Contain yourself

“It’s a sad day,” says Geoff, “as a friend of mine just had his offer to purchase a $400,000 condo accepted. He is a freelancer with stated income only. He lives with his wife and I am not sure what she does but it doesn’t really matter because she’s on maternity leave for a year. Between the two of them using savings and family gifts they managed to put down 20%.

“So to recap the situation he has a new baby coming, a wife on mat leave, no guaranteed income but as far as I know he is good at his job and isn’t worried, and he now has no savings in case the S.H.T.F during the next twelve months his wife is on mat leave. I’m not a religious man but I feel like saying a prayer for him now.”

Remember these words. I’ll come back to them in a moment.

Before that, a true story from one of the trendy hoods of central Toronto. On these streets, geriatric bungalows go for lot value (about $800,000), and skinny new builds (30 feet wide) start at a million. Nancy and Ted just bought one for $1.49 million in a bidding war with four other couples.

“It was the worst night of my entire life,” she says. “We sat in the agent’s car outside, because we were told we might be called in. It was like waiting for a damn puff of white smoke from the Vatican.”

(Editor’s note: OK, that’s two religious references in one blog. And nothing about hormones or glands. Like, knock it off.)

Anyway, they got the house after the seller, some snotty woman who looked 28 and said she was a lawyer, demanded an extra $42,000 – and their offer was already $86,000 over the asking price. Nancy refused, so they settled for an additional $15,000.

“I was wondering why this person was such a bitch,” Nancy says, “because naturally you’d think you’d be nice to somebody who was giving you all this money. But then when our lawyer did the title search he found she’d paid $1.3 million for it three years ago, and took out a mortgage for $1,275,000. I’d be a bitch, too, if I had just 2% equity!”

Real estate bulls will say the hottie lawyer was a genius, leveraging a $25,000 downpayment into a $149,000 tax-free capital gain over three years. But closing costs in Toronto (there’s double land transfer tax) would have been about $60,000 on that property, which means she had $85,000 in the game. And the sale proceeds, after commission (5%) and staging, are actually just $64,500. And to earn this, she made three years of mortgage payments at $5,513 a month, plus paid $9,000 a year in property tax.

So, the occupancy costs were $225,468 for a three-year stay, plus $85,000 invested. Which equals a little over $8,600 a month. At the end of it, she earned $137,000 in equity, plus $64,500 in capital gains. That totals $201,841, on an expenditure of $310,468. It’s a 35% loss.

This is why we have lawyers. To amuse us. It’s also why you should never get too horny about what the real estate industry tells you, which happened again some hours ago, as CREA released its newest sexy invention, the MLS Home Price Index. As I told you when this frankenumber was created months ago, it’s the realtors’ way of keeping civilians from knowing what’s actually happening in a market. Because it’s an index, and not an actual statistic (such as an average or median), it’s only value is as a measure against a benchmark – which happens to be itself.

Of course that does not stop the numbies in the media from totally misunderstanding the situation, which was exactly the intention.

Here is what CREA reported:

The MLS Home Price Index was up 5.2 per cent in April compared with the same month last year. Toronto had the biggest increase among the country’s major markets, with a 7.9-per-cent hike – ahead of second-place Calgary at 4 per cent.  On a month-to-month basis, the overall index stood at 154.7 at the end of April, up 1.18 percentage points from February.

Here is what the Calgary Herald reported:

CALGARY — Calgary posted the second highest year-over-year gain in home prices in April, according to the MLS Home Price Index released Friday by the Canadian Real Estate Association. The index in the city rose by 4.02 per cent in April from a year ago, behind Greater Toronto, which saw a hike of 7.85 per cent.Greater Vancouver saw an increase of 3.69 per cent followed by the lower Mainland, 3.43 per cent, the Fraser Valley, 2.73 per cent, and Greater Montreal, 2.3 per cent.

See what I mean? Prices did not necessarily increase. The index increased. In fact, when you look at Vancouver – where sales are down 20% this year and the average home price has slumped 9.8% – CREA claims its ‘indexed’ price is ahead 3.69%.

Worse, consider Geoff’s friend and Nancy’s new house. Real estate ‘gains’ often come at an awesome social price. Society’s obsession with housing porn leads people without money to buy properties and assume staggering personal risk. This has been facilitated by lenders who give loans to people with stated income, dodgy jobs and workless spouses, or rank speckers gaming the system with 98% leverage.

We all know what’s going to happen.

Hell, even the CEOs now get it. HSBC’s Canadian chief executive Lindsay Gordon was scrummed after a speech on Friday.

“Nobody knows what a bubble is until it’s burst,” he said. “I think the increase in prices in housing in Toronto and Vancouver is not sustainable.”

(Editor’s note: OK, you can pray now.)

234 comments ↓

#1 Josef on 05.25.12 at 9:10 pm

First!!! OH YEAH BABY!!! YEAH!!!

Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth

#2 george on 05.25.12 at 9:12 pm

“We now live in a world where deflation has become public enemy number one. In this current economic environment, governments seek a condition of perpetual inflation in order to maintain the illusion of prosperity in the developed world. But in reality, deflation is the free-market approach to rectify a secular period of superfluous money supply growth, debt accumulation and asset price appreciation.”

“The plain truth is that the current debt levels, carried by the developed world, demand a period of massive deleveraging to occur. A healthy and cathartic period of deflation is needed; where asset prices fall, money supply shrinks and debt levels are reduced to a level that can be supported by the free market. This is the only viable answer for various nations struggling with solvency.

However, the return journey from rampant inflation and asset bubbles always carries insolvency and defaults along for the ride. Defaulting on debt is deflationary in nature and restructuring your liabilities is the only choice when you owe more money than you can pay back.

The prevalent idea among heads of state and central banks is that a country can borrow and print more money in order to eliminate the problems caused by too much debt and inflation. But more inflation can never be the cure for rising prices and piling on more debt can’t solve a condition of insolvency.”

Deflation Isn’t the Enemy

#3 phinny on 05.25.12 at 9:18 pm

I was scratching my head, this morning, reading FP and trying to figure out what they meant by the Home Price Index.

Right, this was discussed months ago. Frankenumber.

#4 Jon B on 05.25.12 at 9:21 pm

I get the feeling this is going to be one long drawn-out slow-motion housing correction.

#5 Ayn Rand on 05.25.12 at 9:22 pm

Title searches on properties are a neat thing to do – for those nasty neighbours so you can learn all their financial secrets.

#6 SafetyBear on 05.25.12 at 9:23 pm

Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth

In the context of all the religious references above I say “Amen to that”

#7 Herb on 05.25.12 at 9:26 pm

Don’t put up pictures like that and expect me to contain myself. Remember my age, Garth!

#8 T.O. Bubble Boy on 05.25.12 at 9:32 pm

Wait – but Garth says not to buy indexes (broad ETFs)… apparently the CREA indexes always do better than real prices…. so confusing!

#9 Brooks on 05.25.12 at 9:33 pm

That picture has four bubbles ready to burst.

And a tongue. — Garth

#10 Josef on 05.25.12 at 9:33 pm

Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth

I guess that Second, Third etc. are still fair game?

#11 GrimWeeper on 05.25.12 at 9:37 pm

My prayers to Blog Gods have finally been answered. No more annoying “first” comments from the likes of Josef and his ilk. Thanks Garth.

#12 Seven Stars and Orion on 05.25.12 at 9:38 pm

CREA is a collection of jankholes.
I challenge anyone to disprove my theory.

#13 Can it be? on 05.25.12 at 9:42 pm

This might be Garth’s best post! I sincerely hope that many who I have told to read the blog read this post. I’ve often suspected that most house flippers are not really making money… But are kidding themselves into thinking they are making long because a spouse is footing most of their bills! So many people living large… But I just don’t buy it… The only people making money are the agents, the lawyers and the government. Interesting times ahead!

#14 Mark W on 05.25.12 at 9:43 pm

http://www.youtube.com/watch?v=fm7v_KwnTJU

#15 Stinky Cheese McGoo on 05.25.12 at 9:46 pm

Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth

OMG – it only took Garth what.. months? years? to get tired of these? Hallelujah! Maybe one of these days he might actually update the comments section to something that allows threaded replies.. Nah, few more years…

#16 Asian Buyer on 05.25.12 at 9:46 pm

DELETED

#17 Bandiguile on 05.25.12 at 9:47 pm

Did anybody noticed the guy behind?

#18 A Fan in Van on 05.25.12 at 9:49 pm

Yes! The last ‘first’! Yeah, baby! YEAH!

#19 Bottoms_Up on 05.25.12 at 9:52 pm

Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth
—————————————————-
HALLELUJAH. HALLELUJAH. Hallelujah….Hallelujah….Halle-AY-Lewel-yaaaaa

#20 T.O. Bubble Boy on 05.25.12 at 10:07 pm

Maclean’s provides some extra details on the Big Banks’ tactic of dumping even low ratio (20%+ equity) mortgages on CMHC over the past few years:

http://www2.macleans.ca/2012/05/24/the-real-canadian-bank-bailout/

CMHC = crappy mortgages hidden cleverly

#21 Westernman on 05.25.12 at 10:09 pm

Herb @ # 7,
Easy now, Herbie, I’m sure it’s been decades for you but as the header says – Try to contain yourself…

#22 Uki on 05.25.12 at 10:09 pm

Garth,

Please leave those “FurstOyaBaby !!!” alone.
You once mentioned otherwise they would be serial killers instead. Its like a therapy for them.

#23 Pr on 05.25.12 at 10:09 pm

When you compare the news with some good INTERNET sources and realize, the old main stream media, filter and manipulate some news, you go to the second phase… Why !

#24 Spiltbongwater on 05.25.12 at 10:15 pm

Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth
The internets is some serious business here.

#25 Furst on 05.25.12 at 10:17 pm

FURSSTTT!! I assume is allowed since it’s not technically first. OH YEAHH!!!!

#26 Keeping the Faith on 05.25.12 at 10:18 pm

‘Firsts’ Gone, next scumbag realtors and mortgage brokers …
“Garth, I think this is the beginning of a beautiful friendship”

#27 TnT on 05.25.12 at 10:20 pm

Anybody else notice the huge increase in listings from Stouffville, Ontario? (GTA suburb). 8 years ago you had 10 minutes to sign the contract to secure a house as they were flying off the shelf. Today you have pick of the litter, over 120 properties to choose from, all built within 10 years, all the same small lots with cheap finishings. More sellers than buyers right now, a scene that will surely make its way to the big city.

#28 ripa on 05.25.12 at 10:22 pm

For the Aussies here who wonder how we got into this mess. Think back 10 years…….
http://www.youtube.com/watch?v=Z2dEM2AIwi4

#29 zeeman on 05.25.12 at 10:40 pm

hi garth

dont kill the first comment…..it takes perfect timing and we all know how hard it is to time something to perfection…..reward them for their efforts….

just wondering, on that real estate transaction for nancy, why didnt her agent check how much the previous owner paid for the house before putting together a offer….

#30 Trailer Park Boys on 05.25.12 at 10:45 pm

Yeah……Well…maybe its just us..

We are thinking of starting a BLOG to warn people about sinking their ASSets ….First born..body parts..Mother-In Law …..whatever….into a single class of investments..like Real Es-teat.

Obviously..no- one else in Canaduh has thought of this..so we are Loch -Nessed and Loaded for the 2013 “Hors d’oevure of Canaduh”.

PEE S : Oh yeah..same 2 – Ewe

#31 Smoking Man on 05.25.12 at 10:50 pm

O my god herb is happy. Wtf

Garth the herd in the GTA will not cave if the market got soft. (Not meant for u herb) the MSM would pump and the 99 precent that take track 6 home will swallow

Sad but true

#32 Gordeaux on 05.25.12 at 10:51 pm

Fiiirrrssst buurrrsssttt!

#33 Narrowgate on 05.25.12 at 10:54 pm

Funny stuff tonight.
What strikes me as sad however is how the wife on mat leave in the first story is cast as a lost income source and how the family’s financial future is threatened because she is not out there working to help pay the bills.
What about the child? And the many children out there not being raised by their own mothers because she has to work outside the home to help pay bills.
Owning an overpriced box with a roof isn’t worth it. It’s sad when we lust over a shelter and put that as a priority over the children we choose to bring into this world.

#34 TurnerNation on 05.25.12 at 10:55 pm

For whom does the Furst Bell toll? :-(

On a more serious note…

A wag reporter asked Garth: Are you a Boomer or Zoomer?

He replied: Neither. A Groomer.

#35 Ex-Cowtown on 05.25.12 at 11:01 pm

I used to follow the Calgary RE stats on a local realtor’s website… up until he changed over to this index BS. Now his #’s are meaningless, ludicrous and fraudulent. And that’s being polite.

The CREA and CREB should be charged under false and misleading advertising legislation. The junk that they are pulling is no different than telling a Bre-X investor that there is gold and it’s worth this much. They profit by their advertising, so they need to be held responsibel for when it is false.

If the CREB and CREA were governed under securities laws the guys running them and cooking the books would be off to the hoosegow.

The safest thing to do is what I’ve done: abandon their websites. Their #’s are worse than meaningless.

#36 Jamaican_Gal on 05.25.12 at 11:07 pm

Trying to muzzle the “Firsters”? Why? It’s just harmless fun. Cho, man! Fiiiiirrrrst! There, now ostracize me!

#37 Squid_Squisher on 05.25.12 at 11:10 pm

I’ve been reading blogs since Al Gore invented the internet, and I must say I’ve never encountered these ‘firsters’ on any other site.

I suppose when greater fools have nothing going for them, they will try to turn any trivial event into a pseudo self-esteem building exercise.

Btw….wouldn’t sexy lawyer have been able to shave some of the closing costs via DIY land titles lawyerin’ stuff?

#38 Can it be? on 05.25.12 at 11:10 pm

In case anyone was wondering what happened to HAM http://m.theglobeandmail.com/news/national/time-to-lead/for-many-indians-the-land-of-opportunity-is-the-land-theyre-going-back-to/article2431478/?service=mobile
Enjoy the read!

#39 joe on 05.25.12 at 11:17 pm

Can anyone clarify how this home price index is calculated? Garth you mentioned CREA uses themselves as a benchmark, what does this mean? Month to date average SFD price in Calgary is $504000 this was the same as the previous recorded peak (under old recording methods) in Jul 2007 of $505000 although I am watching houses sell for prices about 10%off from what I remember in the peak of Jul 07.

#40 Chaddywack on 05.25.12 at 11:20 pm

I’m glad you clarified that ended up actually being a loss Garth. I was thinking this hottie lawyer could have been the one for me :P

#41 TurnerNation on 05.25.12 at 11:21 pm

Yup today’s entry proves that ‘there’s no replacement for displacement’.

:-0

#42 John G. Young on 05.25.12 at 11:24 pm

#216 Stupesing in Cabbagetown on 05.25.12 at 10:48 pm

“#214 & #215 – John, please. I wasn’t trying to give you more ammunition to carry on, I was asking you nicely to please change the subject. This is turning into the JGY and Westernman show. Let’s focus instead on the intelligent, well researched and brilliantly written words of our host, Mr. Turner, and share information in that spirit.”

With all due respect:

1) Our host is the moderator of this blog. He will intervene if he feels it necessary, as he has in the past, and I will respect his decision, as I have done in the past.

2) I have absolutely no desire to hijack the comments section of this blog — I do have an actual life. However I believe that I have a right to defend myself when attacked — it’s a dirty job but somebody has to do it. You are always welcome to scroll past my comments.

3) In your comment above, you singled out my comments #214 and #215, but made no mention of Westernman’s comment #211. Why are you addressing your request to me alone, and not to Westernman as well?
Perhaps the answer to that last question will help you to better understand my position.

John

#43 Can it be? on 05.25.12 at 11:25 pm

@narrowgate… In the event that you are the parent to a daughter… What do you tell her when you raise her? Don’t bother with school, forget about a career? Your job as a woman is to marry a man and have children and stay home to raise them until they can either grow up to be men and be like their dads or repeat moms history? God forbid something happens to dad… What does a woman with children do…? I’m perplexed by these comments… I really am… I told myself not to
Get sucked into these conversations… But it
Would seem to me that there are very high standards and judgments put onto women… Women can’t win no
Matter what choice they make. I guess women who want to work shouldn’t have children? …. Anyways, unleash the attacks… I really wish people would spend way more
Time focusing on raising their kids instead of passing judgment on blogs about how deserving others are to
Be raising kids if god forbid raising those children required two incomes. Sigh…. Hopefully people realize we don’t live in an ideal world and there are many ways to raise a family… And some people think its nice to have dads involvement too. There are more ways then one to achieve the same goal. It makes life more interesting that way.

#44 Beach Girl on 05.25.12 at 11:40 pm

Just got in. I visited Caspar today, the whitest man on the planet, my doctor. I asked him, do you EVER go outside. I am slim, but most doctors are suspiously slim. So are drug addicts.

He insists on sticking cameras all inside my body. There is nothing wrong with me.

Sorry Brokeback.

Fun day, a million phone calls. Its summer.

Anyway, anyone who buts there sanity in jeopardy by over extending themselves requires mental health.

Life is to be lived, not stressed and striving.

Glad you got a lift Herb.

Nice weekend to all.

#45 Beach Girl on 05.25.12 at 11:43 pm

Oh, are the lovely ladies part of your Amazon tribe. If so, I am quite proud of you, Guru.

#46 Corban on 05.25.12 at 11:49 pm

You allow blatantly racist posts but hate on the firsts? Welcome to the internet. It’s tits or gtfo.

#47 Not 1st on 05.26.12 at 12:00 am

re: John Young & Westernman….seriously, you two need to get a room. Pursue your ‘bro’mance off the internet please.

#48 T.O. Bubble Boy on 05.26.12 at 12:06 am

Yet another personal finance article on Canadian “millionaires” with nearly 100% of their net worth tied to real estate ($1.28M in RE = 92% of their $1.39M net worth):

http://business.financialpost.com/2012/05/25/so-much-money-down-the-drain/

$1.28M in property, and $2,000 in RESPs for the 2 kids… sounds balanced.

#49 zeeman on 05.26.12 at 12:10 am

TnT:

i am noticing the same thing about stouvffville….listings are up a lot and very few sales taking place……the only thing it has going for it is that it is close to markharm…otherwise there is nothing there….out in no mans land with no highway nearby and there are no shopping malls and no good schools and no jobs there….do you agree

#50 Not So Zombie on 05.26.12 at 12:20 am

Over-heard in the line-up today (Mid Vancouver Island)
Boomer Dad: – You know 10 years ago, getting from money from the bank wasn’t easy. The banker refused me a 400K mortgage. But I was smart and new the right guys: Jimmy Pop the mortgage broker gave me the 1st big one; then after, I just use the first house to get another one, then another one. Now I have more than a million dollars in houses ! I should go back to the banker and tell them how smart and good connections I had ! To make money it realestate, you need to be very smart and know the right guys, at least one mortgage broker to cut down the paper work and a realestates agent to find the good deals in town.“
Later, Dad offered to his daughter: “my last 20K on my 3rd mortgage (you mean HELOC) “ for a down payment before she gets price out.
Even a zombie would not eat that contaminated brain!!!!

#51 John on 05.26.12 at 12:29 am

Narrowgate wrote:

“What strikes me as sad however is how the wife on mat leave in the first story is cast as a lost income source and how the family’s financial future is threatened because she is not out there working to help pay the bills.
What about the child? And the many children out there not being raised by their own mothers because she has to work outside the home to help pay bills.”
———–

You know if you keep going with that, you’ll soon be into community, people offering real value as a value, mentoring and overall reversal of an absolutely bizzare dehumanization story in Canada.

Look up the CEO of HP. I mean check it out. She brought ebay to 4 billion and 15,000 employees. She spent the most on a US election campaign in the country’s history. 144 million of her own money.

ON AND ON.

That’s the value system. This is supposedly a legitimate and lofty place a “successful” woman would want to get to. And it’s burned into the lending paradigm…where calling BS on the frankenstein creation of this CEO is considered “sexist”. Insane. Top to bottom, a de-gendered society is GOOD FOR BUSINESS.

Polarity and instinct and nature interfere with “growth”. Busting up nature is supposed to be “fair”. Hand on heart here. Does it look like it works? Does it? The two “productivity people” in the “house” farming out their kids to strangers to “build wealth”.

Well. I guess when you’re inside your house and don’t know the names of people five houses over for ten years, you aint got community…or identity…anyway. So a second fiddle of “building wealth” in isolation with your “partner”…is a compensation. A kind of booby prize for being a farm animal penned in and docile. Neutered.

And people wonder how a bubble like this was able to form? How could it not? Who would or could stop it? You need an identity to take a stand on something.

#52 Observor on 05.26.12 at 12:34 am

Number 20 T.O. Bubble Boy complains:

“Maclean’s provides some extra details on the Big Banks’ tactic of dumping even low ratio (20%+ equity) mortgages on CMHC over the past few years:”

Yeah, but stated differently: The Big Banks purchased mortgage insurance on even low ratio loans from CMHC, which is in the business of selling it.

If you think this is a bad deal for CMHC, then invest in bank common shares. (or the bank prefs, like Garth says).

Why complain about bankers acting rationally? We have enough complaints about their irrational moves. Let’s applaud their rational moves.

#53 Rural Rick on 05.26.12 at 12:38 am

Aww come on I like the first guys. Not for what they do but it is pretty funny seeing how worked up some people get about it.

#54 Sebee on 05.26.12 at 12:38 am

They pulled it off with these indexes. Amazing.

Isn’t this type of crap only supposed to go on in China? Instead they are reporting accurate real estate decrease numbers and we are fudging them.

#55 Nostradamus Le Mad Vlad on 05.26.12 at 12:40 am


“We all know what’s going to happen. This is why we have lawyers. To amuse us. Contain yourself. OK, you can pray now, and he now has no savings in case the S.H.T.F during the next twelve months his wife is on mat leave.” — Twelve months, give or take, is a fair timeline. As for praying, to each their own.

“As I told you when this frankenumber was created months ago, it’s the realtors’ way of keeping civilians from knowing what’s actually happening in a market.” — Of course, because CREA, VREAA and whatever else their names are, and the m$m are in each other’s pockets, always showing how rosy the markets are to keep sheeples’ attention spans distracted from reality. Divide – Demonize – Conquer — that’s how lobbyists – politicos – CREA etc. keep their game going at our expense.

“It was like waiting for a damn puff of white smoke from the Vatican.” — Speaking of the aforementioned — Right here!

#2 george — Good post and link.
*
Google Trends Bank runs in the US? Unclear On The Concept With US and UK at record unemployment levels, this Brit. MP can be described as being off his rocker; Reason why the Euro has been falling, and Disaster in Motion; Morgan Stanley Using the mute button to great effect, but Silicon Valley won’t dump MS (yet); Spectacular Decline The Indian Rupee; US Consumers Sheeple in action; Chinese Stocks Looking good; 29:56 clip Myth vs. Reality; Western Canada Investment themes; War between people and capitalism.
*
Steve Kroft, Obama, 60 Minutes and Soros “George Soros is an evil man. He’s anti-God, anti-family, anti-American, and anti-good.”; The Decline and Fall of the Roman, British and US empires, and First sentence is good; Obomba’s Health Care a.k.a. a ‘codified system of mass genocide’, or depop. because of this; Smoking Man — Another way schools screw the kids up, and Better description of the herd; Driving Lessons The ship’s captain needs some; Nice Car from Oz (I think); Sunset on Mars; Quebec Alimony? Scientists created a killer airborne virus; Immigration Apparently the US needs more of them; 40 Tons of debris hits an Alaskan island; Immune Systems Too complicated for me.

#56 Rich Renter on 05.26.12 at 1:01 am

If anyone fancies a condo in Canmore Alberta, check out this hot deal, but hurry they won’t last LOL

https://bidkw.com/auctions/view/156

#57 ANONYMOUS on 05.26.12 at 1:16 am

(” Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth” )

Thanks Garth, I really think that you need to do exactly that. And have a nice fun-filled weekend !

#58 Tony on 05.26.12 at 1:47 am

Geoff will likely have to cough up another 120 grand or be foreclosed upon initially. Then after his condo which has fallen 50 percent in price falls another 20 percent then the bank will want another 80 grand upfront. Not a very bright move on the part of Geoff.

#59 Tony on 05.26.12 at 1:52 am

Re: #27 TnT on 05.25.12 at 10:20 pm

No wonder it must take 30 minutes just to drive about two miles to go south out of the city of Stouffville in the mornings. You could die of old age sitting in traffic on their main street.

#60 Monte in van on 05.26.12 at 1:52 am

@#33 narrowgate: I’m all for a good mat leave but some of us working moms aren’t working because we have to but because we like to. Stay-at-home moms (or dads)have the hardest job but please don’t make me feel guilty for going to work. I love my kids and I like going to work too.

#61 Debtfree on 05.26.12 at 1:56 am

I for one am keeping a breast of everything real estate whilst taking this lovely Friday night trip down mammary lane .

Are you eight? — Garth

#62 Soylent Green is People on 05.26.12 at 2:00 am

Borys Wrzesnewskyj, a former Liberal MP, just won last Friday May 18th, 2012, a legal challenge to have the federal election result overturned in his Toronto riding.

Borys spent $225,000 of his own money to launch the court challenge.

He and his lawyers only focussed on ten polling stations to try and streamline the case.

The former Liberal MP said people haven’t gotten to the bottom of the story from the last federal election, suggesting there was widespread voter suppression in the lead-up to the May 2 ballot.

He compared a disturbance at a seniors’ centre in his riding on election day ***to a scene in Guelph, Ont., when a campaign manager allegedly grabbed a ballot box.

He pointed to Conservative Ted Opitz’s campaign manager as one of the people who helped disrupt the vote at the seniors’ centre. An elderly woman got pushed down and many seniors did not vote that day.

http://www.cbc.ca/news/canada/story/2012/05/24/pol-etobicoke-centre-borys-wrzesnewskyj.html

………………………………………….

Last week’s decision to overturn the federal electoral results in Etobicoke-Centre should be a giant wake-up call and impetus for meaningful electoral reform.

***the permanent voters’ list is an even greater concern. When political parties have better databases than Elections Canada, clever operators can gleefully take advantage of the situation.

http://www.thestar.com/opinion/editorialopinion/article/1182571–etobicoke-centre-ruling-is-an-opportunity-to-scrap-flawed-permanent-voters-list

.

#63 KL on 05.26.12 at 2:04 am

#15 Stinky Cheese McGoo on 05.25.12 at 9:46 pm
Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth

OMG – it only took Garth what.. months? years? to get tired of these? Hallelujah! Maybe one of these days he might actually update the comments section to something that allows threaded replies.. Nah, few more years…

——————————————————————-
A way to rate comments (i.e., +1 or -1) would be nice too. But I agree, that might be years away.

#64 Bailing in BC on 05.26.12 at 2:04 am

Such a shame that the “Firsts” are gone.

It always struck me as a little bit of fun before we got down to the serious business of it all going horribly wrong. Those who complained always struck me as excessively vitriolic, taking 3 or 4 sentences to complain unnecessarily about someone who wasted their time buy posting one word. I’ve always wondered how slowly, people who claim that their time has been wasted by one word, read.

Don’t listen to the soul sucking whingers.

I say let the blog ring out with joyous firsts!

(or Fuuurrrrssstts! as required)

#65 Paul Bronfman on 05.26.12 at 2:05 am

repost from Just In I Can’t be Snowed – 8:22 PM on May 25, 2012

Countries that rely on foreign capital inflow to sustain an economy face catastrophic consequences as economic bubbles inevitably end in tears with foreign capital getting out much faster than it comes in.

Countries that rely on housing bubbles, especially when foreign funded, face banking crises more severe than sovereign debt defaults. That’s because a country can simply default and reschedule debt payment – which though bad won’t have as broad an impact on the economy than that of banking crises, especially when caused by leveraged housing bubbles and even more so when foreign investors are involved.

“The Downturn after a Crisis: Depth and Duration”

Source: Reinhardt and Rogoff 2009 “This Time is Different”

Average Historical Peak-to-Trough Decline Percent, and Duration (Years)

House prices: -35.5%, 6 years
Equity prices: -55.9%, 3.4 years
Unemployment INCREASE: 7%, 4.8 years
Per capita GDP: -9.3%, 1.9 years

Average Cumulative increase in public debt 3 years following crisis: 86.3%

These were actual historical numbers, and you can actually see the pattern in the U.S.

Harper’s Economic Bubble Plan, of housing bubble and oil sands over investments with capacity constraints in moving output to markets, is putting Canada onto a path of destruction.

Harper is now further encouraging foreign capital inflow to sustain the bubble, by raising the threshold for foreign acquisition review to $1 billion.

How long can you remain drunk?

Wake up Canada.

……………………………….

Ottawa raises foreign takeover review level to $1-billion

Ottawa is lifting the minimum threshold for reviewing foreign takeovers to $1-billion, but it remains mum on a promise to clarify how it decides if investments are good for the country.

http://www.theglobeandmail.com/report-on-business/economy/ottawa-raises-foreign-takeover-review-level-to-1-billion/article2443470/?utm_medium=Feeds%3A+RSS%2FAtom&utm_source=Politics&utm_content=2443470

.

#66 Harlee on 05.26.12 at 2:15 am

Just one full day to the End of the World.
So, make it a good one. On Sunday,May 27th the fire and brimstone are upon us. I’ve got a good supply of beer and popcorn to watch it all.
I don’t think Ronald Weinland (he who speaks the Plain Truth) mentioned at what hour it all comes undone but the time goes by so fast on the weekend anyway that I guess it doesn’t really matter.
All those shiny condo towers will melt like cheap candles,mcmansions will crumble and fall. There will be 40% destruction in some communities. Maybe as much as 90% in some cities.
Being that almost everyone in Toon Town are angels the destruction will not be too bad here. But Regina…that’s another matter all togeather – it’s a government town.
I don’t even want to think what will happen to the politicians in Ottawa (…yes,I do!).
The popcorn I have is Orville Redenbacher (Extra Pop)and the beer is Paddock Wood Red.
Cheers !

#67 Freedom First on 05.26.12 at 2:15 am

Garth, nice pic, and the caption fits. However, I viewed the pic before I read the caption, and the caption that immediately entered my mind, before I read yours, was simply: Presenting

#68 Ex-Cowtown on 05.26.12 at 2:17 am

I took a bit of a closer look at the CREA Index methodology. They brag that it doesn’t use an old fashioned method like “average” or “median” prices.

Instead, CREA say they “specially select data” to be most representative. So they cherry pick. Wanna bet that houses that would show declines are dropped from their methodology?

Yeah…. that sounds really statistically robust to me. I guess that’s why the CREA index shows prices going up and Teranet shows them dropping.

Crock of @##$$%

#69 Prachute on 05.26.12 at 2:19 am

http://www.guardian.co.uk/world/2012/may/25/spanish-property-polaris-homes-crash

Nice description of the Spanish property crash

#70 ASM on 05.26.12 at 3:16 am

I think of a Josef as a guy between beauties… the same agenda, the same result: get your face off the picture.

#71 TRT on 05.26.12 at 3:55 am

Emotions are huge in RE…as in tastes.

borrowed a friend’s restored NSX and boom, right away…a couple disguised five-0’s outta no where. brown guys cant drive nice rides?. like wtf? luckily Belvedere came after the interruption.

But people spend big $$ on nice rides for a reason. maybe may explain housing?

#72 Daisy Mae on 05.26.12 at 5:12 am

‘Contain yourself’?

That is hilarious! LOL

#73 Darryl on 05.26.12 at 6:35 am

“Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth”

It’s about time Garth. What took you so long?

#74 an honest man on 05.26.12 at 7:04 am

re: joe’s comment (#39)
Can anyone clarify how this home price index is calculated?

The entire Methodology can be found at: http://homepriceindex.ca/docs/mls_home_price_index_methodology_en.pdf#View=FitV

#75 T.O. Bubble Boy on 05.26.12 at 7:12 am

@ #52 Observor

Why complain about bankers acting rationally? We have enough complaints about their irrational moves. Let’s applaud their rational moves.

This is not about the banks, it is about Flaherty and Finley and the CMHC.

Why should CMHC be the dumping ground for all mortgages that the banks need to remove from their balance sheets? Isn’t that essentially what Enron did? (except to shell companies hidden on their books)

This may look “prudent” today while house prices keep rising, but CMHC is going to look like a steaming pile of sh*t in about 2-3 years (and be wasting taxpayer dollars to clean it up).

#76 Nemesis on 05.26.12 at 7:27 am

“OK, that’s two religious references in one blog.” – Hon. GT

Six, actually… if we count the leader illustration, OldPol.

#77 Regan on 05.26.12 at 7:31 am

The 3 bedroom, fully attached house down the street from me sold in less than 2 weeks. Madness in Toronto still reigns. Asking price was $699K, how do I find out what it sold for?

Go and ask them. — Garth

#78 keswickian on 05.26.12 at 7:40 am

#27 TRT

We sold our house in Stoufville in March. At that time there were about 60-65 homes up on MLS in stouffville. Homes were selling quick and many had bidding wars. (ours sold over asking in two days with X offers)

Today there are about 120 listings on MLS. I have not seen a house that has sold for over asking for a few weeks. DOM are getting longer and I have seen a few small price drops.

The cracks are starting to show

#79 Stupesing in Cabbagetown on 05.26.12 at 7:42 am

#42 JGY – …you singled out my comments #214 and #215… Why are you addressing your request to me alone, and not to Westernman as well?

Because I assumed that you were the more enlightened party in the squabble and would therefore be the one to end it. As you said, I have a scroll feature. I won’t be acknowledging this issue again.

#80 X on 05.26.12 at 8:05 am

http://www.moneyville.ca/article/1187780–toronto-s-push-to-higher-home-prices-leads-other-cities-in-april

Toronto Star takes the bait too.

Garth you should make up your own ficticious Index, and have the papers run that story. Oh, wait, you wouldn’t have to, you could just use the actual sales numbers. I guess that doesn’t sell papers or advertising.

As an aside, to what level are authors/editors held accountable for what they write and print in the papers? I mean, I know the author only printed what CREA released as per their index, but do they not know that it is BS or do they not care?

#81 Market Bull on 05.26.12 at 8:10 am

Shhhhhh……Mortgage rates dropping:

“…Canada’s 10-year yield, which made an all-time low today. What’s more, OIS traders have now completely priced out any chance of BoC hikes in the next 12 months.”

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2012/05/plunging-yields-trigger-quiet-rate-discounting.html

You believe Rob McLister? — Garth

#82 about first on 05.26.12 at 8:10 am

I don’t know, there was something about Garth putting up with the first. Not sure where I stand! Cheers,

#83 T.O. Bubble Boy on 05.26.12 at 8:15 am

Yet another article about buying RE (in this case, a rental property) where a 20-year horizon is chosen to demonstrate “long term” market trends.

http://business.financialpost.com/2012/05/22/is-there-ever-a-bad-time-to-invest-in-a-rental-property/

I wonder how the numbers would turn out if they actually included any market downturns in the example? Even going back 3-4 extra years (including the 89-90 crash) would make this “financial planning” article seem more like a “don’t invest in RE right now” article.

#84 housedoc on 05.26.12 at 8:15 am

Wow!
Inflated assets can be irresistable.

#85 Canuck Abroad on 05.26.12 at 8:16 am

48 TO Boy – What a depressing story, what a shambles. Thank heavens there are plenty of “investors” like these two out there who are making homes available to those of us who prefer to rent.

#86 Narrowgate on 05.26.12 at 8:32 am

@60 monte in van

@#33 narrowgate: I’m all for a good mat leave but some of us working moms aren’t working because we have to but because we like to. Stay-at-home moms (or dads)have the hardest job but please don’t make me feel guilty for going to work. I love my kids and I like going to work too.
………….

I’m so happy for you that you like going to work. And when you’re old and finally have “time” for your kids, they will have no time for you because you were a selfish “mom” who dumped them on someone else when they really, truly needed you. But in the meantime, have fun at your meaningless paper pushing job and keep congratulating yourself.

#87 John on 05.26.12 at 8:33 am

Paul Bronfman wrote:

“Harper’s Economic Bubble Plan, of housing bubble and oil sands over investments with capacity constraints in moving output to markets, is putting Canada onto a path of destruction.

Harper is now further encouraging foreign capital inflow to sustain the bubble, by raising the threshold for foreign acquisition review to $1 billion.

How long can you remain drunk?

Wake up Canada.”

————

Excellent comments to follow on the blog now. There are very few places where an accurate public perception can be found…so this is great.

As to the comment on historical data and “after bubble” dynamics, across the economy, your numbers don’t make much sense. They’re not relevant. But when the wheels really go off the wagon, is when you start talking about “Harper”.

How long would it be before you start talking about “F and C”? That would show then that you really don’t understand the Canada real estate bubble or the global power structure and corruption that drive it’s dynamic.

Would you start naming Australian political figures in an assessment of the “down under” fraud? Of course not. Nobody outside Australia would. It would be absurd.

Next question. As far as Harper, F and C. Outside of Canada, does anyone know or care about them as sovereign drivers of the banking cartel wealth transfer program in Canada?

Do citizens of other countries know their names?

Some woken up people know what derivatives are. They know how much exposure the owners of those casinos have, and they know how they are betting on the “floor” at the different “tables”(countries). They know that the politcal “leaders” simply practice, at best, a fumbling alignment with the casino…and that these are just ordinary people in a state of egoruptcy. Not evil people. They know that “evil” is just ignorance, fear and reaction…with human greed and vanity thrown in.

You make a call to Canadians to “wake up”, pointing to historical post-bubble date. But just in doing that, you’re not only showing that you’re not awake, but that you might just be in a walking coma.

#88 Bottoms_Up on 05.26.12 at 8:42 am

#68 Ex-Cowtown on 05.26.12 at 2:17 am
——————————————-
Can you post the link where they say that? Then I encourage all blog dogs to write in to local newspapers explaining the selective, flawed methodology, whenever they see it used.

#89 Johnsaccy on 05.26.12 at 8:45 am

LASTTTTT!!!!!!!!!!!!!!!!!! ;)

Now that First!!!!! comment is not accepted by the masses, I am being inventive. Just like the HPI by CREA

Great going, Garth. Thanks for your hard work!

#90 tundra pete on 05.26.12 at 8:47 am

Now I get it!!! I always thought fuuurst meant they were bragging about being first in the Bob Rennie/Brad Lamb condo assignment number picking line up. (Greater Fool).
Or maybe they were the high bidder in the bidding war! on the 33 foot bung flip (even Greater Fool).
Way to go Garth you tell em!!
They strike me as the kool-aid drinking type. Going to talk to the [email protected] because its different there!
All the more power to them as there seems to be no end to the crack shack mcmansions that are in limited supply, going fast and pricing ordinary god fearing folk out of the market.
Better hurry, they won’t last long, tube top Sandra says so!!!

#91 TimV on 05.26.12 at 9:04 am

#77 Regan: tosolds.ca/?p=1327 is your friend. You’ll need to know your region or approx price range. You’ll have to change 1327 around until you find the date on which the property sold. Eg, 1318 is for May 22. Older than two weeks and your outtaluck. It’ll take a bit of time.

Most antisocial people (such as on this blog) find this much easier than asking the sellers.

#92 Bottoms_Up on 05.26.12 at 9:10 am

#60 Monte in van on 05.26.12 at 1:52 am
——————————————
Amen. A woman should have the right to choose (sounds like we’re talking about abortion eh?). A woman that has a career sets a good example for her growing children. Our pediatrian, who is ‘old school’ by the way, said over time he has come to realize that daycare is actually very good and healthy for children — they learn to socialize, share, manners etc. in general much better than stay at home children.

#93 clo38 on 05.26.12 at 9:14 am

The bidding wars are dwindling in the GTA, save for the hottest areas of the city. Many of the downtown core area are also seeing the street start to fill up with multiple listings (within eye shot). More and more we’re seeing price increases instead of drops which means that the buyers are not interested or are drying up. The situation is very similar to exactly what happened in May 2008. A house on a street priced at 599 (false price), went up to 649 (desired starting point)a week later. A similar house just down the lane is listing at 799 (wishful, but greedy thinking).

I don’t see this happening slowly. Stock markets are dropping. Eurozone crisis implications are only being held off. Affordability and greed in the GTA are at their highest levels and people are fed up. If prices start to drop, then that whole housing disgust starts to really settle in. Buyers who were priced out, want revenge. As Garth said, people tend to stay away on the way down.

Put it all in the cauldron and you have a recipe for disaster, quick and unseen by those who aren’t watching.

#94 TnT on 05.26.12 at 9:20 am

#49 – Zeeman
I agree so much that I moved back to Toronto where my kids access better schools, can find jobs for after school and wife and I have a “drinking hole” that’s walking distance :)

#95 Leaving Canada on 05.26.12 at 9:26 am

Can it be? #38

Many are leaving Canada and going back to Asia for a better life. Canada is a nice country but it doesn’t have a future. Sure if you only lived in Canada and don’t know what’s out there Canada would be number one. Many people I know we’re conned by Canadian propaganda to come to a cold country with dreams of well paying jobs since demand for certain jobs were said to be high. The joke will be on canada as some have admitted running up huge debts and will leave with a plane ticket paid by credit but will never paid bad. Some will use the money to start businesses. Canada wants cheap slave worker bees. Good bye canada and thank you for the free lunch. The bill you will paid by you.

#96 Daisy Mae on 05.26.12 at 9:43 am

#13 Can it Be: “The only people making money are the agents, the lawyers and the government…..”

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

It would appear the Land transfer tax is payable on “every conveyance and disposition of land” in Ontario. The government collects from the buyers and the sellers on every transaction?

#97 Daisy Mae on 05.26.12 at 10:06 am

#53Rural Rick on 05.26.12 at 12:38 am
“Aww come on I like the first guys. Not for what they do but it is pretty funny seeing how worked up some people get about it.”

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

I was hoping if we didn’t react, they’d go away….but, no. So Garth had to step in.

#98 penpal on 05.26.12 at 10:31 am

Garth,

The example today of the lawyer selling may be a bit misleading in that you have not imputed a rent for her that she would have had to pay for accommodation in comparable housing had she not purchased this house but needed somewhere to live.

I think that her loss of $ 108, 627, divided by the number of months she had occupancy, (if it is in fact 36 months), comes to $ 3,017.42 per month.

So, essentially, she could have probably rented that home or a close approximation of it and avoided all the moving, hassles and RISK and ended up in the same place economically speaking.

THIS IS DURING THE BIGGEST BUBBLE IN RE IN TORONTO IN HISTORY!!!!!!!!!!!!!!

But what bothers me the most is the RISK that this person took on, particularly with so little equity and the RISK that was foisted on the Cdn public as there is no doubt it was CMHC insured. This is completely reckless lending as bad as in any other country who is now experiencing a housing bust.

What COULD have happened had she not been able to sell?

Bankruptcy?

You try that as a lawyer in Ontario and tell me how long your career would be – certainly never a partner at any firm and never able to control a Trust account – and that is if the Law Society doesn’t pull your license in the first place.

This is why this RE market is very dangerous for the average person in a bubble like this. They have massive leverage in an asset class that they are not only emotional about , but are ignorant of that market’s FUNDAMENTALS and dynamics.

This seller has no idea of just how fortunate she was to be able to sell and command the price she did, particularly in the way she did it. I mean really, do you think it is a ‘normal’ market when buyers can just be ‘buffaloed’ into paying purchase premiums AND WITH A BITCHY ATTITUDE to boot?

This crap has gone on so long that people think this is a ‘normally’ functioning market.

I think that people will not believe this type of borrowing went on when this bubble is examined in future years. Unfortunately for many, it will be all too a reality.

#99 Mr. Anderson on 05.26.12 at 10:32 am

CrowdedElevatorfartz……is that you trying to charm these lovely lasses?

#100 Grantmi on 05.26.12 at 10:36 am

Official GreaterFool Notice: This is the last time an idiotic, puerile, meaningless ‘first’ comment will be published. You are more pathetic than this blog. — Garth

There is a god!!!!

#101 MarcFromOttawa on 05.26.12 at 10:47 am

What am I going to do between 8:30 and 10PM every night if I can’t post First on Garth’s blog?

#102 Sebee on 05.26.12 at 10:48 am

Hopefully we will see a return to normal.

http://m.theglobeandmail.com/globe-investor/investment-ideas/features/the-buy-side/mispriced-assets-learning-to-live-with-a-not-so-free-market/article2444002/?service=mobile

#103 Ben on 05.26.12 at 10:49 am

Didn’t like my bubble post Garth?

LOL

#104 piccolo on 05.26.12 at 10:53 am

First will be gone? This blog is going down, for sure!

#105 Mr Buyer on 05.26.12 at 11:24 am

#52 Observor on 05.26.12 at 12:34 am
Number 20 T.O. Bubble Boy complains:

Why complain about bankers acting rationally?
………………………………………………………..
Banks assuming no risk. Privatized profits and public risk. That is some kind of rational.

#106 John G. Young on 05.26.12 at 12:15 pm

To all posters:

It is clear that many of you are becoming increasingly frustrated, and rightly so, with the ongoing exchanges between Westernman and myself.
I believe that Westernman is bullying me, perhaps with the intention of having me removed from the blog. This is why I refuse to stop responding to his attacks.
However, I am very aware of how disruptive this is to this community, and how it distracts from the purpose of Garth’s blog, so I would like to find a solution now.
I think it is clear that Westernman’s attacks on me will not cease. Therefore these are the possible options I see:

1. Ban Westernman from the blog – or at least ban him from personal attacks.
2. Ban me from the blog – or at least ban me from responding to Westernman’s attacks.
3. Ban both of us.

Ultimately this will be Garth’s decision, but judging from his writings I suspect that he would welcome input. I will post no further comments until this matter is resolved; if the resolution is that I am banned, then I wish you all the best. In any event I will continue to read and enjoy, Garth’s blog.

John Young

#107 a prairie dawg on 05.26.12 at 12:29 pm

“tube top Sandra” will be rubbing shoulders with “swap meet Sally” soon enough…

“in the time it takes to get that new tattoo”

#108 Herb on 05.26.12 at 12:32 pm

#74 Honest Man,

my mental energy left me after Page 3 of 25 of your link. Is my first impression correct, that this is a game of moveable goalposts, with CREA moving the goalposts to wherever they happen to need them each month?

#109 Herb on 05.26.12 at 12:36 pm

Westernmoron, Smoked Man and Beach Girl,

thank you for your concern. It’s nice to know that I have wormed my way into your consciousness. (With Beach Girl, for strictly dishonourable motives, of course.)

#110 MarcFromOttawa on 05.26.12 at 1:11 pm

#106 John G. Young

Westernman is obviously a troll. Usually if you ignore them they go away. I have to admit though this one is very persistent.

#111 TRT on 05.26.12 at 1:12 pm

#106 John Young

Dude, i don’t think anyone cares …

#112 Market Bull on 05.26.12 at 1:36 pm

You believe Rob McLister? — Garth
_____________________________________________

Casting aspersions on the integrity of Mr. McLister is a clever diversionary tactic that does nothing to dispel the facts.

Which include the following:

The 10-year bond yield has indeed made an all-time low.

Scotia Bank is now offering it’s LOWEST EVER 5-year mortgage rate of 3.19%.

Overnight Index Swaps have factored out a BoC interest rate hike for at least 12 more months.

Bond yields will probably be higher in four months. Big deal. It indicates no trend. And McLister is a journalist of convenience. — Garth

#113 Herb on 05.26.12 at 1:54 pm

Garth, an oversight on your part: the firstest ban should include those who cannot spell “First” and must resort to phonetic permutations.

#114 waiting on 05.26.12 at 1:54 pm

My email to CREA – feel free to copy and paste and send to: [email protected]

The new MLS price index is confusing and pointless.
Please give us the cold hard statistics instead of this meaningless index.

#115 Westernman on 05.26.12 at 2:06 pm

John G. Young @ # 106,

DELETED

#116 waiting on 05.26.12 at 2:08 pm

sad day for me too.
I had dinner with friends, one of whom just came from signing her mortgage documents. She did this having just gotten job layoff notice Thursday (effect immediately). She signed anyway, not wanting to lose the deposit and is now a very stressed out home owner.

#117 Harlee on 05.26.12 at 2:18 pm

# 106 John G. Young
How about option # 4 ? – We all just ignore both of you.

#118 TOUGH TIMES on 05.26.12 at 2:27 pm

Many HGTV virgins will get crushed soon on there RE holdings and garnite counter tops for the following reasons alone.

* OFSI – New regulator will be changing the rules to CHMC in the next 4 weeks. I hope they do the right thing as RE prices are not the true price. Every HGTV virgin out there only qualified through CHMC Mortgages i.e. 5% down, zero down, cash back mortgages, 40 year mortgages you name it. Basically people with MONEY cannot compete with HGTV virgins with NO MONEY!!! Basically every JOE PUBLIC in the last 10 years was given FREE MONEY to go out and buy a HOME, causing prices to go higher based on a FREE CREDIT / DEBT economy.

* CANADA STILL LOSING JOBS: Don’t believe the stats coming out of the CDN gov’t. When RE CRASHES, this will take down about 500,000 new jobs in the construction /RE related industries. JUST look at what happened to the USA, UK, Spain, Greece, Germany, Japan, China you name it! Do you HGTV Virgins really think it is different in Canada. Get you heads out of your ass.

** 80% of our manufacturing jobs have been shipped to Mexico and Asia. The remaining will go to the USA. Have you noticed that the last remaining manufacturing jobs are moving to the USA. You ask why? The Ohio worker can now work for $12.00 an hour and buy a nice home in a good hood for $70K to $100K and have a better standard of living than you HGTV virgins in Canada!!! We are really screwed.

** FOR LEASE SIGNS EVERYWHERE: Open your eyes Canada. I drive around everywhere and 70% of commercial property is for lease or sale?? Where did all the business people go??

** AUSTERITY WILL KICK YOU IN THE TEETH: Yes for you gov’t folks on this site that think you are safe with your cushy gov’t jobs, think again. Every level of gov’t in Canada will continue to shed jobs in this sector. God forbid you have a $300K or higher mortgage as you will be screwed badly. Good luck finding another job paying you 50K and over.

** EUROPE IS A DIASTER: Europe is falling apart and this will most definitely affect Canada as well.

** 70% of Canadians already own a home, Canadians are in debt 150%, 70% of Canadians live pay cheque to pay cheque, Baby Boomers retiring with mortgage debt in 60’s WE ARE SCREWED!!!!

Bottom Line if you are looking to buy because you have NO BALLS to control your house porn wife this is what you have to do. START LOW BALLING homes by over 100K and much more.

** have your used car salesperson (RE Agent) send you listings for areas you would like to live in.

** You take the MLS number, put it into MLS website and e-mail the listing agent and LOW BALL THE F*** out the property through e-mail. Don’t waste your time going to the open house etc. until you get the price point you are interested in etc. Remember your RE agent will NOT DO this for you as they are also trying to SCREW you HGTV Virgins (Hello, they work on commission)!!!.

*** Once you get the price that you are okay with you then ask your used car salesperson (RE Agent) to send you the last 8 selling prices on the property and due your homework.

Remember virgins a home is only worth what the buyer is willing to pay!!!! Get out there in droves and start LOW BALLING and you will find out there are many desperate sellers out there!!!!!

#119 TnT on 05.26.12 at 2:29 pm

#106 John
I propose Garth start a “drama” scale and rate you posts (and others) on this scale, say… 1 to 10 (10 being the highest drama level). If your post rates 5 or higher than delete the post and replace it with your drama score. If you accumulate a score higher than 25 for a single topic than you get the boot.

#120 Westernman on 05.26.12 at 2:31 pm

LASSSSSSSSSSSSSSSSSSSST

#121 Daisy Mae on 05.26.12 at 2:36 pm

#92 Bottoms Up: “……….he has come to realize that daycare is actually very good and healthy for children — they learn to socialize, share, manners etc. in general much better than stay at home children…..”

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

My kids grew up on a street teaming with neighbourhood kids and their moms. They socialized…and shared…and learned manners…just fine.

This was, of course, before daycares.

#122 truth hammer on 05.26.12 at 2:38 pm

The wheels are coming off the propaganda porn bus thats been rolling through Canadian mainstreets for thirty years.

http://news.nationalpost.com/2012/05/26/quebec-protests-spreading-beyond-montreal-and-being-just-about-tuition/

All of a sudden we have average joes in the streets yelling out protestations about literally everything…….very nice….an anti establishment cacophony…..couldn’t say it wasn’t predicted.

Just how long did anyone expect that the BS slammed down the Canadian gullet would stick before vomiting back up on the front pages?

Today’s protests are anti tax , anti government, anti immigration, anti pandering, anti charter, anti law, anti police state, anti tuition, anti captital, anti socialist, anti regulations, anti corruption, anti manipulation, anti cost of living lies, anto EI changes, anti joblessness, anti waste, anti politician……you name it I have seen someone protesating a beef in the streets in the past thirty days…..the entire country is ‘mad as hell and not going to take it anymore’…..the scope of the protests I have witnessed in the past week represent the frustration with Canada’s phony just society gag laws and how people have been chafing at the bit for an opportunity to scream their lungs out and start burning crap……..and does that make me proud !!!

As one guy states in the article “I’mm 44 years old and I feel like I’ve been waiting my whole life for this to happen”….the dam is bursting…..the great fog machine of government propaganda is finally dissapating…vive la revolucion.

Canada has become a dictatorship of a bureucratic elite regardles of party who pander to special interests at the expense of us all.. The time for a great flushing of the elite fat government pigs in the trough is nigh!!! Burn baby burn!!!

And what about that real estate eh? Seems like a pee dribble when the fires are burning away the hypocritic and dictatorial trestise of Liberal ideology aka Canadian Charter of Tears…..’scuse me ‘rights and freedoms ( as long as you agree with liberal ideology and gag laws to enforce it.

#123 Rental Monkey on 05.26.12 at 2:46 pm

@ John G Young:

Don’t worry about Westernman. His brain is a result of his parents being cousins. He just an inbred hick that is commonly known as a troll. Eventually his anger and bullying will catch up with him. Ignore him and the little twirp will move on. And of he doesn’t Karma WILL catch up with him.

#124 BPOE$$$$ on 05.26.12 at 2:52 pm

LAST!!!!

;)

#125 DM in C on 05.26.12 at 3:02 pm

#106 John Young

Dude, i don’t think anyone cares …

Tis true, I habitually skip those posts anyway — they tend to take up too much space, but really don’t care.

#126 Debtfree on 05.26.12 at 3:35 pm

I was going to ask you the same question but my sense of humor ilistrated the point perfectly.

#127 Canadian Watchdog on 05.26.12 at 4:00 pm

#113 Market Bull

Here send this chart to McLister you market parrot. http://i48.tinypic.com/2jczpjm.png

#128 Ben on 05.26.12 at 4:34 pm

John Young

No worries… I only stop for posts that have a link and then decide whether I want to open it or keep scrolling down.

#129 gladiator on 05.26.12 at 4:46 pm

And I avoid daystar as those posts are like reading a textbook, and textbooks don’t tell you that an average Canadian’s/American’s income in real terms is but a tiny bit of what it was in the 60’s.

#130 Dodged-A-Bullit-In-Alberta on 05.26.12 at 5:11 pm

Greetings: My greatest appreciation for your decision to delete any/all posts regarding, first. furst, second, etc” This blog has far to much value to allow morons who do these posts any recognition.

#131 John on 05.26.12 at 5:15 pm

Truth Hammer wrote:

“Canada has become a dictatorship of a bureucratic elite regardles of party who pander to special interests at the expense of us all.. The time for a great flushing of the elite fat government pigs in the trough is nigh!!! Burn baby burn!!!”

————-

Ok, that sounds about right.  A couple of things though.  First.  Banks ( government) own police and army.  Fear of chaos means average cable-watching joe prefers enforcement and security at all costs.   His low-identity structure may want change, but won’t ( or can’t) pay for it.   “Can’t (or won’t) pay for it” is the underpinning of asset bubble economy.  Where do you think it came from?

Second.  Do you see new leadership emerging from “protestors” who won’t ( or can’t) admit complicity in their situation? If so, imagine what it would be.  Look around the world for that model.  A lot to see. 

So, assuming your mood-thermometer is right, it’s between first and second.   Any other options?

Admission of systemic complicity might present a few.  We’ll see. 

Maybe truth and hammer aren’t always good compañeros.

#132 Stupesing in Cabbagetown on 05.26.12 at 5:38 pm

Seems the sentiment is spreading: http://m.thenownews.com/svc/wlws.svc/getHtml#article/?sectionId=641&feedId=1116&articleId=4501045

#133 Pathetic on 05.26.12 at 5:40 pm

Location of the next bidding war:
http://www.realtor.ca/propertyDetails.aspx?propertyId=11918286&PidKey=1738402327

All these 8s will attract extremes of HAM. Please watch for people parachuting from chopters.

#134 Devore on 05.26.12 at 5:48 pm

#29 zeeman

just wondering, on that real estate transaction for nancy, why didnt her agent check how much the previous owner paid for the house before putting together a offer….

That would require… effort. Why expend the effort, when your customer will blow the asking price out of the water anyways? That’s an extra few hundred bucks in the agent’s pocket for NOT doing work.

#135 Pious in godless Toronto on 05.26.12 at 5:52 pm

Attention all realtors:

Excellent Sandrous (Top Tube) deal. You can gather here and pray for eternally prosperous real estate:

http://www.realtor.ca/propertyDetails.aspx?propertyId=11900564&PidKey=380870557

If the prayers don’t work here is another option: organize re-education camp for unemployed realtors:

http://www.realtor.ca/propertyDetails.aspx?propertyId=11750745&PidKey=236315655

#136 Renting in Regina on 05.26.12 at 5:53 pm

I thought I’d share this from the Regina Leaderpost:

Regina’s housing woes may have a new solution after 126 so-called “attainable” condominium units were unveiled on Thursday in the city’s east end.

“This is our mandate as a company. We believe that home ownership is very important. We do know we don’t have to do it, but it is what we choose to do,” said Cam Ens, president of the Alberta-based NewRock Developments.

Read more:
http://www.leaderpost.com/Regina+unveils+attainable+housing/6681198/story.html

#137 To all baby boomers on 05.26.12 at 5:58 pm

Babyboomers: if you can’t afford a bunker in Caledon here is another option for you. Surely beats trailer park with its maintenance fees:

http://www.realtor.ca/propertyDetails.aspx?propertyId=11905911&PidKey=-1986273934

#138 Good offers on 05.26.12 at 6:15 pm

For those who like long commutes (from Peterborough):

http://www.realtor.ca/propertyDetails.aspx?propertyId=11734947&PidKey=782958673

A little bit cheaper than similar house in Toronto:

http://www.realtor.ca/propertyDetails.aspx?propertyId=11491981&PidKey=-639793537

Who said that condos are beyond the reach of average family:

http://www.realtor.ca/propertyDetails.aspx?propertyId=11948546&PidKey=-1555771899

You can get even affordable townhouse in GTA:

http://www.realtor.ca/propertyDetails.aspx?propertyId=11968851&PidKey=1692431934

Talk to me NOW:)

#139 It's all about land value silly on 05.26.12 at 6:21 pm

For people who are interested in latifundia:

http://www.realtor.ca/propertyDetails.aspx?propertyId=11454982&PidKey=1806823797

#140 Waterfront farm on 05.26.12 at 6:35 pm

Talk about value. A little over one hour drive from Toronto one can have a waterfront (342 ft on Rice Lake) 114 acres farm. How does it translate to a concrete 40 sft box with $400 maintenance fee. The farm $695K, an apartment $400K. Are those people buying condos for real?

http://www.realtor.ca/propertyDetails.aspx?propertyId=11934854&PidKey=758611514

#141 John G. Young on 05.26.12 at 6:39 pm

#118 Harlee on 05.26.12 at 2:18 pm

“How about option # 4 ? – We all just ignore both of you.”

Yes, that could work too — however you need to address that with Stupesing in Cabbagetown, Snowboid and others who, despite TRT’s and DM in C’s assertions, seem to “care” enough to post their opinions on the matter.

#120 TnT on 05.26.12 at 2:29 pm

“I propose Garth start a “drama” scale and rate you posts (and others) on this scale, say… 1 to 10 (10 being the highest drama level). If your post rates 5 or higher than delete the post and replace it with your drama score. If you accumulate a score higher than 25 for a single topic than you get the boot.”

I think that’s a great idea.

#142 Devore on 05.26.12 at 6:50 pm

#113 Market Bull

Scotia Bank is now offering it’s LOWEST EVER 5-year mortgage rate of 3.19%.

Lowest ever except for that one time they had them at 2.99%. You’re getting terribly excited over 1 basis point change, you’re talking a fraction of one percent. In some circles that’s called grasping at straws.

#143 TurnerNation on 05.26.12 at 6:52 pm

#1 Josef on 05.25.12 at 9:10 pm

Josef, Son, come here. See, even when you succeed you still fail colossally.

Here is a final, parting song for you.

The band Foreigner’s song ‘Feels like the “Furst” Time’.

http://www.youtube.com/watch?v=os0F4-XFf6w

#144 NFN_NLN on 05.26.12 at 7:01 pm

Well I guess that explains that…

Maintenance Fees
: $746 Monthly

#140 Good offers on 05.26.12 at 6:15 pm

Who said that condos are beyond the reach of average family:

http://www.realtor.ca/propertyDetails.aspx?propertyId=11948546&PidKey=-1555771899

#145 For those fed up with Canadian R/E on 05.26.12 at 7:03 pm

Buy and enjoy:

http://www.worldrealestate.it/en/luxury-properties/italy/lazio/rome/opulent-home-sale-ancient-center

#146 NFN_NLN on 05.26.12 at 7:04 pm

With maintenance fees that high maybe everyone is equally desperate to unload. Perhaps a fund could buy up all the condos and more efficiently maintain the building… in a way that doesn’t cost 9K a year.

#141 NFN_NLN on 05.26.12 at 7:01 pm

Well I guess that explains that…

Maintenance Fees
: $746 Monthly

#147 live within your means on 05.26.12 at 7:24 pm

#123 truth hammer on 05.26.12 at 2:38 pm

I think you had a few too many.

#148 live within your means on 05.26.12 at 7:30 pm

#129 greed on 05.26.12 at 4:10 pm
I also usually avoid Westernman and Truth Hammer as they are a bore with their ideology repeated over and over again.
…………………………………….
Totally agree.

#149 Good adviceian R/E on 05.26.12 at 7:38 pm

Be sure not to rent a basement in Venice. The attic is better in my opinion:

http://www.worldrealestate.it/en/luxury-properties/italy/veneto/venice/new-attic-sale-canal

#150 I could not hold back on 05.26.12 at 7:53 pm

People!! Stop complaining about real estate in Canada!!
You can get beautiful places somewhere else, where weather is nice and houses are on of a kind. Think about it:

http://www.worldrealestate.it/en/luxury-properties/italy/campania/positano/private-island-vacation-rental-mediterranean

#151 Westernman on 05.26.12 at 7:59 pm

John G. Young @ # 143,

DELETED

#152 live within your means on 05.26.12 at 8:26 pm

#147 For those fed up with Canadian R/E on 05.26.12 at 7:03 pm
Buy and enjoy:

http://www.worldrealestate.it/en/luxury-properties/italy/lazio/rome/opulent-home-sale-ancient-center
…………….

Never stayed in anything so opulent, but have stayed with girlfriends who lived in great appts in Paris, London & Rome & I lived in a great one in Brussels.

Next summer we’ll be off to Europe for a month to see family, old friends & new ones that we’ve never met but have corresponded with for over a year. Will fly into Frankfurt, Renault Eurodrive arranges to pick us up at the airport to the Holiday Inn where a brand new car awaits us – all insurance, etc. included. The best deal, but lease is min. 21 days. It’ll be our 4th or 5th time using them. It gives me something to look forward to & each time I visit Europe I fall madly in love with another new ancient town or village.

#153 live within your means on 05.26.12 at 8:33 pm

#151 Good adviceian R/E on 05.26.12 at 7:38 pm
Be sure not to rent a basement in Venice. The attic is better in my opinion:

………………

Take a GPS w/you. Easy to get lost.

#154 jess on 05.26.12 at 8:54 pm

Prosecutors claim Hodge ran the company like a “Roman emperor” allied=allquest

Allied Mortgage Fraud Could Cost Taxpayers $1 Billion, USA
http://www.courthousenews.com/2011/11/02/41119.htm

concealed corruption
Lloyds Bails on Allied Home Mortgage
Lloyd’s Says It Won’t Pay Tab For Allied’s Fraud Defense –
16 May 2012 – Lloyd’s of London underwriters filed suit Tuesday seeking to escape footing the bill for Allied Home Mortgage Capital Corp.’s defense against a …
Allied Home Mortgage

http://ml-explode.com/2012/05/the-nine-lives-of-allied-home-mortgage-hud-goes-for-kill-shot/
http://www.courthousenews.com/2011/11/02/41119.htm
http://www.justice.gov/usao/nys/pressreleases/November11/alliedhomemortgagepr.pdf
http://www.justice.gov/usao/nys/pressreleases/February12/citimortgageincsettlementpr.pdf

#155 Ronaldo on 05.26.12 at 8:59 pm

#106 John G. Young – do the sensible thing and ban yourselves from the blog. Do us all a favour and get yourselves a Skype account and you can beat each other up til the cows come home.

#156 Van grl on 05.26.12 at 9:26 pm

#86 Narrowgate:

That was overly judgmental. It’s not your place to judge women on their choices. Most families these days need two incomes anyway. I had a stay at home mum which was great but it didn’t take me long to figure out that she was making a lot more sacrifices for us than my dad- he had his family life and career and several friends, yet she put everything into us and gave up her interests or didn’t pursue whatever interests she had. Hardly fair. I would never have resented her some time to herself. Geez- I recall wishing she’d go out in the evenings and do something and leave me alone!

John G Young- two of Westernman’s posts have been deleted today alone so it’s pretty clear who is the instigator between the two of you :)

#157 Randy on 05.26.12 at 9:42 pm

I believe in bubbles too…but I think a couple of those are real….

#158 Steve on 05.26.12 at 9:43 pm

Official GreaterFool Notice: …

HALLELUJAH!

#159 An Cat Dubh on 05.26.12 at 9:51 pm

Still lots for sale in Vernon, B.C. with a few sold, but not as many as years past. Those women look like they have more miles on them than my ex neighbours 55 Oldsmobile.

#160 daystar on 05.26.12 at 9:59 pm

#131 gladiator on 05.26.12 at 4:46 pm

Lol, real income stats, thats what moves you? (snickers) We’ve got history that could repeat.

#87 John on 05.26.12 at 8:33 am

3 simple questions. If CMHC hadn’t undertaken a whole host of other deregulatory changes in 2006, would we have the RE/credit bubble we have today? Is it at all possible to create a RE/credit bubble without government involvement? What role does our government play in keeping Canada’s market share as domestic and non concentrated as possible? (or vice versa with the so called “honorables” we have in power today)

Its always been about ownership and market share as you and I both well know. I ask these questions because you somehow believe or come across with a belief that governments don’t have a large role in wealth transfer. Whats that word you keep on using? Irrelevant.

I’m telling you outright that governments can and do either preserve wealth or tranfer it (both domestically and internationally) not just with laws and policy implimented in the systems here but through laws and policy that governs all nations, its exactly why the political choices of our leaders matter so dearly and media and banks can only control so much to a point, especially in a democracy. Ask France.

You believe otherwise? If so, please explain and indulge us. Wake us up there, John. Us sleeping masses, we’re relevant aren’t we? Throw us a bone.

#161 TurnerNation on 05.26.12 at 10:03 pm

#90tundra pete on 05.26.12 at 8:47 am

Good theory. Art imitates life: this seedy weblog is like a condo lineup. We jockey and jostle, like penned sheep, to the weblog trough.
Now, where’s my jar…

#162 Willy H on 05.26.12 at 10:04 pm

CREA’s Alice in Wonderland Index is laughable. If only we were equally skeptical of the BOC and Federal Reserve inflation “calculations”!

#163 truth hammer on 05.26.12 at 10:13 pm

#133….T

DELETED

#164 Devore on 05.26.12 at 10:13 pm

#146 NFN_NLN

Condo industry: Offloading shoddy construction to eager amateurs since 1970!

Those maintenance fees are the least of your worries.

#165 Butch on 05.26.12 at 10:19 pm

Held it off as long as possible, but my wife wants to buy in the GTA “within the next year”…

Pray for me…

What is her rationale? — Garth

#166 TurnerNation on 05.26.12 at 10:29 pm

*Weekend socio-economic analysis

(Just what we needed ;-) )

How to control 7 billion people – do you believe all equally cede and share power amongst each other?

What about the small percentage of entrenched, experienced, brilliant, power hungry psycopaths and their followers. How do they do it?

Via a pattern of economic and/or physical control persists.

Or do you think the recent rash of geo-political economic and physical strife, equally and wholly affecting dozens of 1st and 2nd World countries, a concidence?

Which group of us exactly represents the #1 target of these actions? Let me explain.

– Slum classes: hundreds of millions are currently confinded to slum lifestyle. Not a threat. No hope of upward movement. Next.

– Working class: they live to work, work to live. Treadmill. Will not bite hand that feeds them. Suits are viewed as “the other” and reviled. Not a threat. No hope of upward movement. Next.

– TBD*

– Middle clases: Keeping up with the Jones. Generational Debt slaves. Track 6ers. Too busy with finding a mall parking spot for the SUV. Will not bite hand that feeds them. Not a threat. No hope of upward movement. Next.

– Ruling classes: family money, supra-national corporations and private armies (us), royalty. Entrenched promotion and breeding programs. Control over the means of production. Bought-and-paid-for elected reps. The global family business. Winners!! ding ding.

*TBD – who have I forgotten to mention? Why, the Lower Middle Classes.

Yes, look at who is protesting in our streets (G20 Toronto, Montreal). The Lower Middle Classes. Scared of being banished back down to working class. Rageful at new money, bourgeois Middle Classes. Stuck in the middle with you.

Street theatre: Lower Middle Classes battling Police (tradionally a lower middle class job). But these days, with gold plated jobs and benefits for life, the largest unionised sucking factor behind our yearly muni tax increases.

Montreal is interesting. The next most fearful group – the middle classes – are getting in on the action, too, now.
Their wisdom: “First they came for the lower middle classes, and I was not one, so I did nothing, etc etc.” Middle Classes know what is coming. A swift boot down to working class as Lower Middle Classes evaporate. A two class system. Works in Communist China, the greatest Capitalist system alive! Burn your econ textbooks….

Disclosure: I have NOT been drinking tonight!

#167 Butch on 05.26.12 at 10:40 pm

Can’t start a family unless you “own” a home.

Then don’t. — Garth

#168 45north on 05.26.12 at 11:04 pm

tough times: you had me until I read: START LOW BALLING homes by over 100K

well a house on my street (in Ottawa) sold for $410,000. There are a 1000 houses on the street, none are for sale at the moment so to offer to buy a house for $100,000 below asking would be a waste of time.

penpal: talking about options of the female lawyer: Bankruptcy?
You try that as a lawyer in Ontario and tell me how long your career would be

so she put her professional reputation at risk. Not so shrewd

clo38: talking about a sudden down turn in housing prices: Put it all in the cauldron and you have a recipe for disaster, quick and unseen by those who aren’t watching.

well I am watching but I don’t know exactly where to look, Canadian Watchdog has stats showing the number of condos for sale in Toronto shooting up. On the other hand , smoking man says that the mood in TO is buy, buy buy. The real estate industry is going to do everything in its power to make sure I don’t see it coming.

#169 John G. Young on 05.26.12 at 11:12 pm

#158 Van grl on 05.26.12 at 9:26 pm

“John G Young- two of Westernman’s posts have been deleted today alone so it’s pretty clear who is the instigator between the two of you :)”

Thank you. I think it would be clear to any that bothered to look that I have NEVER instigated; my only transgression is that I choose to stand up for myself (and others).
Unfortunately, some on this blog don’t see that, don’t care, or are put out because they are somehow inconvenienced.
The blog as microcosm, indeed.

John

#170 Nostradamus Le Mad Vlad on 05.26.12 at 11:13 pm


dOgmaggit. The older, more senile and slow I become, the faster time moves ahead and the world spins around. It’s gonna tear me to pieces soon enuff!
*
Encore As well as bailing out big banks, the WH is going to backstop derivatives. “Derivatives exposure in Europe alone is almost $100 trillion.” wrh.com and Obomba “Obama, now has formed an agency to directly Bail out the Comex and London exchange for all the derivative bets of Wall Street.”; 18:49 clip Build Yer Burgers and Fries plot the end game; 7:25 clip 55 year old homeless man with two master’s degrees; FB’s IPO and stock market manipulation; China – Japan June. Dropping the US$ and trading directly? Along with — Coincidence? Recovery? Check the headline; China not a currency manipulator, says the US; Spain Golf resort homes now selling for 33% of what they used to; 11:55 clip How to really measure inflation; Temper Tantrum?

The End Game the US Fed doesn’t want; John Mauldin Global economy going south; Gary shillling Copper more reliable than oil; Jeff Rubin apologizes; Debt and 20 trends shaping the economy; ECB heading toward insolvency; Global Investors Tad nervous? Economic Tsunami is crashing over us.
*
20:07 clip — Smoking Man 4 U – Enjoy the weekend! US – China trade war; Keynesianism and Eugenics Link between them? Russia Getting pissed off with the west, and shipping arms to Syria; 52:52 clip “YouTube deleted the original link for this documentary, alternating between “User removed this video” and “copyright claim” but in actuality I think that corporate America was very upset that someone blew the whistle on their little scam of making products designed to fail so that we must buy replacements at huge profits to them.” wrh.com; New Nebula? Pic is colorful; 2:32 clip North Pole ‘quakes? UK Uncut Resistance is futile;
Smuggled Leather-bound gospel; Uh Oh Better get Maaco; Libya, Africa and Africom.

#171 jess on 05.26.12 at 11:15 pm

Coal Industry Pays Fake Activists $50 to Wear Pro-Coal Shirts at Public Hearing
Apparently unable to find real activists, the coal industry paid astroturfers to wear pro-coal t-shirts at an EPA hearing.
http://truth-out.org/

#172 Can it be? on 05.26.12 at 11:44 pm

I finally understand why this blog frightens Garth. Stay at home moms bashing working moms… men bashing working moms… seems like a lot of insecure people with issues unrelated to housing. No idea what the battle between John and Western is… Immigrants bashing Canada. Freedom of speech indeed…but a sad state of affairs. As I’ve said before… raise your children in whatever country… home etc. you choose and the proof is in the end result. I live my life and I could care less what the judgemental choose to say. If it makes them feel better about themselves as parents and people.. good for them. It’s not even worth commenting about VanGirl… let them think they are perfect :)… save your energy for more pertinent issues. Having done both (home and work)… I admire the mom’s who can manage both. I think everyone is trying to do their best, and it’s sad that people have to put other peoples choices down……. I have a lot of stay at home mom friends & working friends… but Daisy Mae would not be in my social circle. Women should support each other and not bash each other… it’s unfortunate. Maybe the future generation of ladies will be more open minded and supportive of each other.
Anyways… back to housing. More open house signs popping up daily in Mississauga & Oakville. Nothing much moving.. aside from some homes that have been on the market forever, amazing to finally see some sold signs. I’m sure there were either significant price drops or more speculators buying in to build and flip. One thing that puzzles me is these exclusive listings. Noticed a few homes, listed with agents but not on MLS. These homes are also custom builds that have been sitting uncompleted for over a year now. I’ve been wondering if these are potentially bankruptcy sales? They are high end homes 2 million plus… and asking way to much. I won’t have time this weekend to investigate… but if I get a chance next week I feel like homes with weeds as tall as me are worth looking into. Any thoughts from others on these listings?
One more side note. I was born in this country. No one got a free ride… and no one said it would be easy when our families immigrated here. I’m not sure who people felt they were fooled by… but Canada is a great country. Many immigrants are able to achieve the “Canadian dream” but it took hard work. The beauty of Canada is that generally when you look around you really can’t tell who has money and who doesn’t. I remember how lucky we are every time I travel elsewhere. If you are not happy here… feel free to leave. Canada should make a rule, that once people leave… they can’t come back. Especially if they leave their debt behind. It’s that exact attitude of inconsideration towards others that has brought this country down. Greed, Greed and more Greed. Don’t let the door hit you on the way out:) I’m happy and I will stay. This blog is starting to frighten me.

#173 timbo on 05.26.12 at 11:45 pm

http://www.forbes.com/sites/timworstall/2012/05/26/now-spain-circles-the-drain/

“That’s just one Spanish bank that needs that amount of support. There are a few things that should be said here too: Spanish government spending, at least central spending, wasn’t too far out of line in the boom. And the banks didn’t get involved in CDOs and equity booms and all that. Indeed, it’s not actually the commercial banks that are in trouble. Rather, it’s the mutually owned and local banking system, the cajas, which is. The problem is simply the unwinding of a vast property bubble: there was a year or two there where more cement was being poured in Spain than the rest of the EU put together. There are entire fully built golf resorts with villas and apartments which are empty and bankrupt.”

Property bubble causing problems. Where have I heard that before….?

http://businessmirror.com.ph/home/global-eye/27659-europes-woes-put-a-drag-on-world-growth

“But the global economy’s problems aren’t confined to Europe. There was hope that some of the world’s biggest and fastest-developing countries—Brazil, India and especially China—would continue to drive growth and pick up the slack in demand. But because of Europe’s slowdown, as well as domestic issues, these emerging economies are grappling with slowing of their own.”

This is going to be a very interesting year. Asia slowing, Europe in recession and the US growing tepidly. Lets hope for the best and prepare for the worst………

#174 John G. Young on 05.27.12 at 12:16 am

#174 Can it be? on 05.26.12 at 11:44 pm

“This blog is starting to frighten me.”

I know how you feel.

#175 Phil on 05.27.12 at 12:16 am

John Young, I vote to ban you.

#176 Phil on 05.27.12 at 12:19 am

John Young, just stop whining already.

#177 V on 05.27.12 at 12:35 am

Sad to see the first post gone. I actually got it once lol. I think it gets people to check around the 9:30 toronto time. Maybe letting the first real first be ok and getting rid of all the others?? Anyways I just was checking out the houses in Mississauga. There are a lot for sale but equally there are a lot of people checking them out. Every house had more people coming through the door.

#178 John G Young will you give it a rest, please? on 05.27.12 at 12:38 am

enough is enough.

ban yourself, if you have any decency.

anything but your incessant whining would be an improvement.

Cheers!

#179 a prairie dawg on 05.27.12 at 1:18 am

ITEOTWAWKI

“..it’s the end of the world as we know it, and I feel fine…..”

just sayin’….

in case it all ends tomorrow….

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

#180 truth hammer on 05.27.12 at 1:23 am

Read the #10 reason for divorce…..teeny litter box sized condo’s should prove up a huge divorce spike as couples eat each other alive…….woops …here comes….the baby……

http://www.vancouversun.com/life/Hunting+elusive+marriage+killer/6680805/story.html

Dr David Foote said as much when he described the current average sq ft build as functionally obselete as family dwelling spaces………..old people should pay heed as well…………….hubby and bubby may srat looking pretty ugly having to stare at each other over the ‘nook’ 24/7 , especially during a TO winter.

#181 Janusz on 05.27.12 at 1:29 am

DELETED

#182 jb on 05.27.12 at 1:57 am

Sweet Jesus Garth… best picture yet…

#183 Mr Buyer on 05.27.12 at 1:57 am

#171 John G. Young on 05.26.12 at 11:12 pm
#158 Van grl on 05.26.12 at 9:26 pm
Unfortunately, some on this blog don’t see that, don’t care, or are put out because they are somehow inconvenienced.
The blog as microcosm, indeed.
…………………………………………………………………
I figured out a while ago there is a great deal of baiting going on and I now choose to ignore some of the button pushing. The winning struggle for hearts and minds often does not involve frontal attack, it is merely one of many strategies and has its benefits and liabilities as most every strategy does. The trick is selecting the correct blend of strategies and adapting them as the situation evolves, but how am supposed to know? PSYOPS 101. My objective of late in commenting on this blog was giving a voice to the worst case scenario as a huge amount of minimization even here was blunting assessment of the risks. The rug got pulled right out from under me the other day when our host uttered the CRASH word and a few mainstream estimates are closer to my own now…As for Smoking man well he is a gambler by nature and having observed my brother the gambler for some time I understand the position well. The winning does not continue forever and if the losses are less than the winning then you have done well. Smoking man called Toronto’s continued RE boom for May but I think even he knows it is soon time to start hedging. BUYER BEWARE. NOW IS NOT THE TIME TO BUY A HOUSE. THE BUBBLE HAS TOPPED. SALES ARE FALLING ACROSS CANADA.

#184 Roland on 05.27.12 at 2:44 am

@174,

“The beauty of Canada is that generally when you look around you really can’t tell who has money and who doesn’t.”

While that was mostly true up until the 1990’s, it’s simply no longer the case. Canada now has a pretty noticeable gap between rich and poor. I think it’s a shame, but there’s no point in us denying it.

#185 Alpha Bravo on 05.27.12 at 7:17 am

#174 Can it be?

——————-

Respect.

#186 Beach Girl on 05.27.12 at 8:05 am

#106 John Young

Dude, i don’t think anyone cares …

_____

Don’t leave, Brokeback (Western) would be so lonely, I think he lusts after you. It is one thing to be in denial, I feel the sexual tension.

Thanks Herb, for the compliment.

Am laughing.

Maybe Garth should rend a hall and we all show up. Sharing the costs and all, and see who starts swinging first. I meant that in the physical way.

Bring it on. LOL.

#187 T.O. Bubble Boy on 05.27.12 at 8:31 am

Butch – does the future kid care whether you own or not?

You’ve got 4-5 years until you need to care about school districts etc… Take the time to “test drive” a neighbourhood (by renting).

#188 Market Bull on 05.27.12 at 8:47 am

#144 Devore:

Question. Do you ever have an original thought, or do you just spend your time making pedantic observations of other people’s comments?

In some circles that’s known as picking the fly shit out of the pepper.

P.S. It was BMO that had the 2.99% mortgage, not Scotia.

#189 The Pale Rider on 05.27.12 at 9:10 am

“Anybody else notice the huge increase in listings from Stouffville, Ontario? (GTA suburb). 8 years ago you had 10 minutes to sign the contract to secure a house as they were flying off the shelf. Today you have pick of the litter, over 120 properties to choose from…”

We boomers have discovered we really don’t want to retire and live in the country. We want to live close to hospitals…

#190 WorkingPoor on 05.27.12 at 9:27 am

BC is in for a big wake up.. and im not talking about morning wood
http://www.thenownews.com/business/real+estate+implosion+horizon/6681867/story.html

#191 richard on 05.27.12 at 9:58 am

John G Young:

It’s frustrating to deal with a troll, and inevitably, the troll will succeed in enough obfuscation to trick some people into thinking that you are to blame.

Thoughtful people, will know who is the problem however. Particularly when the troll is as juvenile, and as lacking in eloquence as Westerman.

I do wish Garth would take more of a firm hand, to eliminate some of the noise, but in the meantime, whether you respond or not, I wouldn’t waste any concern over Westerman!

#192 timbo on 05.27.12 at 9:59 am

http://www.vegasinc.com/news/2012/may/26/long-time-coming-homebuilders-are-busy-again-las-v/

“Las Vegas home builders can’t build houses fast enough these days to keep up with buyers’ demand.

Yes, you read that right.

The valley’s new home market is booming. Developers say they haven’t built, or sold, so many houses in years.”

Elvis has not left the building after-all……

http://www.nydailynews.com/life-style/animal-fights-intense-moments-wild-caught-camera-gallery-1.1084718
“Out in the wild anything goes. These incredible shots show the most intense animal fights caught on film.”

no here are some pictures for you Garth……..;)

#193 dogman01 on 05.27.12 at 10:16 am

TurnerNation on 05.26.12 at 10:29 pm

Lower Middle Class will transition to a new class the “precariat”

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

I see this in my workplace, currently relegated to the young, temps, contact, interns, I believe some Banks now have two classes of employees, those with DB pension and those with DC pensions.
Once GFC ramifications are evolved older workers will find themselves on this path after layoff.

#194 Monis on 05.27.12 at 10:19 am

I can’t stand those monster homes with no character. My neighbourhood in Willowdale is really bad for that, where all the homes are being demolished and replaced by huge ugly McMansions. Brutal!

#195 jess on 05.27.12 at 10:24 am

Swiping ? The early adopters
Are tax refunds as a credit check ?

“http://news.cnet.com/8301-1035_3-57441842-94/is-nfc-killing-google-wallet/?tag=mncol;topStories

With Personal Data in Hand, Thieves File Early and Often
By LIZETTE ALVAREZ

MIAMI — Besieged by identity theft, Florida now faces a fast-spreading form of fraud so simple and lucrative that some violent criminals have traded their guns for laptops. And the target is the United States Treasury.

http://www.nytimes.com/2012/05/27/us/id-thieves-loot-tax-checks-filing-early-and-often.html

Tax Fraud: IRS identity theft

8 May 2012 – Of the 2.2 million fraudulent tax returns the IRS received in 2011, 940000 returns were associated with identity theft, according to George’s …
The criminals, some of them former drug dealers, outwit the Internal Revenue Service by filing a return before the legitimate taxpayer files. Then the criminals receive the refund, sometimes by check but more often though a convenient but hard-to-trace prepaid debit card.

With nothing more than ledgers of stolen identity information — Social Security numbers and their corresponding names and birth dates — criminals have electronically filed thousands of false tax returns with made-up incomes and withholding information and have received hundreds of millions of dollars in wrongful refunds, law enforcement officials say.

#196 Harry Palms on 05.27.12 at 10:32 am

@168 Roland:

Without being really nosy and invasive, it’s actually very tough to tell who actually has money, and who is simply willing/able to borrow vast (unrepayable) sums of it.

I have a few friends and relatives who are in personal finance, i.e. TNLATB types……..based on anecdotes, a significant percentage of the “rich” are really just living to a higher standard of ‘broke’.

I have to chuckle a bit when I hear about households with income 3x GTA average who a) have less in their portfolio than poor little me, and b) are adding to HELOC every month just to service enormous car loans and credit card bills.

Then, after I chuckle, I cry……this reckless consumerism on nothing but debt must dry up when these folks start “hitting the wall” on their HELOCs, realize that the party is over, and stop buying so many luxury goods and services……….That cannot be good for our economy!

#197 eaglebay - Parksville on 05.27.12 at 10:35 am

#95 Leaving Canada on 05.26.12 at 9:26 am

Good riddance. You were not Canadian in the first place.
A piece of paper doesn’t make it so.
Real Canadians are hard workers, believe in their Country and don’t rip each other off.
Real Canadians have a stake in their Country. Winter or summer. Political or financial. Social and familial.
Real Canadians enjoy clean air and clean food.
Running away is for chickens and foreigners.
There are too many people like you trying to take advantage and feeling entitled without earning and paying their dues.

#198 John G. Young on 05.27.12 at 10:37 am

#185 Mr Buyer on 05.27.12 at 1:57 am
#188 Beach Girl on 05.27.12 at 8:05 am
#193 richard on 05.27.12 at 9:58 am

Thank you.

Cheers,

John

#199 eaglebay - Parksville on 05.27.12 at 10:40 am

#106 John G. Young on 05.26.12 at 12:15 pm

All we see here is a pissing contest that cannot be “won”.

#200 Daisy Mae on 05.27.12 at 10:44 am

#174 Can it be?: “I have a lot of stay at home mom friends & working friends… but Daisy Mae would not be in my social circle. Women should support each other…”

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

That makes me so sad. Read the post (#122) again. I was defending myself.

#201 Looks for fires of empty homes on the news on 05.27.12 at 10:46 am

I think insurance companies better not pay out or do full investigations on the coming new house or empty house “fires”. Everytime the downturn or slow down in RE sales start to happen these “fires” pop up in the news. Watch for it as people try to burn their problems away. In 2008 these house fires were 3-4 times a week.

#202 Ret on 05.27.12 at 10:50 am

#2 George Re: Deflation

Deflation is far more relevent than the ‘first’ nonsense on this blog today. The big issue with deflation IMHO is that not one union contract or pension plan that I know of recognizes deflation as a possibility in their cost of living calculations. There is a belief that deflation could never happen that is right up there with RE will never go down.

Who wouldn’t want to have their incomes/pensions frozen at 0% increases in a negative % deflationary environment?

#203 Frank on 05.27.12 at 10:59 am

Touch times excellent post and needs to be reread.

Many HGTV virgins will get crushed soon on there RE holdings and garnite counter tops for the following reasons alone.

* OFSI – New regulator will be changing the rules to CHMC in the next 4 weeks. I hope they do the right thing as RE prices are not the true price. Every HGTV virgin out there only qualified through CHMC Mortgages i.e. 5% down, zero down, cash back mortgages, 40 year mortgages you name it. Basically people with MONEY cannot compete with HGTV virgins with NO MONEY!!! Basically every JOE PUBLIC in the last 10 years was given FREE MONEY to go out and buy a HOME, causing prices to go higher based on a FREE CREDIT / DEBT economy.

* CANADA STILL LOSING JOBS: Don’t believe the stats coming out of the CDN gov’t. When RE CRASHES, this will take down about 500,000 new jobs in the construction /RE related industries. JUST look at what happened to the USA, UK, Spain, Greece, Germany, Japan, China you name it! Do you HGTV Virgins really think it is different in Canada. Get you heads out of your ass.

** 80% of our manufacturing jobs have been shipped to Mexico and Asia. The remaining will go to the USA. Have you noticed that the last remaining manufacturing jobs are moving to the USA. You ask why? The Ohio worker can now work for $12.00 an hour and buy a nice home in a good hood for $70K to $100K and have a better standard of living than you HGTV virgins in Canada!!! We are really screwed.

** FOR LEASE SIGNS EVERYWHERE: Open your eyes Canada. I drive around everywhere and 70% of commercial property is for lease or sale?? Where did all the business people go??

** AUSTERITY WILL KICK YOU IN THE TEETH: Yes for you gov’t folks on this site that think you are safe with your cushy gov’t jobs, think again. Every level of gov’t in Canada will continue to shed jobs in this sector. God forbid you have a $300K or higher mortgage as you will be screwed badly. Good luck finding another job paying you 50K and over.

** EUROPE IS A DIASTER: Europe is falling apart and this will most definitely affect Canada as well.

** 70% of Canadians already own a home, Canadians are in debt 150%, 70% of Canadians live pay cheque to pay cheque, Baby Boomers retiring with mortgage debt in 60′s WE ARE SCREWED!!!!

Bottom Line if you are looking to buy because you have NO BALLS to control your house porn wife this is what you have to do. START LOW BALLING homes by over 100K and much more.

** have your used car salesperson (RE Agent) send you listings for areas you would like to live in.

** You take the MLS number, put it into MLS website and e-mail the listing agent and LOW BALL THE F*** out the property through e-mail. Don’t waste your time going to the open house etc. until you get the price point you are interested in etc. Remember your RE agent will NOT DO this for you as they are also trying to SCREW you HGTV Virgins (Hello, they work on commission)!!!.

*** Once you get the price that you are okay with you then ask your used car salesperson (RE Agent) to send you the last 8 selling prices on the property and due your homework.

Remember virgins a home is only worth what the buyer is willing to pay!!!! Get out there in droves and start LOW BALLING and you will find out there are many desperate sellers out there!!!!!

#204 eaglebay - Parksville on 05.27.12 at 11:09 am

#192 WorkingPoor on 05.27.12 at 9:27 am
“BC is in for a big wake up.. and im not talking about morning wood”
_______________
You mean the lower mainland not BC.

#205 Frank on 05.27.12 at 11:20 am

#98 PENPAL

In a couple of years the fraud in RE lending will come to light and I think even we blog dogs who already have a good understanding of the fraud will be surprised to the extent of CHMC. Realtors and mortgage brokers have been making huge money off this legal fraud which would explain the never ending posting from both of them on this blog. The house of cards is falling and when the tide goes out bancruptcy will follow. How many were able to sell during the bubble before they went bankrupt

#206 Ret on 05.27.12 at 11:21 am

#174 “The beauty of Canada is that generally when you look around you really can’t tell who has money and who doesn’t.”

The “over class” have been quietly targetting their RE dollars in specific areas for the last 20 years. They don’t want to live the Canadian social engineering experiment or to have their children exposed to average schools in average income areas with average community shopping and amenities.

They are happy to quietly pay their taxes to keep the Great Canadian social experiment going, but they don’t want to live in it. They want to live with high income people like themselves.

Look for areas with high concentrations of Audi’s, Mercedes, BMW’s and maybe some high end premium Japanese brands. A domestic vehicle or pick-up truck screams “average” or worse!

#207 gladiator on 05.27.12 at 11:22 am

@daystar: you “snicker” at the fact that these days both adult family members have to work to be able to afford what was possible with one income?
Either you are loaded and can’t understand the real situation of a family with kids, or you are so brainwashed by the modern school that you can’t accept the reality around you: believe what the tv says and ignore the rest? I will not argue anymore with you and will keep ignoring your (long and boring) posts.

#208 TimV on 05.27.12 at 12:03 pm

I think you are all misreading Garth’s dictum on “first” postings. He specifically excluded any future first posts that were puerile, idiotic, or meaningless. Indeed, today’s reference to “Yeah baby” was atypically puerile. However, the average “first” post is rarely so prurient. A “first” post that imparts its insight through the alembic of a salacious comment will certainly be allowed. No worries.

#209 Westernman on 05.27.12 at 12:15 pm

John G. Young,
DELETED…

#210 T.O. Bubble Boy on 05.27.12 at 12:21 pm

C2368202 – 36 CONNAUGHT AVE Toronto, Ontario
May 27: $1,180,000
May 19: $980,000

Another re-list representing the “vancouverization” of Toronto’s SFH stock. Realtor shenanigans continue – representing speculative peak bubble behaviour.

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=11946843&PidKey=1092028983

#211 45north on 05.27.12 at 1:41 pm

NDP leader has remortgaged his home 11 times since early 1980s

Read more: http://www.ottawacitizen.com/news/leader+remortgaged+home+times+since+early+1980s/6685607/story.html#ixzz1w5k4vtjz

Thomas Mulcair and I were having a beer on Preston Street and he told me that the NDP will oppose the tighter rules at OFSI. I didn’t want to say anything so I just gulped my beer.

#212 MrC on 05.27.12 at 1:43 pm

I wonder if demand in Waterloo housing will continue to go up if RIM announces the top end of forecast layoffs this week….

#213 Ben on 05.27.12 at 1:44 pm

Hey Garth, gag on this BBC article

Canada prepares for an Asian future
http://www.bbc.co.uk/news/world-radio-and-tv-18149316

#214 truth hammer on 05.27.12 at 2:03 pm

DELETED

#215 John G. Young on 05.27.12 at 2:18 pm

#200 eaglebay – Parksville on 05.27.12 at 10:40 am

“All we see here is a pissing contest that cannot be “won”.”

As far as I’m concerned, it has nothing to do with “winning”, and everything to do with basic civility and respect.

I suggest you direct your comments towards Westernman.

#216 Not 1st on 05.27.12 at 2:58 pm

Garth, instead of deleting westernmans posts why don’t you just ban his a** for good. I haven’t seen him give one relevant comment about RE or anything since he came here.

#217 Editor on 05.27.12 at 2:59 pm

DECODING THE MORTGAGE MARKET
Expensive housing? Not by a 20-year comparison
Despite soaring home prices, low rates have kept houses affordable. But that could soon change, says Rob McLister May 24, 2012 7:51AM EDT 180

A mortgage expert offers a … what’s the word: simplistic? misleading? moronic? … assessment of today’s housing prices. At this point, some of us observers have to wire our jaws shut.

#218 Kaganovich on 05.27.12 at 3:07 pm

I just tooled around around the Stonebridge development in Saskatoon. Great, we’ve managed to build yet another antique and sucker a bunch of fools into buying it. What are all these young couples going to do when they figure out that the Saskaboom was based on runaway sinophilia and an extreme case of nearsightedness. Apparently driving to the big box store village has become the national pastime. Too bad most won’t have the means to engage in it in the future. These poor souls can’t believe that deflation is even possible anymore.

#219 Piccaso on 05.27.12 at 3:29 pm

#215

Has anyone ever seen a pic of Vancouver that had blue sky?

#220 T.O. Bubble Boy on 05.27.12 at 3:41 pm

@ #213 45north

NDP leader has remortgaged his home 11 times since early 1980s

That seems like a smear from the Harper goons… many of the rich and powerful in this country would have leveraged their home equity for other purposes (such as getting tax deductions).

I would bet that Flaherty, Harper, and probably even Garth have some form of HELOCs/mortgages/etc. against their properties — since this is a fairly standard way of increasing investment dollars and reducing taxable income.

#221 Canadian Watchdog on 05.27.12 at 4:20 pm

#219 Editor

There’s a reason why Ben Tal compared mortgage payments to 20 years ago and not 30 years ago. Voila. http://i48.tinypic.com/2jum0y.png

#222 Painted Toenails on 05.27.12 at 4:21 pm

We’ve got a sale! Finally! A sold sign in Victoria. One hundred big ones less than asking. On a house that started at 850 and was on the market, officially and unofficially, for well over a year.

Too bad they are bought something else up in Bear Mtn.

Natural selection at work, you really can’t fix stupid.

#223 Westernman on 05.27.12 at 4:25 pm

Re: Last ” deleted ” post…
I guess no one noticed ” … ”
Ya’ll aren’t all that observant, are you? Explains a lot about my detractors on this forum …

#224 When will it end? on 05.27.12 at 4:25 pm

#106 John g

Ignore him! He is a bully, and bullies get off on getting a response from their targets. You take the bait. Every.single.time. Who cares what a random person ok the Internet thinks of you? Ignore, ignore, ignore until he stops – and he will stop…..

#225 John G. Young on 05.27.12 at 4:37 pm

#226 When will it end? on 05.27.12 at 4:25 pm

“Ignore, ignore, ignore until he stops – and he will stop…..”

I will follow your strategy.
I’d also like to make a bet with you that he won’t stop.

John

#226 truth hammer on 05.27.12 at 5:21 pm

Bwahahahahahahahahahahah….you want the truth? You can’t handle the truth

DELETED

#227 daystar on 05.27.12 at 5:50 pm

#131 gladiator on 05.26.12 at 4:46 pm
#208 gladiator on 05.27.12 at 11:22 am

“You “snicker” at the fact that these days both adult family members have to work to be able to afford what was possible with one income? – gladiator

Loaded… misguided… did you just wake up today and say to yourself, “I wanna run down daystar!” is that what you did?

No, I snicker at the fact that all you seem to look at is real income. Real household disposable income is much more to the point and sadly, our middle and lower class doesn’t spend or invest wisely, pumping all their eggs into one basket (a house) and it shows. You for some reason believe that it takes 2 incomes to make ends meet. Thats a false paradigm. Try one income and spend less, couples in their 20’s don’t need everything all today now, built on credit. Renting after all is cheaper, its called living within your means. You think Canadians got it rough, I don’t see people missing meals but it will get rough. Glad… travel to some dirt poor nations and then come back and then try telling us how bad we’ve got it.

Real incomes have risen in the last 30 years in Canada, not fallen, but are down from historic levels (pre 1980 at 3%). Real incomes have trailed productivity and corporate profits in Canada, true, but have kept pace with U.S. competitors, something we need to bear in mind. There is a war out there for market share, not making excuses, telling it like it is.

All I’ve seen empirically with more to the point real disposable household incomes are couples who live beyond their means by borrowing far more than they can afford to support some misguided material entitlement phisod paradigm. The middle class continues to non diversify and invest poorly. I offer 153% household debt to GDP and a credit bubble as easy proof with a RE bubble at the heart of it. Is it really the fault of the rich who invests more wisely? (not micro economically but it sure is the fault of the rich who could look after their consumers and customers more wisely than they do, ya don’t bite the hand that feeds you, blame to be found all around)

More to the point, “real household disposable incomes” are a much more realistic indicator than real income as it factors in taxation and with some stats, debt that papers over much of our problems, not just in households but with public debt that in time pushes rates up revealing the debt monster for what it is. Ah, but who am I, opinionated as I am to point out what should be obvious to one who doesn’t want to hear?

Income inequality and public debt is a big issue, easily solved with government taxing the rich more but who does Harper represent? Wages haven’t kept pace with corporate profits overall but again, thats a tax issue that needs to be addressed federally and again, it should be done with tax scales sector by sector with today’s high currency and competition in mind. Who does the corporate lobbyist Harper represent?

Its dissappoints me that personal attacks, put downs and rundowns are all you seem to know or want to there glad, especially the grudging kind. Its all too common, average, dull and sadly so. I get no satisfaction from pointing this out because it reminds me of how foolish I was to have expected some kind of growth within you having been here these past few years only to remain, well… stunted.

#228 Keith on 05.27.12 at 6:16 pm

Can the lawyer’s spending be considered a loss? Isn’t it more like she spent $109000 to rent for 3 years? And it was a million dollar house with some capital gains and equity growth as return?

The only way this is a loss is if she viewed her house as an investment.

#229 Ralph Cramdown on 05.27.12 at 6:57 pm

Has anyone ever seen a pic of Vancouver that had blue sky?

My wedding, RVYC. Three days in a row. In December. But we all recognize that it was an anomaly.

#230 disciple on 05.27.12 at 8:08 pm

JYG and Westernman are the same person! God, I love this blog. Does anyone know where I can find an electrical adaptor to convert a 220 to a 110? I don’t need to transform the voltage just the actual plug, can’t seem to find anything suitable at common retailers…

#231 thomas on 05.27.12 at 8:50 pm

Is the home that sold in Central T.O. at $1.45mil the one located at 592 palmerston avenue?

#232 Westernman on 05.27.12 at 9:10 pm

Disciple @ # 232,
No problem chump, I can help you out… just stick your tongue in the 220 outlet and your pinky in the 110 outlet – all will become clear to you at that point…

#233 Andrew on 05.28.12 at 2:49 am

Garth,

So, if in a bubble you don’t want to be a buyer, does that mean a good time to buy will be when the bubble bursts (or, when does one know the best time to buy).

#234 Toronto news on 05.28.12 at 7:34 pm

Toronto new condo sales going down
http://business.financialpost.com/2012/05/23/lower-toronto-condo-sales-show-market-balancing-out-industry-group-says/