Yesterday we heard from an ethical realtor. Today, a regular one.
“I specialize in selling pre-release condos for builders,” Biljana Stankovic says. “You may be able to double your money in less than a year. Would that interest you?”
Of course (pant), Biljana, Serbian realtress magician goddess, tell more (pant).
“OK, here’s how it works. When a builder launches a brand new building it is sold in stages, the first stage is called the VIP. This is the very first price the suites come out at. Those suites are sold within a few days. Once they are sold the builder raises the price and sells another series of suites to the regular real estate agents and their clients.
“Did you ever see on TV the line-up of people for new condo openings? They stand outside for hours sometimes days, walk in the door and see red stickers covering the availability board and wonder how can that ne? I was the first in line? They are the first in line, first in the third line with the third, forth (sic) or possible fifth price increase.”
Well, you know the rest. Call Biljana. Stop being a mongrel and become a VIP.
David got this message nailed to his door not far from where the E Condos are slated to soar 68 floors above the swingle capital of Canada, mid-town Toronto’s Yonge & Egg. “I can’t help but feel, given the aggressive tone of this sales pitch, that this might very well be the top of the market here, the sort of thing Blarney and F are trying to discourage,” he says. “No, I am not buying. In fact, I doubt this structure will ever be built.”
Whether it goes up or not, the pitch is clear. Just like those Brad Lamb projects I showcased a while back in Calgary and Toronto with their ‘guaranteed’ triple-digit returns. The target audience is investors, not end-users. But not the kind of investor who buys something for income, or long-term appreciation. Biljana’s turn-on is only for speckers and the flippers. That’s what the double-your-money-in-less-than-a-year thing refers to with a condo which won’t enjoy its full erection until 2015.
Only by grabbing a suite now with minimal down and an assignment clause could somebody score, and only then if they can find a greater fool who actually believes condo hell can be averted, buying their option for an inflated price. The chances of that happening are about nil, even in a building which will have two swimming pools hanging off the side of it, two dozen stories above the street.
So how can Ms. Stankovic say “you may be able to double your money” or Brad Lamb advertise a “282% return” on buying a condo on the wrong side of the tracks in Cowtown? Why are realtors permitted to make such claims when a financial guy would be gelded for doing the same for an ETF or mutual fund?
Because it’s essentially an unregulated sector. Ironically, it is massively larger than the retail investment business, impacts ten times more consumers and is responsible for the lion’s share of consumer debt. Remember this is an industry which turned a recent 13% average price decline in Vancouver into a Home Price Index increase of 1.7%. Down is up. Risk is safe. Suckers become VIPs.
Meanwhile, In Richmond, a glimpse of the national real estate future. A year ago, of course, this VanCity burb’s skies were filled with Airbuses crammed with horny HAM and yellow helicopters laden with pseudo Mainland Chinese agents orchestrated by local real estate marketer Cam Good.
Remember him? He’s famous. Last April he said this:
“In the last two months, we’ve sold over 700 condos in Toronto. Sixty per cent went to Mainland Chinese buyers. In meccas like Richmond, 98 per cent of the hundreds of homes we’ve sold are to buyers who are Chinese.” … Buyers from Mainland China are a driving force in our real estate market. The staggering truth is we’ve seen just the tip of the iceberg.”
The staggering truth is that the local real estate market has collapsed. The fabled and often mythical Chinese buyers have disappeared. Sales are plunging and prices fading.
“It’s almost scary how quickly the market has turned in Richmond,” says Richard, from the GreaterFool sat truck parked outside the IHP on No.3 Road. “Just about a month ago, you could still see For Sale signs going up with a Sold sticker affixed a week or so later. But now, the signs are sprouting like mushrooms, with no Sold sticker in sight.
“There’s a Re/max kiosk in Richmond Center Mall. At least 10 people used to mill around at any given time. Now Reemax does not even bother to man the Kiosk anymore. The market is dead.
“My Chinese wife is following the Chinese Media. The recent changes in the Immigration policies are making many Chinese nervous. When Canada can simply cut off 250,000 immigration applications with the stroke of a pen, what will be next? Restrictions on foreign RE?
“There are a lot of anxious Chinese speculators and flippers out there.”
Hmm.
Creeped-out foreigners. Prices up 125% in a decade. New mortgage rules. Tougher borrowing regs. No cash-back down payments. Snaily economy. Condo overbuild. Boomer angst. What can save this housing market now?
Of course. Hot Serbian Money!
181 comments ↓
Guys in my high school used to double there money on real estate all the time. It was no big deal. FIRST?
Ooooh those Russians!!!!
Builders call it “stability” in the housing market but sales in Toronto’s high-rise market, which includes the volatile condominium sector, saw a 59% decline in sales from a year ago.
Mr. Turner
Where will a full scale Canada wide real estate melt down leave us?
The market ain’t dead in Calgary. Construction galore especially condos in this non-condo town. As a matter of fact, I threw up today while I watched them start construction on a new condo building where you spend a measly few million… (how about 8MM??), another ~5k / month in condo fees. I watch,horrified that people who may (or may not) have money do such stupid things with it. This takes the cake.
Hard to believe stupidity is so popular.
http://www.therivercalgary.com/floorplans
As I have said many times this year, it is not that busy in the patch. many companies are short on cash, can’t raise any, and are having their credit lines cut due to declining reserves. Layoffs are abundant.
I’m baffled.
Great Post about Richmond . Where are they now ?
I said this 3 years ago, the fad will not last, the money laundering will be over …..
Reminds me what Dante said about hell,
“Let those who enter here leave hope behind!”
But But But… we’re different here?? Bob Truman is gonna be pissed…
I say we put a fence around Richmond lol
Condo sales in Toronto have stalled and prices are down. Many flippers are trying to get out without any luck. Vancouver is really bad and Toronto is not far behide said one realtor. Amazing how many realtors are on this blog. You can smell the fear from them as the obvious housing crash takes hold. It’s fun talking RE in Toronto with my co-workers now as many are tapped out on debt and unable to sell for a profit. I heard alot of power of sales for Toronto condos are popping up.
This deleveraging crap is taking forever.
OK, we had Chinese, Serbian hot money.
Now I expect to hear the story about Pakistani, Jamaican and Israeli (ouch) speculators. Let us balance it.
Brad Lamb in the TO Metro today re condos ” We’re going to under serve the demand and have a price spike in two years”. Get that guy some duct tape.
In the US, it took almost a year before [email protected] realized that, actually, prices don’t always go up forever! Spring 2013 will be interesting in Canada.
Perfect example of a track 6er
From yesterday:
#128 teacher on 07.19.12 at 11:00 am
Smoking man. Smart people use spell check before posting on a public blog. Smart people who have money do not admit they do on public blogs, people that do don’t have any money.
………………………………………………………………………………………..
How in Gods great name would you know what smart is?(not that I believe in that fairy tail)
You and your kind have so screwed an entire generation, You reward obedience and punish critical thinking. You got into you occupation because you lack adventure, are afraid of risk, and know nothing but how to ass kiss.
If just 3 out 10 kids had critical thinking this country would be 10 times more prosperous. But you make sure with your little dumb them down system that the 1% get to keep it all to themselves, the kids, the kids kids. Thanks for that.
I don’t use spell checker moron cause I don’t respect people that value good grammar and spelling, they are stupid to get all worked up about a little dumb thing like that.
Why is it important? Really Why, everyone knows what I’m saying. Just staying.
Idiot: is my real name attached to this blog, why not brag, who’s going to know who I am. I can say anything I want. Except jokes about things that happen in washrooms. 90% of my deletes.
You have created a generation that can’t even find the fast track5 home when it’s right in front of their nose every single day.
The reason kids make poverty wages and things are expensive and smart people like me exploit it is because of your dedication and hard work.
Bravo Teacher Job well done.
Even the beavers are part of the real estate cult.
Let me guess, the lodge is waterfront property and costs a million.
#158 DonDWest from yesterday
You wrote a long screed questioning why anyone would live in the GTA in a “dirty bungalow” when they could buy a 4 bed Victoria elsewhere.
The answer is simply that houses are not everything. You cannot on one hand criticize people for buying granite counters that they cannot afford and then also criticize them for buying a “dirty bungalow” instead of a 4 bed Victoria. You can criticize one or the other, but not both. If you don’t get that there’s more to quality of life than a house, then you are only a few short steps from the people who over-mortgage themselves to buy a bigger house.
Look at the comment Jamie Johnston, realtor from RE/MAX, posted on his twitter “We r seeing a spike in listing appointments over the past week. In fact Mon was busiest day this yr” https://twitter.com/Remaxcondosplus/status/225660625886539776
Garth. It is a pleasure to read your blog, as pathetic as it is, and hear the truth. Funny thing happened the other day to me. I went from being a poor dumb renter, to a guy I have known for years who sells new houses, telling me I probably have more money than God! Now, I never tell anyone what all of my assets are, and certainly not my net worth, as I like to fly under the radar, for obvious reasons. However, I can answer to anyone, no way I have anything more than God, but I for sure have more money than brains. I am very fortunate.
Yes, the corner of Yonge & Eglinton isn’t quite windy enough and the subway line at that point isn’t quite packed enough between 7:30-9:30am. We need another 68 storeys. Ever since I moved, I missed hearing from Stankovic, although I have to say that I’m content to be in Elizabeth Goulart full page, colour ad territory now. She’s the female Brad Lamb, only hotter and with hair.
DonDWest :
And just to be clear: my point is not that quality of life is necessarily better in one specific place or the other; only that there is more to it than the size of the election on your property.
North Shore RE Agent friend has gotten very grumpy lately, doesn’t help when i question him on the numbers. He say’s it’s just a trend.. does trend mean sell now or else, or buy now or else?
Correction – The target audience is suckers, not investors or end-users.
#18 Freedom First
Me too very low under the radar, I had one of paul McCartniys(x beetal) best buds, Pauls a hage fan of this guy, in fact next time he comes to visit pauls coming fishing with us, if paul plays his cards right might give him an autograph or a photo with the two of us. on my boat on Wed,
Best wishes paul Smoking Man
Chinese officials were stealing money or taking their bribes from real estate developers and laundering the money out of the country. China central bank finds officials stole billions (http://www.marketwatch.com/story/china-central-bank-finds-officials-stole-billions-2011-06-17):
“Corrupt Chinese officials and employees of state-owned companies have absconded with about 800 billion yuan ($123.7 billion) of public money over 15 years through 2008, much of it making its way to the U.S., Canada, Australia and the Netherlands”;
“16,000 to 18,000 individuals have fled the country with ill-gotten funds over a 15-year period”.
That works out to $6.8 to $7.7 million per thief. You can buy a lot of houses with $7 million. Quite often, they send their children abroad to study and use them to launder the money out. There was a 20 year old Chinese student living in a waterfront condo in downtown Toronto and she also bought a house.
The Chinese government has complained for years to the Canadian and Australian governments to help stop this money laundering. Despite this, the Canadian government did virtually nothing. Therefore, the Canadian government is aiding and abetting these Chinese criminals.
In 2004, there was a Chinese criminal who laundered millions and moved to Canada. China wanted Canada to extradite him to face criminal charges. Canada refused, citing that the man might get executed in China. I doubt that this is the only reason. Canada wants his money in Canada. If Canada is aiding and abetting money laundering and Chinese criminals, this makes Canada a criminal.
Why doesn’t the Canadian government practise what they preach and stop this money laundering? Why should they? If it boosts house prices, the politicians profit personally. If it supports the economy, it helps get the politicians re-elected, which means they profit personally. Politicians have mouths to feed, tuitions and mortgages to pay. Therefore, they need to get re-elected. Read:
http://www.newworldparty.org/2011/04/housing-most-manipulated-market-in.html
It explains all of the criminal activity by politicians and developers in Canada.
What a load of crap. — Garth
Boots on the ground video exposing what’s really happening with Toronto’s condo market.
“Builders do what they want—they get away with murder—there’s all kinds of delays—there’s all kinds of false advertising.”
http://www.youtube.com/watch?v=BKSXAWHKAQM
The market collapse is well under way. By October/November, we will likely experience the economy go off the cliff with 0 or close to 0 GDP and job losses starting to snowball. That is when these last suckers who think they are lucky to have 30 yr amort and 3.09 % rates can close the mortgages approved just before the rules changed.
Early anectodal reports suggest condos are in freefall and many pockets of TO are seeing sharply lower asking prices.
We ought to be down 15-20 % by end of 2013. about time this debt Ponzi come to an end.
JO
Not getting fully erect until 2015 is a long time to wait.
68 floors. Take your time. — Garth
Obviously Im taking a break from sober, last post should have read his best bud was on my boat fishing, and he’s coming back again with paul to fish on my boat.
The guy pulled a smaoking man, left a band at it’s peak, faked poverty, and is currently a fire fighter in Scotland.
But Filthy rich, thats where I got the idea. I’m not as oridginal as you all may think.
CAM IS BACK!!
Wasn’t this the D-Bag who also said “Vancouver is the best city in the world and if it’s too expensive then LEAVE!” (or words to that effect)
I bite my thumb at you Cam and wish you many moons of eating Kraft Dinner.
Garth is doing his part in telling the Canadian public the truth about those greedy, evil , criminal, uneducated , lying , dirty realtors. We blogers need to email news papers and go on other blogs and spread the truth. We need to call in news stations or cp24 “hot property” and get the truth out. The housing market in Toronto has crashed 15% over the past two months and Vancouver has crashed 15% as well. Realtors have a vested interest in lying to the public. Together we can bring down the CREA and their lies. Criminal realtors are uneducated but are masters of propaganda and lies. Realtors think that Canadians are stupid and laugh behind closed doors.
In whistler at the moment. Been here two weeks. Very quiet compared to last year. Very few Europeans hardly any Americans cute young Aussies as usual. Mainly bc license plates.
So much for sale. Many prices whacked in half. Everyone thought the Olympics would make them rich.
unregulated?
why are people so incredibly passive today?
throw cam good and the likes of them in prison.
what would our ancestors do to charlatans like this 200 years ago?
#192 TaxHaven
There are many questionable practices around the GDP, which includes plenty of non-productive movement of money from one packet to another, such as most government spending. This extends to other areas, for example, why do government employees pay income taxes?
The numbers are really for relative comparisons only, at best.
“Head for the hills”….
Brad Lamb in the TO Metro today re condos ” We’re going to under serve the demand and have a price spike in two years”. Get that guy some duct tape.
=====================
Better yet put him in jail with Bernie Maddolf!
what does a beaver lodge go for I wonder? do you get the pond with the lodge?
Good is greed.
Hey Smoking man TO is on fire but it is flippers committing arson to escape debt.
These condo pitchers must have honed their skills by taking in a time-share presentation or two in Mexico.
If you’ve never had the ‘pleasure’ of being at one, then you won’t ‘get it’ entirely. High pressure sales tactics, smiling sales babes, big fortunes to be made (presumably by you). And it’s all based on scribbled notes on a blank sheet of paper and done in minutes. It’s fast, it’s loose, and it’s designed to get you to sign right away cuz you just can’t lose. lol Those who have been to one are probably chuckling about now… ;)
We need to keep asking that question though.
Why aren’t these RE pumpers regulated in Canada?
Time to email your MP’s folks. Get them talking about this issue.
It’s too big to let it regulate itself anymore. Fiduciary oversight is required.
The photo is truly symbolic. The great Canadian beaver represents the average Canuck buying houses not even worth a dam.
And it was taken by a blog dog on vacation in Newfoundland. — Garth
LOL? And, do not know if posted, the news about Baskin Robbins closing Peterborough ON plant and moving it to Alabama. Good jobs gone.
“NEW YORK–The Federal Reserve Bank of New York said it supports limiting some types of money-market fund withdrawals in a bid to protect those funds from suffering the equivalent of a bank run.
The recommendations came from a staff report released Thursday. New York Fed President William Dudley in a press release accompanying the document said he “strongly” endorses the ideas put forth by authors Patrick McCabe, Marco Cipriani, Michael Holscher and Antoine Martin.
“Further reform of money funds is essential for our nation’s financial stability,” Mr. Dudley said.
The analysts propose that money-market funds could be strengthened if they were to have a “minimum balance at risk.” As envisaged by the authors, this balance “would be a small fraction of each shareholder’s recent balances that would be set aside in the event that they withdrew from the fund,” the press release said. “
The beaver seems to have neighbours, trying to sell their house, who are underwater.
This is the new view we will all soon see, across the street.
The Realtor job is obsolete anyway, as more and more people realize that buying and selling privately is the way to go. Having that REALTOR(tm) “stamp of approval” means nothing on a house at all. Buyers still need to pay for their own inspections prior to purchase and as a seller I’ll easily split the cost of a lawyer with a buyer any day to handle the legal stuff (about $1000 or so, as opposed to about 10% commission to a scum realtor). Everytime I hear a realtor talk, it becomes more apparent that they know nothing of the economy.
Calithumpians
Maybe not spelled right.
1980 s Unionville. Beach Girl
“Why are realtors permitted to make such claims when a financial guy would be gelded for doing the same for an ETF or mutual fund?
Because it’s essentially an unregulated sector. Ironically, it is massively larger than the retail investment business, impacts ten times more consumers and is responsible for the lion’s share of consumer debt.”
Similarly,It is also possible for real estate flippers to avoid paying capital gains taxes by simply not declaring the capital gains when they file their tax returns. Unlike securities which the investor must provide their S.I.N. number and therefore their capital gains are easily traced by Revenue Canada. Real estate capital gains taxes payable are easily avoided because no S.I.N. number is required on the land transfer affidavids, which are the only means to trace transfer of real property. No S.I.N means no reporting to Rev Canada of such a large transaction and unless Rev Can audits the flippers, capital gains taxes are avoided. Rev Can just does not have the man power to audit all real estate transactions. This is another way the real estate industry is un regulated in comparison to the securities market.
Why aren’t these RE pumpers regulated in Canada?
Time to email your MP’s folks. Get them talking about this issue.
It’s too big to let it regulate itself anymore. Fiduciary oversight is required.
———–
Wow, wow, wow, wow, WOW!
Since when did government regulation help anything? What do you want to do, turn us into Soviet Russia?
The problem is idiots with financing. You can’t suck very many people with money who earned it into scams, only people who are financed by our wonderful government controlled real estate financial system. The CMHC and rules and regulations set by the government with our banks IS the problem.
Less government, more freedom, sound money, market interest rates is the solution. After the devastation, that’s what we’ll be left with. Got gold?
IM in C wrote:
“Mr. Turner
Where will a full scale Canada wide real estate melt down leave us?”
——-
You think it’s about Canada? On the run up “Canada” is a necessary and unconscious illusion. It’s not an illusion that is worth all that much on the way down.
Hi Garth,
Long time fan, rare commenter but I saw an article and video about the culture of condos on Walrus TV. Brad Lamb is one of the interviewees. Thought you might be interested ~
http://pricetags.wordpress.com/2012/07/18/must-see-tv-of-culture-and-condos/
Thanks for your great writings!
Mr Buyer #39
Hey Smoking man TO is on fire but it is flippers committing arson to escape debt.
———————————————————-
Looking at the news you see million dollar houses going up in flames as flippers try to burn their bankruptcy away. The RE crash is just starting to drop (15%) and has another 35% to go.
Here is just one example of he MANY FIRES just last week
Pickering blaze destroys luxury waterfront home
http://www.torontosun.com/2012/07/14/pickering-blaze-destroys-luxury-waterfront-home
#28 MarcFromOttawa on 07.19.12 at 9:37 pm
DELETED
Keep doing what you’re doing, Garth. Don’t know what I’d do without my daily fix of your blog. Hence why I hate Saturday nights so.
BTW Garth, have you considered adding a “Like”/”Dislike” or thumb up/thumb down button for the comments section? Could be fun.
would gig in the sky be so cool on bagpipes vs piano
antine figured out who my buddy is
my kids, offspring of highlanders, spartains, and serbs
jamacians when kids deside to put you in your place.
run run
we don’t need force control/
teacher leave the kids alone
ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
#15 Smoking Man on 07.19.12 at 9:10 pm
I was in a car listening to am640, tonight, around 8:30pm. Caller said that we are to blame for not holding our leaders to accountability; they pass dumb laws stated: We do not even have to think anymore. Well, the show’s hosts repeated this and burst out laughing. For too long. But they knew. It’s true.
“We do not even have to think anymore”
Why do you think Syria is front and center in our propaganda rags. Who cares. I don’t. But the war-makers do. We must be sold on the idea.
Did you hear, due to LIBOR “crisis” they are talking up a possible new Global standard in favour of it. Never let a crisis go to waste. It’s all global now. War, control. Countries are a myth.
A “global” security force could just as easily parachute down into our patch of land.
Lead belly nervana did it right
http://www.youtube.com/watch?v=1hGBYey28CQ
That picture was taken by a pond between Gander and Appleton.
Smoking Man-
I call BS- Macca, the long time vegetarian, is not going fishing with you or anyone else.
“Remember this is an industry which turned a recent 13% average price decline in Vancouver into a Home Price Index increase of 1.7%.” GT
I’d appreciate a refresh of how this artificial and confusing difference is created by the HPI.
Hey #46 RE-R.I.P. on 07.19.12 at 11:04 pm
Thanks for your statement on CRA loophole for RE flippers.
I just took your quote and sent my MP, Olivia Chow an email about closing the loophole.
Enough requests and they need to take action.
Cheers
#34 Devore on 07.19.12 at 9:57 pm
“….This extends to other areas, for example, why do government employees pay income taxes?”
—-
Exempting the salaries of government employees from taxation would create an unfair situation when said individuals also have income from other sources, as it results in these individuals being placed in a lower tax bracket than their peers working for private industry.
#5 Cory on 07.19.12 at 8:48 pm
Construction on The River condos was supposed to start in April, but nothing has been done yet. Back in March they were doing some work on the existing buildings on the site to prepare them for demolition, but I’ve barely seen any activity since then. I heard a rumour that the units weren’t selling, and construction was stalled until more of the units were spoken for. Seems silly to spend millions on a condo when you could buy a SFH right on the other side of the river for much less.
Iran preparing to come off of Petro Dollars in late Sept, they have open up an Exchange and have been testing it. USA does not want this to happen.
#47 Blue Monster Lover of Meats and Vegetables
Wow, wow, wow, wow, WOW!
Since when did government regulation help anything?
– — –
Wow, wow, wait…
I never said anything about Government involvement. You did, comrade. lol
An NGO could easily oversee this.
Without people speaking to their MP’s and raising the issue however, it goes nowhere. If no member brings forward a bill that gets passed in Parliament it never gets to the Senate. ie: no new law
But you do need the Government for that much. lol
The oversight ‘vehicle’, whether an NGO or not, should be completely independent from the industry though. No ties. No contact in any way.
Throw in some economists, forensic accountants, and a few financial market gurus and you’d have a good start. Maybe add someone with a Law background in RE too.
That doesn’t sound communist to me. Just prudent.
Looks like condo’s sales have FROZEN in Toronto as I think a sales agent on the show said NOTHING is selling in T.O. Even ANN the pumper talked about her girlfriend who has a water front view condo and three showing and little to no viewers. The crash is getting real bad in Toronto and the RE pumpers are getting woried. The pumper from tridel is talking about some stupid tridel condo that’s for sale and he claims rich people buying for their kids to goto school…lol these pumpers are to funny. The pumper look VERY worried.
Sumbitch! Been renting a two bedroom townhouse in NW Calgary for five years (students for a few years) at $900/mth(I’d joke with friends that I lived in subsidized housing) but had to move cause the landlord is selling it. Not making enough money on rent to cover condo fees she told me. Ended up moving a few blocks down the road (literally) to a bigger place for $1350/mth. Im working as a rig supervisor and shes an accountant, making good money. Anyways, we are doing the inspection with the landlord and he asks what we do, we tell him, he laughs and asks “why would the two of you rent?!” He was completely dumbfounded, had to chuckle at his reaction.
Ten minutes later, he starts asking me what it was like working on a rig (guy wouldnt make one hitch in the field) because he hasn’t been making enough money in the software business. This is our landlord, he’s the owner who is probably up to his eyeballs in debt and considering working on a rig to make more money to cover it…and we’re the idiot renters…dont get me started on the MIL.
We considered buying in ’09, but didnt as I’ve been reading this addicting, pathetic blog and followed the advice. I bloody well hope Garth is right about the Calgary market because I am a social pariah amongst my friends for not buying and regularily get in heated arguements over rent vs. buy. The timing of Garth’s predictions may be shit, but eventually he’ll be right…for my sanity’s sake, he better be.
BTW Garthorama, no disrespect as I believe you have saved me from a terrible financial decision of buying a house, but it is in your interests as a financial advisor to make predictions like the 2008 GFC will not happen again, its like a realtor saying prices always go up.
Conflict of interest for sure.
I love you Garth!
#135 Anne “Pom Pom” Rohmer on 07.19.12 at 12:31 pm
#55 Jim on 07.18.12 at 11:22 pm
A much better theory is that the people with a lot of wealth have social and political power that allows them access to the best means of accumulating wealth – namely, taking it from others through the power of taxation, corruption and currency debasement.
Great observation Jim…I guess we will never learn from history as convincing ourselves that “it’s different this time” is much easier
Quote from John Maynard Keynes from The Economic Consequences of the Peace.
“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes many, it actually enriches some. – As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
“Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” Amazing words
——
Post from yesterday from Anne regarding Jim who both agree that the wealthy 1% get their money from less than respectable means, or methods that I would classify as purely immoral. Essentially fraud, theft and corruption and I have to agree 100% that is in fact how some become wealthy, mostly public figures.
See this stomach turning spectacle of inside dealing.
http://www.nytimes.com/2012/07/22/magazine/terry-mcauliffe-and-the-other-green-party.html?_r=2&hp&pagewanted=all
DISGUSTING! (and I’m all for green electric cars)
But, there are many who earn their wealth honestly everyday, actually the majority still do earn their wealth via free exchange. The only thieves are the governments and public sector parasites. Only the government can creates inflation and pass laws to favor their cronies.
What Keynes said about Lenin is absolutely true. So why is that the system we have today is exactly the destructive menace he envisioned? Why are we allowing governments to destroy our fiat currency? Why are we not demanding gold as money?
Answer: public education and main stream media shaping ignoramus population for many generations.
Inflation of the currency is theft and the winners are the people who receive it first at the expense of the people with savings who spend it last.
I hope you both knew this and were just pointing out the crime of some of the immoral filthy rich.
The business of America is business. Now all we hear are politics and we wonder what went wrong? Got Gold? Got guns?
# 15 Smoking Man
Ha Ha Ha! Smoking Man, you rock!
Furthermore, I spel gude 2
Yes, people buying at this stage of the cycle might very well turn out to be the greatest fools of them all; however, how many are also being misled by the HPI?
The HPI was designed to deceive. How is that allowed? And why hasn’t the MSM exposed this fact? It’s criminal.
# 34 Devore
Government employees are the only ones who have to pay taxes. Everyone else getS duped Into paying taxes. Read the charter..
Support for israel equals support
DELETED
#17 TimV
Because, at the end of the day, houses are just places to live/sleep in while you go about your life. Eventually, even DonD will realize this.
“The fabled and often mythical Chinese buyers have disappeared”
That came to mind a few months back when I happened to run into a top Vancouver RE agent (specializing in Asian investors) in Surprise, Arizona.
While walking around one of this agents’ investment properties it was mentioned the purpose of the trip was to seek out investment properties for this agents’ clients.
I should have probed more, but didn’t have time – anyway interesting to see if HAM has migrated south!
–
“Hot Serbian Money! Of course (pant), Biljana, Serbian realtress magician goddess, tell more (pant). You may be able to double your money in less than a year. Would that interest you?”
Being retired, I had not given any thought to becoming a professional gigolo but now that you mention it, how much does it pay and what are the business / tax deductions? Incl. the naughty bits!
*
John Mauldin Stratfor 3Q forecast; EZone X-large double-double; Muni Bonds Not safe, says Warren; Retirement Lie I’m retired, and it’s working out adequately for me; Rethinking Luxuries Unless one has the money, they’re not worth it; Whipping Boys for Libor Geithner and Obummer? Banxters By the US, one assume NAmerica, the continent, is under control, and Replacing the US$ (with the loonie?); Race To The Bottom And the winner is . . .; Dolphins replacing Banxters? A wise move; Osborne Missed the deadline. Kannnaduuhhh will bail the UK out! Fall in lending to business; Nokia Massive losses; Libor Baltimore suing; Cereal too expensive Peanut butter and jam instead; IMF tells UK: Boost spending and put yourselves further in debt; Spanish Borrowing Costs More for the banxters, less for citizens; US unemployment claims surge.
Wall St. and the Bolshevik Revolution; Investors” Spring? Three Mln. seniors may lose homes; Cities Why pay debts when bankruptcy is easier? Germany Bailing out Spanish banks; Milk, Cheese, Corn and Soy all spiking, and MEast turmoil edging oil and gas higher; It’s deja vu from last year; Looks can deceive; Best US cities for retiring on US$100 / day; Burger King How to lose customers easily; The Onion’s list of sacrificial lambs; Ghost Town pix Disneyland Paris; On the road again Where Americans are moving; Tech sector surge in layoffs, and China Skyrocketing unemployment.
*
Fermented Superfoods It ain’t beer, that’s fer sure; 14:46 clip HAARP, Google, Agenda 21, the US Govt. and a few others; Cartoon; Lil’ Miss Lucifer is hovering; Vatican Bank and Mafia Now that would be a good link! Fukushima Confirmed — a lot of abnormal growths on kids.
this is a freakin good one from south surrey b.c.”we will pay the buyer’s realtors commission”,owner.willing to work with realtor.Mr.G.what does this mean?sorryi ment MR.T.
#2 Meannn whooooo Gene
Hey hey hey hey hey hey hey hey lol
Where’s that smart and savvy student who paid $400k mover asking for that crappy T.O bung now?
Look on the bright side though…if I buy in Brad Lamb’s calgary project, I will be able to see the horse deaths on the chuck wagon ring every single year from my balcony.
Blarney! love it…
Thanks for your good advice Garth? Patience is a virtue….
Nick
on 07.19.12 at 9:10 pm
In the US, it took almost a year before [email protected] realized that, actually, prices don’t always go up forever! Spring 2013 will be interesting in Canada.
……………………………………………………………………..
Prices peaked in Australia in March 2010, 2 years later with a median national price fall of 10%, we still don’t have a bubble, just a great buying opportunity. Did I mention on a national basis we also currently have 9 months stock on market. Of course still no bubble here, because it’s different here, must be because we have Kangaroos.
What I’ve learnt from watching this global debt bubble burst is, the bigger the delusional (prices only ever go up or nowdays, price never fall much or it’s different here) the slower reality bites.
So from the Aussie experience I’m expecting Garth will still be banging on about reality even after prices have fallen over the next couple of years.
Reminds me of the following video, even when facing reality, the clearly defeated and dying black knight claims it’s only a flesh wound, at best a draw.
The power of delusion is strong, hi BPOE.
http://www.youtube.com/watch?v=2eMkth8FWno
Aussie Headlines
Doldrums on the home front
But back to houses and the news this week was not so happy. Two surveys confirmed that housing remains in the doldrums with little relief in site
That brings us the other significant housing data release for the week: dwelling completions. This is the ABS measure of the number of new homes finished for the March quarter.
The measure fell to the lowest level in a decade, with 32,557 dwellings finished.
There is a full pipeline for more too, even though Melbourne (the home od Aussie HAM) is already the most over-supplied capital city housing market in the country, with the highest vacancy rate and lowest rental returns.
http://www.theage.com.au/business/housing-may-start-to-hold-back-economy-20120720-22e3y.html
Seriously who gives a $h1t about real estate. I know a guy that has been working at Goldman Sachs for 8 years now. Talk about being in the belly of the beast. I love you Garth (not in a gay way, although there’s nothing wrong with that) but when a fly on the wall at GS is too afraid to hear any more and he buzzes off I get concerned. This is a guy that worked as a CA in the Caymans burying rich people’s money. If he is concerned then I am concerned.
P.S. I am not a doomer or a gold bug although I wish I had been. I have faith that the people with the gold will continue to make the rules and the system will survive. Many of those who trust the system however may not.
If that condo won’t enjoy it’s full erection until 2015 then it needs a little blue pill today
Garth, yesterday I posted a couple of stories about old people losing their homes to foreclosure in the USA and wondered how this was possible. Rhetorical of course because the problem is they should never have added to their original mortgage and the house would be paid for years or even decades ago!
I get the impression that people don’t understand that the mortgage is meant to be paid off. People just look at the monthly amount to decide if they can afford a house. But to actually “own” the house you have to pay off ALL the principal plus ALL the interest over the life of the mortgage. Until you do the bank owns the house as collateral, and it will seize the house if you don’t pay. Principle plus interest is a REALLY big number.
And I am still stunned that old people have mortgages at all. Back in the day, you paid off your mortgage by 60 or 65, then had your “mortgage burning” party, then you quit your job. In that order.
is this the end of the Irish bubble or what?
http://www.bloomberg.com/news/2012-07-19/ireland-bulldozes-ghost-estate-in-life-after-real-estate-bubble.html
i told you so/ho NE.POEMS. coming soon.starting to typo two hands.
Garth, The Oracle of Ontario, The Great Hope of Hamilton, I want to ask you a question, though I have a feeling your answer may just an educated guess because you have limited exposure to poor people.
Do you think this upcoming weekend, in Toronto, with a certain festival happening that is mainly attended by single mothers of children born from multiple partners and aspiring poets from urban backgrounds, and the recent shootings happening in Scarborough and the west side of Lawerence Park, that this is the exact date the the real estate crash officially begins? Have you noticed how busy Highway 400 is on this weekend? People are getting out of the city as if Godzilla was coming out of Lake Ontario.
http://www.youtube.com/watch?v=DA6Q5OXFJAw
Smoking Man – I was at Union a couple of days ago. Had to head home at rush hour, headed past the sheeple watching the board up to track 5. Few minutes later sheeple mobbed track 5 as the sign told them to. Is GO on to the track 5er’s? Like buying a condo, doesn’t seem like track 5 is such a sure thing…..
Oh man what a hang over. ;( dident take much
Why?
How can it be that a sector (RE) that involves nearly everyone, and nearly everyone’s total net worth got to the point where obfuscation, half-truths, and outright lies go unchecked and unchallenged? We have a huge machine in this country that can observe, research, recommend, implement and enforce legislation that protects the sheep from the wolves. Sure everyone is responsible for themselves, I get it. But come on, the RE industry has the look and sheen of legitimacy and professionalism. Rotten to the core.
Best Real Estate agent is Sandra Rinomato:
Her mega Bilboard add in High Park says:
“Your Closet is cluttered?
Buy Bigger House!
Call me…”
Garth we have problem. New horny has appeared
Beside:
House Horny,
Granite Horny,
Patio Horny,
Parrents-Only-washroom Horny,
We-are-pregnant-need-city block horny…
greatest of all :
Bigger Closet Horny!!!
I rent for last 23 years. every month i manage to put aside aprox $200 fopr last 9 years.
My problem is: paper money is turning into toilet paper…
what to do?
Re#25
It explains all of the criminal activity by politicians and developers in Canada.
What a load of crap. — Garth
In the quest for money and power some people will do anything for money, power and re election.
Politicians have legalized activities that require the death penalty according to divine law making themselves accesories to crime for the sake of votes.
Before society declines into decadence and corruption its leadership goes completely rotten to the core and becomes unfit to lead society. It is a case of monkey see, monkey do.
Now that the housing and condo market is on the decline what is the best way to make money on a $50K investment and why? Have at ‘er Blog Dogs.
#26 Canadian Watchdog on 07.19.12 at 9:29 pm
That’s nothing. Look at the large pictures on this site. Out-of-sight:
http://poorconstruction.blogspot.ca/
This is why you never, ever, ever, ever, ever sell to a first-time homebuyer. — Garth
#18 Dmitry on 07.19.12 at 9:15 pm
” Look at the comment Jamie Johnston, realtor from RE/MAX, posted on his twitter “We r seeing a spike in listing appointments over the past week. In fact Mon was busiest day this yr””
Gee, you mean that they actually had a customer enquiry? Spin, spin, spin! LOL.
The jig’s up- the global economy’s a complete mess with wizards around the globe working like fury to try to keep up a facade of fiscal stability. All they can do is print and massage all manner of stats in a futile attempt to extend and pretend. Banks are being mollycoddled and rewarded with taxpayer money for having stripped trillions from private balance sheets. (Too big to fail? Not quite, look a little closer).
Keep your assets where you can see them at all times, blog dawgs. Remember that business will resort to absolutely anything to keep your cash coming.
#47 Blue Monster Lover of Meats and Vegetables
So haveing fair practice and accountability in real estate Industry and to check fly-by-night operators is going to turn us into Soviet Russia.
you have no credibility.
#37 bill on 07.19.12 at 10:09 pm
” what does a beaver lodge go for I wonder? do you get the pond with the lodge?”
Almost! This fabulously unique, highly sought-after, architecturally-inspired gem is shared with only a few other lodges, thus making for an exclusive and very desirable enclave of private lodges. Local materials and painstaking craftsmanship have resulted in truly organic harmonization with its natural surroundings. Be one with nature and the envy of your friends!
Taxes extra. Maintenance fees extra. Insurance not available due to unpredictable environmental conditions.
Re: http://poorconstruction.blogspot.ca/
That’s hilarious. A first time buyer with OCD, a camera and the wherewithal to set up a blog… priceless.
What was this buyer expecting? That because there’s a hundred condos going up in Toronto, the builders would scour the world searching for skilled joinery workers, cabinet installers and painters, pay their airfare and put them up in hotels? Here’s a hint: Most of the stuff that goes up in a boom gets built by inexperienced trades working for the subcontractor who came in with the lowest bid. Caveat Emptor and all that. Did the buyer look at built units (NOT models, real units) by the same developer? Did he change the contract to his satisfaction? Or did he just line up at the sales centre and sign on the line that was dotted? I’m thinking he got exactly what he contracted for. And as for filling nail holes and paint touch ups, was he just planning on living in the world of cheap builder grade white paint?
Now as for the positive pressure from the garbage room into the lobby, the board really should sue the developer to solve that.
I was talking to a realtor (older long time) in Moncton yesterday about a foreclosure I was interested in. It was gone so he starts the chat “So how much are you looking to spend?” I said I was looking for a deal. He says “so not much then”. I said I’d wait until the market tanked and then look at buying then. Next he says, “yeh the gov’t sure killed it for us realtors”. When I hung up I felt like calling 911 on him. Really sounded like he was at his wits end. The next one I talked to was a young newbie realtor in Fredericton. Don’t worry, be happy was her take on things. Real estate always goes up eventually so now is a great buying opportunity don’tcha know. In a couple of years real estate is going to hit an all time high. She doesn’t realize she is going to be back living in her parent’s basement in two years. Yikes!
Google searches for “mortgage calculator” and “housing bubble” took a nose dive after peaking in June and April — an indicator of the health of our housing industry?
“The housing bubble has burst, both buyers and sellers are quickly coming to this realization,” says Mr. Sauvé. “Our March 2012 report found that current house prices were 35% above what might be expected based on current income levels. Real estate now comprises half of all household wealth, which is the highest it has been over the entire 1990 to 2012 period for which this data is available. Clearly too much of our nest egg is in one basket.”
* * * *
Of course, they could have just Garthled it.
“Grocery Prices poised to spike” is the headline on the front page of today’s Calgary Herald. Apparently, the price of corn (which is used to feed livestock) has jumped almost 40% in just 6 weeks and could go higher.
Obviously, if Canadians (who are already in debt to record levels) have to spend more on food, they have less money to spend on housing.
#67 Questioning real estate in Calgary
I experience the same social pariah, I have to keep quiet now, its absolutely impossible to have owners even consider the numbers and downwards pressure on RE….(sigh) I also ask how their home generates them cash flow, even when its paid for?? That usual ends the arguement! I speak to many people everyday, alot that did by in 08/09 and are waiting out the 5 yr term to ditch their rentals, as they are making up the shortfall out of their own income, they figure they can stick it out and sell. I refuse to pay that much to put a roof over my head…period. That extra cash goes to rent and having a life! As a new renter after 12 yrs of owning, I didnt expect to enjoy it this much (the no maintenance part) As for another 08 panic sell in the market, dont see it happening, if so, then buy the crap out of it!!
I need a raise. SM is two mulch to handel.
BC Business Magazine on the Vancouver Market – “Was this a massive bubble? Slightly. But bubbles imply resulting crashes, and I don’t believe we’re going to have one.” [Why not?]
http://wp.me/pcq1o-4tR
Bought JPM.PR.P 6.2% yield. Do you have an opinion on US bank preferreds Garth? Should they be held in USD?
#62 DDCorkum
I know what the official reasons are, but still doesn’t make sense. Marginal tax rate/income for tax purposes could be trivially indicated for these people, even before the age of computers. But this is purely money moving from one pocket to another, adding zero value to the economy, yet it is still counted in GDP as government spending. If removed, it would drop the GDP a couple percent.
#102 Loan Money,
Yes, the price of corn is rising because of the current drought across North America. This drought is in turn caused by global climate change. Yet another event discussed widely in the MSM. And in Calgary at all.
Very good post Garth.
The RE industry needs to be regulated as it effects the lives of millions of people just like some other professions do. Maybe people now days are too trusty and believe everything RE agents and Media sell. I do not know, but something needs to be done. Media is regulated, why should not RE millionaires be regulated as well?
#68 Finally on 07.20.12 at 12:28 am
“I love you Garth!’
**********************
Sweet!
There are ALOT of us so very grateful for your insight…and especially your honesty.
#105 – vreaa – I wouldn’t give that article much weight.
The real estate industry effects all homeowners weather you realize it or not…. Each time the markets’ values are artifically inflated by commission driven realtors, we all get charged more for property taxes….Why doesn’t anyone care about that?
Thoughts on natural gas based ETF… Let’s hear it.
#98 maxx on 07.20.12 at 9:41 am
wel I dont want to spend a lot of money…
but we need more room in case the inlaws visit.
it does look somewhat more solid than the [ is this a condo?] other man-made units we have looked I have to say. does it leak? we dont want a leaky one.
Canada prediction of slower growth and less exports of their raw material due to global demands.
Also mentions interest rate hikes predicted for the future. *yawn…
http://www.cbc.ca/news/business/story/2012/07/18/boc-rate.html
Because Biljana is an idiot , there is no ne need to pick or Serbian people and their “hot money”
Why not? It’s done all the time with the Chinese. — Garth
I read in the Wall Street Journal today detailing the falling price of golf course lots; houses and developments. For all you golfers in the GTA you can pick up a lot for FREE or $10,000 at some courses in the states. Apparently some of those wealthy golfers have given up on their game and now they are giving up on their golf real estate properties. In Canada we have way too few golfing properties so I doubt we will see that kind of American pricing. Yippeee.
New Victoria condo, top floor shoebox in so called “hot” area of town has it’s price dropped 10%. Seller will even pay for 2 years of parking !
I thought the rookie agents in this town said the sky wasn’t falling ? Wrongo bucko, 10% is just a warm up.
http://www.victoriamls.ca/matrix/public/portal.aspx?ID=553430648
#106 Tom from Mississauga on 07.20.12 at 11:11 am
Bought JPM.PR.P 6.2% yield.
_______
You are kidding right? Why did you buy that garbage company when there are tons of sound banks to buy. JPM is actively involved in manipulation of the metals market, they hold billions in off balance sheet obligations and they are a multi-trillion dollar player in the unregulated derivatives market ponzi scheme. Jim Rogers has a short on them. You chose poorly.
#94 MB on 07.20.12 at 8:14 am
……… what is the best way to make money on a $50K investment and why?.
With a small fraction of that $50K, I’d bet you could create a bitchin’ meth lab.
Garth everything you been preaching in a nutshell
http://rabble.ca/blogs/bloggers/mainlander/2012/07/re-financing-housing-bubble-strategies-neoliberal-state
Sounds like a pinko manifesto to me. — Garth
And for those who thought things were different in Saskatoon ……. the cost of growth
Property taxes go way, way up in Saskatoon-area rural municipality.
http://ca.finance.yahoo.com/news/property-taxes-way-way-saskatoon-051337506.html
Yes, yes, every body want to stop being a mongrel. Does the VIP this lady offers includes a pole dance or any other kind of dance? Please advice, regardless of when the expected erection take place, we’re willing to consider to be all in on this investment opportunity. Wouldn’t you agree, that being different here, this could be more fulfilling than holding some preferred shares?
#84 Canuck: “Back in the day, you paid off your mortgage by 60 or 65, then had your “mortgage burning” party, then you quit your job. In that order.”
*********************
That was then. This is now. Circumstances change…just enuf to throw a wrench into the best of well-intentioned plans.
Let’s see now…the divorce rate is about 50%? What was it then — zero?
These realtors are not as greedy as people say they are. Look at Brad Lamb trying to help the little guy get a windfall profit by flipping a condo assignment for 250%. Mighty caritable of him imo.
Why pick on Serbians (terrible name btw)
Don’t even get me started on Serbians!!
Their spelling is atrocious!
Interesting. I am noticing more houses in Mississauga with a For Sale sign (and of course, the realtor’s face on there, which is why you should hire him or here, because they look like this), but the thing is that those houses are not appearing on MLS. In fact, one of them disappeared from MLS but the sign is still there on the lawn.
Is there another MLS system that is exclusively available for realtors that agents go to to check for listings other than the public MLS?
I thought that if they just put the sign, they’d get less traffic than also posting it on MLS.
This goes to some of those on this blog that are saying they are trying to make the inventory appear lower than it actually is….
@ #46 RE-R.I.P. ,
Like real estate sales, capital gains from individual stock transactions are also not reported to CRA.
Sure, your broker sends you a year end summary, but that info is NOT communicated to CRA.
#65 a prairie dawg on 07.20.12 at 12:08 am
Ok. I would suggest that since we already have criminal laws against fraud and have as a society already agreed to pay for a crown prosecutor it’s without question the governments job to press charges against the RE industry. This is all that should be necessary. A nation of laws and enforcement of them.
#97 This is Wonderland on 07.20.12 at 9:37 am
Take it easy. My point was if we submit control of every single free market risk over to government rule and regulation then we will no longer have a free market. So I’m advocating buyer beware and a healthy dose of skepticism is what a free market needs. People need to think and be wary. Too much government coddling and funneling ends up being a collectivist market guided by bureaucrats. Sort of like our current housing dilemma!
So I’m not that far off. Add in more regulation and we’re are continuing in the wrong direction. You know the reign of Bolshevism didn’t happen overnight. It just gradually became the majority party. Kinda like the popular belief toward RE in Canada.
Look what happened to the Germans. Horrible things can happen to the mindset of the majority of a society. Especially in bad times, which are on their way. 2008 was just the warmup. Soon we’ll be overrun by fine young cannibals. Got gold? Got Guns?
#97 This is Wonderland on 07.20.12 at 9:37 am
#47 Blue Monster Lover of Meats and Vegetables
you have no credibility.
===============
He doesn’t need credibility; its called parody. Like Stephen Colbert.
http://www.telegraph.co.uk/news/worldnews/europe/spain/9413804/Spanish-police-battle-anti-austerity-protesters.html
“Large crowds also gathered in Barcelona and Bilbao, while leading Spanish newspaper El Pais estimated on its website that more than 100,000 had attended the rally in the capital. ”
Wait until it reaches a million…………….
http://www.guardian.co.uk/business/economics-blog/2012/jul/20/us-economic-growth-mirage-roubini
“Even this year, the consensus got it wrong, expecting a recovery to above-trend annual GDP growth – faster than 3%. But the first-half growth rate looks set to come in closer to 1.5% at best, even below 2011’s dismal 1.7%. And now, after getting the first half of 2012 wrong, many are repeating the fairy tale that a combination of lower oil prices, rising auto sales, recovering house prices, and a resurgence of US manufacturing will boost growth in the second half of the year and fuel above-potential growth by 2013.”
We just need more credit cards and car loans….
@ #116 Why pick on Serbian people
Yes, why do you even call her Serbian? Does Garth represent hot English money?
OMG. The dreaded Serbian backlash. — Garth
“Recent statistics from The Canadian Real Estate Association indicate that the national housing market remains balanced. The impact of measures like those announced today must be closely monitored to ensure they have the anticipated impact and don’t create a spillover effect and slow the economy”.
What is amusing about this article is that the article is from CREA! Any good and reliable reference should always be sourced by an independent third party.
The biggest purchase in your life is your home, and it’s guided by a Realturd with a 9 week course.
No regulation necessary……
Jeeezzz…
Anyway, the general consensus with the readers here, not the realtors on this board though, is your industry is a cesspool of lowlifes, and workers that stay at home all the time waiting for a money call.
Unlike Batman who waits for the bat signal in the sky to help people, you leeches wait for the phone call to rape people at about $1000 hr for a listing….
Realtor hate is universal, see below…
http://www.reallyrottenrealty.com/blog/
#114 bill on 07.20.12 at 12:35 pm
Cute!
Well, let’s see, the warranty has expired, but I’m sure it will be fine. If it does leak, it’s really no big deal to fix. To borrow from dear John Candy in “Planes, Trains and Automobiles”: It’ll buff right out! Anyways, a little moisture is good for you!
#117 big town on 07.20.12 at 1:03 pm
Good grief! I like the odd game of golf, but at the end of the day, I like to come home to a nice, clean, pesticide-free environment. I wonder if cancer rates are higher in communities next to or near golf courses?!! I wouldn’t want one at any price- not even free.
That pic reminds me of a sign I saw in Vernon by BX creek. It read new condo development. Construction to begin spring 2012. No movement yet. They were to be built right where the creek overflowed it’s banks and it certainly shows. I walked by there today and even with the heatwave, the ground is still damp, not to mention the mosquitos.
Yeah. “Regular” realtors. I really do hope our regulars don’t have to lie, cheat, steal, fraud, obsfuscate, distort, slither and B.S. their way to a deal. But… as they say, this is humanity we are talking about, prone to corruption same as the rest.
I’ve got a different axe to grind today, same weakness:
http://www.cbc.ca/news/business/story/2012/07/18/f-vp-pittis-volcker-rule-banks.html
Mark Carney knows what I’m talking about. Mark pulls in roughly $550,000 a year with degrees from Harvard and Oxford and a near decade of experience with Goldman. Its enough, I think, for all the responsibilities and public abuse he has to put up with, sometimes reflected in sites like this one. Seriously, a quick look in the archives from a couple few months back or more is a poster boy example of another abused civil servant in this country, but thats just me. Lets see how his peers stack up, the great leaders of capitalism, the shining examples of “in house” success.
We can start with Gordon Nixon of the Royal Bank of Canada. He really earned his $11.7 mil last year didn’t he? If it wasn’t for him, we couldn’t have the bloated RE/credit bubble we see today. Does he even have a masters degree? Nope, bachelor of commerce.
What Gordon does have is the order of Canada (as well as the order of Ontario). Thats what Canadians do for the creators of Canada’s own RE/credit bubble, we give them presigious awards for being really good citizens. Maybe I’m missing something? But I don’t think so:
http://en.wikipedia.org/wiki/Gordon_Nixon
Gordon isn’t alone. Edmund Clark, bachelors degree in Arts and Masters in Economics, professional career bar none stellar, running a bank that has more assets than any other in Canada and recogized of course, with the order of Canada award. Thanks Edmund, for your wonderful RE/credit bubble contributions. The $15 million you made was worth every penny with your peers, I’m sure:
http://en.wikipedia.org/wiki/W._Edmund_Clark
(a quick footnote. Gordon has had to have made over a hundred million in the last 9 years as a banker. Some of us may think this is justified. I’m not one of them. We can tell ourselves that 15 mil a year will “keep us honest” but when your salary and bonus’s are based on decisions in a board room that you control as a CEO, how does one define “conflict of interest”? Shareholders consent, right, how many of us shareholders have ever bothered to vote? But a banker on behalf of “shared interests” will)
Then there’s Richard Waugh.
With an MBA and doctors of Law degree, Richard knew how to give his salary a 29% raise in recessionary 09′… for the modest amount of $9.7 million. Richard doesn’t have the prestigous “order of Canada” award but it likely will for his efforts in giving Canada the fastest growing credit bubble Canada has ever known:
http://en.wikipedia.org/wiki/Richard_E._Waugh
Gerald T. McCaughey, what can we say about our CIBC’s CEO. Having made $6.24 mil in 09′, Gerald seemed fit to give himself a more “perspective” filled raise with a mere 50% bump to $9.34 million last year. Gerald’s been CEO since August of 05′, after all. Why wouldn’t leadership of the runt of the the big 5 be worth it? With stewardship steering CIBC towards assets of over 50% of RE, its money well earned according to their corporate board. He’s got a bachelor of commerce, after all.
http://en.wikipedia.org/wiki/Gerald_T._McCaughey
Bill Down of the BoC comes late to the game. Having taken over as CEO of BMO in March of 07′, his calls on mortgage wars to entice buyers with ultra low teaser rates has entertained us all. Still, with Canada’s RE/credit bubble, Bill has played his part and for that, Bill made $9.8 million in 2010, a mere 28% increase for his creative, competitive nature:
http://www.reuters.com/article/2011/02/28/bankofmontreal-ceo-idUSN2825562520110228
Louis Vachon comes late as well, only having been a CEO with the National Bank of Canada since June of 07′. Having only made a prudent $8.4 million in 2011, up from $5.7 million the year before, why would anyone think a 50% increase in pay from the year before as excessive? Don’t shareholders, taxpayers and customers know just how hard this man has worked to grow credit in Canada?
http://www.montrealgazette.com/business/National+Bank+president+Louis+Vachon+roasted+salary/6410848/story.html
Everything is a record thanks to our aforementioned. Record home valuations, record household debt, record consumer debt, record public debt, record credit bubbles, a record housing bubble, record CEO pay… record “entitlements”. Perhaps we should give these men the credit they so richly deserve.
A simple conclusion. These men, along with your elected government who paved the way through regulations particularly through CMHC, created a housing/credit bubble in Canada. It boosted profits at our banks and in turn justified (apparently) tremendous jumps in salaries and bonus’s to management at top levels. Is this a product of greed and the political desire for more power motivated by more of the same weakness?
I think so. The choices that were chosen for us was record growth in the oilsands along with pushed housing valuations/construction at the sacrifice of manufacturing due to the consequence of a higher loonie. U.S. dollar weakness has had alot to do with this (along with their thirst for oil) but so has targeted exports from Canada and the most growth in exports has come from oil.
To me, it seems as though our government and bankers at the top levels took the easy way out. They juiced housing and oil at the expense of everything else and now housing is out of gas (with rates having nowhere to go but up).
There were better, albeit less sexy in the near term past but better, sustainable choices than these men could have made from 06′ on concerning housing (including their incomes) and because its been such a distraction, the economy as a whole. Some of us are not blind, here. Our lofty loonie has slaughtered manufacturing. Between 150,000 to 200,000 jobs have been lost in Ontario perhaps permanently until either the loonie comes down relative to the U.S. dollar, or the world and the PR concerning the lost revenue to the province of Ontario over this along with the way budgets have been handled provincially and federally were highly disappointing, at least to me. (I think loonie will fall because of our debt issues in the decade to come, but thats another issue) Where do we go from here?
Where we should have gone! Commodities. If oil is our best foot forward, Ontario should have been handled far differently from the get go considering lost manufacturing jobs from a higher loonie and especially so with the mining sector in the North along with expected drops in provincial revenues but it doesn’t stop there. The ocean is acidifying. The globe is getting warmer. The threat of C02 is real and we currently produce 3.9% of the pie (09′ stats not counting gas or coal, but readers get my point):
http://en.wikipedia.org/wiki/List_of_countries_by_oil_production
If Canada, the likes of which sits on the worlds best light REE assets can’t at the same time position itself to be a world leader with battery tech, storage and the electrification of transportation, then we’ve lost our way in terms of being responsible for the exports that we currently sell now and I, for the life of me, have no confidence in the leaders we have now that to me (the numbers and past speaks out to me), are motivated by little else other than power and greed ok, they aren’t looking at this. There is no accountability, and therefore, responsibility. There is an opportunity here for Canadians to lead with jobs and sustainability in mind. We need a real, honest effort at this, not more of the same old and if we can’t get that effort from the people we have now (I don’t think so), then we should be making plans to replace them with people who will.
“In their headlong push to find new ways to make more and more money — money for the bosses’ high salaries and money for individual traders, money for shareholders — banks have strayed too far from their institutional roles.” – CBC
Rear view mirror. Where do we go from here?
Not 1st
But what should a yield junky like me do then? I’ve got to beat my 3.5% mortgage rate…
#47 Blue Monster Lover of Meats and Vegetables on 07.19.12 at 11:12 pm
Wow, wow, wow, wow, WOW!
Since when did government regulation help anything? What do you want to do, turn us into Soviet Russia?
………………………………………………………….
Laws = communism. Nice try. If this is true then the knee jerk absolutism of black and white dictates that democracy = lawlessness. How about survival = hybrid.
Booming Edmonton spurs new wave of shopping developments
July 20, 2012 1:01 PM
Tightening vacancy in Edmonton’s retail market, a strong economy, growing population and an influx of new retailers are spurring the building boom.
Over 3.2 million square feet of development is being added to Edmonton’s commercial footprint over the next year, said Colliers International in its first-quarter retail market report.
Vacancy in the retail market has plummeted to 2.4 per cent, a historic low, it said.
“We’re in maybe the best situation we’ve been in ever in terms of vacancy rates in Edmonton,” said Doug Fogg, partner in the retail division at another real estate firm, Cushman & Wakefield. “They’re the lowest we’ve ever seen.”
http://www.edmontonjournal.com/business/commercial-real-estate/Booming+Edmonton+spurs+wave+shopping/6965671/story.html
Too many surreptitious schemers and not enough people doing business…honesty is lost on us when it comes to money. Aim to be a better person, in your personal as well as business life.
#25 …..I’m not surprised that Garth has poo pooed your comment…….it’s not in a liberal’s dna to talk about the truth openly or honestly…..naturally his response is call the PRC media reports lies and won’t admit to having wanted PRC scammers and thieves numbering in the tens of thousands in Vancouver alone…..in spite of the PRC making a point to directly make Canada aware that thieves and scammers have made Canada a target.
Yes..Canada is complicit in a massive money laundering scheme…..the inaction of our government has leads you to no other possible conclusion.
The question is why is Canada complicit? The liberals are so rascist in their political correctness that they can’t even call out a crook if he/she is of some ethnicity…….what the heck are they drinking?
You deserve each other. — Garth
#113 reply, Natgas , an interesting thought? A few years ago a number of hedge funds went LONG natgas. And why not. Oil was going parabolic. Funny thing happened, they tanked BIG TIME! A few hedge funds went BUST! I’m sure their clients where understanding, after all they recieved comfort letters indicating how the markets are correcting etc, and by the way you are screwed! An interesting thought indeed. Better talk to an advisor.
I think I recognize that Cam Good guy from a few years ago. He looks just like someone that was trying to sell me speakers from a van.
#141 Piccaso on 07.20.12 at 5:00 pm
Bullshit. abundant retail space available in Edmonton, and retailers dying a death of a thousand cuts.
just drive around and see all the commercial lease signs.
#129 Blue Monster Lover of Meats and Vegetables
#97 This is Wonderland on 07.20.12 at 9:37 am
Take it easy. My point was if we submit control of every single free market risk over to government rule and regulation then we will no longer have a free market. So I’m advocating buyer beware and a healthy dose of skepticism is what a free market needs. People need to think and be wary. Too much government coddling and funneling ends up being a collectivist market guided by bureaucrats. Sort of like our current housing dilemma!
————————————————————
We are not talking about every market; we are talking about the Realestate Industry and Large Home Builders. Those industries that are able to buy the services of very expensive lawyers, something the average person is unable to do.
I agree people do need to think. However, skepticism will not help the public when there are no laws or regulations put into place that will encourage the industry to act morally or ethically.
http://www.realtor.ca/propertyDetails.aspx?propertyId=12103724&PidKey=-740559545
http://www.realtor.ca/propertyDetails.aspx?propertyId=11600355&PidKey=-1371454494
Why pick on just Richmond when you also have the Vancouver suburb of Burnaby, just to the east of Vancouver.
Lots and lots of HAM in Burnaby also … and lots of big box Chinese homes.
Like Richmond the suburb is Burnaby is a former working class suburb that has been transformed.
http://www.realtor.ca/propertyDetails.aspx?propertyId=11454443&PidKey=1283828845
Then you have Coquitlam … which is just past Burnaby.
HAM & Champagne everywhere it seems.
Wow, Breakfast television tommorrow morning , cityTV will be talking about condominiums in T. O and whether they are good investments or not with none other than Brad lamb.
Expecting complete objectivity.. LOL
How bad is in Vancouver?
Three Open Houses in our Building last weekend. (*We rent in a very nice Condo Highrise – average for one bedroom is around a million. (gulp).
NOT ONE SHOWING. (*The concierge and I are pals).
NOTHING. Nada.
Today – anecdotal evidence of how business is in D/T Vancouver. The ONLY place I saw that was busy is Sears – going out of business – a new tenant is rumoured to be Target. The rest of the stores in the area are DEAD as Stephen Harper’s eyes.
I have a friend I literally begged to sell his condo a year ago. Instead he poured in 50 K worth of Miele and Granite and teak floors. He lost his job on Tuesday.
He called this morning, and he sounded terrible. I dropped in on the way back home (he lives in Yaletown) – and when I got to his shoebox, he looked like he hadn’t slept in a month.
He was nearly in tears. I asked him to tell me what was going on and I just listened.
Maxed credit cards. Leased Land Rover. 60 inch TV – all the toys.
He has one bank account that has $123 bucks in it, and a two week severance check worth $1190.
He was frantic. His Mortgage payment is coming up at the end of the month, $2350.
I have a sinking feeling, my poor pal is in a crowded boat.
The whole mess made me sick.
This is just starting.
What could I do for this guy? He can try and list his shoebox – but he owes 412 K on it and it won’t sell.
His student loans total? $45 K – he has an MA in Fine Arts. His animation job was chopped.
Mr. Turner has been BEGGING people to wake up.
What is coming is a disaster. I am very concerned that we have a generation of folks that will be destroyed. Maybe two.
DEBT. Easy credit. It’s like Oxycontin. Once you get on it – you are finished.
Well, Mr. Turner, you tried. Keep it up.
What does H.S.M.stand for? This weblog sends me scurrying to urbandictionary.com
Predicting more home fires in the GTA (especially, McMansions and homes under build/reno – run out of money then torch it), and empty ATM envelopes deposited.
What article?
I come here for the pictures.
#138 Daystar
Great recap.
Read “Predictably Irrational” and it will explain why these bankers make the millions they do.
I call it cocktail competition. The same reason people “need” certain degress, like MBA’s.
Scenario 1:
“How much do you make if you don’t mind me asking”
“I do”
= No problems
Scenario 2:
“How much do you make if you don’t mind me asking”
“Around $4.8M last year”
person 1 thinking: (sh**, i need to top this loser next year to feel better about myself. His arm candy is better than mine and he makes more money than me)
Back to the MBA’s. Three people in my circle have MBA’s. All have middle management consulting gigs or stock options in TSX companies.
Two other friends started their own businesses (no high school graduation) 5 and 10 years ago. They make more annually than the MBA’s (who are likely capped for middle management). The sole-proprietors are way ahead having made income the past 5 and 10 years, growing equity in their businesses. So far, their curve is ahead of the cocktail party connaiseurs that brag about their degrees and initials.
Now if only i can convince the entrepreneurs that GIC’s and term deposits suck
#97 Blue Monster,
You said,”Too much government coddling and funneling ends up being a collectivist market guided by bureaucrats.”
Based on where we are right now shouldn’t we be more worried about the unregulated corporations starting with our banks and financial services industry?
This religious faith in so-called free markets is such a bunch of hooey. It really boggles the mind after what we have been through the past few years to see all these Randroids out preaching a discredited religion.
#108 Junius on 07.20.12 at 11:28 am
To play Commodity ETFs: CORN.US, WEAT.US, DBA.US
JO.US for coffee.
They are heavily extended but are not dropping yet.
Disclosure: long DBA calendar call spread.
146 Ex-Edmonton Mortgage Broker
But the media said so it’s gotta be true.
lol
–
A new take on an old favorite. On the radio yesterday the announcers were talking about Balinese black rice pudding with coconut cream. All the ingredients are available at Chinese supermarkets. Something new to experience, while one watches their waistlines expand!
*
#83 Justsayin — Interesting post.
*
Gold Price Fixing Scheme — it’s over; GS’s bank and their boss; With this headline, one assumes that banks are not in the greatest of shape; Six min. clip from Pixar. The 99% solution to end the 1%’s psychopathic ways; Satan needs ‘Odgs help; Mitt Romney This is how he became so wealthy; Morgan Stanley Profits sink. Well, whaddayano? Italy Nothing like a civil war between family! 10:29 clip 4Closure fiasco, with banks kicking the wrong owners out; Libor fixing banks Joint settlement? How convenient, because then they walk away scot free; Oscrewit Small biz. owners lambast Obomba.
*
Syrian opposition Look who is involved; 15:10 clip Gasps of surprise when it is revealed Iran does not have a WMD facility, just like Iraq; Russia and ChinaTom Petty’s song “I Won’t Back Down” comes to mind; Bomber in Bulgaria “Nobody knows who this guy was. Even Israel does not claim to know who he was. So Israel’s claim to “know” that Iran is to be blamed and invaded is pure USDA choice bovine excrement!” wrh.com; UK and US “Fortunately the UK economy is in great shape and doesn’t need money for hospitals, nurses, infrastructure repairs or job creation.”; Friends of Syria With friends like these, who needs enemies? Same as Libya; 0:58 clip People in eighty Spanish cities (or more) vent their anger; False Flags “Now turn in your guns, America. The UN mandate we’ve agreed to says so.”; The Globalist Infiltration Incl. all sorts of groups ratting on each other.
#127 From Mississauga With Love
I’ve seen this practice quite often where I’m from. What’s happening is that the realtor and owner are alternating turns trying to sell the property. The realtor puts the house in the MLS for say 3 months, then the owner puts the house on property guys for the next 3 months. Usually this is caused by stubborn owners who believe “their home is really worth this much!” The realtor usually lets the owner make a fool of himself because it does make the inventory look a tad lower and it also increases the likelihood the realtor can negotiate higher commissions once the owner fails to sell the house.
#112 Back East: “Each time the markets’ values are artifically inflated by commission driven realtors…”
*****************
I shudder to think what people are paying for ‘crack shacks’ assessed for millions. They’re responsible for property taxes on those assessments.
#136 MAXX: “I wonder if cancer rates are higher in communities next to or near golf courses?!!”
*************************
Good grief….what the hell is next?
#155 TurnerNation,
I agree. I have a few Agricultural ETFs and 2 of them have really done well this summer.
Bet against the farm?
#149 Bigrider,
You said, “cityTV will be talking about condominiums in T. O and whether they are good investments or not with none other than Brad lamb.”
I bet this is a “pay for say” segment. They are so short of advertisers they have been adding these in. Brad probably wrote a cheque for this interview.
“Creeped-out foreigners. Prices up 125% in a decade. New mortgage rules. Tougher borrowing regs. No cash-back down payments. Snaily economy. Condo overbuild. Boomer angst. What can save this housing market now?”
———-
Just having a look at your list ( above). You concluded it was about being able to save or not save the “housing market”.
In any way..from any angle…does that make sense? You might choose to put your list in that box, but it doesn’t add up at all.
Is it correct to say your list has anything to do with a “housing market” as we all traditionally have understood over the years?
No way.
#139 Tom from Mississauga on 07.20.12 at 4:37 pm
Not 1st
But what should a yield junky like me do then? I’ve got to beat my 3.5% mortgage rate…
___________
Have seen very few solid companies with preferred more than 5.5%. Some ETFs are in the range too. If you want more yield with better companies then you will have to dip in the common share market.
Enbridge Energy Partners – 7%, Bell Aliant 7%, Extendicare REIT 11%. My jury is still out on Extendicare REIT. Its lost a buck on the share price in the past few months but has this great dividend.
150Bill Gable on 07.20.12 at 6:45 pm
“How bad is in Vancouver?”
******************
Wow! That takes my breath away….
Even the owners of large construction companies are jumping ship and selling their homes. http://postimage.org/image/6zjpki0v7/
http://g.agentshowing.com/d7e10dc
They know what’s coming.
#154 Junius on 07.20.12 at 7:04 pm
Based on where we are right now shouldn’t we be more worried about the unregulated corporations starting with our banks and financial services industry?
——
Junius, I agree our banks are a big part of our problems but it’s because they are heavily regulated and not free market.
We have the CMHC and the CDIC – Canadian Deposit Insurance Corp. which covers the bulk of our banks balance sheets, all insured by the taxpayer, hence the reason why they must also be heavily regulated since once the government provides the backstops for failure then the government has to also impose a myriad of rules and regulations which are then stiffing and at risk of being ineffective, ignored and corrupted.
Plus we have a central bank backstop who sets short term interest rates which is about as far from free market as we can get.
#140 Mr Buyer on 07.20.12 at 4:39 pm
Laws = communism. Nice try. If this is true then the knee jerk absolutism of black and white dictates that democracy = lawlessness. How about survival = hybrid.
—–
Mr Buyer, I never said laws=communism. I said too much government involvement in the economy and government controls, rules and regs are lessening the freedom of markets. We currently have a RE market with massive government intervention via the CMHC and central bank setting of interest rates which has altered the market and created what we now have which is a disaster.
If we had sound money and market set interest rates based on savings and loan demand, and no CMHC or CDIC, houses never would have ran up in price like they have and the banks would have been much more stringent in their lending.
Christ, our banking system and government are practically one and the same. Since, he who controls the money makes the rules. Our bankers have more sway over the long run since their terms are much longer than the politicians.
We need the government out of banking and money. These most critical of all market forces were the first and most significant to have been hijacked for obvious reasons and ‘We the people’ need to take them back.
Hey Garth,
Just a thought. What happens to property taxes when market values go down? For those provinces that have Market value assessment, will homemade owners start seeing lower taxes automatically? Somehow I have my doubts… Thx.
when times are tough the money always comes home.
China is a mess!
#156 Piccaso on 07.20.12 at 7:19 pm
like everyone else, i believe absolutely everything the pros at edmonton journal pump out :)
you driven calgary trail lately? that new F2 furniture store looks like it’s DOA. never even had a chance. and how long before the abandoned joeys seafood and A&B sound ever get leased out.
even compared to 6 months ago when i was looking for new office space, vacancies seem to have gone up substantially. and this in what is undeniably strongest economy in North America….
#126 Cowboy wrote:
“Don’t even get me started on Serbians!!
Their spelling is atrocious!”
Speaking of spelling, it’s Serbs, not Serbians.
#166Canadian Watchdog on 07.20.12 at 8:39 pm
Holy shoot I’ve never seen a house that nicely/detailed inside. Clearly a builder’s house. Maybe bigarider knows! Not exactly my style but it stands a chance in holding-down classic looks.
And only 3 mill. Yes. I say only. There are ~1000 sq foot concrete condos near me, selling for 800-900k.
This house is a steal, compared.
Here’s an example: almost 1 mil for a bare 1400sq foot condo. Plus fees. Plus two land transfer taxes.
What a monthly nut. All to hear your neighbours coughing and peeing next door. And partiers in the halls.
http://www.realtor.ca/propertyDetails.aspx?propertyId=12063301&PidKey=-209636985
http://www.realtor.ca/propertyDetails.aspx?propertyId=12041998&PidKey=-916378403
[…] Bill Gable at greaterfool.ca 20 July 2012 6:45pm [hat-tip 'subterranian'] Share: This entry was posted in 08. Overextended Buyers, 11. Regrets […]
The plunge has begun in Edmonton too, seemingly.
http://edmontonrealestateblog.com/2012/07/edmonton-real-estate-market-weekly-update-july-2012.html
#171 John – Serb or Serbian, both descriptive nouns of someone from Serbia.
#153 Suede on 07.20.12 at 6:59 pm
Thanks for the tip, I’ll give it a look.
Re#8 @crazyfastteddy on 07.19.12 at 8:53 pm
Bob lives in some sort of a mythological wonderland like an except from One Flew Over the Cuckoo’s Nest. Only time will wake Bob up with the cold hard facts of a huge real estate market decline.
The HOUSING SECTOR IN CANADA IS A TIME BOMB. We are at the peak of the bubble just like the US in 2005-2006 where the salary is flat and the price of housing is skyrocketed and the consumers are drown in debt. Sooner or later the party will be over and millions of home owners will realize that their property is worth way less than what they owe the bank. Not if, but when the bubble pop, we will see we are not that different than the US. Our house will be worth less than 50% of its peak.
The price here in Mississauga is ridiculously high; a 1800 sqf semi is asking for more than $500,000 something I refuse to pay. Unlike many people, I can’t sleep with something like $400,000 mortgage. My strategy is wait, wait and wait till the bubble pop and then buy a nice home at a rock bottom price. If my strategy works then it would be great. If it fails, I can live with it. I rather be a property virgin all my life than being drown in debt.
170 Ex-Edmonton Mortgage Broker
No… I’ve been in Dallas the last two years where your typical 3 bdr bungalow on 3 times the size of lot goes for 1/3 the price.
Re: #178 Peter Mississauga on 07.22.12 at 12:11 pm
All that will be left of Mississauga will be cobwebs and tumbleweeds and a place in history as the second biggest housing market crash of any Canadian city next to Brampton.
Garth wrote: “The target audience is investors, not end-users. ”
One minor correction: the target audience is speculators, not investors.