A little respect

RESPECT modified

While yesterday’s little hatefest towards people who sell houses was amusing, the irony should be lost on no one. This blog’s bullish on real estate agents. Yes, real estate boards still clearly massage numbers, make misleading statements and manipulate public opinion. A spanking is required. But individual agents can be your best friend when buying or selling a house.

Almost every buyer does better when they have an agent repping them. A good agent will dig out research on comparables, provide background on the hood, negotiate with the seller, line up an inspector or potential financing, plus arrange viewings and efficiently get you through a mess of properties. And it’s free. Just don’t sign a BRA.

When selling, the dumbest thing you can do is turn into a FSBO. Do-it-yourself sellers are invariably cheap (because they don’t want to pay commission) and at the same time greedy (because they won’t lower a price to reflect no commission’s being paid). Most experienced buyers want nothing to do with a FSBO, who has no legal reason not to misrepresent the property, and probably is.

Sellers using a respected agent get more viewings, see more competition for the property and usually enjoy a higher sale price and in a shorter period of time. The marketing is far more extensive and far-reaching than the rinkydink web site the DIYers huddle inside (even when they have exposure here) because of relationships and networks an experienced agent brings to the table. I have never regretted paying commission (which, by the way, is always negotiable).

Now there’s one more reason you should use an agent when selling a property, especially a termite-infested, leaning, condemned piece of urban crap, preferably a semi beside a rendering plan in an up-and-coming area just being discovered by hormonal yuppies. And that, of course, is the bidding war.

It’s interesting a major mortgage-issuing bank that shall remain nameless (BeeMo) just released a survey showing an astonishing number of people are totally willing to join a feverish auction for a house. It found that 34% are ready to go to war over a listing – up substantially from last year. In poor Vancouver that number swells to 41% and in Toronto it’s now at 44%.

By the way, in the godless GTA, only 24% of buyers in the last five years say they were actually successful in getting a house on their first bid. Yikes. And this is the reason we see those stories about 33 couples battling over a beater house that sells for 154% of list.

What does this have to do with using an agent? Just everything.

If you’re a buyer, your smart agent should guide you away from any bidding war because this is the only conflict in which the victor is slaughtered. Concentrate on unloved listings with hair on them, places with big DOMs, houses which were priced too high and now languish, and also go shopping when other people aren’t – statutory holidays, January or July.

If you’re a seller, you might want an agent who can actually create a bidding war. I mean, if 44% of the people shopping for a house in Toronto at this very moment are idiots, why not play them? In that case, here are three things a killer agent can do to excite the morons at the gate.

First, stage it. In Van or 416 this is pretty much de rigeur. Houses have to look like nobody lives there, but are voluptuously appealing. Like me, minus the ankle. The more uncluttered, neutral and depersonalized, the more people can imagine their own stuff there, and the more potential bidders will be attracted. No empty rooms. Most folks can’t visualize beds or couches. You have to show them.

A good agent will know who to call. In fact, many of them now have their own staging crews. For a few grand you can rent sexy furniture for a month, along with carpets the dog didn’t upchuck on and wall art above your pay grade. Some people even stage their homes then move out for a week of intensive open houses and showings. The cost and bother is absolutely worth it if you snare a few hot ones.

Second, your killer agent will create buzz, plus a deadline. Hipsters with pre-approvals apparently love both. This is why developers of new condo projects, especially in the bizarre suburbs of Vancouver, have been known to hire people to stand in line then call in the media to film the hungry hordes. So, your realtor will have an open house immediately after the listing comes out, and make sure it’s brief and intense by sending notices up and down the street to attract gawking neighbours. The yuppies think they’re all potential buyers, and start shallow breathing.

A good agent will also try to schedule showings so people fall over each other, with one group having to wait a few minutes while the previous one finishes wandering around. It’s incredible what the spirit of competition will do. And then there’s that deadline – establishing a day and time when offers will be accepted, further whipping up emotion.

Finally, price. It means everything to sales success. Price too high and the place will languish, then go for less. Price it with the market and you’ll sell a little below asking. Price it cheap, and it may command a huge premium.

Killer agents know that in an environment like this – low inventory, cheap rates, frustrated buyers – that inexperienced purchasers will flock to what looks like a bargain, resulting in heavy viewing traffic and multiple bids. Soon the idiots forget they came for a deal and start adding zeroes to their offers. And we all know where that leads.

So, there you go. A few good uses for a real estate agent.

Who says this pathetic blog lacks balance?

144 comments ↓

#1 Jimmy on 03.06.14 at 9:02 pm

First to say three days until True Detective finale.

#2 Smoking Man on 03.06.14 at 9:08 pm

DELETED

#3 eddy on 03.06.14 at 9:08 pm

“If you’re a buyer, your smart agent should guide you away from any bidding war”

This is conventional wisdom for a conventional world inhabited by conventional people.

Who don’t get slaughtered. — Garth

#4 pinstripe on 03.06.14 at 9:20 pm

Excellent commentary tonight.

There is nothing to gain by bashing the industry. Join their marketing and pump it for all its worth. Money is not an issue for many hornies and they are willing to part with that money. The customer is always RIGHT. The customer is interested in the positive.

Someone has to do the dirty work and take that money off their hands.

Demand a monetary token for attracting a hornie.

A lot of money will result in a lot of Power.

#5 prairie person on 03.06.14 at 9:20 pm

Do not, NOT, under any circumstances, allow your real estate agent to choose the house inspector. It will be a friend who will bend over backward not to screw up the potential deal. He’ll be working with the real estate agent even though you are paying the bill. And, there is no recourse. If the house inspector says nothing here but a few trivial things that will cost you 5,000 and it turns out that it costs you 50,000, it’s your problem. The RE and the house inspector have their money and they’re gone. The RE is NOT your friend. The house inspector is NOT your friend. The only person working for you, is you. They’re working for themselves. If that works out for you, that’s fine, but keep in mind it’s your money and you need to see that as much as possible stays in your pocket.

Nobody but you chooses an inspector. But a referral is better the yellow pages. — Garth

#6 Smoking Man on 03.06.14 at 9:24 pm

#1 Jimmy

Me either man.

I emailed Nic Pizzolatto the guy wrote the show, told him I’m a real life Hunter S Thompsons void of writing skills. Told him about this pathetic blog and how after 5 years I’ve built a huge following of 26 fans.

I asked him if he could pencil in Smoking Man meets Rust Cole in Searchlight Nevada for season 2

Was not expecting a response, he thought it was funny, got a kick out of Monster in Vegas.

He already submitted the script for season 2 but said more than likely lots of revisions, he might try and sneak it in. He loves Searchlight.

If not season 2 then 3.

This is far more brilliant that he knows…

9 pm HBO Sunday, can’t wait..

#7 Mishuko on 03.06.14 at 9:27 pm

You preach balance and diversity. You practice exactly that.

And people question your motives. I guess dissemination of information is underhanded to some.

#8 Nemesis on 03.06.14 at 9:27 pm

Indubitably.

A GoodAgent is always worth TheSlice.

As for yesterday?…

GoodAgents will undoubtedly choose to interpret the VoxPopuliVitriol as an urgent need for ‘ManagementReform’ [SelfHelp is always so much more pleasant than the kind which is ThrustUponYou].

#9 Keith in Calgary on 03.06.14 at 9:29 pm

Not that I personally needed the tutorial……but why would anyone hire an agent when Garth just laid out the game plan for free ?

#10 Role on 03.06.14 at 9:30 pm

Can I Get For Some And Ask Anyone
Or Bank Can Fix Maybe House Or Condo?

#11 Victor V on 03.06.14 at 9:32 pm

http://themashcanada.blogspot.ca/2014/03/and-it-went-for-22-belmont-street.html

Two years!!!!

That is how long it has taken for this 2 bedroom, 3bathroom row house on a 13.12 x 18 foot lot at 22 Belmont in Yorkville to sell.

It was first listed in February 2012 for $1,250,000.

It didn’t sell and the price was dropped in March to $1,150,000.

By October, it still hadn’t sold and the price was dropped to $1,095,000.

It never sold and was brought back on the market in August 2013 for $1,088,000.

I thought it was more of a $1,025,000, or even a $999,000 house.

AGAIN it didn’t sell and the price was dropped in November to $995,000, for two week only pre-Christmas sale (wtf!?!).

Guess the pre-Christmas sale didn’t work because the price was back up to $1,000,000 in mid-February.

But this time it finally sold….

For $985,999.

#12 live within your means on 03.06.14 at 9:36 pm

We used a RE agent many years ago but I did most of the leg work on my flex day off. Would drive around areas that I liked & had houses for sale. He arranged visits. He sold our previous place & arranged a 2nd private mtg. for the young chap that bought it & still lives there.
…………….

Garth, if you don’t want to post the following, I understand. It’s a joke I rec’d & not sure how it will show up.
………………

Why did the chicken cross the road?

STEPHEN HARPER: Let me be perfectly clear. I did not know about the chicken, I did not know about the road. If I would have been made aware of them I would certainly have taken appropriate action and prevented the chicken from crossing the road. The culprits responsible for the chicken crossing the road are being investigated by the RCMP.

THOMAS MULCAIR: If the Prime Minister didn’t know about the chicken and he didn’t know about the road, how did he know that the chicken had any intention of crossing the road?

JUSTIN TRUDEAU: The chicken crossed the road because the other side had legalized marijuana.

ROB FORD: That video of me snorting that chicken does not exist and I’ve only crossed that road in a drunken stupor.

SARAH PALIN: The chicken crossed the road because, gosh-darn it, he’s a maverick!

BARACK OBAMA: Let me be clear, the chicken crossed the road because it was time for change! The chicken wanted change! Real change! Change he could believe in!

GEORGE W. BUSH: We don’t really care why the chicken crossed the road. We just want to know if the chicken is on our side of the road or not. The chicken is either with us or against us. There is no middle ground here.

DICK CHENEY: Where’s my gun?

COLIN POWELL: Now to the left of the screen, you can clearly see the satellite image of the chicken crossing the road.

BILL CLINTON: I did not cross the road with that chicken.

AL GORE: I invented the chicken.

AL SHARPTON: Why are all the chickens white? We need some black chickens.

DR. PHIL: The problem we have here is that this chicken won’t realize that he must first deal with the problem on this side of the road before it goes after the problem on the other side of the road. What we need to do is help him realize how stupid he’s acting by not taking on his current problems before adding new problems.

OPRAH: Well, I understand that the chicken is having problems, which is why he wants to cross this road so bad. So instead of having the chicken learn from his mistakes and take falls, which is a part of life, I’m going to give this chicken a NEW CAR so that he can just drive across the road and not live his life like the rest of the chickens.

ANDERSON COOPER, CNN: We have reason to believe there is a chicken, but we have not yet been allowed to have access to the other side of the road.

NANCY GRACE: That chicken crossed the road because he’s guilty! You can see it in his eyes and the way he walks.

MARTHA STEWART: No one called me to warn me which way that chicken was going. I had a standing order at the Farmer’s Market to sell my eggs when the price dropped to a certain level. No little bird gave me any insider information.

DR SEUSS: Did the chicken cross the road? Did he cross it with a toad? Yes, the chicken crossed the road, but why it crossed I’ve not been told.

ERNEST HEMINGWAY: To die in the rain, alone.

JERRY FALWELL: Because the chicken was gay! Can’t you people see the plain truth? That’s why they call it the ‘other side.’ Yes, my friends, That chicken is gay. And if you eat that chicken, you will become gay too. I say we boycott all chickens until we sort out this abomination that the Liberal media whitewashes with seemingly harmless phrases like ‘the other side.’ That chicken should not be crossing the road. It’s as plain and as simple as that.

GRANDPA: In my day we didn’t ask why the chicken crossed the road. Somebody told us the chicken crossed the road, and that was good enough.

BARBARA WALTERS: Isn’t that interesting? In a few moments, we will be listening to the chicken tell, for the first time, the heart warming story of how it experienced a serious case of molting, and went on to accomplish it’s lifelong dream of crossing the road.

ARISTOTLE: It is the nature of chickens to cross the road.

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BILL GATES: I have just released eChicken2013, which will not only cross roads, but will lay eggs, file your important documents, and balance your checkbook. Internet Explorer is an integral part of eChicken2013. This new platform is much more stable and will never reboot.

ALBERT EINSTEIN: Did the chicken really cross the road, or did the road move beneath the chicken?

COLONEL SANDERS: Did I miss one?

#13 Steven on 03.06.14 at 9:37 pm

“Soon the idiots forget they came for a deal and start adding zeroes to their offers.”
That is crazy for home buyers to do. On the other hand I would heartily approve of bankers and short sellers adding zeroes to the bid price for gold and silver.
People need a roof over their heads, they do not have to live inside a coin or bar made out of gold or silver.
Such things are luxuries and monetary metals and ought to be priced accordingly for a change.

#14 Assquatch on 03.06.14 at 9:39 pm

#4 prairie person on 03.06.14 at 9:20 pm
…The RE is NOT your friend. The house inspector is NOT your friend. The only person working for you, is you. They’re working for themselves. If that works out for you, that’s fine, but keep in mind it’s your money and you need to see that as much as possible stays in your pocket.

Nobody but you chooses an inspector. But a referral is better the yellow pages. — Garth

I am sure like many of you blog dogs, every time I get the yellow pages, it finds its way straight to my recycle bin. If you are searching for someone, homestars.ca is a great place to start your contractor search.

#15 Robbie on 03.06.14 at 9:45 pm

I’m a Realtor and I do recommend Home Inspectors (no, I don’t get a referral, a Christmas gift, etc. for any referral I make) rather than having a client pick one out of a phone book. I also recommend lawyers and notaries based on competence and price. I do this as part of my service to my clients. How do they know who is a good inspector or not? How do they know where to find the best price for a property transaction? Most Realtors are people earning a living just like most out there…no need to paint them all black. In fact, I find there are those who only can feel superior when they can characterize others as inferior. Sad, as it’s such poor karma.

#16 Bob Rice on 03.06.14 at 9:48 pm

I will tell you without a doubt home inspections are BS on a resale. The problems with crop up no matter what… expect to pump money into any resale… Just figure that older roofs, furnaces, etc.. will need replacement. You don’t need an inspector for this… I have family who rent out properties (for many years).. everything the bought was w/o inspectors – they all say, “house is in great shape” and it’ll still need cash… part of ownership. These same people no a hell of a lot more than you or I or Garth. They’ve made buckets of money in real estate since 1990. Interesting they’ve stated recently that they wouldn’t touch new real estate purchases today as they expect the slowdown coming soon… in the meantime, the homes and apartments are rented out 100% with good tenants. I like to take advice from successful people. That’s why I wouldn’t bother with an inspector (sellers are more motivated to sell if you walk in with a clean, firm offer with no conditions).. and that’s why I won’t buy anything right now b/c the boom times are coming to an end soon!

Inspections didn’t even exist decades ago… you’re wasting you money and creating a false sense of security…

#17 sasquatch on 03.06.14 at 9:48 pm

RE-tards are like lawyers . Good when working for you.

However when the big wigs on top want to play little games and be all like “we who shall not be called by our name.” Well gotta call them something. If they want to act like retards, I will call them RE-tards.

On one hand there is a large percentage of the population being property yuppies, and it’s their own fault. No one is holding a gun to their heads. The other hand RE-tards are not helping people to be well informed and distributing disinformation.

If there is a considerable number of the population that despises them, they probably earned it.

#18 TnT on 03.06.14 at 9:53 pm

Wow… 337 posts for yesterday… Is that a record?

#19 Sherri on 03.06.14 at 9:54 pm

#11 Love it!

What would Shakespeare say? “To be or not to be…that is the chicken”…………sigh…. I tried

#20 Marco from Van on 03.06.14 at 9:56 pm

Love the reverse psychology of the post… Telling you how you get fleeced as a buyer while painting the positive spin on the skill it takes to fleece buyers.

It is an industry based on a pyramids scheme with no real legal basis. Real***s are licensed by whom? What real legal entity? They are licensed to be what they are by an association that lives of their cut of the commission pyramid.

Notice that as house priced have doubled so have their commissions as the relative commission rate has not decreased. In most other industries, as volumes grow, efficiencies help reduce margins and so make systems more economical. RE (and to be fair a good few others) keep their margins the same on the growing volumes, so it is in THEIR interest that they sell MORE houses at HIGHER prices.. The buyers and sellers are almost a second thought…

A salesman’s view ;-)

#21 Victor V on 03.06.14 at 9:57 pm

CEO of bitcoin exchange found dead in Singapore, no ‘foul play’ suspected

http://www.theglobeandmail.com/report-on-business/international-business/ceo-of-bitcoin-exchange-found-dead-in-singapore-no-foul-play-suspected/article17341318/

#22 Smoking Man on 03.06.14 at 10:00 pm

Wtf the Zero guy calling for a crash..

Dance bubble heads dance..

http://www.zerohedge.com/news/2014-02-12/did-canada-just-pop-its-housing-bubble

#23 Freedom First on 03.06.14 at 10:03 pm

Awesome Garth! This Post today, and other Posts you have had on your free blog make it crystal clear can and does do for you. This is so necessary to know, so the uninitiated will be able to find a good agent. For the experienced and knowledgeable buyers/sellers, we can spot the CENSORED really really fast. Some of the CENSORED you for sure want to avoid Garth has been generous enough to even publicly flay/reveal to us on his blog, such as the king CENSORED of condos.

#24 Freedom First on 03.06.14 at 10:05 pm

oops, ……make it crystal clear what a good agent can….

#25 totalinvestor.com on 03.06.14 at 10:08 pm

Chinese “1%” Threaten Lawsuit Against Canada For Shutting Visa-For-Cash Scheme

http://totalinvestor.blogspot.ca/2014/03/chinese-1-threaten-lawsuit-against.html

#26 Cici on 03.06.14 at 10:21 pm

Great post Garth, as usual.

Although I don’t think you should be doing the industry any favours at this time. They don’t deserve your good and well-meaning intentions.

Hope the ankle is healing fast and well ;-)

#27 Victor V on 03.06.14 at 10:21 pm

#21 Smoking Man

Your link is a month old. No news.

#28 omg on 03.06.14 at 10:23 pm

THE 1% ALTERNATIVE

I met a 1% commission agent the other day. She tells there are at least three such firms in Victoria and they are all growing rapidly. I know I have seen many more 1% signs over the last few years. Last time I sold on 2006 they were pretty much unheard of in Victoria.

So on an $800K house she charges $8,000 plus $900 listing fee to get it on the cartel web site.

That compares to $28,000 for a full load agent.

In my experience the ONLY value of a listing agent is getting the house on the cartel web site.

Of course they do some paperwork, but not $20,000 worth.

Comparables are nice – but you get that with the 1% agent too.

We do not have bidding wars in Victoria these days, so fabricating one of those is not really a possibility.

So 1% seems about right.

THE BIGGEST KNOCK AGAINST THE 1% AGENT – is that full fee agents will not bring potential buyers.

But if I am in the market for a house and want to view one I have seen listed, I am not going to be very satisfied with my “full service” agent refusing to show it too me. Gone are the days when the RE agent has the power to hide listings from clients.

So there is some glimmer of hope for rational commissions.

#29 ILoveCharts on 03.06.14 at 10:26 pm

“A good agent will ….. line up an inspector ”

Not in BC. I think it’s actually against the rules for them to do that. They can give you a recommendation but I think they have to recommend at least three different people.

Besides… I wouldn’t trust the recommendation anyway. They want you to close the deal so they aren’t going to choose an inspector who might give you the bad news.

#30 omg on 03.06.14 at 10:30 pm

#5 praire person – dead right, an inspector referred to you by an agent is under pressure to let the deal fly, if he’s ever to get another referral.

NEVER, EVER use an inspector recommended by an agent. Honestly one right out of the Yellow pages is likely a better choice, as he has nobody other than you that he is obligated too.

If you are seriously looking at buying a check out a few in advance – ask around.

#31 AB Boxster on 03.06.14 at 10:37 pm

Garth,
I respectfully disagree with your blog tonight just based on the fact that I think that the approach just perpetuates the problem.
Instead of arguing and lobbying for fairness, transparency and change to a pathetic industry, the approach is “hey lets get the shadiest realtard possible so that i can get mine.”
Rather than presenting thoughtful options that might allow reasonable sellers to sell a home on their own (which seemed to be ok for the first 2000 years of human history) perhaps even with assistance from a Realtard, using the novel concept of paying ‘fair value’ for ‘fair effort’, instead lets characterize everyone who doesn’t want to participate in the legalized cartel as “cheap” and most likely to misrepresent the property because there appears to be nothing that legally prevent him from not doing so. Nice.
Despite the fact that most of the shady to unethical behavior can be attributed to the cartel and the Realtards themselves.
Yes lets continue to encourage , support and in fact be complicit in the ‘joke of a system’ as long as we can do so at the expense of someone else.
It’s not the way I’ll run my affairs. Perhaps I’m naive, but I sleep well.

#32 TheCatFoodLady on 03.06.14 at 10:41 pm

The good realtors, those with a high success rate work hard for their money. You have to meet with clients when they’re available, both to score listings & book showings. Inevitably – you’re talking evenings, weekends, stats…

The seller psychology would drive me nuts. A potential listing has called in you & 2 other agents for price estimates. You give a reasonable, realistic price. More often than not, you’re going to lose that listing to Ms. Pie in the Sky agent. She knows she’ll not get that price but also knows she can eventually coax a seller into a lower price. It’s poor salesmanship, good ‘listmanship’.

Sellers are emotionally wrapped up in their homes; too often for their own good. It can’t be easy convincing some that their mirrored closet doors, fluffy floral pelmets & pink dining room with overstuffed furniture & brass fittings isn’t going to cut it for a quick sale at a good price.

Sellers may not want to spend money needed for neutral paint, may not want to reduce clutter, (EVERYBODY will appreciate my tastefully displayed collection of 534 Hummel figurines!) & are convinced their tacky basement reno is the cat’s meow.

Some want to hover when it comes to open houses, as if their presence will make a home more attractive. They don’t understand the need to remove all traces of kids, kats & other kritters.

Agents can bend over backwards setting up showings only to be hit with no shows or open houses on days with not a single walk in. Not every market is overheated with frenzied bidding wars. We don’t all live in The Big Smoke, Civil Service Central, The Left Coast or Cowtown.

I wouldn’t try to sell without a realtor & I’d also LISTEN to their advice about prepping a home for sale. They know what buyers want & don’t want to see, hear or smell. They know local comps & they’ve seen the insides of more houses in the past month than you probably have in years.

As a buyer, I’d remember the RE agent works for the SELLER & lay down my parameters; letting them know my firm top price, what I must have, what I won’t live with & where I’m negotiable. An agent who doesn’t respect my parameters – especially when it comes to maximum price… I don’t deal with any further. Agents often know when a property is about to hit the market & hasn’t quite yet. My first property was such a one – a dream of a home for me at the time.

Inspections are a must for me – I can spot some flaws but not nearly enough.

Agents are like any service professional – there are abysmal ones, superb examples of the profession & everything in between. Ask your friends, family, at work; you can easily find good ones.

The umbrella organizations – I could cheerfully shoot some days. All buyers/sellers/agents depend on their info & if that info is flawed – everybody potentially loses.

#33 jordy on 03.06.14 at 10:42 pm

that was the best chicken joke ever, thank you

#34 World According To Garth on 03.06.14 at 10:49 pm

We are still up with our bitcoin purchase as part of our tangible asset only balanced portfolio. Cash, rental RE, some gold/silver and other tangible assets. Sorry but we just don’t believe that you can keep making money with money it’s not sustainable even if we don’t know when the crash will happen. Not to mention every govt statistic is BS. Your tax dollars at work.

#35 Sydneysider on 03.06.14 at 10:52 pm

“Sellers using a respected agent … usually enjoy a higher sale price.”

If they are not as greedy as FBOs, why would that matter to them?

Have a good weekend.

#36 Stephanie on 03.06.14 at 10:59 pm

For those questioning who and how real estate agents are licensed – they are licensed by their provincial regulatory body. That regulatory body and all real estate agents must abide by legislation – the Real Estate Business and Brokers Act. In fact, the legislation and the regulatory body are in place to protect the public. The Real Estate Council of Ontario exists to regulate, insure and investigate real estate agents who have a Code of Ethics and specific legislation they have to abide by. Whether or not they do is another issue entirely.

I am not a real estate agent apologist – but there are uses for them, as Garth has set out.

#37 kilby on 03.06.14 at 11:01 pm

#9 Keith in Calgary on 03.06.14 at 9:29 pm
Not that I personally needed the tutorial……but why would anyone hire an agent when Garth just laid out the game plan for free ?

Obviously you haven’t been involved in any real estate transactions that weren’t straightforward. Not fun…

#38 Scully on 03.06.14 at 11:09 pm

Smoking Man…I love that show True Detective and told my husband that the writer must have based Rust’s character after you. He sees herd and the machine. Can’t wait for the finale.

#39 Son of Ponzi on 03.06.14 at 11:27 pm

Richmond Realtor goes to bat for those mistreated Chinese RE speculators.

http://vancouver.24hrs.ca/2014/03/05/richmond-group-behind-millionaire-chinese-lawsuit

#40 CheapShot on 03.06.14 at 11:38 pm

The truly balanced don’t slip and break their ankle

#41 Freebird on 03.06.14 at 11:40 pm

#30 OMG
#5 praire person – dead right, an inspector referred to you by an agent is under pressure to let the deal fly, if he’s ever to get another referral.

NEVER, EVER use an inspector recommended by an agent. Honestly one right out of the Yellow pages is likely a better choice, as he has nobody other than you that he is obligated too.

If you are seriously looking at buying a check out a few in advance – ask around.
———
Agreed. Have lived the experience and heard it from others. Like anything there could be exceptions but in general not a good idea. Do your OWN homework and prepared with a couple of names.

#42 No Nonsense Landlord on 03.06.14 at 11:43 pm

When I use an agent to buy, I have always received a rebate of 25% of the buyers commission. I have purchased several properties, most of them I find myself and have the Realtor facilitate the transaction.

A knowledgeable real estate agent will earn his keep whether you are a beginner or a savvy investor.

#43 Shawn on 03.06.14 at 11:45 pm

NO PAY, NO WORK!

omg at 28 says in regards to real estate agents refusing to bring clients to a home with a 1% real estate fee:

But if I am in the market for a house and want to view one I have seen listed, I am not going to be very satisfied with my “full service” agent refusing to show it too me.

*******************************************
Not sure what right you would have to be upset with a “full service” agent not showing you a house on which she would earn nothing or next to nothing as a Commission.

A real estate agent is not your Mommy. She won’t work for free.

Bye-the-way, how many of you readers work for free?

And no, I am not an agent.

#44 Freebird on 03.06.14 at 11:50 pm

Also avoid using the listing agent of a property as your purchasing agent when buying. We did a lot leg work ourselves and didn’t actually bring in an agent until we had our search narrowed to one or two houses. Did it make their job easier? Maybe, but they’re one of the good ones and we knew this so he was worth it and saved us a ton of money by a well timed offer alone.

#45 Inglorious Investor on 03.06.14 at 11:52 pm

You hit the nail on the head with this post, Mr. Turner.

The part about staging especially. It always amazes me how prospective buyers can be so effectively influenced (i.e. bamboozled) by the furniture and decor in a staged property. Personally, I’d rather see the place completely empty so that I can thoroughly examine the condition of the structure and its finishes.

I’ve seen too many rental properties where the owners attempt to do nothing buy put lipstick on their proverbial pig and call it a ‘reno.’ The workmanship is typically shoddy and the materials cheap, to say the least. But judging by recent sales activity, apparently it works.

More people should get a clue and learn how to really vet a property, or take someone along who can. The inspector you hire doesn’t care if the flooring is real wood or cardboard from China.

As for agents, they are a necessary evil. Just make sure you work with a good one. Even the honest ones are at least a bit crooked. It’s just the nature of the industry.

#46 i love libraries on 03.06.14 at 11:57 pm

Continuing from yesterday’s post which I missed, my suggestion is ‘property whores’.

#47 Inglorious Investor on 03.06.14 at 11:58 pm

#12 live within your means on 03.06.14 at 9:36 pm

Nicely done. Very funny.

#48 KommyKim on 03.06.14 at 11:58 pm

RE: #15 Robbie on 03.06.14 at 9:45 pm
I’m a Realtor and I do recommend Home Inspectors

Will you recommend an inspector who has lost you 10 deals in the past because he was especially vigilant and had attention to detail? You might, but the majority of RE agents will not.

#49 Aggregator on 03.06.14 at 11:59 pm

#39 Son of Ponzi

Richmond Realtor goes to bat for those mistreated Chinese RE speculators.

That doesn't surprise me, and is in line with what I believed all along: The termination of IIP was about national security.

CSIS head backtracks on allegations of foreign influence over Canadian officials

(Jun 23 2010) VANCOUVER—B.C.’s Premier Gordon Campbell is calling on the head of Canada’s spy agency to back up his claims that cabinet ministers and public servants in the province are under the influence of the Chinese government.

The province was named by Canadian Security Intelligence Services director Richard Fadden in an explosive interview with the CBC in which he said the spy agency is tracking a number of public servants in British Columbia.

Fadden also alleged two cabinet ministers are under the influence of foreign governments. He did not say in which province the cabinet ministers had been elected, but did hint that the Chinese government was involved….

In the early 1990s, the RCMP and CSIS worked on a joint project called Operation Sidewinder that looked into allegations that Hong Kong and Chinese officials paid to gain influence over Canadian consulate staff in Hong Kong.

Just look at the way an assembly was formed by those IIP applicants. They're a little too organized.

#50 How is your pain? on 03.07.14 at 12:05 am

Go easy on those painkillers; it’s understandable that you may have taken too many and become confused today.

Alwyn

#51 souvereigninternational on 03.07.14 at 12:08 am

A Hagen-Dazs rule:

I promised my daughter ice cream when she did well at her swimming lesson. We go to our local GTA supermarket, I pay 7.50 (+tax ) for the strawberry delight. Now generally the price ranges for this product from 7 to 9$ (highest in a corner store). Occasionally I have seen it on sale for 6$ or even 5$, usually in the suburbs or out of GTA supermarkets. I can get the same ice cream in USA for 4.50-5$ regular price pretty much most places with sales prices ranging 3.50-4$ (no extra tax ). Now my (and most people’s income) after tax is relatively similar to what I made in US. If we spend 30% more on many things like Hagen-Dazs ice cream that means there is precious little we have left for savings & overpriced RE. We already know we don’t save much as Garth frequently points out. We cannot pay for things more than people in other countries and eventually some things will have to come down in price to compensate. Is it going to be taxes, cost of health care, real estate or Hagen-Dazs?

#52 quebec economist on 03.07.14 at 12:21 am

I see #5 has already commented on this:

You should NOT choose an inspector referred by a RE agent. RE agent on both side (seller and buyer) like inspectors that are not too picky with details. CAA provide an inspection service that is unbiased and that is guarenteed. I have a friend who had put a offer on a house and did not use the inspector recommended by his agent. The inspector found serious problems, the sale was cancelled, both agents were pissed. The buyers (my friend) agent, who was also the selling agent on his house, terminated the contract we my friend for not using his inspector. My friend avoided buying a house with a serious default….goes to show you!

Beware.

#53 Bottoms_Up on 03.07.14 at 12:25 am

#15 Robbie on 03.06.14 at 9:45 pm
——————————————
Totally agree, it is in the agent’s best interest to recommend good help — great for building trust and repeat business, referrals etc. If you trust your agent and don’t know of a good lawyer, moving company, inspector etc., then a referral through your agent is likely a wise move.

#54 souvereigninternational on 03.07.14 at 12:28 am

#43 Shawn on 03.06.14 at 11:45 pm said:

NO PAY, NO WORK!

omg at 28 says in regards to real estate agents refusing to bring clients to a home with a 1% real estate fee:

But if I am in the market for a house and want to view one I have seen listed, I am not going to be very satisfied with my “full service” agent refusing to show it too me.

*******************************************
Not sure what right you would have to be upset with a “full service” agent not showing you a house on which she would earn nothing or next to nothing as a Commission.

A real estate agent is not your Mommy. She won’t work for free.

Bye-the-way, how many of you readers work for free?

And no, I am not an agent.
******************************
simple solution – offer/advertise buyers agent full commission or buyers agents commission to be negotiated when selling FSBO. If you do so they will do a great job for you pushing your property. They are worth their “half-money” as they will get their friends to do “the right” favorable assessment and inspection. It’s a commission based business, follow the money.

#55 Dogs playing poker on 03.07.14 at 12:30 am

Just remember that every person who collects a commission on the sale of a property is paid by the vendor.

Nothing is free, the cost of the sale is part of your purchase price. A case can be made that from the 1950’s on prices of homes began to rise incrementally, due to many factors, one of them rising sales commissions.
Present day sales commission are like a snowball that has now become an avalanche. Commissions, as are prices are out of control.

As a purchaser, you must/should always find your own inspector, otherwise you likely to get played.

As a purchaser, you should remember that you are not represented by anyone in the agency agreement. You are on your own.

As a purchaser, you should consider that many owners that sell their own homes are more than capable of representing themselves in the sale.

As a purchaser, you should not be afraid to bargain with a self represented owner over the price. This is called a bargaining chip. Obviously the owner is saving the cost of a commission. You the buyer should be able to lower the price accordingly.

As a purchaser, you should not be afraid to deal with the vendor/owner because they may misrepresent a material fact. You are covered by the law in any course. You should always presume that you aren’t getting the truth, the whole truth and nothing but the truth and that it is your responsibility to ascertain the truth.

As a purchaser, when making the biggest purchase of your life, you ought not be afraid to spend some of your dough to hire experts to help you through a process that is so heavily weighted in favour of the seller.

Honestly in this day and age with so much information available to both sides of the sale, it really should not be that hard to come to an agreement on a fair price. Throw in a good property lawyer and you should be able to make a good deal. It ain’t brain surgery. Laws exist to protect both sides of real property sales contracts.

Knowledge is power. Get some power or get fleeced.

#56 Hawk on 03.07.14 at 12:31 am

Canadian RE Agents merely tell their clients the market is sustainable, here’s what the guys in London are telling their clients LOL

http://www.zerohedge.com/news/2014-03-06/forget-russians-small-london-flat-will-cost-50-million-2050

#57 Future Expatriate on 03.07.14 at 12:40 am

CREA just registered “real estate agent®” too.

So now you’re going to HAVE to use “housepimp”.

#58 Spiltbongwater on 03.07.14 at 12:45 am

I hired an inspector from the pamphlet the Realtor® gave me. I told the Realtor® that I called _______ Home Inspectors. My Realtor® told me he didn’t like that company cause the killed a deal he had. I asked so why would I not use that company then?

#59 Cici on 03.07.14 at 1:22 am

#32 TheCatFoodLady

Nice post!

#60 TrumpVu on 03.07.14 at 1:40 am

#6 Smoking Man, #38 Scully

Matthew McConaughey was on Kimmel recently:

http://www.youtube.com/watch?v=nvHKSgyxXgI&list=RD8uFEyG8CyOs

Sunday is the last episode for that storyline. Next season will have different characters and a new story.

#61 april on 03.07.14 at 1:45 am

#25 – As someone said they should have made sure their application was completed before they bought homes.

#62 thedoubter on 03.07.14 at 1:54 am

“If you’re a buyer, your smart agent should guide you away from any bidding war because this is the only conflict in which the victor is slaughtered.”

I guess the key word is “smart”. Most agents may advise you to up the ante, trying to close the deal (so they get their commission). Who cares if you, the buyer get slaughtered?

#63 YVR on 03.07.14 at 2:02 am

If you’re a buyer, your smart agent should guide you away from any bidding war because this is the only conflict in which the victor is slaughtered.
________________________________________

No, a smart agent guides you away from a bidding war because you are unlikely to win and in the end it will waist the agents time and earn them no commission.

A smart agent guides you to put in an offer that will be accepted and then he/she collects their commission. They could care less if you get slaughtered or not. If they did care they wouldn’t be facilitating a sale in a bubble market in the first place.

#64 Infused with Opiates on 03.07.14 at 2:23 am

12 LWYM – thanks, some good ones there. had a few laughs

#65 Buy? Curious? on 03.07.14 at 3:17 am

I went to the the store to buy milk and I found that they had SOLDOUT! How can they SELLOUT? Who SELLS OUT?

Oh by the way, great post on REALTORS, Garth *sarcastic clapping* Bravo.

Like I said, Canadada has no heros.

http://www.youtube.com/watch?v=0IA3ZvCkRkQ

#66 Max Jones on 03.07.14 at 3:25 am

Humph, “realtor” appears in my 1976 copy of The Concise Oxford Dictionary of Current English. And it has a little asterisk in front of it like: *realtor. Apparently this means that it is a form not recorded but merely inferred. So a word so deeply buried in history that there is no possible way it could survive a trademark challenge.

I’ve met a lot of realtors in my time. A few I would trust, just a little bit less than my lawyer. And a lot a whole lot less than my worst friend.

But if you want to understand the truth, just look at the legislation regarding how payments are made from their trust accounts in the case of incompetence or fraud. In the case of a lawyer it is usually a decision from the provincial bar society. In the case of a “realtor” you will have to get a ruling from a superior court. In my mind it indicates that the local real estate boards have nothing at stake when it come to a corrupt agent. The bar society members have quite a bit at stake by comparison.

#67 juno on 03.07.14 at 3:41 am

Immigrants, now want to sue.

Too bad, that is the RISK of investing off shore in a country you don’t live in

http://whispersfromtheedgeoftherainforest.blogspot.ca/

Freakin cry babies. I calculate my risk and calculate how much I can and want to lose. We tried to figure a way to short or hedge Real Estate, all possibilities were risky. At the end we didn’t. But I’m watching glenworth and the other mortgage broker. There will be a time and place for everything

#68 Detalumis on 03.07.14 at 5:01 am

I respectfully disagree, I did a FSBO on my last house stuck the sign on the lawn and sold it the first day. My neighbour had just finished selling his house and I borrowed the sign. According to all the agents who hounded me after, I was stupid as the price was too low and they could all have gotten me much more. No, I was not greedy or cheap, I just wanted to move ASAP and the seller got a good price that would have gone into an agent’s pocket not mine.

It sold to a person who wanted to live in that neighbourhood so there was nothing to misrepresent. The lawyers did all the contracts, you pay them a bit more to do that. I’m sure other people driving by thought like you, avoid the house it’s a FSBO, so too bad it was their loss.

#69 Onthesidelines on 03.07.14 at 5:57 am

As usual, you’re talking out of both sides of your mouth. Advice on both: how to avoid the cheat and how to become one all at the same time, without even missing a beat when switching. That’s the miserable reality we live in these days, where that sort of stance just passes for normal thinking.

How about considering something completely different, like just being honest and decent when dealing with another human being? Or is that just too insane?

I admittedly know little about selling or buying houses, but I have bought and sold offshore cruising yachts without the service of a yacht broker. In both cases the two parties met, agreed on a fair value, went over the boat, did a test sail or a few, helped each other with the paperwork, shook hands and remained casual friends for years where the new owner could call or email the seller and get advice on something not working properly. Perhaps it’s the fact that a yacht going offshore is something one’s life depends on, and both parties know it, or perhaps offshore sailors are just that rare species we now call decent human beings, but I don’t think so. It’s the cinical attitudes that masquarade as realistic strategies in an immoral world that turn people. Do we really really want to be part of that? Is this the world we want to make and live in?

#70 };-) aka Devil's Advocate on 03.07.14 at 6:06 am

First ya bash the crap outta my “profession” and now here ya go giving away all my trade secrets. What an emotional roller coaster. LOL.

Well said Garth. Remember people, buyer or seller, YOUR agent works for YOU. If not, fire their sorry ass and find one who you are confident is.

#9 Keith in Calgary on 03.06.14 at 9:29 pm
Not that I personally needed the tutorial……but why would anyone hire an agent when Garth just laid out the game plan for free ?

Here’s why…

“Sellers using a respected agent get more viewings, see more competition for the property and usually enjoy a higher sale price and in a shorter period of time. The marketing is far more extensive and far-reaching than the rinkydink web site the DIYers huddle inside (even when they have exposure here) because of relationships and networks an experienced agent brings to the table.” – GARTH

Which is HUGE, huger than you know. Really, a good agent doesn’t sell to the public. A good agent sells the the other agents representing those buyers. It’s a way quicker road to the buyers. I have a sales force of 100,000 across Canada! You and your “rinkydink” website have one – you. };-)

#43 Shawn on 03.06.14 at 11:45 pm
NO PAY, NO WORK!

omg at 28 says in regards to real estate agents refusing to bring clients to a home with a 1% real estate fee:

But if I am in the market for a house and want to view one I have seen listed, I am not going to be very satisfied with my “full service” agent refusing to show it too me.

*******************************************
Not sure what right you would have to be upset with a “full service” agent not showing you a house on which she would earn nothing or next to nothing as a Commission.

A real estate agent is not your Mommy. She won’t work for free.

Bye-the-way, how many of you readers work for free?

And no, I am not an agent.

That’s what a B.R.A. (or in BC an EBA (Exclusive Buyer Agency Agreement)) is for. Commission can then be negotiated up to come from the proceeds of the sale, as in most other transactions, so you don’t have to write two cheques.

Remember…

“When selling, the dumbest thing you can do is turn into a FSBO. Do-it-yourself sellers are invariably cheap (because they don’t want to pay commission) and at the same time greedy (because they won’t lower a price to reflect no commission’s being paid). Most experienced buyers want nothing to do with a FSBO, who has no legal reason not to misrepresent the property, and probably is.” – Garth

YOUR agent works for YOU. YOUR interests in the transaction come before their own. If not, fire their sorry ass and find one you are confident IS working for YOU. An honest agent won’t hold you to a B.R.A. if you’ve been honest and they have failed you. But if you’ve been honest and you hired an ethical professional it’ll never get to that point anyway. But if you’ve hired an ethical professional and you haven’t been honest with them don’t be surprised if they fire your sorry ass. };-)

The first step in your due diligence when buying or selling a home is to find the right representation.

#71 Buy? Curious? on 03.07.14 at 6:36 am

Do remember when you found out there was no Santa Claus, or when you find out your hero is just, well, an actor? That’s I felt when reading this post.

Need a visual? When I read today’s post, I felt like Leonardo Dicaprio at this year’s Oscars.

http://www.youtube.com/watch?v=i7Kf-5RliWY

#72 Obvious Truth on 03.07.14 at 6:47 am

#32. Great post.

Blaming real estate agents is ridiculous. Who wouldn’t want to get the most money for their house.

They are just doing their job.

Many have to explain why your house isn’t worth as much as it was. Not easy.

#73 Bob Loblaw on 03.07.14 at 8:33 am

@12 live within your means
Thanks. That’s the funniest thing I’ve read in a very longtime.

#74 Why the doublespeak, Garth? on 03.07.14 at 8:34 am

Disappointing post on a blog that laments RE prices and practices. Garth promoting stagings. Bashing FSBO (I know many who did just that both when selling and buying, and most of them have finished paying off their mortgages much faster than the average, and are leading more sustainable lives, even in these times we’re now living).

Being spineless appears to be the dominant strategy.

#75 Why the doublespeak, Garth? on 03.07.14 at 8:36 am

#32 & #72 – Who wouldn’t want to get the most money for their house.

Somebody who cares about their country. Anybody who recognizes the risks of unaffordable housing and the long-term costs it brings. The majority of Germans are renting, and their relatively small country is #3 worldwide in exports – but then they’re not a nation of flippers.

#76 Ralph Cramdown on 03.07.14 at 9:03 am

#51 souvereigninternational — “I promised my daughter ice cream when she did well at her swimming lesson. We go to our local GTA supermarket, I pay 7.50 (+tax ) for the strawberry delight. Now generally the price ranges for this product from 7 to 9$ (highest in a corner store). Occasionally I have seen it on sale for 6$ or even 5$, usually in the suburbs or out of GTA supermarkets. I can get the same ice cream in USA for 4.50-5$ regular price pretty much most places with sales prices ranging 3.50-4$”

Showing us that people can knowingly overpay for something AND feel bitter about it without the involvement of HAM or realtors is interesting, but teaching your daughter to be a price taker is priceless.

#77 toronto landlord on 03.07.14 at 9:15 am

The more I that I read on this website, the more I realize how pitiful, we Canadians have become.

These last 2 days have highlighted this fact.

I am not really sure why this site received “Top Canadian Personal Finance Award Blogs”.
Maybe one of you “renters” could enlighten me?

Garth has done a wonderful job for his masters, and really has dumbed everyone down.

Enough of my crap!
I Have a VERY SPECIAL surprise for all you renters.
Go get yourself a box of Kleenex and have yourself some beautiful wet dreams!
http://www.celebritynetworth.com/articles/entertainment-articles/stubborn-tenant-holds-absolutely-insane-amount-money-finally-leave-rent-controlled-nyc-apartment/

#78 Sathington Willoughby on 03.07.14 at 9:25 am

Always bashing the FSBO, yet it’s an easy tool to save at least half the commission on a sale. Why pay a realtor to slap a key lock box on your house, snap a few pictures and never show the place?

I’ve sold three of my own properties, very easy to do if you are motivated to sell and offer commissions to realtor WITH buyers right in the listing.

If you’re buying, yes it makes sense to use a realtor, but if you’re selling, forget about it. A listing realtor does very little to earn what they make, sitting back and letting another realtor pound the pavement with buyers…sell it yourself!

As I have stated, it’s the buyers of FSBOs who should be worried. Everyone knows cheap and greedy sellers like being that way. — Garth

#79 Bottoms_Up on 03.07.14 at 9:54 am

#51 souvereigninternational on 03.07.14 at 12:08 am
——————————————————-
While it sucks that Canadians typically pay more, we actually do have higher average wages.

Then factor in economies of scale (10 of those ice creams will sell in the USA for every 1 up here–so the price can be lower in the USA and they still make more money down there), factor in our weak dollar, higher taxes, possible duty/freight charges etc. and it’s easy to see why we pay more for things.

#80 Daisy Mae on 03.07.14 at 10:10 am

“I mean, if 44% of the people shopping for a house in Toronto at this very moment are idiots, why not play them?”

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

Well, you’re right about that! ‘A fool and his money are soon parted’….and it’s up to the buyer to protect himself. If he won’t, then c’est la vie.

#81 Old Man on 03.07.14 at 10:21 am

#76 Ralph: He was making a point called awareness, as see once again the general food sales are lame. I nevertheless am targeting a frozen fish product hard as will pick up a few items. Now caught one large retail operation on an entire line of frozen chicken products cheating the public. They have bumped up the retail prices hard and are calling it a sale. Example: A box selling for $17.95 is now on special for $14.95, but last month it was on sale for $10.95, and so on. Do they think I just fell off the farm tractor!

#82 Daisy Mae on 03.07.14 at 10:38 am

“A good agent will dig out research on comparables, provide background on the hood, negotiate with the seller, line up an inspector or potential financing…”

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

Realtors have lost our trust. And our respect. Period.

#83 jess on 03.07.14 at 10:43 am

no captains ?
http://www.cbc.ca/news/world/i-m-not-bitcoin-founder-satoshi-nakamoto-l-a-man-says-1.2563524

#84 jess on 03.07.14 at 10:47 am

the old age “bulge”

http://www.cbc.ca/news/business/unemployment-older-workers-waiting-for-the-revolution-1.2562431

#85 Daisy Mae on 03.07.14 at 10:51 am

The Real Estate Council of Ontario exists to regulate, insure and investigate real estate agents who have a Code of Ethics and specific legislation they have to abide by. Whether or not they do is another issue entirely.

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

“Whether or not they do is another issue entirely.”
So the RE Council of Ontario is ineffective?

#86 Holy Crap Wheres The Tylenol on 03.07.14 at 11:00 am

Okay, so TREB’s done it again. Here is what the board just released to the media (as altered by the GreaterFool Legal Team):

TORONTO, March 5, 2014 — Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area CENSORED were up by 2.1 per cent compared to the same period last year. Total February sales amounted to 5,731 compared to 5,613 last year.

_____________________________________________
From yesterdays post. As I get home to have dinner the wife is watching Hot Properties on $hity Pulse TV or something to that effect. This is the show with Ann Rohmer. She has Tony and Dave talking about the 2.1% uptake. How and why can’t the truth get posted on this show with some credibility behind the facts. Oh I forgot this show is supported by the RE industry. Yes, yes, now I get it. This crap really pisses me off. They get to broadcast garbage numbers that don’t reflect the truth.

http://www.cp24.com/talk-shows/hot-property

#87 JL on 03.07.14 at 11:04 am

I enjoy the many commentators on Garth’s blog who criticize the usefulness of real estate brokers. So you individuals with typically one single asset in excess of $100,000 in value are smarter than all the commercial property owners, insurance companies, REITS etc.. who ALL use real estate brokers to sell or lease their property. If there’s no value there then why do they exist in the commercial world? No MLS there, no reason they couldn’t just have staff do it for them… hmmm

#88 Renter's Revenge! on 03.07.14 at 11:20 am

#77 Toronto landlord: Thank you sharing the link, that was a beautiful story!

#89 Dupcheck on 03.07.14 at 11:28 am

Realistic post. If you can not beat them, use them. The RE agents still remain as crooked as a typical car sales person or worst. Do your homework before is key.

#90 Ralph Cramdown on 03.07.14 at 11:31 am

#85 Daisy Mae — “So the RE Council of Ontario is ineffective?”

Absolutely. Read some discipline decisions and note that: They’re published as PDFs through a web interface that means they’re effectively un-indexed by search engines. The brokerage, supposedly supervising its agent and ultimately responsible, is often just referred to as “Broker A” in the proceedings and so remains anonymous. No matter how outrageous the behaviour, the fine is rarely more than the amount the agent would have earned on the deal, and the worst fines seem reserved for agents that screw other agents out of a commission or who work for less than the customary commission without informing the other agents in the deal.

http://www.reco.on.ca/section-buyer/tc-233/sc-304/spage-decisions.html

#91 1% Doomer on 03.07.14 at 12:04 pm

#51 souvereigninternational — “I promised my daughter ice cream when she did well at her swimming lesson. We go to our local GTA supermarket, I pay 7.50 (+tax ) for the strawberry delight. Now generally the price ranges for this product from 7 to 9$ (highest in a corner store). Occasionally I have seen it on sale for 6$ or even 5$, usually in the suburbs or out of GTA supermarkets. I can get the same ice cream in USA for 4.50-5$ regular price pretty much most places with sales prices ranging 3.50-4$”

——————————–

Hilarious. I’m living in Europe right now, and my hand made artisenal Gelato costs $3 cdn. It’s also 15 degrees. Have fun shovelling out of the latest snowstorm in the GTA and paying $900k for your piece of paradise.

#92 Smoking Man on 03.07.14 at 12:06 pm

#38 Scully on 03.06.14 at 11:09 pm

Smoking Man…I love that show True Detective and told my husband that the writer must have based Rust’s character after you. He sees herd and the machine. Can’t wait for the finale.
………..

What’s a funny irony, Rust talks, the tone, sound exactly like me. Blew my wife’s mind when we first watched it.

I didn’t think I sound like him at all. But when you listen to your voice in a tape, you always sound different.

Talk about coincidence…

#93 Aggregator on 03.07.14 at 12:06 pm

Canadian grocery suppliers strike back against heavy discounting

As grocers slash prices to win bargain-hungry customers, makers of food and consumer goods are pushing back against heavy discounting of their products.

In the intensified competition, grocers have demanded price cuts from their suppliers.

Now vendors are retaliating by setting minimum advertised prices in a bid to stop retailers from using their merchandise as loss leaders.

In other words, grocers have been cutting margins to near zero just to remain solvent and keep customers, which is why you can expect in a few short months the next wave of bankruptcies will come in the retail food sector as suppliers put an end to discount wars.

#94 Nemesis on 03.07.14 at 12:08 pm

#InOtherNews #DivorceWars #QuoteOfTheDay

“I’m so sick of Mohamed trying to undermine me.” – Bill Gross

[REUTERS] – Exclusive: Pimco’s Gross declares El-Erian is ‘trying to undermine me’

…”Pimco saw its assets under management shrink by $80 billion in 2013 due to outflows and negative returns, according to Morningstar.

In February, Gross’s flagship Pimco Total Return Fund had $1.6 billion of net outflows, its 10th consecutive month of outflows, and it lagged 71 percent of its peers with a return of just 0.52 percent last month, according to Morningstar. In 2013, it suffered a negative total return of nearly 2 percent.”…

http://www.reuters.com/article/2014/03/07/us-pimco-gross-el-erian-idUSBREA2603X20140307

#95 BCD on 03.07.14 at 12:16 pm

My advice is to always deal directly with the agent who is listing the property that you are interested in as there will be greater incentives to get a deal. The real estate agent is motivated to sell their listing (lest it languishes and the sellers choose another agent to list with) and she/ he will also know the listing more intimately then another agent. You can use this to your advantage because the agent on the selling sign may be more willing to accept a lower commission to make a sale. In my understanding an agent who sells someone else’s listing has to split the commission—less incentive to sell. When we bought our main home this is how we did it, and the agent worked very hard to make our sale happen (talking down the seller over $40K and accepting a lower commission to make the sale).

#96 tony bologny on 03.07.14 at 12:35 pm

I’m confused a bit why there is so much hype about how great the recovery is ,Why am i confused ?? well lets have a look .http://www.nytimes.com/2014/03/07/business/media/disneys-game-and-internet-division-cuts-one-quarter-of-its-workforce.html?rref=business/media&module=ArrowsNav&contentCollection=Media&action=keypress&region=FixedRight&pgtype=article and here. http://nypost.com/2014/02/26/best-buy-cutting-2000-managers/ and here http://www.huffingtonpost.com/2014/03/04/radioshack-closing-stores_n_4895456.html and here http://www.cbsnews.com/news/plunging-mall-traffic-is-killing-some-restaurants-and-stores/ I would hate to see what it would look like in a recession

Jobs, profits, GDP growth, deficit reduction, productivity – the evidence is irrefutable. This is a recovery and those who listened to my advice three years ago to be part of it are doing just fine. Don’t be envious. — Garth

#97 Paul on 03.07.14 at 12:35 pm

95 BCD on 03.07.14 at 12:16 pm

My advice is to always deal directly with the agent who is listing the property that you are interested in as there will be greater incentives to get a deal. The real estate agent is motivated to sell their listing (lest it languishes and the sellers choose another agent to list with) and she/ he will also know the listing more intimately then another agent. You can use this to your advantage because the agent on the selling sign may be more willing to accept a lower commission to make a sale. In my understanding an agent who sells someone else’s listing has to split the commission—less incentive to sell. When we bought our main home this is how we did it, and the agent worked very hard to make our sale happen (talking down the seller over $40K and accepting a lower commission to make the sale).
———————————————————-
He worked very hard and you cut his pay? Love you guys
and Agents are greedy lol

#98 Daisy Mae on 03.07.14 at 12:38 pm

#90 Ralph Cramdown: #85 Daisy Mae — “So the RE Council of Ontario is ineffective?”

“Absolutely. Read some discipline decisions and note that: They’re published as PDFs through a web interface that means they’re effectively un-indexed by search engines.”

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

Yes. It was a ‘tongue-in-cheek’ question. Thanks for the website. Buying a house is definitely a BUYER BEWARE situation.

#99 Smoking Man on 03.07.14 at 12:38 pm

Absolutely astounding…..

Reading the comments section on the topic of Russia Ukraine.

Almost 100% are siding with the Russian Narative..

MSM has lost a tone of ground when it comes to moulding beliefs.

Anyway dogs be careful taking about this topic.. It’s getting serious,

Obama has issued an executive order basically banning from the USA anyone who chirps the guys who took over.

What ever you do, do not post a link of that hacked phone call.

#100 april on 03.07.14 at 12:51 pm

#67 – Now these millionaires want the Canadian taxpayers to bail them out. How many of them invested here before they were officially established Canadian citizens. ..their fault, their problem.

#101 Daisy Mae on 03.07.14 at 12:51 pm

%% Dogs: “A case can be made that from the 1950′s on prices of homes began to rise incrementally, due to many factors, one of them rising sales commissions.”

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

Commissions used to be 7%, period — when you could purchase a house for $25,000 and less. My first ‘fixer-upper’ in the mid-sixties was $12,500. PIT was $100 monthly. It was when house prices started to skyrocket in the sixties, the 7% on the first $100,000 was introduced….

#102 BCD on 03.07.14 at 1:09 pm

#16 Bob Rice on 03.06.14 at 9:48 pm
I will tell you without a doubt home inspections are BS on a resale. The problems with crop up no matter what… expect to pump money into any resale… Just figure that older roofs, furnaces, etc.. will need replacement. You don’t need an inspector for this… I have family who rent out properties (for many years).. everything the bought was w/o inspectors – they all say, “house is in great shape” and it’ll still need cash… part of ownership. These same people no a hell of a lot more than you or I or Garth. They’ve made buckets of money in real estate since 1990. Interesting they’ve stated recently that they wouldn’t touch new real estate purchases today as they expect the slowdown coming soon… in the meantime, the homes and apartments are rented out 100% with good tenants. I like to take advice from successful people. That’s why I wouldn’t bother with an inspector (sellers are more motivated to sell if you walk in with a clean, firm offer with no conditions).. and that’s why I won’t buy anything right now b/c the boom times are coming to an end soon!

Inspections didn’t even exist decades ago… you’re wasting you money and creating a false sense of security…
_______________________________________

I agree wholly. Biggest waste of $400 I ever spent was on a home inspection. However, sometimes having someone knowledgeable look at the electrical would be a good idea (aluminum wiring, shoddy electrical boxes, grow-op-style electrical abuse of houses etc., can all cause fires). The plumbing might also be something to look at. . . but usually a competent friend can help with these things on a walk through the house. Our inspector told us nothing that my father wasn’t able to ascertain.

#103 heineken on 03.07.14 at 1:12 pm

re 77 toronto landlord on 03.07.14 at 9:15 am
The more I that I read on this website, the more I realize how pitiful, we Canadians have become.

These last 2 days have highlighted this fact.

I am not really sure why this site received “Top Canadian Personal Finance Award Blogs”.
Maybe one of you “renters” could enlighten me?

Garth has done a wonderful job for his masters, and really has dumbed everyone down.

Enough of my crap!
I Have a VERY SPECIAL surprise for all you renters.
Go get yourself a box of Kleenex and have yourself some beautiful wet dreams!
http://www.celebritynetworth.com/articles/entertainment-articles/stubborn-tenant-holds-absolutely-insane-amount-money-finally-leave-rent-controlled-nyc-apartment
___________________________________________

Every time you come on, you stir things up.
Thanks for the link–very interesting.
Talk about winniing the lottery.

#104 Nemesis on 03.07.14 at 1:17 pm

#FridayFun

“Men sometimes say they’ve got no rhythm as an excuse, because they think dancing’s not for them. Well, it is, it’s a display thing. Men should dance, and the more manly they are, the more they should dance.” – Dr Peter Lovatt, Dance Psychology Laboratory, University of Hertfordshire

[UK Telegraph] – How to dance like an alpha male

…“At 65 men stop peacocking,” he says. “When you watch older men dance, they often have a relaxed confidence about the way they move, there’s no showing off any more. Women’s confidence tends to drop at around 55 and the menopause, so this is the first time in their lifespan that men feel more comfortable moving than women.” …

http://www.telegraph.co.uk/men/active/10664623/How-to-dance-like-an-alpha-male.html

#105 Capt. Obvious on 03.07.14 at 1:19 pm

FSBO crowd, I always wonder who has time for this? I work a job that occupies all of my daytime time. I can’t be on the phone during the day. In the evening I have other things to do. On the week-end, frankly, I want my leisure time. I also prefer not to personally meet the people on the buying side. I’m willing to pay a few k not to deal with the details.

#106 BCD on 03.07.14 at 1:23 pm

#34 World According To Garth on 03.06.14 at 10:49 pm
We are still up with our bitcoin purchase as part of our tangible asset only balanced portfolio. Cash, rental RE, some gold/silver and other tangible assets. Sorry but we just don’t believe that you can keep making money with money it’s not sustainable even if we don’t know when the crash will happen. Not to mention every govt statistic is BS. Your tax dollars at work.
____________________________________________

#34 World According To Garth on 03.06.14 at 10:49 pm
We are still up with our bitcoin purchase as part of our tangible asset only balanced portfolio. Cash, rental RE, some gold/silver and other tangible assets. Sorry but we just don’t believe that you can keep making money with money it’s not sustainable even if we don’t know when the crash will happen. Not to mention every govt statistic is BS. Your tax dollars at work.
____________________________________________

With risky investments like bitcoin and gold and silver, it’s no wonder you are constantly harassing gov’t workers in your posts about siphoning off all your tax dollars etc. It has become obvious to me that you are jealous of the security gov’t workers have with a decent livable wage, pension, and benefits. I’ve met your type before in my workplace many times—the ones who lack the required education and then get upset and talk behind everyone’s back about how they don’t get paid the same as their coworkers– but yet they see themselves as equally valuable (when in fact they are not). Your financial security (or as I suspect, lack thereof) is your responsibility. Get a haircut, AN EDUCATION, and get a real job.

#107 Byron on 03.07.14 at 1:29 pm

What is a BRA that I am not supposed to sign? And why not?

#108 NoName on 03.07.14 at 1:32 pm

http://1.bp.blogspot.com/-dA9a3uBfJG0/UZq-R3RRhFI/AAAAAAAAgd8/ZSoOtTfB33U/s1600/LiesM39.jpg

there you have it…

#109 Panhead on 03.07.14 at 1:34 pm

It’s uncanny Garth, I just sold a teardown in East Van and you just described my agent to a tee … they are out there.
As I described his actions to a friend … “he made a surgical strike and sold the house in 4 days … it was most interesting watching him get the buyers playing against each other.” Chose from 12 serious offers. Opened my eyes. No problem paying his commish …

#110 Fed-up on 03.07.14 at 1:55 pm

@ #91 1% Doomer on 03.07.14 at 12:04 pm

Hilarious. I’m living in Europe right now, and my hand made artisenal Gelato costs $3 cdn. It’s also 15 degrees. Have fun shovelling out of the latest snowstorm in the GTA and paying $900k for your piece of paradise.

————————————————————————–

Hey hey bro, it’s gonna hit +1 for 3 hours here in the GTA today and the weather forecasters are writing poetry about it, so watch what you say ;)

Like I have said many times before, it costs BIG BUCKS to live in a lifeless, pot holed, non stop traffic congested and taxed to death meat locker.

We’re so pathetic here.

#111 pinstripe on 03.07.14 at 2:03 pm

#105 Capt. Obvious

FSBO crowd, I always wonder who has time for this? I work a job that occupies all of my daytime time. I can’t be on the phone during the day. In the evening I have other things to do. On the week-end, frankly, I want my leisure time. I also prefer not to personally meet the people on the buying side. I’m willing to pay a few k not to deal with the details.

———————————————————

I bought and sold many properties using FSBO.

Buy – approach owner and ask them when they are interested in selling, give me a call and we will negotiate to reach a win/win condition. Cash transaction.

Sell – I keep a list of potential buyers. Same criteria as Buy.

I have been using the same law firm to handle transactions for many years, since the buy/sell of the first property.

FSBO is so successful that to date some sellers are now buyers and vice versa.

#112 Chickenlittle on 03.07.14 at 2:23 pm

#12 live within your means:

:) Nice!

#77 Toronto landlord:

University has done you well. Now I can see that you put down everyone who has a different opinion than you.

I went to church with people like you.

Same story, different belief.

#113 A Yank in BC on 03.07.14 at 2:28 pm

#109 Panhead

Your parents must be so proud.

#114 wallflower on 03.07.14 at 2:50 pm

I asked a Montreal friend (Ontario here and not paying a great deal of attention to the PQ politics lately) if she is noticing migrations because of the politics since I know of one Montreal who left PQ last year for BC, never to return to her birth province. My current Montreal friend email-replied using the term EXODUS. Migration out of the province is too mild for her experience. It is an exodus. She declares, “It is worse than the 80s.” Meanwhile, PQ agents talk about everything but this reality.

I pulled this off internet. Agents don’t mention migration or exodus! Agents never deal in reality and never know the simple things they ought to know about their listed properties (said this before on this blog). Agents are NOT value for money.

CTV Montreal
Published Thursday, January 16, 2014 8:26PM EST

In 2013, home sales in Montreal fell to their lowest level in nine years.

Gone are the days of the booming market that flourished in 2011 and 2012, said Bill Palmer, an NDG real estate agent.

“That was a serious sellers’ market,” he said. “No matter what price we would put on something it would go for more – now, it’s not that.”

Palmer said that houses nowadays are selling for less and taking more time to sell.

Several real estate agents blamed the federal government’s recent decision to tighten mortgage rules.

In the summer of 2012, new rules saw maximum amortization periods drop from 30 years to 25, and home equity loans max out at 80 per cent of a property’s worth, a five per cent drop from previous regulations.

“People who used have a mortgage are not getting approved right now,” said realtor, Francois Mackay.

Some feel that, moving forward, increasing interest rates may become problematic for the real estate market.

The Laurentian Bank believes five year mortgage rates could hit six per cent by 2015, today, they’re sitting at around 5.3 per cent. On the average mortgage, this increase would translate to a cost of $120 more per month.

On the flip-side, interest rates rise when the economy is strengthening; so many real estate agents are predicting stronger sales in 2014, though still not quite on par with 2012.

Despite a not-great 2013, Palmer thinks real estate in Montreal remains a safe bet.

“We’ve gone through two referendums and the first house that I bought is now worth 10 times what I paid for it in 1980,” he said.

Quebec’s finance minister, Nicolas Marceau, isn’t taking anything for granted though, and asking the federal government to protect Montreal’s housing market, asking that mortgage rules not be tightened any further.

Read more: http://montreal.ctvnews.ca/montreal-real-estate-agents-sales-down-in-2013-but-looking-hopeful-for-2014-1.1643155#ixzz2vIuao41T

#115 happity on 03.07.14 at 2:50 pm

Garth, do think it possible that Putin dumping us$ denominated assets could hurt the us$, stock market and USA economic renaissance?

No. — Garth

#116 jess on 03.07.14 at 2:54 pm

…“At 65 men stop peacocking,” he says.

but their love of guns never seems to end

#117 Panhead on 03.07.14 at 2:55 pm

#113 A Yank in BC on 03.07.14 at 2:28 pm

Your parents must be so proud.

———————————————————-
You are so right … it was Pa’s house … he is now on “easy street” where he belongs.

#118 devore on 03.07.14 at 2:57 pm

#49 Aggregator

Just look at the way an assembly was formed by those IIP applicants. They’re a little too organized.

Too organized? How do you determine that?

They too have internet in China. They too can communicate with each other and organize. If a handful of people with an ultra-rare disease can find each other using the internet and form a support group, so can these people. They also have money to pay immigration lawyers to give them advice on how to proceed.

I don’t even know how you read conspiracy into this. Too organized? Do they have a blog?

#119 Old Man on 03.07.14 at 3:03 pm

#93 Aggregator: It appears the corporations are throwing the retail segment under the bus, and we the people must suffer in a state of confusion with more fascism. The retail segment are being blackmailed to conform to new rules or else there will be a price to pay. Ok, am sending instructions to my shopping slave, as need to hoop me some gas money for the car tank, and have the gloves off. I am going all in with several buys at the grocery store, and when the smoke clears will net me about $40.00 in savings as am stocking up; its war and am just getting started.

#120 recharts on 03.07.14 at 3:12 pm

#49 Aggregator on 03.06.14 at 11:59 pm
#39 Son of Ponzi

Richmond Realtor goes to bat for those mistreated Chinese RE speculators.

That doesn’t surprise me, and is in line with what I believed all along: The termination of IIP was about national security.

CSIS head backtracks on allegations of foreign influence over Canadian officials

(Jun 23 2010) VANCOUVER—B.C.’s Premier Gordon Campbell is calling on the head of Canada’s spy agency to back up his claims that cabinet ministers and public servants in the province are under the influence of the Chinese government.

The province was named by Canadian Security Intelligence Services director Richard Fadden in an explosive interview with the CBC in which he said the spy agency is tracking a number of public servants in British Columbia.

Fadden also alleged two cabinet ministers are under the influence of foreign governments. He did not say in which province the cabinet ministers had been elected, but did hint that the Chinese government was involved….

In the early 1990s, the RCMP and CSIS worked on a joint project called Operation Sidewinder that looked into allegations that Hong Kong and Chinese officials paid to gain influence over Canadian consulate staff in Hong Kong.

Just look at the way an assembly was formed by those IIP applicants. They’re a little too organized.

“CSIS ARE RACISTS!”

You would know. — Garth

#121 Vamanos Pest on 03.07.14 at 3:17 pm

#77 toronto landlord

What’s with the hate for renters? I’m a renter and I have nothing but love for my landlord. I don’t really know him that well, but he is subsidizing my lifestyle, which I think is really nice of him.

#122 devore on 03.07.14 at 3:20 pm

#55 Dogs playing poker

As a purchaser, you should not be afraid to bargain with a self represented owner over the price. This is called a bargaining chip. Obviously the owner is saving the cost of a commission. You the buyer should be able to lower the price accordingly.

Precisely. Sellers represented by an agent are no more realistic about the worth of their house than are FSBOs. You don’t have to look very far at all to find a slew of listings represented by so-called professional realtors that are wildly overpriced. I am not aware of any study showing FSBOs are any differently priced than agent listings. If anything, many (most?) FSBOs realize they are saving agent commission, and lower the price up front.

I also don’t understand Garth’s assertion that FSBOs are likely to misrepresent their property. Again, one does not need to look very far to find listings with room dimensions that are physically impossible for the lot size the house is on, unless a spacial anomaly is manifesting on the property. Or maybe it’s a Holodeck? Many agents don’t know anything about the property they are selling that is not already obvious to the naked eye. Otherwise there would be no need for house inspectors, would there, just ask the agent, right?

While licensed realtors have errors and omissions insurance, I would be incredibly surprised to hear of any buyer successfully pursuing action and collecting a single cent, or having any sanctions applied to the offending realtor. And I’m pretty sure that’s not because of the legendary honesty and trustworthiness of realtors, that’s because buyers just suck it up and accept surprise repair costs as part of pride of ownership.

#123 Derek R on 03.07.14 at 3:29 pm

#107 Byron on 03.07.14 at 1:29 pm asked:
What is a BRA that I am not supposed to sign? And why not?

Sounds like time to post the GarthFAQ again. You’ll find the answer to that question and many more there.

#124 James on 03.07.14 at 3:43 pm

#22 Smoking Man on 03.06.14 at 10:00 pm

Chief Economist Rosenberg at gluskin sheff pretty much said soft landing in Canada has been achieved. By the way, he was one of the guys, who predicated the US RE crash.

I don’t know what Garth is smoking.

Rosey’s track record is not enviable. — Garth

#125 bdy sktrn on 03.07.14 at 3:52 pm

old man – the big guns in the retail war war can be found only at costco.

ie maple suyrp
pc brand 300ml $10
costco 1000ml $12 – —$3.60 for 300ml – save 64% everyday

you need to find someone who goes and ride along for free.
of course when buying for a family its even more important.

#126 Holy Crap Wheres the Tylenol on 03.07.14 at 3:57 pm

#99 Smoking Man on 03.07.14 at 12:38 pm
Absolutely astounding…..
Reading the comments section on the topic of Russia Ukraine.
Almost 100% are siding with the Russian Narative..
MSM has lost a tone of ground when it comes to moulding beliefs.
Anyway dogs be careful taking about this topic.. It’s getting serious,
Obama has issued an executive order basically banning from the USA anyone who chirps the guys who took over.
What ever you do, do not post a link of that hacked phone call.
_____________________________________________
Sevastopol is a strategically important base for Russia’s naval fleet, in addition to being Russia’s only warm water base. After the dissolution of the Soviet Union, a 1997 treaty with Ukraine allowed Russia to keep its Black Sea Fleet pretty much intact (with 15,000 personnel currently stationed) and lease the base at Sevastopol (extended to expire in 2042).
So the Russians are basically taking back what they originally took by force during the Ottoman Empire Wars, then gave away in 1997. So they want their land back. Big deal. They see what they want and they take it. Happens over and over, again and again. Where have I heard that?
http://www.youtube.com/watch?v=ntLsElbW9Xo

http://www.independent.co.uk/news/world/russia-today-anchor-resigns-lives-on-air-in-response-to-whitewashed-ukraine-coverage-9172818.html

#127 Franco on 03.07.14 at 4:14 pm

By the time a correction happens in RE, I will be too old to care. Anyone that is waiting for prices to correct overnight is IMHO is truly the greater fool.

#128 Pope Snugglebums the 666th (aka Nosty) on 03.07.14 at 4:18 pm

#99 Smoking Man on 03.07.14 at 12:38 pm — “MSM has lost a tone of ground when it comes to moulding beliefs.”

Interesting to note that the Crimean parliament voted overwhelmingly to join Russia and leave Ukraine behind. Now that an unelected govt. has been shoved down the throats of Ukrainians (no one asked if people wanted a new govt., but they got a pro-IMF western one anyway), look for new rounds of austerity as the west fleeces Ukraine (Pensions halved?).

Kiev snipers, Armed Nazis, Libya, Crimea, Ukraine – Iraq / Bad – Good, Poland, Venezuela (IMF and west are busy there, too), Somalia (vast natural resources) and Cinese Bond Default.

“Those who vote decide nothing. Those who count the votes decide everything!” — Joseph Stalin

#129 Aggregator on 03.07.14 at 4:31 pm

#118 devore

They too have internet in China. They too can communicate with each other and organize.

Yes they can, through the same lawyer, Hong Guo based in Richmond:

In 2002 Hong's contributions to advancing Sino-Canadian business relations were recognized through her appointment as Foreign Legal Specialist by the State Council of the People's Republic of China.  Hong is currently a legal counsel for the Canada Chinese Investors and Enterprises Association.

That press conference in Richmond took place during the day. She was on a plane to Beijing that night.

You are obsessed. — Garth

#130 :):(Ying Yang on 03.07.14 at 4:56 pm

#128 Pope Snugglebums the 666th (aka Nosty) on 03.07.14 at 4:18 pm
#99 Smoking Man on 03.07.14 at 12:38 pm — “MSM has lost a tone of ground when it comes to moulding beliefs.”

Interesting to note that the Crimean parliament voted overwhelmingly to join Russia and leave Ukraine behind. Now that an unelected govt. has been shoved down the throats of Ukrainians (no one asked if people wanted a new govt., but they got a pro-IMF western one anyway), look for new rounds of austerity as the west fleeces Ukraine (Pensions halved?).
Kiev snipers, Armed Nazis, Libya, Crimea, Ukraine – Iraq / Bad – Good, Poland, Venezuela (IMF and west are busy there, too), Somalia (vast natural resources) and Cinese Bond Default.
“Those who vote decide nothing. Those who count the votes decide everything!” — Joseph Stalin

_____________________________________________
Well said Mr Stalin, Da

The Pope? How many divisions has he got?
Joseph Stalin

This one is for SM.
“Education is a weapon, whose effect depends on who holds it in his hands and at whom it is aimed.”
― Joseph Stalin

Oh god I can’t belive Im using Stalin quotes, arrrrgh we studied his books in university

#131 april on 03.07.14 at 5:00 pm

#127 – Who said anything about “overnight”. The melt has begun……

#132 Aggregator on 03.07.14 at 5:05 pm

@TurnerNation

Problem solved.

Ottawa targets grain backlog, sets transport minimums for railways

The federal government is taking tough new measures to clear the grain backlog in Western Canada, requiring railways to move a minimum amount of the crop each week and warning it will fine those that fall short.

Canadian Pacific Railway Ltd. and Canadian National Railway Co. face penalties of $100,000 a day for failing to ship each week a combined 1 million tonnes of grain, more than double the volume being currently moved by rail, Transport Minister Lisa Raitt said in Winnipeg on Friday.

Now I can lean into my Ag grains trade.

#133 LTL_FTC on 03.07.14 at 5:15 pm

Real estate agents – can’t live with them, pass the beer nuts. Biggest gripe is when they pass themselves off as economists giving prognostications about what a given property will be worth in a few years. I prefer to do that analysis on my own, without a peanut gallery.

#134 Mike T. on 03.07.14 at 6:32 pm

‘#77 toronto landlord

What’s with the hate for renters? I’m a renter and I have nothing but love for my landlord. I don’t really know him that well, but he is subsidizing my lifestyle, which I think is really nice of him.’

same goes for me

it costs much more than $800 all in for my lovely 1bdrm condo in beautiful Lake Country BC

don’t know for sure but I would guess the ownership cost is close to double what I pay

then there is that stubborn loss of equity, rising rates in the future, over supply of condos….

love thy landlord

#135 TurnerNation on 03.07.14 at 6:36 pm

Keep shorting, boys (and girls), we’ve got ’em on the run. Kaput?

#136 Old Man on 03.07.14 at 6:39 pm

#125 bdy sktrn : Costco is for a family scenario, and not my gig in life. I went inside once to look around and security escorted me out the door because I sneaked inside without a membership. I could have obtained a guest pass, but too much personal info to fill out and besides am too cheap to join the club as they wanted $50.00; probably more now.

#137 Son of Ponzi on 03.07.14 at 7:34 pm

The hardest thing for me is to figure out when Garth will post a new thread.
Because I don’t want to be one of the last posters, because most readers go straight to the new thread and my post would be kinda wasted.
I think it’s called “Latepostophobia”.
I feel it coming right about now.
See you on the next thread.

#138 cramar on 03.07.14 at 7:35 pm

With Average House Prices At $6.8 Million In Central London, Is A Property Bubble Set To Burst!

http://www.zerohedge.com/contributed/2014-03-07/average-house-prices-68-million-central-london-property-bubble-set-burst

“This time is different,” they say.

Maybe TO has a LONG way up to go!

#139 think again on 03.07.14 at 8:09 pm

Even in the US there is still overheated RE…

http://www.youtube.com/watch?v=Aw462pAE7UQ&feature=em-uploademail

#140 45north on 03.07.14 at 8:20 pm

wallflower : My current Montreal friend replied using the term EXODUS. Migration out of the province is too mild for her experience. It is an exodus. She declares, “It is worse than the 80s.” Meanwhile, PQ agents talk about everything but this reality.

there’s a scene in The Rocket
http://www.imdb.com/title/tt0460505/?ref_=nv_sr_3

Maurice is boasting about buying a house, this is too much for the father-in-law because his class were renters. The point is in 1950 les vrais Québécois were renters but they’re now owners. They’re going to vote their houses.

#141 45north on 03.07.14 at 8:35 pm

Son of Ponzi : I don’t want to be one of the last posters, because most readers go straight to the new thread and my post would be kinda wasted.

so whata you got?

#142 WhaTha? on 03.07.14 at 8:54 pm

#10 Role

Friends don’t let friends stoned comments blog, eh?

#143 Lorne on 03.07.14 at 9:05 pm

#97 Paul
He worked very hard and you cut his pay? Love you guys
and Agents are greedy lol
………
And he was still overpaid for what he did!

#144 Daisy Mae on 03.07.14 at 9:14 pm

#108 Panhead: |it was most interesting watching him get the buyers playing against each other.” Chose from 12 serious offers. Opened my eyes. No problem paying his commish …”

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

My dad was a realtor in the sixties…and he said then it was a ‘dog eat dog’ world. And, obviously, he wasn’t kidding…