March, 2012: Crowds storm new home sales centre in north GTA
It’s recently come to my attention some people come to this pathetic blog because they lust for a house. By reading this, they think real estate prices will crumble, punishing greedy sellers. In so doing, they hope their friends who already bought at inflated prices with massive mortgages will be wiped out, and stop smirking. And it seems to be working.
Of course, real estate is highly local, and segmented. Halifax, Montreal and the Lower Mainland are painful for sellers, while life for a buyer craving a $750,000 semi in Toronto is impossible. Almost everywhere, though, serious cracks are showing up in two key segments: condos and new-builds. We dealt here with the concrete sarcophagus issue last week. So let’s talk a little about the new housing market.
Did you know that in BC housing starts collapsed by 20% at the end of the summer? Of course not. Why would you? The real estate-humping sycophantic Van media hates news like that, but it’s still true. Urban housing starts dropped by a fifth from mid-summer levels, with Metro Vancouver numbers down 26%. Across the province, we’re back to 2010, and starts for the year to date are running 7% below last year. That’s not too impressive for another whole year of economic recovery and historic low mortgage rates.
Toronto, as you know, is a construction disaster. Yeah, there are cranes everywhere, blotting out the sun. But those are attached to sites which sold out in 2010 and 2011. Come 2015, you’ll see the clouds again.
Sales of new condos have dropped to the lowest level in a decade, and are running at less than half the long-term average. Sales of low-rise units just recorded the third-worst performance ever and are 43% below the average. Builders blame tight land supply and runaway government fees and charges, but the real issue is a buyer shortage.
“Affordability continues to be a challenge for everyone looking to buy a ground-related home in the GTA,” says builder boss Bryan Tuckey. (“Ground-related.” Isn’t that cute?)
When you actually start analyzing market numbers, an interesting pattern emerges. With resale condos, supply is overwhelming demand. Above a million dollars, SFHs have definitely been impacted by F’s decision to cut off mortgage insurance. New-builds are under obvious downward pressure. And that leaves the frantic middle. In the biggest markets this has turned into a feeding frenzy for semis, row houses and a whole lot of crap that in saner parts of the nation would be considered firewood.
For example, here’s a sliver of a house on a 18-foot lot in a dodgy Toronto hood with no parking which was listed for $882,000 days ago, and sold for $992,000. But because it squeaked under seven figures, the ‘lucky’ over-bidders could qualify for as much as 95% financing.
Now, let’s contrast that hipster, GenX, credit-fueled insanity with what’s happening with those new builds. Yes, I know they’re constructed out of glue, sawdust, pesto sauce and petroleum products, but if you want to start vultching, I think this is the place to start. After all, true signs of panic have started to emerge as developers and builders find their backs to the wall when it comes to closings and cash flow.
For example, two years ago the Toronto ex-burb of Brampton was one giant construction site with horny young virgins clotting the presentation centres. These days builders are pulling out all stops, looking for sales. Here’s one offering no-questions-asked financing and a three-year mortgage at 0% interest. “No bank approval necessary.” Just like buying a trouble-free new Kia with no money down!
And here’s something only realtors see – huge amounts of money being thrown at anyone in the business who can bring in buyers. Realtor Ed tells me, “looks like desperation is clicking in” with a Toronto builder promising 6% in instant commission, and promising agents, “You can earn $48,400, or more in one day!”
So, if you came to this blog looking for evidence of blood in the streets, you’ve found it. There is much more to come. Your friends will detest you. Finally.
132 comments ↓
Garth was a guest on The Goddard Report.
Topic: Media in Turmoil
http://talkdigitalnetwork.com/2013/09/are-newspapers-an-anachronism/
Furst!
I come here because Garth is real-estate god. He has said that house porn is evil… and now he has given us the right to pass judgement on those who have committed sin!
Surprised you didn’t note the muted effect of the Tea Party wackjobs on the stock market today.
But the same doom and gloom was written in 2010..2011..2012…and now in 2013. Meanwhile SFD prices in the GTA have gone up by 40%. How are we not the ‘Greaterfools’?
The average SFD in 416 has increased 17% in the last three years, not 40%. If you think prices will keep rising, go ahead and buy. I permit you. — Garth
garth your awesome great post
Garth so much for getting an agent to represent you. How can your agent be representing you, with builders lining their pockets. It’s like trying to find an honest crooked cop. A 6% commission to a realtor is like leaving the garbage out for a raccoon. I can bet the realtor doesn’t disclose the relationship with the builder ie. the abnormally high commission.
Anyone have any anecdotes for this sprawling development?
http://www.thefoothillsatburke.com/
The prices (you can find some listings on MLS) seem very high for a place that is so far from Vancouver. What jobs are there in Coquitlam?
garth if we are the only ones left with liquid after over 70% ownership aren’t we kinda like rock stars?
Finally!
dont know if you want to weigh in on this Garth – but shows a bloodbath for ONT
http://www.canequity.com/stats/canadian-mortgages/ontario/
Exactly what I have been yammering on about. You cannot trust realtor-generated statistics to reflect true market conditions. — Garth
I come here mostly for the investment advice – and the ‘live free, young, unencumbered by debt’ advice – and to bookmark pages for my MIL whose definitely laid off the ‘now you’re married, you should be a nice house’ advice.
Need to see more of a correction before buying. Your mortgage should not have you living pay cheque to pay cheque. Should have money left over for emergency and investing or else its still to expensive. No correction goes to normal it always swings to far the other way and then normalizes.
Yup, Halifax is stalling. Not stopping a bunch of new towers downtown. I do not understand it, there aren’t that many good jobs here and everyone is going west. Don’t blame them. You’re right Garth, mobility is key these days. I know 2 people who are now underwater, wanted to selll to go west and no buyers, can’t afford to leave and barely afford to stay. Do you think we as taxpayers will be on the hook for the madness through CMHC? Once the music stops, lot of people will be hurting. I think the Government just delayed our recession and it could be even worse. Thank’s for the blog Garth.
I would imagine that this will take years to unfold, not quite the right time to consider buying yet.
With ridiculous commissions like that no wonder we’re seeing over inflated prices in some parts of the country. Looks like I might be one of those friends who bought high and could get wiped out (>_<) It's not just the Gen-X group, but a lot of Gen-Y hipsters like myself have bought our first homes in recent years lol. Ah well.
There does seem to be a lot of evidence that property prices could fall soon, but like you said, real estate is highly local and segmented. That's why I'm buying some property in Saskatchewan which will hopefully complete next month. If my Vancouver condo loses value going forward at least I won’t have all my eggs in one basket :) With Saskatoon and Regina expected to be Canada’s fastest growing cities this year and an unemployment rate of just 5% I hope the real estate market in SK will stay solid.
“….Above a million dollars, SFHs have definitely been impacted by F’s decision to cut off mortgage insurance…..”
=========================
Why stop at a million dollars?
Want to see housing pricing becoming affordable again? Eliminate mortgage insurance altogether, and let the (record profit taking) Canadian banks eat their own risk.
See that crush of people at the new home center in North GTA ( richmond hill)in 2012 that Garth put up again tonight.
Well you will NEVER see such a thing at a financial planners office in roof rubbing T.O . ! Nope, never, not a chance .Not even if the S&P were to quadruple !
Garth, I thought you were going to chastise us for wishing ill on our friends and tell us it ain’t gonna happen
“Toronto, as you know, is a construction disaster. Yeah, there are cranes everywhere, blotting out the sun.”
I can see the sun just fine, from my crane.
Lights out in 2015 now according to you. OK, I’ll take that.
Brampton?
Who in their right mind would want to live there?
I know I’m posting this a bit late, but with regard to yesterday’s blog post and the Scotiabank missive–would they not be subject to the laws regarding misleading advertising?
http://www.competitionbureau.gc.ca/eic/site/cb-bc.nsf/eng/02776.html
I come here for the good investment advice. (I need it on a loser day like this one).
Still, the interesting commenters never cease to amaze & amuse.
You can’t this in a print format. No Smoking Man, no Cat Food Lady, no Shawn, no Live Within Your Means, among many, many other great commenters. Too good to last!
If only the price drop will come in wpg. And when it comes it won’t be enough. It’ll drop to where it was when I started looking – 5 years ago. If you bought in the west end as someone I know did, you made back your house in 5 years
The Toronto condo craze was never consumer driven, it was UN agenda 21 driven, maybe they have plans to fill them with people ‘displaced’ by their NATO goon squads.
Speaking of goons, Harper and his chickenhawk buddies Camoron and Obama put sanctions on Iran, resulting in a 45% inflation rate. Before the locals beg for ‘banking stability’ courtesy of you know who, some of that cash ends up anywhere but there, including here, where I hear some Iranians sometimes engage in construction, resulting in..inflation here
Holy Crap…..Saskatoon = Victoria prices
Just got back from a pleasant weekend in S’tooner and toured around some new construction areas by the relatives. These houses are planted right on the edge of some farmer’s field so you get all the chemical spray drift you could ever hope for.
Now these house are going for $450K to $525K. 3 to 4 bedrooms, 2 1/2 baths with basement. But here is the crazy thing – these are priced about the same as similar homes in Langford here in Victoria.
Now to be fair I am comparing a 5 to 6 year old Langford home to new S’tooner construction. And most of the Langford homes are on slabs, not basements.
And true you can get anywhere in S’tooner in 15 minutes and Langford is a full 45 minute rush hour commute from downtown Victoria.
But seriously, you are comparing living in a world class destination city (Victoria, I mean) with a prairie city in the middle of nowhere that you only go to for work (and need to get out of for a least 2 weeks in winter to preserve sanity).
Pricing parity for the S’toon and the ‘burbs of Victoria?
Again one of those statements that even 5 years ago would have been dismissed as impossible.
dont know if you want to weigh in on this Garth – but shows a bloodbath for ONT
http://www.canequity.com/stats/canadian-mortgages/ontario/
Exactly what I have been yammering on about. You cannot trust realtor-generated statistics to reflect true market conditions. — Garth
Doesn’t the chart just show the portion of pre-approvals that are done online? It does not look like it shows the volume.
@ #4 Timmy
Surprised you didn’t note the muted effect of the Tea Party wackjobs on the stock market today.
They might be thinking differently about the “whackjobs” if they end up on rationed-care surgery waiting lists…..
Hell and doom are near for Canada’s economy. The reckoning will be painful for all the ignorant, the arrogant, and the entitled who bought houses in the past five years. Time to learn the basic financial lessons in life: do not spend more than you can afford, in good times save for the bad times, and be prudent. The folks that have been ignoring this advice are responsible for bringing our country to the brink of ruin in the coming years. Stop whining and blaiming politicians, you have stepped into this mess yourselves hoping to make lots of money without having to lift a finger, and betting on the taxpayer to bail you out as a large group if things will tank. Admit it, your opportunism is beyond that of leeches, at least they work to suck the life blood from others.
#21 http://www.totalinvestor.com on 09.30.13 at 8:03 pm
Brampton?
Who in their right mind would want to live there?
…………………………………………………….
I did once, but them my mind is not right. Old Brampton has moved to Georgetown.
“..Average annual gross income for
mortgage applicants in Ontario: $59,976.51
applicants within all of Canada: $60,563.08..”
oh boy, what can you buy nowadays with an income like that, a parking spot and a locker??
…Toronto builder promising 6% in instant commission…
Some of those builders in the good time was offering 0.5% some 1000$ etc. to realtors
I thing the builders will taste their own medicine, from the realtors.
Those GenX, credit-fueled greater fools should keep things in perspective. For instance, that $992,000 house on the 18 foot lot may not be such a bargain when compared to the price of a state of the art watch. The Zenith Defy Xtreme Tourbillon Men’s Automatic Watch sells on Amazon for $112,750.00 (on sale from $205,000). My wife and I had decided to buy a house in Toronto within the next year, but when I saw the deal this watch is selling for, I had to reconsider. It was a tough call, but after lots of thinking, I decided buying a discounted $112,750 watch would be a better investment. After all, according to Garth, real estate is pretty scary right now. At first my wife was really angry, but the second she saw this 8th wonder of the world, she understood. She is now cool with renting until housing corrects in Toronto.
It’s damned sad on so many levels. It seems not only have we normalized staggeringly high consumer & mortgage debt levels, we’ve made blatant deceit acceptable. I expect salespeople pushing products to fudge a bit – after all, their livlihood depends on how many units of whatever product they push they can sell. But too many people aren’t used to seeing homes, bank accounts & other financial instruments or insurance policies as products to be sold.
That’s exactly what they are & like a great many other products, we can easily be seduced into buying more than we need, a higher ‘quality’ than we need or entirely the wrong thing. Or, buy a product at the wrong time in our personal life cycle.
I’m not going to be smirking as it dawns on folks they’ve been hosed; that they’ve ALLOWED themselves to be screwed by salespeople. When you’re talking about folks in their 20s who’ve been encouraged to look at monthly costs & not the entirety of the shafting they’re getting on housing, THINK. They are indeed tied to housing that may soon be underwater if it isn’t already. They may have skills surplus in the area they call home but can’t pick up & more to where those skills are badly needed. That has negative impacts on 2 local or regional economies.
Being stuck with a home that vaccums up most of your paycheque also makes it very difficult for other sectors of the economy to grow. As the screws get tighter, highly elective personal services see it first. Salons that do hair, manicures, pedicures & that type of stuff go under. Higher end clothing stores, jewelry, various types of ‘toys’ – all take the hit first. Have a look at online ads – never have so many jetskis, boats, snowmachines & the like been available so cheaply – if anyone is interested in vultching stuff like that. The more people are locked into to overpriced housing, the more people are forced downmarket & the already tight margins there get ruthless.
It’s depressing or can be.
I’m a renter. I’m a renter primarily because no mortgage issuer in their right mind would loan me mortgage money & I wouldn’t trust one that did – we simply don’t earn enough. Renting has a ton of advantges. It’s true that I have to quell the urge to have a little piece of ground that’s MINE but my landlord luckily allows me to do a big perennial border & that’s win-win. Makes the grounds look nicer & the landlord doesn’t cough up a penny. After 5 years, I’ve created a damned fine garden – one of the few things I’m good at. People sit out there & chat – it’s good for our small building community. I get all the benefits of being out there, exercise, fresh air & most respect ‘my’ garden – keep their dogs out, don’t filch plants.
Under the right circumstances, I’d happily own but it would have to make financial sense & right now, even if I had a couple of million in order to maintain the right fiscal balance, I wouldn’t buy. Not at the top of the market.
I feel like a sad panda though when I read what come across as smirky, ‘nyah, nyah!’ comments about those sucker home owners that are about to be slammed. Maybe they were stupid to buy. Or maybe they asked for advice & thought they were being properly guided. Maybe they were impatient, felt entitled; whatever. It’s done.
As friends of those who should cash out, as parents & relatives of the younger generation; rather than smirk & sneer, shouldn’t we be trying to emulate Garth? We don’t have to try & bludgeon people with a ‘clue by four’ but we can be honest about our own feelings about debt. We can show our kids, nieces, nephews & other younger relatives how budgets really work – hell, most of us learned the hard way & we didn’t have access to so much credit.
In the end, wether it all crashes down with a thud, (doubtful), or takes an agonizingly long time to bottom out, it affects ALL of us. If every one of us could prevent one piss poor decision by one peson – that’s less damage to try & rectify later.
Isn’t it worth a shot?
Great post, opening a possible discussion about economic conditions, municipal level politics, and the always victim, good architecture. So sad, because it’s largely true. Try looking for true value.
Under the circumstances, Vince thought it was a ‘tad’ UpBeat, but that doesn’t mean SaltyDogs can’t enjoy it…
You saw it first on TheGreaterFool… Walter’sEulogy:
http://youtu.be/z0JPTgAtqzw
This weeks’ Economist mag (Sept28-Oct4) section on Canada’s housing market reads like a Garth Turner prediction.
They warn AGAIN about household debt and housing prices in Canada being seriously out of balance.
‘Irrational Exuberance” is mentioned………..
“The best thing that could happen to the housing market would be a long cooling-off period of stagnant prices, or even a modest decline. If you care about a sustainable, accessible housing market for you and your kids, that’s what you should hope for.” – Rob Carrick, Globe and Mail
http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/soaring-real-estate-sinking-prospects/article14533765/#dashboard/follows/
Two and a half years ago, some acquaintances purchased a two bedroom investment apartment downtown Ottawa. It would make the cover in a tourism brochure, being located five walking minutes from the Parliament, Byward Market and Rideau Canal.
They took possession in the spring and listed it for $2,400/month, no calls. Two hundreds got shaved soon, same result. Today they ask $2,000 and there is some interest, still unoccupied though.
The price was in the low 300s and the monthly condo fee is around $600. Each time we meet there is a growing degree of anxiety they show when talking about their “investment”. We just met two weekends ago and they stopped even mentioning it.
Again I post a most notable quote by a notable man, Winston Churchill.
A quote that will reveal truth even to a nation of head in the cloud wannabes and entitlement demanding people. It also serves the selfish and greed-hands we can all too easily see today if our eyes are kept open
“The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is.”
Winston Churchill
http://themashcanada.blogspot.ca/2013/09/price-drop-19-15-ridgewood-drive-forest.html
PRICE DROP #19
This time, they’re getting serious!!!!!!!
Here is the price history for this listing:
February 23 $4,398,888
March 5 $4,397,888
March 12 $4,396,888
March 14 $4,394,888
March 15 $4,393,888
March 16 $4,392,888
March 17 $4,391,888
March 18 $4,388,888
March 28 $4,349,000
April 15 $4,348,000
April 22 $4,299,000
April 29 $4,249,000
May 4 $4,199,000
May 11 $4,149,000
May 23 $4,099,000 (this price didn’t last long!)
May 23 $3,999,000
June 13 $3,888,888
August 2 $3,598,888
Now….
To $3,259,000!!!!
Or $1,139,888 LESS than the initial asking price.
Ferrari321: from your link: Ontario Mortgage Originations Compared to all other Provinces
the chart confirms my prejudice: the Canadian housing market is dominated by Ontario. Yes Alberta is important, BC is relevant. Saskatchewan and Quebec each have some significance. Put it another way all the rest together are just slightly more than Ontario.
Thanks #1 The Goddard Report – everyone should listen to this as Garth made a lot of sense in what has happened and is happening in the media world. Very informative and interesting.
#39 – Tripp
That place sounds like it is quite near a similar place called Modrian.
@ #27 – you are right … but if ONT is melting down that means the rest of Canada is DOA. Heres the Toronto one fwiw …
http://www.canequity.com/stats/canadian-mortgages/ontario/toronto.phtm
#24. Dreaming about buying a house in Winnipeg would make me sad too. Maybe set your sights a little higher. Matt Groening pretty much hit the nail on the head with “Welcome to Winnipeg. We were born here, what’s your excuse?”
#26 world class destination city?? in Canada?? You don’t get out much, that is obvious. There are no world class cities of any kind in Canada. We are a colonial backwater that the rest of the world could care less about. And did you ever think that maybe the fact that Saskatoon or most any other place in the great north west territories being in the middle of nowhere is a good thing?? Think about that.
to: #16 Liquid on 09.30.13 at 7:41 pm
Alert: You are no longer “liquid” and have more debt than most could ever imagine taking on at your age, with a lot of risky plays involved. Good luck, but you have swallowed the wrong pill and will likely end up in bankruptcy – although I will be glad to take your farmland off of your hands for a song in a couple of years (if you picked some good land and not a slough).
#41 victor
how do you find that info out?
#34 TheCatFoodLady
“I’m a renter primarily because no mortgage issuer in their right mind would loan me mortgage money & I wouldn’t trust one that did “
———————-
“I refuse to join any club that would have me as a member.”
– Grouch Marx
The US government appears to be shutting down tonight. Republicans have no incentive to negotiate. Will be hanging on for dear life during those market shaking bumps in the coming days, but I have trouble seeing how this impasse will be resolved
I will try this for the sixth time
You say 70% of Canadian own homes.
What about those who own 3,6,11 properties each, do they count as a person owning just 1 property or are all properties divided by the total number of people.
I wonder if you delete my post again for the sixth time and if you do, I will come to your presentation again and as this in person. Thanks
Not big on math, are you? — Garth
Hell and Doom: Hell and doom are near for Canada’s economy.
yeah but what do you really feel?
Babblemaster: I decided buying a discounted $112,750 watch would be a better investment.
http://rolexvszenith.blogspot.ca/2013/05/zenith-defy-xtreme-tourbillon-mens.html
http://www.youtube.com/watch?v=tH2w6Oxx0kQ
“and all your money won’t another minute buy”
CatFoodLady: It seems not only have we normalized staggeringly high consumer & mortgage debt levels, we’ve made blatant deceit acceptable.
great post Cat Food Lady!
Tripp: Two and a half years ago, some acquaintances purchased a two bedroom investment apartment downtown Ottawa.
Each time we meet, there is a growing degree of anxiety. We just met two weekends ago and they stopped even mentioning it.
I just occurs to me that I know them
Victor V: Price Drop: that’s quite a drop since February, Like the owners in Forest Hill I have a drain at the bottom of my driveway so we share a lot in common. I took off the grate and cleaned out the accumulated dirt. In Ottawa if you don’t the drain ices up in March and floods the garage. Is that a gas meter at the bottom of the driveway? Doesn’t seem very safe.
Fartz The Economist just plain sucks at forecasting. A once proud publication calling wolf over and over again hoping one day to be right
#37 CrowdedElevatorfartz on 09.30.13 at 8:50 pm
This weeks’ Economist mag (Sept28-Oct4) section on Canada’s housing market reads like a Garth Turner prediction.
They warn AGAIN about household debt and housing prices in Canada being seriously out of balance.
‘Irrational Exuberance” is mentioned………..
Alrighty folks, tomorrow is the start of the new mortgage rate. It would have been over 120 days since the mortgage rates climbed to 3.4%. These coming months
will determine if the raise in interest rates will have a significant impact on prices.
Amen.
#26 omg Appreciate your visit to Saskaboom this weekend, hope you come again. Please go back to Victoria with a new vision of the 21st century Canada. The seismic economic shift has evolved to the prairies, where a ‘world-class’ city is emerging due to a diverse economy and strong immigration. I agree housing is pricey and perhaps may recorrect itself. But get over yourself, Victoria is overpriced. As is the majority of major urban cities in our country.
Don’t let the cold and snow get you down, we embrace it out here!! Keeps the weak minded away. Only those with drive and desire need to be here. And we welcome them and their new ideas with open arms!!
#11 nice work. Love the income and average age. 38 for heavens sake.
There’s an air pocket in this market. Way over owned now. All this with the lowest rates in history.
The math doesn’t look good. The emotion that most have attached to houses will make it devastating.
Those with big debt need to pray for inflation, that they keep their job through the ensuing recession and they’ve locked in for long enough.
They need to go three for three. Again. Math not good.
#28 Observer on 09.30.13 at 8:25 pm
“They might be thinking differently about the “whackjobs” if they end up on rationed-care surgery waiting lists…..”
The media, including the Canadian media, have been doing their best to panic the populace over the impending partial government shutdown, and make the non-Marxist wing of the Republican party look like those so-called “whackjobs.”
People don’t understand that Obamacare is a scam designed to keep fleecing the American people with overpriced health care, overpriced meds, and overpriced insurance. Some people have identified health care as the biggest fiscal problem facing the US. That if they allowed an actual free market to function in the health care system (don’t kid yourself, it’s not), prices would be lower by multiples and they could rein in the national debt.
The US used to be a nation of rugged individualists. But they have since become very dependent on Big Brother Government. And Big Brother likes it that way.
Maybe what really worries Obama and all the other Marxist, Big Government, Nanny State-Loving politicians and bureaucrats about the shut down, is that if it goes on long enough, people will start to realize not only how unnecessary and irrelevant so much government is, but that government is actually impeding real progress, and is a net drain on the economy, not a stimulator of it.
I know one of those building crane owners. They’re very busy up to end or mid 2014… Then nothing.
No real movement at model home sales trailers on border of Brampton and Vaughan. $650 k for a semi in former flood plain on old golf course land along Humber isn’t good. Hope it doesn’t rain.
You can tell the road is running out from under developers….just be-friend a few on FB to see their desperate Friends & Family sale nights, mixed in with motivational quotes & hours of candy crush
What are you inciting? A buy at the top just because there’s some early discounts?
“The US government appears to be shutting down tonight.”
—
Non-event. The only thing that would truly matter is if the USA defaulted in mid-October, and the Republicans have already tried to bluff with that card before.
#47 palebird. While your assessment of Canada’s ‘world class’ selection of cities contains a depressing Level of truthiness, I have to suggest we have one. Montreal. And I’m not from, nor live there.
Garth, you’re as cold as ice!
As most of us know all too well, every great party is followed by an equally great hangover.
would be interested to hear your thoughts on the us debt ceiling. I’m not sure if I should be nervous for my us investments. The us has never reached its debt ceiling before…
#83 Future Expatriate on 09.30.13 at 6:46 am — “. . . where men are men and sheep are nervous…” — Agreed. Further proof this is a deranged, danged stupid world we’re living in!
*
Evian’s new commercial. How they got those adults to prance around is beyond me. Talking about surprises, who woulda thunk it? Remember? Surprise #2. And this. Beam us up, Scotty — we’re outta here! Kenya Hmmm. Anyone remember this yahoo? Apparently, The Real McCoy is alive and well somewhere in Russia. AIDS / HIV Brought to us by a wunnerful drug company.
— and —
Pic Of The Year.
Garth is my only friend
A month-long US shutdown would be a fabulous experiment, a great day for freedom.looks like they ran out of us treasury buyers ,oh well time to watch american idol
#25 eddy on 09.30.13 at 8:21 pm
very interesting point about AGENDA 21 and the iranians ,i bet once us attacks iran them iranians will fill them empty condos in GTA using the political asylum thing , I hear they can get mortgages easily here in canada for 35% downpayment and need no income statement (according to Garth)
While Canada has its economic problems, just be glad that you don’t live in the Excited States with its crazy, asinine and whacky federal budgeting process. Is there any other country is the world where a dissident group of members, within its legislative assembly, can starve the government for cash and shut down many of its departments in order to get its way on a single issue?
So they’ve qualified their “world class” designation with the word “destination” when promoting their city. How many visitors or tourists are needed for this new appellation. Not too many I would say, if Victoria(a pretty city) is considered one. What about Moose Jaw? There’s got to be some tourists interested in that name.
Maybe even Kelowna-just joking.
Talk about a windfall…many insiders at Potash Co are excersizing their options and selling them in the open market immediately.
One part faith in company
One part paying off the multi-milion dollar house and private schools for kids
#16 Liquid on 09.30.13 at 7:41 pm
Congrats on your underwater purchase. Some farmer will be glad to take this off your hands for cheap in a few years time.
You are a victim of the GF theory diving into a wildly into something you know nothing about. First of all, to buy land an hour out of Saskatoon or Regina is at least $3000/acre, couple hours out might be $1500-2000/acre and will be more marginal land.
So say you get a 1/4 section of land. Your financing costs will be near 5%, add in about $1000 per year in taxes and an average rental rate of maybe $50/ac and you are LOSING money.
Factor in the reality that land has already tripled in the past 5 years and commodity bull run is ending which will make renters more scarce and you are screwed. And if you ever thought a house was illiquid, try selling farmland.
What are you going to do if you can’t get a renter and the place turns to weeds? Or your renter gets in over his head in a bad weather year and can’t pay. Farmers don’t sign rental contracts and many of them rent so they can walk if conditions turn on them.
Canadian Watchdog – re your post yesterday entitled “U.S. Commercial Real Estate Attracts Foreign Investors (Canadians)”.
You said, “I don’t know where this money is coming from, but it’s beginning to appear as though Canada (via the big six) is the new proxy for dirty capital flight.”
Here’s an interesting article that might explain where some of the money is coming from:
“Canada is one of the top destinations for Chinese high-ranking corrupt officials, according to a report published by China’s central bank in 2011. Up to 18,000 corrupt officials and employees of state-owned enterprises have fled with more than $123 billion from mid-1990s, according to the report.
Many in the Chinese public regard Canada as a haven for corrupt officials. […] According to documents provided to The Wall Street Journal by the Canada Border Services Agency Officials, Toronto and Vancouver airports seized around $13 million in undeclared cash from Chinese nationals from April 2011 through early June 2012. […] Part of the reason that Canada has been a hiding place for Chinese economic criminals is that the North American country doesn’t have an extradition treaty with China.
Roughly $2.83 trillion illicitly flowed out of China from 2005 to 2011, according to research conducted by the organization Global Financial Integrity.”
Canada has signed an asset sharing pact with China, but the U.S. has not, and China is going after these people. If I had corrupt money, I’d be heading south like yesterday.
http://blogs.wsj.com/chinarealtime/2013/07/06/canada-loses-luster-as-destination-for-corrupt-chinese-cash/
Hey Garth! My neighbour’s open house didn’t go so well this weekend. I was talking to him last night while taking out some recycling and he said if he doesn’t get the offer he wants tonight, he’s going to take the house off the market, do some renos, then relist in February. I told him that was the smartest thing thing I’ve heard all day. I went back inside and then I danced!
https://www.youtube.com/watch?v=JpdhACetFu4&feature=player_embedded#at=23
Garth, on a side note, has anyone mentioned to you that you have a striking resemblance to Walter Hartwell White (also known by his clandestine alias, Heisenberg)? I’m just saying.
Justin Trudeau for PM! Legalise Marijuana!
Have been here all the time.
Trying to figure out the USA shutdown? This probably is more than stupid, but is this a larger form of the Canadian government getting prorogued?
Also, I don’t have any mortgages on my properties.
But, really don’t understand why everyone is driving a newer and better car than me.
Quite sure, most of these people don’t have a pot to piss in. That is pissing me off.
#16 Liquid on 09.30.13 at 7:41 pm
Hate to break it to you but 90% of ‘good’ well paying jobs in Regina or Saskatoon are in construction. You’ll just be buying overpriced houses that will flood the market once the building stops and everyone in the sector is left without a job. Sask. Is pulling a China… building non-stop to inflate GDP numbers.
Potash is on life support, there’s some oil but that’s prone to boom/bust cycles (see Alberta), agriculture is a drop in the bucket and besides that we got lots of Timmy Ho’s and WalMarts. There’s your rosy economic outlook for Saskatchewan… Thin ice if you ask me.
So go ahead and buy real estate here. Just remember it’s NOT different here.
#39 Tripp
324 Laurier for 2k a month. Let the smirking begin.
Poor kids wanting to “invest” in “rental” by thinking that those who can “afford” 2k a month base rent aren’t already bending over at the bank desk getting reamed for a mortgage.
Next time you see them slip them this URL. Tell them Garth will straighten them out.
Tell them to drive into Old Nepean Centre Point and buy a 3 bedroom finished basement attached. Pool your money together with a pal or three..
Load that sucker up with Students renting while attending that sinkhole of money College across the street..
OR
A landed immigrant group that will gladly pay 1900 month and jam the streets full of old cars and taxis. (3 full families fit in it)
Matrix OUT
“pesto sauce”. LOL.
Not prose Garth, art. A lovely read any day.
#11 Ferrari321 on 09.30.13 at 7:26 pm
Yikes….and also for the rest of the country.
Tapped out and debt up to the eyebrows, coupled with generalized and spreading real estate ennui.
The herd is beginning to realize the wisdom and bliss of being debt free, liquid and nimble- the cornerstone of wealth-building and eventually owning your own life.
Mammoliti, Shiner get rent deals from Toronto developers
Two Toronto councillors have been paying well below the market rate to rent apartments from developers that have millions of dollars in contracts with the city, a CBC News investigation has found.
Mammoliti would not address further questions about his status at 88 Erskine.
He said he didn’t know exactly how much he paid because the amount is a “direct withdrawal” from “a business account that I look at once a year.”
Mammoliti began leasing an apartment for $1,000 in February 2011 and the rent rose to slightly above $1,050. The same suite cost the previous tenant more than $1,600.
Sworn financial statements he submitted last October as part of a court proceeding said he stopped paying the $1,000 rent and moved back in with his parents
http://www.cbc.ca/news/canada/toronto/mammoliti-shiner-get-rent-deals-from-toronto-developers-1.1865022
Intergenerational property-market warfare, in a nutshell:
http://www.pieria.co.uk/articles/the_illogical_pricing_of_property
http://www.cbc.ca/news/canada/tax-evasion-advice-being-offered-by-lawyers-bankers-cbc-news-1.1874067
http://www.private-eye.co.uk/sections.php?section_link=news&issue=1349
======
I wonder if this big box retailer in Brazil whose storefronts have a White House facade, along with a Statue of Liberty at the entrance pay a licensing fee?
http://www.youtube.com/watch?v=J0JrRFqliCw
On Aug. 31, 1876, the Copyright Office issued copyright registration number 9939-G for the “Statue of American Independence
http://www.loc.gov/wiseguide/oct04/statue.html
http://jsfiddle.net/cPDBp/embedded/result/
19 out of 67 sales today over $1M
Note the huge discount for many of them.
Lots of sales in the expensive areas. Look for markers colored in green yellow and red
Most notable property that sold was $7M discounted 8%
Also note that in these hot areas none of the markers representing sales matches the color of the surrounding areas. That means they sold UNDER the price of the area!
Note how many of these expensive properties have markers with a shadow. That shadow indicates that the property was relisted and the initial price was bigger !
@ILoveCharts #8:
You said: “The prices (you can find some listings on MLS) seem very high for a place that is so far from Vancouver. What jobs are there in Coquitlam?”
Actually, in my experience there are MORE jobs and HIGHER paying jobs in the suburbs of Vancouver like Coquitlam, Surrey, Langley, Abbotsford. The City of Vancouver really doesn’t have very many jobs, unless you like working as a tour guide or at the safe injection site. The City of Vancouver has such expensive real estate that most companies that want to do business here locate in business parks in the suburbs. This is why the bridge traffic is getting so much worse here. It’s not just the people who are leaving Vancouver and moving to the suburbs because of high land prices. It’s jobs and businesses that are moving out of Vancouver and into places like Coquitlam and Surrey. The REAL economy of the Lower Mainland is in places like Coquitlam and Surrey. Vancouver is a postcard city that is only for the rich and for tourists and for the drug addicted on the Downtown Eastside.
For anyone looking to vultch, and wanting to do some preliminary research on properties, I randomly came across this site, shows date of listing, price reductions (and when), schools in catchement, etc.
http://univs.ca/
Speaking of BreakingBad… Here’s your TuesdayMorning ShutDownZen, SaltyDogz!…
“Residents living in Vancouver’s West End are warning people to be on the lookout for aggressive, marauding r******s.” – CBC
http://www.cbc.ca/news/canada/british-columbia/raccoon-attacks-reported-in-vancouver-s-west-end-1.1874172
[NoteToGT: Must have something to do with all those new LaneWays… Right?]
Just like I said.. wait until they uncover (if ever) the amount of curruption and looting in Toronto and Vancouver city council.
Mammoliti, Shiner get rent deals from Toronto developers
That's your money being subsidized right into the bank accounts of these two crooks.
@#53 45North
The link to RolexvsZenith watch is quite amusing for all the grammatical/spelling errors.
One wonders what ESL class this person was kicked out of.
Proof that money and lack of intelligence are soon separated.
100k for a watch……… (shaking my head)…………….. equates to either a small penis or a very large ego to be stroked.
@#54 Vanperfecto
I’ll take the Economist over your “perfecto” Van any day of the week.
What do you think of preferred shares? Is this a good time to buy them?
http://www.theglobeandmail.com/globe-investor/investor-education/preferred-shares-the-pros-and-cons/article14581897/
@#77 Beach Girl.
Nah , Harper just decided, “The store is closed til January”. Unfortunately the MP’s still get paid……
The US govt is like the Cicadia. Every 17 years it pretends to come out of the ground and actually do something. Republicans stalling Democrats to make a point.
As for your “piss poor” neighbors driving new cars. Just proves they have debt and car dealers are desperate enough to loan to “piss poor” people.
If your car runs well and looks ok. Keep drivin baby1 My car is 11 years old and I dont care if some inconsiderate a-hole “door dings” it. It runs great, gets me from A to B and is easy on gas…….
http://jsfiddle.net/hfCrA/
Sales numbers will probably be a little higher tomorrow since more listings will be reported tomorrow but the Avg price is not going to change much
Condos in particular are in bad shape !
Compared with last year the sales are almost there BUT last year was a disaster compared with 2011! (29 and respectively 22% DOWN) so 2013 is in almost the same situation compared with 2011.
GTA Girl: No real movement at model home sales trailers on border of Brampton and Vaughan. $650 k for a semi in former flood plain on old golf course land along Humber isn’t good. Hope it doesn’t rain.
former flood plain? I do remember Hurricane Hazel. What the hell are they thinking?
not 1st: And if you ever thought a house was illiquid, try selling farmland.
pretty funny
Buy? Curious?: My neighbour’s open house didn’t go so well this weekend.
sorry to hear it. so instead of taking a small loss he’s going to take a big loss
Beach Girl: Also, I don’t have any mortgages on my properties.
But, really don’t understand why everyone is driving a newer and better car than me.
Beach Girl you are doing great work providing shelter for unwed fathers. Car envy is so out-of-date.
We’re told Diogenes is dead. I don’t believe it.
#57 – SASK Roller
The seismic economic shift has evolved to the prairies, where a ‘world-class’ city is emerging due to a diverse economy and strong immigration.
HAHAHAHAHAHAHAHAHAHAHAH
HAHAHAHAHAHAHAH omg HAHAHAHAHAHAHA
Go put your watermelon back on. Or actually, take it off, the juices have saturated your brain.
AHAHAHAHAHAHAHA wiping a tear. OMG that was truly funny.
absolute nonsense garth.. I live and breathe the GTA real estate market and have done so for the last 25 years.. your comments on new builds have some merit but on resale residential you are smoking crack. please be ready to retract your predictions in say 6 months? that fair ?. Resale residential prices in the GTA WILL continue to increase. That is an absolute certainty. Last nights events in Washington only assure a longer upward trend. Whether you get your forecast right or wrong do the right thing and own it.
The US political theatre this week is meaningless, and I sure hope you don’t scare your clients into house-buying based on such poor information. But then, I understand your frustration. — Garth
Hot Calgary housing market sizzles in September
http://www.calgaryherald.com/business/Calgary+housing+market+sizzles+September/8981403/story.html
57 Sask Roller – yep your right, I was a bit of a jerk on the comments on Saskatoon. I grew up in the ‘tooner. I do appreciate the “get it done” attitude people in Sask have and let’s acknowledge that Sask is the cradle of pragmatic left wing politics (as opposed to the nut cases we have out here).
But RE is crazy out of control in both cities.
Now if you could just get a couple more decent coffee shops.
I follow your blog religiously and I admit I am exactly the person you describe in this post. Hoping gleefully for an erosion that will wipe the smirks off the seller’s and realtor’s faces. But we have been looking at the market in North Vancouver for three years now (please don’t judge….we haven’t actually bought anything). In the desirable areas of this Vancouver suburb, things are going with multiple offers, over asking, open houses full to brim with locals and foreigners alike. 60 year old original condition homes full of wrinklies gleefully rubbing their hands together as the new generation funds their retirement. And since we started looking three years ago, affordability has decreased while prices have steadily increased. What gives?? You hint that Vancouver is having a slowdown, but if we actually bought today we’d be worse off than buying 2 or 3 years ago. So we continue to hold off and try and be sensible like this blog suggests….but will I be saying the same thing 3 years from now? We’ve watched ourselves get priced out of the market by being supposedly Not the fools. Help? When will this end?
(BREAKING NEWS) ross kay defends himself against big bully klump (huff post)
@97: Real-estate cycles are longer term than 3 years. I was once told that from bust to bust in a real estate cycle could be anywhere from 8-15 years.
As an aside, it’s possible to buy a condo in 416 for under $100K now:
http://www.realtor.ca/propertyDetails.aspx?propertyId=13669033&PidKey=374976446
It’s amazing what bad pr will do to an area although I’m wondering if there’s something wrong with it.
(yeah I know, it’s not exactly the safest area in the world by canadian standards).
#57 saskatchewan roller on 09.30.13 at 10:44 pm…
Saskatoon? “…where a ‘world-class’ city is emerging…”
Give me a break!
The only cities in Canada that come close to ‘world-class’ are Toronto, Montreal and Vancouver.
From a humble, non-driven, weak-minded chionophobiac.
Saw in the “Globe” on Saturday that home prices are up an average of 29% in Canada over the past 5 years. St John’s is up 58% (so twice the National avg). This is beyond sustainable – population less than 200k and flat.
The higher it goes the further it falls!
US defaults all around starting with the postal service today.
There will be no financial defaults. — Garth
So, if you came to this blog looking for evidence of blood in the streets, you’ve found it. There is much more to come. Your friends will detest you. Finally.” – Garth
—————————————————–
I’ve read all of Garth’s real estate related statistics. Followed bearish housing blogs across the country. Read prominent economists opinions (Shiller, Krugman, Madani). Read publications like the Economist & Macleans predicting houseageddon. Seen every statistic about Canadian housing, household debt, % of ownership, affordability, comparisons to the US, stagnant economic recovery and wage growth. Watched F, CMHC & OSFI try to cool things off. Witnessed the increase in the bond market and thus long term interest rates. Reviewed the potential impact of wrinkly demographics. Watch Real Estate cartels lie and get caught about fudging the numbers. Watched speculatory activity drop off. Heard about new development numbers fall.
It all sounds absolutely correct and logical to me. But here we are.
Is this the peak moment of irrational exuberance?
#58 Obvious Truth on 09.30.13 at 10:50 pm
“The emotion that most have attached to houses will make it devastating.”
I own, therefore I am, eh wot?
What happens then, when that vastly disproportionate emotion is truncated by job loss, job moves, black swans, interest rate increases, bad investments, illness, divorce, separation…..
CBC just reported that BoC and traders just announced that interest rates will stay put until at least mid-2015. Our dollar tanked.
At least this bodes well for this blog. Another 2 years until the crash…then another 2….
The BoC did not make such an announcement. Of course. — Garth
You are always safe in a HERD. That’s why homeowners are not worried.
Just like these guys on bikes (I think Garth is the guy in the back of the pack busy tweeting) who drag a guy out of a Range Rover. The guy is charged, the bikers will get off Scott free because too many of them.
http://www.cnn.com/2013/09/30/us/new-york-bikers-road-rage-video/
@Beach Girl, post #77:
Why should you care if everyone is driving a newer and better car than you? I drive a 12 year old car, which last year replaced a 19 year old rust bucket. With the money I save on initial capital investment (or payments if I didn’t have the cash) I have bought investments which actually pay me to own them. Every month I see those dividends rolling in, which pay for the fuel, maintenance, and exorbitant insurance premiums on my older car with some money left over to buy more investments. I get more enjoyment out of scooping up cheap XRE or CAR.UN, still at fire sale prices, than I would from buying a new car, especially when the older one I have works JUST FINE.
#57 Saskatchewan Roller
Jeepers; I understand the inherent need of flat-landers to continually pimp their Provinces. (after all, nobody else is inclined to do so)
But the population growth in Saskatchewan is far from meteoric; total population growth was 20,000 in the last year.
The unemployment rate is now 5%, UP from 4.5% one year ago, and I believe the biggest job growth was in the public sector. Wages are not rocketing upward.
Saskatchewan’s GDP growth rate is about 2.9%; and is actually expanding at a faster rate than the Canadian rate that is struggling at about 2%.
In short, none of these mediocre numbers are enough to justify a “seismic” shift in Saskatchewan housing.
Sustainable growth in housing markets requires 3 things: population growth, rising wages and solid GNP growth.
As real estate market valuations throughout Saskatchewan (especially Saskatoon) appear to have shot upward at a far greater rate than pop. growth, wages or GNP growth could possibly justify, it is difficult to understand the rise in valuations in anything other than ‘bubble’ terms.
A “world-class” city (whatever that means to people) on the prairies would no doubt be a sight to behold… (Dubai north?) but not in our lifetimes… not for any of us!
http://www.stats.gov.sk.ca/
http://www.gov.nl.ca/HaveYouHeard/provfcst-june2013.pdf
Garth the real estate cultists never learn and that means they will have to find out the hard way.
Of course fees and charges don’t have much bearing on demand. They haven’t changed much in a few years, and builders were not complaining about fees and taxes when people were camping outside their sales centres.
The buyer just sees one price. They don’t care if 10 or 90% of that is taxes. The problem is that normal people are reaching the end of affordability. When mortgage lending started tightening 2 years ago, I said the $800k range will be the ceiling, because that is what most people looking to buy can afford to pay for if they stretch. This will be the hot range, but this will also be the top range. Sellers expecting windfall profits after themselves buying for $800k a couple years ago are being disappointed, and removing their hopeful listings. Builders are having a tough time, because they can’t charge more, when one can buy an existing house for same price, and have it today instead of 3 years from now, maybe.
So yes, there is a shortage of buyers at the prices sellers and expecting to get. What did they expect, prices to keep going up forever? That an entire generation would be priced out? I don’t think they understand the implications of that concept.
Check out what $895,000 asking buys you in Puerto Vallerta.
Read it and weep or keep buying up north.
http://www.sirguadalajara.com/eng/sales/detail/314-l-647-4000038105/quinta-del-mar-ii-in-flamingos-nuevo-vallarta-nt-63732
There will be no financial defaults. — Garth
—–
You mean pensions and interest on the debt aren’t paid in dollars? Sounds financial to me.
Just like last time. No defaults. — Garth
illegal foreclosures and payday loans
An investigation by the state Department of Financial Services found that 35 lenders were charging interest as high as 1,095 percent on payday loans.
Payday loans are illegal in New York, so non-bank lenders use the internet to skirt the law. The companies are all out-of-state, according to a release from Gov. Andrew Cuomo’s office.
“Payday lenders structure loans to discourage people from paying off the principle to keep them in this perpetual cycle of debt,” Schneiderman said at the annual convention of the Public Employees Federation, where he announced the settlement during his keynote address…
State officials sent letters then demanding that the companies stop making the loans, which are illegal in the state. At the time, the department advised consumers how to stop recurring bank account debits to a payday lender….
Payday loans also have harmful consequences for our national economy. According to a March 2013 study from the Insight Center for Community Economic Development, the payday lending industry negatively impacted the U.S. economy in the amount of $774 million in 2011, resulting in the estimated loss of more than 14,000 jobs. U.S. households lost an additional $169 million as a result of increased Chapter 13 bankruptcies linked to payday lending usage, bring the total loss to nearly $1 billion.Below is list of the companies involved in the settlement:
http://www.ag.ny.gov/press-release/ag-schneiderman-announces-settlements-five-companies-collected-illegal-payday-loans
========
due to computer glitch …
A.G. Schneiderman Announces Nearly $5 Million Settlement With National Grid For Failing To Pay Full Wages To Workers After Hurricane Sandy
http://www.ag.ny.gov/press-release/ag-schneiderman-announces-nearly-5-million-settlement-national-grid-failing-pay-full
#92 Victor V
Anytime is a good time to buy prefs. Averaging in over time will help smooth out any volatility. For myself, this for the long haul. ZPR is my fave since its laddered 1 to 5 year with ‘rate reset’ prefs. Good Luck.
http://www.etfs.bmo.com/bmo-etfs/glance?fundId=92496
#90 CrowdedElevatorfartz on 10.01.13 at 10:21 am
@#53 45North
The link to RolexvsZenith watch is quite amusing for all the grammatical/spelling errors.
One wonders what ESL class this person was kicked out of.
Proof that money and lack of intelligence are soon separated.
100k for a watch……… (shaking my head)…………….. equates to either a small penis or a very large ego to be stroked.
100k for a watch is being able to afford a work of art…sounds more like you’re projecting.
You can easily spend several hundred thousand on a timepiece, I think a double tourbillion Breguet is about $600k as example, mostly for your Oligarchs and Hong Kong billionaire set but they are incredible examples of engineering.
I bought myself a Rolex as a gift to myself for finishing grad school, (in my 40’s and with young kids!) and I just bought a cool $300 Casio, next year I have my eye on a Tag Monaco ala Walter White, although I am going to buy it for the Steve Mcqueen connection….
If you have the means, indulge, do you honestly think anyone paying $100k for a watch is worried about money.
Just saw this in the financial post: “We’ve got the vast majority of our mortgages insured with the government of Canada,” Mr. Williamson said in an interview with the Financial Post, referring to coverage provided by the Canada Mortgage and Housing Corp. “Probably more than other banks.” (So the bank is promoting the fact that it is selling more high ratio mortgages and putting the risk on the taxpayer)
#115 old gringo on 10.01.13 at 4:36 pm
I LOVE the seaside, but here’s the problem…………..how many $70-$80K jobs are there in beautiful Puerto Vahlarta?
Or let’s make it even $30 – $40K assuming that its costs only 50% to live there.
#111 in London and beach girl. No offense but I prefer having a newer car. You can’t take all your money with you when you go and you might as well live a little. Maybe not a popular view??? Just because someone has a new car doesn’t mean they don’t own it or can’t afford it. You could say that about a lot of things but you gotta live a little… Just saying
#121 HAWK on 10.01.13 at 6:51 pm
#115 old gringo on 10.01.13 at 4:36 pm
I LOVE the seaside, but here’s the problem…………..how many $70-$80K jobs are there in beautiful Puerto Vahlarta?
Hawk, the beauty of living down south is no-one needs that much income.
You live better, healthier, less stress, etc. on 1/3 the income.
Hundreds of thousands are moving all over Mexico and Central America these days.
Don’t believe all the crap the cowards are saying about crime,quality, food , health care ,etc.
Several of my Canadian neighbours are snow birds that have Canadian health coverage but paid to have their operations here rather then waiting for months or years in Canada.
Just saying
Or let’s make it even $30 – $40K assuming that its costs only 50% to live there.
You guys in Toronto should shoot on down to Detroit , where you can buy a similar semi detached for $50
@#119 Cowtown Cowboy
A watch is a work of “art”
Yeesh.
Guess the materialistic Rolex advertising worked on you. Whats next, a diamond encrusted cellphone?
Its a watch. It tells time. Like my cellphone.
Thats it.
@#119 Cowtown Cowboy
A watch is a work of “art”
Yeesh.
Guess the materialistic Rolex advertising worked on you. Whats next, a diamond encrusted cellphone?
Its a watch. It tells time. Like my cellphone.
Thats it.
You must be a riot at parties. 100k watches are works of art, as for the materialistic bit, buying a quality watch that will last generations does not make me materialistic, I’ll let you try and figure that one out, now back to your parents basement with you.
@Thoughts, post #122;
It all depends on what your priorities in life are. I much prefer the freedom of being more or less retired, able to do what I want when I want rather than being tied down to a job to pay for a newer car. I’ve travelled a lot and hope to travel more. That’s harder to do when you have a full time permanent job (is there really such thing these days?) where you have to fight to get more than a paltry 2 weeks vacation. On that subject, I also follow this blog: http://www.mrmoneymustache.com .
Well, I enjoyed all the comments regarding my 2000 Red Cavalier. I have never, ever had a car payment in my life. As, I have commitment issues regarding something’s. Money, I personally like. It’s mine, cry if you want to.
And yes, I own a home for unwed fathers. Love it.
But, also a separate home for unwed mothers. LOL.
Makes for good pool parties.
Not being tied down by VIAS, GMC, Lexus shit. Am taking up weight lifting, now, how it that. I am a smallish woman. Personal challenge. I enjoy my life. No bank is looking over my shoulder.
Nor am I living in a mansion looking over a huge mortgage. Funny days for sure.
Well, yah this house is a mansion. Paid for, bills paid by the resident pool boys. Played this out well.
Cow town Cowboy
“I bought myself a Rolex as a gift to myself for finishing grad school, (in my 40′s and with young kids!) ”
So you have young children and are so selfish you bought yourself a $40k watch to reward yourself. Not a RESP for your kids, so they don’t have to be 40 and still attending school. Wasn’t completing ‘grad school’ reward enough?
Typical of Calgary — more money than brains, more flash than substance, more toys for boys.
Median home prices in Victoria are up YOY. Hard to believe but its true. Condo prices are up in #yyj also. One of these years Garth will be right about a real estate correction. Here are the latest stats. http://www.vreb.org/mls_statistics/current_statistics.html
@#127 Cowtown
Actually I’m quite fun at parties.
But then again we dont sit around admiring each others watches and price comparing.
As for my grandparents basements. They’ve been dead for over 30 years and I’ve been living under my own roof since I was 18.
I had a friend that owned a Rolex encrusted with diamonds and platinum( it was a gift from a rich Saudi). He had his hand hacked off in Lagos Nigeria for it and almost bled to death.
His stump is quite a work of art.
As Mark Twain stated. “There are lies, damned lies and statistics.”
And the real estate industry are experts at it. Keep at them Garth.