Diet City

“I was leaving the Tim Horton Drive Thru in Cambridge,” Claude says, “when I noticed this sign. I think it’s an indication of what is really happening out there.”

You bet. It’s not enough just to have rock-bottom mortgage rates, tax-free money from RSPs for down payments, a first-timers tax credit and lower prices – now this long-time builder has to bribe you a free basement or a new car. Let’s just hope it’s not Korean.

Yesterday, in describing the mess that Vancouver’s turning into, I said housing in the Moldy City was a proxy for what will happen universally in Canada. Not necessarily to the same degree, or on the same schedule, but it will happen nonetheless. Several visitors, who apparently wish to run for Mayor of 416, cried no. It’s different in Toronto!

You betcha. This, after all, is home to a domed stadium costing the taxpayers $578 million which was later sold for $25 million. It’s where exploding condo balconies were invented. Where the mayor has the political acumen of a Twinkie, and gained weight during a public diet. And it now has Vancouveritis.

The Toronto Real Estate Board has unveiled the latest numbers. Here’s the skivvy:

  • Sales down 16% in November compared to last November.
  • Sales trailing 20111 numbers, in fact, for the past six months.
  • The average detached house in 416 has fallen in price 12.7% since the Spring. This beats the Vancouver SFH decline of 12.2%.
  • Detached home sales in 416 fell by almost 19%.
  • Condo sales have crumbled 25% in 416 and 26% in 905.
  • Condo prices are down 4% from last year and 6% from the Spring.
  • Sales of properties over $1 million have been clobbered by the new CMHC rules.

And, guess what??

  • “The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.6 per cent compared to last year.”

Yes, the real estate cartel, which has great sway over local media in almost all markets in Canada, continues to trot out its Frankenumbers to prove that underneath all this spurting blood, skewered organs and protruding cartilage, the market’s in damn fine shape. But in most cities even the MSM is noticing the ooze. Cautionary stories about Canadian real estate are routine now from the Toronto Star to the HuffPost to the Wall Street Journal. Even real estate boards, like that in Vancouver, which no longer publish average prices, can’t fool observers. Except Global TV, of course.

When cornered, realtors in Toronto have this official explanation for why the local market is losing altitude so quickly: “Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to move to the sidelines. This situation has been exacerbated in the City of Toronto because the additional upfront Land Transfer Tax takes money away from buyers that otherwise could be used for a larger down payment.”

All that is quite true, of course. The one-million rule, virtually ignored by media when it was uncorked last July, has turned into one of the biggest deal-killers in both Toronto and Vancouver. The withdrawal of CMHC insurance now forces buyers to cough up 20% of the price, plus closing costs. In 416 that means a ho-hum $1.3 million property on a skinny slice of dirt takes about $310,000 in cash, plus a mortgage of a million. And just imagine the effect in Vancouver, which has a third of Toronto’s population and yet has over 4,000 listings costing more than seven figures. (In contrast, the GTA boasts only 2,000 properties for sale at a million or more.)

This brings us to the most salient reason sales are tanking and builders are giving away cars. Houses cost too much. Prices have outpaced incomes. Real estate’s bloated. The unstoppable process of correction is now taking place.

This will continue into 2013, building momentum as even your mom and idiot brother-in-law come to the conclusion real estate’s now dangerous. When everyone gets the word, it will be time to go shopping. You’ll be the first to know when that happens.

196 comments ↓

#1 Smoking Man on 12.05.12 at 9:10 pm

DELETED

#2 Andrewski on 12.05.12 at 9:12 pm

Great stuff Garth!

#3 Shawn Petriw on 12.05.12 at 9:14 pm

Real estate is looking so bad that my idea of living aboard a sailboat is starting to look good in comparison…
(definition of boat: hole in the water you throw your money into)

#4 Hoof-Hearted on 12.05.12 at 9:18 pm

Fiirsssttttttt !!!

#5 Shane on 12.05.12 at 9:18 pm

Garth, waiting for Markham to tank..

#6 Crashing yuppy on 12.05.12 at 9:20 pm

It’s over people! To quote a intelligent person ” its gonna be a NASTY CRASH REALTURDS A NASTY CRASH”

#7 Blasé on 12.05.12 at 9:23 pm

looks like smoking man’s theory about the Toronto market being different went up in smoke.

#8 Nostradamus Le Mad Vlad on 12.05.12 at 9:24 pm



Re: the pic. When we bought in Ktown in ’92, two of the reasons we chose the larger over smaller (both brand new), was that (a) the cash was available and (b) the basement (ground floor) was completely finished.

There was nothing to do (except add a small kitchen) and the landscaping. The builder built it for himself, so everything was complete. I would take a finished basement any day.

“Where the mayor has the political acumen of a Twinkie, and gained weight during a public diet. And it now has Vancouveritis. Even real estate boards, like that in Vancouver, which no longer publish average prices, can’t fool observers. Except Global TV, of course.” — Anyone can fool Global — just yell RE! And keep Rob Ford, please. We have enough hare-brained wingnuts in Victoria.
*
Pentagon Major cuts coming. Is this part of Obomba’s strategy, to downsize the US military while bankrupting the country? But 94% Wot is Kannaduhh’s rate? Economy If true, why is the UK supporting Israel when it knows an attack on Iran would damage its economy? Something stinks here; Shadow Banking System Int. article, esp. re: crooks, etc.; Crunching the abs Not quite. Gold crunch? 3:32 clip It’s good to have friends in high places, ’cause you never know when you’ll need them; Blink! US debt just grew by US$11 tri.; Citigroup 11K jobs gone just before xmas (ObombaCare?); 2:48 clip one in four people skip meals to heat their homes instead; Pathological Wealth We’re close to being the most unequal country in the world.; Strike Settlement Port reopens in LA.
*
Moscow says US break-up / collapse, like the USSR; Interference Like Gadaafi, Assad is probably a hard person to live with, but it is no excuse for other countries’ interference (re: looting and pillaging), Patriot Missile sites and herewith one more — 4:09 clip Syrian rebels equal Muslim Brotherhood, funded by US and Israel. Another point where taxpayers’ money is going to; No enthusiasm Evidently, pressure is growing in UK for sanctions against Israel; Doublespeak These cabbage brained nutheads put out these press releases expecting people to believe them, not question it? Big Pharma given green light, natural health food stores whacked, and GM Wheat Poison.

#9 Smoking Man on 12.05.12 at 9:27 pm

O well at leased I made First

But it was a true story….ZOHAN

#10 siddelly on 12.05.12 at 9:33 pm

Things must be getting desperate over there in Richmond,Surrey and Vancouver.
I am seeing ads for million dollar homes here on the Osaka Craigslist site along with the Florida swamp properties.

What most Canadian RE agents probably don’t realize is that almost zero Japanese people actually use Craigslist, (Written in English!) and the rest of us expats that run across their ads have escaped Canada because of the high Real Estate prices!

I’d be interested in seeing some of their figures on conversion rates.

http://osaka.craigslist.jp/rea/

#11 Ahsan on 12.05.12 at 9:33 pm

Garth. I will remind you that you said that Toronto would cave less than the burbs. I still ,ain’t win that you are wrong. So far so good.

Demand areas of 416 will be far less impacted than poor Brampton or Unionville. — Garth

#12 Proud Musty Basement Dweller on 12.05.12 at 9:35 pm

Hmm I wonder how long the Real Estate Agent Cartel will get away with the misleading frankenumbers. They might shoot themselves in the foot with this continued behaviour, since most people eventually figure things out. When they do they will get mad and then the cartel will have even less credibility than now if that is possible.

#13 jan on 12.05.12 at 9:35 pm

Watching our real estate cartels in action is like watching the gangs of the 20s and 30s during prohibition.
When is our goverment going to step up and make these whores accountable for thier actions ?????????

#14 Smoking Man on 12.05.12 at 9:37 pm

#7 Blasé on 12.05.12 at 9:23 pm

Talk to me in may

#15 Socrates Berlin on 12.05.12 at 9:37 pm

Rock on baby. Being saying this in London Ontario for two years were people buy expensive houses with crappy jobs. Can’t wait for the deals in a few years , when I can pick up a property for a pittence of what it used to cost. First Garth.

#16 Joe on 12.05.12 at 9:42 pm

Looks like Smoking Man’s first post got smoked already lol! The new stats speak volumes folks as the crash is in full swing and we ain’t seen nothing yet. It’s gonna be a cold winter and soggy spring Realtors!

#17 Smoking Man on 12.05.12 at 9:52 pm

#15 Joe on 12.05.12 at 9:42 pm
Looks like Smoking Man’s first post got smoked already lol! The new stats speak volumes folks as the crash is in full swing and we ain’t seen nothing yet. It’s gonna be a cold winter and soggy spring Realtors!

Had nothing to do about real Estate .

I broke the private parts rule. Our hard ass HD riding, cowboy boots guru, with a chic’s voice has a weak spot for roids

It’s his show, his gig, he protects me from myself. Can’t complain

Ichie Hemorrhoids…………I liked saying that

#18 skyscrap on 12.05.12 at 9:57 pm

North Vancouver condo project scrapped by developer

http://www.cbc.ca/news/canada/british-columbia/story/2012/12/05/bc-north-vancouver-omni.html

#19 Randy on 12.05.12 at 10:01 pm

Free Finished Basement with New house ???

I wonder if this is where Dalton McGuinty and the Liberal Vote-Monkeys are hiding ?

#20 Smoking Man on 12.05.12 at 10:06 pm

#10 Ahsan on 12.05.12 at 9:33 pm
Garth. I will remind you that you said that Toronto would cave less than the burbs. I still ,ain’t win that you are wrong. So far so good.

Demand areas of 416 will be far less impacted than poor Brampton or Unionville. — Garth
……………………………………………………………

Long Branch up 8%

#21 Form Man on 12.05.12 at 10:06 pm

I am beginning to suspect Smoking Man has a jumbo mortgage on a house(s) he overpaid for, located in the 416 area. He is far to shrill with his denunciations of a price drop…….

#22 Yah but on 12.05.12 at 10:08 pm

If I were a bettin’ man…. I’d bet with Smoking Man. The problem is Garth’s arguments are far too logical. Keynes – “The market can stay irrational longer than you can stay solvent.” If the irrationality of the market is not a good argument then how about this logic? The vast majority of home owners do not HAVE to sell. They can stay put so they will take their houses off the market. The number of listings will fall, demand may stay strong, prices do NOT plummet.

#23 Smoking Man's Med Checker on 12.05.12 at 10:13 pm

Sorry about that first post. He was too quick for me…

#24 Dr. WAYNE on 12.05.12 at 10:17 pm

#4 Hoof-Hearted on 12.05.12 at 9:18 pm

Fiirsssttttttt !!!

NO YOU DIDN’T … some character named Smoking Man beat your ‘childish a$$hole attempt’.

#25 Realtors in an all out PANIC! on 12.05.12 at 10:26 pm

Realtor smokingman is just a motnh or two away from going bankrupt . Many realtors haven’t made a sale in over six months as the housing crash is going from bad to worse. Prices in 416 have CRASHED over 12% and continue to fall. CHMC limit is nearing and maxed out home owners are a paycheck away from going bankrupt. Buyers would be smart to low ball by 50% or more. It’s going to be a NASTY crash realtors , A nasty CRASH! Blog dogs spread the word around the internet . Together we can bankrupt realtors and sellers into the poor house…..A nasty crash!

#26 Smoking Man on 12.05.12 at 10:27 pm

When Smoking man gets shit faced he listens to this stuff

https://www.youtube.com/watch?v=qNtfYw13fTM

#27 bridgepigeon on 12.05.12 at 10:31 pm

Pretty low blow referring to the weight of TO’s Mayor. Wasn’t his platform to end the gravy train?

#28 Fisc on 12.05.12 at 10:33 pm

@Smoking Man.

“Talk to me in may”

It will be to late in MAY!

First buyers must avoid Vancouver, Toronto and Montreal Real Estate market during couple of years…

And sellers have to sell right now!

#29 TurnerNation on 12.05.12 at 10:33 pm

Reversed into DOL.TO long postion today…posssible Santa Claus rally coming up.

#30 Floored Nation on 12.05.12 at 10:34 pm

Several visitors, who apparently wish to run for Mayor of 416, cried no. It’s different in Toronto!

Garth, you have a lot of experience in politics and a strong grasp of economic and small business issues. Why don’t you run for mayor in Toronto?

It is a perfect job for a Red Tory.

#31 Nemesis on 12.05.12 at 10:36 pm

“This, after all, is home to a domed stadium costing the taxpayers $578 million which was later sold for $25 million” – Hon. GT

Yikes! Did Paul McCartney burn down yours, too?

#32 blase on 12.05.12 at 10:36 pm

Smoking Man, what happens in May?

#33 TurnerNation on 12.05.12 at 10:36 pm

Tis the season for Bay St. parties. And layoffs.
I can name 10 high paid people, laid-off this week.
:-(
Volumes, commissions are vapourizing.

#34 Country Girl on 12.05.12 at 10:38 pm

Yes!…Smoking Man for Mayor!

#35 Young Stud on 12.05.12 at 10:39 pm

Reid Homes I remember them. I don’t think its just one company it has branched into different companies divided amongst the family. I use to be a window service guy and would have to go out to that area regularly. I once had to do a service call to one of the owners’ big mansions out in Guelph area I believe. The living room I remember was stuffed with animal heads lining the walls. There was a lion, tiger, rhino, and maybe even an elephant, crazy stuff. Looks like they are really offering deals now for homes, but they were actually one of the better quality home builders out that way compared to some others.

#36 Craig on 12.05.12 at 10:40 pm

“This will continue into 2013, building momentum as even your mom and idiot brother-in-law come to the conclusion real estate’s now dangerous”
I got caught on the phone with my mother-in-law the other day; she was wondering when we are buying back into the Edmonton market because she heard prices are going up next year. I LOL’d. I said I love renting and may never move….and mentioned that our house money is making 7% and covers our rent completely on our 2400 sq ft place in the burbs. LG.

#37 Debt's Dark Embrace on 12.05.12 at 10:40 pm

What about that rrsp meltdown you were teasing us with 2 weeks ago ?

#38 Devore on 12.05.12 at 10:41 pm

“I was leaving the Tim Horton Drive Thru in Cambridge,” Claude says, “when I noticed this sign. I think it’s an indication of what is really happening out there.”

Yes, but prices are not falling yet. Lots of “incentives” (read: price drops) all over Vancouver too.

#39 Djb on 12.05.12 at 10:44 pm

And off goes the head of CAAMP crying to Ottawa again. It is embarrasing being a member of this organization.

http://www.mortgagebrokernews.ca/news/newsletter/170986/

#40 JoeQ on 12.05.12 at 10:46 pm

Love how the treb used to release the stats package on the same day as the news release – Now the news leaks a day before the stats package so they can get the message (and the hpi) out before anyone can dig into the stats to see how bad the internals are

Garth, call them out on this

#41 Smoking Man on 12.05.12 at 10:57 pm

Just saw a mosquito, is it not cold outside

Waters \\\ Weed

Wine

Crank it bubble heads.

Smoking Mans gift to you

https://www.youtube.com/watch?v=qNtfYw13fTM

#42 JSS on 12.05.12 at 11:03 pm

“now this long-time builder has to bribe you a free basement or a new car. Let’s just hope it’s not Korean.”

I know what you’re referring to.

Watch it buster (clenches fist)

#43 Billy on 12.05.12 at 11:07 pm

A lot people think not much is happening they bring up assesment value and say talk to me in January when values come out in Vancouver. It wouldn’t surprise me if the BC government decided to change the yearly assesment to five years or something to lock in high taxes. Lets see what happens…

#44 C on 12.05.12 at 11:10 pm

With the track 6’ers maxed out on debt in Canada, word of price declines will instill great fear. Just like in the USA in 2006, people were maxed out with debt when prices began to fall (165% debt to income ratios). Fear feeds on itself much like greed does when prices rise. When listings likely pop again in the spring of 2013, and prices continue to weaken we will see something we haven’t seen in Canadian real estate since 1989.

#45 Derek R on 12.05.12 at 11:11 pm

#1 Smoking Man on 12.05.12 at 9:10 pm wrote
DELETED

Okay, SM. You’ve finally impressed me!

#46 MutiCult on 12.05.12 at 11:14 pm

Canada is better than the US, we have multiculturalism, so the house prices are invincible. This is how we enlightened people create wealth.

We must bring in more people from around the world so they can feed this new way making the big bucks.

#47 eviee1973 on 12.05.12 at 11:18 pm

Wow what an offer, all those people who work in Missassauga, and cannot afford there will purchase at Townline Road and 401 for the “free” car which they will have worn out in five years communting on the 401.

#48 Sebee on 12.05.12 at 11:22 pm

Where the mayor has the political acumen of a Twinkie.

1. Ha ha ha ha ha. Good one.
2. My mom always said you are what you eat.
3. Canadian Twinkies have a new formula which allows them the shelf life of 6-8 months. Try to digest that preservative pill.

#49 Smoking Man on 12.05.12 at 11:27 pm

his platform to end the gravy train?

#27 Fisc on 12.05.12 at 10:33 pm
@Smoking Man.

“Talk to me in may”

It will be to late in MAY!

First buyers must avoid Vancouver, Toronto and Montreal Real Estate market during couple of years…

And sellers have to sell right now!
……………………………………………………….

And go where, bubble heads.

Floyd, weed, wine. Works for me

#50 tomohawk on 12.05.12 at 11:34 pm

#26 “Pretty low blow referring to the weight of TO’s Mayor. Wasn’t his platform to end the gravy train?”

Gravy train? Yes. Gravy boat? No way.

#51 NoOneOfConsequence on 12.05.12 at 11:40 pm

The one fly in the crash ointment is that Canada does have a command economy.
One command and 40 year amorts come back.
One command and immigration numbers are doubled (they have been fixed for 6 years).
One command and mandatory deposits are dropped back to 5% or lower.
We know that this would be even more disastrous than we can contemplate…but never under estimate the short-sightedness of a politician seeking re-election.

None will occur. — Garth

#52 Smoking Man on 12.05.12 at 11:41 pm

Does anyone not see my honesty threw my bull shit

Time to leave this planet, swaps code smith guru is board.

Next planet I’m thinking.

Any advance forms of life out there(not you yoda)

I need to be chalanged

Please let us know if we can assist in your planet selection. — Garth

#53 TED23 on 12.05.12 at 11:43 pm

“domed stadium costing the taxpayers $578 million which was later sold for $25 million”

Even more DRAMA. This happened almost 15 Years ago. Good grief.

It was eight years ago last week. An enduring example of what real estate can actually be worth. — Garth

#54 Ty on 12.05.12 at 11:43 pm

It’s not going down here in Winnipeg. It’s different here. Sales still happening.

The Winnipeg board has yet to publish monthly stats. Yes, it’s different. — Garth

#55 Party On Garth on 12.05.12 at 11:44 pm

50 foot wide lots are pathetic for any house over 800 square feet. 40 feet isn’t enough for a tent in a campground.

#56 Old Man on 12.05.12 at 11:56 pm

#33 Country Girl – the last two Mayors were nothing but a disgrace and utter fools, and Smoking Man can bring back some dignity as Mayor, so am with you as Smoking Man for Mayor sounds good to me as well.

#57 Timing is Everything on 12.05.12 at 11:58 pm

Just sayin’

http://tinyurl.com/a9jqkva
http://tinyurl.com/6pqvyyo

#58 Humpty Dumpty on 12.06.12 at 12:01 am

This Twinkie and his cartel, want to create a
Tripartite City…

http://www.thedailybell.com/28416/George-W-Bush-Canada-Mexico-and-US-Should-Merge

#59 Aussie Roy on 12.06.12 at 12:08 am

Aussie Update

Can’t avoid a recession forever

Woolworth’s & Fletcher Building Chairman, Ralph Waters is not surprised either that we have hit a bad patch. Yesterday, I expressed my view the current downturn was inevitable following a stimulus package designed to temporarily prop up an unsustainable and household-debt ridden economy.

Mr Water’s told the Australian Financial Review the Government had only delayed the pain of the GFC though stimulus spending. “I’m not saying that [the stimulus] was the wrong thing to do or what was the better thing to do. We haven’t had a recession

http://www.whocrashedtheeconomy.com/blog/2012/12/cant-avoid-a-recession-forever-ralph-waters/

Rate cuts not enough: Woolworths chairman

Ralph Waters, chairman of Australia’s largest retailer, Woolworths, and biggest building materials group, Fletcher Building, says the latest interest rate cut is not enough to resuscitate the economy.

http://www.afr.com/p/national/rate_cuts_not_enough_woolies_chairman_PQTfUvFjG8TYdfv5yE41xI

Steve Keen – briefing to congress on the fiscal cliff

http://www.debtdeflation.com/blogs/

#60 Mr Buyer on 12.06.12 at 12:09 am

Houses cost too much. Prices have outpaced incomes.
……………………………………………………………….
Clarity

#61 AK on 12.06.12 at 12:09 am

“now this long-time builder has to bribe you a free basement or a new car. Let’s just hope it’s not Korean.”

LOL – Maybe it’s a Smart Car?

#62 THE CELIAC HUSBAND on 12.06.12 at 12:23 am

Did anyone on here follow up on this Blog’s hint about Spain for an escape from Canada’s real estate rat race?
Any research in the worlds nest retirement places?
Anyone?

We happen to like France, far from THE ideal place, but it’s hard to beat int he sum of all things.
How about Malaysia. Google MM2H and be amazed.
Canada is a great country, but there is life beyond the oceans…
Build up a residual income ( as so many times promoted by the Turnster) and seek the sun.

http://theceliachusband.blogspot.fr/2012/03/la-maison.html

#63 GTARealEstateCorner on 12.06.12 at 12:43 am

#1 Smoking Man on 12.05.12 at 9:10 pm
DELETED
_________________________________
Garth, I’m sure you feel there was a good reason to delete Smoking Man’s first post but hopefully it wasn’t simply because he’s annoying. You’re a smart guy and can probably see the the dude is suffering deep down inside. His false attempts at confidence and bravado hide a pain burning inside him. His circumstances, whatever they may be are probably difficult. Let him post as long as he isn’t hurting anyone. This blog is his escape, the posters here his friends. Why take away the thing that he enjoys! Just sayin’

#64 jan on 12.06.12 at 12:48 am

Hi Garth
Will a 30 year amort come back ?

#65 Tri State Pat on 12.06.12 at 12:55 am

“now this long-time builder has to bribe you a free basement or a new car. Let’s just hope it’s not Korean.”

This is sending chills down my back. The SAME THING was going on in the States pretty well all over during and after the crash. It usually was a luxury car on the high end units. I’ve always felt that when they start doing this type of incentive to a real estate deal in Canada it was truly a sad sign that it is the beginning of the end…

#66 Crash Calaway on 12.06.12 at 1:05 am

#12 Jan wrote: “Watching our real estate cartels in action is like watching the gangs of the 20s and 30s during prohibition.
When is our goverment going to step up and make these whores accountable for thier actions ?????????”

Jan, government are the pimps.

#67 Maria on 12.06.12 at 1:12 am

I’m in my early 20s and am really new to this. But can someone help me understand the comments in others posts when people say anyone who bought in the past few years is in trouble? My sister bought a townhouse in Milton last year for about $380,000. How is she effected?

#68 siddelly on 12.06.12 at 1:17 am

Here in Osaka we are seeing a lot of Craigslist ads for Vancouver area RE. What the advertisers probably don’t realize is that very few Japanese people go to Craigslist (English!).
Another point is that most Japanese are very familiar with a real estate correction, and probably wouldn’t want to participate in another one.

I would be interested to see their sales numbers.

http://osaka.craigslist.jp/rea/

#69 Grim Reaper/Crypt Speculator on 12.06.12 at 1:19 am

#31 blase on 12.05.12 at 10:36 pm

Smoking Man, what happens in May?

=====================================
ALL Sports teams in Ontario are out of the playoff runs

#70 Smoking Mans straight- jacket on 12.06.12 at 1:22 am

DELETED

#71 timmy on 12.06.12 at 1:23 am

political accumen or grey matter? lol

#72 Tom from Mississauga on 12.06.12 at 1:41 am

My work the brokerage department was dead in November. With Christmas it is usually one of the top months. The warehouse boys are bored to death. The guys I play hockey with and I commute with all have stories of layoffs. Derry Road at Dixie there is no traffic at rush hour. 4th quarter Candian GDP ain’t going to be any better than in the 3rd. Is this why you posted about preferreds recently Garth? Maybe various bond ETF’s could make a post. Whats good other than ZHY?

#73 Interesting Times on 12.06.12 at 1:50 am

The 50% crash has just started HGTV Virgins. Get out there and start low balling these realtards & builders by 50%. For many virgins it is too late, look at what happened to all the virgins at trump towers as they are going bankrupt one by one. This is the biggest ponzi scheme in Canada’s history and many will go bankrupt. The realtards, banks and builders are in full out panic! Time to get your revenge virgins!

#74 Alberta Ed on 12.06.12 at 1:57 am

#47 Sebee: I thought Justin Trudeau was the new Canadian Twinkie.

#75 Nostradamus Le Mad Vlad on 12.06.12 at 2:04 am


#57 Humpty Dumpty — Good link. That is the NAU and SPP.
*
Google in the WH? Business and politicos implicate facism, and Fiscal Cliff Fake or planned? California Dreaming Great song, not a nice story; TPTB Their fiscal tricks and doublespeak; Unqualified Nice charts; Outlet Malls Just in time for more sheeple to strangle themselves with debt; Income Trusts are back; Banks are bigger than ever; Online Articles by W. Buffett; Higher paying Alta. jobs Some fly to Alta. from BC, but it doesn’t seem to be overly large; Fiscal Cliff Give and take; Buy and Hold Still a fairly good strategy; Best Way to cut govt. spending.

Austerity Not for the faint of heart; Red Lobster All you can eat (before they lose money); Regime Change Between NASDAQ and Tech; Reaganomics Trickle-down theory worked (for some); History First two sentences tell a lot; Obomba A socialist? 1:58 clip Death spiral states, or where not to buy a house; Politicos Grinning like a Cheshire cat, screwing families is a big joke to him, and The Grinch who stole xmas and a lot of other things.
*
Charge Harper with treason? Author thinks so; 2:11 clip Earth seen at night from space; Never mind the Syria stuff, there’s a whole schnozzle of troops surrounding Iran now; CFR Pushes for end to sovereignty; Gambling Win some, lose some. This person lost a fortune; Prisoner escapes Good story; Oh dear Someone had a whoopsie moment; Snow Hotel Yep, it’s real alright — real cold; Immigration Good time for the UK to ditch the EU and go solo; Dipstick Good description of the male gender, and Free-dumb Not for this dipstick; Swiss Steak Spy stuff; Tesla Technology Wirelessly charging an electric bus; Detroit Increasing murders; Connecting the Dots “The sun is the primary source of heat for the Earth… This is worth keeping in mind when the Secretary General of the United Nations or any other lying politician or alleged scientist tell you otherwise.”; Mega Quake hot spots; Switzerland Best place to be born; Bright Spark But man charged anyway.

#76 NorthOf49 on 12.06.12 at 2:21 am

Why stop at Cambridge (no really, why stop there unless you’re looking for Oxy), here are the November stats for Hamilton-Burlington:

http://www.rahb.ca/press/2012/121205pressreleaseNov.pdf

November residential stats (vs Nov 2011):
– Freehold New Listings: -13.2%
– Freehold Sales: -10.5%
– Condo New Listings: -3.5%
– Condo Sales: -16.8%

November residential stats (vs May ’12 peak)
– Freehold New Listings: -48.7%
– Freehold Sales: -39.8%
– Condo New Listings: -45.3%
– Condo Sales: -39.1%

Listings are down, inventory is down, sales are down, prices are up. Tough being a realtor in the Hammer right now.

Maybe things will pick up when Harry Stinson finishes his Hamilton micro-condo project. 15% ROI says Harry, but dust off your dictionary and look up “Murphy bed” cause that’s where you’ll be sleeping.

http://www.youtube.com/watch?&v=UBvGVF0fOto

#77 Joe on 12.06.12 at 2:40 am

Don’t worry Smokingman/old man you are challenged.

#78 live within your means on 12.06.12 at 3:53 am

Re Nostie’s post from yesterday

#120 live within your means — “Never heard of Bugarach & don’t believe in this end of the world garbage.” — Ditto. Like Dec. 31, 1999 when things were supposed to beak down the following day, nothing happened then and nothing will happen now. It’s all a money-making scam.
……………

Not sure it was a money scam but it sure created lots of work. I was involved (tho played a v. minor role) in our prov. govt. preparations. Our Dept. was responsible for overall co-ordination. I was on-call NY’s eve., but thankfully I didn’t have to go in.

#79 Ron in BC on 12.06.12 at 3:57 am

Look what a million bucks (well, 2K shy of it) get you in the trendy west side of south Vancouver…..

http://www.realtor.ca/propertyDetails.aspx?propertyId=12554605&PidKey=-284458945

Maybe a bidding war on this charmer!

#80 dosouth on 12.06.12 at 4:14 am

#61 THE CELIAC HUSBAND –

Spain – bailing for years to come

http://www.google.com/hostednews/getty/article/ALeqM5iEOvkN0M0Vw9xHIF73F4J_CojPow?docId=157514417

France isn’t fairing any better in comparison to economic growth and unemployment ie:renters (needed to “build up a residual income” so to speak)

http://www.canadianbusiness.com/article/109243–french-unemployment-edges-up-again-to-10-3-per-cent-in-third-quarter-youth-rate-jumps

“Denial is a defense mechanism postulated by Sigmund Freud, in which a person is faced with a fact that is too uncomfortable to accept and rejects it …”

#81 live within your means on 12.06.12 at 4:21 am

#3 Shawn Petriw on 12.05.12 at 9:14 pm
Real estate is looking so bad that my idea of living aboard a sailboat is starting to look good in comparison…
(definition of boat: hole in the water you throw your money into)
………..
Actually, my eldest, retired bro bought a wooden sailboat, with a 2 person cabin, a few years ago. Bro spent all kinds of money & time on it. It gave him something to do. They both took the mandatory courses. His much younger wife ended up being afraid of all the ships in the harbour so they sold it a year later. Knowing bro, probably at a loss. Same applies to all their cars, etc. Ah well, they’re not hurting for money.

#82 live within your means on 12.06.12 at 4:52 am

#61 THE CELIAC HUSBAND on 12.06.12 at 12:23 am
Did anyone on here follow up on this Blog’s hint about Spain for an escape from Canada’s real estate rat race?
Any research in the worlds nest retirement places?
Anyone?

We happen to like France, far from THE ideal place, but it’s hard to beat int he sum of all things.
…………………

As you may recall, I love France, tho I know it’s not the ideal place to retire. Malaysia doesn’t appeal to me tho living costs may be far cheaper. I can no longer tolerate hot, humid weather. I would never retire in the US. We will likely stay in Canada & continue to vacation in France, visiting family, old & new acquaintances every 2 years, for as long as we are able. But, who knows what the future will bring – a trite saying – but true.

#83 Tony on 12.06.12 at 4:53 am

Re: #21 Yah but on 12.05.12 at 10:08 pm

When the bank starts foreclosing on the tens of thousands who have mortgages on Toronto houses then we’ll see the full 40 percent decline in Toronto. That should be in the next three years or less.

#84 Finally on 12.06.12 at 6:34 am

Who is the smoking man?

#85 Cambridge on 12.06.12 at 6:54 am

Not a huge run up here over the past 5 years in home prices compared with towns like Milton which is only 20 mins away….that sign is not new by the way, I have been driving by it for a couple years, I believe it was for a subdivision that was sold out over a year ago…still can buy a 2100 sf home with a finished basement here for $400,000…very reasonable price for two-professional families…

#86 Darlene on 12.06.12 at 7:20 am

About the picture, that sign has been there for years. It’s not new by any means. If you check their website there’s no mention of this offer and there are no plans to extend the site.

http://www.reidhomes.ca/pages/aboutUs/index.html

The latest ‘news’ on the builder’s site is from 2009. — Garth

#87 Chickenlittle on 12.06.12 at 7:54 am

It’s too bad we didn’t think to put Smoking Man on Voyager 35 years ago. I would have loved to have heard his updates from space, although it’s not like we don’t already…
As for SM for mayor… hmmmm…..?
What would that be like..?

#88 Robert on 12.06.12 at 8:44 am

#4 Hoof-Hearted. What a usless moron you are. Go buy a house pea brain.

#89 jerry on 12.06.12 at 8:55 am

This “free car tactic” was tried at least once before in the early 1990 in Kingston. Multiple brand new homes of a developer were outfitted with a brand new car in the driveway. Mortgage rates were higher then and the recession was on.

Outcome? No sales. Buyers all figured that the car price was simply wrapped up in the house price.

Eventually the cars were taken back. Once house prices dropped and even lower offers were accepted, houses sold.

Advice: Just wait for prices to drop and then offer good but lower prices but with quick clean closings.

#90 Nomis Ralpmet on 12.06.12 at 8:58 am

Garth, as house prices start retreating, there are obviously those gleefully waiting for “deals”. My question is if you think prices will fall to levels that are fair based on the prevailing economic factors or will they truely fall into “deal” territory?

All markets are local, and there will be broad variations by region and neighbourhood. Absolutely there will be deals in some areas, while others remain unaffordable to all but the affluent. Owning a house, despite the common wisdom, is still not a right. — Garth

#91 THE CELIAC HUSBAND on 12.06.12 at 9:20 am

# 78 Do South

If you depend on a job/income in Europe, I agree. Not a decent move.
However, if one is able to cash in their Canadian Real Estate & invest wisely (the beginning of a residual income), living in Europe or Asia becomes a very viable option.

Somehow your wants get separated from your needs very quickly here and though average cost of living may sound higher, you make do with less. Much less.
No 4.00 Latte here. Or three satellite dish/four TV houses.

Not sure what to do with the Freud quote. Am I in denial?

#92 Southern Ontarian on 12.06.12 at 9:24 am

I was in Kitchener last night talking to a friend, the house two doors down is up for sale and has been for a few months now. 1965, 2700 square feet with a pool, Kitchener suburb a painful drive from the 401.

He says the market looks to be slowing, as evidenced by the fact that this house (originally listed $474,900, now reduced to $459,900) has been around since summer time, whereas when he bought his house two years ago (sight unseen by him: it was a job transfer and his wife came down to look at it), it was listed on Wednesday, and by the time the weekend rolled around there was already an offer on it- his own!

Anyway, in reply to those comments that most people do not “have” to sell their house, that’s true- but for someone to list their home, there are usually pretty compelling reasons why they want to, which might be nearly as good as need. This house from the ’60s in Kitchener, by the way, is vacant. How many months will it sit there while the owners pay for heat and property taxes, before they decide to cut their losses and reduce the price to whatever it takes to sell?

#93 mark on 12.06.12 at 9:34 am

Garth,

just curious — what is wrong with Korean cars?

Make great planters. — Garth

#94 TurnerNation on 12.06.12 at 9:36 am

Major price reductions on an old skinny (13′) Toronto semi near the downtown area. As per Guava.ca. I thought this one looks familiar.

630 WELLINGTON ST W

$639,900
$619,900
$589,900 <—- !

http://www.realtor.ca/propertyDetails.aspx?propertyId=12653259&PidKey=649781176

#95 JCheung on 12.06.12 at 9:37 am

Hey Garth, I’m a bit surprised you mentioned that Brampton will get hit hard. Sure, the McMansions owners will suffer, but I’m pretty sure Brampton on average still has the lowest home prices in the immediate GTA.

#96 EL on 12.06.12 at 9:42 am

80 live within your means on 12.06.12 at 4:52 am
… As you may recall, I love France, tho I know it’s not the ideal place to retire…. We will likely stay in Canada & continue to vacation in France, visiting family, old & new acquaintances every 2 years, for as long as we are able.
France is a good choice particularly near Strasbourg to enable frequents soirees into Germany near Baden Baden-Lahr in the Black Forest.
Trouble is, you may irreparably harm your ‘twilight’ bodies in the cross-Atlantic airtube: long flights are injurious to your well-being.

#97 mark on 12.06.12 at 9:46 am

courtesy of national post

http://business.financialpost.com/2012/12/06/loblaw-to-create-one-of-canadas-largest-reits/

aren’t IPOs, a potential (emphasis potential) sign of a topping process?

#98 mm on 12.06.12 at 9:55 am

They’ve been giving away free Honda civics at a townhouse development in Richmond since at least September. Free stuff with real estate purchase is becoming the new normal in BC.

http://vreaa.wordpress.com/2012/09/24/free-car-with-house-in-richmond/

#99 Ret on 12.06.12 at 10:11 am

Toronto’s Skydumb. Every political party supported this fiasco. A Curly, Larry and Moe tripartisan effort to buy votes in their respective constituencies and to make big dollars for the taxpayers. Yeah, right.

Check out the Silverdome, just south of the thriving metropolis of Pontiac, Michigan. Another, “we gotta have it,” sports venue. $55.7 million to build in 1975 ($241M in 2012 dollars), sold in 2009 for $583,000, sans roof, to a Canadian.

The place had 82,000 seats. Pack the place with a few religious revival meetings and some $2 weekend dog and pony shows and she’d be paid fer.

When I drove by the place in 2008, the Silverdumb was being used to sell repossessed cars, motorcycles and motorhomes.

It isn’t too hard to see how Michigan fell on hard times with that kind of leadership. Thank God or Allah or whoever, it’s different here in Canada.

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

#100 Form Man on 12.06.12 at 10:20 am

Kelowna real estate stats for November show the market is essentially flat for the last 2 years, with median price down, sales down slightly and inventory down slightly, but MOI up slightly ( almost 16 months ). No sign of a recovery yet.

Now where is DA with his preposterous cheerleading ?

http://www.omreb.com/files/11%20-%20CO%20Statistics%20November%202012.pdf

#101 Devore on 12.06.12 at 10:26 am

#42 Billy

It wouldn’t surprise me if the BC government decided to change the yearly assesment to five years or something to lock in high taxes.

That’s not how property taxes work. The city needs a certain amount of money, and sets the mill rate accordingly. The value of properties is irrelevant. property values can go up and property tax rates down, and vice versa. They have nothing to gain from baselining property values once a year, because more and more home owners will be appealing their assessments over time.

The only way to reduce your property taxes is to appeal your valuation (and make sure to rat on your neighbors who renovate or have illegal revenue suites to get their taxes increased, because they’re getting a free ride off you).

#102 Daisy Mae on 12.06.12 at 10:45 am

“This, after all, is home to a domed stadium costing the taxpayers $578 million which was later sold for $25 million.”

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

No worse, I suppose, that the NDP ‘fast ferries’ built for $460 million and sold by the Liberals for $19.4 million.

You just have to wonder what makes these politicians tick. Do they think….at all?

#103 Devore on 12.06.12 at 10:54 am

#60 AK

LOL – Maybe it’s a Smart Car?

Clearly smarter than the buyer, because amortizing a disposable car over 25 years is something rich people do, right?

#104 WTF on 12.06.12 at 10:55 am

Why not move to the burbs? There are more opportunities for employment than in a city where even if you can get a job you cannot afford to live! That is unless you are working at the TSX trading or in Insurance. Oh whats that noise I hear in the background, it sounded like a crash..boooooom…… baby………..In the past 25 years, Toronto has lost most of its manufacturing capacity, most of it moving to outlying suburbs in the Greater Toronto Area, seeking lower land costs and land for expansion. This is not a new trend; it has been present for over 100 years. Early suburbs, such as Etobicoke developed for industry and were later engulfed by the expansion of the City of Toronto. This is evident as Etobicoke was the listed as one of the worst cities in Canada for pollution not so long ago! West Toronto once had large stockyards, which has moved well north of the city. Much of the older industrial land has been converted into new residential neighborhoods, supporting loft and condominium development and the industrial concerns have moved further away. So as I see it eventually those who live in the city will require that free car to commute to the burbs where they will be working. Has anyone driven to Mississauga lately, holy crap that is a large city with a very roomy downtown! Places like Mississauga and further out, more affordable have the jobs now. When was that last time anyone saw a large corporation bring hundreds of jobs to the city? It is not affordable for the average person. All the city (investors/developers) want to do is to build high-rise condos for speculators. They make their money and leave town. Eventually we are going to have a huge mass of condos filled or empty with no new infrastructure to support the masses. I can hardly wait until the city has to deal with their one hundred year old sanitary system and the aging electrical grid. Well you may eventually see rotating blackouts in the core if they don’t fix the system now. I believe that our nickname as Hog-town is quite appropriately tagged, as we have transitioned into a Fat pigsty where only the fattest of the pig’s gets to romp in the mud.

#105 OlTom on 12.06.12 at 10:59 am

#93 JCheung on 12.06.12 at 9:37 am

Hey Garth, I’m a bit surprised you mentioned that Brampton will get hit hard. Sure, the McMansions owners will suffer, but I’m pretty sure Brampton on average still has the lowest home prices in the immediate GTA.

Its affordable but blah, severely diminished lifestyle way to ethnic in areas. Signs are not in any of Canada’s two official languages. Some areas are really ghetto!
Been there, done that.

#106 hangfire on 12.06.12 at 11:03 am

Lets grow up and call it what it is….a sytemically corrupt country where ‘news’ is slathered in pig fat and slopped out to the public without proper or legal disclosure. If there were even the minimum of consumer protection disclosure laws in Canada then the entire ‘media’ farce…and the real estate industry insiders who funnel the cashola and false information in the first place…would be in prison. As it stands we have liars and thieves running rampant through the cornfields with their pants on fire.

Yes…Canada is corrupt…systemic corruption exists on every level…..how about Quebec guaranteeing party workers civil service jobs for life as was recently announced…..and for $170,000 p/a plus perks no less…..where is the public outrage? What about our deal with MP’s at $25 dollars for every pension dollar contributed….thats third world level corruption….where’s the protest?

We read about how filthy lucrative it is to work for the governemnt on any level…but can’t say anything because truth is forbidden……thats corruption on every level…..wake up and toss these real estate boards and corrupt officials into prison.

#107 WTF on 12.06.12 at 11:03 am

#97 Ret on 12.06.12 at 10:11 am

Dam that make me sad, saw some good rock concerts there in the 70’s. Could this be the Rogers Center to come?

#108 Grantmi on 12.06.12 at 11:04 am

+++++++#82 Finally on 12.06.12 at 6:34 am
Who is the smoking man?+++++++

Please… Don’t encourage him!!!!

#109 Grantmi on 12.06.12 at 11:09 am

No worse, I suppose, that the NDP ‘fast ferries’ built for $460 million and sold by the Liberals for $19.4 million.

And these are the same NDP that the idiots of BC are going to vote back in next year!!!! Bring back Glen Clark’s butt boy is going to kill BC…. I’m moving to Alberta.

#110 bill on 12.06.12 at 11:09 am

this is for smoking man
http://www.youtube.com/watch?v=KUxoughdYto

saw them perform Pax Britannica during expo 86 at the xerox theater on Great Britain day
I dont think Maggie Thatcher caught the show….

#111 hangfire on 12.06.12 at 11:09 am

#45 Multicult….every Indian and Iranian cashier I ‘ve talk to in Texas so far this year has had a Canadian passport as well as a green card. They dump thier kids in school in Canada and get the free health care…then thery move to the states to work…….is that the multiculturalish you’re talking about? Texas by the way…has a far more broad diversity than say Richmond…..there are no ethnic ghetto’s here in Dallas.

#112 Form Man on 12.06.12 at 11:12 am

#100 Daisy Mae

I agree with you about the fast ferry fiasco overseen by( former labour leader) and NDP premier Glen Clarke. What was most curious was ( billionaire capitalist )Jimmy Pattison subsequently hiring Clarke to run parts of the Pattison empire……….never saw that coming……

#113 Buyer on 12.06.12 at 11:18 am

On the good side, it’s a good time to negotiate with seller. Just got a nice 6-plex for an excellent price in an excellent location. Pays for itself entirely with a very interesting positive cash-flow every month. RE market is not all that bad everywhere right now. The best: i’ve used very little of my own money to get it…

#114 Realtors in an all out PANIC! on 12.06.12 at 11:46 am

Interesting Times on 12.06.12 at 1:50 am
The 50% crash has just started HGTV Virgins. Get out there and start low balling these realtards & builders by 50%. For many virgins it is too late, look at what happened to all the virgins at trump towers as they are going bankrupt one by one. This is the biggest ponzi scheme in Canada’s history and many will go bankrupt. The realtards, banks and builders are in full out panic! Time to get your revenge virgins!
—————————————————————–

Yes….Canada is in the biggest ponzi housing bubble scheme in history all thanks to the CONservatives CHMC. The limit of almost 600B is almost reached. investors/flippers/ virgins are on the BRINK of going BANKRUPT if they do not sell or find a sucker. Look at trump towers as one example. People bought condo’s by borrowing from their fake equity on their homes. If they lose the condo they lose the house. Thousands and thousands of people face losing everything if they do not sell. Low ball them and put them into bankruptcy and watch the house of cards fall down. Good advise interesting times. The RE industry is in a PANIC!

#115 I am disappoint on 12.06.12 at 11:49 am

#21 Yah but

I think people hanging onto their houses during a decline IS the rational response as they aren’t acting on their emotions (i.e. fear of loss). The irrational response is to jump off the cliff with the rest of the lemmings.

#116 Updown Voter on 12.06.12 at 12:04 pm

Garth,
When are you going to install like and dislike buttons on posts? Soon, please. If you do, don’t wimp out like Facebook and omit the dislike. There are a lot of “Furst” people out that they I would love to dis.

It’s a blog, not a contest. Suck it up. — Garth

#117 Bill#2 on 12.06.12 at 12:04 pm

#106 Grantmi on 12.06.12 at 11:04 am

Smoking or track 6er = Harmless Schizophrenic

Schizophrenia is a mental disorder characterized by a breakdown of thought processes and by poor emotional responsiveness. Common symptoms include auditory hallucinations, paranoid or bizarre delusions, or disorganized speech and thinking, and it is accompanied by significant social or occupational dysfunction. The onset of symptoms typically occurs in young adulthood, with a global lifetime prevalence of about 0.3–0.7%.Diagnosis is based on observed behavior and the patient’s reported experiences.

Genetics, early environment, neurobiology, and psychological and social processes appear to be important contributory factors; some recreational and prescription drugs appear to cause or worsen symptoms. Current research is focused on the role of neurobiology, although no single isolated organic cause has been found. The many possible combinations of symptoms have triggered debate about whether the diagnosis represents a single disorder or a number of discrete syndromes. Despite the etymology of the term from the Greek roots skhizein (σχίζειν, “to split”) and phrēn, phren- (φρήν, φρεν-; “mind”), schizophrenia does not imply a “split personality”, or “multiple personality disorder” (which is known these days as dissociative identity disorder)—a condition with which it is often confused in public perception.[3] Rather, the term means a “splitting of mental functions”, because of the symptomatic presentation of the illness.

The mainstay of treatment is antipsychotic medication, which primarily suppresses dopamine (and sometimes serotonin) receptor activity. Psychotherapy and vocational and social rehabilitation are also important in treatment. In more serious cases—where there is risk to self and others—involuntary hospitalization may be necessary, although hospital stays are now shorter and less frequent than they once were.[4]

The disorder is thought mainly to affect cognition, but it also usually contributes to chronic problems with behavior and emotion. People with schizophrenia are likely to have additional (comorbid) conditions, including major depression and anxiety disorders; the lifetime occurrence of substance abuse is almost 50%. Social problems, such as long-term unemployment, poverty, and homelessness are common

#118 live within your means on 12.06.12 at 12:19 pm

#94 EL on 12.06.12 at 9:42 am
80 live within your means on 12.06.12 at 4:52 am
… As you may recall, I love France, tho I know it’s not the ideal place to retire…. We will likely stay in Canada & continue to vacation in France, visiting family, old & new acquaintances every 2 years, for as long as we are able.
France is a good choice particularly near Strasbourg to enable frequents soirees into Germany near Baden Baden-Lahr in the Black Forest.
Trouble is, you may irreparably harm your ‘twilight’ bodies in the cross-Atlantic airtube: long flights are injurious to your well-being.
…………………
Been to Baden, Baden and Lahr eons ago – Eldest bro was stationed there. Love Strasbourg. My PIL live in Metz so close to lots of other countries. The other year DH & went for a really quick trip to Brussels. Thanks to GPS I found the apt. I lived in when I was 22 – Ave. General de Longueville. While there I traveled to several countries. Got to spend 10 days in Denmark with my aunt & uncle.

I hate the overseas flights, but we go 1 above economy with Condor to Frankfurt. We lease a new car with Renault Eurodrive in advance & they deliver it 10 kms from the airport at the Holiday Inn. Shuttle picks us up (no charge) & off we go. Best deal in our opinion.

Anywho, I’ll continue visiting the continent until I can’t.

#119 Vamanos Pest on 12.06.12 at 12:42 pm

Fourth paragraph of this post may be the best paragraph ever written in the English language.

Period.

#120 all_we_need_is_mortgage on 12.06.12 at 12:45 pm

#59 Mr. Buyer
/ Houses cost too much. Prices have outpaced incomes./

It’s not only house prices have outpaced incomes. It’s peoples consumption outpaced incomes. Correction is simply inevitable. The question is – When? If the government goes for printing more money and creating a deeper debt hole – them it will be a nightmare without end. If they stop doing this – it will be nightmarish end. Both options are not very attractive. Is there a third option? … “soft landing”? Can it be when: both the wolves have eaten much and the sheep have not been touched?

#121 Looking North at the U.S.A. on 12.06.12 at 1:00 pm

#77 Ron in BC

This is what you get for $1 million in the city at the end of the 401.

http://mls.ca/PropertyDetails.aspx?&PropertyId=12405516&PidKey=436371847

#122 Picasso on 12.06.12 at 1:15 pm

The Canadian real estate market has been treated like a raging bull stock market the last few years where everybody has been buying on margin. It’s all fine and dandy until the market reverses on you and you get that margin call. Anti up or sell.

#123 Van guy on 12.06.12 at 1:15 pm

Over at RET, Mike Stewart is getting what he deserves. What a liar!!

http://realestatetalks.com/viewtopic.php?f=8&t=128392&p=315586#p315567

#124 Rasputin on 12.06.12 at 1:15 pm

RE #26
“Pretty low blow referring to the weight of TO’s Mayor. Wasn’t his platform to end the gravy train?”

We all misheard him. His platform was to eat the gravy train.

#125 John Prine on 12.06.12 at 1:17 pm

How about this Daisy…

http://www.timescolonist.com/opinion/editorial-cartoons/7645830.bin?size=620×400

#126 Victor V on 12.06.12 at 1:18 pm

http://ca.finance.yahoo.com/news/europe-crisis-housing-remain-top-risks-canada-says-153153947–business.html

OTTAWA (Reuters) – High household debt and a heated housing market remain the biggest domestic threats to Canada’s financial system, the Bank of Canada said on Thursday, despite tighter mortgage rules introduced by the government in July.

“The most important domestic risk to financial stability in Canada continues to stem from the elevated level of household indebtedness and stretched valuations in some segments of the housing market,” the central bank said in its semi-annual Financial System Review.

#127 Victor V on 12.06.12 at 1:20 pm

http://www.theglobeandmail.com/report-on-business/top-business-stories/bank-of-canada-issues-harsh-warning-on-condo-market/article6022625/

The Bank of Canada issued a harsh warning today about overbuilding of high-rise housing, notably condos.

“In the current context, a specific concern is that the total number of housing units under construction has been increasing and is now well above its historical average relative to the population,” the central bank said in its financial system review.

“This development is entirely accounted for by multiple-unit dwellings (which include condominium units), especially in major metropolitan areas.”

As Canada’s housing market cools, the condo sector has been of particular concern, notably in Toronto and Vancouver. Sales in both cities are down sharply after the federal government moved again in July to cool things down.

Canadian policy makers have been concerned over both the housing market and the record debt burdens among households, the central bank said earlier this week that credit growth has at least been slowing.

#128 Canuck Abroad on 12.06.12 at 1:31 pm

Who is Smoking Man?

Sensible and banal middle aged gent who lives in Long Branch at a home he paid off decades ago with lacy curtains and doilies on the coffee table. Hopelessly devoted to his long-suffering wife and two sons, whom he like to slag sometimes, but obviously doesn’t mean it. Takes the GO (track 6) to his dreary job as an actuary, where he daydreams of his alternate life as a realtor while surfing the Greater Fool blog all day.

His online persona is a dyslexic, louche boozer who spices up the conversation with risque and provocative comments and frequent banter. Probably looks like the real Smoking Man, from X-Files. Or wishes he did…

#129 Daisy Mae on 12.06.12 at 1:34 pm

#107 Grantmi: “And these are the same NDP that the idiots of BC are going to vote back in next year!!!! Bring back Glen Clark’s butt boy is going to kill BC…. I’m moving to Alberta.”

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

Yep. The provincial Conservatives are a dismal failure….so, no hope there! The pendulum will swing as it always does.

#130 gladiator on 12.06.12 at 1:35 pm

Smoking Man, I didn’t know you like nature so much: Weed, Wine, Floyd = http://www.wwf.org ?

#131 Vamanos Pest on 12.06.12 at 1:40 pm

Gotta love Smoking Man
He spelled “hemorrhoid” right but “itchy” wrong…and really freakin’ wrong.

Awesome.

I love that guy.

#132 JohnnyBoy on 12.06.12 at 1:46 pm

Smoking Man or track 6er =
#115 Bill#2 on 12.06.12 at 12:04 pm

#106 Grantmi on 12.06.12 at 11:04 am

Smoking or track 6er = Harmless Schizophrenic

Hey Grantmi, Bill and Bill#2 leave our Schizophrenic friend alone. He is the only one out there connected to the Mother ship. Smoking Man please light up another joint and take us with you!

#133 Investx on 12.06.12 at 1:48 pm

The Real Estate Board of Greater Vancouver explains the use of the HPI in a recent Globe and Mail article this way:

“The board said it uses a home price index that strips out the most expensive properties because that serves as a better barometer of trends than average prices.”

Thoughts? Isn’t that similar to the mean?

http://www.theglobeandmail.com/report-on-business/vancouver-home-sales-plunge-prices-dip/article5959910/

#134 Marco.R on 12.06.12 at 2:01 pm

The belief (and that’s highly a questionable one) that most people don’t HAVE to sell in Canada, will have little to do with the inevitable price correction. In any market, when something isn’t selling, is over-priced or is unaffordable, prices are impacted in a downward direction and everyone’s values are affected.

#135 Condo nightmare on 12.06.12 at 2:03 pm

http://www.theglobeandmail.com/report-on-business/top-business-stories/bank-of-canada-issues-harsh-warning-on-condo-market/article6022625/

Queue the tears and lawsuits

#136 Realtors in an all out PANIC! on 12.06.12 at 2:25 pm

http://www.theglobeandmail.com/report-on-business/top-business-stories/bank-of-canada-issues-harsh-warning-on-condo-market/article6022625/

It’s going to be a NASTY housing crash realtors, a NASTY crash! People are going to lose everything in this housing crash. People bought condo’s using the equity on from their houses. People will lose their condos; and their houses to foreclosures. Tens of thousands of people stand to lose EVERYTHING! It’s going to be a NASTY CRASH!

#137 Linda Pearson on 12.06.12 at 2:31 pm

#126Canuck Abroad on 12.06.12 at 1:31 pm

“to his dreary job as an actuary, where he daydreams of his alternate life as a realtor while surfing the Greater Fool blog all day.”
——————————————-
You know, I’ve never looked on Smoking Man with your perspective before. When I read your post, I mentally glomed on to a poem called, “The Old Grey Squirrell”. The whole poem is a wonderful read but the last stanza is what comes to mind here and is particularly apt:

Now he’s sitting on a high-stool in London,
the Golden Gate is very far away,
For they caught him like a squirrel and they caged him,
now he’s totting up accounts and turning grey,
And he’ll never, never get to San Francisco
and the last thing that he will ever see,
Is the sailormen a-dancing in the moonlight
by the capstan that stands beside the quay.
To the tune of the old concertina
by the capstan that stands beside the quay.

I really hope that isn’t Smoking Man; no one deserves that.

#138 spaceman on 12.06.12 at 2:34 pm

“The council says central banks have kept interest rates low because the alternative is worse — that is increasing the cost of borrowing and undermining an already fragile recovery. What’s more, it says it expects rates to remain low for an extended time.

Earlier this week, the Bank of Canada kept its overnight rate at one per cent for the 18th consecutive policy announcement meeting, a stretch that goes back to September 2010.

Although Carney kept in place his mild tightening bias, most economists believe neither out-going Carney, nor his successor who takes the helm in June, will be in position to make good on the bias until 2014, and then only to implement very modest hikes ”

What ever happened to the new Paradigm in 98, remember that? Oh ya the book was called “The Defence” Where stocks were going to keep rising until 2015, and interest rates couldn’t get any lower ? Oh and there was probably not going to be a crash (just a few bumps) And housing was a crappy investment.

Well here is the the New paradigm… interest rates are stuck in the basement for a very long time, and even if they do go up, it will probably trigger a Recession, and go back down. The current housing downturn will most certainly garuntee this for the next year or two… and I dont speculate on what comes next. Only a fool would do that.

We are Japan baby, get used to it.

#139 Toronto_CA on 12.06.12 at 2:36 pm

From that Condo-geddon article, I think this sums it up nicely:
_________

“If the upcoming supply of units is not absorbed by demand as they are completed over the next 18 to 36 months, the supply-demand imbalance will become more pronounced, increasing the risk of a sudden correction in prices”

That, in turn, could pressure house prices in general, which itself would spread through the broader economy.

“This would likely lead to a decline in housing activity, adversely affecting household incomes and employment, as well as confidence and household net worth, which would in turn reduce household spending,” the Bank of Canada said.
_______________

So basically, first they came for the condos, and I didn’t sell because I didn’t own a condo. Then they came for the townhouses, and I didn’t sell because I don’t own a townhouse. Then they came for the detached houses, and there was no one left who could afford to buy it from me.

#140 Arthur on 12.06.12 at 2:44 pm

#66 Maria

Most people on this blog (myself included) think prices are going to keep falling and anyone who bought recently will have paid more than the property is worth. Depending on her down payment there is a good chance your sister will owe her lender more than the townhouse is worth within the next year or two.

#141 colea on 12.06.12 at 2:50 pm

Can you please give it a rest with the korean cars? They have surpassed GM and Chrysler. I appreciate insight into real estate and finance, but for cars, I prefer to go to the ones that actually know about them. And no, I don’t have any direct interest in korean car industry or dealerships.

#142 house burden on 12.06.12 at 3:04 pm

45 MutiCult on 12.05.12 at 11:14 pm

Canada is better than the US, we have multiculturalism, so the house prices are invincible. This is how we enlightened people create wealth.

We must bring in more people from around the world so they can feed this new way making the big bucks.
====================

Its called a ponzi / Pyramid scheme. In order to keep this up you need to get more people to buy in. Only problem is for every one person, on top you need at least 3 people to buy in under him.

So population must go up 3 to 1 incrementally to keep this up. Only problem is can the earth really support this infinitely?

For the tree huggers and clean earth guys always complaining about global warming. Ask yourself can global warming be cause by over population? Of course, its probably the main reason for global warming. If man got wiped out global warming and carbon emmissions will cease!

#143 City Slicker on 12.06.12 at 3:11 pm

Garth I feel like we’re in the movie 300 at the part where we are huddled together waiting to strike the oncoming massive army, and you’re at the center saying “hold, hold, hold……” then giving us the cue to ….ATTACK!

#144 dontcallmeshirley on 12.06.12 at 3:12 pm

Ok, but you would rather have a GM?

—————–
just curious — what is wrong with Korean cars?

Make great planters. — Garth

#145 Westernman on 12.06.12 at 3:29 pm

Question: How do you keep a Canadian amused for days on end?
Answer: Mention the word “Condo”

#146 jess on 12.06.12 at 3:31 pm

From yesterday
#107 Patiently Waiting and 126 -=jwk=-

r and r risk and reward
Lehman 30:1
see Chilton speech
http://www.cftc.gov/PressRoom/SpeechesTestimony/opachilton-80

#147 brainsail on 12.06.12 at 3:46 pm

#131 Investx on 12.06.12 at 1:48 pm

“Isn’t that similar to the mean?”

The statistical terms “mean” and “average” are the same thing. I think you meant to say “median”.

#148 old English guy on 12.06.12 at 3:48 pm

Been reading these blogs for some time. This smoking man has an surreal affinity for Pink Floyd. Chanced a meeting with them back in 67 or 68 when I lived on Tottenham Court Road. Syd was a very creative chap. They were a house band at a local club there. Nice blokes!

#149 Realist on 12.06.12 at 3:53 pm

>>since the Spring [sic]

Seasons of the year are not written using capital letters.

#150 Daisy Mae on 12.06.12 at 4:02 pm

123John Prine: “How about this Daisy…

http://www.timescolonist.com/opinion/editorial-cartoons/7645830.bin?size=620×400

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

Good money after bad…par for the course! LOL

#151 Daisy Mae on 12.06.12 at 4:11 pm

#124 VICTOR B: “OTTAWA (Reuters) – High household debt and a heated housing market remain the biggest domestic threats to Canada’s financial system, the Bank of Canada said on Thursday, despite tighter mortgage rules introduced by the government in July.”

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

So….it’s all OUR fault? And the poor government is blameless? Because, after all, they introduced ‘tighter mortgage rules’ to save us from ourselves…

#152 jess on 12.06.12 at 4:13 pm

…vultures love surplus
What were they saying about Canada?

Clean countries do dirty business 100 reporters
Dec 6 – “Many of the countries that appear “cleanest” on the [Transparency International] Corruption Perception Index — Singapore, Hong Kong, Japan, Switzerland, Luxembourg, Germany, Austria the United Kingdom, the United States, and the Bahamas – also appear conspicuously high on a list of culprits that shelter kleptocrats” – TJN’s Financial Secrecy Index.
http://100r.org/2012/12/clean-countries-do-dirty-business/

#153 bucky on 12.06.12 at 4:13 pm

Garth,

You have been predicting the downturn in Canadian house prices for many years now. Various industry graphs on prices vs interest rates, employment growth, etc. show a “potential” downturn in Canadian house prices, yes.

But it just didn’t happen over the last few years, it appears to be just starting now but will be proven over the next several months.

While your gut instinct has been correct, when it comes to predicting changes, “too early” is no better than “too late”.

The challenge has been determining WHEN the downturn would take place, and having a reasonable time frame.

Why?

Because managing wealth is not only about allocation but also demonstrating reasonably good timing.

So looking back, what was it that affected your timing?

Houses are not stocks. Lead times for buying or selling can be lengthy, and the costs of acquiring and disposing high. This blog gave a timely and accurate warning of events to come. — Garth

#154 IM in C on 12.06.12 at 4:30 pm

#90Southern Ontarian
You raise an interesting point. How much does it cost to vacate (not abandon) a house. Typically it would cost between 6 and 10 thousand dollars a year. Saw thsi phenominum in Calgary a couple years back. For people with all paid up houses , looking at a potential 100, 200, 300 thousand dollar drop, it would make sense to vacate for a couple years to see if the market comes back rather than sell immedaitely. . Have a property mgt. company take care of the exterior etc. Leave the drapes up , program the lights , etc.

#155 Old Man on 12.06.12 at 4:42 pm

The danger in and around the Toronto area with condos especially in the core becomes the wild card. It is difficult to determine just how many have closed over the past 5 years with speculators. I have seen figures between 40 to 60% who have rented out at a net loss or left them vacant to hoop a capital gain. I suspect they will want to take cash off the table very soon, if not now. This means that a huge amount of listings will enter the market with no buyers that may trigger a panic race to the bottom. The Spring of 2013 could see some interesting adjustments in market price.

#156 jess on 12.06.12 at 4:46 pm

Transfer pricing leads to record fines The Copenhagen Post
Dec 5 – “Skat [Denmark’s tax authority] has examined transactions conducted by multinational corporations between their subsidiaries in Denmark and other countries. They uncovered backdoor deals amounting to more than 15 billion kroner in income, on which it says the companies will now be required to pay taxes.”

…”Transfer pricing is not illegal in itself. What is unlawful is transfer mispricing.

When two related companies trade with each other, they can artificially distort the price of the transaction in order to minimise the overall tax bill. Skat, the tax authority, said that the missing taxable profits disappeared into tax haven countries and the companies in question paid no Danish taxes on the deals….”

#157 bopeep on 12.06.12 at 4:46 pm

#99 Devore on 12.06.12 at 10:26 am
“The only way to reduce your property taxes is to appeal your valuation (and make sure to rat on your neighbors who renovate or have illegal revenue suites to get their taxes increased, because they’re getting a free ride off you).”

Check this out: 5200 Woodpecker Drive, Richmond, BC
Sold $1,850,000 (When crickets are chirping)
Tax Assessment $1,180,000
*This owner is a REALTOR. Ride you like a cowboy.

#158 HouseBound on 12.06.12 at 4:57 pm

Gath, enjoy your blog,
You should “Cite your sources” when making references like
“The average detached house in 416 has fallen in price 12.7% since the spring”, as it gives your blog more credibility, otherwise the reader just discounts the information as “opinion”.

Ask me if I care if you believe me. — Garth

#159 Smoking Man on 12.06.12 at 5:10 pm

#148 old English guy

You lucky dude. I would give up a testy to shake Roger waters hand

He is pure genius…………..

#160 Smoking Man on 12.06.12 at 5:23 pm

Going to be another unpredictable night of posting . heading Back to senica. obviously I have a problem. But the bozze is free.

GARTO. you know the drill hand close to delete button.

I’m feeling good I just verbally. ripped off the head of the Dr treating my parents at the nursing home.

They are one notch above teacher on my personal shit list.

Perscribing drug that I have not pre screend on Google. Do it one more sending in a phyco Hocker player goon.

What was cool pops is 95 they put a gps on him. 95 year olds with full blown demecia should not be able to run let alone jog.

#161 Old Man on 12.06.12 at 5:25 pm

#154 IM in C – I do not understand your logic so will leave you a quote to ponder, as why would anyone want to vacant their residence for a couple of years with the fear of it crashing $300,000 in price left with the hope that it might come back? This reminds me of Vegas that when they are losing everything will go all in to get it back.

“Things done well and with care, exempt themselves from fear.”

– William Shakespeare

I have booked Vegas after Xmas, as am a high roller who plays the slot machines for 25 cents; nope go for the meal deals; bargain accomodation; and to see a few shows.

#162 joe calgary on 12.06.12 at 5:29 pm

#144- ofcourse I would rather have a GM then a say Hyundai. Wouldnt u rather have a corvette zr1 then a genesis coupe? or and escalade then a santa fe? duh. and not to mention you are supporting the North American economy not helping asia with the take over of the world.

#153 bucky- If garth started discussing the falling housing market now then ppl would have time to deleverage and unload their properties. How is that now obvious, or would you rather be stuck with a $700000 house in mouldville that you owe $900000 on? The MSM just started talking about the potential for a falling market when many ppl are already underwater. If your such a scholar and quick to critisize then why dont you enlighten us on what we should be doing?

#163 Esoteric on 12.06.12 at 5:30 pm

@ #14 Smokingman

And when your predictions fail in May? When prices are down further and sales are still down what will you say then?

#164 Grim Reaper/Crypt Speculator on 12.06.12 at 5:47 pm

I think we should convert Skydome into strata housing..its assessment(based on sales price) is $25 Million…CHEAP !!!!! .

If people will forego Stainless Steel , Granite and Marble and shop at Ikea …..WTF is the problem? Problem solved !

#165 Sebee on 12.06.12 at 5:54 pm

#74 Alberta Ed on 12.06.12 at 1:57 am
>I thought Justin Trudeau was the new Canadian Twinkie.

Can’t have two guys named after Twinkies. For Justin you can choose from; “Ding Dong”, “Ho Hos” and of course “Sno Balls”.

#166 Hoof - Hearted on 12.06.12 at 5:57 pm

#88 Robert on 12.06.12 at 8:44 am

#4 Hoof-Hearted. What a usless moron you are. Go buy a house pea brain.

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

Why should I be redundant?

Go to the Land Titles office..ask them to do a Title search for ” Hoof Hearted ” .

See what comes up ……(besides the security guard telling you to get the F*ck out)

#167 Tony on 12.06.12 at 5:59 pm

Re: #95 JCheung on 12.06.12 at 9:37 am

Recall the NINJA loans in America. Brampton is the NINJA loan capital in all of Canada.

#168 house burden on 12.06.12 at 6:14 pm

Recently I’ve been noticing the rental houses for basement and main floor suite prices lowering. One which was asking 1350 is now asking for 1100/mth. Another went from 1500 to 1200, and finally rented @ I don’t know.

The rental listing for my criteria in vancouver use to be 5 units, but yesterday I see 35 units. And what is worst, as the rental market starts to drop, you can probably get a unlived spankin new condo (with less space) for the same price as a lived in , yucky carpet, slanted place in some tear me down unit.

Things are starting to get different but at the end its always the same.

BTW, I hope someone starts a blog to track the rental suits like the vancouverpricedrop blog.

#169 HogtownIndebted on 12.06.12 at 6:35 pm

Well it appears someone noticed the barn door was open after all – these guys are so right on the ball, let’s promote one of them to manage the Bank of England!

http://www.thestar.com/business/article/1298561–bank-of-canada-warns-of-low-rate-risk

Love this part:

“The Bank of Canada says low-interest policies that it and other central banks have put in place are adding another layer of risk to the already stressed global financial system.”

Off in the distance you can see a horse’s a$$ as it romps away…er, sorry, that one is Rob Ford’s face……

#170 MP on 12.06.12 at 6:42 pm

I knew this wasn’t an ear blog anymore, but is it a car blog now?

#171 jess on 12.06.12 at 6:44 pm

#145 Westernman

i thought it was debating the word “lunatic” and whether it should be banned.

#172 Smoking Man on 12.06.12 at 6:51 pm

, #163 esoteric

I would say I was wrong. But that never happens. Go back to Gartho archives from2010 hit control for type smoking.

You will see what I mean. Dude hedge found managers come here a better the farm on my calls.

I’m insane but usually right ask any long term dudes on here

#173 Old Man on 12.06.12 at 7:21 pm

Now will have lots of babes meeting me in Vegas, and am willing to share with Smoking Man. I booked Vegas a bit different this time with some help from a gal that lives there. I booked the Excalibur as the twin casino is the Luxor with a free shuttle service; a cheap room; a meal ticket for $35.00 to eat at both casinos day and night; both casinos have great entertainment and get a deal for half price.

Now have never seen a performance by Criss Angel, as he is booked at the Luxor, so get that for $27.50. Now this gal in Vegas says who is the Smoking Man? I said he is VIP, and can you set him up for a good time, and she said let him come, as she works at Hooters Hotel and Casino; just said no problem as all can be done for a good date.

#174 Ralph Cramdown on 12.06.12 at 7:30 pm

My impression of Brampton is that they’ve achieved density the same way L.A. has; by stuffing an extra few people into every SFH. Cars filling the driveways, cars on the street, cars on the lawn. Cars parked sideways on the strip of driveway between the sidewalk and the curb. It’s the Surrey of the GTA, that’s for sure.

#175 Investx on 12.06.12 at 7:31 pm

147 brainsail:
#131 Investx on 12.06.12 at 1:48 pm

“Isn’t that similar to the mean?”

The statistical terms “mean” and “average” are the same thing. I think you meant to say “median”.
—————————————————–

Yes! Arghhhh…
Thanks for catching that.

#176 WTF on 12.06.12 at 7:45 pm

Garth, Describing Ford as you do is comic genius – something you can take on the road.

“Where the mayor has the political acumen of a Twinkie, and gained weight during a public diet.”

I just request more humour…. I am getting addicted!

btw WTF = white-trash Ford

#177 TurnerNation on 12.06.12 at 7:47 pm

Whistler Realtors panicking. Their bloated taxes, strata fees are a mess. Reduced New Price all over.

http://whistler.kijiji.ca/c-PostersOtherAds-W0QQUserIdZ4334620

#178 IM in C on 12.06.12 at 7:52 pm

#161Old Man
Not my logic -their (the reluctant home seller”) logic !
If your house is all paid for , it would cost, taxes , utilities and property mtce. Co. – say 10K a year to keep vacant. If you *believe* that the sudden dip in real estate prices will last only a year or 2, and want to gamble 10 to 20 k against what you percieve as hundreds of thousands in lost capital, you will make the bet. No crazier that the hundreds of thousands of Canadains who put every cent they had, and mortgaged their future, into a undersized and over priced box in the sky in the *belief* that the re-sale price would continue to rise

#179 GUnit on 12.06.12 at 8:05 pm

Here’s a slide showing the relationship between demographics and real estate by Citi’s Matt King. Its a beauty.
http://www.businessinsider.com/matt-kings-most-depressing-slide-ever-2012-12

#180 Nostradamus Le Mad Vlad on 12.06.12 at 8:08 pm


#87 Chickenlittle — “I would have loved to have heard his updates from space, although it’s not like we don’t already… As for SM for mayor… hmmmm…..?”

To have SMan running The Big Smoke from beyond the DSOTM would have been a lot of fun! Some of the changes would be wacky, such as the 401 taking a detour to Neptune but, overall, the changes would have been positive!

Trip the Light Fantastic, Smoking Man! And now It’s Party Time!
*
Daily Job Cuts and 3:09 clip Republocrats spending the US into oblivion; 2:37 clip The Fourth Reich controls the EZone; 0:43 clip Real unemployment is 22%; Good Jobs Where have they gone? Outsourced; Botnet Stealing Who set it up to steal? Obviously they know what they’re doing; MediCare is a prime target in the fiscal cliff talks, which would allow ObombaCare to replace it; Homelessness Can happen to anyone anytime; Windows 8 Vista or 8 — which is worse? Green Energy At least taxpayers can bail them out.
*
Massive sea ice seen off east China coast. Poles shifting? Plus Someone doesn’t like the truth being spoken; Disabled Vet Clearer understanding of the way this world is; 2:07 clip Wikipediia is not a reliable source of information, Monsanto’s family and 1:10:28 doc. Fighting back against GMOs. People have nothing left to lose; Russian Warships dock in Syria, just as NATO arms Turkey; Healthy Foods far beyond most peoples’ reach.

#181 morry on 12.06.12 at 8:10 pm

when everyone around you is panicing is when you should buy.

#182 Fabrega on 12.06.12 at 8:27 pm

“Yes, the real estate cartel, which has great sway over local media in almost all markets in Canada, continues to trot out its Frankenumbers to prove that underneath all this spurting blood, skewered organs and protruding cartilage, the market’s in damn fine shape”

You have outdone yourself on this one Garth.Lol!

#183 robert on 12.06.12 at 8:30 pm

The average Remax Realtor is paying close to $5500.00 a month for office fees which includes phone, copier, receptionist, advertising and of course a place to hang your hat. Now many of these realtors have not sold a house in two months maybe three. You think that there are a few Remax Realtors in full blown panic. Oh yes this is before the car or cars payment plus living expenses including mortgage and heloc. The landscape for Realtors changed substantially in 2012 and will change that much more in 2013. It will not be a great time to fly that Remax banner.

#184 Smoking Man on 12.06.12 at 9:13 pm

The question is. Do I tell em about it. No one asks me about siblings . No not going to do it. Bartender a mother one

#185 Ralph Cramdown on 12.06.12 at 9:18 pm

#183 robert — “The average Remax Realtor is paying close to $5500.00 a month for office fees which includes[…]”

Maybe an agent convinced you that was true to justify her high commission, but a quick google indicates that it’s totally bogus. Try “remax office fees” to start. And remember, they’re negotiable.

#186 Smoking Man on 12.06.12 at 9:19 pm

Old man. Excalibur ? Even for a bro not good. I on the 24th floor at Seneca watching the falls. Trying to figure out shit. I. Into wine number 8 I can still walk , look at my spelling. Amazing.

#187 willworkforpickles on 12.06.12 at 9:27 pm

Man… These low interest rates are really becoming a problem negatively affecting big bank profits. The low-interest-rate problem means the banks must work harder to squeeze profits out of every quarter. A stagnant year ahead for banks as new mortgages begin to decline could mean increased pain and less profits for the big banks quarter after quarter into 2013…oooOOO…oHHH wOw…..!!

#188 T.O. Bubble Boy on 12.06.12 at 9:28 pm

@ #158 HouseBound on 12.06.12 at 4:57 pm
Gath, enjoy your blog,
You should “Cite your sources” when making references like
“The average detached house in 416 has fallen in price 12.7% since the spring”, as it gives your blog more credibility, otherwise the reader just discounts the information as “opinion”.

Ask me if I care if you believe me. — Garth
_________________________

This isn’t some secret insider source – it is publicly available information from the Toronto Real Estate Board news releases:

http://www.greaterfool.ca/2012/12/04/ominous-parallels/#comment-210779

#189 Smoking Man on 12.06.12 at 9:32 pm

This post ment for the next one but I’m going to pass out before the great Gartho gets off his ass and types something.

I lost my big sis. On a ski trip blue mountain , she was on a bus Weston rd school. My twin decided to go and meet big breasted Becky a week later. I. Stuck with pops and mom. When I join you. I’m nocking some teeth out

My wife loves to tell people I’m an only child , never told her. About it.

So I am stuck with that Jewish mom who anit a Jew. And a dad that well. He left the planet in a nazi concentration camp. Still love them.

The above can be pure shit sm looking for sympathy in a drunk in super. Or he is so shit faced Truthfully . Truth is my bubble head worshipers. You and me don’t know the truth.

I just know that when mon and dad are done, and I don’t need to take care of shit. My exit will be spectacular, don’t worry wifey , got her 3 times net worth insurance. It will not look like a eat bullet thing.

I’m going to see Becky with damn an amazing event.

Till then get what you can from me, grasshoppers and basement dwellers.

#190 brainsail on 12.06.12 at 9:56 pm

#175 Investx on 12.06.12 at 7:31 pm

I am happy that you understand the difference while so many do not. My mother does not even understand even though she was a high school teacher (not a math teacher thank God!).

Hopefully, in the near future Canadian real estate statistics will be reported with both “average” and “median” numbers.

#191 Molson Ukrainian on 12.06.12 at 10:00 pm

#141 colea

Are you kidding me? Getting defensive about someone’s opinion on a make of vehicle?

It’s a blog, the Kia references are amusing, get over it

#192 Ret on 12.06.12 at 10:03 pm

Ah yes, Brampton. A monument to our federal immigration department’s attempt at diversification and Dalton McGuinty’s provincial intensification legislation. Special thanks to Hazel too for doing her part locally. Love ya Babe.

When the feds, the province and the local municipal politicos all get together like this, it just keeps getting better and better for Bramptonites!

#193 Fabrega on 12.06.12 at 10:20 pm

#102 Daisy Mae
“Do they think…”

Think they do. But you have to endure the stench.

#194 So it begins on 12.07.12 at 10:21 am

One indicator that the housing market is slowing – jobs

“Construction jobs fell 8,000 and are down about 16,000 [from] year-ago levels, which is a slight warning sign on where the housing debate is going,” Scotiabank economist Derek Holt noted.

#195 Humpty Dumpty on 12.07.12 at 1:22 pm

USSA has done alittle of its own bending and extending its constitution…

http://www.thenewamerican.com/usnews/item/13829-senate-unanimously-passes-2013-ndaa-power-to-arrest-americans-remains

“Some of my colleagues in this body have forgotten what 9/11 is all about,” Graham continued. “The people who attacked us on 9/11, in that prison, want to destroy our way of life. They don’t want to steal your car. They don’t want to break in your house. And we’ve got a military prison being well run, so I think the American people are telling everybody in this body, ‘Have you lost your mind? We’re at war. Act like you’re at war.’”

What Graham fails to mention, however, is that the Constitution gives Congress the exclusive power to declare war — something it has not done since World War II.

#196 Walt on 12.07.12 at 10:54 pm

I lived just off Townline for 2.5 years. We moved there in early 2010 and moved a few months ago to California. I couldn’t be 100% sure but I think those ‘incentive’ signs have been around since we moved there. We rented off a couple who tried to sell in 2009 and couldn’t get the price they wanted so rented their house out. Not sure if it was a Reid house but they ended up having to pour thousands into the house while we were there. If something could go wrong it did. After a while we stopped telling them when something broke because it was becoming a hassle to have it fixed. The last thing we told them about was the mould all over our bed from an uninsulated wall. They ended up putting it on the market again once we gave notice. They hadn’t sold it when we left so don’t know what it sold for. But it was a money pit for them when we lived there. Oh, and they were typical Cambridge a*@holes. What a wasteland. Not being Canadian living there gave me a whole new perspective on Canadians. For years living in Toronto I always thought there were no stupid rednecks in Canada. Thanks Cambridge for setting me straight. Most people there didn’t understand our desire to leave Cambridge (or Canada). California is great btw. Besides the housing market mess here….