Just another idiot

She was hitched then divorced, in Edmonton. “Disastrous,” Aggy describes it. She signed over the marriage house then limped back to BC, broke and broken. Lost her kids. Lived for three years in a co-op, found a job and managed to crawl out from under her Visa bill. “Now I’m just another idiot,” Agatha says, “to add to your collection.”

One afternoon in 2007 she sat looking out the window of a Starbucks in Vancouver. “In walks a dashing dynamic realtor, owner of a major local agency… starts chatting… two days later, in a haze, I find myself ‘owning’ a condo… zero down, 40 yr amortization, $247,900 plus the 10K CMHC fee. Nice place, near where I was living, near my kids and grandkids, familiar trails for the dog, etc etc.  Five-year term is up now. I owe 245. Could sell it for 240 if lucky and act fast.”

She wrote me tonight.

“I feel I need out NOW, at age 58, and switch to renting, but no idea how to get out of my situation. Should I ask the bank if they would please repossess and accept the shortfall, which I could at least cough up? My job is maybe good for a year, but that’s about as long as I think I can survive the stress of this career. I want to find a way out, without choosing the ultimate out, which believe me, has been on my mind this past year — it scared the poop out of me, to realize that the mind can even go that way. Now at least I understand people who succumb. I will survive. If only I could think clearly about my situation!!

“Do I need a lawyer? I just can’t see putting money out for even a lawyer, because no matter what, I’m going down down down and the debt will go up up up.

“I’ve worked and worked and worked so hard and long hours for so many years… ach, now I’m being a self-pitying slobbering idiot to boot. It’s all my own fault. Well, I’d better stop writing and do something solid, because chances are this will be buried in your Inbox. Thanks for being there. I’m almost ashamed to admit I’ve read your blog from time to time over the past couple of years. You’ll throw your hands up in disgust… bless you for trying to reach us.”

Bless you for telling.

So, was it greed, naiveté, ignorance or seduction which made this woman spend $258,000 she didn’t have on an asset she couldn’t afford?

But when you think about it, Aggy did everything she was supposed to. The realtor (a professional) sold her the condo. The bank gave her the mortgage. The government set the rules and insured the loan. And society elevated her from renter to owner. This is what the system’s designed to accomplish. Yet now she’s left with losses, confusion, doubt and suicidal thoughts.

Intellectually we know why she screwed up. Aggy used extreme leverage, so when prices fell a little, she suffered much. With her job fading, she now faces debt she can’t service. And in a world brimming with concrete boxes, her asset’s devalued. Rather than seeking a saviour to help her get out, this woman needed a protector when she was tempted to get in.

This brings me to now. Things will change.

This includes new regulations making it more difficult for an Agatha to get a mortgage, or to keep one. You can expect to hear a lot more about this in five weeks. As I told you back in March, the bank regulator (OSFI) is intent on forcing lenders to better qualify borrowers for loans, to ensure properties are worth the mortgages placed against them, and to prove homeowners have sufficient income and assets every time a loan comes up for renewal.

The mortgage industry is howling, and has used a period of public comment on the proposed changes to argue they will destroy the housing market – the one that sucked Aggy in, now spitting her out. Brokers argue thus will result in people losing their homes, people like her who buy beyond their means.

“This would be a significant, significant change,” Jim Murphy, the head of the Canadian Association of Accredited Mortgage Professionals (CAAMP) told OSFI in a brief. “CAAMP strongly recommends that this concept be clarified so that mortgages continue to be renewed at maturity without requalification. If not, homeowners who have been in compliance may no longer qualify. This would result in a number of properties hitting the market at the same time and thereby driving down prices.”

Is that so bad?

Of course, prices are going down anyway. Higher interest rates – the ones OECD just urged Canada to adopt, starting this autumn – will do that, whenever they come. So will a slow economy, in which insane house prices have blasted far past wage gains. Along with an aging population of house-rich, asset-starved Boomers, half of whom will be forced to dump their digs.

You bet. If the new regs were in force today, Aggy would lose that condo, unless she were prepared to throw a new pile of cash at it. Tough break. But is that better or worse than having her debt renewed, then learning five years on she was inescapably trapped – owning real estate worth far less than the debt upon it, and responsible for every penny?

There’s a reason we have regulation. Jim Murphy is the poster boy.

Aggy, to you a word. List the damn place. Now. Ask for an emergency, short-term extension on the mortgage for hardship reasons. If the crumbs at HSBC won’t give it, get an open mortgage so when you sell there’s no penalty. Price the condo aggressively to engage buyer interest. Spend five hundred bucks on paint and flowers. Use Kijiji and Craigslist as well as an MLS realtor. Talk him into a commission cut before you sign. Devote all of your energy to getting out.

Then move on. Free and unencumbered.

Nobody should expire over a condo. Well, almost no one.

197 comments ↓

#1 TurnerNation on 05.22.12 at 8:29 pm

2nd?

#2 shanks on 05.22.12 at 8:38 pm

everyone wants to be 1st, and 1st wants to be 2nd!

#3 99% on 05.22.12 at 8:38 pm

May 22, 2012
Richmond, BC

New Listings: 51
Price Reductions: 41
Sold: 16

The panic has started. Ladies and gentlemen, please do not block the fire exits, proceed slowly and orderly in a respectful manner.

#4 Leggendario on 05.22.12 at 8:44 pm

from the “Title” I met a lot of them here in the Praries :)

#5 furst on 05.22.12 at 8:48 pm

FURST!!!! I’m an inspiration to all on this blog. So who is in, come!! Follow me!!

#6 Saskatoon-Living on 05.22.12 at 8:49 pm

Don’t understand the prices in Saskatoon. They are unreasonably high for a population of only 250,000. A lot of new houses purchased have unfinished basements, no landscaping done, and are selling for half a million bucks! When will the madness stop Garth??

#7 Ferrari321 on 05.22.12 at 8:50 pm

5th … getting closer to first :)

#8 Devore on 05.22.12 at 8:51 pm

#109 CP

This is what I don’t understand…

The home is too far from Vancouver for her to live there and commute

/…/

When Lana separated, she moved in with her sister to be closer to work, while her estranged husband continued to live in the townhouse

So it was not too far to commute from when she was “building equity” (all gone now) and had “pride of ownership” (evaporated), but it’s too far now?

Oh, the things homoaners put up with, but only as long as prices always go up. Could one of you please elaborate?

#9 Randy on 05.22.12 at 8:53 pm

What does she look like ? She could be sitting on a Million Dollars !

#10 Dan in Victoria on 05.22.12 at 8:58 pm

Oh Aggy don’t do that.
It’s only money, take Garths advice get out now.
I’ve been down and out before its not fun I know.
You still have your health, family and friends thats more important.

I think a lot of us that post here try to help people think about what they are doing / whats going on.
Thats why I post about construction and what to look for, hopefully someone like Aggy will read it and say “Hey I remember reading about that on Garths blog better take a look”
Man that saved us a lot of grief…..
I care Aggy, get this dealt with and let us know.
Good Luck.

#11 Freedom First on 05.22.12 at 8:59 pm

As with the GFC, the bubbles world wide were helped to be blown up until bursting house horny couples into smithereens. Governments, Financial institutions, the whole Real Estate Industry aided and abetted the Aggies and house horny couples into oblivion. Unfortunately, the taxpayers of the world also get screwed, and the aiders and abetters get the rewards……well, for now:)……to be continued…..

#12 Bill Collector on 05.22.12 at 9:01 pm

Garth, I’m 33. Why not while rates are low focus on paying off mortgage before I’m 40 ??

#13 Chris on 05.22.12 at 9:06 pm

Aggy, we all make mistakes. But it’s what happens next, that separates the smart from the stupid – The stupid ones worship their mistakes, instead of reversing them. You’re obviously not that type, you’ll come thru. Good luck.

#14 pathcontrolmonk on 05.22.12 at 9:12 pm

@99% – i was born and raised in Richmond. the word on the street is that people are waiting for prices to go back up, and the realtors are still saying everything is fine so in the same breath they cant very well say “reduce your price”. seriously. of the people i know who sold high in the cranberry capital of Canada, all of them felt so emboldened that they bought even more expensive places west of Main St. it boggles the mind.

#15 WPG_Savant_Syndrome on 05.22.12 at 9:13 pm

Garth, 48 hours ago Canadian Watchdog posted this:

“I regret to inform this blog that as of 48 hours ago, new information reveals OSFI’s regs, guidelines and oversight has turned out to be a sham.”

He did not mention a source but his post are usually pretty good.

Did a miss a rebuttal in the endless comments?

Unworthy of one. — Garth

#16 Leggendario on 05.22.12 at 9:13 pm

@ Saskatoon-Living

I think it is not only in Saskatoon having this kind of “Housing Phenomena.” Most of my friends who bought a house a firm belief that the prices will continue to go up even reaching a 800k range for SFH, I know this is mostly delutional speculation.

To be honest I am tired of hearing from people that there is a massive massive massive super massive economic BOOM here in Saskatchewan that prices will never ever go down…. and add to the common belief that “It is different here.”

Ignorance and Arrogance are one deadly combination…..

#17 East Van on 05.22.12 at 9:16 pm

Question:

When the rules change and owners can’t qualify for mortgages when their current terms end, what happens? Do the banks then own the properties? Won’t the banks be loath to reposess homes that are under water?

The owners sell the houses or find new financing. What else would happen? — Garth

#18 Smoking Man on 05.22.12 at 9:16 pm

Montreal Students

Love theirr spirit but?

Lets look at this, they are fighting for the right to get an obedience certificate that entitles them to a cushy number, sitting down hopefully with a computer and a cube. All the Track 6ers think they are entitled brats.

Not me, it’s more than a tuition hike, under the surface they swallowed the cool aid and they know the future is bleak and it’s an excuse to vent.

Last week I decided to learn a new programming language . I google up 20 code samples and in two days I can do anything in that language. Now don’t think it’s that easy, I have a great self taught base to draw from.

The point I’m trying to make is the new bee’s will never make the loot that the boomers did, we are in a globalized market where capital and jobs go to the lowest bidder. And our governments and Bank of Canada encourage it.

If you’re in a post secondary school burn your books at the next bubble head bond fire, and learn to be a revenue generator, sales, someone that brings in money, rather than costs money.

It’s your only chance in tomorrows world for success, Say you have an amazing creative tallent, if you can’t sell it your a nobody.

Now if you wana be an architect, it’s your passon, you don’t care what you get paid, that’s different but be prepared to learn a new language and move to different countries to find work.

#19 Canadian Watchdog on 05.22.12 at 9:18 pm

Repost: Watch this step-by-step video exposing how mortgage brokers tweak their TDS ratios to qualify subprime borrowers. http://www.youtube.com/watch?v=MOem3it4Js4

#20 Leggendario on 05.22.12 at 9:25 pm

@Smoking Man

Can I know which language did you learn?

Thanks

#21 Julia on 05.22.12 at 9:26 pm

When Scotia Bank decides its time to sell its own real estate in Toronto, well… What more needs to be said?

#22 Dontcallmeshirley on 05.22.12 at 9:35 pm

Mortgage brokers fantasize that OSFI is loathe to undermine the RE market and thus not impose requalifying on renewals. Comical. OSFI doesn’t care about RE price levels.

Brokers, listen carefully, OSFI regs will change lender and buyer behaviours.

Lenders will lend less. Yes, that means less commission.

Buyers will offer lower purchase prices and take longer, fixed rate mortgages to reduce renewals. Yes, that means less commission.

Do you mortgage brokers honestly believe the Minister of Finance of a majority gov’t will pay any heed to a bunch of renegade bank branch CSRs??? Wake up!

#23 Pr on 05.22.12 at 9:41 pm

Aggi read this:
…Realtor. Talk him into a commission cut before you sign…
This is WRONG! Dont shout your self in the foot, the commission is to make a ARMY, of thousands, of Realtors, working for you. So put the best commission out their and watch them coming at you…first.

#24 Nonna Nicola on 05.22.12 at 9:49 pm

#189 Nonno Nicola

ma pliz, giva ur hed a shake, u know nothin about da stoka marketa those fugazis you mention donta know a stock froma cannoli.

#25 TurnerNation on 05.22.12 at 9:51 pm

Can she not renew mortgage at any cost?

Would mortgage, taxes, strata still exceed comparable rent for similar unit?

#26 JSS on 05.22.12 at 9:53 pm

Very sad state of affairs for this woman.

I hope she will make it out alive.

#27 Smoking Man on 05.22.12 at 9:55 pm

#20 Leggendario on 05.22.12 at 9:25 pm
@Smoking Man

Can I know which language did you learn?
………………………………………………………

Can’t say, the next question will be, what is the core lauguage, once I disclose that, I blow my cover.

Not to many around bay street that do what I do at the expert level, it’s not covered much at school.

Which means I can no longer freely say whats on my mind and in any state of mind, which will make my post boaring.

I have an end game.

Sign on the building reads

THE ACME SCHOOL FOR SCOUNDRALS

#28 Stop the insanity on 05.22.12 at 9:57 pm

How about `you` stop worrying about who is Fuuurrst, 2nd or even last to post on this website and start focusing on posting meaningful comments instead of wasting space on the blog and time of the readers. Be the `1st` amongst you to get a life ….

#29 coastal on 05.22.12 at 9:57 pm

“Do you mortgage brokers honestly believe the Minister of Finance of a majority gov’t will pay any heed to a bunch of renegade bank branch CSRs??? Wake up!”

Eventually Canadian Mortgage brokers website will be nothing but a job postings site for used car salesmen and the like. They actually believe their own bullshit that they are serve some important function in this world. 10 years ago mortgage brokers were rarely used when the banks used to take on risk. Their jobs were created out of a bubble and will disintegrate as this bubble blow to bits and CMHC slams the lid tight. I hear Sam’s Sleds Motors are hiring.

#30 jess on 05.22.12 at 10:01 pm

http://lansner.ocregister.com/2012/05/22/half-of-local-fha-borrowers-made-100000-plus/162943/

“Nearly one out of every two Orange County loans made by a government program started for low-income house shoppers went in 2010 to local homebuyers earning $100,000 or more, a George Washington University study reported.
And 28% of those loans went to homebuyers with incomes above $130,000.
Orange County ranked in the top 30 among U.S. counties where higher proportions of FHA loans – traditionally reserved for low-income, minority and first-time homebuyers – went to households that were better off than middle-income earners.
“The Federal Housing Administration (FHA) is increasingly serving homebuyers whose income exceeds that of average Americans,” the study concluded. “In many cases, FHA loans are financing homes priced well above the neighborhood average. Specifically, in fiscal year 2011, more than half (54%) of FHA’s activity insured homes that were greater than 125% of an area’s median value. This is up from just 15% in 2007.”
The study looked at FHA-backed mortgages issued in 2010 throughout the nation, with breakdowns for 138 counties where higher proportions of well-off households got FHA home loans.
It determined that higher loan limits made FHA-backed loans easier to get for wealthier borrowers.”

Nearly one out of every two Orange County loans made by a government program started for low-income house shoppers went in 2010 to local homebuyers earning $100,000 or more, a George Washington University study reported.

And 28% of those loans went to homebuyers with incomes above $130,000.

Orange County ranked in the top 30 among U.S. counties where higher proportions of FHA loans – traditionally reserved for low-income, minority and first-time homebuyers – went to households that were better off than middle-income earners…“The Federal Housing Administration (FHA) is increasingly serving homebuyers whose income exceeds that of average Americans,” the study concluded.

#31 X on 05.22.12 at 10:02 pm

I hope OSFI does the right thing. To protect people such as those mentioned in today’s post. Regardless of the effects on the RE market with the changes. They are responsible for doing what is right, and some short term RE corrections are worth doing the right thing for people who need to be protected from themselves, whether they realize it or not.

#32 45north on 05.22.12 at 10:03 pm

Smoking Man: Last week I decided to learn a new programming language .

I’m pretty good with unix script and know perl. You have to be under 40 to learn unix – it’s like baseball you have to be in your mid teens to learn to hit the ball e.g. Michael Jordan.

#33 Tim on 05.22.12 at 10:03 pm

Housing and Lending Risks Need to be Better Monitored: Ex Bank of Canada Govenor

http://business.financialpost.com/2012/05/22/housing-and-lending-risks-need-to-be-better-monitored-in-canada-ex-bank-of-canada-governor/

No one in power will say it, so it has to come from a retiree

#34 Tim on 05.22.12 at 10:05 pm

Canada Urged to Hike Interest Rates by OECD
http://www.cbc.ca/news/business/story/2012/05/22/oecd-canada-rates.html

OECD published a report urging the Bank of Canada to hike interest rates. Everyone except those in power see the writing on the wall. Isn’t it hilarious that people from other countries see that we are in a real estate bubble in Canada, yet those in power continue to deny it

#35 Wes coast on 05.22.12 at 10:06 pm

Aggy, so many people died today in Syria, Afghanistan, Iraq and other unstable places in our world. Condos, money, status, these bs measures of our success – all irrelevant. You have life that others dream of inspite of the problems.

Colonel Sanders went bankrupt in his 60s only to start KFC and succeed. Read ‘Think and grow rich’ great book. Stay positive.

There is a really cool progressive church on Georgia http://www.coastalchurch.Org 1160 with Georgia. There is nothing wrong with feeling drastic change is needed. Just do it for the positive.

Lastly, if ever you feel you can’t handle things on your own call 911. Your not alone. This city is fantastic not for its shit condos but for its caring people. You can turn this puppy around to your benefit and safe to say, we’re all cheering for you!

#36 John in Mtl on 05.22.12 at 10:08 pm

Smoking Man said:
<>

—————————————–
Well, you’ve got it partly right. And sorry Garth, they are not “terrorists”. The student strike is not about a 165$/year hike, it is about the system, its crookedness and lack of justice. Its about corrupt government, greedy banksters, mass media lies, overconsumption, happy motoring, debt slavery, peak oil, massive pollution and overpopulation, I could go on and on and on. Yes, the kidz have their faults and immaturity to grow out of (spoiled little brats!!) but guess who led them there? Guess who sold them a dream? Look at how the students in the US are also protesting the crap they were sold… we are not alone.

Granted, some of their actions and means to get the message across may be questionable at times; we are not suffering Greek austerity or the 50% unemployment rate of Spain’s young generation, etc… But the government here never listens, Charest is a borderline dictator for some things, and well, the kids aren’t stupid – they see the future and what was sold to them. Looks more to me like “Occupy Quebec” in the same spirit of all the “Occupy (Wall sTreet, Washington, Toronto, etc” movements.

We babyboomers were supposed to change the world, for the better. What happened that we came to this?

Each generation tries in return to change things; unfortunately I won’t be around in 2050 to see if they repeat the same mistakes. I just hope the new generation has a vision and a plan to make this world a better place someday – not that its entirely bad, but there are incredible challenges ahead for the human race. ; we are just beginning that part of the journey at this moment.

Trash a Starbucks. Change the world. I’m impressed. — Garth

#37 Sebee on 05.22.12 at 10:09 pm

Hey Garth, sell at the top and rent! This one is funny.

http://m.theglobeandmail.com/globe-investor/scotiabanks-landmark-toronto-tower-sells-for-record-127-billion/article2440355/?service=mobile

#38 Liggsie on 05.22.12 at 10:10 pm

It seems insane and/or criminal in the first place that a 53-year-old could qualify for a 40-year amortization. How is that allowed?

(I know 40 year amortization is now a thing of the past – but this is a comment on the absurdity of a 93-year-old still paying a mortgage)

#39 45north on 05.22.12 at 10:13 pm

oh yeah, Garth your graphic doesn’t load on my Mac.

#40 Canadian Watchdog on 05.22.12 at 10:16 pm

#15 WPG_Savant_Syndrome

Here is the committee meeting video link with CMHC and OSFI. http://www.parl.gc.ca/sencommitteebusiness/Notice.aspx?parl=41&ses=1&comm_id=3&Language=E&meeting_id=13023

#41 cAAmpers on 05.22.12 at 10:19 pm

So funny they are called cAAmpers.

#42 phinny on 05.22.12 at 10:26 pm

Sheesh, Aggy. Do what you can to get out.

No amount of debt, no amount of owing, is worth the life of anyone. It’s just money. A pretty abstract idea, really. Shutting her down, so to speak, because of ’embarrassment’ or ‘shame’ at a contractual obligation is NOT an option. Try and pay the debt, but if you can’t, hey, c’est la vie…

In this Country, you won’t starve. You won’t freeze in an alley. We have no debtor’s prison. Getting into a financial mess- it happens. Join the club.

#43 phinny on 05.22.12 at 10:27 pm

I mean ‘do what you can to get out of that condo, but not THAT’…

#44 Narrowgate on 05.22.12 at 10:31 pm

Don’t lose hope Aggy. Things look dark now but it WILL get better. Yes, we all make mistakes, still kicking myself for mine but in truth, all is well. Don’t lose hope. It’s just money and you can’t take it with you. Shame on the corrupt system (realtors, bankers, government leaders) for cooking up this mess many thousands of Canadians are in. You are not alone. Sort this mess out and this too shall pass.

#45 Mortgage brokers in an all out panic on 05.22.12 at 10:32 pm

Mortgage brokers are useless people with no skills or education. Mortgage brokers are even more useless then realtors. Mortgage brokers are in An all out panic posting on garths blog. Do mortgage brokers know they are useless uneducated people with no useful skill set? I will enjoy the housing crash and I only hope it is worse then the US crash. Imagine the fraud you would see if the mortgages were opened up for all to see. I hope mortgage brokers who twisted the rules to qualify people with no money goto jail for their financial crimes. Mortgage brokers have alot to worry about.

#46 Debtfree on 05.22.12 at 10:33 pm

@ 18 smoking man glad to see some one here has noticed the kids with nads and ovaries the size of water mellons . The education industrial complex is a blight on all of us as a whole . We should all be ashamed of letting it to have come to giving the best and brightest of our society a life debt sentence . The future of our society is our young . It warms my heart to see them stand up to the banks and the government. Even in Vancouver the kids are starting to wake up and put on the red square patch finally . Shame on you Justin Trudeau for not being with them . Just because your family paid for you to sit on your butt in the house does not give you the right to sit on the wrong side of history . And shame on you Charest who do you represent ? Democracy or the banks ? Soon we will see all the kids from all the schools in the streets and rightly so . A debt slave revolt is coming . The kids as usual are leading the way.

#47 Nonno Nicola on 05.22.12 at 10:33 pm

#24 Big Rider impersonating Nonna Nicola

“”ma pliz, giva ur hed a shake, u know nothin about da stoka marketa those fugazis you mention donta know a stock froma cannoli.”

Vat was I tinking! Youa so righta! Stanley Drunkenmiller, assistante to George Soros, vat da hella does he knowa about da trading! Tanks for helping me a see da verita Bigga Rider!

#48 blase on 05.22.12 at 10:35 pm

In the vain of bidding wars that some realtors have embraced for years, how about sellers in distressed markets start having closed bids from realtors on their commission? I’m sure desperation will allow a seller to get a heck of deal on realtor fees.

#49 Snowboid on 05.22.12 at 10:36 pm

#23 Pr on 05.22.12 at 9:41 pm…

Ha!…Ha!…Ha!

I get your point, which isn’t correct, but “shout your self in the foot…” Hilarious!

BTW, last sale and purchase were with discount realtors – best experiences in 38 years of selling and buying!!!

#50 truth hammer on 05.22.12 at 10:39 pm

May I be ‘ffffffiiiirrrssssttttttt ……to point out the the OECD…. the IMF…… Canadian Tax Payers Assoc….Fraser Institute, CARP etc etc ad nauseum and even this pathetic blog among others….. have been demanding that Carnage Carnage and his impish handler do something about interest rates for several years……..and these are only the people who have an axe to sharpen in terms of the real estate hyperinflation that has been so deftly engineered with the ZIRP over the past eight years.

Lets not even start on the massive M3 flood of paper crapola dollars that have been flooding the market since 2000…….the buying power of a buck has nosedived while the quantity of dollars has been run up by 14% each and every year…….do you even wonder why bread, cheese, meat, gas, oil, heat, light, services, tickets, transpo, prop tax has gone hyperbolic while everything in a box is 60% of what it was 5 years ago?

The actions of the government amount to useless tinkering, kicking the can down the road and an attempt to use moral suasion in lieu of any actionable delivery. In other words….we are being lied to and told to shut it !!!!! News flash……no one is bigger than a government who figures they’re right and everyone else can screw themselves. You’d think they never drive past the food banks…emptying sports fields and growing numbers of desperate Canadians. Is Ottawa that insular? Is this what happens when entitlements are so abundant that one loses touch with reality?

Speaking of entitlements gone insane….look at Quebecs student riots…..this is exactly what we should have expected from the government actions that ‘entitled’ two entire generations..( the students and the teachers who encourage them to strike) . These people want free education, free health services, free accomadation, no businesses, no oil, no troops protecting womens education in Afghanistan… no civic responsibility of any kind etc etc etc no no no no. I haven’t heard anyone mention how these things are going to be paid for?

I remember Churchills comment…If you’re not a socialist at twenty you have no heart….if you’re stilla socialist at thirty you have no brain.

Strange that it is only in Quebec where education is already next to free and subsidies are the greatest that we see the most amount of protest. Could it be that in other parts of the country where kids have had to pay for their educations and seen their parents sacrifice to get them a higher education that they value the investment they’ve made? You bet the unions are standing behind the student movement…they want to soak up the radicals and sign up new paying members who have become disengaged with mainstream society. People…please…we don’t need any more Mullah Mulcairs who foam without substance and wish to set the country back to the 18th century.

What kind of future will society have if the entitled brats of ‘Free Quebec’ get their way and have no respect for the hard work the rest of the citizens have to contribute to subsidize them?

#51 99% on 05.22.12 at 10:41 pm

#14 Pathcontrolmonkey.

How can they even think that prices will be going back up? At what point will the sellers wake up? on some streets there are more houses with for sale signs than not. I do see some drastic price reductions here and there $100K+. I usually smile and think to myself “They must have read The Blog.”

Your friends who sold at the height in Richmond and bought an even more expensive home west of Main street must want to join the Vancouver Westside Club. It is a very prestigous club, with homes in excess of $1m that I wouldn’t want my dog to live in (if I had one) Glad to see they are putting the money from Mainland China back into the Canadian economy.

#52 Tiggertoo on 05.22.12 at 10:42 pm

Garth, some big 5 bank stocks are now paying 5+% dividends on common shares. Would these be preferential to preferred shares ?

Only if you like volatility. — Garth

#53 Spiltbongwater on 05.22.12 at 10:43 pm

Can’t you hire Aggy as an Amazon Garth, or do they work for free?

#54 Jim Lahey, Sunnyvale Trailer Park Supervisor on 05.22.12 at 10:45 pm

Aggie, life may have given you a good kick in the backside for the time being but tomorrow is another day and checking out is not a noble option. You have family to think about. You do not live in a vacuum. I often think of those I have known over the years who died of cancer and wanted more than anything to live and spend more time with their families. You can get through this as others on this blog have kindly pointed out. Make your family your main focus, follow the bearded oracle’s advice and move on. Learn from past mistakes and try not to repeat them. Hell, watch an episode of Trailer Park Boys for a laugh. If these misfits in Sunnyvale can make it, anyone can. Sorry, have to go. I hear the sirens. I think Ricky is up to no good again…

#55 Aussie Roy on 05.22.12 at 10:51 pm

$$$BPOE#1
on 05.22.12 at 11:27 am

Hilarious VREAA comments. Love this site. This poster wants the Economist intervierwed which has been DEAD WRONG on real estate in Vancouver for over a half decade. No shame
************************************

Hilarious indeed, like the doctor who tells his patient to give up smoking because he runs a high risk of cancer.

Your logic (? denial) would be, doctor doesn’t know anything, you have smoked for years and don’t have cancer. Now you smoke 2 packs a day and laugh at the doctors stupidity.

He who laughs last, laughs the longest.

#56 99% on 05.22.12 at 10:53 pm

Aggy – don’t despair. You must have a huge conscience and good morals. Many people wouldn’t think twice about declaring bankruptcy Chapter 11 and walking away after they charge up more on credit first, then go and find a place to rent. No matter what you do, I think that you need to look after yourself first.

#57 renters rule on 05.22.12 at 11:01 pm

@ #36 John in Mtl

Are you freakin serious? Um, maybe they should do what DEMOCRACY requires, which is to get out and vote in elections.

The major problem with the current youngin’s is their requirement for immediate gratification. Life does not work that way (i.e., it’s not a video game)… get used to it!

I am sure the rest of the world is very moved by your passion… but then no doubt, they google and see WHY the protestors in montreal are so upset…. hmmmmm… tuition increases of a couple of hundred dollars, to go to schools that are the envy of the world…..so they no doubt then scratch their heads and say WTF?!!!

Throw in under threat public sectors unions with their obscene benefits and pension plans (to private sector working stiffs) and the anarchists that hate everything because the have a lot of hormones and no tangible outlet (do the math on why THAT is….)… et voila, you have the malcontents of Montreal.

This ranks right up there with the 29 year old whiner in the G&M, who is pissed that he only makes $36K, despite all of his “specialness”….

Jeesuz, what a generation of whimps……

#58 Mr Buyer on 05.22.12 at 11:04 pm

#15 WPG_Savant_Syndrome on 05.22.12 at 9:13 pm
Garth, 48 hours ago Canadian Watchdog posted this:

“I regret to inform this blog that as of 48 hours ago, new information reveals OSFI’s regs, guidelines and oversight has turned out to be a sham.”
………………………………………………………….
It was apples and oranges. The attempt to sell apples as oranges has led me to question motives.

#59 Harry Palms on 05.22.12 at 11:09 pm

#12 Bill Collector on 05.22.12 at 9:01 pm
Garth, I’m 33. Why not while rates are low focus on paying off mortgage before I’m 40 ??

The G-man’s investment plan returns a higher rate than your average mortgage costs…..why not invest in the better return?

Rather than accelerate payments on debt that costs S.F.A. to service, invest the spare capital for better return, and then, if it makes sense to, use those funds to wallop the principal later.

#23 Pr on 05.22.12 at 9:41 pm
Aggi read this:
This is WRONG! Dont shout your self in the foot, the commission is to make a ARMY, of thousands, of Realtors, working for you. So put the best commission out their and watch them coming at you…first……

Doubting it. This may have worked in the days before MLS and others were online for anyone to browse and search.

With this newfangled interweb thingee, the average buyer is probably searching the neighbourhoods they want to be in, and cherry-picking the listings that are priced within their budgets. It’s not like the old days where the agent had a helluva lot of control over what you even knew was for sale.

In my only purchase five years ago, my own agent found one house to show me for every one I found and asked to see. I even found the one I ended up buying………let me assure you that I didn’t give a rat’s ass what the commission was on any of my finds!

Furthermore, you can still practice your theory, and negotiate a break. One successful realtor I know will shave his commission significantly, but still give a full cut to the purchaser’s agent.

-He gets it back on the buy transaction anyway,

-Can price a little more aggressively, and still get the vendor what they need,

-He ends up with a ‘happy’ client, and whatever referrals may go with that,

Moral is there’s lots of realtors, and some of them will fight for business. You can negotiate the contract.

#60 Harlee on 05.22.12 at 11:16 pm

“..the ultimate out…” Yes,I guess it is,but it is also a selfish way to think especially since Aggy has children and grandkids. We’ve all dug holes for ourselves sometimes in our lives but what is important is how we get ourselves out of them. And kill yourself for what – a lousy condo ? I can sort of understand wanting to own a house…but what is it anyway about wanting to own and live in a condo ? I mean,I really don’t understand it. It’s not a rhetorical question. The condo buildings they built here in Saskatoon years ago were kind of nice,especially along the river.They had some “style”.I went to the odd showing and thought they were interesting,but in the end decided they weren’t my thing and didn’t buy. Now the ones they build are down right ugly and small (same as in any city these days).Take Garth’s advice Aggy and get out while you can,even at a loss,because it ain’t gonna get better anytime soon. Sad, but true…

#61 Karie on 05.22.12 at 11:19 pm

Aggi, I’m so sorry you’re feeling down right now but you’ve got the most important thing in life #1 – health. 2nd most important thing is relationships.

So you have to take a little loss on the condo, sounds like it’s too much for you and your job is adding to that stress. We bought a small 2 bedroom, 1 bath house when everyone else we knew were buying brand new 3 bedroom 2 1/2 bath houses and it gave us so much breathing room financially.

You could simplify, simplify, simplify. Get a less stressful job. Work at Starbucks if you want! You don’t have dependent children anymore, you have so many choices on how you want to live your life! Best wishes to you!

#62 OwlEyes on 05.22.12 at 11:20 pm

Juxtaposing the story above with the story on this link just leaves me lost for words.

http://ca.finance.yahoo.com/news/toronto-condo-boom-being-fueled-131100802.html

#63 Canadian Watchdog on 05.22.12 at 11:32 pm

#62 OwlEyes

That’s what happens when woman watch too much Sex in the City. It should have been called Debt Slaves in the City.

#64 2centsCdn on 05.22.12 at 11:38 pm

Within the next 3 years there’re going to be tens of thousands (maybe hundreds of thousands) of people in Aggy’s situation. Hard to believe that in this day and age, with all of our “knowledge” and resources and after working our butts off for 20, 30 or 40 years, one can have negative net worth. But expensive to operate, heavily financed and leveraged depreciating assets (bought with increasing interest rate loans) will easily do that to someone.

In the near future, the homeless guy you walk by on the street will be worth tens or hundreds of thousands more than many Canadians (he’s got $0 not counting what’s in his cup). And at least he owns his cardboard box outright. Ever notice most sleep better than the rest of us too? hmmmm who’s the dummy?

#65 Junius on 05.22.12 at 11:39 pm

#50 Truth Hammer,

The ironic part of the Quebec student protests is that Quebec has some of the most affordable education in North America. That being said, tuition prices have risen as has student loan debt to unsustainable levels. Student loan debt is appalling having reached over a Trillion dollars in the US.

Meanwhile jobs are scarce and one has to wonder if the cost is worth the debt load. For the first time the number of unemployed in the US with a college degree outnumbered the rest of the unemployed population.

So, get used to the protests. This is just the beginning.

#66 Soylent Green is People on 05.22.12 at 11:40 pm

MONTREAL – Interspersed with the tens of thousands of students protesting Tuesday were many demonstrators whose school days were far behind them — parents, grandparents, Communists, politicians and citizens upset over the direction their government is taking. The Gazette spoke to demonstrators to see what spurred them to march. Here are some of their comments:

“For us it’s much larger than the tuition hikes — it’s a fight against the politics of austerity of this government that serves essentially to save capitalism from its current crisis. … We want to push for a socialist revolution. … We want political institutions where workers will have a say every day in how society is run, and not just once every four years when they get to vote. … The main goal is a more egalitarian society.”

god i love those quebec protestors , only ones in canada with real balls

.
.

http://www.montrealgazette.com/news/Quebec+protesters+explain+they+march/6662035/story.html

.

#67 Dylan on 05.22.12 at 11:47 pm

After reading these posts for the last two years I’ve noticed more anecdotes of people about to lose everything because of real estate. I think the tide has turned and more people are ready to admit it.

#68 Living in Etown on 05.22.12 at 11:47 pm

Hey Garth, when homes more than double in less than a decade than I will get out…..oh wait…nm. So how bout them preferreds

#69 Soylent Green is People on 05.22.12 at 11:47 pm

kill corporatewelfare now

IF we got trillions for rich companies that don.t even paytheir fair share ofvtaxes, then we could spendvit instead on food housing education for people.

Maroons the lotvof you deserve harper the fascist baaa baaaaa

“…..””—

According to the study, by CCPA Senior Economist David Macdonald, support for Canadian banks reached $114 billion at its peak—that’s $3,400 for every man, woman, and child in Canada.

“At some point during the crisis, three of Canada’s banks—CIBC, BMO, and Scotiabank—were completely under water, with government support exceeding the market value of the company,” says Macdonald. “Without government supports to fall back on, Canadian banks would have been in serious trouble.”

Guess how much the ceos earn every year???

http://www.policyalternatives.ca/newsroom/news-releases/canada’s-secret-bank-bailout-revealed

#70 Blacksheep on 05.22.12 at 11:50 pm

Disciple,

“#135 Blacksheep… The content is correct but incomplete. Intention is inflammatory, to keep the natives restless.”
—————————————–
You believe “The content is correct”, I agree.

I read your systemic criticisms in #117 yesterday.
——————————————
Victoria Grant,

“banks and the government have colluded to financially enslave the people of Canada.”
——————————————
Miss Grant’s spreading of this basic truth, in such an innovative way, is a ray of sunshine.

Is this not a truth, that has massive taxation ramifications for every Canadian who is forced by law, to pay compounding interest, to private banks?

Surely this info is not, something better kept from the little people.

Is it not reasonable, even expected, that people not only be inflamed AND restless, but actually down right pissed off once, a full understanding is reached?

take care
Blacksheep

#71 Skip Breakfast on 05.22.12 at 11:52 pm

What a compelling article–best advice ever. And heartbreaking to boot. I’m sending this one to everyone I know.

#72 McLovin on 05.22.12 at 11:53 pm

#23 Pr

Are you drunk? What the hell are you saying?

#73 Min in Mission on 05.22.12 at 11:57 pm

When “Awesome Lady” (who needs Amazons anyway) and I bought our place six years ago, most of our friends were buying places at twice, or more, the price. Now, we are almost paid for (couple years), they are still paying and worrying!
We wanted a home, not an “investment”.

#74 Kaganovich on 05.23.12 at 12:05 am

Aggy

Hitting bottom is never fun, but it sounds as if you’re already back on your way up. Besides, your mistakes will look like a minor miscalculation compared to alot of other individuals’ catastrophic wagers……the latter just don’t want to face up to them yet and you already have. You are ahead in this respect.

Montreal

I see the fault lines forming already with regards to the Montreal protests. Some dawgs are viewing the revolt as a bunch of pampered students who don’t know how good they have it. Others are interpreting it as a response to a much broader set of problems. I think the latter are seeing things more clearly than the former. To me, this mobilization of people has more to do with the onslaught of neoliberal policy at all government levels. What I mean to say is that they are calling for more democratic channels to express their wills and less market-based approaches to making decisions. Loi 78 was just the trigger to give anyone with an interest in preserving some political freedom a reason to get involved. And despite what some of the student spokespeople claim, I do indeed think that this protest has something to do with the implicit realization that is undoubtedly gnawing at the backs of many student’s minds concerning the actual cost and usefulness of their educations. Like Aggy, many are ‘doing everything right’ as they get everything wrong. Institutionally mandated, but wrong nonetheless. Perhaps they are awakening to the real situation that awaits them, stagnant economy, flexploitation, hypertension, relentless economic insecurity combined with crushing debt loads that dramatically narrow one’s options. In short, this could be about getting cold feet prior to their joining the growing global precariat. In most the student’s cases, I am sure their elders told them they need to get a good formal education to get a good job. False advertising via intergenerational transmission.

#75 Not 1st on 05.23.12 at 12:08 am

This person wants more than to get out of a condo. They want to get out of their job too with no retirement prospects, a condo mortgage and at age 58 to boot.

This is a time where I suggest this person really consider being a part-time ex-pat in Costa Rica or Philippines or something where its dirt cheap to live and money goes a long way. Otherwise, you will never retire or fully get out in Canada, except in a pine box.

Declare bankrupcy, walk on the condo, stay with your kids part time and move overseas. You will live longer.

#76 Carpe Diem on 05.23.12 at 12:11 am

You can’t cure stupid.

I’ve tried.

I told them don’t buy. They bought or will soon close.

People finally confess that they are screwed … I did not ask … it just came out during some chat.

I simply tell them, you will survive.

But I really think they are stupid and I tried but could not help them.

Garth … you are the man … you put yourself out there all the time trying to cure stupid.

Some folks are cured .. others are just stupid.

#77 John G. Young on 05.23.12 at 12:11 am

#157 Beach Girl on 05.22.12 at 4:53 pm

“Okay, lets have a ruling, who wants me in or out?”

In, of course.

I don’t know if you saw this:

#188 Westernman on 05.22.12 at 8:15 pm

“Beach Girl @ # 91,
Congratulations Garth, about time you deleted one of this things’ posts…”

Referring to a human being as a “thing” is far, far worse than what you wrote (which I did see before it was deleted).
As far as hate goes, no one can hold a candle to Westernman — which I suppose is some kind of sick accomplishment.

Keep the posts coming!

Cheers,

John

#78 Baba on 05.23.12 at 12:36 am

Ok Aggy, you’ve really got me curious. Your sad predicament aside, I can’t begin to imagine how you could’ve purchased a condo for under $250k in Vancouver in 2007. Is this under 400sf or in the outskirts of the Lower Mainland? Can’t possibly be in Vancouver proper. Any detail to satisfy my curiosity itch?

Sorry, no plans to buy.

#79 Bailing in BC on 05.23.12 at 12:36 am

#54

For all your shortcomings you’re a good man Jim Lahey.

#62 OwlEyes that article is puke inducing

#80 Chaser on 05.23.12 at 12:40 am

The Bank of Canada knows interest rates cannot go up. This OFSI scheme is Plan B to deal with the real estate bubble.

You think interest rates cannot stay at zero percent for 20 years, then you better check out what happened in Japan. There is a limit to how much difference there can be between the rates in Canada and the US.

#81 ANONYMOUS on 05.23.12 at 12:57 am

how does that bank commercial go again:

“YOU ARE RICHER THAN YOU THINK !”

yeah, that’s it ! = total bull-Sh!t.

#82 BigAl (Original) on 05.23.12 at 1:01 am

“Trash a Starbucks. Change the world. I’m impressed. — Garth”
===============================

Police plant instigators in those crowds. The powers that be have done this all throughout history but the public always seems to fall for it.

Except we now have them on camera:
http://www.youtube.com/watch?v=iZm-AL9uIPc&feature=related

And this video is actually of Quebec police, at another protest from a few years ago. The civilian-dressed cops are caught red-handed, with masks on and rocks trying (and failing) to turn a peaceful protest violent.

Violent student protesters? Don’t think so.

#83 Bill Gable on 05.23.12 at 1:07 am

Aggie, don’t beat yourself up – doesn’t help.

Mr. Turner makes a point again and again – we are herd animals. It is easy to get swept up in a mania.

The trick is to now stay positive, work WITH your lender, to get an open mortgage – and even if it’s dog walking, get a p/t job and pay down debt as FAST as you can. That means everything down to bare bones, all hands on deck. Starbucks treats gotta go.
Debt is about to sink the ship of many would be rock stars.
Now chin up – read the smart guys here, pay attention to our Amazon obsessed host and go get ’em.

#84 First to last on 05.23.12 at 1:10 am

You’re either with Democracy, or you’re with the Conservatives

#tellviceverything

http://www.huffingtonpost.ca/2012/05/22/robocalls-scandal-council-of-canadians_n_1537134.html?ref=canada

#85 BigAl (Original) on 05.23.12 at 1:11 am

And here’s the CBC report about the same incident, confirming the Quebec police planted their own in the crowd to provoke a riot in the peaceful demonstration:
http://www.youtube.com/watch?v=MaeuV2RNL3o&feature=related
(This video begins with some weird 2-second clip of Bill O’Reilly swearing for some reason, then the CBC report)

#86 Gun Boat denier on 05.23.12 at 1:15 am

32 45north – I knew smokin man suffered from universal shrinkage, but I am very sorry you’re unix too.

36 John “We babyboomers were supposed to change the
world, for the better. What happened that we came to
this?”

Like everything else, we found out we had to pay for it.

46 Debtfree – ah yes, the post-secondary education industrial complex. More people with something to sell.

#87 lookoutbelow on 05.23.12 at 1:15 am

Aggy, remember what you have accomplished so far and how far you have come. Money, bricks, mortar and compressed cardboard can be replaced. You are precious.

Remember: Yesterday is history, today is reality but tomorrow is a mystery. Tomorrow is all that counts because that’s where you’ll prove your mettle and unlock the mystery of your own potential.

May you help yourself and look back on this as just a mere mistake that may break your bank account but not your spirit.

Good Luck Aggy, I would like to hear from you soon, through this blog.

#88 NFN_NLN on 05.23.12 at 1:26 am

Last week I decided to learn a new programming language . I google up 20 code samples and in two days I can do anything in that language. Now don’t think it’s that easy, I have a great self taught base to draw from.

Why is it that idiots always think they’re IT pros.

Hey look, I pumped my own gas and changed a wiper blade. I’m a mechanic now. If you think that sounds stupid then go for a job interview… dazzle them with your new skills and see how impressed they are. I don’t care if you don’t want to work for someone else… I just want you to hear the sounds of a new orifice being created.

#89 stage1dave on 05.23.12 at 1:42 am

Hey, at least Abbottsford still has a pretty decent airshow…

It’s worth mentioning that Churchill’s comment has some bearing on the ongoing recession, in the sense that it confirms that the majority of the banksters & financial wizards who engineered it are obviously both brainless & heartless!

I would surmise that a substantial majority of the students in the streets of Montreal have puzzled their way thru the socialist dichotomy (it ain’t socialism if the rich are getting bailed out, is it?) & they’ve also probably figured out that who you know is more important than what you know. And maybe they think that should change, before we wind up as a collective nation of hustlers & takers constantly examining our bank balances & credit limits…who are constantly figuring out a way to screw someone else out of theirs.

And…surprise! That may be a world they’re not real comfy with. Probably also a bit PO’d with a heavy-handed political & police response (go figure)

Some of the more socially astute have obviously leapt ahead of the curve, & pictured an ideal democratic gov’t as something of a referee that ought to be calling the game fairly, and not along socia-economic-politically-correct divisions. Or what is the most politically expedient to their financial backers.

(I might get so worked up that I break out a couple Dylan records tonite…heheh)

I’ve always thought people show what they are by what they do with what they have…period! Where a person chooses to spend their time, effort, money, (especially the money!) affection, scorn, & tolerance kinda shows what their priorities are, despite their sometimes unending verbal protestations to the contrary.

(I’ve also always thought that this idea may have occurred to other thoughtful people)

This rule of thumb can be be applied loosely to cliques, communities, businesses, organizations, etc. too. I would argue the core of the protest is rooted in this fact, & the “feet in the street” aren’t real happy with the obvious priorities of this gov’t…or it’s backers.

On the other hand, maybe they’re so damned stupid they just figure that people who squander billions of dollars should quit asking others to pay it back by way of austerity!

#90 n.goate on 05.23.12 at 1:59 am

105ce ,don’t worry about bopeep ,I saw him at yvr trying to give new ham a pump on the legs before they enter richmond.maybe he is predicting the future.

#91 TRT on 05.23.12 at 2:04 am

So let me get this straight,

OSFI will bring new rules in by end of June. The Gov and BoC and Banks will back them when they destroy the housing bubble?? Really?

I’m sticking with the labour shortage/immigrants hypothesis….

http://www.vancouversun.com/business/2035/constrained+Ottawa+search+skilled+workers+report/6661241/story.html

#92 Really on 05.23.12 at 3:27 am

Ah okay Garth…I’m with you 99% of the time and I’m a bear in term of RE in Vancouver and Toronto and Canada.

But lets be fair here now.

For every “bought in Vancouver in 2007” negative story you can print there are probably 100 going the exact opposite way.

I don’t own any real estate – anywhere, and I am not planning on buying any soon AND I’m a bear, but please even if the “i bought in 2007” story is true – its a serious EXCEPTION to the rule if you bought then.

Its not good enough to only print “ture” stories, you also need to tell stories that are reasonably representative of reality.

#93 Ben on 05.23.12 at 4:04 am

Aggy stop paying your mortgage immediately !!!

Lock the doors, close the curtains and don’t answer the phone.

You have 6 months before you get the punt.

#94 T.O. Bubble Boy on 05.23.12 at 6:47 am

Aggie’s story has been brought to you by Jim Flaherty (Mr. Zero Down), Diane Finley (The Evil Queen of CMHC), and your friendly neighbourhood bank (Who flipped Aggie’s mortgage over to CMHC the moment

#95 T.O. Bubble Boy on 05.23.12 at 6:48 am

…it hit the books)

#96 unbalanced on 05.23.12 at 7:00 am

Beach Girl tells it the way she sees it. Whats wrong with that? If readers don’t like what she says or any other blogger has to contribute just scroll past their name. I for one would love to meet her. She would be a BLAST !!!

#97 Euro Girl on 05.23.12 at 7:01 am

Canadian banking system exposed.

Something that I ( and probably a lot of other people) have intuitivly known, even if I´m not an economist. Worth every second of video:

http://youtu.be/JuP2hHOKp

#98 Dontcallmeshirley on 05.23.12 at 7:28 am

Garth you know Flaherty, you know Harper, most importantly you know Ottawa.

Does the CAAMP offensive have any chance to moderate OSFI, or will their final regs mirror the preliminary guidelines?

What’s your advice to CAAMP on how to best approach the Flaherty et al?

OSFI will do what it wants, and believes is in the best interests of bank sustainability. — Garth

#99 House on 05.23.12 at 7:29 am

Will my Incompetent Harper Government allow the regs to be changed or the interest rates to be raised? After all the economy trumps food safety, the environment or other protections, so anything that doesn’t result in the economy rising every year will not be allowed. This is true for not only Stevie and his band of dumbies, but the so-called smart people the media always drag out. I believe there was a recent study questioning this axiom that “the economy must grow”, but it got little exposure as the experts couldn’t allow it to considered.

#100 Kip on 05.23.12 at 7:41 am

Why doesn’t Aggy just suck it up and stay there. It could’t cost $1300 or so to carry it, cheap enough and she has to live somewhere.

So Aggy’s job has some stress and she doen’t like it. Welcome to earth, get over it!

#101 tkid on 05.23.12 at 7:42 am

Aggy, sell the place. Get it listed, and get rid of it.

Drop a comment or two here to let us know where things are at. And get some counselling for yourself. Your work may have counselling, or track down freebie counselling, but get some.

{{{hugs}}} and keep the chin up.

#102 TurnerNation on 05.23.12 at 7:44 am

Deal for high end renters. $4000/month rental for 1700 sq feet of indoor condo. Plus balcony. This building lists and sells for at least $600 sq/foot.

This means 1 mill to buy. Land transfer and closing costs would hit at least $20,000. Interest costs on say 800k mortgage? Why not another 20,000 year. Condo feels will be at least $600/mo. Parking spot fees $50 x2 per month. Prop tax maybe $4000/yr. Total at least $50,000-55,000 yr for fees alone at the low end Forget ‘building equity’.

Or…rent for 4k month clean. Renters rule!

http://toronto.kijiji.ca/c-real-estate-apartments-condos-2-bedroom-Bi-level-Penthouse-King-W-Steps-to-Thompson-Hotel-3-terraces-W0QQAdIdZ382101163

#103 Buy Curious on 05.23.12 at 7:50 am

Why doesn’t she just walk away? If the banks want their money so badly, make them work for it!

#104 bigrider on 05.23.12 at 7:54 am

Aggy, sue the realtor who sold you the place. After all, everyone feels justified in sueing financial advisors for products they bought that have declined in value, why not realtors?

Here that Ellen Roseman, why don’t you change it up a bit in that T.O Star column you write and explain how to go about sueing realtors?

And to all you slimy lawyers out there hosting seminars and coaching all on the proper methodology of sueing advisors on behalf of their clients..why not change focus.. get in early on the realtors before the onslaught of declining property prices and under water mortgages?

#105 Kevin on 05.23.12 at 7:56 am

I missed the part where Aggy said she cannot afford her condo. All I saw was where she said, “I feel I need out NOW.”

OK, you “feel” you need out, but can you afford to keep making the payments? Interest rates are a heckuvalot lower now than they were 5 years ago, so her payment is less. And she’s employed. And she’s recently paid off a bunch of other debt, freeing up even more cashflow.

What’s the rush? She’s just another seller who’s a little underwater. Big deal. List it, pay the shortfall, and move on. Why the rush? Why all the talk about suicide and foreclosure?

Sure, wait until it loses another $20,000. Good strategy. — Garth

#106 Harry Palms on 05.23.12 at 8:14 am

“Trash a Starbucks. Change the world. I’m impressed. — Garth”

As long as they can find a way to destroy a piece of corporate art simultaneously, it’s all good.

Now, stop talking about Fight Club!

#107 Nonno Nicola on 05.23.12 at 8:24 am

To Bigga Rider: Since youa wanna da Coles notes verzione of Market Wizards and The New Market Wizards, I gonna helpa youa outa. (Youa a lazy young fellow Bigga Rider. Your papa gonna be very upseta wid youa but I digressa…) Here is a good tippa for investing in da stocka marcato. Dese are da same principali dat Stephen Jarislowsky usa asa wella.

“Once a year or so you will get a steep decline in stock prices that carry 10 to 15% lower. Every few years you will get a gullywhumper of a selloff and prices will fall 20% or more from the highs. That’s when you want to invest your cash. Keep in mind the excellent advice not only of Pittsburgh Phil but Henry Clews in his investing classic, 28 Years on Wall Street as well. *”But few gain sufficient experience in Wall Street to command success until they reach that period of life in which they have one foot in the grave. When this time comes these old veterans of the Street usually spend long intervals of repose at their comfortable homes, and in times of panic, which recur sometimes oftener than once a year, these old fellow will be seen in Wall Street, hobbling down on their canes to their brokers’ offices. Then they always buy good stocks to the extent of their bank balances, which have been permitted to accumulate for just such an emergency.”

I gonna saya youra a welcome in advanza.

#108 2centsCdn on 05.23.12 at 8:30 am

Aggy ….. get us a picture and location of your place. What are the taxes and condo fee’s? What is your rock bottom price (no real estate agent commission). Maybe we can get it sold for you. But I agree a little with Kip #101. What are your total carrying costs now? If you bought in 07 or 08 your mortgage should be coming up at a few points lower pretty soon. You may be better off than half the people living in Vancouver right now. I think to rent any place with 1 bedroom is going to cost you $1,200+. How much more than $1,200 are you paying right now?

#109 Beach Girl on 05.23.12 at 8:32 am

Was invited to a dinner party on the weekend. A man was winking at me. I know he is married. I said whats up. He had the Lasik surgery too. He said you think this is bad, I am winking at men too.

I am not racist, my friends come from all backgrounds. We like and support each other. John Young, thanks for your support. Froggy too. Doc too.

Aggie, I think you would be better off to live communally, have more friends, and be stress free. When anyone here is ill or in need of help, we all chip in.

And everyone is kind to NCR (Not Criminally Responsible). Bipolar 1 with phychosis. Actually quite entertaining.

No one is perfect, but to have the strength to have someones back is responsible.

#110 eaglebay - Parksville on 05.23.12 at 8:37 am

#21 Julia on 05.22.12 at 9:26 pm
“When Scotia Bank decides its time to sell its own real estate in Toronto, well… What more needs to be said?”
_______________
Scotiabank’s real estate is a dead asset. By selling they will get a profitable, revenue producing mortgage and none of the headaches of managing an aging building.
Scotia is showing home owners how it’s done.

#111 Kip on 05.23.12 at 8:56 am

“She signed over the marriage house then limped back to BC, broke and broken. Lost her kids.”

The courts in this country always awards custody to the mother unless there is a good reason not to. There is more to the Aggy story than she is letting on. Your blog is aptly titled for her though, she’s an idiot.

#112 CrowdedElevatorfartz on 05.23.12 at 9:04 am

still POURING rain in Vancouver.

one of the wettest winters and springs on record here in mouldy old HAM-Land.

stay tuned for the flooding,
record level snow packs still havent started melting
( like the overpriced housing)

Should be a fun summer here in HAM-Land

#113 FTP - First Time Poster on 05.23.12 at 9:05 am

I empathize Aggy, despite making a critical error in judgement, we have all carried one burden or another at some point in our lives. Garth’s right – sell the thing and live your life mortgage and obligation free.

My only other comment is that we’ll be seeing a lot more of this in the years to come…..

#114 Pr on 05.23.12 at 9:07 am

#72 McLovin
-#23 Pr Are you drunk?
The commission in the real estate industry is the only salary a professional can be paid for his or her work.
So the make a comparative, for you, is : Would you like to be paid, for a job, ,15$ a hour or 30$, for the same job! Dont under estimate the power of this.

Cut the commision = cut the best agents +cut the best offers+cut the best clients+MORE time to sell.

#115 Hoser on 05.23.12 at 9:12 am

Aggie’s problems predate her real estate mistakes.
A woman does not lose her kids in a divorce for no reason.
The condo is not the source of her problems and getting rid of it won’t fix them.

#116 Canadian Watchdog on 05.23.12 at 9:16 am

Chart: CanEquity monthly volume history for mortgages received from Toronto. http://i45.tinypic.com/svjsyx.png

Sales are booming alright…only with buyers chasing the lowest pre-con deposit structure on the market. http://i47.tinypic.com/zwxflc.jpg

#117 CrowdedElevatorfartz on 05.23.12 at 9:17 am

@#35 Wes Coast

Your statement

….”This city is fantastic not for its shit condos but for its caring people”…..

BWAHAHAHAHAHAHAHAHAHAHAHA

would that be the self absorbed posers at the Robson St. Starbuck?

Or the rioters burning cars in the streets?.

BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAAHHHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHA

#118 joe larue on 05.23.12 at 9:19 am

they know…..

http://www.bbc.co.uk/news/magazine-18155405

#119 eaglebay - Parksville on 05.23.12 at 9:19 am

#105 bigrider on 05.23.12 at 7:54 am
“, sue the realtor who sold you the place. After all, everyone feels justified in sueing financial advisors for products they bought that have declined in value, why not realtors?”
__________
Sue, sue, sue. You’d make a good American.
In most suits, only the lawyers win.
You can’t get blood from a stone.
Sue me and see how much you get from me and how much it’s costing you. Joker.

#120 Toon Town Boomer on 05.23.12 at 9:37 am

Aggy don’t beat yourself up. Your not an idiot your just like the rest of us, meaning we all make mistakes. It’s called being human!
Just remember, you made it this far and you will see the light again. I hope you take Garth’s advice and you find some freedom in your life. Good luck girl.

#121 Dean on 05.23.12 at 9:38 am

There’s no quick way out of this mess. Just look at the monthly “crisis” with the Greek debt. It gets “restructured” the news reports the problem is solved, then 3-6 months later when the next payment is due it’s a new crisis. Most of the “solutions” you hear to slowing down credit expansion in Canada are like shuffling your bad poker hand — still the same hand. Debt is debt.

If I was the regulator, the fact that someone would agree to a 40 year 5% mortgage would be grounds to deny them any mortgage.

#122 Junius on 05.23.12 at 9:46 am

#92 TRT,

You are sticking to the immigration pushes the market up indefinitely story? Quelle surprise after pumping it 20 times a week here for the past 2 years.

Look up “confirmation bias” in the dictionary to see your photo.

#123 timbo on 05.23.12 at 9:53 am

http://www.bbc.co.uk/news/business-17753891

“Evidently, this crisis has nothing to do with the recklessness of Spain’s government.

Instead, it was other people in Spain who behaved recklessly.

Interest rates fell to historic lows when the euro was launched in 1999. So Spain’s banks, property developers and ordinary home-buyers collectively borrowed and fuelled an enormous property bubble.”

A property bubble fueled by speculation is the cause of all this mess? Thank god we are smarter here……

http://www.spiegel.de/international/europe/greek-leftist-alexis-tsipras-calls-on-germany-to-drop-austerity-demand-a-834579.html

“There is only one path for Europe — implementing our strategy,” he said, speaking in Greek through an interpreter. “Mrs. Merkel recently said — and I agree with her — that if one country leaves the euro zone, the next day the financial markets will seek out other countries to evict. And there are countries that have much bigger deficits than Greece, such as Italy with €2 trillion in debts.””

2 trillion is but a flesh wound. Nothing to see here, move along now……..

#124 futureexpatriate on 05.23.12 at 9:55 am

They just carried another suicide out of here yesterday morning. Lock box on the door. Coroners and paramedics. Half the places in the complex are not paying association dues, and they’re low. Lost the gardener of the past seven years. Dues were all jacked up all last year for repairs, they’re trying to jack them higher again this year. People aren’t renting, half the places are vacant. If Canada hits HALF of what Vegas is dealing with, it will be a disaster. In 20 years place went from an all-adult no dog no kid luxury complex with 24 hour heated pool to anyone and anything and families smoking away on their lawns. No pool for two years and then redid it three feet shallower into a wading pool. NEVER buy.

#125 futureexpatriate on 05.23.12 at 10:00 am

Pool access limited to 8 hours now. All landscaping converted to desert so outside humidity dropped overnight 20 points. Only people left can’t afford to go anywhere else.

#126 lawboy on 05.23.12 at 10:33 am

Love the advice on here – oh, move to Costa Rica! oh, go work at Starbucks! Very helpful to a woman who is flat broke. And if she can’t sell that condo, she is in even worse shape.

#127 Toronto_CA on 05.23.12 at 10:33 am

“Sure, wait until it loses another $20,000. Good strategy. — Garth”

I have little sympathy for people who borrow more than they can afford and buy an illiquid “investment” that loses value over time. If someone did this with equities that lost value we wouldn’t have sympathy for them, would we?

That said, the out someone should have is to walk away from the house/mortgage, trash their credit rating, and default with the bank taking back the property.

If this happens en masse, and the tax payer is forced to pay for all these house hungry a-holes defaulting by bailing out the CHMC/Genworth and/or the banks…I’m personally going to make those kids rioting in Montreal look like a Sunday church picnic gathering.

#128 Gord Stewart on 05.23.12 at 10:35 am

Garth I used to live in Calgary and I loved it. I now live in Port Moody and love it even more. Please stop dissing my digs or I am coming to steal the Amazons. Oh one more thing……… Love the blog

#129 Ottawa on 05.23.12 at 10:54 am

#106

I agree with Garth.
Look at grapevine.ca. In Ottawa area many “REDUCDE” and “NEW” Prices lising. It’s start of the fall.

#130 Nonna Nicola on 05.23.12 at 11:05 am

“Vat was I tinking! Youa so righta! Stanley Drunkenmiller, assistante to George Soros, vat da hella does he knowa about da trading! Tanks for helping me a see da verita Bigga Rider!”

Nonno

eh fugeaboutit!! da probelo was that you werent a tinking, to much of a Dino’s vino in la testa, donta maka nonna mad or no meat balza for u

#131 Bobby on 05.23.12 at 11:14 am

For #48 Blase,

Yes, you can reduce the commission for your realtor.

We sold a condo in Whistler a decade ago. You could see what was coming, there was no money to be made on rentals, only on appreciation. We made a tidy profit on the sale but the realtor really redefined the term useless. Quite frankly, she just got in the way and the only real service she offered was the listing. We were approached with an offer rather quickly and agreed on the contingent that the realtor accept a reduced commission including the GST.

The realtor signed and agreed and the sale proceeded, however we got a flash call saying she hadn’t read the contract and wouldn’t agree to it. A quick call to her broker and the RE Board and she quickly came around. Yes, a real twit!!!!!

#132 truth hammer on 05.23.12 at 11:22 am

Well Junius..post secondary education is not a ‘right’ per se to be handed out freely to every one who is just too lazy to work and too entitled to think that a free education will save him/her from ever doing any. As I said yesterday….students in higher cost jurisdictions seem to appreciate the value of their educations far more than the ‘entitlement set’ in Quebec….go figure? Maybe having to work for something does add a little backbone to a character?

Meanwhile as Truth Hammer had pre-saged ….the nutball left has a hidden agenda so deep it doesn’t take a miner to see the giant hole in the fallacy of ‘organized labor’….and the active role they are taking to destabilizing a maleable population of puppies and nits.

http://fullcomment.nationalpost.com/2012/05/23/kelly-mcparland-canadas-kamikaze-unions-take-the-path-to-self-destruction/

Now you ask……why does Truth Hammer seem to always get these things right…..in advance of the reaction by the press…….How does the Truth Hammer use predictive analytics to foretell the facts? Like Marcus Aurelias said ” Failure to learn from the lessons of the past, guarantee’s that you will repeat your mistakes”.

Some ( certain trigger finger knee jerkers) people don’t like to hear how incredibly wretched some of the policy decisions of past regimes have done to negatively effect Canada….they don’t like to have to wrestle with the realization of truth……well………..as General Custer said….”Nits grow into Lice” ……. we’re seeing the result of thirty years of pandering and entitlement. The Castle Keep ( the heartland of separation) is aflame and conflagration is immanent.

One thing that Garth has gotten right though…… this will all end rather badly………save your cash……keep your kids in school……years of misery lie ahead for everyone except the elites with chummy pensions and appointed tenure that guarantee’s that the inbalanances will continue. Because Garth…you also know that what you defend is the poison in the well.

#133 Not 1st on 05.23.12 at 11:25 am

DOW bubble now in full burst mode. 1000 points given back in the last month. Look for more. Its just like facebook, its real valuation is actually about 50% of where it is.

Checked corporate profits lately? — Garth

#134 timbo on 05.23.12 at 11:41 am

http://www.nakedcapitalism.com/2012/05/james-k-galbraith-we-told-you-so.html

“Fraud is deceit, a betrayal of trust. And it is trust that underlies valuation in a market full of specialized debt instruments, off-books financial entities and over-the-counter transactions. That trust has, as of now, collapsed. The result, as John Eatwell phrased it, is that financial crisis takes the form of market gridlock—a systematic unwillingness of institutions to accept the creditworthiness of their counter parties.”

not trusting one another is so 2008…..

http://housingdoom.com/2012/05/23/phantom-home-appreciation/

“What Yun is saying about the “mix of homes” is correct. The majority of the action in the housing market has been for more modest housing. With lenders being slower to foreclose and fewer homes being listed, there has been a shortage of these types of properties. Consequently, what is selling now are homes that are priced moderately higher. Consequently, if you purchased a home last year, chances are, it’s not going to sell for 10% more than last year. The difference is in which houses are selling. It’s not that homes are really worth more.”

damn, and I thought a full recovery was in full swing….

#135 Dontcallmeshirley on 05.23.12 at 11:43 am

OSFI will do what it wants, and believes is in the best interests of bank sustainability. — Garth

—-

Really!?!? Rats, I was hoping the final guidelines would be the same as the initial regs. I don’t want to see them watered down.

Yes, yes, I know that’s not what you said…but I get the idea.

#136 refinow on 05.23.12 at 11:55 am

When OSFI new lending policy kicks in, you may not want to ostrasize your mortgage brokers, they be your new life line.

The world of lending is going to go back in time to 15 to 20 years prior.

Bank’s wont touch stated income deals, poor credit, or clients with tax arrears or just haven’t filed.

That paragraph will cause a shift of a massive number of clients mortgages from maintream Banks, like CIBC BMO RBC SCOTIA TDCT…

Those Bank’s along with the aid of CMHC chose to lend in the SUB PRIME world, over the last 15 years, but mark my words, OSFI will force them out of this market. In 5 weeks time, the new policies will be announced….. There will be a small window to allow deals in the pipeline to close under the old policies.

This will cause an initial panic period for everyone who is self employed, credit challanged, stated income to rush for the 10 year fixed mortgages.. The only way you can safely hide from these new policy changes. You cant be requalified if you renew for 10 years before the deadline…..

The Bank’s will be rolling in the dough, with clients taking the highest rates, for the longest period of time, with astronomical penalties if you have to sell your home….

Just make sure you know what you are doing if you handcuff yourself to a lender for 10 years….

Those same 5 Banks have all got togeather to change their mortgage penalty calculations to calculate the discount you received when calculating mortgage penalties, so even if rates don’t change you just signed up for a minimum 5 digit penalty, on a $200,000 mortgage even if rates dont change……

The Bank’s are not stupid…. The Canadian Real Estate Market is the Nation’s biggest chess game currently being played, Consumer vs the Banks…
And they are playing 5 to 6 moves ahead of the consumer…..

OFSI’s policy changes are at a direct request of those those 5 big Banks…..

The Renewal Policy is designed to do one thing…..Chance everyone into 10 year fixed mortgages so if a default is forthcoming by the consumer, if you drink the OFSI koolaid and lock into the 10 year mortgage, you will have just agreed to give the Bank, legal claim to an additional $10K or even a significantly higher amount, letting them grab what if any remaining equity is left in your home. This will be payable prior to the Realtors commissioin….

Don’t fall for this….. If you can….. Get a new 5 year Variable rate term, you still avoid the renewal for 5 years, but if you decide to sell, out of choice or neccessity, you will only have to pay a 3 month interest penalty, or less then $1500 on the same $200K mtg….

This is what your Bank doesn’t want you to do…. Give yourself options…. Don’t be forced to give more of the equity in your home away.

What else is great about the 5 year Variable, is you have a 5 year term, fully convertible at any time….You could float for 4 years and 11 months… then early renew into a new 5 year Variable and avoid the renewal policy….. for another 5 years…

#137 Paul on 05.23.12 at 12:08 pm

Is this the Kelowna that DA claims everyone wants to move too? Sad if it’s true.

http://www.castanet.net/edition/news-story-75554-33-.htm#75554

#138 Van guy on 05.23.12 at 12:15 pm

The OSFI will not make these sudden changes that will destroy the housing market. It’s simply a warning. Like Carney threatening to raise rates. Like Flaherty telling Canadians for years now to control debt because rates are going up. Even Garth thought rates were going up or amortizations cut back to 25 years. None of these has yet to happen. U saw a reply from Garth on twitter about a bottom of the stock market yesterday. And yet the tsx sits lower than yesterday. Nobody wants a piece of the stock market nowadays. Looks like the tsx will edge even lower.

#139 Buy Curious on 05.23.12 at 12:34 pm

Here’s a little story about old people and vacation property in Spain. I’m sure if it’s applicable to old farts in Muskoka, but read the fear in-between the lines. I can’t imagine what it’s like to in your 60’s, after working your whole life, to then take such a financial loss. The line ups shouldn’t be for these condo sales, it should be into Garth’s place trying to protect yourselves from disaster. You’re a good man, Garth, and patient with a sense of humour.

http://www.dailymail.co.uk/money/news/article-2148335/Fleeing-Costa-catastrophe-Thousands-hand-villa-keys-Spains-economy-teeters.html

#140 AprilNewwest on 05.23.12 at 12:55 pm

…daughter renewing her 5 yrs mortgage term … wants to go variable but a bit unsure if it’s the best thing for her.She is a worrier about these things. Suggestions? Thanks

#141 Arshes on 05.23.12 at 1:20 pm

Breathe Aggy, not everything will be ok, nothing will be perfect, but you’ll be ok. Panicking doesnt make things better. But you have to come to terms with the fact that things aren’t as good as hoped. Sit down and figure out what your options are, and how to deal with eac scenario, you’ll feel better knowing that you have a plan (even if its only a basic one) and have had a chance to think things through before hand.

#142 Canadian Watchdog on 05.23.12 at 1:30 pm

Presented with no comment.

BILD/RealNet New Home Sales

http://www.bildgta.ca/media_releases_2012_detail.asp?id=880

#143 Regan on 05.23.12 at 1:44 pm

I think bankruptcy counselling and some legal advice (from a bankruptcy lawyer, not a RE lawyer) would be a great idea. But be clear with them that you already know you want an exit plan – you’re not looking to blend, extend and otherwise suffer. The few hundred it will cost for an hour or two of their time will be worthwhile; you can maybe even find a legal aid place for the consultation. Your goal is to get out with minimal debt so you can use your mobility to get closer to your kids and build up some equity. Get a roommate. Cut your living costs. You may be able to swing a small loan to pay closing costs and avoid bankruptcy. Like my mother says – if you just keep moving fast enough, they can’t pin you down. And don’t give up or self-destruct. That’s just doing the dirty work for everyone who ever screwed you over. Surviving and living well is the best revenge.

#144 Junius on 05.23.12 at 1:45 pm

#139 Van Guy,

You said, “The OSFI will not make these sudden changes that will destroy the housing market. It’s simply a warning. Like Carney threatening to raise rates. Like Flaherty telling Canadians for years now to control debt because rates are going up.”

You are wrong. You are missing the bigger picture. We can only live in this period of “extend and pretend” so long. It is closer to the end every day.

When it ends we will see a deleveraging period that will hurt many people. Whether it happens quickly or slowly does not make a difference. It is coming.

#145 Regan on 05.23.12 at 1:48 pm

…and also @93 – I’ve got to agree. 5 years of owning Van real estate and the place won’t make a gain? And, only $13,000 paid off the loan in 5 years? Wow. How’d that happen?

#146 earlymidlifecrisis on 05.23.12 at 1:50 pm

Great post today. I was having thoughts of jumping off one of the bridges too- until i quit my job. Ahhhhh, freedom is sooooooo much better than $. Unfortunately $ often equals freedom. Dammit. However glad Ive only wasted 1/2 my life thus far, still hopefully have 1/2 to go. If Aggie’s nearby (van) please pass her my email. I’d happily help her stage (for free) I’m good at it and have a lot of time on my hands now.

#147 Yulyyz on 05.23.12 at 1:55 pm

Ok I need to ask, what are Track 6ers – I’m guessing a reference to the track # at Union stn, heading out along Lakeshore West? Or is it heading East?

#148 Junius on 05.23.12 at 1:55 pm

#133 truth hammer,

You said, “Well Junius..post secondary education is not a ‘right’ per se to be handed out freely to every one who is just too lazy to work and too entitled to think that a free education will save him/her from ever doing any.”

I never said it was a right but we have to decide as a society how we train the work forces of tomorrow. All societies subsidize education. It is just a matter of how they organize the subsidies.

The notion that these and other protests are just some left wing conspiracy is just way too simplistic – even for Westernman. I am not sure that the old monikers of “left” and “right” even know what they stand for these days.

I believe the core frustration whether it is a riot in Greece, Occupy Wall Street or these student protests is a new understanding the rule under which we are governed no longer work for most people. The bank bailouts, the continued corruption of Wall Street and our governments has shaken peoples confidence in the foundations of our society.

No doubt there will be lunatics, terrorists and other groups looking to hijack these groups. There always are. However if you don’t see that something is really wrong these days in the system – and it is not entitlements – then you are missing the message.

#149 cramar on 05.23.12 at 1:58 pm

Agatha, like Garth and most everyone, I would tell you the best situation for your life and future is to GET OUT OF DEBT! That means in your case dump the condo and rent. But you already figured that out. Even if dumping the condo costs you, DO IT NOW! You will have no debt hanging over your head for the rest of your life and you can start to slowly rebuild your future. Get outta debt and live within your means! It takes a bit of sacrifice and determination, but the end result is worth it. And the journey can even be pleasant. You will sleep at night knowing you do not have mortgage debt hanging over you, nor worry about declining real estate values. Your self-esteme will be higher knowing you are walking through life not indebted to others. You will have no Sword of Damocles hanging over your head. Even your job will be less stressful. GO FOR IT!! You will be thankful you did!

#150 Dad on 05.23.12 at 2:12 pm

Her mistake was getting married. No-one of any means, man or woman, should be committing willful economic suicide by signing their life over to the whims of the court system in the West. Men have it worse in this mind you, but a woman of means who diddles the pool-boy then is stupid enough to marry him will end up paying alimony too.

Marriage, hell even cohabitation will ruin anyone’s wealth. Agatha learned this the hard way.

I missed the bit about Aggy being a diddler. Where was that? — Garth

#151 disciple on 05.23.12 at 2:20 pm

#70 Blacksheep… I was the first on this blog to post that video and you must know my feelings about central banking by now. So I’m a little surprised at your question. You must ask yourself what is the reason for this little actor to be faking this? Did she make any recommendations to fix the problem? Nope. Even though she promised she would in the speech. Unless we actually have leaders with spines, what does any of this accomplish?

There was a part of her speech with a double meaning though, where she paraphrased Mead: a small group of people can change the world. See my blog for a finer understanding of who she is talking about. They are the people she and her “Jackass” father work for…

#152 Zhorgon on 05.23.12 at 2:43 pm

#82 how does that bank commercial go again:

“YOU ARE RICHER THAN YOU THINK !”

Industry code for:

“You are dumber than you look!”

#153 Arshes on 05.23.12 at 2:45 pm

And Aggy, when the place gets sold you’ll feel much better. When next year you see people are way off worse than you, you’ll know you did the right thing. That you avoided a situation that could have been alot worse.

#154 Dontcallmeshirley on 05.23.12 at 3:07 pm

#137 refinow

When OSFI new lending policy kicks in, you may not want to ostrasize your mortgage brokers, they be your new life line.

The world of lending is going to go back in time to 15 to 20 years prior.

—–

refinow,

you’re assuming non-bank lenders will have deep enough funding to increase their mortgage books. CMB’s only sell quarterly(?) and the allocations are fully occupied.

In your view where will the funding come from?

#155 TRT on 05.23.12 at 3:21 pm

#123 Junius,

Yeah, 2-3 years and RE sill going strong. The RE market is behaving as exactly as expected. Now watch as Van and Toronto retain their value. It was just a short few months ago that many were saying the Toronto is overbuilt with condos, etc., etc., etc. and is toast. NOW, what is happening in Toronto?? :)

In your case, remember, a broken clock is correct twice a day.

#156 TRT on 05.23.12 at 3:30 pm

FYI blog dogs,

OSFI has been overseeing Genworth for a while. If they wanted to do something regarding residential RE, they would have done it alreadyyyy.

But its different his time, it is the CMHC…..

Regulations are not written on a company-by-company basis. Time you stopped embarrassing yourself on this blog. — Garth

#157 The American on 05.23.12 at 4:17 pm

University of Toronto student repays $114,000 in student loan debt to RBC in CASH. Maybe now he’ll have cash flow enough to go buy an overpriced condo… Nahhhh, he’s clearly smarter than that. He had a total of $190,000 in student loan debt from attending University of Toronto. Sheesh, and you REALLY want to tout the lesser expenses of education in Canada? Get real.

http://finance.yahoo.com/news/heres-happened-tried-pay-114-155500789.html

#158 Westernman on 05.23.12 at 4:28 pm

John G. Young @ # 77,
Thanks for the compliment… thing…

#159 Bigrider on 05.23.12 at 4:52 pm

# 120 eaglebay parksville

My comment about suing was in sarcasm to the accepted notion that suing financial advisors is completely acceptable when losses are incurred but other such purveyors of losing investments seem to be exempt. That’s it . Don’t get you panties in a twist.

Nonno I have never and never will impersonate anyone on this blog. Have a big glass of prune juice and clean yourself out of all of nonnas ” pasta al forna” it will help you not be so angry and wound up.

#160 Steven Rowlandson on 05.23.12 at 5:06 pm

Back in the early 1970s when I was in Ottawa a friend of mine told me,” Don’t touch what you can’t afford”.
I would say that is good advice for the house horny and politicians. If you don’t have the cash saved to buy it then don’t have anything to do with it.

#161 Ferrari321 on 05.23.12 at 5:08 pm

Another crazy TO housing bubble data point to add to the pile. Would be curious to see what your thoughts are on this …

http://www.theglobeandmail.com/life/home-and-garden/real-estate/done-deals/pre-emptive-bid-120100-over-asking-nabs-baby-point-home/article2435967/

#162 Mortgage Brokers in an All Out PANIC! on 05.23.12 at 5:22 pm

Look at them post as they know the SCAM is almost over and their fake jobs will be going bye bye along with the fake economy. When this house of cards crashes it will be USA all over again but only MUCH MUCH worse and everyone in the industry knows it. In private every honest realtor and mortgage broker will tell you the house of cards is going to some crashing down. Some have even started to plan their future in another feild. It’s over and the fireworks will be wonderful to see. Canadians with their smug faces will suffer greater hardships then Americans.

#163 TurnerNation on 05.23.12 at 5:27 pm

For the preferred watchers: GMP’s GMP.PR.B melting down to $18 today.
Yielding almost 8%. But they’ve posted a quaterly loss as a company.

As with everything else, buy only quality. — Garth

#164 G-Unit on 05.23.12 at 5:46 pm

Looks like the Canadian housing bubble made the BBC…
http://www.bbc.co.uk/news/magazine-18155405

#165 I'm stupid on 05.23.12 at 5:54 pm

Aggy your 58 broke with no pension if you stay in Canada your screwed. You need to find a nice poor country. South America or a poor European country comes to mind. The income from OAS and cpp will give you a good life there. Just make sure you come back to Canada to keep your healthcare, I think it’s every six months but I’m not sure. Your family will visit you can visit all will be well.

#166 Just Park It on 05.23.12 at 6:22 pm

Aggy – like others, I say keep the faith… we all have been there at some level. I’ve hit 2 major sore spots in my life and at my darkest hour, I just sat there wondering what good could ever come out of that situation. Surprisingly – things turned around – and I learn’t from my mistakes, and actually profitted on it too!

I am not trying to sway you – but if things get nasty – honestly, talk with a Trustee in Bankruptcy (I currently work in such a firm)..

Speak openly with them – with the cards on the table, you could be pleasantly surprised how some things can be easily addressed and you can protect certain assets ( depending on what province you live in).

Keep your chin up – we’re rooting for you!!

#167 TurnerNation on 05.23.12 at 6:26 pm

#36John in Mtl on 05.22.12 at 10:08 pm

I seem to recall this weblog did not
vilify the “Arab Spring” protestors and agitators. Of course, nothing changed in Egypt; the brutal military dicatorship survived, intact. The “West” is strangely silent on this one.

“The kids are alright”? Not this time!

#168 TurnerNation on 05.23.12 at 6:33 pm

#50truth hammer on 05.22.12 at 10:39 pm

Quebec students do not pay taxes for their health care, etc? Who will take 50% of their gross pay in taxes, then, once their work begins? Another country?

Are you tell us 150+ Canadians died for “womens’ education” in a 3rd world country? Really? I would not want my kid if I had one to die for that.

#169 TurnerNation on 05.23.12 at 6:36 pm

Some people need an economics 101: the most valuable, profitable, and protected businesses in the world are the Drugs, Weapons, Human Trafficing and Oil businesses. Bar none. Get over the shock. We’re slaves. These businesses are nurtured, protected and coddled at all costs. The players and their battles are huge. None are so large as the battle for our mind and perceptions.
“We know he has WMD”
“He’s killing his own people!!”
“War on drugs”

Fool me once….

#170 TurnerNation on 05.23.12 at 6:45 pm

Forgot to mention, for the “womens’ education” brigade: your Ipod, Iphone, Ipad are made by overseas slaves. So bad are conditions that workers leap to their deaths, as was reported recently.

http://www.telegraph.co.uk/news/worldnews/asia/china/9006988/Mass-suicide-protest-at-Apple-manufacturer-Foxconn-factory.html

I imagine you’ll toss your I device in to the garbage overwhelmed with guilt? No education for these women. Any plans to invade?

Same same – look at today’s protagonist grappling with her future, barely holding on, so bleak are the conditions.

Weapons industry: no-bid F35s, anyone? Yours for bargin price of $50billion. We are made into economic slaves on this side of the pond.

#171 Ben on 05.23.12 at 6:49 pm

Checked corporate profits lately? — Garth

——————————————————

Check Guidance on all the Corporate Reports? – Ben

Yes. — Garth

#172 Timing is Everything on 05.23.12 at 6:50 pm

#165 G-Unit

Toronto’s doomed! Doomed I say!

http://tinyurl.com/crl9wgy

#173 brainsail on 05.23.12 at 6:58 pm

Cash is king…

“A modest housing recovery is under way, even as lenders demand bigger down payments and higher credit scores. In April, sales of existing homes surged by 3.4% over the same month last year, the National Association of Realtors said Tuesday. Admittedly, the upswing isn’t anything to brag about since it follows two previous months of lackluster sales. What’s noteworthy is that almost all of April’s 4.62 million sales were driven by cash buyers and investors looking to turn properties into rentals, which suggests the recovery can continue even if mortgage lending remains tight, according to Capital Economics.”

http://finance.fortune.cnn.com/2012/05/23/housing-mortgage-cash/?iid=HP_LN

#174 yanz on 05.23.12 at 7:01 pm

“So, was it greed, naiveté, ignorance or seduction which made this woman spend $258,000 she didn’t have on an asset she couldn’t afford?”

All of the above. And no, she didn’t do it at gunpoint. No sympathy for overstreched, underwater “homeowners”.

#175 disciple on 05.23.12 at 7:02 pm

Breaking…George Soros and David Rockefeller Sr. are the same man! Compare images and voices and you will see.

#176 Junius on 05.23.12 at 7:02 pm

#156 TRT,

You said, “The RE market is behaving as exactly as expected. Now watch as Van and Toronto retain their value.”

The Re: Market is behaving exactly as I expected and told you it would. It is headed down. Vancouver is the leading indicator but Toronto will follow shortly.

It is interesting how you attempt to create an objective persona but when you are angry you show pretty clearly that you are just another Realtor pumper.

#177 Junius on 05.23.12 at 7:07 pm

#158 The American,

If it is one race to the bottom that no country should want to win it is who has the most indebtedness from student debt. It is a tragedy in Canada, the US and much of the world.

It is also a great example of what happens in a cheap credit environment. The cost of education went up because of the availability of the loans and NOT because of the value of the education on future earnings.

Cheap credit favours the seller over the buyer. Same as in real estate.

#178 Nostradamus Le Mad Vlad on 05.23.12 at 7:09 pm


#187 Onemorething on 05.22.12 at 8:14 pm — “NOS LMV – always a pleasure you know!”

Ditto! Not sure whether you read the link I left for you a few days ago, about the CIA and Mossad moving into Malaysia and stirring the pot in that part of the world.

America will assert itself (wrongly) as being the policeman of the world, which it isn’t, and start taking other countries’ commodities and goods, i.e., what’s mine is mine and what’s yours is mine. This is a good way to let the UN – NATO – US butt in, create organized chaos where there is none and proceed from there.

In any event, watch your back as things are really flying now, going around in never-ending circles until the cycle change is complete, then things settle back down for a while. Cheers!
*
Paper Silver 500 mln. ozs. dumped? 13:13 clip Predictions then warnings; Euro below Yen Does Europe still exist? Severe Recession (Depression) EUSSR and EUSSA; 18:08 clip Obama – Romney – Paul – or Jeb Bush? The world will find out soon enough; Socialist Failures “Where did modern socialism begin? In America.”; Peter Schiff Opinions aside, he is correct here, but probably doesn’t know why it’s happening (the cycle change); New York Times Full of shit. Another m$m rag not worthy of wiping one’s butt in; 1:21 clip JPM has a case of the Baghdad Trotters; Electricity bills up to pay for nuke power; FB Losses up to US$40 bln.? Something doesn’t smell right; Free Trade sucks Fair Trade puts everyone on a level playing field; Gridlock Easing Fewer jobs, high gas prices; Banking, 1911 style.
*
6 or so ‘Quake in north-east Japan; Fukushima and Ghost Cities in China — they are still empty and waiting to be lived in, and China, Germany and UK More nuke stuff; The Australian on Fukushima; Tsunami Debris hitting Alaskan shores, and quite a lot more to come; Iran – UN deal When will the west come to its senses, realize and Israel does have nukes but won’t admit it or sign the NNPT, Iran doesn’t and has signed it? 5:45 clip This is embarrassing. A student asks Obomba about Israel’s human rights record; ‘Net Censorship promoted in NY, and FBI getting into act; Some Scientists aren’t very smart; CNN Hogan’s Heroes has better ratings; Russia test-firing missiles.

#179 disciple on 05.23.12 at 7:12 pm

Don’t believe me? Check out this photo where he was sort of in between roles: it’s laughable…

http://www.jewishworldreview.com/images/soros_wild_hair.jpg

Garth, it’s only a matter of time before I find your aliases…LOL

#180 truth hammer on 05.23.12 at 7:46 pm

where do i sign up?

http://www.montrealgazette.com/business/Taxpayers+billion+plus+severance+bureaucrats+weren+laid/6667930/story.html

this is the kind of thing that should get people lighting torches and sharpening pitchforks…but will it?

#181 Junius on 05.23.12 at 7:49 pm

#176 Disciple,

You said, “Breaking…George Soros and David Rockefeller Sr. are the same man! Compare images and voices and you will see.”

Yes, and Garth will soon admit he is both Fabio and Don Cherry. How can we keep up with all of your conspiracies!

Of course, H is really Dick Cheney and F is Peter Dinklage.

#182 Expat on 05.23.12 at 7:58 pm

#10 Dan in Victoria, good advice. This lady needs someone to help her get perspective and provide some good advice, then make her own decisions how to work out the problem.

Thing is, the amount she needs to get past this only amounts to the cost of a decent new Hyunai, or about the average Richmond bathroom remodel. Hopefully will seem like a small blip in her life when she looks back at this in a few years.

#183 brainsail on 05.23.12 at 8:00 pm

Student loans…

I remember years and years ago in Edmonton in the early 80’s that as an Architect I found myself out of work and had a part time job in a stereo store and was collecting welfare. One day I got a real job and two days after my first check I got a call at work from the student loan people wanting me resume payments. I was polite and and asked if it was possible to hold off a month or two so I could catch up. He screamed at me, “No, you have to start paying now!” and hung up. Fifteen minutes later I found myself walking to my car after being fired because the company thought it was unprofessional of me to not pay back the student loan. Two months later I crossed the border and have only been back twice, for a funeral and a wedding.

#184 Mr Buyer on 05.23.12 at 8:02 pm

#139 Van guy on 05.23.12 at 12:15 pm
The OSFI will not make these sudden changes that will destroy the housing market.
………………………………………………………….
The housing market is already destroyed. Rates and regulations will impact only the time line of the crash they will not impact the width breadth and depth of the crash in the least.

#185 Canadian Watchdog on 05.23.12 at 8:19 pm

#185 Mr Buyer

“The housing market is already destroyed.”

Precisely why OSFI will step in after the matter to look hero-ish.

#186 salonist on 05.23.12 at 8:33 pm

summertime

http://adtmag.com/articles/2011/07/29/why-hft-programmers-earn-top-salaries.aspx

#187 Daisy Mae on 05.23.12 at 9:03 pm

Aggy must sell. Then pull herself up by the boot straps…and get on with it.

#188 penpal on 05.23.12 at 9:05 pm

@ # 139 Van Guy

And you know this OSFI thing is a warning only because….
let me guess, ….it’s YOUR OPINION!

Let’s have some idea of how you arrived at that opinion, otherwise, why post at all?

#189 greed on 05.23.12 at 9:16 pm

http://business.financialpost.com/2012/05/23/how-low-long-term-interest-rates-helped-in-the-sale-of-scotia-plaza/

Could be awhile before rates go up.

#190 Victoria on 05.23.12 at 9:52 pm

G-Unit,

Why do they say prices are soaring in most Canadian cities. It seems Toronto is the only one. The media really gets on my nerves.

#191 XKR on 05.23.12 at 10:40 pm

“and to prove homeowners have sufficient income and assets every time a loan comes up for renewal.”

So does it mean that should you be unemployed when your mortgage comes up for renewal that you could lose your home?

#192 Really on 05.24.12 at 6:00 am

Ah “brainsale”
“Student loans…

I remember years and years ago in Edmonton in the early 80′s that as an Architect I found myself out of work and had a part time job in a stereo store and was collecting welfare. One day I got a real job and two days after my first check I got a call at work from the student loan people wanting me resume payments. I was polite and and asked if it was possible to hold off a month or two so I could catch up. He screamed at me, “No, you have to start paying now!” and hung up. Fifteen minutes later I found myself walking to my car after being fired because the company thought it was unprofessional of me to not pay back the student loan. Two months later I crossed the border and have only been back twice, for a funeral and a wedding.”

I totally agree with the company that fired you. I’m sad (for you) that you left but I’m glad for our country that you’ve rarely come back and in fact if your are not prepared to pay your student loan or after these many years realize that you are completely wrong and without excuse it would be helpful for the rest of us if you never came back to this country.

Clearly time has done nothing positive to your character and has only made you ever more bitter and righteous about your wrongdoing. You have been hanging on to the rudeness of someone who was asking you to PAY BACK WHAT YOU OWE and because of that have festered a root of bitterness for Canada. No sympathy here pal. I am sorry for you though and your future until you deal with this issue the way that you KNOW that you should.

#193 VICTORIA TEA PARTY on 05.24.12 at 6:24 pm

FOR SOMETHING COMPLETELY DIFFERENT

I discovered this startlingly beautiful piece of violin music upon listening to King FM radio 98.1 from Seattle last night.

This emotive short piece may remind you of many things, most probably people in your lives who mean or who’ve meant a great deal to you; it’ll yield a highly personal voyage into you soul.

Are those precious friends and loved ones with you now, or have they left? Maybe they’re in a better place.
The music will put you at ease, be your friend.

Find this amazing interlude on YouTube.

Google: Echorus – Philip Glass by Angèle Dubeau et La Pietà.

You will need kleenex.

God Bless.

#194 Onemorething on 05.24.12 at 8:05 pm

NOS no I didnt see this link, please repost!

Slowdown in China is going to be massive. Intervention will happen but will just lead to more ghost cities/highways and suck more life out of the private sectors.

China could not bridge the export/domestic balance in time before the crash a few years ago. They are now twice shy of the US but what can they do.

Eurozone will take all the coverage away from the US mess and will suck all the remaining big western expats out of Asia. Oil and Gas guys seem okay along with my Bankster buddies.

HK SING and MALAYSIA RE marketplace will get messy. HK and SING really dont export anything but will follow the RE downward initiated by China now. Malaysians are just way over the top in debt around 145% of income now.

My family moving down to SING in July to avoid any complications.

#195 Aggie on 05.25.12 at 6:52 am

Hi,
I think it’s okay if I paste in a long reply, seeing as the comments are pretty well all here, and now it’s time for aggie to speak up for herself! I didn’t get through all my replies yet, but here’s the first batch. I thank you all so incredibly much, most particularly our dear host.
#10 Dan in Victoria on 05.22.12 at 8:58 pm
Oh Aggy don’t do that.
It’s only money, take Garths advice get out now.
I’ve been down and out before its not fun I know.
You still have your health, family and friends thats more important.
I think a lot of us that post here try to help people think about what they are doing / whats going on.
Thats why I post about construction and what to look for, hopefully someone like Aggy will read it and say “Hey I remember reading about that on Garths blog better take a look”
Man that saved us a lot of grief…..
I care Aggy, get this dealt with and let us know.
Good Luck.
Thank you, Dan. When the student is ready, the teacher appears… even if the teacher was there all along. I’ve never been allowed to be down and out… my mother, sisters, husband (x2), friends, kids, and myself… we set expectations of me, and being down and out (i.e., broke) wasn’t an option — it was an unmentionable. Whenever things seemed severely precarious, my mother would rescue me. Bless her, but love can be such an enabler of wrongnesses.

#11 Freedom First on 05.22.12 at 8:59 pm

As with the GFC, the bubbles world wide were helped to be blown up until bursting house horny couples into smithereens. Governments, Financial institutions, the whole Real Estate Industry aided and abetted the Aggies and house horny couples into oblivion. Unfortunately, the taxpayers of the world also get screwed, and the aiders and abetters get the rewards……well, for now:)……to be continued…..
> I was never house horny, just needed a place to live, and much as I didn’t want to own a home all by myself, the expectation in my family clear: my parents did not raise renters. We are hard-working, no frills people with a lot of expectations and rules. I was never strong enough to break free from that upbringing.

#13 Chris on 05.22.12 at 9:06 pm
Aggy, we all make mistakes. But it’s what happens next, that separates the smart from the stupid – The stupid ones worship their mistakes, instead of reversing them. You’re obviously not that type, you’ll come thru. Good luck.
> Thank you, Chris. I am breaking a deeply engrained set of expectations by admitting my error, ‘giving up’ instead of fighting… etc etc. Your words echoed in my mind all day, since first realizing that I had become the subject of Garth’s blog. I’ll come thru this, stay strong at risk of upsetting my family.

#25 TurnerNation on 05.22.12 at 9:51 pm
Can she not renew mortgage at any cost?
Would mortgage, taxes, strata still exceed comparable rent for similar unit?
>My goal is to rent a small room or suite until I’ve paid off whatever debt I’ll have on the other side of this experience, and then buy an RV to live in. I have places I can park it, and who knows, maybe the day will come when I can finally finish exploring Canada.

#26 JSS on 05.22.12 at 9:53 pm
Very sad state of affairs for this woman.
I hope she will make it out alive.
>I will!

#35 Wes coast on 05.22.12 at 10:06 pm
Aggy, so many people died today in Syria, Afghanistan, Iraq and other unstable places in our world. Condos, money, status, these bs measures of our success – all irrelevant. You have life that others dream of inspite of the problems.
Colonel Sanders went bankrupt in his 60s only to start KFC and succeed. Read ‘Think and grow rich’ great book. Stay positive.
There is a really cool progressive church on Georgia http://www.coastalchurch.Org 1160 with Georgia. There is nothing wrong with feeling drastic change is needed. Just do it for the positive.
Lastly, if ever you feel you can’t handle things on your own call 911. Your not alone. This city is fantastic not for its shit condos but for its caring people. You can turn this puppy around to your benefit and safe to say, we’re all cheering for you!
> Thank you so much, Wes. I’ve been increasingly aware of the horrific state of affairs in our world, and in my darkest hours, felt that I was part of the problem, because I’ve not beed part of any solution. But I realize that I must first be strong for myself, then for my world.

#42 phinny on 05.22.12 at 10:26 pm
Sheesh, Aggy. Do what you can to get out.
No amount of debt, no amount of owing, is worth the life of anyone. It’s just money. A pretty abstract idea, really. Shutting her down, so to speak, because of ‘embarrassment’ or ‘shame’ at a contractual obligation is NOT an option. Try and pay the debt, but if you can’t, hey, c’est la vie…
In this Country, you won’t starve. You won’t freeze in an alley. We have no debtor’s prison. Getting into a financial mess- it happens. Join the club.
> Thank you, phinny… it’s starting to feel like an honour to join this club. It seems to be comprised of such very ‘real’ people… people who don’t put blinders on to reality. I have no other debt, so I’m hoping that the shortfall when I sell won’t be too bad and that I can pay it off quickly.

#43 phinny on 05.22.12 at 10:27 pm
I mean ‘do what you can to get out of that condo, but not THAT’…
:) You’re sweet. Even being real on THAT subject :))

#44 Narrowgate on 05.22.12 at 10:31 pm
Don’t lose hope Aggy. Things look dark now but it WILL get better. Yes, we all make mistakes, still kicking myself for mine but in truth, all is well. Don’t lose hope. It’s just money and you can’t take it with you. Shame on the corrupt system (realtors, bankers, government leaders) for cooking up this mess many thousands of Canadians are in. You are not alone. Sort this mess out and this too shall pass.
>Thank you so much for your encouragement, Narrowgate. I’m glad all is well, despite the mistakes, and it’s so lovely — strange word choice, but apt — to know I’m not alone in this mess. I’ve been so dizzy and unable to focus, and this blog — bless Garth again — is helping the fog to lift, and I’m taking solid actions. Still have some decisions to make.

#48 blase on 05.22.12 at 10:35 pm
In the vain of bidding wars that some realtors have embraced for years, how about sellers in distressed markets start having closed bids from realtors on their commission? I’m sure desperation will allow a seller to get a heck of deal on realtor fees.
>Blase… I don’t want to shortchange anyone their legitimate fees, but that’s an interesting concept.

#54 Jim Lahey, Sunnyvale Trailer Park Supervisor on 05.22.12 at 10:45 pm
Aggie, life may have given you a good kick in the backside for the time being but tomorrow is another day and checking out is not a noble option.
> Hi Jim — I’ve had some pretty major personal kicks in the backside, and sad losses , and even in this current situation I never considered THAT as an option. Trouble was, I’d have these uninvited flashes, sort of like visions, of me driving into a concrete wall or lying under a bundle of blankets on the sidewalk and not waking up. I’d have uninvited feelings like, what’s the point of living. But, thankfully, no plans. I did start getting scared that I might in a moment of weakness seize an opportunity if presented with one.

You have family to think about.
> You see, my idiot situation is not about a mortgage, it’s not about property value, and it’s not about family, yet it’s all of these. It was when I was being excluded from family-type events with my kids and grandkids that the worst thoughts would overwhelm me, when they preferred not to come to my place because it’s too small, now that there are four anklebiters :)) My place is bigger than what I need for just me, but too small for big family dinners. When I bought it, my kids were coming around more often — the first grandchild was just on the horizon. Since then, it was more convenient for them to host things at their own homes. Trouble is, since their dad remarried, I’m not allowed to be there when he’s there. Besides, all the other grandparents and inlays are couples, and none of us, including me, is comfortable with me as a single woman. Another mistake, not thinking of these things ahead of time.

You do not live in a vacuum. I often think of those I have known over the years who died of cancer and wanted more than anything to live and spend more time with their families.
> We’ve all lost too many loved ones. I helped my sister fight cancer for three years, till she lost the battle at age 33. I inherited her son at age 12. My dad died 2 months after she did, of a major stroke. etc etc. It’s actually my dad that set the strongest lesson — he worked hard and tried to please everyone, and died a month before his 65th birthday and retirement.

You can get through this as others on this blog have kindly pointed out. Make your family your main focus, follow the bearded oracle’s advice and move on. Learn from past mistakes and try not to repeat them.
> This blog and the people are amazing. And I will keep your words as a mantra. Thank you.

Hell, watch an episode of Trailer Park Boys for a laugh. If these misfits in Sunnyvale can make it, anyone can. Sorry, have to go. I hear the sirens. I think Ricky is up to no good again…
> Now there’s one goal I shall take on: to try to understand humour shows. I don’t even have cable, because I never watch TV and never get the jokes. My kids always teased me, because I’d sit there with a blank expression while they cracked up. Then they’d wait, because they’d get a second laugh when, after a few seconds or minutes, the light would come on and I’d finally laugh ;=))

#56 99% on 05.22.12 at 10:53 pm
Aggy – don’t despair. You must have a huge conscience and good morals. Many people wouldn’t think twice about declaring bankruptcy Chapter 11 and walking away after they charge up more on credit first, then go and find a place to rent. No matter what you do, I think that you need to look after yourself first.
> 99%, I appreciate that validation more than you can imagine. It’s taken me almost 6 decades to really believe that I need to look after me first. Well, maybe not first, but to believe that I can make decisions for myself, and they don’t have to be what my most forceful influences (whether loving family or brainwashed society) want them to be.

#59 Harry Palms on 05.22.12 at 11:09 pm
#23 Pr on 05.22.12 at 9:41 pm
Aggi read this:
This is WRONG! Dont shout your self in the foot, the commission is to make a ARMY, of thousands, of Realtors, working for you. So put the best commission out their and watch them coming at you…first……
Doubting it. This may have worked in the days before MLS and others were online for anyone to browse and search.
With this newfangled interweb thingee, the average buyer is probably searching the neighbourhoods they want to be in, and cherry-picking the listings that are priced within their budgets. It’s not like the old days where the agent had a helluva lot of control over what you even knew was for sale.
In my only purchase five years ago, my own agent found one house to show me for every one I found and asked to see. I even found the one I ended up buying………let me assure you that I didn’t give a rat’s ass what the commission was on any of my finds!
Furthermore, you can still practice your theory, and negotiate a break. One successful realtor I know will shave his commission significantly, but still give a full cut to the purchaser’s agent.
-He gets it back on the buy transaction anyway,
-Can price a little more aggressively, and still get the vendor what they need,
-He ends up with a ‘happy’ client, and whatever referrals may go with that,
Moral is there’s lots of realtors, and some of them will fight for business. You can negotiate the contract.
>Thanks to both of you, Harry Palms and Pr… I’ll aim for the middle ground. A realtor pointed out to me that they carry huge error and omissions insurance policies, so that’s one good reason to use a realtor and pay a decent commission, besides paying for their efforts in selling my home!

#60 Harlee on 05.22.12 at 11:16 pm

“..the ultimate out…”
Yes,I guess it is,but it is also a selfish way to think especially since Aggy has children and grandkids. We’ve all dug holes for ourselves sometimes in our lives but what is important is how we get ourselves out of them. And kill yourself for what – a lousy condo ? I can sort of understand wanting to own a house…but what is it anyway about wanting to own and live in a condo ?
> I have to smile, Harlee, because I can see you puzzling all this out in your mind. Bottom line is, we can never really understand another person, especially not through a few words we’ve read about them. I had only ever lived in a house all my life until the end of my first marriage, when I moved into a townhouse in a co-op for decade. It was great for raising the kids, generally a mutually supportive little community, and the units were still built with space around them, nice little backyards with room for a wee garden, and lots of common area for the kids to play in. Fast forward to when it was just me, broke and broken like it says, a house was out of my reach financially, plus I didn’t have all the stuff and strength and skill and time and money needed for proper maintenance. As it is, I had to buy pretty far away from where my work was, just to be ‘affordable’. Plus it kept me closer to my kids.

I mean,I really don’t understand it. It’s not a rhetorical question. The condo buildings they built here in Saskatoon years ago were kind of nice,especially along the river.They had some “style”.I went to the odd showing and thought they were interesting,but in the end decided they weren’t my thing and didn’t buy. Now the ones they build are down right ugly and small (same as in any city these days).
> Mine is actually quite nice, a 20-year-old building, with a decent-sized deck and beautiful gardens maintained voluntarily by one lady who’s lived here from the start.

Take Garth’s advice Aggy and get out while you can,even at a loss,because it ain’t gonna get better anytime soon. Sad, but true…
> This, I now fully believe, thanks to all of you who post here on Garth’s blogs. And sad is right. I suspect that my story in the long run will not be nearly as sad as many yet to come.

#61 Karie on 05.22.12 at 11:19 pm
Aggi, I’m so sorry you’re feeling down right now but you’ve got the most important thing in life #1 – health. 2nd most important thing is relationships.
So you have to take a little loss on the condo, sounds like it’s too much for you and your job is adding to that stress. We bought a small 2 bedroom, 1 bath house when everyone else we knew were buying brand new 3 bedroom 2 1/2 bath houses and it gave us so much breathing room financially.
You could simplify, simplify, simplify. Get a less stressful job. Work at Starbucks if you want! You don’t have dependent children anymore, you have so many choices on how you want to live your life! Best wishes to you!
> You spoke from your heart straight to mine. Thank you Karie, big time.

#62 OwlEyes on 05.22.12 at 11:20 pm
Juxtaposing the story above with the story on this link just leaves me lost for words.
http://ca.finance.yahoo.com/news/toronto-condo-boom-being-fueled-131100802.html
> OwlEyes, thanks for offering balance. I can imagine that the two stories don’t jive for you, especially if you do all your learning about people and situations by reading. I know people from both sides.

#63 Canadian Watchdog on 05.22.12 at 11:32 pm
#62 OwlEyes
That’s what happens when woman watch too much Sex in the City. It should have been called Debt Slaves in the City.
> smile. I don’t watch tv.

#64 2centsCdn on 05.22.12 at 11:38 pm
Within the next 3 years there’re going to be tens of thousands (maybe hundreds of thousands) of people in Aggy’s situation. Hard to believe that in this day and age, with all of our “knowledge” and resources and after working our butts off for 20, 30 or 40 years, one can have negative net worth. But expensive to operate, heavily financed and leveraged depreciating assets (bought with increasing interest rate loans) will easily do that to someone.
In the near future, the homeless guy you walk by on the street will be worth tens or hundreds of thousands more than many Canadians (he’s got $0 not counting what’s in his cup). And at least he owns his cardboard box outright. Ever notice most sleep better than the rest of us too? hmmmm who’s the dummy?
> brilliant summary and insight, 2centsCdn. I get anxious for my kids as well, home ‘owners,’ both of them. I have NEVER liked the concept of credit. I mean, back in the day when I was a waitress and someone didn’t have money for coffee, I’d pour them a coffee and say, drop off the quarter tomorrow. Was coffee ever a quarter? 50 for a small, 70 for a large suddenly flashed into my memory… oops, I’m off track… ;) You folks are cheering me up immensely!!

#67 Dylan on 05.22.12 at 11:47 pm
After reading these posts for the last two years I’ve noticed more anecdotes of people about to lose everything because of real estate. I think the tide has turned and more people are ready to admit it.
> I couldn’t admit to anyone except a couple of woman friends, but not to family or colleagues. Funny, this blog had me crying at my desk at work today, so now a few folks there know about it, and it prompted some interesting conversations — like the one fellow who hadn’t heard of this blog and felt validated when he read a couple posts today, as he’s been resisting family and peer pressure, holding off buying his first home, having had a sense of all this coming down.

#74 Kaganovich on 05.23.12 at 12:05 am
Aggy
Hitting bottom is never fun, but it sounds as if you’re already back on your way up. Besides, your mistakes will look like a minor miscalculation compared to alot of other individuals’ catastrophic wagers……the latter just don’t want to face up to them yet and you already have. You are ahead in this respect.
> Kaganovich, thank you from the ‘bottom’ of my heart for speaking with ‘respect’ about my idiocy. It feels good to be able to speak openly about my mistakes and options for recovering from them. That dark overwhelming feeling of having messed up, without knowing exactly how or why, or what to do about it, is dissipating. Shining light into the darkness makes it less scary :)

#75 Not 1st on 05.23.12 at 12:08 am
This person wants more than to get out of a condo. They want to get out of their job too with no retirement prospects, a condo mortgage and at age 58 to boot.
This is a time where I suggest this person really consider being a part-time ex-pat in Costa Rica or Philippines or something where its dirt cheap to live and money goes a long way. Otherwise, you will never retire or fully get out in Canada, except in a pine box.
Declare bankrupcy, walk on the condo, stay with your kids part time and move overseas. You will live longer.
> My gosh, a fantasy I’ve been harbouring! To hear it spoken out loud feels almost sacrilegious… that is the scenario of living part-time with my kids and part-time perhaps in an RV or… Costa Rica! My Filipino friends here are lovely people, but their country is not a free place. People can’t speak their true minds, not even within their homes. I can’t declare bankruptcy because I have a good job, although I have the sense that when the current projects are done in about a year, the job will end.

#78 Timing is Everything on 05.23.12 at 12:11 am
#54 Jim Lahey, Sunnyvale Trailer Park Supervisor – You do not live in a vacuum….
Well now. That would suck. > :)
————————————————
Aggy…Just 4 U…
http://tinyurl.com/d5qmgdn
> I was just explaining to someone the other day how I never could ‘get’ the humour in Monty Python films… and I LOVED this, thanks Timing is All! :))

#79 Baba on 05.23.12 at 12:36 am
Ok Aggy, you’ve really got me curious. Your sad predicament aside, I can’t begin to imagine how you could’ve purchased a condo for under $250k in Vancouver in 2007. Is this under 400sf or in the outskirts of the Lower Mainland? Can’t possibly be in Vancouver proper. Any detail to satisfy my curiosity itch?
> You’re right, it’s in Metro Vancouver, to the east

Sorry, no plans to buy.
> haha, thanks for at least thinking of it!

#196 Aggie on 05.25.12 at 7:02 am

Wow. I’ve only gotten through part of the list, and I want to say think you, Garth and gang, I know now that I will be okay. I’m spending the 500 on kitchen lino, having painted not too long ago. The realtor is coming on Saturday, and he’s going to help me, I’m sure of it. The mortgage has been extended for just two weeks, but we’ll talk again after I’ve met with the realtor. My oh my. I feel at least that the confusion is lifting.
Here are my replies to some of the posters.. hope it’s not too long! And I want to add more… tomorrow!

@10 Dan in Victoria on 05.22.12 at 8:58 pm
Oh Aggy don’t do that.
It’s only money, take Garths advice get out now.
I’ve been down and out before its not fun I know.
You still have your health, family and friends thats more important.
I think a lot of us that post here try to help people think about what they are doing / whats going on.
Thats why I post about construction and what to look for, hopefully someone like Aggy will read it and say “Hey I remember reading about that on Garths blog better take a look”
Man that saved us a lot of grief…..
I care Aggy, get this dealt with and let us know.
Good Luck.
Thank you, Dan. When the student is ready, the teacher appears… even if the teacher was there all along. I’ve never been allowed to be down and out… my mother, sisters, husband (x2), friends, kids, and myself… we set expectations of me, and being down and out (i.e., broke) wasn’t an option — it was an unmentionable. Whenever things seemed severely precarious, my mother would rescue me. Bless her, but love can be such an enabler of wrongnesses.

@11 Freedom First on 05.22.12 at 8:59 pm

As with the GFC, the bubbles world wide were helped to be blown up until bursting house horny couples into smithereens. Governments, Financial institutions, the whole Real Estate Industry aided and abetted the Aggies and house horny couples into oblivion. Unfortunately, the taxpayers of the world also get screwed, and the aiders and abetters get the rewards……well, for now:)……to be continued…..
> I was never house horny, just needed a place to live, and much as I didn’t want to own a home all by myself, the expectation in my family clear: my parents did not raise renters. We are hard-working, no frills people with a lot of expectations and rules. I was never strong enough to break free from that upbringing.

@13 Chris on 05.22.12 at 9:06 pm
Aggy, we all make mistakes. But it’s what happens next, that separates the smart from the stupid – The stupid ones worship their mistakes, instead of reversing them. You’re obviously not that type, you’ll come thru. Good luck.
> Thank you, Chris. I am breaking a deeply engrained set of expectations by admitting my error, ‘giving up’ instead of fighting… etc etc. Your words echoed in my mind all day, since first realizing that I had become the subject of Garth’s blog. I’ll come thru this, stay strong at risk of upsetting my family.

@25 TurnerNation on 05.22.12 at 9:51 pm
Can she not renew mortgage at any cost?
Would mortgage, taxes, strata still exceed comparable rent for similar unit?
>My goal is to rent a small room or suite until I’ve paid off whatever debt I’ll have on the other side of this experience, and then buy an RV to live in. I have places I can park it, and who knows, maybe the day will come when I can finally finish exploring Canada.

@26 JSS on 05.22.12 at 9:53 pm
Very sad state of affairs for this woman.
I hope she will make it out alive.
>I will!

@35 Wes coast on 05.22.12 at 10:06 pm
Aggy, so many people died today in Syria, Afghanistan, Iraq and other unstable places in our world. Condos, money, status, these bs measures of our success – all irrelevant. You have life that others dream of inspite of the problems.
Colonel Sanders went bankrupt in his 60s only to start KFC and succeed. Read ‘Think and grow rich’ great book. Stay positive.
There is a really cool progressive church on Georgia http://www.coastalchurch.Org 1160 with Georgia. There is nothing wrong with feeling drastic change is needed. Just do it for the positive.
Lastly, if ever you feel you can’t handle things on your own call 911. Your not alone. This city is fantastic not for its shit condos but for its caring people. You can turn this puppy around to your benefit and safe to say, we’re all cheering for you!
> Thank you so much, Wes. I’ve been increasingly aware of the horrific state of affairs in our world, and in my darkest hours, felt that I was part of the problem, because I’ve not beed part of any solution. But I realize that I must first be strong for myself, then for my world.

@42 phinny on 05.22.12 at 10:26 pm
Sheesh, Aggy. Do what you can to get out.
No amount of debt, no amount of owing, is worth the life of anyone. It’s just money. A pretty abstract idea, really. Shutting her down, so to speak, because of ‘embarrassment’ or ‘shame’ at a contractual obligation is NOT an option. Try and pay the debt, but if you can’t, hey, c’est la vie…
In this Country, you won’t starve. You won’t freeze in an alley. We have no debtor’s prison. Getting into a financial mess- it happens. Join the club.
> Thank you, phinny… it’s starting to feel like an honour to join this club. It seems to be comprised of such very ‘real’ people… people who don’t put blinders on to reality. I have no other debt, so I’m hoping that the shortfall when I sell won’t be too bad and that I can pay it off quickly.

@43 phinny on 05.22.12 at 10:27 pm
I mean ‘do what you can to get out of that condo, but not THAT’…
:) You’re sweet. Even being real on THAT subject :))

@44 Narrowgate on 05.22.12 at 10:31 pm
Don’t lose hope Aggy. Things look dark now but it WILL get better. Yes, we all make mistakes, still kicking myself for mine but in truth, all is well. Don’t lose hope. It’s just money and you can’t take it with you. Shame on the corrupt system (realtors, bankers, government leaders) for cooking up this mess many thousands of Canadians are in. You are not alone. Sort this mess out and this too shall pass.
>Thank you so much for your encouragement, Narrowgate. I’m glad all is well, despite the mistakes, and it’s so lovely — strange word choice, but apt — to know I’m not alone in this mess. I’ve been so dizzy and unable to focus, and this blog — bless Garth again — is helping the fog to lift, and I’m taking solid actions. Still have some decisions to make.

@48 blase on 05.22.12 at 10:35 pm
In the vain of bidding wars that some realtors have embraced for years, how about sellers in distressed markets start having closed bids from realtors on their commission? I’m sure desperation will allow a seller to get a heck of deal on realtor fees.
>Blase… I don’t want to shortchange anyone their legitimate fees, but that’s an interesting concept.

@54 Jim Lahey, Sunnyvale Trailer Park Supervisor on 05.22.12 at 10:45 pm
Aggie, life may have given you a good kick in the backside for the time being but tomorrow is another day and checking out is not a noble option.
> Hi Jim — I’ve had some pretty major personal kicks in the backside, and sad losses , and even in this current situation I never considered THAT as an option. Trouble was, I’d have these uninvited flashes, sort of like visions, of me driving into a concrete wall or lying under a bundle of blankets on the sidewalk and not waking up. I’d have uninvited feelings like, what’s the point of living. But, thankfully, no plans. I did start getting scared that I might in a moment of weakness seize an opportunity if presented with one.

You have family to think about.
> You see, my idiot situation is not about a mortgage, it’s not about property value, and it’s not about family, yet it’s all of these. It was when I was being excluded from family-type events with my kids and grandkids that the worst thoughts would overwhelm me, when they preferred not to come to my place because it’s too small, now that there are four anklebiters :)) My place is bigger than what I need for just me, but too small for big family dinners. When I bought it, my kids were coming around more often — the first grandchild was just on the horizon. Since then, it was more convenient for them to host things at their own homes. Trouble is, since their dad remarried, I’m not allowed to be there when he’s there. Besides, all the other grandparents and inlays are couples, and none of us, including me, is comfortable with me as a single woman. Another mistake, not thinking of these things ahead of time.

You do not live in a vacuum. I often think of those I have known over the years who died of cancer and wanted more than anything to live and spend more time with their families.
> We’ve all lost too many loved ones. I helped my sister fight cancer for three years, till she lost the battle at age 33. I inherited her son at age 12. My dad died 2 months after she did, of a major stroke. etc etc. It’s actually my dad that set the strongest lesson — he worked hard and tried to please everyone, and died a month before his 65th birthday and retirement.

You can get through this as others on this blog have kindly pointed out. Make your family your main focus, follow the bearded oracle’s advice and move on. Learn from past mistakes and try not to repeat them.
> This blog and the people are amazing. And I will keep your words as a mantra. Thank you.

Hell, watch an episode of Trailer Park Boys for a laugh. If these misfits in Sunnyvale can make it, anyone can. Sorry, have to go. I hear the sirens. I think Ricky is up to no good again…
> Now there’s one goal I shall take on: to try to understand humour shows. I don’t even have cable, because I never watch TV and never get the jokes. My kids always teased me, because I’d sit there with a blank expression while they cracked up. Then they’d wait, because they’d get a second laugh when, after a few seconds or minutes, the light would come on and I’d finally laugh ;=))

@56 99% on 05.22.12 at 10:53 pm
Aggy – don’t despair. You must have a huge conscience and good morals. Many people wouldn’t think twice about declaring bankruptcy Chapter 11 and walking away after they charge up more on credit first, then go and find a place to rent. No matter what you do, I think that you need to look after yourself first.
> 99%, I appreciate that validation more than you can imagine. It’s taken me almost 6 decades to really believe that I need to look after me first. Well, maybe not first, but to believe that I can make decisions for myself, and they don’t have to be what my most forceful influences (whether loving family or brainwashed society) want them to be.

@59 Harry Palms on 05.22.12 at 11:09 pm
@23 Pr on 05.22.12 at 9:41 pm
Aggi read this:
This is WRONG! Dont shout your self in the foot, the commission is to make a ARMY, of thousands, of Realtors, working for you. So put the best commission out their and watch them coming at you…first……
Doubting it. This may have worked in the days before MLS and others were online for anyone to browse and search.
With this newfangled interweb thingee, the average buyer is probably searching the neighbourhoods they want to be in, and cherry-picking the listings that are priced within their budgets. It’s not like the old days where the agent had a helluva lot of control over what you even knew was for sale.
In my only purchase five years ago, my own agent found one house to show me for every one I found and asked to see. I even found the one I ended up buying………let me assure you that I didn’t give a rat’s ass what the commission was on any of my finds!
Furthermore, you can still practice your theory, and negotiate a break. One successful realtor I know will shave his commission significantly, but still give a full cut to the purchaser’s agent.
-He gets it back on the buy transaction anyway,
-Can price a little more aggressively, and still get the vendor what they need,
-He ends up with a ‘happy’ client, and whatever referrals may go with that,
Moral is there’s lots of realtors, and some of them will fight for business. You can negotiate the contract.
>Thanks to both of you, Harry Palms and Pr… I’ll aim for the middle ground. A realtor pointed out to me that they carry huge error and omissions insurance policies, so that’s one good reason to use a realtor and pay a decent commission, besides paying for their efforts in selling my home!

@60 Harlee on 05.22.12 at 11:16 pm

“..the ultimate out…”
Yes,I guess it is,but it is also a selfish way to think especially since Aggy has children and grandkids. We’ve all dug holes for ourselves sometimes in our lives but what is important is how we get ourselves out of them. And kill yourself for what – a lousy condo ? I can sort of understand wanting to own a house…but what is it anyway about wanting to own and live in a condo ?
> I have to smile, Harlee, because I can see you puzzling all this out in your mind. Bottom line is, we can never really understand another person, especially not through a few words we’ve read about them. I had only ever lived in a house all my life until the end of my first marriage, when I moved into a townhouse in a co-op for decade. It was great for raising the kids, generally a mutually supportive little community, and the units were still built with space around them, nice little backyards with room for a wee garden, and lots of common area for the kids to play in. Fast forward to when it was just me, broke and broken like it says, a house was out of my reach financially, plus I didn’t have all the stuff and strength and skill and time and money needed for proper maintenance. As it is, I had to buy pretty far away from where my work was, just to be ‘affordable’. Plus it kept me closer to my kids.

I mean,I really don’t understand it. It’s not a rhetorical question. The condo buildings they built here in Saskatoon years ago were kind of nice,especially along the river.They had some “style”.I went to the odd showing and thought they were interesting,but in the end decided they weren’t my thing and didn’t buy. Now the ones they build are down right ugly and small (same as in any city these days).
> Mine is actually quite nice, a 20-year-old building, with a decent-sized deck and beautiful gardens maintained voluntarily by one lady who’s lived here from the start.

Take Garth’s advice Aggy and get out while you can,even at a loss,because it ain’t gonna get better anytime soon. Sad, but true…
> This, I now fully believe, thanks to all of you who post here on Garth’s blogs. And sad is right. I suspect that my story in the long run will not be nearly as sad as many yet to come.

@61 Karie on 05.22.12 at 11:19 pm
Aggi, I’m so sorry you’re feeling down right now but you’ve got the most important thing in life @1 – health. 2nd most important thing is relationships.
So you have to take a little loss on the condo, sounds like it’s too much for you and your job is adding to that stress. We bought a small 2 bedroom, 1 bath house when everyone else we knew were buying brand new 3 bedroom 2 1/2 bath houses and it gave us so much breathing room financially.
You could simplify, simplify, simplify. Get a less stressful job. Work at Starbucks if you want! You don’t have dependent children anymore, you have so many choices on how you want to live your life! Best wishes to you!
> You spoke from your heart straight to mine. Thank you Karie, big time.

@62 OwlEyes on 05.22.12 at 11:20 pm
Juxtaposing the story above with the story on this link just leaves me lost for words.
http://ca.finance.yahoo.com/news/toronto-condo-boom-being-fueled-131100802.html
> OwlEyes, thanks for offering balance. I can imagine that the two stories don’t jive for you, especially if you do all your learning about people and situations by reading. I know people from both sides.

@63 Canadian Watchdog on 05.22.12 at 11:32 pm
@62 OwlEyes
That’s what happens when woman watch too much Sex in the City. It should have been called Debt Slaves in the City.
> smile. I don’t watch tv.

@64 2centsCdn on 05.22.12 at 11:38 pm
Within the next 3 years there’re going to be tens of thousands (maybe hundreds of thousands) of people in Aggy’s situation. Hard to believe that in this day and age, with all of our “knowledge” and resources and after working our butts off for 20, 30 or 40 years, one can have negative net worth. But expensive to operate, heavily financed and leveraged depreciating assets (bought with increasing interest rate loans) will easily do that to someone.
In the near future, the homeless guy you walk by on the street will be worth tens or hundreds of thousands more than many Canadians (he’s got $0 not counting what’s in his cup). And at least he owns his cardboard box outright. Ever notice most sleep better than the rest of us too? hmmmm who’s the dummy?
> brilliant summary and insight, 2centsCdn. I get anxious for my kids as well, home ‘owners,’ both of them. I have NEVER liked the concept of credit. I mean, back in the day when I was a waitress and someone didn’t have money for coffee, I’d pour them a coffee and say, drop off the quarter tomorrow. Was coffee ever a quarter? 50 for a small, 70 for a large suddenly flashed into my memory… oops, I’m off track… ;) You folks are cheering me up immensely!!

@67 Dylan on 05.22.12 at 11:47 pm
After reading these posts for the last two years I’ve noticed more anecdotes of people about to lose everything because of real estate. I think the tide has turned and more people are ready to admit it.
> I couldn’t admit to anyone except a couple of woman friends, but not to family or colleagues. Funny, this blog had me crying at my desk at work today, so now a few folks there know about it, and it prompted some interesting conversations — like the one fellow who hadn’t heard of this blog and felt validated when he read a couple posts today, as he’s been resisting family and peer pressure, holding off buying his first home, having had a sense of all this coming down.

@74 Kaganovich on 05.23.12 at 12:05 am
Aggy
Hitting bottom is never fun, but it sounds as if you’re already back on your way up. Besides, your mistakes will look like a minor miscalculation compared to alot of other individuals’ catastrophic wagers……the latter just don’t want to face up to them yet and you already have. You are ahead in this respect.
> Kaganovich, thank you from the ‘bottom’ of my heart for speaking with ‘respect’ about my idiocy. It feels good to be able to speak openly about my mistakes and options for recovering from them. That dark overwhelming feeling of having messed up, without knowing exactly how or why, or what to do about it, is dissipating. Shining light into the darkness makes it less scary :)

@75 Not 1st on 05.23.12 at 12:08 am
This person wants more than to get out of a condo. They want to get out of their job too with no retirement prospects, a condo mortgage and at age 58 to boot.
This is a time where I suggest this person really consider being a part-time ex-pat in Costa Rica or Philippines or something where its dirt cheap to live and money goes a long way. Otherwise, you will never retire or fully get out in Canada, except in a pine box.
Declare bankrupcy, walk on the condo, stay with your kids part time and move overseas. You will live longer.
> My gosh, a fantasy I’ve been harbouring! To hear it spoken out loud feels almost sacrilegious… that is the scenario of living part-time with my kids and part-time perhaps in an RV or… Costa Rica! My Filipino friends here are lovely people, but their country is not a free place. People can’t speak their true minds, not even within their homes. I can’t declare bankruptcy because I have a good job, although I have the sense that when the current projects are done in about a year, the job will end.

@78 Timing is Everything on 05.23.12 at 12:11 am
@54 Jim Lahey, Sunnyvale Trailer Park Supervisor – You do not live in a vacuum….
Well now. That would suck. > :)
————————————————
Aggy…Just 4 U…
http://tinyurl.com/d5qmgdn
> I was just explaining to someone the other day how I never could ‘get’ the humour in Monty Python films… and I LOVED this, thanks Timing is All! :))

@79 Baba on 05.23.12 at 12:36 am
Ok Aggy, you’ve really got me curious. Your sad predicament aside, I can’t begin to imagine how you could’ve purchased a condo for under $250k in Vancouver in 2007. Is this under 400sf or in the outskirts of the Lower Mainland? Can’t possibly be in Vancouver proper. Any detail to satisfy my curiosity itch?
> You’re right, it’s in Metro Vancouver, to the east

Sorry, no plans to buy.
> haha, thanks for at least thinking of it!

#197 Aggie on 05.25.12 at 10:44 am

Oops, sorry, I was up a tad too late writing these replies. I thought the first one had disappeared, so I’d pasted it in again, copied from a text file. Please delete one of the duplicates! Just the ‘intro’ is different, with a think instead of a thank in the second one… and if the whole reply is way too long, then I guess you’d better delete them both. I still want to reply to a few others, at bedtime tonight, possibly. I might be too sleepy tho!