Haters

Today, a special treat. Two cops and a gay couple. But wait! There’s more. An election in a province most people who read this blog love to hate. Come to think of it, there are cop-bashers and gay-baiters around here, too. This should be perfect. Greater Fool: Haters edition.

Please bring out the first contestants.

I am sure you get thousands of e-mails a day but I am sending you this out of desperation.

My husband and I are both police officers. He has 1 1/2 years to go to 25 years and pension and I have 9 years. We make approximately $220,000 a year between us and have no other debt besides our mortgage which is $295,000. Our house is worth $800,000. We have a $100,000 HELOC and have invested money through a life insurance policy and other mutual funds.

The East Village in Calgary’s downtown is being developed and there are several condominium developments going up. The condo I would like to buy is $580,000 and is not going to be ready until 2014. They are selling quickly so I am not sure if we should put a down payment on one or just wait until they are built to see what happens with the market. I don’t think we can go wrong buying in downtown Calgary, but I could be wrong. My Dad thinks we should wait and rent one of the condos instead and invest the equity we will get out of our home.

I think it would be wise to get in on the ground floor as I believe real estate in downtown Calgary (did I mention it’s on the river) can only increase. Thoughts? Thanks, Shirley.

It may seem like you’re doing well (and by most people’s standards you sure are), but hubs will be retiring in 18 months with a substantial mortgage in place, and it sounds like the bulk of your net worth is in the house – about $400,000. The life insurance policy is hardly an ‘investment’ despite what the guy with the lisp and the seersucker suit said, and I have no idea what sits in mutual funds (guessing not too much).

So if you buy the condo for $580,000, that means either more financing, or you’ll be sucking off your entire net worth to afford it. Thank goodness for cop pensions.

Now what about the can’t-go-wrong-buying-in-downtown-Calgary stuff? Truthfully, this is an inflated market quite reminiscent of Vancouver two years ago. Albertans have chugged the Kool-Aid of endless, oil-fueled growth when there are serious issues in the energy field, like fracking, swollen US gas reserves and the dirty-oil movement. Calgary’s a dynamic place, but the market for downtown condos everywhere is tenuous, at best.

Your dad is right. Sell now. Pay off the debts. Invest in a balanced and diversified portfolio which you should hide from the insurance salesguy. Wait to see what the condos actually look like, then buy one for less from a person like you, but less smart.

We are 40-something gay seasonal residents that came to your seminar and divide our time between the States and Canada. In the US of A, we camp out with family, so we have no expenses. Where the money is laid out, is for our Canada shack. The detached shelter is 900 square feet, was the cheapest in the neighborhood, and north of the Fraser, with a $380,000 mortgage at 3.75%. We learned pretty quick to avoid Scurvy (Surrey). The squeeze refuses to sell and says we will rot for several years even if the market continues to sour. Here comes the fun part, I’m going through cancer treatment until December. Right now, I take pills for chemotherapy, that as you can imagine, makes me all warm and fuzzy and full of piss and vinegar. In the past, I’ve worked for myself, so obviously there are no shekels coming in. In saying this, one of us (the beau) is bringing an income in, in USD. To add a bit more fun to the matter, his company, American Airlines is going through bankruptcy. So, his wages will decrease as a trolly dolly and the cost of our medical insurance (USA-based) will go up. Savings, what’s that?

I’m not the most optimistic of characters by nature. In addition, I’ve seen the ravages of the mortgage mess in good ol’ Las Vegas, our other hood. In the past few months, I’ve been researching a refinance for the Canadian crib. We don’t have to do it, but I’m paranoid about interest rates rising before our 2014 renewal. Not locking your rate in for 15 or 30 years is quite foreign to us, especially since I was raised in the exotic land of Washington State. Coast Capital Savings offered us a 3.89% ten year term amortized for 30 years. After I bitched about other matters, our current lender, Vancity, offered to match that same interest rate. Vancity wants to charge us the three month interest penalty (shy of $2700) even if we refinance with them.

The handful of mortgage folks I’ve spoken with say everything is peachy and will continue to be. I trust them as far as I can throw them. I am conflicted because I haven’t seen the rates rise in the States, but hey, this Canada, it’s different. This has been on my mind for months and since I have a ton of time to dwell, unfortunately I do so about this over and over. I read your blog religiously, but lately you’ve been focusing on high rollers who may have something to invest.

What about those that want to ride it out even if they may be under water with their mortgage? Any help / advice would be appreciated.

I have no idea how being gay relates to your need for mortgage advice. But it does make me feel virile, so I’m happy. Thanks. Second, you’re obsessing about a renewal which is only a year and a half away. Will interest rates shoot higher by then, wildly inflating your monthly payment?

Nope. Won’t happen. Of course your renewal in 2014 won’t be at 3.75%, and you should expect to pay about 1% more. The real fun with rates starts later in 2014, when the US Fed begins to normalize the cost of money. Sounds like you will be missing most of the fireworks taking place after that.

Paying a mortgage break fee now to lock in at a higher rate than you’re currently paying in order to avoid a yet-to-be-announced increase sounds more paranoid than rational. Maybe you should get a dog instead.

Meanwhile worry more about the value of your house than the financing of it. Given your disease and the threat to your partner’s health insurance, are you really in a position to weather a Lower Mainland property dump of 30% or 40%? Why not squeeze out what equity you’ve got, trash a mortgage which is vexing you, and rent? Or go to Vegas and buy triple the house with a 30-year mortgaged locked in at 3.2%?

You’re right. It’s different here. We’re nuts, and not in the good way.

Finally, Quebec. The Parti Quebecois victory is tough news for the Montreal real estate market, given the xenophobic, quasi-racist, isolationist and confrontational signals sent out by the premier-elect during her campaign. While this doesn’t mean a referendum on independence any time soon, it does help push Quebec to the margins of North American society. An increasingly unilingual, fractious province is not one that investment dollars migrate to, a fact already reflected in house prices being barely 72% of the national average.

Last week we had news of the Montreal market freezing, with sellers desperate to get out before Tuesday night’s vote results. The uncertainty’s over now, but the news is worse. Some people never learn, you reap what you sow.

196 comments ↓

#1 Dylan on 09.04.12 at 9:52 pm

Another great post.

#2 A Fan in Van on 09.04.12 at 9:53 pm

I almost don’t even care if they want to leave at this point. Just as long as they take their (considerable) share of the debt with them when they go.

#3 nufio on 09.04.12 at 10:01 pm

I dont think theyll ever secede. But its a good thing if they cause real estate prices to remain depressed.

#4 T.O. Bubble Boy on 09.04.12 at 10:04 pm

$580k for a spec condo in Calgary???

There is a 100% chance that the price will be lower once it is built in 2014 (or 2015, or 2016, depending on construction delays).

#5 dd on 09.04.12 at 10:06 pm

…..The East Village in Calgary’s downtown …They are selling quickly….

LOL! Did you know the East Village will take about 15-20 years to develop! What is the rush?

#6 Montrealer on 09.04.12 at 10:11 pm

At least the Parti Quebecois is in with a minority.. and even with the other left side party still has no majority so we’re safe… The CAQ and PLQ will make sure Pauline doesn’t do stupid things (90% of her platform)

#7 Julia on 09.04.12 at 10:13 pm

Garth, did you write a version in case the liberals won?

#8 Gunboat Denier on 09.04.12 at 10:16 pm

“We are 40-something gay seasonal…..”

I didnt know there was a gay season. What are they in
the off-season?

Chaque a son gout. Oui?

#9 Nathan on 09.04.12 at 10:22 pm

I have a friend who bought a river front condo across from Booker T’s Crab Shack in the East Village, Calgary.

He bought it from Pointe of View Developments 3 years ahead of its being built. He thought that he was getting a great discount buying it before it was built.

It was then delayed 2 years beyond the date he expected to take possession. After 5 years waiting, the developer came back and told him that he would have to pay more, because the cost of materials and labour had greatly gone up in the interim. This was in 2007 during the boom. The banks were demanding more, or the project would be moth balled.

The developer (Pointe of View) nearly went broke and was sued for shoddy workmanship, and my friend almost didn’t get to take possession. When he did, the building had an elevator that didn’t work, and was mostly empty. It remains so to this day.

East Village has been on the drawing board for the past 30 years if not longer. Only a tiny bit of construction has been done there since 2007. I think you have nothing to worry about if you sit and wait. You won’t be priced out, and prices will likely drop with the new mortgage rules.

#10 Smoking Man on 09.04.12 at 10:26 pm

I hate teacher I hate Mcfibee and they are at each others throats.

Mabey there is a god

O well back to drinking in gazibo and ufo hunting. Wish I could remeber what my deletes where.

Perhaps time to give the liver a rest.

Gartho please tell me u archive the deletes. I’ll pay u huge to see what did not make it threw the GF censors.

#11 renters rule on 09.04.12 at 10:28 pm

Pop goes the montreal/quebec RE bubble. There are a lot of folks in Montreal who will have stretched considerably to buy as much “house” (or condo) as they could… and if they are young-ish, have student debts and likely other credit type debt.

A PQ minority is not the end of the world I don’t think at this point… but…. major turnoff for investors (like video game cos.), skilled in-migrants who will choose T.O. instead…but ya, listings will accelerate and for those who want out, people will take whatever deal they can get done.

Their RE market should shed 20% in prices in less than a year.

#12 Toronto_CA on 09.04.12 at 10:31 pm

A minority government. Oh well. I don’t see a huge exodus as a minority government can’t bring in the epic changes needed to start one.

I left Montreal in 2008, never looked back. Although the condo I got was 1 bedroom 2 bath and 1100 square feet, right downtown, pool/doorman/luxury and only $1300 a month. Think the owner sold it when I left for about $260k. I wish Toronto could have separatist plunge our real estate like that…

The less said about the cop letter writers and their gold plated guaranteed by taxpayer underfunded pension plans, the better.

#13 Grim Reaper/Crypt Speculator on 09.04.12 at 10:31 pm

Wake me up/ clone me/zombify me when its over

#14 WatchingItAll on 09.04.12 at 10:39 pm

Wow… I just learner that cops are extremely overpaid.

#15 WatchingItAll on 09.04.12 at 10:40 pm

Er.. learned

#16 Smoking Man on 09.04.12 at 10:45 pm

The PQ victory will convince the trax sicsers that the 411 is the only place on the planet to buy, this Fall will mark a new up leg in prices and sales.

Don’t say I didn’t stop to tell you.

#17 Doom on 09.04.12 at 10:56 pm

I look at today’s picture and a song from “Team America – World Police” plays in my head.

[email protected]#! yeah!

#18 Hugh Jasz on 09.04.12 at 10:57 pm

I love “first past the post”.

A quick look at cbc.ca :

PQ had 1.3% larger share of the popular vote

This extrapolates to “leading or elected in” 57 seats versus 47. Something closer to 8%!

Liberals maybe needed a healthy dose of gerrymandering to keep power.

Now, the million dollar question.

Harpo and the reformed CCRAP’ers pulled a first in Canadian history and formed a majority government without carrying Quebec.

What happens when they tell Mme Marois where to stuff her next attempt to gouge more money and power from Ottawa?

#19 Mntrlr here on 09.04.12 at 10:58 pm

The PQ Parti is a minority-and always have been whenever they’ve pushed through a referendum. They first raise taxes to the rich severely to make them want to leave, then comes in a nazi-like language law, once they see a huge migration outward it’s time for the referendum. This time though the debt equals Greece. It’s not going to end pretty. The housing market hhere will be a joke for another 4 years… at least…. luckily all my investments here were liquid and I pulled out a couple weeks ago. Just a matter of a few weeks, and I will head back out west, being driven out of my city by my own French relatives that vote on emotions not logic.

#20 Steven Rowlandson on 09.04.12 at 10:59 pm

DELETED

#21 Hugh Jasz on 09.04.12 at 11:05 pm

#9 Nathan on 09.04.12 at 10:22 pm
“…..He thought that he was getting a great discount buying it before it was built.

It was then delayed 2 years beyond the date he expected to take possession. After 5 years waiting, the developer came back and told him that he would have to pay more, because the cost of materials and labour had greatly gone up in the interim. This was in 2007 during the boom. The banks were demanding more, or the project would be moth balled……”

I’ve heard a few horror stories along these lines.

Can you not just tell the builder to eff himself, hand back the deposit, and go fishing for another sucker?

What kind of language is in the new-build purchase contracts (and how many actually spring for a few hundred to have a competent lawyer parse them before they commit a few hundred thousand?

#22 dosouth on 09.04.12 at 11:05 pm

Dear fellow officers – We didn’t get union wages (like you) nor did we get to stay in the same city or province (like you) but like you we retired after 28 years with much smaller pensions/benefits and unlike you still needed to get a job – (maybe you need to)…. and if you are so worried….

a good financial advisor – there’s a lot in Alberta, so the advertisments say.

#23 Robert Dudek on 09.04.12 at 11:05 pm

Who needs cops: what society needs is more bankers and other bureaucrats.

#24 DT76 on 09.04.12 at 11:06 pm

Well it’s a sad day for Quebec, and I’m from Quebec. At least a referendum is out of the question for now.

#25 Angel on 09.04.12 at 11:09 pm

#14 WatchingItAll “Wow… I just learner that cops are extremely overpaid.”

I just learned that you didn’t proofread your 9 words before you hit submit.

#26 CoreyMC on 09.04.12 at 11:13 pm

#16 Smoking Man on 09.04.12 at 10:45 pm
The PQ victory will convince the trax sicsers that the 411 is the only place on the planet to buy, this Fall will mark a new up leg in prices and sales.

Don’t say I didn’t stop to tell you.

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

You are delusional, drunk and entertaining at the same time.

#27 Off the river on 09.04.12 at 11:15 pm

so, what does this mean for the loonie?

#28 Cops and Debt on 09.04.12 at 11:15 pm

Two cops make 220,000 a year!

Salaries like this encourage the worst types of people to become “public servants”.

*shakes head in disgust*

#29 Al on 09.04.12 at 11:15 pm

Priced out of downtown Calgary, that is too funny. There is lots of empty land in the downtown and the population of downtown is only around 20,000. It will take years to fill in all the empty land in the East Village, there isnt even a grocery store there. The downtown is busy at lunch on a weekday, the weekend is deserted.

#30 TRT on 09.04.12 at 11:18 pm

Vancouver detached home stats are in for August!

… $1,142,237. Almost a record high.

Comments?? i can hear it now…sales of high end homes skewed the average…What was that last month?

Immigration is the endless fuel to this market. Don’t get me wrong, I love immigrants!! 550,000 per year in all categories most all going to Vancouver and Toronto! That’s almost 2,000 per day :)

#31 Not 1st on 09.04.12 at 11:21 pm

Good thing this post wasn’t about a gay cop couple from quebec, then I would have lost it.

#32 TRT on 09.04.12 at 11:22 pm

WOW. Nice career choice. Become a cop at 22. Retire at 47. Draw pension for 30 years or so…

#33 T.C. on 09.04.12 at 11:27 pm

It appears that gays hate Surrey…

#34 Suede on 09.04.12 at 11:28 pm

Que Bec?

What kiss?

#35 Not 1st on 09.04.12 at 11:32 pm

Lets get this Quebec 20% of GDP thing cleared up right now. A proven that gets 8 billion in transfer funding each year is NOT contributing to GDP – its simply spending other people’s money on their own agenda.

They will not be missed in any sense of the word so bring it on PQ, the West will quickly oblige you and boot your whiny ass right where it belongs.

#36 GregW, Oakville on 09.04.12 at 11:36 pm

Hi #150 Nostra, Thanks for the links ;)

If your interested, this mounths IEEE spectrum,
http://spectrum.ieee.org/magazine/

#37 Steven Rowlandson on 09.04.12 at 11:36 pm

Too politically incorrect for you Garth?

Too hateful. — Garth

#38 Jim on 09.04.12 at 11:39 pm

It would be funny if it weren’t so serious. We are stuck with the pensions for these overpaid police officers, most of whom are completely incompetent at their jobs. They engage in dirty tricks like racking up overtime in their final years to pad their obscene pensions.

I feel little sympathy for public sector parasites like these.

#39 Ludwig Von Mises Militia on 09.04.12 at 11:43 pm

My gosh, television is terrible tonight. Thank goodness for Garth’s reliable entertainment on that fancy new internat. Thanks be to Garth.

Speaking of gays, the only thing worse than watching all the bleeding heart gay lords at the US democratic national convention tonight, was watching the Quebec Queenies election coverage on the CBC. More drabble, drabble, drabble, like a bunch of hamburglars.

Where is my old friend Ayn Rands ideology when the world needs it most?

For anyone who cares you can see my letter of praise to Mrs. Rand regarding her book Atlas Shrugged in 1958.

here,
http://mises.org/etexts/misesatlas.pdf

#40 TurnerNation on 09.04.12 at 11:46 pm

This is why our system of government and Sunshine Lists are unsustainable: adding their full benefits package, paid days off, training, allowances, etc, let’s say the yearly bill is $250,000 for the two cops.

If an area has avg. yearly municipal taxes of $3500 per house, this means 71 houses – entire streets and blocks! – are in sum paying for the salaries. Two salaries out of tens of thousands of muni workers’.

I know the tax money flows are not that simple. – but the next time you mail your property taxes in, just think of all the Sunshine Listers earning 100-300k. Drop in the bucket.

Cruely, police forces spend their main time engaged in revenue generation from citizens! Now you know why. It’s not for “keeping us safe”. Why, each year, new laws upon laws invoving cars & driving are passed. Pay up, pay up now.

#41 Pr on 09.04.12 at 11:46 pm

fractious province is not one that investment dollars migrate to….
I wonder why power corporation stay their!
I just pass on the 417 west and near Riguaud, i saw a buntch of french guy with 2×4 wood . I think they are building a fense between ontario and quebec! (joke)

#42 Freedom First on 09.04.12 at 11:46 pm

Interesting contestants today Garth!

The married police couple. Well, all I can say is they have what I call “Quality Problems”. Quite amazing, with what cops see on a daily basis, that they would trust anyone, least of all a RE developer for an as yet to be built condo. And in a world that has had residential RE have the crap kicked out of it. Ivory Towers of innocents still abound. Go figure.

The seasonal gay couple. Now they have what I call real world problems. I feel sorry for them, having TSHTF all at once. Ouch, I sincerely wish them well.

Reading both of their stories has really reminded me to stay informed, cover all the bases: as try to not be vulnerable and be as bulletproof as possible, keep reading your blog:), stay away from delusional thinking, and greed,
and stay grateful. I am not that smart, but I am very fortunate. I know this for sure when I read “Smoking Man”……who affirms regularly that: “Stupid is as Stupid does”…….I hope he gets help.

#43 Jon B on 09.04.12 at 11:54 pm

Hate edition? Where’s the hate?

#44 Grim Reaper/Crypt Speculator on 09.05.12 at 12:00 am

#10 Smoking Man on 09.04.12 at 10:26 pm

Gartho please tell me u archive the deletes. I’ll pay u huge to see what did not make it threw the GF censors.

—————————————————-

Please forward ca$h and request to Nigerian Bankers, ya stuopid F%%#$&*king Dr ^&%$#nk

#45 Canadian Watchdog on 09.05.12 at 12:03 am

South Island Home Prices Dip More Than 10% http://www.ctvvancouverisland.ca/2012/09/south-island-home-prices-dip-more-than-10/

“While this is good news for buyers – people looking to sell their homes are frustrated and upset. The average price for a single family home has dipped nearly 62 thousand dollars and that isn’t sitting well with sellers.”

—–

Nope, no HPI reported on MSM. Good ol’ average price to scare to crap out of buyers will do. Wait until Q1 2013—that’s when average prices will really start falling.

You’re next Toronto.

#46 Victor on 09.05.12 at 12:14 am

Thinking of buying a condo? Read this first:

http://www.torontolife.com/daily/informer/from-print-edition-informer/2012/07/24/faulty-towers/

#47 stage1dave on 09.05.12 at 12:15 am

Am I the only one who’s not surprised by what cops make? When I found out what 5th yr constables were making in Saskatoon a few years ago, I just about fell over…

Cripes, I barely stagger thru on that kind of money, & most people are glad to see me! (I have a few more, but that’s the most tasteful one on such short notice)

Anyway, guess I’m a day behind, but here’s a pretty cool article apropos of your column a couple days ago about stabilizing RE prices in some U.S. locales. Wonder how much these new shenanigans have to do with that?

http://www.counterpunch.org/2012/09/04/obamas-secret-plan-to-prop-up-housing-prices/

#48 DonDWest on 09.05.12 at 12:16 am

Breaking news live: Pauline Marois was quickly escorted off the stage by her security detail. You can clearly hear a single gunshot fired in the background. Watched the live coverage, saw the police apprehend an individual. One of the officers was clearly holding and inspecting a military issued sniper rifle that was in possession of the gunman. Fires no more than a few blocks away from where Pauline was delivering her speech. . .

It has begun. . . Say hello to Harper’s Canada. . .

#49 tkid on 09.05.12 at 12:21 am

Am I the only one who thinks Shirley the Cop sounds like a thirteen year old trying to talk her parents into getting her scalper tickets to the sold out Bieber concert?

Forget any plans she needs to make to ensure her financial security, or that EVERYONE is now predicting downturns for the condo market, that every decent and indecent financial planner thinks being in debt when close to retirement is a super bad idea, no, she’s all OMG if I don’t get to buy this condo my life will be over …

I hope the gentleman with cancer gets better. Can the squeeze be convinced to sell in Canada and buy in the US?

#50 Werner on 09.05.12 at 12:35 am

#33 -it’s not just limited to gays.

#51 Nodebt on 09.05.12 at 12:43 am

Hi gartho, almost finished your book, excellent book! I don’t have the time or patience to invest on my own. I need a fee based investor like you mentioned. I’m in bc, do you know of a good investor that could help me out? Thanks

#52 not a cop on 09.05.12 at 12:49 am

#38 Jim
Before posting completely incorrect drivel, one should check the facts:
city and municipal police pensions are funded completely through contributions of members and earnings in the plan: they are not subsidized by your income tax dollars. Their employer (city/municipality) will contribute a portion of their wages that is based on a regular actuarial assessment of the health of the plan. Many of these plans, unlike their private sector counter parts, are fully funded (www.bcimc.com) Furthermore, their best five years are the basis for the plan members future pension benefit, and do not include overtime wages: they are calculated on base wage only. Also, members must be at least 50 years of age to retire without penalty, not 47 as a previous poster writes. The magic number for these plans is generally 80: age plus years of service in order to get an unreduced pension.
The only dirty trick as you so aptly put it, would be to work hard, get promoted, and increase your wages at the end of one’s career: a very good incentive for self improvement and staff retention.

#53 renters rule on 09.05.12 at 1:04 am

sigh… and the quebec insanity commences encore

#54 Devore on 09.05.12 at 1:10 am

I think it would be wise to get in on the ground floor as I believe real estate in downtown Calgary (did I mention it’s on the river) can only increase. Thoughts? Thanks, Shirley.

East Village will be on the ground floor for years to come, I wouldn’t be in any hurry. And if some salesman told you you’re getting in on the ground floor, well, I have plenty more ground floor riverfront to sell you.

#55 Click Here, its different on 09.05.12 at 1:16 am

“An –increasingly unilingual–(1), fractious province is not one that investment dollars migrate to, a fact already reflected in house prices being barely 72% of the national average.”(2) -GT

(1) Well, you dont visit Montreal very often, Mr. Turner.

(2) Income-taxes are probably exactly 72% of the national average also. And nobody can say “Montreal is the best place to live in the world” without the tar and feathers following immediately after.

And, my personal guess, concerning the RE greed madness, maybe “its (slightly) different here” but in a good way (?)

#56 Nostradamus Le Mad Vlad on 09.05.12 at 1:21 am


To the lady cop: “Your dad is right. Sell now. Pay off the debts. Invest in a balanced and diversified portfolio which you should hide from the insurance salesguy.” — Look at the long term, living another thirty years. One done.

To the following person: “Why not squeeze out what equity you’ve got, trash a mortgage which is vexing you, and rent? Or go to Vegas and buy triple the house with a 30-year mortgaged locked in at 3.2%?”

The physical body is here for a temporary time, far too short to get oneself all hyped up about, essentially, nothing. It’s not worth the hassle.

#167 Jay_Huhman on 09.04.12 at 11:24 pm — “Canadian prices seem to be at the 2006 California level to me.”

Crash time? Seems to be on track with most other things.

#36 GregW, Oakville — Hi Greg — long time no see! The kiddies are back in jail, and the Maple Laughs are about to be locked out. Looks like a good hockey season shaping up!
*
McService Jobs Here you are, Garth; FedEx cuts forecast; Obomba’s second term Wants tax overhaul; Construction Spending Largest drop in a year; Fleecing Tenants; Global mfg. downturn Gathering speed; Gold and Silver risiing and falling, never stagnant; Oil Prices Sink; Global Youth Unemployment Rising; Swiss (economy) Shrinks; History Lesson in a single document; 33:53 clip Landiing a min. wage job; Oz Economy not in great shape; 15 Other People “Including a head shop owner and an Ayn Rand fan.”; China Rebound? 1870 link Private debt and recessions.

Great Investment by expanding debt; Chronic Unemployment The real reason; Deflation is really bad; SocGen Gloomy outlook; Book for Bedtime Buffett’s fave.Pensions Betting on hunger? 50 Shades of Porno; Retirement 85 Good age; R.I.P. Welfare States; Suicides, depression increase as EZone blather intensifies; 2015 A lot more than retiring boomers, and UK mining; Mfg. declining new orders; UK recovering? “A strong rebound in the services sector – the mainstay of the economy – suggests the UK is on the verge of recovering from the longest double-dip recession for more than 50 years.” In the service sector? That’s the same McService Jobs happening in NAmerica.
*
First day at school for the world’s smallest girl; Spooky Tale The pub is in Wales; Reshuffling the shuffled cards in UK politics; Meatless McDonald’s? In India. By the time they get around here, I’ll be long gone; Ten Most Expensive Cars sold at auction; 6:58 clip EMR. Don’t Smart Meters emit the same? Teflon and Heart Disease; Boomers Run like hell! Secret Deal between Mexican drug cartels and US govt.; US – China barbs; 3:20 clip Magnetic instability and birth of a coronal hole.

#57 Expat on 09.05.12 at 1:28 am

Bad luck on the heading. Suggest taking this down for the night, leave the politics for another day, condolences for the victims in Montreal.

#58 THE CELIAC HUSBAND on 09.05.12 at 1:36 am

There is a seasonal direct flight from Montreal to Bordeaux on Air Transat for less than 900 bucks. Maybe time to explore different pastures after last night’s election…..

#59 Bill on 09.05.12 at 1:53 am

pigs..yeesh

#60 Ernten was wir säen on 09.05.12 at 2:01 am

We reap what we sow

http://www.youtube.com/watch?v=za2wXWpN-BI

#61 Buy? Curious? on 09.05.12 at 2:01 am

Someone got shot and killed at The PQ victory rally? Leaping Lizards! Not a good sign. The only good thing about a PQ win is that all the smart people from there will hop on over to Toronto keeping our house prices rising.

http://www.youtube.com/watch?v=xP1-oquwoL8

#62 Ernten was wir säen on 09.05.12 at 2:05 am

Translated:
Platinum records on the wall – and,
Have millions in the bank – and,
House with a garden on the beach – and,
Thousands eagerly waiting your thoughts- (what’s next?)

#63 Red Tarted on 09.05.12 at 2:13 am

Cops salaries are ridiculously retardedly high.

Let’s see – they have guns and are Rollin in the cash. Back in the day they called them Mafia

#64 cynically on 09.05.12 at 2:46 am

Did those two with the rather large yearly income say they were police officers? Maybe it was a typo and they meant politico officers. Never mind it’s the same thing.

#65 eagle eyes on 09.05.12 at 2:50 am

I have a relative who is in debt with CRA, credit cards, and LOC. No RE assets. Can anyone tell me if he should file for bankruptcy or something called a consumer debt proposal? Is there good or bad trustees that do this?

#66 drydock on 09.05.12 at 2:56 am

Born and raised in Montreal’s West End and West Island worked in T.O. and Vancouver for years find myself back in Montreal again these last three years.
And now the lunatic fringe has stirred the pot again,in a city which is literally falling apart.
If this snowballs property here will go to zero.
I am moving to N.Van.

#67 Tony on 09.05.12 at 3:24 am

Re: #4 T.O. Bubble Boy on 09.04.12 at 10:04 pm

That $580,000 condo will be selling for somewhere between 150 to 250 thousand dollars when it’s finally built. When it comes to real estate nothing sells fast anywhere in Alberta. Sometimes it takes 20 to 50 years to sell a house and even longer to sell a condo.

#68 Tony on 09.05.12 at 3:32 am

Re: #24 DT76 on 09.04.12 at 11:06 pm

Maybe Canada should abolish french/English advertising as its bankrupted this country and people have to flock to the U.S. border towns to buy anything because of lack of choice here in Canada. Thanks Trudeau and thanks frenchies.

#69 Red Tarted on 09.05.12 at 3:58 am

US debt crossed $16 trillion – sh1t is retarded!
http://zfacts.com/p/461.html

#70 Hank Stamper on 09.05.12 at 4:41 am

Being gay is not a disease!

Oh, right – the cancer. Boy is my face red.

#71 groovin_123 on 09.05.12 at 5:24 am

$220K for two cops ?!?!?!? WHAT THE.

Seriously that can’t be right??…

Why don’t we just bring back soilent green? Problem solved.

As for Quebec, I love how the drums of seperation beat everytime the economy takes a header. Instead of humming and hawing over them taking a seperatist vote, why not just BOOT them out?. One less parasite sucking off the host. Good luck on your own.

And take Surrey with you.

#72 cropgrower on 09.05.12 at 6:02 am

……$220K/year….I just double doubled my shares in Tim’s…..

#73 the captain - hi snides on 09.05.12 at 6:11 am

bubbles’ evil twin put on a robe and ski mask and made a trip over to the accpetance speech. things got ugly.

#74 bruce on 09.05.12 at 6:22 am

Matt Damon!!!!

#75 Not 1st on 09.05.12 at 7:06 am

Quebec is going to tear itself apart long before it gets a chance to break up Canada. This was a divisive win and really a loss for quebecers but they have a history or voting for poor alternatives just like they did in the last federal election.

#76 MarcFromOttawa on 09.05.12 at 7:13 am

#69 Tony on 09.05.12 at 3:32 am
Re: #24 DT76 on 09.04.12 at 11:06 pm

Maybe Canada should abolish french/English advertising as its bankrupted this country and people have to flock to the U.S. border towns to buy anything because of lack of choice here in Canada. Thanks Trudeau and thanks frenchies.

Go back to Italy.

#77 pbrasseur on 09.05.12 at 7:16 am

“An increasingly unilingual, fractious province”

Garth – For all the very real problems in Quebec this is an imaginary one. Get real please!

I’m there twice a month. — Garth

#78 Rob the Dividend Trader on 09.05.12 at 7:19 am

Holly cow Garth, how the heck do you keep up with all those comments!!! Maybe you should cap it at 10 firsts and 40 regular comments

Anyways I’m with Investex (comment 57 yesterday) Buying perferred is for old people about to pop leaving all that hard earned money to their kids, the rest of us did you know that BCE has raised their dividend 8 times in the last 3 years, bet you didn’t get a raise!!!!

Best is to stick to stocks that raise their dividends regularly. As to volatility well, it’s called going “on sale”

Want to know more the (no relation at all) Dividend Ninja has a great blog (and even I got one going whoot whoot going be rich:) )

Anyways keep up the great work

#79 EIT on 09.05.12 at 7:33 am

For all those complaining about public sector parasites and transfer funding between provinces, there’s a phrase for that. Its called legal plunder. GOVERNMENT is a balance between liberty and autocracy, between empowering the citizen and empowering the government. Voting for a politician to spend your money, is not the same as spending it yourself. I’m always astounded by people who look to government to solve their problems. Give me education! Give me healthcare! Give me money because i’m poor! THE LAW is not a club used to shape society. THE LAW is there to protect us. Legislation must be limited, Government must be limited.

Government is getting between us and the education of our youth.
Government is getting between us and our physicians. (appointment = 1 problem, 15 minutes) WHAT A JOKE!

People must be responsible for themselves. You can’t force (via the law) one person to be responsible for another!

Educate yourselves. Liberty is not a sham. It was the salvation of the founding fathers of the united states.

Today america is teaming with corporatism. A revolving door between wall street and the government. A revolving door between monsanto and the government. I am describing FASCISM to you. Corporatism is a soft word for FASCISM.

EDUCATION IS THE FIRST STEP.

THOSE WHO HAVE FOUGHT TO EMPOWER THE CITIZEN ARE ALL VOMITING IN THEIR GRAVES!!!!!

#80 bigrider on 09.05.12 at 7:51 am

110,000 a year per cop to hide behind bushes and around corners ,making the world a safer place by dishing out 15km overs and rolling stop sign tickets.

Random tax collectors is an accurate description of their occupation.

I know, not their fault though. It is demanded of them. 50 ‘credits’ a month is required. A credit being a traffic stop/ticket or accident report.

Accident reports take too long.

Nice to know that Toronto has the dubious distinction of having the most speed traps of any city in North America.

#81 Stickler on 09.05.12 at 7:57 am

What’s more repugnant…A/police salaries, or B/the fact that with a VERY high household income they have no savings, or C/All the above.

I was shocked when I heard that an officer with only 5 years experience got 80K.

#82 Linda on 09.05.12 at 8:11 am

#8
“We are 40-something gay seasonal…..”

I didnt know there was a gay season. What are they in
the off-season?

Chaque a son gout. Oui?

You make me laugh!
Little mistake there: “Chacun a son gout”.

#83 House Horny Housewife on 09.05.12 at 8:22 am

Garth,

Are you kidding me about the Québec real estate market ?! Sure some people freaked out about selling their properties BEFORE the election (are you surprised ? people freak out about toilet water getting onto their toothbrush when they flush) but now the election is over and what everyone thought would happen actually did (except perhaps for that guy going postal where Marois was giving her speech).

As you said, the real estate market prices in Québec are lower than in the rest of Canada (72% ?? in some places I would say even less) and I can certainly vouch for this. Our prices did not inflate like they did in the rest of Canada and no one is happier about this than I am.

But who exactly do you think buys up Québec residential property ? Do you think that people from outside of the province have been trying to break down the door to get in here and now that the PQ party has a minority rule these people will change their minds and go back home ?!

It is precisely because Québec is (unfortunately) isolationist that the market will stay pretty much the way it was before. Québecers are the ones buying up houses and Québecers are the ones selling them. If these same Québec sellers “want out” as you say, where on earth will they go ? To an English speaking province ? To rent an apartment which is barely maintained in decent condition (we have severe rent controls here so landlords often only do the bare minimum) ? And where will the buyers go ? … most of them are the very same ones who voted PQ so I am sure they thought about this … hmmm … if I decide to vote PQ, I will no longer put an offer on that gorgeous property that I saw last week … what the … ?

Kidding aside, yes of course this government will have an effect on the economy but the fact that it is a minority government will most likely mean stagnation rather than volatility. This is not necessarily a good thing but I doubt that house prices will go crazy and that the market will suddenly freeze. If it slows down, it will be because of the usual suspects, people being over extended and crashing into a spending wall.

As for your two contestants. You are so right about Shirley. If she has to wait for the units to be built anyway, she might as well wait with the money invested somewhere rather than sitting in the builder’s pocket. Also, has Shirley ever thought about builders running into problems along the way ? This is a real risk in buying unbuilt property … oh but wait, they are selling like hotcakes right ? Ha ha, why do people ALWAYS fall for that bullshit ? They’re going fast so come and get ’em ! Shirley, guaranteed that someone will be selling their riverview condo in five years’ time … GUARANTEED ! In addition, if you buy when you are both retired or close to it (in 5 years you will be only 4 years from retirement), you may want to retire elsewhere .. don’t forget that when you are retired you can go and live ANYWHERE you want .. ANYWHERE .. even in another country if you wish (like one without a winter).

As for the two gentlemen, I am not sure why they are living in Canada ? Do they love BC, do they have an emotional connection there ? It makes much more sense to sell and, as you say, buy something nicer in the US. They are paying US healthcare anyway so they might as well become residents somewhere and take advantage of any local programs there (to pay for health costs, help them purchase a home or whatever). There are so many beautiful places in the US of A and it might be in their best interest at the moment. If it is because perhaps their marriage (if they are married) is not recognized in certain states then they can find a state that is “gay friendly” like Vermont or something.

Wow this post is long, sorry but once you hash up the Québec thing, you have to expect something like that.

HHHW

#84 Steve on 09.05.12 at 8:27 am

Garth, with reference to the Leadership posting a couple of days ago, and the PQ minority result yesterday:

Seems like Harper and the Conservatives would be in charge of Canada (less Quebec) for decades should separation move forward. The “just let them go” camp has been advertising already for months to pave the way. If you take the Quebec federal politicians out of the House of Commons, the NDP is more than halved, and there are even fewer liberals. [Quebec presently has 5CPC, 58NDP, 8LIB, 4BQ]

Then the total 308 drops by 75 to 233 and the present non-Quebec Conservatives (163-5 = 158) are then a massive majority. That is 158 of 233 seats – a whopping 2/3rds. If it happened this way, and now, the resultant seats by party would become 158CPC, 43NDP, 27LIB, 9OTH.

Separation is a brilliant move for the Conservatives as they end up in power for the foreseeable future, and bonus if they manage to dump a proportional share of the national debt on the newly minted country. That would buoy Canada, and devastate Quebec.

#85 Tony on 09.05.12 at 8:29 am

Police officers make over 100,000? Uhhhhhhhh

#86 IM in C on 09.05.12 at 8:49 am

Well, 416 , and 905 , just got a reprieve, at least from a real estate price point of view. Quebec separatism, the nicest thing that ever happened to Ontario! Stand by for another wave of Anglophone Quebecker s deciding enough is enough and pulling up stakes to move to 416.

#87 In The Doghouse on 09.05.12 at 8:57 am

Here’s an idea !!!! Why not a vote by the rest of Canada to see if we want to keep Quebec .

#88 Angela on 09.05.12 at 9:15 am

#8Gunboat Denier on 09.04.12 at 10:16 pm
“We are 40-something gay seasonal…..”

I didnt know there was a gay season. What are they in
the off-season?

BAHAHA Almost ruined a perfectly good keyboard choking on my coffee…excellent start to the day!

#89 TurnerNation on 09.05.12 at 9:20 am

“Canada Keeps 1% Key Rate With Language on Future IncreaseQ Updated 13 minutes ago ”

Blog dog Carney!

#90 JustTryingToProtectEquity on 09.05.12 at 9:32 am

My goodness, how on earth will you ever bring this blog to a close? You’ve somehow attracted the lunatic fringe. Even Alan Greenspan himself sees the folly in Ayn Rand’s ways. What you have here is a collection of disenfranchised, hate filled, sycophants. You’re like Jimmy Jones leading his faithful flock. But… To where? And why? Sorry about calling you a son of a whore.

#91 John on 09.05.12 at 9:53 am

Good to keep things super simple.

There’s talk of the “Montreal market”, the “condo market”, Canadians and blah blah blah.

Why such a dismissive tone directed at the supposed “front and center”?

Because everything ( and I do mean everything) you’re discussing is under the dark shadow of an out of control crony economic system. A global crony economic system.

You are continuously downplaying and understating the consequences this out of control global crony economic system will have on Canada.

If asked exactly how you think consequences will be avoided, the arguments become myopic and emotional…resting on the smoke screen of re-investing or protecting oneself as an “investor” in the out of control global crony economic system.

You’ll come back to Earth once you give a fair examination of context. That’s not happening yet.

#92 fancy_pants on 09.05.12 at 9:54 am

Forgive me but I get tired of the submissions: oh no, I have an $800 grand house almost paid off, make $220k per year combined… what should I do next, buy? either stop bragging or pull another horseshoe out of your a$$ and use that for advice.

#93 Grantmi on 09.05.12 at 9:57 am

All peaches and cream here in the PBOE.

http://www.theglobeandmail.com/news/british-columbia/bc-building-boom-nears-pre-recession-levels/article4517188/

“Come here…. Go away!”

#94 Gunboat Denier on 09.05.12 at 10:07 am

53 not a cop

“city and municipal police pensions are funded
completely through contributions of members and
earnings in the plan……… Their employer
(city/municipality) will contribute a portion of their
wages…….”

Those employer contributions are still someones tax
dollars (as is the entire wage)

#95 disciple on 09.05.12 at 10:30 am

#80 EIT… Nobody is complaining except you… I exposed the PQ leader yesterday as a fraud… And you can bet that the shooting and all that other nonsense yesterday was pure crap… where is the RCMP when you need them…? calculating their pensions…

#96 TurnerNation on 09.05.12 at 10:31 am

Here’s a story of a heroic Hummer driver who crushed another car! Is there another use for it? Kia owners everywhere shudder.

http://www.cbc.ca/news/canada/edmonton/story/2012/09/04/edmonton-hummer-driver-saves-kids-distracted-driver.html

A southern Alberta man who is credited with saving four children from being struck by a car says he was acting on instinct when he put his Hummer between them and an alleged distracted driver.

Krushelnicki says he pulled his Hummer into the road, colliding with the side of the car and pushing it to the side before it could reach the crosswalk.

#97 Interesting Times on 09.05.12 at 10:50 am

Price Change. Jul 21: $1,050,000 Sep 5: $1,070,000

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=12233199&PidKey=-1168317737

I just don’t get it. This house was listed at $1,050,000 six weeks ago and didn’t sell. What did the owner do? Increased the ask price by $20,000 to $1,070,000.

What? Suddenly in September prices are magically going to start going up? Maybe in other years but I don’t see it happening this year.

Stats on guava.ca show that most other sellers continue to cut their prices in order to make the sale.

#98 Buy? Curious? on 09.05.12 at 11:03 am

I had a buddy who was a cop. The key word being had. He became the most racist, homophobic bumhole (see Smoking Man? be polite here) that you would ever meet. Like that cop played by Matt Dillion in Crash. Not that I really cared what he said because he was a drunk and all drunks eat pooh (Again Smoking Man, I could have said something that rhymes with spit but nooooo, I’m respectful) but because he would brag about all the overtime he made. He was pulling in over $110k and didn’t even finish high school, in Toronto no less.

Garth, may I paraphrase N.W.A? “Fornicate tha Po’lice, cause I’m straight from the underground, a young gentleman from African/Caribbean descent gotts it bad cause he’s brown.”

Go Quebec Go!

#99 John on 09.05.12 at 11:11 am

Fancy pants wrote:

“Forgive me but I get tired of the submissions: oh no, I have an $800 grand house almost paid off, make $220k per year combined… what should I do next, buy? either stop bragging or pull another horseshoe out of your a$$ and use that for advice.”
——

Very nice. Imagine how strong this post is. Going after fake global derivative “equity” and salaries that don’t reflect the reality of Canadians and their ability to buy real estate.

Maybe that should be pointed out…even meriting an “honorable mention” delete.

#100 Daisy Mae on 09.05.12 at 11:11 am

#56 CLICK HERE: “An increasingly unilingual, fractious province….Well, you dont visit Montreal very often, Mr. Turner….”

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

“Increasingly unilingual, fractious”….

I’ve never visited, period. Do tourists actually feel welcome?

#101 Linda on 09.05.12 at 11:14 am

Given the tragic events of last night, it’s probably in poor taste to say this at this point in time, but last night it struck me how much Pauline Marois looks like the Bonhomme Carnaval when she smiles.

#102 AprilNewwest on 09.05.12 at 11:34 am

John #92 – Who is your comment directed at?

#103 stage1dave on 09.05.12 at 11:36 am

As much as I agree with the gist of EIT’s comment, I have no problem with public service pensions. These people ARE BEING RESPONSIBLE and setting aside a portion of their earned income for future use…

While I have issues with the salary level and/or compensation paid to certain public job descriptions, the idea of “saving responsibly” (so one does not wind up on the public dole) is kinda the whole thrust of Mr. Turner’s pathetic blog, no?

A lot of commentators here (myself included!) remind me of an anthill…we’re continuously bitching about the size of the pile of some other ants dirt, or how they’re rolling it around, or where they’re taking it…without directing a proper sustained focus toward all the external forces that may demolish our anthill entirely.

Except our gracious host…he does seem to stay on point…continually.

#104 gogle on 09.05.12 at 11:39 am

Hey, Garth!

It’s September already I I ain’t seen any R/E price correction (waiting since 2007 when I started to read you). OK, when can we expect that long trumpeted R/E correction?

#105 Steven Rowlandson on 09.05.12 at 11:41 am

Being a hater is a job qualification for being King or some kind of a leader. You can not defend what is right and proper if you don’t hate evil and evil doers Garth. You can not charge through the middle and be all things to all people. Fiscal austerity is also a policy that good leaders follow and bad leaders do not. Did you really think that government and society could allow and do evil and protect it and there would be no consequences?
Watch and learn Garth, if correction does not come from with in it will be imposed from with out by various means and I can assure you, you will not like the experience.

#106 Edward on 09.05.12 at 11:42 am

Seems to me, haters, that if you’re upset about the cops’ salaries, you’re actually upset because they’re smarter than you. Why didn’t you be one then? Because you’d fail the psych exam or ’cause you couldn’t run two blocks? If you had to tackle a Hastings Street heroin addict wielding a knife, you’d drop one in your pants and run.

Same blog dogs who constantly complain about the salaries of the following: doctors, dentists, teachers, and (any) public servant. Too bad you bother to stay in school or shop around before settling for your “career”, huh? You’re so boring!

#107 Metro Van Observer on 09.05.12 at 11:48 am

Just a couple of points:

1) The pay for these two cops is typical from what I’ve heard from current and retired cops. They are way OVERPAID and disconnected from the average taxpayer who funds their lavish benefits/pension program. Taxpayers cannot sustain these overpaid cops and their compensation must be reigned in.

2) The gay couple makes a good point about Garth focussing on ‘high rollers’ recently. Garth’s typical examples recently have included people making over six figures.

What percentile does this put these wage earners in? What’s the average or median wage?

You may be creating a disconnect with the average reader if you focus on the ‘sufferings’ of these rich people and their money struggles.

I can’t relate to cops making six figures while struggling to barely make $60k. I guess that’s why I’ve been losing interest in the blog lately.

I’m crushed. — Garth

#108 $$$BPOE#1 on 09.05.12 at 12:01 pm

Rates going down folks. Read these words very carefully. Stay tuned. Like I said many many times interest rates will never go up only down.
*******************************************
“To the extent that the economic expansion continues and the current excess supply in the economy is gradually absorbed, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate,” the bank said

That means higher rates. — Garth

#109 Robert Dudek on 09.05.12 at 12:21 pm

EIT has swallowed the libertarian propaganda whole.

#110 PoorgEoisie on 09.05.12 at 12:24 pm

Keep on hating but i think it will hit you when you hear:
Starting in goal for team Canada Jaaaaaaaames Rrrrrreimer!

#111 Robert Dudek on 09.05.12 at 12:30 pm

Less government is not the answer – better government is always the answer. In Canada, by world standards, we have excellent government, but we should never stop pressing for improvement.

Make a list of the 20 safest and richest countries in the world. What is one thing they have in common ? Big government. Now make a list of the 20 poorest and most dangerous countries. What you will see is places with virtually no effective government, where the populace is at the mercy of armed groups and the rule of law is a foreign concept.

Like it or not, human beings as currently constructed need government to have any semblance of a decent life.

#112 eaglebay - Parksville on 09.05.12 at 12:34 pm

#87 IM in C on 09.05.12 at 8:49 am
“Well, 416 , and 905 , just got a reprieve, at least from a real estate price point of view. Quebec separatism, the nicest thing that ever happened to Ontario! Stand by for another wave of Anglophone Quebecker s deciding enough is enough and pulling up stakes to move to 416.”
_______________

This election minority win by the PQ means nothing.
Where is this wave of Anglophones going to find work in Ontario?
The Ontario economic situation isn’t much better than Quebec’s.
Ontario is bankrupt and, aside from financial services jobs in Toronto, there are no real jobs and growth.
Equalization payments here we come.

#113 eaglebay - Parksville on 09.05.12 at 12:36 pm

#88 In The Doghouse on 09.05.12 at 8:57 am
“Here’s an idea !!!! Why not a vote by the rest of Canada to see if we want to keep Quebec .”
_______________

Can we afford to keep Ontario?

#114 Guan-Di on 09.05.12 at 12:50 pm

#8:

Must be Christmas: “Don we now our gay apparel”

#115 T.O. Bubble Boy on 09.05.12 at 12:50 pm

Apparently the realtors in the GTA chat with the realtors in India:
“Property is Always a Good Investment” says the president of the National Association of Realtors India.

http://globaleconomicanalysis.blogspot.ca/2012/09/property-always-good-investment-says.html

#116 Nefertiti on 09.05.12 at 12:57 pm

#12Toronto_CA

That property downtown Mtl would probably be worth 350k at least right now; the new towers going up downtown are going to fetch upwards of 500$/sq.ft. Insane I tell you. The condo market is almost as bad as in TO. There only reason prices are cheaper is that overall wages are cheaper here too.

So PQ won in a minority government. So what? People are threatening to move out? Yeah right! This isn’t the first time they win an election, and last I checked the world didn’t collapse then either. Can Canadians stop fussing about it and start worrying about more important things going on in their own backyards? Ontario isn’t all sunshine and roses either. Alberta almost elected an extreme right God-preaching lady a few months ago. Obama might get the boot in november and Romney is no good news to the middle-class. Quebec separation won’t happen. Can we move on now?

#117 armpit on 09.05.12 at 1:05 pm

Garth…the comments are not adding to your blog. It’s beginning to turn me off this site.

Apologies, Mr. Armpit. I can tell you are a sentitive soul. — Garth

#118 GordieCanuk on 09.05.12 at 1:09 pm

Mon dieu…qu’est que ce passe? Le PQ a gagné l’election hieir, et je suis plus capable de parler ou écrire en anglais!!! Mon nom c’est Gordie esti!!! Je suis anglophone en tabernac!!!

Pfffffffffft, doom and gloom doom and gloom from so many…including you Garth which I find surprising.

Take a pill, Quebec isn’t going anywhere…sorry Newfoundlanders, you don’t get a shorter drive to Toronto.

#119 Wolf at the Door on 09.05.12 at 1:14 pm

#66 Eagle Eyes
Get this book for your friend. It will help him make the right decisions. After reading it, he may want to contact the author.
Wolf at the Door, by Mark Silverthorn (A Canadian lawyer and expert in bankruptcy/debt problems)

#120 Canadian Watchdog on 09.05.12 at 1:14 pm

#112 Robert Dudek

The question you should be asking yourself is if the status quo is sustainable. Phony wealth can keep people out of trouble, until it’s time to pay the bills.

#121 T.O. Bubble Boy on 09.05.12 at 1:16 pm

Why the RE Cartel’s Days on Market stats are meaningless:

“New Listing”: 199 Randolph Rd, $998,000
http://www.realtor.ca/PropertyDetails.aspx?PropertyID=12370601&PidKey=-429982861

But wait, this has been listed several times this year already:
April 13th: $997,800
May 4th: $1,098,000
July 6th: $998,000

It’s like someone is trying to cover-up the fact that this over-priced $1M bungalow has been on the market for almost 4 months!

#122 Toronto_CA on 09.05.12 at 1:31 pm

#107 Edward on 09.05.12 at 11:42 am

Our police should be well paid–underpaid cops may be tempted by bribery–but not overpaid either; especially when our governments have massive deficits and debt. Benefits should be good too, they deserve it, but not outrageously so and not completely out of line with private sector benefits.

There is a very large middle ground between $110k+ overtime + indexed pensions and poverty level income.

In Toronto, the police are generally thought of as useless for much else besides collecting speed trap tickets. A few months ago, I was walking through Moss Park to a friends house in Corktown and a stereotypical fat police officer decided to harass me for no discernible reason other than to fulfill a power trip I suppose? I wonder what the people of colour who live in this hood must endure while trying to get from A to B if they decide to stop me and ask “Where you going boy?”

But these Toronto cops are I believe the highest paid in North Amerca, despite ever lower crime rates (let’s not even get into the G20 thing which was the worst human rights abuse on Canadian soil since the 30s detainment camps). The police chief in particular is *despised* by the public here. Despised.

Sorry Garth for being off topic.

#123 Grim Reaper/Crypt Speculator on 09.05.12 at 1:59 pm

There are no haters here…..just superior beings who have held our noses in trying to impose some wisdom on you ungrateful peasants.

#124 CP on 09.05.12 at 2:21 pm

Remember people that being a police officer is a job, not a career.

#125 Click Here, its different on 09.05.12 at 2:21 pm

Daisy Mae

Sure they are. Tourists are excellent on the grill with onions.

#126 Stickler on 09.05.12 at 2:23 pm

According to statscan, the median HOUSEHOLD income for the following cities (2010):
$68,110 Toronto
$67,090 Vancouver
$89,490 Calgary

1 Police salary is higher (even with only 5 years experience) then the median household income. Sounds over paid to me.

#127 Stickler on 09.05.12 at 2:35 pm

A police officer is important, and should get paid…but when a professional engineer with 15 years experience gets paid less then a police officer with 5-10 years experience how can anyone think that makes sense.

#128 wxman on 09.05.12 at 2:36 pm

Prices will drop 5 to 10 percent in Montreal next year but 20 percent seems overly dramatic. Many of the anglos in the west island are retired..hence they wont lose their jobs. They cant afford to run off to Toronto and pay double for a house. A few might move to smaller cheaper communities in Ontario. A few other anglos will say enough is enough and leave but I dont see a mass exodus like in 1976.
So yes prices will fall but they will fall all over Canada also for different reasons.

#129 Mike on 09.05.12 at 2:40 pm

I too want to express my discontent with the police officers receiving such lavish wages here in Canada. I echo much of what has been said already.

#130 John S on 09.05.12 at 2:55 pm

http://www.rebgv.org/news-statistics/home-sellers-continue-outnumber-buyers-greater-vancouver%E2%80%99s-summer-housing-market

Spin it how you want… But VanCity is taking a beating for the next few years..

#131 John on 09.05.12 at 2:57 pm

April Newwest wrote:

“John #92 – Who is your comment directed at?”

Garth and others which ( to me ) seem to be underplaying the actual dynamics and seriousness of the global economy ( and it’s impact on places like Canada).

Really the comments are directed right at the argument…aiming for something that makes more sense to me. More real (in my opinion).

#132 Hoof - Hearted on 09.05.12 at 3:09 pm

#9 Nathan on 09.04.12 at 10:22 pm

I have a friend who bought a river front condo across from Booker T’s Crab Shack in the East Village, Calgary.

He bought it from Pointe of View Developments 3 years ahead of its being built. He thought that he was getting a great discount buying it before it was built.

It was then delayed 2 years beyond the date he expected to take possession. After 5 years waiting, the developer came back and told him that he would have to pay more, because the cost of materials and labour had greatly gone up in the interim. This was in 2007 during the boom. The banks were demanding more, or the project would be moth balled.

====================================

Classic example of why you kick the tires on whatever you buy…no pre sale BS…..boycott this .

#133 NewWorldPartyDotOrg on 09.05.12 at 3:23 pm

Police officers make as much as they do because they belong to unions and are able to collude. Collusion is the key to increasing wages for union members.

However, collusion is illegal for everybody else. Any barber, gas station owner or graphic designer who tries to collude can get sent to jail.

They need to ban unions or legalize collusion for everybody else, especially since most who do not get to collude are paying those who do (government employees).

Read explanation at:

http://www.newworldparty.org/2008/11/unions.html

#134 Hoof - Hearted on 09.05.12 at 3:30 pm

#81 bigrider on 09.05.12 at 7:51 am

110,000 a year per cop to hide behind bushes and around corners ,making the world a safer place by dishing out 15km overs and rolling stop sign tickets.

Random tax collectors is an accurate description of their occupation.

I know, not their fault though. It is demanded of them. 50 ‘credits’ a month is required. A credit being a traffic stop/ticket or accident report.

Accident reports take too long.

Nice to know that Toronto has the dubious distinction of having the most speed traps of any city in North America.

==================================

Time to stop this gravy train…who decides these Cops should earn $100,000+ a year.

I read a VPD recruiting ad, and they noted that a Cop can EXPECT additional $10,000 – $15,000 a year in Overtime.

The recent exposes’ on RCMP show that many are more interested getting laid with co-workers etc. than doing what their job actually is

Here in BC, many of these Cops retire early and are hired by our Translink system…my understanding is they are THE highest paid police in BC ….and depriving someone else of a job……while ALSO being paid with a generous pension.

If one understands the term psychopaths/sociopath , IMHO more of these cops are getting through the screening process or lack thereof…

SUGGESTION: Hire private security firms…double the people at less cost….seriously.

#135 shifty on 09.05.12 at 3:34 pm

Some feel police officers are over paid and have gold plated pensions. Well, they pay income taxes while working and in retirement in some cases income taxes more than some people earn. We can discuss what the work is like at a different time.

#136 Yuriy on 09.05.12 at 3:38 pm

Home sellers continue to outnumber buyers in Greater Vancouver’s summer housing market
http://www.rebgv.org/news-statistics/home-sellers-continue-outnumber-buyers-greater-vancouver%E2%80%99s-summer-housing-market

#137 TurnerNation on 09.05.12 at 4:06 pm

#107 Edward on 09.05.12 at 11:42 am

They don’t tackle any more. From my scan of the news each week Canadian police shoot and kill at least 1-2 citizens. Statitically, it’s more dangerous for us than our soldiers in Afganistan. In Toronto they recently did the same to a mentally ill guy wielding scissors. Yes scissors.

The trend is clear, look at the top line – and this in Toronto only:

http://www.siu.on.ca/pdfs/siu_occurrences_since_inception.pdf

#138 I stand corrected! on 09.05.12 at 4:19 pm

Wow, cowtown police are way over paid and I’m questioning their hiring standards based on this lady’s email. Must be why the all have over-inflated egos. Dummies with guns. nice!

#139 Westernman on 09.05.12 at 4:21 pm

Great post today Garth,
The first pair of nitwits ( the cops ) want to buy a 580,000.00 dollar condo in downtown Calgary of all places with the expectation it will rise in value from there … and it won’t even be built for two more years ( if they are lucky ) Priceless!
Then the second pair bought a ” shack ” with a … wait for it … 380,000.00 dollar debt owed on it – it’s ” gasp ” 900 square feet…
by this time I’m rolling on the floor laughing – Christ on- a- carousel Canadians have got to be the dumbest- mofo’s on the planet!
Can idiots like this actually be real or is it made up???

#140 Suede on 09.05.12 at 4:25 pm

Why are you all mad at the police officers for making that kind of money? They’ve worked their way up from the desk, to street, to likely undercover and beyond. Getting a raise for a promotion is normal.

Of course when i get a speeding ticket or three i huff and puff and curse them and take them to court, but they’re just executors of the law that politicans create – aka doing their job – just like most other income earners.

If you’re doing the same work with the same responsibilities then why should you get more money. Most cops progress into more challenging roles and get raises based on skill. As do lawyers, doctors who become specialists, engineers, stock brokers, bankers, MBA middle managers, etc…

If you can’t beat ’em, join ’em.

No one is stopping you from joining the force, or working as a teacher with a pension, or being a gov’t worker, or starting your own business and setting your own prices.

Too much complaining on here that others have it better. They have it better because they have initiative and not just ambition and envy.

#141 Hoof - Hearted on 09.05.12 at 4:56 pm

#136 shifty on 09.05.12 at 3:34 pm

Some feel police officers are over paid and have gold plated pensions. Well, they pay income taxes while working and in retirement in some cases income taxes more than some people earn. We can discuss what the work is like at a different time.

=================================

The point is WHY are they paid so highly ? Are they paid on merit ….supply and demand or beciase they have strong lobby

Regardless, these high wages and future liabilities are bankrupting US cities.

#142 Lostinthewilderness on 09.05.12 at 4:58 pm

August 2012 Vancouver sales down 30% over Aug 2011.Prices holding, however remember these are completed sales from last 30-60-90 or more days that just completed in August.
Quote:
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,649 in August, a 30.7 per cent decline compared to the 2,378 sales in August 2011 and a 21.4 per cent decline compared to the 2,098 sales in July 2012.

August sales were the second lowest total for the month in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.

Complete report at;
http://www.rebgv.org/monthly-reports?month=August&year=2012

#143 Mark W on 09.05.12 at 4:59 pm

http://www.news1130.com/news/local/article/398393–vancouver-real-estate-was-a-buyer-s-market-in-august-rebgv

#144 Hoof - Hearted on 09.05.12 at 5:04 pm

Tax critics wary of region’s first new civic contract

By Jeff Nagel – Surrey North Delta Leader

Updated: September 04, 2012 4:13 PM

The first contract to be signed with municipal workers in Metro Vancouver has set a bar that may strongly influence other negotiating tables across the region.

Critics say New Westminster’s deal giving its civic workers pay hikes of 6.75 per cent over four years doesn’t bode well for other city councils who hope to keep a lid on their municipal wages and taxes.

“It will probably end up costing taxpayers across the region money,” said Jordan Bateman, spokesman for the Canadian Taxpayers Federation.

He had pressed for a civic equivalent of the province’s net-zero mandate that froze labour costs for two years.

“It’s another example of a city hall caving to CUPE and signing a deal that’s good for those members and not so good for taxpayers.”

Bateman worries the New West agreement is the start of a replay of 2007, when Richmond broke ranks with other cities and gave its unionized workers an extra 17.5 per cent over five years to secure labour peace through the 2010 Olympics.

That became the pattern for the rest of the region as other cities signed with their CUPE locals.

“It’s unfortunate the cities were so quick to follow the provincial government on the Olympics,” Bateman said. “The problem now is they’re coming off an extremely lucrative contract. They never took net zero like the provincial unions did.”

The Canadian Federation of Independent Business, which lobbies for civic cost control, also expressed concern that other cities may fall in line.

Spokesperson Shachi Kurl said it’s too early to say the New Westminster deal sets a precedent for other unionized wage increases, and noted each city varies in its ability to pay and other unique circumstances.

But she said it could be a factor.

“Even if you have a restraint-minded council or finance director who may want to rein [labour costs] in, that becomes very difficult when all your neighbours are going in a different direction.”

The New Westminster deal is retroactive to Jan. 1 and includes increases of 1.25 per cent this year, 1.75 per cent in each of the next two years and two per cent in 2015.

CUPE local 387 business agent George Habib called it a fair contract and said municipal bargaining can’t reasonably be compared to the province’s net-zero freeze on union pay.

He said the union had a good relationship with New Westminster and saw no point in waiting for one of the bigger cities in the region to strike the first deal.

“There is no incentive at all in waiting,” Habib said, citing rumours of a possible wage freeze in Vancouver.

“So if we were to wait for Vancouver and they end up with a zero, then what?”

The other big change from past bargaining rounds is that Metro Vancouver has dismantled its Labour Relations Bureau, abandoning its former role as coordinator of negotiations for most cities.

The decision came after all of Metro’s largest cities had pulled out of the joint bargaining arrangement in favour of more individual negotiating flexibility.

Some mayors have expressed concern that well-coordinated union locals will exploit the cities’ failure to maintain a united front, resulting in deals that are too rich.

====================================

Again..WTF is going on???. Civic Unions have nasty photos on the politicians.????

Richmond’s 17.5% over 5 years bumps up pensions akak the 5 best earning years.

Its clearly THEM versus we, the taxpayers..

Go on strike..go ahead ..we know essential services are covered…but they’ll find we wouldn’t even notice most of them are gone…that’s their biggest fear .

#145 penpal on 09.05.12 at 5:06 pm

@ # 141 Suede

“Too much complaining on here that others have it better. They have it better because they have initiative and not just ambition and envy.”

They have it bettter, dumbass, because they have government jobs.

I can’t believe you actually wrote that government employees have “initiative”. Are you on “mental disability” benefits or something or just naturally stupid?

#146 I'm like, yeah, whatever on 09.05.12 at 5:10 pm

#82 Stickler on 09.05.12 at 7:57 am

I was shocked when I heard that an officer with only 5 years experience got 80K.

Meh. It’s less than Canadian household average, and it carries higher skill and responsibility than lots of line workers and tradesmen that are paid similar. I’m not going to squawk much about ~$40 an hour plus benefits.

Where the pigs are costing us too much is the idiotic way the overtime is doled out, and also some of the idiotic municipal bylaws that generate lots of staffing needs.

Too many constables pushing up against the $120K bracket. This is where you can validly argue that it’s too much.

#147 Blacksheep on 09.05.12 at 5:19 pm

Edward # 107

“If you had to tackle a Hastings Street heroin addict wielding a knife, you’d drop one in your pants and run.”
—————————————————-
Lets be realistic Ed, (can I call you Ed?) based on the RCMP public relations gong show of the past five years, said addict or anyone is DEAD if any RCMP THINKS he/she sees a knife from twenty feet away.

The heroic picture you paint of the Dudley Doright, peace officers of yester year, have long been replaced by Tactical Revenue Generators (TRG Tm.).The generous compensation (for limited skills) is for enforcing ‘SYSTEMIC’ policies. It’s morally a shitty job, but someone’s got to do it. In true military fashion, smart enough to follow orders, but yet not question authority. This explains why constables on the street, too frequently, make poor decisions, that cost innocent lives.

Of course, none of this is personal, because like Smoking man’s favourite whipping pole, Teachers,
they’re just cogs in the machine and fundamentally, not responsible for their actions.

take care
Blacksheep

#148 Toronto_CA on 09.05.12 at 5:20 pm

#141 Suede on 09.05.12 at 4:25 pm wrote:
“If you can’t beat ‘em, join ‘em.”

Yes. Let’s all of us go join the public sector. Because that works so well when everyone is on the government payroll and retires in their 50s with a shrinking pool of productive workers and giant pension shortfalls and rising free health care costs…

“Most cops progress into more challenging roles and get raises based on skill.”

Hmm or they all get raises based on years of service, like in most all public sector union environments (see Teachers).

“They have it better because they have initiative and not just ambition and envy.”

See comment above from another poster on collusion.

And no, they don’t have it better than I do. But it sure sounds like you’re in the public sector.

#149 penpal on 09.05.12 at 5:24 pm

@ # 107 Edward

People aren’t jealous dumbass, they are OUTRAGED by the level of compensation to do a job that requires a grade 12 education and CARRIES NO PERSONAL ACCOUNTABILITY.

Maybe if you knew and understood that these outrageous salaries are paid out of the taxes we pay (and are partly responsible for how high those tax rates are today), you’d have a different opinion.

#150 penpal on 09.05.12 at 5:27 pm

@ # 102 Linda

What an insult to M. Bonhomme Carnival!

#151 MarcFromOttawa on 09.05.12 at 5:30 pm

I encourage anyone who thinks this couple is overpaid to move to Alberta and apply to become a police officer.

#152 joey jo jo on 09.05.12 at 5:30 pm

@ trt

http://business.financialpost.com/2012/09/05/vancouver-home-sales-plunge-posting-second-worst-august-since-1998/

Vancouver home sales plunge, posting second-worst August since 1998

#153 steve p on 09.05.12 at 6:07 pm

first a story about how much profit the parasites are making and now a story about a couple of cops making $110,000/yr . i need a break from this blog

#154 Hoof - Hearted on 09.05.12 at 6:16 pm

Recall one year the VPD had an overtime bill over $5Million…that was not budgetted for.

There is no accountability.

Also….VPD’s last Chief was pushed out the door…then ends up in Victoria.

I don’t mind the wages if they can prove merit and show value.

I don’t see any.

#155 Canadian Watchdog on 09.05.12 at 6:25 pm

REBGV revised last year’s benchmark prices lower again. I had all their website data copied from earlier this year and sure enough, when I checked today’s detached home price for last August, it was revised below $1M, otherwise it would have posted a 9.2% decline, not -0.5%.

It’s useless. They’re doing everything they can to smooth out data before the coming cliff in Q1 2013, just like NAR did.

Stay far away from this market until integrity is restored.

#156 Ludwig Von Mises Militia on 09.05.12 at 6:25 pm

#110 Robert Dudek on 09.05.12 at 12:21 pm

EIT has swallowed the libertarian propaganda whole.

It’s wonderful. We need more swallowers, oooh. lol

———
Like it or not, human beings as currently constructed need government to have any semblance of a decent life.

Society needs law and order and national defense. These are all necessary roles for the government monopoly on the use of force in a just society.

Small government IS good government. Low cost, high quality. Just like products and services provided by businesses.

With such a government the taxpayers would be thrilled to pay the low cost of good government in return for high value received in return. In such an environment, the free market, business and entrepreneurship could thrive.

We don’t have that today. We have a mobocracy for theft and redistribution that destroys capital and incentive tor work and take risk. And it’s getting worse, not better.

——-

Nice post EIT, you should consider joining the ARA and the LVMM. I don’t know why you fight with me when we agree so much.

Businesses that leave Canada are actually helping the fight against big government by not financing the enemy.

#157 jess on 09.05.12 at 6:27 pm

City watchdog blames bonus culture for corrupting bank services
FSA says incentive schemes are likely to drive staff to mis-sell, after finding ‘serious failings’ in study of 22 financial institutions
guardian.co.uk, Wednesday 5 September 2012 19.02 BST

Incentive schemes

The FSA found that firms were using a wide range of sales incentive schemes to encourage their staff to part consumers from their cash. These included:

• A “first past the post” system whereby the first 21 sales staff to reach a target could earn a “super bonus” of £10,000.

• Basic salaries for sales staff could move up or down by more than £10,000 a year depending on how much they sold.

• Sales staff could earn a bonus of 100% of their basic salary for the sale of loans and PPI – if they sold PPI to at least half of their customers.

• Advisers were paid commission on products sold over the course of the year. If they reached a series of targets, they could lock in an enhanced commission of up to 35% for the whole of the next year.

• One firm excessively incentivised sales of one product type over another, where that product was more profitable. Staff could therefore earn bigger bonuses by selling one particular product, even if it was wrong for the customer.
=========

#158 truth hammer on 09.05.12 at 6:29 pm

Civil servants wallowing in the public trough is what drove a tax crazed business owner to start shooting at the PQ convention. He screaming as they arrested him? “People are waking up”. He’s not wrong in his sentiment or his observations. The PQ are very expensive pigs…….and as Canadians we have far too many in the trough as it is.

Shooting poiticians is wrong…no doubt….but the liberal media campaign to paint the shooter as ‘crazy’ may be just as far off the mark.

People are becoming gunfire mad? Thats doesn’t surprise me. Look around and see what has become the bitter pill of Canadian citizenship…egregious taxation to fullfill the champagne wages and caviar pensions of the union elites. Of course people are pissed.

The unions aren’t pulling any punches either…they’ve come out and overtly paid for politicians to pander their cause.

http://fullcomment.nationalpost.com/2012/09/04/john-ivison-with-pq-endorsement-the-federal-psac-union-launches-its-membership-off-a-cliff/

Don’t start a shooting campaign…but wouldn’t it be nice to see a change in the climate where politicians fear the citizen rather than the current staus quo where citizen fears the politician?

#159 Ludwig Von Mises Militia on 09.05.12 at 6:31 pm


Atlas Shrugged, Part II trailer

Join us tonight, Sept 5 at 9pm, for the official release of the full trailer of part II.

#160 OlderbutWiser on 09.05.12 at 6:39 pm

Ahhh Suede, not quite. They have it better because the laws of the free market do not apply to them. Their employers do not need to ensure that employee costs – such as wages and benefits – stay in line. There is a reason that private enterprise cannot afford defined benefit pension plans. For the government there is no limit on the top line because they can always raise taxes or print money to pay for them. Not exactly hard bargaining if you ask me.

Having said that, I believe that there must be a “danger premium” factored into police and fire work. I for one have zero desire to be shot at or to run into a burning building. I do not think that they are overpaid salary wise (and no, I do not work for the government in any fashion). I do, however, think that they should not be able to take a full pension before the age of 60 regardless of how many years they have on the job. We (being taxpayers) cannot afford the luxury. And don’t try to tell me that they have funded their pensions by contributions. There is no way that is the case if they have only worked for 30 years and can expect to be retired for some 40 years. And certainly not if they had to take the investment risk in the plan (which anyone with a DCP has to do).

#161 broadway skytrain on 09.05.12 at 6:48 pm

Vancouver home sales plunge, posting second-worst August since 1998 —

it was also the warmest,driest august since decades before 1998 – after soaking and shivering thru spring and july everybody went off to play in the nice weather.
prices are up yes?

#162 Nostradamus Le Mad Vlad on 09.05.12 at 6:55 pm

#118 armpit — “Apologies, Mr. Armpit. I can tell you are a sentitive soul. — Garth” — Esp. for a deodorant-free zone, or “Munchies — Strong enough for a man but made for a woman”!

#132 John — “. . . seem to be underplaying the actual dynamics and seriousness of the global economy .” — Correct. None of us know what will happen, but Garth has an obligation to provide info. from his perspective with his blog, and within reason, we can point out the opposites of what he is saying.

No doubt there is a pile of bovine excrement yet to hit the fan.

#142 Hoof – Hearted — “Regardless, these high wages and future liabilities are bankrupting US cities.” — It would be interesting to view any city in Canada which follows the same path that several American cities have gone, by farming out police / firefighting / ambulance duties to cut costs.

Would it bring on more cases of vigilante justice? Methinx yes. Guns and bullets would increase. One can see why Soros / Obomba want gun control and Agenda 21 bought in as quickly as possible.

When the time is right, and TPTB or elite have screwed the west over so much there is nothing left to give, that is when they will pull the rug out from under our feet, and leave us fending for ourselves.

#163 TurnerNation on 09.05.12 at 7:03 pm

Is anybody going to this thing? Some usual suspects:

http://www.stockhouse.com/News/USReleasesDetail.aspx?n=8604697

Scotiabank Global Banking and Markets Financials Summit Conference to be Broadcast on Web

2:30 p.m.

Genworth MI Canada Inc., Brian Hurley, Chairman and CEO, Canada

2:55 p.m.

Equitable Group, Andrew Moor, President and CEO

3:20 p.m.

Home Capital Group Inc., Martin Reid, President and Gerald Soloway, CEO

4:10 p.m.

First National Financial Corporation, Stephen Smith, Chairman and President

#164 Toronto_CA on 09.05.12 at 7:09 pm

#156 Canadian Watchdog on 09.05.12 at 6:25 pm

Amazing work Watchdog. Garth, give this guy a raise.

#165 Suede on 09.05.12 at 7:27 pm

#146 PenPal

hahaha, why all the hatred? Don’t let the Blog Heading suede you ;)

“They” is a general reference to anyone who has it better including the professions i mentioned in my comment. Not everyone that makes more money than you has a government job.

Fact is, the more skilled the profession (and the more skill and experience one accumulates), the more income you can make from working in the private sector than in the public sector. Ask a fair number of former politicians, especially those in high ranking posts who get opportunities for lucrative private posts (wonder why). Nevertheless, they went out and got it – initiative.

Principals and morals are a whole other topic.

Should government’s own liquor stores and pay their cashiers $2x/hr? Absolutely not. Overpaid. But the opportunity is there. No post-sec? No major skills? Try to get in if you can – why not? When the system becomes truly unsustainable, it will collapse under it’s own weight. Ever hear the term ‘the cure for high prices is high prices’? It applies to a range of items, including private and public services.

An actuary at ICBC (BC gov’t car insurance monopoly) makes a comfortable living. An actuary with an investment bank can make a killing.

#166 neo on 09.05.12 at 7:35 pm

#30TRT on 09.04.12 at 11:18 pm
Vancouver detached home stats are in for August!

… $1,142,237. Almost a record high.

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

Only $200,000 off. Nice try.

#167 Country Girl on 09.05.12 at 7:37 pm

#138 Turner Nation

And, this from our local news today:
http://kitchener.ctvnews.ca/photographer-alleges-he-was-roughed-up-by-wrps-officers-1.943859

#168 DDCorkum on 09.05.12 at 7:39 pm

“I’ve never visited, period. Do tourists actually feel welcome?”

————

Yes. Quebec City thrives off of tourism and Montreal is 50% anglo to begin with.

And if you want to put in a little extra effort to make the locals happy, just say things like “bonjour, good day” and “merci, thank you”. They will understand that you are an anglo, and just be happy that you had the courtesy to greet them in both languages.

#169 Suede on 09.05.12 at 7:50 pm

of course they have initiative! except for maybe one group…

haha, they had the initiative to apply, shmooze, befriend someone and get the cushy job somehow. It’s not smoking man’s way to fortune, but definitely the tax-fram slave’s way to a comfy life

#170 eagle eyes on 09.05.12 at 8:00 pm

#120 Wolf at the Door
Thanks for the info. Unfortunately, I live in BC and Mr. Silverthorn is in Ontario. But I will go to the library to pick up a copy for my pal.

#171 Cory on 09.05.12 at 8:07 pm

#9Nathan on 09.04.12 at 10:22 pm

Yes, River condos, Riverside Quays, London at Heritage are only some that were complete flops and sit unloved to this day. Yet, more junk is being built now….makes no sense whatsoever.

People are just dumb.

#172 Gordie Canuk on 09.05.12 at 8:08 pm

Stop bitching about how much police officers earn for chrissake….they’re unionized, and as was recently proven by a harvard study…when union membership grows, so does the middle class…and likewise when the labour movement wanes, the middle class shrinks, like what’s happening now.

Organize a union and stop whining.

#173 Ludwig Von Mises Militia on 09.05.12 at 8:11 pm

DELETED

#174 Nostradamus Le Mad Vlad on 09.05.12 at 8:24 pm


Cdn. RE bubble See headline; Where has all the money gone? Ask TPTB — they’ve got it; Hoof-Hearted Vigilante justice in another form? Gina Rinehart “Pretty easy for a woman who inherited $30 billion to say. I wonder if she is ready to live on $2 a day herself?” wrh.com; Solar Panels “More China-bashing” wrh.com; Bug Out Bags Build your own or buy new? Plus Survivalists “With the news being what it is, the world has now come to the point at which a huge shake-up is undeniable – to anyone who has 2 cents worth of brain matter between their ears.”; Global Competitiveness Ranking US slips; Dutch Not giving up their sovereignty, so look for a few stray bullets or poisonings; Secession Texas and a few states have talked about it, Catalonia (Spain) is on the verge of doing it.
*
Ebola Virus The elite’s master plan for removing 90% of us; US – Saudi proxy cells waging war against Russia; Blanket Immunity from the USDA; 4:56 clip “All the wealth of Libya has been stolen, Important people say it has gone to Israel. The Muslim Brotherhood (paid for by Qatar) now controls Egypt and Tunisia and its influence is growing in Libya.”; ‘Net freedom / censorship The TPP; Compiled Proof re: natural healing; Missing Thalidomide was an error, and it seems is this; Cholesterol Too little of it can be just as bad as too much; Regime Change The UK is responsible for Syria. Boot Cameron and all the politicos! Plutonium Wheaties Japan’s breakfast; The TPP Stealth coup.

#175 Toronto_CA on 09.05.12 at 8:29 pm

#173 Gordie Canuk on 09.05.12 at 8:08 pm

It’s true that private sector unions promote the middle class and reduce inequality. I’m just not sure that public sector unions paid for by massive government debt and a growing rift in the wages/benefits of the private and public sector is helpful for society. As you can see here (or read in the comments section of any newspaper online dealing with unions) it really makes people angry when they see something unfair.

And if you try to form a union, as you suggest, in the private sector, it’s likely you’ll see the employer fire everyone and move on if they don’t want to pay for it (see Caterpillar plant in London) or just fire you for trying it.

But I really agree that the middle class shrinking is a serious problem that needs addressing.

#176 EIT on 09.05.12 at 8:29 pm

#96 disciple

People are complaining,… and so are you?!?!

#110 Robert Dudek

We have a different definitions for propaganda, it seems to me like polar opposite definitions.

#157 Ludwig Von Mises Militia

Thanks for backing me up. I’ll get involved eventually still too busy (newborn daughter, EIT soon to be P.ENG Power Engineer). I love to debate liberty and politics to improve my knowledge, i’ll make space for that. Be careful calling for Law and Order however, Stuart Crane (google it, first link) can explain.

———————————————–

People are so engrained in democracy and socialism. I was debating my mom about it, who claims to be a socialist, and she was protesting and running away from Riot Police during the solidarity movement in Poland!! (fall of communism 1989). How can you still be protectionist/socialist/communist after that!!!!

#177 AprilNewwest on 09.05.12 at 8:40 pm

” vancouver prices up” No their not…. some people will believe anything …spin, spin, spin. Did anyone here old Cameron … suppertime newscast… was it Global or CTV??

#178 AprilNewwest on 09.05.12 at 8:56 pm

#144 Mark w.
How can it be a buyers market when the decline really only started a few months ago. According to the CREB home prices have only declined 1% which is not true. How does a reduction of 1% make it a buyers market. We have a long way down to go but that is not what they want to broadcast. The Real estate industry is the most corrupt industry in the world as told to some people by a realtor who took the RE course but dropped out as he refused to do what they were being told to do in their weekly meetings. So much deception and lies.

#179 eaglebay - Parksville on 09.05.12 at 9:10 pm

#136 shifty on 09.05.12 at 3:34 pm
“Some feel police officers are over paid and have gold plated pensions. Well, they pay income taxes while working and in retirement in some cases income taxes more than some people earn. We can discuss what the work is like at a different time.”
_______________

They pay their taxes with my taxes.

#180 Daisy Mae on 09.05.12 at 9:14 pm

169DDCorkum

“Yes. Quebec City thrives off of tourism and Montreal is 50% anglo to begin with.

And if you want to put in a little extra effort to make the locals happy, just say things like “bonjour, good day” and “merci, thank you”. They will understand that you are an anglo….”

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

What will they do for ME? Isn’t English banned…everywhere? If you don’t speak French you’re out of luck? I’m always happy to meet people half way but this doesn’t sound ‘welcoming’ to me.

#181 Grim Reaper/Crypt Speculator on 09.05.12 at 9:14 pm

#163 Nostradamus Le Mad Vlad on 09.05.12 at 6:55 pm

Interesting that eligibilty for CPP was moved from 65 to 67 for the masses? ……..but I am not aware of a a similar adjustment to the civil service?……ie they can still retire early with the same actuarial formula.

Like some posters have the guts to state…the Civil Service wages and pensions are based on the General TAXPAYERS “real world” and their ability to pay.

I bet dollars to donuts that in 10 years MAXIMUM the civil service wage and pension pig out at the public trough will be seriously grounded.

#182 Ex-Edmonton Mortgage Broker on 09.05.12 at 9:15 pm

i knew a cop in toronto who moonlighted as a realtor. (or was it the other way around). why not make a little extra on the side, especially when you can do it on company time and dime. he never even bothered to change out of his uniform when coming into the office to do paperwork.

besides, no buyer or seller is going to say no to you when you’re packing heat.

#183 Robert on 09.05.12 at 9:16 pm

I was in the public sector for over 20 years and left before pension date to pursue opportunities in the private sector and even factoring in puc=blic sector pension and benefits , I make over 50% more per year in private sector doing same work… so it’s not always overpaid in public sector.

#184 eaglebay - Parksville on 09.05.12 at 9:22 pm

#159 truth hammer on 09.05.12 at 6:29 pm
“Civil servants wallowing in the public trough is what drove a tax crazed business owner to start shooting at the PQ convention. He screaming as they arrested him? “People are waking up”. He’s not wrong in his sentiment or his observations. The PQ are very expensive pigs…….and as Canadians we have far too many in the trough as it is.”
_______________

Sounds like the next BC election.
Watch the NDP. The PQ are pussy cats compare to the NDP.

#185 Linda Pearson on 09.05.12 at 9:49 pm

#183Ex-Edmonton Mortgage Broker on 09.05.12 at 9:15 pm

I call BS on that story!

#186 Mntrlr here on 09.05.12 at 9:58 pm

#84 HHH Where are you living in Quebec?
Here in the Plateau, and downtown montreal, Old Montreal and Westmount area prices have soared above 2007 levels and have come close to the same levels per square foot in in Calgary, and surpassed Edmonton, even thought the average household income after tax is 20% LESS in Montreal!
$500,000 for a 1000 sq ft two bedroom in an Area like the plateau where the average income is $56,000 seems crazy to me! It’s really inflated in the Central areas of MOntreal and Quebec city. Sure the outskirts are much cheaper but Quebec has it’s bubbles, sans doubt M.!

#187 penpal on 09.05.12 at 10:30 pm

@ # 166 Suede

“why all the hatred…”

What are you, seventeen years old?

Use a few more ‘new age’ cliches, will ya.

#188 cynically on 09.06.12 at 2:09 am

@99 B?C? – gibberish!!!

#189 cynically on 09.06.12 at 2:27 am

#112 RD – If in Canada you say, by world standards we have excellent government, then those same world standards must be pretty low and with the cost and numbers of politicians in both federal and provincial governments, what are we getting for our taxes – certainly not value. It’s not just two Calgary police officers who are at the teat of government.

#190 In The Doghouse on 09.06.12 at 9:10 am

We can include Ontario in that vote too , what the hell ,,, lets just build a 50’x50′ concrete wall along the Sask / Man border and be done with those money hungry bloodsuckers back east !!!!!

#191 Jonnay on 09.06.12 at 10:19 am

A Franco-Ontarian will always tell you that racism towards francos in Ontario is a lot worse than anglos in Québec. Fully integrated anglos are a big part of the Québec population here across the river from Ottawa, and most of the hate/racism has been exaggerated by the media.

But that’s not what I went here to say. Rather that even in the quiet PLQ majority years, prices over here (Gatineau) were easily 100-200k cheaper than in Ottawa. Prices have gone up about 10% a year average around my area (90s row houses) but they were selling like hot cakes until about May this year. Now I see serious stagnation (basically houses have sold around here since then).

Unlike those who dread at a burst housing bubble of separatist proportions, I prefer to think of the situation as providing me a way to sell my house at a fair price but, unlike my former neighbour-sellers, without renovating it as if it were a mansion. I will then be able to get myself a nice big land on the cheap in the Pontiac, a beautiful rural bilingual region still rather close to the city.

I’m not very much in favour of separation, but if we do, at least we’re not the ones stuck with a Harper super majority forever! :)

#192 penpal on 09.06.12 at 10:38 am

@ # 99 B? C?

Ya, you real gangster homey…

Straight Out Of Compton fo’ sure!

F’ing goof you are!

#193 bigrider on 09.06.12 at 2:50 pm

I”m waiting for those Remax ads from the late 90’s to be recycled below.

” You can’t live in a mutual fund”

This time around ” You can’t live in an ETF”

#194 bigrider on 09.06.12 at 2:55 pm

Garth you harp alot on the debt ratio being over 150% or so for the average Canadian and that being higher than the U.S back in 2006 prior to it’s RE implosion.

Service ratio however is surprisingly low. Perhaps that has become more important measure, given the fact that low interest rates are here to stay for a long time

#195 A in Vancouver on 09.06.12 at 7:59 pm

Garth
Some Realtors and mortgage brokers and manager from RE company said that RE price will go up again next year. So now there are some buyers want to buy now because they think the price is dropped.

What do you think?

#196 Money News. | Canadian Performer's Money on 09.07.12 at 1:20 pm

[…] Garth Turner: “The Parti Quebecois victory is tough news for the Montreal real estate market, given the xenophobic, quasi-racist, isolationist and confrontational signals sent out by the premier-elect during her campaign. An increasingly unilingual, fractious province is not one that investment dollars migrate to, a fact already reflected in house prices being barely 72% of the national average.” […]