Thank you.

For the freedom to write this, to speak my mind openly and truly. I am unafraid of political or economic consequences, as this is Canada. Imperfect as it may be, run occasionally by peckerettes, it affords me this freedom to believe and express openly.

Thanks to the people who come here. The webmaster informs there were 2.3 million page views in the last month. More significant, it’s a microcosm of society, so we hear the angst, anger and ambitions of the young with the wisdom and whimsy of the old. Only one in a hundred visitors makes a comment. Only one in two hundred of those is an idiot. Thankfully.

Thanks for this medium. Or rather, the times we inhabit. Some may think it’s the end of days, but never in history have we been so able to talk, or seen words and web sites change governments and alter history. Someone posted recently this blog is the closest thing they’ve seen to democracy. That’s deeply appreciated, since I lost my seat in Parliament trying to make such a thing happen.

When we found Bandit at the animal rescue, sad and hurt, he had no history. So we decided his birthday would be Thanksgiving. The best day.

Now you know how much I mean this.


#1 Claudia on 10.07.12 at 8:42 pm

Happy Thanksgiving, Garth! Many thanks for your blog. I’m sure you’ve saved a lot of people from overextending themselves financially for overpriced real estate.

#2 Awesome on 10.07.12 at 8:42 pm

So true :) happy thanksgiving!

#3 Ts harpoon on 10.07.12 at 8:48 pm

Garth Turner,

Thank you!

T.S. Harpoon

#4 DD on 10.07.12 at 8:50 pm

Happy Birthday Bandit…

#5 gladiator on 10.07.12 at 8:50 pm

Thanks to you, Sir Garth. May heavens protect you and your family (including Bandit).
If there’s someone that I have to give thanks this year, it’s definitely you.
(btw, we didn’t buy a house in the Annex as I was saying sometime ago – the prices are still insane, so thanks again!).
Enjoy your turkey.

#6 george on 10.07.12 at 8:50 pm

“Well, I’ve been ranting for awhile now about the “biggest Bubble in the history of mankind.” At this point, things increasingly remind me of 1999 and 2006. Bubble Dynamics eventually reach a degree of excess that is too conspicuous to deny. Yet the stakes are so much greater today. The amount of global debt is so huge and the quality so poor. It’s completely systemic and global. Dangerous excesses have gravitated to the core of Credit and monetary systems. Policymakers are now “all in” in a desperate gambit to hold financial and economic fragility at bay. And, dangerously, highly speculative markets seem determined to extend their divergent path from economic fundamentals. It’s frightening how enormous and enormously powerful dysfunctional global markets have become.”

#7 Initia Nova on 10.07.12 at 8:59 pm

Thank you Garth and happy Thanksgiving.

#8 Aaron - Melbourne on 10.07.12 at 8:59 pm

Thanks Garth. This blog has been pivotal in giving me a real post-grad education in finance, economics, history, politics, and the failings of mankind to learn from our mistakes.

Thank you for extending those democratic freedoms to those who post here. I won’t name names, but there are many contributors here that I hold with high regard.


#9 T.O. Bubble Boy on 10.07.12 at 9:01 pm

Give thanks for $1.638M HAM specials, featuring 80’s kitchens and the classic run-down burbs look.

Give thanks that the bubble is starting to burst, and the ponzi scheme can end soon.

#10 sukh on 10.07.12 at 9:01 pm

The government created the bubble through lax lending requirments, and now, to give people a scapegoat, they changed the mortgage rules at the peak of the bubble(closing the barn door after the horse has already bolted). This way, the masses can equate the change in rules (back to prudent lending) as the cause of the popping of the housing bubble and the destruction of the imaginary wealthy they thought they had created by “investing” in a home. Once the bubble mess has cleared, it will become obvious to everyone that the value of real estate must always revert back to a level where it reflects a sustainable living expense (cost of shelter). The reality is, for an economy to work efficiently, there is a limit in regards to the percentage of a families income that can go toward shelter costs. And this is reflected by what new buyers can afford to pay. A bubble creates an inventory overhang, and when it pops, this also causes incomes in the economy to collapse. This results in people actually doubling-up (moving in with family) which increase the inventory overhang, and prices slowly come down to reflect the “new” reality that the majority of people had selectively chosen to ignore.

To learn more about the Canadian housing bubble, please visit http://www.DELETED

That’s two tries tonight to link your campaign blog to this one. I’m not that thankful. Shove off. — Garth

#11 Rainclouds on 10.07.12 at 9:01 pm

Happy Thanksgiving to you too Garth

As a proud canadian who is disgusted with the state of politics your blog is a ray of sunshine against the spin ,obfucation, lies and mindless drivel we endure on a daily basis.

common sense ain’t that common:-)Except on this blog!

#12 LuckyRenter on 10.07.12 at 9:02 pm

Happy Thanksgiving Garth and looking forward to see you in Toronto. All the best to you and your Family.

#13 Toronto guy on 10.07.12 at 9:03 pm

Happy Thanksgiving to all!
I am an immigrant and I am very thankful to this great and free country that opened the doors to my family. There is no perfect place on Earth and even with all the craziness, greediness and bubbled RE market (it’s going to burst), I still love Canada.

#14 tfin on 10.07.12 at 9:04 pm

I still remember the story you wrote in the Sun over 30 years ago about your dog getting hit by a car and dying.
Bandit has a good home.

#15 Victor on 10.07.12 at 9:12 pm

Happy Thanksgiving to you and your family Garth. What you give to all of us here through this blog is appreciated very much.

Thank you.

#16 Steven Baker on 10.07.12 at 9:13 pm

Thank you, Garth, for your thoughts and insight. Your blog is a fantastic gift to those of us who weren’t taught about money growing up.

#17 GTA Girl on 10.07.12 at 9:15 pm

I respect thus post. But I worry that it reflects the hurried ness of the loss if freedoms.

I’ve met the same people Garth has. He met tem when they were beginning, idealistic, full of intentions moving forward.

I met the corrupted. The bad, worse.

I wish I had hope for this country. It so deserves hope. But the people need to wake up.

We have a very corrupt government. Worse tan can be imagined. Wake up, it’s what must be done, to gain back democracy

#18 Old Man on 10.07.12 at 9:15 pm

I have no idea who bandit is, but on a cold xmas day there was this pup sitting at the shopping centre that was freezing to death, and my dad said we will take him home, as nobody cares. My dad taught me a lesson in life, as that dog was filled with love and became a close member of the family for 15 years.

#19 Werner Patels on 10.07.12 at 9:17 pm

Reading this blog entry of yours, I’m truly saddened that you’re not an MP anymore. Your mindset makes you the ideal “politician” in fact (and, no, I don’t mean it in the “dirty” sense of the word).

I can’t tell you how disappointed I have become in our politicians, and elsewhere, regardless of party affiliation, in the last few years.

Even though you’re no longer in politics, I’d like to give thanks for the very fact that you exist and share your opinions.

I only wish there were more Garths out there – in politics, business, education, …

#20 happy renter on 10.07.12 at 9:19 pm

Thanks Garth for your wisdom.Happy Thanksgiving.If we had more polticains like you we would not have as much problems in this country,thats for sure.Canada is becoming a police state.

#21 Van guy on 10.07.12 at 9:21 pm

Everyone in Van now knows prices are coming down. Many are crossing their fingers for a minor corrections. The smart ones have already sold, and the virgins, just can’t buy. This is the beginning of a new era for RE. Thank you for this time, it has finally arrived.

#22 Exile on Main St. on 10.07.12 at 9:23 pm

Thank you for all you do Garth – Despite all the tough talk I sense a person who deeply cares about the little guy.


#23 John on 10.07.12 at 9:23 pm

Thanks Garth…I don’t know of any site dealing with Canada that has such a wide spectrum of opinion. You’ve made an impact. It’s definitely democracy in action.

#24 Village Whisperer on 10.07.12 at 9:28 pm

Thank you, Garth.

For taking the time to post each day. For taking the time to share your thoughts.

It is appreciated.

#25 Bubble Watcher on 10.07.12 at 11:14 pm

Thank you!

#26 Onemorething on 10.07.12 at 11:15 pm

Thanks G-Man, been coming here as you know since its inception. Will hang around until we correct!

All the best from ASEAN!

#27 Min in Mission on 10.07.12 at 11:15 pm

Happy Thanksgiving Garth, and to all the “Blog Dogs”.

And a very Happy Birthday to Bandit!! Hope you get lots of attention from the Amazons!!

#28 squidly77 on 10.07.12 at 11:18 pm

Freedoms must be fought for every day as there are many that wish to take them away.

First they are yours rights, then they are re-classed as your privileges, then they are forbidden.

#29 Nemesis on 10.07.12 at 11:20 pm

“since I lost my seat in Parliament trying to make such a thing happen.”…

Yes, OldPol. We know. That’s why some of us are here. DayIn. DayOut.

And the NaughtyPictures, too. OfCourse.

#30 squidly77 on 10.07.12 at 11:21 pm

Turkeys and real estate specuvestors have much in common this long weekend in Canada.

#31 bps on 10.07.12 at 11:22 pm

from Australia, Thanks Garth.

#32 wendi1 on 10.07.12 at 11:27 pm

Garth – thanks for your honesty. Even though I am not considering buying real estate at all (and haven’t ever since I found out what a “cap rate” is), I keep reading your blog because of your honesty and passion.

All too rare. Happy thanksgiving to you and those you love.

#33 2centsCdn on 10.07.12 at 11:28 pm

Thanks Mr. Turner and Happy Thanks Giving everyone. As crappy as this countries politics policies and economics can be at times …… all things considered, we’re still a pretty good bunch of people in one of the better countries in the world to live. Sure things could be better ….. but look around at other countries …… things could be a lot worse.

#34 Timbo on 10.07.12 at 11:32 pm

Happy thanksgiving all

#35 Silent fan on 10.07.12 at 11:35 pm

I read your blog everyday for the advice and the humor in the comments. Thanks for being there.

#36 Blasé on 10.07.12 at 11:39 pm

your site has been the gateway for me to learn about every aspect of personal finances. I’ve passed on what Ive learned to family members and friends. it takes time and bring burned for most people to clue in to reality. thanks for being there when we need you, Garth.

#37 Dodged-A Bullit-in-Alberta on 10.07.12 at 11:39 pm

Greetings: This website has given those Canadians who Stephen Harper considers useless, a voice. For that I thank you. It is my hope that the internet may some day truly allow representation of the people to those who really care about the “people”, and not political lackys, and arse kissers. Thank you Mr. Turner, Len Jalbert, Medicine Hat, Alberta.

#38 Mic D'angelo on 10.07.12 at 11:40 pm

Thanks to the so called experts saying interest would rise by now by at least 2 percentage points by 2012 in as short-term rates via Bank of Canada. Strike 1,2,3 your wrong. Long-term to intermediate government bond yields are at least 2.15 percentage point or 215 basis lower than 3 thanksgivings ago.Thanks to destroying the savings and hard work ethic and making debt the false hope of every citizen in dreamland. Thanks.

#39 Susan London Area on 10.07.12 at 11:40 pm

I’m thankful for my dogs too, they make me laugh everyday. Infact here is an experiment to try if you want to find out who your real friend is. Put your souse and your dog in the trunk of a car for an hour, when you open the trunk which one is really happy to see you. Ha Ha kidding but worth thinking, about Happy thanksgiving all.

#40 Old Man on 10.07.12 at 11:45 pm

#18 Old Man – will not leave you off the hook for the rest of this story, as my dad lived through the dirty 1930’s, and rose to the ranks in Canada as the VP of a huge corporation. My mom hated dogs, and when my dad brought it home as a rescue project he put the pup in the coal bin in the basement; it was a female about 3 months old.

My mom during the night woke up, and said there is a dog barking from the basement, and my dad had no choice but to tell her all, so she said now what? He said the pup must come upstairs, and when she saw it said omg she is so cute, so my dad made a bedding for this pup, but he slipped an alarm clock under the bedding for the pup to hear the tick tick, as if it was her mother’s heart beat.

The next morning my mom turned from a hatred of all dogs which was a transformation into love, as her main concern was water and a feeding, as she bonded with this pup, so there is a moral to this all because hatred can turn into love and caring under all circumstances.

#41 daystar on 10.07.12 at 11:51 pm

Happy Thanksgiving right back at you Garth for all your own contributions, this fine free forum for us blog dogs to express ourselves, your keen intellect, stories, humor, wit and wise soul. You’ve helped me profoundly in ways that intangible and hard to describe but it leaves me no less grateful.

Thanks again!

#42 Montrealer on 10.07.12 at 11:53 pm

Thanks Garth!!

#43 TnT on 10.07.12 at 11:53 pm

Thanks Garth :)

#44 samiam on 10.07.12 at 11:56 pm

Thanks a lot Garth for your time and dedication to educate the people who unknowingly jump into the RE madness and bond themselves to the chain of debt.
I had always heard ‘Common sense is not common’ So true.
Happy Thanksgiving to you and your family. Thanks for writing and hopefully saving some FOOLS from becoming GREATER FOOLS.

#45 Victoria on 10.07.12 at 11:57 pm

Thank you … for everything.

#46 tf on 10.07.12 at 11:59 pm

I’ll comment today.
Thank you!

#47 johnofc on 10.08.12 at 12:01 am

Thanks for the educationall
All the best to you and family

#48 Nostradamus Le Mad Vlad on 10.08.12 at 12:03 am

Great pic and terrific post, esp. about Bandit. Thanks for the blog. Enjoy Thanksgiving, y’all!
#264 Smoking Man on 10.07.12 at 5:44 pm — “Learn to be a smoking man. Your only salvation” — The same Smoking Man as in The X-Files?
Renmibi If it’s a ‘new’ currency backed by gold, probably; Target the Poor while the gap widens; 1871 “And of course the only reason that the US Government had to borrow money is because Lincoln was assassinated and his Greenbacks removed from circulation.” and Protecting Themselves; 1:27:29 doc. Catastroika, The Debt Oligarchs; 7:32 clip “Manufacturing has been destroyed. And therefore no income. Powerful corporations are happy with this.”; Freak Out Not Zappa, California; Lagarde, IMF and Greece “The pumps on the Titanic were productive, too. The debt problem will never be solved until the people of the world shut down these private central banks which by design always create more debt than they create money with which to pay that debt!”; The International a.k.a.. The Four Horsemen of the Petro-dollar; Detroit from a cop’s perspective; Love Austerity! he Brits. do; SCO Shanghai Cooperation Organization produces roughly 26% of the gold in the world, and this is where it stays; Baby Boomers (us) apparently destroyed the economy.
Down Syndrome Student Homecoming Queen; Mad Squirrels The damage these critters do is beyond belief; Couple of clips Atlantis found off the coast of Cuba; Devil Dogs Heroin addicts; Sign of the times? Fire-ari; Do animals look like people? Apparently so; Health Care not at its finest. USA = East Germany The US is worse; CIA turning on Obomba? David Icke Live on the ‘net Sat. Oct. 27; Fracking a Volcano off Oregon This will be a nice surprise for the company in question; IKEA Stonehenge These guys have been around since before time; RFID Monitoring and DNA profiles — Brave New World; 2:09 clip Monsanto doesn’t want anyone to see this.

#49 sukh on 10.08.12 at 12:07 am

Well played.

I will also keep track of the comments I tried to post as I believe that I will be proven right in time, and your true strips will also eventually be revealed. .

Is it possible that you through “reverse psychology” are an operative for “F”, and government in general? You get how things work. Now, they just play your strengths (the “credibility” you have for having previously opposed the government and from having been against the housing bubble, although you have not been honest on why it was allowed to occur).

Is this the type of comment that it is going to take to get a response from you (or have you post to make it appear that I must be off on some conspiracy tangent)?

Maybe it’s time for you to shove off.

I’ll leave it at that.

I don’t “need” to have a dialogue with you. I just wanted to get a better idea of where you really stand so that I could better understand your angle, and try to figure out the real level of integrity you have.

But, I see that you are now a “financial advisor”, so enough said.

Whether you publish this or not means nothing to me. I just wanted to say what I felt needed to be said.

#50 chaser on 10.08.12 at 12:08 am

You’re welcome

#51 Hawk on 10.08.12 at 12:12 am

Happy Thanksgiving, it is a great country Canada, bubble or no. In a world of darkness, strife and mayhem, it’s a shining light in the living planet.

God bless Canada!

#52 van girl on 10.08.12 at 12:12 am

I am thankful for all the information that you provide here. I am a 29 year old renter and I have not bought into the idea that if I can afford the monthly payment than I can buy it. I appreciate that it appears that I am doing the right things by not following the masses….thank you Garth!

#53 Merina on 10.08.12 at 12:13 am

My husband and I have been reading your blog for over two years and sold our house in May of 2010. At the time, our friends and neighbours all thought we were crazy, but now they all ask us how we knew that prices were going to come down. We tell them that we read Garth Turner! Thanks, Garth for sharing your knowledge. Your wit and wisdom are much appreciated.

#54 Bill Gable on 10.08.12 at 12:16 am

Thank YOU, Mr.Turner.

Happy Thanksgiving to your Family and hope Bandit enjoys his ‘special day’, too.

Thanks for the blog.

It is truly a “Must Read” – each day.

#55 45north on 10.08.12 at 12:24 am

happy thanksgiving Garth

#56 Retired Boomer - WI on 10.08.12 at 12:24 am

Many more Happy Thanksgiving Days for GT & Bandit, and the rest of the blog readers, and commenters.

I have learned much here, as I’m sure many others have as well. Did it change my life? No, but it has made my insights broader, the understanding of events deeper, and my delight of several distinct blog writers a treasure to read.

It has been fun, keep the comments going throughout the changing times!

#57 Peter on 10.08.12 at 12:26 am

Happy Birthday to Bandit and a Happy Thanksgiving and God’s blessings to you & your family Garth.

#58 Lucas on 10.08.12 at 12:30 am

I’m wondering how many Toronto-based Real Estate agents will be at the Toronto meeting. I think you should allow them to speak at some point to get their point of view heard.. This can be a better show than going to a comedy club!

#59 Cici on 10.08.12 at 12:37 am

And thanks to you Garth,

For sharing all of your time, dedication, wisdom, experience, financial and political knowledge, and general good-guy observations and antics.

I read you regularly to add a touch of sanity to each day, and enjoy reading all of your blog dogs too, both the good and bad. Very entertaining, especially in comparison to mainstream news and media.

You are a true Canadian in every real sense of the word, and your contribution is worth its weight in, well…GOLD, LOL!

Happy Birthday Bandit!

(…and bye the way Garth I’m stealing your idea: from this day forth my adopted Kitty will also have a birthday, and it will also be Thanksgiving Day.)

#60 Scalgary on 10.08.12 at 12:46 am

Thanks Garth…!

This blog makes every day of mine interesting!!!

Warm Regards…!

#61 Freedom First on 10.08.12 at 12:47 am

Happy Thanksgiving Garth, and all the blog dogs!
It is comforting to come to Garth’s blog, where there is the truth revealed.

I too love Canada, and the people in my life know I never even buy a lottery ticket, because I always say I have already won the lottery. I was born in Canada.

#62 Scully on 10.08.12 at 12:52 am

I would be classified as one of your many lurkers. I have been reading your blog for several months and just wanted to say thank you for your practical wisdom delivered with a touch of wit – not enough of that these days, and the refreshing forum in which many ideas can be expressed. I have learned much. I would also like to thank the blog dogs for spreading the word as I found your blog from a link to the Huffington Post. Keep spreading the word dogs, the message is getting out.

#63 Timbo on 10.08.12 at 12:54 am!

Spain Police Beating Everyone: A Warning To America
content warning….

Iorio says the once 2,000 strong force is shrinking rapidly; since the start of summer, hundreds of officers have left the department.

“These are the men and women who we look to protect us… and police officers can’t protect you if they’re not there. Officers are leaving simply because they can’t afford to stay in Detroit and work 12 hour shifts for what they are getting paid… These police officers are beyond demoralized, these officers are leaving hand over fist because they can no longer afford to stay on the department and protect the public,” he said”

It’s all good, inner peace will reign down on the masses.

#64 LG on 10.08.12 at 12:54 am

I took an old dog home with me just before Christmas in 2009. She’s about 12 years old now. Had lived under the house of her previous owners (in Cape Dorset, Nunavut) having puppies every year.

I promised her a comfortable old age and she is now a puppy (with some arthritis and a few less teeth). Such energy and love!

So many wonderful animals are waiting for adoption.

#65 brainsail on 10.08.12 at 12:55 am

Our rescue dog is an elderly Cocker with one eye named S’more and is a certified therapy dog with the Austin TX Devine Canines org. My wife and S’more spent two hours of volunteer work today at the orphan’s home. It is sad to think that orphan’s homes actually exist in this day but they do.

For some reason it was very hard to find a turkey some thing this time of year but we managed to find a huge turkey breast and have successfully celebrated Canadian Thanksgiving. S’more loves turkey.

Garth, thanks on this special weekend for your support for free speech!

#66 cj on 10.08.12 at 1:09 am

Thanks, Garth for staying true to yourself. We have all benefited from your personal experiences and worldly views

#67 Chasicakes on 10.08.12 at 1:12 am

Thanks Garth…a happy renter in Vancouver since July 2011 thanks to your advice. You saved my bacon.

#68 Loon on 10.08.12 at 1:19 am

Thank you Garth, you give me paws.

#69 Old Man on 10.08.12 at 1:29 am

Garth Happy Thanksgiving and will leave it to others, but this is for you!

“Be not afraid of greatness, and some have greatness thrust upon them.”

– William Shakespeare

#70 geofferson on 10.08.12 at 1:29 am

Thanks for the consistent effort on here, my wife is a full time blogger so I can somewhat image how much work it is! Garth I’m curious – how many uniques on the 2.3 MM page views?

#71 Burnt Norton on 10.08.12 at 1:38 am

Thanks Garth for all your work. You have helped us immensely.

#72 Puzni on 10.08.12 at 1:43 am

Thanks for all your work Garth!!!

#73 Marco from Van on 10.08.12 at 1:44 am


From me and mine, thank you and Scott for making our day to day lives free from economic worries.

You both are good men, where “good” is meant in its absolute form (in this age of inflated adjectives). You are try to your word.

As a recent immigrant we adopted the Canadian way, which represents a kind and benevolent justice across all facets of tolerance.

We have spent 2 wonderful years in this nation which is built on a history and principles of earlier generations that absolutely need to be protected.

Before anyone comes here for financial or security gains they need to understand there is a requirement to respect what sacrifices were made by those who preceded them in order to provide the cultural environment of the present Canada.

In my household, despite having come from afar, is to ensure we become “Canadian” first and that what we found here can be passed on to others undiluted.

Thank you Canada and your people, may you remain as you are and gain the wisdom to understand that despite your criticisms from within you are still the envy of those on the outside.


#74 Wicked as it seems on 10.08.12 at 1:44 am

Happy Thanksgiving Garth!…..having arranged my affairs after reading you for 4 years and now knowing I can comfortably retire and travel!…god how I learnt to love liquidity!

#75 Junius on 10.08.12 at 2:04 am

Happy Thanksgiving everyone!

#76 Steve on 10.08.12 at 2:20 am


I didn’t appreciate you when I lived in Georgetown during Mulroney’s terms and looking back had I known, I might have had different opinion of you. However, hindsight is always 20/20.

My wife and I plan to move to Japan for her to be with her family and honestly, I plan to read your blog over there and try to apply what little gems of wisdom and insight you can provide to enrich our lives as well as that of my son.

If this is what happens when one goes against the grain and speaks out because it needs to be said, then you shame all of us here with your courage and need to do the right thing.


I think that sums up the lot of us, myself included.

#77 Oceanside on 10.08.12 at 2:50 am

Sold March 31, 2011…Liquid, don’t follow all your advice but take what we need and are appreciative of that. Have shared this with many, some don’t like what they read but all admit that the logic is fair…

#78 Finally on 10.08.12 at 2:50 am

Thank you, I love you!

#79 Jane24 on 10.08.12 at 2:56 am

Thank you Garth for reminding us expats that it is Thanksgiving. I’ll hit the phones right away and tell the Canadian lot that I only remembered through my morning website.
Cheers as they say here.

#80 DML on 10.08.12 at 3:19 am

Thanks Garth,your advice and insight have helped me

#81 Genxer on 10.08.12 at 3:36 am

Great post Garth. Good reminder of how fortunate with all are in this nation.

Also timely considering that 3 blogs pertaining to real estate were all down as you posted this. Did someone attack your Site again? It seems very coincidental that 3 separate Canada bubble oriented sites all went down simultaneously.

I was scared someone had started to censor your words – glad to see they are still flowing freely!

#82 Scotiaman on 10.08.12 at 3:45 am

Garth: I read your blog faithfully, but rarely comment. I’m sure Bandit has shown you as much love as you have him. Bandit’s love for you is unconditional, unlike most people. I hape you and your family have a very Happy Thanksgivng as in Canada we have much to be thankful for …. inspite of our persistent whining! <:)

#83 Buy? Curious? on 10.08.12 at 4:10 am

Take a break, Garth. The housing correction isn’t going to slow down just because you take a day off once and a while.

#84 Mr Buyer on 10.08.12 at 4:14 am

I know I am going to regret this but I wonder how many Chinese people in the command economy that is China get to read blogs like this. How sending a huge chunk of manufacturing there is a good idea is beyond me really. I think even Marx was up for capitalists developing eutopia and then giving them the boot but now I am starting to sound like an old cold warrior which I am not. I hoping there will not be war as we approach the carrying capacities of various ecosystems around the world. How did the saying go, hope for peace but prepare for war.

#85 live within your means on 10.08.12 at 4:30 am

Happy Thanksgiving to you Garth, Dorothy & Bandit. Your post brought tears to my eyes. Enjoy every moment with Bandit because ……..

“Dogs’ lives are too short. Their only fault, really. ~Agnes Sligh Turnbull”. We know.

We’re animal & wildlife lovers. We spend lots of $$$ feeding all the birds. DH was using a table saw today on the deck 3+ ft. from various bird feeders – yellow finches, red gross beaks, black cap chicadees, morning doves, blue jays, etc. They didn’t budge. They’re just so used to us and know ‘where the table is set’.

#86 Plirr on 10.08.12 at 4:40 am

I find it interesting that you don’t capitalize more on your blog’s popularity. I appreciate it.

But I do find it ironic.

You of the advice not to waste/lose money. Yet, being in the web marketing business myself, your site’s traffic metrics are essentially currency. Page views are the currency of the web.

Anyways, just find it ironic that you rely on a “webmaster” (who has that nowadays anyways?) to let you know your traffic count when you are so incredibly up to speed with regard to exactly where your dollars are and what they are doing.

That said, very much enjoy your blog over the years. And I appreciate its largely non-commercial nature (other than raising your profile and selling books). It’s refreshing.

#87 Crash Calaway on 10.08.12 at 4:49 am

#28 Squidly 77

“Freedoms must be fought for every day”

So true.

Freedom… some assembly required!

#88 Vernie on 10.08.12 at 5:27 am

Thank you Garth for all that you do.

We moved to Ottawa this summer and decent SFHs were minimum $400K.

Your insights helped us to reconsider the automatic response of buying, whenever you sell a house, and we are now happy renters and investors.

Happy Thanksgiving to all.

#89 Plain guy on 10.08.12 at 6:20 am

Happy Thanks giving G. I appreciate the great work you are doing.

#90 LH on 10.08.12 at 6:22 am

Thanks for my fortune to own several positive cash flow sfhs in C01 and c02. Thanks to Garth and smoking man for daily inspiration and Good cheer. Most of all, thanks for the family, a loving wife, three healthy kids. Renter or owner, 1% or 47%, family is the most important. A happy thanksgiving to all!

#91 Keen Reader on 10.08.12 at 6:39 am

Hi Garth,

Thanks for the great work. I’ve enjoyed your sound advice and sarcasms alike, while occasionally shedding a tear or two for the nice human and pet stories you’ve shared with us. Thanks to most blog dogs as well, though Sukh isn’t playing nice today!!


#92 David B on 10.08.12 at 6:39 am

Happy Thanksgiving to one and all. Something very special happens when a stray tired unloved dog is taken in a warm loving home. It is called true love ……

#93 Big Bear on 10.08.12 at 6:54 am

You’re thanking us???
My dear Garth, I can count on one hand the people who have influenced me and really educated me in my life. You are up there close to the top of the list. Others have had more influence only to show their agenda over time. You have yet to disappoint and I don’t believe you can at this point. My eyes are wide open thanks to you and a few other bloggers unafraid to speak truth to power. The information age is blowing the lid off of the corruption and greed we have to work with (until it comes apart). Truth seekers know when a story is disinformation (ie anything from CREA or Sherry Cooper) the duped among us have a harder time spotting it. Above it all are international privately owned central banks with no allegiance to any country, with the power to create money from nothing and charge us interest for their trouble. They keep it alive and well by hiring thugs and presstitutes while buying the loyalty or blackmailing any politician who steps out of line. How else do we explain the reversals by F, the chest thumping by the suspiciously single Baird (just come out already), and the secrecy around the PMO and his lust to kiss Israeli ass? The greatest pyramid scheme in history is hiding in plain sight, but we are too distracted to take time to see it and do something about it. Many levels below we find some comfort knowing that if we don’t follow the herd, we can still make some choices and avoid being overly fleeced by the evil that is usury based banking. They still get their cut one way or another, that’s life at the moment. But, for the comfort of no longer being chained to a mortgage north of Victoria BC in a commission job in an economy that is rushing off a cliff, I thank you sir! You have saved this life, my marriage and I am now having the same impact on others who are waking up to how they’ve been duped by RE and sold out to central banks. We are their biggest fear, that’s why they are training idiots to police us. They will needs psycho’s to kill for them when we reach critical mass and line up at their gates. Occupy was a good start, when the cops lose their pensions to these scum, then things will get interesting.

#94 Rob now in Nova Scotia on 10.08.12 at 7:06 am

Happy Thanskgiving Garth and Dorothy.

I love reading your blogs even if we don’t see eye to eye on precious metals.

The only thing you could do to make the site more democratic would be to host opinion polls but then it would be perfect. No, I change that: you being elected again would be perfection.

Keep up the good work.


#95 live within your means on 10.08.12 at 7:14 am

So true #28 squidly77 on 10.07.12 at 11:18 pm & me too #29 Nemesis on 10.07.12 at 11:20 pm.

#96 William McNabe on 10.08.12 at 7:15 am

>>For the freedom to write this, to speak my mind openly and truly. I am unafraid of political or economic consequences, as this is Canada.

I am not aware of any countries where writing about real estate would have ‘political or economic consequences’.

Conversely, as you should know, a British MP was recently banned from Canada because the government didn’t want the Canadian people to hear what he had to say.

Perhaps you could stick to writing about what you know best.

#97 Alliston on 10.08.12 at 7:25 am

Happy Thanksgiving, Happy Birthday and Thank you:-)

#98 David McDonald on 10.08.12 at 7:49 am

Happy Thanksgiving!

There are two blogs I read daily, yours and Krugman’s. I don’t necessarily agree with everything either of you writes (for instance I am betting on a recession next year) but your opinions are essential reading.

Krugman may have a Nobel prize but you write better and have more heart.

#99 THE CELIAC HUSBAND on 10.08.12 at 7:50 am

And thank you from France. May your Turkey be as enlarged as a Goose liver here in France….

#100 young & foolish on 10.08.12 at 7:56 am

There are many “truths’ out there, some not so convenient, some even barred from our “open” society.
Either way, on this special day, let us be thankful for the freedoms we do get to enjoy!

Thanks for this blog!

#101 TurnerNation on 10.08.12 at 8:05 am

And this is why we are living in “Turner Nation”!

“One Nation Under Dog”.

#102 Ano - GTA on 10.08.12 at 8:22 am

Happy Birthday Bandit!!!

Garth – Happy Thanksgiving…

#103 TurnerNation on 10.08.12 at 8:24 am

About Entrepreneurship again…I read of a long-standing family restaurant on Toronto’s Queen St. East this time being kicked out in favour of a corporate client who’s offering $1000 extra. Totalling $6000/month for rent.
Ma and Pa don’t stand a chance.

#104 Renting In The GTA on 10.08.12 at 8:36 am

My wife and I strongly believe in you Garth.

We are Saving, Investing with a Balanced Portfolio, Staying liquid, and most importantly… Renting while we wait for the Real Estate market to correct.

Happy Thanksgiving everyone!

#105 maxx on 10.08.12 at 8:59 am

Cher Garth,

Happy Thanksgiving to you and yours. I’ve gained so much from your wisdom and also that of the blog dawgs.

You deserve the Order of Canada.

#106 TurnerNation on 10.08.12 at 9:00 am

Free speech? A somewhat major monthly Canadian magazine agreed to print my Letter to the Editor. I was going to poke a few holes in the “logic”, of a well known extremist mouth piece (think Pro-harper, pro-zionist).
In the end I asked them to not publish my opinion.
After witnessing the harper regime’s dirty, power hungry actions I decided I’d lay low. True story.

China much? It’s here.

#107 TurnerNation on 10.08.12 at 9:08 am

Example: Toronto’s mayor was brought in via a war against us. He’s part of the stated Harper Trifecta (Harper, Hudak, Ford)

See what they think of us. Nice eh? The Canadian way?
Try to cross them. Dare ya. I wouldn’t.

His Campaign manager’s words:

-A lot of people have the impression you ran a dirty campaign. What’s your reaction to that?
” The fact of the matter is, all your downtown champagne-sipping socialists can’t understand how some kid from Windsor came in and kicked the shit out of them. It happened. They should get over it.”

#108 Derek R on 10.08.12 at 9:08 am

Oh, gosh, Garth, now you’re making us all blush. We love reading your posts and you like reading (most of) our comments. Enough said. Now eat your turkey! And since it’s his birthday, I hope Bandit gets some too.


#109 Echo on 10.08.12 at 9:12 am

#49 Sukh: Wow, you’re a tarnished soul, and arrogant. On top of these character flaws you actually believe that it is impossible for something good to exist. How sad.

Thank you Garth for who you really are and the generosity of your soul. You are priceless and have provided people with an education in liquid investment strategies that even the educated that come here would never have access to. You are a wonderful, brilliant teacher with integrity so obvious it’s dripping with sweat. (and someone should tell this self-absorbed control freak that 99% of people who come here don’t have the minimum needed to invest with your firm. (the ones that do are very lucky to know of you,) As for those who pay to sit down for a chat that NOONE else will have with them due to lesser brilliance and/or wisdom from the service provider, or simply a hidden, self-serving agenda, those people are also lucky to have access to you and know it, I’m sure.

Again, thank you for your generosity, your kindness, your brains, your balls, your nourishing/educational writings, and your unrelenting wisdom. You are simply a gift.

#110 Echo on 10.08.12 at 9:35 am

#49 Sukh:
p.s. Only someone with real passion and deep-seated integrity could write such content every…single…day. Anyone with lesser character could NEVER pull this off. Actually, there are many great people that could never muster such talent & dedication.

Try some critical thinking from an intellectual & reasonable perspective for a change.

#111 ballingsford on 10.08.12 at 9:38 am

Happy Thanksgiving Garth! And thank-you for all your giving!

#112 Shaun S on 10.08.12 at 9:46 am

Thanks for all you do, Garth.

#113 Daisy Mae on 10.08.12 at 9:56 am

#49 Sukh: “Whether you publish this or not means nothing to me. I just wanted to say what I felt needed to be said.”


Fine. Good-bye.

Thanks for everything, Garth, and Happy Thanksgiving to you and yours.

#114 cmccullo on 10.08.12 at 9:58 am

Excellent blog. You have a great sense of humour – and one heck of a work ethic. Thanks, and Happy Thanksgiving.

#115 Toon Town Boomer on 10.08.12 at 10:06 am

When everyone was buying houses all around me this blog validated what I believed about housing prices (insane). I couldn’t understand why everyone was buying them. I guess they felt they had no other options because these were the prices. It’s not always an easy road to go against the herd mentality as you very well know, but it does have it’s rewards. I’m so glad I found this blog. It not only validated my beliefs , but gave me HOPE in uncertain times. Thanks for all your work and dedication to this blog. Thanks to all the posters as well.

#116 Julia on 10.08.12 at 10:13 am

Thanksgiving is my favourite holiday too. Anything that gets people to reflect on what they are grateful for in life is the best medicine for our world.

I am grateful to have found a blog where people of all political beliefs can share them respectfully (mostly) and to live in a country where people are free to do so safely and I’m grateful to have a job and enough money to worry about what to do with it.

Happy Thanksgiving Garth, Bandit and all you crazy Blog dawgs who entertain and educate me every single day.
You have become an integral part of my life and one that I am grateful for.

#117 John in Mtl on 10.08.12 at 10:22 am

Happy Thanksgiving to you, Mr Garth. And thank you for making time to write this blog, day after day; constantly reminding us to “be careful out there” with money and real-estate. You are making a difference, if not in the world, at least for those millions that come and read your thoughts and musings!


#118 Maka on 10.08.12 at 10:26 am

Thank you Garth for sharing your ‘Financial Wisdom’ with us.

#119 Daisy Mae on 10.08.12 at 10:28 am

#92 Big Bear: “Others have had more influence only to show their agenda over time. You have yet to disappoint and I don’t believe you can at this point…”


Well, you know what they say: “Oh, what a tangled web we weave, when first we practice to deceive”.

We never have to worry about Garth! LOL

#120 Tony on 10.08.12 at 10:28 am

Garth is saving the Canadian taxpayers a fortune by posting the obvious future of the Canadian real estate market. We the taxpayers would have to pick up the tab for all the foreclosures after the CMHC fades into oblivion. Less foreclosures means the taxpayers pay less.

#121 DR. WAYNE on 10.08.12 at 10:36 am

Thanks for family … that’s for this blog (which I read every morning) … thanks for your insights, Garth … and thanks for the fact that no idiot posted ‘FIRST’ …

#122 Ronaldo on 10.08.12 at 10:39 am

Thanks Garth. Been following your blog for past 4 years. Read every one although don’t have the time to read every post by the dogs. Interesting to watch things unfold as you have predicted these past months. Good for you for keeping up the momentum in revealing the b.s. that is being spewed by the real estate cartel and the various banks economists (not all of them though). Don’t know how you do it but appreciate what you are doing for the average (not ordinary) Canadians. Keep up the good work. We need a voice like you to help us sort through the b.s. that the media keeps spouting particularly in the real estate area.

#123 Daisy Mae on 10.08.12 at 10:40 am

#105 Turner Nation: “After witnessing the harper regime’s dirty, power hungry actions…”


We live in a democratic society so thankfully, we can oust him in a few short years. You know…rectify our past mistakes?

#124 Don't read his post on 10.08.12 at 10:40 am

I thank my friend who emailed me this link about two years ago. Since then I have not been blind. I’ve made some pretty cool moves and have a bit of liquid cash with me
Thanks Garth :)

#125 brainsail on 10.08.12 at 10:45 am

If an apple is left on it’s tree too long and not picked at the right time nature takes its course.

Thank God I was able to convince my 90 some year old mother to sell her 300 shares around the $700 mark. Hit a low of $636.66 so far this morning.

#126 phinny on 10.08.12 at 10:48 am

If wisdom is truth learned from others… ahem… thanks for all your posts. Staring at my new baby, I think the wisdom I gained from reading your posts- values of frugality, financial discipline but with the wherewithal to take some chances, will be a great help to my young family.

So, thanks for that Garth! Happy Thanksgiving, even to the socialists, the entitled, the braggarts, the non-Albertans and the crazies, hunkered down in their bunkers, eating spam!

#127 Bubble Watcher on 10.08.12 at 11:01 am

#83 Mr Buyer on 10.08.12 at 4:14 am

How sending a huge chunk of manufacturing there (China) is a good idea is beyond me really


Hey, Mr. Buyer, your countrymen is answering to your call:

Japan Carmakers to Cut China Production by Half

Cheers to your success. Please keep up your good work until they all get the f*** out of China.

#128 Sam on 10.08.12 at 11:03 am

Thank you Garth and happy Thanksgiving.

#129 Herb on 10.08.12 at 11:06 am

In the spirit of the Viet Nam War joke about the North Vietnamese cadre who spent three months humping two mortar bombs down the Ho Chi Min Trail and on arrival was thanked for his efforts and told to get two more, keep going, Garth.

Happy Thanksgiving to you and yours, including the blog dogs.

#130 DM in C on 10.08.12 at 11:22 am

Thank you, Garth. Happy Thanksgiving to you, your family and to all blog dogs.

#131 Rural Rick on 10.08.12 at 11:35 am

I have enjoyed your writing since your days at the Toronto Sun. You make me laugh a lot. You also made my families financial future more secure. A Happy Thanksgiving to you and yours and a very Happy Birthday to that lucky dog Bandit.

#132 DON on 10.08.12 at 11:56 am

Where else can you connect with folks from all demographics – this blog is addictive – I use it to gain an understanding of how others perceive the state of affairs. It has truly morphed into something much more than I expected.

Thank you Garth and fellow blog dogs for the medium exchange. Now pass the turkey. Happy Thanksgiving all!

@ Old man – thank you for sharing the past. Much appreciated.

#133 SCIB on 10.08.12 at 12:08 pm

Im confused!
I can’t figure out why the building permits are going through the roof in Vancouver.
If housing is soft and the new buyers aren’t there, then why would the builders be taking such a risk?
Anyone have a theory?

#134 Just Park It on 10.08.12 at 12:13 pm

Garth, I thank you for writing such a masterful blog. When I began searching the net in 2005 regarding the housing bubble – the only content I could find was Ben Jones from the States.

I enjoy your prospective and other’s. I am 100% convinced we will seem very troubling times for the next 2-3 years – you can only kick the (debt)can down the road so far. I believe you would be rigth Garth if the US actually started to tackle it’s debt problem – but until places like Detroit actually are on the mend.

Thanks for your blog – and a special thanks to all those who add comments – you don’t have to agree with any of them – but to consider one’s position makes you that much more knowledgable.

Cheers and gobble gobble –

I believe growing up in the 70’s was the best time in Canada – we are now a puppet that talks big with a small stick – this country is sad indeed.

#135 HDJ on 10.08.12 at 12:31 pm

Garth, Thanks for the noteworthy and valuable contribution to this country. Speaking the truth to lies and distortions is a noble endeavour.

#136 sukh hayre, cga on 10.08.12 at 12:36 pm

To those who have misinterpreted my intentions, I apologize. I wish I could provide you all the facts so that you could make a more informed judgement.

“Strive not to be a success, but rather to be of value.” – Ghandi

#137 sukh hayre, cga on 10.08.12 at 12:39 pm

I can’t believe I just misspelled Gandhi. :)

#138 bill on 10.08.12 at 12:47 pm

Happy Thanksgiving Everyone!
Thanks for the blog and advice Garth.
And a happy birthday to Bandit! hope you get lots of turkey.
Adele ,Bill,Fiona and Nezumi

#139 Guy1 on 10.08.12 at 1:07 pm

Thanks for constantly reminding me (yes, even me with my post-material sensibilities) of what’s really important in life – good people, great experiences, and not just the wooden, brick, or stone boxes that contain or restrict them. Keep well and stay incredibly/wonderfully tough about the facts…

#140 TurnerNation on 10.08.12 at 1:08 pm

#122 Daisy Mae

Ha I almost long for yesteryear’s leaders. Somewhat incompetent, sure, but more harmless by way of nature.

Let’s see.

– Cretien: throttled protestors himself. Saved RCMP security money!
– Mulroney: Who doesn’t misplace an envelope full of cash, every now and then?
– Mel Lastman former Mayor of Toronto: worried about cannibals eating him while on his African trip.

Today we have “you are either with us or with the ______” [insert scary group].

Mayor Ford is a mini Bush Jr.:

#141 Linda Mulligan on 10.08.12 at 1:16 pm

So much to give thanks for & so few people do – why? We live in a blessed county with no civil war, freedom & some of the best benefits in the world – where else does even a street person have access to health care? Case in point – my mom rushed to hospital due to seizure – brain aneurysm discovered & given no less than 7 MRI/CAT scans, plus state of the art treatment to ‘pack’ the aneurysm so it could not break. If we had been US based it would have wiped our entire family out financially to pay for her treatment – alternative would be to let her die if we could not pay. Lady in bed across from her, with same condition but visitor from out of country who had NO medical coverage – her family was on the hook for over $500,000 in medical costs & rising – these just ordinary people, no CEO’s or high end earners to be able to pay that kind of money & their mom was looking at months of therapy to learn to walk/talk again. We may pay high taxes in Canada, but at times like these it was totally worth it! Add in that our taxes do visible stuff too, like roads that you can drive on, plumbing that works etc. – not like some countries where the taxes go to support some dictator in a palace while you & your family can’t even get inoculated or see a doctor without paying for it & surprise, only the wealthy can afford to pay & you aren’t wealthy. I’ll add that as a woman, I am especially thankful I can acquire education, work outside the home & in general live in freedom – not have to worry about being killed just because I dared to try to better my life. So give thanks for all we have here – read the news, our lives are so good & we have much to be thankful for.

#142 Rawinder on 10.08.12 at 1:18 pm

Thank you Garth!

#143 Calgary Car Guy on 10.08.12 at 1:22 pm

Thanks Garth for this great blog and for all the work you put into it daily. I have followed it now for two or three years and don’t remember how I originally found it but I’m glad I did. Informative and entertaining to say the least.
Note to #92 Big Bear. Your comment “the chest thumping by the suspiciously single Baird (just come out already)” pisses me off. Just because someone prefers to be single doesn’t mean they’re gay. Some people prefer the independence and freedom of being single and there is nothing wrong with that.

#144 Opus on 10.08.12 at 1:25 pm

Anyone know about the Caverhill Hall mansion- it actually looks like a castle in St. John, New Brunswick?
It recently sold, listing price $399,000. Just wondering what the catch is. Obviously very old so could be a lot of money to spend beneath the walls/floors. Also, very expensive to heat in winter as it is over 10,000 sq ft. Just wondering what the catch is, why in the world would it have been listed at only $479,000 and it not sell for many months. Anyone? It just seems to good to be true!!?

#145 South of 49 on 10.08.12 at 1:42 pm

#122 Daisy Mae: “We live in a democratic society so thankfully, we can oust him in a few short years. You know…rectify our past mistakes?”

It won’t be that easy. Sixty-two percent of us did not vote for Steve, yet he has a majority government. The challenge is that there are 3 political parties to the left of Steve and they each divided the 62% into something less than the 38% that Steve needed to win.
Thank you for this blog. I haven’t followed all your investment advice, but I am stress-free with what I have done.

#146 Timbo on 10.08.12 at 1:44 pm

#131 SCIB

That was for August . Here is a more current view and remember permits also cover renovations, tear downs and new construction. Hope this clears up your confusion.

“August’s drop was led by a 22-percent drop in residential permit volume, primarily representing lower apartment and townhome activity which fell by more than 40 per cent. However, the number of apartment permits has run well ahead of last year, and through August was 46 per cent higher on a year-to-date basis.

#147 sukh hayre, cga on 10.08.12 at 1:46 pm


The reason developers take the risk is three-fold.

One is that the land has already been bought.

Secondly, for the majority individual developers, even through the boom they have not managed to set aside liquid savings. Their profits have gone to buying more expensive homes for themselves (which still carry a mortgage, but they feel richer because they have tons of “equity” in their home) so they can’t just sit things out. They have no other job to go to, so they are forced to keep risking it all.

Thirdly, subtrades who see work slowing down are also trapped in that they have bills to pay each month, so if they are having a harder time lining up work, they decide to mortgage up their own home even more and build a spec home on their own (with the thought that the worst they can do is break even, and this will at least provide them with steady work).

When all this comes crashing down, the government has given them a scapegoat, because they will all blame the tightening of the mortgage rules (darn government) for their financial ruin.

The reality is, the fix was in a long time ago.

I still see the housing bubble as a government-induced program to create social housing through the private sector by fuelling animal spirits and greed through a very well managed credit/housing bubble.

#148 Al on 10.08.12 at 1:47 pm

Thanks to Canada – a great democratic country with freedom of speech and expressions. A country where immigrants arrive with little money and make a success of themselves. This will ensure that real estate will always be in demand here.

#149 sukh hayre, cga on 10.08.12 at 1:53 pm

Without the bubble, all the homes that were built would not exist today. So, no matter what happens to the economy, at least we, as a nation, have assets in place that would otherwise not be there. And, if you have sufficient housing to put a roof over everyone’s heads, that goes a long way to keeping social unrest in check when things do get difficult. So, eventually, this inventory overhang will be sold off as “investment” property, but you have to remember, the rental income it can generate is whatever the person who just lost their home (because their income, from wherever it now comes, has collapsed) is what makes up the rental pool for these investment property owners to fight over. The inventory overhang results in property owners fighting over this rental pool. Because many are going to have a vacant rental property, the downward spiral in rental incomes begins, and along with it, the value of homes, which revert to better reflect the NPV that these assets generate based on the net “profit” these homes now earn each year.

I apologize if that is a bit wordy, but I hope you get the general idea of what I’m trying to say.

#150 Mnbv on 10.08.12 at 2:26 pm

Garth provides us with a reason to believe that countries such as Canada will inevitably be more economically prosperous than countries like China where dissenting voices cannot be heard

#151 truth hammer on 10.08.12 at 2:27 pm

The unemployed union members at CAT in London have only their entitled and stupid greedy union leaders to thank for their plight.

The regionalization and the inability of Canadian workers to transfer their skills from province to province has led to workers immobilzed in a national economy….thats just bad stupid politics…..I guess the Liberals set this up so that they could keep their constituencies in tact from year to year.

The town of London is dying because of a legacy of bad greedy stupid unions and lousy government……

#152 Corban on 10.08.12 at 2:34 pm

Happy Turkey day! In Canadian fashion, we gave the poor turkeys a break and had sushi this year. Itadakimasu!

#153 Mixed Bag on 10.08.12 at 2:42 pm

Amen Garth. And thank you Garth, for writing more than a real estate and financial blog.

#154 Blacksheep on 10.08.12 at 2:54 pm

Garth & Dogs. Thanks for sharing your knowledge.

take care

#155 Ogopogo on 10.08.12 at 3:03 pm

Happy Thanksgiving, Garth. From a grateful reader.

#156 live within your means on 10.08.12 at 3:08 pm

#122 Daisy Mae on 10.08.12 at 10:40 am
#105 Turner Nation: “After witnessing the harper regime’s dirty, power hungry actions…”


We live in a democratic society so thankfully, we can oust him in a few short years. You know…rectify our past mistakes?


Unfortunately, too few people pay attention to the what’s going on in Ottawa now.

#157 sukh hayre, cga on 10.08.12 at 3:20 pm

The government created the bubble through lax lending requirments, and now, to give people a scapegoat, they changed the mortgage rules at the peak of the bubble(closing the barn door after the horse has already bolted).

This way, the masses can equate the change in rules (back to prudent lending) as the cause of the popping of the housing bubble and the destruction of the imaginary wealthy they thought they had created by “investing” in a home.

Once the bubble mess has cleared, it will become obvious to everyone that the value of real estate must always revert back to a level where it reflects a sustainable living expense (cost of shelter).

The reality is, for an economy to work efficiently, there is a limit in regards to the percentage of a families income that can go toward shelter costs. And this is reflected by what new buyers can afford to pay.

A bubble creates an inventory overhang, and when it pops, this also causes incomes in the economy to collapse. This results in people actually doubling-up (moving in with family) which increase the inventory overhang, and prices slowly come down to reflect the “new” reality that the majority of people had selectively chosen to ignore.

#158 TakingResponsibility on 10.08.12 at 3:30 pm

Very sincere Thank You to you, Garth Turner.

You very much role model that sense of ethics and honour that we all look for in leaders.

Wow! I am so floored at the amount of time and effort you have put into this blog! Thank you, again.

#159 live within your means on 10.08.12 at 3:39 pm

As we’re just 2, no Turkey today. I did buy 2 frozen ones when we were in Maine + 4 Cornish Hens, etc. Was about to buy a duck, but glad I didn’t as we didn’t have space for it in the coolers. Will give a Turkey to my sis. Wish I could get excited about food. Now I just eat to live but have to cook for DH & like to cook for others.

#160 NKVD Black Raven on 10.08.12 at 3:39 pm

Give Thanks:

I thought Canada was a joke. Seems there’s another colony that’s a bigger one..–new-zealand-needs-wizard-s-magic-to-revive-flagging-economy

#161 Victor on 10.08.12 at 3:45 pm

Thank you Garth and happy Thanksgiving

#162 patiently Waiting on 10.08.12 at 3:48 pm

Happy Thanksgiving Garth! I really appreciate you for telling people the truth, and creating this great forum of discussion. It is rare to find a forum like this in a world where so many are sacrificing their ethics and taking adavantage of the young property virgins because of their own greed or lust for power. People like you are in short supply. Thank you so much!


#163 Waiting on the side line on 10.08.12 at 3:59 pm

Thanks you, Garth!

When I was disparately looking for advice to buy or not to buy a house, I found your blog. It opened my eyes, and since then educating and guiding me every day towards my financial Independence.

Happy Thanksgiving to you and yours.

#164 patiently Waiting on 10.08.12 at 4:08 pm

sukh hayre, cga

Thanks for your thoughtful posts.


#165 John on 10.08.12 at 4:54 pm

Live within your means wrote:

“#122 Daisy Mae on 10.08.12 at 10:40 am
#105 Turner Nation: “After witnessing the harper regime’s dirty, power hungry actions…”


We live in a democratic society so thankfully, we can oust him in a few short years. You know…rectify our past mistakes?”

Was the international banking cartel cheap money flowing out of Ottawa? Huh? Why are you still maintaining this illusion?

Your illusion is how we got here. Would you ( at some point) be able to spell out how you’re backing up this illusion. So far, the best I’ve seen is repeating and repeating the same fantasy over and over. And then bouncing it off of others who think the same.

It’s both amazing and puzzling to watch. And you’re going to “remedy” it with an “Ottawa” solution? Totally lost on where you’re coming up with this.

Harper what? Just because he left the gate open? Here’s a brain teaser for you. List the central banking operations of the casino that didn’t do the same.

How big is your list?

What do you know about the housing bubble? It seems to be very little.

#166 TRT (The Truth) on 10.08.12 at 4:55 pm

3 years ago, I predicted this (READ COMMENT 90):

Junius was still out to lunch…living in Vancouver…he could have made out like a bandit! but no.. Comment #11. Are you still friends with the guy who you were mocking for buying Vancouver in 2009??

My predictions were for a 5 yr span and seems likely to be bang on!

#167 patiently Waiting on 10.08.12 at 4:57 pm

Im confused!
I can’t figure out why the building permits are going through the roof in Vancouver.
If housing is soft and the new buyers aren’t there, then why would the builders be taking such a risk?
Anyone have a theory?

I worked for developers building condo towers and multi family housing in the early part of my career and know the mind set well. There are a variety of reasons why the continue to build in the face of increasing evidence of a correction. Here is one that I have seen many times:

– Some have already the land, and are making interest payments on it, so it is a cash drain. Once they receive construction financing, it becomes a cash generator, in that they can now take draws on the cousre of construction advances to pay themselves significant management fees, and sometimes construction fees and commissions as well. This can go on for some time (often a year or two) while they gamble (and remember these are entrepreneurs who are risk takers) for the market to improve. There thinking is that even if in the end they only break even they have been able to collect significant fees that would have otherwise been a cash outflow.

#168 Yathiraj on 10.08.12 at 5:04 pm

Thank you Garth for enlightening us via your blog. It is a big social service…I learnt many things from you.
Regards from Tronto…

#169 AprilNewwest on 10.08.12 at 5:12 pm

Thank you Garth for the free and valuable information you provide for so many. Happy Thanksgiving to you and your family.

#170 Scott Duncan on 10.08.12 at 5:14 pm

Thanks, Garth! These are truly amazing times. And today, at least where I’m writing, was a beautiful day. So much to be thankful for!

#171 wes coast on 10.08.12 at 5:15 pm

Happy Thanksgiving everyone. Thanks to Garth for being unwavering and true. Its nice to find a statesman without having to open a history book. You bring honour to our fine nation and I hope you are contagious.

#172 sukh hayre, CGA on 10.08.12 at 5:16 pm

Patiently Waiting,

Thank you for the kind words. It is nice to hear back from people who say, “hey, that makes sense”, when you are fighting an upward battle.

The developer fees thing also makes sense. Each project is an individual corporation, so losses are limited. There will eventually be losses to be had, but before things collapse much in the way of profits has already been crystalized.

Unfortunately, the small developer usually does not have this privilege and must provide personal indemnity for his loans as well, not just the property being financed.


My postings were meant to be informative and also to see if I could win you over as a teammate in getting out a message I believe is incredibly important to deliver at this time.

The very first one that you did not publish was directed at you and you only. So, the fact that you didn’t post it is not a big deal. If you had posted it, it would have been a bonus, but that wasn’t the goal.

Don’t worry, I won’t be posting comments on your site as that was not my goal. My goal was to get this information to you, and if you found it of value, you could then share it with your thousands of fans.

It is time to shove off :). I wish you would join me in the journey.

#173 sukh hayre, CGA on 10.08.12 at 5:18 pm

Best wishes always.

#174 Hoof - Hearted on 10.08.12 at 5:19 pm

Thank Y-OU Garth and all the best…..

Like many great people, you tried the classic route, formal politics….and peered behind the Wizards curtain….

Whichever way it ended…you got yourself of up the matt, wiped off the mouldy dust of Parliament, and went out to the grassroots..the lowly masses..where your message and contributions are increasingly heeded and appreciated.

I, like other on this blog , love Thanksgiving, as we focus on the basics and reflect on our individual and communal blessings, as perhaps opposed to Christmas, which has been unfortunately turned into a crass commercial greed laden venture(…like Real Estate) and lost its meaning on many.

Your “hits” total doesn’t surprise me, but I’m sure their are countless “UNknown/Untallied ” others your loyal followers have had your gospel spread to.

Best to you and yours…and a long life and a cornucopia of a long life, health and prosperous future to you and all fellow bloggers !!

#175 Ayn Rand Army on 10.08.12 at 5:36 pm

Nice one Garth. We all appreciate you too very much!

I’m sitting here today with myself and all my former and current alias such as Cookie Monster, Blue Monster Lover of Meats and Vegetables, Ludwig Von Mises Militia and of course our friend is here too, Clint Eastwood.

Happy Thanky

#176 Smoking Man on 10.08.12 at 6:03 pm

Kissed and slapped at the same time.

The Kiss:
Someone posted recently this blog is the closest thing they’ve seen to democracy. That’s deeply appreciated.

Your Welcome Garth-SM

The Slap:
Only one in a hundred visitors makes a comment. Only one in two hundred of those is an idiot.

No one is perfect-SM


Next week How I meet MRS Smoking Woman and the key to happiness.

Happy Turkey Day Bubble Heads

#177 45north on 10.08.12 at 6:18 pm

Declines in the housing market will not be symmetrical. the suburbs will decline faster and further than core areas. Like the States.

Jan Harder: Once upon a time, anywhere in Barrhaven was the sticks; now Longfields Drive is near the northern edge of a community that sprawls far to the south, where every bit you can get closer to downtown is a few more precious seconds shaved off a daily commute. Harder observes that it took her over an hour to cover the 22 kilometres from her home to City Hall one morning this week.

More to the point, the Longfields development is an easy walk to the Longfields Transitway station that opened last year

Read more:

#178 renters rule on 10.08.12 at 6:18 pm

@#164 John

shoo fly….shoo…

#179 jess on 10.08.12 at 6:27 pm

HELSINKI, Oct 6 2012 (IPS) – The City of Helsinki added its voice to a growing global call against corporate tax evasion with the passage of a new responsibility strategy that leaves no room for unethical business practices.

Last week, 85 city councillors from Finland’s capital voted to sever business ties with companies operating in, or having links to, tax havens.

#180 bcc on 10.08.12 at 6:29 pm

Thank you Garth for all the wisdom shared to us 6 days a week in the last couple years.

#181 Smoking Man on 10.08.12 at 6:51 pm

Carving up the turkey, I cranked this for my guests.

The Lyrics, put a brand new twist on thanks giving

“Honest Bird, Simple Bird”

Honest bird, simple bird
Just longing to be spreading the word
Feeling the rain, feeling the sun
But your time has not come
Your song is not heard
Honest bird

Singing is forbidden in the fig tree
Singing is forbidden in the olive tree
Singing is forbidden in the pear tree
No singing in the olive or the fig or the pear tree

No more singing in the fig tree
No more singing in the pear tree
Someone’s hanging in the olive
There’s someone hanging in the olive tree
Singing in the fig tree, that’s forbidden
Singing in the pear tee, that’s forbidden
Singing in the olive, that’s forbidden
Someone’s hanging in the olive tree
Someone’s hanging in the olive tree

You come to earth, you have no choice
Could be a seamstress or serving girl
Or butcher’s boy
Could be a dead beat
Or one of the elite
Maybe the bird ill find his voice
And make a choice
From all the wheat and all the chaff
It’s the knowledge that you glean
Makes you what you’ll be
And the knowledge that you lack
A rod for your own back
Leaves you in purgatory
Honest bird, simple bird

#182 Victoria Tea Party on 10.08.12 at 6:52 pm

St. Garth of Good Intentions.

God Bless.

Thanksgiving gives us pause, and the occasion, to consider the landscape of our lives.

In your personal purview, what is out there, in your vastness, that does not make sense or hurts?

Changes can be optional or necessary.

The former is preferable to the latter.

Now tidy up your “painting” and enjoy the rest of the show!

#183 Beach Girl on 10.08.12 at 7:12 pm

I have lots to be thankful for, and I value this site. I love the different ages and thoughts that go with it.

The Angry Young Uns and the Crusty Old Ones. Above all it makes me laugh. Happy Turkey Day.

Oh ya, where is that Jarrod fella who used to suck down on Subway Turkey Subs? Let’s find Jarrod.

#184 Beach Girl on 10.08.12 at 7:15 pm

The Crew and I have all turned Polish. From now on every major event will be celebrated days after, to ensure 50% reduction in price at the grocery stores. HAHA. It is Thanksgiving somewhere, just can’t remember when. LOL.

#185 Smoking Man on 10.08.12 at 7:16 pm

Garth hope you see the metaphor on last post, listen to the tune.

The Honest bird is you.

#186 Nostradamus Le Mad Vlad on 10.08.12 at 7:19 pm

#92 Big Bear — “The greatest pyramid scheme in history is hiding in plain sight, but we are too distracted to take time to see it and do something about it.”

That’s what FFs are for, to distract us from the reality of life, ‘tho one should always keep a clear head by re-iterating to oneself “This too shall and must pass away.”

TPTB are having a great time now, but wait until rebirth happens — the shoe will be on the other foot!

#100 TurnerNation — “One Nation Under Dog”. — I thought it was spelt Ogd, but I have been set right by a master of the lexicon!

#130 DON — ” . . .this blog is addictive – ” — Absolutely. When xmas comes around, not too many posts / comments, so it’s good to check back and re-read posts on investing. to keep oneself updated.

#147 sukh hayre, cga — “And, if you have sufficient housing to put a roof over everyone’s heads, that goes a long way to keeping social unrest in check when things do get difficult.”

Curious. Would this include the Chinese ghost cities? Obviously, those cities have been built, complete with roads and different forms of transportation taken into account, but for what purpose? Are they preparing for nuke attacks on Beijing or Shanghai? What if Japan has to be evacuated? Are those people going to fill the ghost cities? Interesting post.

#151 Corban — “In Canadian fashion, we gave the poor turkeys a break and had sushi this year.” — Fully loaded pizza for the two of us, American Thanksgiving it will be Wonton soup and Beef Teriyaki with rice!

#187 Harlee on 10.08.12 at 7:31 pm

36 – 10. Love it.
Thank you Toronto. Indeed, a very satisfying Thanksgiving.

#188 Daisy Mae on 10.08.12 at 7:36 pm

#143 South: “It won’t be that easy. Sixty-two percent of us did not vote for Steve, yet he has a majority government. The challenge is that there are 3 political parties to the left of Steve and they each divided the 62% into something less than the 38% that Steve needed to win.”


Not right. Something is wrong. We shouldn’t have to resort to game-playing.

#189 Daisy Mae on 10.08.12 at 7:41 pm

#147 Sukh: “I apologize if that is a bit wordy, but I hope you get the general idea of what I’m trying to say.”


We always come full circle…

#190 Daisy Mae on 10.08.12 at 7:51 pm

#157 TakingResponsibility: “Wow! I am so floored at the amount of time and effort you have put into this blog! Thank you, again.”


Very determined. Very dedicated. Very much appreciated.

#191 Daisy Mae on 10.08.12 at 7:54 pm

#158 Live within your means: “Now I just eat to live but have to cook…”


That sounds depressing. Snap out of it! LOL

#192 sukh hayre, CGA on 10.08.12 at 8:05 pm


In regards to China, the goal is just to get as many homes built before the bubble implodes. Not just roads, but infrastructure as well.

The reality is, for every dollar the U.S. pumps through in stimulus, the Chinese are probably doing a multiple more. The Yuan will collapse, the social unrest will eventually be put down, and China will start all over again. It will be able to do this, because it still has U.S.$ reserves. Which you might think are worthless paper, but the Chinese are making their paper worth even less!

Eventually, the Chinese housing bubble will burst, and the Chinese government will step in as a buyer of last resort as the banks will not lend to any individual because the loans will be seen as too risky. They too will have a crisis in their shadow banking system. They know the game the U.S. is playing and are doing the exact same. And there you have it, social housing built through the management of animal spirits and the perceived wealth created by capitalism.

When the bubble pops, globalization as we know it comes to an end. Trade will only be between countries for real goods. Currency reserve buildups willl be a thing of the past. Protectionism will settle in, and intellectual property rights will not be respected between countries.

The reality is, I don’t know exactly how things are going to play out, but as Ian Bremmer says, we are now in a G-Zero world, where it is no longer a win-win game. Somebody has to pay the price.

The good news for the U.S. and Canada is, there really aren’t that many other nations out there as blessed as us when it comes to natural resources on a per capita basis.

The goal was always to keep the U.S.$ hegemony game going for as long as possible. This allowed the U.S. (and the rest of the developed world) to deplete the rest of the developing world’s most valuable resource, especially the reserves in the Middle East. That game had a good run and is now finally over.

Is it not surprising that for all the decades the U.S. talked of energy independence, it only begins to really happen once the U.S.$ hegemony and the economic imperialism that came with it can no longer be maintained?

On a side note, think of what happened in Iraq. If you want Iraq to increase oil production, and thereby bring down the price, the best thing you can do is blow up their infrastructure, then they need to increase oil production just to rebuild their nation. Now, you can say that oil was much cheaper before the war, but the reality is, it was about to rise due just to supply and demand realities. But this provides perfect cover for the U.S. to be able to say that that the war was about democracy and liberty, and not oil.

The sad part is, too many people buy it, because the argument seems so straight forward. Things are complex, and these complexities are not explained to the people. They are told what they need to be told to get them to cheer for the home team, and at the same time, believe that the home team is altruistic in its global geopolitics and actions.

Went off on a tangent, but I hope that gives you a few things to at least think about.



#193 Vangrrl on 10.08.12 at 8:16 pm

“When we found Bandit at the animal rescue, sad and hurt, he had no history. So we decided his birthday would be Thanksgiving. The best day.”

I just like you more and more every day, Garth!

#194 sukh hayre, CGA on 10.08.12 at 8:55 pm

Nos, let me finish with one last comment on commodities, debt, and gold.

In regards to commodities, China is okay with the bubble because this will eventually create an oversupply. We must remember that commodities are an input and unless the end product can be profitably sold back into the economy, eventually the wheels fall off. It works right now because government is still keeping overall debt growing. But eventually, deleveraging and debt default will come a lot more into play.

One thing to remember is that one person’s savings/welath is always another person’s debt. We say look at all those idiots that got in over their heads, but someone (albeit not directly) loaned them this money. So, who is the bigger idiot?

When one person defaults on his debt through bankruptcy that wipes out another person’s savings. We need to keep that in mind.

In regards to gold, I have no idea how high it will go, but once the collapse comes nobody will be able to get out as it will fall its maximum daily limit with no bid until it falls so low that everybody just loses faith. Only a very informed few will be able to get out at the top. It won’t be the retail investor. And if you have gold company shares, well, you’ll be wiped out in the restructuring.

That’s all.

Peace out!

#195 sukh hayre, CGA on 10.08.12 at 8:58 pm

Could gold’s collapse come from Germany leaving the Euro?

#196 KG on 10.08.12 at 9:22 pm


#197 Toni on 10.08.12 at 9:31 pm

Happy Thanksgiving Garth and family and Happy Birthday to Bandit.
Just hosted our first Thanksgiving dinner in our rented place. Didn’t make any difference to how enjoyable our meal was.
Reading this blog for the past few years has stopped me many times from spending too much to buy a house. I still would like to own my own place one day buy being debt free with savings in the bank, for that I am very thankful.

#198 debtified on 10.09.12 at 12:33 am

Thank You!

#199 aggie on 10.09.12 at 1:49 am

From one of that one-out-of-200-who-comment group: Bless you, thank you, Garth Turner. You and your efforts to awaken us are appreciated.

For me personally, your assistance and guidance in helping escape an impossible situation will never be forgotten. I am now most thankfully a renter. And I don’t believe I could have found my way clear if I had never sent you that desperate note, never dreaming you’d actually reply. Hearing and seeing you in Vancouver double-confirmed for me that you are a real true mensch.

I also give thanks for my great fortune to have been born in Canada, to East Prussian immigrant parents. Grateful that they found their way here — Santiago had been their other option.

And I appreciate all my fellow Canadians who read and think and comment here: idiots, intellectuals, and contrarians alike. I read all of the comments at least one column a week, am fascinated by the insight offered into our various situations and perspectives. Illuminating.

As for those of us who are still too blind or busy to see, have yet to discover this pathetic blog, well, as the saying so aptly says: There, but for the grace of God, go we. (Went I, actually, not so very long ago.)

Happy birthday, Bandit!

#200 sukh hayre, CGA on 10.09.12 at 1:53 am

A sign of the protectionism and disregard for patent protection I previously mentioned?

#201 geogar on 10.09.12 at 9:00 am

Thanks Garth for the unencumbered insight/forsight/hindsight. It is always reassuring to have a competent barometer to contrast and compare with others. p.s. I would gladly accept the one and two hundred title provided u continue the “Breaded Batsrad Blog” Thanks again!!

#202 Yuus bin Haad on 10.09.12 at 9:56 am

D’accord et Mazel Tov!

#203 sukh hayre, cga on 10.09.12 at 12:01 pm

Damn Conservatives and their changes to the mortgage rules!

They didn’t just kill the Canadian housing market/bubble, they killed the entire global economy.

(People need to think more critically in regards to what the real cause/effect relationships are, not just what “simply” makes sense.

#204 Aleksey on 10.09.12 at 1:21 pm

Thank you for dedicating your time to this blog!

#205 Sgt Bilko on 10.09.12 at 5:44 pm

Garth – Many thanks for a great and entertaining blog. I value the truth. Happy Thanksgiving to you and your family including Bandit!