How sad

calgary

Terry and Marlene have a big house in Calgary. Too big.

“We were about to put our house on the Westside on the market to get a smaller house in an established SW community, with schools for our children,” Terry tells me.  “We even threw out the option of renting for a bit to maximize the situation on selling high and hopefully, buying lower.”

But then came the floods. And after that, the realtor hype.

“I know the floods in Calgary have been devastating, and crushing to many families, thankfully we have not been affected,” Terry says. “Problem is, after reading an article from the Calgary Herald, we are a little nervous as we don’t want to be in a bidding war for the new purchase or not have anything to rent with 2 young children!”

Huh? Bidding wars erupting after a city has suffered $5 billion in damage with 12% of its housing stock now sodden or devalued? Are we really to believe the first thing people do in the immediate aftermath of a crisis is get horny for luxury real estate?

You better believe it, says the Calgary Real Estate Board. Here’s part of that Herald article which spooked Terry and Marlene:

“We have seen in the past week properties sell, sight unseen, for families that have lost their homes in the flooding,” said Starnes, who is with Royal LePage Foothills. “It is shifting into a sellers’ market where buyers must buy immediately when a property enters the market or risk losing it to competing offers if they wait. The rental market is becoming non-existent so the families must purchase an alternative.

“There is limited overall supply and therefore pure Keynesian economics say prices must increase with low inventory … We have seen zero showings on luxury homes for months at a time and then all of a sudden in the past few weeks, we get three offers in one week on homes that have had no activity. It is very volatile at the moment.”

Want to instill panic? Just tell upset and displaced people a “seller’s market” has erupted where people have to act “immediately, or risk losing it” while the rental market turns “non-existent.” Is this the pinnacle of self-serving realtor irresponsibility, or is it what Ann-Marie Lurie, chief economist of the Calgary Board, had to say?

“The tighter market conditions are placing upward pressure on pricing in all city sectors. While the areas affected by the flood may face some short-term impacts on pricing, any adjustments occurring are unlikely to outweigh the impacts on the overall city wide price growth.”

In other words, in a place where neighbourhoods have been flooded out twice in eight years, where thousands of families can’t go home anymore, with clean-up and rebuilding likely to take years, all the real estate cartel can think about is higher commissions through “overall city-wide price growth.” All this without a single shred of statistical evidence to support the theory of higher values in the wake of catastrophic damage.

Milking a disaster. How sad is that?

Ross Kay is a veteran realtor with a far different point of view. But then, he works the GTA and his next commission cheque doesn’t depend on flogging a waterlogged bungalow near the Bow River.

“Unfortunately, those concerned over any negative impact the flood could have on the Calgary real estate market are starting with press releases filled with false, misleading and clearly misguided advice,” Kay says. “Instead of providing useful and strategic guidance to Calgarians on the real impacts of this devastating Flood, organized real estate is once again sticking its head in the sand and pretending everything is rosy and no different than before that wall of water changed the lives of every Calgarian forever.”

His caution: families living where the waters flowed in 2005 and again this year should plan “for at least three catastrophic” floods over the course of a 25-year mortgage. “I can’t imagine a young family with young children or maybe older seniors, being guided to purchase a home in some of these areas without proper warnings and disclosures being made on what they should expect.  Anyone with over 5 years on their mortgage remaining should make similar plans and seek out professional advice that is not bound by a listing agent’s contractual obligations to get the most money for their sellers, this includes MLS associations like CREB as well.”

Some questions: If you bought in a flood-prone area, did the vendors disclose this to you? Will your mortgage company renew your loan if the house is damaged? If your property value dropped because of the flood, will this impact your ability to borrow against it to rebuild? Do you understand your future legal obligation to reveal past damage from water and mold?

The advice: Never buy in such a neighbourhood without a thorough home inspection by a qualified person willing to guarantee his findings. Ensure you have adequate insurance and pay the premium necessary to get it. Take legal action if you bought a flood-prone home without proper disclosure. And ignore the realtors’ attempts to squeeze prices higher through fear, false statement and buyer panic.

“Currently less than 3% of all Calgarians have their home listed for sale,” says Kay, “so having 97% of Calgarians taking advice from organizations who represent less than three per cent of all home owners really causes grave concern over the professionalism of the real estate lobby.”

Yes, nature can be cruel. But at least she’s honest.

140 comments ↓

#1 Tim on 07.02.13 at 7:13 pm

Second time commenting. Just sold for 1k over asking after 3 DOM. Renting now, will see how things are in a year or three.

#2 TurnerNation on 07.02.13 at 7:16 pm

With long weekend and last weekends’ rains Toronto’s sales will be weak.

#3 Randy on 07.02.13 at 7:17 pm

Hot Tub in the Living Room…add $ 5K.

#4 a prairie dawg on 07.02.13 at 7:19 pm

Realwhores!

#5 Billy on 07.02.13 at 7:21 pm

Calgary realtors are scum for preying on the insecurities of potential sales. As sales people they’ll sell their own mothers in an effort to drive up demand. Absolute scum of the earth. All real estate agents are complete scum sucking leeches that can’t otherwise get “real” work. Scum. Scum today, scum tomorrow, scum for life. Scumbags. Liars, cheaters, and beggars all in the same breathe. Lie and cheat and steal your way to the top.

#6 broadway skytrain on 07.02.13 at 7:22 pm

early today, G must have a hot date tonight!

#7 Billy on 07.02.13 at 7:23 pm

DELETED

#8 Smoking Man on 07.02.13 at 7:31 pm

Realtors, ha, a sale is sale.

We live in a society where those with loot get their ass kissed, (me being the exception with my pure lying honestly)

It’s the way it’s, it’s addictive to have other humans bow to you, once you get taste of worth it takes great self control to not keep playing god.

Naturally realtors and anyone else consumed by this addiction will don’t what ever it takes to keep it going…

I’m not surprised…

#9 Zed on 07.02.13 at 7:37 pm

Is it time to get some gold exposure since I have none at the moment?

#10 mark on 07.02.13 at 7:41 pm

Brisbane is still 10% below peak since the floods.

#11 Heat maps plotted at request on 07.02.13 at 7:41 pm

tosolds.ca and tosold.ca have been discontinued. I might not be able to continue to plot heat maps unless you help me with data.

If you need heat maps for any part of the country please email me your data

Read this: http://recharts.blogspot.ca/2013/07/i-need-your-help-in-order-to-continue.html

#12 broadway skytrain on 07.02.13 at 7:42 pm

oh canada…

calgary – regular floods
edmonton – nut freezing cold, 3wk summer
sask – where?
winnipeg – 2lb skeeters, unsafe
gta – crowded, traffic sucks, depressing landscape.
ottawa – snore. pigs at the trough are sickening
mtl – beyond corrupt (taxis cash only!!! – support the mafia!)
east coast – some potential, but better slam the screen door behind you. 4lb junebugs!

vancouver – surrounded by the nicest coastline on the west coast of North America, has been summer like since march this year. freethinking people, uptight easterners are frowned upon and driven out. beautiful setting. no snow. metro van building more roads/bridges etc in one year than gta has in 2 decades. although most of us will never ski and golf/sail on the same day it’s damn nice to have the choices. plenty of jobs, from barista to VP of sales.

wonder why van RE prices are higher?

#13 Mojo on 07.02.13 at 7:44 pm

A home inspector that guarantees something? Besides Mike Holmes, who doesn’t serve Edmonton, just Calgary, I have never heard of such a thing!

#14 Daisy Mae on 07.02.13 at 7:56 pm

“Yes, nature can be cruel. But at least she’s honest.”

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

Just one more example of mans’ inhumanity to man.

#15 The Karma Police on 07.02.13 at 7:57 pm

Folks,

we will handle this one

remember – no one escapes their Karma, good or bad

it is a Law in this Universe

we wish for the Infinte Creator to guide these poor individuals (realtors) on their path and bless their souls

we advise you to do the same

#16 waiting on 07.02.13 at 7:59 pm

#12 – I must have missed the summer-like weather when my furnace kicked in in late June. Seem to remember a lot of rain mixed in with some nice days. But then again, I’m a few blocks south of Broadway. Vancouver is nice, but expensive and as for employment … not so good for all my colleagues in the mining industry.

#17 petet schiff on 07.02.13 at 8:02 pm

DELETED

#18 Devore on 07.02.13 at 8:05 pm

There is limited overall supply and therefore pure Keynesian economics say prices must increase with low inventory

No, that is pure basic economics. Look at those realtards trying to sound smart using meaningless Big Words.

#19 Mean Gene on 07.02.13 at 8:18 pm

Maybe Calgary will be watershed in history when it comes to housing prices.

#20 jess on 07.02.13 at 8:20 pm

Policy paper

2013 Lough Erne G8 Leaders’ Communiqué
https://www.gov.uk/government/publications/2013-lough-erne-g8-leaders-communique

http://www.psa.ac.uk/political-insight/blog/lough-erne-summit-and-tax-justice-story
=============
country by country reporting
Automatic Information Exchange
unitary tax system

#21 Victor V on 07.02.13 at 8:25 pm

Barrick shares slump to 21-year low

http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/barrick-shares-slump-after-news-of-pascua-lama-delay/article12922861/

Barrick Gold Corp.’s decision to slow down construction of its massive Pascua-Lama project has rattled investors as the company undergoes a global review of the value of its assets.

With trading resuming after Canada Day, Barrick’s stock price slid 7.7 per cent on Tuesday in Toronto, and now stands at its lowest point in 21 years. The shares closed at $15.32 on Tuesday and have fallen 56 per cent since the start of the year.

#22 Freedom First on 07.02.13 at 8:33 pm

Garth, thank you again for all the valuable financial information you put forward on a daily basis, and with such wit.

To the people in Calgary, Medicine Hat, and everyone else who was a victim of this terrible flooding, I wish you well. I have done what I can to help such unfortunate victims.

And to the parasites of society who prey on the vulnerable, well, many people know who you are. Enough said.

#23 AK on 07.02.13 at 8:34 pm

#84 Mikey the Realtor on 07.02.13 at 7:23 am
#58 AK on 07.01.13 at 10:03 pm
“haha, you must be a comedian, you throw out more insults then anyone else…roflmaof

I guess the dow prediction conformed with your interests while the gold prediction did not, dont get bent AK, mommy will make it ok.

Goto go, I have appointments set up for viewings, I’ll be back to check the daily rhetoric later on.”
——————————————————————-
Hey Mikey,

I like your sense of humor. You are all right.

Hope your showings went well today.

#24 Smoking Man on 07.02.13 at 8:38 pm

To Turner Nation from yesterday.

Apr 30, 2013 – Canada can’t account for $3.1B in anti-terror funding, AG finds … Ferguson said he’s not concerned the money is missing, it’s the information …

………

It’s probably legit, let’s face it CSIS can give an informant a check, say the bad guys have a sister that works at the bank,cash is king in the spy biz, that’s why I want to do it.
Tax free loot, my dream after all these years just paying.

Problem is informants can’t be that bright, that’s where I fall short… Or just to damn crazy, the bad guys will think I’m over acting….

#25 bill on 07.02.13 at 8:40 pm

must be embarrassing to be a realtor if you have a conscience
venal in a word…

#26 AK on 07.02.13 at 8:42 pm

U.S. Auto Sales Back to Pre-Crisis Levels, Housing Recovery Helps.

#27 DaleFromCalgary on 07.02.13 at 8:43 pm

It is one thing to lecture about not buying a house, but in Calgary the rental market for families is very tight. My young nephew and his pregnant fiance have spent the last few months in a search for a decent apartment. They finally got an affordable unit in Airdrie, a half-hour drive north of Calgary. They’re in no position to buy a house for many years yet, but there are lots of desperate couples who are buying because they have to, not because they want to. And that was before the flood. Now there is an additional influx of buyers whose homes were condemned.

#28 T.O. & GTA bidding wars debunked June 27-June 01 on 07.02.13 at 8:43 pm

Aggregated data for the last week. Sorry for the mess but this is the best that I could do.

http://recharts.blogspot.ca/2013/07/to-bidding-wars-debunked-june-24-july-01_188.html

http://recharts.blogspot.ca/2013/07/gta-bidding-wars-debunked-june-24-july_2857.html

http://recharts.blogspot.ca/2013/07/gta-condos-damn-lies-june-24-july-01.html

#29 jess on 07.02.13 at 8:43 pm

Rolling blackouts in Alberta
Alberta’s heatwave had meant rolling blackouts across the province

#30 Smoking Man on 07.02.13 at 8:43 pm

#15 The Karma Police on 07.02.13 at 7:57 pm
Folks,we will handle this one
remember – no one escapes their Karma, good or bad

You’re so wrong, no such thing as Karma. You’re either predator or prey, disenfranchised prey will talk about Karma… As the leveler of men… Doesn’t happen that way in real life.

What are their choices, admit they got hossed.. So they scream evil bad man your going to get yours…

Ha

#31 How sad — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate | The Affluent Boomer on 07.02.13 at 8:46 pm

[…] via How sad — Greater Fool – Authored by Garth Turner – The Troubled Future of Real Estate. […]

#32 jess on 07.02.13 at 8:48 pm

updated –

Family gets $10K money order after rent-to-own debacle

An Ottawa family of eight was given a $10,000 money order on Tuesday evening by a rent-to-own company that’s facing more than $2.5 million in lawsuits from investors who claim they’ve been scammed. 8:29 AM ET video

#33 east van on 07.02.13 at 8:52 pm

Hey, havn’t all those radical environmentalists and eco-terrorists been warning about extreme weather events for the last 20 or 30 years. I wonder if the tar sands will pay for all the floods and fires and storms? I wonder what the insurance companies think?

http://www.cbc.ca/news/canada/new-brunswick/story/2012/02/23/nb-climate-change-insurance-836.html

#34 nonconfidencevote on 07.02.13 at 8:53 pm

hmmmmmm
#12 broadway skytrain sounds suspiciously like BPOE.

A Real estate pumper.

Nothing like living off other people’s fears, ignorance and insecurity to get a commission eh “broadway”?

As for “freethinking ” people. I just spent several weeks back east( Ont, Quebec, Maritimes) vacationing. Met more nice people in 5 weeks back east than I have in 33 years living here.
Vancouver people( men and women) are the most caffeinated, humourless, self absorbed, mirror gazing, intellectually uninformed bunch of boors I have had the unfortunate displeasure to be trapped talking to on countless occasions during work or play.
As for work, jobs here( Starbucks Barristas need not apply) are tightening up. But things seem to be booming in Hull and Ottawa.
As for new bridges. Are you referring to the Knight St Bridge? That perpetual bottleneck.
Or perhaps your referring to the Lions Gate and the Second Narrows bridges on a “game night” when someone decides to jump….total gridlock. No no, you must mean the new Alex Fraser bridge that commuters had the pleasure of paying a toll while dodging leathal ice bombs one month after it opened last winter.

As for the often voiced Vancouver myth of sking, golfing and sailing in one day……..
In 33 years of living here I have met ONE person who has done two out of three.
They were on EI……..

Being a shameless vapid real estate pumper is no way to go through life.
Get a real job
I hear Starbucks just fired a barrista

#35 Smoking Man on 07.02.13 at 9:00 pm

East Van checked the link, first line

The Insurance Bureau of Canada is warning people of the “unequivocal” evidence of climate change and is urging the public and governments to take the changing weather patterns seriously.

…………..

Translation, new product coming, in addition to your regular insurance, if you want to collect on a weather related claim, you will need extra climate change insurance.

Ha and you dogs only going after realtors.

That’s why I’m rich and your poor…..

#36 bigrider on 07.02.13 at 9:05 pm

Full blown H1N1- Gottahumpahoma virus has broken out in Calgary.

The whole area needs to be quarantined.

Apparently, water ,whether it be standing, rising, flowing causes virus to spread with great ease.

Just ask any well educated Dr. Realtor.

#37 Alberta Ed on 07.02.13 at 9:08 pm

I guessed that RE screed in the Herald was one of Mario’s…so I checked and was right. Pimping seems respectable by comparison.

#38 AK on 07.02.13 at 9:10 pm

Hey Gold Bugs. A glimmer of hope for you as per Barry.

Don’t Be Fooled; Sell Gold at $1,400, Then It’s All Downhill, Says Ritholtz

#39 Smoking Man on 07.02.13 at 9:14 pm

What are you dogs going to do with that info, the insurance industry just showed it’s hand with climate change, seams we have all forgot the hacked emails.

How are you going to capitalize on this jem?

#40 Goodbye Toronto Condos on 07.02.13 at 9:14 pm

http://m.theglobeandmail.com/report-on-business/economy/economy-lab/prognosis-grim-for-toronto-condo-investors/article12911613/

#41 Old Man on 07.02.13 at 9:17 pm

#33 east van – good article and at least they didn’t blame it on this or that. Climate change is real, but all weather is controlled by the complex functions of the sun which has changed patterns and composition over the years. Wiki has an extensive writing about the sun, and a must read.

#42 Victor V on 07.02.13 at 9:19 pm

http://www.mynewtorontohome.com/blog/p/june-july-2013-market-report

“The biggest concern with buyers seems to be our downtown condo market. People who don’t live or work downtown are suddenly the experts. But just ask the people who are in the market every day. There are lots of buyers but many are spooked. They are told that declining sales are a signal for falling prices. That may work in many market but not real estate! The only time prices will decline is when people are forced to sell at any price as opposed to taking their property off the market. So what happens when condo resales start to outperform 2012 on a monthly basis going forward? Will prices increase? No! Currently ‘active’ listings are just 3% higher than this time a year ago but ‘new’ listings in May were actually 13% lower than in May of 2012 when the market began to change. Fixed mortgage rates (based on the bond market) are just beginning to creep upwards. Contrary to what the experts believe, almost 90% of first time buyers opt for fixed mortgage rates of five years. These first time buyers buy real estate like they buy groceries: what will it cost me per week or per month. Hence a rise in rates may eliminate a few buyers at the margin and this will maintain our price balance. But for those buyers sitting on the fence, now is a great time to enter the market – there is a decent supply of condos and with a 90 or 120 day rate guaranty (sic) to lock in today’s mortgage rates – this will be the best opportunity to get into the condo market on a monthly carrying cost basis.”

#43 Joe Calgary on 07.02.13 at 9:22 pm

Calgarians will drink the cool aid once again.

#44 Joe Calgary on 07.02.13 at 9:33 pm

Funny how the head calgary real estate pumping journalist Mario Toneguzzi claims that real estate prices hit an all time high this month, when I’ve been watching one particular townhouse complex in sw Calgary where townhouses in July 2007 were selling for low $300’s now selling high $200’s, 6 years later. Must be all that high priced luxury real estate screwing the numbers hey Mario?

The real estate boards are clearly lying, to the average person not watching the market closely and just listening to the misguidance being spewed by the media they don’t know any different and will do as Mario recommends.

#45 Cory on 07.02.13 at 9:46 pm

“Milking a disaster. How sad is that?”

I was absolutely disgusted when I read this today. What a sickening and disgusting business. How these people sleep at night is beyond me.

Did I say disgusting?

#46 Julia on 07.02.13 at 9:47 pm

As Ivanka says “suffering from a severe case of buyer’s remorse is nobody’s problem but their own.” That’s what greed will get you. http://www.torontolife.com/informer/features/2013/07/02/toronto-trump-tower-lawsuit-feature/

#47 Smoking Man on 07.02.13 at 9:49 pm

#44 Joe Calgary on 07.02.13 at 9:33 pm

Everyone lies Joe, why does that bug you…

#48 Ronaldo on 07.02.13 at 9:52 pm

#21 Victor V – re: Barrick

”The shares closed at $15.32 on Tuesday and have fallen 56 per cent since the start of the year.”

I expect we will hear news of a buy-in in the near future. Heck of a deal for someone with a billion or so kicking around. And guess who that might be?

#49 Observer on 07.02.13 at 9:56 pm

When Katrina hit the states, Didn’t real estate values go over the roof.

Or did people say Oh F*CK. This could happen to us.

I just can’t wait until the big Quake hits richmond. Its really going to send prices through the roof!!!

I can see it now “Buy Now” and have a front row to the the next big one.

Its like buying a haunted house. Once the Idiots who bought in a flood plain realizes. They bought in a flood plain then prices will collapse. People go broke,

= they spend less
– less jobs
– more unemployment and the cycle goes on until people forget and they do it all again in the next 12 years

#50 Observer on 07.02.13 at 10:05 pm

Currently less than 3% of all Calgarians have their home listed for sale,” says Kay, “so having 97% of Calgarians taking advice from organizations who represent less than three per cent of all home owners really causes grave concern over the professionalism of the real estate lobby.”
============

Mabey they are not listed because their not deem livable. Its going take months, even years for the cleanup. Even after the cleanup who would want to buy a water damaged property

#51 Smoking Man on 07.02.13 at 10:07 pm

#22 Freedom First on 07.02.13 at 8:33 pm

And to the parasites of society who prey on the vulnerable, well, many people know who you are. Enough said.
……….

Wow, you sure scared them…..

Oh man……

#52 FATHER on 07.02.13 at 10:10 pm

Here in Vancouver the househornies are still believing that ham is buying everything, I know for a fact that there is only a hand full of properties sold to them and they r not only Asian but from other parts of the country so the majority of locals out here r just jumping on the bandwagon thinking better buy before ham comes and prices them out. I have seen a lot of homes bought by overseas people up for sale that r not selling where before they were selling them back to the locals at a higher cost

#53 Godth on 07.02.13 at 10:12 pm

“If you bought in a flood-prone area…”

lol, Canadians, eh?

#54 D.D. Corkum on 07.02.13 at 10:19 pm

#18 Devore on 07.02.13 at 8:05 pm

I’m glad I’m not the only one who noticed. Keynesian economics have nothing to do with supply and demand like the publication was implying.

#55 Devore on 07.02.13 at 10:21 pm

I expect all the ABX pumpers will be sitting quiet today.

#56 Sleeper on 07.02.13 at 10:22 pm

Average Vancouver detached:

JUN/13 – $1,116,100
MAY/13 – $1,169,100
APR/13 – $1,152,100
MAR/13 – $1,176,600
FEB/13 – $1,221,000
JAN/13 – $1,152,900
DEC/12 – $1,078,500

We have a pool going at work: When will this dip below 1 mil? I’ve got $20 on October, papa needs some new shoes!

#57 Inspector on 07.02.13 at 10:23 pm

I am seriously considering to change career and become a home inspector in Calgary. I think I will have guaranteed job for years to come…

Does anybody know how much $$$ a home inspector make per year?

#58 Smoking Man on 07.02.13 at 10:23 pm

What’s with all this humanity breaking out here, bonding of the bleeding hearts club, who all share a common dream.

Flipping the bird to the landlord…. Owning….

Learn to make money stop this crap, what I like is the sincere attempt at pretending to care about the folks in Calgary, can’t fool me, you really don’t care..

But it feels good to be part of the group think, the feeling of belonging, being normal.

Your teachers dld a great job…

There is nothing more gratifying than belonging, ah.

Nightmare to me…

#59 coastal on 07.02.13 at 10:24 pm

Bidding wars are brought about by unnaturally low starting points, most of us know that, but I still read on the Victoria House Owners blog via the resident agent feebly as he tries to juice the sheep that the good old days are back with tales of multiple bidders, but never hear the end result or the address of the place.

Even the Victoria Real Estate prez tries to claim that “the market is definitely rebounding” due to similar sales levels as of a year ago and prices “remained stable”. But she misses the point that Victoria core central SFH prices are down 5.5% on the median price from a year ago. Talk about lame.

#60 TheCatFoodLady on 07.02.13 at 10:27 pm

The Calgary realtor’s comments make little sense. Assume the situation of a younger couple who were flooded out. They may only have owned their home a few uears – little equity relative to payments to far, especially if they got in for little down & on a long amortization. Nevertheless, they’re squeezed hard enough on a normal day. No flood insurance – too pricey.

Now their home, badly flooded out, is condemned. The land may no longer be useable. Where does any realtor think they’re going to be able to pony up a down payment? Or monthly payments with interest rates going up? I don’t care how hungry for more mortgage debt banks may be – can this mythical couple qualify? Doubt it.

This WILL put more of a squeeze on rental housing. Some will be lucky enough to have generous friends & family willing to put up flooded out families for quite some time. Maybe the equivalent of FEMA trailers will be brought in.

But most are in no position to look at luxury homes that have had no nibbles in years, no matter how flooded out they are.

Give it a month or two – more realistic activity numbers will surely come out.

#61 R. Olausen on 07.02.13 at 10:29 pm

War in M.E. is gold in the streets of Calgary and a tiny bit later Edmonton. Anything else you want to know?

#62 Tony on 07.02.13 at 10:31 pm

Re: #27 DaleFromCalgary on 07.02.13 at 8:43 pm

No one is buying Calgary houses and only 3 percent of the residents have brains enough to attempt to sell a house. You know it’s a sellers market when most of the listings are “for sale by owner”. You will never see that in Calgary only price reductions and mass foreclosures. If this happened in Brampton Ontario where more live in the basements than the upper living area it would be a national catastrophe.

#63 grum on 07.02.13 at 10:36 pm

re Calgary – Here in Christchurch NZ we have a real world example of what a natural disaster can do to real estate values. Since Sept 2010, there have been 4 major earthquakes and over 10,000 aftershocks, and the city is badly wounded. Due to the loss of several 1000 houses, and an influx of construction workers, we have a hot housing market with prices rising around 10% p.a. and now sitting above the previous 2008 peak.

#64 Smoking Man on 07.02.13 at 10:57 pm

#57 Inspector on 07.02.13 at 10:23 pm

I am seriously considering to change career and become a home inspector in Calgary. I think I will have guaranteed job for years to come…Does anybody know how much $$$ a home inspector make per year?
………..

That’s what I’m talking about, problem, profitable solution, but your still thinking blue collar… Why don’t the work. That what the schooled are fir…

How about, opening an office, get a marketing guy, office manager, and 10 inspectors. You spend your time on golf course, Miami, on your boat….. While your slaves make you loot.

Do I need to Do all the thinking here……..

#65 Donald Trump on 07.02.13 at 10:58 pm

Slaughterhouse smell repels Toronto condo dwellers

http://www.thestar.com/news/gta/2013/07/01/slaughterhouse_smell_repels_toronto_condo_dwellers.html

QUOTE:

Real estate agent Brad Lamb is the ultimate King-and-Bathurst condo person — he sells units in several buildings in the odour orbit, and lives across the street from the slaughterhouse.

Lamb hates the pigs. “I’m not sure what it is that I smell,” he said, “but it’s a very unpleasant smell.”
He guessed it was probably feces.

“We shouldn’t be smelling that in what is really now a residential area,” he said.

He also objects to the sight of the pig transport trucks with ventilated siding rumbling along Wellington Ave. “You see their snouts sticking out,” Lamb lamented.

(The company says trucks are not allowed to arrive at the plant between 9:30 p.m. and 6 a.m., to avoid waking the neighbours.)

Lamb says that if he had time, he would spearhead an effort to have the slaughterhouse moved. “I hope someone will” take the lead, he said.

But Joe D’Abramo of Toronto’s city planning department says there is no legal recourse for the abattoir’s opponents. “There’s no legal way to get rid of it” because the Planning Act of 1946 protects existing land owners from zoning decisions, he said.

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

Too funny;

A” Lamb” worries about the smell of pigs…

Hey Brad…who was your realtor?

#66 canary in the coal mine on 07.02.13 at 11:03 pm

the canary in the coal mine…toronto coal mine that is….

http://www.torontolife.com/informer/features/2013/07/02/toronto-trump-tower-lawsuit-feature/?page=all#tlb_multipage_anchor_1

#67 Notta Sheeple on 07.02.13 at 11:13 pm

“……Milking a disaster. How sad is that?…..”
=======================

Speaking of milk, archeologists have confirmed the discovery of a lifeform on the food chain lower than that of the leftover film inside a discarded milk bag:

Slimus REALTURDUS® Parasiticus

A primate similar in appearance to that of Homo Sapiens, but lacking the character, integrity, compassion, values, and moral fortitude of that more advanced species, images of Slimus REALTURDUS® Parasiticus can be found in newspapers, on roadside billboards, inside mailboxes, outside transit buses, and occasionally on the walls above men’s urinals.

Preferring to hunt alone, a REALTURDUS® is capable of great deception, and typically attaches itself to its prey by means of a ‘listing agreement’ in a manner similar to the coils of an anaconda, thereby squeezing as much ‘commission’ from the victim before moving on to its next prey. Surprisingly, a REALTURDUS® can go weeks, even months without ‘commission’, having stored up enough in the form of Audis, Mercedes, Rolexes, and other pretentious forms of meaningless superficial materialism.

Thankfully, given modern day internet access, the days of the REALTURDUS® are numbered, and he will soon join the Dodo bird as one of the most questionable of all creatures in the anals (sic) of evolution.

#68 Spiltbongwater on 07.02.13 at 11:22 pm

Garth, will you be discussing Vancouver sales numbers in the next few days?

#69 45north on 07.02.13 at 11:57 pm

Goodbye Toronto: from your link: Toronto condo sales were flagging, with sales down a whopping 55 per cent in the first quarter of 2013 versus a year ago.

that got my attention

Joe Calgary: The real estate boards are clearly lying

best line is “I’ve never been so busy”

#70 Calgary's OK on 07.03.13 at 12:13 am

I don’t understand what are you guys so worked up about? Only 15% of the houses in Calgary got flooded, the rest are safe up in the hills. People are not going to desert Calgary just because of that flood, there is not going be mass exodus. Prices in affected areas are going to drop, obviously, but continue to appreciate in unaffected areas. What do you expect realtors are supposed to advise to their clients “We’ve just lost 15% of our best rental and housing inventory and next spring we are going to have much less houses for sale, but don’t worry, we are promising that prices are going to drop even further just because you’d like them to be low” is that it? On top of that, construction of houses already started is going to be behind schedule, startups of new houses are going to be delayed. You don’t have to be an oracle or Nostradamus to see where it is going. I am not trying to defend realtors or anything, but when people, and some of them could be realtors, are stating obvious facts regarding future shortage of inventory, how’s that milking a disaster?

#71 Nosty in LostyLand on 07.03.13 at 12:16 am


#35 Smoking Man — “. . . you will need extra climate change insurance. / Ha and you dogs only going after realtors. That’s why I’m rich and your poor…..” — So true! One way the rich get richer is by increasing (already) exorbitant fees (and adding new ones) to rip sheeple off, and they’re damned good at it.

Wacko sheepies fall for it every time, because they need it for “safety and security”. No such animals here — birth, life (decay) and death or beginning, middle and end! Off topic — is a href=”http://www.businessinsider.com/former-porn-stars-leading-normal-lives-2013-7″>this what you were before the SMan persona?!

#48 Ronaldo — “Heck of a deal for someone with a billion or so kicking around. And guess who that might be?” — Think the last name begins with an R. Does this sound familiar? BTW, is their any reasonable explanation for prices of PMs to fall so drastically?

One possibility is that the cheaper it gets, China and Russia can substantially increase their holdings, so what of China deliberately letting their economy tank? There seems to be a lot of madness behind the current system.

Alternatively, it have something to do with the gold not being where it’s supposed to be, and the US has to say nyet to Germany and Venezuela for their requests for their gold to be returned? What about this?

#72 Wofenstein on 07.03.13 at 12:24 am

“We have seen in the past week properties sell, sight unseen, for families that have lost their homes in the flooding.”

Hold on a second. A family just had their equity wiped out in a flood and then… buy a house sight unseen? Who has the equity for this? I thought that the reduced ability to pay would play some role in RE prices. The rental market may be temporarily boosted though.

#73 Grantmi on 07.03.13 at 12:32 am

#1 Tim on 07.02.13 at 7:13 pm

Second time commenting. Just sold for 1k over asking after 3 DOM. Renting now, will see how things are in a year or three.

Where???

#74 Smitten Arse Lick on 07.03.13 at 12:36 am

Re Calgary flooding.

I think there’s sadly a huge disconnect between the east & west of this vast land. I heard on the news about a Calgary hotel being flooded in the core. I happened to bump into some of the chain’s staff, here at head office in Toronto. I mentioned to them what I’d heard about their Calgary site. Not one of them knew anything or seemed to care less. It’s sad isn’t it? Care less is perhaps extreme of me. The suffering of the Calgarians & Albertans just doesn’t seem to resonate here in the GTA. And quite possibly most of east of the prairies.

I now suspect people like Ralph Klein & Eugene Whelan knew this and understood it well. Now I know where they were coming from. You western folks have got to fight & stick-up for yourselves cause it ain’t coming from this side.

#75 JimH on 07.03.13 at 12:44 am

#55 Devore
“I expect all the ABX pumpers will be sitting quiet today.”
====================================
Actually, the smarter of the ‘dumb & dumbers’ are jumping ship. Gold has become a ‘deflationary currency’, and as it spirals lower, even the dip buyers seem to waiting on the sidelines for yet another ‘lower low’.
There is just no good reason for anyone, anywhere, to jump back into the precious metals at this point.
I have no sympathy for the fix the inflationistas, commodity hedge funds and the gold pimps now find themselves.
I do feel saddened that their greed, selfishness and ignorance of modern monetary theory have hurt so many of the gullible, few of which can afford their losses.
It is ironic that so many of these blind followers refuse to place any trust whatsoever in our (imperfect) social, political and economic institutions, but without hesitation chant the mantra, “In Gold We Trust”.

#76 Realist on 07.03.13 at 12:44 am

Floods aside as an Albertan resident, the province is definitely not as strong economically as pre 2008 since the financial crisis. It still amazes me on how people are still able to afford houses in places like Calgary and still have disposable income remaining. I agree with Garth that there has to be a downturn in Canadian house prices. These are my views:
– The gov’t is having extreme challenges with the shortfall on revenue for 2013. In fact they have not balanced the books since 2007. There are continual cuts in all areas that are affecting many people.
– the Calgary Herald top 50 oil and gas stocks most are trading at their 52 week lows, 5/10/15 year lows.
– went to an investment conference in Calgary in April and many seasoned investors mentioned that these last few years i.e. 2011-13 were one of the worst they encountered in 30 years in resources. This includes oil/gas in Alberta, plus all the minerals in other provinces.
– the cattle industry which comprises half of Canada’s total numbers are facing challenges at this time i.e. low prices plus numbers are down compared to previous years.
– forestry although starting to recover is still in hangover mode. I know of several mills that remain shutdown for several years
– although the unemployment numbers are in the 4’s EI collectors can only get payments for 35 weeks compared to upwards of 50 weeks in the early 90’s. So in my opinion not an accurate gage as many have exhausted and are not included in the numbers.
– I know of two bankers high up in the food chain and AB’s economic engine is considerably weaker at present than the past.
– I have a cousin who owns a big construction outfit with heavy equipment and this is one of his slowest years.
– the oil rig count for 2013 is low in comparison to previous years.
– Lake Louise Canada’s playground in downhill skiing had a slow year, many of its hotels, shops in the area were affected. I know of one guy who sells ski equipment and it was one of his slower years.
I am a realist and yes the economy will get better as it always does but I think in Alberta were definitely going through challenging times overall like the other provinces. This affects people buying houses at this time. On the topic of floods there is talk of some of the high end neighborhoods have upwards of 1 million lots somewhere in the Hudson bay at this time i.e. their backyard carved up then down the bow river flowing east. I wonder if they will be able to command a higher price for their house going forward?

#77 Bobby on 07.03.13 at 12:59 am

So when does anyone believe what a realtor says? I certainly don’t.
Looked at a home here in Victoria. Okay, but was 2×4 construction. Oh oh, not interested.
Realtor says the owners wanted it as they thought 2×6 walls would get too hot. Ya right. What he was reluctant to mention was it was originallybbuilt as a spec home.

#78 bob on 07.03.13 at 1:03 am

This story doesn’t surprise me, it might even be true. I mean, let’s say Richmond, a city just south of Vancouver, were to get flooded because of some natural event. Wipe out all that inventory and wouldn’t your Vancouver houses be worth more? Makes sense to me. And those with a flooded house, their values tank.

And so, the average house prices in the Greater Vancouver area will probably be negative, because foreigners may just equate Richmond==Vancouver and avoid altogether.

Is this wrong logic?

#79 Dean Mason on 07.03.13 at 1:30 am

I read from an disclosed source that July-5-2013 U.S. jobs report is coming in weak as June is typically a slow month with summer variances.

It could come in at 95,000 to 115,000.If this is true watch out on Friday.

#80 Yellow rox rock on 07.03.13 at 1:38 am

#34

No true vancouverite would ever confuse the Alex Fraser bridge with the Port Mann. I’m calling you out.

#81 Buy? Curious? on 07.03.13 at 1:43 am

Hey Garth, can your buddy, Ross Kay get kicked out of the Real Estate profession for talking smack, going against what his leader says, and being honest the way Stevie Harper did to you?

http://www.youtube.com/watch?v=HM_GwnZmvAo

#82 Yellow rox rock on 07.03.13 at 1:43 am

#57,

I am one. Some guys who work hard at it make very good money. I myself only pull about 60k, but I am one of the most lazy. I do mostly commercial but since you seem interested in residential, let me just say this: it’s all about having a good referral network.

#83 Another Albertan on 07.03.13 at 1:58 am

I have heard and seen anecdotal evidence that Calgary’s rental market prices have jumped 8 to 12% since the June 21 flood.

Given the number of people lined up around Connaught School in the last 3 days for those pre-paid credit cards, I suspect there are a large number of households in a pinch.

I’ve already heard of two households in Rideau that cannot afford to rebuild. In essence, the flood has washed away the facades of those who aspire to and who have levered in order to appear “rich”.

I suspect more stories along this line are being queued up.

Everyone else’s mileage may vary.

#84 Buy? Curious? on 07.03.13 at 4:09 am

Hey Garth! Here a trailer for a French movie about people moving in with their parents for financial reasons. The tension is palpable! Who knew that inter-generational relationships would be so difficult. A word of advice for baby boomers, don’t get so cranky.

http://www.youtube.com/watch?v=4SRvpd1972s

#85 Rob aka Captian and Mrs Slow on 07.03.13 at 4:56 am

“With trading resuming after Canada Day, Barrick’s stock price slid 7.7 per cent on Tuesday in Toronto, and now stands at its lowest point in 21 years. The shares closed at $15.32 on Tuesday and have fallen 56 per cent since the start of the year.”

Dude that’s what you call going on sale, but for the average investor,, buying high and selling low is the way to go.

but as the Gospel according to Garth don’t buy or sell without a clear plan of how you do. I.E. re balancing mechanical trading what ever.

#86 Deb on 07.03.13 at 5:52 am

Ethics? Well, I’m glad you asked.

#87 fancy_pants on 07.03.13 at 7:16 am

shameful. That’s like a used car salesman selling a lot of lemons and then warning those who need a replacement get em quick b/c they will go fast. grrr.

#88 Tony on 07.03.13 at 7:36 am

Re: #79 Dean Mason on 07.03.13 at 1:30 am

They’ll be a huge discrepancy between the ADP data today at 8:15am and the Friday’s jobs reports. The ADP data will probably show an increase in the June report over what May was. The ADP data will probably show an increase of 175,000 jobs in June but the Friday job report will report a gain of around 85,000 jobs. This will be a day traders dream come true. I figure HZU will be a good one to buy this Thursday as the market is open up here. TBT will get creamed this Friday. So HTU and HDD should be the ones to buy this Thursday on the TSX.

#89 craig on 07.03.13 at 8:09 am

Rates are up a bit (.2% wow)

We’re at the slowest period of the year and yet prices are only down a tad, which, when seasonally adjusted are solid.

So where is the imminent RE collapse renters?

You should be more concerned about your cash in the market.

A major correction is coming.

To cheer that the US housing market is back because prices are up 10% is hilarious and they fail to mention that from 2008 to now they’re down 80%

Kinda like cheering, when you get run over by a car, that at least it wasn’t a bus.

US prices are up (as pf today) 12.2% in a year. The decline from the 2005 peak is 20%, restoring much-needed affordability. As for Canadian prices, the effects of recent mortgage increases will be felt in months, not days. I’d think a realtor would know that. Stop lying to people. — Garth

#90 craig on 07.03.13 at 8:11 am

Gold stocks are oversold. I’m just not convinced the herd is done with it yet.

Tough to pick the top or bottom on anything, I’ll watch

#91 Ahead of the Curve on 07.03.13 at 8:36 am

As sad as the situation is, it is not surprising to see this reaction from the Real Estate Board. The board has the mandate to represent it’s members and lobby the government to attempt to increase the number of sales and protect the industry.

The news of the flood were unfortunately great news for Realtors, who were salivating over all the houses they now get to re-sell… again. Front page media cover works even better!!

I must confess that I am biased here, as my experience with Realtors has been always quite bad. All humans are self serving, but these guys push the boundaries. They seem like they are working for you, until an offer comes that you don’t want to accept and you feel your own agent is actually trying harder to make the sale than to represent your interests (sigh).

As for the people who bought those houses, well, let’s just hope that they did have proper insurance, and that they were not fully invested in their principal residence.

#92 jess on 07.03.13 at 8:44 am

Eurozone crisis as it happened: Portugal’s finance minister quits as Greece warned over bailout loans portugal PSI20, plunged by over 5%, led by its banking stocks.

=

Bank of England condemns lobbying by banks against new rules

The deputy governor of the Bank of England, Paul Tucker, responsible for financial stability, said lobbying against the change by the banks was “completely unacceptable”, and regulators would not be deflected “one iota” from the task.

He told MPs the rules should be introduced before the end of the year to curb the risk exposure of Britain’s highly leveraged banks.

#93 GP on 07.03.13 at 8:50 am

vancouver … plenty of jobs, from barista to senior barista.

FTFY

#94 MR HAPPY!! on 07.03.13 at 8:51 am

“Calgary realtors are scum… Absolute scum of the earth. All real estate agents are complete scum sucking leeches that can’t otherwise get “real” work. Scum. Scum today, scum tomorrow, scum for life. Scumbags. Liars, cheaters, and beggars all in the same breathe. Lie and cheat and steal your way to the top.”

Come on….tell us how you really feel……

#95 AK on 07.03.13 at 9:09 am

#79 Dean Mason on 07.03.13 at 1:30 am
“I read from an disclosed source that July-5-2013 U.S. jobs report is coming in weak as June is typically a slow month with summer variances.

It could come in at 95,000 to 115,000.If this is true watch out on Friday.”
——————————————————————–
Good Luck with that, Dude.

You should stop reading useless propaganda and stop listening to Peter Schiff.

Multiply the numbers you pulled out of the thin air by 2 and you will get your true numbers for June 2013.

#96 jerry on 07.03.13 at 9:09 am

Not a new reaction. After hurricane Charlie in Port Charlotte Florida I had eagerly anticipated a rummage sale on house prices.

No so. Just the opposite. Up, up, up!

Mind you, actual sales declined, prices faded, foreclosures eventually set in and I got my house really cheap but not until 2010 some 6 years later.

#97 Victor V on 07.03.13 at 9:11 am

Toronto home prices could fall as interest rates creep up

http://www.thestar.com/business/real_estate/2013/07/03/toronto_home_prices_could_fall_as_interest_rates_creep_up.html

A sustained rise in interest rates of just one per cent could cause Toronto area home sales to tumble by 15.3 per cent and prices to decline by 5.8 per cent by 2015, predicts a veteran housing analyst.

Even a half point rise in rates, which have been edging up incrementally the last few weeks, could translate into a 9 per cent slump in sales and a 2.6 per cent drop in prices by 2015, compared to where the market stood in 2012, notes economist Will Dunning in a rates-impact assessment released Wednesday.
“Once house prices start to fall, the outcome is unpredictable,” depending on how consumer confidence is affected, he says.

“It could be that once consumers start to expect prices to fall, the reduction in demand will be larger than it needs to be (based on economic fundamentals) and therefore price reductions will be larger than they need to be.”

“Moreover, because “housing wealth” is a very strong driver of job creation, what starts as a small drop in house prices can turn into a major event for the broader economy.”

Dunning is chief economist for the Canadian Association of Accredited Mortgage Professionals, the umbrella group for mortgage brokers.

#98 sciencemonkey on 07.03.13 at 9:18 am

What is the cost of overland flooding insurance?

#99 AK on 07.03.13 at 9:18 am

#90 craig on 07.03.13 at 8:11 am
“Gold stocks are oversold. I’m just not convinced the herd is done with it yet.

Tough to pick the top or bottom on anything, I’ll watch”
——————————————————————-
You will not be saying that when Gold goes down to $300.00.

The market is sending out signals. Pay attention.

#100 Victor V on 07.03.13 at 9:30 am

How risky is the Toronto condo market? The New York Times takes a balanced look at what’s ahead for the pricey Toronto condo sector:

http://www.nytimes.com/2013/07/03/business/a-soaring-condo-market-in-toronto-ignites-fears-of-a-crash.html

#101 n1tro on 07.03.13 at 9:47 am

AK,

You are so full of crap. Gold at $300 because of “signals” in the market? Put your money where your mouth is and take a low interest loan out and put on a massive short position already. Easy money right?!

#102 Dupcheck on 07.03.13 at 10:48 am

Imagine if an Engineer said that bridge is fine to use and then the bridge collapses and kills dozens. That Engineer would go to prison for life.

Now imagine a real estate agent misinforming thousands of people about big life decisions such as buying a house in flood areas. The flood happens and kills dozens. The real estate agent is still driving around with their BMW lying to people. Without even a slap on the wrist.

Where is the Ethical Responsibility here? RE agents are criminals with sheep clothing!

#103 Calgary Rip Off on 07.03.13 at 11:04 am

#44 and # 70

If a person is considering moving/living in Calgary, things are way overpriced because of the premium on land. Due to the farming lands bordering the city there isnt much room and the zoning for houses has been adjusted for this, with much of the city looking like Brooklyn in All in the Family, small lots and houses side by side. As I have been saying for years Calgary is a total rip off and will remain so because people living here have an interest in maintaining the rip off status.

It is only those who bought early on that have more land at a reasonable price. It’s funny that some of my coworkers who have acreage and land and horses pay the same as I do-again total misguidance on those who live this lifestyle as if horses and cattle have anything to do with reality of current costs.

This being said, there are no rental controls on prices and rentals are very expensive here. Make sure your job pays well enough to pay rent and save for a down payment. Then be prepared to wait for a long time(years) and act lightning fast once the property you like comes up. Have everything in order because buying a property here is like buying French Fries at McDonalds for the transaction speed.

Disregard Mario Toneguzzi’s articles in the Calgary Herald. He is clearly linked somehow to the real estate board. However his articles do show the pushiness and unrealisticness of pricing in Calgary and therefore timing is key.

It is not a solution to rent forever here. There comes a time when it is wise to buy a place because for now things seem to keep appreciating. Again, if you are here more than 5 years with a steady job, consider strongly buying something, preferably away from the rivers.

Another thing: Like anyplace else, most people here are dishonest and a person needs to treat Calgary real estate dealings like walking on the edge of a knife: If you fall that isnt good, and you dont want to fall on the edge of the blade, just keep your balance on it which requires patience and absolute vigilance.

One of the central problems is that there is the new Calgary and the old Calgary: Most of the people that bought pre 2004 in Calgary really just dont understand the dynamics of the city today and are living in Calgary like it is Red Deer or something. Some adjustment is needed by those in negotiating timing for the new people to maneuver around the cattle and sows as I have successfully done and continue to do. With this mindset you too can tell the landlord to talk to the hand.

#104 willworkforpickles on 07.03.13 at 11:15 am

How sad ?
By November we are going to see what a farce the so called economic recovery in the states really is.
Don’t put the printing presses away in storage just yet.

#105 fancy_pants on 07.03.13 at 11:52 am

#99 AK on 07.03.13 at 9:18 am

yup, and those signals are directed to the sheeple to see and believe.

In general terms gold is being suppressed to place renewed false sense of security in the US greenback. No more QE b/c helicopter Ben says so = hey, great, all is well again and markets adjust. My a$$, they are trapped. The gov’t simply can’t pay off their bonds/obligations and need the federal reserve to wave their wand ever more so the gov’t can keep kicking the can down the road. Issue more bonds to pay off the bonds, repeat… they will never get out of that cycle. What is scariest is they don’t want to – those at the top of the ponzi scheme make the most $.

Wait until everyone decides they no longer want those bonds. uh oh, interest rates rise, even more debt is required to service the debt. Can you see why foreign countries are wanting physical delivery of gold and not an IOU?

short term manipulation could perhaps push bullion low but forest through the trees says BUY longer term.

buy physical gold, not a paper backed ‘I own this’. Shhh. If everyone put claim to the gold they “own” there wouldn’t be enough to go around.

#106 AK on 07.03.13 at 11:58 am

#102 n1tro on 07.03.13 at 9:47 am
“AK,

You are so full of crap. Gold at $300 because of “signals” in the market? Put your money where your mouth is and take a low interest loan out and put on a massive short position already. Easy money right?!”
——————————————————————–
Hey, people say $10,000.00 and I say $300.00.

Supply and demand, my friend. There is plenty of supply coming in the market over the next 18 months.

Good Luck to you.

#107 in mississauga on 07.03.13 at 12:06 pm

Garth- price drops across the board from townhouses to million $ homes in a high demand area. Makes me wonder what the situation is in other areas of the GTA?

729000 to 699000 drop

http://www.remax.ca/on/mississauga-real-estate/na-2518-ambercroft-tr-treb_w2637335-lst

http://www.realtor.ca/propertyDetails.aspx?propertyId=13383812&PidKey=-1634489786

968000 to 949000

http://www.homefinder.ca/listings/937616-5376-bessborough-crt-mississauga-ontario-w2647774

649000 to 634000

$649,000 – 5621 Haddon Hall Rd, Mississauga, ON – W2654476 …

http://www.realtor.ca/propertyDetails.aspx?propertyId=13274636&PidKey=2050052699

409800 to 399000

http://www.homefinder.ca/listings/901428-5305-glen-erin-dr-mississauga-ontario-w2637274

#108 sciencemonkey on 07.03.13 at 12:11 pm

@ 101 Shawn: I’m not asking for myself; I rent a top floor apartment in a walkup in Toronto. (I like the top floor because it means no fatty mcstompers living above you driving you mad with noise pollution, but the downside is the apartment suffers greater temperature swings.)

If there’s no insurance to be had, and one can reasonably expect a flood on the order of a decade’s time, then it seems ridiculous to build or buy on that land. I know I know, greed and house lust…

#109 Old Man on 07.03.13 at 12:25 pm

I heard this rumour about Mr. Turner, and am sure it is nothing more than heresay. His wife packs him a lunch every day before he leaves for the office, so he can save some money.

Save it for what? — Garth

#110 father on 07.03.13 at 12:31 pm

you give it to them garth. They have no shame just pumpin & pimpin realestate

#111 Old Man on 07.03.13 at 12:43 pm

Mr. Turner has warned all about needing big money for retirement, and he is correct. I emailed the owner of a big Italian deli and food store to test out his theory, as they now have a delivery service, and am 3 minutes away, but more times than naught, there is no place to park, and my payment would be in cash for about $50.00 a shot.

He replied and said no problem, and for $50.00 a credit card only, and our 3 minute delivery fee will be $15.00, so do the math. I went to the bank and got some cash and did my own shopping, as today there is lots of parking for some strange reason. That is my story, as am no fool to be hooped.

#112 Richard in Kelowna on 07.03.13 at 12:46 pm

AK #107

“#90 craig on 07.03.13 at 8:11 am
“Gold stocks are oversold. I’m just not convinced the herd is done with it yet.

Tough to pick the top or bottom on anything, I’ll watch”
——————————————————————-
You will not be saying that when Gold goes down to $300.00.

The market is sending out signals. Pay attention.”

You spend a lot of time bashing on Stockhouse AK??

#113 Canadian Watchdog on 07.03.13 at 1:03 pm

Cops called on charity drink stand

A cranky, unidentified woman in an Oshawa neighbourhood called 911 and sicked police on a 9-year-old autistic boy in a bid to shut down his booming lemonade stand Monday.

Worse yet, the officer called to the scene asked the boy’s family to stop the fundraiser for SickKids hospital because the boy didn’t have a vendor’s permit to sling the juice.

Preamble: Non-members of The Hitler Youth shall not engage in any commerce, barter or trade without payable taxes to the Führer. Heil Harper!

Make your point without the Nazi redux. — Garth

#114 Grantmi on 07.03.13 at 1:19 pm

Here we go.. now all the procrastinators are coming out now and saying gold is heading back to $2,000!!!

Charles Nenner’s Gurwitz to Moneynews: Gold Set for Long-Term Recovery to $2,000

http://bit.ly/14NY7Hp

#115 World Traveller on 07.03.13 at 1:23 pm

Why do people not do their research, tsk tsk!

http://www.torontolife.com/informer/features/2013/07/02/toronto-trump-tower-lawsuit-feature/3/

#116 Mike T on 07.03.13 at 1:53 pm

SM

fortunately, Karma is very real. i am surprised you don’t know more about your spirituality….you possess an awful lot of info about ‘the machine’

why does the machine exist and what secrets does it hide, mostly in plain sight?

the answer is truly amazing and way more interesting than collecting little squares of paper (money)

next time you have a spare 90 minutes…..

http://www.youtube.com/watch?v=4zc0ICPoqlM

#117 David Jensen on 07.03.13 at 1:56 pm

While I chuckled at the realtor trying to pretend they knew what “Keynesian” meant (perhaps they confused flood of water with flood of monetary supply), many of the affected neighbourhoods in Calgary were the high end luxury homes.

So, yes, many of those owners will have the cash to buy a new home in Calgary while their other home is repaired (or destroyed and rebuilt).
Those who don’t will quickly consume the small supply of rental housing in Calgary, leaving others to either
1. Rent a Condo (where availability is greater)
2. Buy a house on high ground.

Meanwhile, listed properties which have water damage will almost certainly be withdrawn from the market in an attempt to clean up and hide damage.

So, more people looking and less properties on the market mean prices will rise overall in the near term, and its a GREAT time to sell your home in Calgary that is on High Ground.

On the other hand…that riverfront mansion is probably going to take a good hit in “value” for the next…long time.

#118 Old Man on 07.03.13 at 2:31 pm

Well I see that during the so-called crash that my ema. pr.a is now trading at $25.34, with a huge capital gain, and a dividend that is out of this world, as bought this at a huge discount well below $23.00, and am so happy about this all.

#119 Old Man on 07.03.13 at 2:42 pm

Ok this is insane and am offering my position at $26.00 a share to blow it off, as this is a dream come true, as daddy needs to buy baby a new pair of shoes, and will take my money elsewhere.

#120 Keith in Calgary on 07.03.13 at 2:43 pm

Winnipeg gets flooded quite a bit….as does High River and Medicine Hat….wonder if they’ve experienced hordes of buyers with blank cheques in hand in the past….ROFL !!! Me thinks not.

Realtors are such BS artists….lairs, cheats, thieves and conmen.

#121 AK on 07.03.13 at 2:54 pm

#113 Richard in Kelowna on 07.03.13 at 12:46 pm
“You spend a lot of time bashing on Stockhouse AK??”
——————————————————————–
Hey Richard,

It’s been a while, Bud.

I’ve never posted on Stockhouse. You have got the wrong AK…

#122 n1tro on 07.03.13 at 3:24 pm

@AK post 107

So you are putting yourself in with the same nut jobs that say $10,000/oz but just on the other end? If so, my original comment is further strengthened.

#123 Bill Gable on 07.03.13 at 3:28 pm

Things are getting squishy in Mould City –

“The number of sales in Greater Vancouver’s residential housing market rose 11.9 per cent in June, while prices slipped 3 per cent.

Last month, 2,642 properties changed hands on the Multiple Listing Service, compared with 2,362 sales in June of 2012.

Still, the Real Estate Board of Greater Vancouver noted that last month’s sales of single-family detached homes, condos and townhouses were 22.2 per cent below the 10-year average for June. Also, June’s sales were down 8.3 per cent from May’s 2,882 homes that were sold on the MLS.

Link <http://tinyurl.com/knoopj9

#124 Donald Trump on 07.03.13 at 3:37 pm

The SHTF should not be a concern if:
(i) the fan is not turned on
(ii) power is off
(iii) you bought it from company Old Man has shares in.

#125 craig on 07.03.13 at 3:52 pm

My call – Gold has bottomed.

Gold stocks will languish till Sept so I’ll be looking for low entry points in July, more so early Aug.

Money is money. Who cares whether it’s made on gold stocks, Apple, GM…..

G and NEM are my favs.

BB is sure starting to look like NT did.

I wouldn’t touch it folks, unless you’re short.

#126 AK on 07.03.13 at 3:56 pm

#123 n1tro on 07.03.13 at 3:24 pm
@AK post 107

“So you are putting yourself in with the same nut jobs that say $10,000/oz but just on the other end? If so, my original comment is further strengthened.”
——————————————————————–
No. My prediction will be closer than theirs. :-)

#127 Calgary's OK on 07.03.13 at 5:22 pm

Calgary Rip Off, sometimes your posts make a lot of sense, sometimes they don’t. For example here is a quote from your previous post – “As I have been saying for years Calgary is a total rip off and will remain so because people living here have an interest in maintaining the rip off status.” When you say something like that, what exactly do you mean? Is Calgary a rip off in comparison with other major Canadian Cities? What are you comparing with? Some place in the middle of nowhere with property taxes three times the Calgary rate, no jobs, no infrastructure and no prospect for your kids? I, for example, like Mississauga but cannot afford 800K (price of the average house there) neither do I have a job there. Guess what, I don’t call it Mississauga Rip Off, instead I choose to live in the place I can afford. Same thing goes for another Canadian Cities, like Vancouver, Toronto, Montreal etc. Can you tell me where Real Estate is NOT a Rip Off (within Canada)? I’d move there in a month, may be I’ll see there.

On completely unrelated subject now. Houses in Calgary are not inexpensive, this is true, but do they have to be? Houses are not like a cheap junk food that supposed to be affordable to everyone so that people just had something to fill their stomachs with instead of rioting on the streets. I’ve never heard people calling themselves Beverly Hill Rip Off, or Malibu Rip Off just because they can not afford real estate there. You either can afford certain lifestyle or you have to start thinking about living in the cheaper place. If you choose to live in the third largest city in Canada may be you should stop complaining about it.

#128 Dean Mason on 07.03.13 at 5:44 pm

#95 A.K.

I don’t listen to Peter Schiff.I don’t listen to Warren Buffet either.They are both talkers of nothing.A Dow 30,000 in 2023 is just as useless information.

In 2000 a U.S. 30 year strip bond was yielding 6.94%.The Dow Jones will have to be 84,583 in 2030 with all it’s dividends reinvested.In 2030 the Dow Jones will not be even close to that.All those that bought equities in 1999,2000,2001,2002 are never going to retire well.

Alpo will be their new favorite food.

#129 jan on 07.03.13 at 7:04 pm

Vancouver has the most disgusting people in Canada or even North America…..24/7 hate, everyone on everyone

http://vancouver.en.craigslist.ca/rnr/

#130 AK on 07.03.13 at 7:14 pm

#129 Dean Mason on 07.03.13 at 5:44 pm
“I don’t listen to Peter Schiff.I don’t listen to Warren Buffet either.They are both talkers of nothing.A Dow 30,000 in 2023 is just as useless information.

In 2000 a U.S. 30 year strip bond was yielding 6.94%.The Dow Jones will have to be 84,583 in 2030 with all it’s dividends reinvested.In 2030 the Dow Jones will not be even close to that.All those that bought equities in 1999,2000,2001,2002 are never going to retire well.

Alpo will be their new favorite food.”
——————————————————————–
You obviously don’t know anything about stocks. Lets just leave it at that.

#131 Reality on 07.03.13 at 7:16 pm

Word out in major media today that prices up in Vancouver 12.2% year over year.

Clearly, there is no end to up in Lotusland.

I expect Garth will suspend this site in the near future as RE is not melting; rather it’s simmering.

Soon, RE is the US will level out as reality catches up there too what with near 50% living on the taxes of the other 50%.

As Canadian RE rises, the interest of the RE doomers will wane.

“The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 3 per cent compared to this time last year.” — Garth

#132 Bo Boka on 07.03.13 at 7:31 pm

Garth said: “Take legal action if you bought a flood-prone home without proper disclosure”

Are you kidding me? To expect a realtor or seller to honestly disclose problems or potential problems?

I can tell you countless horror stories about disclosure.

#133 Dean Mason on 07.03.13 at 7:32 pm

Numbers don’t lie.You will find out later in life when you run out of money.World stock markets,real estate are overvalued.The Dow Jones went from 777 to 11,300 in 18 years from 1982 to 2000.It is all a financial big pump and dump.

This is a 16.05% rate of return compounded over 18 years multiplying the Dow Jones by 14.54 times.This does not include dividends.Look since 2000, the Dow Jones 13 years later is only up 32.65% or 2.51% not including dividends.

All the idiots that bought when the Dow was high are now paying for those early in the game that made a ridiculous 16.05% a year.Now they will be lucky to make 5.05% over the next 17 years.It’s called reversion to the mean.I’m knowledge about stocks I just know how they play the game and don’t choose to get bitten by sharks called so called guru’s,experts.

You will be lucky to see a 35,000 to 40,000 Dow Jones in 17-20 years A.K.There are so may examples,Nikkei 225,Hang Seng,FtSE 100,Nasdaq etc.

#134 Dean Mason on 07.03.13 at 7:35 pm

Correction I am knowledgeable about stocks

#135 Rob on 07.03.13 at 7:47 pm

Well said Garth.

I am a Realtor and it exhausts me to know end how other Realtors will lie to get a sale.

#136 CrowdedElevatorfartz on 07.03.13 at 8:00 pm

@#80 Yellow rox

Call away…..
My mistake but since both those bridges ( Alex Fraser and the NEW Port Mann toll bridge) lead to Surrey…..
Surrey.
A suburb known for its crime, tacky nightclubs and alledged junkie terrorist Al Queda wanna bees.
A suburb that I avoid at all costs.
A suburb that I may visit while driving to Langley once every 18 months or so……
Surrey, the butt of endless Lower Mainland jokes.
” How does a Surrey girl turn on the lights in the morning? Opens the car door!”
“What do you say to a guy from Surrey with a suit on? Would the defendant please rise!”
” Whats the difference between an outhouse and a girl from Surrey? An outhouse doesnt follow you around after you use it.”

So you will perhaps understand my confusion with the names of two bridges that lead to purgatory.

#137 the R on 07.04.13 at 1:51 am

CrowdedElevatorfartz go stand in an empty elevator for an hour or 2 and repeat Alex Fraser goes to Delta while you do what your best at ….

#138 CrowdedElevatorfartz on 07.04.13 at 8:50 am

Ahhhhh yes, Delta…..
Never have to say you’re Surrey
Its only redeeming feature besides the massive bog.

breathe deep it will only stink for a few seconds

#139 Steven on 07.04.13 at 9:11 am

Garth I seriously doubt that realtors would let science, natural hazzard risk assessment and sound economics get in the way of making a kick ass commission on a overpriced river front property. To them money talks and the real world walks.

#140 K Man on 07.04.13 at 1:24 pm

Hi Grath,

Wouldn’t the higher costs of borrowing negate the price drop? Does affordability generally remain constant over time if the rise and fall of prices largely correspond with the opposite trends in borrowing costs?

Would love your thoughts on this.