Pooched

Pooched

Time for a little real estate porn. Just to relieve stress and check for hormones. But the salacious bits below are not intended merely to stimulate your spouse. There’s a lesson here, as well. Two of them, actually. Maybe three.

First, it’s more evidence of a melt from the top in residential real estate. Forget all those pumping little media releases from Re/Max and Royal LePage about a boom in luxury properties. It’s a myth. Sales and prices of digs listed for two million or more are eroding monthly.

For slummy places between a million and $1.5, F’s decision to punt mortgage insurance made all the difference between 2012 and 2013 sales. If you thought only millionaires bought million-dollar houses, eschewing financing, you’re dead wrong. I told you a year ago about a young lawyer who bought a skinny, faux baronial mansion in Toronto’s monument to the Stepford Wives (Leaside) for $1.44 million, and put just 5% down. Today it would take $290,000 in cash (plus another $49,800 in land transfer tax) to swing the same deal.

Beyond that, rich people are usually smart enough to avoid owning declining assets, especially in an economy like this which is losing juice fast. Luxury properties are sinkholes for money and if they’re no longer turning out capital gains to compete with equity markets, they get deumped.

Second, the property below says a lot about Victoria, none of it good.

Third, here’s another example of how some realtors routinely try to deceive buyers by hiding key information such as the length of time a property has been on the market, plus its price history. This listing, “Ardmore Hall” is currently being promoted by Bruce Hatter and Shane King, who tell prospects it was listed on June 6, 2013. But that’s not exactly true, since it first hit the Victoria market in January of 2011. That’s right – almost three years ago.

And the price? Hatter and Shane have it listed for $5.888 million (guess who that’s meant to appeal to?), which is a discount from what they state was the ‘Original Price’ of $6.188 million. What the pair don’t share, however, is the price two winters ago: $13.5 million. “If you ever doubted the rich in Victoria are hurting, then now is the ultimate proof,” reports one of our local blog dogs. “More than two years later and still trying sell at a 50% haircut. Talk about a major ouch!”

Anyway, here’s what you get, including a $39,000 annual property tax bill:

“Ardmore Hall is a gracious beautifully appointed west facing waterfront M. Knight constructed residence, situated on 2 acres representing the finest in world class properties. Upon entering the gates you will marvel at this picturesque estate. 9400 square foot principal residence of superb craftsmanship and finishing, with intricate tiling, chandeliers, silk wallpaper, copper ceilings, state of the art pool with pool house and a restored original guest cottage, are only a few of the spectacular highlights to make this exceptional property capture your hearts. The entire property includes 6 bedrooms, 11 bathrooms, & 8 fireplaces. The main floor principal rooms all open to the expansive ocean side patios.”

There are 344,000 people in Victoria and 320 properties for sale in excess of a million – a ratio of .09. In the GTA the ratio is .048, or just half of the delusional BC city. In Vancouver, it’s a stunning .145 – three times that of Toronto.

Meanwhile family incomes in both Vancouver and Victoria average just 80% of that in the GTA. This leads to the inescapable conclusion that BC homeowners trying to unload thousands and thousands of million-plus houses are, to use a technical term, pooched.

This is the end of an age.

But enough words.

Turn down the lights, put the KY in the microwave, and enjoy…

A1

A2

A3

A4

A5

A6

A7

207 comments ↓

#1 Zed on 10.31.13 at 7:06 pm

I like to rent and have my money work for me in the stock market and then have it (via dividends) pay my rent

#2 tkid on 10.31.13 at 7:08 pm

The bathroom is bigger than my apartment.

#3 pathcontrol on 10.31.13 at 7:09 pm

You can buy Matt Damon’s house in Miami Beach for cheaper http://www.frontdoor.com/photos/tour-matt-damons-miami-beach-home

#4 sue on 10.31.13 at 7:11 pm

“put the KY in the microwave and enjoy” hilarious.

#5 Liquid on 10.31.13 at 7:20 pm

Can’t imagine spending $39,000 on just property tax, ouch (0_0) Most people don’t even make that in annual net income. This reminds me of the situation in Florida several years ago. Home prices weren’t expensive there, but condo fees and property taxes were so high local buyers simply didn’t show a lot of interest. What saved their real estate market was really us. Canadians accounted for almost 40% of all real estate purchases in Florida in 2010 haha.

The question is who’s going to save Victoria, Vancouver, and other such Canadian cities now? So far we’ve seen a lot of foreign capital from the Asian markets prop up Vancouver prices, but will it last?

#6 peter on 10.31.13 at 7:21 pm

Beautiful house…how much? I want to bet and win highest bet. Prices will be higher next year according to CRA and it must be true if they said so. By the way, FURST!!!

#7 Stomper on 10.31.13 at 7:24 pm

There’s one thing for sure – $5.888 million wont buy taste – that house is butt UGLY.

Looks like it was furnished by Imelda Marcos – SPEW

#8 CrowdedElevatorfartz on 10.31.13 at 7:25 pm

Hmmmmm.
$5.888 million for a 2 acre, 9500 sq ft manse.
Where do I sign?

#9 chickenlittle on 10.31.13 at 7:31 pm

I didn’t know you could put K-Y in the microwave… Hmmm.

#10 Victoria on 10.31.13 at 7:31 pm

So, you call a seller’s rude awakening from a completely delusional original pricing a fair representation of a 50% prices haircut?

#11 chickenlittle on 10.31.13 at 7:31 pm

Wait a minute….that victoria house is still for sale?!? Wow!

#12 Ralph Cramdown on 10.31.13 at 7:35 pm

#154 Dean Mason — “Savers and GIC depositors are getting ripped off […]”

“Ripped off” is when you bargain for something and you don’t get it. Most savers are getting EXACTLY what they bargained for.

“We need more people to save money and invest money. “

Not if you think interest rates are too low, you don’t.

It’s pretty simple. If you think the interest rate is too high, lend. If you think it’s too low, borrow. Did you notice how moaning in public wasn’t one of the options in any case?

#13 pinstripe on 10.31.13 at 7:36 pm

looks like IKEA furniture in that house.

#14 Smoking Man on 10.31.13 at 7:36 pm

See even the Great Smoking Man learns reading this pathetic blog.

KY in the microwave, who would have known :)

Did you see all those losers at city Hall wanting Ford to quit. In their teacher talk calm voices.

Off with their tree hugging heads.

FORD ROCKS.!!!!!!!!

#15 Cow Man on 10.31.13 at 7:37 pm

$5.888 million. You couldn’t build that place for that. The lot has to be marketable at $2 million.

Not that anyone would buy a second hand house on that lot, at that price. Folks with that kind of coin, want their own dream home, not someone else’s.

#16 AisA on 10.31.13 at 7:46 pm

Have to say,

I dream of the day I collect $39,000 a year in dividends, not pay it out in the form of tribute.

#17 Obvious Truth on 10.31.13 at 7:55 pm

It’s worth all of 3.5 but probably 5 grand a month for maintenence. Where’s the HAM when the deals are out.

You don’t want to stay long enough to have to do any renovating. How much for a new roof?

#18 Okotokian on 10.31.13 at 7:55 pm

Ford (Mayor + Trucks)

Both smoke a lot.
Both are really heavy.
Both are too loud.
Both come in various colours (mostly red or white but sometimes a blue/purple hue comes around).
Both come with a case of buyer’s remorse after purchase.

#19 gladiator on 10.31.13 at 7:59 pm

Pardon my ignorance. What’s KY?

I know about KD and KA (Kool Aid). So suggestions are villkommen.

#20 Catalyst on 10.31.13 at 8:00 pm

Priced at 1million/bedroom is still too high. 11 bathrooms? Did this family have a genetic bladder disease?

On the flip side, Drake’s condo just sold in Toronto for 3.75M so atleast Toronto still has some fools left.

#21 ILoveCharts on 10.31.13 at 8:02 pm

Annual salary has little to with luxury houses.

#22 Blobby on 10.31.13 at 8:05 pm

Dammit.. Now i need to go out and buy some KY… And a microwave.

#23 Ripped on 10.31.13 at 8:05 pm

I see no one is commenting on the vertical driveways.

Is that the norm in TO land… lol

#24 Bob Rice on 10.31.13 at 8:07 pm

“family incomes in both Vancouver and Victoria average just 80% of that in the GTA”

To me, this means house prices will continue to rise in the GTA.

#25 Blobby on 10.31.13 at 8:07 pm

Interesting to see how many people on this blog are posting about Ford.

Seems the news did the job it was intended to do – divert attention away from the hole the PM has been digging with the fibs he’s been found out on.

#26 White Rhino on 10.31.13 at 8:12 pm

Just to let all of you know what you are in for, having gone through the entire down cycle in wash state.
1) The value of your home will go down , by a much larger margin than anyone thinks is possible, your line of credit on your house will be frozen and if you use credit cards , your limits will be cut.
2) I was a framing contractor for 22 years and moved into estimating materials when things were good. I saw the event coming and made what moves i could to improve my chances.
3) If your income , gets cut in half , like mine did, you will use your available credit to make your payments as i did.
4) Your savings , will likely evaporate to save your credit and assets.
5) When it is all done, you will have your good name and it will take 5 years to pay it all back.
Many more people will probably give their homes back to the bank than you think, Even if the banks do not lose money on insured mortgages, they will tighten credit to the point that the earnings they receive will take a hit, remember, they sold the mortgages for profit and will not be able to receive interest on the performing loans.
There comes a point when you realize you have borrowed your future earnings and can borrow no more,
so if you sound like this is your situation , then prepare the best you can now , and if possible , sell now and rent
The day will come when you can make other choices later. Best of luck to all of you , and from the south, happy haloween.

#27 Floridian on 10.31.13 at 8:12 pm

At the height of the property bubble in Florida, a place like that would have fetched $2-3 million, tops (unless it was in, say Key West, or one of the Miami-area enclaves of super-rich — which Victoria, notably, doesn’t have). These people are nuts.

#28 Bill Gable on 10.31.13 at 8:16 pm

The building is an amalgam of bad taste, and the kind of candy cane castle crap, that is infesting this mouldy berg.
Living in Vancouver is like living in some kind of parallel Universe.
Walk through the shopping malls – and see the ‘for lease’ signs.
It is interesting to see Craigslist swelling with huge numbers of high end homes.
I live in a High Rise that is 55% empty. The owners in China and Dubai, etc. can’t rent, because of restrictions, and they have tried (many times) to sell, and the Open Houses are yawners.
What a mess.

Pooched.

Well put.

#29 Tiger on 10.31.13 at 8:20 pm

http://youtu.be/47nHO-xfFPE Strange magic, what’s really going on !

#30 Cici on 10.31.13 at 8:25 pm

I like the property. I’d be swimming off that dock every day…even in the winter.

But…I’d only drop the cash if I were a billionaire and had no other properties to maintain/drain me.

Just my 2 cents :-)

#31 peter on 10.31.13 at 8:27 pm

Don’t worry about the rich folks in Victoria. They have been there a lot longer than even this very long in the tooth blog. Seriously, shouldn’t there be an expiration date on an economic forecast? I learned some time ago to trade what I see and not what I think. I moved to Victoria in 2009 and expected a housing crash. Didn’t happen, hasn’t happened, and won’t likely happen as long as interest rate repression and money printing continues. The rich are getting richer, that is a fact we can all agree on.

They’re not getting richer on Victoria real estate. — Garth

#32 Soylent Green is People on 10.31.13 at 8:29 pm

Has gone viral in Canada, over 66,000 combined views from YouTube and Facebook in last two days:

Music vid: “We Will Never Be Tories” by Borde via @22_Minutes 2 min. parody “Royals”

Hey! Look what just got 46,300+ hits on YouTube in the last 24 hours – https://www.youtube.com/watch?v=yresaKOlr7g #cdnpoli #qp #hw

http://arts.nationalpost.com/2013/10/30/this-hour-has-22-minutes-has-a-hit-on-its-hands-with-senate-scandal-parody-tories/

Wish to download that “Tories by Borde ♪♫ song? Grab free MP3 here http://uploadingit.com/file/view/omu8qlnn3sjp05mu/Tories%20by%20Borde.mp3 #cdnpoli #cpc2013 56,000+ hits

.
.
.
..

#33 Cici on 10.31.13 at 8:30 pm

OK, I just figured it out…Smoking Man is really the soon-to-be-ousted Mayor Ford…everything makes sense now.

It’s not what you know, it’s who you know. You know what I mean?

#34 Cici on 10.31.13 at 8:35 pm

Garth,

Last time I checked (today at 3:00 p.m.), Money Road was sold out and on back order from Chapters. Can we do something about this please (make like the US Federal Reserve and hit the printing press!)…I’ve got Christmas presents to buy and potential Greater Fools to save, and need your help!

Sorry I pulled the plug on more press runs of the book. You’ll just have to find someone with a copy, and pooch them. — Garth

#35 Country Girl on 10.31.13 at 8:40 pm

#14 Smoking Man on 10.31.13 at 7:36 pm
“Ford Rocks.!”

Was this another typo, Smoking Man. Did you mean “Ford does rock!”?

#36 Daisy Mae on 10.31.13 at 8:43 pm

#9 chickenlittle: “I didn’t know you could put K-Y in the microwave… Hmmm.”

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

I’m still trying to figure out what ‘KY’ is? At any rate, million dollar homes hold little appeal these days. Wow, are they ‘pooched’! Talk about desperation. Scary….

#37 Tiger on 10.31.13 at 8:49 pm

31# how’s your taxes!

#38 Dean Mason on 10.31.13 at 8:57 pm

#12 Ralph Cramdown

Borrow all the money you want but if I see you in the street asking me for money you will not get any money from me.

You can ask your best friend Donald Trump. He is a parasite going bankrupt more times than he can even remember.

You guys have a sick obsession with buying stuff and stealing money from others. You guys are spoiled little brats stealing other peoples money.

Yes, we need more people like you. This what makes a strong economy, not! Now I know why your name is Ralph Cramdown.

You will learn the hard way sooner or later. Mr. property taxes, MPAC and other annual or regular property assessments, utilities, bad tenants, mortgage interest costs, insurance, repairs and maintenance, lawyer fees, court costs, land transfer taxes, real estate commission, H.S.T. on almost everything etc. will be your worse enemy over the decades.

Good Luck borrowing your eyeballs out!

#39 well informed on 10.31.13 at 8:57 pm

Re: KY Jelly
http://en.wikipedia.org/wiki/K-Y_Jelly

#40 Tiger on 10.31.13 at 9:06 pm

I see what I mean, wow, take off your shades cause the future is not looking g for u! Go smoke a joint ! Just makes $ for me, I love zombies
Oh lucky:31whear were you brought up , guess this world , am I correct! Oh yeah it’s called earth. Now get Down to earth

#41 r on 10.31.13 at 9:06 pm

How about sfh in Toronto will that ever be cheaper at least before I am dead

How old are you? — Garth

#42 SFUgrotto on 10.31.13 at 9:09 pm

Am I the only one here who thinks that the property shown is actually nice albeit over priced? As much as real estate has become a bad investment and people have been stupid about investing in it, a nice house with nice furnishing is exactly that. What’s wrong with owning nice things if you can afford it?

#43 Kiwi Sal on 10.31.13 at 9:09 pm

Hey daisy KY is a popular spread for toast, it’s basically new Zealand’s Vegemite. I prefer mine cold

#44 Okotokian on 10.31.13 at 9:10 pm

Smoking man…

If you could do me a favor…could you please fill out this short survey for me?

Q1. Are you retarded? (not figuratively but actually retarded).

a) Yes
b) Likely

Q2. In regards to your English abilities, are you…

a) ESL (first month in Canada)
b) Francaphone (brought up in a sugar shack away from all anglo influences)
c) illiterate
d) drunken lunatic who types with mitts on

Q3 Your posts….do you think most people

a) read your entire post.
b) read the first two sentences, get bored and scroll down.
c) see your name and scroll down.
d) delete your post before it even sees the message board (…thanks Garth!)

(….psssst…..I’ll give you a hint…it’s not a or b)

#45 Son of Ponzi on 10.31.13 at 9:13 pm

Real Estate is the opiate of the masses (in Canada).

#46 Drill Baby Drill on 10.31.13 at 9:16 pm

Actually this home a $5+ MM is getting close to it’s value. It is a beautiful property right on the Juan de Fuca straight. I am truly amazed and disappointed at the small comments on the decor and the style of home. Many Canadians truly are small.

#47 Tiger on 10.31.13 at 9:20 pm

If you bought since 08 and before doesn’t matter your dun,I won’t even go In to detailed Info
Maybe a relater can answer your inquiry ,this will be the scariest Halloween you’ve ever seen

#48 TurnerNation on 10.31.13 at 9:20 pm

Attn. new blog dogs. The following usernames are still available; reserve yours today.

REITa MacNeil

Gee I See ‘er

Economic Intercourse

Sticky Figures

Burn your BRAs

McGarthyism

Yield Hound

Ingot we Trust

Baublehead

Golden Klaxon

Erik Splott

Yuus Bin Duffed

Reserved:
Blog Dog Poloz

#49 KY addict on 10.31.13 at 9:23 pm

Costco now sells KY in 3 packs!!!!!

#50 recharts on 10.31.13 at 9:26 pm

24 Bob Rice on 10.31.13 at 8:07 pm“family incomes in both Vancouver and Victoria average just 80% of that in the GTA”To me, this means house prices will continue to rise in the GTA.
_____________________________
The prices in Vancouver stopped increasing after F put the $1M limit

#51 Bo Xilai on 10.31.13 at 9:28 pm

“Ardmore Hall is a gracious beautifully appointed west facing waterfront M. Knight constructed residence, situated on 2 acres representing the finest in world class properties.”

Is the guy who constructed the building related to M. Night Shyamalan?

http://www.imdb.com/name/nm0796117/

#52 Son of Ponzi on 10.31.13 at 9:37 pm

DELETED

#53 Son of Ponzi on 10.31.13 at 9:38 pm

Is Tiger the new Smoking Man?

#54 45north on 10.31.13 at 9:41 pm

Ralph Cramdown: If you think the interest rate is too high, lend. If you think it’s too low, borrow. Did you notice how moaning in public wasn’t one of the options in any case?

Dean Mason: You will learn the hard way sooner or later. property taxes, MPAC, utilities, bad tenants, mortgage interest costs, insurance, repairs and maintenance, lawyer fees, court costs, land transfer taxes, real estate commission, H.S.T. on almost everything etc. will be your worse enemy over the decades.

I’m pretty sure that Ralph Cramdown doesn’t deal with bad tenants.

#55 Tiger on 10.31.13 at 9:46 pm

Garth you rock !!!!!

#56 Dominic on 10.31.13 at 9:46 pm

speaking of affordable housing, there are still a couple of condos left for sale in the splendid Villa Veritas building estate in Montreal – Dominic

#57 Smoking Man on 10.31.13 at 9:47 pm

#44 Okotokian on 10.31.13 at 9:10 pm
Smoking man…

If you could do me a favor…could you please fill out this short survey for me?

Q1. Are you retarded? (not figuratively but actually retarded).

a) Yes
b) Likely

Q2. In regards to your English abilities, are you…

a) ESL (first month in Canada)
b) Francaphone (brought up in a sugar shack away from all anglo influences)
c) illiterate
d) drunken lunatic who types with mitts on

Q3 Your posts….do you think most people

a) read your entire post.
b) read the first two sentences, get bored and scroll down.
c) see your name and scroll down.
d) delete your post before it even sees the message board (…thanks Garth!)

(….psssst…..I’ll give you a hint…it’s not a or b)
………………………………………………

You’re new here I’m thinking.

First off Retarded is a cruel word and highly insulting to family’s that have children that are handy capped.

Q1 answer is A) very proud of that, who wants to be a normal idiot.

Q2) Faux do you what that means.

Q3)
I got a little shit blog that I post to maybe once of twice a mouth , it now shows up #3 when searching smoking man on Google. Most traffic from greater fool. average 3000 hits a month, I don’t post anywhere else but here.

Q3) seams you read them all and 3000 others.

……………………………………………………………

Weird or what, what ever you do, don’t click on my name. But you will.

#58 Bottoms_Up on 10.31.13 at 9:49 pm

#36 Daisy Mae on 10.31.13 at 8:43 pm
——————————————-
http://en.wikipedia.org/wiki/K-Y_Jelly

origin unknown.

KY = “Kiss Yours…”?

#59 Jas G on 10.31.13 at 9:52 pm

I would have to say Smoking Man is either a drunk or a deranged lunatic who mostly babbles about his unfounded success. Dear Garth, is there any way you can block this guy for good? A lot of people are getting sick of this psycho. Thanks in advance.

#60 Stupesing in Cabbagetown on 10.31.13 at 9:57 pm

#9 chickenlittle – I didn’t know you could put K-Y in the microwave… Hmmm.

But you have to be careful CL, because if you leave it in too long it explodes. Just a few seconds at a time.

#61 Ripped on 10.31.13 at 9:58 pm

#44 Okotokian

That’s good… I’ve been C on Question 3 since the first day.

#62 jaguar on 10.31.13 at 10:04 pm

The homes in those photos are truly impressive. Very beautiful. Like living in Disneyland. People who live in homes like that wouldn’t be able to allow dogs like Bandit in the front door with muddy paws. Maybe not even the back door. If I broke down after a long difficult day and opted for a quarter pounder rather than making dinner they wouldn’t want me eating in their elegant dining room. It might crack one of the mirrors in their Architectural Digest type homes. No worries. I would prefer to be out on the porch with Bandit and the cheeseburger. We’d have each other, know we had never sold out to other peoples ideas about what was valuable in life, wouldn’t have to pay the stinkin’ property taxes, and wouldn’t be looking over our shoulders to care what other people thought about us.
A dog with a big heart is worth more than a big house. Always.

#63 Smoking Man on 10.31.13 at 10:04 pm

That sure is an ugly chart for anyone waiting for a crash

http://www.bankofcanada.ca/rates/interest-rates/canadian-bonds/

#64 R on 10.31.13 at 10:10 pm

I Am 34

#65 Dean Mason on 10.31.13 at 10:12 pm

To #54 #45north

The overvaluation of Canadian real estate, but especially Vancouver, Victoria, Toronto, Calgary, Edmonton real estate etc. will make even a bad tenant be the least of anyone’s problem.

Even with good tenants, you will be lucky to make 2.50% a year net after deducting all taxes, costs, fees to keep the property maintained, repaired, insured, heated, cooled and paid off in 25 years.

I researched and crunched the numbers in many different locations in Toronto, real estate sucks.

Condos are even much worse. Condo fees in some areas have 20 year plus track records of fees doubling every 10 years.

If you can’t rent a property or can’t increase your rent as much as you think is profitable, good luck borrowing your eye balls out to buy crap real estate in T.O. or elsewhere in Canada.

#66 Exurban on 10.31.13 at 10:15 pm

Great comment from #26 White Rhino about what actually happens to people when RE prices go down sharply, something which appears likely for the parts of BC outside the offshore/immigrant interest zone. The Okanagan, Sunshine Coast, and Vancouver Island are all showing the signs of imminent RE descent, but metro Vancouver is still a very different story.

BTW, the property in the story is in a fantastic location with spectacular views and a drier climate than Vancouver. Wouldn’t invest $5 mil, no, but the pictures actually don’t do justice to the natural setting.

#67 Freedom First on 10.31.13 at 10:15 pm

I asked my friend where would a guy find a wife who would keep that mansion clean for me? He said just get a maid it’s a lot cheaper. Seriously though, a guy would have to be really whipped to buy a place like that.

#68 CalVulture on 10.31.13 at 10:16 pm

#26 White Rhino on 10.31.13 at 8:12 pm

Lived through that…
You forget to mention your last bank visit when your little buddy (the loan officer) informs you that YOU have made their high business risk list and your line of credit is effective immediately suspended (I like that word) and your balance must be repaid within 7 days.
How about that for a Halloween surprise!

Next we’ll be talking about FORECLOSURES and how the real estate boards hide the facts and manipulate the facts from the public.
But I’ll let the Maestro conduct that movement.
Until tomorrow.

#69 screwed on 10.31.13 at 10:17 pm

I have a good idea for the property. Let BC government buy it as a nice residence for the very accomplished Mrs. Christy Clark. Then she can be appointed “Premier for Life” and accommodate all the dignitaries that will surely want to visit the Queen of BC and discuss her plans to sell off every public asset British Columbians still own in order to pay for all the nonsense Her Majesty has on the drawing boards.

Let’s keep it simple. A bit modest to be honest, but the Queen of BC is not one for much glam and glitter (unless Bollywood is calling).
….

The driveways on the top picture are a complete joke. I’ve seen similar driveways on Surrey subdivisions where one house was put on top of another house and the owners of their $650,000 “luxury” dwelling with Chinese drywall and cheap insulation can enjoy the grand outdoors on their 3500 sq ft lots.

#70 Shawn on 10.31.13 at 10:42 pm

IT’s ALL SO SIMPLE

Ralph Cramdown said:

It’s pretty simple. If you think the interest rate is too high, lend . If you think it’s too low, borrow. Did you notice how moaning in public wasn’t one of the options in any case?

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

Simple but true. And I would add that the way you can lend is to invest in bonds when interest rates are high.
When low borrowing to invest might make sense.

Trying to predict interest rates is probably futile.

But you can sure as heck react and take advantage of where rates are at any given point in time.

Same for all markets and for buying hamburgers. You can’t predict prices, but when cheap, “stock” up.

To borrow a saying from a certain hamburger-loving Oracle, It’s simple but not easy.

#71 Poof Reader on 10.31.13 at 10:45 pm

#9 chickenlittle

I didn’t know you could put K-Y in the microwave…

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

Why not? Hell, you could cook a house cat for Xmas dinner most.

Don’t know why you’d want to put KY in one, but then I’m sure there are lots of things I’d rather not know about Garth’s sex life.

#72 Poof Reader on 10.31.13 at 10:46 pm

Damn I love those sloped driveways. You’d need Garth’s Hummer to get the vehicle in the garage, but with a slope like that the snow would roll off on it’s own.

#73 Waterloo Resident on 10.31.13 at 10:50 pm

– That cover photo: GOOD LUCK with that driveway when it gets icy in the winter, or wet and slippery after some rain ! (must be fake, no way for it to be real.)

– A deflation death spiral has almost started in Europe, God help them when it does start: ( Quote: ” the slide towards deflation may push Italy and Spain into a “runaway debt trajectory” “)

(“Japan was able to cope with deflation in the 1990s because it had a positive global income flows of 3pc of GDP. Europe does not have that advantage. The flows are negative,” )

http://www.telegraph.co.uk/finance/financialcrisis/10418951/Europe-moves-nearer-Japan-syle-deflation-trap-with-shock-price-falls.html

– The truth is that if deflation sets in Europe, then almost certainly it will set in Canada 2 to 3 years later, and once that happens it generally lasts for 15 to 30 years before it’s all over, and we know from Japan what a deflationary spiral will do for house prices.

#74 cspot on 10.31.13 at 11:02 pm

Friends of mine just sold their condo in Oak Bay (Victoria), was on the market for almost two years as they wanted to get their money back. Found an Asian buyer this week. Things are not good on the island for real estate right now.

#75 Sp on 10.31.13 at 11:04 pm

Hatter and Shane have it listed for $5.888 million (guess who that’s meant to appeal to?)

In an attempt to target the Chinese of course. The number 8 in Chinese rhymes with ‘rich’ or ‘prosperity”. However the number 5 in Cantonese rhymes with ‘no’. Putting 5 and 8 together rhymes ‘no rich’ or ‘no prosperity’. Should do more ethnic research next time. I suggest to use number 2 instead of 5 because 2 in Cantonese rhymes with ‘easy’. Putting 2 and 8 together rhymes with ‘easy to get rich’ or ‘easy prosperity”. $2.8M may sell.

#76 4 AM Sunrise on 10.31.13 at 11:29 pm

$5.888 million? When I read that out in my wonky Cantonese, it sounds like the words for “not prosperous.” No wonder the HAM aren’t biting.

So they could drop it down to $4.888 million…oh no, wait, the number 4 sounds like the word for “die”, so that’s no good.

Guess they have to drop the price to $3.888 million for the HAM to finally swoop in and snap it up. (The number 3 sounds like the word for “life”).

#77 Randy Macho Man Savage on 10.31.13 at 11:41 pm

What a picture today, Garth. Which developer would even make a driveway that steep? Surely, that must be breaking some building code.

I’d love to see the new home owner’s wtf face as he uses that driveway for the first time, scraping the lower part of the front and back bumper to hell with every pass.

#78 will on 10.31.13 at 11:47 pm

Push the whole thing into the sea.

#79 Steven on 11.01.13 at 12:03 am

Who is the genius that designed the driveways?

I take it they don’t need shoveling in the winter because the snow just slides off them and in the summer they make a great slope for skate boarding.

#80 Steven on 11.01.13 at 12:08 am

Real Estate is the opiate of the masses (in Canada).

At last some one has a plausible explaination for the problem. Canadians are real estate drug addicts!
And I thought it was some kind of a mental/ financial disease. Is it possible that it is a bit of both?

#81 Tiger on 11.01.13 at 12:09 am

53 I’m not,but I have been told that there will never be another me,so sad cause I care so much about every thing wow did not watch previous u tube vid
I’m me and nobody else!

#82 Mike T. on 11.01.13 at 12:18 am

‘put the KY in the microwave and enjoy’

I have been a loyal follower of this blog for 2+ years. That is easily my favorite line. Easily.

Go Leafs GO!

#83 Ronaldo on 11.01.13 at 12:26 am

#19 Gladiator –

”Pardon my ignorance. What’s KY?

I know about KD and KA (Kool Aid). So suggestions are villkommen.”

Or, Veiner Schleider

#84 Joe on 11.01.13 at 12:34 am

I have a friend who’s loaded that bought a very pricey pad on the island.
He is positive from the information that is being pumped that the market will turn around in 2 years.
There’s a myth that the Chinese, Japanese and Persians are a coming.

#85 Deleted on 11.01.13 at 12:48 am

#48 TurnerNation

I’ve had economic intercourse, unfortunately I was on the receiving end and it hurt. No KY was involved.

#86 raisemyrent on 11.01.13 at 12:49 am

the smoking man pop quiz was pure genius

#87 Crackhead Conservative on 11.01.13 at 12:49 am

I am a crackhead conservative and I support Rob ford and the Harpers conservatives. Sure people say ford is a crack head which makes Toronto the laughing stock around the world but I am a conservative. Yes harper has loaned out $600,000,000,000.00 in sub prime mortgages via CHMC which prudent people would say is a crackhead move but what do you expect from conservatives…oops I mean crackhead conservatives. I will vote crackhead conservative no matter how many scandles rob ford or harper get into. Canada is crackhead conservative strong.

#88 Suede on 11.01.13 at 12:50 am

Rob Ford > Gregor Robertson

#89 jordy on 11.01.13 at 12:57 am

Can’t really image living in something that looks like that, creepy! Looks like a couple of dead squirrels in the roof valley.
Garth, why don’t you put all your books online and sell downloads, lots of us would like to catch up on the ones we missed.

#90 jim on 11.01.13 at 1:07 am

“Don’t worry about the rich folks in Victoria. They have been there a lot longer than even this very long in the tooth blog. ”

I’ve seen the province’s data on victoria, courtesy of a project a few years back. Lots of house rich cash poor seniors in places like Oak Bay. Victoria is not a rich town, overall. There’s a bit of money there, but this is not Monaco. Given the cold temperatures, anyone with significant amounts of money would have to be nuts not to find a nicer climate in the US.

#91 Alberta Ed on 11.01.13 at 1:08 am

Nice house. Right on the waterfront… and, highly likely, below the tsunami line. Can you spell C-A-S-C-A-D-I-A F-A-U-L-T (hint: right beneath Juan de Fuca Strait)?

#92 Robbie on 11.01.13 at 1:12 am

Here I thought it was a typo by Garth and he meant Kraft Dinner heated in the micro…I must be too innocent for this blog! :)

#93 TEMPLE on 11.01.13 at 1:15 am

Turn down the lights, put the KY in the microwave, and enjoy…

Nice tip, Garth. You are like Martha Stewart, only gross.

#94 Infused with Opiates on 11.01.13 at 1:21 am

46 DBD – it overlooks Saanich inlet towards the malahat

Wheres blogger “Meslippery” with a KY joke?

Okotokian – I like my Ford (F150 that is)

#95 live within your means on 11.01.13 at 1:27 am

#23 Ripped on 10.31.13 at 8:05 pm
I see no one is commenting on the vertical driveways.

Is that the norm in TO land… lol
………………………

When I saw those driveways I just thought OMG. Years ago we looked at a home that had a long gravel vertical driveway down to the house. Imagine trying to drive that in the winter.

I’m addicted to Garth’s blog partly because of his weird sense of humour – turn down the lights & put the KY in the microwave – so funny.

In my area I’m seeing lots of homes for sale. Tough economy & job losses, plus the delay in govt. ship building.

#96 live within your means on 11.01.13 at 1:38 am

#25 Blobby on 10.31.13 at 8:07 pm
Interesting to see how many people on this blog are posting about Ford.

Seems the news did the job it was intended to do – divert attention away from the hole the PM has been digging with the fibs he’s been found out on.
………………

According to Power & Politics Ballot Box Question the Senate Scandal garnered 91% vs the Ford Video at 6%. Not everyone lives in TO. Andrew Coyne in Postmedia wrote a scathing article on the PM.

#97 wallflower on 11.01.13 at 1:42 am

OMG – like those who have posted in the past, “I come here for the humour”

…………….so funny……. and
#44 Okotokian on 10.31.13 at 9:10 pm
you had me at Are you retarded? but Q3! had me howling!!

#98 live within your means on 11.01.13 at 1:56 am

#32 Soylent Green is People on 10.31.13 at 8:29 pm
Has gone viral in Canada, over 66,000 combined views from YouTube and Facebook in last two days:

Music vid: “We Will Never Be Tories” by Borde via @22_Minutes 2 min. parody “Royals”
………………………

I’ve watched it many times & have forwarded it to many friends & family – except one who is a staunch con, is married to a sis & bro who are not con supporters. She has forbidden political discussion at the dinner table. He was a Progressive Conservative, but today’s cons are not, so I really don’t understand how he can support CRAP.

#99 live within your means on 11.01.13 at 2:00 am

#32 Soylent Green is People on 10.31.13 at 8:29 pm

I watched the vid many times & emailed it to friends & family.

I posted a longer response but it went into the never land.

#100 live within your means on 11.01.13 at 2:03 am

#35 Country Girl on 10.31.13 at 8:40 pm
#14 Smoking Man on 10.31.13 at 7:36 pm
“Ford Rocks.!”

Was this another typo, Smoking Man. Did you mean “Ford does rock!”?
…………………….

Or, Ford cracks.

#101 Future Expatriate on 11.01.13 at 2:06 am

Hideous. Chandeliers in the kitchen? Who are they trying to kid? No wonder they can’t dump it at any price.

Enough toxic particle board gingerbread and crown moulding to choke Victoria’s entire fire department.

I bet they wish now they didn’t put it that ridiculous farmhouse sink now that they have them at Home Depot of a couple of hundred and the rabble have them.

I can’t wait until a decade from now when people are ripping out all the faux Victoriana and swearing at them “What in the HELL were they thinking?”

15 million… does the airport come with it?

#102 Buy? Curious? on 11.01.13 at 2:22 am

KY is so passe’. Crack is the new Black! Rob Ford isn’t going anywhere! He’ll even be more popular now!

SFH’s are not going to be dropping in price in Toronto, evah! Condos may drag the average down, but if you bought even as late as yesterday, you’ll be laughing all the way to bank by 2020. If you’re flipping or getting diverced though, no sympathy.

http://www.youtube.com/watch?v=1APH3huLZ-0

#103 Ralph Cramdown on 11.01.13 at 2:51 am

#38 Dean Mason — “Borrow all the money you want but if I see you in the street asking me for money you will not get any money from me.”

I know exactly how you feel. I wouldn’t lend somebody like me money at the rates I’m borrowing at.

But as Garth points out, people keep lending their banks money, via savings accounts and GICs, at ridiculously low rates of interest. The banks have to lend that money to somebody, and I guess they’ve run out of quality demand at 5% and above… So they’re lending to me at 4%, 3.75%, 3% and 1%.

If fewer people were willing to save and lend money at these low rates, savers would get paid more. BCE has bonds maturing in 2035, and they’re bid up to a yield of 5.08%, with the common stock paying 5.1% at a lower tax rate. Pipeline bonds of similar maturity pay 4.5%. Other people may be willing to lend that long for that low, but not me.

#104 Nebbio on 11.01.13 at 3:03 am

You Forgot To Capitalize Every First Letter In The Description Of The Listing. Why Do Realtors Do This? It Looks Ridiculous!

#105 Bob Rice on 11.01.13 at 3:14 am

@# 30, I visited Vancouver/Vic in both summer and winter.. you cannot swim in the Pacific Ocean anytime of the year… unless you enjoy hypothermia..

I’ll take the 80F waters of Souther Georgian Bay any day… you can keep your mountains ;)

#106 Jane24 on 11.01.13 at 3:30 am

Here is England we have two types of rich. New rich who buy houses such as the one featured, all marble and bad taste and the old rich who don’t.

I have learned that it is often the families with the clapped out high-end cars and peeling silk wallpaper who are the truly wealthy here. They are comfortable with money, have always had it, see no need to demonstrate they have it , see no need to waste it and just get on with their lives.

I was in such a home recently and commented to my hostess that the dining room chairs would look great re-upholstered. To which she replied that since they were Chippendales and worth north of a million Canadian, maybe not. These chairs are used every day as the family dining chairs. I sat on one to eat my beef stew.
See what I mean.

#107 Tony on 11.01.13 at 3:42 am

Re: #15 Cow Man on 10.31.13 at 7:37 pm

In Texas the same house on the same acreage might fetch one-tenth that price or around 588 grand.

#108 Election - Ford again?? on 11.01.13 at 5:11 am

Everyone’s asking, “would you vote Ford back in”?

Hell yeah! To ensure we don’t get another David Miller, Yeah! or Giambroni!!

Has anyone tried to cross town on St Clair lately??

Has anyone been assaulted by the new king of the road, The Biker??

Ford, we need you & you need your brother!
Get well & then Stay well..

#109 Sgp on 11.01.13 at 5:14 am

Good god that kitchen IMHO is butt ugly with some very strange design choices. The chandeliers over sink look beyond ridic, fancier than l/f over table. Very grandma ish.

The two dishwashers. Why are they exposed. They kinda ugly

The mosaic over that gorgeous stove omg I cud barf

The water views r stunning

I watched by me self

,

#110 Stephen Harper + Mike Duffy = Rob Ford on 11.01.13 at 6:33 am

Arrogance + Entitlement with just enough Criminality, layered in lies and spin.

Stephen and Mike lay down together, and Rob is the fruit of their loins.

You are welcome, for the imagery that will be on your mind today

:)

#111 live within your means on 11.01.13 at 6:40 am

U.S. tax-evasion crackdown could have major implications for Canadians

http://www2.macleans.ca/2013/10/31/think-sharing-bank-data-with-the-u-s-only-affects-canadian-americans-think-again/

#112 ETF er on 11.01.13 at 6:54 am

Hi Sue

DELETED

#113 economictsunami on 11.01.13 at 6:55 am

Anyone have any ideas of what the demographics look like in Victoria or Vancouver Island? I seem to remember from the early ’90s it was a sea of grey and Just for Men.

I have an acquaintance living in Vic who once worked in residential RE during the ’80s.

He flew too close to the rays of the RE hype and fell to earth on market fundamentals…

Insight: Property hot spots renew easy-money bubble fears

http://www.reuters.com/article/2013/11/01/us-economy-global-property-insight-idUSBRE9A004Z20131101

#114 Steve French on 11.01.13 at 7:17 am

#44 Okotokian:

Answers:

A
A
A

Triple A!

Do you want to know about Smoking Man?

Hey, man, you don’t talk to the Smoking Man.

You listen to him. The man’s enlarged my mind.

Smoking Man is a poet warrior in the classic sense.

I mean sometimes he’ll… uh… well, you’ll write “hello” to him, right?

And he’ll just ignore you. He won’t even notice you.

And suddenly he’ll write to you, and he’ll metaphorically throw you in a corner, and he’ll write:

“Do you know that ‘if’ is the middle word in life?

If you can keep your head when all about you are losing theirs and blaming it on you, if you can trust yourself when all men doubt you”

… I mean I’m… no, I can’t…

I’m a little man, I’m a little man, he’s…

he’s a great man!

He’s a Smoking Man!

I should have been a pair of ragged claws scuttling across floors of silent seas…

Ya man…

I read this blog for Smoking Man as much as Guru Garth….

#115 economictsunami on 11.01.13 at 7:29 am

GT: To your earlier points about home ownership vs mobility…

High home ownership linked to high unemployment: study

http://www.reuters.com/article/2013/11/01/us-economy-global-property-unemployment-idUSBRE9A005820131101

#116 TurnerNation on 11.01.13 at 8:10 am

Today’s pic: driveway is made for Hummers.

#117 Tiger on 11.01.13 at 8:22 am

77 and other# have ever heard of heated driveways , slaves money gelousey oh ya snow shovel maybe stay home use that heated gel, tinfoil also works well in micro wave , just ask the kids. Probable a summer h any Ho ! Yeah assumption !!!????? Don’t .

#118 Steve French on 11.01.13 at 8:22 am

What are they gonna say about Smking Man?

What are they gonna say?

That he was a kind man?

That he was a wise man?

That he had plans, man? That he had wisdom?

Bullshit, man!

http://www.youtube.com/watch?v=Ox3lqBkFuJ4

#119 TurnerNation on 11.01.13 at 8:27 am

#25 Blobby

Certainly interesting seeing the police chief turn against another elite (Ford). I saw him at the airport, once, flanked by some henchman. Certainly seemed to have lots on his mind…a burden to bear.

There’s a short video on youtube, profiling the Toronto Police Headquarters building. Symbols chosen outside include: a giant stone obelisk.
And a small pyramid of bricks with an androgynous police-person figure in uniform, trowel in hand, laying the capstone on this pyramid.

This has to do with policing, what?

Wtf. Since when were police masons . Oh wait…
Now you know. Don’t ask me. Not my belief system. But I don’t have their power over man.

Pics:

http://tinyurl.com/pdy6g7x
http://tinyurl.com/qxaa2e6

#120 Buy? Curious? on 11.01.13 at 8:29 am

It’s too bad the effort being put into taking Rob Ford down can’t be applied to CREA. Canadians have no right to complain about anything.

Don’t commit crimes if you’re poor.

http://www.thestar.com/news/city_hall/2013/10/31/under_surveillance_rob_ford_seen_urinating_in_public_dumping_liquor_bottles_after_lisi_meetings.html#

#121 Steven on 11.01.13 at 8:29 am

Alberta Ed here is another word that should give real estate cultists and real estate drug addicts a moment of pause; FUKUSHIMA.
What if most of canada’s real estate is contaminated with dangerous amounts of radioactive isotopes?
That would make real estate unsellable nuclear waste and canadians are in deep trouble in more ways than one. Got a geiger counter?

#122 TurnerNation on 11.01.13 at 8:36 am

When I was in school I took a Business Law class, taught by a practising lawyer. Remember it all – civil and some criminal. Out of four class sections that year, I had the highest midterm exam mark.
But had no desire to another 3 years in school. And I won’t takes oaths to men.
Man’s law is inherently unfair.

#123 Shelley on 11.01.13 at 8:37 am

Garth – check out http://www.viewpoint.ca

It only available in Nova Scotia, but you can see the full sales history of homes since the site went live, and in some instances, back even further. We clearly need this site nationally. It’s great to creep your neighbors listings and find out EXACTLY what is going on when you are in the market to buy/sell.

Information included: Reprices, Listings, Conditional Offers, Withdrawn Offers… you name it. I’m almost as addicted to ViewPoint as I am to GreaterFool.

Here’s a good example from Halifax’s snotty south-end:
http://www.viewpoint.ca/sidebarmap#!/overview/00025635/zoom/15

House was bought for 595k in 2009. They put it on the market for 1.2m in January 2013, and finally repriced down to a sale at 930k after having it on the market for 150 days and again for 259 days. No research required. It’s all there for you.

Yes, aware of Viewpoint. This blog actually carried a guest column by the founder as part of a series on how the industry shields consumers from vital market information. — Garth

#124 Zeeman1 on 11.01.13 at 8:40 am

#14 smoking man.

Ford does rock, he’s a smoking man all the way.

I might be interested in his resignation except the alternatives terrify me, and would be far worse than miller ever was for my wallet.

The lefty school teachers/trustee/councillors calmly calling for him to quit truly made my skin crawl.

#125 Gotthardbahn on 11.01.13 at 8:50 am

Hey Garth –

A couple of weeks back you posted an excellent blog about how ‘living small’ would be the next big thing. Perhaps you should dig it out and send it on to the clowns who bought this house and the realtors who are now flogging it. Eight fireplaces (!) indeed.

#126 CrowdedElevatorfartz on 11.01.13 at 8:50 am

@#51 Bo Xilai

“I see Debt people….everywhere…..”

#127 Smoking Man on 11.01.13 at 8:55 am

#115 Steve French on 11.01.13 at 7:17 am

Nice, best movie ever man.

My favorite quote

I watched a snail crawl along the edge of a straight razor. That’s my dream: that’s my nightmare. Crawling, slithering, along the edge of a straight razor… And surviving.

#128 Penny Henny on 11.01.13 at 8:56 am

#23 Ripped on 10.31.13 at 8:05 pm
I see no one is commenting on the vertical driveways.

Is that the norm in TO land… lol
————————————————–
That’s because, as Bigrider would say, the house’s they keepa going up, up, up

#129 bigrider on 11.01.13 at 9:08 am

#120 Penny Henny.

DELETED

#130 Shawn on 11.01.13 at 9:20 am

NICE HOUSE

I love that house, especially the first picture with all those lights. Nice photography. The house has been featured here before.

At $5.88 million it may may more sennce than 1 foot tear-downs across from brothels that go for a million in some parts of this country.

To buy this one should be making at least $2 million per year. Great pad for someone running a ponzi investment scheme or anyone needing to impress clients.

People who live in houses like this wonder how anyone gets by on les than a million a year, and they are serious.

#131 Shawn on 11.01.13 at 9:20 am

that would be 15 foot tear downs…

#132 Zeeman1 on 11.01.13 at 9:44 am

#33 Cici.

Why would ford be ousted?

What crime has he committed?

#133 Rob Ford on 11.01.13 at 9:47 am

#14 Smoking Man

“FORD ROCKS.!!!!!!!!”

Thanks Smoking Man! Glad that real men like you know another real man like me when you see him. All those left wing whackos who want to see my downfall can go back to their socialist indoctrinated classrooms. Ford Nation rules!!

#134 Daisy Mae on 11.01.13 at 9:54 am

#92 Robbie: “Here I thought it was a typo by Garth and he meant Kraft Dinner heated in the micro…I must be too innocent for this blog! :)”

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

I think a lot of us are…. ;-)

#135 Tdot SFH on 11.01.13 at 10:13 am

Its clear that SFH prices in Toronto are not going down. Look at the bond prices 1yrs out. The interest rates increase will be negligible. SFH are safe bets and to mention tax free.

#136 Victor V on 11.01.13 at 10:15 am

Barrick stock slumps on massive stock sale, halt at key mine

http://www.theglobeandmail.com/report-on-business/barrick-stock-drops-on-stock-sale-project-halt/article15207040/

Shares of Barrick Gold Corp. slumped almost 6 per cent before markets opened on Friday as investors digested news of the gold miner’s massive $3-billion (U.S.) stock sale and decision to suspend construction at its key Pascua Lama deposit in South America.

The stock was down nearly 6 per cent at $18.37 shortly after the start of trading Friday, in line with the $18.35 price of Barrick’s offering of 163.5 million shares.

#137 Victor V on 11.01.13 at 10:18 am

Outgrown your condo but not yet ready to buy a house? Bridge the gap for a year by renting, a real estate blogger suggests here.

http://www.thegridto.com/life/real-estate/not-ready-for-a-forever-home-take-a-gap-year/

#138 Form Man on 11.01.13 at 10:24 am

price of a barrel of Western Canadian Select oil this morning is $58.50 after discount……

http://www.indexmundi.com/commodities/?commodity=western-canadian-select-crude-oil

http://www.bloomberg.com/energy/

#139 Ronaldo on 11.01.13 at 10:26 am

#130 Shawn –

”People who live in houses like this wonder how anyone gets by on less than a million a year, and they are serious.”

I bet those same people were thinking differently after the GFC. Even they are not immune to financial disasters as many of them have discovered. Lots of examples like the above.

#140 sciencemonkey on 11.01.13 at 10:27 am

I don’t have much of any opinion about Ford, because in my pessimistic view 95% of what politicians do is make things worse. (At least Ford isn’t like Miller, who turned TO into a third-world garbage infested city.) However, I really appreciate Ford for his pugnacity, because I hate living in Toronto, and he antagonizes this city that I hate.

On the 888 pricing. A mainland Chinese friend of mine at work has been used car shopping, and she recently went to a Markham dealership to look at a used car, bringing some other friends (white) from work to help with the bargaining. During the bargaining the south Asian salesman was quoting her prices like $14088 and $13888. On hearing the story, I tried to explain to her how insulting 88 prices are, but she didn’t see any significance at the time, and on retrospect didn’t see it as a big deal.

#141 The R on 11.01.13 at 10:28 am

Its just recreational crack !!

If he’s smart enough to control it -I’m sure he’s smart enough to run that city of yours

No big deal – Its been the 2nd best, 10 to 15 seconds of my life so far right behind or equal to making babies…

” worry not, what you put in your mouth– worry instead what comes out .”

#142 Musty Basement Dweller on 11.01.13 at 10:37 am

It’s getting to be common knowledge in downtown Vancouver that those who have bought condos recently unfortunately might not have made the best move.

Just ask a hairdresser.

Was getting my hair done yesterday in yaletown and the stylist, without any coaching, started telling me how stupid her boyfriend was to buy a condo in Yaletown 2 years ago.

He bought a loft, but now they both don’t like the idea of not having a bedroom.

They looked at selling, and buying a one bedroom, in a cheaper area even but it seems hopeless for them. Almost impossible to sell without a huge loss when market drop and fees/ commissions considered. And even if they could sell, it would wipe out their equity entirely and put them in a huge hole owing tens of thousands more.

If they want to remain “owners” they are screwed. Zero options, can’t even get the financing if they were stupid enough to attempt it.

So they can sell at a huge loss and rent, or stay put and be angry.

I have a feeling they are not alone, poor suckers it actually bothers me a lot that they got caught up in the hype and have made some bad financial mistakes. I have been in a similar real estate trap in the 80s and didn’t like it one bit, bitter memories and hard lessons learned.

There is probably thousands of people in this boat in downtown Vancouver and other condo areas, young and old. Most of them don’t know that they are screwed yet but they already are. Wait until the MSM starts reporting on this. (and they eventually will, once they realize that the cartel has been bamboozling them).

Sad.

#143 Ronaldo on 11.01.13 at 10:39 am

#123 Shelly

”House was bought for 595k in 2009. They put it on the market for 1.2m in January 2013, and finally repriced down to a sale at 930k after having it on the market for 150 days and again for 259 days. No research required. It’s all there for you.”

Nothing wrong with a $330,000 windfall after only 4 years or 56%. They could have kept dropping it a lot more and still come out smelling like a rose. An example of the greater fools being slaughtered and buyers who got in and who were smart enough to sell. House will likely return to its original selling price.

#144 Ralph Cramdown on 11.01.13 at 10:41 am

#132 Zeeman1 — “Why would ford be ousted? What crime has he committed?”

Impaired driving (convicted), possession of marijuana (not charged, but noted in a police report), intoxicated in a public place (Leafs game), possess open container of liquor in vehicle (almost certain), public urination (witnessed by police, sworn evidence), care and control while intoxicated (almost certain), smoking crack (almost certain). I haven’t been closely following His Worship’s escapades, so this list may not be exhaustive.

But in any case, do you set the bar so low for the head of Canada’s sixth largest government with an $8 billion budget and 50,000 employees? Love him or hate him, this mayor has not been an effective leader, and has accomplished little.

#145 blase on 11.01.13 at 10:44 am

Looking at that Victoria fountain-out-front, wall to wall hardwood floors…remember when people used to have carpets in their homes? Now all you see are hardwood floors. Hardwood floors are so cold. A house with carpet is so much more conducive to raising kids. It muffles footsteps, it’s soft, it’s warm. A while ago someone posted a pic of Doug Gilmour’s house that was for sale in Toronto. It looked like a lifeless tomb, all shiny marble and inset lighting, with zero comfort level. The topper was his basement, again wall to wall hardwood floors, and kids toys in the middle of this vast chasm of a basement. Great for floor hockey, but noisy as hell. I think the switch away from carpet is a metaphor for Canadians. Trying to impress everyone with their flashy spreads, when they would be better off with less debt and the ability to sleep soundly at night. Funny how people will always gravitate to the rug area of a hardwood floor.

#146 CrackHead Conservative on 11.01.13 at 10:45 am

Buy? Curious? on 11.01.13 at 8:29 am It’s too bad the effort being put into taking Rob Ford down can’t be applied to CREA. Canadians have no right to complain about anything.

Don’t commit crimes if you’re poor.

———————————————————-

The Conservatives…oops I mean CrackHead Conservatives have their own problems and additions to worry about Canada or Canadians. Look at the CrackHead Conservative party,do they look like they can manage a country? They just spent $600,000,000,000.00 in sub-prime/CHMC mortgages. Many economists are looking at Canada and thinking they are Cracked out on Debt and CH Conservative Harper doesn’t seem to care.

#147 ponerology on 11.01.13 at 10:52 am

my new house buying “strategy” is to buy one princess margaret lottery ticket per year and hope to win:P At the very least it’s my gambling fix for the year.

@132: nothing that has been proven yet in court. If he was actually in possession of illegal drugs I think that’s a different matter. I guess the current TPS investigation will determine that. For Ford opponents the best thing to happen is for him to survive until a municipal election and then get voted out.

#148 Victor V on 11.01.13 at 10:55 am

Canada’s property market renews easy-money bubble fears

http://ca.finance.yahoo.com/news/insight-property-hot-spots-renew-063022493.html

Plentiful cheap credit is just one more inducement to home buyers who, in many countries, can deduct mortgage interest from their taxable income or are exempted from capital gains tax when they sell their house, said Andrew Oswald, a professor of economics at Warwick University in Britain.

“We’re stoking up a huge bubble. It’s quite extraordinary. We virtually ruined the Western world by having high house price inflation and now we’re determined to do it again,” he said.

#149 T.O. Bubble Boy on 11.01.13 at 11:00 am

wow – Rob Ford defenders on Greater Fool now?

I thought Smoking Man was the crazy one.

To “Ford Nation”: if you actually want to get ideas passed, probably better to spend your energy backing a candidate who spends time working for you vs. calling drug dealers, driving with vodka, and peeing in parks all day.

#150 blase on 11.01.13 at 11:11 am

Please tell me again how houses in American world-famous cities, full of rich 1%’ers, with great year round weather, are way cheaper than houses in cowtown!?, in Victoria!? Hell, Regina or Fort Mac!? the Peg!?

Interest rates? nope. Mortage ams? nope. Better jobs? nope. Better economy? nope. Stock market? nope.

A national guaranteed mortgage scheme courtesy of the federal government?

100%. And nothing else matters.

#151 TnT on 11.01.13 at 11:14 am

#14 Smoking Man
Did you see all those losers at city Hall wanting Ford to quit.
In their teacher talk calm voices.
Off with their tree hugging heads.
FORD ROCKS.!!!!!!!!

*********

#133 Rob Ford
Thanks Smoking Man! Glad that real men like you know another real man like me when you see him. All those left wing whackos who want to see my downfall can go back to their socialist indoctrinated classrooms. Ford Nation rules!!

*********

How does an drug enforcement officer who puts their lives on the line show up for work knowing their own mayor smokes dope (or crack).

This support is tribal, it makes no sense that anyone would trust him in office managing the affairs for Toronto citizens and speaks volumes of our general level of intellect.

Ford Nation people are so pathetic and deserve him as their leader…

Spark another one free citizens of Toronto!

#152 Ronaldo on 11.01.13 at 11:20 am

#59 Jas G – In support of Smoking Man, you need to pay attention to what he says because behind the black cloak is a very ”street smart” dude. If you listen to a fool and learn nothing who is the real fool?

#153 Pete on 11.01.13 at 11:28 am

The psychology of real estate really is an endless source or amazement and amusement. My favorite is when a seller determines an asking price based on nothing but a toxic combination of greed, wishful thinking and sheer delusion, and then grimly sticks to it through thick and thin, as though it is an absolute truth carved into a stone tablet and handed down from the Mount.

After six months of potential buyers turning tail and disappearing down the driveway giggling, this seller then grudgingly lowers the price by some miniscule amount, as though that is going to make a difference. Just saw a house listed at $2.275M lowered by $25K. Do these sellers really think that a buyer not interested at $2.275M is suddenly going spring into action at $2.250M?

The RE market is a simple thing. If your house isn’t selling there is only one reason and that is it is priced too high. By all means if the house is worth more to you than to anybody else, stop wasting everyone’s time and keep on living with it. Otherwise reduce the price by a meaningful amount until it sells.

I get a real feeling now that the time honored strategy of holding out until either an idiot comes along and pays your price, or until the RE market “catches up” with the asking price is gone. Will be fun to watch what happens over the next year or two.

#154 kommykim on 11.01.13 at 11:39 am

RE: #132 Zeeman1 on 11.01.13 at 9:44 am
#33 Cici.
Why would ford be ousted?
What crime has he committed?

Because he lied about the video that the cops recovered. He denied that it existed and I remember him stating it in a fashion that implied that he KNEW that it had been deleted. But deleting a file only deletes it’s entry in the file table, not the actual data on disk. The COPs know that. Teckno noobs do not.

It is illegal to smoke crack cocaine whether you are on video or not.

#155 Mister Obvious on 11.01.13 at 11:44 am

#122 TurnerNation

“Man’s law is inherently unfair.”
——————————

Actually, man’s law is inherently arbitrary and voicing such law through an imaginary agent does nothing to change that.

If you want laws you can count on, turn to nature. For example:

“Every object in a state of uniform motion tends to remain in that state of motion unless an external force is applied to it”

This law is still fully in effect since 1687 when Isaac Newton discovered it through careful observation of the physical world.

(Disclaimer: this law may break down at the quantum level but so does everything else)

#156 4 AM Sunrise on 11.01.13 at 11:51 am

#67 Freedom First on 10.31.13 at 10:15 pm

Yeah, it’d be cheaper to get a maid than to have a wife. Or one could go cheaper like this guy who posted an ad to craigslist looking for a “female housekeeper activity partner & companion” in exchange for free rent. In other words, a housekeeper/maid that he may or may not sleep with. I don’t know if this ad is for real, though:

http://vancouver.en.craigslist.ca/van/m4w/4048903196.html

#157 Ralph Cramdown on 11.01.13 at 11:58 am

Another day, another nutshot.

I appreciate John Hussman’s writing. Any time you want the erudite bear case, Hussman delivers.
http://www.hussmanfunds.com/wmc/wmc131021.htm

But he’s been really bad at translating his analysis into profits for his investors. “Strategic Total Return carries a duration of just over 6 years (meaning that a 100 basis point move in yields would be expected to impact the Fund by about 6% on the basis of bond price fluctuations), with just over 8% of assets in precious metals shares and a small position in utility shares.”

80% in bonds, mostly US treasury notes, and much of the remainder in gold miners. You can imagine how that’s working out, or you can look it up. His 8 largest holdings are T-notes, the ninth is Barrick Gold.

N.B. the lead underwriters for the Barrick turkey are RBC, Barclays and GMP

#158 The Prophet Elijah on 11.01.13 at 11:59 am

Wonder if the 39K includes a grounds keeper.

That’s property tax, not property maintenance. — Garth

#159 coastal on 11.01.13 at 11:59 am

” I moved to Victoria in 2009 and expected a housing crash. Didn’t happen, hasn’t happened, and won’t likely happen as long as interest rate repression and money printing continues. The rich are getting richer, that is a fact we can all agree on.

They’re not getting richer on Victoria real estate. — Garth”

You got that right Garth, making money in Victoria real estate is passe. I guess the poster hasn’t followed the numbers, Victoria is down 10% just in the last year and there is no massive employment increases happening anytime soon.

Can’t forget the Villa Madrona sale a few miles north of Victoria, closed at $6.6 million, started in the $15 million range a few years before. I understand it cost him in the upper $20 million range to build. Another major ouch ! Not all the rich get richer, many are going under from over leveraging.

http://www.smh.com.au/business/world-business/eike-batista-goes-from-billionaire-to-bankrupt-20131101-2wod8.html

#160 living_in_surrey on 11.01.13 at 12:10 pm

Hi, is there any website which gives information on the properties recently sold in Fraser Valley? I was following around 25 properties on sale in Surrey area and to my surprise 5 of them were taken off market today. I was wondering whether all of them sold on the same day or just were taken off market to relist with a new number and date Thanks.

#161 Victor V on 11.01.13 at 12:10 pm

Property hot spots from Canada to China renew easy-money bubble fears http://natpo.st/16SjgR8

#162 Buy? Curious? on 11.01.13 at 12:28 pm

@129 Bigrider, what could you have said to get Garth to delete your insightful comment? Here’s a tip: just keep your opinions on topic and be respectful. Here’s an example, “That house in Victoria is beautiful and I hope the new owner isn’t Rob Ford. Do you know how much potporri you’d need to get the smell of crack out?”

See? Was that hard? Now go back to the drawing board. And take your shoeshine box with you.

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

#163 DM in C on 11.01.13 at 12:47 pm

#83 Ronaldo

…”Or, Veiner Schleider”

now THAT was funny.

#164 Ralph Cramdown on 11.01.13 at 1:03 pm

#142 Musty Basement Dweller — “He bought a loft, but now they both don’t like the idea of not having a bedroom.”

Home Depot sells 2x4s, Roxul, pre-hung doors, drywall and drywall compound. If it’s a real loft, there shouldn’t be any problem. If not…

All these posers these days. I knew a couple that had to bring their own crapper when they moved into their loft, and took it with them when they moved out.

#165 Nemesis on 11.01.13 at 1:05 pm

FuGedAbout, “Pooched”… ‘Nemesis’ is feeling PositivelyPiratical today!

It could have been WatchDog&Ralph’s ThreeOnionRingCircus… or perhaps it’s just the cumulative effect of reading everything ‘Homme de Fumer’ cares to post?

StrictlySpeaking, what follows is NotReallyZen… but thematically speaking?…

A veritable TriCorn!… Let’s play spot the difference, shall we?

[Economist] – Somali piracy: More sophisticated than you thought

…”During operations, pirates spend with abandon. Interest rates on loaned goods and services are high: $10 of mobile-phone airtime is charged generally at around $20. The men on the anchored ships also pay up to three times the market price for qat, driving up prices on the coast. “With piracy everything became more and more expensive,” complains a fisherman-turned-pirate. Some locals (including former pirates) offer services to potential and actual victims of piracy, for instance as consultants, negotiators or proof-of-life interviewers. Some of these “companies” openly advertise their services, sometimes contacting victims directly.

Financing pirate expeditions can be quite cheap by comparison. The most basic ones cost a few hundred dollars, which may be covered by those taking part. Bigger expeditions, involving several vessels, may cost $30,000 and require professional financing, This comes from former police and military officers or civil servants, qat dealers, fishermen and former pirates. They take anywhere between 30% and 75% of the ransom.”

http://www.economist.com/news/middle-east-and-africa/21588942-new-study-reveals-how-somali-piracy-financed-more-sophisticated-you

[BloomBerg] – Barclays Said to Suspend Chief FX Dealer Ashton Amid Probe

…”Regulators in London, Zurich, the U.S. and Asia are probing the $5.3 trillion-a-day foreign-exchange market after Bloomberg News reported in June that dealers in the industry said they had been front-running client orders and attempting to rig the benchmark WM/Reuters rates by colluding with counterparts and pushing through trades before and during the 60-second windows when the benchmarks are set. Firms across the industry and regulators have been reviewing records of instant messages, e-mails, phone calls and trading data. “…

http://www.bloomberg.com/news/2013-11-01/barclays-said-to-suspend-chief-fx-dealer-chris-ashton-amid-probe.html

[DissidentVoice] – Working for a Living in an Irrational Economic System

…”There was a rally Thursday to support unionized cleaners working in Cadillac Fairview buildings in downtown Vancouver who are paid in the $12 per hour range. Cadillac, self-described as “one of North America’s largest investors, owners and managers of commercial real estate” and owned by the Ontario Teachers’ Pension Plan, has given its former $12 per hour cleaning contract to another supposedly unionized company that pays its workers $10.50 per hour.

These hard working people, mostly immigrant women, clean the offices of financial analysts, brokers, accountants, lawyers, executives and others, mostly men, who are paid five to many hundred times more.”…

http://dissidentvoice.org/2013/11/working-for-a-living-in-an-irrational-economic-system/

Well, what can one say?… CaptainFlint certainly knows:

http://youtu.be/GSQDh6e3axc

#166 Smoking Man on 11.01.13 at 1:10 pm

#151 TnT on 11.01.13 at 11:14 am

They lives on the line cause they are stupid, who in their right mind would be a cop. All the kids I knew growing up that wanted to be cops where wack jobs.

The only reason drugs are illegal is so the machines slaves stay productive, and it keeps the value up so organization like the CIA can make out like bandits

Cops
Typical low IQ, see black or white. Like to shoot people with mental illness 9 times.

Is TnT stand for Tree Nut Twerp.

#167 Penny Henny on 11.01.13 at 1:10 pm

#162 Buy? Curious? on 11.01.13 at 12:28 pm
@129 Bigrider, what could you have said to get Garth to delete your insightful comment?
——————————————————–
My guess is he was wanting to correct my spelling error.
It was supposed to read uppa, uppa, uppa instead of up, up, up.

#168 Devore on 11.01.13 at 1:12 pm

#145 blase

Great for floor hockey, but noisy as hell. I think the switch away from carpet is a metaphor for Canadians. Trying to impress everyone with their flashy spreads, when they would be better off with less debt and the ability to sleep soundly at night.

Carpets just plain suck in most areas of the house. They are hard to keep clean, and get disgusting quickly.

Funny how people will always gravitate to the rug area of a hardwood floor.

People also gravitate towards the kitchen (which has no carpet), does that mean the kitchen is superior and should be extended to the whole house?

#169 Smoking Man on 11.01.13 at 1:13 pm

O and TNT G20 still fresh in my mind, don’t even try and get pitty for cops.

#170 Rational Optimist on 11.01.13 at 1:23 pm

57 Smoking Man on 10.31.13 at 9:47 pm

Damn it, Smoking Man got me. I actually searched to see if he was right that his blog shows up third under the search term “smoking man.”

For those curious but with less time than I, number three on the list was a news article with the headline “Homeless Man Dies While Subway Surfing After Smoking Synthetic Weed.”

#171 broadway skytrain on 11.01.13 at 1:26 pm

the location is v nice – perhaps this one is destined to be a tear down. probably has a way to go to reach land value. re swimming: this summer was the best for swimming, at least nearer to van. swam all summer near the sunshine coast.

—————mayoral funnies..
so now it’s not crack in the (likely) glass pipe, being lit from the (likely) bottom, not the HOLE in the top where you put the weed, not the way ANYBODY smokes ( well except crack and meth)- but of course the tape doesn’t even exist, mr mayor. and yes it was just some fine english tobacco, that stuff smells fine!

he man has nerve. not that any drugs should be illegal for sane adults. but the hard drugs and the cheeseburgers , w no excercise is a bad combo.

Is there nobody among your millions of souls who can cut waste out of city operations while abstaining from hard drugs and gangster affilations?

#172 frank le skank on 11.01.13 at 1:29 pm

#154 kommykim on 11.01.13 at 11:39 am
It is illegal to smoke crack cocaine whether you are on video or not.
———————————————————-

How do you prove that there was crack in the pipe by watching a video?

#173 broadway skytrain on 11.01.13 at 1:29 pm

#83 Ronaldo

…”Or, Veiner Schleider”

now THAT was funny.
———————-
“Schleiden your Veiner is best when you are in love”

#174 Eddyo on 11.01.13 at 1:30 pm

Garth, thanks for the valuable information!
I did not know you could nuke KY.

#175 Devore on 11.01.13 at 2:02 pm

The kind folks at VCI posted some October sales numbers comparisons.

Oct vs Sept 2012: +27%
Oct vs Sept 2013: 0%

Aug vs Aug 2013: +52%
Sep vs Sep 2013: +64%
Oct vs Oct 2012: +28

Oct vs Oct 10 year avg: -8%

October in Vancouver was a dud. August and September results were clearly a policy induced spike that’s now wearing off. You can expect *REA headlines for October to read some variation of “steady market”.

It is a long time to spring.

#176 not 1st on 11.01.13 at 2:13 pm

Garth, have you considered a contrarian position that the Canadian market does not crash or drastically correct, but instead gets involved and swept up in the next wave of global property bubbles?

http://www.businessinsider.com/pictures-of-the-global-real-estate-boom-2013-11

#177 Ralph Cramdown on 11.01.13 at 2:23 pm

#172 frank le skank — “How do you prove that there was crack in the pipe by watching a video?”

How ******* dumb are you?

The reason a crack pipe is called a crack pipe is that it’s sole purpose and best use is to smoke crack. If you want to smoke other substances, there are other, better ways.

His Honour’s original position was that this video didn’t exist. It is now that he can’t (won’t) comment. The police chief says the video shows what the Star alleged it shows — the mayor smoking crack. This probably isn’t enough to convict His Worship beyond a reasonable doubt by a jury of his peers. But if you think there was something in that crack pipe other than crack, you’re a moron.

#178 Cow Man on 11.01.13 at 2:29 pm

# 107 Tony

On Ocean Waterfront in Texas for $588,000. Amazing!

#179 real estate savvy on 11.01.13 at 3:20 pm

Poster #5 (Liquid) illustrates the conceit of Canadians very well as to their perceived importance in the world. Which in reality is not very much (2% of the world’s economy).

He says “What saved their (US) real estate market was really us. Canadians accounted for almost 40% of all real estate purchases in Florida in 2010 haha.”

He fails to understand or actually lies, is that foreign purchases make up 6.5% of purchasers of US real estate.

http://www.reuters.com/article/2013/08/18/us-usa-housing-dollar-analysis-idUSBRE97H01720130818

And that Canadians make up 24% of foreign purchases.

http://business.financialpost.com/2013/02/28/canadians-are-buying-19-8-billion-dollars-of-residential-real-estate-in-us/

Which gives Canadians a negligible 1.5% share of US real estate purchases.

The dreams of many Canadians to be a big influence in America is truly amazing. Arrogance and narcissism abounds in Canada. Which will be trimmed when the RE collapse is completed. Getting down to reality will be an overall good thing for Canadians. Never helps to think you are special.

#180 frank le skank on 11.01.13 at 3:32 pm

#177 Ralph Cramdown on 11.01.13 at 2:23 pm
The reason a crack pipe is called a crack pipe is that it’s sole purpose and best use is to smoke crack. If you want to smoke other substances, there are other, better ways.

———————————————

My point is that in this case they can’t convict Rob Ford for smoking narcotics unless they have other evidence to support it. He could say it was tabacco, you can’t prove otherwise unless you know of some technology that can extract samples from a video. I’m not saying I don’t think he was smokin crack so you should calm yourself Cramdown.

oh and a pipe is a pipe you idiot, stick to giving financial advise.

#181 Triplenet on 11.01.13 at 3:40 pm

Garth:

Could you explain exactly what the “frankenumber” is and what it represents?
How is it derived?
What does it mean?
Is it erroneous?
Is there a better way to analyse real estate?
What is that way?
Is there a fee involved?

Huh? — Garth

#182 TnT on 11.01.13 at 3:48 pm

#166 Smoking Man

Your response lives up to your reputation, idiotic, childish and worthy of Ford Nation…

#183 Vlad the Inhaler on 11.01.13 at 3:52 pm

what if Rob didn’t inhale?
there is no evidence of a crime here other than in the sick mind of a cop, Rob also has a penis so to a cop he is a potential rapist

#184 Musty Basement Dweller on 11.01.13 at 3:54 pm

Wow Rob Ford. The guys a tenacious survivor but I wonder if he would consider being a realtor in his next job. Brad Lamb could probably use the extra stamina and horsepower on his marketing team, with the way Toronto condos are starting to look.

#185 cowtown cowboy on 11.01.13 at 3:59 pm

A lot of those Saanich places are owned by retired Calgary O&G exec’s who bought after they walked away with their $100-200 million handshakes…they like to be just down the road from the airport so they can grab a quick flight back to Cowtown for their next board meeting to decide how many new options they should grant each other….if you can’t beat them, join them!

#186 Suede on 11.01.13 at 4:01 pm

Spin near you….

Vancouver detached prices back up hitting support again for Oct 13. Quadruple top.

Do two Batmans mean the fall becomes steeper?

#187 Spiltbongwater on 11.01.13 at 4:31 pm

DELETED

#188 Ralph Cramdown on 11.01.13 at 4:57 pm

#180 frank le skank — “My point is that in this case they can’t convict Rob Ford for smoking narcotics unless they have other evidence to support it. “

But nobody aside from himself, his family and his most ardent supporters care whether he’s convicted. Most people care whether he did it (yep) and whether, if he’s a substance abuser, he’s a functioning substance abuser (nope). If he could sing, he’d be another Amy Winehouse.

#189 landlessinvan on 11.01.13 at 5:03 pm

Actually Garth, I think you are wrong about Vancouver. I just don’t see the tide of Asians halting, those who can buy with cash. The city is desirable for immigrants, and I think they will keep coming. Houses in Vancouver West have not gone down; to the contrary, they keep going up. I am actually sorry that I took your advice and sold my Vancouver West condo in Fall 2009. The value has risen another 30 % or so, and my investments have fallen flat on their faces. I would have been better off to rent it out and get $28 to 30K in rental income.

Better still, you could have employed a smart advisor and made considerably more since 2009. Don’t blame me for your bad choices. — Garth

#190 TS on 11.01.13 at 5:05 pm

How about sfh in Toronto will that ever be cheaper at least before I am dead

How old are you? — Garth

Does it matter?

Only if you’re humourless. — Garth

#191 frank le skank on 11.01.13 at 5:21 pm

#188 Ralph Cramdown on 11.01.13 at 4:57 pm
Either way its the last nail in the coffin for Rob Ford… Now I’m waiting for the last nail in Canadian Housing.

#192 Nosty in NeverNeverLand on 11.01.13 at 5:36 pm

#59 Jas G on 10.31.13 at 9:52 pm — “I would have to say Smoking Man is either a drunk or a deranged lunatic . . . Weird or what, what ever you do, don’t click on my name. But you will.”
— plus —
#114 Steve French on 11.01.13 at 7:17 am — “I read this blog for Smoking Man as much as Guru Garth….”

— and —
#152 Ronaldo on 11.01.13 at 11:20 am — “If you listen to a fool and learn nothing who is the real fool?” — Agreed. He and I are roughly the equivalent of each other — nutbar frootcakes in the sky. Shine on SMan — this world needs more lunatic fringecakes like us!

#73 Waterloo Resident on 10.31.13 at 10:50 pm — “. . . and we know from Japan what a deflationary spiral will do for house prices.” — True, but what of inflationary food (and some other) prices? They are going ballistic. Stagflation?

#122 TurnerNation on 11.01.13 at 8:36 am — “Man’s law is inherently unfair.” — Is that ever a loaded sentence, and absolutely correct. “Man, to thine own self be true”, not to this non-existent, politically correct ‘establishment’ garbage.

#172 frank le skank on 11.01.13 at 1:29 pm — “How do you prove that there was crack in the pipe by watching a video?”
— plus —
#183 Vlad the Inhaler on 11.01.13 at 3:52 pm — “what if Rob didn’t inhale?” — Good points. The PM’sO probably just conveniently regurgitated this story to deflect the ever-increasing attention being placed on Harper. Karma’s a hard SOB.

#193 Ripped on 11.01.13 at 5:53 pm

DELETED

#194 not 1st on 11.01.13 at 5:54 pm

Is there a better way to analyse real estate?
What is that way?
Is there a fee involved?
__________

1. Yes
2. Price vs household income
3. Case Shiller index already done for you.

Now send me $10,000 bucks

#195 Son of Ponzi on 11.01.13 at 6:00 pm

#188, Cramdown.
Amy Winehouse had more creativity in her left finger nail than you seem to have in your whole body.
Unlike, Financial Advisors, creative people are more prone to be being substance abusers.
Just ask Smoking Man.

#196 Smoking Man on 11.01.13 at 6:16 pm

#182 TnT on 11.01.13 at 3:48 pm#166 Smoking ManYour response lives up to your reputation, idiotic, childish and worthy of Ford Nation…

…………

I don’t often get inspirational, but this whole ford thing.
Boom..

My best post ever on the way for the weekend warriors.

Bike riding, George Smithers ehealth thrives, tree hugging brown shirts, and all the unless Toronto liberals.

Beware, it’s coming…

You TNT have awoken the monster in me.

Thank You

#197 jess on 11.01.13 at 6:43 pm

unwire the wireless

http://www.forbes.com/sites/andygreenberg/2013/07/24/hackers-reveal-nasty-new-car-attacks-with-me-behind-the-wheel-video/
===

#198 TnT on 11.01.13 at 6:50 pm

#196 Smoking Man

Ahh geez… I take no responsibility for feeding the monkeys

#199 Herb on 11.01.13 at 7:34 pm

#198 TnT,

but you are accountable for feeding the troll.

#200 Mike on 11.01.13 at 8:38 pm

http://www.youtube.com/watch?v=MJU_judYpfA#t=170

He mention Garth in this video

it is around 3:00

#201 KommyKim on 11.01.13 at 11:07 pm

RE: #172 frank le skank on 11.01.13 at 1:29 pm
#154 kommykim on 11.01.13 at 11:39 am
It is illegal to smoke crack cocaine whether you are on video or not.
———————————————————-
How do you prove that there was crack in the pipe by watching a video?

It doesn’t matter if it is “fake” crack, or if he inhaled or not. The fact that the Mayor or Toronto is associating with known crack heads/dealers should be enough to turf him from office. It’s a good thing that an election is near. Time to toss the FF.

#202 Tiger on 11.02.13 at 12:58 am

You like this guy, I will never buy another Ford vehicle
Enough said!

#203 Future Expatriate on 11.02.13 at 3:03 am

#145 Today’s young women grew up vacuuming carpet and they hate vacuuming with a passion, thinking that swifterjetting polyurethaned fake hardwood and stone is easier. It’s not. And pity those who “scored” real hardwood and get to learn the joys of paste wax and sprinting for the mop anytime something spills.

We’ll see a return to wall to wall carpet, and soon, once this generation of damp-mopping and grout-scrubbing women grow old enough to buy their homes.

And even in the bathroom.

The ultra rich always keep ahead of the rabble by twenty years, by keeping behind them twenty years.

#204 mike on 11.02.13 at 10:10 am

Failed on financing condition and Not waved. Agent does not want to return deposit. Please help with advice.

#205 Marco Polo on 11.02.13 at 11:59 am

I have just returned from Fort Mcmurray, property prices are ridiculous there, and the quality of life is so very low.

I’m interested in more of the macro ideas behind current housing prices. How can the governments the boomers elect afford to offer low interest rates, and very low returns on their savings in even the next decade?

Also politically, while I’m still a conservative myself, I don’t see a likely reelection in future, and have concerns of how the other two parties will handle the energy industry, etc, and how that could impact home prices here in Alberta

I also see a very low chance Obama will have a second term, who will replace him? These political factors will be coming quite fast, and could change the housing market

#206 Doug on 11.02.13 at 2:36 pm

Two acre waterfront lots are not easy to come by and it would be hard to build Ardmore Hall for the current asking price today. That said it’s only worth what someone is willing to pay for it.

This home was recently built and came to market
http://sookelistings.com/mylistings.html/details-34216589
I guess the builder hasn’t figured out that the upper end of the market is toast and with this property for sale a few blocks away one has to wonder if the home itself is really worth 4 mill
http://www.luxurybchomes.com/properties?id=326315

#207 Doug on 11.02.13 at 3:58 pm

“The dreams of many Canadians to be a big influence in America is truly amazing. Arrogance and narcissism abounds in Canada. Which will be trimmed when the RE collapse is completed. Getting down to reality will be an overall good thing for Canadians. Never helps to think you are special”.

What a load of crap!