Strong & free

…and after…

Once upon a time, feeling patriotic, I raised a million dollars to fund a revitalized version of the national anthem sung by people who were famous before Justin Beiber was even swimming upstream. That Canada Day night the Queen was in attendance on Parliament Hill when it was performed live, so I met her. Randy Bachman played my Telecaster during the show (better than me), and then we hung out all night with Gino Vanelli, Luba and others. I was an MP at the time, so I got the prime minister to rub shoulders.

But this Canada Day will be just as good. Riding.

Hi Garth, I seek your advice on a situation I trust is a bit different from those of the fools who usually write in. I’m a happy renter in Vancouver, renting a large downtown condo for half of what a mortgage on it would be.  My sister, on the other hand, is looking to buy a 2-bedroom $390,000 pre-construction condo in Burnaby, to be completed in 2015.

Now, she acknowledges the existence of the bubble and the likelihood of it popping right after she buys.  The kicker though is the pre-sale ‘discounts’ they’re offering her, totaling some $60,000 (so I presume the ‘regular price’ would be ~$450,000).  Even if prices drop the 15% TD Bank predicted in their report, which I quoted to her, that would put the presale price around the same level as the value of the place when it’s actually built.

Now while it’s certainly pointless to commit to a place three years in advance rather than buy it when it actually exists, for the same price, that isn’t enough to dissuade her.  My question is then simply, how unwise would going forward with this purchase be?  It’s in the suburbs and is a condo, so I would expect it to be less overvalued than other areas of Vancouver.  Is that $60,000 cushion sufficient to soften the crash or will the unit be hit even harder? Thank you for your time, Garth.

What do you do when your sister’s an idiot? Ignore her. After you fully document it, of course. This hard evidence will be useful in later life when she starts to even remotely dispute anything you say or do. YouTube is good. If she should come back to visit reality for a while, tell her there’s an excellent chance the building will never go up and if it does, even better odds she’ll lose a wad. The condo is not ‘worth’ $450,000 and is being miraculously offered for $390,000. Has sis ever heard of ‘marketing’? Does she also believe that yoghurt has Regularis or that age-defying cream can visibly diminish lines and wrinkles while skin is refreshed, hydrated and revitalized? Oh, I see.

Hi Garth. A little about me, early fifties, divorced ten years ago, had to start over, just finished paying off my mortgage in a modest house outside Toronto in Acton, no debt, a somewhat okay defined contribution pension from my employer, that I am maxing out (certainly not a gold plated defined benefit pension.) Some small savings however no RRSPs to speak of, a few shares in the banks, and now no mortgage payments.

A month ago my mother passed away and I stand to inherit anywhere from 75-100K after the estate is settled. Obviously I have lots of contribution room in my RRSP…what do I do now???

I have no plans on selling or moving in the foreseeable future and I think I can withstand a drop in real estate values, been through it a few times in the past (the house I bought in 1989 took to 2000 to recover what I paid for it)..just how much is the great question. I’m a lot like the boomers your talk about here…my residence will someday be a part of my retirement plan though still quite a few years from now (I’m on the so called freedom 105 plan)… what now?

Sorry about your mom, but I’m sure she didn’t leave you money so you can give it to the government. So why would you register it with F, by sticking it in an RRSP? Sure, I know you’ll get a tax deduction for doing so and you can grow the money tax-free, but all that inheritance will become taxable – not a happy situation when you need it to retire on. Better that you stuff twenty of it in a TFSA, dividing it between three or four ETFs to give some balance and growth potential (equity, bonds, dividend). The rest keep in a non-registered investment account, adding in some preferred shares for solid, tax-efficient dividend growth, as well as a few good REITs. And ditch the stocks. Too much volatility. You’re behind the curve already, dude, play this one smart.

Garth, I just turned 30 and have $155,000 liquid in the bank and am considering a condo or townhouse in the $70K range in the West Palm Beach area, I rent in Calgary ($860 for 1 bedroom built in 2004), I am a car nerd and own a 2006 Corvette Z06 LS7 (paid for) to attract amazons, also have a Mini Cooper for our harsh winters. Wanna use the Florida property as a vacation spot as I go once a year now and maybe twice if I get this place, hold for 10 years maybe rent it, if I can get a good mgmt company to do it for me. I chose Florida because I love the water and the west coast is too pricey despite the calapse in prices. Do you think it’s a good financial move? Please respond as I greatly value and respect your opinion, I’ve been reading every single one of your entries for about 3 years (even when I am on vacation) and have reffered many to your site. The attached pic is my sexy amazon gf which harrassed me for reading your blog daily on our Honolulu vacation. Joe.

No. Bad idea. A seventy-grand condo in WPB will be a piece of junk (things are cheap for a reason) and tenants likely to be biker security guards. You’ll have to file two tax returns if you rent, and don’t ignore the carrying costs – higher property tax, hurricane insurance and condo fees (be careful the building is not semi-occupied or the fees alone could slay you). The deal will need long-distance legals and title insurance to close, probably be cash-flow negative, plus how can you rent out a condo and still go there to hang out for vacations? Better than you take some of that money burning up your bank account and buy your poor girlfriend some clothes to match her helmet. Or not.


#1 TurnerNation on 06.29.12 at 8:59 pm

Stocks! Oil! We are gitting er done.

#2 Cory on 06.29.12 at 9:00 pm

I’m still reeling from your RIM post. Very scary indeed.

#3 TurnerNation on 06.29.12 at 9:07 pm

Order of Canada for Garth one day? Or would Harper crush this effort.–full-list-of-june-29-2012-order-of-canada-appointees

#4 JO on 06.29.12 at 9:11 pm

Dr Steve Keen was in Canada and did a great presentation on Canada’s economy and his debt/economy research. He truly is one of the few worth listening too. Solid analysis. Enjoy and share.

#5 W on 06.29.12 at 9:15 pm

Would appreciate it if you could make Hamilton the focus of one of your area specific blogs. Thanks. Enjoying the site.

#6 TurnerNation on 06.29.12 at 9:15 pm

I was mainly hoping for a picture of the Vette. But this one will do :-)

#7 westcanguy on 06.29.12 at 9:17 pm

You choose to send a pic of her wearing a helmet on the balcony of the place you’re staying?? She has no problem airing out the girls but doesn’t want anyone to see her face? So this what a ‘vette gets you, hey?

#8 gmc on 06.29.12 at 9:20 pm

move to Thailand and be a millionaire
haha ha
na na nana na

#9 waiting on 06.29.12 at 9:29 pm

to the 30 year old with $155,000 in savings. Good for you. Don’t buy a condo though. If you just invest that cash and use some of the proceeds, you will have years of nice vacations. From your girlfriends picture – it looks like Diamond Head in the background. You could go back to Hawaii or anywhere instead of being tied to one place with maintenance and tax consequences and headaches. You probably worked hard to save that money, don’t through it away. Real estate isn’t everything.

#10 Bo Xilai on 06.29.12 at 9:35 pm

“The attached pic is my sexy amazon gf which harrassed me for reading your blog daily on our Honolulu vacation. Joe.”
Joe, you are a moron. If I was in Hawaii with that amazon, I’d be too busy reading Garth’s blog (no offense, Garth). Between Oahu’s great beaches, Honolulu’s great foodie scene and horizontal jogging, there would be no extra time to read blogs.

#11 Scalgary on 06.29.12 at 9:36 pm


Could you please suggest some well managed bond& equity ETF?

By the way, did we skip weekly special this week? I was curious that it is today….

#12 Joe on 06.29.12 at 9:39 pm

Hey guys it’s joe from the blog post, shall I consider a different city, without hurricane insurance? I calculated the condo fees and hurricane insurance to be about $400 a month on a townhouse. Previous sold prices for these $70000 townhomes are about $300K.

#13 Joe on 06.29.12 at 9:44 pm

#7 westcanguy
She’s wearing a helmet because we just rode a rented Harley to a lookout. And it’s a z06, one of the fastest production cars ever made around the nurumbergring. What do u drive? A leased Kia?

#14 Toon Town Boomer on 06.29.12 at 9:49 pm

I too am waiting for your area specific (Saskatoon) blog post.
Is that still in the works?

#15 espressobob on 06.29.12 at 9:49 pm

ok so we get it GT. We live in a age where people sign contracts and move in to properties they have no chance of paying off in a lifetime? DUH. Whats with are education system?

#16 Mark W on 06.29.12 at 9:53 pm

Not built yet in Vancouver (2013).

$11,277,900 Condo.

Monthly maintenance fee: $1642.69

HAM & Champagne.

#17 Johnny D on 06.29.12 at 9:55 pm

So oil leaped up today… Gold as well. Is this going to be a short lived rally or is all this talk about a global economic slowdown going to be the short lived one?

#18 RetiredBoomer2 on 06.29.12 at 10:03 pm

“adding in some preferred shares for solid, tax-efficient dividend growth”

there is no growth in fixed preferred shares, its fixed and you are Fx3$ and it is only solid if rates go down or are stable and you are cooked if they go up.

Getting 5% annually looks like growth to me. Is your portfolio churning that out, year after year? — Garth

#19 Bill Gable on 06.29.12 at 10:07 pm

Palm Beach? Are you nuts? Listen to our bearded host. Disaster for unwary folks. Mr. Turner nailed that one. Half empty, you get eaten alive and plus you get to get wound up in the IRS. You think the CRA is rapacious? Hurricanes. Don’t get me started.

Balanced portfolio, cut your debt, stay liquid.

Listen to our bearded host.

#20 ACP on 06.29.12 at 10:08 pm

To all those asking, I think the area piece this week was about Kitchener-Waterloo, in a roundabout way.

That took long enough. — Garth

#21 Harlee on 06.29.12 at 10:12 pm

Alls I knows is that the Green & White beat the Kitty Cats tonight,which means that the fb season is off to a great start. And my players were wearing nice white helmets (not water melons) on their heads and looked so handsome.
And the TSX was UP today ! I made a few bucks today with that so that always make me patriotic.
If Garth takes the weekend off to go ridin’ (he should!) and I’m working on the weekend then I’ll wish every Canadian reading this now a Happy Canada Day ! Sorry Hamilton,you’ll whup someone’s butt next weekend…
Now maybe I’ll see the Lions beat the Peggers.
Despite all the crap politics and craziness in the economy this is still a pretty damn good country.
Have a good long weekend Garth !

#22 LH on 06.29.12 at 10:12 pm

Is tha the house on Maria St in the Junctipn area? What a fail.

Happy Canada Day weekend everyone!

#23 Keeping the Faith on 06.29.12 at 10:29 pm

#12 Joe

drop the real estate infatuation or drop this blog, you choose or we will choose for you, you may not be smart enough to be on this blog

#24 Beach Girl on 06.29.12 at 10:34 pm

OK, Garth the Guru is the Boss. But I do not like being deleted. Any votes on this? My last post was not rude, just expressing my opinion.

Dare you to show my post.

#25 Jonno on 06.29.12 at 10:37 pm

Joe you need to look at tax when renting out a condo and being a non us citizen in Florida the expenses/tax can be very high, maintenance etc needs to be done by locals, do some more due diligence on the numbers. Having lived in the southern USA just your air con bill can be surprising!

#26 Westernman on 06.29.12 at 10:45 pm

Harlee @ # 21,
Got your hollowed out watermellon all shined up and ready to go, huh?
Nothing like living vicariously through the exploits of a bunch of overpaid fat ass semi pro football players…
Have you checked your chromosome number lately? You may find you have 48…

#27 truth hammer on 06.29.12 at 10:49 pm

Oh to be young and stupid again…….to think that $150K is an amount to consider signifigant……in reality it’s not worth a drive around the block in the gas guzzler or when the girlfriend announcing she’s pregnant. Hyperinflation has made the fools believe that such a sum is anything than a coupe of years expenses. In a few more years it will have halved again.

My advice would be to piss the money away on good times……you can rely on the great memories to pull you through during the times when no amount will be enough to solve the problems that will come to this 30 year old…………..theres always time to make more money……………and for Christs sake wear a condom………nothing will drain your pile and kill the buzz faster than your girlfriend announcing “I’m pregnant”…………….when that happens…’re 150K pile will disappear in an instant……………and you’ll have nothing to fall back on.

#28 Throwstone on 06.29.12 at 10:49 pm

Those are going to look like tennis balls in tube socks in 10 years.

Joe, buy her a new set, buy a real car (exotic)… vettes are for old men with bald spots…..and stay away from the USA too…try the islands dude.

Get down to trinidad, costa rica, colombia, panama…travel man! Theres more to life than Canamerican culture.

There are much more, much better, naturally equipped amazons out there.

Don’t let all the comments bruise your ego.

You wanted opinions?…you got em.


#29 Jas Girn on 06.29.12 at 10:54 pm

There is nothing wrong with driving a leased Kia. I love Kia cars.

#30 Buy Low Sell High on 06.29.12 at 10:56 pm

Joe, sell the Vette and get yourself a nice crotch rocket! Real men ride bikes, boards, and babes!

#31 Cory on 06.29.12 at 11:09 pm

hahahaha….LUBA….hahaha….I have not heard that name in a loooooong time.

#32 Johnny D on 06.29.12 at 11:13 pm

@ 13 Joe

Joe the Z06 is an awesome vette but the ZR1 was the one that tested so great at the nurburgring. And don’t bash leased Kia’s. Not everyone can afford to buy a vette and drop a ton of cash on a condo in Florida. Show some humility.

#33 Canadian Watchdog on 06.29.12 at 11:19 pm

#16 Mark W

“Not built yet in Vancouver (2013).”

@Garth It will take another quarter or two for pre-sale dollar volume to amalgamate with resales figures; then expect average prices to fall sharply in Q4 or Q1 ’13.

#34 Not 1st on 06.29.12 at 11:24 pm

Joe, you will never use that Florida condo as much as you think and managing it from that far will be tough. Why complicate your life. If you want some rec property kelowna is ripe for vultching and half way to vancouver.

Also, I dont believe that’s your GF.

#35 GTA Girl on 06.29.12 at 11:25 pm

Joe? With a girl like that, you have time to email Garth? Your priorities are screwed…get on that . We live thru you

#36 dd on 06.29.12 at 11:33 pm


… i see you are getting beyond the “me first” comments. You are such a clown.

#37 T.O. Bubble Boy on 06.29.12 at 11:33 pm

Is that house a Crack Shack, or a Mansion?

#38 Not 1st on 06.29.12 at 11:40 pm

Why are there no ETFs chalk full of preferred shares?

#39 dd on 06.29.12 at 11:42 pm

Recovery in the US. Think again. The real stats tell the story. US has more old cars on the road than ever before. What does this mean? US is sliding into a recession again.

#40 Increasing that 1% on 06.29.12 at 11:45 pm

Surprised we don’t hear about more houses having this happen to them (leaning), with all the reno’s going on

Enjoy your riding, Garth, should be great weather, red sky tonight. Hope you don’t wear one of those helmets with no face protection.

Congratulations to all those Graduates; kindergartners, Grade 6ers, Grade 8ers, and those Highschool Grads !!
(Right, Smokin’ Man?)
cue Alice Cooper’s ‘School’s Out’

woo, that house has been demolllished

#41 Roial1 on 06.29.12 at 11:45 pm

Joe, was into the same decision and concluded that to be “fixed” to one destination for life is not on.
Want hot and sandy??? There’s Nicaragua, Honduras, Thailand, Vietnam, hell Australia is a fun, if expensive place.. The list and choises are endless.
Don’t trap your young self.

(Except with her. Now thats HOT!)

#42 Harry Palms on 06.29.12 at 11:50 pm

Our second subject stands to inherit ~$100K with acres of RRSP room.

Why not:
-Pass some or all of it into the RRSP (over a few years if necessary) to get the tax credit on the part of his income that’s walloped at the highest marginal rate.

-Take the refund, and catch up on TFSA contributions,

-Rest into non-registered,

-Take out a HELOC for investment purposes, Start Garth’s patented RRSP meltdown tactic.

Win now, win later?

I dunno, I’m just a loser who’s reading a financial blog instead of two-fisting drinks with my buddies on the eve of a gorgeous holiday weekend!

Happy Canada Day, all.

#43 Observor on 06.29.12 at 11:53 pm


Number 11 Scalgary asked:

“Could you please suggest some well managed bond& equity ETF?”


Hilarious. Exchanged Traded Funds are supposed to be Exchange Traded INDEX Funds and are unmanaged. They are supposed to blindly follow a index in a mathematical, mechanical fashion. No management needed nor wanted.

#44 FTP - First Time Poster on 06.30.12 at 12:01 am


You’re missing the bigger picture dude. For that price, you can purchase a nice one or two bedroom condo in different parts of NZ and rent them out – gorgeous country!

#45 Nostradamus Le Mad Vlad on 06.30.12 at 12:02 am

After doing some preliminary research, it occurred to me that Garth’s life with the Amazons in the bunker is better described here and here, ‘tho if there are any BlogDogs who have first-hand knowledge, please feel free to share it.

As for the questions, better brains than I have already answered.
Traders sent to US for prosecution (where they will get off scot-free); Honesty among Thieves; Energy (shock) bills; Lessons from 1929; Cdn. Friday links;
Today was a spectacularly good / horrible day; Saving Private Economy; Map of economic centres of gravity from AD 1 to now; Shiller RE prices may go lower; Beer buys Beer; Italy Anti-Euro sentiment; Derivatives Beast Maybe that’s why Merkel blinked — she can leave the others holding the bag; No breaks for offshore condo investors; Thinking of buying US RE? Middle Class in NAmerica; Retirement Income Follow Garth’s 40-60 plan.
The CFL gets rave reviews; Aliens Perhaps this is one of the reasons why people are always complaining about being so hard done by; China’s military capabilities; Baghdad Spending money to upgrade new facilities; Short clip New Lamborghini. Not for drivers with queasy stomachs.
Happy Canada Day, Garth and bloggers!

#46 Tim on 06.30.12 at 12:04 am

So they loaded up the truck and they moved to Burnaby–I mean, Beverly…
Burnaby is condo wasteland central, after yaletown. There are so many boxes in the sky there that it is hard to imaging the attraction of living there and I’d be surprised if they hold their value

#47 Harlee on 06.30.12 at 12:08 am

“fat ass” ? You should talk…

#48 Tim on 06.30.12 at 12:11 am

#3 Order of Canada
lol Ralph Klein is on that list. What a joke! Talk about devaluing the award. He presided over the biggest boom in recent history and left the province in a mess. Cuts to Education and Health Care, no long term plan for the province, no managed growth for the tar sands, he was a disgrace to Alberta. Mind you Gordon Campbell makes Ralph Klein look like a Saint.

#49 Chaddywack on 06.30.12 at 12:40 am

So that’s what a vette gets you!? Damn!….why am I wasting all my time investing in equities and preferreds….chicks can’t see that!

#50 Jim on 06.30.12 at 12:46 am

My douchebag detector is going frantic at the moment. I can just see the chrome rims on his Z06 flashiing as he does 80 in a residential zone. Good on you for the liquid capital, but something screams ‘materialistic idiot’ about this guy.

#51 Jay Currie on 06.30.12 at 12:53 am

Why buy a vacation spot when you can rent? Do you always want to go to Florida? Have you been to Maui?

Buy and you have all the headaches Garth outlines; rent and you are there for two weeks, can get that thing off the girl’s head and have fun.

My house overlooks the Royal Victoria Yacht Club. Lovely place. Which means I am looking at millions of dollars worth of boats. Which almost never leave the $7/foot/mo dock. I love sailing. I love boats. I charter.

So should you.

#52 Serbia-Vancouver Lady on 06.30.12 at 12:55 am

“What do you do when your sister’s an idiot? Ignore her. After you fully document it, of course. This hard evidence will be useful in later life when she starts to even remotely dispute anything you say or do. YouTube is good. If she should come back to visit reality for a while, tell her there’s an excellent chance the building will never go up and if it does, even better odds she’ll lose a wad. The condo is not ‘worth’ $450,000 and is being miraculously offered for $390,000. Has sis ever heard of ‘marketing’? Does she also believe that yoghurt has Regularis or that age-defying cream can visibly diminish lines and wrinkles while skin is refreshed, hydrated and revitalized? Oh, I see.”

I love you too <3 :))

Happy Canada Day !!!

#53 Increasing that 1% on 06.30.12 at 12:57 am

Clllllasssic, Alice, …”well we got no choice..all you girls and boys..making all that’s out all summer!”

song=40yrs old!, and he’s performing this month–see how you too boys and girls can make a living–forget about RIM, pfft
Teen relative felt terrible, after accident with Blackberry, replacing with iPhone, felt like a traitor, betrayer, turning back on beloved

#54 meslippery on 06.30.12 at 1:02 am

Beach Girl
For World Leader
I,ll vote for that.

#55 Listened to Garth and bought a house in the US on 06.30.12 at 1:03 am

OK, I’m a little confused on your advice Garth.

On the one hand you tell people to buy real estate in the States, on the other you’re telling this guy not to.

Maybe you should be telling this guy to a little more info, like location, location, location.

Go down there and do some looking before putting your money down – that’s a must!

Only buy on the court house steps or as a REO now, because believe it or not, most of the prime property in the US has already been bought cheaply and you’d better know the area your investing in and physically look at the property you looking at to invest in.

As an investment it still a good move and you can make an 18% return, but as Garth says you’d better understand the risks and can afford to lose your investment.

There is not a investment in the world that doesn’t have risk, but Warren Buffett has said and I’m paraphrasing ” If I had the money I’d buy every foreclosed house in the country (US)” That alone says a lot.

#56 Smoking mans smarter coousin on 06.30.12 at 1:17 am


I was just about to cancel the soft porn license…good thing I scrolled all the way to the bottom.

PS that Kim Campbell is still hot

#57 Expat on 06.30.12 at 1:31 am

I bought a n. valley place in the metro Phoenix area last month on a short sale, offered 6 months ago and took forever to close. Upshot, sfh, 4b, 3 ba, built 2006, $120k and put 20% down, evicted dirtbag renter and did 6.5k in deferred maintenance including paint and new decent carpet, just signed a renter for 18 months today, they take care of utilities and pool maintenance. ROI of a bit over 15% and comps in the area are around $150k. There are some deals out there if you have the bug, I may tell you in a year if I still think it was a good deal.

#58 Fort Mac Flatlander on 06.30.12 at 1:35 am

#26 Westernman

Have you checked your chromosome number lately? You may find you have 48…
Isn’t this better if on the TSN website. I’ve seen many of your comments before, but this is even beneath you.

Just saying man. Buck up.

#59 Listened to Garth and bought a house in the US on 06.30.12 at 1:42 am

Oops my bad…actually Warren Buffet only said ” I’d Buy Up ‘A Couple Hundred Thousand’ Single-Family Homes If I Could”

Still quite a large endorsement for buying single family housing in the US at the current prices.

#60 Wise Guy on 06.30.12 at 1:45 am

I’m so glad you posted that picture of that house above. I live very close to where they were digging out the basement of this home and then all of a sudden it shifted. Now constructions crews are on site and are knocking it down.
The poor owners of that house paid approximately $555,000 and it backs right on to train tracks!! I can not for the life of me understand how people are paying these prices in Toronto. Don’t get me wrong, a SFH for $555,000 is a steal, but you have to see this street and location….it sucks!!

#61 Tony on 06.30.12 at 1:54 am

Re: #17 Johnny D on 06.29.12 at 9:55 pm

Just short covering and options expiration on the last trading day of the month. Always the safest day trade buy the second last trading day of the month whatever got pummeled and sell it near the close on the last trading day. Conversely sell short whatever goes up the most on the second last trading day of the month. This month the last Friday in the month happened to be the last trading day a day when many contracts are bought or sold. Markets in America tend to go up around holidays but the one day rally will be short lived as the one day sucker’s bounce in Europe will end with a thud.

#62 lookoutbelow on 06.30.12 at 2:00 am

Let’s all take a day off……………..

And reflect on our good fortune (however we happen to come by it) for living in such a great country as Canada.

I will openly admit that this country has given me all that I have, a wife, a very good living, a great family and a roof over my head.

Thank you Canada. And as Spock would say, may you live long and prosper!

We can pontificate all about the real estate bubble next week. For now, let’s just enjoy Canada’s birthday.

145 years old and she is just a beauty! I am forever indebted to this great country.

#63 NorthOf49 on 06.30.12 at 2:20 am

Joe, skip the condo. It’ll become boring after a few years and why would you want the hassle when your time should be spent relaxing with your helmeted babe. Look into a timeshare in Cabo if you have money itching to be spent. Just got back from there. Stayed at Pueblo Bonito resort, what a place! Two week timeshares are going begging. What sold for $30K back in 2007 can be had for $9K now. My inlaws bought two. Maint fees are $250/year for a one-room. Can always spend time at affiliated resorts as well.

#64 Blue Monster Lover of Meats and Vegetables on 06.30.12 at 2:29 am

It’s all over. I know it, the Egyptians know it and soon you’ll know it too. Gold is money and guns are freedom.

To all the politicos out there, your time is over!
Just like I told ya, it’s all over. God’s gonna cut you down.

#65 Tron on 06.30.12 at 2:30 am

#12 Joe

drop the real estate infatuation or drop this blog, you choose or we will choose for you, you may not be smart enough to be on this blog

I thought everyone on this blog is not smart enough to be on this blog

#66 TNT on 06.30.12 at 3:11 am

Taken care of business, and work’n overtime. Thanks Garth!

#67 GT on 06.30.12 at 3:22 am

I love how the dude shared a pic of his gf – hilarious. Hahaha.

#68 TaxHaven on 06.30.12 at 3:26 am

I rather suspect that nearly everyone is now one of your “behind-the curve” investors. In that case, the curve has just moved.

Not to worry: prices and “values” will too – DOWNWARD.

#69 Blue Monster Lover of Meats and Vegetables on 06.30.12 at 3:55 am

John, you need to think before you speak. The above sentence is a total contradiction. Where do you think a gun totin’ American get his right to liberty? The constitution.
Actually, he gets it from god, the constitution just renforces it. Hence the statue of liberty. (From France of all places, go figure). The hystoria is deep.

#70 MarcFromOttawa on 06.30.12 at 4:42 am

No comments allowed on the beautiful helmets?

#71 Buy? Curious? on 06.30.12 at 6:00 am

Garth, I always thought of you as the Man who could put the CAN back into Canadian but like RIM, Jim Carrey and Austin Powers, paraphrasing the story of Icarus, they fly too close the sun and come crashing down to Earth. Canadians need to stop watching CTV, reading Global and Mail articles that ask “What does it mean to be Canadian?” and start thinking for themselves. Stop navel-gazing and show some pride!

On a side note that I hope depresses and scares people, a friend of mine got laid off from a furinature store in Oshawa, business was slow. If that wasn’t the proverbial “Canary in the coal mine” I don’t know what is.

Happy Loser Day, I mean, Canada Day everyone!

#72 Day 8 on 06.30.12 at 6:16 am

My question is: How can a guy who is reading this blog for three years come with such a stupid plan? Seriously, this is a complete bullshit. His amazonian girl looks cool though and I´m somehow convinced that she will stick to him since he does not belong to the 84 per cent group of Canadians between 25-34 years who are in debt.

What about Risky Toronto Condos? It would be more interesting for him since he is a great real estate adventurer.

I would be glad to follow his story in some of the future posts. Just to know whether he bought the Florida condo and rented it with a condition that he would come twice a year and stay with the tenants.

#73 Daniel on 06.30.12 at 6:19 am

Joe – forget the house in Florida, you’re just doing it so that you can say – “I have a house, too – it’s in Florida” You feel inferior that all your friends have houses and you don’t.

That said – just because a house was 300k, doesn’t mean it will go back there. You’re 70k house will probably cost about 10k to get into and about 10k per year in property tax, insurance, fees and upkeep. You can go anywhere in the world instead of being stuck going to Florida.

Here’s the real lesson for you, if you’ll take it:

You’re too prideful, you’ve done good for 30 and you want people to know it. Here’s the advise – start being modest – about everything, it will work wonders with your relationships, yourself and your life.

#74 housedoc on 06.30.12 at 6:53 am

I heard they fixed Europe and passed Obamacare.
I was getting worried.

#75 Dividend Yield Investor on 06.30.12 at 6:53 am

Don’t let the big pop in the market fool you. We are a world wide recession to where corporate profits will decline significantly.

The pop in the indices will be known over the next few weeks, as a fast and furious rally, and then it will fade and fail.

Dividend Man

#76 Mr Buyer on 06.30.12 at 7:32 am


#77 Mr Buyer on 06.30.12 at 7:33 am

#24 Beach Girl on 06.29.12 at 10:34 pm
OK, Garth the Guru is the Boss. But I do not like being deleted. Any votes on this? My last post was not rude, just expressing my opinion.

Dare you to show my post.
#76 Mr Buyer on 06.30.12 at 7:32 am
I deleted myself so you would not feel singled out

#78 Mr Buyer on 06.30.12 at 7:36 am

I think a more fine grained deletion should be carried out. Something along the lines of…
Okay you DELETEDing DELETEDholes. What the DELETED is going on here? I am sure there must be a php script somewhere that can pull it off.

#79 Regan on 06.30.12 at 7:39 am

To the guy with the sister – buying the condo is about risk. It’s impossible to forecast an exact price, so instead, run through 3-4 scenarios with her and see how she handles a gain back to 450K, 15% drop, 25% drop etc. Go through ‘total costs’ forecasts that show the total price of owning for the next decade. Ask about her family plans and work situation. Remind her that just because something’s on sale doesn’t mean it’s a good deal. Aside from that, supporting her decisions is the best move you can make as her family, whatever they are.
To the guy considering retirement, you might want to consider what retirement looks like if you sell, and what it looks like if you don’t. Because if you can’t afford to not sell, then you’re basically sitting on a bundle of cash and you should evaluate it as such. Float out on the high tide while you can, even if the need isn’t imminent. Your retirement might depend on it.
Joe, if those pics were from your Florida vacation, it would make sense for you to buy in Florida. But you don’t go there, do you? So why buy there just because you can?

#80 T.O. Bubble Boy on 06.30.12 at 7:39 am

You can rent a nice condo in Florida for $1000/week or less — are you going to visit the same place in Florida more than 60 weeks over the rest of your life? If you’re buying it purely for the investment, there are a lot of headaches that go along with a property in Florida (extra insurance, U.S. Taxes etc.).

That being said – it’s $60k, so why the hell not.

#81 House Horny Housewife on 06.30.12 at 7:42 am

Hey Joe,

Did you send in that photo of your girlfriend to show off or what ?! Does your girlfriend know you did that ? Perhaps a photo of your mini cooper or your other trophy on wheels would have been more … ehr .. uhm .. oh yeah .. non sexist ! Don’t you realize that choosing a mate based on the cuteness of her bellybutton says more about you than you realize ? Ha ha, enjoy it while you can.

Good advice to every one of those individuals, Garth. Especially about the condo ‘worth’ .. quite obviously some people actually believe what is being marketed (including that BL Regularis yoghurt which is basically sugar, jam and gelatin but is marketed as healthy .. although I find the Nutella marketing scheme to be the most dishonest .. but I seriously digress ..).

Not sure I agree on your view about RRSP’s. I understand that you don’t want to pay the higher tax rate on that money in the future but what about getting to keep the money you would have paid to the government today and making a return on that during all of this time until retirement ? .. in addition to the fact that you can perhaps lower the tax rate when you withdraw by income sharing with your spouse (depending on his or her situation) or taking it out when you are making less income overall (thus knocking you down into a lower tax bracket) ? If that is indeed your situation. I don’t know, Garth, deferring taxes doesn’t seem like such a bad idea to me. If I don’t have to give it to government now then I won’t. Besides, who is to say that the government of the future won’t eventually go after all of that TFSA interest ? Big brother can and will do anything to get their hands on our money, they always have.

Have a great day and stay away from those babes with helmets .. some of them can turn really nasty during those divorce proceedings.


#82 Mr Buyer on 06.30.12 at 7:49 am

My son just got his Canadian Citizenship Certificate in the mail here in Japan. He is Canadian by virtue of having me (a Canadian by birth) as his father. What is really strange is that my first two kids can never go to Canada and their children will be Canadian as well while the third child’s future children will not be Canadian if born outside of Canada. I am not complaining, just interesting. Had the one of my in-laws try to foist upon me the idea that the kids will be harmed living between two countries. I stated very clearly to forget that idea the children ARE Japanese AND Canadian. By the way…BUYER BEWARE. NOW IS NOT THE TIME TO BUY A HOUSE. THE BUBBLE HAS TOPPED.

#83 Mr Buyer on 06.30.12 at 7:56 am

I used to sell Canadian flags near parliament hill on Canada day. Not little ones but real big ones tied to bamboo poles. It would take me 2 days to tie and glue them onto the poles. To my valued customers, I shall return. HAPPY impending CANADA DAY (Even to all the confidence men and hucksters that fleeced a ton of sheep and got rich doing it).
PS. Happy Canada day even to you Smoking man
PS PS…don’t get it in your head that I like or respect you. I am just feeling a little home sick and vulnerable. How about a group hug everyone?

#84 T.O. Bubble Boy on 06.30.12 at 8:00 am

If the environmental groups are all labelled as potential terrorists by Harper & friends and are forced to open their donor books, then economic “think tanks” that write pro-government marketing fluff like this should get the same treatment:

Seriously, who writes an article saying “thank goodness we have leaders like F and H who are brave enough to change mortgage rules and avoid US-style crashes”?

#85 Mr Buyer on 06.30.12 at 8:11 am

When my daughter was born here in Japan they handed her over to me almost right away and I sang Oh Canada to her (no bullDELETED). I just want to say that each year I spend away during their childhood is absolutely NOT good. I had a blast camping fishing giggling and farting when I was a child in Canada. I can tell you this huge inflation of housing costs in Canada over the past decade, be they buying or renting, with the accompanying grinding halt and dismemberment of the economy has not impressed me in the slightest.

#86 X on 06.30.12 at 8:17 am

re #38 Not 1st – you mean like XPF?

#87 brainsail on 06.30.12 at 8:40 am

Happy Canada Day from Central Texas!

#88 Boombust on 06.30.12 at 8:52 am

“Mind you Gordon Campbell makes Ralph Klein look like a Saint.”

You forgot St. Christy.

She can perform a host of miracles, after all. Take Basi and Virk, for example.

They go from “Guilty” to “Not Guilty” just like that!

#89 Linda Pearson on 06.30.12 at 9:01 am

#42Harry Palms on 06.29.12 at 11:50 pm

Our second subject stands to inherit ~$100K with acres of RRSP room.

Why not:
-Pass some or all of it into the RRSP (over a few years if necessary) to get the tax credit on the part of his income that’s walloped at the highest marginal rate.

Because every cent that is eventually taken into income from an RRSP is taxable. But, there is no tax to be paid on inherited money. Why would you make taxable any amount that is non-taxable to begin with?

#90 Harry Palms on 06.30.12 at 9:15 am

Echo some of the sentiments passed towards Joe:

I’ve been to both sides of Florida recently, and looked at ask prices versus prevailing rents.

If you’re only going to get down there, say twice per year for a couple weeks, yer absolutely nuts to buy.

Really nice three-bedroom places right on the beach rent for $600 a week off season, maybe double that in the on-season. If you don’t actually need three bedrooms, it’s lower.

Even if you subsidize your bills through rentals, there’s no way you’re getting your ownership costs below $5K per year.

Just the lost-opportunity cost of having the $70K tied up in bricks is a healthy chunk of $5K!…..and let us not forget that this is for something a bit downmarket, where the rent was for something bordering on spectacular.

Now, if you’re looking to be there for several months at a time, maybe you can change the calculation in favour of buying, but I’d rather not tie myself to one destination when renting costs less than owning.

My last trip (to the stretch near St. Petes), I saw several modest yet nice newish bung-a-holes for $900 ish per month. These were well kept, and right across the street from a public access to the beach. I figure even if I were to do a snowbird thing for four months, I’m way ahead of ownership costs……and I can go somewhere else if I decide I want to see something else.

#91 Joe's girlfriend on 06.30.12 at 9:54 am

Please go easy on my big guy, I want a Florida place to hang with my friends. I want him to sell the mini for a Range Rover so that I can have something that holds car seats. Joe is my retirement plan so don’t get him too agitated as I need him to have lots of energy.

And I only ask for protection on MY head.

#92 City Slicker on 06.30.12 at 10:06 am

#27 truth hammer on 06.29.12 at 10:49 pm

Oh to be young and stupid again…….to think that $150K is an amount to consider signifigant……in reality it’s not worth a drive around the block in the gas guzzler or when the girlfriend announcing she’s pregnant. Hyperinflation has made the fools believe that such a sum is anything than a coupe of years expenses. In a few more years it will have halved again.

My advice would be to piss the money away on good times……you can rely on the great memories to pull you through during the times when no amount will be enough to solve the problems that will come to this 30 year old…………..theres always time to make more money……………and for Christs sake wear a condom………nothing will drain your pile and kill the buzz faster than your girlfriend announcing “I’m pregnant”…………….when that happens…’re 150K pile will disappear in an instant……………and you’ll have nothing to fall back on.
Sad thing is most people that age don’t even have that much.
I remember watching a couple girls that age high fiving themselves when one announced she checked her account and actual had savings! From the sounds of it she was likely referring to a few thousand, maybe.

#93 TurnerNation on 06.30.12 at 10:12 am

Today’s picture is a not-so-subtle swipe against the ruling neoCons. Look at it! Learning hard right. And condemmed. Ready to fall over.

(okay I made all of that up).

#94 TurnerNation on 06.30.12 at 10:14 am

#36dd on 06.29.12 at 11:33 pm

Stop right there. #1TurnerNation – you got it.

Even Junius’s pet monkey mad a double digit market return this week. Did you?
Me I’m a short term trader. Always taking profits.

#95 CrowdedElevatorfartz on 06.30.12 at 10:37 am

Classic Amazon Photo ! That was hilarious!

#96 T.O. Bubble Boy on 06.30.12 at 10:47 am

Garth’s latest Post City Magazine article is online:

One interesting stat — TREB condo sales were “80% future contracts”? How do we get this from the TREB data? I’ve seen many many MLS listings that were obviously assignments vs. built condos, but I’ve never seen this broken out in the condo sale numbers.

#97 CrowdedElevatorfartz on 06.30.12 at 10:52 am

@#77 & 78 Mr Buyer
Hilarious. and a Happy Canada Day to you !

I vote for Beach Girl as Prime Minister.

We need another National Holiday Beach Girl…March 15 would be nice….
We could call it “Beware of Politicians Day” or ” Et Tu Harper?” or something like that…..

#98 CrowdedElevatorfartz on 06.30.12 at 10:57 am

@ Joe
I think the majority here (including the wise sage Garth) agree that buying in Flo-Duh is crazy. Invest the cash, and rent a beauty place for the 2 or 3 times a year that you’re there.
No condo fees, no condo insurance, no commitments, no hurricane damage, no worries.

#99 Vik on 06.30.12 at 11:22 am

#38 Not 1st on 06.29.12 at 11:40 pm
Why are there no ETFs chalk full of preferred shares?

Try CPD.

#100 same house 24 years on 06.30.12 at 11:32 am

Getting 5% annually looks like growth to me. Is your portfolio churning that out, year after year? — Garth

well that is not growth in income its stagnation and risk. I get growth in income from the principles outlined in the book The Single Best Investment. low beta, alpha, and index beating returns proved during the last market crash and recovery.
And preferred shares are only suitable for larger portfolios not the small one in your example and you will lose on buying and eventual selling due to small lots premiums. I am not a professional but the research and proof is all out there. Ten years of retirement using those principles has proved theory in practice for me.
Put out your portfolio and show back testing through the market crash and recovery and show us how much the income grows.

The income with perpetual preferreds never changes. These are excellent vehicles for portfolios large and small. — Garth

#101 Doug form Victoria on 06.30.12 at 11:33 am

#92 TurnerNation

Yes, but from the house’s perspective it is leaning left! But like China, the rest of the world sees it going right…

#102 same house 24 years on 06.30.12 at 11:44 am

typically the income stream is 2-3x in 7-9 years so it is not difficult to beat 5% income but total return is index beating double digits and I just use the after tax income even though the dividends can push one into the OAS claw back region so having too much dividends is not a good idea either. Read Daryl Diamond he optimizes like I do.

#103 Investx on 06.30.12 at 11:58 am

“OK, I’m a little confused on your advice Garth.

On the one hand you tell people to buy real estate in the States, on the other you’re telling this guy not to.”

It’s easier to say “I told you so…” later.

There is intelligent property buying and stupid property buying. Kind of like typing a comment before you think. — Garth

#104 Boombust on 06.30.12 at 12:27 pm

The following message is intended for “American” and “Stupid Canucks”

Have a happy Canada Day, y’all!

#105 Observor on 06.30.12 at 12:37 pm


#106 jess on 06.30.12 at 12:38 pm

fire and floods destroy lives ..what are those “fake” libertarians e.g. Ryan speaking to?
June 29, 2012

Sinkhole threatens north Florida town’s courthouse
Anonymous CNHI News Service The Clinton Herald

Chris Bergh, a scientist with the Nature Conservancy, examines a dead tree with son, Nate, near their home on Big Pine Key, Fla. Rising sea levels in the Florida Keys are swamping fresh ground water with salt-laden flood waters, killing local flora.

In addition, grant money from the Federal Emergency Management Agency (FEMA) is going toward electric pumps at two sites where gravity wells are already installed but not working well.

#107 Humpty Dumpty on 06.30.12 at 12:45 pm

Maybe she should keep her helmet on alittle longer… Just incase the railing gives…

Financial ‘Armageddon’ Will Happen Despite EU Deal: Rogers

#108 Aussie Roy on 06.30.12 at 12:48 pm

Aussie Headlines

Laugh of the Day: “No Risk of Housing Bust” says Australia Central Banker

For years I have had people emailing me that a housing bust was impossible because there was a critical shortage of houses in Australia.

I calmly point out we heard the same story in the US for years as well. Of course, in the midst of a bubble, no one wants to hear any rational explanations.

Allegedly there is a housing shortage with close to a million vacant homes.

At the peak of every bubble there always appears to be a shortage. There appeared to be a shortage of Florida condos in 2005 as well.

The nutcases really believed Florida needed more condos. The nutcases at the RBA now believe “no risk of housing bust” in Australia, right in the midst of what I believe will be a decade-long implosion. What a hoot.

Bleak outlook for building industry, warns Master Builders Australia

No bubble in Australia?.

Sydney garage costs more than a three-bedroom house

IT is being billed as a “storeroom with a view” and could set you back about $500,000 if you want to make it your own.
A tiny 13sq m space with uninterrupted views across Sydney Harbour has been listed for sale in the upmarket inner-west suburb Balmain and could set a record for the most expensive junk room sold in Australia when it goes to auction next month.

#109 Observor on 06.30.12 at 1:09 pm


#110 Canadian Watchdog on 06.30.12 at 2:18 pm

#98 T.O. Bubble Boy

The breakdown doesn’t matter much at this point. What does matter is when condo speculators are due to obligate their futures contract into a mortgage. Assuming that the average completion time (pre-sale to occupancy) is 2-3 years, the concentration of sales will come due in the summer-fall of 2013, as shown here.

And with rates now pegged at 1% with Carney stuck between an overvalued dollar and inflated housing market; there is no monetary tool left to entice further speculation, leaving this market in a complete free fall.

#111 Suede on 06.30.12 at 2:30 pm

To the guy in Burnaby wanting to buy the presale. I posted the VIP pricing a few days ago for this building.

I would NEVER (BOLD BOLD BOLD SIZE 76 FONT) buy a presale again. If you can’t touch it, criticize it and take a leak in it – don’t buy it.

Garth mentioned those buildings may not get built… but not for the reason you might think (buyer demand) – the utility actually doesn’t have enough capacity yet to run power to all the new development in the Brentwood area. You can’t quintuple the size of the residential and commercial activity in a small concentrated area and not expand the grid to be able to fuel the power demand in the area. Inside source :)

#112 Canadian Watchdog on 06.30.12 at 3:03 pm

As expected, Genworth is hiring for a Homeowner Assistance Specialist.

Taxpayers paying for distressed mortgages. Socialism at its best.

#113 John on 06.30.12 at 3:10 pm

House Horny Housewife wrote:

“Don’t you realize that choosing a mate based on the cuteness of her bellybutton says more about you than you realize ? Ha ha, enjoy it while you can.”

Have you ever sat in an office with too much flourescent lighting. You’d swear there was no noise until someone shuts the lights off. Very unnatural.

House Horny Housewife probably thinks beauty contests are “sexist”, and “admires” “men” who agree with her degenerate point of view.

Men aren’t woman….but when they are…enter house horny housewives. Who ( in the absence of masculinity) “share” decision making. Huge driver of the housing bubble.

When you remove polarity and chemistry, and add shame and begin guilt-mongering freely ( easy to do in Canada), voila: House Horny Housewife.

Hey, someone has to have balls.

#114 a prairie dawg on 06.30.12 at 3:25 pm

The ‘CANADIAN’ National Anthem

#115 Canadian Watchdog on 06.30.12 at 3:36 pm

For those who missed it: Sneaky Flaherty gave back private mortgage insures’ collateral that was backing 90% guarantee.

Translation: Mortgage insurance has gone into hyper-ludicrous rehypothecation mode.

#116 DonDWest on 06.30.12 at 3:48 pm

#114 Canadian Watchdog

What’s funny is that job suits me like a glove and therefore I applied for it. Thanks! I figure I mine as well make some money off the CMHC machine.

#117 Westernman on 06.30.12 at 3:48 pm

Wise guy @ # 60,
Y’all want to know just how far down the rabbit hole this Canadian RE bubble is just look at this guy’s comment @ # 60
” Don’t get me wrong a SFH fo $550,000 is a steal ”
Christ on a carousel! This whole lousy country isn’t worth a half mil let alone some shite hole in T.O.
Get down to the sunny southern U.S. and you could buy a effing mansion for that price…
Is it something in the water in Canada or what…

#118 joe on 06.30.12 at 4:03 pm

Thanks for all the comments guys, really opens up my eyes. Garth special thx to you, I appreciate you using my example for the blog. If Kelowna tanks I would much rather have a cabin there, as I can visit on all long weekends, boating in the summer and boarding in the winter, nice twisty roads for the vette too :)

#119 jess on 06.30.12 at 4:23 pm

Quebec revives asbestos mine with $58M loan 11:17 AM ET

see morons are in charge! 58m. to prevent a ghost town

kill people slowly and take profits offshore to the tax haven, go bust and let healthcare pick up the hospital bills in the future

#120 truth hammer on 06.30.12 at 4:29 pm

#94…….no amount will buy your youth back……getting sucked into a car lease and a condo mortgage has got to be the stupidest thing any young person can do. Who can blame the kids though when the media is force feeding the BS every two and a half minutes during the TV shows young people like to watch.

Hey….as a young fart I worked in market research and know exactly how sleazy the advertisers are….I compiled the data for them to do their work….and what the psychologists do with focus group data is to trick people into reacting rather than thinking.

Are you aware that you are less of a man when you don’t drive the latest offering? Did you know you’ll have a larger penis and be more attractive to women if you drink a certain rum? Even if you’re fat and bald with the personality of a troll you will be more attractive to the opposite sex if you buy into ‘The Dumpo Vista Towers’ . In advertising…nothing is off limits in Canada.

People often smash the US for bad business practice…but at least they force their advertisers to disclose advertising on top of the page……so is the US bashing just Canadian brainwashing by liberals who see the freedoms of the US a threat to the dogma they espouse….can you even think about it?

There is no control over advertisers in Canada…we have no disclosure laws to identify advertisements. When kids see their peers representing products and concepts without identifying themselves as paid pitch men/women it has an effect on the desire of young people to conform to the direction of their cohort…’s an easily expolited instinctual reaction.

When we see sections of the newspapers disguised as ‘The Homes Section’ which is nothing more than paid for advertising for a sales organization that is not disclosed as advertising…people tend to think that it is in fact ‘human interest’ as opposed to advertising. The media are such whores that they will not willingly maintain any standard of truth ( much like The Liberals eh?) . Edgar R Murrow must be spining in his grave over the lack of media integrity in Canada.

I predict that the generation that got suckered into condo ownership will turn out to be the most disgruntled and malcontent in the history of this country……they’ve had their youth stolen from them………instead of living a dream they will wake up in a concrete coffin no bigger than a litter box and not less fetid than the same as other misguided cretins take their frustrations out on the building that has trapped them by defacing the common areas and pissing on everything.

Dr David Foote ( Boom Bust Echo) has long described this condo effect as one of ‘functional obselesance’….dead on arrival……..

Brad Lamb and his evil legions are ‘building tommorrows ghetto’s……… today’.

(PS…I have already copyrighted the phrase ‘building tommorrows ghetto’s today’ in a paper…but it has a ring to it doesn’t it?)

#121 westcanguy on 06.30.12 at 4:33 pm

Enjoy your riding, Garth, should be great weather, red sky tonight. Hope you don’t wear one of those helmets with no face protection.


Wear a full face riding a cruiser…Let alone a HD???
You may as well tell him to trade his bike in for a Spyder.

#122 detalumis on 06.30.12 at 4:41 pm

Joe I suggest you spend at least four times that on a beach condo, what kind of sexy hot babes are you planning to attract with a 70K condo and renting a cheap apartment built significantly in 2004 and not 2003? The kind that are car buffs and can’t buy their own condos, cars and take you on vacation because they don’t earn enough themselves.

I won’t say who the greatest financial fools are but it sure ain’t women.

#123 CP on 06.30.12 at 5:14 pm

Just walked by the Maria St. house while out this afternoon and it is now a pile of rubble. Choose your contractors wisely.

Send pix. — Garth

#124 CrowdedElevatorfartz on 06.30.12 at 5:35 pm

My God , Hell must have frozen over !

Twice on the same day two Realtors in Vancouver have stated “On Air” on a local AM radio station that the real estate market is dropping.
Ozzie Jurock stated this am that Vancouver is “softening” ( price drop 15 % May ’11 to May ’12) and there is more to come.
This afternoon the founder of 1% Realty has stated on the same am radio station essentially the exact same thing.

Oh where oh where is BPOE?

#125 Canadian Watchdog on 06.30.12 at 5:47 pm

“Why am I being forced to pay property taxes via TD and not my local municipality directly???”

“My rep told me that CMHC has such requirement but CMHC denied such claims.”

“I am very mad about this because I have multiple products with TD and have been lied to.”

Bad banks, bad banks, watcha gonna do? Watcha gonna do when they come for you. Bad banks, bad banks, watcha gonna do….

#126 agioblue on 06.30.12 at 5:47 pm

I’m old and addled so need some input here.
According to several articles by Mr. Turner himself, purportedly citing facts n such, only 5% of Canadians have $200000 or $250000 in investible assets. Can’t recall which and as this low-budget blog doesn’t have a decent search feature I dunno which number it is.
Therefore I’ll wing it and say it’s 250k. So, if 95% of the folk in Canada do not have 250k in investible assets why do the majority of the people who post here seemingly have a great deal more than 250k or who are like Joe, so far ahead of the curve that by 32 he’ll be well into that 5% if not the top 1%? Is Mr. Turner lying about the 200k or 250k number to propagate his doom n gloom prophecies or are the people who make up the lifeblood of the blog commentary all part of the 5%, perhaps even the lower part of the 1% or are they in fact full of it?
I’m so confused and I desperately seek, no, need clarification.
Mr. Turner, feel free to comment on this as well. Thanks in advance.

The average net worth of Canadians is $187,500, but that includes real estate. Those with $1,000,000 in investible assets (besides real estate) make up about 2.2%. Those with over $2,000,000 are less than 1% (roughly 250,000). The demographics of this blog is an utter mystery. But who cares? I don’t take advertising. — Garth

#127 Boombust on 06.30.12 at 6:14 pm

Global TV News in Vancouver is at it again.

While they did mention the word, “bubble” (to add a little “hype”) prior to a guest being interviewed some 35 minutes later, it turned out to be a talking head spewing out the usual nonsense about how Vancouver is “over-valued” but not in a bubble.

I won’t even bother to mention the shill’s name. He does fancy himself as a Tom Vu kinda guy, though.

I hope a$$holes like he and Bob Rennie get wiped out.

#128 Joe on 06.30.12 at 6:14 pm


Ya my gf knows about the pic, doesn’t mind she’s a ride or die kinda chick, I wouldn’t have it any other way. First hint of femmenism would have her out the door. But I appreciate your concern and comment I know women can change especially young ones, it’s always good to get advice from more experienced mature ppl ;)

#129 ANONYMOUS on 06.30.12 at 6:44 pm

There is NOTHING WRONG with buying in Florida — that’s IFF you can rent it out for MORE than your monthly carrying costs.

Hardly the test. — Garth

#130 TRT on 06.30.12 at 7:00 pm

Could the weather be the Black Swan to bring about the crash in Vancouver??

#131 Ralph Cramdown on 06.30.12 at 7:39 pm

“Why am I being forced to pay property taxes via TD and not my local municipality directly???”

Because tax leins have superpriority over mortgage charges. Duh. Hey, banks will even insure your house and charge you for it if you don’t provide proof you’ve done it yourself. Welcome to the world of renting… money.

#132 Aaron - Melbourne on 06.30.12 at 7:40 pm

First home grant fraudsters pay back $7.5 million
Chris Vedelago
July 1, 2012
Read later

The crackdown comes as the first wave of alleged fraudsters faces prosecution and potential jail time.

STATE government authorities have clawed back a record $7.5 million worth of first home grants and fines this year from hundreds of Victorians who have been caught rorting the taxpayer-funded scheme.

State Revenue Office figures show a 15 per cent jump in the number of home owners caught this financial year. Often the 671 cases involved false claims lodged when the grant was boosted in the aftermath of the 2008 global financial crisis, which has resulted in a big spike in the amount of money being reclaimed.

”When you’re offering a grant that ranged up to $36,500 there is a temptation for people to do the wrong thing,” State Revenue Office Commissioner Paul Broderick told The Sunday Age.

The revenue office can investigate and reclaim grants up to five years after they were received, issue ”administrative” penalties equal to the value of the grant, and launch criminal prosecutions.

Under tougher laws introduced last year, rorters now face a maximum 12-month jail term and a court-imposed fine of up to $14,334. The revenue office can also compel them to return the grant and pay an administrative penalty equal to its value. new laws

The most common rorts see first-time buyers use their home as a rental property or fail to disclose they or a spouse have already owned a property or received the grant. More sophisticated ruses involve using false identities or claiming the grant multiple times on the same property or in different parts of the country.

Mr Broderick said the agency’s sophisticated data-matching and investigative systems, combined with a ”surprising” number of dob-ins by disgruntled neighbours and associates, meant fraudsters were more likely than ever to be caught.

”We would encourage people if they have done the wrong thing to just come forward. There’s a lesser penalty associated with that. But if the investigation continues and you get caught out later on, then the penalties will be much more severe.”

[email protected]

Read more:

#133 Herb on 06.30.12 at 7:45 pm

#122 Truth Hammerer,

you are confusing the hell out of me. You have experienced market research, you have seen the Great God Marketplace work his magic behind the curtain, and you don’t like the results?

Are you, the great “libertarian” who wants to firewall government from business, who hates public servants and wants to see them unemployed, now callling for laws and regulations to force business and media to stop deception and exploitation and pay attention to more than the bottom line? All without government or public servants costing money and hampering initiative or operations, of course.

Have you become a socialist?

I’m curious about how you propose to square that circle.

#134 Van grrl on 06.30.12 at 8:17 pm

#115 John
Go away already!! You consistently target your comments to female posters (of which there are already very, very few). HHHW has as much right as anyone, including Garth, to give her opinion and yet you pick ONE sentence of her post and pick it apart.
Seriously, ENOUGH already!!!!

#135 Patient buyer on 06.30.12 at 8:22 pm

Aussie Roy,

And don’t forget we just heard from the Australian Bureau of Statistics that there are actually 300,000 fewer people in Australia than previously estimated (so an instant drop in the supposed shortage of over 110,000 homes).

#136 Van grrl on 06.30.12 at 8:22 pm

Having one’s photo displayed on a public forum has nothing to do with feminism. *sigh*
And so the idiocy goes on…

#137 Boombust on 06.30.12 at 8:27 pm

“This afternoon the founder of 1% Realty has stated on the same am radio station essentially the exact same thing.”

Yeah, interesting. I heard him on CKNW, too.

Similar to that shill on Global Vancouver News @ 9.

They NEVER go the FULL MONTY though, do they?


#138 Boombust on 06.30.12 at 8:29 pm

Okay. Okay. “balognas”.

#139 a prairie dawg on 06.30.12 at 8:31 pm

#128 agioblue

Can’t recall which and as this low-budget blog doesn’t have a decent search feature I dunno which number it is.

– — –

Just use any search engine. Type the same words you would if there was a search feature here, and also add “” to your search string. Then review all the hits from this blog in the results.

easy peazy

#140 Boombust on 06.30.12 at 8:32 pm


“This afternoon the founder of 1% Realty has stated on the same am radio station essentially the exact same thing.”

Wouldn’t it be NICE, just for ONCE, if these stations had Garth Turner (or some other contrarion) on?

It’ll never happen, though.

#141 a prairie dawg on 06.30.12 at 8:35 pm

“Times have changed.”;_ylt=A2KLJbujmu9PMwoAaQtyzJpG;_ylu=X3oDMTR2dmVwY3RkBGNjb2RlA2N0LmMEbWl0A2F1dG94NXRyZW5kaW5ndG9kYXkEcGtnAzQ5YWQwNzk4LTdjZWEtMzk5Mi1hNTRiLTk1MjZmMmUzZGE1OARwb3MDMwRzZWMDTWVkaWFCTGlzdE1peGVkTW9zdFBvcHVsYXJDQVRlbXAEdmVyAzM0MTI5YTBjLWMxMzQtMTFlMS1iN2JlLWQyMmRhMTJhOTRmZQ–;_ylg=X3oDMTFpaWd1MzUyBGludGwDY2EEbGFuZwNlbi1jYQRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

#142 Smoking Man on 06.30.12 at 8:42 pm

God tried to get me yet again last night. Hell of storm a big ass tree branch wizzed by my head. Atlantic city a disaster zone. Un real. Nice try god you lost again vs the Smoking Man

#143 Victor on 06.30.12 at 8:43 pm

BMO’s Sherry Cooper, back again with the shrilly voice, advocates buying dividend stocks, warns of higher interest rates and speaks to ‘steam’ being taken out of our real estate market. Here’s her video:

#144 Gunboat Denier on 06.30.12 at 9:12 pm

Joes GF look 13 with augmentation.

#145 Mean Gene on 06.30.12 at 9:14 pm

KIA (Korean Imitation Automobile)

#146 coastal on 06.30.12 at 9:25 pm

I watched that Global BCTV bit with the salesman pumping his book and his other trash. Won’t mention his name either as anyone who ignores record personal debt far beyond the US peak is a total idiot. The tool’s mantra of “prices will keep going up where there is jobs” is so much bullshit it was hard not to throw things at the TV. More GlobalBC denial, and self interest, just like how they protect Krusty Clark and her band of corrupt idiots.

#147 Einzatgruppen kanada on 06.30.12 at 9:59 pm

I guess the pic of the leaning house serves to remind us of the cover of Garth’s “Greater Fool.”

#148 T.O. Bubble Boy on 06.30.12 at 10:23 pm

How do you control uprisings in China? Apparently by blacking out when they run an article exposing the incoming Chinese President for his family’s hundreds of millions of dollars stashed in many holding companies:

This is a whole new level of HAM… uber-HAM?

Meanwhile, more calls for a hard landing in China (mainly from the ultimate bear Jim Chanos):

#149 Canadian Watchdog on 06.30.12 at 10:26 pm

#145 Victor

Sherry Cooper is a muppet that needs to unlearn everything modern economics taught her. Listen to the poor woman…

#150 Nostradamus Le Mad Vlad on 06.30.12 at 10:28 pm

John Mauldin A decade of being right; Bailouts, Bankruptcy and Gold Hidden thread? Coal Cheaper than electricity and n.gas? China’s hard landing; Greek Money May was big moonth for outflows of capital; Gold Price and how it is manipulated; The Power To Tax is the power to destroy, and ObombaCare is a tax, plus ObombaCare Approved and ObombaCare 21 new or higher taxes; 2:54:57 movie The American Empire is over, and this — 3:09 clip; The Great NAmerican economic mirage; Financial Lessons for Kids from parents; Bombardier Good for them; Iran, Derivatives and the west blowing its brains out.
Billary In full, glorious technicolor; Population Problem upside down; Regime Change in US? Good idea (Canada too); Russia preparing its forces in the Caucases; Maritime Forces The US is in the MEast and SChina Sea. Leaves them a little exposed; US Supreme Court “Wonder if this guy was blackmailed?”; 2:10 clip ObombaCare not good for elderly; Hypocritical West “It is worth noting that Western governments have insisted that aid money for Haiti be given to NGOs and foundations rather than to the Haitian government, which they consider to be “corrupt”.; Open Letter Doctors Against ObombaCare, and ObombaCare Still Unconstitutional; Gut Flora or how to lose weight the confusing way; 2:59 clip “Forget the Olympics, is the next-false flag attack to crank up WW3 going to take down that “pesky” internet at the same time?” (, and Govt. involvement; What Kills Us, then and now; Discovered New Mayan hieroglyphics; Hidden Portals (or wormholes) found in magnetic fields (crop circles?); David Rockefeller Reason to avoooid the m$m.

#151 Patiently Waiting on 06.30.12 at 10:35 pm

Co-worker’s mom bought two units a year ago in a presale that is slated for completion next autumn. She bought 2 two-bedroom 1100 square feet units for around $500k each. One for her and one for her son. At the time they figured they would sell their 20 year old Richmond house for $1 million plus and pay off their brand new “upscale” condos. In the meantime they would rent and move into their new digs when it is completed.

So they put their house on the market about six months ago and I was getting updates from my co-worker. In the beginning they were showing the house to three or four interested parties during every open house. After about two months they got a low ball offer ($150k under asking) but they rejected it.

Yesterday, I got another update and I asked how the house selling was going. He told me nobody came by to look for “a couple of weeks”.

I then asked if they were considering to lower their price. He responded, “Nope, my mom has to get a certain price before she will sell and we are WAITING FOR PRICES TO TURNAROUND.”

He continued to tell me that the completion date for their new condos was pushed up to early summer of next year; therefore, I asked: “What if you can’t get the price that your mom wants before your new condos are completed?”

He then gave me a (priceless) blank stare for about three seconds and said. “I don’t know, my mom will figure it out.”

So it seems there are still people out there that have not seen the light despite all the warnings out there. They turn into ostriches and just hope for the best. I figure by next spring they will start to panick and jr. will end up with at least a $200K mortgage instead of having his new pad all paid off.

I have been patiently waiting for a bubble popping moment but it seems like we won’t see that for at least a couple more months. I figure it takes at least 12-18 months from price peaks before the average joe realizes that the tide is actually turning and this massive bubble has actually popped.

#152 ANONYMOUS on 06.30.12 at 10:49 pm

Just took a bike ride around the Dixie-Road area of Mississauga, from Queensway down to Lakeshore. In and out if different residential areas there, I counted 32 for sale signs, and 28 of them had ‘SOLD’ signs on them. Then I came across a sign on the side of the road selling new developments in ‘THE LOW $900,000’s’ !

How in the heck is a finance grad earning $34,000/yr and a nursing grad earning $40,000 per year going to afford a $1 Million dollar house?

Isn’t there ANYTHING that cost less than $300,000 these days that is NOT located in America, but rather within commuting distance of Southern Ontario?

( oh wait: Hamilton comes to mind doesn’t it? . London, Windsor. um? )

But Mississauga / Toronto; those prices are just crazy!

#153 Canadian Watchdog on 06.30.12 at 10:50 pm

#150 T.O. Bubble Boy

China will manage itself through any hard landing: the reasons i) Chinese households still maintain a savings rate of 35% and have plenty of capacity to boost domestic consumption ii) communism works well in deflation then does democracy; where a few men sit a boardroom table and decide the faith of country without any political gridlock.

Footnote: As of June 2011, China issued 62.5 million new credit cards, up 24.3% y/y. This equates to 84% of all Canadian credit cards in circulation.

They’ll be fine.

#154 timbo on 06.30.12 at 11:01 pm

“But the possibility of Italy bringing down the euro if it doesn’t sort out its problems is very real and economists have consistently warned of the dangers. The maths is a no-brainer: so far, countries have needed bailouts of roughly 40 per cent of GDP (such as Ireland and Portugal – the exception is Greece, which has now had two bailouts worth more than 100 per cent of its GDP). For Italy, a bailout worth 40 per cent of its GDP would be over 670 billion euros. But the new bailout fund, the European Stability Mechanism (ESM), will only have a capacity of 500 billion euros.”

Just have to love the world billion. It brings to mind a warm fuzzy feeling / Lehman style moment…….

“The worldwide derivatives market is starting to show some cracks, and at some point this is going to become a major disaster.

Remember, the 9 largest U.S. banks have a total of more than 200 trillion dollars of exposure to derivatives. When this bubble completely bursts it is going to be impossible to fix.”

Blowing bubbles could lead to September moments…..

#155 bullion.bunny on 06.30.12 at 11:37 pm

The attached pic is my sexy amazon gf which harrassed me for reading your blog daily on our Honolulu vacation. Joe.

WHAT? Joe why are you taking sand to the beach. Leave the GF at home. Plenty of hot chicks on the beach! I’m sure you paid for the entire trip while she bitched the entire time.

#156 FIRES IN THE GTA on 06.30.12 at 11:38 pm

Looks like people are trying to burn their problems away before they go bankrupt. Look for more fires in the news. Remember in 2008 the GTA had 2-3 “fires” a week as flippers had to burn it down or go bankrupt.

#157 JOHN on 06.30.12 at 11:46 pm

Took a bike ride in Mississauga today and went in and out of different streets and I counted 36 for sales signs and only TWO sold. Eight had open houses and they all looked deserted. The market looks like it stalled in Mississauga and from what I hear foreclosed houses have jumped in this area. No wonder Mississauga realtors post fake sales on Garth blog. Realtors are getting real sad in this falling market.

#158 agioblue on 07.01.12 at 12:01 am

The average net worth of Canadians is $187,500, but that includes real estate. Those with $1,000,000 in investible assets (besides real estate) make up about 2.2%. Those with over $2,000,000 are less than 1% (roughly 250,000). The demographics of this blog is an utter mystery. But who cares? I don’t take advertising. — Garth
I know the aggregate net worth numbers but investible and two hundred thousand or two hundred and fifty thousand NOT millions but it’s probably difficult readin n responding whilst riding , well, whatever. Appreciate the effort though.
I’m as sure as your average real verifiable millionaire can be ( wanna see a pic of my stainless steel vette with ginormous granite ‘headlights’ ?) that you have on several occasions stated on this very site that only 5% of the Canadian population has 200k or 250k in investible assets and I don’t count a house in that as it isn’t investible, nor did you in your musings. I’m simply trying to complete my Innernet bullshit to reality equation which upon completion I shall submit for your perusal but I wanna be able to spew your words (see plagiarize) at the haters. You know ‘Hate the vehicle, not the driver’

#159 bullion.bunny on 07.01.12 at 12:05 am

#94 City Slicker on 06.30.12 at 10:06 am

Spot on, women in general love to make babies. Joe get yourself fix and don’t tell the GF. Once they start having kids it’s all over. You are in for the next 18 years, and don’t even think about having circus sex anymore. That was the pre-baby intro package never to be repeated again. Just hit it and quit it.

#160 Grim Reaper/crypt speculator on 07.01.12 at 12:26 am

144 Smoking Man on 06.30.12 at 8:42 pm

God tried to get me yet again last night. Hell of storm a big ass tree branch wizzed by my head. Atlantic city a disaster zone. Un real. Nice try god you lost again vs the Smoking Man

I won’t miss next time and I don’t care if you drive Volvo

#161 John on 07.01.12 at 12:28 am


“How in the heck is a finance grad earning $34,000/yr and a nursing grad earning $40,000 per year going to afford a $1 Million dollar house?”
Ok, I’ll take a crack at this one. Rent?

If you were looking for fresh squeezed orange juice and as far as the eye can see the only thing available was “orange fanta”, would you complain about the price of orange juice? There’s no product at the moment. The bigger suckers are the ones locked in…living in that area. It’s a super ho-hum deal at any price.

It sounds to me like the Canadian “we’re pregnant” reality. I mean if it’s up to the solid,clear-thinking leadership of a man…would there be indecision? Of course not. You’d investigate the world economy, dynamics and understand the disconnect from reality. There is no orange juice right now. Maybe later when the decks are cleared. Nesting instincts aren’t coming from you. Check your hormone levels ( maybe even type) if they are.

It’s my opinion that getting educated on what’s up right now means a paradigm shift. Participating in the Canadian ( world) ponzi debt scheme would be the absolute last thing you’d do. You dodged a bullet. A lot of people in that burned out Dixie area think they have “net worth”.

Sounds like you do too. That’s a problem.

#162 Serbia-Vancouver Lady on 07.01.12 at 12:30 am

#115 John

No need to thank me :)

#163 Smoking Man on 07.01.12 at 12:43 am


#164 Increasing that 1% on 07.01.12 at 1:58 am

re #123. westcanguy
“..let alone a HD???”

yeah, a blasphemous suggestion
HD’er with front of head/face in side of 401, with a couple of guilty-looking car drivers standing around on their cellphones didn’t look too impressive, but to each his own

#165 daystar on 07.01.12 at 2:23 am

#135 Herb on 06.30.12 at 7:45 pm

Thats easy, Herb. Just fire all the civil servants and hire a select few (wink, wink, nudge, nudge) back on as “consultants”. At this point, hired “consultants” based on their vast experience levels can ease by Harper’s redefined Lobby Act:

… to provide services at a far cheaper discount (according to them, especially with the right digits with over seas accounts).
…by all means, read the recommendations at the bottom of the link. I gotta say, our former lobbyist Stephen Harper couldn’t have watered down this act any more than he did. The federal accountability act was a bad joke as well:

We’ll never know just how many tens of millions have been funneled through the Conservative party of Canada through Harper’s old lobby organizations, just like we’ll never know the true scale of lobbyists that walk in and out of the doors of the PMO.

Where was I? Oh yes, consult from there to bring in new, “efficient” programs that will save the nation endless billions because we all know “for profit” corporations will always do it so much cheaper than any government ever could. Ask our “owner of truth” highly trained “researcher”, I’m sure his data is bar none. :)

But I digress. Its a financial blog, why would the ease of manipulating the system for $$$ be of any interest to the taxpayer.

Hi Joe.

Thats a nice age, 30. 30 to 40 will add some wrinkles and grey ones but it no where near as relentless as the 40 to 50 stage. At that point Joe, it isn’t so much “who” but “what” you are. You follow?

I’m not sure why you need a condo that you won’t be living in. What is that, an investment? Or a talking point… hmm? You really do need to define what you are after here and be more practical. At the end of the day, chicks dig guys that make smart choices.

Kelowna’s gonna melt for a few more years Joe so unless you are thinking about a grow op, you might want to hold off there as well. Canada isn’t good for RE and the U.S. is too full of unknowns. Its not our backyard and its most importantly, not our citizenship.

Here’s a story for you ok? A young couple similar to yourself found a great deal on an apartment building. 8 plex, I think it was. The digits were far too compelling so they bought it. The building needed some reno’s and he couldn’t DIY because he had a job back in Canada so he got his brother to work on it. Bad mistake. Someone reported him, likely a tenant and homeland security was called in. You can work on your own property but the moment you hire someone else from outside the U.S. to work on a property, thats a job gone from an american. The apartment building was confiscated, his brother was sent to the border… are you getting the message?

Its the unknowns that will sewer investors. If you really want to invest in U.S. RE (and I still think its a good idea, but the dirt cheap valuations I think are now gone or evaporating fast), cover all the bases. U.S. income filings, capital gains, property laws, border issues, you name it but even then, it takes knowledge of the community itself. Why is it cheap? Crackhouse across the street? High unemployment? Crime? Is there anything that can generate higher valuations besides “what once was”? Is there anyone there you can actually trust if something happens to the place? You have to do the footwork before you buy. It doesn’t mean to say that the place isn’t worth buying, it just means you have to do the footwork and if you can’t do that, you are quite simply walking into an unknown.

#166 Canuck Abroad on 07.01.12 at 2:28 am

Garth, here is a video of the 63 Maria Street house being demolished.–63-maria-gets-demolished

#167 Daniel on 07.01.12 at 2:39 am

#144 Smoking Man

More likely the devil trying to bring you home and God giving you another chance.

#168 Mr Buyer on 07.01.12 at 2:48 am

#153 Patiently Waiting on 06.30.12 at 10:35 pm
They turn into ostriches and just hope for the best.
I noticed when I was selling TVs and stereos a million years ago that when the options became too complex the customers began to fidget and became uncomfortable. They looked to me to give a useful summary. This gave me a great deal on interpretive leeway that I really felt uncomfortable about. I mean I am not Gandhi and I needed to hit my numbers each week. By dumb luck I managed to muddle about and get a summary of key points and underlined pitfalls hit my targets and pay my rent. I shudder to think of the temptation to do what ever to close a 10k commission deal. I would likely turn into the biggest huckster. I did notice that I spent almost no time with irate customers while it was a bi-weekly occurrence with some others that consistently hit their targets. All in all honesty and looking out for the good of your client pay off in the long run but I still wonder what I would do to land a 10k commission.

#169 Red Deer Homes Realty on 07.01.12 at 2:53 am

Garth, I just recently discovered your website & to be honest, I love your blogs. They are very insightful.

Regarding Condos, they are getting very complicated, and costly. Most virgin buyers look at buying Condos, because to them it is a good transition from renting. However, this may not always be a great choice especially with the current market condition. They not only have to pay their monthly mortgage, but also Condo fees which could change when the Condo board decides.

Also, the amendments to the Mortgage standards effective July, 9/12 may force new homebuyers to continue renting. The 25 year term mortgage will lead to higher monthly mortgage payments, and renting may be a cheaper option. However, I also believe that this new amendment will alert virgin buyers to manage their debt better & save money to buy their home when the prices are favourable.

My suggestion is that people should get professional advice before making any real estate decisions.

#170 cynically on 07.01.12 at 3:26 am

#45 NLMV, your time passed centuries ago. Traders sent to US for prosecution where they’ll get off scot free. You must mean Canada where even murderers get off almost scot free and Canadian white collar shysters only go to jail when they get too greedy and try their schemes in the US, get caught and sentenced to 10 or 15 years in a US pen. It was the US which tried and convicted Connie Black, not Canada but we’ll probably give him back his citizenship which he renounced to become a lord in Britain. Hell, we don’t even have a national security commission in Canada so the scumbags can fleece in one province and scurry to the next one when the heat is on. I do believe Ontario and the TSE are trying to line up the provinces to form one but there is resistance in the west. Pretty unsophisticated west of Ontario don’t you think.

#171 new-era on 07.01.12 at 5:20 am

154 ANONYMOUS on 06.30.12 at 10:49 pm
Yeah I’ve been doing the same thing

I drove around 2 months ago and saw 6/10 sold signs in east van / burnaby area

Today I drove around the same route and seen 3/32 sold signs.

Do the test yourself. Keep some stats because its going to get real interesting in the next few months.

#172 Beach Girl on 07.01.12 at 5:49 am

I want to be the Prime Minister. Thanks guys. This weekend is epic. Kinda burned out.

#173 Ret on 07.01.12 at 9:01 am

#168 video of Maria St. house demolition.

Text said “after the home shifted during construction..”
Who was the Toronto builder? Joking on this point but not on the next one.

The bright lights taking the place down let the right wall bow out and slam into the neighbour’s house. I’d be calling my lawyer on that one and going after both the owner and the City of Toronto who issued the demolition permit.

#174 Beach Bum on 07.01.12 at 9:02 am

Re: #5 W on 06.29.12 at 9:15 pm

Another vote for a Hamilton specific post.

Re: #127 Canadian Watchdog on 06.30.12 at 5:47 pm

Is it a requirement for the banks to collect taxes on insured mortgages? A quick google seems to show that is NOT a requirement, but banks are clearly suggesting it is. Could this be an internal policy of some banks? I have paid the municipality directly since I purchased with an insured mortgage in 2000.

#175 Boombust on 07.01.12 at 9:12 am


#176 Harry Palms on 07.01.12 at 9:18 am

@89 Linda:

I know full well about the tax implications of RRSP investments. My plan included getting the RRSP money out.

I was musing about

1) ramming it into the RRSP to get a a ~30 to 40% gift of “free money” in the form of refundable tax credits to invest within TFSAs and non registered accounts, and

2) Un-registering a large chunk of the RRSP contributions over the next several years via the G-man’s RRSP meltdown tactic presented in several previous posts.

Anyhow, I’m enjoying a long weekend, I don’t really care what this guy does!

#177 Gmaz on 07.01.12 at 9:41 am

#154 ANONYMOUS and #159 JOHN have conflicting anecdotes. Which one is right? Is #154 a fake realtor?

#178 phish on 07.01.12 at 10:05 am

A London, On- specific post would be appreciated.

#179 a prairie dawg on 07.01.12 at 10:11 am

Happy Canada Day eh.

Don’t forget the beer and bacon today, ya hosers. :)

(and click the link at #116, if you haven’t already)

#180 eaglebay - Parksville on 07.01.12 at 10:11 am

#150 T.O. Bubble Boy on 06.30.12 at 10:23 pm

Don’t bet against China.

#181 Kam on 07.01.12 at 10:41 am

Why Public Servants earn more and why do they get sick days off:

I have been reading comments about public servants pay and sick days off…and now I am really pissed off.
Do you know why people doing similar jobs in the Public sector earn more than the private sector-
1. For Senior Financial Analyst position Public Sector hires CA/CGA/CMA with min 10 years experience while in Private Bank[e.g. CIBC/TD] with 5 years experience becomes Manager Finance or Director Finance.I had a chance to meet few Mgrs and directors from big banks and i was surprised to know that they can not even read Financial Statements properly.
SFA in Public sector > Mgr/Directors in Banks
2. Sick days: Public sector respect its old employees and allow them to take sick days off when they are 60+ after giving 20+ years of their prime to public services. While efficient Pvt Sec employer fires its old employees ….top mgmt is exception.

Lots of sucessful CEOs in pvt sector failed in Public Services.

#182 CrowdedElevatorfartz on 07.01.12 at 10:43 am

Poured rain last night( June 30th) Still pouring rain this am. Temp is a chilly 15 degrees.

Happy Canada Day in Vancoouver. We get to look forward to another night of fireworks in the pouring rain
Enough of this, time to wing my way East for lobster and sandy, sunny PEI beaches.
A month in the sun golfing might get rid of the smell of mould in my golf bag.

#183 Herb on 07.01.12 at 10:50 am

#167 Daystar,

good one. Reading the links – and choking on the eyewash – I could almost become a convert to the neandercon “fire them all” approach. But then you’re merely replacing one set of government functionaries with another. The real problem is that government only serves the interests of its power base, and we have got to find a way to put the general good at the centre of effort of elected governments. Until then we are sheeple stuck in pseudo-democracy.

Eagerly awaiting Truth Hammerer’s response.

#184 truth hammer on 07.01.12 at 10:57 am

#135 H…..the world is not black or white as the socailists would have us believe….and you shouldn’t either. The right/left dichotomy has been specifically implanted to encourage you not to think about ‘the big picture’…..for any individual…that’s a mistake. Re-Read ‘1984’ to understand the mind set of the politics that make up the modern world……Orwell, in the context of being an author/observer/social commentator hit the nail squarely on the head. If you can’t wrap your head around fiscal/structural resposibility nad have only ‘The Tollpuddle Massacre’ as your persoanl political referance points you’re in trouble as an intellect for the purpose of conversation. I find it amusing that the hard left agree to support only the issues they agree with and discount all else without exception out of ‘party loyalty’ and self deception rather than common sense. The coupling of ‘Harper’ with ‘George Bush’ is distinctly funny as an attempt to demonize the fiscal logic of the modern economic reality. Of course the unions are only wishing to further their own interests….without regard to the greater good of the citizenry. If you had read all my commentaries in their entirety you would not have only reacted to the issues I have written on which confuse your sensibility and create this attitude of distinct disonance. I have also pointed out many of the illogical foibles of Canada’s so called Conservatives.

What I am all about is getting the dirty party politics out of the tax payers pockets……let these civic servants conform to the will of the citizens rather than the reverse. Every one knows what the problems are… is sad that thirty years of gag laws have altered Canadians perception of civic pride and personal freedom….thats where I’m going Herb. I hope no one supports a political party simply because it’s colour is red or blue.

#185 TurnerNation on 07.01.12 at 11:28 am

Gentlemen and remaining Ladies (biker chicks, mostly).

A , new, average, Leslieville townhouse is now $650,000 + closing costs and extras – shall we say an even $700,000. Barf. For a townhouse. Is this considered a ‘starter home’?

#186 TurnerNation on 07.01.12 at 11:39 am

#128agioblue on 06.30.12 at 5:47 pm

Because you are old: google offers a site search.

Example search string:

site: “bikes, babes and balanced portfolios”


I’m going for a nice drive now. Disclosure: cager here

#187 TurnerNation on 07.01.12 at 11:46 am

134Aaron – Melbourne on 06.30.12 at 7:40 pm

That’s quite a country you have, down there.

Rorting, rooting, spruiking? God only know what you guys get up to.

#188 Republic_of_Western_Canada on 07.01.12 at 12:09 pm

What’s with all the brick housing? Doesn’t ontario have any wood?

#189 timbo on 07.01.12 at 12:34 pm

“The National Bureau of Statistics in Beijing said Sunday morning that the China Manufacturing Purchasing Managers Index for June fell to 50.2 from 50.4 in May. Any reading below 50 signals contraction in the manufacturing sector. ”

Place your bets that 50 is reached………………..

“Its occupants, on paper, include giants like American Airlines, Apple, Bank of America, Berkshire Hathaway, Cargill, Coca-Cola, Ford, General Electric, Google, JPMorgan Chase, and Wal-Mart. These companies do business across the nation and around the world. Here at 1209 North Orange, they simply have a dropbox.”

Location Location Location ;)…………………………

#190 Pat on 07.01.12 at 12:48 pm

@ #183 Kam,

The several public servants who I know personally all got their sweet jobs with connections, having little prior professional experience. I can’t imagine that there were not more qualified people that would have been willing to take the same jobs for less pay and benefits.

#191 DonDWest on 07.01.12 at 12:57 pm

The real story behind 63 Maria Street is that at the end of the day, the only Canadian who did his job was the guy who was driving the excavator and demolishing the home. That “SFH” was so closely attached to the neighbouring houses that for all intents and purposes it was a row house. The guy operating the excavator was a surgeon. How he managed to slowly tear down 63 Maria Street leaving the neighbours mostly unmolested was a work of art.

Now, let’s have a look at who didn’t do their jobs when it comes to the building of 63 Maria Street. To start, the architect didn’t do their job. The developer didn’t do their job. The foreman didn’t do their job. The construction crew didn’t do their jobs. The municipal government who allowed developers to zone homes in this fashion didn’t do their jobs. The federal government whose policies allowed a home like this to sell for half a million didn’t do their jobs. The person buying the home obviously didn’t do their job. The real estate agent didn’t do their job. The home inspector didn’t do their job.

Maybe the person who previously sold this home did their job, but it was a highly unethical action that will prove very costly for the community.

Finally, when legal action is taken on 63 Maria Street; I’m fairly certain the lawyers and paralegals won’t be doing their jobs either. This will be dismissed as a “simple accident.”

Now do you see why we have “productivity problems” in Canada? Is it any wonder the economy is faltering? As for the guy driving the excavator, if by some miracle Canadians respect work ethic instead of how many university degrees you have accumulated and I therefore become CEO of a company, feel free to work for me at any time for any job. Most jobs are only a question of on the job training that takes at most 4-6 months. It’s finding people who actually want to work that are the problem, especially here in Canada. Doesn’t matter the level of education, income, age, or ethnicity, doing a job “half arsed” is a plague spreading throughout Canada.

#192 Grim Reaper/crypt speculator on 07.01.12 at 1:12 pm

I got BPOE trying to sell me a time share…what should I do ? Smoking Man outbid me.

#193 Herb on 07.01.12 at 1:17 pm

#186 Truth Hammerer,

Good Dog! Too many bones of contention wrapped up in your usual ideological drivel. Hint: forget your own Right/Left manichaeism before you suggest others overcome theirs.

I’m sorry I asked and actually expected a rational reply.

#194 salonist on 07.01.12 at 1:20 pm

if i had a million dollars and a telecaster

“Finally, on July 9, 1982, Bill C-201 was passed by a voice vote in the House of Commons and royal assent was declared a few months later on October 27, 1982.

But what really happened on that Friday, July 9, 1982 day at 4 p.m. when the House of Commons was almost empty except for 13 members with Tory MPs slowly arriving?

The last day of the session, members were anxious to get home to their ridings for the summer break. Then Bill C-201 was remembered; a proposal to change the name of the July 1 national holiday from Dominion Day to Canada Day, a bill that had been gathering dust.

Within five minutes, the bill was resurrected and passed, thus officially Canada Day came into being.

According to history, the bill should never have been brought to a vote without the 20 MPs required to conduct business. However, the Speaker of the House, Jeanne Sauve, although troubled, said that since no one called a quorum count, a quorum was deemed to exist and no rules were violated.

And so, Dominion Day officially became Canada Day.”

to me, celebrating canada was my best friends dad who every friday night belted out “god blessa america” from his front porch.

#195 Bill Gable on 07.01.12 at 1:24 pm

14 million vacant McMansions empty in the States – as people realize 4000 sq foot homes make no sense…as Americans want shorter commutes and closeness to City core, means even more trouble on the horizon for the US economy.

By some accounting (John Williams at – the US is $220 trillion in the hole.

Go ahead, buy in the States.


#196 Beach Girl on 07.01.12 at 1:43 pm

No one will believe this one. Ah, forget it.

Minor event, flame asked to get married, kinda wrecked the party. Never going to happen. Shorts, cooking, I don’t go there.

Happy Canada Day, kittens.

#197 Beach Girl on 07.01.12 at 1:53 pm

#254 Blue Monster Lover of Meats and Vegetables on 06.29.12 at 10:35 pm

#252 Beach Girl on 06.29.12 at 10:27 pm

I really think you should not have deleted my post. It was not racist, nor ultra vulgar. Need a vote here.

Just vulgar. — Garth
He deleted mine too. Was yours a twist about RIM jobs? Mine was. rhymes with ‘planned jobs’.


This won’t get through. All I said was, are the workers from RIM going to get a little grease on the way out. I might not have said that as politely.

#198 a prairie dawg on 07.01.12 at 2:04 pm

GET READY: Here Comes A Critical 12 Hours For The Global Economy

#199 Beach Girl on 07.01.12 at 2:16 pm

#99 CrowdedElevatorfartz on 06.30.12 at 10:52 am

@#77 & 78 Mr Buyer
Hilarious. and a Happy Canada Day to you !

I vote for Beach Girl as Prime Minister.

We need another National Holiday Beach Girl…March 15 would be nice….
We could call it “Beware of Politicians Day” or ” Et Tu Harper?” or something like that….


I agree, but I think we should call it Beaver Day. LOL. Might bring in some depraved tourists.

#200 Beach Girl on 07.01.12 at 2:19 pm

Isn’t March 15 the ides of March. Bad dateline.

#201 McLovin on 07.01.12 at 2:23 pm

The RIM layoffs are very sad. I am not sure why some here are cheering it as a harbinger of dropping real estate? Those were good jobs providing income so people can be part of their community and raise their families.

Unfortunately there are so many hate filled people on this blog that they hate everything not just high real estate prices.

#202 a prairie dawg on 07.01.12 at 2:27 pm

$5 billion worth of advice from the nice lady at the bank.

#203 GregW, Oakville on 07.01.12 at 2:31 pm

Hi All, I hope everyone is able to enjoy Canada Day, hopefully with friends and family!

#204 jess on 07.01.12 at 2:46 pm

liar loans bmo case calgary
page 2

#205 dd on 07.01.12 at 2:48 pm

Jim Sinclair’s Commentary

How can anyone truely believe reports coming from the Fed or Washington. Look to Business numbers instead – compelled by law.

From JS Mineset. “Soon the sanctions against Iran will apply to the southern half of Easter Island only three days every leap year when it rains continuously for 25 hours a day.”

U.S. exempts China, Singapore from Iran sanctions

#206 jess on 07.01.12 at 2:48 pm


On July 5, 2009, Marin told investigators that he escaped a blaze in his 10,000-sqaure-foot mansion in a posh part of Phoenix using a rope ladder and wearing scuba gear to avoid inhaling smoke.

intentionally set

#207 dd on 07.01.12 at 2:50 pm

Jim Sinclair’s Commentary

Here comes the new QE game of a little bit at a time to confuse the markets. QE will be dished out by the week or month in small amounts, and you can be sure the Sheeple will not add the totals. QE might be skipped to create MOPE from MSM of non-existent hawks.

Bank of England expected to launch L50 billion QE

#208 Westernman on 07.01.12 at 3:03 pm

General note to Comrade Herbie…
NO ONE is obligated to respond to your demands Comrade. You don’t sign their paychecks, pay their taxes or wipe their arses for them…
You are just yet another self-entitled Canadian socialist who thinks you are owed something by others…
Or in layman’s terms – you are NOBODY… get it?

#209 jess on 07.01.12 at 3:04 pm

re: 63 maria
… the insurance companies are the losers ?

#210 eagle eyes on 07.01.12 at 3:56 pm

#153 Patiently Waiting –

As of June 30 – 171 listings in Richmond BC have EXPIRED. You can be sure that when they re-list in July it won’t be at a higher price. In fact, most will list lower to catch the market. This is the point where we will see the prices adjust. Won’t be an epic adjustment, but just enough where the market will take a slight turn because the actual SALE PRICE will be much lower than the asking price. When the herd sees that in order to be competitive and bring in a sale, they must lower their asking price to match the latest sale price, the trend will keep repeating. That is when we will see the prices spiral down fast.

#211 John G. Young on 07.01.12 at 4:09 pm

#185 Herb on 07.01.12 at 10:50 am

Hi Herb, I continue to read the blog entries and comments daily, but haven’t been commenting — losing my desire to thrown myself into the mosh pit. However, I have been struck by how the troll Westernman has decided to focus his hatred on you.

You wrote:

“Eagerly awaiting Truth Hammerer’s response.”

Which had nothing at all to do with the troll Westernman, but still he felt compelled to interfere:

“NO ONE is obligated to respond to your demands…”

Demands? I didn’t see any demands coming from you, but then I’m not a hateful troll who needs to launch personal attacks on everyone while hiding behind pseudonyms and lies. And even at that, the troll Westernman wasn’t satisfied — he had to go further and pronounce that you are “NOBODY” — as if shouting it makes it true, or somehow rescinds the irrelevance of the troll Westernman’s opinion.

Some time ago, I had suggested that like-minded individuals here could band together and support each other against the troll Westernman and others like him, but I guess that was naive of me — the world today is clearly a much uglier place than the one I grew up in. Nonetheless, I wanted to tell you that I enjoy reading your posts — I find them thoughtful, well-written and much more level-headed than mine — and that even though I don’t know you, it still bothers me when the troll Westerman spews his hatred at you (and many others here as well).

Keep up the good posts and Happy Canada Day!



#212 The Money Pit - South Oshawa on 07.01.12 at 4:12 pm

One of my good friends just sank 250,000 into an average 3 bedroom house in a crappy part of south Oshawa.

I looked it up, and it was bought previously for 160,000…less than 5 months ago.

Do some new hardwood floors, and a few pot lights, really make this place worth 90,000 more?

Has the world gone freakin’ crazy!?!?!?

I told him the value will most likely go down (as it’s near GM, and it’s in south ‘Shwa) but he really believes that it will hold value over time.

So does his family.

So do all our friends.

$3500/year property tax to live on top of an old battery acid graveyard


I’m starting to think I’M insane.

#213 daystar on 07.01.12 at 4:15 pm

#185 Herb on 07.01.12 at 10:50 am

Agreed. In order to get rid of a system you have to have a replacement in mind and it has to be in some fashion or another superior or why would you bother? Even then, it still comes down to the quality of the employer/employee’s (public and private).

Some of us so love to talk about poor governments but what of the rest of the poor organizations out there, corporations included? How many corps have we seen go from boom to bust? What of the simple things like our constitutional rights? Little things people like Truthhammer hasn’t thought of like “inclusion”… how do we guarantee the rights of all Canadians to access essential services with “for profit” motives at the center of it? Government either provides these services to fulfill obligations to the constitution, subsidizes or we don’t bother with inclusional services when it comes to for profit and that suddenly becomes a big problem for me when it comes to essential services. We can’t have kids or seniors going without basic healthcare as an example because the money is not there to provide, big brother has to step in, life has value in Canada.

What baffles me (ok, not so much, I know his psyche), is how someone like Truthhammer can be utterly oblivious to how widespread public education as an example, is worldwide. (every nation outside of ruthless dictatorial despots has a public education system and even some of those have it) He goes on about civil servants without ever doing the research or numbers on where the money is spent or how much Canadians spend on public education as an example. Apparently our systems of public education have no value (even though the provinces of Ontario, Alta and BC score within the top 10 in the world:

2010 stats:

Truthhammer, are you reading this? Someone like yourself wants to throw away systems that have not only proven themselves to be superior to what private schools offer (think about it, private doesn’t have the same access to capital, employee’s and mutual systems), in Canada we are leading the pack world wide.

Notice readers, Truthhammer will never get into the facts like this:

Ontario spent $21.743 billion on education in 2011 out of total spending of $ 120.67 billion, coming in at 18%. This compares with Alta around 17.4%. I looked for education expenditure percentages briefly for a Canada wide breakdown, couldn’t find a link but its likely between 15 to 20%. These expenditures if memory serves me, are inline with the rest of the world and are providing education more cheaply than the rest of the top 10.

What corporation do we know of is going to spend 21.7 billion (2011 real) to educate the youth in the province of Ontario? Can anyone think of a corporation or even the entire summation of corporations that even want to pitch in and begin to try? Imagine the black eye private corps would get if they failed.

My sister tried. When she first graduated, she set up a school and hired teachers mainly to assist kids that were falling behind. She couldn’t make it work and it wasn’t because she couldn’t manage or didn’t know what she was doing, it was because she was competing with a superior system who was hiring better educators with money and access that blew her out of the water in some aspects. Where did she end up? Teaching special ed for 14 years in “the system”, administrating for 2 more while getting a degree in child phycology and the last 2 years she’s been a principal. She’ll tell you outright, you can get creative all you want, but you can’t reinvent the wheel.

Literally the world is publically educated including the socialist U.S. if people like Truthhammer are dumb enough to label systems of public education as “socialist” but the far better term is “system” and the sooner we can walk away from all the stupid labels (as if “socialist” was ever really a bad one, just tagged as such. WWII was a race war, bred with superiority/inferiority complex’s with low esteem in leadership at the heart) the better off we’ll all be.

Again readers, we have our system this way because of very important reasons. Inclusion. Human rights. Equality, a fair chance, functionality, quite simply put, we can’t have a bunch of illiterates running around unable to read street signs and getting into car wrecks and stay chronically unemployed because their parents were either too cheap or to dumb to put their children in school (some stupidity is learned) and if miserly OCPD’s like Truthhammer want to wreck the system because he’s got a cheap on for unions (as if unions would ever go away with mass private education or private education could ever provide education as cheaply even without unions, there’s no logic here), really… thats just too damn bad.

#214 Westernman on 07.01.12 at 4:26 pm

John G. Young @ # 213,
Ahhh, finally flushed you out… still trying to save the world huh? Bless your little heart…
Careful now, you don’t want to gag on your Tofu…

#215 daystar on 07.01.12 at 4:55 pm

#210 Westernman on 07.01.12 at 3:03 pm

Calling someone a nobody makes you a somebody, as that how that works? Lol, if it was only so easy, especially in a public forum such as this.

Belittling others to build yourself up reeks of low self esteem issues dude. You have my sympathies.

#216 John G. Young on 07.01.12 at 4:57 pm

#216 Westernman on 07.01.12 at 4:26 pm

Irrelevant troll.

#217 Westernman on 07.01.12 at 5:06 pm

Daystar @ # 217,
Congratulations on your first post of less than 1000 words…dude

#218 Grim Reaper/Crypt speculator on 07.01.12 at 5:30 pm

On coffee break……but back to work SOON !!!

I was wondering re the Maria St House….Ya think we could pass the hat and ask that Demolition crew to keep on going in a North South East and West direction? Toronto is dump, with sh*tty sports teams…may end up or start at Maple Laugh Gardens.

Ontario has an education system? next thing you’ll be saying is it has indoor plumbing hahahahah…this kills me !

#219 jess on 07.01.12 at 5:55 pm

186 truth hammer

The rise of the repugnant tax dodger – › CommentCached
You +1’d this publicly. Undo
1 day ago – This consensus position was first laid out by US Justice Oliver Wendell Holmes, who said: “I like to pay taxes. With them I buy civilisation.”

#220 Herb on 07.01.12 at 7:53 pm

#210 Westermoron,

your comment deserves a response: MORON!

But I repeat myself.

#221 Herb on 07.01.12 at 7:57 pm

#213 John G. Young,

thanks for the support. Don’t take offence at blog roaches like Westernman/moron. He is merely a troubled human being cultivating his self-importance. If he were a troll I’d be worried about a cause that would use him.

#222 Herb on 07.01.12 at 8:14 pm

#215 Daystar,

just remember that roaches like Truth Hammer/er are not interested in facts. Their aim is to hammer the truth they do not like (because it has hurt them in some way?) out of shape.

I think that anyone with half a brain realizes that governments and their supporting staff are essential to the functioning of society. Ditto education etc. And those who do not are too dumb to be dangerous.

I don’t think that I’ve quoted Confucius on Greater Fool, but it may be time:

If we fail to speak with a man who can be spoken with, we lose a man. If we do speak with a man who cannot be spoken with, our words go for nought. The wise lose neither man nor words.

– The Sayings of Confucius, XV, 8, James R. Ware translation

#223 Westernman on 07.01.12 at 8:29 pm

Jess @ # 221,
So you enjoy high taxation huh? Like financing fat cat government parasites don’t you chump?
I have a suggestion for you… why don’t you pay mine as well – that way you can claim moral superiority…
I know how important that is to you liberals… otherwise you couldn’t stand to look at yourselves in the mirror in the morning…

#224 daystar on 07.01.12 at 10:24 pm

#219 Westernman on 07.01.12 at 5:06 pm

Lol, content isn’t everything. You still have my sympathies. Its gotta be tough to have the need to run down others in order to inflate one’s self, it really is. It’s like little cries of help…

#225 John G. Young on 07.02.12 at 12:07 am

#215 daystar on 07.01.12 at 4:15 pm

Well put, to say the least.

Thank you.



#226 TurnerNation on 07.02.12 at 8:41 am

Today’s lead photo:

In Soviet Kanada, house demolish you!

#227 CrowdedElevatorfartz on 07.02.12 at 11:09 am

@#201 Beach gal

Beaver Day it is !

#228 CrowdedElevatorfartz on 07.02.12 at 11:12 am

@#192 Timing
no whine just the facts.
Do you have any cheese for my whine? I can take that back east too!