Phantoms

BMW modified

Remember Junior, the Italian mama’s boy with the hots for an eight-hundred-thousand bung? As I told you yesterday, the $649,000 Toronto beater house turned into an $810,000 sale after 13 competing bids were tabled. (Junior lost.)

Or were there?

Bidding wars are back, at least in the GTA and YVR (while markets like Calgary and Halifax spiral into despair), and buyers absolutely loath them. No wonder. Unlike in Australia, where blokes stand around and make verbal offers to buy a property – transparent and thrilling to everyone present – multiple offers in Canada are one of realtors’ dirty little secrets.

If you compete for a property, you’re blind to the process with no recourse but to believe what an agent tells you. The guy with the listing might say nine registered offers are coming and they’re all for more than the sellers are asking, prompting you to offer a massive premium. But you never know. There could be three low-ballers. There could be none. And you’ll never see what those offers contained in terms of price or conditions. All that’s revealed is the winning amount.

In one famous case a woman was informed a listing would be hotly contested. So, she upped the offer by tens of thousands. It later turned out hers was the only one (accepted, of course). She sued.

Phantom offers undoubtedly happen. It’s just one of the sleazier tactics used to inflate prices and commissions at a time when inventory may be low, and mortgage rates lower. Another slimy strategy is to list a property vastly below market value, prompting hysteria and dyspepsia among the virgins, and purposefully creating a feeding frenzy of offers.

Remember the North Toronto unrenovated pile that went for 195% of the listing price last April, after 72 offers hit the kitchen table? Sure ya do. And the buyer who ‘won’ was a client of the listing agent – the dude who orchestrated the whole thing. Hey, that seemed fair.

Well, something may be about to happen to curtail these orchestrated slugfests. The real estate regulator in Ontario, known as RECO, is hot to slap down cheaty realtors who manufacture phantom offers. Soon agents will have to keep records of all the bids on a property (for at least a year), and be prevented from claiming there are competing offers unless they actually exist and have been registered. Failure to do so will bring deregistration – which means you have to give the Audi back.

Unclear is whether a jilted bidder can petition to see the other, competing offers. But don’t hold your breath. This is still a process stacked in favour of the seller and their omnipotent agent. And RECO (like real estate regulators across the country) is an under-staffed and complaints-driven outfit. They have no roving realtor cops to police the 108,706 people flogging houses.

The best advice? Don’t go into a multiple-offer situation. Establish what you can offer and still have a financial life. Make your first offer the best (if competition looms). Always get pre-approved for a mortgage. In writing. Engage a realtor to represent you instead of dealing only with the listing agent. Don’t sign a BRA. If you’re forced into it, make the BRA specific only for the property being sought. On the day you offer, wear your special underwear backwards or whatever it is you do to find private joy. This is a not a fun process.

It’s also a process destined to get more bizarre and stressful before we’re done and this gasbag of a housing market pizzles. For that you can thank mortgage rates and our dithering central bank. Head guy Stephen Poloz ‘s latest media encounter actually opened the door to no rate drop on April 15th.

He downplayed the oil collapse, put more faith in a manufacturing rebound and suggested the poodles may wait until the middle of the year to reassess rates. Observed Capital Economics’ David Madani: “The speech earlier today by Bank of Canada Governor Stephen Poloz and his remarks during the press release shortly afterwards suggest that the Bank isn’t in any hurry to cut rates further. Accordingly, the odds of another rate cut coming in April are lower than we previously thought, though we still wouldn’t rule it out completely.”

In response, the Canadian dollar rallied a little, even as poor Alberta was bringing in a budget drenched in red ink (a $5 billion deficit). Thus, the Bank of Canada has done it again. It surprised markets in January with an unexpected and unannounced rate plop, killing the dollar. And it looks like the stage is being set for another surprise. Maybe April 15th. Perhaps May 17th. Or it could be July 15th. Or never.

You know what that means, kids. Buy now, or buy never. Hurry.

POSTMAG

Finally remember that little tussle I reported having a couple of weeks back with Condo King and Omnivore Brad Lamb, plus mortgage-broker economist and former bank star Sherry Cooper? The media event has now been published, and you can read a version here. I had a quick read and came to the conclusion Mr. Lamb stole the audio tapes, secretly altered them, and had an irresistible, creamy, raven-haired realtress drop them in the editor’s worn briefcase during a tryst they engineered. But that’s just a working theory. Or, they don’t type well.

215 comments ↓

#1 Larry B. on 03.26.15 at 6:31 pm

Norway’s sovereign wealth fund: 6.89 trillion Norwegian Krone (approximately $1.1 trillion Canadian).

http://www.nbim.no/en/

What Canada and Alberta could learn from Norway

http://credbc.ca/norways-oil-gas-policy/

Alberta budget includes largest spate of tax hikes in a generation: ‘It’s going to feel like we’re in a recession’

http://news.nationalpost.com/2015/03/26/alberta-budget-includes-largest-spate-of-tax-hikes-in-a-generation-its-going-to-feel-like-were-in-a-recession/

#2 Everything is bad :c on 03.26.15 at 6:35 pm

Taxes are going up in Alberta

http://www.cbc.ca/news/canada/edmonton/court-challenge-filed-in-attempt-to-stop-alberta-snap-election-1.3011025

#3 Anthony G on 03.26.15 at 6:39 pm

First!!
Which currency would you choose to move CND to?
Euro? USD?

#4 Everything is bad :c on 03.26.15 at 6:40 pm

Woops, wrong link

http://www.cbc.ca/news/canada/edmonton/alberta-budget-delivers-tax-increases-for-1st-time-in-years-1.3010696

#5 Forzudo on 03.26.15 at 6:43 pm

Remember, inside those bathroom walls, Brad respects your viewpoint.

#6 Randy on 03.26.15 at 6:43 pm

I’ve got a problem. Whenever I see a herd of buyers I head for the hills.

#7 Brian Ripley on 03.26.15 at 6:43 pm

“…even as poor Alberta was bringing in a budget drenched in red ink…” Garth

I created a chart from data that I extracted from Greg Poelzer’s Macdonald-Laurier Institute’s February 2015 Publication Paper “What Crisis? – Global lessons from Norway for managing energy-based economies.”

http://www.chpc.biz/history-readings/ripped-off

Alberta’s so called “progressive” conservative governments (7 consecutive iterations since 1971) have squandered their provincial energy resources.

We the electorate are poorly equipped to change institutions that have been setup to serve their own myths.

#8 sm_yyc on 03.26.15 at 6:46 pm

and the realturds continue to ponder why they are so hated out there.

#9 Cy Young on 03.26.15 at 6:49 pm

Wow those people you were debating really don’t see the correction coming or is this feigned ignorance?

#10 Van Isle Renter on 03.26.15 at 6:52 pm

Soon agents will have to keep records of all the bids on a property (for at least a year), and be prevented from claiming there are competing offers unless they actually exist and have been registered.
++++++++++++++++++++++++++++++++++

I think Bernie Madoff claimed to have a shares in a bunch of companies. Turned out he didn’t. Bernie went to jail.

Fraud is fraud, even if you’re a realtor. Throw a couple of high profile guys in the slammer like they did with Martha Stewart. The realtors will smarten up.

#11 MSM-free Zone on 03.26.15 at 6:54 pm

“….Engage a realtor to represent you instead of dealing only with the listing agent…..”
_________________________

Sounds good in theory, until you realize that your agent will often be dealing with other agents who possess less integrity and human compassion than the Ebola virus. Always remember, the listing agent will do everything he can to avoid sharing the commission with other agents.

A decade ago, why engaging the services of a reputable agent, I found my offers being consistently outbid by buyers of the listing agent, sometimes by only a few hundred dollars.

To confirm my suspicions, I bypassed my own agent, went straight to the listing agent, who promptly informed me that, when the time was right, I would be supplied with the ‘wink, wink, nod, not’ price to bid, in order to guarantee the sale to myself (and the commission to the listing agent).

#12 Fred on 03.26.15 at 6:59 pm

What we need in Ontario is legislation that forces the real estate boards to be open and transparent (ie all competing bids must be published, sale history listed, days on market and a proper and auditable tracking of sales activity etc).

But then again, I don’t see this happening any time soon as sex-education seems more important than families financial future in this province.

#13 Squirrel meat on 03.26.15 at 7:02 pm

So Quebec has a balanced budget, and an economy 2.5 times bigger than Alberta…… the transfer/equalization payments better be flowing from east to west this year…….

#14 Freedom First on 03.26.15 at 7:04 pm

I think P has been pressured to keep the $ stable, for now. Doesn’t mean the rates won’t drop in April. P can surprise as he has already shown.

I really don’t care. Rates drop, I will make money. Rates go up I will make money. I don’t need to say how. Garth has been showing us for years how to play safe and always come out ahead.

I am a fan of Smoking Man, so no offense SM on the playing safe remark, as I know you have said Garth’s way works, but it is just too boring for a smoking gambling JD music man who believes in living/enjoying the moment and full speed ahead damn the torpedoes.

#15 mark on 03.26.15 at 7:04 pm

EIA oil production estimates are now down for January in their latest release.

#16 Victoria Real Estate Update on 03.26.15 at 7:07 pm

Another educational post from Garth.

Is there a country in the world where potential buyers are at more of a disadvantage than in Canada?

For those of you who read my regular Thursday comments, I will not be posting one today, however, I may be able to do so tomorrow. If not, then next week.

Cheers!

#17 Financial Poodle on 03.26.15 at 7:08 pm

Okay, but I’m wondering what happens in these markets when the correction comes about, property values drop below mortgage values, and renewals start to happen. Or more accurately, renewals *try* to happen. Does the bank give an ultimatum asking for money to equalize the values? What happens if the owner comes up way short? Foreclosures, plain and simple?
-Mike.

#18 Leroy Washington on 03.26.15 at 7:08 pm

Let me be very clear:

Canadians are very stupid. Financially, that is.

You Canadians don’t have a CLUE about what is really going on. LEARN from us Americans’ mistakes, why don’t you?

But no….you Canadians are DIFFERENT, aren’t you. You’re BETTER!

Well, tell that to the goddamn reaper when he comes to take all your goddamn money.

Americuh!!! Woo HOO!!!

#19 takla on 03.26.15 at 7:10 pm

sleazy tactics,misleading numbers,inflating gas-bag,
buyer beware!
Joe public would be wise to find a good source selling industrial sized “bullshit filters” for not only the sleazy realtors as well as our own CG poloz.
Further lousy economic indicators here will prompt further interest rate cuts,,,zirp anybody?

#20 wishful_thinker on 03.26.15 at 7:10 pm

i would wishfully think anyone committing fraud would end up in jail, right?

#21 Pete on 03.26.15 at 7:10 pm

Garth, you sure set yourself up for a beating with that roundtable. It was 9 to 1 by my count. Every other participant’s livelihood depends on selling real estate. How did you expect to have a balanced, reasonably intelligent discussion in that environment?

I think Sherry Cooper looked like the only one slightly worried that she might be on the wrong side of history. I also notice she did not participate in the final summing up. Other than her (and you of course), is was all guns a’blazin’….

#22 saskatoon on 03.26.15 at 7:10 pm

Sherry Cooper:

Well, we can’t quantify it because we can’t report the data. It’s just like what Brad said about vacancies. But we know it’s happening.

we can`t prove it, but we KNOW!!!!!!!

WE KNOW GARTH!!!!!!!!!!!

by the way, why did they put you on the bottom LEFT–UNDER Lamb…

#23 Andy on 03.26.15 at 7:11 pm

“…I think people should strive to have as much balance in their lives as possible and to completely ignore most people at this table. Thank you.”

hahaha you are my hero Mr. Turner! To agree to participate in the real estate roundtable was a selfless act on your part already, and to close with that… you da man!

#24 Snowboid on 03.26.15 at 7:11 pm

I love your ending statement, “…I think people should strive to have as much balance in their lives as possible and to completely ignore most people at this table…”

The voice of reason in the pit of snakes!

#25 Andrew Woburn on 03.26.15 at 7:17 pm

#152 Entrepreneur on 03.26.15 at 12:00 am

#68 10 Reasons Wrinklies should not move to Vancouver Island…B.C. Ferries too expensive and cannot leave unless for medical reasons. That is why it is called “The Big Rock.”
====================

Not sure what “cannot leave unless for medical reasons” means. We put well over $500K cash in our jeans just by moving here. We don’t worry about 100 bucks for a ferry or even $200 for a float plane. If you are retired and broke, it costs under $20 bucks to walk on the ferry both ways.

If you can’t afford a ferry after you’ve saved a minimum of $250K on your residence, you can’t afford to retire at all.

#26 MSM-free Zone on 03.26.15 at 7:19 pm

“….One thing that really scares me is major terrorism in Toronto…….” – Sherry Cooper
_________________________

So, what now, we have self-described economists taking diversional cues from the PMO office?

#27 james on 03.26.15 at 7:21 pm

“Unlike in Australia, where blokes stand around and make verbal offers to buy a property – transparent and thrilling to everyone present”

One does not have to be a security engineer to see that this approach can be gamed as well. It’s not like realtors haven’t been caught paying people to act as clients (cough cough Chinese ‘sisters’ in Vancouver who were actually employees of a real estate company).

Without the ability to audit and to introduce some sort of deterrent, Garth is right that bidding wars should be avoided period. Even in Australia. That’s putting aside the other issues with bidding, such as getting carried away in the moment by emotion.

#28 JustMe on 03.26.15 at 7:23 pm

Eventually the Feds will increase taxes. Withdraw your RRSP as soon as you retire to get today’s lower rate. If you withdraw before age 65 you avoid the risk of clawback of the age amount and OAS. This can be a good strategy for those who retire early. Alberta is a sign of what’s to come.

Alberta budget delivers tax increases for 1st time in years

http://www.cbc.ca/news/canada/edmonton/alberta-budget-delivers-tax-increases-for-1st-time-in-years-1.3011190

#29 MSM-free Zone on 03.26.15 at 7:23 pm

Garth Turner: People are use now to mortgages at 2.5 or 3 per cent. If you normalize and they go back to 6 or 7 per cent, it’s a huge issue.

Mathew Rosenblatt: It depends where you came in.

Sherry Cooper: I don’t know.
_________________________

“I don’t know”……??

An ‘economist’ said that? You can’t make this stuff up.

#30 4 AM Sunrise on 03.26.15 at 7:24 pm

#113 Lobster Man on 03.25.15 at 9:54 pm from yesterday:

About those collections calls – did your identity get stolen? Did you check? I would be really worried even if the collections people did call me by the wrong name.

#31 Renting my house on 03.26.15 at 7:25 pm

Hi Garth,
I recently had an experience in Saskatoon that shows that some of what they are saying about foreign buyers might be true. We had Realtors come to our door and give us an offer on our house from a Chinese buyer. The buyer also bought the other 4 houses next to us and a couple other rows of houses in core areas that are zoned for multi-unit dwellings. There was a long hold up for us to get the money as it was coming from China. However the initial offer was in a Chinese name and his or her assigns buy I think the houses are actually put in the names of immigrants who are living and working in Saskatoon.
As for the new rules you mentioned; I am in favor of any rules to keep Realtors honest. The Realtors who came to our house would tell us anything they had to get us to sell. “Give us a call and let us know how much you want for your house” and then “They’ll never pay that much! You realize they are getting a mortgage” , “Sell now the property market is crashing”, “Your house was worth half of what it is now 10 years ago and that could happen again” , “We’ll get the appraiser to appraise your house’s value generously” “this is a great opportunity to sell as you don’t have to pay us a commission” but as soon as we told them how much money we wanted for our house they added on a $31,000 commission for themselves, had us sign something about how they only represented the buyer (even though they’d been giving us advice on how to counter offer the whole time) and tried to convince us we could afford to buy 2 houses now and they’d be happy to help us. Now since they convinced us to sell and want us to buy they tell us that the longer we wait to buy a house the more we’ll lose renting as house values go up. I bet they’ve been telling their buyers that prices will only go up and that the condo market in Saskatoon is really hot right now.

#32 devore on 03.26.15 at 7:25 pm

#10 Van Isle Renter

Fraud is fraud, even if you’re a realtor.

It’s only illegal if there is a law against it.

#33 bob on 03.26.15 at 7:26 pm

what typing did they miss out? You can’t leave a cliffhanger like that on a blog.

#34 4 AM Sunrise on 03.26.15 at 7:27 pm

Hi-larious story from a lawyer who specializes in real estate:

LAWYER: There’s a problem with this contract – the seller’s name doesn’t match the name on the land title.

REALTOR: Yeah, I know, the owner is deceased and the seller is the executor.

LAWYER: Is there probate?

REALTOR: What’s probate?

#35 Julia on 03.26.15 at 7:27 pm

I read the PostCity article today. I thought it must have been well edited.

To prevent phantom offers, wouldn’t the solution be that offers are only presented and reviewed to an independent 3rd party? Create some agency or group?

#36 Daisy Mae on 03.26.15 at 7:28 pm

http://www.cbc.ca/news/canada/edmonton/alberta-budget-expected-to-deliver-bad-news-1.3009599?cmp=rss&cid=news-digests-canada-and-world-morning

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

Downplayed the oil collapse, did he?

#37 MSM-free Zone on 03.26.15 at 7:28 pm

“….Can you buy an apartment for the same or as much money per month as it costs to rent? Interestingly, right now, the cost of renting is higher than the cost of owning……..” – Brad Lamb
_________________________

Gee…no conflict of interest there.

(….and total B.S.)

#38 Sheane Wallace on 03.26.15 at 7:31 pm

http://www.msn.com/en-ca/health/medical/6-reasons-for-an-itchy-bottom/ar-AA9Ea1K

#39 Former Fool on 03.26.15 at 7:33 pm

Interesting post Garth, but I thought you’d be all over the Alberta budget today! Guess that’s a topic for tomorrow’s blog?

The realty industry in Canada is in massive need of an overhaul in terms of regulation and oversight. In my profession, if I pulled some of those tactics, I’d be looking for a new field to earn a living.

#40 bob on 03.26.15 at 7:34 pm

In the type-up, Karen said this:
Karen Stintz: But the difference, though, Garth, the difference is that you don’t have a mortgage because you had cash. So you could sell your $2 million house, right? My situation is somewhat comparable. I live in a $2 million house, but I have a mortgage, so it actually costs me less than $4,000 a month for my house.

It actually costs me less than 4K/month. Wow, how stupid is that.

#41 joblo on 03.26.15 at 7:40 pm

Don’t ya just love it….. Poloz said he is keeping his fingers crossed.
Wow governed by hope.
Idiot.

#42 Rainclouds on 03.26.15 at 7:40 pm

“I have this stupid blog”

Must have been painful surrounded by the High Priests of TREB. No root canals you could have scheduled?

You forgot to send the Rapturous collective into apoplexy by mentioning…………… Zillow

P.S. The “Stupid Blog” has made me 10’s of thousands.

Thanks Dude!

#43 Ray Vasquez on 03.26.15 at 7:44 pm

The Bank of Canada is not finished. It is all a show and he is playing with people’s minds again.

Don’t believe him. I can see a 0.5% or lower Bank of Canada rate by the end of this year.

He has already successfully pushed down bond yields which is especially true at the 10, 7, 5, 2 year yield curve.

Longer term rates of 11 to 30 years is more of a declining U.S. bond yields than the influence and talking down interest rates from the Bank of Canada, Poloz.

#44 mitzerboy aka queencity kid on 03.26.15 at 7:45 pm

thanks again for the money blog garth

wordz from mark twain sumz up thingz

theolder we grow the greater becomes our wonder at how much ignorance one can contain without burstin ones clothes

#45 Drill Baby Drill on 03.26.15 at 7:49 pm

Garth I read the transcript and you did very well against that crowd.

I think instead of having so called sealed offers we should have open auctions right in front of the home for sale. Have a reserve bid of course but at least this will take away the sleazy antics of the leased Audi crowd.

#46 Julia on 03.26.15 at 7:50 pm

#17 Financial Poodle
“Okay, but I’m wondering what happens in these markets when the correction comes about, property values drop below mortgage values, and renewals start to happen. Or more accurately, renewals *try* to happen. Does the bank give an ultimatum asking for money to equalize the values? What happens if the owner comes up way short? Foreclosures, plain and simple?”
-Mike.

I would think that it would depend on capacity to continue to make payments. Foreclosure or realization on assets should be the last resort. It’s costly and nobody wins. Not even the Banks.

#47 Oil Is Sticky on 03.26.15 at 7:53 pm

#20 wishful_thinker on 03.26.15 at 7:10 pm
i would wishfully think anyone committing fraud would end up in jail, right?

—–

If that were true you would not have billions of laundered dollars entering HAMcouvers banks to buy real estate nobody will live in keeping the prices sky high for local residents.

So no……nobody goes to jail in HAMcouver for laundering money.

#48 triplenet on 03.26.15 at 7:53 pm

Garth – if you have the time you may wish to attend a court ordered sale if it is a lender foreclosure, which is typical.
Many times I’ve observed a multiple offer situation in court and its not as fair as you think. In fact, in my younger years I raised an objection with the administrative process of the court – because it was absolutely unfair and demonstrated favour to a certain party.
Yes all bids and re-bids are in sealed envelopes however a Judge has discretion to “do it his way”.
I let him do it his way as I was too busy obeying the caution i was given by the master.
…..and you know what that was.
Notwithstanding , I think you are on the road to fairness in your discussion.

#49 Vanecdotal on 03.26.15 at 8:09 pm

GT in the lions den, yikes. You do come across as the sole voice of reason, however I *hate* to say this, but I do agree with the opposing panelists’ general sentiment that there are some variables influencing specific housing markets (YVR & anecdotally TO) that are yet to be officially quantified in a meaningful way.

I can’t speak for TO, but being born and raised in Greater Van, I’ve lived in 6 different suburbs, mostly in Van West Side for most of my adult life, and have observed RE market trends for many years in many different local “locales”. My previous line of work took me all over the Lower Mainland and beyond, interacting and doing business with community representatives, municipal governments, business owners, and individuals. Worked with many high net worth Americans over the years and was privy to a running commentary on US RE markets pre-during-post US financial crisis, and subsequently their objective views of Vancouver and our local RE market as well.

In my humble life experience there are 4 variables that DESPERATELY need “quantification” in the Lower Mainland to paint a truly accurate RE market picture. The usual financial / economic “metrics” used to attempt to explain market behaviour no longer work regarding YVR, because of the elephants in the room that no politician has been willing to touch with a 10 foot pole (so far). Ultimately they will have to address some, or all of the following:

1) Percentage of Foreign ownership including occupancy rates
2) Percentage of SFHs with multi-incomes (more than 2 incomes) SFH households making the mortgage payments (multi-generational / extended family in one SFH)
3) Percentage of illegal suites in SFHs, and including unreported income (this would likely be HIGH across YVR)
4) Percentage of BC Bud fueled housing purchases (also, er *HIGH* and almost impossible to quantify, at least until we LEGALIZE, the sooner the better)

All four of these factors are in play regularly, each one contributes to inflated valuations (relevant to average / median local incomes). None of this data has been reliably quantified, or if it has, has not been made public (yet). It’s this politically motivated willful blindness that continues to feed this irrational market, which is why it’s so far removed from median income fundamentals.

That all these factors are in play is common knowledge to just about everyone living here in the lower mainland… and no I can’t prove any of it, I would LOVE to be able to provide data, that’s the problem. There isn’t any reliable information yet. YVR RE transpires in a government-sponsored Information Vacuum, which is insane, and needs to change ASAP.

I hope that once we see some impartial numbers on these locally-relevant variables (City of Van currently undertaking detailed study on foreign ownership variable), we can finally get the real market picture once and for all and move forward in a more sustainable direction, ’cause this trajectory ain’t sustainable imho.

#50 Nora Lenderby on 03.26.15 at 8:11 pm

I think Mr. T. held his own at the gleaming Granite’n’Stainless club. Not nearly the bloodbath that he previously implied. Mind you, nothing much sticks to those materials.

And Leroy? Although unkind, he’s not wrong. Probably fed up with smug Canadian carpetbaggers :-)

#51 johnny d on 03.26.15 at 8:15 pm

Sherry Cooper: “I don’t know.”

The one quote that explains it all.

#52 Sheane Wallace on 03.26.15 at 8:31 pm

Garth,

I admire your courage and persistence to speak the truth in the land of the brainwashed.

#53 Smoking Man on 03.26.15 at 8:37 pm

Last night I told you dogs about Saudi Arabia attacking Yemen.

I said to by Oil, Sell USDCAD.

This was a strong hand, I sold USDCAD 500 contracts. My kid sold 100. Double his usual bet of 50.

I told him to let it ride over night, this is a bit different ,the magic tooth fairy was going to visit him while he slept.

Now he got into trouble early in the week , lost 40k, then went back to the guerrilla strategy. First base, then out, we don’t go for homers. He’s made most of it back..

Last night, shortly after his bet he, was up 16k. Then it dropped. He got out an 8k profit.

He let emotion get in the way. He had pocket aces, and two on the flop. No reason to fold.

But because he had his ass kicked earlier in the week, fought hard to recover he folded. All emotion.

This would have been his best day ever, if he unloaded when he got up, he would have had over 100k profit from tooth fairy.

I held, then reversed my position on the camel toe.

I would tell you what I made, but that would make me sound like a lier. You though I’m a great lier.

Now how many of you have trading accounts to take advantage of breaking news stories like this.

My guess, only 1%

#54 Still Employed Dan in Calgary on 03.26.15 at 8:37 pm

I saw a video online once, where a bunch of Russians beat a chained bear. That saucy realtor stew you were simmering in reminds me of that video. It also reminds me of a wrong turn into a realtor conference in a hall at the Banff Springs a couple years ago. Made my skin crawl… Maybe next time you should decline being chained and beaten and know your lovers (insert witty/dirty joke) will stick by you and you can always rely on your faithful haters.

#55 TurnerNation on 03.26.15 at 8:41 pm

Joe Owe’s going to be at convention ctr tonight. A Con-Israel love in. Tix $90. I know a provincial stumper going.

#56 Interstellar Old Yeller on 03.26.15 at 8:42 pm

That PostCity panel transcript was hilarious, Garth. Everyone else was repeating the same old bunk the MSM feeds us, but your bluntness was great. Particularly enjoyed when you dissed the magazine readers and said pretty much everyone else in the panel should be ignored.

#57 Leo Trollstoy on 03.26.15 at 8:42 pm

Toronto real estate is filled with bidding wars (legit or otherwise). Across the sales mix, real estate prices have been increasing for over a decade. It might be getting long in the tooth.

My 50 year old tear down, rat infested bung was in a bidding war with all offers far far above the list price. Let’s see what the future holds.

#58 Washed Up Lawyer on 03.26.15 at 8:43 pm

Garth:

I read the transcript from the forum that you participated in.

You showed leadership, grit and truculence.

Hope Shanahan reads it, strips the “C” from Dion and pins it above your impressive left pectoral. No anaesthetic necessary.

Well done and thanks.

#59 Andrew Woburn on 03.26.15 at 8:45 pm

Some wise words from Hugh Segal who has been at the heart of Canadian governance forever.

– How complexity imperils faith in our public institutions

“One must also be clear that certain aspects of the public sector have an interest in the salutary obfuscation of complexity. National security agencies, finance departments, central banks, some immigration and social service regimes find complexity and conflicting goals and applications helpful in maintaining their unchallenged jurisdiction and broad discretion. Their intent may be constructive but constructing through rules, regulations, contradictory and time-sensitive criteria and related machinations a cloud of uncertainty raises complexity and its construction to an act of sheer artistry.

The challenge for governments and those who care about democracy is not of doing away with complexity – which in a multifaceted, multi-racial and economically diverse society is unavoidable. The challenge is in finding ways to reduce it, simplify it and manage it so that the complexity itself does not destroy the efficacy of public institutions but even the public desire for those institutions to exist and be of service in the first place.”

Or maybe it’s just what the historian, Tacitus, was talking about. He had one of the brightest minds in ancient Rome. He said “The more corrupt the government, the more rules they make.”

http://www.theglobeandmail.com/globe-debate/how-complexity-imperils-faith-in-our-public-institutions/article23628836/

#60 omg the original on 03.26.15 at 8:48 pm

Cy Young on 03.26.15 at 6:49 pm

Wow those people you were debating really don’t see the correction coming or is this feigned ignorance?
——————————-

No they really don’t see it. People and professions close to a bubble are the last to understand the bubble.

Look at the mortgage fraud and meltdown in the US – the smartest people in the room were still laying bets on housing until the very end.

Just human nature – what, me worry?

#61 Ruane on 03.26.15 at 8:48 pm

Garth, what is that pose? Are you giving someone the finger? :)

#62 Worried in oilberta on 03.26.15 at 8:49 pm

So happy that we listened GT. We saved all of our Big oil income in the last 4 years and can now retire where ever we want. But try to talk all these kids is a waste of time.

Now the banks are downplaying

http://www.theglobeandmail.com/report-on-business/economy/housing/td-chief-plays-down-concerns-over-canadas-housing-market/article23643296/

#63 Smoking Man on 03.26.15 at 8:55 pm

What was so perefet about that trade. The timing. North American traders where smashed at the bar. The far East nursing saki hangovers lined up at Starbucks. Londoners, snoring and beer farting.

When the story broke and I posted it, took Garth about ten minutes to allow it through the gauntlet of his bi polar , delete or not to delete doorway.

It hardly moved, then Asia woke up, London jumped in

And boom, all of you missed out on a no brainer easy million.

All the same, this is hard too do when you convince yourself you have a future.

I’m my case, Death is imminent could be tomorrow, next week, next year , in 30 years.

I know the bastards coming for me, that’s why I roll the way I roll.

The 99% think they can live forever.

#64 Arthur on 03.26.15 at 8:56 pm

Can I just say how much I love how you’re shaking your fist at everyone in that picture? Pure gold.

The whole thing kind of reminds me of that part in ‘The Big Short’ where these guys running a hedge agains sub-prime mortgages walked into a sub-prime mortgage conference in Las Vegas.

Eisman was odd in his conviction that the leveraging of middle-class America was a corrupt and corrupting event. At the annual sub-prime conference that year, Eisman walked around the Venetian hotel in Las Vegas – with its penny slots and cash machines that spat out $100 bills – and felt depressed. It was overrun by thousands of white men now earning their living, one way or another, off sub-prime mortgages.

#65 Robert Agnew on 03.26.15 at 8:58 pm

DELETED (Anti-Chinese)

#66 Entrepreneur on 03.26.15 at 8:58 pm

Interest rates can go up or down but does any of that matter when the earth is off balance?

#25 Andrew Woburn….your not a islander. We grew up on the big island, know many people. Speaking in general.

As for the statement “If you can’t afford a ferry after you’ve saved a minimum of $250K on your residence you can’t retire at all.” Where did that come from? Who cares about how much a person needs to retire when they need help?

#67 omg the original on 03.26.15 at 9:00 pm

If you are retired and broke, it costs under $20 bucks to walk on the ferry both ways.
———————

Good lord, Andrew have you ever tried to take public transit to and from the ferry terminal. Makes a nice 6 hours of it.

Do it once and you’ll see why people do not do it.

#68 Julia on 03.26.15 at 9:02 pm

Crowdfunding house flippers?

http://www.cnbc.com/id/102537364

#69 Simplyput7 on 03.26.15 at 9:09 pm

So we are not going to talk about how, Alberta can present a budget and have tax increases effective as of midnight (12:01am )? Can Harper/Joe Oliver do that with the Federal budget?

Of course. This was a surprise? — Garth

#70 tundra pete on 03.26.15 at 9:12 pm

For sure crooked ass realtors should be seeing the crowbar hotel but i get a real kick out of the dumbasses who eat up this bidding war crap. Just keep bringing it on. Fools and their money are soon parted. Lol.

#71 Karma on 03.26.15 at 9:18 pm

ICLRE,

“It’s just that the much larger number of Italian canadians coupled with the overwhelming number of them in the housing and related industries dwarfs out any comparisons to other groups”

Go to Surrey or Delta… Ever see people in Turbans and long beards putting up a house? I have… many times.

I do work with several of (white collar) Italian-Canadians (mostly from “The Bridge”), so I understand where you’re coming from. It was quite humorous with one IC asked the other IC if he knew anyone who does cement work. Of course he did. He knew 5 or so of his high school friends that do it. Next day, the task was done for $100 cash.

But in Vancouver, it’s the East and South Asians that dominate the RE trade in their respective burbs.

#72 Ralph Cramdown on 03.26.15 at 9:23 pm

#69 Simplyput7 — “Can Harper/Joe Oliver do that with the Federal budget?”

Budget? They don’t need no stinkin’ budget! Millions of Canadians are filling out tax returns including income splitting provisions which aren’t yet law.

#73 @Smoking Man on 03.26.15 at 9:23 pm

Sad to hear about that jetliner crash.

How far from the Hadron Collider did this event take place? Someone once told me that the day we humans create mini-blackholes is the first day that future travellers would be able to travel back in time.

Maybe someone had to erase a timeline for our unknown and their known purposes?

Assuming no other explanation can be found.

#74 Drill Baby Drill on 03.26.15 at 9:24 pm

Dear Pathetic Blog ; never ever count out Alberta. I will take my chances here anytime over any other province. Oil may be down for awhile (watch the mid east closely) but it always comes back. Manufacturing in Quebec and Ontario has been gutted over the past decade plus and I do not see it coming back in any great amount. I do not think the exchange rate differential with the US will be that great for that long to give any manufacturing a boost nor confidence with investors.

#75 omg the original on 03.26.15 at 9:24 pm

Renting my House
I bet they’ve been telling their buyers that prices will only go up and that the condo market in Saskatoon is really hot right now.
————————–
Don’t get me wrong, I love the S’tooner, grew up there.

But what I cannot understand is the who is coming into the city and what are they working at???

Sure I know mining has been a big driver and potash, but how many jobs can that be for S’toon?

Its perplexing as I see these great tracts of subdivision with $400K, $500K and $600K homes being developed whenever I fly in there.

#76 Karma on 03.26.15 at 9:27 pm

#197 E.Bernays on 03.26.15 at 11:57 am
“Here is the actual report if anyone is looking for it:

https://www.vancity.com/SharedContent/documents/News/Downsizing_Canadian_Dream_March2015.pdf

I’m starting to think Van is impervious…and I just sold!”

The extent of Vancity’s analysis is drawing a straight line… Look at the methodology:
“Future housing prices were projected by applying historical average growth by community.”

pathetic…

#77 Ralph Cramdown on 03.26.15 at 9:29 pm

“The real estate regulator in Ontario, known as RECO, is hot to slap down cheaty realtors who manufacture phantom offers. Soon agents will have to keep records of all the bids on a property (for at least a year), and be prevented from claiming there are competing offers unless they actually exist and have been registered.”

Cheap window dressing. A decent system would be a little province-wide web database. What RECO will undoubtedly require is paper stuck in a broker’s filing cabinet, just as is done for realtors’ know your client/anti money laundering documentation. Impossible to glean statistics from, easy to fake on a few hours notice if enforcement ever rings up and says they need to see the docs, or worst case you can say you lost that particular file and pay a small fine.

#78 Oil Is Sticky on 03.26.15 at 9:32 pm

#25 Andrew Woburn on 03.26.15 at 7:17 pm
#152 Entrepreneur on 03.26.15 at 12:00 am

#68 10 Reasons Wrinklies should not move to Vancouver Island…B.C. Ferries too expensive and cannot leave unless for medical reasons. That is why it is called “The Big Rock.”
====================

Not sure what “cannot leave unless for medical reasons” means. We put well over $500K cash in our jeans just by moving here. We don’t worry about 100 bucks for a ferry or even $200 for a float plane. If you are retired and broke, it costs under $20 bucks to walk on the ferry both ways.
——-

What ferry are you talking about? Its over $32 both ways now. Been back in the 90s much?

#79 Drill Baby Drill on 03.26.15 at 9:32 pm

My predictions on the oil and Loonie are the following;
– USA oil export ban will be lifted in 2016 thereby opening up the floodgates for heavy crude of which the gulf refineries are actually geared for.
– Loonie will climb towards parity with the USA buck.
– The middle east is nor longer stable and the Saudis are going to need a lot more funds for defence against the Shites.
– Iran will start pumping oil as soon as they sign the nuclear deal with the USA thereby dampening the upcoming oil price spike but the mid east turmoil will still uplift the price of oil regardless.

#80 omg the original on 03.26.15 at 9:33 pm

Brian Ripley
Alberta’s so called “progressive” conservative governments (7 consecutive iterations since 1971) have squandered their provincial energy resources.
————————

We get the politicians we deserve (can’t remember who said that).

The Canadian electorate has the intelligence and attention span of an amoeba (and that’s a discredit to amoebas).

The politicians did not squander it, the electorate demanded the politicians squander it.

If the electorate did not agree with what the Alberta government was doing they should have elected somebody else.

#81 SWL1976 on 03.26.15 at 9:37 pm

#208 Smoking Man

Nosty

Great link, he wins his case against BBC because it had fore knowllage of Building 7 free fall.

——————————

Anyone who still believes the official story about guys with box cutters bringing down the towers and the US invasion of Iraq was to find weapons of mass destruction is way behind on the cruve of the reality of the situation

The truth is stranger than fiction these days and yesterday’s blog post about bidding wars for a crap house in the GTA proves just how delusional people are

#82 Brian on 03.26.15 at 9:38 pm

Garth you really think brad lamb is lying to your face when he says that he has hundreds of HAM purchases made through existing Canadians?

#83 Lead with the jab on 03.26.15 at 9:39 pm

Garth,

I will give you credit for digging in and going shot for shot with two people. At least we know you don’t have a glass jaw. Too bad you didn’t have anyone in your corner. Brad Lamb and Sherry Cooper had their team of fluffers, tossing out the water and towels. Hopefully this bubble pops soon, prices are just ridiculous now.

#84 Smoking Man on 03.26.15 at 9:40 pm

I got say something nice about Sir Gatho.

He’s a really good shit..I mean it.

I think it was Thur night, snuck over to Seneca, free JD. Had alot.

I was a bit looped, I posted a post. It was a description of a proto I built, a great invention.

I was looking for partners, may have used the word investors.

Whatever his reasoning, that post never materialized.

He was protecting it, or me, or he was sticking to his no add policy.

But it was a really nice thing to do.

Now here is my proposal, I have 6 shares.

Garth gets 1 share for protecting the idea. That is, if he’s not off to China, looking for a mfg. He will manage our profits.

I need a patent lawyer. To do the work, and incorporate us, and offer free councel duration of corp. 1 Share.

A tech savvy marketing wizard, who has a proven record in social media marketing. 1 Share.

A project manager, you deal with the mfgs in china, wear housing , distribution. generally all the grunt work.

I get 2 shares, I’m financing the project..and its my idea.

Leave the educational portion on your resume off, if you want a chance at this opportunity.

These potions pay no salary. Do it on your companies time.

Send resumes to :
[email protected]

In this era of diversity and woman’s rights. Preference will be given to un attached , hot young female candidates ..:)

Old farts will be considered only after all the females candidates are thoroughly interviewed. But odds are slim

Good luck future zillionares.

#85 Lorne on 03.26.15 at 9:55 pm

#67 omg the original

If you are retired and broke, it costs under $20 bucks to walk on the ferry both ways.
———————

Good lord, Andrew have you ever tried to take public transit to and from the ferry terminal. Makes a nice 6 hours of it.

Do it once and you’ll see why people do not do it.

…..
Absolutely, do it lots and doing it again tomorrow. Horseshoe Bay Express meets the ferry and you are in downtown Vancouver in 30 minutes….another 30 minutes out to Burnaby, Coquitlam, New West, Surrey or Richmond, including YVR, via Skytrain. Easy!

#86 Billy Corgan on 03.26.15 at 9:58 pm

Tell Brad Lamb to quit stealing my look! At least we both have laughable careers…

#87 The Unkown on 03.26.15 at 10:01 pm

From your media event Garth: “So, I counsel people on trying to have diversification in their life and not having a one-asset strategy. I don’t want to see people with all their net worth in the stock market. I don’t even want to see it in a balanced portfolio.”
——————————-
So how much of one’s net worth would you recommend in a balanced portfolio? Including ALL of your net worth, even funds that could be put into real eatate?

You often talk about selling your house and investing the proceeds.

#88 lou on 03.26.15 at 10:02 pm

from the photos you can tell that the more you lie the more hair you lose….but the ladies get a pass…

#89 Smoking Man on 03.26.15 at 10:09 pm

#81 SWL1976 on 03.26.15 at 9:37 pm
#208 Smoking Man
Nosty
Great link, he wins his case against BBC because it had fore knowllage of Building 7 free fall.
——————————
Anyone who still believes the official story about guys with box cutters bringing down the towers and the US invasion of Iraq was to find weapons of mass destruction is way behind on the cruve of the reality of the situation
The truth is stranger than fiction these days and yesterday’s blog post about bidding wars for a crap house in the GTA proves just how delusional people are.
….

They are, would it be nice to see Dick Chaney hanging from a tree , hell ya. For the moms and dads that lost kids.

But my posts are about education, not revenge. Tree huggers got that one. if you want to make loot, you got to know , everything you read, see and hear is a sales pitch.

Reality is a mirage. You instincts are robbed in school.

Kids with pimples buying million dollar houses proves it.

I’m trying to teach, even though the world is one big stinkin bull shit story..

You can still profit from it, when you can smell it.

Leave the black tee shirts and cardboard posters at home, put on the suit, a fake smile and go get yours

Dr Smoking Man.

#90 Andrew Woburn on 03.26.15 at 10:11 pm

#78 Oil Is Sticky on 03.26.15 at 9:32 pm
We don’t worry about 100 bucks for a ferry or even $200 for a float plane. If you are retired and broke, it costs y under $20 bucks to walk on the ferry both ways.
——-
What ferry are you talking about? Its over $32 both ways now. Been back in the 90s much?
=======================

Not sure why this topic is drawing so much heat so I’ll try and end it here. The topic started as why you shouldn’t retire to the Island, not why poor people can’t afford ferries. One reason given was the ferry costs too much. Yes it does. But if you can leave Vancouver with half a mil clear, are you really going to move to Chilliwack instead because you might have to pay for the occasional ferry from the Island?

Yes, the ferry personal fare costs $32 both ways but not if you are over 65, Mon-Thu. If you live in Campbell River, you are not going to take the bus to the ferry but if you live near Nanaimo or Victoria, no problem.

#91 Washed Up Lawyer on 03.26.15 at 10:12 pm

#84 Smoking Man

“I need a patent lawyer.”

“Old farts will be considered …”
*********************************

I am an old fart. Unfortunately, I am very impatient.

Count me out.

#92 RayofLight on 03.26.15 at 10:13 pm

Stupid is what stupid does. I rely on this “stupid” to shine the light on the direction of the markets in the long run. The “Zero ” guys are nuts. This stuff is solid.

#93 Karma on 03.26.15 at 10:17 pm

#232 MAYA on 03.26.15 at 3:58 pm
“I feel secure with no debt, haveing education fund maxed for my child and having saving and investing.”

This is all that matters… Feeling secure and providing a better life for your kids. In 20 years, you may be an owner, or you may not be an owner. But you likely won’t care that you were a renter as a young parent, and neither will anyone else.
————————————————————–
“BUT:
I am considered a loser in my family. I get”still throwing money away in rent? ” all thie time.
I feel so sad that my worth is measured whether I have a house or not. I struggle to find friends coworkers who think like me. Every owns, talks about their house, or renovation.
I feel so lonely sometimes. Last year I did nto even go to the christmas thing. We just took a vacation.”

MAYA, when confronted with these family members and friends, ask them how much principal they paid off in the past year. Compare it to the amount of savings and investing you did (and always emphasis the saving of $600 or so from paying less in rent vs owning). Ask how much of their gross income goes to housing. Make the case that yours is likely lower. Ask them what their saving ratio is. If yours is above 3.9% (Canada’s average in Q3 14), you’re doing just fine.

#94 Cici on 03.26.15 at 10:27 pm

Garth, I followed the link and took the time to draft the following comment, but by the time I had hit Send, they had disabled the link…bastards:

Can’t believe this BS. Their math doesn’t work. And I hear Garth Turner was misquoted. And average family income in Leaside is some $375,000 year? Reallly, can we quantify that? Better yet, I’d love to know what the average household income Toronto is, and how in the heck young middle-class families who are paying upwards of $1 million for a semi are every going to pay their homes off completely, let alone retire. If you are 30 and loading up on that kind of excessive leverage, and rates stay low and you stay employed, you’ll be lucky if you have the home paid off by 55…but meanwhile you won’t have much of anything extra to put into savings or investments, which means you’ll fall into Sherry’s worst high-risk scenario: people in their 50s who haven’t built up enough wealth and security for retirement.

#95 Cici on 03.26.15 at 10:28 pm

Oops…meant that they had disabled the Comments link/functionality.

#96 Craig on 03.26.15 at 10:33 pm

Re #18 Leroy Washington. Hey Leroy , give your head a shake mate! The USA is closing in on 18.2 friggin trillion George Washington’s on the debt clock. If that’s what fiscal responsibility is all about then the Canucks aren’t doing to bad at all.

#97 Lobster Man on 03.26.15 at 10:38 pm

#30 4 AM Sunrise on 03.26.15 at 7:24 pm

Thanks for your comment. I did check on my credit records. They remain OK, as they do not appear to have been compromised.

I will be changing my phone number to “private/unlisted”.

#98 Phantoms | Realties.ca on 03.26.15 at 10:46 pm

[…] Source: http://www.greaterfool.ca/2015/03/26/phantoms/ […]

#99 BlackDog on 03.26.15 at 10:48 pm

I know, off topic, as often, but my dog’s vet (an amazing guy in it for the love who undercharges his patients to the point of losing money), says that sadly Golden Retrievers often die young (less than 2 years old) from cancer. They make wonderful family members, so this is very sad for the owners who get these dogs because of their reputation for being such amazing family dogs. He has seen many a family come in, kids crying, having to put down a young Golden Retriever. I love my mutt I got from the SPCA.

Sorry….what were we talking about?

#100 Linda on 03.26.15 at 10:50 pm

Seriously, there are over 108,000 realtors in Canada? Or was that a joke?

Alberta budget – apparently the health ‘tax’ is going into general revenues. So don’t expect any of that money to fund or improve services that are already over capacity & just going to get worse as the population ages.

Alberta government – not enough words to describe adequately. I’ll just say I’m not impressed that they will not raise corporate taxes (so much for all Albertan’s sharing the pain) & even less impressed that they may be calling an election, thereby breaking their own law & by the way, spending $10 million plus when those funds need not be spent for at least another year. Sadly, the chances of the PC’s getting voted in again are rather good, which is why an election is likely to occur this year.

#101 Smoking Man on 03.26.15 at 11:01 pm

#91 Washed Up Lawyer on 03.26.15 at 10:12 pm
#84 Smoking Man
“I need a patent lawyer.”
“Old farts will be considered …”
*********************************
I am an old fart. Unfortunately, I am very impatient.
Count me out.
..
To bad, it wasn’t about making loot, that’s a given. Nectonite here. And I’m serious. This invention , unreal.

It was about how I would do in a tribe .

In really i hate people. I’ve set my life up , only got to deal with one wife, and three teet sucking kids.

For the rest, drinking, writing, gambling.

that’s a book ..

Don’t even know what I’m trying to say at moment.

Plus really looking for a google educated fake laywer .

Guaranteed he would kick your ass and all the others .

Cause he’s a fake, hes / she trained to never fk up..

#102 Cookie on 03.26.15 at 11:05 pm

I don’t understand this. Crash theories, now conspiracy theories? This blog is ressembling Zerohedge at a smaller scale.

“came to the conclusion Mr. Lamb stole the audio tapes, secretly altered them, and had an irresistible, creamy, raven-haired realtress drop them in the editor’s worn briefcase during a tryst they engineered. But that’s just a working theory. Or, they don’t type well.”

#103 Mark on 03.26.15 at 11:10 pm

“Sure I know mining has been a big driver and potash, but how many jobs can that be for S’toon?”

It was a few jobs during construction, but nothing like the contribution of residential RE construction to the Saskatchewan economy. Just like Calgary, everyone seems to cite the industry du jour that receives a lot of press, but in reality, its the RE industry that’s been driving both cities. As RE prices continue to fall, eventually with cost of production < sales prices, employment will continue to weaken.

#104 Gregor Samsa on 03.26.15 at 11:17 pm

For the people unhappy with the Albertan budget / PC party, consider it this way:

The PCs are leaving the people alone who fund them and vote for them (corporate owners, executives, oil types, etc) and sticking it to the Joe-six packs who can’t be bothered to read a newspaper or vote.

If the PC party were to do the opposite, and raise taxes on the corporate types while giving poor Joe a break, they would soon be out of jobs because they would loose all their donation money and votes while Joe would buy extra beer and still stay home on voting day.

Plus it’s Alberta, where half the Joes they screw over will STILL vote for them just because they aren’t Liberals.

#105 Bobby on 03.26.15 at 11:21 pm

The supposed other bidder is probably the oldest sales tactic ever. I recall looking at a stale condo listing here in Victoria awhile ago. It was in poor shape and way overpriced. The listing agent was somewhat pathetic and when I said I wasn’t interested, she stated there was a full price offer coming in the next day. I laughed and challenged her saying it was ironic as the listing was just sitting. Yes, the listing was eventually taken off the market.
In any sale, if a supposed better offer is there I just walk away. In most instances they always call back, and yes I always offer even less.

#106 lee on 03.26.15 at 11:22 pm

Garth,

You should start a dating website for like-minded basement dwellers who believe in balanced portfolios and renting.

#107 The American on 03.26.15 at 11:27 pm

I have to admit, I give up. I give up telling my canadian friends what horrific paths they’re all taking with this real estate game. They all claim, “we’re different.” I laugh to myself for the blatant ignorance I witness in front of me, all the while while claiming how “smart,” “educated,” “savy” they are. Sadly, I know differently, but you cannot argue with an ignorant person, for it will only make you the idiot. As each day passes, the canadian bubble only make the U.S. real estate bubble of years ago appear to be minuscule. So, I’m done trying to help them. I’m done telling them how their agents are lying to them (after their homes have been listed on the market for months on end without a single offer). Your system in canada is totally F*CKED UP! And that’s coming from an American. Now, I’m not a fan of Leroy Washington (wherever the hell that name came from, and I sincerely doubt he/she is American, based on the verbiage content and structuring of his/her sentences, and over compensation of what a person from Canada would believe an American to behave like), but I will say this for Leroy… I’m beginning to feel Leroy has a valid and sincere point, and that is Canadians are lost and absolutely hopeless in this game. Believe what you will by the hands who have everything to gain by keeping the lies going and the fake values propped. But know that when it come crumbling down (and it truly will soon), it is going to much significantly worse than what I believe even Garth may lead you to believe. It is so over for Canada, I wouldn’t even know where to begin, which is precisely why I’m done trying to watch out for my Canadian friends’ interests. Know this too… I’ll be the very first to be in their faces and pointing a finger right back at them and laughing saying, “I told you stupid f*cks for years, but your own inferiority complexes, masked by trying to be superior have made you fall harder.” Pride cometh before the fall.

#108 Future Expatriate on 03.26.15 at 11:30 pm

I never assume there are actual other offers. Ever. And it’s about time this general “practice” that exists because “everyone does it” is put to death, by regulators.

I’ve also found that if you look at a realtor like they’re crazy the first time you look at a place and they pull this (the FIRST phone call they get is an “offer” and you say “how nice for you”) or they have a spouse “drive by” in the middle of a desert to “check out the place” (actually happened in Arizona in the middle of nowhere) that they will give up on you with the BS.

Predators sense when you are not easy prey.

#109 pwn3d on 03.26.15 at 11:36 pm

So we are not going to talk about how, Alberta can present a budget and have tax increases effective as of midnight (12:01am )? Can Harper/Joe Oliver do that with the Federal budget?

————————

you’re kidding right? Wynne (scumbag) raised taxes in July and made it retroactive to Jan 1! Never doubt the ability of the government to take whatever they want from you.

#110 #Firstworldhousingproblems on 03.26.15 at 11:38 pm

#37 MSM-free Zone on 03.26.15 at 7:28 pm
““….Can you buy an apartment for the same or as much money per month as it costs to rent? Interestingly, right now, the cost of renting is higher than the cost of owning……..” – Brad Lamb
_________________________

Gee…no conflict of interest there.

(….and total B.S.)”
—————————————————

I have all the info on prop taxes, maintenance fees, purchase price, LTT, etc that the landlord paid/pays at the condo I rent. I know how much I pay in rent. I even know their down payment because the Russian realtor showed me a copy of their certified cheque they used. (it was about 25% down)

So I put all that info into a model (assuming 3.00% mtg and 25 yr amort). They have a negative cash flow $63 a month. Their cap rate is 4.01%.

When we resigned for a second year, there was no rental growth demanded. I humbly obliged.

My example shows Brad Lamb is wrong…

Also, I have a friend in a 1,050 sf 2 bd 2 bth condo that is very nicely finished. I don’t have the LL’s numbers to plug into a model, but based on what I have seen for comparables, and given I know how much my friend pays, there is no way that place is cash flow positive…

Anyone else care to share their subsidized housing situation in newish (i.e. less than 5 yo) condos?

#111 Ryan on 03.26.15 at 11:42 pm

Just read the transcripts to the “debate” on housing in Toronto. I feel as if Brad Lambs comments were rather weak but aggressive, his final comment really hit it out of the park for me, it’s as if he anticipates a slowdown.

My thoughts anyways…

#112 kommykim on 03.26.15 at 11:44 pm

RE: #43 Ray Vasquez on 03.26.15 at 7:44 pm
The Bank of Canada is not finished. It is all a show and he is playing with people’s minds again.

Yup. if you read between the lines Poloz is saying that since interest rates are already so low all that he can do now is lie about dropping them. Then he goes on to say that the CBs need to be careful not to lie too much or people won’t listen to them any more.

#113 BlackDog on 03.26.15 at 11:44 pm

@TheAmerican #107, At least Leroy knows what a paragraph is.

#114 will on 03.26.15 at 11:45 pm

“I’ll leave it at that. I think people should strive to have as much balance in their lives as possible and to completely ignore most people at this table. Thank you.”

Hahahahahaha. My god Garth that must have been awful sitting around the table with all those awful people. The booster-deniers. You were the champion. Stick with it man. We’re all with ya here.

#115 joe calgary on 03.26.15 at 11:45 pm

Funny to see all my friends and colleagues talking about the economy and layoffs in the last week. I think reality might finally be setting in.

#116 rentin on 03.26.15 at 11:51 pm

#47 Oil Is Sticky on 03.26.15 at 7:53 pm

It’s you against the world, or at least Asia. You make me laugh.

HAM might whip up a market. But it is the locals that support it. You have obviously not done business with HAM. They grind, and grind and grind a deal. They have more money than you will ever have.

And people like you, maybe not you yourself, will get into bidding wars and pay premiums to an asking price for fear of being left out.

HAM walks away from the 2M dollar house you wanted in a bidding war and buys a 4M dollar house on sale for 3.5M, no subjects, cash sale.

#117 Larry1 on 03.26.15 at 11:52 pm

Garth – liked your arguments with the RE pimps. Congrats on the $0.5B under management. You definitely could afford the house you rent.

#118 Ronaldo on 03.26.15 at 11:58 pm

”I’ll leave it at that. I think people should strive to have as much balance in their lives as possible and to completely ignore most people at this table. Thank you.” – Garth

Exactly. Talk about a group with a one track mind. Sad. And Sherry Cooper thinking that the 25% who have no mortgage is great. It’s the very same ones that will be the main factor in the coming drop in prices since they are sitting on a lot of illusionary wealth which when it comes to having to sell, dropping the price will not be a big issue for them.

#119 omg the original on 03.26.15 at 11:59 pm

but nothing like the contribution of residential RE construction to the Saskatchewan economy.
——————–

Yea, probably the truth.

Every second person I know in S’tooner under 40 is either working in the construction industry or building houses on the side.

When the the price of a 3 bedroom new construction house in S’tooner surpassed the price in Victoria’s western suburbs (Langford, Colwood) I knew something was up.

Mind you in S’tooner you get a developed basement.

Mind you in S’tooner the basement floods once a decade and you have to spend $60k to gut/rebuild it.

#120 Smoked squirrel Meat on 03.27.15 at 12:11 am

Well that is reassuring…

“Stephen Poloz is warning Canadians to brace for subpar economic growth in the first quarter, but the Bank of Canada Governor has his “fingers crossed” about the rest of the year.”

#121 millenial1982 on 03.27.15 at 12:14 am

Smoking man: How did you start building your bank account in the beginning to get the kind of leverage you have today as a 1% man? Gambling, lottery, theft or drinking competition? How about a little history I’d love to hear!

#122 Ken Nash on 03.27.15 at 12:17 am

I almost choked on my almond milk when I read this gem on my facebook feed.

“GTA housing crisis is about no supply, huge demand. #‎Ontario & our cities must speak up to #‎Greenbelt Review – see http://t.co/8sAZ1aInad

Apparently some believe your insight is wrong Garth! Step into the GTA surreal construction zone. It’s not goofy economics driving house prices. It’s a lack of supply because those selfish farmers are growing food. Who knew? Next comes the magazine, devoted to urban sprawl to drive down house prices.

The world is a precarious place. Winston Churchill said during the WWII, “The farms of Britain are the front line of freedom” Cut off from imports starvation was a concern.
We’ve all heard Garth’s warning about food inflation. But forget that. Housing is where it’s at.

In Canada the last Land Inventory was completed in 1946. Which is pathetic in itself. What chance does common sense have against house lust?

Farmland causing higher housing costs premiss is so demented. The sheepel will never accept it’s not them or low rates. The real bad guys are driving a John Deere tractor and bit earthy. Being vegan I’m actually freaking out a bit about this.

Don’t wish for hardship on others. But….. higher mortgage rates can’t come fast enough to hopefully wake people up.

#123 millenial1982 on 03.27.15 at 12:19 am

What are the chances the government announces new stimulus money to try and combat weak oil and keep the party going? Is that their only weapon left once lowering rates are no longer an option? Garth?

#124 Karma on 03.27.15 at 12:34 am

Garth, this may be of interest…

“PetroChina looks to ‘swap’ Canadian assets” (FT.com)

China’s biggest oil major by market value is “actively engaged” in talks to swap North American assets with international oil companies, in an effort to staunch losses on high-cost deposits after a collapse in crude prices.

PetroChina, the listed arm of China National Petroleum Corp, will also cut almost 10 per cent in exploration and production spending compared with last year, joining the rest of the industry in trimming budgets in response to a near-50 per cent plunge in oil prices since last summer.

The cut in capital spending mirrors similar moves by the likes of BP and BG Group — two of Europe’s biggest energy groups. Domestic rivals Sinopec and Cnooc have also announced spending cuts.

Wang Dongjin, vice-chairman, said on Thursday the swap negotiations centre around unconventional assets in Canada, which require high oil prices to be profitable.
CNPC has borne the brunt of nearly two years of an anti-corruption campaign that has decimated the allies of Zhou Yongkang, former energy and security tsar, who had protégés throughout the energy industry.

Executives at its operations in Canada — where Mr Zhou’s sister-in-law held a senior position — have been among those detained, amid accusations in the Chinese press that the company paid too much for assets that are difficult and expensive to develop.

“Because of the low oil prices, any asset disposal will lead to big losses for any big international oil companies. If we could strengthen co-operation and swap assets, it will help us restructure overseas assets and complement each other,” Mr Wang said. He did not name the companies involved in the negotiations.

“We have shifted our focus to more quality and efficient development from expansive development in the past,” said Mr Wang. “[That’s why] we have taken bold moves to keep cutting capex in the past few years.”
Last year, net profits fell 17 per cent to Rmb107bn — their lowest in five years — because of the drop in international crude oil prices and cuts in China’s domestic retail fuel prices. PetroChina reported revenues of Rmb2.28tn last year, up 1.1 per cent on the previous year.

However, Mr Wang said his company was not ruling out new purchases. “We have been very actively following a few quality assets. Once the time is right . . . we will not slow down the pace of acquisition because of the management changes or low oil prices,” he told reporters.

The drop in crude prices also took a bite out of returns at rival Sinopec, which this week reported a loss for the fourth quarter and warned its profits would be close to break-even for the first quarter. Sinopec’s 2014 profits dropped nearly 30 per cent last year, it said on Monday
PetroChina and Sinopec are also facing a softening market for refined oil products. China’s refining output rose 4.4 per cent in 2014, PetroChina said, but apparent consumption rose only 2.8 per cent.

Diesel demand in particular suffered, as a slowdown in economic growth and a drop in total coal consumption reduced demand for transport fuel. PetroChina said that China’s diesel consumption fell 1.5 per cent, the first drop since 2009, while gasoline demand rose 8 per cent.

#125 Julie K. on 03.27.15 at 12:35 am

So, the RE Agent has come and gone.

We did list. First time trying to sell a house in over two decades.

Feeling a bit nauseas to be honest. Symptom of the GT anxiety attacks I have been suffering last few months.

Sitting at the dining room table earlier, the agent shows us the “comps” and (meaningless) sales graphs and then says, out loud;

“Really, you should have listed about 3 weeks ago.”

Huh?

Catches me a bit off guard. But I have the perfect come back.

“I tried too. Remember? I called you three weeks ago. You answered my call while sitting on a beach in Hawaii.”

Truly, he looked embarrassed.

Let’s hope this is his only goof-up.

Sell, baby, sell.

#126 Cael phantom on 03.27.15 at 12:44 am

Phantoms come in many shapes mine is the CASL phantom that gets very little attention. As a small business owner with an online b2b I am forced to do business like they did before the advent of that new fangled contraption called a fax. Yeah I’m talking about snail mail… i can waste time and money on printing a brochure and a stamp to have it tossed or I could send an email but wait no I can’t because I will get a million dollar fine … why is Canaduh anti-business. It should be equal if you put your email on the net and you get an email and you have the gull to complain you should likewise get a million dollar fine. If you don’t want email then why the hell is your email posted. CASL is a discrimination law against business and I can’t believe there isn’t some bit stink because it actually affects the freedom of speech of everyone yet its gone hush hush hardly noticed that our freedom of speech has been removed! what happens when you can’t pay your fine??? hmmm what you in jail for? I sent an email how stupid is that?

#127 kommykim on 03.27.15 at 12:53 am

RE: #100 Linda on 03.26.15 at 10:50 pm
Alberta budget – apparently the health ‘tax’ is going into general revenues.

Yea, it’s a joke. Just like the MSP here in BC. All that added bureaucracy and expense to make a tax increase sound like something else.

#128 Don Derc on 03.27.15 at 1:19 am

Yes…too bad we can’t see competing bids etc – but who says we’ll still understand what to look for? Kerry Gold wrote an interesting article in the Jan 17th edition of the Globe and Mail – another tool for chaffed buyers (no longer virgin and moist – not in this era) is to review RECBC for reeltor complaints.

The poor reeltor in this article “failed to pay attention” – possibly affecting his “long standing career”.

RECBC says realtors would rather pay fines than be published. When I took the realtor course at Sauder UBC, “fiduciary duty” was written all over the place. I’m proud to say, that after 25 years as an OSR I’ve got that duty thing down pat. Still haven’t tried to hang the reeltor shingle though.

So what’s going on? Young and inexperienced? broke and need money fast? Think you can pull the wool over your dumb clients’ eyes?

Never, in our history, have sales people been whipped more into “getting past no” than ever.

Blind consumerism, plus laziness on a buyer’s part equals….well we are all only human ya know…

I think we should turn off the TV for a year.

#129 Yo Ya on 03.27.15 at 1:29 am

Garth, I read the entire transcript. While I agree with you, I do sense that your messaging is not as forceful as it could be. Much of what you said is about the risk of a one asset strategy. Why not quote some of the terrible forecasts made by various big credibe foreign organizations? That would surely draw the attention of many listeners, and would force the Brad Lambs to argue why they are wrong, which is harder to do than counter your one asset horse, which also sounds rather theoretical to the common person. Also, why not bring up what has been happening to the real estate markets in countries like the netherlands, where space surely is vastly more limited? And, why did you not bring up the fact that our massively devalued CAD is basically what so far has prevented a major housing market drop, and what the inflation relatee consequences will be? For your next panel sessions, I reaaly think you should bring in a bunch of these arguments. You do this in your blog in a fantastic manner, why not in the panel session??

“I think people should strive to have as much balance in their lives as possible and to completely ignore most people at this table.” – great closing statement, but as argued above unfortunately the reasons for why people should are not compelling – in short, you offer “because a one-asset strategy is risky”. Yaaawn! How about a messaging expert to massage all that wonderfull information you have on tour blog into a compelling message that appeals to common people? As it stands, your message will resonate only with people who are already highly informed; you need to inform them more completely right then and there!

#130 Tipler on 03.27.15 at 1:33 am

I read your blog daily, not always comment though, but tonight when I started to read your blog I couldn’t believe that you bought into this ” keeping records by realtors ” stuff. Thank goodness your later part of blog explained your position. Smoking mirrors is what this is!
You are right on it! As long as there is demand there will be bidding wars. Your advice, step back and dont get into it should be posted everywhere!

#131 KinKalgary on 03.27.15 at 1:35 am

I don’t post very often but read pretty much every day.
Smoking man – love ur style – ur a no bullshitter tell it like it is just JD drinking redneck! U enjoy life and have no money issues – easy come easy go!
Ur an inspiration! Market is slow here housing sitting on the market along time – still not much for action – Wifey works at pottery barn – higher end home decor – business has slowed considerably- things are definitely slowing although I know guys in the patch who are still working so not all bad. I think oil be back by end of year so shouldn’t affect prices too much!

#132 Winterpeg on 03.27.15 at 2:05 am

Contrary to your sentiment about feeling served up for dinner by the panel, I thought you sounded completely rational and way more sensible and on- the- mark than the twits who surrounded you.

#133 Realtor_Math on 03.27.15 at 2:07 am

‘The extent of Vancity’s analysis is drawing a straight line… Look at the methodology:
“Future housing prices were projected by applying historical average growth by community.”

pathetic…

**********************************************************************************
So, using “realtor mAthodology” (C), if I take the warming trend between January 1st and today, by next January 1st, the daytime high should be about 50 degrees Celsius. Sounds good to me!

Idiots!

#134 Aloha Canada on 03.27.15 at 3:03 am

That was a very enlightening round table debate. Garth, with no date to the prom and the rest, candidly promoting their products while suggesting their opinions were balanced, researched and full of objective insight. Way to represent Garth, even if you were just brought along as the designated driver.

#135 Nagraj on 03.27.15 at 3:08 am

“House-horny” “moist millenials” “Kool-aid drinkers” etc., has NOT made it into the vernacular, I’d say that as CONSCIOUSNESS RAISING language it’s failed prospective mortgagees miserably. I guess to RAISE people’s CONSCIOUSNESS of the hideous crazy mess real estate is, sumpin’ else is wanted. (But don’t ask me, I have a low IQ too.)

I couldn’t get past the second page of the transcript of the dunce-moderated Lamb&Cooper&Coyotes gabfest – life gets shorter as time goes on, and the language (even yours, GT) was fatally trite hackneyed and cliched, if that. MATH and STATS have NEVER persuaded a general audience of anything except the need for a nap.

Toronto renters desperately need a catchy one word comeback when they’re derided by the house-horny and house-humpers.

ART is what’s wanted. Art (as vs propaganda) that’s original (originality is subversive) and funny (Wilde: all humour is subversive) and sneaky enough to tunnel under the establishment’s castle walls.

Of course the business-minded bourgeoisie is, congenitally, desperately lacking imagination. Even its sexual fantasies are dull.

May I suggest channeling Andy Warhol?

#136 Whynot on 03.27.15 at 4:04 am

Massive slavery dept! Harper helping everyone become slaves to the system, in the end it all gets taken away when the pyramid finally collapses. A few will be left, tucked away at private resorts, laughing at all the idiots .

#137 OttawaguyRenting Worried but not too worried still a worrier but look on the brightside on 03.27.15 at 6:51 am

wow – Cdn Gov Ads
heavy rotation of this online Ad all of a sudden – from TSN to Sportsnet websites
https://www.youtube.com/watch?v=nNkPjSjOvCQ
The Gov wants you to know WATCH OUT

#138 wxman on 03.27.15 at 7:09 am

Sherry Cooper – what a dismal record she has. I remember way way back after the nasdaq bubble had just started bursting and she said that tech is the new economy and that the nasdaq would be back at new highs soon..it took 16 years in the end.
She was wrong over and over again like most economists to be honest.

#139 Squad on 03.27.15 at 7:27 am

“I think people should strive to have as much balance in their lives as possible and to completely ignore most people at this table. Thank you.”

Classic line! Sounds like you were a wee bit outnumbered there Garth, although interestingly enough, the questions from the moderators seem to be angled more towards the possible dangers of entering into real estate right now.

#140 Sheane Wallace on 03.27.15 at 7:44 am

#113 BlackDog

Not the form is important but the content, my brainwashed, brain-frozen canadian friend.

#141 rosie "moving forward" in the knowledge that, "this won't end well" on 03.27.15 at 7:47 am

2.44% for 5 years, if you can qualify.

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/mortgage-broker-removed-from-ratehub-site-due-to-low-rate-restrictions/article23649919/

#142 LP on 03.27.15 at 8:02 am

#135 Nagraj on 03.27.15 at 3:08 am
…Toronto renters desperately need a catchy one word comeback when they’re derided by the house-horny and house-humpers…

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

Is this a challenge you’ve issued? What a good way to spend the last Friday of the month. If so, game on!

#143 maxx on 03.27.15 at 8:09 am

“Phantom offers undoubtedly happen. It’s just one of the sleazier tactics used to inflate prices and commissions at a time when inventory may be low, and mortgage rates lower. Another slimy strategy is to list a property vastly below market value, prompting hysteria and dyspepsia among the virgins, and purposefully creating a feeding frenzy of offers.”

That government allows this sleazy machinery to persist, let alone exist in the first place just shows people how little regard, never mind respect, they have for its citizenry.

Realturds, not consumers, are being mollycoddled and protected by tptb, foolishly acting on the destructive premise that low rates will eventually spin the economy back to its 2012 (mirage) state. Wrong!

The economy is imploding in Alberta, and the worst is yet to come. Its effects will bleed across the country for years.

Pity anyone buying now, particularly those with helicopter parents or misguided cocktail party braggarts posing as “friends”.

What a colossal mess.

#144 fancy_pants on 03.27.15 at 8:15 am

#18 Leroy Washington on 03.26.15 at 7:08 pm

Let us know when you reach 50 million on food stamps, then we can sit down and reassess where the lack of financial intelligence falls.

ps. When are you going to pay back the 18 trillion you owe? your great fore-father who helped found your nation would want to know

#145 fancy_pants on 03.27.15 at 8:18 am

ps. Since we are pointing out sins, do you still fly the confederate flag by your slave quarters? Oh, and the Nazis would be very proud of your nation – killing 40-60 million through abortion since 1970. hats off to liberty and freedom!

Stop with the childish anti-US rant. We’re all imperfect. — Garth

#146 james on 03.27.15 at 9:13 am

http://www.propertyguru.com.sg/property-management-news/2015/1/78875/singapore-comes-down-heaviest-on-foreign-buyers-re

#147 OMG on 03.27.15 at 9:26 am

#101 Smoking Man on 03.26.15 at 11:01 pm
#91 Washed Up Lawyer on 03.26.15 at 10:12 pm
#84 Smoking Man
“I need a patent lawyer.”
“Old farts will be considered …”
*********************************
I am an old fart. Unfortunately, I am very impatient.
Count me out.
..
To bad, it wasn’t about making loot, that’s a given. Nectonite here. And I’m serious. This invention , unreal.

It was about how I would do in a tribe .
In really i hate people. I’ve set my life up , only got to deal with one wife, and three teet sucking kids.
For the rest, drinking, writing, gambling.
that’s a book ..
Don’t even know what I’m trying to say at moment.
Plus really looking for a google educated fake laywer .
Guaranteed he would kick your ass and all the others .
Cause he’s a fake, hes / she trained to never fk up..
____________________________________________
Smoking man your BS is a bit drool. While you may or may not be a savvy investor. You are a self admitted liar, so what are we to believe from you? Nothing. You are however the largest blowhard on the blog and that is a fact! So congratulations on being obnoxious.

#148 Smoking Man on 03.27.15 at 9:52 am

#121 millenial1982 on 03.27.15 at 12:14 am
Smoking man: How did you start building your bank account in the beginning to get the kind of leverage you have today as a 1% man? Gambling, lottery, theft or drinking competition? How about a little history I’d love to hear!
……..
Your going to need to use your imagination a bit here, not sure there is a statute of limitations here in Zanada.

One big ass crop, just once.:)

#149 Daisy Mae on 03.27.15 at 10:08 am

#23 Andy: GARTH: “…I think people should strive to have as much balance in their lives as possible and to completely ignore most people at this table. Thank you.”

hahaha you are my hero Mr. Turner! To agree to participate in the real estate roundtable was a selfless act on your part already, and to close with that… you da man!

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

Yes. LOL ALWAYS take the high road. All those around you can act like asses if they so wish.

#150 Bottoms_Up on 03.27.15 at 10:11 am

#144 fancy_pants on 03.27.15 at 8:15 am
——————————————————
Governments do not need to pay back debt. They only need to service it.

With a yearly GDP of $17 trillion (and growing), the US government could probably carry much more debt at these low interest rates.

#151 Daisy Mae on 03.27.15 at 10:13 am

#20 Wishful: “i would wishfully think anyone committing fraud would end up in jail, right?”

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

Does that include strata self-appointed councillors?

#152 Bottoms_Up on 03.27.15 at 10:17 am

#109 pwn3d on 03.26.15 at 11:36 pm
———————————————-
At least with the HST in Ontario McGuilty mailed us all cheques first.

#153 maxx on 03.27.15 at 10:19 am

#1 Larry B. on 03.26.15 at 6:31 pm

Norway’s sovereign wealth fund: 6.89 trillion Norwegian Krone (approximately $1.1 trillion Canadian).

Yes, with a population of just over 5 million. Ours is just over 35 million.

This country is sitting on perhaps the world’s largest cornucopia of commodities. Oil, minerals, wood, fresh water, arable land…….

Imagine what Norway would be doing with that.

Gross mismanagement of this country. Gross.

#154 Pete on 03.27.15 at 10:32 am

maxx on 03.27.15 at 10:19 am
#1 Larry B. on 03.26.15 at 6:31 pm

Norway’s sovereign wealth fund: 6.89 trillion Norwegian Krone (approximately $1.1 trillion Canadian).

Yes, with a population of just over 5 million. Ours is just over 35 million.

This country is sitting on perhaps the world’s largest cornucopia of commodities. Oil, minerals, wood, fresh water, arable land…….

Imagine what Norway would be doing with that.

Gross mismanagement of this country. Gross.

—————————————————————–

The Cons are nothing but spending and wasting and stealing taxpayer money and handing it over to their rich buddies in business. After they are done screwing Canada and Canadians over they go sit on the boards of these said companies making millions of dollars. Anyone that votes for conservatives are ignorant and lets face it stupid. Those who voted for the CONs have ruined Canada

#155 Nora Lenderby on 03.27.15 at 10:38 am

#107 The American on 03.26.15 at 11:27 pm
I have to admit, I give up. I give up telling my canadian friends what horrific paths they’re all taking with this real estate game. They all claim, “we’re different.” … I’ll be the very first to be in their faces and pointing a finger right back at them and laughing saying, “I told you stupid f*cks for years, but your own inferiority complexes, masked by trying to be superior have made you fall harder.” Pride cometh before the fall.

Actually the real quote is even more of a warning: “Pride cometh before destruction and a haughty countenance before a fall.”

I agree with you and Mr. Leroy Washington in everything except your gleeful tone. Laughing in anyone’s face is not going to help anyone, although it may make you feel superior for a little while.

I see a lot of financially hurt people in the U.S. (now) and in Canada (some now, more in the near future). Collectively we are being exploited for our gullibility.

Every disaster holds a risk for our society. The people who are meant to be referees (government and regulators) are, at the least, failing, if not complicit.

To me, it is totally whacked that the FIRE sector is so dominant in our economy. The functions are necessary but, I dunno, it’s like having the cement manufacturers, road builders, car manufacturers and salesmen deciding what highways should be built and who should drive what. (Not a perfect analogy.)

#156 Peter on 03.27.15 at 10:51 am

…and I threw up in my mouth a bit.

http://www.torontosun.com/2015/03/26/buy-new-and-buy-now

#157 David Hawke on 03.27.15 at 10:52 am

“In response, the Canadian dollar rallied a little”

Would hardly call it a ‘rally, my CPP deposit was a whole $0.52 higher that last months. I’ll try not to spend it all in one place.

#158 X on 03.27.15 at 11:00 am

From Article: ‘Garth Turner: Yeah, if they buy this magazine, absolutely.’

Too funny.

‘Karen Stintz: But the difference, though, Garth, the difference is that you don’t have a mortgage because you had cash. So you could sell your $2 million house, right? My situation is somewhat comparable. I live in a $2 million house, but I have a mortgage, so it actually costs me less than $4,000 a month for my house.’

Perfect representation of today’s mentality, only considering the monthly cash flow. Obviously has not factored in the investment potential of the money put into the property, possibly not the repair, taxes, land transfer tax cost….and mentions at the end that higher interest rates could be a concern for the public.

We have a generation of mortgage slaves…the slaves just haven’t realized it yet.

#159 Rainclouds on 03.27.15 at 11:09 am

#80 OMG

“If the electorate did not agree with what the Alberta government was doing they should have elected somebody else.”

Well actually NO. It’s part of the tribal ritual. Like some sort of 4 year Salmon migration cycle Albertans ONLY vote Conservative, period. full stop. Move along……………yeeeehawww

#160 Roy on 03.27.15 at 11:13 am

Budget: Dramatic fee hikes coming to real estate market
http://calgaryherald.com/business/real-estate/budget-dramatic-fee-hikes-coming-to-real-estate-market

Current costs for land title and mortgage registration on a $500K Calgary home = $290

Costs after July 1 = $1230

“I don’t think this is going to help sales”

#161 Kilby on 03.27.15 at 11:16 am

#67 omg the original on 03.26.15 at 9:00 pm
If you are retired and broke, it costs under $20 bucks to walk on the ferry both ways.
———————

Good lord, Andrew have you ever tried to take public transit to and from the ferry terminal. Makes a nice 6 hours of it.

Do it once and you’ll see why people do not do it.
********************************************

Lot of comments that suggest people are trapped on Vancouver Island and need to get off for services of all kinds. The Island is 460 kilometres long, has a population of 760,000, 35 hospitals including 5 general hospitals, 3 large centres, Victoria, Nanaimo and Courtenay/Comox.

Gas is currently 120.9 a litre, you can get a nice home for $400,000 (out of the Victorias area) Groceries are not as expensive as many believe, lots of competition between Save-On, Thrifty’s and Quality Foods so pretty much everything on sale all the time if one pays attention. The only times one actually needs to leave is to visit friends and family or vacation.

Taking the ferry just requires a little planning to get to a terminal well before sailing time, we have only had a wait once in years and that was on a holiday weekend when one should make a reservation.

Clean air, mild winters, dry warm summers make it a great place to live plus the fact that the roads aren’t covered with sand and gravel 6 months a year (no broken windshields) We had snow 1 day this past winter that lasted for 4 hours.

The big downside for many is separation from children and grandchildren which is something one should consider before leaving places like Calgary or Winnipeg..

#162 BlackDog on 03.27.15 at 12:06 pm

@Sheanne Wallace re: #140 “#113 BlackDog
Not the form is important but the content, my brainwashed, brain-frozen canadian friend. ”

Huh? I don’t get it.

#163 BlackDog on 03.27.15 at 12:08 pm

@Sheanne Wallace, BTW, thanks for referring to me as Canadian. I really appreciate it considering I was born in the USA. Does this make me only 1/2 stupid?

#164 Holy Crap Wheres The Tylenol on 03.27.15 at 12:16 pm

Game Changer?

http://www.cbc.ca/news/canada/toronto/new-stock-exchange-launches-in-toronto-focusing-on-fairness-in-markets-1.3012059

#165 Vlad the inhaler on 03.27.15 at 12:19 pm

BULLSHIT Offers are more of a worry than phantoms
because they are real
in fact in a multiple offer situation any condition
puts an offer in the bullshit category

#166 Holy Crap Wheres The Tylenol on 03.27.15 at 12:21 pm

#161 Kilby on 03.27.15 at 11:16 am
Many friends and neighbors have done the Parksville thing. They love it. Grandchildren and isolation is an issue. But out there you are among many similar people who have all done the same move. Anyway you forgot to mention the stunning beauty of the BC coast and Island. Can’t get that anywhere else in Canada. That is something to envy!

#167 Cookie on 03.27.15 at 12:38 pm

Our US analog chiming-in on our housing:

“Canada’s Poloz Says Monetary Stimulus Needed to Avoid Recession” – ZeroHedge

#168 chapter 9 on 03.27.15 at 12:38 pm

#81 SWL1976
Nosty

Bill C-51
The Prime Minister himself confirmed he would want the new law used against young people sitting in front of computers in their family basements,youth who can express extreme views on social media platforms.

This spying format has been around for awhile now. It’s called “3 HOP”.
The”government” has access to my Facebook account and all of my friends. That is “one hop”. My friends,friends,who ever they are,”two hop”.And finally my friends,friends,friends are “three hop”. Now, do the math, we are talking about a massive amount of people under surveillance all ready.

Stephen Harper Reform M.P, Calgary West, Ab
October 22 [email protected]:40 A.M.
Canada Elections Act

Quote: “The first and main concern is the privacy issue. The existence of a permanent “voters list” leads to these concerns since the information is be shared by different levels of government and different governmental bodies. There is a risk that privacy can be compromised.”

“Unlimited power is apt to corrupt the minds of those who possess it.”

#169 Snowboid on 03.27.15 at 12:46 pm

#161 Kilby on 03.27.15 at 11:16 am…

Speaking of Vancouver Island generally I agree with:

“…make it a great place to live…”

I can only speak for Victoria as that is where we lived, and it is definitely more expensive than the rest of BC (except Vancouver).

With a couple of our children living in the lower mainland, the ferry cost in dollars and time was greater than the drive from Kelowna to Vancouver.

I did have several hospital stays (Royal Jubilee) and most of my cell-mates (I mean ward-mates) were from up island. Anyone outside of Victoria that needs major surgery will likely end up travelling there.

We did enjoy our time there, but wouldn’t consider moving back.

#170 Sheane Wallace on 03.27.15 at 12:48 pm

#163 BlackDog

I never said you are stupid. Just brainwashed. ‘Proud/appreciating Canadian’ proves it.
It was supposed to be a sarcasm.

Nothing personal against Canada (except the weather outside, it is supposed to be spring and is -10) , I am Canadian myself, unfortunately do not have the 1/2 american part.
Lucky you.

#171 Sheane Wallace on 03.27.15 at 12:52 pm

Karen Stintz: But the difference, though, Garth, the difference is that you don’t have a mortgage because you had cash. So you could sell your $2 million house, right? My situation is somewhat comparable. I live in a $2 million house, but I have a mortgage, so it actually costs me less than $4,000 a month for my house.’
———————————–
I can quickly build (inflation adjusted and loonie dive protected) income stream of 100 k with 2 millions.

#172 SWL1976 on 03.27.15 at 12:53 pm

#59 Andrew Woburn

Or maybe it’s just what the historian, Tacitus, was talking about. He had one of the brightest minds in ancient Rome. He said “The more corrupt the government, the more rules they make.”

————————————

It’s called soft despotism these days

#168 chapter 9 – Bill C-51

Thanks for the input. C-51 is GREASY, just like the Patriot Act down south.

People are slowly waking up though and hopefully its not too late for significant change. The machine knows this and is panicking to pass laws such as this before the masses wake from their Zombie like trance and finally connect the dots

#173 Sheane Wallace on 03.27.15 at 12:56 pm

#168 chapter 9 o

Is this sarcasm and personal defamation I am smelling here?

Is that considered terrorist act? Saying that a bank is insolvent surely is already legally a crime/against stability of the financial system.

#174 Squirrel meat on 03.27.15 at 1:00 pm

#166 Holy Crap Wheres The Tylenol on 03.27.15 at 12:21 pm

#161 Kilby on 03.27.15 at 11:16 am
Many friends and neighbors have done the Parksville thing. They love it. Grandchildren and isolation is an issue. But out there you are among many similar people who have all done the same move. Anyway you forgot to mention the stunning beauty of the BC coast and Island. Can’t get that anywhere else in Canada. That is something to envy!

——————————————————–
Van Island and all the gulf islands are gorgeous

#175 BlackDog on 03.27.15 at 1:00 pm

Or twice as stupid?

#176 Dual Citizen In Canada on 03.27.15 at 1:03 pm

Garth, you should have slipped a red pill in each of their drinks during that round table. They seriously need to wake up.

#177 Bottoms_Up on 03.27.15 at 1:04 pm

#158 X on 03.27.15 at 11:00 am
————————————————
What’s the difference between being a ‘mortgage slave’ and a ‘renter slave’, in an apples-to-apples comparison where living costs are roughly the same? People that are not independently wealthy need to pay for shelter, full stop, period.

A 30 yr old that rents to the age of 70, paying 40 years rent at $2000/mo, will shell out close to $1,000,000 in rent.

But buying the same place may be an all-in cost of $1,000,000, once factoring in all expenses, but once the mortgage is paid off, you get to live ‘mortgage and rent free’ after that, and you also own the asset, that should have significant value.

So while a ‘mortgage slave’ may look like a slave in the short-term, it is the renter that gets burned long term (in an apples-to-apples comparison).

#178 Boss Hogg on 03.27.15 at 1:10 pm

Thanks for standing up to these thugs. It’s amazing what people will say and do when they have a financial interest at stake – Lamb, Cooper and the real estate agents truly disgust me. As for Stintz, she’s perfect if you need someone to chime in with stupid, useless statements. At least she didn’t punctuate everything she said with “Stintz for mayor”.

#179 Squirrel meat on 03.27.15 at 1:17 pm

Weird.

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/mortgage-broker-removed-from-ratehub-site-due-to-low-rate-restrictions/article23649919/

#180 Mark on 03.27.15 at 1:17 pm

“The extent of Vancity’s analysis is drawing a straight line…”

Which is why Vancity probably won’t exist a few years from now. Either taken over in sheer desperation by a consortium of the big-5, or in some sort of perpetual receivership.

Good riddance!

#181 Alex N Calgary on 03.27.15 at 1:41 pm

I just read the transcript of the meeting with Lamb and associates, wow is that accurate? Garth you were so awesome! Blasting them straight up with facts and no mincing around what is happening, I laughed out loud a few times reading it, Brilliant!!!!

I was just talking to our Vietnamese machinest vendor with the other GF reader in this oil and gas company, telling him to put his house up for sale immediatly, maybe put it low and go for a small bid war.

Things are heading to dark times here, the AB budget is hillariously conservative, they are predicting oil recovery to 62$ by later this year, that is a load of crap. We are heading nowhere but down for quite a while, they are going to have to work hard to reduce all associated costs with Drilling in AB to get the price per BBL on new projects down before we see any growth here again.

And that is going to be quite a while I think. People here are even listening to the housing bubble dangers now when I explain it, after 5yrs of reading this blog and my own research, I got good facts n figures.

We’re off to landlord\tenant resolution court this afternoon to recover the 50% of damage deposit withheld by our previous late 50’s amatuer, disorganized and insulting landlord. All the evidence is in our favor, no damage inspection performed, no proof on her end, lots on our end, but what a pain Garth.

After a lot of review of the landlord tenant act in AB, you can see that is is Loosly defined at BEST. There are few hard and fast rules, especially regarding the inspection report, quite different then Ontario and BC. Another reason people have been traumatized by vicous criminal\amatuer AB landlords interested in flipping houses.

You know I woke to my Alarm clock on radio mode, what does it play? a song? an ad telling me about how I can get a forgiveable downpayment from the Government if I participate in their first time home buyers program…..

That transcript was awesome! 500million managed eh? not surprising, you work hard, keep it up.

#182 Squirrel meat on 03.27.15 at 1:42 pm

http://www.sfgate.com/technology/businessinsider/article/This-San-Francisco-home-in-a-deteriorative-6161821.php#photo-7723048
————————————-

50% over asking… for a tear down and to live in fog half the year

#183 TurnerNation on 03.27.15 at 1:44 pm

I want to live in Hooterville now.

#184 Dup on 03.27.15 at 1:53 pm

Sometimes buyers forget the golden rule: Who has the gold/money makes the rule. How comes the sellers are the ones that have the power? This is backwards.

#185 Daisy Mae on 03.27.15 at 2:13 pm

#127 KommyKin: “RE: #100 Linda on 03.26.15 at 10:50 pm Alberta budget – apparently the health ‘tax’ is going into general revenues.”

“Yea, it’s a joke. Just like the MSP here in BC. All that added bureaucracy and expense to make a tax increase sound like something else.”

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

Yes, MSP probably needs an overhaul. However, every BC triaged patient visit to Emergency costs our health system $288.00…and that doesn’t include tests. Out of town/country, more. So when we stop abusing the system with our minor aches and pains because it’s ‘free’ maybe our costs will go down.

#186 Retired Boomer - WI on 03.27.15 at 2:26 pm

Went down to Lake Geneva yesterday (my hometown area) for a visit, and to do some seasonal things. Great visit, and all was good until I missed a step at a gas station late last night and ended up on the cement! Hurting unit today, and I was sober (dam).

Garth-

Read the attached piece, you comments on “balance” and not a single entity was spot on. Deaf ears hearing you I’m afraid. I shudder to think of the size of the “THUD” when interest rates start rising, and homes going unloved now become even more unloved.

We saw this in 2007 2008 the movie just has not been playing in your towns yet. Sorry, they will be. I sort of have to agree with #107 THE AMERICAN as this has tarried on too long. When the US begins to goose rates, and don’t hold your breath for Ms. Chicken Yellin she will only do so haltingly. We may never ever return to “normal rates” as the US Debt level is huge, and growing, no shortage of geezers coming along yelling “gimme mine now.” Planning for this? Yeah, some piss poor planning was done.

In the final, won’t really end well for all concerned us, or the upstairs neighbors. (ugh)

Maybe my mood is become I’m feeling poorly, and stupid today. grrr

#187 Spacc on 03.27.15 at 2:36 pm

Garth you manage half a billion? Wow that is some serious coin. I do certain low-level work for between $600-700mm in assets in a few domestic and offshore entities that take a cut of the annual profits in addition to their management fee. They go through thousands of trades monthly (and millions in annual trade commissions) though I doubt your M.O. is to do that kind of trading.

#188 Aequitas "innovation" on 03.27.15 at 2:52 pm

#164 Holy Crap Wheres The Tylenol

Game Changer?

=======

“Aequitas has said it plans to use high fees and a time delay to deter high-frequency trading (HFT) strategies, which have been criticized for leaving traditional investors at a disadvantage.”

WTF? High fees and time delay? That’s the plan?

Canadian retail trading fees are already higher than in the US, not to mention that US stock exchanges provide real time public data – Canadian broker firms charge for that.

HF trading will continue on TSX (and American exchanges), the new exchange, Aequitas Innovations Inc. is trying to put bicycles on the highway, marketing as “innovation” for the sheeple.

Major shareholders are banks, who are just not able to provide competitive, cutting edge brokerage service to retail direct investors, so they create an intentionally crappy platform and label it as “fair” for marketing purposes. What a joke…

#189 Smoking Man on 03.27.15 at 2:56 pm

#168 chapter 9 on 03.27.15 at 12:38 pm
#81 SWL1976
Nosty
Bill C-51
The Prime Minister himself confirmed he would want the new law used against young people sitting in front of computers in their family basements,youth who can express extreme views on social media platforms.
…………..

Last time I checked, charter of rights guarantees etreame views.

Let’s face it, the 99% are getting poorer. Govt work for the 1%

MSM in recent polling has lost a tone of credibility in viewers eyes.

People are turning toward citizen journalism, and alternative media for their facks jack.

Hence, the people at the top who like things just the way they are , are very nervous

What they don’t realize , the military , the minions spying on us are pissed too.

Revolutions are spontaneous, generally not lead by the people they are watching. The loud mouths on line..

#190 tkid on 03.27.15 at 3:15 pm

Re: Bill C51

Anyone who believes the NSA doesn’t already have access to your Facebook account, cellphone contacts, etc etc, is deluding themselves. Go look up ‘Project Echelon’ on http://www.slashdot.org and go back to the articles from 1998.

Bill C51 is about allowed Canadian agencies to have the same access.

I frothed at the mouth about Project Echelon back in ’98. No one else cared a whit. And then the NSA started finding and helping to stop whackjobs bent on unleashing death and destruction on folks who live/work downtown Toronto. So now I don’t care if the NSA snoops.

It isn’t a matter of IF the NSA find the whackjobs with greater access, it’s a matter of the NSA ARE finding the whackjobs with greater access.

#191 Entrepreneur on 03.27.15 at 3:17 pm

#153 maxx…”Oil, minerals, wood, fresh water, arable land…Imagine what Norway would be doing with that.” Norway warned us about a few things but not allowed to talk about it because of a Bill brought in by the Conservatives. Canada is rich in resources but it should be processed with respect to the people that live here.

#107 The American…some of us are not stupid, do not follow the herd, and think outside-the-box.

With 30% government workers, they would vote for the party that works for them (also, the banks would lend to secured incomers). It is pretty sad that people move here to Vancouver Island for the ocean view (some have no idea what is going on underwater) plus shop at big box stores. Small businesses do not have a chance.

#99 BlackDog…Google baking soda, give it a try. Apparently vets used baking soda to treat animals. I had a 2 golden retrievers for 15 years (didn’t use baking soda). In fact, all my animals lived about 15 years or more.

#192 BlackDog on 03.27.15 at 3:17 pm

Sheanne Wallace #170 re: “unfortunately do not have the 1/2 american part.
Lucky you”

If I could give the “1/2 American” part to you, I would do it in a heart beat, but you might hate me for it later.

#193 michael c. on 03.27.15 at 3:30 pm

A couple of years ago I put an offer in on a house just west of the downtown core. I did this the day the listing came out. It included a home inspection (I saw some signs of foundation issues in the basement) with no financing clause and a sizable deposit.

The listing realtor came back and said that the deposit was too small (it wasn’t) So we doubled it. That took almost two days. Then he came back and told us that they wanted to take out the home inspection clause. We said no. By this time 3 days had passed.

What I realized later was that the realtor was shopping around our offer to others. Magically, after the third day of waiting, we were told that there were ‘two’ other interested parties coming in with offers.

I immediately pulled out, my intentions made clear to the other party.

It turned out that there was only one other offer, but they had also been informed of a ‘bidding war’

I’m sure they didn’t know that we had removed our offer from the table.

In the end they offered 51k over the asking price. Beating me by exactly that amount, had I had my offer still in play.

8 months later, I saw the small tractors digging out the entire outside of the building to seal the foundation from the problems that they had been masking.

4 months after that I saw them with industrial size fans and heaters being lugged out from the basement, after their initial repairs had failed.

In a way, the greed and deceit saved me from a money pit and many nights of worry. I would have reported the realtor if there had been any rules in place. There wasn’t. Not sure if it would have even helped.

#194 Holy Crap Wheres The Tylenol on 03.27.15 at 3:36 pm

#163 BlackDog on 03.27.15 at 12:08 pm
@Sheanne Wallace, BTW, thanks for referring to me as Canadian. I really appreciate it considering I was born in the USA. Does this make me only 1/2 stupid?
____________________________________________
I guess then I’m half stupid, born in Canada, grew up in the USA. Actually it was the best experience of my life to live in the two different country’s. Living in both places gives one an eyes wide open view of the two nations. I have to say that there are a lot of ignorant people on both sides of the border that just can’t see past their own lack of knowledge or beyond county lines. Oh well love both country’s most of my best friends to this day are south of the 48th.

#195 gut check on 03.27.15 at 3:41 pm

I’m one of the people that doesn’t look to MSM for the news anymore. Smoking man’s last post was spot on.

Governments are out of control. No longer do they represent ‘the people.’ Not at all. The “people” are just a nuisance – they like us as medical patients and as soldiers, but that’s about it.

this is astonishing to me: https://www.youtube.com/watch?v=wQJ7peQ7HBs

spreading democracy? what democracy, they didn’t even tell us about it

#196 Smoked Squirrel Meat on 03.27.15 at 3:46 pm

The lumbersexual angry beard sticking up for the 99% !! – hmm, not gonna work.

http://news.nationalpost.com/2015/03/27/ndp-would-close-tax-loopholes-for-stock-options-and-give-money-back-to-poorer-families-mulcair-says/

#197 Holy Crap Wheres The Tylenol on 03.27.15 at 3:48 pm

#189 Smoking Man on 03.27.15 at 2:56 pm
#168 chapter 9 on 03.27.15 at 12:38 pm
#81 SWL1976
Nosty Bill C-51
The Prime Minister himself confirmed he would want the new law used against young people sitting in front of computers in their family basements,youth who can express extreme views on social media platforms.
…………..
Last time I checked, charter of rights guarantees etreame views. Let’s face it, the 99% are getting poorer. Govt work for the 1% MSM in recent polling has lost a tone of credibility in viewers eyes.
People are turning toward citizen journalism, and alternative media for their facks jack.
Hence, the people at the top who like things just the way they are , are very nervous
What they don’t realize , the military , the minions spying on us are pissed too.
Revolutions are spontaneous, generally not lead by the people they are watching. The loud mouths on line..
____________________________________________
We used to refer to people at the top as “The Man”. The Man is keeping me down. The Man is the head of “the establishment” put in place to “bring us down.”
Anyway Smoking Man, The Man is always watching us in ways you could never imagine. So you are partially correct that they watch loud mouths, but more importantly they watch your profile. Using surveillance to achieve one’s aims, no matter how grand or how miniscule, bestows great power. And to label a phenomenon as ‘surveillant’ involves acknowledging that information processing which takes place as part of governance or management never takes place on a level playing field. Some interests will be served, while others will be marginalised. Some will receive benefits and entitlements, while others will not. Surveillance coalesces in places where power accumulates, underpinning and enhancing the activities of those who rule and govern.

#198 Holy Crap Wheres The Tylenol on 03.27.15 at 3:52 pm

#188 Aequitas “innovation” on 03.27.15 at 2:52 pm

#164 Holy Crap Wheres The Tylenol

Game Changer?
______________________________________
Well when I saw this the other day I thought right some game changer. Your comments came to mind as well as a WTF is this. So this is the Game changer they’ve been talking about? I just don’t see it flying.

#199 Mike T. on 03.27.15 at 3:54 pm

I would rather be right than popular.

#200 X on 03.27.15 at 4:03 pm

Vancouver Realtor…..This can’t be what he is really saying….

https://www.youtube.com/watch?v=wcAMtvNfp78

#201 gut check on 03.27.15 at 4:10 pm

#190 tkid on 03.27.15 at 3:15 pm
Re: Bill C51

Anyone who believes the NSA doesn’t already have access to your Facebook account, cellphone contacts, etc etc, is deluding themselves.

Bill C51 is about allowed Canadian agencies to have the same access.

I frothed at the mouth about Project Echelon back in ’98. … And then the NSA started finding and helping to stop whackjobs bent on unleashing death and destruction on folks who live/work downtown Toronto. So now I don’t care if the NSA snoops.”

A. Please do tell which death and destruction plots the NSA has prevented in downtown Toronto.

B. I don’t care if they ‘already have access’ – technically the police can already get into my house, too, if they want – but LEGALLY they cannot, not without a warrant. There is a good reason for these protections of rights, you know.

C. are you a troll? I don’t want to waste any more time if you are paid to cheerlead for the establishment. If you’re just a poor misguided authoritarian on the other hand, I might use up some energy.

#202 T.J.BONES on 03.27.15 at 4:21 pm

Sir Garth: You think that having the # 1 Top Canadian Personal Finance Blogs Award. Would get you some respect! Apparently not! Not from that loser group, anyways!

#203 Anyone saw public servants pay in Ontario on 03.27.15 at 4:30 pm

Sorry folks, no bubble here.
Move on………………..

https://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=4&cad=rja&uact=8&ved=0CCYQFjAD&url=http%3A%2F%2Fnews.nationalpost.com%2F2015%2F03%2F27%2Fontarios-sunshine-2015-public-sector-salaries-over-100k%2F&ei=zr0VVZHVBM-zoQSmq4GIAw&usg=AFQjCNGF5yhvmCPE8L20AxHBs-ZZBMTl4A&sig2=5fxhSJwJb5ouFa_RRPWc_A&bvm=bv.89381419,d.cGU

#204 Washed Up Lawyer on 03.27.15 at 4:49 pm

#193 Michael c.

I enjoyed your story.

The family wallet took a double hit yesterday with the Alberta budget and my wife being skidded from her job. We remain happy and optimistic.

As a proponent of progressive income taxation (and yes I will pay more), I am pleased to see what Premier Jimbo did. The heath fee levy being received into general revenue is simply an additional income tax. Lower income earners are not affected by the raised
income tax nor health fee. Being fortunate, I am content despite the bloody Red Tory Progressive moves.

It was time for Alberta to join the 20th century.

I think Premier Jimbo did some good things.

Higher camping fees will not affect me as I can no longer tolerate sleeping on the ground in a tent. The higher fee for a death certificate will be paid by someone else, if they are required to prove I died. To save the, fee they can simply haul my carcass around with them.

I will circumvent the 10% increase in tax on booze by drinking 15% less or rely on my bootlegging son.

#205 The American on 03.27.15 at 4:51 pm

At #175: BlackDog, do you know what writing a complete sentence would entail? Learn it.

#206 Smoking Man on 03.27.15 at 5:05 pm

#197 Holy Crap Wheres The Tylenol on 03.27.15 at 3:48 pm
……….

Dude I’m on the shit list for sure, I’ve had people email me, smokey let’s go for a beer, want some advice.

I’ve met them, CSIS, CIA, And once the MOSAD.

Starts of innocent then they start asking me political questions like what do you think of Ron Paul.

Busted, and then I call him out on it you should see their body language react. On the way out, they instantly get on there phones and report to headquarters.

Amateurs I tell you. too impatient, they should wait a few meetings before they start asking the Hard political questions.

Bottom line, they know I’m a harmless funny drunk..

But because I push the envelope of acceptability here on a regular basis, Like wink Isreal was in on 911.

I go out of my way to visit veterans today website, guaranteed anyone and I do mean anyone who visits that site will be on the government’s shit list.

They keep not a close eye , but eye all the same..

I have bugs bunny syndrome.

There was an episode when Bugs Bunny had a lower bounty on his head and Daffy Duck. the pissed off Bugs Bunny.

So he got up to all kinds of mischief so the bounty on his head was a lot more than the dafed duck.

#207 cramar on 03.27.15 at 5:34 pm

Ramshackle San Francisco home sells for $1.2 million:

http://www.marketwatch.com/story/ramshackle-san-francisco-home-sells-for-12-million-2015-03-27?link=MW_latest_news

Seems insanity is limited to Vancouver!

#208 Bill Gable on 03.27.15 at 5:36 pm

Regarding Brad Lamb and his ilk – I think John Lennon summed up their ethics best, in the movie “Hard Day’s Night” – “They’re swine”.

#209 The American on 03.27.15 at 5:54 pm

At#207: cramer, unlike Vancouver, San Francisco bay area has a real economy, real jobs, real GDP, a population CSA of 8,470,000 vs Vancouver’s tiny 2,315,000, better weather, and the list just goes on. Granted, $1.2MM in San Francisco may seem like a lot, but they’re not selling a pipe dream there. They’re selling a real like with salaries that can sustain the real estate.

#210 Blobby on 03.27.15 at 5:59 pm

In that article – Bard Lamb says : “But the thing is you’re asking people to speculate on when the top of the market is. And we’ve seen that top economists can’t do it. The Bank of Canada can’t do it. ”

.. But yet, he’s quite happy to speculate that it’ll keep going up in value (if you read his ads)

#211 Musty Basement Dweller on 03.27.15 at 6:02 pm

#196 Smoked Squirrel Meat on 03.27.15 at 3:46 pm
The lumbersexual angry beard sticking up for the 99% !! – hmm, not gonna work.
======+++
Lumbersexual omg love it that’s hilarious. Thanks for making my day

#212 BlackDog on 03.27.15 at 6:08 pm

@TheAmerican, re: #205

You write: ” At #175: BlackDog, do you know what writing a complete sentence would entail? Learn it.”

Yes, I know how to write a complete sentence.
Thanks so much for your concern though.
Is there anything else you suggest I learn?

#213 X on 03.27.15 at 8:53 pm

#177 Bottoms_Up on 03.27.15 at 1:04 pm

#158 X on 03.27.15 at 11:00 am
————————————————
What’s the difference between being a ‘mortgage slave’ and a ‘renter slave’, in an apples-to-apples comparison where living costs are roughly the same? People that are not independently wealthy need to pay for shelter, full stop, period.

A 30 yr old that rents to the age of 70, paying 40 years rent at $2000/mo, will shell out close to $1,000,000 in rent.

But buying the same place may be an all-in cost of $1,000,000, once factoring in all expenses, but once the mortgage is paid off, you get to live ‘mortgage and rent free’ after that, and you also own the asset, that should have significant value.

So while a ‘mortgage slave’ may look like a slave in the short-term, it is the renter that gets burned long term (in an apples-to-apples comparison).

You made the assumption that the 30 yr old renter has no money, even then the home purchaser was only up the value of the home. Try the same scenario if they do the same and the renter had $250,000 of house money invested for 30 years. Not even close, in comparison to the value of the home.

Not everyone rents b/c they have no money. Some see it as a wise decision.

#214 BG on 03.29.15 at 8:35 am

#195 gut check on 03.27.15 at 3:41 pm
I’m one of the people that doesn’t look to MSM for the news anymore. Smoking man’s last post was spot on.

Governments are out of control. No longer do they represent ‘the people.’ Not at all. The “people” are just a nuisance – they like us as medical patients and as soldiers, but that’s about it.

this is astonishing to me: https://www.youtube.com/watch?v=wQJ7peQ7HBs

spreading democracy? what democracy, they didn’t even tell us about it
——————————————————————

When have governments been under control?
When have they really represented the people?

Still , we’re never been more free and informed than we are now.

Remember before the Internet?

#215 nick Roerich on 03.29.15 at 9:05 am

These kinds of events are rapidly increasing in both number and severity.

Was Spanish Intel Team Specializing In Cyber-terrorism The Real Target Of Germanwings Takedown?

http://themillenniumreport.com/2015/03/was-spanish-intel-team-specializing-in-cyber-terrorism-the-real-target-of-germanwings-takedown/

Seems like they always have HUGE economic/financial causes and repercussions, yes?!