices have risen 31 per cent from their trough in early 2009, to stand 13 per cent above their pre-crisis peak . Here in Vancouver, the recovery has been even stronger, with prices up 55 per cent from their trough to a level 29 per cent above the prior peak. The rebound in housing market transactions and new construction, both locally and nationally, has been similarly robust.

remember not all areas had that big increase from the trough–tri cities and areas east,along with areas in the Fraser Valley increased in the spring of 2009 for about a year and now have been on a downward trend(since the spring of 2010)
______________________________________________

“It’s one thing for Joe Public to be speculating on real estate, but when realtors are effectively buying and selling to each other pocketing the commissions or cutting them out completely while inflating the price adds another level to the pyramid and one more ball in the air.”
______________________________________________
how about this one–watched a condo in Coquitlam listed for 159K–no action –several price drops down to 133k–sat for 2 months and finally sold for 115k–selling realtor sold to another realtor within the same office–within about 2 weeks relisted at 138k—renos–don’t know –just seems a little odd to me

but it does work the other way also–have found some of those highrise condos bought by the speculating realtors who now can’t get rid them

once more of you do more research you’ll come to the same conclusion as Carney–Canada overall, is not in a bubble any longer, only certain areas

#60 reality guy on 06.15.11 at 11:53 pm

Best Riot On Earth

Hey BPOE Best place to live: Absolutely Bullshit!!!

Riot riot riot riot.

Just Like Loungo, Overprice by at least 60%. Only Vancouver would pay him 10 million. BTW how much does Thomas make 2.5 Million?

#61 Micawber on 06.15.11 at 11:55 pm

Do you think HAM is afraid of hockey riots?

#62 Freedom 85 on 06.15.11 at 11:55 pm

Garth,
What’s this?? Discussion of hookers and Hastings, houses and high prices, but no talk of HOCKEY!!!! My Canucks lost tonight. No excuses, simply a frustrating loss and hopes of a province and country(?) dashed again. A sport that supposed to be Canada’s game and we hang our hopes on a couple of Swedish twins (Sedins)and an American(Kesler). Anyways, no excuses and no sour grapes because I still love ’em. Overall, an awesome year and while hockey takes a backseat for a few months, I look forward to next year because these guys will learn a lot from losing. Next year will be a great year again. They’ll be back and will be a force next season.
Good Job my dear Canucks and congrats to the Bruins! I look forward to next year all over again as house prices begin and continue their descent!!

#63 JohnnyBGood on 06.15.11 at 11:58 pm

Ruminations on the future (?)…

Hefty hardcovers will be published. Sad ballads will be composed. Open line radio will be overrun with the irate. Maclean’s will run a multi-issue, historical introspective with really big photos and fold-outs. Forensic documentaries by Bob McKeown will be aired. Boomers will be balling on The Hill. Youtube videos. Conan will make another trek to Canada––to give depressed Americans some comedy relief. Commissions will be commissioned. Official post-mortems will be conducted. CMHC will be reviled, and maybe expunged. Harper will be hated. Carney will take refuge inside Fortress Goldman Sachs. The CBC will blame America. Or China. Or anything that is not Canadian, just please don’t cut our funding.

And people around the globe will shake their heads and wonder how in the world, with so much precedence to draw from, could those crazy Canadians be so F#c](ing STUPID.

#64 smartalox on 06.16.11 at 12:02 am

Overheard Thursday morning in Vancouver:

“We paid HOW MUCH for that goalie?”

“We paid HOW MUCH for those tickets?”

“We’re paying HOW MUCH to live here?”

Pop. Pop. Pop.

#65 debtified on 06.16.11 at 12:04 am

Garth, could you please help find a way to effectively communicate to our policy makers that the cure to too much debt and too much risk taking that caused the 2008/2009 problem is NOT even more easy borrowing that encourages even more risk taking?

Even I am now tempted to take up my credit card company on its 1.9% interest rate for six months offer and use the borrowed money to short some Chinese related publicly traded companies. You know, one time not too long ago, I thought I was sane.

Mr. Carney, you have… never mind. It’s hopeless.

*sigh*

As an immigrant, Canada has been good to me. It pains me to see my fellow immigrants, friends and family alike, getting addicted to this debt drug. Some have already started to suffer but the easy money is too powerful for the others that any lessons there are to be learned are simply lost in the high of the moment.

There’s this girl I like who is thinking of buying a house in Calgary despite being barely able to afford the condo she lives in now. She says she’d be happy to just rent it out at cost (it’s a great investment!). Just a month ago she admitted that she doesn’t have enough savings to survive more than a month of no income. We’re both sure that all the banks will be more than happy to lend her the money. She has a lot of great qualities. Too bad she somehow got to drink the proverbial kool aid.

My little black book will have one less entry.

#17 Average_Joe on 06.15.11 at 10:11 pm

I used to be on the same boat as you. In July 2008 I sensed trouble so I took a job offer (that I ignored for months; good thing the headhunter was persistent – flew me to Ft.Mc. twice to convince me that 1. the job is great and 2. that Ft.Mc. is not a bad town to live in). I am happy about my decision on all counts.

#66 Medic on 06.16.11 at 12:10 am

Right now, I am watching Vancouverites beating the shit out of each other. Not the Brightest People on Earth.

#67 garrulous squirrel on 06.16.11 at 12:12 am

Garth, you have to know that when even the BOC governor is talking about Asian money skewing up prices that he doesn’t have any way out of the blistering conundrum that Flaherty has painted us into.

The emergency rates thing is a red herring…c’mon…..the economy is growing at the same rate is always has……3% more or less………Canadian GDP expanded at 2-3% when rates were 14% and there was a surplus budget. This blame game about a recession is obfuscation and misdirection par excellance.

We have had the phony zirp in place so that the Cons could pander the population with goodies and ‘wealth’ while Harper carved out his majority. The zirp has nothing to do with emergency conditions. You have to be pretty numb to believe that.

I’d wager that the Cons knew all along what would happen if the minority parliamentary musical chairs number lasted as long as it did that the debt and deficit would expand beyond recognition. Political greed made the Cons keep the farce going though…..damn the torpedo’s…….all for the majority.

The population is spent……………….the credit debt, mortgage debt, personal debt, seniors debt is unpayable….unsustainable. The fact that folks are trying to maintain the facade of ‘a nice home and two cars’ while eating kibbles because the debt consolidation has taken their paycheques away is already being priced into the next election. I’ll bet Taliban Jack smells blood.

#68 Cato on 06.16.11 at 12:12 am

Carney was well trained by Goldman Sachs but there was plenty of political pressure from all the political parties to loosen the monetary taps and step into this trap.

Humans are debt junkies, its in our nature – when banks start handing out free money there will be no end of takers. This is a lending failure by the banks. Now the powers that be feel private losses should become public losses. Greece is proving otherwise. If they can’t subjugate a country like Greece good luck with Spain.

That leaves plan B, collapse the Euro and follow the US into monetized deficit spending. Kick the can down the road one more term and let someone else deal with the mess. Guess where gold is going from here.

Austerity tends to expose civilizations thin veneer. A bunch of twenty-somethings in dead end jobs with no prospects surrounded by foreign wealth rioting – greece is coming to a vancouver near you.

#69 Nick on 06.16.11 at 12:15 am

The Toronto Star should grow a pair and run Garth’s columns.

#70 T.O. Bubble Boy on 06.16.11 at 12:18 am

Those numbers make it quite clear that we’re at the “mania” stage of the bubble.

Tulips anyone?

#71 TheFirstRick on 06.16.11 at 12:20 am

Post game riots, I finally agree with the Realturds®, Vancouver is on fire!!!!!!

#72 Soper Eats Babies on 06.16.11 at 12:21 am

Mark Carney comes to town with a very special message for Vancouverites and the whole place goes up in smoke. A sign of things to come, perhaps? Couldn’t happen to a more arrogant city.

Vancouver = Worst Place on Earth. You’ve earned it.

#73 Chris on 06.16.11 at 12:25 am

Hey BPOE:

Best hockey team on earth huh, the Vancouver Canucks are? Just like the lower main land is the best place on earth to live…

Buncho luo-zas. Luo-luo-lemons. Deja luos. Watching the Vancouver Canucks get their asses handed to them never gets old. Just like watching the lower mainlanders get their asses handed to them by the bursting of yet another economic bubble nevers gets old.

One last thought for you BPOE. Gotcha bitchez!

#74 Bill Grable on 06.16.11 at 12:25 am

Vancouver has disgraced itself – with the pathetic display of subhuman behavior after losing to a far better team. Now the same cretins are going to find out what real pain is, as they watch their lives go down the drain, after blowing all their money into way over priced, 600 sq foot boxes in crappy condo developments.
Vancouver – shame – shame – and no, I have not watched or supported this ‘sport’ – it brings out lizard brained creeps – looting the Bay, etc. is just disgusting.

#75 Calgary boi on 06.16.11 at 12:28 am

Anyone catch the time when Vancouver erupted into chaos? My watch showed 15 past Luongo.

#76 wway on 06.16.11 at 12:30 am

A sad day for the Canucks (they are a great team!!!) – but sadder days for Vancouver ahead. We are currently renters in a late 50’s modest home on the “Cambie Corridor” which has just sold for $2.3 M to an eager H.A.M. gambler. Daily I look out the window and see them parading down the street note pads in hand or in tour buses – they knock on doors with offers prepared (names obtained from Land Titles) – “I give you 1.9M” and so it goes. A father in China buys a house for his young expectant daughter and her husband so their baby can be born here – sad for all the young Canadian families who will never be able to buy a modest home here.

#77 Justsayin on 06.16.11 at 12:47 am

Pipa is single!!!!

#78 Utopia on 06.16.11 at 12:48 am

From the CBC News tonight….

“Riot police fired rubber bullets and flash bombs in downtown Vancouver Wednesday night to try to disperse angry hockey fans who set cars on fire and started fistfights after the Canucks’ 4-0 Stanley Cup final loss to the Boston Bruins”
————————————————————————————–

Does that sound a little like the Greek riots to anyone else?

Batons, riot gear, rubber bullets and even flash bombs. Can the water cannons and armour-plated Humvees be far behind as the riot squads march into the fray to douse the flames of discontent?

If only everyone got so worked up over the fact they live in one of the priciest cities in the world. They might even take some action. Like balancing the check book, getting some credit counseling or dumping the girlfriend who foolishly prefers nesting in deliriously over-rated housing over saving for a rainy day.

Now the rainy day is here. The Canucks lost. Tough break. It is a sign of things to come though. An omen that even the mighty can fall. Maybe Vancouver did recognize that tonight. Maybe they saw that they were not immortal and bullet-proof after all, that there is a soft underbelly and a weakness in the team strategy.

That while they are look winners because their city is in the housing big leagues now, they are still going to be losers in the end as they go head to head with the strongest adversary of all. Pride. The deflation of ego in the age of greed.

Tonight thy name is Boston. Tomorrow, reversion to the mean.

The Canucks may well trade the goalie. The locals might take a hint and fire the local Realtor at the same time. And then turn off the damn TV news that is warping their sensibilities, take a reality check and start thinking for themselves instead of living in a silly fantasy of pixie dust and rose scented bubbles.

Score: Vancouver Zero, Ruins, all.

POP!……………………………………………………..What was that!!!!????

#79 canadarocks69 on 06.16.11 at 1:00 am

and vancouver burns!

#80 Utopia on 06.16.11 at 1:16 am

#182 Nostradamus Le Mad Vlad on 06.15.11 to Utopia……..

“To be fair ‘tho, take into account that said poster is not a male, but a SHEmale, a sexually-starved nymphomaniac, living in central or north Skatch with nary a snowflake or prairie gopher to keep her stimulated”.
———————————————————————————

Well Mad, your post was wholly unwarranted and excessively insulting. It added nothing to what could have been a reasonable discussion. Perhaps you were looking for a date by offering your very weird sexual innuendo. You should take note that I presented a fair argument against another posters ranting comments without attacking them personally as you have done to me tonight. Oddly enough, nobody was even talking to you. As usual.

Herb: Get lost.

#81 BPOE on 06.16.11 at 1:27 am

Proven 100% correct again interest rates never going up
25% returns in a year
Buy a house and 75 days later make a 100 grand
There is no debt in Vancouver all bought with cash or cash on hand
It’s different this time. Get over it. Get buying and GET RICH! All owners are RICH and renters are downtown rioting

#82 Bill Grable on 06.16.11 at 1:31 am

Updater from Vancouver – St. Paul’s Hospital is code orange, locked down. The Cops are about to bring out flash bangs. Transit shut down. Police have warned the people to disperse – the Horse Squad is trying to quell the mob. It is a core of black clad creeps – London Drugs and the Bay, and Liquor stores have been looted. Future shop is now targetted.

This is a total black mark on our City and it is absolutely the worst thing I have ever seen.

We are hearing of stabbings and now Sears is now being trashed.

People are sick in the head. There are reports of sexual crimes.

This is the most disgusting thing I have ever seen.

Society is in trouble, if this is the future.

I have never seen anything like this.

I have friends in the news business putting themselves in danger, and I am terrified for them.

Oh, why? Alcohol is such a wonderful drug, isn’t it?

People are laughing like it is a big party.

I am worried that they will have to pull weapons on this mob.

My wife was trapped in the Downtown, but managed to get home safely.

Crowds are getting larger, they better get this under control fast.

I apologize, Mr. Turner, but, I had to pass this along.

We have a Society that goes bad this fast, does not augur well for our future.

This is one of the worst things I have ever seen in my life.

They have to call in the Army, if this is not is not quelled soon.

I will be up most of the night, because we live in the core.

Our concierges are downstairs and the men in the building are going to head to lobby to back up these folks.

My God – what’s wrong with people?

#83 BPOE on 06.16.11 at 1:33 am

A prayer for all the renters who didn’t take the plunge and buy over the last decade. Listening to fools like Shiller and Foot who have destroyed their future. The future is clear Vancouver is going much much higher as an interest rate CUT looms. You heard it here first.

#84 rsen on 06.16.11 at 1:37 am

I wonder what the ham will think now when they see the city they paid top dollar to get into, riot…

#85 Jody on 06.16.11 at 1:47 am

All this sh** is set up. End the fed. Look at the recent republican debates in the US, Ron Paul was treated like dirt, it’s all set-up, pre-determined. Just wait, Harper will bring in electronic voting machines, the banksters (gangsters), will continue to rule us. We need to open up the currency markets, have competing currencies. We may not have an all out run on the banks but we will be told very soon that we can only take out so much money at a time, except of course if you are part of the police state apparatus, then the world will be your oyster. Watch the corruption skyrocket as the economy continues to crash, and yes, the US is in a depression, I’m so sick of the retards who deny that, real unemployment more than 25%, inflation more than 20%, the majority of homeowners underwater, 70% of homes in Las Vegas in foreclosure, DUH! HELLO! How the hell is that not a depression? Everythings fine! It’s on the up! We’re in a blip! Sheeple, Bahhhh!

#86 smw on 06.16.11 at 1:59 am

Stay classy Vancouver…

#87 Williston Geo on 06.16.11 at 2:05 am

Why are interest rates not going up if inflation is kicking around 3.3%? My understanding was that 2% was the target. It really sucks to be a saver sometimes…..

#88 not asian on 06.16.11 at 2:12 am

I have been watching this rioting/looting for the past 3 hours in Vancouver. I know this behavior is disgraceful, especially being watched worldwide. But what is even more disgraceful is our “police force”. They couldn’t get their s**t together for 2.5 hours. Then finally 20 officers showed up with gas masks, and adjusting their equipment like they didn’t know what to do. In most countries, they would have a presence of a small army and the crowd would be disbursed immediately. This will be the discussion amongst the rest of the world – What kind of mickey mouse operation is the Vancouver Police Department? This proves that in an emergency we are toast.

#89 Alex on 06.16.11 at 2:20 am

Is this the tipping point? The rainiest, coldest spring on record; Mark Carney in town to tell us what idiots we are; real estate prices crumbling from the periphery; the Canucks meekly surrendering to Boston; and the town, once again, in flames.

BPOE my ass.

#90 WesternGrit on 06.16.11 at 2:42 am

Hey Garth. Wonder how the riots will impact Vancouver home prices… Hmmm??? Not sure if people around the world got a good look at the pimple-faced kids a few blocks north of our condo (the same kids who expect nicer homes than their parents) destroying every storefront in sight.

Riots are still raging as I go to sleep tonight. It’s after midnight, and people are still pouring out over the Granville Bridge, trying to get out of the heart of the destruction: Yaletown, Granville Street Mall, the fancy-schmancy designer “label” shops on Robson (yup, the upper-middle class hooligan kids were making sure they got Coach bags and MAC cosmetics for their girls).

It’s amazing what you can make a mob do… Like when they think real estate’s a “great investment” right about now… Ahhh… human nature. We are still prisoners of our most primal instincts… one of those being stupidity.

#91 Vanlosers, BC on 06.16.11 at 2:52 am

Vancouver is the super loser for acting like they did when they lost the Stanley Cup:

Breaking: Vancouver Fans Riot as Canucks Lose Stanley Cup –

“Soon after the Vancouver Canucks lost game 7 of the Stanley Cup hockey series to the Boston Bruins, rioting broke out. As the rioting became more intense”

Seriously, Vancouverites have to RIOT when they lose? Can’t wait to see what happens when their RE prices go down!

Because they choose the low road, Vancouver is re-named, Vanloser, BC.

Shamed to be Canadian.

#92 Thetruth on 06.16.11 at 2:56 am

Just got back from Vancouver… It is different here!

Rioters went nuts because they didnt get what they wanted. After getting rich from owning RE and having no education/job, they wanted the cup! They couldn’t have it so the rich peoples adult kids went on a riot!

Working people went home to sleep because they had to work the next morning. Only people who feel they are ‘priveleged’ participated in these riots. And those are the non-working RE landlord elite’s kids.

This is Vancouver folks. Spread the word. Embarassing.

#93 bill c on 06.16.11 at 3:24 am

You better forget about real estate and worry about the stock market. Its crashing faster than you can say MarcCarney. We are down 1400 pts in a few months and it has even started yet. Sell as fast as you can. This is Recession Part 2 which will be much worse than Part 1.
Oh and if you bought real estate in last 2 years. Your done like dinner.

#94 Robins on 06.16.11 at 3:30 am

One day after Goldman Sachs’ ex-guy spoke in Vancouver, the city burst into riot with yet-to-be confirmed fatalities. WOW!

#95 Ky on 06.16.11 at 4:30 am

I guess this explains all the rioting going on….

#96 Pr on 06.16.11 at 4:47 am

Another Greek MP To Vote Against Bailout So “He Can Safely Walk The Streets”-Zero hedge. This is serious! The information is getting out! The money that bankers made out of tin air AND LEND with a bad intention, will not be pay back. Greek the world is watching you, specially Vancouver!

#97 rental monkey on 06.16.11 at 5:04 am

Well, the pin prick has officially poked Vancouver.

These pathetic ,looting morons have ruined the collective face of eager fans. Most riot for human rights or political gain. But no, theses idiots decided to riot after their team lost to the better team. DISGRACE.

A CHEK 6 reporter and camera man were trapped downtown at about 10:30 last night and said a chinese man visiting from Mainlaind China asked if him and his young son could stay with them for safety. Didn’t think they could get back to where they were staying ( Surrey, I think). HAM might be a thing of the past after this disgusting portrayal of Vancouver.
Hard to hold my head up today as a proud Canadian. Just pathetic. Kudo’s to VPD for doing their best in volatile situation.

#98 gentleInvestor on 06.16.11 at 5:56 am

Riots = Black Swan?

#99 Montrealer on 06.16.11 at 5:57 am

it’s like Carney is trying to tell CMHC to change their rules (higher downpayment, no cashback, shorter amortization), because he wants to keep interest at floor level for a while.

Unless CMHC stops the lending frenzy, it seems it’s not the interest rate that will stop it. We’re in for higher and higher price all year:/

#100 Smokanagan on 06.16.11 at 6:03 am

BPOF – Best Place on Fire tonight. Its not only the rioters who need to grow up in this province.

#101 AG Sage on 06.16.11 at 6:49 am

>#82 Bill Grable on 06.16.11 at 1:31 am
Isn’t this just a repeat of 94? If so, the city should have been ready for this.

#102 pbrasseur on 06.16.11 at 7:05 am

That Carney guy, you are right Garth, he’s all talk but zero action, what a joke, what a shame!!!

Worse than Greenspan in fact, because after seeing the real estate meltdown in the US he should know better.

As for F. he’s also irresponsible, but then what else do you expect from politicians? When do they make difficult decisions except when forced by a crisis? Likely comming soon anyways…

#103 David B on 06.16.11 at 7:06 am

All will soon be forgotten when the next sales numbers are posted with even prices! So get out there and buy and make a bundle y’all! We have a stable government and interest could go down not up as we can now spend even more $billions on the Winds of War for years to come.

#104 fancy_pants on 06.16.11 at 7:13 am

Housing rebound, including Vancouver’s, has helped fuel economic recovery, claims Mr. Carnage.

http://www.vancouversun.com/business/Overheated+housing+market+cool+Bank+Canada+governor/4955869/story.html

Um, Ya…kinda like free kegs of beer fuel a late night party… a crash always follows.

#105 Ben on 06.16.11 at 7:21 am

40 years and dick

#106 My Stanley Cup Experience on 06.16.11 at 7:22 am

Garbage In Garbage Out.
After watching Header Hiscock and company gushing for hours on end on cute pets and babies in sports atire and Luongos brother in our face for 10 minutes an hour for 2 weeks what do you expect.
Fukushima melt thru, not a word. Greek financial demise, say what? Homeowners headed to 50% underwater, shhhhh. War on as a tool, unheard of.
Ye reap what ye sow.
Riot bitchez. This is your end game.

#107 honest weights on 06.16.11 at 7:25 am

Hmmm. It’s now widely believed that when America’s central banker did the same thing after Nine Eleven (Alan Greenspan), dropping rates enough to fuel a housing explosion, he gassed a bubble so big its bursting blew up the middle class. Does Carney know this?

Of course. He even said yesterday some house prices are now “extreme.” But he left something out. Action.
It’s hard to see what master is served when average people can no longer afford average houses. When, with resentment and hostility, the locals watch helplessly as neighbourhoods are consumed by wealthy foreigners. When dumb kids are seduced into homes they don’t deserve and debt they don’t understand. And when we’re all played – set up for the inevitable and painful trip back.

————–

Slam dunk on that one. Thanks for articulating that Garth

#108 Mr. Lee on 06.16.11 at 7:32 am

Is it the drug dealer or the drug buyer that is to blame?
No one puts a gun to your head and tells you to get yourself into debt servitude………….you are seduced by HGTV and wanting to live better then the previous genereation.

Some posts I see here make me laugh……”the ride will go on forever and Carney is an idiot because I will continue to borrow until default.” Fools…….it will not be that easy for you. As for the morons who believe that they will be bailed out………..were the American people bailed out? I forgot, your collective sir names must be Goldman-Sachs

#109 Ben on 06.16.11 at 7:39 am

It’s sad that most of these vanidiots are band wagon jumpers!!!!
Kind of like the realestate bandwagon jumpers hey BPOE?

#110 TurnerNation on 06.16.11 at 7:43 am

We need NATO to bomb Vancouver (to save precious lives on the ground) ;)

– To systematically disrupt the cripple the rioters’ means and abilities. We spread democracy!!

#111 BrianT on 06.16.11 at 8:04 am

Here is a partial transcript of Mark Carney’s important speech:

So don’t worry about tomorrow
Take it today
Forget about the cheque
We’ll get hell to pay
Have a drink on me
Yeah have a drink on me

#112 TurnerNation on 06.16.11 at 8:04 am

A slight upside to the riots, at least our elite rulers know we could go “greek” on them at any time. Democracy never existed, Canada was ‘discovered’ and taken over by the Crown head of England, and monarch slaves we remain today. Look who is on the back of our coins.

We are ruled by violence, and whoever has the greatest technology holds the seat of power.

N. America was conquered by rifles and smallpox blankets (the best technology of the day). Today it is drones, SWAT teams, debt slavery, tee-vee propaganda, and electronic monitoring keeping us in line.

“We know he has WMD!! They will throw flowers at our feet; their children will sing songs of praise!!”

#113 no guts on 06.16.11 at 8:12 am

Well, Vancouver showed once again how they are a world class city. Just like Athens, they know how to riot. Jackasses!!

#114 TS on 06.16.11 at 8:14 am

I believe your message is finally kicking H,F and C into action.
It is as I thought.
F has a bill before the house known as Bill C-3
http://www.parl.gc.ca/HousePublications/Publication.aspx?Language=E&Mode=1&DocId=5088345

One excerpt below. Lots of changes in store at CMHC..
8.1 (1) The Minister of Finance may, after consulting the Governor of the Bank of Canada and the Superintendent of Financial Institutions appointed under the Office of the Superintendent of Financial Institutions Act, make regulations respecting classes of housing loans and criteria to be met by loans in each of those classes in order for the Corporation to be able to provide insurance against risks relating to those loans.

#115 The American on 06.16.11 at 8:15 am

I have to admit, it is a little childish. It is a GAME. This isn’t like it is something of importance like racial inequalities. I’ve never quite understood when a person feels he/she has experienced injustice of whatever proportion that he/she must go in front of his/her house and set a complete stranger’s car on fire. Ummmmmm yeah, that will teach the offender a lesson. LOL Anyway, the press is having a field day with this one.

http://news.nationalpost.com/2011/06/16/photos-riots-fire-destruction-after-vancouvers-loss/

http://www.huffingtonpost.com/2011/06/16/vancouver-riot-photos_n_877936.html

http://www.huffingtonpost.com/2011/06/16/vancouver-riots-2011_n_877924.html

http://www.ibtimes.com/articles/163908/20110616/stanley-cup-2011-riots-canuck-fans-vancouver.htm

http://sports.espn.go.com/nhl/playoffs/2011/news/story?id=6666608

http://www.washingtonpost.com/sports/riots-erupt-in-vancouver-after-canucks-lose-to-bruins/2011/06/16/AGRrTwWH_gallery.html

And my personal favorite… Can I ask why the police just keep backing up as the crowd comes toward them? Isn’t it their job to stand their ground and demonstrate the rioters do not have the upper hand?
http://www.youtube.com/watch?v=rS5TJPLHIMI

Polite, sweet, level headed? MY ASS. Human nature is human nature.

#116 Ben on 06.16.11 at 8:19 am

HA hA…. The TV news down here in the U.S. isn’t about Boston winning the Stanely Cup, it’s about Vancouver rioting because they lost. The anchors are all laughing!

#117 JeffinPickering on 06.16.11 at 8:20 am

There’s no doubt that Carney and Flaherty are goofs, and participated heavily in the creation of the conditions/rules (or lack thereof) that made the current state of affairs possible.

But…where is the accountability of the fools who drank the kool-aid?
Did C & F put a gun to their heads? Nope.
Is it the responsibility of the government to protect greedy, stupid people (filled with a sense of entitlement, without any required effort) from themselves? Hardly.

A notion of ‘the government made me buy what I cannot afford’ or ‘the availability of CMHC made me do it’, is equally as silly as ‘my girlfriend made me’, ‘my parents made me’, or ‘my in-laws made me’.
Pick a proverb: You reap what you sow…you made your bed, now lie in it, etc.

Best strategy right now is to try to figure out how not to get taken down with the fools when they (or the gov) decide to use the entire population as their lifeline.
It gets talked about every day here – make wise choices, don’t put all your eggs in one basket, if you lack the expertise and/or time to do it yourself hire someone (financial advisor) who has the skill to do it, etc.

It is time to put an end to the culture of entitlement, and bring back personal accountability.
We all make mistakes. But people need to learn to accept responsibility for them, without expecting someone else to bail them out.

#118 The American on 06.16.11 at 8:27 am

More importantly, there were FOUR STABBINGS in Vancouver in the riots, all of which the ambulances could not get to.

http://abcnews.go.com/International/vancouver-riots-canuck-fans-rampage-stanley-cup-loss/story?id=13854800

Sounds like there is a little more going on with these people in Vancouver than just some pissed off hockey fans.

#119 Vanlosers, BC on 06.16.11 at 8:31 am

#97 rental monkey “A CHEK 6 reporter and camera man were trapped downtown at about 10:30 last night and said a chinese man visiting from Mainlaind China asked if him and his young son could stay with them for safety. Didn’t think they could get back to where they were staying ( Surrey, I think). HAM might be a thing of the past after this disgusting portrayal of Vancouver.

Seem like it, the Chinese do not like to invest in cities that have riots or they feel unsafe to live and have their children educated in.

In fact, WHO would feel safe to live in Vancouver at all let alone buy there!

“Buy now in Vancouver and get 2 free shotguns with every $1 million dollar former grow up!”

#120 JohnnyBGood on 06.16.11 at 8:39 am

#55 nonplused on 06.15.11 at 11:37 pm

…”the Blue Jays will never even play in the “World Series”.

Where were you in ’92 and ’93?

#121 jas on 06.16.11 at 8:42 am

Riots won’t impact HAM from coming to Vancouver. In the broader picture, riots are a non-event.

Housing is wayyyyyy out of reach for us locals here. Why can’t govt. bring in some kind of contols/restrictions on owning RE in Vancouver, as some posters have suggested in the past.

The govt need to wake up before those priced out of housing resort to what happened here last night.

oye Harper..don’t you know what happens when the masses come out on to the streets?
(Go read history or look at the Middle East)

#122 Brad in Van on 06.16.11 at 8:47 am

Get me the hell out of here. After last night my wife and I are done living in Vancouver. The sheer ignorance we witnessed and are living in from politics to actuality of world events to what is really going on with our neighbours to the South is beyond forgivable. We are being lied to. Did you watch our news last night and how they were sugar coating everything. They would show the riots but then repeatedly interject how this does not represent the majority. Who the hell cares? The point was that it was happening and the news’ job is to report just that. This video pretty much sums it up. I could not find this video on the Canadian servers but I was able to find it using other methods. The more I live here the more I do believe that the Canadian media is owned by our government who is pushing its own agenda on our people. Maybe the Americans are right. No wonder they view us as being ignorant or as conspiracy theorists. Even our news is full of shit and we walk away feeling like we are so much better. Last night proved differently. Actually it proved us to behave worse.

http://www.youtube.com/watch?v=ZKMIc1RwMIU

#123 jas on 06.16.11 at 8:50 am

Folks:
We keep electing political jokers ….
When will we elect a Visionary?
When will we wake up… when oh when?

#124 Peter Pan on 06.16.11 at 8:52 am

Only in Vancouver would a local see no problem paying $8,000.00 for a hockey ticket to see a goal tender paid $10M a year lose and then drive back to his $1.5 Million hovel in the West End.

#125 Brad in Van on 06.16.11 at 8:53 am

Ahahahahaha

http://www.youtube.com/watch?v=37SmI1uhvPk&feature=related

#126 Rural Rick on 06.16.11 at 8:53 am

Inside the arena Vancouver fans showed real class when they applauded the Bruins and Tim Thomas for winning. Too bad that message did not get to the fools on the street who are giving Vancouver and all Canadians a black eye in the media.

#127 smw on 06.16.11 at 8:54 am

#55 nonplused

Good [email protected] grief, rigged?

Billderberg has their hands all over the NHL don’t they?

That has to be the dumbest post you ever made.

#128 LuckyRenter on 06.16.11 at 8:56 am

Carney warns of trouble in overheated housing market once interest rates rise

[VANCOUVER, BC] – Canada’s housing market is entering overheated territory and many Canadians could be financially hurt once interest rates begin to rise, Bank of Canada governor Mark Carney is warning.

Once again, Carney repeated his warning to Canadians about becoming overextended.

“It is important that it’s emphasized, because it can be forgotten, that we are living in extraordinary times with interest rates that are unusually low, that the outlook for the Canadian economy, the strength of the Canadian economy, the expectations both in the medium term and sooner than the medium term, is that rates are not going to stay at these unusually low levels,” he said told a later news conference.

“And so Canadians in taking on debt, or Vancouverites, more specifically, in taking on debt, need to…ensure that they can continue to service those debts comfortably in a higher-rate environment.”

When asked if he had any advice to young people who hope to buy a house in Vancouver, Carney responded, “Well, get a good job. That would probably be a good one. Study hard, stay in school and get a good job. How’s that?”

The situation is not as dramatic in the rest of the country, but it’s bad enough, he said.

He noted that it took nearly 12 years for real estate investment to regain its peak after the 1990s recession.

http://www.ns.dailybusinessbuzz.ca/National-Scene/2011-06-16/article-2589607/Carney-warns-of-trouble-in-overheated-housing-market-once-interest-rates-rise/1

#129 Herb on 06.16.11 at 8:59 am

#80 Utopia,

“Herb: Get lost.”

Just answer the questions at my #190 last night, Dear Boy, just answer the questions.

#130 Kevin on 06.16.11 at 9:01 am

The Bank of Canada has one mandate. One.

Keep inflation in check.

It’s not to keep houses affordable, or spur the economy, or keep people from borrowing to much, or stave off a real estate bubble, or anything else.

It’s keep inflation in check.

That’s it. That’s all. That’s Carney’s whole job.

As long as inflation stays below 3%, Carney won’t raise rates. He can’t. He might want to, but he’s constrained not to by his job’s mandate.

Everyone here calling for Carney’s head is missing the fact that it’s not Carney’s JOB to save the country. His whole job is simply to keep inflation under control. And he’s been very successful at it.

Not exactly. The Bank of Canada is also responsible for the money supply, maintaining currency stability, being the government’s financial agent and – through well-established precedent – assisting in the orderly growth and management of the economy. Inflation is but one element. The rampant accumulation of household debt is an equal, if not superior, concern. — Garth

#131 HJ on 06.16.11 at 9:08 am

Went to bed half way through the 3rd … woke up to riot pictures and news broadcasts.

Great pictures. Saw rioters in the streets, smoke from burning cars/trash and in the background with a front row seat … overpriced condo’s!

Man it’s got to be a great feeling knowing you overpaid for a moldy ‘box-in-the-sky’ in what has now been revealed as NOT a world class city.

#132 Cognizant on 06.16.11 at 9:22 am

“#92 Thetruth on 06.16.11 at 2:56 am
Just got back from Vancouver… It is different here!

Rioters went nuts because they didnt get what they wanted. After getting rich from owning RE and having no education/job, they wanted the cup! They couldn’t have it so the rich peoples adult kids went on a riot!”

Great comment, well said.

#133 Kaganovich on 06.16.11 at 9:30 am

Utopia

You wrote “If only everyone got so worked up over the fact they live in one of the priciest cities in the world. They might even take some action. Like balancing the check book, getting some credit counseling or dumping the girlfriend who foolishly prefers nesting in deliriously over-rated housing over saving for a rainy day.”

While I agree with the gist of the statement, I think that you may me mischaracterizing the riots as being simply a result of passionate hockey fans upset by a loss in the finals. As near as I can figure, the loss would simply represent a trigger for an already pressurized and discontented younger generation without much prospects for the future. As others have made clear lately, most jobs on offer are low paying and post-secondary education is proving to be a bad bet in the context of landing a graduate with decent work. In other words, I would guess that there were alot of people on the streets worked up for exactly the reason you discounted. As for the list of actions you prescribed (debt counsel, relationship modifications), I think that you seem to condone an individual approach to remedying what are undeniably systemic/political problems. IMO, these problems demand collective political undertakings by the people of Canada, not each of them only balancing their chequebooks. Your suggestions remind of Ulrich Beck’s individualization thesis that we used to study (and chide because he treated ‘classes’ as a zombie category) in school. I am definitely curious about your age Utopia, as some of your posts certainly sound like they represent an older perspective. Are you a small ‘c’ conservative who still believes there is such a thing as society?

#134 disciple on 06.16.11 at 9:32 am

#43 Industrial Guy…
I really appreciate your factual analysis. Your mention of an exodus out of Southern Ontario is interesting. Do you know if this can be somewhat verified? Where are these people relocating mostly?

#68 Cato…
I don’t believe there was a “lending failure”. Let me explain: those in power are ten times smarter than you or I, every detail of what they have enacted is carefully planned years ahead of schedule. I agree with your views but I would suggest to you that the plans for the young population with no future is ultimately WAR. If you are not among the 20-somethings of Canada you would not understand what 20 years of violent video games, TV shows and movies have produced. An entire generation knows nothing of moral values, let alone etiquette or courtesy.

Bill Grable – Rest assured, there is a great and terrible war coming. WW1 was a test, WW2 was a family feud, WW3 will be a different monster. There will be no escape, if technology does not save us…

#135 BPOE on 06.16.11 at 9:33 am

Folks, the rioters and looters represent the Canadian = Renter. Folks these people are frustrated and rightly so. Low paying jobs nowadays, few jobs with pensions and many frustrated they didn’t BUY. You see folks I realized sometime ago that Canada had yet to be discovered on the World scene. I realized the Government was going to sell off this Country piece be piece starting with the natural resources and Real estate to the highest bidder. Folks the riot represents the final passing of real estate from the hands of Canadians to international investors. Carney has made it CLEAR NO INTEREST RATE INCREASES – EVER. Come back to this blog in 6 months folks I can assure you Vancouver real estate much much higher. Mr Renter who didn’t listen to me lost out on a 25%!!!!!!!!!!!!!!!!!!!!!!! return alone just from the past year. The FACT of the matter is if you don’t buy soon you might not just be kicked out of the market you might get kicked out of the Country and that folks is a scary thought. Where you going to live when the average Vancouver house approaches 10 million and rent costs 10 grand a month? Sounds impossible think again. Owners will pay the bill now for the mess the renters left behind.

#136 Coraline on 06.16.11 at 9:53 am

This is an excellent essay. You could publish it somewhere.

#137 disciple on 06.16.11 at 9:58 am

I don’t see the causal or correlative link between the Vancouver riots and anger over a hockey game? And then also to housing? Ridiculous…haven’t any of you heard of the concept of Agent Provocateur? Just mind games. Psychological warfare operation…psy-ops. Don’t be “repeaters”, grow a brain…that’s why Carney was there yesterday…to set up the whole shebang last night…

#138 reality guy on 06.16.11 at 10:01 am

Best Riot on Earth.

CBC says its a handful of people.

Man what do they consider a handful, A few thousand people.

Gangcouver got its name because it full of gangs and thugs. You see the fights its always a gang of people beating up on one. That is the Gangcouver mentality.

Whatever happened to 1 on 1 fights.

If you can’t beat Boston, then beat up their fans. I only wish Boston Returns the favor next time a vancouver fan goes over to their city.

Oh no Boston has much more “CLASS”.

We are indeed different, Two playoff final, two losses, and two riots. Its a know fact vancouverites are sore losers, glad I’m a Tampa Bay fan. At least they have a cup

#139 BPOE - Biggest Pyromaniacs On Earth on 06.16.11 at 10:04 am

Where did I put that Bic lighter????

Oh yeah, I left it in the police car.

I love Vancouver!!!

#140 Daisy Mae on 06.16.11 at 10:05 am

Harper, Flaherty and Carney caused this problem, and now they’re telling us what we already know?

What a stupid news article…..

#141 Ex-Cowtown on 06.16.11 at 10:09 am

BPOE

Did you just say… “Where you going to live when the average Vancouver house approaches 10 million and rent costs 10 grand a month”…?

You just jumped the shark. Before I merely dismissed you as a misguided hopeless pathetic RE pumper. Now I know that you’re actually off your meds.

What a putz.

#142 Daisy Mae on 06.16.11 at 10:11 am

jas on 06.16.11 at 8:50 amFolks:
“We keep electing political jokers ….
When will we elect a Visionary?
When will we wake up… when oh when?”

Who knows? Never? Harper did not win a majority in the true sense of the word — 39% is hardly a ‘majority’.

#143 BrianT on 06.16.11 at 10:12 am

#118American-LOL-a poster with the handle “The American” talking about street violence in Vancouver. The list of American cities with 3rd world neighbourhoods and rampant violent crime is a very long one.

#144 BrianT on 06.16.11 at 10:15 am

#114TS-IMO they realize that they will have a majority guv when the crap hits the fan and are not interested in being blamed for it.

#145 Prof ANON on 06.16.11 at 10:18 am

For people wondering why the police didn’t do more in Vancouver, it’s a difficult choice to confront a large crowd. If you just “contain” (like last night), eventually people get tired and go home. The downside is that it looks like you are doing nothing and that people are getting away with burning cars and looting stores.

The alternate strategy, confronting a mob, has the potential to create much worse property damage and escalation of force. You give them an “enemy” to fight and they will. People who were just wandering around taking pictures would then start to “defend” themselves against a perceived aggressive force. Cars would still have burned, stores still looted, only now you would have had a much higher casualty count and a ton of video of Police “brutality”.

While things can always be handled better, I think the Vancouver police made the right choice with their tactics.

#146 AM on 06.16.11 at 10:19 am

#135 BPOE on 06.16.11 at 9:33 am
Folks, the rioters and looters represent the Canadian = Renter.
___________________________________________

BPOE, you are truly retarded…get a life.

#147 robert james on 06.16.11 at 10:21 am

Vancouver this morning is a disgrace and an embarrassment to Canada… IMHO

#148 Mr. Plow on 06.16.11 at 10:23 am

Only here can a city’s hockey team losing a championship be equated to that same city’s real estate market also about to “lose”.

And only here can someone take a bunch of idiots rioting over a sport and equate it to riots in Greece where they were protesting the murder of a 15 year old at the hands of the police.

Makes lots of sense, all very analogous…

#149 abc on 06.16.11 at 10:30 am

Funny tough,……. VAncouver the safest place in the Earth now had Riots…
Run HAm..Run HAM……leave VAncouver Now..

Go… Canuck..Go…Vancouver…Go…Down,,,

#150 TS on 06.16.11 at 10:32 am

Dream house in Idaho
Now this describes a greater fool. I wonder what snakey saleman sold them this beauty.

http://www.theglobeandmail.com/news/video/video-couples-dream-home-infested-with-snakes/article2063325/

#151 Mr. Plow on 06.16.11 at 10:33 am

#88 not asian

You know nothing about what you are talking about. The police always form first to disperse the non serious rioters. Their presence usually scares off a large percentage of the group to begin with.

After that, the “mob psyche” is less strong as the numbers are more equal between rioters and police. You think 200 police officers are going to go screaming into a mob of thousands?

They proceed to march and slap their shields with battons, firing tear gas, rubber bullets etc… again to strike fear and attempt to disperse the serious rioters without force. When that doesn’t work, they enter the crowd and start pulling people out and hauling them away and kicking ass. I laugh when I watch people trying to negotiate with them like they are there to have a discussion.

Force is the last resort, unless you live in 3rd world dictatorship. But this is what human rights gets you, force as a last resort not the first option.

#152 Utopia on 06.16.11 at 10:35 am

#129 Herb on 06.16.11 wrote….

“Just answer the questions at my #190 last night”.
———————————————————————————

If I counted correctly Herb, you had at least five questions. You can answer them all yourself by watching the news or doing a little Google search on your own. Stop being so lazy and do your own homework.

#133 Kaganovich wrote: “Are you a small ‘c’ conservative who still believes there is such a thing as society?”……

Hunh? Are you suggesting there is no such thing as a society? Judging by the behavior in Vancouver last night I might agree there is no such thing as civility or common sense as a bunch of drunken fools with no impulse control smashed up your downtown.

But why are you questioning me? There is no riots on the farm here and no civil disobedience either. It is you who might offer a little commentary as to why your city so quickly descended into chaos and anarchy. Out where I am, the gardening continues quite happily and we all just shake our heads in utter disbelief at the sorry state of affairs in BC.

Can’t you people do anything in moderation?

#153 SillyMe on 06.16.11 at 10:44 am

Hey….I went to a riot and a hockey game broke out!

#154 mad vancouver on 06.16.11 at 10:47 am

Carney said:
“Some people in this room may have been enriched by recent developments, their children and neighbours may have been relatively impoverished.”

Well, this is what I hear from people in their 20’s. They are very upset. They work / study extremely hard, as Carney told them, are covered in debts, and this leads them to nowhere, while HAMsters are invading the city and showing off in their sport cars. The angst is mounting, and needs to be released, so the riots did not surprise me. There could be more to come, if nothing is done to give hope to the young generation. See Europe.

#155 Abitibidoug on 06.16.11 at 10:49 am

@bill c, #93;
I hope you are right about about a good stock market correction coming. It will be a good opportunity, just like in early 2009, to buy some good stocks at fire sale prices! If you’re right I’m eagerly awaiting some good Boxing Week sales in the summer!

#156 somejerk on 06.16.11 at 10:56 am

The joys of the internet, too bad we don’t have zillow up here… you say no income increases …. well from this, builders and flippers must be making money… oh ya they don’t report it…

From Sept 2009 – C02 – 29 RUSSELL HILL RD, TORONTO, ON – $1,098,000

Fabulous Location Nestled On A Hillside Surrounded By Trees. Large Principal Rooms Formal Dinning Room Wood Burning Fireplace Lots Of Original Detail Fenced In Private Garden Oasis And Second Floor Deck Heated Basement Floors Walk To Ttc And Parks Minutes Away From Downtown Shops And Restaurants. Very Quiet Beautifully Landscape Street.**** EXTRAS **** Incl: New Stainless Steel Fridge, Bosh Stove And B/I Microwave, Bosh B/I Dw, W/D, Cac, Garage Door Opener,…

listed today June 2001 – C02 – 29 RUSSELL HILL RD, TORONTO, ON – $1,595,000

Perched On The Top Of The Hill Between Bolton Dr & Poplar Plains Rd. This Renovated/Restored 3+1 Bedroom Home Has It All! The Current Owner Has Extensively Renovated From When Purchased. New Kitchen, New Baths, Security System, W/Cctv. Private Drive For 2 Cars, Plus One Built-In Garage With Direct House Access. Secluded Private Garden And Second Floor Balcony. **** EXTRAS **** See Feature Sheet For List Of Inclusions/Exclusions.

wow… 500,000k for renovations, you should look at the pictures they are amazing… ;) … and for a 33.42×87.46 FT almost van-grovey levels… at least it has greater than 2 bedrooms…

I’m ready to bite someone…

#157 Only The Bankers Laugh on 06.16.11 at 10:57 am

BPOE,

I can see Vancouver as an oasis of hope for all of that HAM now, huh?

Calling down renters on your posts every time based on their housing chice certainly shows your inability to rationally judge people’s character. Pathetic.

You’re obviously winning in real estate. Hope you buy a ton more right now. Are you bucking up, highly leveraging yourself right now with many more houses? Yup, didn’t think so. No guts, no glory. Go for it, buy more now.

#158 bigrider on 06.16.11 at 10:57 am

BPOE- Get yourself one of those coffee enemas at the local starbucks… or better yet ,a colon cleansing form one the tree huggers. Your colon is rotting inside your body and it’s toxicity is creating feverish delusions for your brain.

Anyway, your comments are always entertaining.

#159 1milcrackshacksonfire on 06.16.11 at 10:58 am

BPOE shouldn’t you be selling houses instead of being on here? If I had as much money as you seem to incinuate I wouldn’t be on the computer pumping real estate. I would be living large and enjoying the interest on my money. If its so hot you shouldn’t have to try to convince renters that the bank as a landlord is the best idea. Either that or you are trying to add liquidity to the real estate market in order to dump the property that you now hold. Without people moving and buying bigger places you hold on to a mouldy concrete box with no chance of a greater fool taking it off your hands ,making you the greatest fool of them all.

#160 somejerk on 06.16.11 at 10:59 am

opps, should have been listed today June 2011

#161 Scalgary on 06.16.11 at 10:59 am

#99 Montrealer:

It looks like a good idea – increasing down payment and keeping the interest rate low for a while…

Look at the consequences…

It wont crash the market as much as it would if the interest rate goes up.

Those who bought already will continue showel their hard earned money into mortgage payments…

Realtors will flip properties among themselves to keep the averages up…

Hope that will keep the bankers and the government rich…

But for RE board, there will be less sales but prices up…

Sounds great..?

#162 Utopia on 06.16.11 at 11:00 am

#34 Tim on 06.15.11 at 10:45 pm

“The wealthy foreigners are ruining our neighborhoods and communities”.
———————————————————————–

Gee, that is an interesting remark Tim. When I looked closely at the footage of last nights riots in Vancouver, I could not pick out even one Chinese face. That is especially odd since half the population in that sad city are of Asian decent.

Maybe they all stayed home because they were Bruins fans.

#163 45north on 06.16.11 at 11:09 am

Disciple: I don’t believe there was a “lending failure”. Let me explain: those in power are ten times smarter than you or me

MKUltra said the same: talking about the 5 big Canadian banks Their collective minds are smarter than you on your best & luckiest day of your life.

http://www.greaterfool.ca/2010/11/09/woof/

so yes the housing bubble will burst and yes hundreds of thousands of homeowners will be hard pressed but the banks have a plan (I think). To defend their legal rights as lenders, to foreclose delinquent borrowers quickly and to submit claims of loss to CMHC.

My plan would be to give the foreclosed homeowner $1000 a month for a year provided he left his house in good faith and give the bank its claim provided it foreclosed.

#164 No Fun Vancouver on 06.16.11 at 11:22 am

The mayor of Vancouver calls Vancouver a world class city whoever says things like world class and best place on earth has no class.

#165 Crash Callaway on 06.16.11 at 11:25 am

Confuscious Say:

PLease…
Everybody stop rioting!
sit down… sip your latte’s
Don’t wreck the property values

#166 No Fun Vancouver on 06.16.11 at 11:30 am

This was not a riot. It was select group of a few individuals that caused looting and burning of cars.

These are the facts:

1. No one was killed;
2. No police were injured;
3. Minor injuries at hospitals none life threatening
most were for the treatment of tear gas;
4. The Police used tear gas mainly to get the crowd to
go home;
5. No rocks or fire were thrown at police;
6. The majority of the pedestrians were peaceful.

Not to condone any of the actions of the people that were violent, but did this deserve 95% of the CBC’s news coverage. A nuclear bomb could blow up in Europe and the CBC would cover a minor so called riot in Vancouver. How Provincial are we? We deserve better news!

If this event shows to the Asians what Vancouver truly is just an average North American city that doesn’t deserve massive property prices than something good may come of this (not a world class riot).

#167 vreaa on 06.16.11 at 11:31 am

The Coming “Vancouver Housing Prices Crashed Because Of The 2011 Riots” Meme

http://wp.me/pcq1o-2wW

“The Bank of Montreal waded in this morning with a report saying that after the 1994 loss, the first time around, Vancouver housing prices corrected by 26%… [first announcer “Really?”]… So, a little bit of a co-incidence here and maybe a little bit of foreshadowing, considering how Carney was out there last night talking about how overvalued Vancouver house prices were.” – Scott Peterson, CBC

“The speculative mania will be the cause of it’s own collapse; no other cause needs to be invoked. There is now a very high chance that the coming collapse will be blamed on the 2011 riots. This is a fallacious logical link, but just watch people march it out.” -vreaa

#168 Dave on 06.16.11 at 11:35 am

I was just watching a CBC report on the riots and they said that after the last riot in 1994, house prices coreected 26% in Vancouver. Combine this with rising interest rates = bad news for housing in Vancouver.

#169 MikeT on 06.16.11 at 11:35 am

@133 Kaganovich:
I think you nailed it. The pressure, nervousness and discontent kept accumulating and the loss yesterday was the spark that exploded the keg of gunpowder. The straw that broke the camel’s back, maybe?
It had very little to do with the game, imho, and the cause of this is much deeper.

#170 JohnnyBGood on 06.16.11 at 11:36 am

Another post-game seven (Canucks v. Rangers) riot occurred in Vancouver in 1994. Maybe the parents of some of yesterday’s idiots?

#171 new_era on 06.16.11 at 11:44 am

BPOE – Biggest Poor-losers/sports On Earth

#172 Mr Buyer on 06.16.11 at 11:48 am

166 No Fun in Van…You will have to repeat yourself many many times and respond to all the news reports over the coming days weeks and months. Try not to loose your patience…

#173 S on 06.16.11 at 11:48 am

#92 Thetruth on 06.16.11 at 2:56 am

Nope, not the “rich peoples adult kids”… Vancouver, like many other parts of BC, is largely inhabited by individuals who can scarcely afford to live there. A lifestyle province – “British California” – is barely affordable for mere mortals and what we are witnessing is frustration over the issue boiling over. If one cannot afford to entertain oneself any other way a riot will do just fine. (BTW, the “rich peoples adult kids” weren’t watching the game on the big screen on the street. They were at the venue having paid several thousand $$$ for tickets. Is this real?)

#174 UVZ on 06.16.11 at 11:49 am

Remember that the US housing market crashed and is crashing during and despite the regime of emergency, rock-bottom interest rates.

No need to get too carried away with the interest rate angle to this.

#175 Ronaldo on 06.16.11 at 11:54 am

http://silverinvestingnews.com/7431/dive-in-silver-price-a-%E2%80%9Csetup%E2%80%9D-says-sprott.html

A little something for the Silver Bulls on this blog….

#176 Bill Gable on 06.16.11 at 11:56 am

BPOE is disturbed.

You need help, because you are obsessed and delusional.

You’ll find out how stupid you are in double time.

Best place on earth?

Vancouver used to be a place I loved.

Now? I am so glad I sold RE.

Moving out and never coming back.

#177 vreaa on 06.16.11 at 11:59 am

#43 Industrial Guy on 06.15.11 at 11:12 pm

excellent post

#178 Mr. Plow on 06.16.11 at 12:02 pm

#168 Dave

Link?

#179 Mr. Plow on 06.16.11 at 12:05 pm

#133 Kaganovich

My idea as to why the riots occurred?

100,000 drunk young people in the same spot at the same time.

They would have rioted if they won or lost. It was a recipe for disaster either way.

#180 Mr. Plow on 06.16.11 at 12:05 pm

#168 Dave

Disregard my previous post, found it.

#181 tran, Calgary on 06.16.11 at 12:07 pm

http://ca.news.yahoo.com/photos/canucks-fans-riot-in-vancouver-slideshow/vancouver-canucks-fans-watch-car-burn-during-riot-photo-144218195.html#crsl=

Greece….Syria….Yemen…..Libya…Tunisia…Algeria….
Egypt

#182 Mr. Plow on 06.16.11 at 12:07 pm

#162 Utopia

Good comment, couldn’t agree more.

#183 Chris no longer in England on 06.16.11 at 12:12 pm

Empty estate in Ireland “missed the market” by 4 months …

http://www.dailymail.co.uk/news/article-2004295/Quaint-700k-thatched-cottages-sit-afford-them.html

#184 Mark Carney Is a Joke on 06.16.11 at 12:13 pm

Are you people blind? Did you not hear Mark Carney speak? Mark Carney is not to be laughed at or talked down to since he is the big man at the BoC and when he talks you better hear what he is saying. If you Mark will talk some more. That’s right Mark Carney will just TALK some more and WARN you that you are borrowing more money then you will pay back.

I’m hear to tell you Mark Carney that I will borrow and spend all the banks credit with no intention of paying back a PENNY. What are you going to do Mark Carney ? OH NO Mark Carney is going to TALK some more.

Mark Carney Is a Joke.

#185 Mr. Plow on 06.16.11 at 12:15 pm

#145 Prof ANON

You explained it better than I did.

#186 new_era on 06.16.11 at 12:15 pm

The mayor of Vancouver calls Vancouver a world class city whoever says things like world class and best place on earth has no class.

====================
Yeah right world class city just like Libya or Syria

It was the perfect storm

1. Lose the game
2. Broken down transit so no one can get out
3. Beat up the boston Fans
4. Beat up each other (BTW they were vancouver fans
anyone with bure or Mogilny on the back of their jersey tells me they were hard core vancouver Fans.) So don’t tell me they were just a group of thugs. It tells me Vancouver Fans are drunken thugs that can’t stand to lose
5. Bad organization with only a few poorly armed cops.
They should of had the tear Gas and Rubber bullets ready during the third period. (Its a known FACT vancouver is a rioting city) . And should of had the Army ready to deploy it mortar fire and tanks. (After all were the new China)

6. Game ended at 7/8Pm it took them at least 4 hours before the police were organized.

7. Christy Clark promised a party if the canucks win paid by the taxpayers. We got just that A riot paid by the taxpayers

What a joke!!!

#187 Utopia on 06.16.11 at 12:18 pm

Some of you might be curious about another riot in Vancouver. It was one of the largest and nastiest in the cities history and took place in February of 1887 when mobs descended on Chinese work camps and violently forced the workers to leave the city. Vancouver’s city charter was withdrawn by Victoria as a result of the lack of civil control and policing while the riots ensued.

http://chineseinvancouver.blogspot.com/2007/04/remembering-anti-chinese-riot-in.html

#188 Rae on 06.16.11 at 12:19 pm

Funny Day
Was down at city hall trying to find out how the assessment on my property was done.
the city does not verify any of the information on the assessment I was told. They just look at the Total assessment Number Value and divide from there. Amount determined by the budget needs.
Was told the city had no ability to change these numbers.
The councilor I talked to stated that the city had no options as they had to honor their union contract and raise’s, also contractor costs had cone up.
my property tax’s are up 236% due to assessments in 6 years. about 25% year. from $5000 – $12000 cash each year , a $7000 dollar hidden tax increase on money not in my pocket till I cash out…sell (yes I’m selling and taking the cash liquidity out, but still being forced out by the increasing tax burden
told her a 24%+ property tax increase per year would blow the city up,…compound that rate over 20 years…on your investment(property)
I asked why my tax’s were going up when the police had told me they could properly protect my home or respond to criminal activity. All she wanted was the name’s of the officer’s who told me that. Conversation on tax’s sidetracted by her. Left wondering what I pay tax’s for….
got home and watched the taxpayer subsidized hockey game post game entertainment….now I know what I pay for.

And if this bunch of inbreed hillbilly’s will do this on s for a hockey game,……
just imagine whats going to happen when the piggy bank goes sideway’s and it will. the cops had trouble with a few thousand drunk Hillbilly’s……..
(I live in the east end downtown Vancouver and think most highly of the Overworked Street cops here)
When I sell I’m going fishing in the mountains ( Quenell lake, 25 lb rainbow’s!) cause all the hillbilly’s appear to be here now should be quite nice out there now .
Post game antics…what you didn’t see it coming , please………
Bear going into hibernation..Rae

#189 Mr Buyer on 06.16.11 at 12:21 pm

We need to get ready for a bottle neck that is coming a few decades from now. I have a feeling it will be hell on earth. Canada is one of the few nations that can weather the coming storms but we better get ready now. I would ask the boomers to educate themselves and to look back to the times they were young and the promise that was ahead. We have not come close to realizing anything near the ideals we held. Can we really let the future generations meet the potential difficulties that lay ahead totally unprepared. Are we truly and completely sold out as we used to put it. ME Me Me Me Me Me I I I Me Me Me. My children will be my age when the earth will be in the grips of the coming bottle neck. It is time to prepare now. We must get a clear picture of the perils and challenges unfolding. Even this housing calamity is a distraction. How long do you think a population of 30 million will be able to hold on to the resources of a country larger than China. Wake up. Wake up now. Population growth and Climate change. The first is very real and enough to change our world much sooner than later and climate change is nothing new to the earth. If Canada and its real riches (and small population) cannot become largely self sufficient than no country can.

#190 fancy_pants on 06.16.11 at 12:25 pm

all done in the slaughter house? How is the lamb coming along? smells burnt but what do I know, the shepherd knows best. not as tasty as HAM I hear.

Mr. Carnage is brave carrying the guilty burden on his shoulders for both himself and Mr. Flappurty. although isn’t Mr. Flap the real Pontias Pilate here?

Really Mr. Carnage, who are you trying to enlighten here? the HAMS need a translator. The debtors need hearing aids. The horny wives need less HGTV. vancouver needs a cup. and we all need less horsesh*t flying around in the form of media enlightenment.

what else you got? How’s your bark? are you really wolf in wool tights?

Keep washing your hands… eventually you will feel better. or better yet swing your giant staff and make a wish. shalom.

#191 Kitchener1 on 06.16.11 at 12:29 pm

#43 Industrial Guy

Nice write up, I know those cities well. The sad part is that those cities will not be coming back.

It was high wage industrial jobs that kept those cities afloat. Welland/St Catherines/Niagara falls/Fort Erie are all hurting. They have all lost a ton of jobs, St Catherines lost there GM foundry’s, Welland- John Deere etc..

Those prices may seem cheap to us, but for the local market, they are still high as wage growth does’nt even support those prices.

Even in Kitchener, we lost Kitchener A frame (Bud) Lear, Michlian tires,westinghouse, and a ton of other small feeder business. We lost thousands of $25 and up and hour jobs that are not coming back. Sure, we may have gained some service sector $10 hour jobs but thats not comparable.

Those good jobs made the region and south western ontario, without them, we are going the way of the US “rust belt”.

we are just treading water right now with easy credit and emergency rates, when rates rise and credit is gone, it will not be pretty.

Truth is that no one is going to relocate and set up roots for a $10 retail job.

I have written about it before here. During my weekly shopping trips, I see a whole “grey haired army” working the checkouts, stocking shelfs, pushing buggies etc… out here in Kitchener/Waterloo. Go to Canadian Tire or Home depot or Rona and all i see are 50 year olds working retail jobs.

These are the folks that had industrial jobs in the past and now have too work in the retail sector as there is nothing else available.

Someone please explain to me, how can house prices and economy go up when 50 year olds are fighting for jobs with there kids in high school and univeristy? How is the university graduate going to buy anything when he can’t even get a job in retail because there mom/dad/grandparents took those jobs just to survive?

#192 betamax on 06.16.11 at 12:31 pm

#27 SMOKING MAN: “Too drunk to type night night all”

All I’ve learned from your posts is that you’re a drunkard with family problems. Wow, what a success story. Brag some more.

#193 debtified on 06.16.11 at 12:32 pm

#130 Kevin on 06.16.11 at 9:01 am

The Bank of Canada has one mandate. One.

Keep inflation in check.

***********************************************

You should have, at the very least, spent ten seconds to check the BoC website first before posting this comment. Here’s what it says on BoC’s website:

——
Who we are

The Bank of Canada is the nation’s central bank. We are not a commercial bank and do not offer banking services to the public. Rather, we have responsibilities for Canada’s monetary policy, bank notes, financial system, and funds management. Our principal role, as defined in the Bank of Canada Act, is “to promote the economic and financial welfare of Canada.”
——

I must stress this part:

Our principal role, as defined in the Bank of Canada Act, is “to promote the economic and financial welfare of Canada.”

Exactly. — Garth

#194 JohnnyBGood on 06.16.11 at 12:46 pm

Just got off the phone with my RE agent. This man has over 30 years experience with residential and commercial properties. He said himself that the market right now is “stupid” and the agents are worse.

As we casually discussed the market, he recounted how the home he bought in ’89, and which declined in value in the early ’90s during the last major correction, only reached its purchase price fourteen years later. And don’t forget, that’s in nominal terms.

So now his home is worth about 50% more than the purchase price. Sounds great, right? Well, being an agent (even an honest one) he tends to ignore that thing we call “inflation” when discussing RE values. Does this matter? Well, that great-looking 50% overall return equates to about 1.9% per year. yeah… great…

The dangers of buying near the top. Compounded by (financial) ignorance. But then again, that’s bliss.

#195 debtified on 06.16.11 at 12:51 pm

BPOE:

Congratulations!

Judging on the amount of attention you have been getting lately, I am sure you have achieved your goal beyond your own expectations. You even got those who are seemingly smart to stoop into a level reserved for the fools that you have so cleverly emulated.

I come to this blog to learn about the current events, personal finance and the state of the economy in general. You, on the other hand, have successfully contributed to the study of human behaviour. People, including those who have smart things to say, just couldn’t ignore you.

I don’t read your comments. However, I find some of the responses to your comments somewhat comical – at times, a welcome distraction from the bland comments others post.

Once again, congratulations for successfully making a fool of oh so many people who, I am sure, think highly of themselves.

#196 poco on 06.16.11 at 12:58 pm

166-No Fun Vancouver
This was not a riot. It was select group of a few individuals that caused looting and burning of cars.

These are the facts:

1. No one was killed;
2. No police were injured;
3. Minor injuries at hospitals none life threatening
most were for the treatment of tear gas;
4. The Police used tear gas mainly to get the crowd to
go home;
5. No rocks or fire were thrown at police;
6. The majority of the pedestrians were peaceful.

dumb and dumber–watch some more video — then post the same thing if you can

#197 nonplused on 06.16.11 at 12:58 pm

Ok, I brushed up on my statistics and can now calculate the odds of no Canadian team winning a Stanley cup in 18 years.

To simplify the calculation I need to assume every team has an approximately even chance of winning, which nobody believes but since the teams rise and fall over time let’s assume it is generally true.

There are currently 30 teams, 6 of which are in Canada. Therefore the odds are 24/30 that the winner will be US based.

Therefore the odds, run 18 times, that all the winners will be US based is (24/30) ^ 18, which equals 1.8%. So it is something that’s possible, but not very likely.

#198 Brad in Van on 06.16.11 at 12:59 pm

BrianT, you are an idiot. The U.S. doesn’t have riots over some stupid hockey game. If a riot occurs there it is for social reasons. You always fail to get the point you moron. I agree with The American. What happened last night here in Vancouver is childish and reflects on how much bullshit we constantly spew about how “nice” we are to the world. We’re whining crying babies who freak out over something as stupid as a hockey game when we don’t get our way. Did the Americans riot in the streets when we won the gold in hockey at the Winter Olympics? I think not. Your ignorance is clear. When anyone makes a claim against Canada you make a claim against them instead of recognizing the truth of that person’s claim. Get over yourself and your moral superiority. It is people like you who continually stick your head in the sand that have ruined this once great country of ours.

#199 Boycott on 06.16.11 at 1:02 pm

Kevin on 06.16.11 at 9:01 amThe Bank of Canada has one mandate. One.

Keep inflation in check.
It’s not to keep houses affordable, or spur the economy, or keep people from borrowing to much, or stave off a real estate bubble, or anything else.

——————————————————-
hmmm…Then why was he talking about real estate and warning dire consequences ??

Everything is linked …

#200 Brad in Van on 06.16.11 at 1:06 pm

BrianT, by the way when is the last time that kind of street violence happened in an American city especially over something as trivial as hitting a puck around some ice? They have underwent one of the worst economic recessions in history and still have not shown this kind of behavior as we did. We clearly were not prepared including our police force for something like this. You make it sound like that is the everyday norm in the U.S. which it is not. I can think of socially related matters where this kind of violence broke out due to injustices in social matters but nothing as stupid as a game. Our city was destroyed last night by our own people who had no regard for property of others and no respect for law. Our true colors came through last night and showed the world we are as fake as the day is long and we are not even prepared for a minority of people in protest.

#201 poco on 06.16.11 at 1:14 pm

88 not asian
I have been watching this rioting/looting for the past 3 hours in Vancouver. I know this behavior is disgraceful, especially being watched worldwide. But what is even more disgraceful is our “police force”. They couldn’t get their s**t together for 2.5 hours. Then finally 20 officers showed up with gas masks, and adjusting their equipment like they didn’t know what to do. In most countries, they would have a presence of a small army and the crowd would be disbursed immediately. This will be the discussion amongst the rest of the world – What kind of mickey mouse operation is the Vancouver Police Department? This proves that in an emergency we are toast.
______________________________________________
another dumb post— you have no idea what you’re talking about
yes, in other countries they bring in the army to disperse the rioters– with bullets
and do you really think the only group of rioters were the ones the tv crews were following up Georgia St –when it all comes out in the wash, we’ll see there were several groups running around causing havoc and had to be dealt with

#202 Fractional Reserve on 06.16.11 at 1:16 pm

#130 Kevin

Regarding your assertion that the Bank of Canada is keeping inflation below 3%. I suggest you look around and ask yourself if prices have not risen more than 3% in the last year. I submit to you that the official inflation rate is not being advertised and that central banks everywhere are not publishing the true inflation rates. Savers are being fleeced worldwide.

#203 Medic on 06.16.11 at 1:25 pm

#130
Better to keep your mouth shut and be thought a fool than to open it and remove all doubt.

#204 bill on 06.16.11 at 1:26 pm

bpoe
is that you in the middle of the picture ?

#205 jess on 06.16.11 at 1:26 pm

50 year olds working retail jobs.

…and many are receiving pensions from their 30 plus years jobs making it more difficult for younger people. IN some states, the cities were hiring back their retired at less pay less hours.

#206 bill on 06.16.11 at 1:33 pm

please click on this link if you have pics of the rioters that would be of interest to the police

http://www.solvecrime.ca/

#207 Jack on 06.16.11 at 1:33 pm

Phil Soper, the chief executive of Royal LePage Real Estate Services, says Vancouver’s price increases are “completely unsustainable” and it is only just a matter of time before prices come down.

http://www.canada.com/Vancouver+home+prices/4956498/story.html

#208 jess on 06.16.11 at 1:33 pm

200 Brad in Van

bunch of drunks that has what hockey has become.

#209 Brad in Van on 06.16.11 at 1:42 pm

Poco, at least four people were stabbed, at least one man was beaten by a mob of people, and there are several photos, not only of the looting, but of people actually stuffing rags into the police cars’ gas tanks and setting them on fire. Are you another pawn from the CBC trying to do damage control on Canada’s stellar reputation of being a peaceful country? Its complete bullshit and I think we all know it. We just can’t afford for the world to know any better. I’ve never lived near more angry and passive aggressive people in my life. Get real.

#210 Herb on 06.16.11 at 1:46 pm

#152 Utopia,

of course I know the answers, but you wouldn’t like the answers I know. Hence my challenge to you to reveal the facts your confidence in the Government’s appropriate action/policies is based on.

And of course I expected that you would not answer because your confidence is based on nothing more substantial than Harper’s forlorn hope that we’ll grow our way out of the hole, and Baird’s mellifluous tones that you are converting to comments.

#211 Toon Town Boomer on 06.16.11 at 1:54 pm

Procrastination Politics – only makes the problem bigger down the road. Jie was right. Recklessness wins again.

#212 Bottoms_Up on 06.16.11 at 1:59 pm

#55 nonplused on 06.15.11 at 11:37 pm
——————————————-
Pro sports is rigged?

Now you’re starting to sound like that Kook Disciple.

Since and including 1993, there have been 6 Canadian teams in the finals (that’s 6 times out of 19 years, actually better than the odds predict). And, if you include the fact that the Avalanche use to be the Quebec Nordiques, they in fact won in 1996 and 2001 and increase the odds futher.

Yes, the Canadian teams have been unfortunate to not win since 1993, but the outcome of 5 series is nothing to write conspiracy theories about.

And why is it that the system wasn’t rigged in 1993 when the Canadiens won?

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

#213 lawyer gal on 06.16.11 at 1:59 pm

wow alot of complaining on this site about salaries. you all should have gone to school more if you dont like your salary. I just started my new job straight from law school. 200,000+ and i haven’t even passed the bar yet.
:)

#214 GregW, Oakville on 06.16.11 at 2:06 pm

Hi Garth, Were is your drinking well water coming from?

A proposed mega-quarry in Melancthon Township is threatening Ontario’s drinking water and farmland. Together we can stop this from going ahead, and so today I am writing to ask for your help.

The proposed mega-quarry, roughly 1/3 the size of Toronto, would be the largest in Ontario’s history. Located at the headwaters of five major river systems, it will destroy some of Ontario’s most fertile farmland. The quarry would manage and manipulate about 600 million litres of water every day- that is approximately 25% of Ontario’s average daily water usage!

Shockingly, a project of this magnitude does not require an Environmental Assessment. Instead, it is subject to approval by Ministry of Natural Resources (MNR) through the less rigorous Aggregate Resources Act.

This is where you come in. (more info at)
http://gpo.ca/action/campaign/melancthon-mega-quarry

#215 Bottoms_Up on 06.16.11 at 2:08 pm

#76 wway on 06.16.11 at 12:30 am
—————————————
It’s interesting you mention that foreigners are buying places in Canada so that their children/grandchildren can be born here.

A few months ago I spent an evening in hospital with my wife and newborn….shared with a women from an African country who came to Canada to give birth so that the child would be a Canadian citizen (As her newborn was crying for attention she was busy discussing how to get a passport for the little one). I’m assuming she plans to become a citizen of Canada through her child.

Is this a common practice? (i.e. those with enough money to fly into Canada while pregnant and give birth get automatic citizenship for their children thus ensuring they also get citizenship?)

The cost for her to be in hospital for 1 night? $3400.

The cost of Canadian citizenship? Priceless.

#216 Burnt Norton on 06.16.11 at 2:09 pm

Hey Vancouver bashers – chill out.

The losers responsible for this are a disgrace to themselves. Vancouverites in general are not a disgrace to you, Canada or anyone else.

Homeless and disenfranchised people from all across Canada make their way to the west coast so that they don’t freeze to death in the winter. Some of these hooligans might well be from your neck of the woods. Get down off your high horses and come out from your glass houses. Diffusion of responsibility applies to anonymous blog posts as well as drunken mobs on the street.

#217 disciple on 06.16.11 at 2:12 pm

#163 45north…you do not yet realize that the banks already have all the money, they don’t need to foreclose, it’s just a mind game…

#166 No Fun Vancouver…we deserve better news…how have you proven that you deserve this?…you will accept whatever you are told like good little livestock…

#175 Ronaldo…I’m not sure which angle you’re promoting on PM or silver, but the truth is that all commodities are manipulated…it’s best not to play that mind game…

#192 betamax…who doesn’t have family problems? I have to defend Smoking Man’s consistent advanced contrarian message and I like his spelling of “garnet”…although he would just as well let the dark side win being one of them, whereas I feel the need to take the time to explain the conspiracies…stupid conscience….

#193 debtified…The “Canada” being spoken of by the privately-run Bank of Canada (deceiving name) is the Corporate Dominion of Canada. This is a privately traded stock on the exchanges, just like any City Corporation or Municipal Corporation. A corporation’s sole purpose is to generate dividends/wealth either directly through actual payments or indirectly through assessed valuations. Who owns stock in the Corporation of Canada? Certainly not you or I. Now do you see the fraud?

#218 Bottoms_Up on 06.16.11 at 2:12 pm

#200 Brad in Van on 06.16.11 at 1:06 pm
——————————————-
Brad, I’m sorry but you’re wrong.

“Today, big games and riots go hand in hand far more often. There are 10 to 15 such incidents a year, and the outcomes are more tragic, says Kent State University sociologist Jerry Lewis, who has studied sports-related riots since 1960.”

http://www.usatoday.com/news/health/2004-11-01-riot_x.htm

#219 Bottoms_Up on 06.16.11 at 2:17 pm

#197 nonplused on 06.16.11 at 12:58 pm
—————————————–
I’ve seen roulette wheels run 12-16 times in a row one colour. That’s about 48% chance of hitting each time, and it does hit each time. Those odds are VERY unlikely, but it happens.

If the roulette wheel had 24 black and 6 red, it is very feasible that 18 black could hit in a row.

That’s why odds/statistics is so exciting because what happens next can’t really be predicted (it only evens out in the long run)

#220 No Fun Vancouver on 06.16.11 at 2:21 pm

#196

I believe everything I stated was factually correct. I don’t need video. I was also there and witnessed the mass of people say 85,000 that were not rioting.

There was no mass public rioting. There was a few individual vandals but no mass rioting. I do not condone the violent and destructive behaviour but just think it needs to put in perspective and not make it out to be more than it actually was.

#221 disciple on 06.16.11 at 2:23 pm

Brad in Van…worry not…nobody cares what people in Vancouver do…clearly they don’t represent the rest of us Canadians. We will still be respected anywhere we go around the world. There is nothing wrong with our great nation, but it is at a crossroads and either the financial parasite class turn it into USSA north, or we get religion and kick out these culture vultures. It all starts with the man in the mirror…make the change…

#222 BrianT on 06.16.11 at 2:28 pm

#200Brad-I assume you are joking. There are huge sections of Detroit, Chicago, Philly, Baltimore, St. Louis, etc. etc. etc. you wouldn’t even drive through at high noon. Don’t hold your breath waiting for wealthy Chinese to enroll their children in the public school system run by Motown.

#223 Ben Rabidoux on 06.16.11 at 2:32 pm

Yup, Garth is right….Vancouver is crazy. House prices relative to GDP, incomes, rents, and inflation are nuts, as depicted in this post.

http://bit.ly/lBCklw

Oh yeah….and as for Carney’s comments that house prices have ‘supported lending’…..check out the graph showing growth in lines of credit compared to GDP, incomes, and inflation back to 1985. THAT’s scary stuff!

Too bad Carney’s monetary tool of choice is the stern lecture.

#224 Vancowverite on 06.16.11 at 2:33 pm

Garth, thought you might enjoy CBC’s take on the riot in related to Vancouver’s housing:

“The price of the lunacy is not just insurance deductibles. Glass shortages, goodwill as a tourist destination, and even a real estate slump might be in the cards.”

It’s not just the rioters in Vancouver that are are lunatics!

#225 TS on 06.16.11 at 2:36 pm

This riot is runs a lot deeper than a Stanley Cup.
I love the minimization by some on this blog.
Deep underlying societal issues perhaps Vancouver?
How is that denial working for ya?
Nice publicity NY Times

http://www.nytimes.com/2011/06/16/sports/vancouver-fans-take-to-the-streets-after-loss.html?_r=1&hp

The Vancouver Coastal Health authority said that one person was in critical condition and that up to 139 others were treated at two downtown hospitals. Many had suffered tear gas exposure, the authority said, but there were at least eight stabbings, some cases of major trauma, and “head injuries, fractures and cuts.”

#226 BrianT on 06.16.11 at 2:36 pm

#198Brad-Thanks for the compliment-I will start to worry when a guy like you starts agreeing with me.

#227 BrianT on 06.16.11 at 2:40 pm

#200-One more thing-has anyone mentioned to you that you resemble a self-hating Vancouverite?

#228 Utopia on 06.16.11 at 2:43 pm

#210 Herb

Your party lost Herb. Stop nursing old grudges and resentments. I can not help you. In the future, waste someone else’s time.

#229 poco on 06.16.11 at 2:46 pm

115 The American
And my personal favorite… Can I ask why the police just keep backing up as the crowd comes toward them? Isn’t it their job to stand their ground and demonstrate the rioters do not have the upper hand?
http://www.youtube.com/watch?v=rS5TJPLHIMI
______________________________________________
I usually agree with your view of the housing market and where it’s going but with that last statement i think you’re way off base and just plain stupid
I think the first order of business for the police in riot situations would be the preservasion of life- both citizens and their own
12 to 15 police members dressed in riot gear wading into a massive crowd does not fit this criteria–what purpose would that serve

do you not think many hours of planning and training of officers is done in case of an incident like this–there is always a plan–but unfortunetly most plans don’t work to a “T”
as far as the rioters go (as stated in previous post) do you think there was only one group?–no i don’t think so–the tv cameras weren’t everywhere–there were lots of police but numerous incidents taking place

don’t you think that every officer involved in trying to stop the mayhem knew they were on video wherever they went and their actions would be scrutinized moreso than the rioters( i think they showed restraint in not bashing heads when on many occassions it seemed warranted)
speaking of cameras–don’t you think some of those “citizens” mingling with the rioters were not police filming the entire operation–you better believe it

and the new cameras situated on every street corner and within every business that was entered by the rioters–everythings on tape–not one of the idiots will escape this one –one night of a little “fun” will have many stupid people sporting a new moniker–hi i’m _ _ _ _ _ and i have a criminal record.—and we all know what that leads to –job –travel–on and on

and to answer your question–no the police did not have the upper hand at that point in the video—the rioters clearly did—the upper hand for the police and citizens of Vancouver will come in the days and weeks ahead when these idiots are identified and get their just rewards

#230 Industrial Guy on 06.16.11 at 2:48 pm

disciple on 06.16.11 at 9:32 am asked …..Where are these people relocating mostly?

The simple answer is ….. Anywhere they can find a job. These people are desperate .. They come by my office everyday looking for work …. Some are heading out West .. Some are heading North to Sudbury and Timmins to work in the mining and resource development sector. The huge Lake Shore Gold Corp and Detour Lake mines are hiring. Good pay too, but families are not welcome at some projects because of local housing shortages. Others are heading out East. I know one senior Engineer who just landed a job in the Montreal area. His Alberta born wife is not thrilled.

All these people have one thing in common. They are all over 50 and have been looking for work for at least one year. Savings are gone. RSP’s are gone. Credit cards and HELOC’s are maxed out. Now some on this blog are claiming that this is just an example of poor self control. They ran up these debts paying for such luxuries as mortgages, rent, heat, utilities, food and that truly unforgivable excess … their kid’s education.

How do I know a mass exodus has started? My step-son just moved to Calgary after graduating from University. The driver of the moving van driver said his company has seen a major upswing in people moving out of the area. There are many vacant townhouses and apartments for rent. They were fully rented three years ago. We also have abandoned houses in this town. What do you think will happen in St. Thomas after the Ford plant closes? 1,500 industrial wage jobs will vanish. An additional 7,500 jobs making parts for the plant will disappear. 9,000 is roughly a quarter of the town’s population. In 50 weeks EI benefits stop …..If it starts this poorly … how well can it end?

#231 Vancouver_Bear on 06.16.11 at 2:50 pm

#81 BPOE on 06.16.11 at 1:27 am

Did you pickup pieces of you a$$ yet from downtown streets? From this point Vancouver goes down the drain taking BPOE and his infestors for a ride. The looting and rioting confirmed one more time this is not the best place on earth, never was and never will be. The new title for this cultural sewer, which loses temper over some stupid game is “NO FUN CITY” You heard it here first. BPOE your a$$. http://thesocietypages.org/thickculture/2011/06/16/vancouver-canucks-riots-critical-mass-social-contagion-in-no-fun-city/

#232 Wipple on 06.16.11 at 2:51 pm

So this is what owners of $2,000,000 Vancouver homes do in their spare time?

http://youtu.be/g-NFPLaBBts

#233 Vancouver_Bear on 06.16.11 at 2:53 pm

If ppl here lost temper over some stupid game, I can imagine how they will burn this city when government start tightening budget and social programs. It will look worse then Greece. Stupid and disgusting. BPOE your a$$.

#234 Vancouver_Bear on 06.16.11 at 2:56 pm

BTW, BPOE take a look at pics of those looters, many of them are of asian descent and look like spoiled offsprings of your asian infestors. Bring more of those infestors, but beware that they may burn your BPOE shack just for fun and with your sorry a$$.

#235 JohnnyBGood on 06.16.11 at 3:04 pm

#213 lawyer gal

$200,000+ for a newbie who just started articling!? That’s very impressive considering it’s beyond the range of even most experienced lawyers.

If you don’t mind, what type of law do you/will you be practicing, and where (city)?

#236 Dorothy on 06.16.11 at 3:10 pm

As far as I can tell, the much talked about “housing bubble” is only happening in the cities of Vancouver and Toronto. I have friends livingall over Canada, and the majority of other places appear to be suffering from either house price stagnation, or significant price reductions.
In my area of the North Okanagan, the Alberta recreational buyers and the speculators have disappeared, leaving only local buyers, and as this is a low wage area the majority of local buyers are limited as to how much they can afford. Therefore, many of the higher priced “luxury” homes sit on the market unwanted, despite significant price reductions. Even the more reasonably priced properties are taking anywhere from 6 months to a year to sell, and most of them STILL don’t sell. Some of the homes in my immediate area have been for sale for over a year.
So, talking about the need for the government to do something to prevent the current housing bubble seems to ignore the fact that the bubble has already burst in most parts of Canada. Taking drastic action to solve the problem in Vancouver and Toronto will only serve to exacerbate what is a directly opposite problem in the rest of the country.
If the majority of the buyers in Vancouver are foreign, why would we hurt Canadian Home owners (who are already suffering financially) in the rest of the country in order to “help” protect foreign buyers from themselves. I really don’t give a hoot about chinese investors buying at the top of a bubble who may wind up losing much of their investment. They should be more careful about how and where they invest their money. But I DO care about regular Canadians who already own a home who are watching that home erode in value due to all this fuss about the housing bubble in our two major cities.
CMHC has been around for a long time (certainly as far back as the early 80’s when I bought my first home), what has changed is the size of the allowed downpayment (used to be 10% back then for a CMHC insured mortgage) and the length of the amortization. IMHO anyone buying a house with less than 10% down runs the risk of ending up “underwater” when house prices fluctuate (which history shows they are bound to do over the course of time) so the govt made a big mistake changing that particular rule, and it ought to be reversed. But I can’t see how the current 30 year amortizations compared to the 25 year amortizations of the past really make all that much difference.
So, by all means increase the size of the required downpayment to help protect younger Canadians from themselves, but other than that let the market decide what happens to the price of Real Estate. Because tinkering to protect those in one market, will inevitably hurt those in another.

#237 poco on 06.16.11 at 3:10 pm

#220 Fun in Van
you’re still an idiot
no injuries–4 stabbings
11 police injured
1 man in critical condition at VGH
lots of “stuff” thrown at police–and yes when the “official” riot act is read to the crowd–it is then criminally a RIOT
look it up!!!!!!!

PS: were you everywhere???????????

#238 Devore on 06.16.11 at 3:13 pm

#168 Dave

I was just watching a CBC report on the riots and they said that after the last riot in 1994, house prices coreected 26% in Vancouver. Combine this with rising interest rates = bad news for housing in Vancouver.

Yeah, blame the riots, that’s the ticket. Weak.

#239 disciple on 06.16.11 at 3:19 pm

#213 lawyer gal…we can’t all work on Bathurst or Bay St, agreed?

#215 Bottoms…The more babies born in Canada, the better…I bet if that woman next to you in the hospital was European you wouldn’t have a problem, would you? Of course not, because that represented exactly your own ancestors not 150 years ago. Highly educated but ignorant government employees like you are spreading like cockroaches…we need to contain your kind in Ottawa-Hull uber-elite region, and nuke it.

#240 disciple on 06.16.11 at 3:23 pm

Sorry for the uncharacteristic harshness on my part but nothing irritates me more than home-grown fools who think the problem with this country is immigrants. I mean, how much more idiotic can you get? How far lost are you when you blame your problems on someone else just trying to make a living and survive? Get a life…

#241 Abitibidoug on 06.16.11 at 3:25 pm

Last week I read an article in the Globe and Mail about how the real estate bubble is coming to an end in China, and there was another article about how sales of vacation properties in Canada has slowed down significantly. Now more recently the rioting in Vancouver. It looks like the roller coaster of Vancouver real estate is nearing the crest, which will be followed by the inevitable drop.

#242 Vancouver_Bear on 06.16.11 at 3:26 pm

#181 tran, Calgary on 06.16.11 at 12:07 pm
http://ca.news.yahoo.com/photos/canucks-fans-riot-in-vancouver-slideshow/vancouver-canucks-fans-watch-car-burn-during-riot-photo-144218195.html#crsl=

Greece….Syria….Yemen…..Libya…Tunisia…Algeria….
Egypt
—————————————-
You forgot to add Vancowar, Canada. Not because of social problems but because some team lost the cup. PATHETIC! SHAME ON YOU Vancowar.

#243 jess on 06.16.11 at 3:31 pm

POSITION LIMITS AND MARGIN REQUIREMENTS

June 15, 2011: Sen. Bernie Sanders introduced legislation to make federal commodity regulators halt excessive oil speculation that has driven up gasoline prices.

Limits on speculation already should have been in place. Sanders has accused regulators of violating a provision in last year’s Wall Street reform law that required regulators to impose new limits on speculators by Jan. 17. Now, five months after the deadline, the commission still is flouting the law and the American people are paying the price. Gasoline prices have gone up by about 60 cents a gallon since January.”

#244 Devore on 06.16.11 at 3:33 pm

#197 nonplused

It doesn’t matter what the odds are over 18 years, because it is not a single event. The odds are (assuming every outcome is equally likely) 6/30 every year. The probability over 18 years is irrelevant.

Although in reality you can easily remove a handful of US teams from contention, you can also remove half of the Canadian teams.

#245 td6969er on 06.16.11 at 3:36 pm

#213 you sound hot for a 200k lawyer. What’s the side job? Night shift? Cheap zero start movie salary??

Fire the mayor and chief moron of police. Let the mob rule. They get results.
Getting close to selling $10mill to the hams. And moving back to Windsor. They have 100xxx more class, humble. And friendlier.

#246 Burnt Norton on 06.16.11 at 3:36 pm

#213 lawyer gal on 06.16.11 at 1:59 pm

Awww, good for you. How special.

#247 Daisy Mae on 06.16.11 at 3:40 pm

If I hear one more word about ‘Canada’s Action Plan’ I think I’ll throw up….

A letter to the editor from Westside Weekly, West Kelowna, BC:

“Harmonizing the two taxes (GST/PST) also serves as a smokescreen while the provincial government transfers a multi-billion dollar tax burden from their corporate buddies …..the province would surrender control of the tax base; exemptions, enforcement and a broader tax policy to Ottawa, and harmonization would mean an unavoidable shift of the tax burden from business to consumers. By supporting ther HST our newly minted Premier Christy Clark is endorsing Gordon Campbell and his Liberals governments legacy of lying. I am voting to abolish the HST because I am convinced it will be 12% tomorrow and 20% before the next snow flies and — I want the lying to stop.”

#248 maxx on 06.16.11 at 3:43 pm

#52 Freedom 85 on 06.15.11 at 11:29 pm

….Great season and great group of guys. Great learning experience and I can’t wait until next year. Go Canucks!!!! Win or lose, my heroes!

Let us see…concussion (switched allegiance after that horrendous breach of gamesmanship), unjustified provocations, sore losers, goalie with less than stellar talent, non-stop thuggery…..
Give me the Bruins any day. They are outstanding players (large as refrigerators and acrobats on blades) and the team is very obviously an order of magnitude better than the Canucks. The Bruins, to a man, outclass the Canucks by a very long shot. They are gentlemen and actually interesting on camera. I am disgusted with the immaturity of the Canucks. And don`t get me started on the post-game violence. What an embarassment to Canada.

#249 poco on 06.16.11 at 3:45 pm

209 Brad in Van
Poco, at least four people were stabbed, at least one man was beaten by a mob of people, and there are several photos, not only of the looting, but of people actually stuffing rags into the police cars’ gas tanks and setting them on fire. Are you another pawn from the CBC trying to do damage control on Canada’s stellar reputation of being a peaceful country? Its complete bullshit and I think we all know it. We just can’t afford for the world to know any better. I’ve never lived near more angry and passive aggressive people in my life. Get real.
______________________________________________
I think you read my posts wrong–no way in hell do i condone anything that transpired last night– go back and read #196—my comments are at the bottom–the main post is that of # 166 Fun in Vancouver—i was responding to his stupid comments re:no injuries–nothing thrown at police etc

now says he doesn’t need to look at videos because he “was there” and saw no injuries –nothing thrown at police –

i say some dumb things on here but don’t want to get blamed for something i didn’t say

#250 disciple on 06.16.11 at 3:45 pm

“The greatest lie ever told is that vaccines are safe and effective” — Dr. Len Horowitz

If anyone disagrees with this statement, he/she is either ignorant of the FACTS (99%) or is involved with Big Pharma (1%).

Let’s mix together antifreeze, mercury, coal tar distillate, “dead” bacteria and viruses, and why not throw in some aluminum, formaldehyde, monkey kidney, aborted fetal tissue, and aspartame, silicone and chick embryo for taste. We don’t use peanut extracts anymore (cause of most peanut allergies) we use egg-derivatives now (rise of egg allergies is not coincidental), so it’s all good…let’s pick a good spot to shoot it…there we go, now let’s see what happens!

Anyone who thinks that this would be a bad thing must be a kook, right?

#251 jess on 06.16.11 at 3:51 pm

AMERICAN HISTORY made in china?

WASHINGTON, June 8 – National Museum of American History gift shop restocked with all made-in-America merchandise.

Smithsonian Opens Made-in-America Gift Shop

=
They call these WEALTH MACHINES sound like contract flippin’
http://www.bbc.co.uk/iplayer/episode/b011vf2f/File_on_4_PFI_Profits/

BBC explains tax scam in UK’s Private Finance Initiative
PFI does, in a nutshell. A company builds, say, a hospital, and contracts to provide a range of specified services (though inside that latter part, scams abound). Private investors stump up money, under a deal that they are to be repaid through earnings from the hospital – principally, at the end of the day, taxpayers’ money through the National Health Service funding of hospitals.

What happens, though, is that after the initial investments – the primary PFI market, one might call it – come the secondary investments: these PFI companies sell on these stakes – in effect, rights to receive a future income stream – on to others.

Before getting directly to the tax justice angle, let’s start with information the programme digs out on astounding profit levels at PFI, with the help of a private sector analyst, Dexter Whitfield of the European Strategy Services Unit.

One such project they looked at – a hospital in Portsmouth suffering huge redundancies and ward closures – involved a construction firm, Carillion, putting in £12 million, and then selling its stake for £31m – a 160% nominal mark-up. That was high – but Whitfield estimated that the average mark-up for the health sector has been 66.7%.”
http://taxjustice.blogspot.com/2011/06/bbc-explains-scam-in-uks-private.html

#252 Vancouver_Bear on 06.16.11 at 3:56 pm

Offsprings of cash reach but culture poor infestors are having fun in Vancouver. Courtesy of facebook.
http://img863.imageshack.us/slideshow/webplayer.php?id=25179110150292738028465.jpg

http://www.facebook.com/pages/Vancouver-Riot-Pics-Post-Your-Photos/121837081234162#!/pages/Vancouver-Riot-Tag-The-Hooligans/117540624999727?sk=photos

#253 Timing is Everything on 06.16.11 at 4:08 pm

#198 Brad in Van – said “The U.S. doesn’t have riots over some stupid hockey game. If a riot occurs there it is for social reasons.”

You’re a riot…There are many more examples if needed.

http://www.youtube.com/watch?v=Mwrt5q815FE

http://tinyurl.com/3gnv5tj

http://www.youtube.com/watch?v=Il2uuE5H1LQ

#254 VICTORIA TEA PARTY on 06.16.11 at 4:12 pm

#216 Burnt Norton

Well said. Vancouver can be a most unfortunate city, for many people, given its geographic handicap.

The place, where I was born and raised, is either the end of the line or the start of line. Mostly it’s the end.

So there are people who simply come to town because there’s no place else except…the ocean! How many of those showed up to the riot? It doesn’t matter; there are no excuses.

This awfulness eclipses other past sports-related hooliganism, in that city I’m sure.

So Vancouverites (after the investigations are done and the guilty, who should be drawn and quartered, but instead will likely get government-assisted behavior therapy) will have to decide what kind of city they wish to have: a gong show or civility extant. Their choice. And HAM has nothing to do with this either!

And, please, during this round of navel-gazing, would the civil liberties crowd just shut the hell up about “rights” and “entitlements” that were taken from those rioters as way-too-nice cops took the little bastards down way too gently.

TRAVELLIN’ CARNEY-GUY…

On Mr. Carney. While his pre-riot Vancouver speech obviously didn’t cause it, it DID provide a fine display of our nation’s economic impotence. We really are an American colony, aren’t we boys and girls, and postal workers?!

SO, Big Ben, in DC, ALSO rules OUR roost!

We must look forward for basically zero rates until Benny has no alternative but to turn the monetary tightening screws. Man, will it hurt! But not as much as the hyperinflation alternative, and the real street riots that would surely follow! To wit: Greece.

#255 Mark Carney Is a Joke on 06.16.11 at 4:32 pm

Hey Mark Carney Watch the show “til debt due us part”
and see all those indebt smile when Gail tell us we are in huge debt and have no saving and used credit cards to make the downpayment. We all LAUGH at you Mark Carney since you are a joke. We like it when you TALK! since that is all you can do while we borrow borrow borrow with no intention of paying the debt off. We will walk from our mortgages and personal debts just like the Americans and everyone else in the world. You stupid bankers are trying to screw us????we will screw you and LAUGH in your face Mark Carney .

What are you going to do Mark Carney ????More TALK?LOL

#256 garrulous squirrel on 06.16.11 at 4:59 pm

The veil pf propaganda regarding Vanshithouse was lifted last night and the world can see who really lives in this city. The sadsacks at Shiity Hall can blow up all the smoke they can afford but the reality of 150,000 savages burning up the city core and helpless legions of cops standing back and watching should be an eye opener for anyone. This city is a powder keg.

The number of very poor and disenfranchised locals has grown to such a high percentage of the population that I can guarantee that race riots and mob looting will become the norm in future Shit-Couver.

People see themselves as having been locked out of any hope. They see themselves over run by foriegners. Seniors are starving…kids are going hungry……lunches can’t be made…sports are no longer affordable….debt is strangling…….people are pissed off and the scene last night is just the beginning.

We saw the insipid Police Cheif Jimmy Shoe…whining about his impotence…….he makes $300K politically correct dollars a year for being Chinese. He’s awfully good at that but obviously a complete fuck up as a police chief.

The delicate mayor Robertson….ass face that he is…..invited hundreds of thousands of poor people to drain out of their miserable hovels in the valley……..is the mayor so full of boy juice that his mind has left the building?

Of course the media is doing damage control…….theres a lot of empty condo’s to sell. The truth is something else entirely.

#257 Burnt Norton on 06.16.11 at 5:00 pm

#246 Burnt Norton on 06.16.11 at 3:36 pm

#213 lawyer gal on 06.16.11 at 1:59 pm

Sorry lg, my sarcasm was a bit harsh. Bad day for us out here in V-town ya know. I agree with you, school is good. Don’t sue me OK?

#258 Burnt Norton on 06.16.11 at 5:04 pm

#254 VICTORIA TEA PARTY on 06.16.11 at 4:12 pm

I agree 100%

#259 ted tippler on 06.16.11 at 5:06 pm

“revealed it to be far more a backwater fishing village than a world-class city.”

http://www.canada.com/news/World+bemused+Vancouver+hockey+riot/4958335/story.html#ixzz1PThPO7jx

#260 eaglebay on 06.16.11 at 5:07 pm

#162 Utopia

“I could not pick out even one Chinese face. That is especially odd since half the population in that sad city are of Asian decent.”

Look again, more closely. Many Asian faces and other darker colour as well.
I would assume that many of these people are also immigrants and first generation Canadians.

#261 No Fun Vancouver on 06.16.11 at 5:10 pm

#249

Your the idiot because you cannot read. No where did I say there were no injuries nor did I say that nothing was thrown at the Police. You just read what you want to read. If there is confirmed reports that 14 police were injured (I was thinking requiring medical attention i.e. hospital attention) then I will amend that posting. The rest of my statements are factually accurate. I in no way condone any of the violence, property damage or looting just want to put the rioting in perspective that was very few individuals involved mainly drunk kids with no axe to grind with the police.

I think you read my posts wrong–no way in hell do i condone anything that transpired last night– go back and read #196—my comments are at the bottom–the main post is that of # 166 Fun in Vancouver—i was responding to his stupid comments re:no injuries–nothing thrown at police etc

now says he doesn’t need to look at videos because he “was there” and saw no injuries –nothing thrown at police –

i say some dumb things on here but don’t want to get blamed for something i didn’t say

#262 Crash on 06.16.11 at 5:17 pm

166-No Fun Vancouver
This was not a riot. It was select group of a few individuals that caused looting and burning of cars.

I completely agree with you. We take ourselves far too seriously and if we want to see real riots look to Europe (Greece for example). Those are real riots for real reasons, not just a few dozen drunken assclowns behaving badly. We are so provincial in Vancouver and we think we are so sophisticated.

#263 STOCK MARKET CRASH??? on 06.16.11 at 5:39 pm

The stock markets around the world are overvalued and need to correct another 20-30% . Tomorrow doesn’t look good and as of today I am 100% in cash after slowly selling over the last month. Every stock I sold is now well below . Those who can sell all your stocks and short this overvalued bubble market. Japan and the rest of the world will have to report the Q numbers and they are all bad . Look at RIM they report horrible number and down 15% after hours. This will happen to almost EVERY compay who reports. It’s should be a nasty but fun crash who is out or short. Look out below.

#264 Vancouver_Bear on 06.16.11 at 5:41 pm

BPOE = Best Ponzischeme on Earth. Mystery solved.

#265 Ronaldo on 06.16.11 at 5:53 pm

Whoa there a minute Garth! The old shack on Trinity goes up for sale for $798m and sells two days later to a realtor for $773m and one month later is back on the market for $888m and shows a previous price of $1,250,000. Would that not be misleading since it would make a potential buyer believe that they have reduced the price by $362m and therefore getting in on some hotshot deal? This is getting to be beyond insane and there needs to be an investigation done on the real estate industry in the lower mainland.

I recall back in the early 70’s between 1973 and autumn of 74 before the big crash where in some areas real estate was rising at up to $2000 per month. I recall reading in the newspaper about a little scheme that was taking place whereby realtors were going door to door and offering wildly inflated prices to owners (mainly elderly) then selling at even greater prices to other realtors and artificially raising prices. I suspect that something very similar is taking place right now.

Someone in gov’t needs to take the bull by the horns and look into this madness as this whole thing is going to come crashing down even harder than it did back in 1974 where prices in West Vancr dropped 30% from their highs in the summer within a few weeks. It will happen again.

#266 TS on 06.16.11 at 6:07 pm

To: #213 lawyer gal on 06.16.11 at 1:59 pm
wow alot of complaining on this site about salaries. you all should have gone to school more if you dont like your salary. I just started my new job straight from law school. 200,000+ and i haven’t even passed the bar yet.

All you did with that comment is prove that the world is askew. Enjoy it well it lasts….

#267 eaglebay on 06.16.11 at 6:15 pm

#263 STOCK MARKET CRASH???
You’re a winner. Losing your shirt are you?
Ever heard the expression “buy low, sell high”?

#268 JRH on 06.16.11 at 6:16 pm

Looking at all the comments, people seem concerned about BC? I don’t get it, sorry.

#269 Phil on 06.16.11 at 6:20 pm

@213 Lawyer Gal. Ummm no you didnt.

#270 poco on 06.16.11 at 6:29 pm

#236–Dorothy–good post–exactlly what i said yesterday–not all areas are in bubbles because many have begun deflating and have been for quite some time.

many sellers within the tri cities who can’t understand why they’re not getting any bites on their listings when all they hear are the fantastic price increases put out be CREA

lots of price drops here —–if you and i, and others on this blog can see the bubble has already deflated, i wonder what Mr. BoC really sees —maybe alot more homeowners in real trouble financially–a lot more than he cares to talk about

#271 Filthy Lucre on 06.16.11 at 6:29 pm

Will the Vancouver riot put a monkey wrench in Cam Good’s evil marketing of Vancouver real estate in China? Will this tarnishing of Vancouver’s image lead to a decline in HAM demand? My friends are asking, “Does this mean I might be able to buy a house?”

#272 Devore on 06.16.11 at 6:38 pm

CBC now reports that the damage by rioters stands at $1.5M, or about the price of an average tear-down.

Most of the story however, is focusing on the cost to Vancouver’s reputation, and most importantly to real estate prices, because of course nothing is more important. Allusions to the 1994 riot and housing bust were made. Seems like the fall guy is being setup to take the blame.

#273 Devore on 06.16.11 at 6:40 pm

#265 Ronaldo

I recall reading in the newspaper about a little scheme that was taking place whereby realtors were going door to door and offering wildly inflated prices to owners (mainly elderly) then selling at even greater prices to other realtors and artificially raising prices. I suspect that something very similar is taking place right now.

You mean a pump-and-dump? That’s what happened in Richmond a couple months ago.

#274 Daisy Mae on 06.16.11 at 6:58 pm

Who we are

The Bank of Canada is the nation’s central bank. We are not a commercial bank and do not offer banking services to the public. Rather, we have responsibilities for Canada’s monetary policy, bank notes, financial system, and funds management. Our principal role, as defined in the Bank of Canada Act, is “to promote the economic and financial welfare of Canada.”
——

I must stress this part:

Our principal role, as defined in the Bank of Canada Act, is “to promote the economic and financial welfare of Canada.”

Exactly. — Garth

So….when do they start?

#275 jess on 06.16.11 at 7:03 pm

Senate Vote Marks Start of End for Ethanol Subsidies
By REUTERS
Published: June 16, 2011 at 6:42 PM ET
Sign In to E-Mail

eliminate billions of dollars in support for the U.S. ethanol industry, sending a strong message that the era of big taxpayer support for biofuels is ending.

—————-

quit blaming the kids

..mr. gross sent out secret shoppers in 2006 to investigate the housing markets in the various states. their reports apparently led him to not invest in that sector.
================

A single large accounting control fraud can cause losses so large that it renders a deposit insurance fund insolvent and causes a crisis. This happened in Maryland and Ohio “thrift and loans” in the mid-1980s. The failure of a single accounting control fraud in each state caused the collapse of the entire privately insured thrift and loan system in each state.

Accounting control fraud

A single large accounting control fraud can cause losses so large that it renders a deposit insurance fund insolvent and causes a crisis. This happened in Maryland and Ohio “thrift and loans” in the mid-1980s. The failure of a single accounting control fraud in each state caused the collapse of the entire privately insured thrift and loan system in each state.

The leading cause of catastrophic bank failures has long been senior insider fraud. James Pierce, The Future of Banking (1991). Modern criminologists refer to these crimes as “control frauds.” The person(s) controlling seemingly legitimate entities use them as “weapons” to defraud creditors and shareholders. Financial control frauds’ “weapon of choice” is accounting. The officers who control lenders simultaneously optimize reported (albeit fictional) firm income, their personal compensation, and real losses ..”

#276 Al on 06.16.11 at 7:06 pm

A lot of the refinance proceeds are ending up in Iran & China where they get higher rates of interest. When the housing market implodes here, that money will not be coming back but the Banks who lent it will be rescued by us taxpayers.

#277 Nostradamus Le Mad Vlad on 06.16.11 at 7:18 pm


#263 STOCK MARKET CRASH??? — Excellent and timely post, now that hockey is finito.

BTW, recall the 34 US Navy ships that set forth last Sept. / Oct. for the Golf of Aden? In Oct. this year, there will probably be a bunch lined up outside Syria and Libya. Freedom is great, ain’t it (as long as we’re stealing other countries’ property).
*
Think itis bad in Vancouver? Try Spain; China Violence has begun there; Athens — same story; 2:15 clip Worldwide civil unrest. “There are over 100 economic protests and riots around the world. Did you see them all on ABCNNBBCBS?” wrh.com. Music is noisy.

Banxters’ Reality “Before the globalists can drop the borders, all humans must work for the same low wages, and all currency be driven down to the same worthless level, and everyone must be a slave to the same global private central bank. This IS the New World Order.” wrh.com.

Greek Default and money market funds; Silver Running out of silver? Hit up JPM or GS! Silver Two “I prefer to take power by taking physical delivery of silver every chance we get.”; Raped Just like Greece and other countries, including us; Too Big To Fail The US Fed?; Strikes and Greece’s PM “Last night Papandreou was talking about resigning after firing his Cabinet. Today he says he refuses to leave. That was Mubarak’s big mistake.” wrh.com.

Radiation after effects in Fukushima; Nervous Europe wringing its hands over Fort Calhoun. English second down; Possible nuke meltdown in US, and FEMA and FCC. Mitt Romney America’s Captain Stupid, or any of C-H-F; NWO From central Asia; Kannaduhhh Kinda strange, ‘coz Fukushima’s a real hot spot now.

China, Iran and Russia “The message of this meeting is clear. War with Iran will mean war with Russia and China. For the US Government, who apparently believes a world war will make the other problems go away, that is a great thing.” wrh.com. The US is still under the false illusion that WW3 wil wipe away its debts, but it won’t.

Vaccines “The greatest lie ever told is that vaccines are safe and effective.” — Dr. Len Horowitz.

#278 JB on 06.16.11 at 7:22 pm

Garth! Your Hummer??? Noooooooo!!!

This will be the beginning of the downfall in Vancouver’s housing market…

#279 Live Under Your Means on 06.16.11 at 7:25 pm

TOT – We’re just watching Jackie Evancho accompanied with David Foster on PBS Boston. WOW She’s all of 10 or 11 yrs old. What a voice. When I was a teen my Dad would only allow classical music in our home. Mom bought me a radio for my b’room when I turned 13’teen so I could listen to the music of my generation. Over the yrs I have learned to appreciate ALL types of music and we sure do have a vast variety in our home.

#280 HouseBuster on 06.16.11 at 7:27 pm

#263 STOCK MARKET CRASH???

——————————–

Maybe but the powers that be will pump the market back up to new highs afterwards.

#281 No Money Down on 06.16.11 at 7:41 pm

#244

The probability of a Canadian team NOT winning a Stanley Cup over an 18 year period is about 2%. It is equal to the probability of an American team winning EVERY year:

P = 24/30^18 = 0.018

If we re-ran the last 18years 100 times, in only one or two of those 18-year simulations would a Canadian team be expected to NOT win at least one Stanley Cup.

It is very unlikely therefore that a Canadian team has not won a Stanley Cup in the last 18 years simple due to “bad luck”.

#282 bigrider on 06.16.11 at 7:42 pm

#213 Lawyer Gal.

Looks like you’re really good at it already..Liar extraordinaire being a pre-requisite of course

#283 David B on 06.16.11 at 8:05 pm

FYI …. and thought

Debate over U.S. debt limit is going down to the wire

http://www.usatoday.com/news/washington/2011-06-15-debt-limit-debate_n.htm?csp=34news

#284 Hoof - Hearted on 06.16.11 at 8:07 pm

Re Riots…

Re Insurance…..apparently many of the riots victims ie businesses may not be covered…such acts fall under different categories

I know this via experience…insurance for ” Fire” is NOT the same as ARSON…thats “malicious act”..needs added coverage.

#285 Live Under Your Means on 06.16.11 at 8:07 pm

#276 Nostradamus Le Mad Vlad on 06.16.11 at 7:18 pm

Vaccines “The greatest lie ever told is that vaccines are safe and effective.” — Dr. Len Horowitz.

Well Nostie, I’ve been getting vaccines for the various flues, etc. for the last 5 years. I’ve not suffered from major flues/colds during those years. Yet, I’m a 10 yr. stage 4 cancer survivor.

#286 Devore on 06.16.11 at 8:18 pm

#281 No Money Down

It is very unlikely therefore that a Canadian team has not won a Stanley Cup in the last 18 years simple due to “bad luck”.

What about due to being bad?

#287 Cookie Monster on 06.16.11 at 8:21 pm

#88 not asian on 06.16.11 at 2:12 am

I know, I was saying the same thing, the police were useless, non-existent, completely ineffective. Their uniforms and gas masks may as well have been Halloween costumes, PATHETIC. Even the police horses must have been thinking WTF are you idiots doing?

I knew Vancouver was going to lose, didn’t the cops? Boston kicked there ass every game, they were only lucky to win three. I think the NHL wanted seven games. All BS. Congrats Boston.

#288 torontorocks on 06.16.11 at 8:24 pm

#213 lawyer girl – I’m sure there are tons of people here making that kind of bank, or say even half that, and still have a life. good luck to you and your indentured servitude, making approximately $8-$12/hour on a billable hours basis, you’ll make partner in 4-6 years (based on your firm, full or partial), you’ll get a loan, you’ll get tied to your firm, by 32/34 you’ll be pretty dried up and bankers will be emailing you at all ours of the day, night to turn a doc or an amendment or whatever and you’ll do it, other wise you’ll be choking back a lot more than just your pride for your din-din.

smug little $hit – I know ‘lawyers’ that can’t even calculate ebitda on a TTM basis.

#289 1milcrackshacksonfire on 06.16.11 at 8:33 pm

anyone else notice when bpoe gets called out he never answers. He just spews some BS and waits till the next blog entry to write again.

#290 Cookie Monster on 06.16.11 at 8:40 pm

#117 JeffinPickering on 06.16.11 at 8:20 am

To Jeff and others here who are placing part of the debt blame on individuals and individual responsibility. I hear what you’re saying but the full responsibility in the last decade lies with money master central banks. Individuals have live to live and buying a house is normal. When prices are elevated over a 10 year via credit expansion people get caught up in it and since they’re still affordable people buy, they think low interest rates are good, the don’t see the inflated price, that’s what houses cost and it’s not their fault when an idiot bank lends them the money backed by an idiot government institution CMHC. It’s all BS. 100% government created boondoggle.

#291 Industrial Guy on 06.16.11 at 8:51 pm

Kitchener1 – so true. The economic carpet bombing of Southern Ontario continues… unabated. The sad news is … it’s getting worse …

Who is replacing large employers like Siemens / Westinghouse in Hamilton? .. John Deere and Canada Pipe in Welland? … all of the forging plants in Fort Erie? The remaining forging companies are busy, but ….they’re only hiring through temp agencies. That closed Budd plant you mentioned in Kitchener once employed 1,200 people manufacturing automotive frames for Ford in Oakville and St. Thomas!

The seven month lockout at US Steel in Hamilton is still killing the area economy. The Steelworkers fight to protect their pensions is going nowhere. US Steel is willing to wait as long as it takes to break the union. The Steelworkers strike at Engineered Coatings went on for three years before the US based owners decided to close the plant. I wouldn’t be surprised if US Steel follows that example. The modern, automated Nanticoke facility was the jewel they wanted.

Investment Canada Act — section 40 basically says ….
“All deals over $300 million involving a foreign buyer are required to pass an Industry Canada review to ensure that the takeover provides a “net benefit’’ to Canada. While the government does not detail what “net benefit’’ means, it considers employment, technology development, productivity, competition, and the effect a takeover will have on national policies.
In approving the Stelco takeover, the federal government cited job protection as one of the benefits.”

US Steel is fighting the agreement to keep Hamilton open claiming that the agreement is overly vague and market conditions have changed so dramatically that the agreement is unenforceable.
The job losses from a permanent closure would be devastating to the entire region.

#292 Hoof - Hearted on 06.16.11 at 8:56 pm

#263 STOCK MARKET CRASH???

Yep you are right…..

Right after Fukushima, an investment advisor said Japan inabiliy to fill orders, many on the” Just In Time ” basis…will create a huge hit re: earnings

#293 TurnerNation on 06.16.11 at 8:57 pm

Hopefully, HAM will finally see us for what we are: Backward hockey barbarians in the Great White north!!
We know know beer, igloos and fightin’.

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

Doug: “How’s it goin’, eh?” [15]

Doug: “Take off!” [15]

Bob: “Hose head/hoser!”

Bob and Doug: “Beauty, eh?” (acknowledgement of something good happening)

#294 disciple on 06.16.11 at 8:59 pm

Has anyone noticed the excessively repeated TV ads for Ontario Savings Bonds? I don’t recall this level of hype before…I wonder….

#295 Tkid on 06.16.11 at 9:01 pm

Ah, Vancouver in Spring.

I wonder what Vancouver in Fall will look like?

#296 TSX to fall 1000 points on 06.16.11 at 9:02 pm

I think we will see another 1000 point drop in the next 4-6 weeks after which we go sideways until september and late september ,early Oct we fall again in a repeat of 2008. Only this time no more bailouts for the socialist corporations and lots of CUTS for the public.

#297 disciple on 06.16.11 at 9:03 pm

And the radio ads for OSB’s are every station every 20 minutes too here in GTA. Garth, I just noticed the timestamp is off by 45 minutes or so late on the posts.

#298 Herb on 06.16.11 at 9:16 pm

Utopia @ 228,

here I give you the chance to display that fact and logic you so loudly professed in recent comments, and you fold like a cheap suit. Guess you are a cheap suit. Blue, no doubt.

PS: My party would be the one that pursues the greater good of Canada. It hasn’t been established yet.

#299 Jessica6 on 06.16.11 at 9:23 pm

I agree – ‘Lawyer Gal’ is either lying or got the job through connections.
Which makes her snarking waaay off base. It has nothing to do with schooling but who your daddy or best friend’s daddy is.

#300 Bottoms_Up on 06.16.11 at 9:31 pm

#281 No Money Down on 06.16.11 at 7:41 pm
————————————————
It’s not only bad luck that could have prevented the Canadian teams from winning.

Bad coaching.

Bad management.

Bad scouts.

Bad draft picks.

Bad attitudes.

Bad injuries.

Bad team chemistry.

Bad farm system.

and the list goes on.

#301 Cookie Monster on 06.16.11 at 9:57 pm

#197 nonplused on 06.16.11 at 12:58 pm

Nice brush up, you’re completely wrong!
6 CAD / 30 total = 1/5 = 20% assuming all teams equal.

Not 1.8%, you’re using a formula for something more complex. Now put the text book down and pick-up your drink.

#302 Cookie Monster on 06.16.11 at 10:09 pm

#219 Bottoms_Up on 06.16.11 at 2:17 pm

Yup, and the odds are the same for every spin, to think otherwise is a misnomer. Even if 10 blacks precede, the odds that the next spin will come up red are still 50/50. No matter what, the odds are always 50/50.

#303 Cookie Monster on 06.16.11 at 10:19 pm

#213 lawyer gal on 06.16.11 at 1:59 pm
wow alot of complaining on this site about salaries. you all should have gone to school more if you dont like your salary. I just started my new job straight from law school. 200,000+ and i haven’t even passed the bar yet.
:)
————-
Statistically speaking I think the odds that you’re lying are about a million to one. And if true you must be a smokin’ hot lawyer. Yeah Baby!

#304 Cookie Monster on 06.16.11 at 10:26 pm

Correction, one in a million. Duh.

The number one error with statistics is confusion of the problem. I remember the hardest part was matching the correct formula to the problem, once the formula was properly matched the answer was only a number crunch away.

#305 Cookie Monster on 06.16.11 at 10:59 pm

#291 Industrial Guy on 06.16.11 at 8:51 pm

Good post. It’s sad to watch but the reality is, this is what happens when businesses are dismantled by government rules, union demands, CPP, UIC, EI, Income tax, pensions, benefits, wages, disability…. Everyone knows Stelco in Hamilton at Ottawa St. had and old line and never invested in capital upgrades, why should they? Why Should management give a shit? Might as well bleed the beast dry like the union and government.

These socialist parasites expect business owners and entrepreneurs to take all the risk, raise all the capital, hire all the works, get bleed to near death and want to keep going?

The exodus has been on big time for 10-20 years now and it’s going to get worse. I’m surprised there’s anything still left in Canada. Our welfare state lives on only due to our rich resources and heritage of capitalism with the US and hardworking intelligent people, but the people are pissed and realizing the truth, except for Air Canada and Canada Post. Greedy corporations, how about greedy governments and unions. The sooner this ship keels the better.

#306 OV Renter on 06.16.11 at 11:01 pm

Now that the playoff’s are over here in Van, the parties over folks, stick a fork in Vancouver Real Estate….its all over but the crying & foreclosures

#307 lawyer girl on 06.17.11 at 12:33 am

#213
just kidding. i still work at starbucks and still live with my parents. plus i’m nervous and my socks are too loose. hopefully will get a job soon though

#308 Ronaldo on 06.17.11 at 1:12 am

http://www.century21.ca/Property/BC/V5K_1E3/Vancouver_East/Trinity_Street/2561

Here is the house across the street from 2556 Trinity that sold for around $330m in February 2002….somebody has done very well on that one if they can now sell if for $888m….

#309 oldmac on 06.17.11 at 2:19 am

I think people here complain about salaries for people who have actual skills and contribute to society in a meaningful and productive capacity. As I can tell you it’s quite impossible to do so as an employee these days; and even harder being self employed. Do I complain about what I earn? Sure. I’m no millionaire, but I make damned good quid.

I think a lot of what people are purportedly making is quite a bit less than reality. With banks willing to lend more to people more indebted, I think we know where the illusion is stemming from. Debt or delusion.

Take lawyer girl for example: Unless you’re some sort of law wizard I don’t think you’re making almost twice the average Canadian lawyer without passing the Bar. I know a few lawyers, none of them great at math. I think you may fall into that category. I think someone might be buttering you up, because of the ‘assets’ you bring to their firm. Come back in a few years and we’ll talk about your perceived income.

My guess is you’ll be snapped back into reality sooner or later just like these nouveau-pseudo-riche flippers. Good luck, truly; you’ll need it.

#310 AG Sage on 06.17.11 at 3:03 am

>#216 Burnt Norton on 06.16.11 at 2:09 pm
>Hey Vancouver bashers – chill out.

According to those identified so far on the public shaming lists/forums, they are running 100% pampered sons of Vancouver.

The online counter-mob is a fascinating phenomenon too.

#311 bard on 06.17.11 at 7:28 am

Ah ha aha ha hahahah ah…

I love how apathetic people are. They don’t dare whisper any discontent over their quality of living being eroded by stupid politicians, but they actually get off their asses and riot over a hockey loss.

The youth are bored. And ridiculously undereducated.

I fear for the future.

#312 “It’s one thing for Joe Public to be speculating on real estate, but when realtors are effectively buying and selling to each other while inflating the price it adds another level to the pyramid.” | Vancouver Real Estate Anecdote Archive on 06.17.11 at 7:43 am

[…] “The house above, at 2556 Trinity Street, frame covered with a coat of stucco, was built 60 years ago. It has two tiny bedrooms, one bath, contains just 940 square feet and is butt-ugly. It was listed in March and sold in two days to a realtor who paid $773,000. Now it’s back on the market, this time aimed at Asian buyers – at the ‘lucky’ price of $888,000. That’s an increase of 15% in 75 days, and multiple offers are expected. Says blog dog Doug: “It’s one thing for Joe Public to be speculating on real estate, but when realtors are effectively buying and selling to each other pocketing the commissions or cutting them out completely while inflating the price adds another level to the pyramid and one more ball in the air.” – Anecdote and opinion from Doug via Garth Turner at greaterfool.ca 15 Jun 2011 […]

#313 Steven Rowlandson on 06.17.11 at 9:09 am

Garth if Vancouver Canuck hockey fans would go on the rampage over losing to the Boston Bruins what would Canadians do if real estate prices collapsed and or the government slashed spending to the point where interest plus 30 billion in principle payments could be made each year? Would they burn Canada to the ground?

#314 Steven Rowlandson on 06.17.11 at 10:10 am

Re:#121
It is probably a matter of time and more deprivation and financial disaster before those priced out of the country go berzerk and attack and burn realtors and expensive real estate. That means all real estate by the way.
Then again if one is going to do that there is no point in stopping short and getting held to account for ones actions. To do it right one has to find all manifestations of democracy, communism and the new world order and completely destroy it all. Don’t get out of the proverbial boat unless your going all the way and no bragging about it before or after. All or nothing in other words.

Just a thought FWIW.

#315 disciple on 06.17.11 at 10:40 am

I actually agreed with something that Cookie Monster posted. Hell has frozen over…or he has come to his senses…

#316 Jason Baxevanidis on 06.17.11 at 12:15 pm

Maybe the riot will curb the flow of foreign investment driving up home prices in much coveted Vancouver.

Here’s hoping

Jason Baxevanidis