Flying blind

BLIND1

So, I know that the impressive house with the dormers at 6602 Mulligan Drive has four beds and four baths, and ambles across 3,362 square feet – the size of six new condos. I know what the listing agent has to say:

“Gorgeous golf community home. Soaring ceilings, floor to ceiling windows and amazing views of the inground pool, patio and landscaping. Open fl plan with natural light that pours into the 2 story great rm w stone gas fp. Warm maple kit, granite counters, island, built-ins. Formal dining w French drs. 4 lg bdrms, 3 full-2 half baths. Spacious 1st fl master w spa bath & private entrance to hot tub/pool. 2nd 1st fl suite could be in-law. Huge bonus rm w sep entrance. Wonderful wrap around porch. Irrigation,generator, water softener,security,heated 3 car gar. A must see!”

I know the lot size (0.61 acre), that there’s parking (three cars), and details of the heating system, room sizes and where it sits on a map. And the price – $390,000 – which is about right for a fine home these days in upstate New York.

But, because this isn’t a Canadian listing, I also know the following – which would help me immensely in quietly and privately researching this home and deciding if I might wish to buy it, and how:

  • It’s been listed online for 110 days, and the owners are now motivated.
  • The price was cut by $15,000 a month ago.
  • The listing has been viewed 1,820 times and 11 people are following it closely – potential bidders. Interest in the house peaked in early June, and has since ebbed – I can see that on a graph.
  • The house last sold in the autumn of 2006 – about nine years ago – for about the same money ($389,900). The previous sale was in 1998, just four years after construction, for $325,000. And I know the current listing started in February.
  • I know what at least one estimate puts the true market value at: $374,061, which is up about three grand in the past month, based on local market conditions.
  • Finally, I know this house is more expensive than recent comparables, and a reassessment has shoved the property tax to just over ten grand a year.
  • Oh, and I know the listing agent (Chari) has 13 years of experience and has made 25 sales in the last twelve months, so she seems to know her stuff.

All these things (and more) I’m able to ascertain because 6602 Mulligan is listed on Zillow. Back in 2008 the realtors’ cartel in the US (the National Association of Realtors, like our CREA) was forced by the courts to share its proprietary data with the public instead of keeping it locked away to empower real estate agents and keep buyers ignorantly compliant. That spawned sites like Zillow and Trulia, while helping to empower consumers in a way that has changed the face of the American residential real estate market.

MULLIGAN1

It was no coincidence that such a bold move came after the US housing scene collapsed into a smoky heap of rubble. After all, bad information breeds speculation. It leads buyers into making stupid offers, since their primary sources of information are media outlets which rely on real estate advertising, street rumours, parents, and selected data handed over by commission-driven real estate agents. All this increases the odds of an auction environment emerging, with over-inflated valuations, frequent bidding wars and panic buying as people are led to believe they should buy now, or buy never.

As in most aspects of your life, knowledge is power. It puts you in control. In guides you to better decisions. And in the case of house-buying, it can save you from massive mistakes, reduce your lifetime debt and affect your entire financial future.

So, goodbye Zoocasa. We hardly knew ya, but we know what your passing represents. Realtors, 1, Disclosure, 0.

The web site run by media giant Rogers said this week it will fold on June 22nd, after four stormy years of suits and fights as it tried to bring more sunshine to the shady business of flogging properties. At first Zoocasa tried to reveal deep housing data, but it was slapped with legal action. Then it became a broker itself, to work within the regs. Then it was pilloried for trying to pressure commissions lower with a discount to its users. It published a newsletter on recent house sale results, but ceased a few months ago after being threatened by the real estate board. Now, it gave up.

This leaves Viewpoint.ca alone in Canada (and, sadly, only in Nova Scotia) where a buyer can anonymously get past sales history, days-on-market stats, price changes and related data. It’s no Zillow. But it’s something. And it makes you wonder if this has contributed just a little to that province’s housing market being stable, non-bubbly and affordable.

Realtors will remind me that a client can ask them for some of this information, and they will provide it – in person or by phone or direct email. But the real estate cartel in Canada has prevented such useful facts from being published for public access. The powers that be much prefer that the sheeple remain lightly informed and deeply emotional.

Remember those debt numbers presented here yesterday? If you’re a realtor, the system works. These are the halcyon days of horniness. Be careful. There is much you do not know.

212 comments ↓

#1 Waldo on 06.10.15 at 5:57 pm

First!!

#2 Arcs55 on 06.10.15 at 6:01 pm

If I owned a Condo or a House in Canada right now I’d be worried. How is a little sh** box in Vacouver worth a million, and that beautiful house in the US isn’t worth half.

If you own a condo? Even worse. Check out the latest numbers on condo vacancies in the big TO.

http://www.theglobeandmail.com/report-on-business/economy/housing/toronto-condo-vacancies-surge-to-all-time-high/article24893918/

#3 Granite_counters on 06.10.15 at 6:02 pm

I’ll make a random comment as a person who goes into people’s new houses to sell air conditioners. I can smell the stress in the air as people go further and further in debt to satisfy a never ending need to buy more stuff. Talked to a woman the other day who re mortgaged their house to upgrade to a new one. She then went one to tell me it’s not worth it in the end. I felt smug in responding that I already knew this and am renting a new house. It’s not worth it people!

#4 J on 06.10.15 at 6:03 pm

I wish I knew more… I have been trying to find a place to live in the Golden Horseshoe for 7 months. Everything is overpriced, as if it was all within the Toronto city limits. I am still NOT competing in bidding wars outside of the GTA ( they are becoming more and more common as estate agents realize the potential). I loathe estate agents at this point. Crikey.

#5 Mark on 06.10.15 at 6:05 pm

If prices were actually going up (which they aren’t on individual properties), you think the Realtors would want as much data as possible to be out there. After all, the more data available, the more confidence that people could have in the market.

But instead, we have an environment where the sell side clearly has something to hide. Whether its trying to hide falling prices by including BMW’s with new condos. Engaging in Herculean efforts to keep data away from Zillow-like outfits. Or even petty stuff like editing Wikipedia entries to falsely claim that CMHC insured subprime mortgages don’t exist in Canada — the sell side of the RE industry has been in full propaganda mode for the past 2 years desperate to cover up falling prices.

#6 Watch Out on 06.10.15 at 6:11 pm

Wouldn’t be good for the country to let people do their own research…

#7 Dawgulon on 06.10.15 at 6:15 pm

Long live the Canadian Socialist Republic of Realturds

#8 Jay on 06.10.15 at 6:17 pm

As a representative of the house horny millennials, I can vouch for this. You can’t even know if the listings on MLS are even for sale, forget about all this other useful information.

You need a keen eye for detail to notice that the house you’re looking at has been on the market for months and has already been reduced twice, but that’s assuming that listing is even still relevant. You might be lusting after a busty ghost house.

We in Canada do love our government enforced monopolies. All the better to stay competitive in a global economy with, my dear…

#9 potential for rate cut? on 06.10.15 at 6:18 pm

My money goes allot further in terms of real estate anywhere outside of Canada. That’s a nice example right there.

Real estate is a big deal in Canada. Everyone is constantly talking about it. Yet, Canadians aren’t privy to the same information any American consumer is.

Unless it’s a multiplex investment opportunity, I won’t touch Canadian real estate with a ten foot barge pole. Too many variables, too much hype.

RBNZ cut rates surprisingly and their governor says, the currency has much further to fall!
NZD dropped 2% and AUD falls with it again. Here’s where BOC will be forced to lower CAD rates potentially further. Decent job report aside, our currency is still too expensive compared to other resource based economies.

Garth, you’re convinced the BOC is not going to cut further and it does make all the sense in the world for them to sit tight.
However, they’re all in the same race to the bottom.

RBNZ Governor Wheeler may just have taken the gloves off and spoken from the hip today. But it is probably what the other CBs are thinking as well.

USD is on sale again!

#10 Freedom First on 06.10.15 at 6:19 pm

Yes. The more ignorant the herd, the easier to fleece them. It’s working.

Using debt for anything is just a sign of a lack of creativity combined with a sense of entitlement, and, worst of all, sloth.

#11 yupkime on 06.10.15 at 6:20 pm

Hopefully sometime in our lifetime this will happen … Will it take a major market meltdown for this to happen in Canada too?

#12 Victoria Real Eatate Update on 06.10.15 at 6:21 pm

Potential buyers in Canada deserve to have access to all information about properties for sale just as our American friends do.

It’s absolutely ridiculous that Canadian buyers are kept in the dark the way they are when it comes to making what will probably be (by far) the biggest financial transaction of their lives.

I post regular comments with facts about Victoria’s housing market – important things that those employed in the industry would refuse to talk about.

I regularly receive comments accusing me of lying. When I tell them that I’d be willing to explain the calculations, I receive no reply. These type of comments usually come from posters who change their name each time they post a comment.

So far in 2015 the total number of SFH sales (January though May) is behind that of 2007, which was an average year for SFH sales in Greater Victoria (population adjusted).

Victoria is having another below average year in terms of SFH sales, despite record low mortgage rates. This makes a below average year into a really bad year.

When I post charts showing these facts there will be opposition. When I offer to explain how the numbers were calculated, I will probably receive no reply.

#13 Ray Skunk on 06.10.15 at 6:23 pm

Monopolies, duopolies, cartels and unions.

From dairy and wheat to supermarkets and telecoms.

Bend over and take it. There’s no competition here. It’s the Canadian way!

#14 JB on 06.10.15 at 6:30 pm

Geez, Garth please consider re-banning Mark. He’s been even more douchey over the past few weeks!

#15 Made in BC on 06.10.15 at 6:32 pm

DELETED

#16 Squatter on 06.10.15 at 6:37 pm

The Realturd© mafia is very powerful.

#17 Brian Ripley on 06.10.15 at 6:39 pm

“As in most aspects of your life, knowledge is power.” Garth

I like looking at the facts too especially when so many Canadians are sitting on uncashed lottery tickets… uh, I mean real estate.

Today I mashed up charts on the Loonie and the BoC 10 year marketable bond yields. A perfect storm could be the former dropping and the latter rising which they are!

Charts here: http://www.chpc.biz/history-readings/black-loon

#18 ILoveCharts on 06.10.15 at 6:39 pm

This has to be the peak. Only two bridges away from downtown Vancouver in a landlocked location with no views.

http://www.vargha.com/showlisting/133535/9111-NO-2-Road-Lackner-Richmond/

Meanwhile in America…
http://www.zillow.com/homes/for_sale/Blaine-WA/fsba,fsbo,new,cmsn_lt/61164345_zpid/10430_rid/750000-800000_price/2863-3054_mp/days_sort/49.116467,-122.467175,48.918551,-122.913494_rect/11_zm/0_mmm/?view=map

#19 Rainclouds on 06.10.15 at 6:40 pm

Maybe the Washed up Lawyer can answer this?

If the Competition Bureau/TREB loggerhead is finally broken will this allow for data disclosure and presumably a Zillow like presence in Canada?

http://www.thestar.com/business/2014/07/24/supreme_court_wont_hear_treb_case_appeal.html

#20 Got Out In Time on 06.10.15 at 6:40 pm

Is there are way to make access to realestate information an important question in upcoming federal elections.

#21 Nemesis on 06.10.15 at 6:43 pm

“Realtors, 1, Disclosure, 0.” – HonGT

It’s not over yet…

#Meanwhile,[email protected]… #TheIntrepidMr.LawrenceHasTheLastWord…

https://youtu.be/tsjpqyKDLKY

#22 BS on 06.10.15 at 6:44 pm

If prices were actually going up (which they aren’t on individual properties), you think the Realtors would want as much data as possible to be out there. After all, the more data available, the more confidence that people could have in the market.

But instead, we have an environment where the sell side clearly has something to hide.

It is not about hiding information, although, no question they want to control the stats. The bigger fear for realtors is allowing sales to take place without them being involved. Restricting information makes it so you must use a realtor otherwise you would be selling with limited information and buying with limited information. If information was available online for public access it would make selling and buying a lot easier without realtors. At some point realtors will be like travel agents where few people need them and if they do use them they make very little on a transaction.

#23 I'm stupid on 06.10.15 at 6:44 pm

How can information be private when every realtor can share it with their client? Doesn’t that make it public by nature? A seller can’t opt to seal the information or ask his realturd to sign a non disclosure agreement. I envy Americans for always fighting for a free and democratic society. It’s a shame that we Canadians don’t complain a little more.

#24 Dual Citizen In Canada on 06.10.15 at 6:46 pm

Zillow.com is what I used to purchase my home in the US back in 2000. When I came back to Canada in 2010 there was no such resource. Therefore I refuse to buy or trust the realtors up here. Sy Syms said it best, “An educated consumer is our best customer”. Enough talk, whose pocket do we need to grease to get this resource up here? Sepp Blatter for premier!

#25 joblo on 06.10.15 at 6:52 pm

Our 8 year old Schnauzer went blind in December.
It is amazing how adjusted they become, just don’t move the furniture,

Not saying we need to rely on our other senses to purchase real estate, at lunch 6 months ago suggested to a real estate board employee that they should consider zillow type in Canada, haven’t heard from em since.

#26 Babblemaster on 06.10.15 at 6:53 pm

Garth, as you state, Zoocasa is gone. Unfortunate, but it’s just another reason why the GTA and Vancouver are different and will NOT suffer a RE correction. This is a FIRE economy that is geared for the 1 percenters and it will stay that way. Of course, CMHC, massive immigration and continued emergency low rates for a very long, long time are other reasons why TO RE, especially, will not correct.

Immigration is stable at 0.8% of the population, and is hardly ‘massive.’ As for the 1%ers, there are only 300,000 of them and I doubt they buy two houses every year. Fail. — Garth

#27 Bargain US House? Think again. on 06.10.15 at 6:56 pm

#2 Arcs55

“How is a little sh** box in Vacouver worth a million, and that beautiful house in the US isn’t worth half?”

C’mon. You can’t be that slow. Clearly the US house is cheaper as it has that terrible pool to look after. How would you like that responsibility, huh?

#28 Freedom First on 06.10.15 at 6:56 pm

#12 Victoria Real Estate Update

Thank you for your regular input.

I too was called a liar and ridiculed by some idiots for my posting regular updates about the layoffs happening in the oil industry in Alberta, until the facts could no longer be hidden from the herd. Never got an apology either. That is ok, as my expectations of the herd are always at zero. However, I will continue to post the truth. And if it does pi$$ some people off, even better.

Everything done in the dark will be revealed in the light. No exception.

#29 profligate on 06.10.15 at 7:01 pm

You had me until the word “empower” popped up in a sentence. You’re a better writer than the people who spew that tripe.

A site like Zillow might slow the mania in some markets but YVR is like an Amtrak train with a crack head at the helm. The end result might be similar, but maybe not.

Still looking that deflation some dogs talk about it. Eighty bucks for a few steaks tonight only deflated my wallet.

#30 45north on 06.10.15 at 7:06 pm

It was no coincidence that such a bold move came after the US housing scene collapsed into a smoky heap of rubble.

there’s nothing stopping Canadian politicians going after the real estate industry. Honestly Mike Duffy is small beer. The dollar amounts are small. I mean is anybody’s life affected? No.

Garth talks about $ trillions. Peoples lives are affected. What we are seeing is the failure of the Canadian political system. Stephen Harper, Justin Trudeau and Thomas Mulcair wonder what they are going to do in the upcoming election. Idiots! Are they have to do is go after the real estate industry. It’s just sitting there.

#31 45north on 06.10.15 at 7:06 pm

It’s just sitting there!

#32 Leo Trollstoy on 06.10.15 at 7:10 pm

I don’t understand how real estate prices in Vancouver and Toronto can keep going up.

It’s ridiculous.

And the lack of key data makes it extra dangerous for buyers. Yet they keep buying. Stupid or reckless. You decide.

#33 Island girl on 06.10.15 at 7:10 pm

It was those sheets of paper from our realtor that helped us decide what to offer on our home. It told us what it sold for when the previous owners bought it. How many times it was relisted and the price drops along with the assessed values each time.

We knew they were motivated having had it listed multiple times over 3 years.

Needless to say I think we scored a good deal!

#34 Rainclouds on 06.10.15 at 7:12 pm

@#22 BS

According to the Viewpoint Creator whom I had a discussion with a few years ago. Zillow does not really have a huge negative effect on House Sales people (AKA Realtors) or their incomes

It does remove the bafflegab/BS and cap in hand genuflecting to get relevant data. I doubt the CREA database in Canada provideS the depth of reporting that Zillow does.

#35 Made in BC on 06.10.15 at 7:23 pm

#15 Made in BC on 06.10.15 at 6:32 pm
DELETED
+++++++++++++++++++++++++++++

So you are not allowed point out facts that do not “go along” with your point of view? Well that’s too bad. Yes yes……”go away” if you don’t like it.

This is not an anti-Chinese, immigrant-bashing blog. You are a prejudiced loser. Go away. — Garth

#36 Sebee on 06.10.15 at 7:24 pm

I wish people would just flood them with requests, endless requests. But we know they know we won’t, and the fluff can continue. After all, it’s so much easier to ask a RE agent vs. browse a website at will to get this info.

I said it before Garth. Gov. has much of this data as well. So let’s point the finger at them too.

#37 MSM-free Zone on 06.10.15 at 7:26 pm

Excellent post today.

Perhaps, someday, a future Canadian politician with some balls will swat the lobbyists away, refocus the BOC’s mandate on total inflation, reign in the Big Six’s suicidal lending practices, disband the bank-subsidizing and market-warping CMHC, castrate the deceitful CREA, and, for once, do what’s best for Canadians as a whole, instead of special interest groups as a whole.

Then again, that would mean a return to market forces and supply/demand principles, two concepts completely foreign to the current (c)onservative federal government.

#38 Bob Dog on 06.10.15 at 7:35 pm

Im look for opinions and level of interest in a mobile app similar to Airbnb which would allow Canadians (or anyone else) to list their homes without the need for worthless parasite middle people charging a commission. Monetization would involve lawyers, notary public and lenders listing their service at a monthly fee. Everything would be location based using the phones gps and camera to create listings. We all know that you don’t need a realtor to sell/buy a home. What legal issues would be encountered?

#39 sideline sitter on 06.10.15 at 7:36 pm

I get it… some agents are bad people, but there are lots of good ones too. Any agent can and should give you comparables, last selling price, days on market, etc… and the real estate boards gathered the data too.

People need to find a great agents.. bad ones don’t make commission, and find new jobs…

#40 David Lee on 06.10.15 at 7:37 pm

I pray the cartel doesn’t get to Ian Young:

http://www.scmp.com/comment/blogs/article/1819499/exposing-bogus-analysis-ignores-role-foreign-money-vancouvers-housing

Stay safe!

#41 Steve French on 06.10.15 at 7:38 pm

Smoking Man:

Don’t give up on the breakthrough novel Smokey. Your 38 fans are eagerly awaiting its publication date.

Remember what the Great Mahatma said:

“First they ignore you, then they laugh at you, then they keep laughing at you while pretending to play fight with you, then they ignore you again.”

#42 Canadian sheep on 06.10.15 at 7:43 pm

Why are Canadians so gutless that even a stupid, toothless trade board can screw them?

Go ahead Garth, try to replace the words all you want, there is nothing else to express the superior sheepness of the inhabitants of this great land.

Politeness sometimes is not a virtue.

When was the last time Canadians actually protested against anything – beyond writing polite blog comments, anyway?

Protests in front of the US embassy don’t count.

#43 tex on 06.10.15 at 7:46 pm

Garth, your post is truth. I’m CDN living in US… Zillow’s comprehensive views are a breath of fresh air compared to the obviously misleading data available for Canada properties.

Now I have had good realtors and bad realtors- (good down here, lousy back home), so I understand they are simply operating within a system that thrives on idiocy and are happy to shrug and pretend its adequate. HOWEVER, when I read them (cdn realtors) defending their data fiefdom (case in point: http://protectyourprivacy.ca/ ) or witness the ongoing duplicitous practice of `re-listing` a home at a lower value to reset days on market … They as a group look absurd, un-trustworthy, and un-innovative in an era where comprehensive data access is crucial.

#44 Beam me up Scotty... on 06.10.15 at 7:50 pm

Hello from the pathologically delusional west coast – from YVR – the cosmic epicenter of Yammering Vapid Regurgitators.

Although slightly off point I thought that you might be interested to know that apparently irreversible dementia that has infected our real estate market has now spread to the rental market as well.

I showed up at what was supposed to be an exclusive showing of an upscale executive ocean view apartment in the west end ($4000.00 PM lease) only to find a small crowd of thirty-something cartoonish hipster couples milling about the entrance.

It was a mind numbing vision of paisley printed cotton shorts, plaid shirts, waxed moustaches and / or mountain man beards, flip flops and their blessed spawn squawking from $1000 wheeled baby conveyance devices.
And… here’s the best part… they were actually excitedly babbling amongst themselves about how it looked like there was going to be a bidding war. Oh boy, a bidding war!

Their eyes were rolling back in their heads in euphoric anticipation of what they clearly thought was a positive and exciting event about to unfold.

So beam me up Scotty – clearly there is no intelligent life left in YVR

Live long and prosper Garth.

What does it all mean?

#45 PT on 06.10.15 at 7:53 pm

“Immigration is stable at 0.8% of the population, and is hardly ‘massive.’ As for the 1%ers, there are only 300,000 of them and I doubt they buy two houses every year. Fail. — Garth”

The reality is that Canada’s average 250,000 per year immigration intake since 1990 has been far too high.
In fact, Canada’s intake is the highest per capita in the world. And it has obviously been destructive and senseless.
The Answer to Housing Unaffordability : Cut Immigration-Driven Demand By Cutting Immigration. Don’t Increase Supply

http://www.immigrationwatchcanada.org/

Immigration makes our country richer and stronger. The site you linked to is the work of racists who have published appalling material. — Garth

#46 Retired Boomer - WI on 06.10.15 at 7:57 pm

A great deal of consumer product information has been provided to American Consumers over the years by non-profit entities (Consumers Union) that accept NO advertising, BUY all the products they test, and give you the factual data -even when that means a product is dangerous, or defective.

They have been threatened, sued, et. al, since 1936.
Not sure if anyone has prevailed in a suit against them.

Do NOT expect “Government” to fix this problem. Frankly, they don’t ‘fix’ much, but CAN make a small problem much bigger.

There is a market solution here, just waiting to be exploited by an enterprising entrepreneur.

#47 Canadian sheep on 06.10.15 at 7:57 pm

# 35 Canadian sheep

Why are Canadians so gutless that even a stupid, toothless trade board can screw them?

Go ahead Garth, try to replace the words all you want, there is nothing else to express the superior sheepness of the inhabitants of this great land.

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

Haha Garth… your substitute vocabulary is so impeccable Canadian.

#48 Keith on 06.10.15 at 8:03 pm

Times have changed:

https://ca.finance.yahoo.com/news/national-lust-home-equity-lines-090000065.html

#49 raisemyrent on 06.10.15 at 8:03 pm

#12 Victoria Real Estate Update

I too would like to thank you for your data and information. I have no reason to question and have followed your links on occasion to satisfy my curiosity. I have recently sent it to my girlfriends’s sister who was getting all housey (the mum too), so keep it coming!

In other news, sometimes it gets frustrating living in BC (not many people every say that). Everyone here lives to assert to themselves that real estate is mad because this place is something else. Sigh. I love it here, I picked this place to live and have settled in, but I do not think we are the 8th wonder. I also understand that the herd is stupid individually and collectively, and that no one knows wtf they’re doing when they sign their loans. Psychologically and subconsciously, people seem to need that reassurance almost as a reason to wake up everyday. As a reason to sit through ridiculous traffic and failed transit systems as they commute from their overpriced suburb houses to their underpaid jobs, as a reason to pay taxes to inefficient governments, and as a reason to have trades who rather go to the lake over the weekend than work some (overpaid) overtime.

Life is good here, but keep it in perspective.

#50 old gringo on 06.10.15 at 8:09 pm

What I still don’t understand is “why you stay in Canada” after all the whining and complaining.
We choose to leave many , many years ago for all the reasons you describe on this bog site and love it.
Garth is correct about CDN housing and the USD dollar.
You can have it all and still invest without needing to face the winters and political b#@$$sh$#t.
Dare to step out of your own box and live.

#51 Suede on 06.10.15 at 8:11 pm

Zillow rocks, that’s for sure. Way better house p0rn than MLS.

Now here’s what you need to know..

Bilderberg Conference happening this weekend. No peasants allowed.

TD Exec, RBC CEO, Canada Post Editor (There’s still hope for your invite Garth) and Chairman Canada Pension Plan.

WTF mention goes to – Indigo Books CEO?

So my conspiracy guess is that your RRSP’s will be confiscated from the big banks, rolled into the CPP and all paperwork handled by Canada Post.

The story will then be exclusively sold on Indigo.

I got the Facebook invite, but declined b/c they wouldn’t send a private jet. First class is no class.

#52 JimmyJoe on 06.10.15 at 8:11 pm

Garth….I followed your advice and bought 2 reits: BEI and REF and lost a lot of money. Should I hold?

I did not suggest you buy those. — Garth

#53 Suede on 06.10.15 at 8:13 pm

Sorry meant National Post, not Canada Post.

Either way. DOOM, DOOM and DOOM!

I bet Alex Jones gets most of his annual hits around this time o’ year.

#54 Karma on 06.10.15 at 8:20 pm

#157 Nagraj on 06.10.15 at 4:10 pm
“Sometimes a cigar is just a cigar.

Unless price increases are due to an excess of money supply, they’re just price increases. By definition it’s not inflation.
If gasoline goes up (cuz yer being gouged) – and those gas prices work thru the system to raise the price of everything – even that systemic increase in prices is not inflation, it’s just a systemic increase in prices.

So what’s all this talk about inflation and deflation? Without reference to money supply?

MSM loves to misuse the term inflation, because it deftly covers a multitude of excruciatingly simple sins of supplier greed.

[Ages ago I took a course in economics, hated it, I thought it was Propaganda 101, and when I came across Herbert Marcuse “only an idiot believes in the law of supply and demand” I tortured the prof with Marcuse et alia. I got a C- ]”

——————————————-

LOL. You got a C- because you believe bullsh!t on the internet.

#55 TS on 06.10.15 at 8:21 pm

Can a real estate agent answer this question.

My Agent who I bought my house from used to send me a calender every year with a list of properties in my neighbourhood that sold that year with some information (Days on Market, List Price, Selling Price) , but she’s stopped doing that in the last 4-5 years.

Is she not allowed to do this anymore?

#56 crowdedelevatorfartz on 06.10.15 at 8:22 pm

@#44 Beam me Up

That was hilarious.
Excellent description of the end result of vacuous inanity coinciding with unlimited line of credit……

Could I impose upon you to go to the Burrard St Bridge on June 21st for the “Yoga Day gathering” and report back? I dont live in delusional downtown Van and want to avoid the traffic chaos of the 7 hour bridge closure so that all the Starbucks slurping posers can be seen in a zen like state on the 6pm news….
Because image is everything in Vancouver

http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=11&cad=rja&uact=8&ved=0CEoQFjAKahUKEwjapOyzr4bGAhVHmYgKHUsdAFI&url=http%3A%2F%2Fwww.cknw.com%2F2015%2F06%2F08%2F79697%2F&ei=XtR4Vdr9DseyogTLuoCQBQ&usg=AFQjCNG_zJ_P9S1eWH4AmMU5Cf2VKPL_rA&bvm=bv.95277229,d.cGU

#57 PVS Insight on 06.10.15 at 8:23 pm

“As in most aspects of your life, knowledge is power. It puts you in control. In guides you to better decisions. And in the case of house-buying, it can save you from massive mistakes, reduce your lifetime debt and affect your entire financial future.”

If only the media would publish an article on wise decisions in today’s volatile climate vs sailing the ship with a major leak. Anything to keep sales moving I guess.

Thanks Garth for the simple yet insightful words. The obvious cannot be repeated enough in a world that rarely stops to think and change course of action.

One constructive criticism… it would be very welcome to share more stories that come from areas outside the two showstoppers of VAN and TO. As you know, these centers of attention would not exist if it wasn’t for the 80%+ who live and work outside of these CMA’s.

It would put in perspective the fact that prices are much more balanced on the whole. It wouldn’t make your headlines like the other stories, but there are many who read your blog yet do not comment. They observe and seek knowledge also….

#58 Smoking Man on 06.10.15 at 8:30 pm

#41 Steve French on 06.10.15 at 7:38 pm
Smoking Man:

Don’t give up on the breakthrough novel Smokey. Your 38 fans are eagerly awaiting its publication date.

Remember what the Great Mahatma said:

“First they ignore you, then they laugh at you, then they keep laughing at you while pretending to play fight with you, then they ignore you again….

…..

Its done dude, just trying to make it better.. Got a lot of pool time next week , my final edits then off to a real
editor.

Let’s just hope they don’t know anyone in mental health service’s. :)

#59 bigtown on 06.10.15 at 8:34 pm

The inflation is more and more visible now that Target has left town. Shopping for linen and personal care products and home decor and dry food goods at Wal-Mart and Marshalls and Shoppers is a more expensive ballgame than Target. The consumer is an afterthought in more than real estate. Only when there is a serious buyer’s market and sales are a problem will the market morph to a user-friendly mode. Now the whole experience is too weighted in the favour of the sellers and realtors placing the buyers in a very vulnerable and disadvantaged position.

#60 BS on 06.10.15 at 8:34 pm

According to the Viewpoint Creator whom I had a discussion with a few years ago. Zillow does not really have a huge negative effect on House Sales people (AKA Realtors) or their incomes

I wouldn’t be too sure about that. Lots fewer RE agents in the US now than prior to Zillow. Most make way less money. Of course that is in part due to the bubble bursting but I am sure Zillow has had an impact.

Going forward it certainly will put downward pressure on commissions if you can get the info for free. At some point the RE agent is going to take a big hair cut.

#61 Macrath on 06.10.15 at 8:37 pm

There is much you do not know.
———————————————
Four Horsemen – Feature Documentary – Official Version

https://www.youtube.com/watch?v=5fbvquHSPJU

#62 Tony Mears on 06.10.15 at 8:38 pm

#12 Victoria Real Estate Update

I don’t care what happened in 2007. The Victoria real estate board report this month shows the market here moving from balanced (where it’s been since 2013) to a sellers market. So sorry if that disappoints you, but it’s a fact.

#63 Chris on 06.10.15 at 8:39 pm

And also you can go to the county assessor’s website and find out how mich property tax is and how much it has been for previous years. All past transactions of the house and who the owners were. What improvements have been done that the pulled permits for, etc, etc. The Canadian real estate information system does look pathetic, very pathetic, indeed.

#64 ANON on 06.10.15 at 8:42 pm

@#2 Arcs55 on 06.10.15 at 6:01 pm
Pshaw! To the Moon, to Mars and beyond! It is different here, this time! Oh, wait, va-can-cies…oops.

On a non-sarcastic note, that is how a pop looks like when you finally stick a fork in it.
The fat lady is singing.

#65 mark on 06.10.15 at 8:45 pm

How do you get your hands on the data in the first place if you wanted to start a website?

#66 BS on 06.10.15 at 8:47 pm

I pray the cartel doesn’t get to Ian Young:

Get to Ian Young? They probably pay him to write the HAM conspiracy articles. The RE cartel loves press that implies foreigners are driving prices higher. Not a day goes by without a realtor being quoted as saying such in the media. If they were trying to cover it up they wouldn’t be in the press with it daily. It creates fear with locals and pushes them to buy. It is only Cameron Muir that makes the odd official statement ‘foreigners are not buying much’, but thats not what they want you to believe. Make no mistake about it Ian Young and other media reporting this stuff are doing exactly what the RE cartel wants.

#67 Balmuto on 06.10.15 at 8:51 pm

#2 Arcs55

Interesting article, thanks. I’ve noticed signs of a softening in the Toronto condo market over the last couple of months, a sudden glut of supply might explain it. Perusing the MLS listings from time to time I’ve noticed a couple of very nice 2 bedrooms – one in High Park, one in the Annex – both listed for $599k; after sitting there for a couple of months are now both down to $589k and still sitting there. One of the ads says “no reasonable offer refused”. They’re both @ 1000 sq feet, in great locations, right near a subway stop. Brand new buildings too. For Toronto I’d say they’re reasonably priced but they’re not moving. Can’t say we’re in correction mode but it certainly doesn’t feel like we’re in a panic buying situation either.

#68 Karma on 06.10.15 at 8:55 pm

Anyone notice that 10-year Bunds were above 1.00% today? It hit a day’s high of 1.059% before settling at 0.984%. That’s up from 0.077% on April 19th.

http://www.investing.com/rates-bonds/germany-10-year-bond-yield

“Paper losses over the last three months have reached $1.2 trillion. Yields have jumped by 175 basis points in Indonesia, 160 in South Africa, 150 in Turkey, 130 in Mexico, and 80 in Australia.

The epicentre is in the eurozone as the “QE” bet goes horribly wrong. Bund yields hit 1.05pc this morning before falling back in wild trading, up 100 basis points since March. French, Italian, and Spanish yields have moved in lockstep.”

“The 10-year US Treasury yield – still the global benchmark price of money – has jumped 48 points to 2.47pc in eight trading sessions. “It is capitulation out there, and a lot of pain,” said Marc Ostwald from ADM.”

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/11666355/Bond-crash-across-the-world-as-deflation-trade-goes-horribly-wrong.html

#69 Overpriced on 06.10.15 at 8:56 pm

re #18

This has to be the peak. Only two bridges away from downtown Vancouver in a landlocked location with no views.

http://www.vargha.com/showlisting/133535/9111-NO-2-Road-Lackner-Richmond/

Meanwhile in America…
http://www.zillow.com/homes/for_sale/Blaine-WA/fsba,fsbo,new,cmsn_lt/61164345_zpid/10430_rid/750000-800000_price/2863-3054_mp/days_sort/49.116467,-122.467175,48.918551,-122.913494_rect/11_zm/0_mmm/?view=map

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

The Richmond location is obviously a dump. Landvalue is not there.

The Blaine property is overpriced as well. Much nicer though of course.

US and Canadian markets are actually at peak

#70 Cici on 06.10.15 at 8:56 pm

As always, thanks for the info Garth.

And rest assured, the only real-estate this blog dawg has been checking out is the amateur ex-landlords’ stinking pile as it sits now, hundreds of days on the market. So far, they’ve reduced their asking by $100,000, but it has at least another $200,000 to go before it’s anywhere near realistic evaluation. But even then I wouldn’t touch it – crappy building in a crappy neighborhood, and FSBO = Buyer Beware!

#71 The American on 06.10.15 at 8:56 pm

Also, don’t forget Zillowshows tax history on the property, construction type and materials, price per square foot, comparable homes in the neighborhood based on recent sales, comparable homes in the neighborhood that are actively listed, neighborhood information, local statistical data short and long, school information, walkability, mortgage rates and providers, etc. Imagine… All of these features right at your fingertips, and in one comprehensive site, all found in a single listing itself. No hunting and pecking necessary. You just have to love Zillow. Brought to you from Seattle, the makers of Boeing, Microsoft, Amazon.com, Nordstom (soon to be seen in Canada), Starbucks, Costco, Adobe, Bluetooth SIG, and well you get the gist. Welcome to the 21st century! Don’t forget Trulia is another American site that provides similar information.

I’ve reviewed the Canadian sites, including http://www.realtor.ca It’s more like http://www.realturd.ca that website is completely useless and the photo quality is horrific. Honestly, it’s no wonder real estate is where it is in Canada. Like I’ve been saying forever… Transparency is everything to a healthy market. If Canada will allow such a site, the market will tank literally within weeks. It’s very sad.

#72 Karma on 06.10.15 at 8:57 pm

Best quote from the posted article regarding the deflation trade in the eurozone:

“It was the greater fool theory. They always thought there would be some other sucker to buy at an even higher price. Now we are returning to sanity,” said Mr Stein.

#73 Washed Up Lawyer on 06.10.15 at 8:59 pm

#19 Rainclouds on 06.10.15 at 6:40 pm

Maybe the Washed up Lawyer can answer this?

If the Competition Bureau/TREB loggerhead is finally broken will this allow for data disclosure and presumably a Zillow like presence in Canada?
*****************************************

I will glance at the decisions before I offer up my usual washed up, equivocating and hackneyed opinion. It will be on a pro sonny bono basis. Maybe this weekend.

Ultimately it will come to pass that we get a Zillow like source of information. I say that relying upon two quotes from the most eminent jurists I have ever read. If you note their names you will see why I hold them in such high esteem.

“The inn that shelters for the night is not the journey’s end. The law, like the traveler, must be ready for the morrow.”

Justice Cardozo

“Real estate is my life. It is my day job, if you will. But it consumes my nights and weekends, too.”

Justice Ivanka Trump, 9th Circuit Court, Schenectady, N.Y.,

I will govern myself like an accordion.

#74 Nemesis on 06.10.15 at 9:04 pm

#TechnicalJournals,Or… #Scotty’sTeleporterIsFinallyReady…

http://youtu.be/5rsZfcz3h1s

#BonusScrotty: “Captain, I’m given’ her all she’s got..”… http://news.bbc.co.uk/2/hi/entertainment/630883.stm ]

#75 Frank le skank on 06.10.15 at 9:04 pm

Halifax is unbubbly and stable?

#76 Visitor Number 9 on 06.10.15 at 9:11 pm

RE: #18 ILoveCharts on 06.10.15 at 6:39 pm

This has to be the peak. Only two bridges away from downtown Vancouver in a landlocked location with no views.

http://www.vargha.com/showlisting/133535/9111-NO-2-Road-Lackner-Richmond/

Ha Ha Ha… What a Sh!tbox of a house.

#77 John in Mtl on 06.10.15 at 9:13 pm

@ #30 45north on 06.10.15 at 7:06 pm

“…there’s nothing stopping Canadian politicians going after the real estate industry.

Garth talks about $ trillions. Peoples lives are affected. What we are seeing is the failure of the Canadian political system. Stephen Harper, Justin Trudeau and Thomas Mulcair wonder what they are going to do in the upcoming election. Idiots! Are they have to do is go after the real estate industry. It’s just sitting there.”

I bet they are somewhat complicit if not complacent about it, because the higher houses cost, the more taxes can be raked in over time!

#78 takla on 06.10.15 at 9:16 pm

overheard a couple of the older tradesmen talking realestate yesterday at work,one of them had a large inheiritence and promptly upgraded to a new home and bought a townhouse in Newwestminister{stays juring the week to save the commute}the other was glowing on how his two east van homes are worth north of a million each. High fives all around!
The last part of their conversation centered on their ability to hold their properties because of the tax’s/upkeep and the infestation of rats in their nabourhoods…

#79 Evan Solomon on 06.10.15 at 9:17 pm

Pfft…Art is the new Real Estate

#80 Karma on 06.10.15 at 9:28 pm

#48 Keith on 06.10.15 at 8:03 pm
“Times have changed:

https://ca.finance.yahoo.com/news/national-lust-home-equity-lines-090000065.html

Canada 2015 = USA 2005…

Canadians are no different than our southern neighbours (only neighbour, really).

My first thought is why the hell would someone agree to being interviewed about being in debt….

“”It’s easy, accessible cash at a very cheap price. The banks make it so easy for you to obtain it,” says the software engineer.”

No shit Sherlock. But still not an excuse for irresponsibility.

#81 Retired Boomer - WI on 06.10.15 at 9:29 pm

The house pictured looks quite appealing. The price is probably ‘fair’ as well, but negotiation is available to try to make it even more fair.

The property tax should represent about 2% of value or,
~ $7800 might be negotiable a bit with the taxing authority. One needs to see what services might be included (garbage pick-up, fire protection etc).

Yup, a Zillow type service should be available across the provinces. Would the Banking industry lend any “weight” toward establishing a ‘subscription type’ service? Just thinking aloud….

#82 Made in BC on 06.10.15 at 9:32 pm

DELETED

#83 NoOneOfConsequence on 06.10.15 at 9:34 pm

I am laughing at how ridiculously naïve these comments are in regards to getting the government to intervene in regards to sharing and control of realtor data.

Let’s reframe the logic….
1. Real estate data is kept private, therefore the sell side has an advantage.
2. The advantage has persisted so long, that today’s boomers sit on a pile of ‘lottery ticket real estate’.
3. The boomers represent the largest cohort of voters in the country.
4. “We” want the government to institute a system that will force honesty, and the return of average priced homes for average income families. This would require a devaluation of approximately 30 – 50 percent on homes across the country. So 70% of households will see a serious reduction in their net worth.

Yeah….so which boomer is going to vote for someone championing this cause, when their entire retirement rests on being able to cash out at the highest valuation possible?

Yep – you guessed it. NONE.

In today’s demographic…. democracy = tyranny.

Sorry kids – you WILL be paying us old timers for whatever we want!! We have more votes! HIGHER PROPERTY PRICES!!! GO GO GO!

Increase OAS! Free health care for the aged! More senior benefits!

Ahhh…democracy! It’s a beautiful thing when we can wield it like a sword to our advantage!!

#84 Victoria Real Estate Update on 06.10.15 at 9:37 pm

#49 raisemyrent and #28 Freedom First

It’s nice to hear that you appreciate my input.

Garth’s blog is becoming more popular all the time.

Spread the word.

#85 Drill Baby Drill on 06.10.15 at 9:38 pm

Dear Pathetic Blog : 10 year bond yields are rising fast.

#86 Nemesis on 06.10.15 at 9:40 pm

#BonusProBono….

http://youtu.be/berHdguUts0

[NoteToGT: A desert highway just outside of ElCentro… 16 year old Cher sticks her thumb out just as Sonny drives by… And that, Boyz&Girls, is called HistoricalContingency… Also known as “ShitHappens” ]

#87 Macrath on 06.10.15 at 9:41 pm

#77 John in Mtl

Idiots! All they have to do is go after the real estate industry. It’s just sitting there.”
————————————————————
They are politicians – owned lock stock and barrel by the
FIRE cartels (Finance, Insurance, and Real Estate)

#88 ANON on 06.10.15 at 9:46 pm

#68 Karma on 06.10.15 at 8:55 pm
Anyone notice that 10-year Bunds were above 1.00% today?

Sure did. Watching the JGBs also, with uttermost (non-financial, sorry, I was late in the game) inquisitiveness. Perfect example of trading “teh deflashun trade” without understanding the big”D” in Deflation.

#89 Julia on 06.10.15 at 9:47 pm

Off topic completely: Love the story of the dogs in that picture.

#90 Smoking Man on 06.10.15 at 9:50 pm

How is this for an app idea.

Sold price reporting. Citizens post sold prices in there hoods. Realtors can also post sold prices, gives them free adds. Link the property to google maps..and street view.

You got Zillow light… My kids working on it right now .

And CREA Cant do nothing about it.

#91 BlueCollarBC on 06.10.15 at 9:50 pm

In Nanaimo a Century 21 realtor has full-page ads in the local paper boasting of “reaching more buyers than ALL other Chinese Real Estate websites combined”.

http://www.century21.ca/hillary.reeves/Blog/Chinese_investors_are_already_gobbling_up_real_estate

http://www.century21.ca/gordon.halkett/Blog/Chinese_internet_usage

And why do you think Nanaimo realtors are using Yellow Peril? — Garth

#92 Karma on 06.10.15 at 9:51 pm

#83 NoOneOfConsequence on 06.10.15 at 9:34 pm
“In today’s demographic…. democracy = tyranny.

Sorry kids – you WILL be paying us old timers for whatever we want!! We have more votes! HIGHER PROPERTY PRICES!!! GO GO GO!

Increase OAS! Free health care for the aged! More senior benefits!

Ahhh…democracy! It’s a beautiful thing when we can wield it like a sword to our advantage!!”

—————————————-

And the G&M is catering to their audience…

http://www.theglobeandmail.com/globe-debate/doctors-need-salaries-and-pensions-not-fees-for-service/article24903968/

http://www.theglobeandmail.com/news/politics/globe-politics-insider/how-to-fix-end-of-life-care-from-those-who-provide-it/article24733425/

http://www.theglobeandmail.com/news/national/health-ministers-discuss-national-pharmacare-program-to-pay-for-prescription-drugs/article24842194/

http://www.theglobeandmail.com/globe-debate/an-affordable-step-toward-true-universality/article23523813/

http://www.theglobeandmail.com/news/politics/globe-politics-insider/how-to-fix-end-of-life-care-from-those-who-provide-it/article24733425/

#93 Run joe run on 06.10.15 at 10:01 pm

Richard Berner has stated among other concerns are the bond mutual funds and ETFs that have mushroomed since the 2008 crisis and are stuffed full of illiquid assets or assets which might become illiquid in a financial panic.

So buy assets with lots of liquidity. Fixed. — Garth

#94 Estrella on 06.10.15 at 10:09 pm

#39 sideline sitter,

when how much money you are due to receive is linked to how you preform the sales transaction, it becomes a question of professional conduct. Who is to regulate this when there are bidding wars and two realtors are set to gain profit from the sale? Should we assume the Real estate board is regulating this? Not without a public board of directors to oversee their conduct (unfortunately.) Why are people led blindly to slaughter and not voicing their disgust at a system that is not completely transparent??

#95 Macrath on 06.10.15 at 10:25 pm

#30 45north

I`m old enough to remember our NDP socialist savior Bob Ray and his finance guy Pink floyd. Vote for me I`ll
go after the out of control insurance industry.

Guess what happened- Nada! Instead they decided to empty out the pension plans to fund the socialist dream. The rest is history

#96 Love my Kia on 06.10.15 at 10:26 pm

I live close to the US line (Minnesota) and have wondered what implications there would be with purchasing there and driving back and forth to work each day.

There is a glitch that with US customs tracking your movement there and after so many crossings they will consider you a ‘resident’ and subject you to their income taxing system.

The United States is the only country that will try to ding anyone for income taxes even if the income is earned abroad.

http://www.knv.com/news/2014/01/keeping-track-of-your-time-in-the-united-states-are-you-an-inadvertent-u-s-tax-resident/

#97 LOL CANADA on 06.10.15 at 10:27 pm

Imagine buying a stock or etf without any information. No prospectus, no business financials, no key statistics. All you get is a price, a location, and a quick tour around the office. At the end of your tour, the sales manager tells you that they are looking for an investment.

The cost-1,150,000

The benefit-The Time Frame, at least 7 years locked in.

Financing- No problem, the bank will help finance your investment for dirt cheap rates because of mortgage insurance and fractional reserve banking.

The risk? You are part of a ponzi national pyramid housing scheme. That has to keep going or it threatens the stability of the country.

Benefit? You can live there.

#98 crowdedelevatorfartz on 06.10.15 at 10:31 pm

@#82 Mad in BC
Either
You dont comprehend the english language(oh the irony).
What dont you get about “Go away.” ?

Or
You’re living proof about how stubbornly stupid bigots really are….

#99 tundra pete on 06.10.15 at 10:38 pm

Imagine that. Real turds gaining a monopoly. The longer the sheep cower down, the more of this we will continue to see. Im so surprised.

This all fits in, like a lawyers cold hand in your pocket. Insurance companies legislated to charge wacko rates. Banksters legislated to “create” money. Government legislated fees far to numerous to list here. Taxes and caveats legislated into existence daily. Oh yeah, and generations of students from the stone age to the tech age of education, never introduced to the simplest forms of personal financial management.

Imagine that. This is all just a coincidence??

#100 Smoking Man on 06.10.15 at 10:38 pm

People are trained to set goals, make plans, chase dreams. Find your way out of the maze.

Never taking into account how much effort that takes, and how un for seen variables can make all that effort a complete waste of time.

Life is ment to be enjoyed, get behind the wheel and drive with no particular destination in mind. End up where the stearing wheel and Impulse’s take you. Enjoy the ride.

In the end.. Your dead, you won’t remember shit. You will my decomposed and future crude oil source.

Fear is a crippler, a chain, a leash.

Give no fk about anything. You will be the happiest bastard on death bed row when the time comes.

Why can no one see this.

#101 Sherry Sheeple on 06.10.15 at 10:39 pm

Garth,

I am pleased to report that everything is fine and all the collective hand-wringing and finger pointing on this blog has been for nought…

http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/canadians-are-in-better-financial-shape-than-the-pessimists-think/article24837131/

Now everybody, put your blinders back on please!

#102 Bobby on 06.10.15 at 10:41 pm

For #12, VREU, I certainly agree with you. Your information is indeed correct. For #62 Tony Mears, you should get out more, the VREB drivel is pure hype. Sadly you believe it. Then again, you are probably a realtor.
I’ve been looking a SFH’s here in Victoria. Looked at one and the realtor said it was a hot market. Ironically it sold for 6% under listing. I get the updates for a few select areas in Victoria. Many SFH’s have been relisted on a number of occasions and are still selling for less than asking. The DOM’s for some properties are in the triple digits.
The bcassessment.ca website is excellent. It will show sales in the last three years. Click on many of the lot plans and compare the sale price in 2012 or later to the price now. You will be surprised, many are listed for 10% less.
The last person I solicit reliable real estate info from is a realtor. They believe their own hype.

#103 DON on 06.10.15 at 10:45 pm

#56 crowdedelevatorfartz on 06.10.15 at 8:22 pm

Could I impose upon you to go to the Burrard St Bridge on June 21st for the “Yoga Day gathering” and report back? I dont live in delusional downtown Van and want to avoid the traffic chaos of the 7 hour bridge closure so that all the Starbucks slurping posers can be seen in a zen like state on the 6pm news….
Because image is everything in Vancouver
***************************************

You can watch it on the local news it will cost taxpayers $150 K and shut down traffic flowing to the downtown core. I used to the walk the bridge to and from work. You summed up Vancouver well, “Because image is everything in Vancouver”. Yup! Some of my friend’s refer to it as “The Show”.

But remember it makes perfect sense for those enticed by the show, while the audience is left wondering what they just witnessed.

The movie ‘Idiocracy’ moves closer to reality.

The hipsters make me chuckle, I remember the real bearded men from the 70′ – 80’s. I just hope the 80’s hair and clothes don’t make a return. Could you imagine – I could sit on a bench all day and giggle at the sights.

#104 SI2K on 06.10.15 at 10:47 pm

The Zillow info on our upstate NY house is entirely incorrect, just for the record. It seems to think we sold it in 2008, which is news to us!

#105 LOL CANADA on 06.10.15 at 10:50 pm

#38 Bob Dog
Hey Bob Dog, I imagined this as well, but never really got the chance to work on such a project. Given the success of Uber, Airbnb, and other such projects, this is a no brainer that something like this would work.

Easy to build, hard to market.

A listing site that is user driven (all data is submitted by users only) would skirt the law because it is volunteered information, and not taken from the real estate boards.

The problem is building an audience.

#106 Holy Crap Wheres The Tylenol on 06.10.15 at 10:58 pm

People are trained to set goals, make plans, chase dreams. Find your way out of the maze.

Never taking into account how much effort that takes, and how un for seen variables can make all that effort a complete waste of time.

Life is ment to be enjoyed, get behind the wheel and drive with no particular destination in mind. End up where the stearing wheel and Impulse’s take you. Enjoy the ride.

In the end.. Your dead, you won’t remember shit. You will my decomposed and future crude oil source.

Fear is a crippler, a chain, a leash.

Give no fk about anything. You will be the happiest bastard on death bed row when the time comes.

Why can no one see this.
—————————————-
Smoking Man did you write this? Or cut and paste ? It is not indicative of your particular writing style!
By the way I generally agree with some of your statement but the part about not giving a fk about anything is pure bullshit on your part. So you don’t give a fk about your parents, wife, children? Now I know your BSing us!

#107 Leo Trollstoy on 06.10.15 at 11:00 pm

The epicentre is in the eurozone as the “QE” bet goes horribly wrong. Bund yields hit 1.05pc this morning before falling back in wild trading, up 100 basis points since March. French, Italian, and Spanish yields have moved in lockstep.”

“The 10-year US Treasury yield – still the global benchmark price of money – has jumped 48 points to 2.47pc in eight trading sessions. “It is capitulation out there, and a lot of pain,” said Marc Ostwald from ADM.”

The people predicting deflation and another round of QE are idiots.

They’re totally wrong. And they’re being punished for it. As they should be.

#108 45north on 06.10.15 at 11:06 pm

NoOneofConsequence: 4. “We” want the government to institute a system that will force honesty, and the return of average priced homes for average income families. This would require a devaluation of approximately 30 – 50 percent on homes across the country. So 70% of households will see a serious reduction in their net worth.

an attack on the real estate industry would also be an attack on the wealth of most households. That is it would be an attack on most households ergo ( latin for therefore ) the politicians don’t. It’s only when the wealth has been seriously deflated that it’s safe to attack the real estate industry. You don’t want to be early.

cowards!

#109 Carpe Diem on 06.10.15 at 11:09 pm

So one day I had my friend – best party buddy in Vancouver.

He immigrated from India and recently got his driving license.

He sure knew how to party. But less than I.

We came out of the club and it was snowing.

He was sober. So he drove.

Bad mistake. He had no clue what snow was!

He sucked hard in those conditions like most people in Vancouver!

I was deleted once on this blog due to an assumption.

I don’t feel ashamed about the delete. I feel disappointed with the moderation.

Now to what I think. There is a window.

A window where buyers can band together to challenge the sellers.

A time for Buyors.ca

I won’t do it since I have 3 small kids, 2 contracts and no life.

But seriously, Anti-Realtors should go out and get them!

Smartphone App and all.

#110 Smoking Man on 06.10.15 at 11:12 pm

#106 Holy Crap Wheres The Tylenol on 06.10.15 at 10:58 pm
People are trained to set goals, make plans, chase dreams. Find your way out of the maze.

Never taking into account how much effort that takes, and how un for seen variables can make all that effort a complete waste of time.

Life is ment to be enjoyed, get behind the wheel and drive with no particular destination in mind. End up where the stearing wheel and Impulse’s take you. Enjoy the ride.

In the end.. Your dead, you won’t remember shit. You will my decomposed and future crude oil source.

Fear is a crippler, a chain, a leash.

Give no fk about anything. You will be the happiest bastard on death bed row when the time comes.

Why can no one see this.
—————————————-
Smoking Man did you write this? Or cut and paste ? It is not indicative of your particular writing style!
By the way I generally agree with some of your statement but the part about not giving a fk about anything is pure bullshit on your part. So you don’t give a fk about your parents, wife, children? Now I know your BSing us!
….
I wrote it. Google it.you’ll find nothing.

Shit your getting a bad addiction to this blog , from afternoon posts to now late night 10:15 posts.

What I was trying to say but have been drinking to much to actually say it right.

Don’t give a fk about the maze.. Its a program put in peoples heads, it don’t exist if one can open there eyes and ears they will realize he have no boundaries, our boundaries are self imposed.

Not going papa was a rolling stone here.. But this papa
Likes to get stoned. And often…not weed, puts me to sleep…

Just a few wines and a bit of JD.

#111 Love my Kia on 06.10.15 at 11:14 pm

I don’t always agree with you Garth, (esp yesterday!) but I do respect your defense of our citizens and fighting racist comments that show up here. Thank you.

#112 Geofferson on 06.10.15 at 11:19 pm

What’s up with -2 at the end of the url for this post? /flying-blind-2/

For some reason I find this distracting…

You don’t have enough to worry about, do you? — Garth

#113 takla on 06.10.15 at 11:21 pm

re#107 leo troll “the people predicting deflation and another round of QE are “IDIOTS”

Most ideotic statement ive heard in a long while.most major countries are closer to deflation then inflation .Imagine without the previous rounds of quantitative easeing where the U.S would be today.
Its europes turn now.
When all else fails to drive economies into perpetual growth create new money and buy government bonds..QE…the courts still out on this one!!

totally wrong you say….we’ll see

#114 Herb on 06.10.15 at 11:30 pm

Wot, Garth, you’re blaming realtors and the whole industry built on separating sheep from their money? Next you’re going to blame politicians for enabling it. Isn’t it the fault of the victims/sheep?

#115 Waterloo Resident on 06.10.15 at 11:33 pm

Immigration, lack of births, lack of manufacturing, and Canada’s shift from an economy like the U.S. to one more like the Philippines:

Canada used to have low immigration, a high birthrate, and a good manufacturing base. As a result we had a very good economy where people could easily have a good life with just one person working instead of both the husband and wife needing to work.

Now look at the Philippines: They don’t manufacture anything, and their population is growing because too many babies. The result = EXTREME POVERTY.

Now look at Canada today: We don’t manufacture anything and our population is growing not because of babies but because of immigration. Can you see how our economy is slowly (or maybe even ‘quickly’) sliding from an economy where we had a solid ‘middle-class’ like we had in the 50’s, to one where we will have poverty like they now have in the Philippines?

Its scary when you study it and see the similarities that we as a nation are sliding into.

The cure for all of this? Try to emulate GERMANY, not just a bit but a lot, in every way, both economically, educationally, socially, ever way. That would be just the beginning. If we don’t then we are totally screwed.

I’m allowing this comment, decrying the lack of little white babies, so everyone will know why you were just thrown off this site. — Garth

#116 Ferdleno on 06.10.15 at 11:38 pm

Re…#154 The American on 06.10.15 at 3:26 pm
At #136: Canada Is Great #1, there are simply too many ways I can respond to you. My better sense tells me not to engage with the meaning of your post. ”

Am I the only one who thinks that the American created a fictitious Canuck strawman (snowman?) to pick on? The spelling and grammar are dead giveaways….I actually think they are both really Canadians playing around with caricatures to stir up the sh*t a bit!

#117 Victoria Real Estate Update on 06.10.15 at 11:38 pm

# 62 Tony Mears

“I don’t care what happened in 2007. The Victoria real estate board report this month shows the market here moving from balanced (where it’s been since 2013) to a sellers market. So sorry if that disappoints you, but it’s a fact.”

You obviously didn’t read what I wrote.

The big picture is that the number of SFH sales in 2015 compared to Victoria’s long-term average and where interest rates are and where they are headed.

Whether or not the market is balanced is a temporary thing and not at all part of the long-term or the big picture.

With record-low mortgage rates, we should be seeing record-high SFH sales (number of sales). That isn’t happening and that is all that is important to note right now in Victoria as far as sales are concerned.

SFH sales are below Victoria’s long term average. That indicates a below average market. When we look at the big picture and consider that we have record-low mortgage rates, suddenly Victoria’s below average market becomes an underperforming and weak market.

Interest rates are set to rise and will generally be headed in an upward direction over the next number of years. If Victoria’s market isn’t strong enough to generate average SFH sales numbers with record-low rates, imagine how bad things could get with higher rates.

That is the big picture with regard to sales.

A below average market with record-low SFH sales can only weaken as rates rise.

The years ahead will continue to disappoint many Victorians who have been drinking the industry Kool-Aid and keeping their heads in the sand.

#118 Victoria Real Estate Update on 06.10.15 at 11:40 pm

# 102 Bobby

Thanks for that.

#119 Canadian sheep on 06.10.15 at 11:43 pm

The real estate listing data is based on the property, which is owned by the home owner.

The seller home owner provides limited license to use the data, related to the property for the purpose of sale for the authorized real estate agent.

After the sale is completed, the license is automatically terminated.

The CREA does not own or is not licensed for the use of property data at any point.

There Canadian sheeps, it’s simple as this.

#120 Dudley Sprechen on 06.10.15 at 11:45 pm

#89 JunkieMan on 06.10.15 at 12:05 am
#6 Oracle
Vancouver is not “Canada’s Asian city” Toronto has the largest Chinese population outside of China. And Markham would be the highest percentage of Chinese Canadians residing in one area.”

Way off on the stats dude…..

Toronto/Yvr way down the list behind Taipei, Singapore, Bangkok, etc…even Christmas Island may have a higher proportion of Chinese than Hogtown….

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

#121 Smoking Man on 06.10.15 at 11:46 pm

#111 Love my Kia on 06.10.15 at 11:14 pm
I don’t always agree with you Garth, (esp yesterday!) but I do respect your defense of our citizens and fighting racist comments that show up here. Thank you

Me too, rasists are idiots. I’m from Planet Nectonite superior to all humans.. In every posable way.

But I like you low life’s.. Why , becsuse you’re alive.

Charish it.

#122 There their on 06.10.15 at 11:52 pm

#41 Steve French on 06.10.15 at 7:38 pm

Smoking Man:

Don’t give up on the breakthrough novel Smokey. Your 38 fans are eagerly awaiting its publication date.

Remember what the Great Mahatma said:

“First they ignore you, then they laugh at you, then they keep laughing at you while pretending to play fight with you, then they ignore you again.”
————————————————–

https://en.wikiquote.org/wiki/Mahatma_Gandhi

First they ignore you, then they laugh at you, then they fight you, then you win.
Describing the stages of a winning strategy of nonviolent activism. There is no record of Gandhi saying this. A close variant of the quotation first appears in a 1918 US trade union address by Nicholas Klein:

And, my friends, in this story you have a history of this entire movement. First they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you. And that, is what is going to happen to the Amalgamated Clothing Workers of America.
————————————————–
Maybe yours is better – go back to ignoring him.

#123 Alan Dee on 06.10.15 at 11:54 pm

Garth,

Why should anyone know what a person paid for a house in the past. Isn’t that private information? Just because realtors are collecting it, that does not make it public.

Why should anyone know how many people are hitting a web site advertising my house? In what way is that public information?

You apparently don’t have to disclose who your clients are, or how much money you manage, or what rate of return each of your clients got. Why not?

#124 Steve French on 06.11.15 at 12:03 am

Smoking Man is channeling Bukowski again…

http://www.curezone.org/upload/Members/new03/Charles_Bukowski_Quote.jpg

#125 Jeff in Moose Jaw on 06.11.15 at 12:23 am

So the average house in Canada costs over 400,000.00 labour credits.
Trading time for wages nets, for most people, somewhere around 40,000.00 labour credits.
And for this reason – I’m out; this housing market isn’t for me, not interested.

Drops the mic and walks off stage…

…walks back on stage and picks up the mic

I watched this quick video – it blew my mind – was like getting kicked in the head by a mule – in a good way, in that I can’t see things the same anymore.

https://www.youtube.com/watch?v=EPXYUR5TqAQ

love and peace blog dogs.

Drops the mic and walks off stage for the night…

#126 NEVER GIVE UP on 06.11.15 at 12:36 am

I predict no possible change to RE reporting until after the Election on Oct. 19 this year.

Even then change will come slowly unless we Blog Dogs BARK!!!

Remember we are really third world in our corruption, but first world in the efficiency of our corruption!

#127 Jon B on 06.11.15 at 12:48 am

Buying real estate is a competitive game. Just like a sport, success in the game is more likely if your competitor is weaker than you. Anyone considering an RE purchase in YVR land should be well aware the competition has massive resources. It might be a “Rich foreigner” or a kid who’s got a big 5 bank mortgage approval for seven figures. The average working person with sensible economic tenancies would be wise to avoid competing in this league of players.

#128 NEVER GIVE UP on 06.11.15 at 1:01 am

Here’s a good example of political gangsterism world wide.
Its called GS1, your “bar code suppliers”.

In exchange for having some standardized body hand out 5 numbers to you and not to anyone else you can pay $900.00 for any company that needs over a thousand bar codes.

Guess what? you get to pay over $1000.00 a year just to keep your 5 digits.

After all there is a world wide shortage of 5 digits so they will sell you one bar code within a universal bar code for $60.00.

The first number is for Licence Level

Then your company Annual Gross Revenue/Operating Budget

Then the number of bar codes you will be able to get.

Individual $60 < $250,000 Single Bar Code

A unique Global Trade Item Number (GTIN)

Basic $150 < $500,000 Up to 10 Bar Codes
Up to 10 GTINs Limited $500< 1 $Million Up to
100 Bar Codes

GS1 Company Prefix Licence
Advanced $900 $5 Million
Variable based on requirements

And to keep your numbers you need to keep paying them every year about the same as the above fees.

Remember that every product that is bar coded in the country is costing us money out of your pocket.

WHAT A TRULY GLORIOUS SCAM!

I don’t know what government department gave who the franchise but you can be absolutely sure the kickbacks to the top are Rich indeed!

In order to make it look like they are doing something they organize junkets to fancy hotels in different countries to go and “work” (play).

They make up verbal diarrhoea that the layman cant understand so it looks like they are doing valuable work.

Even one of their employees who left the company blogged “I don’t know how they can sell something that is free?”

If you want a bar code (ISBN) for a book you can get one for free from the government of Canada from a lonely woman at a desk in Ottawa who gives you an ISBN number that is unique to your book from any other book in the world. You can get as many as you need for as many books as you can publish. All for FREE!

I hope that by revealing this scam that the ISBN numbers don’t get folded into the GS1 scam.

I dare say that if I was offered that filthy lucre I would be so very tempted to take it.

#129 lee on 06.11.15 at 1:02 am

What will happen if US rates go up, Canadian rates follow and Canadian unemployment kicks in?

#130 NEVER GIVE UP on 06.11.15 at 1:07 am

#112 Geofferson on 06.10.15 at 11:19 pm
What’s up with -2 at the end of the url for this post? /flying-blind-2/

For some reason I find this distracting…

You don’t have enough to worry about, do you? — Garth
——————————————————————

I WANNA BE LIKE GEOFFERSON!

WHAT A LEISURELY LIFE!

#131 Ponzius Pilatus on 06.11.15 at 1:52 am

Garth,
What Waterloo is saying that Canada is becoming a Third World Country because most of our new citizens come from Third World countries.
Makes sense to me.
Now, ban me.

Adios. — Garth

#132 Keith on 06.11.15 at 2:08 am

Victoria Real Estate Update:

I, too, appreciate your regular input. Thank you.

#133 nobody on 06.11.15 at 2:14 am

So buy assets with lots of liquidity. Fixed. — Garth
__________________________________

Nonsense. Too many chasing the same fixed income trade in this environment. And the sheeple are nervous. When the time comes, the exit will get very narrow and uncomfortably deep.

Liquidity is always there except when you really need it. You know that, so stop pretending that it isn’t so.

I disagree. But more germane, why would you sell into a crisis? — Garth

#134 Londoner on 06.11.15 at 5:43 am

“foreign capital may have a sizable impact on the top end of the market”

In London it looks like the top end is moving opposite to the rest of the market:

http://www.bbc.co.uk/news/business-33086002

Fyi – UK stamp duty is the equivalent of land transfer tax in Canada.

I showed this headline to a colleague of mine. He said: “if they think property prices anywhere in London are going to drop by 22%, they’re idiots”.

My response to him: “this isn’t a prediction. it’s already happened”.

#135 Nagraj on 06.11.15 at 6:30 am

Halfway through “Flying Blind” I got more interested in style than substance. The stylistic hallmarks of Turner’s writing are largely missing; those are levity, irreverence and a singularly deft use of the vernacular.

A freak named Realtor Opacity is on trial. Garth, as prosecutor in the summation to the jury restricts himself to a cool review of the evidence, on the grounds that the evidence itself is clearly damning, which it is.

BUT I would have liked to see some highly dramatic fulmination – a la Jesus Christ in Michelangelo’s “Last Judgment” (now there’s one serious dude, eh).

Of course condemnatory speech is not in vogue (yet) – consider Granny Wynne’s $2M libel suit against Hudak, McLeod and the Ont PCP, just because they called her “a silly girl”.

( ” . . . when churchyards yawn and Hell itself breathes out contagion to the world . . . “)

#136 saskatoon on 06.11.15 at 7:11 am

pigg vs. mayers:

http://www.thestar.com/business/personal_finance/2015/06/11/why-it-may-be-better-to-rent-not-buy-that-condo-mayers.html

#137 nubbers on 06.11.15 at 7:54 am

Jon B @127
“Buying real estate is a competitive game. Just like a sport, success in the game is more likely if your competitor is weaker than you. ”

This analogy does not work for me because I can’t think of a single game or sport where the ‘winner’ is actually the loser. Maybe Russian roulette.

#138 CJBob on 06.11.15 at 8:06 am

Good post, more transparency would certainly be good for the market.

I don’t know what the housing market is like in every part of the country, but in Mississauga prices continue to rise. My niece offer $11K over asking for an average size 3 bedroom home and lost, it went for $22K over with no conditions. Her agent provided comparables, history of previous sales to help reach the price. It should be easier to access this info but if you’re buying a house you can and should get this information before even considering an offer (stating the obvious I guess)

#139 jess on 06.11.15 at 8:13 am

….”– in terms of its legislative oversight, financial regulation and taxable structure – is overseen by a parliament in which a third of MPs are buy-to-let landlords.

That isn’t to say that they own more than one property. The vast majority of MPs own more than one property – they generally have their constituency home and their London home, one or other of which has been kitted out with the John Lewis list as paid for by us; just as, until the expenses scandal of 2009, we also generously underwrote the interest payments on their second mortgages…”

http://www.theguardian.com/commentisfree/2013/jul/17/when-we-pay-rent-to-our-mps

#140 TheEighthDigit on 06.11.15 at 8:27 am

In Quebec you can get the pass sale history at the online “registre foncier du Quebec” (link only in french).

https://www.registrefoncier.gouv.qc.ca/Sirf/Script/14_06_01-02/pf_14_06_01_reglr.asp

It cost 1$ to get the past history.

Not as good a Zillow but it’s worth using it before you make an offer.

#141 LL on 06.11.15 at 8:37 am

…”This leaves Viewpoint.ca alone in Canada (and, sadly, only in Nova Scotia)”…

Why the powerful RE Canadian cartel let’s ViewPoint operate in NS and not in the rest of Canada? Curious…

This mean if someone wants to create a web and do the same as Zoocasa he will have the RE cartel after him?
I have read that one of these RE organisation ask realtors not to advice on their listing that a house is foreclosure. Where is the ethic? Gone…………
Anyway, foreclosure prices are the same as the asking selling prices and they describe the propriety as a “foreclosure”!
With foreclosure asking prices like that, the winner is the bank…Always!

#142 Realtor007 on 06.11.15 at 8:39 am

I disagree. But more germane, why would you sell into a crisis? — Garth

—————————

What good is liquidity if you don’t sell? In fact liquidity is what hurts a lot of people, making knee jerk reactions and selling because it’s so easy to do.

#143 Bigrider on 06.11.15 at 8:47 am

FYI- Nobody is paying any capital gains taxes on flip properties and infill builds, at least nobody with a quarter of a brain.

Seen this many times in my neck of the woods ..Rich man hill. Builder buys infill property with quasi partner ( a labourer or someone without a permanent address/residence) who takes home in his name and claims it to be his residence.

House gets built and sold. Home is exempt as is partners principle residence.

Rinse and repeat

So naive. Ever heard of CRA? — Garth

#144 TheEighthDigit on 06.11.15 at 8:52 am

The link doesn’t seem to be working in my last post, this one is

http://www.registrefoncier.gouv.qc.ca/Sirf/

#145 LL on 06.11.15 at 8:55 am

# 9 – Unless it’s a multiplex investment opportunity, I won’t touch Canadian real estate with a ten foot barge pole. Too many variables, too much hype.

Good luck with multiplex….
Most duplex asking price are 100k over!
No money to do with that (at least duplex).
The $$ coming from renting goes to pay the mortgage.
Some people bought them (knowing they will not do money with renting) but they bet that the duplex will takes value and after 3 years, they are asking 100K more!
More foreclosure to come…………….

#146 Llewelyn on 06.11.15 at 8:56 am

Oh how your blog keeps taking down memory lane. As I mentioned in a previous log I was once Director of Housing for Canadian city with about 27,000 single detached dwelling units within its borders.

Back then municipal governments could pay a fee to receive MLS information and each month my office received an envelope containing copies of all MLS listings sold. The data included a picture of the unit, listing price, selling price, time on the market, details of the unit, etc. etc.

I used this information to compile a report showing the average price, and median price, of existing homes by census tract over a 15 year period. My concern was that the average and median prices of housing in all census tracts was increasing much faster than the average household disposable income determined by Statistics Canada.

I determined that the value of existing single detached houses was being influenced by the supply of new single detached houses under the control of a consortium of private developers. This controlled market pleased existing homeowners (70% of all households) who got caught up in the ‘what is my house worth today’ game.

I suggested that overall economic health of the City might be improved if vacant and serviced municipal land was made available for the construction of additional housing. You can imagine how the homeowners on Council greeted that idea.

I explained that expansion of the municipal economy was being restricted by the increasing cost of home ownership. Companies looking to expand or relocate required a labour force and the affordability of housing played a key role in deciding where to invest.

In 2015 Canada will welcome 285,000 new immigrants and I assume that these new citizens will require some form of employment and a place to live. It is difficult to see how these obvious requirements can be fulfilled without some adjustment to the current paradigm.

It is not only higher wages and benefit levels that make Canada uncompetitive in the Global economy. Take a peak at average house prices in Georgia, South Carolina, Tennessee or New York where thousands of substantial businesses have been established in the past ten years. Remember Canada is part of NAFTA and these states are our competition for sources of future employment.

All levels of government should be very concerned with the rapid decline in housing affordability in Canada over the past 15 years. In their myopic efforts to keep the housing bubble from breaking and reducing the net worth of existing citizens they are assuring that the standard of living for future generations will definitely be reduced. Their problem right!!!

We should heed the prophesy of Robbie Robertson (The Band)

You take what you need and leave the rest,
But ‘we’ should never have taken the very best.

#147 LL on 06.11.15 at 9:08 am

#53 – Suede

…”Sorry meant National Post, not Canada Post”….

Ya..I was wondering what was doing Can Post in the picture?? I was scratching my head to understand! LOL

#148 LL on 06.11.15 at 9:17 am

# 62 Tony Mears

“I don’t care what happened in 2007. The Victoria real estate board report this month shows the market here moving from balanced (where it’s been since 2013) to a sellers market. So sorry if that disappoints you, but it’s a fact.”

Can we trust any RE Board reports today????

#149 Holy Crap Wheres The Tylenol on 06.11.15 at 9:25 am

#110 Smoking Man on 06.10.15 at 11:12 pm

#106 Holy Crap Wheres The Tylenol on 06.10.15 at 10:58 pm
People are trained to set goals, make plans, chase dreams. Find your way out of the maze.
____________________________________________
Have handed most of the control of my company over to a young one. I go in to work once or twice a week if they want my advice. I have been spending a lot of time on the sailboat. Stayed over last night in the harbor, dinner on Lakeshore Blvd, drinks at a local street bar, walked down to the boat instead of the town-home. Going to try getting her out today for 3-4 hours. My wife wants to take some trips now that I am semi-retired. So we have lined up Ireland, Scotland, England Wales, then she wants to go to New Zealand and Australia. I would like to sail from New Zealand to Oz but she wont go for it!

#150 JimH on 06.11.15 at 9:36 am

#113 takla
You display a basic lack of understanding of QE.
QE (as implemented in the US) was an asset swap pure and simple, where bonds were exchanged for reserves. There was not a cent of “new money created” in this swap, which explains the failure of QE to create runaway hyperinflation, despite the silly babbling about “money printing”.
I would argue that while QE did provide a degree of liquidity to the banking system, it really did little to stimulate the US economy; at least, no where near as much as the US government infrastructure stimulus projects did across the entire country.
A wealth of good educational information on QE &etc can be found on Cullen Roche’s site, pragcap.Com

Enjoy the reading!

#151 The American on 06.11.15 at 9:46 am

At #116: Ferdleno, I assure you I am American, living in the U.S., Seattle specifically , having grown up in Oklahoma. I have a friend in Toronto (he turned me onto this site) and friends in Vancouver who regularly read this blog who know who I am.

As for the snowman… Not me, but it sure was funny as all hell.

#152 TorontoBull on 06.11.15 at 9:47 am

“Immigration is stable at 0.8% of the population, and is hardly ‘massive.’”
this seemingly low percentage is magnified in major urban areas since that’s where most immigrants usually go. On top of that immigrants tend to belong to the prime real estate buying group (25-44), which further enhances their impact on the urban markets.

#153 Bottoms_Up on 06.11.15 at 9:48 am

#131 Ponzius Pilatus on 06.11.15 at 1:52 am
—————————————————
Dude that makes absolutely zero sense. Glad you got the Garth ban.

#154 Ret on 06.11.15 at 9:49 am

Had a great day in Lockport N.Y. It is a really quaint little town on the Erie Canal. Boat tour and Cave tour highly recommended although the walking on the cave tour can be a challenge. Stopped at a museum and had lunch as well. Small town upstate NY. Nice people. Close to Niagara Falls N.Y.

We did consider buying some sort of recreational property on or near to the canal in lieu of a cottage in Ontario. Lots of older, serviceable places for under $100,000. Check Zillow.

http://www.tripadvisor.ca/Attractions-g48074-Activities-Lockport_New_York.html

#155 Julia on 06.11.15 at 9:51 am

Looks like some a starting to see it:

http://www.thestar.com/business/personal_finance/2015/06/11/why-it-may-be-better-to-rent-not-buy-that-condo-mayers.html

#156 Bottoms_Up on 06.11.15 at 9:53 am

#123 Alan Dee on 06.10.15 at 11:54 pm
—————————————————–
Don’t you think the answers to your questions are apparent in Garth’s blog today?

Housing is the most expensive asset that most families will buy. It takes a generation to pay off. And it almost brought down the USA. Also a lack of regulation in the industry, and blatant lying and exaggerations from ‘trusted’ agents.

Those are pretty good reasons for making the information public.

#157 FutureExpatriate on 06.11.15 at 10:01 am

You’ll get your Zillow. Along with a liberal Prime Minister.

About 10-15 years after the US did. Like everything else. Like always.

Don’t know why this is; but it just is.

It’s not that Canada is in the past; more like the US is consistently over the edge.

#158 Bob on 06.11.15 at 10:09 am

@Allen Dee

The price of any stock is readily available. You can see what it was bought and sold for on any day for as long as that company has been publicly traded. I’m not asking for the mailing address of the previous owners…just the sales history.

#159 Samantha on 06.11.15 at 10:23 am

The lack of transparency in the real estate business, it’s hurting consumers and will have to end sooner or later. This is the only thing keeping 95% of the realtors in business and keeping commissions ridiculously high. Somebody will get really rich once the Canadian RE data becomes public, while most realtors will have to look for a new career.

#160 Rational Optimist on 06.11.15 at 10:28 am

44 Beam me up Scotty… on 06.10.15 at 7:50 pm

We need more comments from you. There’s not enough humorous hipster-bashing around here.

#161 martha on 06.11.15 at 10:30 am

Re: Beam Me Up Scotty: I say we appoint BMUS as our inbedded journalist in hipsterville YVR. After the Yoga Bridge assignment, should he survive, next assignment will be any Friday or Saturday night in Yaletown, followed by equally dangerous (to the mind) assignments in Gas Town, South Granville, Kits, Kerrisdale and various condo openings and presales events.

#162 Nwo on 06.11.15 at 11:33 am

Fits in with the theory of the anti intellectual education system where the government wants to dumb down the population.

#163 Nwo on 06.11.15 at 11:35 am

One Garth might be enough

#164 Bigrider on 06.11.15 at 11:35 am

#143 Bigrider on 06.11.15 at 8:47 am
FYI- Nobody is paying any capital gains taxes on flip properties and infill builds, at least nobody with a quarter of a brain.

Seen this many times in my neck of the woods ..Rich man hill. Builder buys infill property with quasi partner ( a labourer or someone without a permanent address/residence) who takes home in his name and claims it to be his residence.

House gets built and sold. Home is exempt as is partners principle residence.

Rinse and repeat

So naive. Ever heard of CRA? — Garth

John Smith, the man with the dough , hands the money over to Joe Johnson , the man with no home and Joe buys the house. construction finishes , Joe lives in the house for a year and sells. Presto, no taxes.

Tell me, what is CRA going to do about that ?

That is tax evasion. Good luck with the consequences. — Garth

#165 Rainclouds on 06.11.15 at 11:40 am

#119 Can Sheep

“The CREA does not own or is not licensed for the use of property data at any point.”

Doesn’t seem to stop them from producing “data” to bolster their propaganda……..

Unfettered access to relevant independent data IS coming realtor boy, just a matter of time.

Baaaaa…………….

#166 Randy Randerson on 06.11.15 at 11:41 am

#131 Ponzius Pilatus on 06.11.15 at 1:52 am

This blog is not only visited by doomers, gloomers and gold bugs, but now also xenophobes and racists.

Sad to see Zoocasa, a trailblazer in Canada, to go because of pressure from realturd cartel. When the whole RE bubble goes tits-up, the peons will rise against their realturds and demand more transparency. I hope some enterprising individual will bring Zillow or something alike to Canada.

Realturds will go the way of the dodo, good riddance!

#167 LL on 06.11.15 at 11:46 am

The Royal Bank survey says that half Quebecers think it’s a buyer market, that’s it’s time to buy.
Just some think they will wait another year before buying.

Yes..yes…buy..buy…there is $2,000. drop in price!

And the ..show must go on….(they really don’t want the music stop)!

#168 Holy Crap Wheres The Tylenol on 06.11.15 at 11:46 am

#115 Waterloo Resident on 06.10.15 at 11:33 pm
Immigration, lack of births, lack of manufacturing, and Canada’s shift from an economy like the U.S. to one more like the Philippines:
Canada used to have low immigration, a high birthrate, and a good manufacturing base. As a result we had a very good economy where people could easily have a good life with just one person working instead of both the husband and wife needing to work.
Now look at the Philippines: They don’t manufacture anything, and their population is growing because too many babies. The result = EXTREME POVERTY.
Now look at Canada today: We don’t manufacture anything and our population is growing not because of babies but because of immigration. Can you see how our economy is slowly (or maybe even ‘quickly’) sliding from an economy where we had a solid ‘middle-class’ like we had in the 50’s, to one where we will have poverty like they now have in the Philippines?
Its scary when you study it and see the similarities that we as a nation are sliding into.
The cure for all of this? Try to emulate GERMANY, not just a bit but a lot, in every way, both economically, educationally, socially, ever way. That would be just the beginning. If we don’t then we are totally screwed.
I’m allowing this comment, decrying the lack of little white babies, so everyone will know why you were just thrown off this site. — Garth
__________________________________________
Jesus I hope he wasn’t talking about Germany 1939!
Holy crap what was he drinking last night?
The main causes of poverty in the Philippines include the following:
severe political corruption;
low to moderate economic growth for the past 40 years;
low growth elasticity of poverty reduction;
weakness in employment generation and the quality of jobs generated;
failure to fully develop the agriculture sector;
high inflation during crisis periods;
high levels of population growth;
high and persistent levels of inequality (incomes and assets), which dampen the positive impacts of economic expansion; and recurrent shocks and exposure to risks such as economic crisis, conflicts, natural disasters,and “environmental poverty”

I don’t quite equate Canada to the Philippines?
Not quite sure where he got his booze?

#169 Edward on 06.11.15 at 11:46 am

Bank of Canada AGAIN Says Housing Price Crash Remains Biggest Risk To Economy – 30% correction possible in some areas.

http://www.bloomberg.com/news/articles/2015-06-11/bank-of-canada-says-housing-price-crash-remains-biggest-risk

#170 Tbone on 06.11.15 at 11:51 am

My sister and husband love Toronto and everything about it. Unfortunately they can’t afford to live there, so they’ve decided to move to Aurora/Newmarket, maybe more north, all in the name of home ownership. commuting downtown, heading the keg, shopping at walmart

Aurora has cheap houses – only 600,000 for a two car garager

I ask, why not just rent in Toronto, and buy later?

#171 Joe2.0 on 06.11.15 at 11:55 am

DELETED (Anti-Chinese)

#172 Don't split the vote on 06.11.15 at 11:56 am

The corporate media is going crazy with stories of how the NDP is surging. Don’t buy it.

Either vote conservatives or liberals. Don’t vote greens or NDP. They are not surging. They are playing you.

#173 bigrider on 06.11.15 at 12:07 pm

Yup much as I thought , CRA powerless to stop it.

#174 Sean on 06.11.15 at 12:15 pm

Now this is good news!

http://www.theglobeandmail.com/report-on-business/economy/housing/toronto-condo-vacancies-surge-to-all-time-high/article24893918/

Been looking at buying but it’s ridiculous right now. Should be able to rent a place for August that’s going to cost me much less than mortgage+maintenance fees. Many units have been out there since May and June without a renter, any investors will be desperate to get a renter I hope.

Probably because we are sick of living in 500-600sqft boxes. There are legit 1000s out there in Downtown Toronto right now I’ve seen from looking, this is just proof!

I rented a place for the last 3 years, the market was wayyyyy different then. Anything out there was gone within the first few days of being listed. Now there is a super glut of these things out there.

#175 Mike T. on 06.11.15 at 12:16 pm

So the great marijuana debate is over, WEED IS MEDICINE!

I point this out because weed has always been medicine and being that western governments and many others banned this AMAZING plant suggests two things

1-western doctors are the stupidest idiots ever born because they cannot differentiate between MEDICINE and harmful substances

2-they were fully corrupt and participated in a campaign of mis and dis information

neither of which is very good

think about think next time you go to the ‘doctor’ or believe medical research

weed caused criminal insanity, paranoid delusions, killed brain cells and made people into morons

only it didn’t

#176 Realtor007 on 06.11.15 at 12:21 pm

#158 Bob on 06.11.15 at 10:09 am
I’m not asking for the mailing address of the previous owners…just the sales history.
———————————————-

A realtor will give you the sales history of any house you’re interested in but it’s irrelevant, the market is the market. Everybody knows that the seller is pricing higher then what they paid, it’s not a secret.

RE is not an iphone, you don’t have the choice of buying the exact same product from hundreds of vendors, even so iphones are still very competitively priced, you wont see a vendor selling one for $900 and the other for $500.

#177 fixie guy on 06.11.15 at 12:27 pm

“And it makes you wonder if this has contributed just a little to that province’s housing market being stable, non-bubbly and affordable.”

Since 1996 Halifax’s inflation adjusted home prices (Teranet) rose 230% thanks to Canada’s top realtors on Parliament Hill. Between 2001 and 2013 the city’s population rose less than 9%. The CMHC is national and no significant market escaped its influence. Canada is in for a generation of hurt from what these clowns have done for the benefit of real estate and financial industries.

#178 Joe2.0 on 06.11.15 at 12:38 pm

Not sure why my last comment didn’t make it.
Logical and factual.
Top end house sales effect all house sales- the trickle down effect.
Down sizers migrate to smaller and often less expensive homes.
Thus effecting other segments of the market.
It’s known as the domino effect.

#179 Mr. Pink on 06.11.15 at 12:42 pm

Worried are we?

“Bank of Canada says household debt, housing price crash remain major concern for economy.”

http://business.financialpost.com/news/economy/bank-of-canada-says-household-debt-housing-price-crash-remain-major-concern-for-economy

#180 Bottoms_Up on 06.11.15 at 12:44 pm

#38 Bob Dog on 06.10.15 at 7:35 pm
————————————————-
Likely no legal issues, but for the time being most agents will not bring their clients to the houses you list. That cuts out a big portion of the market. So until the app becomes mainstream and actually generates sales, you likely won’t see much ‘monetization’.

#181 Bottoms_Up on 06.11.15 at 12:49 pm

Immigration is stable at 0.8% of the population, and is hardly ‘massive.’ As for the 1%ers, there are only 300,000 of them and I doubt they buy two houses every year. Fail. — Garth
————————————————————
Since the birthrate was brought up, we have about 350,000 births in Canada per year.

With immigration at 250,000, that means immigration counts for 42% of population growth, or is 71% of the birthrate.

These numbers could be seen as substantial (in a relative sense), while I agree ‘massive’ is a bit of an overstatement.

#182 TurnerNation on 06.11.15 at 12:49 pm

Canada Housing trust looking to raise 5 billion from debt issue. On the wire.

#183 Randy Randerson on 06.11.15 at 12:57 pm

Canadian economy isn’t sliding because of immigration, it’s sliding because no one wants to invest in this economy where everyone feel entitled to “deserve” the lifestyle their parents enjoyed, ie SFH with white picket fence. Immigration pump new workers into our already comatose economy. Everyone wants to be paid like a physician or a lawyer to afford a house, even though some with skill levels that only qualify them to serve coffee at Timmies, so guess why TFW’s are such a big hit.

There was a recent post on Reddit, the OP asked if he should ask for a raise since his pay can’t afford him a “sufficient lifestyle.” It reeks of entitlement and “I’m special” BS. If your pay doesn’t match your lifestyle, either lower your expectation, or shut up and go upgrade yourself so you can demand a higher pay.

https://www.reddit.com/r/PersonalFinanceCanada/comments/38p6rr/is_it_my_boss_problem_that_vancouver_is_so_damn/

#184 raisemyrent on 06.11.15 at 1:16 pm

to comment on my own comment (#49), we had a friend over for drinks last night, impromptu, and ended up getting into the real estate conversation. he even mentioned before I did that the talk is boring because everyone has it so often, but still managed to make the following points:
– real estate here always goes up exorbitantly
– corrections (which he defined at max 10%) end up being irrelevant in the long term because of extreme appreciation
– Vancouver is such a special place in the world, every canadian and many foreigners just want to move here all the time, and when real estate tanks, even more will flow (a point echoed here recently)
– China has so many people, that even if the smallest fraction comes, it’s still a lot of people (thus high prices)
– People have been saying don’t buy just rent since the time when houses used to be 150k, and now they’re 1 million (i.e. buy now or never)
– The west end will be the last area to be developed (i.e. get massive condo buildings). save the best for last kind of thing

he kind of started the talk by saying, I used to be like you at your age and say the things you say now…

we’re more *****ed than we think.

#185 JimH on 06.11.15 at 1:26 pm

Re: immigration
last time I looked (admittedly some time ago), a rather large percentage of immigrants to Canada later emigrated to the US or returned home. I believe the percentage was >35%.

#186 Dup on 06.11.15 at 1:29 pm

If there was something like Zillow here there would be no need of half of the people working for MPAC… that actually does use about my property website as the hired dogs to do their actual work. So what does MPAC really do? My guess: just sends us the bills…

#187 TurnerNation on 06.11.15 at 1:34 pm

Rally in Treasury Blondes today.

Reports have been exaggerated. ..

#188 Mike in Toronto on 06.11.15 at 2:00 pm

#183 JimH

Re: Immigrants returning home…

I know a few in this situation. Why wouldn’t you? If you can retire like a king back in SE Asia or India, Why wouldn’t you? Is this much different than retiring in Florida or Arizona?

Their kids stay. And their kids’ families stay. IMHO that’s the important part.

#189 Armando on 06.11.15 at 2:10 pm

I consider myself a Libertarian, and as such have a relatively dim view of Government intervention in markets. However, there is one area where I believe Government does have a role and that is in PROMOTING EFFICIENT MARKETS. Efficient markets are good for society as they promote efficient pricing (and hence the most effective allocation of resources). How do you promote efficient markets? Most importantly by ensuring there is TRANSPARENCY (i.e. all information is fully available to all parties). So called information assymetry hurts all of society, as it allows one group or entity to take advantage of those without access to information. This is exactly what Garth is describing and why it should be stopped!

#190 Eddy on 06.11.15 at 2:14 pm

There is no real estate cartel.
Land registry has been outsourced by provincial governments
Assessments outsourced by municipal governments
If you are curious you can buy the information
Agents associations pay for access to the information

Information such as days on market, relistngs and price changes is vital to making an informed buying decision. This is realtor-guarded data, not outsourced or tabulated by government. — Garth

#191 On the side line on 06.11.15 at 2:24 pm

159 Samantha on 06.11.15 at 10:23 am
The lack of transparency in the real estate business, it’s hurting consumers and will have to end sooner or later. This is the only thing keeping 95% of the realtors in business and keeping commissions ridiculously high. Somebody will get really rich once the Canadian RE data becomes public, while most realtors will have to look for a new career.

=================================
Canadian RE data will not become public….any time in the near future….strong lobby….they can’t afford to do that ….it’s their bread & butter….and no body out there to fight againt it…..

#192 Joe2.0 on 06.11.15 at 2:25 pm

Raisemyrent
Re prices in Vancouver have doubled in areas in 6 years.
So a 30 % market correction will not really be a huge deal to many people.

Many dogs are stoked on borrowing rates raising…better have a good down payment.
Rates go up, market rallies, then prices drop and mortgage payments go up.

The banks never lose they just continue to manipulate the sheeple.

They will get as many people hooked on RE as possible and then raise rates.
All of the low interest rate deals will cost average out down the road and be significantly higher then the original “buy in”

Lots of surprise’s down the road at re amortization time.
Food for thought.

Some Canadian banks are heavily exposed to the derivatives and the banks low rates / loaning policies are an attempt to keep the ledgers balanced.

As soon as (if ever) the US raises rates watch the bond market it’s an indicator of the financial disaster to ensue.
Sept the decline of the US markets begin.

There is zero indication of a ‘financial disaster’ looming. — Garth

#193 Its official... on 06.11.15 at 2:30 pm

Garth Turner is a white baby hating racist.

‘Throw everyone off the site who still believes in building Canadian families’ is Garth’s policy.

“I’m allowing this comment, decrying the lack of little white babies, so everyone will know why you were just thrown off this site. — Garth”

Nobody will intimidate me into sharing such prejudice and intolerance. I would shutter this blog in an instant before allowing it to descend to your sad level. Go away. — Garth

#194 lee on 06.11.15 at 2:47 pm

In a hot sellers market like Toronto I do not think the information being protected by agents is of much value to buyers. Days on the market are usually minimal and there are probably few relists or meaningful price reductions. Thoughts?

Prices won’t go down anyway in Toronto for SFHs? To many high income earners and government employees with secure incomes.

#195 The American on 06.11.15 at 2:53 pm

At #185: JimH, BINGO! You cannot imagine the number of immigrants to Canada that are pouring over the border now into the U.S. Into cities like Seattle. Insignia towers is being built in downtown Seattle right now. Because we DO keep transparent statistical data, nearly 25% of the pre-purchased homes are from immigrants that moved to BC and are now relocating to Seattle. It’s fascinating. Why is this happening?

At #176: Realtor007, if the sales history of any house is truly irrelevant, then why do you resist such a system like Zillow coming to fruition in Canada? If it is truly irrelevant, then no impact would be seen to your bottom line, right? By your own admission a realtor will provide this information to his/her client by request. So, why not make it easier for yourself and just allow this information to be published freely to the masses? It sounds like it sure would save you a lot of time as you’d no longer have to go pull a plethora of “irrelevant” information! Not everyone prices higher than what they originally paid, especially in a downturn real estate market. We all know this. Your argument just for out the window. You do realize you just made a complete fool of yourself, I hope.

#196 David #1 on 06.11.15 at 3:19 pm

I noticed all the TV Home reno/buy/rent programs have switched to US and offshore properties. My wife sees these on TV and says “look at this!” and I ask “where is it”. Recently one was Waco, Texas. Huge house on a large property in the $US 200’s. Hasn’t Waco been in the news ???

#197 Victoria - the original on 06.11.15 at 3:40 pm

The wealthy chinese have discovered Victoria for retirement and many are moving here. I am trying to convince my husband to sell the house. They are saying RE in Victoria is heating up because of foreign money – paying cash. Good – I will sell and then get out of here. I was told about 10 years ago it was the Americans and the Europeans now it is the Chinese. I also have to ask how easy it is to get residency i.e health care.

http://www.cheknews.ca/greater-victorias-real-estate-market-heats-up-with-overseas-buyers-88067

You believe everything realtors tell a TV reporter? Good luck with that. Foreign buyers in Victoria last year were 1.6% of the market. — Garth

#198 Westcdn on 06.11.15 at 3:50 pm

I have been rather quiet as I have been too pessimistic – oh well, I have been wrong before and I will be wrong again. I have spent more time thinking about what can go wrong than what can go right. I thought oil would be in the low 50$ US WTI range by now and Alberta RE prices would be lower. The herd determines prices – not me. I have no plans to leave Alberta for cheaper, warmer places.

This province has been good to me and I intend to return the favour. I have been curious why QE policies (low interest rates) haven’t caused significant inflation – excepting assets (RE, Bond and Equity prices). IMHO, the velocity of money has slowed and we have excess productive capacity which offsets Central Bankers actions to increase personal consumption and grow GNP. I think cheap debt causes people to become debt slaves where they are diverting their income to pay debt rather than buy things. It also lets corporations to buy back their own shares rather than innovate and create jobs for the future. These actions do not lead to increased GNP or tax revenue to the Governments or inflation. I still see deflation as my biggest threat.

I watch the Greek, Ukrainian and Japan situations as a policy for economics. Government debt and promises are evil when they steal too much from the future. What happens when governments can’t meet their social promises? They will probably lose the next election and leave the next group to decide who should pay. I think that debt repayment is that all that matters to bankers and recognize the capacity to repay is gone without ZIRP. I don’t see interest rates raising much because debt jubilees are so repugnant.

We are caught in a corner when it comes to debt. Defrock the 1% and give everyone a minimum income? Silly idea as I think we should clear the way for productive people who are usually Joe average. The C-suite people think they are special – try to rule without a motivated Joe average. Hey, being average means half the people are worse than you.

As an old a-hole boss liked to say “It sucks to be you”. I want to change a few things – status quo.

#199 sean on 06.11.15 at 3:50 pm

re: #112 Geofferson

The web interface “ate” the pointy brackets in my earlier post so replacing them below with hash marks:

Possibly to to distinguish it from:

http://www.greaterfool.ca/2014/04/03/flying-blind/

You can jump to a specific Garth article by entering:

http://www.greaterfool.ca/#title#

where for these articles #title# would be

flying-blind or
flying-blind-2

#200 Blacksheep on 06.11.15 at 3:54 pm

The issue of RE information disclosure is only a problem for the passive.

I currently get hot lists (Personal Client List) emailed from three realtors, simply for the asking that provides a lot more info than the standard MLS listing does.

If your actually in the process of buying, push the realtor your dealing with and he or she will divulge any info they have access to.

Life is kick or get kicked.

#201 raisemyrent on 06.11.15 at 4:03 pm

#192 Joe2.0 on 06.11.15 at 2:25 pm
Raisemyrent
Re prices in Vancouver have doubled in areas in 6 years.
So a 30 % market correction will not really be a huge deal to many people.

you’re forgetting the insane amounts of interest people pay (20-50% of the property value?) over the course of the mortgage, all under the assumption (whether they know it or not) that it will go up enough to justify such a premium, potential crashes, repairs, and renos notwithstanding.
and let’s not even talk opportunity cost…

part of the problem is people/humans for the most part simply cannot visualise future money, large sums, and money that is not tangible, hence profit in credit.

#202 PR on 06.11.15 at 4:04 pm

Down town Montreal, condo project stop, because of demand slowing to fast.
http://ici.radio-canada.ca/regions/montreal/2015/06/10/004-condo-vente-difficile-marche-montrealais.shtml

#203 Richard B on 06.11.15 at 4:09 pm

According to the BCREA report linked below, foreign buyers are not driving up housing prices in Vancouver.

http://www.bcrea.bc.ca/docs/economics-publications-archive/2015-06-foreign-buyers-research-report.pdf?sfvrsn=2

#204 raisemyrent on 06.11.15 at 4:11 pm

further to my last, some people have made out great in Vancouver and other cities. if they bought at a certain time and it went up a certain % AND THEY SELL, they can pocket lots of cash, tax-free. most buy a bigger place, so tough luck. but my point would be that this is more luck than skill. it DOES NOT confirm that real estate is a fool-proof investment strategy, immune to what we’ve mentioned above.

#205 Nora Lenderby on 06.11.15 at 4:15 pm

#172 Don’t split the vote on 06.11.15 at 11:56 am
The corporate media is going crazy with stories of how the NDP is surging. Don’t buy it.

Either vote conservatives or liberals. Don’t vote greens or NDP. They are not surging. They are playing you.

Nice of you to join us, Mr. Harper!

#206 Julia on 06.11.15 at 4:20 pm

#164 Bigrider
John Smith, the man with the dough , hands the money over to Joe Johnson , the man with no home and Joe buys the house. construction finishes , Joe lives in the house for a year and sells. Presto, no taxes.

Tell me, what is CRA going to do about that ?

That is tax evasion. Good luck with the consequences. — Garth

_____________________________________

I would use the word fraud myself. CRA will look at lifestyle vs income. Guy with no money buying a house, tearing down/renovating it himself as his “home”?

#200 Black sheep
The issue of RE information disclosure is only a problem for the passive.

I currently get hot lists (Personal Client List) emailed from three realtors, simply for the asking that provides a lot more info than the standard MLS listing does.

If your actually in the process of buying, push the realtor your dealing with and he or she will divulge any info they have access to.

Life is kick or get kicked.
__________________________________________

Weren’t they trying to stop that by preventing realtors from sharing the information that way?

#207 Karma on 06.11.15 at 4:21 pm

Does Janet Yellen have sympathy for the weak Asian countries?

http://www.bloombergview.com/articles/2015-06-10/janet-yellen-gives-asia-the-jitters

#208 Victoria Real Estate Update on 06.11.15 at 4:24 pm

# 132 Keith

I appreciate that, however you should be thanking Garth for what he’s done for Canadians since he started his blog in 2007.

Most of what I write about is stuff I’ve learned through reading Garth’s blog postings. I first found out about his blog in 2008.

There is a lot to learn about real eatate. For most people buying a house will be the biggest financial transaction of their lives. Garth has helped many Canadians.

#209 Rainclouds on 06.11.15 at 4:34 pm

#200 Blacksheep

How about this:

Given the precedent (USA) and technology (Zillow, Viewpoint) exists. Remove the requirement to engage a House Sales “Professional” (realtor) to obtain information that should already be available and provides far more relevant info than you received from your “hot list”.

A far better long term kick or be kicked scenario ……

#210 tkid on 06.11.15 at 5:04 pm

So, warning to all Blog Dogs. Warn yer parents and any one else who is capable of believing this nonsense.

There is a scam coming out of, probably, India where SoInSo of Revenue Canada says if you don’t pay for outstanding taxes, they will arrest you in the next 45 minutes. There will threats of audits, and demands for your name and personal information. Oh, and the only way to avoid being arrested is to go to Sobeys, or Shoppers Drug Store, etc etc with the phone still in hand and they’ll give you instructions on what to do next. It’s absolutely verboten to go to the local tax office.

I just found my mother torn between paying up now or believing this was a scam. We got the non-emergency police dispatcher on the phone, and she just about leapt through the phone line in her attempts to reassure us it was a scam.

I’m currently in possession of mom’s cell phone, hovering around the handset to the land line, in hopes I get to get really *&^%ing graphic with the *&&^%##%%^^ ‘Revenue Canada Agent.’

Revenue Canada are brutal, but I’m pretty sure they ain’t so brutal that they arrest folks BEFORE ADVISING YOU OF YOUR RIGHTS AND ALL PARTICULARS BY SNAIL MAIL.

#211 saskatoon on 06.11.15 at 5:25 pm

bitter.

entitled.

millenial.

commie.

this guy’s the whole package!

http://qz.com/422703/you-want-full-time-work-with-benefits-what-are-you-100/

#212 Victoria Real Estate Update on 06.12.15 at 4:19 pm

. .Total (Yearly) Single Family Home Sales. .
. . . . . . . . Greater Victoria. . . . . . . . . . .
. . . . . . . .Compared to 2007. . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1989. . . . . . . . . . . ****************
2007. . . . . . . . . . . *
2012. . .**********
———————————————————————
. . . .-40%. . . . . . .0%. . . . . . . . . . .+60%