You what?

Dustin lives in Calgary, where it will be -16 tomorrow with snow. But that’s not his only failing. “I’ve been in the contrarian camp and not getting on the “housing goes up forever” bandwagon for many years not (since the Calgary bubble started in early 2000’s),” he says. “However, I’ll tell you I am getting tired of renting.  I won’t be buying for a while yet, though, it’s tough convincing everyone around you that it’s not the right time to buy a house.”

This has been made more difficult lately by people like Don Campbell, who makes a lot of money instructing people how to buy houses with little down, for the purposes of renting out. He follows in the big, soggy footsteps of many US property gurus who led people down exactly the same path five years ago. When real estate values finally broke, these ‘investors’ were left with negative equity. And heartache.

But, undaunted, the boss of the Canadian Real Estate Investment Network (as close as we get to a cult in Canada, with unconfirmed sacrifices) now predicts house prices in Cowtown and Edmonton will rise 5-7% next year, then another 7-10% in 2013. That’s right, a 12% to 17% advance within 13 months. There’s no word how many first responders were required to douse Mr. Campbell’s pants while he gave that prediction.

In contrast, CREA – no slouch when it comes to pom-poms – says sales across Canada will drop slightly next year, and the price increase will be zero. That about sums up the views of most Bay Street economists which, along with five bucks, will buy a Venti at Starbucks. Of course, the consensus view among the professionals in the Greater Fool Fiscal & Monetary Policy Analysis and Forecast Unit is slightly different. They say we’re likely screwed.

I’ve shared the reasons for this technical conclusion with boring regularity. There’s no way asset values will continue to rise without an increase in family incomes, no matter how low rates stay. Family debt’s exploded, while the job base is shrinking and the economy loses steam as demand from American and Europe withers. REIN can vivisect all the live chickens it wants, and Dusty’s buddies can pre-buy endless concrete condos from buxom cowgirl marketers, but the laws of economics will hold. This won’t end well.

In fact, it already isn’t.

Besides cheap money, a key driver of housing in Canada has been disgusting old people, also known as Boomers. In fact, house prices have pretty much reflected their career earnings path, so it’s no coincidence valuations have topped out now at the same time these wrinkly hippies hit the salary high point. Nine million of them – 32% of the population – have been an awesome economic force. And no generation’s been as horny for houses as this one. On average, this rabble has an estimated 80% of its net worth in housing, and little more than 10% in financial assets. (Eight per cent has gone into new body parts, Viagra, Fleetwood Mac CDs and underwear that sucks when you sneeze.)

House-rich and cash-poor, we now have more evidence scores of these silly, self-indulgent people have traded up their real estate and borrowed an ocean of money to do so. Not only does this mean that inheritance their kids were counting on is toast, but it’s unfathomably bad news for the economy.

Don’t believe me? Well, here’s the Royal Bank telling us this week a third of people over the age of 55 have at least 16 years left on their mortgages. Yes, baby, Freedom 71! Worse, as another bank survey found, Boomers over the age of 65 have been loading up on debt at three times the rate of people younger (and smarter) than they.

And worse still is the state of American Boomers, who matter since 70% of the US economy (on which we depend) is made up of consumer spending. A new Wells Fargo report says a quarter of people now figure they will have to keep working until they’re 80, since they’ll never have enough money to retire.

So here’s the simple question: Should interest rates rise sometime over the next five years (a certainty), making debt painful, and should the job market for 65-year-olds with plastic knees and Botox lips fade, what are these folks likely to do? You bet. Sell their houses, downsize, rent, or move in with their horrified offspring. With most of their net worth in just one asset, what choice do they have? Especially the third with home loans, who won’t even qualify for those ravenous reverse mortgages?

This is the confluence of economics and demographics, in a world where we’re all pigged out and borrowed heavily from the future. My thesis for some time has been our real estate lust will prove our downfall. We crossed the line when shelter turned into investment, then social fetish. As prices rise, so does debt and risk.

Every day that people like Don Campbell blurt, and fool reporters take note, is a day closer.

So tell me. That night in ’69 when you saw Easy Rider, was this your ending?



#1 T.O. Bubble Boy on 11.17.11 at 10:22 pm

Isn’t there another option?

What about the boomers giving their houses to their Gen-X kids (vs. dumping for cash), and having the offspring run the house and help support them?

#2 Ayn Rand on 11.17.11 at 10:26 pm

Hey Garth, when is your new book coming out….I thought the ETA was October. Hoping to read it over Christmas.

Great post.

#3 Van guy waiting on 11.17.11 at 10:29 pm


I’ll buy your house when it’s time for you to move in with your offspring.

#4 Jon B on 11.17.11 at 10:44 pm

Is there a commonality between outrageous house prices and the ease of gouging the average Canadian? If the average Joe in Vancouver can be suckered into a 5 down 35 year am mortgage with little hope for retirement prior to the age of 90, isn’t today’s CBC interview with Naguib Sawiris about how our telco’s screw us a prime example of why we just seem to tolerate super high prices for things like cell phones and houses? I think it’s a true identifier of the Canadian culture. Something we can proudly say is uniquely Canadian. We pay more for just about everything and we don’t make a fuss. With real estate, we actually like to brag about it. Not so much bragging with cell phone bills though.

#5 live within your means on 11.17.11 at 10:50 pm

Garth said awhile ago that it would not come out until after the NY, IIRC.

#6 ken s on 11.17.11 at 10:51 pm

Why is Every government in the world desperately
trying to stop any/all information about Fukushima
leaking out??
Because 40 feet below the wrecked steel is an active,
ongoing nuclear fission, which, if it explodes when reaching groundwater, will = a 400 kiloton
nuclear “bomb.” With extreme luck and brilliant
efforts (as with Tschernobyl) this will not happen.

But there are NO nuclear scientists or Russian
engineers at Fukushima, and the doomsday sequence
has had 9 months to configure into the worst case.

picked up from Fukushima Diary yesterday
Cheers (??) Ken S in La La :-(

December 5 = 9 months from March 11 (= gestation period)

#7 bigrider on 11.17.11 at 10:59 pm

Interesting you mentioned Don Campbell today. I guess you saw him on BNN today as did I.

Yes, a very different message he gives , than do you , for sure.

And I don’t charge. — Garth

#8 WI BOOMER on 11.17.11 at 11:04 pm

Hell YES!!!
Women, SEX, beer & wine. We’re the class of ’69.

Smith, The Original Caste, Steppenwolf, among MANY other Bands were the soundtrack of 1969 and many years before, and a few after. After the Clash, who gave a DAM about the NEW Rock ‘N Roll?? Those were the years of goood booze, Drugs, and carefree nonsense.

Marriage, kids, mortgages, cars, jobs, inflation, Nixon, Ford, Cater, Reagan, Bush 1, Clinton, Bush 2, now the Bamma Man.
Some ol us learned the bullshit behind marketing, others alas, believed the lies.

Me, wisened by the crapola of politicians, the street, and buying too many used cars wised up VERY early. Sorry, no formal education to blame.

I get to reire next month, and let YOU the Tax-Payer pay my pension, healthcare, and Bar tab. I love it !!!

No Debt & money in the BANK!! The other Boomers, tough bannanas guys, you HAD the same chances!!
Fishing, Travel, and a Mustang Convertible it doesn’t get much better.
I just plan to Live the dream. At this age, what 15-20yrs. left??? Enjoy Them, you can ALWAYS

Live like no one else, and you CAN live like NO ONE ELSE.

-no regrets here-

#9 live within your means on 11.17.11 at 11:04 pm

As to you post this eve. Garth, all I can say is that the majority of our boomer neighbours and friends have been mortgage free for years (like us). Some are now renting and most live within their means. But then, we don’t live in the GTA or Van City thankfully.

#10 Boomer on 11.17.11 at 11:14 pm

For Gods sake Garth stop it, “underwear that sucks when you sneeze”. I had to go and change mine when I finished reading that!

#11 Smoking Man on 11.17.11 at 11:19 pm

Smoking a Joint with my Drama teacher and other students in the back of a pick up driving down young street in 78 was amazing. Learned to play guitar. Pink Floyd was just starting out. This man Mr Tennis was my hero……….not his real name…..

Ya I’m a boomer…….but schooling back then encouraged critical thinking and rebellion…. it was a great era…..That produced unparallel creativity. That why boomers became so successful…..We have balls….cause our teachers never rippet them out……

Garth your faux contempt for fellow boomers is understandable. let face it your target audience is the 20 to 30 something emasculated, nut less hard done by entitled brats…..

You and I, and everyone in our generation are f-ups, we should have burned down the schools when we saw what they where doing to the kids…………….

#12 Canadian Watchdog on 11.17.11 at 11:22 pm

Well at least Canada has completed the first half of the bell curve.

#13 Not 1st on 11.17.11 at 11:28 pm

The condo market has already cratered here in cowtown. The developers never stopped building and now they have inventory to dump at half what it was 3 years ago. A nice condo on the outskirts was $300k back in 2008, now those same ones are under $150k. Houses have held up better with average prices falling maybe $20k since the spring.

#14 mark on 11.17.11 at 11:30 pm

“Besides cheap money, a key driver of housing in Canada has been disgusting old people, also known as Boomers”

haha thats your best line ever!

#15 Mr. Lee on 11.17.11 at 11:41 pm

Read the same glowing report of Calgary real estate future predictions. I have chosen to to ignore these Presstitutes as they are not accurate in their predictions anyway.

As you have pointed out many times Mr. Turner, the fundamentals are not in place to support the sort of price inflation we have seen in housing over the past 12 years. As a house becomes more of a financial burden watch for the unloading to begin. In Alberta, home of the non-recourse mortgage, the unloading may be followed the by the walk away.

#16 Timing is Everything on 11.17.11 at 11:47 pm

This is the confluence of economics and demographics…

Delayed retirement [death]:
A new trend?

We crossed the line when shelter turned into investment, then social fetish. – Garth

I knew it…A fetish site…Cool.

#17 on 11.17.11 at 11:51 pm

Hope it ends better for others than it did for poor Billy.

#18 Tom from Mississauga on 11.18.11 at 12:05 am

Between 55 and 65 is 16 years left on their mortgage. So i guess that is actually Freedom 76!
Well stocks, bonds, REITs and preferreds yielding 5% are a good buy here as there are lots of Boomers that will have to sell their house and follow me into financial assets at some point here.

#19 @@@@@@@@@ on 11.18.11 at 12:20 am

That’s an incredible chart Cdn Watchdog!

#20 Corey on 11.18.11 at 12:30 am


Question, what if any relation is there to the Canadian housing market and the TSX?

#21 Waterloo Resident on 11.18.11 at 12:31 am

My predictions for house prices across Canada will be for a rise of 25% in 2012, another 250% rise in 2013, and then a STAGGERING 2,028% RISE in 2014. After that — well, a 15,000% increase in prices is very realistic isn’t it?

Of course, I could be wrong?

#22 a prairie dawg on 11.18.11 at 12:45 am

“There’s no word how many first responders were required to douse Mr. Campbell’s pants while he gave that prediction.”

– – –

Liar Liar, pants on fire… lol

#23 Crash Callaway on 11.18.11 at 12:48 am

Great Easy Rider clip Garth.
Boomers take heed, just when you think your on the open heading toward a golden sunset something comes along and blind sides ya.

Maybe something like “F’s” newly created rabbit hole
the PRRPS. (named after the usual govt Perpetrators looking for a fresh source of sucker money to gamble on the stock market.)

Heaven help us

#24 Soylent Green is People on 11.18.11 at 12:48 am

Good, once those boomers lose their house and all their money and they have no jobs and no money…

They can pitch a tent and occupy my balls.


#25 doc on 11.18.11 at 12:50 am

I remember a different ending. Two good old boys in a pickup drive by our free spirits and one of them takes the shotgun off the rack in the cab and shoots them- laughing, with no more thought than shooting beer bottles for target practice. I remember my shock, surprize and awful recognition that this could happen in real life. More shock and awe ahead. Free riding about to end.

#26 April on 11.18.11 at 12:51 am

To Jon B #4 But surely Canada is not the only country that has outrageous home prices. Didn’t this go on in other countries, some now in serious decline.

#27 Van guy waiting on 11.18.11 at 12:52 am

Interesting stats since spring. Are these stats true?

#28 Nostradamus Le Mad Vlad on 11.18.11 at 1:07 am

Great clip and memories of Easy Rider. No, it won’t be my ending, as the TFSA + RIF will come in mighty handy. Those innocent, fun-loving days are long since gone. Pity.

“We crossed the line when shelter turned into investment, then social fetish.” — Trying to keep up with the Jones’s, and for what? All we’ve done is passed the burden on to TNG.

“Yes, baby, Freedom 71! And worse still is the state of American Boomers, a quarter of people now figure they will have to keep working until they’re 80, since they’ll never have enough money to retire.” — The mean between 71 and 80 is too frazzled for me to figure out, but there is no doubt it will be a bloody mess.
#6 ken — Good post. May pan out to be El Hierro causing a huge tsunami on the east coast, Fukushima on the west plus fault lines doing the hippy hippy shakes down the middle. Life is too short to be used wastefully.

#8 WI BOOMER — “I get to reire next month, and let YOU the Tax-Payer pay my pension, healthcare, and Bar tab. I love it !!!”

Congrats! It is so nice not being at the mercy of hard-assed employers, to be able to wander around at will and enjoy our day in the sun!
Bankrupt The US, UK and EU are going broke, not China; 4:22 clip Media watch in Europe. Take-down time? When the music ends, so does Europe, then the rest of the west; Children and the elderly suffer most in economic hard times; Convoluted Math No wonder the UK is sinking; Good Business Richard Branson picks up Northern Rock for less than bailout; Cdn. housing dump? Apt description; Critics Always bloody critics;

If anyone thinks this fiscal crisis is bad, the next one makes hell look like afternoon tea, Possibly this? Spain capitulating, and Spain play great soccer, not so good at money; Nigel Farage Germany (The Fourth Reich) now heads the EU, and they don’t need it, and Unity, not sovereignty; Warehouses Overstocked, IMF downgrades Portugal, Dead Loss The euro, that is.
0:44 clip Ever heard of magnetic therapy? This is the magnetic boy; Phony Tony regrets passing the Freedom of Information Law. I wonder why? Syria NATO uses more lies again, but Subtle Warning “This is Russia’s not so subtle demand to NATO regarding Iran and Syria: BACK OFF!!”; Af’stan Why does the US want a news blackout? Fresh Food Japan is running out of it; Obomba If it moves, tax it! Iran and the plot to attack it.

Legalizing Drugs Holland and Portugal have gone that route, and it’s worked quite well; Arab Spring US’s divide and conquer strategy, which is the same as Harper’s; Superbugs So much for antibiotics; Russia Poland said almost exactly the same thing, then their govt. was killed in a plane crash (nudge nudge, wink wink). Poland is now a debt slave of the IMF; Hypersonic flying bomb tested by the Pentagon; Oz New centre for the NWO, ‘tho China and Russia would dispute this.

#29 Kilby on 11.18.11 at 1:13 am

#8 Sorry about the Mustang.

It’s interesting to see the figures for mortgage retirement in our age group. I’m 60 and always had an average “skilled worker” income. most of my friends are 60 to 66 years old and a couple have very small mortgages but most paid them off years ago. Where are all these heavily indebted? And are they the ones that are planning to pay off their debts with inheritance?

#30 Alberta Ed on 11.18.11 at 1:25 am

You forgot the wind chill at -16. And it’s ceramic hips, not plastic knees.

#31 Humpty Dumpty on 11.18.11 at 1:53 am

What are these folks likely to do?

Kiss and make up…… What else is left……

#32 kc on 11.18.11 at 1:57 am

IIRC somewhere a couple weeks back on these pages I stated the same thing to an effect and had others who wanted to try and get me going. I was mentioning how my parents sold a place that was on the market close to a year and instead of banking the cash after paying off all monies they owed on LOC, and CCs and …??? they decided to buy into a “over 55” place and the bank is wiling to lend (extend, roll… whatever) over 100K in loans.

I was basically told I was sour grapes and wanting some sort of future money to fall into my lap and bullshit of the sort.

I don’t bother to light my hair on fire with shit talkers anymore (internet is full of them anyway)… however, the major point that I was making in my original post was about how these 2 (over 65) people, with NO investments besides what is in the 4 walls, are so screwed.

well low and behold I see that they aren’t the only ones in Canada in this boat.

Live free and ride hard, the bank will be biting this one one day too. For nowhere can it make any sense to give retired people on CPP loans for that kind of money.


#33 Where's The Money Guido??? on 11.18.11 at 2:12 am

Here’s A sign Of the times about BC gov’t lies.
I dropped into my local casino, Boulevard Casino in Coquitlam BC because they were advertising draws of up $250 for a lucky card tables players between 7aa and 2 pm…I went on Tuesday and today and guess what, I played for over an hour both days (lucky I didn’t lose THESE times) and no draws.
So I ask the pit boss when the draws are, “Every hour on the hour sir”, he says. “They just had a draw before you came in”.
OK, so I stay through the next hour and no draw, and I ask the pit boss again when the draw is. “Oh, they must have had it”, he says. I asked him why I had heard no announcement and he couldn’t answer and quickly left my table and hid at the other end of the pit. Next time he came by to refresh the chip dock, I asked him to check who had won and sure enough, he his again.
So I went to the floor manager and asked him when the draw was and he tried to tell me that they were going to have it. When I mentioned that all the pit bosses I spoke with the last 2 times I was in said on the hour every hour, he got dismissive and glared into my eyes and said, “We’ve got issues with this hour’s draw”.
Issues right, I was the only one playing at the table I was at the other one that’s usually open had no one at it. I counted a total of 10 people playing at all eligible tables for the draw.
Seems to me that the Boulevard Casino in Coquitlam is not backing up its advertising and should be taken to task. HOWARD BLANK (head honcho at Boulevard), ARE YOU LISTENING !!!!!
What kind of scam is this !!!!!!!!
And to think this casino gets millions of taxpayer dollars for development every year (that goes into their back pockets), it’s amazing what they will stoop to to suck the dollars out of you.

#34 Bailing in BC on 11.18.11 at 2:31 am


“I get to reire next month, and let YOU the Tax-Payer pay my pension, healthcare, and Bar tab. I love it !!!”

Way to rub salt into the wound. Don’t be suprised when the taxpayers that are saddled with massive debt leave you twisting in the wind.

#35 Boomer Watch on 11.18.11 at 2:48 am

As a 41-year-child of Boomers, who is now teaching high school in a culture that Boomers largely created (think of how different school became once their ideas took hold in the 70’s), I’m always amazed at how Boomers have no sense of long term cause and effect. After inheriting the financial boom that their Depression Era/World War II parents had left them, they claimed that their comfortable lives were all a result of their hardwork and great new ideas. Those ideas actually looked more like an anything goes, high livin’, debt-binging, family breaking spat of Dyonisian consumerism . Then, as the whole thing predictably starts to fall apart, as their worldly wise parents warned them it would, they blame the 30-year-olds who don’t really have a clue what hit them.
When this real estate bubble finally crashes down, as it already has south of us, the realities of historical cause and effect will hopefully come back into vogue.

#36 Dragonslayer on 11.18.11 at 2:51 am

Absolutely love the Easy Rider clip. One of the best movies ever made. While it was before my era it perfectly makes the point how although we think we are free, we are not. “The Man” is always there to screw us over. I suspect a component of the current “Occupy” movement may be just a way to give the middle finger to “The Man”.
Anyway, takes me back to some great motorbike trips as a young man, riding under the big Montana sky, and sleeping under the stars.

#37 tmg on 11.18.11 at 3:10 am

Thoughts on the gov’t proposed “pooled” retirement savings plan?

#38 Edmonton Guy on 11.18.11 at 3:13 am

It seems like we are more than just in a housing bubble! What about the poverty surging here under the Conservative Government Rule? At first I didn’t understand why the Conservative Government wanted to get rid of Statistics Canada, it seemed crazy! But now I see why they wanted to, so the Public here in Edmonton doesn’t know “how bad” it’s getting. Their on stats figures show Poverty has double to 20% of all families living in Alberta are LIVING IN POVERTY! And now even though housing prices are down 25% since 2007 (so is rent) it’s still way over priced!
Recently the Gas station I’ve been going to for 10 years makes you pay for the gas ahead of time now because they have had a lot of gas theft after 6pm. My three favorite watering holes that were busy 2 years ago are now closed due to Bankcruptcy. Many Restaurants in Edmonton thta have been in business for over 10 years are cutting their hours of operation doe to slow business.
Have other people notice a severe amount of homelessness like here in Edmonton in their cities in Canada? I never saw a homeless person for 20 years in Edmonton or Fort Saskatchewan/Sherwood Park area. Now there are always lots of people on the street begging for money, often urinating & defecating right on Jasper Avenue (our main DT Street) because we can’t afford to have public washrooms DT.
If there are so many homeless in our city, and we have thousand of empty condos & Houses here in Edmonton, being re-listed and listed again as they can’t sell them since prices are too high (lots of new un-lived in condos built in 2006 or 2007/2008 ) that still haven’t sold even though most towers did presales starting in 2005!
IS THIS ONLY IN EDMONTON? I heard in BC there has been a huge plunge also of Restuarant Bankcruptcies etc.

#39 raider on 11.18.11 at 5:37 am

Hey is this the future fate of Canada :)

#40 Habs 76-79 on 11.18.11 at 5:55 am

Earlier tonight I had another good conversation with my father about the events and economics around us. Spurred on by the last Lang and O’Leary show on CBC News.

Anyways I was thinking about Garth’s ” Pathetic” Blog :-) and really how kind it is of him to run it and FREELY give out opinions and sound advice. No, he cant be expected to give specific advice to each and anyone of us but over the last few years his opinions and especially advice in the general has opened my mind to be a more critical thinker and to really learn about MONEY. Most people really do not have much a clue about money. Oh, they use it but fail often to see how to value it. To see that as a tool it’s a proverbial double edge sword and can work for you or against you. Though I’m far from perfect with money and could do more good things with my money I have used general advice by Garth and yes other posters here to help me better understand it all.

No, I do not agree with Garth on all his opinions shared here. That is fine, it’s OK to have differing opinions and can help spur thought, discussion and debate. But I truly wish to thank Garth for putting up this blog and freely giving his time, and especially advice.

We each can read, think and debate what is posted here. We can use it in agreement or not, but there has been good advice given here by Garth and yes a few others and it’s up to each of us to accept or not what is said.

#41 Longterm on 11.18.11 at 6:26 am

Why is it that some crass Boomers need to gloat about their financial position?

The fact that they were part of a massive demographic wave and rode a lifetime of opportunity through the largest economic boom in history isn’t enough? They then like to imagine that their sweet financial position had more to do with their individual investing prowess, ability to ‘learn the bullshit behind the marketing,’ minimal education, or some other ‘rugged individual’ characteristic rather than simply following the default roadmap of everyone else in their cohort. Buy a house in 1970 for 3x salary, when one could even with minimal education and skills as the economy grew hand over fist, score an indexed pension that don’t exist anymore and benefit from parliament being stacked with your brethren who by default organize social and economic policies to favour you.

This, we non-boomers can live with – we always have had to.

But what really shows your pathetic bad form is when you laugh about it and rub it in the faces of following generations who get to live with the wreckage of the financial system, resource depletion, environmental destruction and climate change wrought by your wanton consumption.

At least show some class and eat your cake in private and thank whatever god you pray to that you were born in 1952 in a rich Western country and let us get on with trying to salvage the wreckage of your cohort’s debauchery. While you are at it you might pray to that same god that when your kind are no longer in control that those who follow don’t decide to turn off the respirator.

#42 Alliston on 11.18.11 at 7:13 am

Pink Floyd was founded in 1965, try to keep up!

#43 bigrider on 11.18.11 at 7:17 am

Unbelievable is the article below. Where is this guy talking about. Millionaire selling stocks at the top and buying RE at the bottom ???


#44 bigrider on 11.18.11 at 7:27 am

Also an interesting choice video today Garth. The song, ‘pusher man’ by Steppenwolf pretty much sums up the likes of Don Campbell and Brad Lamb. Love the song and the message it conveys.

Well done.

#45 detalumis on 11.18.11 at 8:12 am

Ay yay yay. Lies, damn lies, statistics and strange medical comments. Everybody knows you would never inject Botox into fricking lips. The problem with your boomer stats is that people are using an almost 20 demographic and lumping them together as boomers. If I take statistics Canada 2010 numbers I would find that the number of “boomers” aged say 45-64 is almost the same as the number of people aged 25-44, not hugely, overwhelmingly larger as people seem to think.

Your comment about mortgages held by “boomers over 65” is also strange. Since there is only a single year of boomers that are 65+ and they would have been the most demographically blessed, I sincerely doubt that somebody split out that one year and did a study on their mortgage habits. Somebody possibly lumped them in with the “silent generation”, the same way at age 50 I am lumped in with 90 year olds in this huge geriatric elderly demographic.

Sounds like you have a big mortgage. And thin lips. — Garth

#46 Stinky the Fish on 11.18.11 at 8:23 am

“Eight per cent has gone into new body parts, Viagra, Fleetwood Mac CDs and underwear that sucks when you sneeze”

Garth > Stinky the Fish
Garth is equal to greater then Stinky the Fish

I am awestruck. — Garth

#47 Sky on 11.18.11 at 8:23 am

” If you can remember the 60s, you weren’t really there.”

August 1969- Woodstock

#48 pbrasseur on 11.18.11 at 8:32 am

Of course the boomers will keep on working, no matter what happens the market will force them to because so many people retiring at once (and so early) is unsustainable for the economy.

The failure of housing is probably the surest way to acheive that since that’s where they’ve got most of their money.

If that doesn’t do it then it will be low returns from financial assets.

Or high inflation.

Just look at Europe, surely you can see were they’re going. There’s just no way gazillions of Europeans can retire at 55 and get paid for longer than they have been working.

Life just doesn’t work that way.

The market will implement reality…

#49 House on 11.18.11 at 8:42 am

Interest rates rise? That would turn into politicians worst nightmare and they will only do it with a gun to their heads. And Bond Vigilantes, if they haven’t taken action by now, are a joke.

#50 Q on 11.18.11 at 8:52 am

‘morning Garth…unfortunately I missed the ending of Easy Rider, as I was too busy making out at the back of the theater and at 13….copping some shoulder is far more important than watching the screen. Much like today, when having your own generic box is more important than your financial future…instant gratification rules the young. Interesting drive on Wednesday. My wife and I were driving home along Lakeshore Road in Oakville (millionaires rowe) and it seemed that almost every one of those huge brick Phallic symbols is up for sale. The reality that most forget, is that the market erodes from the bottom up….but the heavily leveraged “out to beat the Jones” Lakeshore residents didn’t get access to that much credit by being total idiots….seems the fat rats are trying to jump ship prior to the announcement of a lifeboat “drill” to the third class passengers…

#51 T.O. Bubble Boy on 11.18.11 at 9:06 am

Prices keep falling in China, and this time it is EVERYWHERE (not just a handful of cities):

How long before this herd mentality reaches Vancouver and the high-end of the market dries up?

Watch for Van City average prices to take a serious nose dive once the multi-million dollar HAM palaces stop selling.

#52 fancy_pants on 11.18.11 at 9:16 am

The Bank of Canada does not practice what it preaches:

excerpts from their website:

What is the Bank’s approach to monetary policy?
The cornerstone of the Bank’s monetary policy framework is its inflation-control system, the goal of which is to keep inflation near 2 per cent.

How is monetary policy carried out?
The Bank carries out monetary policy by influencing short-term interest rates. It does this by raising and lowering the target for the overnight rate.

Ok then… they have instead chosen to allow inflation to rise well above 2% by keeping rates artificially low and have opted instead to place their focus on the dollar’s trading power vs. US and other currencies.

If that is your primary agenda then so be it but don’t hide behind the lies that the cornerstone of your policy is to control inflation.

surprised? I’m not.

#53 CTO on 11.18.11 at 9:20 am

# 35 Boomer Watch

Like your Post! I am approx same age and i think many of us x gens think the same. We’re not 30, sooo we seen it coming, we started our carreer in mid 90s recession and have a pretty good idea where this is going.

By the way!

Annual inflation at 2.9 per cent in October: StatsCan

Inflation is slowly starting up.
It troubles me to think of the intangible subtle inflationary affects of keeping rates so low for so long. I feel for every action there has to be an equal opposite reaction.

Garth, Where could inflation be 4 yrs out? and how could we tame it?

#54 Mr. Lahey on 11.18.11 at 9:55 am

#43 Big Rider

” Investors can obtain very attractive monthly income. As an example, I recently walked through a 3 bedroom, 1 1/2 bath foreclosure priced at $54,000. I’d have to bet an investor could buy this home for $47,000. This home would easily rent for $795 a month bringing in $9,540 a year of rental income”.

Where in the hell is this information coming from Big Rider? A $47,000 home??? Are we talking my trailer park?

#55 Bubble boy Bob on 11.18.11 at 10:07 am

#52 Fancy Pants

“If that is your primary agenda then so be it but don’t hide behind the lies that the cornerstone of your policy is to control inflation. ”

The Bank of Canada’s primary objective is to keep this whole sordid bubble from imploding. To hell with inflation. If they raised rates the whole friggin Canadian economy is going to go up in flames like the ending of Easy Rider.

#56 Bigrider on 11.18.11 at 10:09 am

# 41 Longterm.


Well said !!

#57 down and out on 11.18.11 at 10:10 am

I feel like house buying and selling at this time is like a game of musical chairs ,someone is going to be left holding the bag .I think everyone knows the music will stop soon .

#58 Ward Cleaver on 11.18.11 at 10:12 am

Hey Big Rider when are you and Garth going to take your bikes out for a long ride together? Just think you guys can drive by the burning flames of Canadian real estate in your Harleys and leather garb.

#59 Junius on 11.18.11 at 10:14 am

#49 House,

You said, “And Bond Vigilantes, if they haven’t taken action by now, are a joke.”

Tell that to the Italians. And much of the rest of Europe.

Rome was not demolished in a day.

#60 cliffard on 11.18.11 at 10:16 am

# 11 smoking man. You’ve gotta stop smoking everything now. Smoking a joint with your drama teacher was amazing ? You ammuse way to easily. Pink floyd was just starting out in 78 huh? They were finished by 78 after animals unless you like the wall which might explain your teacher leave those kids alone schtick. Please please please retire from the blog. At least you will be rememvered as a god on wall street.

#61 cxcroney on 11.18.11 at 10:18 am

#38 Edmonton Guy
Agree with you completely. Not just the poverty question but all information. Harper wants to control the message and all avenues to refute it. Just look at what is happening daily on the Hill.

#62 Junius on 11.18.11 at 10:18 am

#12 Canadian Watchdog,

I don’t know where you get your charts but please keep them coming. They are very interesting. And damn scary.

That chart clearly points out the high rate of HELOCs in Western Canada. In B.C. they are considered a source of income and in Alberta a birthright.

Since Real Estate never goes down why not take all the equity out of your home now? Why wait as you will not have enough time to spend it all?

If you listen to sports radio in Vancouver every second ad is a Home Equity Loan. Someone must be buying because it has been that way for years.

#63 Junius on 11.18.11 at 10:20 am

#51 T.O. Bubble Boy,

Sssshhhhhhhh! Don’t tell BPOE.

HAM is all he has.

I am looking forward to how he spins this one.

#64 Flayto on 11.18.11 at 10:29 am

#11 Smoking Man

“Smoking a Joint with my Drama teacher and other students in the back of a pick up driving down young street in 78 was amazing. Learned to play guitar. Pink Floyd was just starting out. This man Mr Tennis was my hero……….not his real name…..”

Pink Floyd was not just starting up in ’78 – in fact they were winding down. They only had one good album left (The Wall) in them before things started to go downhill.

#65 big T on 11.18.11 at 10:31 am

kiss the ground for boomers, luck or prudence has
created the largest pot of generational wealth in
history, all heading for this lucky generations bank
accounts, quit whining!

#66 ballingsford on 11.18.11 at 10:39 am

Thanks for the easy rider clip Garth! Easy come, easy go.

#67 Canadian Watchdog on 11.18.11 at 10:44 am

CPI figures just released coming in at +2.9%, down from last month at +3.2%. Although prices declined month-over-month, on a year-over-year basis prices continued to rise. The key sectors included:

Water, Fuel and Electricity (+4.6% yoy)
Household Expenses (+3.7% yoy)
Private Transportation (+6.9% yoy)

not updated:

Overall, the extended period of rising prices have started effecting the labour market in terms of wages and unit labor costs. In the chart below (top chart), rising inflation has been outpacing the growth in hourly earnings (falling wages now) which is likely a result of rising labor costs (bottom chart) and a record increase in temporary foreign workers who are likely to work for less then Canadian-born workers.

not updated:

Translated into housing terms: the mid-long term effect on decremental wages could be negative as more middle class home owners are pushed below the poverty line. Even if Canadian banks did not engage in predatory mortgage lending, falling wages amongst homeowners paying a mortgage could eventually create natural sub-prime crises.

#68 Kilby on 11.18.11 at 10:49 am

#47 Sky.

Stood next to the stage at “Strawberry Mountain” and watched Country Joe do “Feel like I’ Fixing to die” I was there and DO remember, very moving, I remember feeling lucky to be a Canadian and not being drafted like many of my friends in the States

#69 jess on 11.18.11 at 10:50 am

Unemployment has almost tripled to 22.6 percent from a low of 7.9 percent in May 2009, according to Eurostat.

ex-urbs spanish florida

#70 Honus Wagner on 11.18.11 at 11:15 am

>>Fleetwood Mac CDs
Hey, I wasn’t of that era, but Rumours is a solid album and ‘Go Your Own Way’ is one of the best all time songs.

#71 45north on 11.18.11 at 11:17 am

fancy_pants: talking about the Bank of Canada: Ok then… it has instead chosen to allow inflation to rise well above 2% by keeping rates artificially low and has opted instead to place its focus on the dollar’s trading power vs. US and other currencies.

but isn’t the most significant factor of the dollar’s trading power, interest rates? Zerohedge is totally focused on interest rates and has article after article on the spreads on European sovereign debt. Aren’t we living in a fool’s paradise where we believe that interest rates are determined by central banks such as the Bank of Canada. What if they are determined by the market?

This will not end well.

#72 Tony Right on 11.18.11 at 11:24 am

Boomers won’t be living with us, because we’ll just put ’em all on an ice flow and send ’em off and then start the system anew with a focus on the greater good rather than greed.


Young, houseless, liquid and educated

#73 on 11.18.11 at 11:29 am

Canada is in a tough spot. Rates need to rise to combat inflation (US exported), but can’t because that would increase the dollar and kill export-dependent manufacturing (recent example NS paper mill troubles) plus tank the RE markets – neither outcome being in the interests of any reigning government. Cdn rates will stay low until the US rates start rising, US-CA interest rates offsetting one another and keeping the $ exch rate stable.

To the other Gen Xers I also remember the early 90s well, and do not wish to relive the economics of the time. Fortunately for myself and many others, the NAFTA TN category opened the US labor market and provided access to decent jobs that were not available at home.

The real problems won’t be seen until unemployment ticks up. Long as people have jobs, they can access credit and keep the boat afloat. Take away the jobs and it all begins to unravel.

#74 X on 11.18.11 at 11:30 am

re #45:

#75 bigrider on 11.18.11 at 11:31 am

On the issue of spreads of French OAT’s over German bunds increasing parabolically(straight up)

Quote” Greece is/was a non-event in the larger scheme of things and Italy appears to be a sideshow compared to the potential problems arising from the above . The “disease” now appears to be spreading quickly across the continent and its effects can easily trigger a tsunami across the English channel and subsequently across the Atlantic. Scanning over the secular models, I can see that we have at least another 3-6 years of diminishing rates of returns on equities and unfortunately it is during the late stages of the secular trends where we can expect to see major social and economic structural changes that are brought about by events like those we are currently witnessing. The bad news is that there is no way to circumvent the necessary social changes that lie ahead for all of us and more importantly for our children who will be inheriting the mess that we and our predecessors have created. Like heroin addicts in need of their fix, our governments have been turning to more debt as a solution to a problem that requires a far simpler solution and that is to let the markets cleanse out the past mistakes as they have throughout the centuries. The good news is that eventually the markets will “win out” over government intervention and sanity will be forced upon the masses. It is then, when we will most likely be looking at single digit price earnings multiples and the most amazing valuations since the late 70’s early 80’s when the secular models will once again proclaim the dawn of a new investment and social era.

End quote

#76 Disciple's replacement poster for this coming week while he's on vacation on 11.18.11 at 11:43 am

#165 Nosty (from yesterday)
thanks very much for that. That certainly boosts my confidence, but Profit? I think D is a much better seer into the future than I.
I’m really itching today because I have so many things that I want to talk about. I know many of you need more info about the 13 banking families and how they are intricately intertwined with the Jesuits. D has touched on this topic many times.
I feel like having fun today and share with you some more info about some more giant skeletons discovered on planets in the universe. This is really blowing my mind. Later.

#77 alsiem on 11.18.11 at 11:53 am

Hey, I wasn’t of that era, but Rumours is a solid album and ‘Go Your Own Way’ is one of the best all time songs.

Rumours, like the Fleetwood Mac album, should never be listened to.

#78 Timing is Everything on 11.18.11 at 12:01 pm

#42 Alliston

Syd….SM has a few ‘blank’ spots in there.

#79 Grampa Hindsight on 11.18.11 at 12:15 pm

underwear that sucks when you sneeze.)

Garth, you must laugh your head off while you write this stuff

#80 Sky on 11.18.11 at 12:38 pm

Kilby # 68 :

That damn war. BC was crawling with draft dodgers in those days. Many of them never returned. They settled mostly in the Kootenays and the Islands. It was easy back then – unlike today when you pretty much need a DNA sample to even cross the border. Well, either a DNA sample or pledge Homeland Security your firstborn. The Panopticon society stinks!

Glad you made it to Woodstock and glad that Canada was still a refuge in those days.

Here’s one I bet you haven’t heard in ages:

Never made it to Woodstock. Was still in high school

#81 Incubus on 11.18.11 at 12:45 pm

One year ago !

“Canadian home prices should ring alarms: expert”
The Canadian Press
Date: Thursday Nov. 18, 2010 6:38 AM ET

The risk is even greater today. — Garth

#82 meslippery on 11.18.11 at 12:58 pm

Scroll down to the Nov 15th cartoon.

#83 GTA Girl on 11.18.11 at 1:17 pm

Fuel stabilizer, oil checked, parked on a rubber foam mat in back of the garage under a tarp, with a recharger.

Hate this time of year.

Long drives thru Caledon to Belfountain for a coffee and bonding.

Being able to actually park outside of Lettieri’s in Yorkville and laugh watching the Escalades circle endlessly looking for parking.

Take the body armour out of the jacket, put the boots in the back of the closet.

suddenly you are again just the average Joe, not a road Cowboy.

Spring? Come soon.

#84 Hicksville Alberta on 11.18.11 at 1:28 pm

Retired Pennsylvania police captain intelligently supports Occupy Wall Street in New York. See

In other news due to recent budget cuts and the rising cost of electricity, gas and oil, as well as current market conditions, the light at the End of the Tunnel has been turned off.

#85 Mister Obvious on 11.18.11 at 1:30 pm

#110 Smoking man…

“Smoking a Joint with my Drama teacher and other students in the back of a pick up driving down young street in 78 was amazing. Learned to play guitar. Pink Floyd was just starting out.”

Smoke has a way of distorting time.

For the record: By 1978 Pink Floyd’s biggest career success “The Dark Side of The Moon” was already five behind them. The band’s origins date from eight years previous to that.

#86 Van guy waiting on 11.18.11 at 1:32 pm

Forecast!!! And a opinion Mr Yatkowsky about Mr Turner!

He’s a realtor. — Garth

#87 Devore on 11.18.11 at 1:47 pm

Posted elsewhere: British Columbians less likely to be mortgage free by 65 (or ever) (shocking)

B.C. also leads the country with the longest amortizations, with 42 per cent having more than 21 years left to pay, compared to 37 per cent.

Now, think about how long it’s been since the 25 year mortgage went the way of the dodo. Slightly more than 4 years ago (25 – 4 = 21).

#88 etreamar on 11.18.11 at 2:00 pm

I have just recently sold my house in Northern Ontario. It was like getting back 5 years of rent. Did not make a boat load but I did keep most of my equity. It certainly feels good to be out of there, no more roof to fix. Renting for now and going to invest the proceeds.

Came across the following article about Spain’s housing bubble.

I wonder if we are headed somewhere similar. It is not like we have seen bad times in the U.S. as well. I imagine our banks would survive though … at the cost of the tax payer through CMHC.

I thought this was fitting as we see real estate crashing elsewhere except here. Maybe we are not too far behind the others.

In Northern Ontario, what is there to support the RE growth? Gold Mining? … maybe until it takes a cyclical dive as well.

#89 Excellent on 11.18.11 at 2:08 pm

#72 Tony Right on 11.18.11 at 11:24 am

“Boomers won’t be living with us, because we’ll just put ‘em all on an ice flow and send ‘em off and then start the system anew with a focus on the greater good rather than greed”.

No rush Tony, let those oxygen sucking wastes-of-space keep sucking up the good times and using up all the resources for their own selfish pleasures for just a little while longer. While they vacation in Miami, eat Lobster and shrimp, enjoy all day air-conditioned buffets and sleep like babies in their fancy mega motor-homes, the kids are working on flu shots to cure those greedy Fu***s of what really afflicts them.

Sure hope that was sarcastic. If it was, you suck at sarcasm. If not, you just suck. — Garth

#90 on 11.18.11 at 2:12 pm

Lahey…put down the bottle and go to look up recent sales in Syracuse NY. Loads of houses under 50k.

A coworker’s daughter was trying to buy something there for around that price. The market is so ridiculous that the cost to make repairs, like fixing a roof, makes some properties unecomomic to fix and unmortgageable. Houses are functioning like used cars.

You thinking about getting back with Barb?

#91 Jeff Jantzi on 11.18.11 at 2:36 pm


The question for investors/savers….is where do you put your money (fiat)? Do you buy a house which will most likely drop in value? Do you stick it a bank where you are only insured a certain amount? Do you stick in the casino (stock market)? Do you buy physical gold?

Perhaps you should listen to Gerald Celente and how last week he lost (stolen) over 6 figures from the MF Global scandal in the US. This will soon be exposed to be 100 X worst than the Bernie Madoff scandal. The bottom line is the ponzi scheme is coming to an end….these hedge funds, etc have leveraged so much there is no way to pay off the losses. Our so called safe Canadian Banks have exposure to the US Banks and will be effected when it all comes down>

There is no use denying that it won’t happen because it is just basic math…The question is where do you put your money?

Here are 3 videos you should watch regarding how MF Global stole over 6 figures from Gerald Celente and a prediction from legendary investor Jim Rogers:



House – no. Bank – no. Stocks – no. Gold – no. — Garth

#92 Bill Gable on 11.18.11 at 2:37 pm

Casinos in Vancouver are money laundering factories for Biker gangs and a certain ethnic group, that shall remain nameless.
I watched a guy bring 40 K into one of the casinos – buy chips – he played for maybe 30 minutes – cashed out – VOILA, clean money.

If the RCMP can’t figure this out, I give up.

Vancouver is a big Casino anyway.

The look of shock, on the Insurance clerk’s face when I paid my Car Insurance in cash, said it all.

I asked her why she looked so stunned.

“I always see people with these BMW’s and big vehicles and huge rates and they pay by credit card, rarely people pay the whole shot at once”.

In other words – my feeling is people are cash strapped and getting worse.

Traffic is dying in Vancouver.

Noticed all of a sudden – Shops closing – and the cab driver this morning said that there “was no Tourist Season this year”. No Americans.

He says that his buddies that banked on Whistler lost their shirts.

Tighten up – but Mr. Turner has been telling us that for three years – are the rabble listening?

#93 Westernman on 11.18.11 at 3:06 pm

Jon B,
You got it bubba… the “average” Canadian is like Bambi, trusting,timid,passive,unknowing,helpless and chock full of liberal,socialist bleeding-heart propaganda.
There is probably no bigger sucker on earth than the “average” Canadian.

#94 C on 11.18.11 at 3:23 pm

I’ve been following listings in Burlington, Ontario for “house” $300,000 to $400,000 and in the past day they have COLLAPSED!!! According to

Nov 15th, 2011 294
Nov 16th, 2011 286
Nov 17th, 2011 284
Nov 18th, 2011 244

#95 Johnny on 11.18.11 at 3:33 pm

Boring!! Boring! tired of the same stories about the clueless still wanting to buy real estate in a pending down market! How about an article on how to make 10% on your money in a recession/depression. What stocks/bonds/rifs/etf’s to buy in a recession/depression.

Are bonds still a good buy? How can you buy bonds if you are just investing $400 a month through an auto withdrawal plan. Any recommended etf’s or index funds for bonds. What is the difference between an etf and a index fund? What do you think about the Conservatives pension plan?

Where have you been? — Garth

#96 @@@@@@@@@@@@@@ on 11.18.11 at 3:45 pm

@#52 Fancy Pants

Current Canadian Inflation Rate

October 2011

#97 MasterBootLicker on 11.18.11 at 3:50 pm

Central banks increase gold purchases.

funny how sovereign bonds, preferred shares, bank stocks, or real estates are not considered stores of value fit for backing a countries currency. What a useless metal this yellow stuff is, move along, nothing to see here.

As detailed here yesterday, this action was by (a) emerging nation central banks, not those of developed countries, for (b) diversification to accompany holdings of US dollars. I wouldn’t get too excited. — Garth

#98 jess on 11.18.11 at 3:51 pm

thin capitalization

Sweden acts to curb corporate tax-avoidance The Local
Nov 17 – On plans to close loopholes in the Swedish tax code. Swedish finance minister Anders Borg said “the Swedish Tax Agency (Skatteverket) shouldn’t hesitate to take companies with questionable interest rate structures to court in order to determine if they violate Sweden’s laws against tax evasion.

The Swedish subsidiaries of the company reduce their tax burden in Sweden by claiming hefty interest payment deductions stemming from “loans” from their parent companies offered at internal, often inflated, interest rates.
thin capitalization

..”However, non-residents seeking to finance Canadian subsidiaries often prefer to do so through debt rather than equity in order to maximise interest deductions against Canadian income (called ‘thin capitalisation’)and Canadian tax laws restrict the degree to which this device can be used. The thin capitalisation rules are sometimes a powerful reason for not incorporating in Canada.

#99 Philo S. Opher on 11.18.11 at 4:13 pm

#76 Disciple’s disciple

We are all waiting to see how the Rothchilds and the Jesuits are intertwined. Bring it on Disciple’s disciple!!

#100 Form Man on 11.18.11 at 4:16 pm

#84 Westernman

So let me get this straight……Canada is ranked near the top in the world for the strength of its economy, quality of life etc. I guess this is in spite of it being a country mostly made up of ( according to yourself ) lazy, spoiled, unproductive, welfare brats. So which productive, hardworking country should we emulate ?
United States ?…. oh right, their economy and debt problems are worse than ours………
Germany ?……oh, but they have a more generous social net than Canada’s….( and more debt )
China maybe ?……oh, small human rights and democracy problem there………

you don’t actually make any sense, but let us know your candidate for the country Canada should be like….

#101 DM in C on 11.18.11 at 4:42 pm

#65 kiss the ground for boomers, luck or prudence has
created the largest pot of generational wealth in
history, all heading for this lucky generations bank
accounts, quit whining!


Not if my parents are like other boomers — they’ve already said they’re spending every cent and don’t owe anyone a thing. It’s all about them, see.

#102 Disciple's replacement poster for this coming week while he's on vacation on 11.18.11 at 4:57 pm

sorry guys I meant prophet..not profit …honest mistake, since this is a financial blog, right?
I’m back at my keyboard after a long afternoon with clients…rock and roll !!

#103 Westernman on 11.18.11 at 5:08 pm

Form man,
Who’s ranking? Yours? Cheerleading does not turn pigshit into cavier sir, no matter how much you wish it so.

#104 Jeff Jantzi on 11.18.11 at 5:10 pm

Where do you put your money?

House – no. Bank – no. Stocks – no. Gold – no. — Garth




The mattress guarantees a 2.8% loss. Preferreds will give you a 5% return with virtually no volatility. Then there are income trusts, corporate and government bonds and ETFs in stable sectors. Today, extremists lose. — Garth

#105 DonDWest on 11.18.11 at 5:18 pm

“House – no. Bank – no. Stocks – no. Gold – no. — Garth”

TFSA’s, GIC’s, and bonds then? Not exactly great returns; and by no means life changing for a generation that is literally priced out of house and home. . .

If you think a TFSA is an investment product, surrender now. — Garth

#106 Smoking Man on 11.18.11 at 5:23 pm

Nice to know lots of floydians out there. Did not mean to say started out but were all over the radio. Question for the fans and don’t google it. Clair torry. One who screams out that amazing death cry on track 4 of darkside gig in the sky. Was she white or black7

#107 Alister on 11.18.11 at 5:28 pm

#38 – YEAH Thats only in Edmonton. None of that going on here in SW Ontario. But then again, we didn’t have the boom you guys had in 07.

You’re suffering the echo after a boom – thats what Garth is warning Van and TO about.

#108 vitalis on 11.18.11 at 5:30 pm

There was a story on the news here in Vancouver 3-4 days ago about a lady that bought 3 condos in Surrey BC, but the developer went bankrupt and she lost $750,000!

#109 jess on 11.18.11 at 5:32 pm

citizens who didn’t trust the companies numbers

#110 Alister on 11.18.11 at 5:42 pm

#41 – got some issues do ya?

I’m a boomer.

Went to high school and did some smokin and stuff. Then my buddies got into needles and hard stuff. They died in their early fifties. I’m still here.

Now I work with a bunch of boomers. Most are broke but still putting their vacations on the credit card and driving expensive cars. They can’t retire – will be workin forever.

Me – I played it conservative, realized some had to be saved and some spent for fun. Tried to keep balanced when everyone else was going crazy. I can retire in a year. But I’m not rubbing it in, just saying you chose your own path. When it doesn’t work out, don’t bitch about it.

#111 DonDWest on 11.18.11 at 5:43 pm

“If you think a TFSA is an investment product, surrender now. — Garth”

You can put your TFSA into mutual funds if you want. . .

Other way around. A TFSA can contain almost any liquid investment. — Garth

#112 Form Man on 11.18.11 at 5:59 pm

#103 Western….whatever

you are rather like DA. Duck and avoid inconvenient questions, then launch juvenile personal attacks. let’s try again shall we ?
which country do you suggest is run better than this one ( at least up until lately ) ? its a fairly straight- forward question, it shouldn’t provide too much challenge.

#113 Abitibi Doug on 11.18.11 at 6:02 pm

The part about the Boomers makes sense. The baby boom lasted about 4 years longer in Canada than in the United States, so it makes sense that the effects of aging boomers on the housing market will be delayed also.
Periodically the subject of Harry S. Dent surfaces. While he really blew it with his predictions of the Dow going to 20000 then dropping to 4000 by now, he did get the demographics part right. As the Boomers age, their spending drops and that makes for a slower economy. You can guess what that has done, or will do in Canada, to housing.

#114 Westernman on 11.18.11 at 6:11 pm

Form Man,
You made it up about the rankings – didn’t you? Before you start spewing nonsense you should have a verifiable source – otherwise you are just another low-I.Q. shill pimping a second rate country.

#115 bigrider on 11.18.11 at 6:17 pm

Spreads on french OAT over German bunds have gone parabolic.

Very ominous and Armagedden like for sure. A plague that is spreading fast.

This has to have you at least a little concerned Garth. Probablity of a market swoon in the next three months ?? what. maybe 80% (90)??

Anyway, ultimately the cleansing will come as Austrian principles cannot be ignored for long by the Keynesian implementors and the end result for most as Garth has said before are diminished opportunities, how incredibly understated.

You stocked up on supplies in that bunker ,aren’t you?

#116 Mr. Lahey on 11.18.11 at 6:23 pm

#90 Sam.I.Am

Syracuse New York you say? Sounds like a total dive. Sunnyvale is just fine by me. Thanks for asking about Barb. Randy and I are going out with her tonight for a few rounds of scotch and then it’s back to the trailer…

#117 Easternman on 11.18.11 at 6:26 pm

#93 Westernman

Words of truth Westernman. I like your rugged individualistic approach to life. Not all easterners are liberal softies.

#118 Disciple's replacement poster for this coming week while he's on vacation on 11.18.11 at 6:30 pm

After years of extensive research and investigation, I can give you an amazing summary of who these 13 banking families are ( or as I like to call them, the 13 bloodlines of the illuminati), what is their connection to the Jesuits and why they sometimes look like reptiles.

The Illuminati is a very secretive organization. Many people do not know about them. This organization has been around for many years, and has made powerful decisions in our worlds courts, that we will never hear about. The Illuminati moves with impunity in many countries which was paid for by some of the richest families in the world, that is a part of the illuminati bloodline.

The thirteen ruling families of the world have some sort of power in the World Bank and the say so of our world currency. The powerful Illuminati are made up mostly of international bankers. They are a super rich organization that controls the mainstream media, workforce, education system, companies, banks, energy supplies, and governments. They are controlled by some of the richest people in the world. Two of the family names are the Rothschild and Rockefeller families, that you are familiar with. The other family names are Astor, Bundy, Collins, Dupont, Freeman, Kennedy, Li, Onassis,Reynolds,Russel,and Van Duyn.

As for the Jesuits, they are both the founders of the Illuminati and the most formidable human organization in the world; having infiltrated every aspect of our global society, including mainstream religions. They remain an inherently dangerous force to be reckoned with.

I remain extremely concerned over the Illuminati’s control of religious doctrine for the express purpose of brainwashing the public, in efforts to propagate a collective “herd mentality” mindset. The leader of the Jesuit Order, the Superior General, is commonly known as the “black pope” because of both his power and black vestments. The “Black Pope” and the Jesuits have the evil serpent’s body wrapped firmly around America.

The Jesuits are a military organization, not a religious order. Their chief is a general of an army, not the mere leader of a monastery. And the aim of this organization is POWER. Power in its most despotic exercise. Absolute power, universal power, power to control the world by the volition of a single man…The only hope we have of saving our country since we are now in the cross-hairs of the Jesuits, is to expel every last one of them from America and Canada.

They will not stop until they have a NEW WORLD ORDER.

And now, what you’ve all been waiting for. Why do these folks resemble lizards? The Illuminati are controlled by the traits of their reptilian brain and they seek to manipulate humanity through the manipulation and stimulation of the reptilian part of our brain. Guess where dreaming originates in your head? That’s right kids, in the reptilian brain. There is no “dreamstate” in reptiles because this mentality is their waking state. Ritual, ceremony, theatre, movies, television, video games, etc.; all of which was created out of the territoriality need-compulsion and the will-to-power of the reptilian brain. This is how they will control us…by putting us to sleep and dreaming while we view their media…and then implant suggestions.(refer to my earlier post about mind control on Tuesday-so you can do it too)
This is what they look like:
Do you know any?
There you have it …I will expand later on the New World Order, which will be here sooner than you think.

#119 Form Man on 11.18.11 at 6:49 pm

#114 western man

I rest my case. You are squirming around like a worm on a hook…….a particularly angry one. What sort of childhood worm trauma has saddled you with these unresolved issues of irrational rage ?
What causes you to want to separate from a large, prosperous, coastal nation, and retreat into a small, coastless, flat ,cold, oil sands- ravaged piece of northern North America ? Is it some sort of ideology that rejects logic ? oh right….you are a conservative.
well keep on trudging up your angry, narrow-minded little path………stubbornly clinging to your beliefs in the face of formidable science and facts against you…………..

#120 jess on 11.18.11 at 6:50 pm

smoking man

no more teachers no more books…the new “virtual ” schools (k 12) with an avatar as the teacher! Do you think these groups have the child in their best interest.

How Online Learning Companies Bought America’s Schools
Friday 18 November 2011

reminds me of the
Surrogate mother experiment
by: Lee Fang, The Nation | Report

#121 Beach Girl on 11.18.11 at 7:01 pm

I am a boomer, don’t hate me because I am beautiful and solvent. BORN TO BE WILD! Well comfortable now.

Of course I grew up in much better circumstances.

Someone pointed out we were less educated. Possibly so. But what can you do about that.

Go sit in a cold tent in Toronto with drug addicts, homeless mentally ill people or just partiers.

I do not trust the new pension plans, companies are never going to pay into that. The people that need them are going to the food bank, they can’t contribute. They better not raise the pension age. Then I might go postal.

Actually I give my postal worker $20 at Christmas. Contract work, she does work hard. HARD FOR THE MONEY.

#122 Kilby on 11.18.11 at 7:01 pm

#72. Tony Wright
Good idea, after all the boomers are on the ice flows we can all go to Starbucks and text message everybody we know, then go snowboarding.

#123 Disciple's replacement poster for this coming week while he's on vacation on 11.18.11 at 7:02 pm

one more day to go..garth takes Saturday off apparently.
I might still have time to reveal Westernman’s true identity. I dropped some hints today..
(just havin’ fun W. :)

#124 Kilby on 11.18.11 at 7:07 pm

#80 Sky

Was at Strawberry Mountain, not Woodstock (wife was there though) Last big concert in BC. Smallfaces, Country Joe lots more. I was one of the few Canadians living in New Denver BC in the early 70’s. Lots of fun, good music.

#125 Nostradamus Le Mad Vlad on 11.18.11 at 7:11 pm

#76 Disciple’s replacement poster for this coming week while he’s on vacation — “. . . the 13 banking families and how they are intricately intertwined with the Jesuits.” — Ahh yes. Ain’t organized, orthodox religions great?

One can put robes on and call themselves holy, all the while screwing altar boys and girls. Plus they need a religious front to carry out their fiscal naughties, so no one would bother to check them.

Yep, this world sure needs a REALLY good spring cleaning and taking out of garbage!
Thought For The Day! — “These sectors of the doctrinal system serve to divert the unwashed masses and reinforce basic social values: passivity, submissiveness to authority, the overriding virtue of greed and personal gain, lack of concern for others, fear of real or imagined enemies, etc. The goal is to keep the bewildered herd bewildered.” –Dr. Noam Chomsky, from What Uncle Sam Really Wants, censored ex parte from WUTK radio’s Alternative Nation, Summer 2001 —
There was a small 4.3 ‘quake in Riverside, WA which rattled the Snowedinkanagan at around 5:09 this a.m. This could lead to unintended consequences, such as Biotechs The dangers of mixing free flu shots and stem cells lead to tragically funny results.
Gutting “Did you know that an average of 23 manufacturing facilities were shut down every single day in the United States last year?”; OWS “If only they enforced bank regulations like they do park rules, we wouldn’t be in this mess.”; 36:28 clip Keynesian economics — how screwed up is it; He who devalues first wins (EU); Ireland Germany is our new master, not the IMF (The Fourth Reich); MF Global Deliberately taken down? 2:56 clip The effects of hyperinflation; Iran Libya had a central bank, and a gold-backed dinar too; 8:22 clip Garth may disagree, but there is more going on than the bigwigs want known; Bloomberg’s Horsefeathers and Quan’s quackery; Oburma Cheap and plentiful labor; Pensions Nothing about MPs taking a cut, only pensioners.
WW3 Russia says it’s ready, and Russian warships berth in Syrian waters; Eurasian Union “This will mean a great boost for Russia, but a body blow to American interests in the region.”; Cyber attack “The next 9-11 (to be blamed on Iran) will be virtual!”; 23:33 clip America (and the west) awakening to tyranny face a painful crackdown; Argentina Yes, there is hope after all this stuff is worked through; Sound Blaster The police have a new weapon for the Occupy protesters; Neutrinos still haven’t been caught by the light; Globalist Psychopaths Beyond hopeless, in a world of their own.

E.coli “But food grown in your own garden is presumed unsafe.”, and Food Two; Sea Level Who is drinking all the seawater? Fukushima? Superbugs Antibiotics not much use; Movies The Law of Attraction and The Secret are elitist disinformation, and 3:39 clip The film Thrive also falls into the same category; Vaccines UN and Gates push jabs.

#126 Devore on 11.18.11 at 8:04 pm

Tuscany Villas (not villas, and not in Tuscany), 50% off. Guess where.

#127 Van guy waiting on 11.18.11 at 8:05 pm

I have a brother that is going to sign over his home to me. It’s his principle residence. If I decide to sell it, do I have to pay any taxes?

#128 looks like somebody's got a case of the Mondays :) on 11.18.11 at 8:18 pm

oh Garth that is pretty harsh, have at ‘er….

“Sure hope that was sarcastic. If it was, you suck at sarcasm. If not, you just suck. — Garth”

#129 kc on 11.18.11 at 8:22 pm

124 Kilby on 11.18.11 at 7:07 pm

I was one of the few Canadians living in New Denver BC in the early 70′s.

Any chance you were lucky enough to be at the Barnes Creek fair and listen to an early Bob Seger?

#130 Westernman on 11.18.11 at 8:43 pm

Form man,
That was completely incoherent. I’m still waiting for the source you used in your fabricated rankings of Canada. Why don’t you just admit you lied and made the whole thing up? Ask your wife for permission and be a man for once and own up to it.

#131 Fan of Faber on 11.18.11 at 8:46 pm

Marc Faber likens 10% of the US population to the village idiots of the middle ages.

#132 McLovin on 11.18.11 at 8:47 pm

Form Man, now that DA has left us maybe you can help me.

What are your thoughts on the Skye building in Kelowa. I see a ton of units for sale but nothing is selling. It seems like the sellers just won’t drop their prices and think its 2008. Do you have any idea how much the average unit is down? Also do you know how many units the developer still owns?


#133 Bottoms_Up on 11.18.11 at 8:49 pm

#111 DonDWest on 11.18.11 at 5:43 pm
You just sound silly. Saying ‘TFSA’ is exactly like saying ‘RRSP’. You can’t put your RRSP into a mutual fund.

#134 tran, Calgary on 11.18.11 at 8:49 pm

Moscow in aggressive move to stop another “humanitarian intervention”

Putin just upped the ante.

#135 Onemorething on 11.18.11 at 8:56 pm

why should the boomers in the USA that cant afford to retire but cant find work either with now underwater mortgages given the ATM activity to buy goodies and downpayment on foreclosed childrens pads be any different from what will occur in Canada.

Quite easy to put a ban on reverse mortgages!

#136 eddy on 11.18.11 at 8:59 pm

Disciple’s replacement could be on to something, about the reptiles-

#137 Have you got them or have they got you on 11.18.11 at 9:00 pm

BusinessWinnipeg Free Press – PRINT EDITION
Rents bound to rise, say leasing companies
commentor Naediner 8:21 AM on 11/18/2011
I lived in a building in River Heights that was “completely renovated” & rents were increased over 35% within one year. I moved out when the rent increase was another 30% the next year, and they still wanted more. The fixed income seniors who had lived in the building for decades were forced to move out as they could not afford the rent anymore.

For many years now apartments have been converted to condos – its now laid the basis for equality of the income stream to the owners. Apartment or condo – shelter will no longer be a commodity but a race to the most profit. Rent controls or not.

#138 Deano on 11.18.11 at 9:31 pm

Jeff Jantzi…you can’t use Alex Jones’ crap as proof of anything. Unless you were trying to prove it’s crap I suppose…then your proof is iron-clad.

#139 The thing in the basement on 11.18.11 at 9:39 pm

137 have you got….

From the BC Strata Property Act regarding “conversion” of an exisitng building:

(6) In making its decision, the approving authority must consider

(a) the priority of rental accommodation over privately owned housing in the area,

(b) any proposals for the relocation of persons occupying a residential building

I know of one building in my town that was rejected for conversion because it served as a rental for many
seniors. Check the Manitoba legislation.

#140 Westernman on 11.18.11 at 10:25 pm

You are asking advice from Form Man? Good god – you must be desperate!

#141 Herb on 11.18.11 at 10:35 pm

I nominate #118 as the dumbest comment to appear in the history of this usually unpathetic site.

#142 Westernman on 11.18.11 at 11:18 pm

I second the nomination.

#143 Kilby on 11.19.11 at 1:30 am

#129 KC missed that…..1972 to 1979 in New Denver..

#144 Jeff on 11.19.11 at 2:13 am


If you want to find out what is really going on in the world, the last place I would look is the corporate mainstream media. I don’t need to tune in to hear them repeat news releases from corporations or governments. I will take, zerohedge,,, etc any day of the week to find out the unfiltered version. In regards to Alex Jones (, I have listened to him for 4 years and there is a reason why he is growing so fast and has over 2 million daily listeners…..he tells the truth.

It’s never too late for you to wake up to what is really going on in the world…….or you can continue to turn on your global news channel to hear the same BS repeated over and over.

By the way….did they ever find the weapons of mass destruction in Iraq? Why is mainstream media not reporting the MF Global scandal?

I could go on and on…but if you don’t hear it from Peter Mansbridge on CBC…I guess its not true from your point of view.