Erinomics

BEWARE OF DOG modified

“Thought you might like this,” George wrote me. “Kind of unbelievable – a 19% return on investment? Actually, it IS unbelievable.”

Yawn. Another Toronto condo developer trying to move product to virgin landlords by claiming it’s a fabulous investment. This time the project is Garrison Point, a five-tower mass wedged between two sets of railway tracks overlooking the scenic Gardiner Expressway on the western flank of godless Toronto. Thirty-storey Tower One is now being flogged, with 300 boxes selling from $275,000 (496 square feet with a fabulous view of train wheels) to $1 million.

Just another few hundred condos added to the 105,000 currently being built or sold in the GTA, where cranes blot out the sun. Just another developer luring the young and the innocent, this time with a year’s free condo fees and guaranteed rent for newbie investors. The marketing is clearly aimed at Gen Yers and Millennials, like so many. But this development is special. It has Erin.

ERIN  Erin Bury, says the Garrison Point blog she contributes to, “is a first-time home buyer and the Managing Director at 88 Creative. Find her at @erinbury on Twitter.” She’s also young and attractive. And smart. Erin writes a monthly column for the Financial Post and comments on techy stuff for CTV. She’s appeared (says her bio) in the New York Times, Forbes, CNN and Canadian Business. She was named one of Marketing Mag’s top 30 Under 30 whizkids. And she’s the team leader at this leading edge marketing company, housed in a loft full of beams and Apples.

In short, one helluva endorser – a generational leader and role model to all those pathetic Millennials still living in their mom’s basement. And Erin, amazingly enough, has just bought a unit in Garrison Point! So it must be cool.

“As a Gen Y first-time purchaser,” Erin writes, “I want to take you through my journey from perennial renter to new condo owner, and show you why it’s easier than you think to own a home, and why pre-construction is an affordable way to own.

“I’ve lived in downtown Toronto since I graduated from university in 2007 and have been a renter ever since, first with a roommate and now with my boyfriend. I’ve always wanted to buy a home, and for years I’ve considered buying a resale condo, but without a full 20% down payment I was always hesitant to incur CMHC penalties, and putting only 5% down would make my monthly bills too expensive. I know I could move to the suburbs to get a cheaper place, but I love the downtown lifestyle, and have no plans to move to the suburbs (or even north of Bloor) anytime soon.

“The best alternative to moving to the boonies? Buying a pre-construction condo. I just purchased my first condo at Garrison Point, and here are the reasons I think pre-construction is the way to go.”

Well, says Erin, buying a condo that doesn’t exist yet gives you more time to save money you don’t yet have to make a down payment, and means you can secure a unit with just 5% down. “Who has $100,000 laying around in their 20’s? Not me.” Plus you can save money for new furniture, moving, and pesky closing costs. Second, buying this way means “you don’t have to worry about market fluctuations,” which is kind of an intriguing thought. “As a first-time buyer you don’t know what to believe, and after years of watching people speculate I’ve learned that no one knows for sure,” Erin says of those who warn that maybe – just, maybe – having 105,000 condos go up at the same time might skew the demand/supply metric. But she’s not worried.

She also tells her readers this is a great investment. “You’re buying a unit at today’s market price, and moving in 2-3 years down the road when the price per square foot will have inevitably gone up. And when people say it’s only a great investment if the market is doing well… I tell them that if the time isn’t right to sell, I can always rent it out.” Wow. Where do I start?

Of course, a normal market correction would wipe out Erin’s equity and leave her with a mortgage potentially bigger than the value of the condo. Interest rate increases (which are coming, of course) will make each mortgage renewal more difficult and wound the market. Owners like Erin will always pay more to live in the same unit than it costs to rent – which means she’ll be in negative cash flow if she does bail, can’t sell, and gets a tenant. And, of course, buying an unbuilt condo is like taking out a futures contract. You risk cash today, gambling that three years from now you won’t be crushed.

But, wait. “Down the road …the price per square foot will have inevitably gone up.” This is Erinomics. Pay attention, kids.

Finally, why did Erin buy here? She says:

“So why did I purchase at Garrison Point over the other pre-construction projects in Toronto? Well there are a million reasons I chose this specific development. First is the location – King & Strachan, which is on the streetcar line and also close to Liberty Village. Second is my unit – I purchased a two bedroom-plus-den unit with two balconies and a lot of space, so I can have a family there. Third is the planned community – when completed the project will be five buildings, retail stores, a 4.5-acre park, a planned community pool, and unobstructed views of the lake and downtown thanks to the rail lines on either side. I feel it’s not only a great home for a young family, it’s a great investment.”

There may be a fourth reason. She’s paid to.

Erin Bury’s employer, 88 Creative, is owned by BuzzBuzzHome, one of Canada’s most successful condo marketing companies and sites. And Garrison Point is a client of 88 Creative, where Erin is in charge of things as managing director. In fact, her company created the Garrison Point blog that Erin writes, under pretense.

At least, that’s what 88 Creative claims on its corporate site: “We’ve built the online community using Twitter, Facebook, Instagram, and a Garrison Point blog, directly impacting project registrations and raising the profile of the brand.”

And here I thought this was the generation of transparency. How naïve of me.

265 comments ↓

#1 Derek R on 07.29.14 at 3:40 pm

Why does the term “Judas Goat” spring to mind?

#2 pinstripe on 07.29.14 at 3:43 pm

The Condo-King strikes again.

http://www.cbc.ca/news/canada/edmonton/toronto-s-condo-king-discusses-new-development-in-edmonton-1.2721441

#3 earthboundmisfit on 07.29.14 at 3:59 pm

“She ain’t pretty, she just looks that way”
And apparently rather naïve.

#4 Ray Skunk on 07.29.14 at 4:03 pm

What an absolute crock of shit.

This is worthwhile reposting (credit to Victor V):

http://www.garrisonpointcondos.net/me/

I see lots of promises but not a lot of disclaimers. Could be worth making copies of for the inevitable lawsuits.

#5 Jennifer on 07.29.14 at 4:08 pm

Wow, obsessed much? =/

#6 Paul on 07.29.14 at 4:11 pm

Well it’s official I found absolute proof we are being invaded by HAM lol

http://www.youtube.com/watch?v=DWynJkN5HbQ

#7 Son of Ponzi on 07.29.14 at 4:13 pm

Time to send some encouraging remarks via e-mail to the lady.
Remember the Lee sisters in Vancouver.

#8 Son of Ponzi on 07.29.14 at 4:14 pm

88creative.
————–
Those numbers again.

#9 Brian Ripley on 07.29.14 at 4:15 pm

One more bit of advice for newbie real estate buyers:

I just mashed up a piece on Oil, the Baltic Freight Rate (that has plunged) and Canada’s consumption vs production (we are in a negative trade)

If you are making a leveraged bet on continuing price rises in xxx housing (name your city) and if you are leveraged, it would be prudent to match your loan amortization to your wage earning contract.

http://www.chpc.biz/history-readings/oil-and-bdi

The impact of a potential change (down) in income should be considered before buying Ms Bury.

#10 Holy Crap Wheres The Tylenol on 07.29.14 at 4:21 pm

This time the project is Garrison Point, a five-tower mass wedged between two sets of railway tracks overlooking the scenic Gardiner Expressway on the western flank of godless Toronto. Thirty-storey Tower One is now being flogged, with 300 boxes selling from $275,000 (496 square feet with a fabulous view of train wheels) to $1 million.
______________________________________________

Love the view, click, click, click, click, click love the sound of the trains going by. Love the view of the Gardiner Expressway, oh is that the lake behind thos other condo towers?

#11 Andy on 07.29.14 at 4:24 pm

One of a colleague has bought a condo for $790000 that will be completed coming December(doesn’t look like so given the progress) just for investment purposes. He paid 5% of the amount 790000 for a 2 bedroom on Lawrence and Yonge. Before he has to take the delivery of the finished condo ( which will require him to take another mortgage which he might not even qualify for) , he is trying to sell. This he said is called assignment. The broker he had bought from is not responding very enthusiastically because it is of no incentive for him to sell it. A broker expert in assignment kind of deals has asked him to list at 860000 but he will take 6% commission. I am not sure if it is worth to earn some 20 odd grands after loosing sleep for about 2 years. and if it does not sell at that price then he might even be at loss. He says if there is a loss he wont sell but will rent it for $3000 per month. Now who pays $3000 rent for a 2 bedroom condo?

#12 Shawn on 07.29.14 at 4:25 pm

19% Return?

I’d go for it but I just can’t take that kind of decline to my normal returns.

#13 Erin Bury on 07.29.14 at 4:26 pm

Hey Garth, thanks for taking the time to read my posts – I’m flattered. In terms of transparency, I’ve never hid the fact that 88 Creative manages Garrison Point’s online channels. We represent several developers in the city, and the reason I bought at GP is because I love the amenities, the size of the unit, and the project’s community focus. Also I have to say I’m surprised you’re discussing biased writing, when you clearly have a bias against condo developers (or maybe even Toronto – “the western flank of godless Toronto” seems a little harsh, no?). The great thing about real estate investments is that they’re like any investment – no one knows which ones are a sure thing, since if they did we’d all be Warren Buffett. I’m simply offering my take on why a buying a condo now is the right choice for me – people are welcome to take my advice, or discredit it as you’re attempting to do here. Also one final point – I paid full price for my condo, and if you think I would shell out the price of a condo to help drive blog traffic then you may not understand Gen Y & our priorities. Cheers!

Let me know if I got anything wrong. — Garth

#14 Flawed on 07.29.14 at 4:34 pm

#6 Paul on 07.29.14 at 4:11 pm
Well it’s official I found absolute proof we are being invaded by HAM lol

http://www.youtube.com/watch?v=DWynJkN5HbQ

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

That was really funny……even if it does not compare with the fact that most of the Chinese in Vancouver do not speak perfect english in fact a large percentage don’t even speak……english. But please come to Canada with your zero taxed money millions illegally smuggled out of China as per their 50K law and buy a shack for 1.1 million. Thanks !! That helps us……

#15 CJ on 07.29.14 at 4:36 pm

Remember when you mocked Twitter shares? Bad timing on that post …

No mock, just pointing out the p/e risk. Don’t get too excited. — Garth

#16 Ray Skunk on 07.29.14 at 4:39 pm

#10 – Holy Crap

Love the view, click, click, click, click, click love the sound of the trains going by. Love the view of the Gardiner Expressway, oh is that the lake behind those other condo towers?
——————————————————

Yep, anyone thinking of buying into these two monstrosities that look like part of the set from a Paul Verhoeven movie would be well advised to look slightly west to Liberty Village…

I remember the marketing materials back in ’07 – a couple of tall condos set against a backdrop of trees, the odd townhouse and of course the lovely deep blue lake. Gardiner Expressway notable for its absence.

Take a look at what’s there today and it’s more akin to 1980’s Leningrad; wall-to-wall highrises with your balcony either facing another 9ft away on the other building, or a cell phone mast transmitting lovely cancer into all your available orifices.

Still, getting out of these using the multiple transit options… err single streetcar line is nice and easy. Isn’t it?

#17 Ray Skunk on 07.29.14 at 4:42 pm

#13 Erin

The great thing about real estate investments is that they’re like any investment – no one knows which ones are a sure thing
——————————–

Your realtor buddy Matt seems to be in the know. He’s promising 19.1% ROI.

#18 CJ on 07.29.14 at 4:43 pm

#13

Erin, I can’t imagine raising a family in a condo. Kids need back yards.

#19 Smoking Man on 07.29.14 at 4:45 pm

The same MSN machine that’s leading the RE virgins to the killing fields, is now, by lack of objectivity, truth gambling with all our lives…

This whole Russia thing could get out of hand real fast.

What the hell happened to the CBC..

#20 Johnson on 07.29.14 at 4:49 pm

Wow, a marketer promoting their own client’s interests? SHOCKING. Absolutely horrifying.

It’s all about disclosure. And with this I officially welcome Erin’s friends to our blog. We’re serving canapes on the balcony overlooking the tracks. — Garth

#21 Ray Skunk on 07.29.14 at 4:54 pm

Got to laugh at Erin’s “community focus” justification… buying into a project with a significant aim towards rental investment. Yes, 20-something party-animal renters are the very cornerstone of community spirit. Ask anyone owning over at Cityplace how they feel about the demographic makeup of their condo population.

Good luck bringing your kids up in a pseudo-university-hall-of-residence.

#22 active on 07.29.14 at 4:57 pm

30 under 30 and getting caught up in the hype, how sad.

#23 SWL1976 on 07.29.14 at 4:57 pm

Wow!!! sure would be nice to not have worry about market fluctuations

Where do I sign?

#24 Son of Ponzi on 07.29.14 at 5:03 pm

#12 Shawn on 07.29.14 at 4:25 pm
19% Return?
I’d go for it but I just can’t take that kind of decline to my normal returns.
————-
Shawn, not too late to respond to the Net Worth survey.

#25 nonconfidencevote on 07.29.14 at 5:12 pm

@#13 Erin.
I believe the focus of Garth’s article was on “disclosure” and the lack of it in most real estate blogs.
Perhaps you should have stated on your blog a “full disclosure” statement before pumping this project.
Its still not too late.
Post a full disclosure statement for all your potential Millenial bretheren that will be tempted to buy.
Its the honest and open thing to do.

:)

#26 Son of Ponzi on 07.29.14 at 5:12 pm

Erin.
I know of presales where 9 foot ceilings became 8 foot, and where the storage locker room never materialized.
Make sure you get a good lawyer before signing.

#27 Transplant on 07.29.14 at 5:21 pm

#13 Erin

The great thing about real estate investments is that they’re like any investment – no one knows which ones are a sure thing

Only some investments prove to be rewarding and when purchased are certainly not known to be “sure” things. I believe this is called risk. Is it only with real estate investments that risk is referred to as a “great thing”? If so, what specifically about real estate makes it “great”?

#28 Network Admin on 07.29.14 at 5:21 pm

BTW, this is from a blog entry from a realtor about pre-construction condos in Toronto:

… Every week, I get a phone call from somebody who is in occupancy, bleeding money each month, or somebody who just closed on a condo and now wants to sell – while forty other speculators in the building try the same…

http://www.torontorealtyblog.com/archives/game-of-thro-wing-your-money-away/10931

#29 Son of Ponzi on 07.29.14 at 5:27 pm

We’re serving canapes on the balcony overlooking the tracks. — Garth
————–
What balcony?
There have been cases where the developers scraped the balconies because of cost overruns.
Always read the fine print.
Even the former PM Kim Campell got screwed on a presale in Vancouer.

#30 totalinvestor.com on 07.29.14 at 5:30 pm

“Thirty-storey Tower One is now being flogged, with 300 boxes selling from $275,000 (496 square feet with a fabulous view of train wheels) to $1 million.”

Only $554/sq.ft how can you go wrong?

#31 Montellino on 07.29.14 at 5:31 pm

Did anyone see Tara Perkins’ piece in the G&M today on Irish housing. Clap clap.. that was a rather swift turn to balanced reporting. I must say I was pleasantly surprised.

Erin – when it comes to investments if you were a stock analyst and were pumping an investment with vested interest but no disclosure – you’d go to jail (similar to railroad tracks in liberty

#32 Happy Renting on 07.29.14 at 5:35 pm

I hear getting from Liberty Village to the core during rush hour is hell. Wherever they throw up condo towers without expanding infrastructure to accommodate more residents you are looking at constant crowding, line ups, jockeying for resources. Stressful.

#33 Longo on 07.29.14 at 5:38 pm

Are we lynching Erin here?
Someone who pays cash full price shouldn’t be worried about the markets.

#34 soused on 07.29.14 at 5:41 pm

I paid full price for my condo, and if you think I would shell out the price of a condo to help drive blog traffic then you may not understand Gen Y & our priorities.
———————————————————-

You don’t speak for our generation or our priorities, I certainly wouldn’t shill for horrible investments to my struggling generation. You are basically a Cutco employee, going door to door selling sharp knives for people to self-harm with.

#35 Son of Ponzi on 07.29.14 at 5:52 pm

About the 4.5 acre park:
Here in Richmond, I know of a Condo Project that had land set aside for a “park”.
Completion was 3 years ago, and the “park, was just a neglected plot.
Now, guess what.
Yes, they are building another tower on the plot.
Gotta love those presales.
Moral: Never buy a hole in the ground.

#36 Shawn on 07.29.14 at 5:53 pm

Ponzi said: Shawn, not too late to respond to the Net Worth survey.

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

Sorry, it is going up so fast it would be immediately out of date.

Also, I brag on my own schedule, not on command.

#37 Freedom First on 07.29.14 at 6:00 pm

Thank you for showing us Erin Garth. My list of female Erin’s and male Brad’s etc. is getting long now.

You do good work Garth in not only giving us good solid advice to us in all of our financial matters, but also, wonderful examples of the good, the bad, and the ugly, and not just in the real life scenarios that have already played out in the Financial world, but also the good, the bad, and the ugly, about the actions of people working in all of the Financial markets.

So many leveraged to the hilt Canadians bent over today in so many financially painful positions. Thank you Garth, for showing us the Financial “Sheepherders” who are assisting their coming demise. We are screwed. This will affect all of us. Buyer beware. Protect yourself.

#38 Victor V on 07.29.14 at 6:03 pm

#33 Longo

Where does it say she paid cash full price? Her blog suggests she is unable to come up with $100k hence her perceived view that pre-construction with multiple payments is ‘helpful’ in the buying process.

#39 mark on 07.29.14 at 6:04 pm

Feel free to put up proof of ownership. Marketing and PR desperados usually have some trouble with the truth.

#40 Stickler on 07.29.14 at 6:05 pm

A recent study of Gen y students
showed 30% were narcissistic in psychological tests
(displayed an inflated sense of self, lacked empathy,
were vain and materialistic and had an overblown
sense of entitlement), compared with 15% of youth of
the same age in the previous Gen.

Permissive parenting, celebrity culture and
the internet are among the causes.

Some resulting social trends were a greater interest
in fame and wealth, more plastic surgery, and an
increase in attention-seeking crimes.

…so what are those Gen Y priorities again?

#41 jess on 07.29.14 at 6:05 pm

The Chinese words for “you boss”

“rule of law” or “rule by law”…democracy is the enemy of ‘competitiveness,’?

Jul 01 2014
see – Big Four firms officially sell out Hong Kong’s democracy movement
Posted by: Nicholas Shaxson in: Thoughts
http://www.scmp.com/news/hong-kong/article/1543515/employees-big-four-accounting-firms-disown-anti-occupy-central-ad

http://www.taxjustice.net/2014/06/27/big-four-firms-warn-occupy-central-hong-kong/
Employees from ‘Big Four’ accounting firms disown anti-Occupy Central ad

Professionals declare love for Hong Kong and reject political statement from ‘Big Four’ firms
PUBLISHED : Monday, 30 June, 2014, 2:01pm

http://www.scmp.com/news/hong-kong/article/1543515/employees-big-four-accounting-firms-disown-anti-occupy-central-ad
http://retheauditors.com/2014/07/13/auditors-and-the-financial-crisis-part-of-the-solution-or-part-of-the-problem/

#42 No HAM here ... on 07.29.14 at 6:05 pm

… not Yet.

Vancouver House tower makes enemies before it’s built by targeting Asian buyers

http://www.theprovince.com/Vancouver+House+tower+makes+enemies+before+built+targeting+Asian+buyers/10067128/story.html

The paper ran the 2nd photo on the cover – a nice & shiny golden glistening artists rendering, even though the finish is actually white.

I guess Shiny Golden towers sell better to off-shore buyers.

Selling in Asia two months before the locals get their chance to line up — shades of Concord Pacific & the Expo Lands scandal.

#43 Victor V on 07.29.14 at 6:06 pm

For those on Twitter, check out how the folks at 88 Creative are accusing Garth and his hired ‘goons’ of hacking their website.

These marketers sure have a lot of nerve …

#44 raisemyrent on 07.29.14 at 6:08 pm

Erin is just one of those people that thinks they have their lives figured out before 30. Such stories of “success” always involve some outside the box thinking employer, a steady relationship, and home “ownership”. Nothing but an illusion masking their innate fears. Life will get to you eventually.

#45 Omg on 07.29.14 at 6:13 pm

Speaking of underwater condo owners, Victoria is the harbinger of things to come.

Thousands of condos were sold in the late ’90s and roaring early “00” with the idea that 10 – 15% annual was a given. After all we were going to be San Diego north said the realtors. Well things sort of flatlined at 2007 prices.

I deal with people every month trying to selling their investment condos. (No I am not a realtor)

Typically These people have not been covering their mortgage costs let alone condo fees, vacant months and upkeep. And the concept of the op cost of the equity is not even on the radar screen.

After nursing the units along for several years with a net negative of several hundred a month people just get sick of it and sell.

Most figure they will list at what they paid for it and end up eating the commission as well.

I would put dollars to dimes that 5 years from now this will be the story for thousands of Toronto investment condo owners.

#46 Stickler on 07.29.14 at 6:19 pm

The way the market should (and used to) work is pre sale should be cheaper then units that are available immediately.

If your pre sale wont be ready for 3 years, you could buy one now cheaper, or for the same price and rent it out for those 3 years and make a positive return.

…but guess what. You can’t. If you are agreeing to pay the same $ or even more for a unit that doesnt even exist yet, well…good luck.

#47 Alberta Ed on 07.29.14 at 6:19 pm

Well, gosh, who wouldn’t want to raise a family in a cramped concrete coffin overlooking a highway and some railroad tracks? Not to mention, gambling your entire net worth?

#48 Son of Ponzi on 07.29.14 at 6:20 pm

Erin,
Your soul can still be saved.
Provide a link to Garth’s blog on your blog.
You owe this to your generation.

#49 Blobby on 07.29.14 at 6:25 pm

HANG ON A MINUTE…. Quote:

“is a first-time home buyer and the Managing Director at 88 Creative. Find her at @erinbury on Twitter.” She’s also young and attractive. And smart. Erin writes a monthly column for the Financial Post and comments on techy stuff for CTV. She’s appeared (says her bio) in the New York Times, Forbes, CNN and Canadian Business. She was named one of Marketing Mag’s top 30 Under 30 whizkids.”

But yet she STILL cant afford 20% down payment?!?

Someone who writes for the financial post, and is THAT bad with money?!?

She’s either a not very good “whizkid” or a really bad person to get financial advice from…

#50 David on 07.29.14 at 6:31 pm

#33 Longo

“Who has $100,000 laying around in their 20’s? Not me.”

This doesn’t sound like she paid full price, considerably more than $300 000, in cash. I believe the point was to indicate she did not receive some discount from the client.

#51 Mister Obvious on 07.29.14 at 6:35 pm

#25 nonconfidencevote

“Post a full disclosure statement for all your potential Millenial bretheren that will be tempted to buy. Its the honest and open thing to do.”
———————————

Yep. And don’t forget to locate it at the top of the page before your blog post in a conspicuous font.

#52 Shawn on 07.29.14 at 6:51 pm

What was that I was saying yesterday about people lashing out at anyone with a contra view.

… 49 Blobby suggesting she is bad with money. Ponzi figures her soul needs saving… 44 questioning he “success”

I could go on… Nice bunch of fellas we have here at the ole Greater Fool Blog. What a way to treat a new visitor.

Her crime… she advised buying a condo!

Not exactLy. Disclosure. — Garth

#53 devore on 07.29.14 at 6:53 pm

#51 Vstrom rider

This is one of the downsides to being a renter. There is no provision in the Residential Tenancy Act that requires the owner/realtor to keep the number of viewings to a reasonable level.

Of course there is.

Protection of tenant’s right to quiet enjoyment

28 A tenant is entitled to quiet enjoyment including, but not limited to, rights to the following:

(a) reasonable privacy;

(b) freedom from unreasonable disturbance;

Just because there are provisions for landlord access, does not mean he can just do it every other day. File a complaint with the RTO.

#54 Son of Ponzi on 07.29.14 at 6:54 pm

In the 60s the kids had LSD.
Now they have presales………

#55 William Bell on 07.29.14 at 6:54 pm

@erinbury #13:

Erin, if Garth said wrong, just send the lawyers. No need to tweet, retweet, @mention, #scream all over the internet.

And, use this traffic spike wisely :)

#56 Entrepreneur on 07.29.14 at 6:59 pm

Would not touch a condo. My parents sold their house and moved into a condo. A lot of resriction and the monthly fee always go up. I swear it did not help my mother as a few years later she started to develop dementia. Would she have dementia if she lived in a house?

It seems to me that Erin is just a saleswomen.

#57 devore on 07.29.14 at 7:00 pm

#60 Look again

You are not accurate in it automatically rolls over into a month to month- unless you are a landlord who has let things slip and chosen to ignore your own lease date.

Look again yourself. BC (and IIRC Ontario as well), a regular fixed lease automatically rolls over into a monthly (or “periodic”) lease:

“(b) in relation to a fixed term tenancy agreement that does not provide that the tenant will vacate the rental unit at the end of the fixed term”

Ie, there has to be an explicit provision that a fixed term lease results in end of tenancy at the end of the lease period.

Look at the standard tenancy form RTB-1, see for yourself, what you refer to is a special case that must be acknowledged and initialed by both parties.

#58 lived a few years in Toronto on 07.29.14 at 7:01 pm

Strachan and King.. huh rented a bit west for 2 years and it was better to WALK to the financial district than taking the godforsaken 504 streetcar (45 mins / 4km during rush hour). Rather live north of bloor if I’m to ruin my financial future.

#59 CJ on 07.29.14 at 7:01 pm

I almost feel sorry for people like Erin. Almost.

Reading this makes me happy to be part of Gen X. Gen Y … You are so screwed.

#60 Babblemaster on 07.29.14 at 7:04 pm

“Down the road …the price per square foot will have inevitably gone up.” – Erin

—————————————————

She’s right. There may be bumps in the road, but twenty years from now, it’ll be a lot more.

A 20-year-old condo with a special assessment to replace its glass? You’re funny. — Garth

#61 Reasonfirst on 07.29.14 at 7:06 pm

Erin,

Points #1 and 2 – “More time to save”

Why don’t you just…uhmm…save?

#62 Financial Freedom at 40 on 07.29.14 at 7:19 pm

Almost feeling nostalgic about my downtown condo buy two years out of school. Model suite! Brand new! Moving out! Owning something (with the bank)! So grown-up! No porch for canapes though.

Conversion in the heart of the entertainment district. They had a commercial tenant on the first floor that couldn’t be evicted and made the walls shake all the way up to the 11th floor where I was – a “nightclub” that kept super odd hours. Owners on the lower floors would check into hotels and bill back the builder. Ah, to be young and have your bed vibrate… and the sound of (bass) thumping… from the building no less.

Looked up my old unit – last sold in 2013 and I will presume at list. If I was still the owner, rather than selling in 2001, it adds up to 10% compound return since ’98 that I ‘missed’. Feeling decidedly underwhelmed about that number.

You first ‘housing’ purchasing is a right of passage – hopefully always a lesson to build from. I cleared only $6,500 buying and selling my first condo. The number is stamped on my brain. Wishing the generation after me well.

#63 james on 07.29.14 at 7:23 pm

#33 Longo

“Someone who pays cash full price shouldn’t be worried about the markets.”

That was perhaps the most idiotic thing I have seen today.

Buy low sell high. Buy high sell low is not a route to wealth.

Why pay 400k today for something that you can get for 300k next year?

#64 NostyVlad the Snugglebombed on 07.29.14 at 7:24 pm

How revolting. Much prefer living in a home compared to a shoe box protected by tin foil insulation hats. If I were a singleton, sure I would rent an apt., but I’m not and ain’t.

#46 gladiator on 07.28.14 at 10:08 pm, #58 Sheane Wallace on 07.28.14 at 11:48 pm — “Short of nuclear war . . .” [– WW3 won’t be a war in the old sense of the word, it is an economic war already under way], #75 TurnerNation on 07.29.14 at 8:51 am — “Unless…it’s all the same people funding and controlling both sides from above.”
— and —
#19 Smoking Man on 07.29.14 at 4:45 pm — “This whole Russia thing could get out of hand real fast.” This and (Updated Global Elite)

Do y’all remember 2006? If this incident hadn’t happened, then Ukraine, Crimea (which voted overwhelmingly to join Russia), MH17 and 370, Lehman Bros., Israel – Palestine and scores of other events wouldn’t have happened either. But everything happens for a reason, and ours is not to reason why.

TNation — Six corporations control the m$m. Sheeple Are Strange — Don’t follow the m$m herd.

The current situation is not about the Palestinian or Jewish peoples, it’s about zionists (from all walks of life) ethnically cleansing their (supposed) enemies. Remember that last month, three Israeli teenagers were kidnapped and killed in an IDF-controlled region of the West Bank, not Gaza. ISIS has taken credit and even the Israeli media admits that the two suspects named by the Israeli government are not part of HAMAS, but of a group known for disobeying HAMAS and trying to cause trouble for them.

The wheel of karma grinds slowly, ‘tho. What comes around goes around. I do have compassion for the Jewish people — it’s almost certainly hurting them as much as the Palestinians.

#65 Josh Renning on 07.29.14 at 7:26 pm

In 25 years when that concrete condo box is paid off will cost big bucks.

Just the monthly condo fees, 5.00% average annual increases and lost financial investment returns on that money will cost the condo clueless buyers $421,000.

Do you want to be financially clueless and broke? Buy a condo or two.

#66 james on 07.29.14 at 7:29 pm

That’s an ugly neighbourhood. The amenities are that it is close to Liberty Village? That’s hardly a ringing endorsement.

I cannot imagine raising a child in a concrete box. I have coworkers in that boat (one of whom is pretty and blonde and millennial to boot), and they are desperate to leave their admittedly nice condos in SF. (Incidentally a far nicer city than Toronto).

Garth is right. This is a form of option trading, and the risk level is not looking good.

#67 Yogi Bear on 07.29.14 at 7:36 pm

Someone needs to tweet today’s article to Erin.

I’ll go pop some popcorn.

#68 Bill Gable on 07.29.14 at 7:42 pm

Ethics is a word obviously absent from the vocabulary of this borderline Sociopath.

Erin’s prevarications are disturbing to me on many levels.

If this is the mentality we are dealing with out here in the weeds, we are doomed to seeing many poor schnooks wiped out.

Of course, by the time this is built (if ever) Erin will have flogged her view of the RR tracks to another greater fool and moved into a mansion, on the back of people that are naive enough to believe anything this despicable human being says.

Talk about self centred!

Mr. Turner is trying to save your rear end – RUN from people like this.

PLEASE.

#69 devore on 07.29.14 at 7:47 pm

#17 Ray Skunk

Your realtor buddy Matt seems to be in the know. He’s promising 19.1% ROI.

Before capital appreciation. Which they say is “guaranteed $10k price increase”. That’s funny, not 10%, $10k. Regardless of price, size, upgrades, floor, floorplan, etc? $10k flat? Warren Buffett wishes he was this clairvoyant.

#70 NoName on 07.29.14 at 7:53 pm

I remember it was March 1998, when i for the first time took a OG bus to big smoke. It was overvelming for the younglad who just migrated from third word country. On one side was something that look like industrial waste land, and other side was Totontopolis, with all its shiny tall buildings.
Fast forward to now, and all i can see through my car window driving on gardiner, are dining and living rooms furnished in some IEKA minimalist style, guess only style that fits well with sq.footage. But what I always wonder about people that live in, is not sq.footage, my concern is; do they understand dangers of fine particle dust that gets airborne from gardiner. Honestly I think that people that live in those condost are actually not aware of it and of it’s dangers. Just gogole trafic dust presents to human health.

http://www.stateoftheair.org/2013/health-risks/health-risks-particle.html

http://www.apartmenttherapy.com/dealing-with-big-city-grime-176550

#71 Lusty Condo Moe on 07.29.14 at 8:00 pm

DELETED

#72 X on 07.29.14 at 8:05 pm

Yep, RE always goes up. Especially when you are looking at such a long time span like 2-3 years. lol.

Apparently Erinomics does not include a course on inflation, interest rates, or real return.

Out of curiosity what would occur to a mutual fund rep were they to shamelessly promote their mutual funds like this. How/Would they be penalized or is this type of obfuscation legit?

#73 };-) aka Devil's Advocate on 07.29.14 at 8:15 pm

She’s living in the moment and appears to be doing quite well for it. If she, on the other hand, lived a Bears life like most on this blog who’s to say two or five years down the road she’d be any better off? At least she’s enjoying life and making the most of it here and now. More should think about that as there are no guarantees for tomorrow.

How many times have I posted;

”Ours is not to see what lies dimly at a distance but to deal with what is clearly at hand” – Thomas Carlyle

Worst case, if it were to all go south on her, this young lady clearly has the balls to get back up on her feet and fight to regain her ground. She’s not waiting in a LazyBoy® recliner somewhere for opportunity to come knocking on her door she’s up and out seeking it and it’s coming back to her in spades.

Many here could learn a lot from this lady. But they won’t. Instead they will criticize and condemn her. Shame on you.
}:-(

Huh? — Garth

#74 Victoria - the original on 07.29.14 at 8:21 pm

In the photos of Erin’s future condo why are there kids racking the grass. If you bring up a couple of kids in a condo they don’t have to rake the grass, or mow the grass.

hmmmm.

#75 };-) aka Devil's Advocate on 07.29.14 at 8:24 pm

If I had to predict what lay in the future for real estate, here in Kelowna anyway, it would be an increasingly exuberant market over the course of the next 2 to 4 years and then an abrupt correction clawing back as much as a third of those gains. So at the end of the day one who buys a $250,000 condo today might see it rise to a value of $400,000 and then correct back to $350,000 after the loss of a third of the gain</cite.

Of course that just my opinion… if I were pressed to make such a prediction, which I do so here only under the security of anonymity because; ”Ours is not to see what lies dimly at a distance but to deal with what is clearly at hand” – Thomas Carlyle

#76 Tony on 07.29.14 at 8:46 pm

Re: #13 Erin Bury on 07.29.14 at 4:26 pm

You’ll end up a forgotten casualty when the inevitable correction or crash unfolds. I don’t feel sorry for any of those clueless generation y’s or whatever they’re called. The only way to learn is through failure and the generation y’s will naturally learn the hard way. If this helps in the past the best time to have bought a home was when interest rates peaked.

#77 smugness isn't the most attractive thing on 07.29.14 at 8:47 pm

Gee Erin, it must be pretty amazing to be able to speak for an entire generation.

“I paid full price for my condo, and if you think I would shell out the price of a condo to help drive blog traffic then you may not understand Gen Y & our priorities.”

Maybe you don’t realize how smug and pretentious that sounds?

#78 Mr. Reality on 07.29.14 at 8:50 pm

I would like to personally thank Erin and her band of followers for continuing to push condos on people at record high prices with record level of debt….

Then when the day of reckoning comes, this sorry renter will be able to purchase your distressed sale for pennies on the dollar.

I love sheeple!

Mr. R.

#79 Mark on 07.29.14 at 8:50 pm

With Calgary, Toronto, and Vancouver RE prices in decline for the past year, these people are pretty much locking guaranteed losses going forward, and for a long time to come. They’ll be underwater the moment the ink is dry on most contracts. No wonder so much ‘marketing’ is required!

#80 My2Cents on 07.29.14 at 8:52 pm

Off topic but in posted pic Erin could be Trisha Yearwood’s younger sister. And are you suggesting those bios are embellished?? *GASP* That would be dishonest, or at least misleading…no?

Anyway, back to regular programming.

#81 Catalyst on 07.29.14 at 8:54 pm

At least she knows the target market…

– There is also a visual resemblance between two digits, “88”, and 囍, the “shuāng xĭ” (“double joy”)

– The word for “eight” (八 Pinyin: bā) in Chinese sounds similar to the word which means “prosper” or “wealth” (發 – short for “發財”, Pinyin: fā).

Sorry, I couldn’t resist Garth.

#82 Herb on 07.29.14 at 8:59 pm

#28 Network Admin,

thanks for that link. It was worth it to see the reaction to our fearless leader in the comments. He must be doing something right!

#83 Sheane Wallace on 07.29.14 at 9:02 pm

#19 Smoking Man

You foreigner?
Geopolitics here is limited to Montreal Canadians and Toronto Maple leafs.

#84 Sheane Wallace on 07.29.14 at 9:02 pm

and nothings else matters….

#85 Sebee on 07.29.14 at 9:03 pm

We’re serving canapes on the balcony overlooking the tracks. — Garth

This sentence is honestly one of my best sentences I’ve read here. Collection of words never before assembled with such wit.

#86 r1200c on 07.29.14 at 9:03 pm

Wow… Erin’s turn around reply was clocking at 45 minutes since publication… pretty good – she is a pro.
She stayed polite, to the point and on message, didn’t give anything to hang onto.
Can’t seem to get her buddies to get the “sympathy swing” to catch on here… she’ll probably take it to Twitter where she obviously has more social media creds…
Let’s see if this “percolates”…

#87 dave c on 07.29.14 at 9:10 pm

I love you Erin. You are a dream wife to be. Will you marry me?

#88 Detalumis on 07.29.14 at 9:10 pm

I’m more interested in why generation Y women have to purchase the family home. Is that what Erin means by Gen Y values?

#89 coastal on 07.29.14 at 9:13 pm

“Someone who writes for the financial post, and is THAT bad with money?!?”

I’d say the Financial Post credibility just went down the shitter. “Whizkid” can’t save $100G’s before 30 ?? The lack of disclosure for agents pumping condos while bragging they bought and are making monthly rental profits is getting disgusting. The Victoria blog has it’s resident agent condo pumper who can’t stop pumping his purchase rentals with zero disclosure.

If this was a financial broker blogging how to borrow to buy his high risk stock with profit guarantees they would be out of business pronto.

#90 Vanessa Del Rio on 07.29.14 at 9:17 pm

DELETED

#91 Retweeted by Oprah too on 07.29.14 at 9:20 pm

Apparently her twitter claim to fame is that she’s been ‘retweeted by Oprah’ LOL. Oh my. She’s ALMOST FAMOUS!

#92 Italians love real estate on 07.29.14 at 9:25 pm

For all you real estate bears out there . Can you guess what erks you the most, what tortures you the more you think about it ?

Yup , you guessed it…lol

On another note I’m Looking at a triplex tommorrow. I leave it to the rest of you to look at your etf’s

#93 souvereigninternational on 07.29.14 at 9:27 pm

re.: #36 Shawn on 07.29.14 at 5:53 pm

Ponzi said: Shawn, not too late to respond to the Net Worth survey.

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

Sorry, it is going up so fast it would be immediately out of date.

Also, I brag on my own schedule, not on command

>>>>>>>>>>>>>>>>

While we may often disagree, today I just love your witty response.

It also helps if you don’t bring up Warren.

#94 Ty on 07.29.14 at 9:29 pm

Hi Erin,

few things – not discrediting you, just facts.

“Who has $100,000 laying around in their 20’s? ”

Me. but then again, i spent my 20s getting educated properly and working my tail off, not getting an arts degree and blogging.

” I paid full price for my condo, ”

You haven’t paid for anything.

“why it’s easier than you think to own a home”

You don’t own anything.

Stop giving my generation a bad name.

#95 Flawed on 07.29.14 at 9:35 pm

DELETED

#96 Derek R on 07.29.14 at 9:39 pm

#91 Retweeted by Oprah too on 07.29.14 at 9:20 pm said:
Apparently her twitter claim to fame is that she’s been ‘retweeted by Oprah’ LOL.

Weird Al has a song for that…

Lame Claim to Fame

#97 gladiator on 07.29.14 at 9:46 pm

@64 Nosty:
Sorry, this is in German, but if you click on pics, the holes look like from bullets – too round.

http://www.anderweltonline.com/wissenschaft-und-technik/luftfahrt-2014/schockierende-analyse-zum-abschuss-der-malaysian-mh-017/

#98 dave c on 07.29.14 at 9:47 pm

If she is only 23 years old how do any of you expect her to have $100,000? How many of you had that kind of coin? She’s only been out of school for a few years.

Give her a break. That’s why she’s buying a pre-sale so that she can save more.

Won’t anyone here give her any credit???

#99 Bill Gable on 07.29.14 at 9:52 pm

Heh #92 Italians love real estate : It’s IRKS.

*Enjoy the triplex – (*Oy vey).

#100 JuliaS on 07.29.14 at 9:55 pm

Erin is in damage control mode, throwing contradictions. First she can’t come up with the downpayment, then pays the full price. How does that work? Well, it does not.

Then again, what kind of credibility would you expect from a person associated with real estate and marketing.

She’s one of these people: https://www.youtube.com/watch?v=Go_VtqtxCHY

Nice thing about saying you bought a box in the sky 3 years from now is that in 3 years no one will bother to check whether you actually did.

#101 Goldie on 07.29.14 at 10:04 pm

#42:

thanks for the link to the “Vancouver house” story. Even before seeing that article, I had noticed that this project was airing ads on local TV where all of the taking was translated into Chinese text at the bottom of the screen. It’s the first time that I’ve seen this, which is why it was memorable. We are defenitely, albeit slowly, heading towards a more segregated society in this city and sometimes I just want to leave.

#102 CJ on 07.29.14 at 10:04 pm

#79

Mark, I know you have trouble paying attention, so I will post this again. Calgary prices have not gone down. Give your big head a shake:

http://www.calgary.ca/_layouts/cocis/DirectDownload.aspx?target=http%3a%2f%2fwww.calgary.ca%2fCA%2ffs%2fDocuments%2fCorporate-Economics%2fHousing-Review%2fHousing-Review-2014-06.pdf&noredirect=1&sf=1

#103 Goldie on 07.29.14 at 10:05 pm

Definitely

#104 R on 07.29.14 at 10:11 pm

True or false:

If there is a hiccup and the project halts or is never completed, any money you put down is toast, good luck getting it back, do not pass go, do not collect $200.

#105 };-) aka Devil's Advocate on 07.29.14 at 10:15 pm

@ #73 “Huh?” — Garth

Maybe my sentiments expressed in my comment at #75 shed more light on my position on the matter.

#106 Victor V on 07.29.14 at 10:18 pm

Dear Erin…

http://disclosurepolicy.org/generator/bloggers

Disclosure does mean that you will be open, honest and transparent about the things that influence your blogging. This includes disclosure of organizational affiliations, compensation received for advertising, paid content generation or inclusion, as well as any form of VIP treatment or gifts received.

#107 Sarah P on 07.29.14 at 10:24 pm

Garth, remind me again what publication you write for? Oh that’s right…none of the ones you’ve mentioned that Erin’s been featured in. You know why she’s had such a successful career? Because shes never had to stoop as low as writting a defamation of character or a piece trying to ruin someone’s credibility.

I’d like to also note your disclaimers for posting comment, indicating something about disrespectful comments will not be published. Well your editor clearly didn’t feel the same way about this disrespectful write up.

#108 TO Renter on 07.29.14 at 10:24 pm

From an article on the development: “Garrison Point may also get a private daycare centre and school… The demand is there, but there’s so little available (locally in the public school/daycare system) to meet that demand. It’s a problem.”

Erin, having lived the condo life on King West, a block closer to downtown, it is no place to raise a family. You overbought at 2 beds + den, boomers are downsizing, 1 beds are in demand. Have you looked into daycare options and availability? Have you checked out the test scores of and transportation to local schools? There’s an addiction and mental health centre just up the street…

Let me just reiterate – “it’s a problem” when there are other people besides you to consider. Plan B recommended.

As to “I can always rent it out” – looked at that too, just as I was getting married, and thinking of holding onto my downtown box, and couldn’t stomache the massive subsidizing of someone else to care less about my unit and take on all the headaches of being a landlord. The numbers were not favourable.

If you weren’t marketing for the builder, your blog could be a fascinating read. Every first-time 20-something condo buyer story is half comedy, half tragedy, but you have to be free to tell it like it really is.

#109 not 1st on 07.29.14 at 10:29 pm

Just a piece of advice for Erin. You pump condos on false economics. Fine, leave it at that. Lots of that around. Buyer beware.

But to enter the blog dog forum to defend it is asinine.

Garth and his blog dog gang have put realtors and condo pumpers out of business before by shining a light on their antics. I remember the realtor lady pumping on her blog in vancouver and she was brought to tears and misery after trying to defend getting young people into massive debt.

#110 JG on 07.29.14 at 10:31 pm

#85 “We’re serving canapes on the balcony overlooking the tracks. — Garth

This sentence is honestly one of my best sentences I’ve read here. Collection of words never before assembled with such wit.”

I happen to agree with you, along with the term Erinomics

#111 Toronto_CA on 07.29.14 at 10:32 pm

I hate idiots. Erin, or your idiot friends on here, please explain this:

“The great thing about real estate investments is that they’re like any investment – no one knows which ones are a sure thing”
versus
“You’re buying a unit at today’s market price, and moving in 2-3 years down the road when the price per square foot will have inevitably gone up.”

Both are direct quotes and both are contradictory. Either you don’t know if RE is a sure bet or it is “inevitably (going) up”.

Argh. I would use harsh terms but Garth won’t let me. Please, defend yourself because you come across to be an insipid lying cow.

#112 Retired Boomer - WI on 07.29.14 at 10:35 pm

Erin is flogging condos. What is the matter with that?

Sales people attempt to sell us crap every single day, at roughly 8,000 advertising impressions on an average day.
So, she has pleasant features, and might even be decent person in real life. Who knows, who cares?

If a cute chick who has advertising charisma can get you impulsively spend $800K on a condo, you need more help than a blog can offer.

Seek Help

#113 Kreditanstalt on 07.29.14 at 10:37 pm

“Down the road …the price per square foot will have inevitably gone up.”

Somehow I doubt that Erin remembers 1974’s stagflation – or 1981, with 13%++ rates – or 1991’s bust – or even the start of the ongoing “Great Financial Crisis” in 2008…

These kids have never known inflation without rising property “values”…

#114 Teacher's Ass-who are we fooling just Ass on 07.29.14 at 10:42 pm

“Garth and his hired ‘goons’ of hacking their website.”

Seriously, with all the goons here that would gladly do it for free. Many wouldn’t even need to be asked and they’d go off. Probably have.

Seriously misguided though Erin. You’re good looking but not nearly as smart as you seem to think you are. I only add this because I know you are obsessively reading every comment “about you” while missing the point that it’s about what you have done. Both by buying this place and using that purchase to further flog these money pits.

Nicely padded bio. I’m not saying it’s not true but I wouldn’t call myself a journalist for this diatribe.

#115 };-) aka Devil's Advocate on 07.29.14 at 10:42 pm

#112 Toronto_CA on 07.29.14 at 10:32 pm

As right as you think you may be and as wrong as you think Erin might be there is every bit as much chance that she will be right and you wrong.

Do what you need to do for you and sleep in the bed you make for yourself.

Would be nice if this blog could have some reasonable allowance for each side of the story rather than being so skewed to such as yours. I know you subscribe to the Authors perspective (actually probably to the extreme) and this is HIS blog. But underneath it all I suspect Mr. Turner does have a reasonable appreciation for the “other side”. It’s just not HIS gig.

But seriously, don’t you think it is kinda important that you hear both sides?

#116 Inglorious Investor on 07.29.14 at 10:55 pm

Erin lies the problem?

#117 the Jaguar on 07.29.14 at 10:55 pm

#45 OMG (who sounds suspiciously like the [email protected]).

Imagine their underwear stains when some of them receive the “dreaded special assessment” on those units before they had an opportunity to put them on the market. OMG is right!

#118 Chickenlittle on 07.29.14 at 11:00 pm

January 25, 2007, WSJ:

“The good news for home sellers is that unemployment remains low in most areas, wages are growing and energy prices have fallen from their recent peaks. What’s more, mortgage interest rates are still low, allowing people with good credit records to obtain 30-year fixed-rate loans at around 6.2%.”

And just a few paragraphs later….

“Some of the biggest gluts of new homes are in Florida, Phoenix and the outer suburbs of Washington, D.C., says Ivy Zelman, a Cleveland-based housing analyst for Credit Suisse Group. Many of the gluts are due to frantic building of condominiums over the past few years.”

Sound familiar?

http://metrodre.blogspot.ca/2007_01_01_archive.html

That is the link to the article. It’s a great read as it is a chronological listing of all Detroit and some WSJ RE posts for 2007.

“Meanwhile, home builders still have lots of unsold homes that they will unload by further cutting prices and dangling such incentives as help with closing costs or kitchen upgrades.”

Here’s one for you, Garth:

http://metrodre.blogspot.ca/2006/12/article-in-december-26-2006-wall.html

#119 Chickenlittle on 07.29.14 at 11:09 pm

http://metrodre.blogspot.ca/2006/12/article-in-december-26-2006-wall.html

“Dean Baker, an economist, believes that the slump validates his decision to sell a two-bedroom condo in Washington’s Adams Morgan neighborhood two years ago. Mr. Baker says he received $450,000 for the unit, which he had bought for just $160,000 in 1997. Since unloading the condo, he and his wife, Helene Jorgensen, also an economist, have been renting an apartment nearby for about $2,300 a month.

Mr. Baker concedes that he could have made an even bigger profit on the condo had he held it for another year or so but says it’s impossible to time the market perfectly. While some economists argue that the housing slump is nearly over, Mr. Baker insists, “We’re just at the beginning of it.”

“Mr. Baker has a history of forecasting bubbles early and often. He was quoted by newspapers in March 1997 — three years before the tech-stock bubble burst — as warning that equity prices were rising at an unsustainable pace.”

And when was this article published? December 26, 2006.

When did the US market bottom out? This article says late 2012; 6 YEARS LATER…..

http://abcnews.go.com/Business/zillow-housing-market-to-hit-bottom-by-late-12/blogEntry?id=16207197&ref=http%3A%2F%2Fwww.bing.com%2Fsearch%3Fq%3Dwhen%2Bdid%2Bthe%2BUS%2Bhousing%2Bmarket%2Bbottom%2Bout%26form%3DAPIPA1

#120 Tiger on 07.29.14 at 11:21 pm

DELETED

#121 roxy on 07.29.14 at 11:21 pm

“I know I could move to the suburbs to get a cheaper place, but I love the downtown lifestyle, and have no plans to move to the suburbs (or even north of Bloor) anytime soon.”

Guuuuuuurl. Have you ever actually been to Liberty Village??? You are actually more likely to live the “downtown lifestyle” anywhere along Bloor or even north of Bloor on Yonge, than you are going to experience living in Lib. Village.

There is a reason why it’s called the mini-905. It’s completely isolated from the city. It is it’s own little bubble. Some people actually like that vibe. But nobody moves into Liberty Village for the “downtown lifestyle”. It’s not a “downtown lifestyle” when you have to suffer on the King Streetcar just to get “downtown”.

#122 Financial Freedom at 40 on 07.29.14 at 11:26 pm

Re #107 Sarah P

If someone can’t take a little challenge of their views and opinions, or ribbing for their real estate inexperience, they should not be in PR or Marketing. In a public forum you are open to public scrutiny.

Defamation is a legal term with specific criteria.

She’s driving conversation, her digital team can measure the sentiment. There should be a celebratory huddle under the wood beams tomorrow to see how they can amplify the engagement from this free exposure to the greaterfool audience (check out our salaries and net worth after all) and further build their boutique agency brand.

Hardly a negative in the business. Geez. We’re watching the whiz kids with keen interest, they’re our future after all.

#123 Tiger on 07.29.14 at 11:27 pm

Erin, I forgot you have no morals I pitty your significant other , like walking into a gun fight with no gun they will be gunned down its your signature

#124 Adriana Lima on 07.29.14 at 11:40 pm

This is what I think about Erin:
A ventriloquist is touring the clubs and, one night, he’s doing a show in a
small town. With his dummy on his knee, he starts going through his usual
dumb blonde jokes. Suddenly, a blonde woman in the fourth row stands on her
chair and starts shouting, “I’ve heard enough of your stupid blonde jokes.
What makes you think you can stereotype women that way? What does the color
of a person’s hair have to do with her worth as a human being? It’s men like
you who keep women like me from being respected at work and in the
community, and from reaching our full potential as people. You and your kind
continue to perpetuate discrimination against not only blondes, but women in
general..pathetically all in the name of humor!” The embarrassed
ventriloquist begins to apologize, and the blonde yells, “You stay out of
this! I’m talking to that little sh** on your lap!”

#125 renters rule on 07.29.14 at 11:44 pm

@ #107 “Sarah P”

oh dear, Garth’s smack down on Erinomics is drawing her bimbo friends to the greaterfool… and they are too stoopid to even… oh-so-Gen Y- oh my gosh….. GOOGLE… who Garth is and what is on his CV?! :-o

prepare to be schooled self-entitled gen Y princess Sarah P (source Wikipedia):

John Garth Turner, PC (born March 14, 1949) is a Canadian business journalist, best-selling author, entrepreneur, broadcaster, financial advisor and politician, twice elected as a Member of the House of Commons, former Minister of National Revenue and leadership candidate for the Progressive Conservative Party of Canada.

Um….. Erin’s little $500 a pop freelance jobs for marginal topics, in online versions of a few publications, are not even close to being close to the same cred. Not even close. One could suggest that if she wasn’t a nubile blond under 30 cutie, she may not have anything other than a blog her mother reads…..you are in way over your head Sarah P…. back to the kiddie wading pool!! :-p

#126 Inglorious Investor on 07.29.14 at 11:46 pm

#107 Sarah P on 07.29.14 at 10:24 pm

“You know why she’s had such a successful career? Because shes never had to stoop as low as writting a defamation of character or a piece trying to ruin someone’s credibility.”

No, she’s only trying to persuade unsuspecting property virgins that a condo built by a developer that her firm represents is a good investment. Just a coincidence that she’s the same demographic as the target market, right? Ever hear of the “sell side?”

Nowhere in her blog post does she disclose the fact that the firm she works for, 88 Creative, does work for the developer in question. There’s a word for that: unethical. Yes, anyone can find this information out, but it’s not enough that she isn’t concealing it. She should be forthcoming and disclose it. If she does that, then there’s no problem. Hey, do you think she thought about it (wink)?

I don’t know what’s more troubling vis-a-vis Erin as a representative of Gen Y, the fact that her actions in this case are unethical, or that she doesn’t realize that they are.

#127 mississaugatovancouver on 07.29.14 at 11:52 pm

Erin is paid by the Chinese hackers. It’s true I tell you…look how many of the Chinese are buying up Can real estate at full price.

#128 Nemesis on 07.29.14 at 11:55 pm

#PreoccupiedByEthanolWithdrawal&… #ExistentialAngst… #SmokingManHasANauticalEpiphany&… #ChallengesTheDeity. #SpoilerAlert:ItDoesActuallyEndWell.

http://youtu.be/WyEmNlYL6qE

#129 };-) aka Devil's Advocate on 07.29.14 at 11:56 pm

#109 not 1st on 07.29.14 at 10:29 pm
Just a piece of advice for Erin. You pump condos on false economics. Fine, leave it at that. Lots of that around. Buyer beware.

But to enter the blog dog forum to defend it is asinine.

Garth and his blog dog gang have put realtors and condo pumpers out of business before by shining a light on their antics. I remember the realtor lady pumping on her blog in vancouver and she was brought to tears and misery after trying to defend getting young people into massive debt.

I’m still here };-)

#130 dienekes on 07.29.14 at 11:57 pm

I have employed many Gen Y’ers. I have had apprentices who were history undergrads ( one actually studied the union wars in Manitoba; he should get a doctorate in enduring boredom ), civil engineers, etc.
I have never delt with a group like these ones with absolutely no common sense and require training on how to simply run their lives.
Planning three years ahead for an unbuilt condo?
Geeze. Most people would look back three years and say, boy i was stupid then. That will certainly be the case with this chick.
What of here boyfreind/roomate? Is he in the three year plan? Oh wait, shes probably like the rest of the Y’ers. Pause at the thought of getting married to the shlub; it may not work out, but feel its a good idea to have a child with him. Stunned

#131 45north on 07.29.14 at 11:57 pm

Erin : I’m not a fan but good for you for showing up!

Here is the most scathing criticism of Toronto condos:

http://www.cbc.ca/doczone/episodes/the-condo-game

Audrey Loeb, condo lawyer: “you are not actually promised anything”

#132 KommyKim on 07.29.14 at 11:57 pm

RE: #98 dave c on 07.29.14 at 9:47 pm
Give her a break. That’s why she’s buying a pre-sale so that she can save more.
Won’t anyone here give her any credit???

The bank is giving her “credit”.
Buying presale is dumb. Why pay out major coin on something you’ve never seen and is just a computer rendering at this point?

#133 Capt. Obvious on 07.30.14 at 12:07 am

Baby gotta eat, and morals are for the poor, right?

#94 Ty, a bit smug aren’t we? I get the point, but there is nothing inherently wrong with an arts degree. It need not lead to squalor.

#107 Sara P, you really don’t know much about GT do you? The wonderful thing about bring free from economic corrosion is one can write what one thinks.

#134 wallflower on 07.30.14 at 12:13 am

#56 Entrepreneur on 07.29.14 at 6:59 pm

Would not touch a condo. My parents sold their house and moved into a condo. A lot of resriction and the monthly fee always go up. I swear it did not help my mother as a few years later she started to develop dementia. Would she have dementia if she lived in a house?

——————————————
CAUSE.EFFECT = CONDO.DEMENTIA

Thank you for the humour. Best of the night. (Many good humour comments tonight. Yes, yes, canapes, too.)

AND
Gen Y Ty of
#94 Ty on 07.29.14 at 9:29 pm
Nicely done!

#135 Joe2.0 on 07.30.14 at 12:18 am

The way I see it is bank rates stay low, prices go up and cash in the bank depreciates.

Construction all over Vancouver with buildings selling vast amounts of inventory befor the ground is even broken.

#136 Rainclouds on 07.30.14 at 12:20 am

#107 sarah p

Are you 12?

So mercifully devoid of the ravages of intelligence……

Shoo

#137 Ford Prefect on 07.30.14 at 12:25 am

#107: Sarah P. tell me you are not Erin’s mom.

#138 Nemesis on 07.30.14 at 12:58 am

#BonusBreakfastZen #GuessWho!? #NotHer… #TheBlonde.

http://media.tumblr.com/tumblr_lhfputAKDD1qbw952.jpg

#139 cdilla on 07.30.14 at 1:01 am

#111 lol @ insipid lying cow.

What a great read tonight Garth. I find it so ironic that people like Erin lavish the spot light, but run for cover when the house lights go on.

Erin is just an example of the modern snake oil salesman. The people who take her advice are the same people that believe that reality shows like the bachlor are about finding true love.

Traveling in Texas right now, aint no condos out here y’all. Just plenty of abandoned buildings.

#140 Blobby on 07.30.14 at 1:05 am

#52 – Shawn

I didn’t suggest she was bad with money.

I questioned how someone who is doing so well for herself, and writes for the FINANCIAL POST (!?!) is so bad with money.

#141 devore on 07.30.14 at 1:08 am

#98 dave c

Give her a break. That’s why she’s buying a pre-sale so that she can save more.

She could save the exact same money, without buying an unbuilt condo. And instead of paying installments over the next 3 years, that money could have been working for her.

The only rationale for build a pre-construction, locking up your cash, and entering a long term futures contract, is that you are getting a discount. Which no one buying a pre-construction today is. These things are way more expensive than new condos which actually exist and are for sale today; you are paying tomorrow’s prices(1) today.

(1) Assuming it always goes up.

#142 Sarah Bellum on 07.30.14 at 1:08 am

A Carleton grad……..nuff said.

#143 Basil Fawlty on 07.30.14 at 1:09 am

US home ownership rate drops to 19 year low.

http://www.moneynews.com/Economy/homeownership-quarter-low-housing/2014/07/29/id/585513/

#144 Tom from Mississauga on 07.30.14 at 1:12 am

My men’s league hockey team could use her celebrity endorsement too. Then I’d actually skate.

#145 Toronto life on 07.30.14 at 1:12 am

I don’t believe Erin bought this condo. She’s too smart. It doesn’t take much neighborhood exploring to see that Liberty Village is going to be a ghetto in 10 years

#146 Tom from Mississauga on 07.30.14 at 1:14 am

She is right on the north of Bloor thing. May as well be in the NWT.

#147 Tom from Mississauga on 07.30.14 at 1:41 am

Its over a half km walk to the King streetcar. So not close. The eastbound rush hour King trolley is full before Strachan already. Imagine what it’ll be like if we filled 5 tower there.

BTW, getting out of there in a car, LMAO!!!

#148 Brad T on 07.30.14 at 1:53 am

Sarah P #107 wrote “Garth, remind me again what publication you write for? Oh that’s right…none of the ones you’ve mentioned that Erin’s been featured in.”

Sarah, you might want to click on Garth’s bio. I remember reading his nationally syndicated newspaper column back in the 90s.

Brad T

#149 RE-misrepresentation on 07.30.14 at 2:21 am

I spoke to a RE agent tonight about an ad for a 1349 sq ft townhouse in west ed with the price just lowered from 249 k to 239 k. Usually the sq ft of that complex are 960 sq ft and the townhomes sell from 195 k – 205. These complexes were all built from 1976-1982. He said that the sq footage had to be quoted from the original condo documents (since July 1st, 2014) because realtors could be disciplined or loose their licenses if their measurements for units did not measure up to what the buyers measurements were. Funny that the 960 ish sq ft that realtors inthe past for above grade had somehow mushroomed into 1349 sq ft and that the units had somehow jumped 50 k in price. How they increased 400sq ft when the realtors were still only allowed to count the sq footage above grade. Won’t even admit that they are lying when they are caught at it.

#150 Re-read again on 07.30.14 at 2:53 am

Took the landlord tenant course in alberta last year. Technically, the tenant does have to vacate at the end of the lease. However, we both know that renters over stay their welcome. Landlords do not need to provide any reminder, 30 day notice to remind the tenant or 90 day notice or any of that nonsense. In alberta, a 12 month lease or 6 month lease or any length of time you dream up, end on the date ie) August 31st at 12 am. There is no grey area or room for interpretation. The details are straight forward. And as a landlord that is brought to the tenants attention when you sign them up. We do connect with the tenants long beforehand so we all are on the same page. However, we are not obligated to. It is a contract that ends and you are out. Period.

#151 Read again on 07.30.14 at 3:02 am

In alberta, a fixed term end at midnight on the last day of the month. The tenant is in violation of the contract if not. Also, a new tenant may be moving in the next day. The landlord does the walk though on the last day and the new tenant moves in the next day. It is not the choice of the old tenant to stay on or not. The contract is over. In addition the landlord can raise the rent on a new contract to whatever he wants, whether with a new tenant or the old tenant.

#152 Your readers hate Real Estate on 07.30.14 at 3:41 am

Garth, your readers hate Real Estate and anyone associated with it.

Do you know how delusional that makes them? You must be laughing all the way to the bank.

Kudos to you on mastering coercive persuasion. .

#153 Crossbordershopper on 07.30.14 at 6:16 am

#92 im italian background, i own a lot of real estate, but if you want to make cash flow money go to the usa. your making nickels and dimes up here compared to there.
labour cheaper, materials cheaper, etc. hey bring the stuff up from there to save you money from there. I dont want to say that I get my buffalo guys to come up here and “vacation” for half the price i paid electricians, plumbers, labouers, roof guys etc.
secondly, Erin is a lovely young women, with a boyfriend that no one mentioned is the key. In a while, a baby and reality will show up, and all her plans will end with it. Seen it a million times.
Thirdly, what do we buy in life that has not been built. I was worried when i ordered a cake from the picture, the last one wasnt that good. Its $22 bucks not half a million.
Its funny what CMHC and super low rates do. They wouldnt qualify for a 5000 visa card but half a million backed by the cmhc no problem.
America is much easier to get a sba loan, Canada has no small business outside of real estate because banks dont lend money. Only to real estate, nothing else.

#154 Londoner on 07.30.14 at 6:21 am

Let’s be honest, the people that call themselves marketing managers are probably the least skilled at selling anything. Inevitably these self identified groups start promoting themselves with irrelevant topics like the top 30 under 30 lists. Eventually they start buying into the very things they’re trying to sell. It’s no surprise really.

#155 Herb on 07.30.14 at 7:06 am

# 97 Gladiator,

I’ve read that link. The theory in a nutshell:

1. One of the presented pictures is of a large piece of the MH17 reinforced cockpit area. It shows entrance as well as exit holes and the physical effects of armour-piercing and high-explosive rounds, caliber 30 mm. Another picture shows entrance holes only, and a third a glancing round on a wing fragment. There is no indication of an explosion due to missile or bomb. The pictures were taken from the internet but have since been removed.

2. There are reports that one, possibly two, Ukrainian SU-25 fighters were within fighter range of flight MH17. The SU-25 is equipped with a 30 mm cannon carrying the normal belt-fed mix of AP/HE ammunition.

3. MH17 was painted in the same three colours as a Russian aircraft supposedly carrying Putin at this time.

4. Thus, it could be that MH17 was attacked from both sides by Ukranian SU-25 fighters in a mistaken attempt to assassinate Putin.

#156 Steve French on 07.30.14 at 7:09 am

… there’s an awful lot of chatter about this young Erin-Go-Bragh gal today.

meh.

I think this blog comment section is drifting away from our primary focus, and most pressing issue at hand.

That is– Smoking Man’s latest escapades at Seneca Casino…

#157 Niko the dog on 07.30.14 at 7:29 am

Well done… best post ever

#158 CalamityJane on 07.30.14 at 7:35 am

Hahaha I love reading Real Estate Agent descriptions of properties… this is my most recent favourite because really, what’s not to love about “speculator” views!

“An Exquisite Home That Is Nestled In On A Quite Cul-De-Sac Adjacent To The Newcastle Golf & Country Club. A Custom Built Home That Features A Grand Front Entry With Flagstone Driveway, Gated Entrance And Water Feature, A Stunning Scarlet O’hara Oak Staircase, Open Concept Floor Plan, Fabulous Eat-In Kitchen With Speculator Views, Main Floor 5th Bedroom, Formal Living/Dinning.
Hardwood, Porcelain & Marble Floors, Granite Counters, Walk-In Pantry, Intercom System, Large 3 Car Garage, Sprinkler System, Private Setting & So Much More.”

#159 young & foolish on 07.30.14 at 8:10 am

From yesterday:

“77 million Americans face debt collection.

Is that a USA economic renaissance?

Corporate earnings up 8.2%. 78% of companies beat expectations. US GDP in Q2 expected to be 3.4%. Yes. — Garth”

OK, so where are the profits coming from? We’ve been reading about poor job growth (part time, low paying, temp), over indebted citizens everywhere in USA and Canada. For those expecting our economies to return to the “mean”, ask your self what that is exactly. It’s not your daddy’s economy any more.

The Americans are fine. Worry about the Canadians. — Garth

#160 maxx on 07.30.14 at 8:16 am

“And here I thought this was the generation of transparency. ”

Not a chance in hell.

When money’s at stake, the ugly side of human behaviour hasn’t changed and never will.

Always follow the money- the first stench of this overarching motive almost invariably comes with “goo-goo, gaa-gaa” pumping from so-called “credible” sources.

Even with it’s advantages, e-connectivity mostly means time-wasting tsunamis of bs to sift through and far more meaningless interference.

Transparency is practically a myth. No wide-eyed innocence in this domain.

#161 Yuus bin Haad on 07.30.14 at 8:29 am

Missed my train. Any canapés left?

#162 rosie "moving forward" in the knowledge that, "this won't end well" on 07.30.14 at 8:33 am

I once bought 1000 shares of a gold mine in Northern Ontario. Late 80’s. The salesman assured me that this was the next Hemlo. Remember that one. It was big. When the collapse came I, along with thousands of others were devastated. The losses were stupendous. My wife was distraught. We lost $368.00. Lesson learned.

#163 Sheldon Cooper on 07.30.14 at 8:58 am

from $275,000 (496 square feet with a fabulous view of train wheels)

Hey don’t knock trains, I like trains.

#164 Lang on 07.30.14 at 8:59 am

Obviously Erin is very similar to those people who are flogging religion down people’s throat.

How do you argue with a person who doesn’t take value evidence and logic ?

You can’t.

Instead of talking about real facts and trends, Erin likes to talk about how it makes her feel, and how it’s her opinion. Just replace condos with god, and you’ll have the same crazy fanatic about religion.

#165 Patricia on 07.30.14 at 9:00 am

I pre bought a condo in North Vancouver. It got delayed two years. And when I finally moved in I found it was on the side of the building which faced a late night bar with live loud bands. Couldn’t sleep. Tried to rent. Renters couldn’t sleep. Finally sold. I would say NEVER NEVER buy anything unbuilt and that you can’t walk around . Also the finishes were cheap.

#166 Tri State Pat on 07.30.14 at 9:07 am

You would not get me in that concrete and glass beehive even if you gave it to me. It looks like a hospital, or better yet, a high tech prison complex.

#167 Toronto_CA on 07.30.14 at 9:07 am

Nice US data this morning. Let’s hope Canada gets similar news!

This is exactly what I have been saying: the GDP drop in Q1 was a weather phenom and the US economy has been steadily rebounding since. Today the Fed will announce the 6th drop in QE, on its way to zero by the end of October. Yes, rates will be rising in 2015, and bond yields sooner. Ready? — Garth

#168 Dupcheck on 07.30.14 at 9:46 am

Brad Lamb version in a lady figure. Lies and b.s., it works for her, because all the doors open up for someone like that.

#169 INdustry Insider on 07.30.14 at 9:56 am

Garrison Point is not selling.

It’s overpriced and the developer doesn’t have an answer – perhaps the train tracks could go THROUGH the building (for a new marketing spin)!

I have met Erin Bury. She is sweet, but of course is compromised through her employment.

I thought she was smarter…

They are trying. The blog is innovative.

It’s just that the location and the price suck…

#170 Daisy Mae on 07.30.14 at 10:02 am

#73 DA: “Huh? — Garth”

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

That’s what I say — “Huh?”

Erin is a girl, by the way. She doesn’t have ‘balls’….

#171 Daisy Mae on 07.30.14 at 10:05 am

#75 DA: “….which I do so here only under the security of anonymity because; ”Ours is not to see what lies dimly at a distance but to deal with what is clearly at hand” – Thomas Carlyle”

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

You said that already…..

#172 Daisy Mae on 07.30.14 at 10:12 am

#81 Catalyst: “There is also a visual resemblance between two digits, “88″, and 囍, the “shuāng xĭ” (“double joy”)

The word for “eight” (八 Pinyin: bā) in Chinese sounds similar to the word which means “prosper” or “wealth” (發 – short for “發財”, Pinyin: fā).”

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

Interesting! So THAT’S why Asians are hung up on the number ‘8’ — represents prosperity or wealth.

#173 };-) aka Devil's Advocate on 07.30.14 at 10:16 am

#170 Daisy Mae on 07.30.14 at 10:02 am
#73 DA: “Huh? — Garth”

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

That’s what I say — “Huh?”

Erin is a girl, by the way. She doesn’t have ‘balls’….

It’s an expression meant to convey a demeanour of fortitude and in that respect I believe Erin has bigger balls than most of the male posters on this blog.

#174 CJ on 07.30.14 at 10:21 am

#73

“She’s living in the moment.”

No better way to live in the moment than by taking on a load of debt for a condo that will plummet in value and one in which you will never want to raise a family.

What a beautiful, free-spirited person …

#175 Rational Optimist on 07.30.14 at 10:30 am

In any other industry, stating that the price of an asset will “inevitably” go up can have serious consequences. It is utterly unethical to make that claim. Not to disclose your interest while making it is doubly unethical.

I think this Erin Bury individual probably has not contemplated the possibility of one day getting letters from the Competition Bureau and buyers’ lawyers if something does not go completely correctly with this condo project. A buyer could view himself as entitled to some compensation if, in four years’ time, it’s not only not a good time to sell, but he feels that the rental market in the “community” was mischaracterized. It wouldn’t take a very smart lawyer to blame the testimonial provided by an employee of the developer, who pretended to blog as an average buyer. It would be worth a shot. After all, if this Erin Bury character had not made representations about future prices, he never would have bought.

#176 Smoking Man on 07.30.14 at 10:32 am

#155 Herb on 07.30.14 at 7:06 am

Now that is a damn good demonstration of critical thinking, deductive reasoning.

Although the machine has a lable for anyone that has an opinion that is not sanctioned by the state. A conspiracy theorist.. Two words that paint a picture of a loon.

Well done Herb.. They were after putin..

Notice harpo wants anti missile shit on his plane now.

What I find amazing, actually I predicted as the real facts come out..

The story would be dropped…

Nothing today on MSN. But mission accomplished, with no real facts, just accusation against putin, a relentless barrage of attacks based solely on nothing.

Track6ers hate him..

That’s how wars start…

#177 omg on 07.30.14 at 10:32 am

BLOG PITCHING FOR PAY

There are hundreds of thousands of bloggers out there pitching things for pay. They are pretty easy to spot – glowing/unabashed review of a product, weirdly specific details on where/how to buy, and usually links to the product somewhere on the page.

If you are a fool enough to not be able to see past a paid for blog pitch then you deserve what you get.

Its a good lesson – hopefully people learn it on a $75 toaster and not an $600k condo purchase.

#178 Daisy Mae on 07.30.14 at 10:39 am

#152 Your readers hate Real Estate: “Garth, your readers hate Real Estate and anyone associated with it.”

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

We don’t hate real estate. We hate deception.

#179 omg on 07.30.14 at 10:43 am

#173 };-) aka Devil’s Advocate
………….. I believe Erin has bigger balls than most of the male posters on this blog.
—————

First off (and I do not like to get personal on this blog but that one is begging for it) – with lines like that you must do really well with the ladies.

Second, if committing to a presale on a Toronto condo is all it takes for me to have huge hairy balls sign-me-up.

How about if I bought $800k of Netflix call options (i.e. 5% down) – does that get me big hairy balls too?

#180 Daisy Mae on 07.30.14 at 10:49 am

#173 DA: “It’s an expression meant to convey a demeanour of fortitude and in that respect I believe Erin has bigger balls than most of the male posters on this blog.”

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

Pathetic….

#181 Randis on 07.30.14 at 10:55 am

#13 Erin:

You believed in your own hype, that’s shameful.

First, you don’t represent the generation, hence has no credibility to speak for them.

Second, claiming that price per square footage will inevitably go up in 2 – 3 years is like promising a stock price will go up. As some fellow blogdogs pointed out, if you are making such claim for securities in the financial industry, you are toasted and see you in jail. You should be glad that you are in the right industry doing the wrong stuff, as RE is the only industry I know of that one doesn’t get into trouble making false claim.

Third, quite honestly your rationale of buying a pre-construction is very weak. Amateur weak. So weak that it has no concrete evidence and analysis except for your own “opinion”. Judging from that I don’t think your intelligence level support your self-proclaimed credentials …

Also, disclosure is the key here … If you are so smart you should understand the issue here.

#182 Cha Ching on 07.30.14 at 10:56 am

So much hate and jealousy for Erin. Makes me laugh.

She doesn’t ‘speak for Gen Y’, she IS Gen Y.

Lol

#183 The Dogs are Delightfully Catty on 07.30.14 at 10:59 am

#152 Garth, your readers hate Real Estate and anyone associated with it.
——
I beg to differ. Many of us love RE, own RE, sell RE, buy RE. When to do so, what type, where, at what price, for what reason, and how to finance it, makes the difference between success and failure.

Common sense and independent critical thinking can be your friend until life experience catches up.

Also, erasing the line between advertising and journalism should be done with great care, especially by a generation that professes to be ‘socially responsible’.

Talent can refuse to write or design for big tobacco, or oil in Alberta… but if the only economic activity in your city is yet another glass condo tower claiming an unloved patch of ground, and seeking moist virgins, who else is going to pay you a salary to blog, be social and market digitally to your own kind?

Erin is where the action is, here’s hoping the music doesn’t stop, because she’s got her life and business seemingly invested in one thing.

#184 Assquatch on 07.30.14 at 11:01 am

How is it that Twitter loses more money in the last quarter, yet it stock spikes over 20%???

#185 Andy on 07.30.14 at 11:02 am

US economy grows by 4% after harsh winter weather
http://www.bbc.com/news/world-28567689

Federal Reserve plans to end stimulus in October
http://www.bbc.com/news/business-28238901

so the fed increasing rates next year sounds more and more inevitable. But how do we know that Canada will also increase interest rates following US fed? Can anyone throw some light pls?

#186 Blacksheep on 07.30.14 at 11:02 am

Herb # 155,

3. MH17 was painted in the same three colours as a Russian aircraft supposedly carrying Putin at this time.

4. Thus, it could be that MH17 was attacked from both sides by Ukrainian SU-25 fighters in a mistaken attempt to assassinate Putin.
————————————————–
This reasoning sounds viable but stops short.

1) The previous 10 times MH-17 flew this exact same route, and avoided flying over the war zone, but not on that fateful day. Whom redirected the planes route?

2) The killing of Putin would only justify Russia, fully invading / attacking the Ukraine as the world would be forced to stand back and watch.

3) Whom benefits from Russia and Ukrainian rebels, looking like ass holes / terrorists?

Vlad has already connected the dots here, so I won’t repeat. As always, follow the money.

#187 Tony on 07.30.14 at 11:02 am

Re: #167 Toronto_CA on 07.30.14 at 9:07 am

Only China could dream up more boloney for a GDP figure. As will be seen by the Canadian GDP figure tomorrow America is sucking Canada into the vortex of recession or depression not the other way around.

#188 Tony on 07.30.14 at 11:12 am

Re: #162 rosie “moving forward” in the knowledge that, “this won’t end well” on 07.30.14 at 8:33 am

Here’s your chance for redemption:

Probe Mines Limited V.PRB

This is said to be the next Hemlo region or area… time to load up before the American July unemployment figure this Friday when interest rates drop.

#189 Tom from Mississauga on 07.30.14 at 11:25 am

#152 Your readers hate Real Estate
“Garth, your readers hate Real Estate and anyone associated with it.”

Others comments here likely unwarranted but have to include yours with it. I own lots of real estate through REITs in my RRSP, just like Garth tells readers. BTW, can you convince your highly leveraged friends to switch their mortgage to BMO? I’d like them to raise my dividend again next quarter.

#190 Victor V on 07.30.14 at 11:25 am

http://m.theglobeandmail.com/report-on-business/economy/housing/in-toronto-calgary-put-your-money-into-reits-not-condos/article19764916/?service=mobile

Investors would be better off putting their money into real estate investment trusts that specialize in apartments than they would buying a condo to rent out in either Toronto or Calgary, real estate analysts at Royal Bank of Canada suggest in a new research note.

“Although purchasing hard real estate assets usually has a positive emotional aspect to it, the fact is that REITs generally outperform condo investments in both Calgary and Toronto over most time horizons,” write the analysts, Michael Smith and Neil Downey, who cover real estate investment trusts.

#191 Son of Ponzi on 07.30.14 at 11:27 am

A while back a blogger was allegedly paid to hype the
Olympic Village in Vancouver..

http://www.biv.com/article/20130214/BIV0121/130219966/-1/BIV/life-in-the-village-pays-off-for-local-webzine-editor

#192 Son of Ponzi on 07.30.14 at 11:32 am

Toronto is just catching up to Vancouver:
http://www.biv.com/article/20130214/BIV0121/130219967/0/BIV

#193 OMG on 07.30.14 at 11:55 am

#156 Steve French on 07.30.14 at 7:09 am
… there’s an awful lot of chatter about this young Erin-Go-Bragh gal today.

meh.

I think this blog comment section is drifting away from our primary focus, and most pressing issue at hand.
That is– Smoking Man’s latest escapades at Seneca Casino…
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;

Latest escapades, huh, thats all this guy ever does. He goes to the Casino Senica drinks, probably smokes his brains out, googles girls at the girlie bar, and feeds his common law wife cash. Hell I bet he goes there every week, I bet he lives down in the Niagra Falls region too. His blogs are like reading a five year olds views on everything while they are on Prozac, throughing back vodka. Have to admit very entertaining at times!

#194 JimH on 07.30.14 at 11:56 am

#97 Gladiator #155 Herb
also #186 Blacksheep

re: Ukrainian SU-25’s and MH 17

Note the specifications of the aging SU-25:

http://en.wikipedia.org/wiki/Sukhoi_Su-25

This aircraft is an unpressurized ‘slug’ with a max service ceiling of 23,000 feet and a top speed of mach 0.82: The Boeing 777 at cruise altitude maintains mach 0.84 and can increase to max speed of mach 0.87-0.89

http://en.wikipedia.org/wiki/Boeing_777#Specifications

So, these “experts” would have us believe that slower SU-25’s, flying behind and 10,000 feet (2 miles/3.1Km) BELOW the commercial aircraft managed to riddle BOTH SIDES of the cockpit with 30mm cannon rounds????

Sound reasonable? There is no doubt that something shot down MH17; it was NOT a pair of obsolete SU-25’s.

#195 frank le skank on 07.30.14 at 12:01 pm

Its funny how Erin identifies with millennias struggle to save for a down payment in one breath but is able to afford the 2 bedroom.

#196 -=jwk=- on 07.30.14 at 12:04 pm

not a bad location, view wise. with fort york to the south there is lots of open space nearby, and your view will never be blocked. Too bad it is right beside Cityplace, a disaster of urban planning and traffic. 15,000 residents. One stop sign. great planning, toronto!

#197 -=jwk=- on 07.30.14 at 12:06 pm

@190 Victor

Can I buy a REIT with 5% down? And have someone else pay 80% of the remaining 95%?

#198 JimH on 07.30.14 at 12:16 pm

#178 Tony

Geez, man! Keep it quiet, will you?

The rest of us have discovered ways and means to prosper from the US “recovery”, and you want to go and spoil everything? What’s the matter with you? Not enough mommy-love time?

#199 Engineery Dude on 07.30.14 at 12:19 pm

People don’t like looking at train tracks?

#200 Panhead on 07.30.14 at 12:21 pm

This is old news out here on the West coast. Been seeing ad’s like Erins’ for a while exept out here they have more than one “celeb” supposedly buying into the places. But that must be because we are “more special” out here.

#201 };-) aka Devil's Advocate on 07.30.14 at 12:26 pm

#174 CJ on 07.30.14 at 10:21 am
#73
“She’s living in the moment.”
No better way to live in the moment than by taking on a load of debt for a condo that will plummet in value and one in which you will never want to raise a family.
What a beautiful, free-spirited person …

Yes and living in the dark, dank basements suite of your parents home is a so much better plan.

#179 omg on 07.30.14 at 10:43 am

That’s just F’n gross man.

#180 Daisy Mae on 07.30.14 at 10:49 am

I agree, it is pathetic that a frail young lady like Erin has the balls, (cahoonas, cojones, moxie, fortitude… you pick the word that works best for you) to make those Bears on this blog who criticize and condemn her appear timid schoolgirls by comparison.

Erin will do just fine regardless of the outcome because she has the moxie to get back up on her feet when knocked down and the conviction to fight for that which she believes in.

She has not been proven wrong yet and there is every bit as much chance those who criticize and condemn her will be the ones proven wrong long before she ever will be.

Watch and learn you old farts, the world IS not ours anymore it is theirs (Millennials) for them to do with as they see fit and there is less and less you will have to do with it. As Cha Ching posted on here @ #182;

“So much hate and jealousy for Erin. Makes me laugh.

She doesn’t ‘speak for Gen Y’, she IS Gen Y.”

#202 Millenial on 07.30.14 at 12:26 pm

It’s going to be hellish driving along Strachan in that area if even one of these things gets built. They’ve been doing some road repairs along Strachan there for quite a while now, been reduced to one lane, and it’s a mess during rush hour and even not during rush hour. Can’t imagine a major construction project going on, or the eventual increase in motor vehicle traffic from these condo dwellers.

As somebody who drives to work, I would seriously be hesitant about purchasing anything around that whole area really. The Gardiner is a total wreck, and lakeshore can’t handle the overflow. A day will come (in the next 15 yrs) when a whole vehicle will go through, and it will be shut down completely. There’s no replacing that thing, and despite what some say, you can’t build a tunnel in lake-fill. This mess is only just beginning.

Erin, I’m maybe 3 yrs older than you, and have been reading Garth’s blog for the past 4-5 months. Over this time I’ve gathered from his posts the following 3 main themes. First, it’s important to diversify your assets. So, putting the majority of your savings into one thing (a condo downpayment) is not good. Second, real estate in Canada’s major cities at the moment is a high risk investment. This is on account of record low interest rates, government involvement in mortgages, and unsavoury lending practices by our banks (i.e. CIBC Cash Back Mortgage). Third, you need to invest wisely, carefully considering tax implications and taking advantage of registered accounts. For instance, it’s important to know the money you receive for rent on your condo is taxed as personal income. (I worry that in the coming years you may regret your decision to buy a 2bedroom + den condo in this building.)

I don’t agree with everything Garth says, but these days its critical to get your news and information from a variety of sources, including alternative media. Then, digest the info, and make your own decision. Hope you and your twitter followers become regular readers. ;)
Oprah, and now Garth, your career is looking bright!

Good luck with the condo. BTW, when you move in make sure you investigate a cohabitation agreement if your boyfriend is to move in with you.

#203 wallflower on 07.30.14 at 12:27 pm

#169 INdustry Insider on 07.30.14 at 9:56 am
and
#196 -=jwk=- on 07.30.14 at 12:04 pm
who says “not a bad location”
I am sitting in the newest library in Thunder Bay which is floor to 15-foot ceiling glass – beautiful spot – adjacent to the rail tracks while the train is rolling by. The entire building is shaking and all its contents.

Erin, buried by these blog comments, might think about communicating how this will not happen at her new buildings, as articulately as possible… because if Garrison Point is not selling… might be the fear of the tracks!

#204 not 1st on 07.30.14 at 12:31 pm

I like how these real estate companies are loading up with pretty faces trying to hawk their prison boxes. Like someone hot is going to make me shell out $300k. We are not 16 year olds with raging testo.

I would rather just listen to Garth.

What? I’m not hot? — Garth

#205 Blacksheep on 07.30.14 at 12:36 pm

Erin is doing what she is being paid to do, sell.

The Dogs (the critical thinkers) whom make an effort to educate them selves, see right through this type of scam, so really we are only concerned about the Cattle, and well someone gotta feed the machine, just make sure it’s not you or yours.

“A fool and his money are soon parted”

#206 young & foolish on 07.30.14 at 12:37 pm

“Garrison Point is not selling.” Not much is, really.

With regards to the long term future valuation of RE …. up, of course, as with everything else. What did you expect … your salary to go up while housing expenses go down?

#207 Jet-fixer on 07.30.14 at 12:37 pm

Looking at her credentials, I’m pretty sure she has a 100k kicking around. Especially since she “bought” the 2 bedroom. But the main question is; why are they still building 400-500 sq.ft condos?? What the hell are you going to do with that? They should all be 2 bedrooms. If this city was serious about stopping sprawl and getting people out of their cars, they would make the developer build condos families can actually live in without having to make a million a year.

#208 active on 07.30.14 at 12:41 pm

good article on CDN RE

http://www.steadyhand.com/asset/2014/07/29/canadian%20real%20estate%20-%20a%20crack%20in%20the%20tree.pdf

#209 Smoking Man on 07.30.14 at 12:41 pm

#194 JimH on 07.30.14 at 11:56 am

CSIS, NSA, CIA, MOSSAD?

A fully loaded SU25 full of bombs and fuel is capped at the recommended service ceiling wiki suggest, now one with 2500 rounds of 30mm 1/2 fuel. Could easily climb to 40ft….

Next time you bastards plan a false flag, give me a call, my plan will have no obvious bullet holes in it.

#210 Reasonfirst on 07.30.14 at 12:41 pm

Erin:

Regarding prices, you said:

“no one knows for sure”

“will have inevitably gone up”

Almost opposite. What do you mean?

(I know you are reading these comments)

#211 bigtown on 07.30.14 at 12:42 pm

Reading HONORE DE BALZAC’S classic 19th century literature on Parisian society and finance and housing in Pere Goriot and Cousin Bette and Eugenie Grandet the story suggests 21st century Toronto.

No just kidding. Does Toronto have the traffic ROUNDABOUTS famous in PARIS with those incredible GARDENS and PARKS and CATHOLIC CHURCHES dating back centuries and wide STREETS AND BOULEVARDS with HUGE SIDEWALKS and cafes and terraces on all corners?

One thing that does resonate now as in the 1830’s was the housing mania as thousands and thousands from the countryside and emmigrants returning back after the NAPOLEANIC cleansing of heads with the restoration of the BOURBONS aristocracy folks put up huts and shacks and teardowns bulldozed complete neighborhood.

So we can only imagine if the Toronto in the future will be able to put any Paris into the project.

I am suffering an unusual ailment of not shopping which is quite weird. I do want to go out and get a massage and maybe go to a nail salon but I never see a gin SENIOR SPECIAL for you my most dear little boomer. As a boomer I am bereft of affection from any retail stores except for SHOPPERS there does not seem to be any affection for us oldies. I mean in the states at least McDonald’s give you the senior coffee special.

#212 CJ on 07.30.14 at 12:43 pm

#201

I own a bungalow in Calgary with much more equity than Erin will ever have in her condo.

I also have successful investments in RRSP/TFSA/DB pension plan. And I’m 35. Moved out of my parents’ home at 20, worked a lot of low-paying jobs, saved up to put more than 5% down on my first place …

#213 Big Brother on 07.30.14 at 12:46 pm

#193 OMG on 07.30.14 at 11:55 am
#156 Steve French on 07.30.14 at 7:09 am
… there’s an awful lot of chatter about this young Erin-Go-Bragh gal today.
meh.
I think this blog comment section is drifting away from our primary focus, and most pressing issue at hand.
That is– Smoking Man’s latest escapades at Seneca Casino…

MKULTRA says his escapades are our creation, we program him. He was there last night and is there every night. We have a secret lab at Niagara Casino where we program him daily.

#214 Smoking Man on 07.30.14 at 12:47 pm

#193 OMG on 07.30.14 at 11:55 am

If you think that’s entertainment, wait for my book, this fall.

#215 CJ on 07.30.14 at 12:49 pm

The wonderful thing about Canada is our freedom.

Erin is free to blow money on a condo.

Garth is free to point out how stupid that decision is.

#216 The real Kip on 07.30.14 at 12:51 pm

“Just another few hundred condos added to the 105,000 currently being built or sold in the GTA, where cranes blot out the sun.”

Aren’t those cranes beautiful? I was just offered a 50 floor building back downtown. Not sure if I’ll take it yet as big jobs are just big headaches. More cranes please!

#217 Victor V on 07.30.14 at 12:53 pm

#197 -=jwk=- on 07.30.14 at 12:06 pm
@190 Victor

Can I buy a REIT with 5% down? And have someone else pay 80% of the remaining 95%?

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

Leverage works both ways.

If that condo’s price drops by 5% then has the purchaser lost 5% or 100% of their investment?

#218 Holy Crap Wheres The Tylenol on 07.30.14 at 12:53 pm

#156 Steve French on 07.30.14 at 7:09 am
… there’s an awful lot of chatter about this young Erin-Go-Bragh gal today.
meh.
I think this blog comment section is drifting away from our primary focus, and most pressing issue at hand.
That is– Smoking Man’s latest escapades at Seneca Casino…
_____________________________________________

Ahhh Ireland forever! tiocfaidh ár lá

Its actually Éirinn go Brách, my wife is Irish and taught Irish Gaelic as a side bar when she was a teacher!

#219 Blacksheep on 07.30.14 at 12:54 pm

JimH # 194,

“Sound reasonable? There is no doubt that something shot down MH17; it was NOT a pair of obsolete SU-25′s.”
—————————————————-
Jim, don’t leave us hanging here, what exactly are you saying?

Does the Ukraine not posses jets with these capabilities?

Who then?

Whom benefits most from a strong western presence, in the Ukraine?

Ding..ding…ding!!

#220 Detalumis on 07.30.14 at 12:55 pm

There’s no hate for Ms. Gen Y, Ms. Gen Y is pushing 30, she will be marketing-irrelevant in a handful of years, replaced by my 15 year old niece. In five years if she has a kid it will be termed a “geriatric pregnancy”. She lives in self-absorbed land where her and her friends are the only ones that know anything about anything, certainly you don’t want to listen to crabby old people giving advice, what do they know.

The blogs they write are pretty entertaining. I like the yummy-mummy one where her girlfriend gives lectures on how to handle stupid interfering grandparents who know nothing about raising children properly.

And so the world goes round and round.

#221 Bailing in BC on 07.30.14 at 12:58 pm

#116 Inglorious Investor on 07.29.14 at 10:55 pm

Erin lies the problem?

You get my vote for best comment of the day

#222 Millenial on 07.30.14 at 1:09 pm

#208 active
———————————–

I like the last sentence: ” I can’t find a business cycle that has gone on for this long and been this good that has ended in a ‘soft landing.’ “

#223 tkid on 07.30.14 at 1:14 pm

a frail young lady like Erin

#201, Who are you calling frail? Erin can beat the stuffin’ outta you even if she’s blindfolded with both hands tied behind her back!

#224 Renter's Revenge! on 07.30.14 at 1:15 pm

@215 CJ “The wonderful thing about Canada is our freedom. Erin is free to blow money on a condo.”

Absolutely. Alan Watts said, “Freedom is essentially the freedom to make mistakes.”

#225 bill on 07.30.14 at 1:17 pm

#219 Blacksheep on 07.30.14 at 12:54 pm
”Whom benefits most from a strong western presence, in the Ukraine? ”
could you elaborate on the benefits to the ‘strong’ western presence?
I dont see any myself. I just see a liability…
so put me down as ‘buk launcher manned by morons in the employ of russia brought down the Malaysian jet’.

http://gwynnedyer.com/2014/mh17-who-did-it-what-next/

#226 Save the kids from themselves! on 07.30.14 at 1:19 pm

#196 great planning, toronto!
——-
We didn’t have urban planning for years, if not decades, the developers ran the show at city hall, or they appealed to the OMB which would rubber stamp anything.

Downtown densification has created a snarled traffic nightmare, there are no spots in the crumbling schools for the influx of kids. The problems we have created with an economy heavily based on run-away real estate speculation, coupled with poor builder quality, inexperienced condo boards, and absent master planning, extend way beyond inflated bubble prices. Not looking forward to all the glass boxes aging into rent ghettos.

#227 Smoking Man on 07.30.14 at 1:29 pm

#219 Blacksheep on 07.30.14 at 12:54 pm

See my 209 post… How do I know all this shit, a buddy was looking for investment loot, wanted to by a few used eastern block fighters and offer flights in fighter Jets, out of Hamilton.

Could not get transport Canada approval.. But SU25 was one of the candidates he was looking at.

#228 TheManwhoStaresatSheeple on 07.30.14 at 1:38 pm

To Erin and #182 Cha Ching

So much hate and jealousy for Erin. Makes me laugh.
She doesn’t ‘speak for Gen Y’, she IS Gen Y.
====================================

Another Gen Y here with different view – http://finance.yahoo.com/news/daughter-doesn-t-buy-dad-090007220.html

#229 devore on 07.30.14 at 1:43 pm

#150 Re-read again

I’m directly referencing BC legislation, and you’re talking to me about Alberta. As someone who claims to have taken “the landlord tenant course”, you should know real estate legislation has provincial scope.

#230 };-) aka Devil's Advocate on 07.30.14 at 1:48 pm

#215 CJ on 07.30.14 at 12:49 pm
#215 CJ on 07.30.14 at 12:49 pm
The wonderful thing about Canada is our freedom.
Erin is free to blow money on a condo.
Garth is free to point out how stupid that decision is.

A wee bit of editing and I’ll be most happy to agree with you entirely:

One of the wonderful things about Canada is our relative freedom.

Erin is free to spend her money on a condo.

Garth is free to point out how stupid he believes that decision might be.

#231 Bottoms_Up on 07.30.14 at 1:53 pm

#220 Detalumis on 07.30.14 at 12:55 pm
—————————————
you gotta admit a splash of whiskey ain’t the best medicine for a 6 month old….

#232 Smoking Man on 07.30.14 at 1:55 pm

#225 bill on 07.30.14 at 1:17 pm

Look at the photos on line, bullet holes in cockpit panels, where the pilots would be sitting in there is a huge chuck of wreckage below the floor of the cockpit. No holes.

Meaning had a missile exploded you would have holes there two…

Tonight I’ll put photos on my blog.. Provide the secret services give me a good reason not too.

This such a screw up on the west… Idiots…

#233 CJ on 07.30.14 at 2:06 pm

Well played, #230! I like it.

#234 Tom from Mississauga on 07.30.14 at 2:38 pm

This is exactly what I have been saying: the GDP drop in Q1 was a weather phenom and the US economy has been steadily rebounding since. Today the Fed will announce the 6th drop in QE, on its way to zero by the end of October. Yes, rates will be rising in 2015, and bond yields sooner. Ready? — Garth

An updated post on this please. Maybe include something on REITs, preferreds and (high yield) bonds for your new followers.

#235 Effluence greasy on 07.30.14 at 2:44 pm

#228 TheManwhoStaresatSheeple — “Another Gen Y here with different view”

And that about sums it up, doesn’t it? In the US, they don’t want to buy even with low prices, lots of selection and fixed 30 year mortgages, just because prices were once higher. Here, the little snowflake signs up to buy sight unseen and without even knowing what her mortgage payment will be, because she knows price increases are “inevitable.”

Buy high, sell low. Repeat until broke.

#236 bill on 07.30.14 at 2:48 pm

#232 Smoking Man on 07.30.14 at 1:55 pm
well I am going with burnt fuselage sections with shrapnel holes all over that would indicate a missile with ‘shotgun like’ effect consistent with the ‘buk’ type of anti aircraft missile that was seen on various portions of the downed jet.

”Meaning had a missile exploded you would have holes there two… ”
not necessarily.or even likely . depends where the warhead was in relation to the jet.
the buk system uses a proportional navigation system to get it near its intended [or unintended ] target. then a proximity fuse detonates a charge inside two sleeves of pre -fractured aluminum. this gives it the ‘shotgun’ like effect.

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

#237 frank le skank on 07.30.14 at 2:59 pm

#92 Italians love real estate on 07.29.14 at 9:25 pm

What’s funny is that you use condescending comments to fool yourself into a false sense of security regarding real estate which you probably own or want to own. If you’re so secure with your RE investments, why bother coming to this blog to harass people? You need to look beyond the self gratifying comments and look at the big picture in an objective way as opposed to doing what your Mamma tells you to do (buy real estate). Harassing anonymous blog posters to help fill the gap between reality and what your Mamma tells you will not fix the insecurity of having all your eggs in one basket. Eat shit Doctor Phil.

#238 2CntsCdn on 07.30.14 at 3:02 pm

The world is going effing nuts!!! Reality is getting blurrier, more vague and harder to recognize. Marketers, media, sales people and spinners are getting craftier and more slick. The poor average Joe/Sally doesn’t stand a chance any more. You have to dig very deep now to find out what’s really going on. And even then … there are times when joining the insanity is still better than avoiding it. But there always comes a day when reality levels the playing field and re-sets the stage. When to get in? … when to ride a wave? … when to get out? In money matters … trust your calculator. Beware of emotion … it always will cost you money.

#239 Victor V on 07.30.14 at 3:05 pm

70% in their 20s don’t consider a mortgage a debt: Survey

http://m.thestar.com/#/article/business/personal_finance/spending_saving/2014/07/01/70_in_their_20s_dont_consider_a_mortgage_a_debt_survey.html

While most Canadians want to be debt free, those carrying mortgages feel more comfortable owing money than previous generations.

Most Canadians say they want to be debt free, but those carrying mortgages feel more comfortable owing money than previous generations.

While most Canadians want to be debt free, those carrying mortgages feel more comfortable owing money than previous generations, according to a survey.
But that may have something to do with how they define being debt-free, which varies by age, the survey by Manulife Bank of Canada found.
Nearly 70 per cent of respondents in their 20s said they could have an outstanding mortgage and still be debt free, compared to just 29 per cent of respondents in their 50s.

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

Yes, you are reading correctly. Erin along with most of her generation simply don’t consider mortgages to be ‘debt’. Sounds mind boggling but true…

#240 frank le skank on 07.30.14 at 3:13 pm

#115 };-) aka Devil’s Advocate on 07.29.14 at 10:42 pm
But seriously, don’t you think it is kinda important that you hear both sides?
===========================

Maybe you’re finally are catching on you passive aggressive prick. You should take your own advise and consider both sides of the story. To be painfully obvious; YOU SHOULD CONSIDER THE POSSIBILITY THAT REAL ESTATE WILL NOT APPRECIATE FOREVER AND ALSO RESPECT OTHER PEOPLES CHOICE TO RENT.

#241 Blacksheep on 07.30.14 at 3:14 pm

Bill # 225,

With the photographic evidence of a large calibre projectile holes both entering and exiting (fired from both sides) M-17’s cockpit, it’s seems pretty obvious (to me), this caused the downing of the commercial aircraft and the tragic loss of approx 300 innocent lives.

http://www.anderweltonline.com/wissenschaft-und-technik/luftfahrt-2014/shocking-analysis-of-the-shooting-down-of-malaysian-mh17/

The form of aircraft whether S-man’s SU-25’s or an F-22 Raptor is irrelevant. A jet shot this non military aircraft, out of the sky. Russia and the Ukrainian rebels had nothing to gain and everything to lose by being involved in this action.

So once again, whom befits? Follow the money.

http://ronpaulinstitute.org/archives/featured-articles/2014/july/30/stop!-thief!-stop!-%E2%80%94-the-looting-of-ukraine.aspx

The “BUK” missiles look to just be distraction at this point.

#242 Victor V on 07.30.14 at 3:16 pm

http://www.financialpost.com/m/wp/news/blog.html?b=business.financialpost.com/2014/07/30/fed-rate-july-2014&pubdate=2014-07-30

The government on Wednesday said the U.S. economy grew at a 4% annual rate in the second quarter, a figure that likely amplified the debate within the Fed about how soon rates should rise.

Some Fed officials have expressed concern that the central bank risks overstaying its welcome with low rates and fueling an unwanted level of inflation. Others, including Fed Chair Janet Yellen, have argued that considerable slack remains in the economy and are wary of moving too soon.

Although Yellen believes the nation’s 6.1% unemployment rate overstates the health of the jobs market, she warned earlier this month that a rate hike could come “sooner and be more rapid than currently envisioned” if labor markets continue to improve more quickly than anticipated.

#243 Cdn Flier on 07.30.14 at 3:22 pm

#236 Bill: Don’t counter conspiracy theorists with facts. They don’t want to hear facts- facts ruin their theories.

#244 OMG on 07.30.14 at 3:39 pm

#236 bill on 07.30.14 at 2:48 pm

#232 Smoking Man on 07.30.14 at 1:55 pm
well I am going with burnt fuselage sections with shrapnel holes all over that would indicate a missile with ‘shotgun like’ effect consistent with the ‘buk’ type of anti aircraft missile that was seen on various portions of the downed jet.

”Meaning had a missile exploded you would have holes there two… ”
not necessarily.or even likely . depends where the warhead was in relation to the jet.
the buk system uses a proportional navigation system to get it near its intended [or unintended ] target. then a proximity fuse detonates a charge inside two sleeves of pre -fractured aluminum. this gives it the ‘shotgun’ like effect.

http://en.wikipedia.org/wiki/Proportional_navigation
……………………………………………………………………..

Dont encurage him to go on about this mess, he has a theory you know!

http://www.youtube.com/watch?v=U6zWjUhfj-M

#245 Son of Ponzi on 07.30.14 at 3:40 pm

“Vancouverhouse not for Vancouverites”
Says Bruce Allen on his reality check on CKNW.
Have a listen:
http://www.cknw.com/reality-check/

Typical Vancouver xenophobia. Tiring. Bush league. — Garth

#246 bill on 07.30.14 at 4:10 pm

I appreciate your concern…however I enjoy pointing out the obvious flaws in their ‘theories’
you would think sm would get it.
track 6ers manned the buk… led by track 6ers.
‘look Sergei! -is green light! press button….’

#247 Smoking Man on 07.30.14 at 4:11 pm

#tags, = destruction of MSM

#248 Smoking Man on 07.30.14 at 4:23 pm

‘The misfortune of the Malaysian MH 017 is known to all. The flight recorder is in England and is being evaluated. What can come of this? May be more than you want to accept….if you look at the image of Cockpit-Fragments, this picture is certainly shocking. Entry And Exit holes from bullets in the area of the Cockpit. This is not speculation, but analysis of clear facts: the cockpit shows clear evidence of bullet holes. You can see the entry holes and some exit points. The edges of the bullet holes are bent inwards,these are much smaller and round in shape. A 30mm calibre. The exit holes are less well formed and the edges are torn outwards. Furthermore it is visible that the exit holes have torn the double aluminium skin and bent them outwards. That is to say, splinters from inside the cockpit blew through the outside of the cabin. The open rivets have also been bent outwards….There is only one conclusion one can make, and that is that this: the aircraft was not hit by a missile. The damage to the aircraft is exclusively in the cockpit area….

Armour-Piercing Ammunition. Russia has published radar data that a Ukranian SU 25 was close to MH 017. this corresponds with Spanish air
traffic control that two Ukranian fighter aircraftwere in direct contact with MH 017. Examine the weaponry of the SU 25: it is fitted out with a 30mm cannon Type GSch-302 /AO-17A, with 250 rounds of splintering exploding bullets on a belt – shrapnel rounds. The cockpit of MH 017 was hit from TWO sides, as there are entry and exit holes on the same side….’

Very compelling stuff, is it not?

Articles are beginning to appear across the Web to the effect that Angela Merkel is disturbed by (and growing tired of) the incessant US propaganda being emitted in favour of its energy agenda….and so we must perhaps in turn view these articles in the light of her alleged new agenda concerning the creation of an alternative bloc to that of America. (More on this here in the near future).

But spin or not, these analyses make sense. The US State Dept has now shifted its position from ‘Russian atrocity’ to ‘tragic accident’. The above opinions suggest that neither are true: they suggest strongly that the Ukrainian air force took out MH17.

#249 bill on 07.30.14 at 4:24 pm

– that python skit was spot on by the way!

#250 45north on 07.30.14 at 4:25 pm

Victor V : Investors would be better off putting their money into real estate investment trusts that specialize in apartments

imagine if a real estate investment trust were to buy Garrison Point? The purchase document would look completely different than the one Erin signed.

#251 Crowdedelevatorfartz on 07.30.14 at 4:26 pm

@#245.
Bruce Allen ……the bellowing voice of juvenile, self important bluster.
He should stick to music promotion.

His best comment about country and music fans in Nashville when he went there on a promotional tour.

“There were more feet than teeth in the audience….”

#252 This just in on 07.30.14 at 4:29 pm

Why are you people debating how a plane came down?
I have questions.
Are you aware that there may be no plane? Or that the photos you are watching are likely fake? Or that the narrative is fiction?

Your ‘Reality’ is manufactured and delivered to you by others.

#253 Smoking Man on 07.30.14 at 4:31 pm

The first MSM outlet that goes tin foil will lose some advertising at first, then put all the other teleprompters out of business.

You listing Conrad Black… Let’s do it…

#254 Taber on 07.30.14 at 4:43 pm

From http://www.montrealgazette.com/news/montreal/homeowner+massive+hole+over+sewage+pipe+break/10073376/story.html : “N.D.G. homeowner in massive hole over sewage pipe break. … Cook had sewage backup periodically over the last year, but in December his basement flooded when his dishwasher and laundry machines backed up. Different plumbers looked into the situation, and in March a video was taken in his pipe that revealed a break 47 feet away from his main stack, in the middle of the street. Cook immediately called the city of Montreal and found out, according to Bylaw 944, that it was his responsibility to fix it. He started looking at quotes from excavation companies, with estimates ranging from $20,000 to $50,000. … In the street in front of both families’ duplex, there’s still a large slab of different coloured concrete — signs of where the city fixed a water main in September of 2011, directly above where both pipes have recently broken. Cook says the area where the pipes are now caved in was completely exposed during the work, and feels damage was either done when the hole was filled back up or over time as the new earth settled as trucks drove over it. He says seven different excavation companies he spoke with told him it was probably the cause. Cook made the claim to the city, “but I was told I would never be able to prove it.”
 

#255 Taber on 07.30.14 at 4:46 pm

And here is the bylaw: http://ville.montreal.qc.ca/portal/page?_pageid=8297,91367732&_dad=portal&_schema=PORTAL. “the owner is responsible for part of the water delivery pipe and for the entire sewer pipe that connect his property to the public system.” i wonder how many homeowners know this!

#256 Dredd on 07.30.14 at 4:52 pm

I hope Erin enjoys living in Mega City One.

#257 Effluence greasy on 07.30.14 at 5:11 pm

#252 This just in — “Why are you people debating how a plane came down?”

Just showing how the genpop has the attention span of a greyhound. Plenty of long term trends people can focus on and make money from, but they’d rather play games like “I know something most people don’t know (about something that has no significance, financially or in my life).” MH###, Syria, Libya, Jews, the UN, various secret societies, esoteric financial theories that are either non-falsifyable or have been making wrong predictions…

It’s just so boring to focus on industrial production, retail sales, employment and personal income.

#258 maxx on 07.30.14 at 6:17 pm

#161 Yuus bin Haad on 07.30.14 at 8:29 am

“Missed my train. Any canapés left?”

LOL! Btw, excellent moniker.

#259 Snowboid on 07.30.14 at 7:31 pm

#171 Daisy Mae on 07.30.14 at 10:05 am…

I’m convinced the goldenpoodle of Kelowna RE is definitely off his meds – his posts are starting to look like Smoking Mans (with apologies to SM).

Plus he knows all too well he clearly identified who he was in a blog a couple of years ago – so much for anonymity.

I never will reveal his identity, but find his ramblings hilarious based on what I see locally about him and his ‘company’!

Pretty soon he will starting calling us pups and poodles again, and increase the ferocity of his insults at anyone who questions his sanity.

#260 JimH on 07.30.14 at 8:38 pm

#209 Smoking Man
… “A fully loaded SU25 full of bombs and fuel is capped at the recommended service ceiling wiki suggest, now one with 2500 rounds of 30mm 1/2 fuel. Could easily climb to 40ft….”
—————————————————
OMG! Just Imagine that you of all people are confused on this issue… Let me attempt to straighten you out. I know, I know… many others have tried and failed.

“Service Ceiling” refers to the maximum “clean” functional altitude; (no weapons, rockets bombs, or munitions. This is a high as this ground support aircraft can fly. Add on any munitions and the SU-25’s service ceiling can drop all the way down to 16,000ft. (The Russians found out all about the limitations of this aircraft in Afghanistan, where it often had to operate only in the valley where it was deployed: it had trouble getting up over surrounding mountainous terrain in the heat of summer.)

The SU-25 has a combat range of 405Nm. Why such a low range? Two reasons;
1. This aircraft was designed and intended for close-in ground support, a role similar to the much superior American A-10 Thunderbolt or Warthog. As such, it does it’s best work at low altitude. It gets up in the air, lops off to the identified target area and cuts loose, then beetles it for home.
2. It was designed to carry lots of heavy bang bangs and boom booms, not cruise at higher altitudes loaded with either stand-off air-to-ground missiles or with lighter air-to-air missiles.

You seem to suggest that a pair of them took off with only half-fuel, “magically” managed to overcome their design capabilities and climb to 33,000ft (I suppose due to the lighter weight?), flew east “tailing” the Malaysian 777 as they were supposedly tracked by Spanish ATC, and then “magically” caught up to the airliner and riddled it with 30mm cannon fire.

This is an outstanding example of “special pleading” in an attempt to “prove” a wild and impossible theory.

A well-maintained SU-25 under ideal conditions piloted by a real pro loaded with 1/2 normal fuel and 250 rounds of 30mm cannon ammunition would burn up more than 1/4 of that just getting up to service ceiling (23,000ft), never mind somehow making it past that, acquiring the target and making the attack! They would have been out of fuel.

The aircraft specs and the laws of physics make a joke of your argument, Smoking Dude.

see also:

http://scottlocklin.wordpress.com/2014/07/21/can-the-su-25-intercept-and-shoot-down-a-777/

http://en.wikipedia.org/wiki/Sukhoi_Su-25

http://www.popsci.com/article/technology/could-old-warplane-really-shoot-down-mh17

Good luck!

#261 Daisy Mae on 07.30.14 at 8:48 pm

#183 Cha Ching: “She doesn’t ‘speak for Gen Y’, she IS Gen Y.”

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

So what?

#262 Kenchie on 07.30.14 at 8:52 pm

Hey Garth, I got this lovely (spam) email this morning from a realtor hawking Garrison Point properties. Check out this list of incentives they are using now:

“We’ve been able to negotiate another fantastic bulk deal with lowest prices & additional incentives exclusive to our clients.

1) 1 year rental guarantee at $3 per sq. ft.
2) No maintenance fees for the first year
3) Free property management for 1 year including finding a tenant for you
4) All this makes for an incredible return of up to 19.1% plus $750 per month in positive cash flow
5) Opportunity to buy a second two bedroom unit with only 5% down
6) Guaranteed $10,000 price increase after your purchase”

There was a bunch of infographics about how much money (ROI%) could be made with 5%, 15% and 20% down over a 4 year period.

It’s by far the most egregious display of unethical marketing, designed specifically for “moist virgins”, as you like to call them.

Let me know if you want me to forward you this particular email so you can rip it.

Yup, thanks. [email protected] — Garth

#263 Sam on 07.30.14 at 9:37 pm

Garth…you wrote an article few weeks ago about buyer agent agreement and how a buyer is liable for paying brokerage commission if they use another agent. Well, I did sign an agreement with one as I was looking for a commercial property to lease. I had no intention of using any other agent. But a good opportunity came along in a plaza that had exclusivity to another agent. Which means I can’t get my agent involved. It was not on MLS but on kijiji. Agent happen to be from same agency as my broker. What is my recourse if I want to lease that property? Thanks Garth

#264 MConner on 07.30.14 at 10:07 pm

#125 renters rule on 07.29.14 at 11:44 pm

Clearly #107 “Sarah P” is Sarah Prevette who hired Erin at Sprouter… isn’t really surprising that she ran here to defend her bff. Oh and look: a blogTO post from 2011 by Erin Bury about BuzzBuzzHome… makes you wonder how long she’s been in bed with these people.

http://www.blogto.com/tech/2011/05/toronto_startups_make_the_home-buying_process_easier/

#265 Dragonslayer on 07.31.14 at 1:35 pm

Re: concerns about raising kids in a condo.

There may be sound reasons to avoid condo living but that is not one of them. In Europe a lot more people raise families in apartments and it works out fine. People there simply spend more time in the local parks and playgrounds.

We’ve done both, had a condo when our kids were growing up and a SFH with a backyard. Guess what? We hardly used the backyard. The kids were always out doing other activities.