The sure thing

James was minding his own business, walking out of his Kitchener apartment, when he flipped the door shut and saw a sign on the outside saying “RENT NOTICE.”  Disconcerting, because, as James says, “this is a controlled access building so whomever put up the flyers almost certainly trespassed to do so.” And was there an issue with his rent?

Nah. More a problem with a dude called Eddie, the Zero Downpayment Guy.

I’ve written about bottom-feeders before, but no-money-down realtors and mortgage brokers appear to be getting more numerous and more aggressive. They target renters, of course, using misleading claims, myths, distortions and outright fabrications to turn house lust into a commission. In most cases their clients end up paying far more a month to live in virtually the same place they rented, but now with a staggering debt, and an interest rate they cannot control.

Why is no-money real estate spreading like a virus? And why do people who don’t have savings or investments think they can ‘buy’ a house? The second question answers the first. This is the age of entitlement. Everybody can have everything. Newlyweds expect better homes than their parents ever enjoyed. Young couples expect careers, babies, real estate and travel. Buyers expect granite, stainless, hardwood and fat shower heads. And people without money expect houses.

And they can. Thanks to Eddie. I’m sure he scuttles into many lives.

 But while selling houses to people without money may not be illegal or even (in the world of real estate agents) unprofessional, is it ethical to use arguments like these?

Says Eddie: “It is by far better to buy a house today with Zero Downpayment than to wait until you can save for a downpayment.” That’s right, kids. Having actual savings of, say, $20,000 to put against a house costing $400,000 is so 2007. That’s because we all know waiting for good stuff to happen to you or achieving through work and sacrifice is for losers. Besides, as Eddie says, it hardly makes any difference to monthly payments anyway if you have money or not.

And he’s right. When the major banks will actually give you a cash payment for borrowing money, why bother saving it yourself? Of course what Eddie does not divulge is that borrowing $400,000 at, say 3% with a 30-year amortization, a no-money-down buyer would pay $1,686 a month (plus CHMC insurance, property taxes, condo fees and insurance). In the first year, that’s $20,237 – and the mortgage amount owing would still be $397,935. The total monthly for an 800-foot condo would be over $2,200, when it could be rented for $1,600. So the owner pays an extra $7,000 a year to end up with $2,000 in equity. (By the way, at 5%, Eddie – or an agent like him  would have made $20,000 on the deal.)

But wait! Eddie knows how to deal with this embarrassing math thingy.

He says: “It takes a long time for most people to save 5% or more, by that time prices have gone up about 10%. A $200,000 house today will likely cost $220,000 the following year and the interest rate may not be as low as today’s rate.” In fact, this guy states on his site, without qualification, “prices go up about 10% yearly.” That means your $400,000 condo is soon worth $440,000, so losing $5,000 a year in cash flow is no big deal. In fact, in just 10 years your unit will have a value of $1,037,496! Why wouldn’t everyone do this? And unlike acquiring, say, an iPad, you don’t need cash.

But what if Garth Turner is correct, interest rates zip higher over the next five years and you have to renew that 3% mortgage at 6% in 2015? Then payments on the $362,712 remaining debt would jump to $2,400, for a total monthly of more about $3,000 – or almost twice what the renter pays. What if you lost your job? Or went to India for spiritual renewal? Or just defaulted?

No sweat, says The Ed: “When you default on your mortgage, you will have the option to sell your house at a profit (prices go up about 10% yearly ) and keep what’s left over. All the equity you built on the property is money you get to keep.” And at that point in 2015, of course (because of the Eddie 10% Rule), the condo is worth $644,204. You get to keep $281,492!


Can you now understand why nine out of ten new mortgage borrowers opt for 5% down, or less, with 30-year amortizations? Why they always add closing costs on to the principal? Why they happily borrow some or all of any down payment? Why the banks allow them to? Even give them the money?

And can you see why this will not end well?

Eddie Tavares may be a smart marketing guy. He got James’ attention. He got mine. He’s acting within the bounds of his profession. No regulator has shut down his web presence. His employer, Century 21 Millennium, must condone. Its master franchisor, Century 21 Canada, and its president, Don Lawby, host this under their corporate banner. I know Don, actually. A Regina boy. It’s a surprise and a disappointment such things take place on his watch.

Suddenly in the autumn air, there’s a whiff of Phoenix, circa 2005.


#1 wes on 10.23.11 at 10:03 pm

Definitely firrrssssst$$$

#2 GTA Girl on 10.23.11 at 10:19 pm

It’s why when you drive on the Gardiner Expressway and glance into the condos on either side, you see cheap furniture, sometimes bedsheets for window coverings.

That’s not mentioning the many empty units bought by speculators.

#3 Montrealer on 10.23.11 at 10:22 pm

some interesting articles (you’ll have to google translate them). It states that in condo developments in Montreal, 15-20% of buyers use family’s money in order to get the 20% down, so in the stats even in the ones putting 20% there are a bunch that are actually not saving that amount.

#4 mississaugasold on 10.23.11 at 10:23 pm

OMG is Eddie serious?!?! Oh lord.

#5 pathcontrolmonk on 10.23.11 at 10:24 pm

#6 45north on 10.23.11 at 10:24 pm

When the major banks will actually give you a cash payment for borrowing money, why bother saving it yourself?

in the far future, like 2015, as mortgage defaults rise so too the social climate changes. What was once viewed as a victimless crime is now seen in a harsher more judgmental light. So when the bank forecloses and discovers that the homeowner has no assets it applies to CMHC to cover its costs. CMHC has a new president, appointed by a new prime minister to reflect the changed social values. CMHC reviews the claim and discovers that the bank loaned the downpayment thus circumventing the rules at the time. Ergo it rejects the claim.

#7 Stinky the Fish on 10.23.11 at 10:27 pm

Lets all give him a call and get ZERO DOWNPAYMENTS!! His number is here:

What a sleaze…

2- Is Zero downpayment a good option or should I wait until I have a downpayment?
It is by far better to buy a house today with Zero Downpayment than to wait until you can save for a downpayment.

If you can’t save up for a down-payment, you are too much of a screw-up to qualify for a mortgage. How do people like this exist?

#8 Harlee on 10.23.11 at 10:28 pm

I live in a 40 year old apartment building and get these type of flyers shoved in my mailbox every 2 months or so. Once I realize what kind of come-ons they are I shove them into the garbage can. With the 2 for 1 pizza ads and loan-you-money flyers. But then…I’m smart for my age.

#9 SCalgary on 10.23.11 at 10:29 pm


Great post as usual…! Three traitors: Government, Bank and RE companies are ruining us…

Thanks for your reply to my previous post. I will hold on to it until right time arrives…

Keep up the great work…!


#10 Not 1st on 10.23.11 at 10:35 pm

Remember the old saying, “you can’t take it with you”, well the debt doesn’t follow you either so get in as far as you can. Hell if soverign nations can be defaulting and companies are carrying staggering debts without any reprtcussions, the little guy might as well get in on the game too.

Its all going to crash one day anyway. All this debt will have to be repudiated in some form. The total debt of the world is somewhere near 250 trillion and the annual global GDP is about 50 trillion. It can never be paid back so might as well fail the stupid banks and corps that got us into it, write off the sovereign debt and hit the reset button now. Its going to have to happen anyway.

#11 Dan in Victoria on 10.23.11 at 10:37 pm

Continuing story of my relatives house purchase.
Little back ground
Don’t buy, wait a year and and it’ll be cheaper- Dan
Let me take a look at it-Dan
Realtor- buy now it always goes up
You don’t need an inspection you’ll lose the deal-realtor
I can get you special financing-realtor
No subject too’s-realtor

Fast forward- houses have dropped as much as 40K on their street.
Having trouble paying mortgage and bills
Credit card maxed
Etc Etc.

They are toast, just haven’t figured it out yet.
They have no one to blame except themselves.
They were warned time and time again by me.

#12 Maxamillion on 10.23.11 at 10:38 pm

10% a year, WOW. Going to buy 10 condos tomorrow morning. Enough of Garth Turner. Eddie is my new messiah.

#13 Boombust on 10.23.11 at 10:38 pm

Well, I’d say the “correction” is in full swing here in Vancouver. You should see all the toney houses for sale along Marine Dr. near UBC…

…and the empty condos in the Tri-Cities. It’s gonna be Phoenixsandiegomiami all rolled into one.

#14 MC on 10.23.11 at 10:43 pm

Garth, if I were to purchase some canadian corporate bonds, is it possible to take out an insurance contact for them, like a credit default swap. I’m a little foggy in this area thanks.

You sure are. So don’t do it. Get some help. — Garth

#15 Jeff on 10.23.11 at 10:56 pm

The guy is a sleaze, however, don’t hold your breath waiting for interest rates to rise- the Fed has all but guaranteed they will remain at near historic lows for at least the next few years, and consequently, those who bought continue to be rewarded with low mortgage payments. Those who rent continue to be hosed, due to high rents and lack of decent options in major Canadian cities.

#16 Jon B on 10.23.11 at 10:59 pm

I remember growing up in the 80’s when the names “Cadillac” and “Lincoln” were exclusively reserved for those with genuine wealth and lots of it. They were intended for the exclusive domain of the rich. Today these brands are flaunted with youth throughout. Anyone can own a Cadillac. These domestic luxury car brands are prime examples of the age of entitlement.

#17 Marc L on 10.23.11 at 11:01 pm

The people who buy Snake oil for zero down for 30 years deserve what comes to them…

Reminds me of Bre-X, Nortel, Multi-Level-Marketing, Earl Jones, Bernie Madoff, Conrad Black, Sham-Wow.

#18 45north on 10.23.11 at 11:02 pm

Montrealer: Les babyboomers ont acheté des résidences qui ont pris de la valeur et ils veulent aider leurs enfants à bâtir leur capital.

“the babyboomers bought houses which have gone up in value and they want to help their children build their capital”

this arrangement is the precursor to a social revolution, when the condo prices drop, not only are the children hurt but so are the parents. It is quite conceivable that the children will lose their condos and the parents lose the family home if they have taken out a line of credit against it.

what could go wrong?

#19 Moneta on 10.23.11 at 11:08 pm

45north on 10.23.11 at 9:51 pm
martin: give us a hint on what is happening in europe

(by way of zerohedge)
LOL! So much chemistry between the two… Sulfuric acid and water anyone?

#20 OttawaMike on 10.23.11 at 11:08 pm

A twenty something acquaintance and two of his buddies rent waterfront here in Ottawa near the airport on the Rideau river.

Crappy little 3 bedroom cottage bungalow, no basement, needs work but amazing location less than 20 minutes from Parliament.

Waterfront lots go for $500,000 around there, without a house. Their total rent is $1250/month and do not even think about calling the landlord for repairs.

The property would fetch over 500k$ but let’s be conservative and calculate what Mr. landlord would get if he had that 500 G’s earning 6%.

Almost double the cash flow.

As Bill O’Reilly says: “You can’t explain that”Eddie.

#21 Moneta on 10.23.11 at 11:18 pm

This summer, I saw a similar poster taped onto a light pole on Montreal Road, near CMHC.

#22 Smoking Man on 10.23.11 at 11:24 pm

#14 MC on 10.23.11 at 10:43 pm

You are insane to buy bonds now……….like Master garth says rates will go up, means bond prices to go down…..

#23 bill on 10.23.11 at 11:31 pm

EDDIE are you kidding?
this guy used to sell double knits for sure.
he would fit right in with the slick guys on the floor at the old vse.
and speaking of the floor ,man was it slippery… there was so much vaseline and crisco on it.

#24 the Phantom on 10.23.11 at 11:33 pm

Garth, Bloggers and Lurkers everywhere:

For Wes (#1)…Congratulations! I hope your placement make your day!

On a more serious note, my spouse and I sold our condo in 1993 in one day (at a time when markets were slow and it was a buyers market). We scrambled that summer and looked at several homes. When we decided to purchase the one we liked (and were satisfied with the pre-purchase inspection: yesterday’s rant) we put down 25% on the value of the house and borrowed the rest.

Call me cheap but the one compelling reason for doing so was to avoid paying the CMHC premium (is it 2% Garth? Memory fails me here). At ant rate, there were still nights when I had a hard time sleeping during the next couple years as I fretted over the $65,000 mortgage we had assumed conduct for.

How anyone in their right mind borrows $400,000 or more and then sleeps peacefully when the sun goes down is beyond me. If I had a mortgage that size, I’d be taking medications and get all boned up every evening just so I wouldn’t be awake seeing that number cross my vision all night long.

Just my 2 cents worth this tranquil night.

the Phantom

#25 Min in Mission on 10.23.11 at 11:34 pm

Wow, a Regina boy.
You guys go to school together? or something?

#26 City Slicker on 10.23.11 at 11:35 pm

I think as a rule of thumb we’re about 5 years behind America, so 2012 is the year the great bubble blows!
Then the economy heads south.

#27 Smoking Man on 10.23.11 at 11:35 pm

Sober weekend……sucks……….

Even cut down on the cigs….10 a day…………………………

Ok back to stuff….The Markets we get reports by stats Canada.. and the USA…Inflation, jobs. unemployment……….etc etc

Do you believe them to be true………. Wtc 7 come down at free fall speed, with the owner on record saying we pulled it. A term used by demolition companies to indicate a controlled demolition. Hence for knowledge, hence inside job….

Now if you believe a few fires on the six floor did that. Then you are one of 3 things.
1 A indirect beneficiary from the results of 911. Know the truth but profits from the lie.
2 Stupid
3 Indifferent

If you are in group two…… do not invest in the markets. For everyone else…..when you see these report come out don’t believe, see how the market reacts, weight it then pick….

#28 Loan money to anyone on 10.23.11 at 11:38 pm

The housing market in Canada is really unfair to responsible people (i e: those that make decent down payments). F should introduce new tougher mortgage financing rules because his new rules last Spring haven’t changed things much.

Anyone looking to buy a property in this country competes against yahoos with 0/40 mortgages who bid up housing prices. If/when things go bad, the yahoos can easily walk away since they have no “skin” in the game.

My other complaint is that everyone in Canada gets pretty much the same interest rate for their mortgage. It’s only fair that people with zero money downpayments get charged with much higher mortgage interest rates since they are a much greater risk for defaulting.

#29 Ozy - Be smartgreek folks! on 10.23.11 at 11:39 pm

Be smartgreek folks! You know what I mean.
Stop working 7 to 6 jobs (door to door). This is no life for you, what are you an egiptian Slave?
Borrow, speculate, live like kings! It’s so easy, don’t think of consequences, the lenders should worry fro the 50% haircut! Refuse any credit card offer if under 10000, buy million $ homes, Ferrari, Porche, Mercedes or AUDI and live the party with most beatiful women $ can swing around!
O Canada! O Canada! O Canada!

#30 martin on 10.23.11 at 11:41 pm

at best !! turner, garth

good one

#31 Devore on 10.23.11 at 11:45 pm

#4 mississaugasold

OMG is Eddie serious?!?! Oh lord.

Sure is! He’s even right, if prices really do go up 10% every year. Of course, they don’t. And they haven’t. Like condos in Vancouver and lower mainland. Most condos bought 3-4 years ago, are just treading water. Subtract realtor fees, CMHC insurance and cashback (both are added onto the principal), and they just might have to bring a checkque to closing if they sold today.

#32 dddd on 10.23.11 at 11:50 pm

busted boom – no correction in east van (comm dr area) yet

prices still ratcheting up , decent place takes 1 wk , dog place ~3wks to sell. – seems most are OVER 1m lately.

teardowns and new duplexes proceeding at full pace – yanking up the overall averages as the worst dumps become the nicest places on the block

ps : shout out to st joes hosp in east van – kid went thru w suspected brkn arm – lighting fast doctor-xray-trtmt – home in 60 min – wow – the gubmnt can do somethings very well.

#33 noodles 79 on 10.23.11 at 11:56 pm

Fast Eddie’s plan works if your buying at the beginning of a booming market, if your buying at the end of one, your done! Its kind of like a classic pyramid scheme,the people who creat the hype, end up cashing out, and the people at the bottom lose out.Somebody always ends up losing.ln the past number of years, our economic growth has been largely due to the average income earning persons willingness too incure a large debt, just because of low interest rates! Joe Blow one, who makes an average income,sells for a higher price to Joe Blow two, who makes an average income, who sells for a higher price to Joe Blow three who makes an average income.Do that for ten years or so and eventually you come to Joe Blow Fool,who makes an average income and has a five hundred thousand dollar mortgage,and has eighty thousand of his house equity tied up in his big suv. How long does it go on?How long can it go on? Before Joe Blow Fool learns to use a calculater!False riches can disapear just as quikly as they apear.I know people who brag about their six hundred thousand dollar house,but havent been on vacation in ten years.need I say more!

#34 the Phantom on 10.23.11 at 11:57 pm

For Boombust (#13) and all you other naysayers about BC real estate…

Are you guys certain the housing prices are declining there? Don’t they have Wreck Beach? I thought that would have carried weight with enough people so that housing prices could remain “high” and perhaps even “shoot” higher.

I have had enough fun for one night! Time for me to toss the cats into the garage, let them continue to play with the dead mouse they were batting around earlier this afternoon and head to sleep in my boring 35 year old 1200 sq ft bungalow…How was it you referred to us one time, Garth?…”brown specks in the Prairies”? Gotta love it!

Night all!!!

the Phantom

#35 fiendish Thingy on 10.23.11 at 11:59 pm

I’m confused- didn’t the laws change prohibiting CHMC from insuring zero down mortgages? Wouldn’t the lenders have to assume all the risk for these mortgages?

#36 Nostradamus Le Mad Vlad on 10.24.11 at 12:06 am

Duz the pic portray a child, passing into adulthood and going solo? Everyone, notwithstanding Peter Pan has to grow a set at some point. That’s a helluva way to do it!

Eddie is a bottom feeder fer sure, preying on PV. Trouble ism most will believe him. Guess that means there are some greater fools still out there.

“Suddenly in the autumn air, there’s a whiff of Phoenix, circa 2005.” — Is that the Phoenix burning (napalm) or rising (the fresh hint after a downpour?)
#184 brad on 10.23.11 at 8:43 pm — “(where would all the people go )? you have to live somewhere.” — Gluggle (under videos) “tent cities in the US”, “detroit suburbs”, etc. That gives a better perspective.
Merkel With the USE in such a shambles, heads will roll; Well, whaddaya know? Only in Canada, eh? QE4 The students don’t care who will pay the debts back; IMF short on cash? “The G-20 should ensure that the IMF has adequate resources to fulfill its systemic responsibilities and should explore possible contributions to the IMF from countries with a large external surplus,’ the leaders said in the conclusions of today’s meeting.

“Explore” as in “beg”…They really don’t get much clearer than that in saying “Help! We’re broke!” It would be kinda funny if that went with this; China and the EU.

AfPak Not overly sure whether Harzai can be trusted; Bill Gates New vaccine promotion (depopulation?); Syria Senator McCain, here is your rifle and parachute — you’re on your own! Fukushima and Tokyo Sending and receiving rain; Steve Jobs despised Google; Jungle of the Mind We are currently living in the Kali Yuga, the fourth of four ages which is the most violent of all. Combined with the cycle change, it guarantees that we will be living in interesting tines for years.

#37 The thing in the basement on 10.24.11 at 12:10 am

183 Obert – yea I wouldnt be too concerned about that.
The report mentions the year 2050 in an example. Lots of
time for the govt to change things. Maybe a max on TFSA holdings for collecting GIS if it’s still around.

In the meantime – contribute!

Eddie, Eddie, Eddie……

#38 Dc on 10.24.11 at 12:18 am

Not too sure about your photo today. Marco Simoncelli, a pretty talented italian motorcycle racer died today (sunday) during the Malaysian Motorcycle Grand Prix. Its always tragic to have a death in motorsports.

#39 Van guy waiting on 10.24.11 at 12:31 am

#13 Boombust

Is this the same Boombust blogging at Yattermatters? Larry is so BS about RE. He’s telling people to buy now because the market is flat now and will go up again by spring time. He thinks Garth is a fool for his prediction. Only time will define “fool”.

#40 stevenson on 10.24.11 at 12:39 am

Nothing wrong with Eddie. In fact I think he’s a great salesmen/marketer. In this world only the strong or intelligent survive. It’s very similar to infomercials, those products most likely don’t work as good as their shown. A lot of people get “persuaded” to buy the call now and get another unit free method. Can we say the seller is doing something wrong? If people choose to believe what Eddie(someone who is simply a salesmen) says then he’s doing a good job or the person is easily persuaded. There is no regulation to what can be done is because they are not licensed to give you financial advice. Unlike financial advisers, they are sales people that are no different that people who sell cars, shoes, suits.

#41 ghostrider iv on 10.24.11 at 12:44 am

Here in Kel just waiting to move to the 4th floor so won’t have to listen to wshers, drers, shwers, mtrs sprngs, etc. wd bldg of crse. Lcky bldr tk 2nd flr suite in trade; was for sale for1 yr; 4 shwings no ofrs.
Bldr is from Edmnchuk wants out of here yestrday. Rltors are tired of bbysittig bldgng also big sale last wknd …no one showed up! Over 2 yrs now, down to the last 20, mostly rentrs in bldg owners r few and far btween. Some rentrs hiding behind their cell phones; probably never filled out census (i’m sure)
Evelin from Kelowna

#42 BPOE on 10.24.11 at 12:51 am

A dangerous game for Canadians to be playing. Meanwhile down south the Misery index hits a 28 year high and still no global investors of any scale close to BPOE are interested in buying.

#43 BPOE on 10.24.11 at 12:53 am

The exit plan for all these Canadians maxxed out is called BANKRUPTCY. No Big Deal folks. It’s not like the old days. You can still get a creditcard, although you have to put cash on it first which isn’t a bad idea.

#44 Debtisforever on 10.24.11 at 12:54 am

I’ve lived in a condo in Vancouver for the past year and a half. Prices have NOT gone up 15% since I moved in, not even 10%. Actually, I would have to say prices are going DOWN given the lonely realtors I keep seeing weekend after weekend at the open houses they try to flog these units at. Plus, to buy it would cost me more than $1000 a month for mortgage, strata fees, property taxes than it does to rent. And that’s with $50k down! Why would I buy? This Eddie dude is full of lies…

#45 An Cat Dubh on 10.24.11 at 1:19 am

I see quite a few for sale signs in Vernon, B.C. with reduced tacked on. Seems alot of people want to sell and cash out before the values drop even further. Same for Kelowna and Penticton and other Okanagan communities. Not so sure about Nelson, B.C., as green canabis $$$ keeps real estate overvalued there.

#46 NFN_NLN on 10.24.11 at 3:16 am

“Foreigners spent $82 billion buying up U.S. homes in the 12 months ended in March, up 24% from a year earlier, according to the National Association of Realtors (NAR). That represents 8% of total U.S. sales.
In places like South Florida, international buyers already account for a whopping 25% of the market. California, Texas and Arizona also attract many foreign buyers, as do Hawaii and New York.”

#47 Jordan on 10.24.11 at 5:38 am

“Selling ‘zero money downpayment’ real estate is reckless and unethical. Shame on you.”

*Click* Email Sent!

#48 I'm stupid on 10.24.11 at 6:24 am

Devore from yesterday.

Maybe the realtor above is a prime example of what I’m talking about. He probably has a high school education that includes grade 10 math and a bunch of classes such as drama and gym. A 3 month realtor course now gives him the ability to give advise that will affect your financial future. Don’t be fooled by terminology and presentation.

#49 T.O. Bubble Boy on 10.24.11 at 6:48 am

With this top quality advertising, you’d think Eddie would have conquered the market for zero-down mortgages in Brampton by now…

But, if you google “zero down payment brampton”, you get 319,000 results (Eddie ranks 3rd, not bad at all!). “zero down mortgage brampton” has 86,800 results (Eddie is 2nd!).

Interesting that the #1 ranked search result goes to a page that shows a “509 Bandwidth Limit Exceeded” error:

I guess that realtor couldn’t pay his website bill?

#50 David B on 10.24.11 at 6:56 am

The more things change the the more they remain the same.

“There is a sucker born every minute”

circa 1869

#51 SaraBeth on 10.24.11 at 6:59 am

I’ve been seeing more and more “Rent To OWN!” properties in Hamilton.

#52 House on 10.24.11 at 7:07 am

Real Estate agents, Economists and Journalists are not professionals. Never have been and never will be.

#53 Tim on 10.24.11 at 7:28 am

#42 – BPOE – I discharged from bankrupt a year ago and have an unsecured credit card

#54 househornyhousewife on 10.24.11 at 7:45 am

Hello Garth,

Your post is hilarious, thanks for the chuckle.

Although I personally like owning my own home (and definitely NOT because it is cheaper than renting … ha ha, if only that were true .. even after paying off our house in 7 years and making substantial renos, we still fork out for maintenance, taxes etc..), I think anyone who cannot afford to buy and who is stupid enough to fall for such a ridiculous ad deserves what’s coming to them. I thought everyone knew that if an ad sounded too good to be true than it probably is.

“Got no money ? Want it all ? Right now no questions asked ? Come into my lair and we can arrange something … ” Are you kidding me ?! … Keep ’em coming Garth. I need the entertainment as I wait for these greedy sellers (and their greedy agents) to face the stark reality of current market conditions.



#55 Mortgage broker on 10.24.11 at 8:02 am

Garth it’s not that easy to qualify for 95 percent LTV. You have to prove your income qualifies with the tds and gds ratios. You can’t finance the closing costs either. They has to come out of pocket. But if you have a good job, good credit and the property is marketable, a buyer might qualify. I personally agree with you that at this LTV your better off renting. Cost of carrying a house is very expensive.

#56 Ben on 10.24.11 at 8:06 am

Canada is over leveraged, end of story.

#57 The Rich Beaver on 10.24.11 at 8:08 am

(By the way, at 5%, Eddie – or an agent like him would have made $20,000 on the deal.)- In all fairness to Eddie, he would make half that if he was representing only the buyer side. I do not judge his ways but now realize how much greed is part of the housing problem!

#58 stevenson on 10.24.11 at 8:38 am

#51 House

The point is they don’t need to be professionals. All they need to be a is a persuasive and savvy to make a lot of money. Some people just observe these things and wonder why people do it. Others make use of these opportunities to get ahead.

If there is a bubble or trouble in RE. It’s how you make use of it and just avoiding it.

#59 TurnerNation on 10.24.11 at 8:45 am

#1 wes on 10.23.11 at 10:03 pm
Definitely firrrssssst$$$

I wonder if G-man now posts the first post to discourage the scourge of “first” posters.

#60 johnny5z on 10.24.11 at 8:57 am

Like Phoenix in 2005? To make the circle of life complete, maybe the Phoenicians will buy bank REO in Canada in a few years.

#61 OnlyTheBankersLaugh on 10.24.11 at 9:04 am

Just spent the weekend in Rochester, NY at the boys hockey tournament. Economy is still hurting but not as bad as SW Ontario. Amazing to see just 2 hours away from my home that same house is 25% to 33% of what I pay depending on the specific area of town. And their interest is deductible. What the heck is wrong with us here that we compete so wrecklessly for a plot of land around GTA and Vancouver? Canada is pretty darn good but do we ever pay for it in food prices, taxes, house prices, gas, electrical. Medical would be higher but professionals do very well there. I have turned down many offers to go to USA but after all this time, I think young professionals would want the mansion on the hill and they can easily get it there for price of condo here in Toronto! I know Rochester is not Toronto but…. it might be as good as Burlington!

Only the Bankers Laugh

#62 Toon Town Boomer on 10.24.11 at 9:13 am

I”ve been watching house prices for 2yrs now. The other day I came across a listing that had sold in 2010 for 300,000 was listed this year again at 319,000 it sold for 327,000. WTF?

So here In Saskatoon I sit and wait, not wanting to buy, waiting for prices to come down.
What a fool am I!

#63 bigrider on 10.24.11 at 9:15 am

Garth ,start a real estate investment network or club or something along those lines, whereby some of us less experienced RE buyers can throw our money in the lot with yours, to buy these distressed properties in corrected markets you speak of. For that I would pay greater than a 1% management fee for sure.

Set a minimum investment amount high enough to keep out fly by nighters , run it like a hedge fund of sorts with exit dates/restrictions ,whatever works for you.

When you got it running, guess what you will have the pleasure of meeting me and more than likely some of my Ravioli eating friends with very deep pockets for sure.

#64 disciple on 10.24.11 at 9:27 am

#2 GTA Girl… keep your eyes on the road, babe! Now I know why traffic is messed up along that stretch of the Gardner. But I did notice the bed-sheets as curtains also. Thin-walled concrete boxes in the sky with a window overlooking the highway, constantly broken elevators, in buildings that for the most part are not even fully completed!? And will set you back 400K. The Phantom’s worst nightmare…LOL.

#40 ghostrider iv… wanna by a vwl? Yr nt hlpg Smkg mns dslxia.

Really strange that Steve Jobs official biography is already out. Interesting. And I did a little digging… Walter Isaacson reportedly been working on it since 2009, but why the rush to distribute? Isaacson is extremely high-profile. If you check out his profile, you will find him to be a fairly active foot patrol man for your real rulers. Mind control (I had to get that term somewhere in my post).

#65 aweb on 10.24.11 at 9:27 am

I always use the “cable TV show” proxy as a sure sign that those in the know are getting out. Once people are going on cable shows to tell you what a great idea it is to buy property and flip it, renovate it, etc., then the bubble is clearly entering the final stages. This happened to renovation/flipping on US cable, and those shows have now migrated to Canadian cable. The current wave of “buy junk, find hidden value” shows – pawnshop shows, storage module shows – the people on them own the stores that buy and sell the stuff that gets found. They are the middlemen, trying to create a bigger group of people to find things they can buy, mark up, and sell.

If the money was good in the business, you would never, ever, go on TV advertising to other people to get into the business. Same goes for investment advice from already rich people – if “rich guy X” says this new company is a great opportunity to buy, you have to ask yourself why they would possibly say that instead of just buying it. See also the most extreme metal hounds…why are you telling other people about it unless you want to lock in your profits by selling? It strikes me as the final stage of the pyramid, when the largest group ever is needed so those in already can get the hell out.

One reason I like this blog, even if I don’t agree with everything Garth writes (I tend more to the doomer side of things with a view to the world economy’s future, but hope Garth is right), is that the advice is often pretty generic, and never strays into the hyper-specific, obviously self-serving, at least that I have noticed. Real snake-oil people don’t sell “diversify”, at least as far as I’ve been able to tell.

#66 disciple on 10.24.11 at 9:49 am

When I bought my first house, I was asked to put up $10,000 for a downpayment. The total price was half of what it is typically now. I converted it into a duplex by the sweat of my brow and blood of my blisters, and sold for a hefty profit. Typical GTA story of a young man making some money on the side tax free.

Problem is, everybody was doing this. And so, we now have inflated prices, and a credit bubble, and basement suites helping out the homedebters with mortgage payments. At one point, if a home did not have a finished basement suite, it would not get sold, so then came the wave of “contractors”, and developers offering finished basements for new constructions.

I imagine the situation is not that different now, but because I don’t feel that the bursting credit and housing bubbles will leave anybody unscathed, as has happened to our southern neighbours, I have dropped this asset class entirely and placed this money in the emerging markets consumer discretionary sectors and consumer staples sectors in North America that are not tied to any derivative or credit risk. In other words, when the non-financial corporations are turning a profit then so am I.
Bankers be damned! A day to remember, the 5th of November.

#67 brad on 10.24.11 at 9:54 am

35 Nostradamus Le Mad Vlad on 10.24.11 at 12:06 am
good luck with liveing in tents in -35c weather . a little colder up here in saskatchewan , and why would people live like that , they will just keep working for the man makeing the most they can with there education level (training ) . and keep plugging away . ya everyone will take a hair cut but not to the extent of liveing in tents. this is not the end of the world..

#68 maxx on 10.24.11 at 9:55 am

#8 Harlee on 10.23.11 at 10:28 pm

Well put….and let’s not forget the bankruptcy counselling firm’s flyers…..we find them about once a month in our building mailboxes. Oh, and btw, they’re hiring!

#69 disciple on 10.24.11 at 10:03 am

Meet the mind-controlled Obama twins:

Told ya.

#70 Kevin on 10.24.11 at 10:14 am

@Smoking Man

The thing that always amazes me about you 9/11 conspiracists is your inexplicable belief that the same government that took 3 days to get bottled water to New Orleans is capable of a massive, secret demolition of a pair of crowded New York skyscrapers and keeping it a secret for a decade.

Which is it? Is the government a collection of overpaid, bumbling bureaucrats? Or are they sophisticated, coordinated agents capable of massive conspiracies?

It seems you think they’re both. You really need to pick a side and commit.

#71 penpal on 10.24.11 at 10:20 am

@ # 20 Ottawa Mike

If you think the landlord is shorting himself in this arrangement, what about any body buying at these prices in that neighbourhood?

Your buddies have a steal of a deal going for themselves with their rental arrangement.

Imagine if you had to buy or build there – must be talking over $ 1 million I’d guess – a hell of a lot more than $ 1,250 a month to live there ( their rent would probably approximate the tax load on such a property).

Smart young people I’d say.

#72 Beach Girl on 10.24.11 at 10:43 am

Nice post.

Had renters 4 years back. Nice couple with a kid. He was a crane operator, she was doing ZIP. They could never get their act together and pay the rent on time. Yes, they paid the rent, one week slow, a bit more the other week. I felt like turfing them.

They come to me, and say, they are moving. They were going to buy a rent to own townhouse in Courtice, Ont. All belligerent, like I was the bad guy.

I said good luck kids. They phoned back a year and a half later, did I have anything available. NO.

Now, I think it is partly the education system. These are nice enough people, a bit dim. But they should be more educated than that.

Crap day, crap weather, going to watch the markets.

#73 The American on 10.24.11 at 10:46 am

At #42: 19thBPOE, it is not a credit card if you have to first load cash onto it. That is called a pre-paid debit card. BIG difference, idiot. By definition, the term “credit card” would indicate there is actual CREDIT involved. In this case, a pre-loaded card has nothing to do with credit, whatsoever. I think most anyone with two cents of common sense would think twice before taking advise from you.

By the way, despite all the U.S. problems, it still claimed top spot in 2011 Quality of Life Index. Canada, you ask? Crickets chirping…

U.S. Claims at least 7 of the 10 Best Colleges in the World. Canada? Crickets Chirping…

Canada the Worst G7 Country at Preventing Bribery

Canada Worse than 3rd-World Countries with Data Coverage:

Canada now Single Worst Country:

Canada Household Debt Levels CONTINUE to rise even higher and higher (higher than Americans’):

Rising Canadian Household Debt a Threat to Canadian Banks:

IMF Now Taking Note of Canadian Household Debt Levels… NOT GOOD when this happens:
Canada’s Poverty Rates Among Worst in Developed Nations

Vancouver – The poverty Capital of Canada!!! Sounds lovely…

Vancouver Crime Among Worst in North America. Nice!

Vancouever’s Shitty Infrastructure Makes for One of the Worst Commutes in North American, even worse than LA (I-5 Looks like a DREAM) The Vancouver Mess of absolutely ZERO care to moving traffic is clearly not paying off. Seattle beating vancouver’s commute times by 12 minutes…–vancouver-has-one-of-the-worst-commutes

Please stop dumping your raw sewage into the Puget Sound. Canada has no national standards for sewage treatment that cities and towns must follow. So much for all the b.s. rhetoric about caring about the environment…

Are these stickers still being affixed to to “For Sale” signs in Vancouver?

Falling Loonie will only Compound the pain of the Vancouver RE Correction

Vancouver and Canadian Bubble, bubble, bubble, bubble…

See, 19thBPOE, I can pick and choose whatever information I wish on a minute-by-minute basis if I search for it. I can insult your country too (trust me, I chose the very “light” articles), using the ever-so-transparent smoke and mirrors routine that you so often love to use. Do I believe all of it? No, not all of it. It does not defeat, however, the fact Vancouver is in a real estate bubble of epic proportions. You may want to believe and be concerned with, however, the Canadian household debt levels. Its a tremendous indicator of people mortgaging themselves to the hilt because they truly cannot afford it.

#74 Randis on 10.24.11 at 10:46 am

I always have this question in my mind and now seeing Eddie’s genius logic I couldn’t help but ask … what kind of education do these RE agents have that makes all of them think they are genius in not only RE,but also in personal finance? I don’t think they need any kinds of formal intensive education training other than those tedious RE courses …

#75 Daisy Mae on 10.24.11 at 10:46 am

Well, that took my breath away….

And in West Kelowna, BC, we have:

#76 maxx on 10.24.11 at 10:50 am

#9 SCalgary on 10.23.11 at 10:29 pm

….the easy targets being the gullible, low-hanging fruit of innumeracy and/or inexperience, having little resistance to the MSM BS. This inescapably weakens the economy in the name of short-term and misplaced profit.
In its thirsty quest for tax revenue, government espouses ineffective monetary policy, which in the medium to long term manifests itself as highly inefficient.

#77 disciple on 10.24.11 at 10:50 am

A sure thing. Like Steve Jobs in the news for a while: 1955-2011.

1+9+5+5+2+0+1+1 = 2+4=6
19+55+20+11 = 1+0+5 = 6
1955 + 2011 = (661) x 6

The birth of artificial intelligence = The Beast?

#78 NWO on 10.24.11 at 10:51 am

Inflation rising, and F trying to apply more government intervention to keep rates down.

Government keeps getting into the way of the ecomony. This latest cry from F tell me just how weak our ecomony is and how bad the housing bubble is.

F fears a little change in rates will collapse the bubble were in. As the inflation number grows and money begin to get tighter, the already inflated bubble ecomony we have will only make the fall harder in the future.

Just a note we were bailed out in 2008, but the government never called it a bail out. Now we have more stimulas from the 33 billion dollar government funded ship build project.

#79 disciple on 10.24.11 at 10:56 am

#68 Kevin… does that drivel you spew pass for logic? Very poor attempt at a false dichotomy. 9-11 was an inside job, get over it. You defy actual logic holding onto your gov’t fairy tale.

What’s really wrong? Will your entire existential worldview fall apart if you concede the obvious fact that the BBC reported the collapse of wtc7 30 minutes before it happened? Mind control at its finest.

#80 Van guy waiting on 10.24.11 at 10:57 am

Interest will stay low for the next year or so. This will delay the correction in metro areas.

#81 Young Old Fart on 10.24.11 at 11:02 am

#17 Marc L on 10.23.11 at 11:01 pm
The people who buy Snake oil for zero down for 30 years deserve what comes to them…

Reminds me of Bre-X, Nortel, Multi-Level-Marketing, Earl Jones, Bernie Madoff, Conrad Black, Sham-Wow.

Shows what you know….. Sham-wow is awesome!!!!

#82 disciple on 10.24.11 at 11:09 am

I know the guy whose idea it was to give a full year of maternity leave to new and expectant mothers. He was also a mayor of a town in Alberta (maybe he still is, not sure). He is an example of a guy who didn’t want to go into politics. He just wanted to help people, giving his time and money, eventually getting noticed and pushed by friends and supporters into politics, and finally, having a lasting effect on millions of lives.

He told me that the law works like this: you stand up and make up some rule in the legislative house, get signatures and votes and try to get it to pass into law. Sounds simple, eh?

The fact is, that leadership is simply doing what you say, AFTER hearkening unto the voice of those who know what they want for the greater good. The fact that we have these problems with CMHC, the banking parasites, and the corporate unions, is because good men do nothing but play online poker maybe or watch hockey, and the bad men get up pretty early in the morning to get what they want, acting as agents for your real rulers. Oh yeah, women can be good and bad too, didn’t want to leave 50% of the population out of my analysis, sorry….

#83 penpal on 10.24.11 at 11:12 am

@ # 70 Beach Girl

Well, in a way, you contributed to that lack of education for that tenant family in that you did not make your rental payment date firm and fixed.

I understand why you did that, but when they had to make their mtge payment, they were accustomed to being indulged with a “flexible” time frame for payment of their rent by you and perhaps previous landlords. They got ‘schooled’ when there was real money on the line and no doubt had to pay late fees, additional interest, etc. for their purchased property.

Don’t get me wrong, I’ve done the same thing with tenants, but in the end, they were just as ungrateful and begrudging as yours probably were. Some people just never learn.

I hope you enjoyed saying “NO” when they called back looking to rent again from you. I know I would have.

#84 Devore on 10.24.11 at 11:28 am

#47 I’m stupid

There are good realtors out there, and bad ones. Just like there are good home inspectors, and bad ones, good mechanics, and bad ones. How long is a home inspector’s education? Do they even have any? Yet you yourself use one to protect your interests. You imply one would warn you that the property floods regularly (which I seriously doubt any would know to recognize). Obviously you don’t just pick one at random. If you feel your knowledge of the particular real estate is not good enough to make an informed decision, and you have no time, inclination or money to learn more, would you not hire someone who does?

We’ll have to agree to disagree.

#85 Devore on 10.24.11 at 11:33 am

#47 I’m stupid

And I don’t take any financial advice a realtor gives me. Anyone, regardless of their education and knowledge, has the ability to give out financial advice, including realtors. My parents and friends do so incessantly, and they don’t even have a 3 month course. That does not mean I give their advice credibility. I have the ability to recognize that realtors are not trained financial advisers. It sets off my BS detector. But a good realtor is quite capable of giving solid real estate advice based on his experience.

Anyways, you may have your last word.

#86 Form Man on 10.24.11 at 11:47 am

# 73 Daisy Mae

Excellent link. Elkridge came to my mind right away when I read Garth’s post today. It is one of the only housing developments in West Kelowna that is still starting homes. They are definitely preying on gullible first time buyers with dodgy finances. As this is on the reserve, the land is actually a 99 year lease…not deeded. Some of my trades also work on the Elkridge homes. The specifications given by the developer are ” supply the cheapest materials possible”. Trades say the homes are junk. On rented land. Subprime buyers with zero down. Should be a great investment. Maybe DA can sell a few of these……

#87 refinow on 10.24.11 at 11:54 am

No money down is very misleading on his web site. CMHC modified this policy almost a year ago back to the previous no money down program.

5 year fixed mortgage at 5.19 or 5.29 with a 5% cash back means the actuall monthly payment is now 404.80 higher per month at $2132.44 vs 1727.64 because you need to take a 5 year posted rate vs a discounted mortgage rate.

Now where this gets real ugly is god-for-bid you have to sell or payout the mortgage inside of that 5 year term, this is where the massive mortgage penalty kicks in because they will use the “Interest Rate Differential” IRD penalty calculation to charge a penalty of the difference between the 5.19 and the discounted mortgage rate for the time remaining, a penalty figure that wourld likely top $24000.

Oh and there is also a 2nd kick in the nads, the Bank will also have you repay a pro-rated portion of the original cash back you received up front. So if in 2 years time you need to sell, they will want $11,850 back of the original $19750 in cash back money they gave you up front.

Moving your penalty figure approx $24000 + 11,850 = $35850 on your $391,000 mortgage.

Now if you had to sell the house on MLS at full commission of 5%, even based on the original purchase price of $400,000 = $20,000

So now your exit stragagy of the no money down deal is sitting at $55,850….

I think renting maybe a little safer, you give 2 months notice, and Bob’s your uncle if you happen to do it at a renewal period of your lease or you have the privedge of going month to month after the first 12 months.

Funny how these figures don’t appear on his flyer…

Too bad it is not printed on soft 2 ply paper, could be used for a better purpose if it was…

#88 wetcoaster on 10.24.11 at 12:05 pm

Sounds like this Victoria mortgage broker couple who just got nabbed for no legal registration to sell mortgages. I can only imagine how many more like these are out there.

#89 maxx on 10.24.11 at 12:10 pm

OMG- this is incredible:

This speech, given by the leader of one in a legion of banks around the world that have sucked the life out of economies and also the wealth of millions of taxpayers is outrageous. This banker has no need of government pensions, is completely insulated from any threat to his financial security and dares to weigh in on government policy! Banks have raided the collective wealth of people and are now making direct moves to dictate policy on pensions and health care! How dare he! Banks have ZERO business thrusting their greedy claws into anything to do with the basic well-being of the citizens who have PAID THEIR TAXES into these programs.

Anyone have doubts about how far into government policy and decision-making banks have gotten? These idiots can contribute the loot back to the tax base and make up the shortfall, NOT the taxpayer!!!!!

To make out like it is impossible to support basic programs is disingenuous in the extreme. Banks should be taxed to the hilt. Retroactively.

#90 Kevin on 10.24.11 at 12:11 pm

@disciple: Have you ever seen how a controlled demolition of a building actually works? First, a crew has to strip the building of interior walls and anything else that could slow/stop the building from falling. Then, they weaken the structural supports. Finally, they apply enormous amounts of explosives at key points, all interconnected with a complicated web of explosive detonator cord, punctuated with timing delays at key points. It takes dozens of experts.

You’re saying someone did all this in both WTC buildings, while they were open for business, and nobody noticed? Moreover, of all the experts that would have been required to accomplish this, not one of them have come forward to admit that this massive conspiracy occurred? They’ve all kept quiet?

And that seems plausible to you? That makes more sense to you than a bunch of terrorists doing what other terrorists had done hundreds of times before, all over the world, and hijacked planes?

#91 I'm stupid on 10.24.11 at 12:18 pm

#83 Devore

I was just going to say the same thing. Let’s agree to disagree. Your point about financial advise is valid. Now you must admit that with some time and research a simple real estate transaction is not that difficult. The sales part not the legal side. A good lawyer is always a must.

I respect your point of view. You must also respect the fact that all I am saying is know exactly what you are doing before you do it and do not rely on the advise of someone trying to make a buck.

We can argue this forever, I think both of us don’t want that. So let me end with this statement.

You can go it alone and be fine or screw it all up. You can use a realtor and be fine or he can screw it all up. Either way the end result can be either good or bad. Decide for yourself.

#92 I'm stupid on 10.24.11 at 12:20 pm

One last point, I never suggested you take advise from a realtor. But we both know that some do.

#93 Ron on 10.24.11 at 12:29 pm

EU recorded 2nd month of contraction….here we go.

Proceed with caution in the current market run-up.

#94 TaxHaven on 10.24.11 at 12:30 pm

This is a stage in a progression.

As the months and years pass, interest rates, government/central bank-set interest rates head for zero.

And as the pool of truly qualified borrowers dries up, lenders will increasingly scrape the bottom of the barrel, searching for anyone with a pulse who can be persuaded to borrow.

Credit cards offered to yet-to-graduate students. An explosion of student loan borrowing. South of the border, the Fed is aiming squarely at stimulating refi activity in the mortgage market.

Pawnshops and check-cashing services seem to be proliferating in Canada. And ever more creative Eddie-like schemes to borrow more (and supposedly pay less) seem to be everywhere.

Pity the poor saps still producing food, materials, firewood and REAL STUFF…

#95 Form Man on 10.24.11 at 12:32 pm

#88 Kevin

Good post. The World Trade Centre buildings were structural steel frame type. Steel loses its strength when subjected to heat, requiring insulation to keep the steel cool long enough to evacuate the tenants. Typically the steel in buildings such as these would have either 45 minute or 90 minute rated insulation. Unfortunately the initial explosion from the plane’s impact probably removed a lot of this insulation near that floor. Indeed, the buildings stood for close to 90 minutes anyway ( enduring intense heat ). Obviously the engineers did not build for this type of fire. What is amazing is not that the towers collapsed, but that they stood as long as they did. Had they been built of structural reinforced concrete, they likely would not have toppled…….

This is not a 9/11 blog. Move on. — Garth

#96 bridgepigeon on 10.24.11 at 12:43 pm

68 Kevin
There are those who wield power and there’s the government, ie. Obama replaces Bush but Pentegon and Wall street remain unchanged.

#97 Dave on 10.24.11 at 12:48 pm

#88 Kevin on 10.24.11 at 12:11 pm
“You’re saying someone did all this in both WTC buildings”….

actually Kevin, if you took 30 seconds to find out there were actually 3 skyscrapers that “fell over” that day. See if your logic can explain that one?

#98 Fabrega on 10.24.11 at 12:53 pm

Ref: Previous blog.

So Garth…you got all upset to be called a flipper?

Not upset. Just inaccurate. — Garth

#99 jess on 10.24.11 at 1:02 pm

The self policing secrecy act – how it helped the few at the expense of the many

The Kleptocracy Initiative will involve three key sections in the Criminal Division: the Asset Forfeiture and Money Laundering Section, which will lead it, and the Office of International Affairs and the Fraud Section, which will provide critical support. Once fully implemented, this Initiative will allow the Department to recover assets on behalf of countries victimized by high-level corruption, building on the Justice Department’s already robust enforcement of the Foreign Corrupt Practices Act. Through the Kleptocracy Initiative, the Department will ensure that corrupt leaders cannot seek safe haven in the United States for their stolen wealth. And, if we uncover such wealth, the Justice Department will forfeit and return this stolen money to its rightful owners – the people and governments from whom it was taken.”
Obiang kleptocracy

Assistant Attorney General Lanny A. Breuer Delivers Keynote Address at Money Laundering Enforcement Conference
Washington, D.C. ~ Tuesday, October 19, 2010

#100 AM on 10.24.11 at 1:04 pm

“…I never suggested you take advise from a realtor. But we both know that some do.”
This is the problem…people take advise from a real estate “professional’ as they like to be called.

Wake up! They are sales people. Save the “professional” designation for doctors and engineers.

#101 Bill Gable on 10.24.11 at 1:11 pm

Anecdotal Vancouver – the Open Houses (5 on one block yesterday) – crickets.

Talked with a few pals that always go to Hawaii….not this year. Too tight.

Government worker in Victoria told me he has been hearing rumors of big cuts coming, and Victoria RE is in trouble, big time.

Great article today and sums up “entitlement” perfectly.

#102 DM in C on 10.24.11 at 1:16 pm

#71 — The American;

Sorry, you’re wrong — it’s not a preloaded debit card — you don’t use the cash for the deposit upon withdrawal. It’s a secured credit card. I had one after our bankruptcy. The deposit was $75.00 — my limit was $1,000. Worked great.

#103 spaceman on 10.24.11 at 1:23 pm

Thanks Garth, you saved me $900.00, I went to a Rich Dad, Poor Smuck “Free” Seminar, and all he did is con people to “cuma my sheminar”

I put an offer in on a listing that has sat for months, distressed seller, distressed house, distressed market, needed to move, fast closing date. I thought I had it all,
but the low balled pissed her off, wish i could have talked to her first. But then low and behold, some greater fool gave her close to asking price, (mine was 15% below)

I was ok with it, it was going to be a lot of work, and expense for years to come. But I learned a lot, not a wasted experience…

And oh yes, the Government cuts are real… the HST claw back is the big kick…

#104 Beach Girl on 10.24.11 at 1:35 pm

#8I Pen Pal


I hope you enjoyed saying “NO” when they called back looking to rent again from you. I know I would have.


Well to be honest, none of these people get to me. I just look at them with sadness in my eye. To be that delusional. I actually like most of the people I rent to. But, when they do really stupid stuff. They are just the great unwashed. I never lose it, criticize, as there is an army of these people coming. Keeps me entertained.

But I liked your perspective, you are right.

I might be a slum landlord, but a fair one. I know, you didn’t accuse me of that.

I provide a service, krips, I paid for one sorry bugger to get 2 teeth pulled. And I make turkey dinners for those in need. Best parties ever. Better than family. But the people I help out, are there to rake, cut grass when I need it, I think they smoke it to. Not my business. Be kind and kind comes back.

#105 Victoria on 10.24.11 at 2:18 pm

I hear things in Halifax are going to go crazy and you should buy now. It is because of the shipping contract. They expect an influx of 10,000 people to the city. Maybe Halifax is going to be the new cool place!


What does everyone think?

I mentioned NS has a future days ago. — Garth

#106 Stock market rigged? on 10.24.11 at 2:45 pm

This trader who was interviewed by BNN was saying the stockmarket game is rigged and you have to understand that before trading. Anyhow just after he was saying the game is rigged and that 400 people in the US have more wealth then 150 million people in the US his website went down. I was watching BNN and I went to his website while he was taking and and it was working and then it went down. It could mean nothing but I found the timing to be odd. Click on the link and see if it works.

#107 disciple on 10.24.11 at 2:55 pm

#87 maxx…. yes! Exactly! We are on the same page, brother. The financial parasites are hoarding the wealth, and then have the audacity to proclaim austerity. Only fools cannot see this. There is plenty to go around now, just as there was 30 years ago. Money cannot be created or destroyed, only the price of it can be manipulated, and then Ed Clark and his ilk persuade you to dig your own grave. The timing of his speech is indicative that the final nails are being driven into the coffin.

# 88 Kevin… and Form Man, did you notice that you didn’t address my point? I knew within a day it was an inside job, and watched the mind control games for full on 10 years deny the obvious. Either you know or you don’t know, the rest becomes really boring really fast. Garth is right.

Damn you, Smokes! You indirectly sucked me into that one.

#108 99% on 10.24.11 at 2:57 pm

I know for a fact that many buyers of Richmond BC real estate are from China. They are a very large influence in our market. Lately, I’ve noticed a lot of houses sitting on the market with for sale signs in front for months. Coincidentally, the china buyers have stopped coming in droves. Could it be because of the cap on immigration quotas? Drop in stock prices (chinese are usually heavily invested in the stock market)? Slowdown of the real estate in China? Maybe they’ve decided that the US is a better deal? Whatever the reason, the locals that are waiting to cash in their real estate lottery tickets are getting impatient. When are they going to get paid $2m for a clapboard shack? This waiting is making them angry. They might just have to get another HELOC to travel and get their minds off of it.

#109 Bruce on 10.24.11 at 3:09 pm

Six days later and I’m still laughing to myself about someone from Toronto tagging on Vancouver’s transit system. Vancouver may be a lot of things but its transit system is among the best of the major Canadian cities. That may not be saying much when we are comparing it to the likes of Toronto…

#110 SKRenter on 10.24.11 at 3:10 pm

The solution to the US housing crisis, right here!!!!!

Make it easier for people to borrow money!! Crack is one hell of a drug!

At least according to a Harvard prof:

#111 Bruce on 10.24.11 at 3:10 pm

tagging = ragging

#112 Guan-Di on 10.24.11 at 3:15 pm

#75 Disciple

Welcome to Math, the same numbers would occur for anyone born every multiple of 6 years before or 6 years after Steve Jobs who happened to die this year or any multiple of 6 years before or after him… like if die tomorrow, born 18 years after Jobs:

1973+2011= 3+9+8+4=2+4=6

What exactly is your point? That gullible people can be made to look like fools when they don’t understand simple mathematical principles? Tres a propos!

#113 Spiltbongwater on 10.24.11 at 3:34 pm

How about all these home equity loan adds I hear on the radio non stop. They must be effective to keep playing over and over again. Use you home equity to pay off other things, like property taxes they say. If someone cannot afford their property taxes, then why are they not selling the house?

#114 jess on 10.24.11 at 3:56 pm

look back
bailouts to dome td & commerce 1.1b. and 1.3 b by all of 1982 gov. moved in to avert what could collapse banking —>rise of syndicated loans

higher returns may be pushing up prices in syndicated loan markets (reuters)

Depository Turst &Clearing Corporation
2003, $1.6 trillion globally, 10 x’s the total previous decade
2007 volume totaled $4.5 trillion,13% over 2006.

DTCC believes that all derivatives traded by global financial institutions should be reported to a single trade repository for each asset class

#115 Mike on 10.24.11 at 4:19 pm

Fixed rates dropping tomorrow. Just got off the phone with a broker. Cheap money making more inroads? I just might sell in the spring now, it’s a gamble but I think it might pay off.

#116 Form Man on 10.24.11 at 4:20 pm

#105 disciple

wow !

#117 Humpty Dumpty on 10.24.11 at 4:23 pm

Isn’t Eddie just helping people achieve the Canadian dream….

Isn’t the bank your friend, your realtor working for you, the broker to aid you when no one else will or even CHMC there to watch your back just incase. Their just attempting to help you make your dream become a reality… Their people helping other people. Come on people, cut them some line…

Lets all give them a big hug. As a token of our appreciation, why not present them with a lovely gift for all their dilligent work.

A spawned out salmon right out of our own backyard. The Capilano River… “Its organic”…
Plenty of bottom fish to pick from. Variety too!
There’s spring, coho and even some chum that has just arrived. I’m positive you will leave them speechless…

After all, what would life be without any dreams….

Tight lines..

#118 gladiator on 10.24.11 at 4:25 pm

@ Kevin:
watch and make your own conclusions:

(sorry, Garth, no more postings on it from me)

#119 Westernman on 10.24.11 at 5:00 pm

You live in a 40 – year old dump apartment building giving your money to some scumbag and never owning anything…. yeah, you are brilliant alright.

#120 GTA Girl on 10.24.11 at 5:00 pm

Home equity loans for seniors is criminal. It’s one thing not to want to leave your children anything, another to borrow incalculable money from air (equity) to fund a boat cruise for two geriatrics.

Sure don’t pay anything till you sell your house….then see it all go to fees, high interest. Then dear old grandparents have nothing to fund nursing homes etc.

And god forbid if the senior who dies has only their name on the house. That spouse loses everything.

Suddenly that Mexican cruise and bathroom Reno cost you $200k.

#121 Blacksheep on 10.24.11 at 5:14 pm

Form Man # 93,

“Obviously the engineers did not build for this type of fire.”


“We looked at every possible thing we could think of that could happen to the buildings, even to the extent of an airplane hitting the side,” said John Skilling, head structural engineer. “However, back in those days people didn’t think about terrorists very much.”

It’s time for the world to review, what we think we know as truth.

I know Garth, this is not a ______ blog.

Many events outside this blog topic of R.E., have substantial influence on the topic being discussed, making contributions relevant in understanding “The big picture”

How can one discuss R.E. with out interest rates? Rates with out bonds.? Bonds with out the Fed.? The Fed. with out the dollar? Dollar with out oil?
It’s all interconnected.

People are slowly waking up. The OWS protesters AND the public, can’t collectively put their finger on it, (yet) but know something’s not right.

This new awareness, is not an accident.

take care,

#122 Scottyinthesky on 10.24.11 at 5:42 pm

Submitted on 2011/10/24 at 5:21 pm

Yup. That’s about the jist of it as I’ve seen it. 29, pilot. Working in Kandahar….why? Mo-Money. As the wages of my peers dwindle like their savings back home, I’ve been stockpiling for years, in less than unsavory places, because that’s simply what it takes these days. If you want to be a sea captain, you gotta move by the water. And every time I return home, another of my minimum wage friends is smearing a 250K+ home on their social network page. Followed by fanfare and congratulations from like-acting friends. And why I ask myself, earning 3x what I could back home…..could not possibly afford to bask in such luxury?! Ask the folks…answer: debt. Reminds me of college. Nah, no thanks, ma, pa. Got enough of that. I’ll ride this one out eating government cheese in my sea container. So be it, the wife left me; could not produce a picket fence in good enough time. But to be honest, it is sometimes demoralizing to think that the few of us who choose to buy nothing with less than 50% down, have virtually nothing to show for our efforts. All the while, the lazy masses sponge up everything in site, and create a market so full of air, that hard working fools like myself dare not dip one toe into the mess they have created. When I was in last year of school, the goal was a lefal conforming triplex. My own little kingdom of income. Average price in 2004, roughly 260-280K. By the time I was ready to buy: 2010, 400-420K…Rents unchanged. No thanks, smells like failure. Smells like GenX spirit.

Long time reader, first time post. Thanks Garth, for all your input and wisdom. Now, I will go back to my Questrade account and finish reading up on ETF’s and dodge the next incoming. Back home, I’ll keep my ammo piled high, next to my Chef Boyardee.
Kitchener-Waterloo born and raised. Eddie, go eat your hat.

#123 Van guy waiting on 10.24.11 at 5:42 pm

“I mentioned NS has a future days ago. — Garth”

So does that mean the average $400,000 home will retain it’s value or even increase?

#124 jess on 10.24.11 at 5:46 pm

“mathematics has teased apart the global economic network to show who’s really pulling the strings”–the-capitalist-network-that-runs-the-world.html

The Zurich team can. From Orbis 2007, a database listing 37 million companies and investors worldwide, they pulled out all 43,060 TNCs and the share ownerships linking them. Then they constructed a model of which companies controlled others through shareholding networks, coupled with each company’s operating revenues, to map the structure of economic power.

The work, to be published in PLoS One, revealed a core of 1318 companies with interlocking ownerships (see image). Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What’s more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world’s large blue chip and manufacturing firms – the “real” economy – representing a further 60 per cent of global revenues.

When the team further untangled the web of ownership, it found much of it tracked back to a “super-entity” of 147 even more tightly knit companies – all of their ownership was held by other members of the super-entity – that controlled 40 per cent of the total wealth in the network. “In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network,” says Glattfelder

…”When the team further untangled the web of ownership, it found much of it tracked back to a “super-entity” of 147 even more tightly knit companies – all of their ownership was held by other members of the super-entity – that controlled 40 per cent of the total wealth in the network. “In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network,” says Glattfelder.

#125 Coho on 10.24.11 at 5:54 pm

There are good realtors out there, and bad ones. Just like there are good home inspectors, and bad ones, good mechanics, and bad ones. How long is a home inspector’s education? Do they even have any? Yet you yourself use one to protect your interests…

These are good points. I can bet that the relationship between many realtors and the home inspectors is of one hand washing the other. Help me sell the house (turn a blind eye to potential problems), says the realtor and I’ll recommend you to do a “home inspection”every time I have a sale.

Often ability has nothing to do with the kind of service they provide. It is the intent. Unethical people can be very smart and capable, but also self serving as opposed to providing you a service. So, yes, people need to get an independent inspector, and not one the realtor recommends.

I had two realtors trying to sell my place, one at a time. During the first contract of 4 months there were about 35 showings and no offers. I asked why. He said the place shows well but must be because it is a two bedroom townhouse. I replied that the people knew that coming in. He just shrugged his shoulders. I didn’t buy that explanation and as it turned out, the problem was I had listed too high. It had been a rising market early that spring which had levelled off by the time I listed, and to be honest, I was probably a tad greedy.

Come September, four months later, and after researching heaps of realtors, I picked one with a strong sales history. We met — she had a lot of enthusiasm and energy, which was a nice change. She suggested a 10K price drop down to 269K and estimated it would sell for 265K, which it did. She sold it in 4 weeks and there were two offers, actually. The other lower offer was from her assistant.

She said that even though we often hear that houses sell themselves if they show well and priced right, her experience was that they still need help to be sold. So, her method is that either herself or her assistant attends every showing so they can get direct feedback from prospective buyers viewing the place. She was very involved, unlike my previous realtor who merely phoned to aprise me of an upcoming viewing from a realtor and his/her client. He was never there when my house was shown, and probably couldn’t be bothered to contact the realtors who paraded their clients through my place to get their feedback, thus couldn’t give me any useful explanation as to why no offers.

The market was the same, through those 5 months. It was somewhat active but not really busy. I had done nothing else to the house. The difference was the realtor. Both had many years of experience, but one worked harder. I would recommend that any seller ask if their realtor or their assistant if they have one, make a point to be present whenever there is a showing. It made a world of difference in my case.

Anmother consideration is to get a realtor to be honest about what price the current market will bear for your house and to list it accordingly. Realtors will often tell you what you want to hear in order to get the listing and then suggest price reductions afterwards. Bad mistake. A common misconception is that even if the list price is a little high, people will put in a low ball offer if they are interested, but this is generally not the case. You’ll get no offers.

#126 beach girl, how can I say it? on 10.24.11 at 5:56 pm

you sound kind of mean. And judgmental. “they are just the great unwashed”.

yet you say “be kind, and kind comes back”.

an enigma. and I’m glad you’re not my landlady.

#127 MarcFromOttawa on 10.24.11 at 6:05 pm

Okay since Smoking man isn’t smoking anymore someone has to take over.

Stocks are up a bit today. I guess that’s good news unless you’re looking to add to your position. Should one sell to lock in small profits and hope to jump in at a lower price? I’ll probably just hold and experiment with limit orders.

#128 Form Man on 10.24.11 at 6:08 pm

#119 blacksheep

the building was engineered for a hit from an airplane, but not for the subsequent fire (accelerated by tons of jet fuel). Should the engineers have thought of this ? probably. They certainly are building the new towers with that in mind.

sorry Garth, having a hard time moving on here…….

Try harder. This is the last 9/11 post. — Garth

#129 jess on 10.24.11 at 6:23 pm

#79 Young Old Fart!
who were the pumpers of this one
income participating schemes
FMF Capital Group Ltd

% down blight decade long scheme

The charges stem from SHILLINGFORD’s participation in a multimillion-dollar mortgage fraud scheme that involved more than 40 properties located in Bridgeport, Conn.

According to court documents and statements made in court, SHILLINGFORD was involved in the operation of Waikele Properties Corp., a real estate company with offices at 3770 Main Street in Bridgeport and 320 Endo Boulevard in Garden City, N.Y. From approximately 2001 to August 2011, SHILLINGFORD and others conspired to obtain fraudulent mortgages for the purchase of more than 40 multi-family properties in Bridgeport.

“Through this decade-long scheme, dozens of Bridgeport properties ended up in foreclosure, blighting neighborhoods and costing lenders millions,” stated U.S. Attorney Fein. “I want to commend IRS-CI, the FBI, HUD-OIG and SIGTARP for their excellent work in this ongoing investigation and for exposing this scheme.”

#130 Get Your House in Order on 10.24.11 at 6:35 pm

Hot off the press all ye blog dogs. This is the latest Friedberg Mercantile Quarterly report. As a preface, Al Friedberg is one of the world’s top traders and his funds have posted remarkable results so far this year. He is a financial prophet of the highest order.

He is no tin foil hat fanatic. Here is the closing line from his report which all of you should read in its entirety, including our fearless leader Garth.

“Odds for another worldwide Great Depression of a length and magnitude similar to the one begun
almost 80 years ago have risen considerably. I do not believe that markets have properly discounted this
horrifying prospect.”

Just what you’d expect from a guy selling a hedge fund. — Garth

#131 Nostradamus Le Mad Vlad on 10.24.11 at 6:51 pm

#119 Blacksheep — “People are slowly waking up. This new awareness, is not an accident.” — Correct, and good post.

Chances are good the vast majority of sheeples have become so dumbed down over the last decade, they don’t know left from right anymore — it’s all become a blur.

What comes from that (if people choose to examine the opposite), is an awakening, and that is what is taking place. People have come to realize who is making money, why they are making money, and where is it coming from (their pocket thru higher and more taxes).

To point out the hypocrisy of Christianity, the KDC ran a story on A3 today, saying that churches had bandied together and were going to ask City Hall to put parking meters in their parking lots (paid by taxpayers, not all of whom are Christians), so they can charge an hourly rate while services are in session.

To the best of my understanding, churches don’t pay property taxes. The Christ said all that was necessary was to go into your own room, and pray quietly. Church buildings are not a necessity.

Enjoy the day!
Question for Garth and Blog Dawgs: What would happen if GS went belly-up? 4:49 clip Occupy Ireland. Something about spankings; Regulation Volcker calls for it; Downgraded Again Credit ratings, etc.; Oz’s Occupy “They are not anti-Capitalist, they are anti-Fascist.” There is a difference; 1:54 clip This is too obvious; Physicians On the take as well (is nothing sacred?); Europe’s violent blow-up.

Solution Public bank, not private central banks; Off The Rails Eurozone, not me; Seven Cities on verge of bankruptcy. Have a state bank, not the US Fed; Merkel – Sarkozy Non merci to deal and maybe it’s because of this. “The proposal, put forward by Herman Van Rompuy, the European Council president, would be the clearest sign yet of a new “United States of Europe” — with Britain left on the sidelines…”

Defy the Constitution Except dubya said the constitution “. . . is just a goddamned piece of paper”; NATO Stealing Not only from countries, but from its citizens; Gadaafi Five things not widely known; Police Brutality Remember the G20 protests in Toronto? Quitting US envoy leaves Syria. Hmmm. Wonder why?

#132 Smoking Man on 10.24.11 at 7:09 pm

#68 Kevin on 10.24.11 at 10:14 am

Conspiracy Theorist am I….?

Darn right I am, and very proud of it…….

I guess a non Conspiracy Theorist is some one like this…
When you go buy a new car and the salesmen says Honest I’m selling it at cost……………..You believe him……

Or when you track your girlfriends I phone to a motel room and you drive there and see a dude coming out of her room……She says it was just a business meeting… You believe her……

Or when the real estate agent says Vancouver is under priced……..

I got a name for non Conspiracy Theorist especially those that can’t see building 7.

2nd BENEFICIARY FROM THE EVENT( defense contractors, people that made money from the event, or political affiliation and ideology. So on and so forth)

See Kevin I don’t care that it was an inside job and they blamed the Ala Akbar fanatics.
But I don’t swallow bull shit that easily……………………It’s who I am..

Now Kevin you provide no argument as to why that building fell at free fall speed, was not hit with a plane, explosive residue in all the dust samples, the owner said it was taken down) and 1500 architects and engineers put there jobs and carriers on the line saying unconditionally it was a demolition.

Yet you can only call people names that say we should look at that again…………It’s all you can do because the facts will eat your argument.

The only question is are you 1 or 2 of the above types of non Conspiracy Theorist.

#133 Smoking Man on 10.24.11 at 7:15 pm

#125 MarcFromOttawa on 10.24.11 at 6:05 pm

Mike I only go with bat man, told everyone how to do it, so no need for me to post direction it should be obvious.

Hate using google charts but here you go.

Select 5d look at bat mans head tuesday near the close.

Then look at Thu mid day and see bat man upside down..

Two perfect Bat man samples

#134 Devore on 10.24.11 at 7:22 pm

#104 Stock market rigged?

I was watching BNN and I went to his website while he was taking and and it was working and then it went down. It could mean nothing but I found the timing to be odd. Click on the link and see if it works.

Yeah, that tends to happen to small web sites when they’re featured on national TV. Google “slashdot effect”.

Or maybe it’s a conspiracy. You decide.

#135 45north on 10.24.11 at 7:30 pm

Devore: How long is a home inspector’s education? Do they even have any?

I briefly looked into this. The Appraisal Institute of Canada requires a university degree followed by another year of special courses. Of course you can spread this out.

John Clark is an appraiser in Ottawa here’s his company

take a look at his reports, they are interesting and relevant

#136 Devore on 10.24.11 at 7:32 pm

#111 Spiltbongwater

Use you home equity to pay off other things, like property taxes they say. If someone cannot afford their property taxes, then why are they not selling the house?

That was Alpine Credit in Vancouver. They advertise every so often, pumping their expensive credit to people who can’t make ends meet, to whom even banks won’t lend. Usually they encourage things like new TV (borrowing for consumer spending, smart!), travel (oh yeah, good use of borrowed money) or renovations (cents on the dollar recovery). Lately, they’re advertising to people who are short money to pay off property taxes.

Yeah, that one had me scratching my head for a while.

They never advertise to take out money for investing (stock markets are a casino!), starting a business (too risky, plus need to work your butt off, no instant riches) or education (best investment most younger people can make).

Nope, borrow money, live big. Or, pay bills, real estate goes up 10% a year, doesn’t hurt to borrow a little from it.

#137 je on 10.24.11 at 7:36 pm

#119 The Own Wall Street Kids?
Give me a break; just a bunch of disenfranchised kids looking to get someone else’s money. They will surely become union employees. The smart folk are in the Wall Street Buildings making real money. Let them be hippies but when it comes to asking for their share, forget it grasshopper.

#138 Devore on 10.24.11 at 7:49 pm

This is the kind of thinking the fine folks at Alpine Credit espouse:

Value of the home – amount paid on your mortgage = home equity.

This appears on their FAQ, and is repeated elsewhere on the site. At least the Zero Down guy has a crappy web site, but these Alpine guys are supposed to be slick. What’s their excuse?

I guess if you can’t dazzle them with brilliance, baffle them with bullshit. And if that doesn’t work, confuse them with lies.

#139 Herb on 10.24.11 at 7:59 pm

It sure is different in Ottawa …

HAM may be evaporating in Van and TO may face a condo glut, but here in the Nation’s Capital we have a “condo storm” and – dare I write this – a veritable “self-styled condo queen”.

The following advertorial is brought to you not by Global but the local station of Mother CBC:

#140 Marc L on 10.24.11 at 8:03 pm

Enigma = Sociopathy / N.P.D.

#141 Post Haste on 10.24.11 at 8:19 pm

Reading Eddie’s pitch made me laugh – does anyone recall in the 80’s when they were selling pet rocks…WTF…people were actually paying good money – or the flea circus..

For those who made some pretty “re-tart”comments about bankruptcy – come on, get the facts straight. 7 years the R9 sits on your credit history – and banks have no obligation in providing a secured credit card. Oh, yeah – since credit is awash, that is the biggest reasons those who recently been discharged are getting unsecured cards…just wait my friends. When the credit markets dry up – they’ll be up the creek without a paddle.

And one more point, file a bankruptcy, your creditor can oppose your discharge and put you through the ringer in bankruptcy court.

Reap what you sow….

#142 Smoking Man on 10.24.11 at 8:54 pm

#135 je on 10.24.11 at 7:36 pm

It’s that kind of attitude in mass is why kids can’t afford anything….They school debt, they have bleak prospects in terms of earning potencial. Yet people like you anti union don’t see the big pictor……

If unions where strong, wage slaves made good money, then the guys on wall and bay street wold make even more………


#143 Pierre on 10.24.11 at 8:57 pm

If we let the banks fail what’s going to happen to someone who has 250,000 dollars in his bank account?

What would happen to companies who have 1 million dollars cash in their accounts ?

Can we let the banks fail ?

Wouldn’t people lose all their savings ?

Would there be a run on the money ?

#144 When unions were strong on 10.24.11 at 9:21 pm

135 je on 10.24.11 at 7:36 pm

When Unions were strong America was an economic powerhouse and companies were many money hand over fist. The US had a strong middle class. Now unions are weak in the US and the middle class is all but gone and in a depression while the 1% own everything. Yup…unions are bad. FOOL

#145 Onemorething on 10.24.11 at 9:24 pm

Last ditch effort by agents to scape the bottom for the last of manipulated.

Garth, doesnt that mean we’re close!

#146 The thing in the basement on 10.24.11 at 9:31 pm

118 GTA Girl

“And god forbid if the senior who dies has only their
name on the house. That spouse loses everything.”

I must be missing something. What difference does is make if its joint tenancy (with right of survivorship)
If the HELOC is too much dont they lose everything
anyway? Or are we talking reverse mortgage?

#147 HAM on 10.24.11 at 9:32 pm

Vancouver stats over the last few days shows more sales with fewer listings (This is from the realtors MLS). WTF is going on here? I guess some people are so horny they cant resist. The bubble doesnt wanna pop yet.

#148 NAGA on 10.24.11 at 9:43 pm

Not sure if there are other similar techical analysis – but this one is pretty interesting for GTA – stil a bit out of date as it is as of end of august.

Anyway point is that this is just another input for anyone considering RE as an investment.

Personally – for GTA – unless you can sniff out a divorce situation – Garth this is another crieterion for you list – the good times for buyers still sometime off into the future. remebr trading in RE has big $ attached.

Garth – pease dont tell us that you are now a Registered RE salesman/broker and/or the reason you are promoting RE is because you are working on some angle to make a few $ without anting up equity$ – perpas a new book on Re Investing???.


Don’t worry. I found religion. — Garth

#149 jess on 10.24.11 at 9:46 pm

unwired schools

High techers’s like low tech ( pens and paper,)no computers /gadgets at all for their kids in elementary school.

They believe computers inhibit creative thinking, movement, human interaction and attention spans.
They are not allowed in the classroom, and the school even frowns on their use at home. Liimited use to start

17kPlus for elementary and 24k plus for high school…..


Past Fix
EASY MONEY: A special report.; For Russia and Its U.S. Bankers, Match Wasn’t Made in Heaven
Published: October 18, 1998

#150 AG Sage on 10.24.11 at 9:47 pm

>#60 Toon Town Boomer on 10.24.11 at 9:13 am

Was the house renovated in the meantime?
Was the initial sale at 300k a non-arms length transaction?
Or maybe the “flipper” just got lucky. It happens.

#151 AG Sage on 10.24.11 at 9:51 pm

>#141 Pierre on 10.24.11 at 8:57 pm

There is a significant difference between saving the banks (Japanese and American (so far) model) and saving the banking system, but letting the irresponsible banks fail (Swedish model).

Saving the banks ends up damaging the banking system for a very long time. See: Japan, U.S.

#152 The thing in the basement on 10.25.11 at 12:34 am

149 AGSage

Did any of the Swedish banks actually fail? Or was their “bailout” in the form of govt equity?,8599,1843659,00.html

#153 Occupy Everything on 10.25.11 at 1:05 pm

“The trouble with quotes on the internet is that it’s difficult to determine whether or not they are genuine”
– Abraham Lincoln

#154 Steven Rowlandson on 10.25.11 at 6:23 pm

That rent notice flier tells me that the real estate agents and realtors may be getting desparate for new business.