No tomorrow

DOG DISH modified

Well, so much the Greeks. Yawn. There was no olive-inspired collapse on global markets Monday because (as I told you): (a) Greece is old and markets are tired of it, (b) banks have slashed their exposure to the country over the past four years, (c) the Athens stock market already choked, down 50% even before he vote and (d) things in euroland are actually getting better, thanks to massive central bank stimulus. If the Greeks don’t wanna play, good luck to them.

Now, we have better things to worry about. Like us.

Here’s Elaine to set the scene. “I’m an accountant,” she says, “so I see a lot.”

She sure does. In Elaine’s job she gets to peel away the financial underwear and stare at the goods. Scary.

“People with $50,000 in annual net income with $900,000 mortgages. People with net worth of $2.5 million and unable to secure commercial financing (no CMHC there!) I’ve been expecting a lot of my clients to go bankrupt for years. But yet, they carry on. Or, they go bankrupt they’re able to turn to shady online lenders and secure new loans of $100k. I honestly can’t believe it. It almost seems like the banks are too scared to do anything (ie foreclose) because maybe there are just too many insolvent people in Canada? It just doesn’t make sense to me how so many of my clients can carry on with such massive debt, and no consequences. They have little or no equity in their homes, and yet the banks continue to fork money over like there’s no tomorrow.”

Now, here’s Josh. He read the piece here a few days about dreamy Nancy, the perfect woman with a fat lawyerly salary who refuses to be suckered into the real estate morass.

“I was born and raised in Toronto but now work in Houston, Texas as an investment banker. Prior to leaving, I spent a number of years as a CA and then as an equity research associate. If people like Nancy and myself cannot afford houses on much larger than average incomes it just boggles my mind how people do it without their parents help. I don’t see how deleveraging can go smoothly in Toronto when rates rise. I am really hoping that when U.S. rates begin to inch higher that the Canadian dollar goes below $0.77 USD and that housing corrects.”

Finally, a note I received from Landon. “My wife wants a bigger, nicer house now that we have a kid.” he admits. “You know what they say about a happy wife.”

Amen. But Landon writes to share a little tale. He and his squeeze offered on a mid-town Toronto semi in March (in Riverdale) for $1.317 million on a listing price of $1.189 million. They lost. It sold for $1.325 million.

“Lo and behold the same house was back on the market a few weeks ago.  According to the listing agents the buyers were selling due to a “change” in job situation.  They painted it up and it actually showed better than the first time around.  We decided against making an offer.  After a couple of weeks on the market, which is an eternity in Riverdale in that price range, it sold for $1.275M – a drop of $50K or about 4%.  With transaction costs, the family who bought it would have taken a $150K hit.

“My agent claims this dip in price is just part of the normal summer slowdown before things go crazy again in the fall.  However, I’m thinking this could be a harbinger of where the market is going as this is a direct apples to apples comparison of the market over a 3 and a half month span.  Rarely does the same house hit the market in such a short span, at least without it having been renovated. This is obviously just one house but it could also provide a good glimpse on a very micro level of a subtle shift in the market.”

Well, let’s now turn to the news. Oil prices collapsed on Monday – more than 7% – to just $52 a barrel. This is not because of Greece, the wild gyrations on the Chinese stock market (which impact very few of us), or even Jane Fonda and her sexy new hat. There’s just too damn much of the stuff, and we’re adding half a million more barrels a day.

Alberta is not only smoky and politically confused, it’s in serious economic trouble if crude settles at fifty bucks and stays there a year or two. Meanwhile the Canadian economy (as we discussed last week) has shrunk like a dude in a cold stream over the last four months, the dollar is barely above 79 cents, incomes are comatose and consumer credit is romping higher. This is unsustainable. As Elaine put it to me in the subject line of her email, we are “The Walking Dead.” She’s right. Mortgage borrowing is increasing 5.5%. Wages are going up 0%.

This brings us to next Wednesday. That’s the date of the next Bank of Canada rate announcement, and all of this weakness – especially with the latest oil dump – is convincing more people we’re in for another rate drop. As you recall, the last one (January) took the bank prime down to 2.85%, ignited a mortgage war (five-year fixed now 2.4%)) and propelled the SFH price in 416 to $1.4 million and in urban YVR to $2.2 million.

Just look what it did to borrowing…

CONSUMER CREDIT

In other words, the central bank move did not stimulate economic growth or prevent us from sliding towards recession. It whacked the dollar and fueled inflation. As far as I know, there were no new factories opened or jobs launched. Mr. Poloz (the BoC boss) can say all he wants about it rescuing Canada from heart failure, but it seems the negatives (bigger debt, houses we can’t afford, more expensive Harleys) outweigh the positives (ah, um, meh… ).

One bank egghead, Scotia’s Derek Holt, is finding the voice to speak out against those wanting still-cheaper money. You’d have to be an idiot he says to think we can sustain economic growth “off of all-time record highs in the home ownership rate, real per-capita consumer spending, house prices by every measure, household leverage, and renovation spending.”

A rate cut now, or in the autumn, or anytime soon, he adds, would “risk inflaming housing imbalances.” Just ask Landan, who couldn’t buy half a house in Toronto for $1.317 million in the wake of the last rate chop. When money’s so cheap, it devalues. Debt loses its bite. People borrow because there seems to be no consequence. So with every drop in the cost of a loan, prices increase. It’s a death spiral.

But let’s focus on Greece. How could the poor souvlakis not have seen it coming?

So glad it’s different here.

250 comments ↓

#1 Squirrel meat on 07.06.15 at 5:36 pm

Says it all…

“As thousands of people prepared to march the 1.5-kilometre route, Fonda and her grandson made their way through the crowd, crossed the street and hailed a cab to return to their hotel.

“We’ve got a flight to catch,” she said, as she waved goodbye.”

#2 Leroy Washington on 07.06.15 at 5:47 pm

To all those who own Canadian real estate, especially in greater Vancouver or Toronto: please heed what is going on in Greece. The on-paper value of your real estate assets will undoubtedly fall at least 30% (and probably 46-49%) between now and December 31, 2017. You can take that to the BANK (but not a Greek bank).

Americuh!!!! We’re number one! WE’RE NUMBER ONE!!! WOO HOO!!! Canada is a distant eleventh.

#3 ANON on 07.06.15 at 5:51 pm

“things in euroland are actually getting better, thanks to massive central bank stimulus.”

Did they somehow won the war on math, or is it still by way of higher “inverse positive” rates?

#4 bdy sktrn on 07.06.15 at 5:55 pm

east van/comm dr remains hot

new, very cool, infill house on 25′ lot, still a couple months from completion sold last week – ask was 1.4m

van is different.

#5 Smoking Man on 07.06.15 at 5:58 pm

It’s going to happen, mind you I called the cut awhile ago.

We need a USDCAD at 1.40..

Two reasons, one, I add a million to my trading account, two.

Only way anyone will invest in somewhere over the Rainbow communist Ontario.

#6 MSM-free Zone on 07.06.15 at 6:03 pm

In a couple of days, I’m betting Poloz will stimulate Canadian credit cards with another rate cut, then make a run for a closet (if it isn’t occupied)….or maybe a gazebo…. or maybe England. Isn’t that where old BoC governors go to pasture?

#7 Joe2.0 on 07.06.15 at 6:05 pm

DELETED

#8 John of C on 07.06.15 at 6:06 pm

No need to worry as mister Harper and Oliver say so.
This legacy is partly a result of the cons poor management.
I’m tired of people saying well we are better off than most countries what a great thing to aspire to were better off than Greece how good is that.

#9 Danger Dan on 07.06.15 at 6:06 pm

“She sure does. In Elaine’s job she gets to peel away the financial underwear and stare at the goods. Scary.”

Question is, is the scene reminiscent more of Picasso or Dali?

Even if a full-on recession takes hold here in Canada, what will it really change? Most of the people I meet find economics dull and the market impact of what they read/see in the news just doesn’t register. They see cash as a concrete store of value and the central bank as an entity that decrees what the value shall be. When people here think “austerity”, they think it means shopping at Price Choppers instead of Whole Foods. C’est la vie

#10 Iran on 07.06.15 at 6:08 pm

Oil price drop is due to Iran deal, not Greece. The other news that was hidden under the Greek dra(H)ma is Shanghai Composite falling 30% in 2 weeks. Nothing to see here, only sheeps.

Bulls make money, bears make money, pigs get slaughtered!

#11 james on 07.06.15 at 6:12 pm

When I hear of dumpy Vancouver Special houses in such lovely areas as Victoria, Fraser or Hastings Sunrise going for a million bucks, I can only think of tulip bulbs, or of VA Linux Systems stock going for $700 per share on no revenue. Good luck with all that. You couldn’t pay me to live in some of those areas.

#12 Mark on 07.06.15 at 6:18 pm

The bizarre thing about all of this is that people actually believe they’re going to be bailed out. Through a devaluation of the CAD$ (not going to happen!), or through asset prices remaining constant and not declining (not going to happen). Some are even spouting the idea that inflation is coming, which is a bunch of nonsense. Heck, our own Finance Minister is under the delusion that economic growth will magically accelerate in the 2nd half of the year, which, in the current environment of falling housing prices and rising risk premia on debt, seems about as bizarre as it comes.

Another rate cut next week is my prediction (and I’ll sit out of greaterfool’s comments for a whole week if I’m wrong this time!). And no, it won’t be good for RE — that genie is long out of the bottle as prices have been declining for 2 years now.

#13 Greek Gal on 07.06.15 at 6:19 pm

Garth,

FYI…the plural of souvlaki is souvlakia, not souvlakis.

#14 Randy on 07.06.15 at 6:21 pm

‪#‎BREAKING‬: S&P lowers Ontario’s financial rating to A+ from AA-

#15 Mister Obvious on 07.06.15 at 6:22 pm

Scotia’s Derek Holt: “You’d have to be an idiot he says to think we can sustain economic growth “off of all-time record highs in the home ownership rate, real per-capita consumer spending, house prices by every measure, household leverage, and renovation spending.”
—————————

Yeah, sure you would, but what’s his point?

#16 zedgt87 on 07.06.15 at 6:23 pm

“Well, so much the Greeks. Yawn. There was no olive-inspired collapse on global markets Monday”

Lol then you weren’t paying attention.

Oil dropped 6% in a single day. Copper dropped 4%.

“Well, let’s now turn to the news. Oil prices collapsed on Monday – more than 7% – to just $52 a barrel. This is not because of Greece, the wild gyrations on the Chinese stock market (which impact very few of us), or even Jane Fonda and her sexy new hat.”

That is a good one garth. deleveraging in china on a huge scale has nothing to do with a massive 6 percent drop in a global commodity in a single day? lol.

Your ability to ignore the obvious amazes me at times.

Supply/demand imbalance is the primary reason. China will be fine. Sit on your nerves. — Garth

#17 Obvious Truth on 07.06.15 at 6:30 pm

Tonight’s post is bang on everything. Greece was old news a long time ago.

And if you are looking to make money you gave to see into the horizon. It’s way too late when it’s in the news and the msm never gets it right. Like all these canadian bank economists. You’d might be broke listening to them. Not one that I know of predicted the last boc move. How many were calling for 75 cent cpeso?

So what’s next. Are sovereign bonds not as safe as thought? Is the bottom then in for bonds? Is the U.S. now clearly the best house on the block? Is the great rotation beginning?

#18 Brian Ripley on 07.06.15 at 6:31 pm

“…the dollar is barely above 79 cents…” Garth

The near term weak CAD is pushing the CCI (Commodity Index in CAD) up off the bottom while the TSX Real Estate and Financial Services indexes mimic the 2007 top. Chart here: http://www.chpc.biz/tsx-indexes.html

#19 Love Souvlaki on 07.06.15 at 6:33 pm

What do you give a Greek man with a scratchcard?

A coin to scratch it with.

#20 Victoria Real Eatate Update on 07.06.15 at 6:34 pm

#4 bdy sktrn

“van is different.”

Van is different, than Winnipeg and several other Canadian markets, that is.

In 08-09 house prices in Vancouver fell hard and fast (12%) until interest rates were suddenly dropped from near normal to emergency levels.

Vancouver’s falling market was rescued by a sudden and deep rate drop in 09.

Over the same period of time (in 08-09), prices in Winnipeg barely fell at all in comparison. The same can be said about several other Canadian markets.

Canada has the most overvalued housing market in the world (The Economist). The Canadian housing bubble is much bigger than the 2006 US housing bubble. It’s possible that Vancouver’s bubble is one of the biggest the world has ever seen.

Vancouver’s housing market has a history of falling hard and fast (80s and more recently).

This time rates will be rising as prices fall in Vancouver. It will be a much different experience than in 08-09.

From

#21 ShawnG in TO on 07.06.15 at 6:35 pm

If you owe the bank a 1000 dollars, then you have a problem. If you owe the bank 1 million, then the bank has a problem.

unless it’s Canadian residential mortgage, then taxpayers have a problem.

#22 4 AM Sunrise on 07.06.15 at 6:42 pm

So much doom and gloom these days – Greece, China, household debt…let’s talk about something fun, like prize draws!

Are any Vancouver-area blog dogs entered into the draw for a free condo at the Seylynn development in North Vancouver? http://www.seylynn.ca/freehome/

I’ve calculated my odds to be about one in a million. It’s a long shot, but you never know, right? The draw is supposed to happen when they’ve pre-sold 90% of the ‘Beacon’ tower. I think they’ve sold about 80% so far and they seem to struggle to get above that even with price cuts and mortgage incentives. They were supposed to give away the unit by the end of this summer but I just saw a newspaper ad that says they’re pushing the draw to autumn.

What would you do if you won?

I’m renting right now and I love where I live. I don’t drive so I’m not crazy about the neighbourhood, though they are promising to build it up into a community that integrates the existing amenities to make it feel less like a bridge off-ramp drive-by kind of place.

Ideally, I’d love to rent the place out to a trusted family member, but nobody in my family is looking to move out, and I don’t have the landlady urge in me.

Maybe I should just live in it as long as the CRA needs me to in order for it to become my principal residence (no Mike Duffy moves!) before I sell it. I’m liquid and I can definitely maintain my current place and the maintenance fees of this place. They’re building two more towers nearby, so I wonder how bad the construction noise will be during the first few years. I also wonder how much I should fear the dreaded Special Assessment.

I’m paying $850/month in rent right now and if I give up this place, I figure I won’t be able to come back for the same price unless the landlord (a company in an office tower downtown) likes me that much.

#23 betamax on 07.06.15 at 6:47 pm

#11 james: “You couldn’t pay me to live in some of those areas”

What he said. Million-dollar houses with crack-heads for neighbours (literally, not hyperbole). That so many pay so much (i.e. take on so much debt) to do so is merely indicative of how insane this market has become.

I considered buying for a while and talked to a mortgage broker for pre-approval. I figured out how much I could reasonably borrow ahead of time. The broker offered to lend me twice as much, plus set up a line of credit so I could borrow more outside of the mortgage. I was appalled.

The only reason Canada technically doesn’t have “subprime” lending is because CMHC will backstop all kinds of nonsense lending. It’s subprime in all but name.

#24 Millenial on 07.06.15 at 6:48 pm

“… , the wild gyrations on the Chinese stock market (which impact very few of us), …”

Garth, I’m sorry, but this is a very naive statement.

Hardly. — Garth

#25 Dee on 07.06.15 at 6:49 pm

Only debt I still have is a car loan with a couple years left on it. Called them to get a quote on paying it off entirely.

Ended up instead accepting their offer to refinance at 4% fixed.

That’s less than my preferred shares churn out in dividends–let alone overall portfolio gain. So instead of paying it off early, I’ll just invest the cash and keep making the monthly payments.

Free money! What a marvel. Good thing I’m not tempted by a mortgage.

#26 Everybody wants to move here on 07.06.15 at 6:56 pm

Nice post Garth. We are all living in a strange world, but just like any events in the past, this won’t last long. The longer it gets the more painful is the outcome. It will be sad to see your BIL and MIL, friends, people at work, and etc. to suffer the inevitable price of being over-leverage. The strange thing is that financial illiteracy aside, everyone are being funneled to commit the same bad decision as the rest of the population. Well, at the very end, we only have to blame ourselves.

#27 BobC on 07.06.15 at 6:59 pm

I’m getting tired of saying it. You were right again.

#28 LH on 07.06.15 at 7:03 pm

A quarter point rate cut would save me lunch money.. each and every day. Bring it on!

VRMs forever
Fixed loans are for fools

#29 ben on 07.06.15 at 7:16 pm

If you think Greece is about Greece you need to read a bit wider. It’s about all the PIGS + pretend and extend.

If Greece default on their debt it means the EU will in principle let others default on their debt. Which means you don’t lend to individual countries at EU rates. Which means borrowing gets more expensive. Which means the PIGS can’t roll over (their debts).

It also means there will be political pressure from young people in the PIGS to dump the debt (and to hell with boomer pensions).

Garth why write about this in such a one-dimensional manner? You think the ECB cares about Greece? Why all the fuss? Because of the above.

#30 Woulda gone viral on 07.06.15 at 7:18 pm

Instead of buying the house, the “winners” of that Riverdale semi should have just put the $150,000 in an oil drum and set it on fire and put the whole thing on YouTube.

#31 No Canada, No on 07.06.15 at 7:22 pm

Did you notice how smoothly they distracted crowd from internal problem that are highlighted above in the post?

It’s all going to be greek’s fault. Or US Federal Reserve fault when they lift off this year. Or Canadian government that failed to protect its respectable citizens against greedy banks/real-estate agents/americans or whatnot.

#32 ben on 07.06.15 at 7:22 pm

Was on a cycling break this weekend. Met two very friendly boomers. Both were worried about their kids.

They both had final salary pension schemes, both worked for the state (Spain and Canada respectively) and both had 50 days off a year (practically part time on full time pay).

They were nice guys but if they are worried about their kids will they take a haircut?

#33 Paul Stenfeld on 07.06.15 at 7:23 pm

Yes, China’s Shanghai index is down 30% from the high this year which was around 5,000 but the real problem is back in 2007, it was around 5,000 too.

It is now about 8 years and it was flat until this 30% drop.

Hang Seng is in a similar situation, it is down from 33,300 in 2007 to 2015 now it is 25,236 which is a 24% loss in 8 years.

#34 EarlySpring on 07.06.15 at 7:23 pm

Hey just want to give a thanks out to Spectacle and also Bottoms_Up from last week for the replies to my questions. To Spectacle thanks for the wise term you had said “plan your work and work your plan” and i also enjoyed how you had said start a business, and how developing a solid base for investing is exactly like running a business, dividends and rewards come from that. I like that!! It gives me motivation! And just incase your wondering what me career is i am a power lineman with SaskPower. It isn’t a popular trade, the system is falling to the ground, the old boys are retiring like crazy, and the demand for power is going no where.
And to Bottoms_Up just thanks for the boost in confidence or assurance i may say. And its not a DB pension, they do 7.25% i do 6%. And i try to travel a bit but its more so just trips, perhaps a month of actually real traveling is in the works!
Thanks to both and enjoy the summer!

#35 Mark on 07.06.15 at 7:25 pm

“So what’s next. Are sovereign bonds not as safe as thought? Is the bottom then in for bonds? Is the U.S. now clearly the best house on the block? Is the great rotation beginning?”

Karl Denninger had an interesting comment on sovereign bonds:

https://market-ticker.org/akcs-www?post=230314

“I have said this repeatedly for a very long time, including in Leverage: All lending to a sovereign is inherently unsecured.

You should not be able, as a government, to borrow for less than private creditors who can post collateral — since you can’t post collateral and your only “security” is the willingness of your citizens to work and pay taxes.”

However, the basis of the entire financial system, bond pricing, etc., is that of government debt being the quintessential “risk-free” credit. If that assumption is destroyed, the earthquake set off in the bond market is certain to explode risk premia over time across types of credit. Even in the absence of policy rate hikes.

I know Garth et al don’t like to hear it, but being invested in the precious metals complex is looking more and more attractive by the day.

#36 Freedom First on 07.06.15 at 7:28 pm

Thank you for writing in Elaine. We are following the RE/Heloc/LOC/Credit card borrowing frenzy that the U.S., the Japanese, and the Europeans all engaged in before their citizens were financially hobbled. Canada is not different. There will be blood.

#37 LLewelyn on 07.06.15 at 7:35 pm

Time for a little history!

In 1974 total debt incurred by the Government of Canada since 1867 stood at $77.6 billion.

In 1974 Government of Canada revenues exceeded their total operating expenditures by $6.15 billion and after meeting debt service obligations of $3.2 billion a surplus of $2.95 billion was declared. Canadian citizens were in pretty good shape all things considered, not $1,000,000 houses good but no real complaints.

Then Pierre Elliot Trudeau had vision and decided to embrace Keynesian economics to improve the standard of living of Canadian citizens with borrowed money. Canadian citizens quickly embraced this experiment since it was their standard of living he promised to improve. How could anyone resist such benevolence?

Between 1975 and 1984 operating expenditures incurred by the Federal government exceeded their revenues by $72.7 billion. Not earthshattering by today’s standards but a big departure from past practices.

The annual cost of servicing GOC debt increased from $3.2 billion in 1974 to $25.4 billion in 1984. Canadians were told that accumulating debt was a good thing as Canadian GDP, and revenue from taxation, was expanding daily. Canadians wondered why it took our governments 108 years to become visionaries.

The experiment with Keynesian economics (a different strategy from just creating money through quantitative easing) increased total GOC debt from $77.6 billion in 1974 to $290.2 billion in 1984. Between 1975 and 1984, the last year impacted by our introductory experiment in Keynesian economics, total debt servicing costs of $133.1 billion combined with $72.7 billion in operating deficits resulted in the need to borrow $205.8 billion from willing lenders.

It is worth noting that the average interest rate associated with GOC bonds issued between 1975 and 1984 ranged from 8.5% to 14.0% per annum over this period. The average GOC bond rate in 2015 is less than 3.0% per annum.

Between 1986 and 1990 the government led by Brian Mulroney slashed GOC expenditures and managed to generate operating surpluses totalling $32.8 billion. Unfortunately austerity could not make a dint in the total cost of servicing the $290 billion of debt inherited in 1984. As a result total GOC expenditures, including debt service, between 1986 and 1990 exceeded revenues by an additional $185.2 billion. Canadian citizens were far too busy buying neat stuff to bother with all that chitting and chatting about the need to restore financial responsibility.

By 1990 total GOC debt had increased to $473.4 billion and many of the Canadians who had reaped the benefits of increasing debt decided to place blame on the only citizens who had actually tried to reign in the insanity initiated in 1975. I am sure Garth remembers his frustration with the misdirection of blame.

Fast forward to the financial crisis of 2008 when GOC debt had been pared down to $460 billion. The GOC decided to dust off the Trudeau playbook and initiated Canada’s Economic Action Plan in 2009. Over the next four years the GOC spent $145 billion more than they received in revenues to stimulate economic growth. A significant addition to monetary policy was the purchase of mortgage-backed securities to support the issue of mortgage bonds by CHMC. Canadian homeowners cheered as they checked the real estate listings to see how much the value of their houses had increased.

In 2015 GOC debt has climbed back over $600 billion and Canadian citizens are being told that budgetary deficits incurred between 2009 and 2014 were necessary to protect their standard of living.

Instead of wagging our fingers at the citizens and government of Greece we should demand that our representative governments abandon the myth that budget deficits stimulated economic growth. It is time to stop looking for the easy way out and to begin earning their keep.

That music you are hearing in the distance is going to get louder and I assume the pipers will expect to get paid. Sure hope they will accept Canadian dollars.

#38 eddy on 07.06.15 at 7:41 pm

I just wrote a joke, with no punch line.

“A Greek and a banker walk into a Turkish bath.”

#39 LOL CANADA on 07.06.15 at 7:42 pm

When the market goes down, socialism goes up!
https://upload.wikimedia.org/wikipedia/commons/e/ee/Canada_polling_since_2011_election.png

#40 Frank on 07.06.15 at 7:43 pm

When I hear of dumpy Vancouver Special houses in such lovely areas as Victoria, Fraser or Hastings Sunrise going for a million bucks, I can only think of tulip bulbs

I see this brought up a lot. Everyone knows the premise and applies it to every bubble-like condition they see because in modern times a frenzy over something like flowers is stupid so it makes for a good denigrating comparison. The tulip bubble only lasted a few months. Prices escalated quickly and then (don’t forget this is in the day before wireless transmission of any kind) once people realized ‘wait this is silly’ it crashed. That kind of bubble would be the same as a 2-week long bubble here.

So really it’s nothing like Vancouver real estate. I’m not saying Vancouver isn’t overpriced but it’s been a ‘bubble’ for a decade now. That’s not tulipmania in the slightest. If you think prices will crash back to reality over the course of a few days I think you’ll be mistaken. It could take a decade for the air to be let out.

#41 Retired Boomer - WI on 07.06.15 at 7:52 pm

Having just been on summer holiday that involved driving from WI to NY and back in our Ford Focus Hybrid that averaged 37.8 mpg on the entire trip I can say who cares whether the petrol price is $52 $32 or $102?

When you spend almost as much on toll roads as you spent on gas something is bullshit.

When you really average the mpg for EVERY mile 37.8 is pretty dam impressive.

Let’s raise borrowing costs to throttle those who won’t pay their debts. Maybe they won’t borrow so dam much next time – IF there is a “next time.”

Where is than 7% prime are these days?

#42 Rory on 07.06.15 at 7:57 pm

Lets hope Goldman comes out with another $20 WTI by the end of the year call. That should put the bottom in for good!

#43 Ex-Cowtown on 07.06.15 at 7:58 pm

Oil price dump is due to China. Same with big steaming dump that used to be Dr. Copper. Even lowly re-bar is unloved and cratering. Construction and manufacturing in China are collapsing and the corrupt oligarchs know it.

BTW, if you can now only BUY shares in China, who is SELLING them? The corrupt Oligarchs maybe? Nahhhhh…. that would never happen.

Anyway, the US has now transformed itself into a nation of Candy-Blast playing baristas. Obama was right; I don’t recognize the US anymore. Kind of reminds me of an old Star Trek TNG episode where everyone got addicted to a video game, no one paid attention to what was going on and the crew came THIS CLOSE to crashing the Enterprise. Except the writers contrived a way to avoid it at the last second.

Sadly, Obama has no such writers. Free Enterprise, rig for crash.

#44 [email protected] on 07.06.15 at 8:03 pm

Sorry Garth but your are so wrong for what is in store for all of Gods people, the corrupt and insane are in charge of our lives prod currently and no matter how positive you feel about your positions in this world now you and everyone else are being misled no matter what side of the streets you currently reside.

I don’t mean to pop your bubble or anyone else who reads your blog and I am definitely not a doomer but a realist in what our God in Heaven has shown me. For the insanely corrupt that control this beautiful planet of ours have made a decision and their goal is 500,000,000.00 million souls only left to live due to natural causes the rest have got to go and they play politics and economy better than the best Van Gogh paintings. You are blind and you really can’t see the awfully God truth that is why I am writing to you Garth now for remember this, in order for Satan to o try and win the war against our creator in heaven corrupting billions of souls compared to 500 million is a lot easier. Sad but true but good luck people for Gods love and courage is waiting to fulfill you all, all you have a to do is believe in him.

P.S. No matter what Satan loses, for Satan did not create God for Satan only created the hatred for God and his creations like you and you loved ones for instance.

angel…

#45 waiting on 07.06.15 at 8:15 pm

Years ago I had a line of credit, just in case, and over time because it wasn’t used, it became dormant. TNLTB suggested re-activating it about 5 years ago and I said o.k. Well, due to screw ups, I ended up with two LOC’s with a combined limit of well over double what I had agreed too. I’ve never used either and again, both are dormant. Now almost every time I go to the bank I get pressured to just put $5 in to activate them etc. Tellers are the banks first line of getting people hooked and some of them are very aggressive. My response is always “I don’t need it, and I actually don’t want it and at my age (pushing 60), I really shouldn’t have debt. “

#46 Godth on 07.06.15 at 8:39 pm

#36 LLewelyn on 07.06.15 at 7:35 pm

We should just confiscate the wealth of those generations that voted for all of this repeatedly, to pay down these debts, ok maybe just those that are over (pick a number) but don’t worry the pogie will keep coming.

Sound like a plan? Nah, the kids will pick up the tab – I’m going golfing. haha

#47 rainclouds on 07.06.15 at 8:47 pm

#43 angel

You want the “imaginary friends” blog
2 doors down on the left
Have a nice trip…….

#48 gladiator on 07.06.15 at 8:47 pm

@angel

I was always wondering – if God created everything, then he created Satan as well, right?
Or, if not – someone else created Satan and since God did not defeat him already, it means Satan is very powerful. Thus, the question: who created Satan? Did he exist together with God before the world was created? If yes, then there must be someone more powerful, who perhaps created both of them?
And if they existed before God created the world – how long did they wait before the world was created, and what made God decide to create the world at a certain moment and not earlier or later? And since God loves humans – why does he allow suffering, war, murders, famine, envy and other bad things to happen to his creations?
Please shed some of your light on this, if you may.
I am seriously wondering these things.

#49 Mark on 07.06.15 at 8:52 pm

“By 1990 total GOC debt had increased to $473.4 billion ”

“In 2015 GOC debt has climbed back over $600 billion “

That’s only a 1%/year increase, which certainly has been significantly below the economy’s 3-5% nominal rate of GDP growth over the same interval.

Contrast this with the United States, where official government debt went from $3.2T in 1990 to todays $18.15T.

Canada, when contrasted against the US, looks like a model of fiscal stability. Even if you use a traditional 1:10 multiplier between Canada and the USA (based on our population ratio), Canada only has 1/3rd the national debt per capita as the USA. And Canada, in comparison, has far less “off balance sheet” stuff than the US does (ie: our CPP is fully funded, while the US “Social Security” is mostly unfunded ).

Yet despite all of this, people seem to be bearish on Canada future prospects. Some even think the CAD$ belongs at 40 cents. I don’t get it. Even if the entirety of the CMHC’s contingent liabilities (all $900B worth) are brought onto the GoC’s balance sheet, Canada still won’t be anywhere near as bad as the USA per capita debt-wise. And of course, the US housing mess itself is far from resolved at Fannie Mae/Freddie Mac going into the next US housing downturn.

#50 Sheane Wallace on 07.06.15 at 9:00 pm

Ca dollar is going bellow .75 this year.

Bellow .65 next,

#51 Mary Cutmore on 07.06.15 at 9:00 pm

I was able to save $11,000 this year and top up my TFSA.

I put it in a 2.95% compound interest 5 year GIC with Hubert Financial. I do have another $10,000 with them in a savings account for liquidity.

I have no other choice I can make and sleep at night.

#52 Sheane Wallace on 07.06.15 at 9:01 pm

#48 Mark

you are illiterate. How about household debt darling?

#53 TurnerNation on 07.06.15 at 9:03 pm

Gladiator, because this ain’t Heaven!
Life’s a beach then you die.

#54 Sheane Wallace on 07.06.15 at 9:04 pm

#36 LLewelyn

incorrect. debt does not include purchase of mortgage backed securities, these happily hang on the government balance sheet as ass-ets.

#55 Leo Trollstoy on 07.06.15 at 9:06 pm

I’m not a greedy man. I’ll take the CAD at 77 cents.

#56 Unrepentant Evolutionist on 07.06.15 at 9:08 pm

#43 Angel.

God created everything in the universe, including evolution, meds and commas. Feel free to help yourself the last two.

#57 [email protected] on 07.06.15 at 9:15 pm

God created the real heaven and the heavens all around you and he also created life on earth including U.S. Once life was created and Adam decided to start to sin against God wishes btw that first sin and all sins after that take away from gods goodness and love so since God created life than life must protect God for without God there is no life for life would die so to protect God life must replace the goodness love innocence that our collective sins have taken away from our loving and compassionate creator that is why terrible horrific life changing and destroying things now happen in our world for we the sinners so started it and life ends it to our demise for God created life and life will not allow ours sins to decimate our loving God, nice try in defense of Satans hatred towards us all but that is how the devil works it’s never his fault only and always God. Give God a break and btw the one who hates us and wants to destroy us Satan well he does not have one iota of humour or laughter inside of him for if he did he would destroy himself immediately available only God has forgiveness and humour for even though we constantly and continue to sin more each and every day God still waits for us to ask for forgiveness and to repent. But if you must continue to blame God for our sins that cause life to bestow misery upon us due to our sins well you have free will and you can continue to blame God for all of our misgivings but as far as what God has taught me your wrong everlasting dead wrong.

Thanks Garth

Angel

Okay. Enough. — Garth

#58 Ret on 07.06.15 at 9:18 pm

“We’ve got a flight to catch,” she said, as she waved goodbye.” What, no bicycles?

Flying around doesn’t sound good for the environment. Private jet for sure no doubt.

Do we really need self appointed environmentalists flying around the globe telling the rest of us what to say, think, feel, and do? Well, maybe Toronto does.

99% of Canadians have a carbon footprint that is a small fraction of what Jane Fonda’s or David Suzuki’s is.

#59 Sheane Wallace on 07.06.15 at 9:19 pm

#48 Mark

because u are stupid and do not count:
1. provincial debt
2. personal debt
3. municipal government debt
4. CMHC liabilities.

#60 Satan on 07.06.15 at 9:23 pm

#43 Angel……

I just dropped in to say “Hi” to Smoking Man, cause ..you know know…soon he will.
..Um, be smoking that is…Heh, heh.

But you got me thinking….

Anyways…ALL GLORY TO HYPNOTOAD!!

http://imgur.com/gallery/wyYOP

Yours,
SATAN.

#61 omg the original on 07.06.15 at 9:25 pm

47 – gladiator

I was always wondering – if God created everything, then he created Satan as well, right?
Or, if not – someone else created Satan and since God did not defeat him already, it means Satan is very powerful.
———-

So as I recall from Baptist Sunday school, and maybe this was the children’s version…..

….Satan was the Top #1 angel to God and got a little too ambitious and God cast him out of heaven.

Since then Satan has been conspiring against God to make the world a crappy place to live, try to take over the world, etc, etc…..

But does beg the point as to why if God is all powerful, would he let Satan go on.

#62 Bottoms_Up on 07.06.15 at 9:25 pm

Yesterdays blog there was a couple of attacks on climate scientists…not much actual intelligent debate, mainly ad hominen type, attack the messenger, cant believe them because they receive a paycheque, or they’re not real scientists, that type of thing.

For those of you serious about understanding the facts behind global warming, read this UN policy report:
http://www.ipcc.ch/pdf/assessment-report/ar5/syr/AR5_SYR_FINAL_SPM.pdf

#63 Harbour on 07.06.15 at 9:38 pm

Pure talent

https://www.facebook.com/hashtag/oilers?source=feed_text&story_id=10153458205052128

#64 Godth on 07.06.15 at 9:39 pm

#47 gladiator on 07.06.15 at 8:47 pm

The basic answer is that all matter (creation from our fractal sort of minuscule view) is polarized (the vesica piscis). That includes thoughts and emotions. Think electromagnetism.

If God is the undifferentiated eternal All, the potential which is no thing that becomes everything and is thus unknowable then God becoming aware of itself becomes differentiated into Self and self; one (unity) becomes two (duality) which inherently requires three (relationship).

Blank piece of paper (no thing – the all) becomes a point (the Father), which by extending itself (a line, the holy ghost – spirit) becomes a circle (the son, or the material world). The Monad, which in three dimensions is an obelisk, and point, line and circle is the Christian trinity – it’s also the theory of the big bang.

So it’s the prefix di which is followed by I and me which is the source of your suffering, disease, tension, etc. which leads to all sorts of confusion as people perceive things as separate and discrete (including most importantly their selves). True and untrue at once.

I hope that was helpful.

#65 gut check on 07.06.15 at 9:39 pm

@ #47 gladiator on 07.06.15 at 8:47 pm
—————————————

Consciousness created all of it.
The battle between good and evil is fought in consciousness and it is a choice between love and fear. The interconnectedness of all consciousness is what creates our ‘reality.’ When you ask why God allows suffering you are really asking why you, yourself, allow suffering.

Seekers of all types, from all backgrounds, in all faith systems and those with none in the first place inevitably find that this is the likely truthful answer to all of our existential questions. :)
peace

#66 Llewelyn on 07.06.15 at 9:46 pm

#48 Mark

You seem to have overlooked that between 1996 and 2008 the GOC generated a total surplus of $85 billion in an attempt to reduce the size of GOC debt passed on to future generations.

Then the crisis initiated by ridiculous greed in the USA created a excuse to abandon financial responsibility and add $145 billion to total debt in just four years.

The justification for this additional debt was that economic growth and historically low interest rates would generate sufficient revenue to cover additional debt servicing costs.

This justification is coming under scrutiny and just like Greece our failure to initiate austerity measures will come home to roost eventually. What the investment community views as a ‘safe haven’ today is very sensitive to economic fundamentals. We are not doing enough to protect the reputation earned between 1996 and 2008.

#67 Wristsnap on 07.06.15 at 9:49 pm

Declaring bankruptcy is easy in Canada, and for those with little to no equity, they suffer very little consequence. So what if the insolvents bite the bullet and go bankrupt? They will probably have to go back to renting or downsize into a place they can afford. But no matter! They had oodles of debt wiped out and with little real equity they get to keep all their toys and gadgets that were bought on credit. Further, they got to live in kickin’ digs for a few years until they ran themselves dry. And the amazing part is they get to keep doing this again and again every 7 years or whatever.

#68 Smoking Man on 07.06.15 at 9:50 pm

#61 Bottoms_Up on 07.06.15 at 9:25 pm
Yesterdays blog there was a couple of attacks on climate scientists…not much actual intelligent debate, mainly ad hominen type, attack the messenger, cant believe them because they receive a paycheque, or they’re not real scientists, that type of thing.

For those of you serious about understanding the facts behind global warming, read this UN policy report:
………..

Now this is turning into a religious blog.

Bottoms up. If your positioned to make money on this scam of the century, go for it, let me know and I’ll back you..

But if your just a dumb shmuck that buys this crap, leave your money in the bank and don’t talk to strangers..

Study climate gate dog.

Start with this 2 min clip.

http://m.youtube.com/watch?v=WMqc7PCJ-nc

#69 Harbour on 07.06.15 at 9:52 pm

He DEMANDED That His Wife Bury Him With All Of His Money

Some people just love money way too much. So much so that they put it above everything else in their lives, including their family. So what happens when someone wants to take all of their cash with them to their grave? Well, check out this story about a widow who made a promise to her greedy husband to bury him with all of his money. Yes, that was his dying wish… nice guy, eh? Anyway, his wife, being the honorable woman that she is, wanted to make good on her promise. But needless to say, she wanted to figure out a way around the absurdity of his request.

“There was a man who had worked all of his life and has saved all of his money.

He was a real cheapskate when it came to his money. He loved money more than just about anything, and just before he died, he said to his wife, ‘Now listen, when I die I want you to take all my money and place it in the casket with me. Because I want to take all my money to the after life.’

So he got his wife to promise him with all her heart that when he died she would put all the money in the casket with him. When one day he died.”

“He was stretched out in the casket, the wife was sitting there in black next to their best friend. When they finished the ceremony, just before the undertakers got ready to close the casket, the wife said, ‘Wait a minute!’

She had a shoebox with her, she came over with the box and placed it in the casket. Then the undertakers locked the casket and rolled it away.”

“Her friend said, ‘I hope you weren’t crazy enough to put all that money in there with that stingy old man.’

She said, ‘Yes, I promised. I’m a good Christian, I can’t lie. I promised him that I was to put that money in that casket with him.’

‘You mean to tell me you put every cent of his money in the casket with him?’

‘I sure did,’ said the wife. ‘I got it all together, put it into my account and I wrote him a check.’

#70 Rich in Calgary on 07.06.15 at 10:02 pm

CALGARY, I sell home improvements. The local credit union loves me for brining in clients to borrow to improve. However, they have told me more than I thought they would. They have frozen loans and allowed the unemployed to skip payments for now. This is what holds the prices up in Calgary. People who can’t pay simply don’t have to pay… for now. How long can this game of charades continue?

I rent for $1125 a month. Places in my area sell for $400,000. Do the math.. rent or buy?

#71 TurnerNation on 07.06.15 at 10:07 pm

What’s lil Stevie going to do coming up to an election? Roll out interest rate cuts or
t-t-terrorist theater?!
Bread and circuses.

#72 Llewelyn on 07.06.15 at 10:09 pm

#53 Sheane Wallace

I never stated that Canada Mortgage Bonds added to GOC debt. I merely observed that they were added to Canadian monetary policy to increase the funding available to support the housing sector of our economy.

Creative bookkeeping allows over $500 billion of government mortgage guarantees and billions of dollars of unfunded pension liabilities to be discounted out of sight.

It all looks so good until the music stops!!!

#73 Spectacle on 07.06.15 at 10:21 pm

Garth, Regarding:

” #56 [email protected] on 07.06.15 at 9:15 pm
-the real heaven and the heavens all around you and he also created life on earth including U.S.

Blah blah blah.. ……God has taught me your wrong everlasting dead wrong.”
Angel

Okay. Enough. — Garth
——————————
If you click on their name tagging onto your site, they lead to a phishing web site warning. Trying to scoop your blog URL links etc. major spam. Just Click and hold on angel. You could lock out their ISP to prevent this ?

Ps: apology, didn’t know my sister was a blog dog on here : )

#74 Setting the Record Straight on 07.06.15 at 10:21 pm

@34
“So what’s next. Are sovereign bonds not as safe as thought? Is the bottom then in for bonds? Is the U.S. now clearly the best house on the block? Is the great rotation beginning?”
Karl Denninger had an interesting comment on sovereign bonds:
https://market-ticker.org/akcs-www?post=230314
“I have said this repeatedly for a very long time, including in Leverage: All lending to a sovereign is inherently unsecured.
You should not be able, as a government, to borrow for less than private creditors who can post collateral — since you can’t post collateral and your only “security” is the willingness of your citizens to work and pay taxes.”
However, the basis of the entire financial system, bond pricing, etc., is that of government debt being the quintessential “risk-free” credit. If that assumption is destroyed, the earthquake set off in the bond market is certain to explode risk premia over time across types of credit. Even in the absence of policy rate hikes.
– See more at: http://www.greaterfool.ca/2015/07/06/no-tomorrow/#comments

&&&&&&&&&&
Now that made a lot of sense.
Sovereigns are by definition lawless.

#75 Spectacle on 07.06.15 at 10:22 pm

Oops,

Didn’t mean to provide an active link to spam with my messages!

Apology

#76 meslippery on 07.06.15 at 10:28 pm

#40 Retired Boomer – WI
We have a dam toll road here in Ontario, I would use it to rush a loved one to hospital. But thats it.
Half the price of our gas is tax, already paid the toll.
I just leave earlier.
Can you not bypass the toll?

#77 gut check on 07.06.15 at 10:30 pm

#61 Bottoms Up – re: your link to the UN document.

In that whole paper I cannot see one reference to an actual hard science experiment or study. It is all based on modeling software.

I could not find the credentials for the people who put together the paper, nor a description of how the modeling software was created, by whom, for whom, and using which inputs. There was no declaration of bias or other limiting factors, an element which is essential in a legitimate, believable scientific paper.

The authors of the paper go on at length about improving the export of raw resources from the developing world. Strange? I think so, really. How would that cool down the surface of the globe, exactly?

anyway whatever. where I live here around the great lakes .. well, we’re the only inhabited area on the face of the Earth that is projected to get cooler and cooler as this whole global warming thing marches on. I for one will be moving to somewhere that’s more ‘under threat’ as soon as possible.

If you think ordinary everyday people are the problem then you really ought to do something about it. You could at least unplug. Start soon – you probably shouldn’t even bother answering this post.

#78 Goldie on 07.06.15 at 10:33 pm

Whew, it’s a good feeling to know that I’m helping out the struggling oil industry by paying within currently about 15 cents short of the all time high price for gas in my area ……… not!

#79 Herf on 07.06.15 at 10:36 pm

#44 waiting

“Tellers are the banks first line of getting people hooked and some of them are very aggressive.”

So, use the bank’s ATMs and bypass having to see/deal with a bank teller. About the only time I’ve used a teller in recent years is when I need to get change for laundry money.

Or, when the teller tries to push product, start asking the teller questions about perks it includes, like does the include the free body guard, car, truck, t.v., smart phone, $1000 cash bonus, vacation, cottage at the lake, etc. – you name it. Do it with a straight face to convey that you’re 100% serious. See if that puts them off and/or shuts them up. Sort of like when the phone/cable company phones me up and starts pushing me to subscribe to some t.v. package, I ask if it includes the t.v. and how large (I don’t own one).

#80 OttawaMike on 07.06.15 at 10:41 pm

Greetings fellow blog dogs.
I was wondering if I could take up a few moments of your time to ask each one of you if you would consider taking Jesus as your personal savior?

#47 gladiator on 07.06.15 at 8:47 pm
They call what you wrote blasphemy for though shalt not ask philosophical or scientific questions. Remember also that religion is the only topic that is out of line for humour and ridicule. When something is completely ridiculous we need to protect it from taunts.

#81 debtified on 07.06.15 at 10:44 pm

Thank you for briefly talking about China, Garth. I, however, respectfully disagree with your assessment. I think the events in China are significant and they will negatively impact us. At the very least, the problems in China should be more worrisome than the ones in Greece. You seem to be giving Greece more coverage than China. This gives me the impression that you think that the problems in Greece is more significant than China’s.

I’ve always considered your blog as a financial blog first, as opposed to political first. To me, the problems in Greece are really political. China’s problems are definitely financial.

Could you please possibly clarify your position on China?

Thank you.

#82 Cici on 07.06.15 at 10:44 pm

The eggheads at TD are saying that the BOC key rate is going down to .75, and will stay there until mid 2017.

http://www.thestar.com/business/economy/2015/07/06/canada-in-recession-rate-cut-likely-td.html

#83 Herb on 07.06.15 at 10:49 pm

#60 omg the original,

why, to test us, of course, and give us the chance to earn having his countenance smile upon us in the hereafter.

And to test Garth’s patience by adding religious nuttery to Smoking Man’s.

#84 Capital One on 07.06.15 at 10:50 pm

#60 OMG

I thought Satan was the son of Zeus and Hera.

CO

#85 Smoking Man on 07.06.15 at 10:53 pm

DELETED

#86 Mark on 07.06.15 at 10:55 pm

“You seem to have overlooked that between 1996 and 2008 the GOC generated a total surplus of $85 billion in an attempt to reduce the size of GOC debt passed on to future generations.”

I’m not defending, even for a moment, the fiscal performance of the current government (which, as you point out, has been relatively dismal compared to previous governments). But in comparison to the US, on a (federal) government fiscal basis, Canada has spent the past 25 years dramatically outperforming the USA. Roughly half of which was spent in a resource depression, and the other half in a period of resource strength.

This position of relative strength eventually will be reflected in the long-term value of the Canadian dollar. Especially in a long-term rising rate environment.

#87 IM in C on 07.06.15 at 10:57 pm

It almost seems like the banks are too scared to do anything (ie foreclose) because maybe there are just too many insolvent people in Canada?

What I have been saying all the time. The banks can’t foreclose , politically or otherwise. They have a financial tiger by the tail

#88 Mark on 07.06.15 at 10:59 pm

“The eggheads at TD are saying that the BOC key rate is going down to .75, and will stay there until mid 2017. “

I’m surprised its taken some of the ‘mainstream’ commenters this long to come to that conclusion. It was obvious to me 2-3 years ago that the BoC would find itself severely behind the curve in cutting policy rates to zero and beginning QE in response to the deflationary pressures building in the Canadian economy. Especially in the over-stimulated/over-invested RE and O&G sectors.

What will take their place to stimulate demand in Canada’s economy is anyone’s guess. Even if the quintessential deflation hedge, the gold/metals sector takes off, exposure of average every-day Canadians to the sector is miniscule compared to the broad-based exposure of Canadians to RE.

#89 Nora Lenderby on 07.06.15 at 11:00 pm

At the marina BBQ on Saturday night. During the chicken BBQ and pot luck supper and before the fireworks I caught a number of boaters talking about buying and selling houses.

Shocking. Normally they can’t stop moaning about how expensive boat parts are, how hard it is to get good help, and how contemporary Pirates of the Caribbean all run marinas.

#90 Grantmi on 07.06.15 at 11:05 pm

And this country still voted for Skatá!!

http://bit.ly/GreeceisFucked

They are doomed!

#91 Dear satan on 07.06.15 at 11:06 pm

Last time Garth and I promise!

Free will is what each and everyone of us have. Believe it or not but God gave you that divine right for he is loving and just.

Go ahead and make fun of me and God if that is your choosing here on this blog or elsewhere!

But please and I mean please remember that you will be judging yourself after you die for how you judged others like me in the here and now and its you who shall be judging yourself as you have judge me right here in the now!

Can you and are you truly forgiving? if not give it a try and free yourself from this insane world not for anyone else but just for yourself for Gods will free you from the hurt that controls you now!

So far only the sinners have replied here and they have not tried to discuss what I have said but only to prove the greater fools that they truly are… They actually think that they are truly wise and funny but I fear for them for they do not know what they have truly done! What fools!!!!

I pray that they see the errors in their ways and to repent and walk the road lest walked here on this earth for forgiveness and a loving heart are truly only a moment away if they so choose. (Free Will)

For me I fear not death itself but I do fear a life with no true love, no compassion, no forgiveness and no hope and that is you Satan for that is all you truly do offer to all of us here… its just to bad that the do not realize this Godly truth.

I have been in the presence of Heavenly Angels and I have had demons try to actually kill me but my loving God saved me and why I truly do not know for I was a sinner too!

I have survived by the grace of God but unfortunately my favorite aunt and my twin sister succumb to Satan’s devilish wishes and committed suicide.

If you think that I am heartless… you are dead wrong for I have already asked God to give me the opportunity to go to hell and get them and all who truly seeks Gods forgiveness and bring them back to heaven where they all belong for Satan misled them and God will forgive them but someone with life and free will needs to save them for God created life and I choose to give my everlasting life to save them all for you Satan are the greatest fool of all lasting time…. and with Gods love in my soul, you can never ever defeat me… do you hear me now Satan?

And are you all really truly listening… not to me but to your loving God?

I am an just an Earthly Angel and my good God just wait until you meet one of Gods Angels they are beyond majestic and God created them as well as us… wow… I just cant wait to back home with God… living in the truest love of them all… its beyond perfect!

The very last time Garth as promised.

Thanks…

Angel…

Best be, or I shall smite ye. — Garth

#92 Shiu Wanfen on 07.06.15 at 11:24 pm

Will Canada follow China and allow overvalued houses as collateral for investments…..maybe a good way to bring the values down in a stock market crash scenario!

…this from Bloomberg (note redacted to keep main points short and readable..google it if you want the full article)

“China Steers Toward a Subprime Economy
WRITER: BY WILLIAM PESEK, BLOOMBERG VIEW

Everyone knows the Chinese government is desperate to keep stocks from crashing. But this desperate?
The regulatory tweaks aimed at supporting equities included this shocker: Homes are now acceptable collateral for borrowing to buy more stocks. Perhaps the least of the too-many-to-list problems with this idea is that property is difficult to liquidate when assets crash. The biggest is that China is sowing the seeds of a third financial time bomb to match its debt and stock bubbles……
Ginning up shares with central bank liquidity and regulatory inducements, as China has already done, is a slippery slope. Tying the future of the nation’s housing sector to today’s stock mania is lunacy. Why bother letting banks churn out subprime debt instruments, as Wall Street did in the 2000s, when you can turn your whole economy into one?
And suppose that volatility in interest rates spills over into Shanghai and Shenzhen shares (hardly a reach). That would smack one bubble into another, bursting both and triggering a third shakeout in the one Chinese asset market — home ownership — that’s not supposed to be a giant casino.
Why welcome such a risk-management nightmare in a nation that already has too many ghost cities? The wording of China’s new rules — and its list of “other assets” that can be used as collateral — will force brokers to become experts in valuing everything from property, to antiques, to art.
The bad news is that the authorities in Beijing clearly are betting everything on a stock rally that’s hasn’t come: Stocks just sustained their biggest three-week loss in more than two decades…..”

#93 Godth on 07.06.15 at 11:26 pm

#67 Smoking Man on 07.06.15 at 9:50 pm

Ben Davidson: The Variable Sun and Its Effects on Earth
https://www.youtube.com/watch?v=5MvAnECkaME&index=3&list=PLwOAYhBuU3UfklHQ8Rb1sOzkSAw50fCfc

Of course it’s more complicated than the official propaganda insists. We’re just story telling apes, and we know who tell the stories – the authorities. Carbon credits are a great new game though. Having said that you don’t have to be a scientist to understand that burning millions/billions of years of stored sunlight (fossil fuels) at an incredible rate, and all of the earth shattering environmental destruction that entails to boot, won’t have an effect. Think of human activity as a massive volcano going off 24/7 for decades at a time. Of course it has an effect. So does over-fishing, and cutting down forests all over the planet. Of course the first recorded human civilization died as a result of humans creating a desert, that’s the seed of our myopia so it’s nothing new if that makes you feel better. It’s global now.

We have a dystopian skyscape happening here right now. I awoke yesterday morning and thought I had a yellow/orange filter on my vision. Nope, the smog from forest fires has muted out the sky casting an eerie yellow filter on the light. The sun is pink/red all day, and today the smoke is getting really quite thick. There are health advisories for the area today. It’s far too dry, far too early on the west coast – this is shaping up to be special.

I really can’t wait to hear your reports from Santa Monica. I don’t know what you expect from that great state but I see you as Dorothy, forget Demetrios (or however you spell it Demeter, Persephone has been abducted for good).

#94 Waterloo Resident on 07.06.15 at 11:31 pm

Buy Stocks Tomorrow. Here’s why:

– Greece voted ‘No’ and stocks should have done a header, yet they didn’t. That shows that there must be a heck of a lot of positive news coming down the pipeline and traders know this and are not selling on the bad news, they are waiting for the good news to pump stock up. So I’m ready to buy back into the market tomorrow, and if you are sitting on cash you should also.

#95 FloriFran on 07.06.15 at 11:35 pm

#12 Mark on 07.06.15 at 6:18 pm
The bizarre thing about all of this is that people actually believe they’re going to be bailed out. Through a devaluation of the CAD$ (not going to happen!),
…”

time to capitulate dude…you will never be able to talk up the dollar, just accept the plunge, and the fact that you can no longer afford a foreign vacation….enjoy the snow!

#96 Karl GastroMarx on 07.06.15 at 11:39 pm

#13 Greek Gal on 07.06.15 at 6:19 pm
Garth,

FYI…the plural of souvlaki is souvlakia, not souvlakis.”

So if I buy two in Prague, would this be referred to as a Czechsouvlakia………don’t tell Putin this!”

#97 Setting the Record Straight on 07.06.15 at 11:44 pm

@47
God; Satan; Angels

Multiple personality disorder by chance?

#98 BillyBob on 07.06.15 at 11:44 pm

I can completely relate to Nancy and Josh. I’ve been living outside Canada for nearly a decade, collecting a salary far in excess of an average one in Canada, plus a large housing allowance, and all tax-free to boot. Not bragging -i t has come with heavy sacrifices in other ways. Truth is, I took to the expat life out of desperation and due to the utter disposability of smaller airlines in Canada. (Now I cannot get a job in Canada because they are reserved for TFW pilots at places like Sunwing and CanJet, but… I digress.)

I used to tell people I work in Dubai so I can afford to live in Canada…some day. But it’s gotten insane. Completely, totally, over the top bonkers. Garth warns about it daily, for years, and still it continues. Even though I can “afford” to buy RE in Canada (and none of this “mortgage” nonsense), it simply doesn’t make sense. I have been completely turned off RE in Canada, even though it was once my only goal to save to buy a property of my own. I owe Mr. Turner a great deal. Consider me cured, and thank you.

The pattern is clear: many that actually have the cold hard cash to buy a house, aren’t doing so. While the majority, take on not just a little, but a massive amount, of debt. People can rationalize all they want, but I have yet to hear a credible argument of how this ends happily. “It’s different here” doesn’t cut it.

I miss my extended family in Canada, and the natural beauty of the place. But the rest of it…it’s like people have lost their minds. To paraphrase The Sixth Sense…”I see dumb people…I see them everywhere….and they don’t even know they’re dumb…”

#99 whitehorn on 07.06.15 at 11:54 pm

“Alberta is not only smoky and politically confused, it’s in serious economic trouble if crude settles at fifty bucks and stays there a year or two.” Yes, I agree Oil can easily stay at these levels for next couple of years or more. I recall the two separate downturns in 98/99 and 00/01 where oil was in the gutter for basically 4 years. On a side note, another thing that is affecting Alberta’s economy is drought conditions throughout most of the province. Many crops will probably not even be harvested, plus the cattle industry will be severely affected due to high feed costs. Cattle (1/2 of Canada’s total) are at record highs and many will be offloaded to the auction mart affecting the cattle numbers (never regained the high since BSE in 2004) going forward which is fragile in the present state. Interesting times in Alberta.

#100 the Jaguar on 07.07.15 at 12:01 am

Garth. Please. A lot of religious talk on the blog this evening. Please shut it down.

#101 Setting the Record Straight on 07.07.15 at 12:09 am

http://streettalklive.com/images/1dailyxchange/2015/Employment-25-54-070615.PNG

#102 WholikesShortShorts on 07.07.15 at 12:29 am

Home Capital Group Inc ( TSX:HCG )
A good short? Any recommendations on shorting Cdn RE?

#103 anotherstabbinginsaskatoon on 07.07.15 at 12:32 am

This is hell on Earth.

#104 Nosty, etc. on 07.07.15 at 12:36 am

SMan — Check this out. Also — California Obama and the politicos are just fronts for us sheeples to argue about, it’s not just Ontario turning commie.

#28 ben on 07.06.15 at 7:16 pm — “If you think Greece is about Greece you need to read a bit wider. It’s about all the PIGS + pretend and extend.” Precisely. There’s a whole bunch of stuff happening, most of which we don’t even know about until it’s already taken place — Greece – Ukraine Part 2? (regime change).

#105 Greg Billings on 07.07.15 at 12:37 am

I held my nose and voted yes to the transit plebicite. I didn’t want to, but I knew that unless something gets rolling, driving around is only going to get worse. And how about that air quality? Sunday was pretty dreadful with forest fire clouds making the lower mainland seem like the zombie apocolypse was upon us.

Greece might seem like no big deal, but, I worry about extremists in that part of the world. yes, it is a developed country, but, that part of the world gave us Facism and the Nazi’s when a country got stomped into the ground and the population wanted to blame someone, anyone or anything outside their land.

#106 Mister Obvious on 07.07.15 at 12:38 am

The Globe & Mail reports German Chancellor Angela Merkel as saying this:

“It will be important [Tuesday] that the Greek Prime Minister tells us how this should move forward,” she told the media at the Élysée Palace. “The last offer we made was a very generous one.”

That sounds a lot like back-peddling to me. Was Mr. Tsipras successful in his high stakes gamble that…

“… a No vote from the Greek people would boost his negotiating leverage among the country’s paymasters in Brussels [from G&M same article]”

Frankly, I’m aghast they’re still on speaking terms. I thought it was just plain over for the cradle of democracy.

Help me out here. What am I missing?

Does it prove the old adage: “Owe me a hundred dollars and you’re in trouble… owe me a million dollars and I’m in trouble.”

#107 Gregor Samsa on 07.07.15 at 12:44 am

What we are really witnessing here is two opposing factions in the world.

In one corner, we have the big banks, the Fed, Goldman Sachs, billionaires, corporate elites, and Oligarchs. Let’s call them the “banksters.”

In the other corner we have forces of nature, laws of supply and demand, and the average people who make up the vast majority of inhabitants of the planet.

The banksters like having a rigged system that works in their favor and keeps them in the 0.1% of the worlds wealthiest people (aka the super elites), but unfortunately, in their greed, their games have started to get away from them. Laws of reality keep impinging onto their artificially imposed financial laws. This is forcing them into more and more drastic and open manipulation of the world’s financial systems.

The premise of Garth Turner and this blog is essentially that the Banksters always win, so you should throw your lot in with them and try to eke out a marginal profit for yourself so at least you’ll be one step above your neighbours who are down to eating cat food due to the economic woes artificially imposed upon us.

#108 Eau So Contraire on 07.07.15 at 12:59 am

Mark

Have you been channeling telepathically with Shiller….are you bullish on Greek stocks as well as the loonie?????

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

Robert Shiller’s shocking call: Buy Greek stocks!

Alex Rosenberg | @CNBCAlex
16 Hours Ago
CNBC.com

While economist Robert Shiller finds American stocks to be expensive, he suggests that battered Greek equities may actually present a compelling opportunity for savvy investors.

The Nobel prize-winning Yale economist is famous for his valuation-based view of markets. In the long-run, low price-to-earnings ratios provide attractive long-term opportunities, and richly valued markets require caution, his work has shown. …”

#109 Purple Haze on 07.07.15 at 12:59 am

The rich Chinese home purchasers in Vancouver must finally feel like they are home:
Mansions with wok kitchens , FENG Shui approved location,
And now, the ultimate in comfort, Bejing style smokey air quality.
Welcome home, boys.

#110 Karma on 07.07.15 at 1:02 am

#83 Capital One on 07.06.15 at 10:50 pm
“#60 OMG

I thought Satan was the son of Zeus and Hera.

CO”

Totally wrong. Satan’s the love child of God and Jane Fonda.

#111 Randman on 07.07.15 at 1:11 am

Marc Faber

“Wake up people of the world and investors. Greece will come to your neighborhood very soon, maybe not this year, but next year or whenever it is, because the world is over infected. And defaults will follow, or they will have to create very high inflation rates.”

http://www.zerohedge.com/news/2015-07-06/greece-coming-your-neighborhood-marc-faber-warns

#112 Freedom First on 07.07.15 at 1:51 am

#66 wristsnap

I can only speak for myself, and I know that for me, I put 2 things at the top of what is important to me. 1) look after myself, and, 2) help others.

It is not only looking after my finances that allows me to live a Freedom First lifestyle. It also involves living a life that follows my code of ethics and morals. This allows me to live my life with a clear conscience, peace, and serenity.

However, I also “live and let live.” I am only responsible for my own behaviour, and happily accept any consequences for everything I say and do. Consequences are inescapable for everyone. No exception. Choose wisely.

#113 sam on 07.07.15 at 1:53 am

Garth, this article is for you. Are we really this vulnerable ?
http://oilprice.com/Energy/Oil-Prices/High-Debt-And-Low-Oil-Prices-Create-Perfect-Storm-For-Canadian-Economy.html

#114 Robot wars on 07.07.15 at 2:00 am

You’re right…it is different here. the civil servants still get to spend 100% of their income to outbid every one else because the pensions they’ll receive mean they never have to save a dime. With the big civil service pension funds paying no taxes on gains they have a definite advantage over the ROC.

#115 Marco Polo on 07.07.15 at 2:29 am

Garth,

Out here in Alberta, what can go wrong?

The Greeks won’t pay their debts, and the only oil they’ll be able to buy anytime soon is of the olive kind. The Chinese stock market bubble just burst, wiping out many personal fortunes there. Hard to buy more oil than ever before there too. Oh, and the Iranians may be close to shipping oil if the US would let them. I really hoped this was about nuclear security, but it appears there are greater commercial interests here as well.

The world-class centre of the universe in Ontario may find itself in a black hole, if everything described here comes to pass. There could be a quick interest rate hike, should Canada ever need to defend its dollar, like Russia has done. We are the future Greece. Spend and borrow.

#116 Leo Trollstoy on 07.07.15 at 2:56 am

BoC will cut and CAD will fall.

Pretty obvious.

#117 cynically on 07.07.15 at 3:10 am

mark @85 says that in the last 25 years Canada has out-performed the US on a federal fiscal basis but where has all the inventiveness in the other sector of a country come from? Not from Canada. Not in a 100 years. The fertile brains up here are too busy hewing the wood and drawing the water but we don’t hesitate employing all the productiveness our southern neighbor offers the world so maybe we should allow them a little laxity in their fiscal endeavour and even there there are more brains than we seem to have here present time.

#118 Steve French on 07.07.15 at 7:01 am

I’ve been saying for days if not weeks that there’s a disturbance in the force !

it’s the UCC Man…. I’m not sure what that is. It’s Smokeys UCC.

debt..over leverage…. It can’t continue…. It won’t.

repent now folks cos somethin’ evil comes this way!!!!

#119 Bottoms_Up on 07.07.15 at 7:12 am

#112 Robot wars on 07.07.15 at 2:00 am
———————————————-
Dear robot, you are forgetting those individuals took less income over 35 working years in order to produce that pension. Guess they didn’t have to compete with those earning a full wage during that time?

#120 Bottoms_Up on 07.07.15 at 7:18 am

#76 gut check on 07.06.15 at 10:30 pm
—————————————
Glad you read it. The appropriate referencing is on the ipcc website, as my link was to a policy summary document and not the primary research. It is also intuitive that yes past data is based on actual measurements whereas the future can only be projections.

#121 Greg Markovich on 07.07.15 at 7:46 am

The U.S. 30 year bond yield is getting closer to 3.00%, 3.024% today, as it was 3.22% just about a week ago.

All other bond yields are falling too and people forget that U.S. 30 year bond yields were around 2.35% not that long ago, just a few months ago, February-2014.

#122 ben on 07.07.15 at 7:51 am

Nosty – Garth spouts a lot of stuff. As soon as he heads onto turf I know a bit about I see he’s very confident but very wrong. It doesn’t breed confidence. It does fit with the profile of (former) politician.

If you agree with me, I’m correct. If you disagree, I’m wrong. Fits with the profile of a (current) narcissist. — Garth

#123 jess on 07.07.15 at 7:53 am

” able to turn to shady online lenders and secure new loans of $100k”

http://www.independent.co.uk/news/people/profiles/roberto-saviano-author-of-gomorrah-the-book-exposing-the-naples-mafia-965482.html

waivers and promises
The 4 D’s : Discredit, Deny, Deflect and Delay
http://www.bloomberg.com/news/articles/2015-07-07/sealed-hsbc-report-shows-u-s-managers-battling-clean-up-squad

=
“They violated every goddamn law in the book,” says Jack Blum, an attorney and former Senate investigator who headed a major bribery investigation against Lockheed in the 1970s that led to the passage of the Foreign Corrupt Practices Act. “They took every imaginable form of illegal and illicit business.”

“When the SEC waives automatic penalties for criminal misconduct by the largest banks, it sends a dangerous signal about how weak it is in its enforcement of the law,” Warren said in the statement. “We are still paying the price for a financial crisis that was caused in part by regulators looking the other way while big financial institutions broke the law.

? : suspend and pretend?
http://qz.com/446405/chinas-market-rout-is-so-bad-one-in-four-companies-have-stopped-trading/

What is sovereignty?
Friday 18 November 2011 18.50 GMT

========

#124 nubbers on 07.07.15 at 8:12 am

On the same day that we were bidding for Nancy’s email address, a couple of well educated and otherwise successful friends revealed to us that they had moved and were going to keep the old house to rent out. Apparently, prices will never go down in their area.

They also said that because of this, they would no longer be spending money going on holidays. So in other words, they are expecting a negative cash flow from the rental but hope to make money eventually from an increase in property values and/or someone else ‘paying off the mortgage’ for them.

So now my other half is all grumpy again because we rent, while others own multiple properties.

In time, our friends will be toast and I will have been vindicated, but in the meantime I will have to endure much. How is my bid doing?

#125 Smoking Man on 07.07.15 at 8:25 am

CAD OIS Curve has a fully priced in BOC rate cut 50bp rate by Nov.

But we all know its coming sooner.

#126 Smoking Man on 07.07.15 at 8:42 am

Disaster on the exports , Trade Balance – 3.34 billion

Guaranteed cut next week.

Notsy.
Where can we go to escape communism.

Re coup in Greece. Not a chance. Any general trys to pull that will be beaten to death by his grandma with a rolling pin.

I’m talking from experiences.

#127 BillyBob on 07.07.15 at 9:00 am

#118 Bottoms_Up on 07.07.15 at 7:12 am
#112 Robot wars on 07.07.15 at 2:00 am
———————————————-
Dear robot, you are forgetting those individuals took less income over 35 working years in order to produce that pension. Guess they didn’t have to compete with those earning a full wage during that time?

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

It was once true that public employees accepted lower wages than those in the private sector, the tradeoff being the superior benefits and unmatched job security of being in the civil service. (There was also at one time a notion of “service” to one’s community, which seems almost quaint these days.)

But now the wages of the public service unions far outpace that of the private, even beyond the benefits and of course, famous inability to get rid of the useless oxygen thieves that such a system protects.

What you try to suggest – that public servants give up wages to get their pensions – has not been true for a very long time. There is a reason there is an absolute stampede for any government job, even the most menial. Anything to get one’s snout in the trough, pardon me, I mean foot in the door.

http://www.ctvnews.ca/canada/private-sector-workers-earn-less-work-more-report-1.2292650

#128 Leo Trollstoy on 07.07.15 at 9:15 am

Canada is clearly not a reliable exporter.

“Canada has posted trade deficits every month this year, and the cumulative 2015 total of $13.6 billion is a record, exceeding the next highest, in 2009, of $2.95 billion.”

http://www.financialpost.com/m/wp/blog.html?b=business.financialpost.com//news/economy/canadas-trade-deficit-widens-as-oil-shock-keeps-reverberating

BoC cuts, CAD down. Clear as day.

#129 ANON on 07.07.15 at 9:26 am

All big bursts led to shattered narratives, and the birth of other narratives (commonly known as religions to those who only read about them). This is shaping up to be no different, and early signs point to the inclusion of a fine mix of commies, capies, lizards, aliens, along with sprinkles of the gods of fire, wind, rain, and compounding. Parting seas and raising the dead are still pending, because fearlessly taunting math from opposing sides seems to be highly praised this time around.

#130 Elmer on 07.07.15 at 9:50 am

Sorry but there are no people earning 50k with 900k mortgages, that is impossible.

With a 50k income, and assuming you can put at least 20% down, no one will lend you more than 300k on a 30 year ammortization.

#131 Daisy Mae on 07.07.15 at 9:51 am

“There’s just too damn much of the stuff, and we’re adding half a million more barrels a day.”

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

And this has been the norm? So why are prices fluctuating at the pumps — up six cents just yesterday?pumps?

#132 lee on 07.07.15 at 9:52 am

Ontario’s Hydro One workers just got what effectively amounts to a 6% a year pay raise (not sure if it is for 3 years or 2), 10% for this year. With government workers accounting for 20% of Ontario’s work force, and 6% pay raises having no end end in sight, Toronto’s property values will continue to rise endlessly at about the same pace. Admit it Garth, you missed the effect of this factor. You got punked by the Ontario government.

According to StatsCan: There are 6.9 million workers in Ontario of whom 1.3 million work in some form of public service (18.8%). The average public sector salary is $57,230. This is not the reason Toronto houses cost a million. — Garth

#133 Broke Dick on 07.07.15 at 9:55 am

#40 Retired Boomer – WI on 07.06.15 at 7:52 pm
Having just been on summer holiday that involved driving from WI to NY and back in our Ford Focus Hybrid that averaged 37.8 mpg

-did you mean Ford Fusion Hybrid?

#134 Obvious Truth on 07.07.15 at 10:05 am

Its starting to feel like it might take cpeso in the 1.30 to 1.40 range to keep this economy from imploding.

What a disaster of a stats can report.

This kind of stuff doesn’t correct easily or quickly. It requires tough policy decisions and foresight with no immediate gratification. So I expect nobody will do anything about it.

I’m looking forward to poloz release and press conference. What a spot he’s in. Nothing he can do really. A possible flush to 75 will finally get people noticing.

#135 ben on 07.07.15 at 10:06 am

Garth that’s such a crazy reply. It’s a truism to say people think that.

Name calling doesn’t fix your confident yet paper thin analysis of Greece. Doubling down on this with insults looks even weaker.

Greece is old and globally inconsequential. Bank exposure there has been limited and there will be no contagion. Greeks have decided to punish themselves, not us. And me calling you a narcissist is a statement of fact. — Garth

#136 gut check on 07.07.15 at 10:08 am

@ #128 ANON on 07.07.15 at 9:26 am

Everyone is different, but my RX for you is to start here:

http://topdocumentaryfilms.com/dangerous-knowledge/

In fact I think I’ll watch this again today. It’ll be my third time but it is fascinating and I will likely learn something new from it once again.

#137 tkid on 07.07.15 at 10:17 am

#50, you are making those moves and can sleep at night. You are making some very risky moves.

You’ve ignore how Canada will be doing in the next few years, you’ve ignored the drop in the value in the Canadian buck, and you’ve ignored inflation. All in all, your money has lost value, not kept it. You have to look differently at your money, but you’ve come to the right place, eh.

#138 Arfmooocat on 07.07.15 at 10:23 am

It’s official, Canada’s in a recession and oil is at $50

But the idiots will still line up to pay $500,000 for half a box.

#139 Holy Crap Wheres The Tylenol on 07.07.15 at 10:26 am

#125 Smoking Man on 07.07.15 at 8:42 am
Disaster on the exports , Trade Balance – 3.34 billion
Guaranteed cut next week.
Notsy.
Where can we go to escape communism.
Re coup in Greece. Not a chance. Any general trys to pull that will be beaten to death by his grandma with a rolling pin.
I’m talking from experiences
___________________________________________
Sorry to hear your grandma beat you with a rolling pin!
Escaping communism is easy, just introduce Coke Cola to the country!
Cuts will only help our children get into more trouble. Well not in my case but perhaps many others. My children all own their own homes outright and thank god they bought practical homes not McMansions.

#140 Smoking Man on 07.07.15 at 10:29 am

Not very significant I guess.

Anyone catch the TREB numbers out today

Madness I tell you.

Long Branch on fire. Days on Market 18 and that’s only to get multiple Bids.

Who says no liquidity in Real Estate… Not in long branch.

House of South side Johnny’s. Keeps on Rocking.

#141 Bigrider on 07.07.15 at 10:30 am

Seriously Garth, the average salary of a public sector worker is $57 230.00 ? Where is your source for that ??

Teachers are making 100K . Ridiculous.

The average cop makes $55,500. The average soldier earns $49,000. Registered nurses in Ontario start at $57,252 for full-time. The average elementary teacher salary is $51,500, and the average Ontario teacher earns $83,500. Clerical positions pay far less. — Garth

#142 Notley Crue on 07.07.15 at 10:32 am

Garth, you don’t fool any of us with your fake Dipper bashing – we know where your heart truly lies. Here’s a chance for you to achieve your destiny:

http://www.theglobeandmail.com/globe-debate/team-ndp-has-a-big-hole-to-fill/article25327652/

“Garth Turner – NDP Minister of Finance”

Has a nice ring to it :)

Time to come out of the closet, Garth.

RUN!!!

One beard is enough. — Garth

#143 Chris on 07.07.15 at 10:37 am

Garth, what are your thoughts on the Ontario credit downgrade? Is this going to be matched by Moody’s and Fitch? What effect will this have?

No surprise. No effect. — Garth

#144 Bottoms_Up on 07.07.15 at 10:43 am

One beard is enough. — Garth
—————————————————
So who to vote for?

Bully, Bieber or Beard?

#145 Bottoms_Up on 07.07.15 at 10:47 am

#129 Elmer on 07.07.15 at 9:50 am
———————————————
The accountant is likely exaggerating, as in, her client owns a business that pays dividends of 50k per year, likely the business also pays the mortgage.

#146 Bottoms_Up on 07.07.15 at 10:51 am

#126 BillyBob on 07.07.15 at 9:00 am
————————————————
Actually, it has been shown that in apples-to-apples comparisons, compensation in the private sector is similar or higher than in the public sector.

http://www.pipsc.ca/portal/page/portal/website/news/newsreleases/news/10302014

“The results clearly show that, when comparing similar occupations, the differences in wages between sectors are negligible. However, the report also finds widespread wage discrimination in the private sector towards women, visible minorities and aboriginal workers – a discrimination that is mitigated in the public sector only due to equity laws and the fact that a far higher percentage of public sector employees are unionized.”

#147 Jeff in Moose Jaw on 07.07.15 at 10:52 am

My ideology:

While some lust after housing, I recognize life is leased – one day it has to be returned.
So therefore it’s recommended not to waste time, experience what life has to offer and enjoy the short journey.

#148 Chris on 07.07.15 at 11:03 am

Garth, with respect, your salary numbers are way off. e.g., you say “The average cop makes $55,500.” That simply isn’t true. In Toronto, the base salary for a cadet *just starting training* is already higher than that at $58,220.

You can see the full salary chart for Toronto police here: http://www.torontopolice.on.ca/careers/uni_benefits.php

That’s just base pay, not including pension accruals, “paid duty” work, or overtime.

My error. That is for an RCMP constable. The average cop salary in Canada is just over $80K. Still not enough to get shot at. — Garth

#149 Llewelyn on 07.07.15 at 11:05 am

Methinks George Bernard Shaw was on to something when he observed;

“When the world goes mad, one must accept madness as sanity;

Since sanity is, on analysis, nothing but the madness on which the whole world happens to agree.”

Oil prices drop – the price of gas at the pump goes up

The cost of coffee beans goes down – the price of a cup of coffee goes up

GDP declines – investors view your bonds as a ‘safe haven’

The price of every thing goes up – no increase in inflation

It would not surprise me if Janet Yellen disclosed her real identity as the Queen of Hearts and announced that we have all been living in Wonderland for the last ten years.

Oh, you can’t help that,’ said the Cheshire cat. ‘We’re all mad here.”

#150 Finally on 07.07.15 at 11:08 am

I have waved the white flag.

I live in YVR and 3 years ago, I sold 2 condos and a townhouse. and started renting. I’ve been waiting for the market to correct. Now 2 kids later, I have been ridiculed and laughed at by all my friends and family as I’ve been preaching that the market doesn’t make sense, the fundamentals are not there, price to rent ratio is out of whack, when interest rates increases, prices will go down, etc. I believed so much that the market would correct, I even bet and lost my Canucks season tickets. Lucky Canucks sucked anyways, but that’s not the point.

So I have finally bought a 1.2 million dollar house, not even in Vancouver, but in Burnaby, a suburb just beside it. My RRSP, RESP and TFSA are all maxed out and I was lucky enough to have 1 million down, so I will be OK if the market ever corrects, so whatever happens now, happens.

I just wanted to say, I give up, I no longer will wait for the correction. Good luck to all that is waiting to buy a place ‘near’ YVR. Prices are insane, but I’m more insane.

A million invested should yield $70,000 per year. So that house is costing you $5,800 a month in opportunity cost, plus property tax, maintenance, insurance and a $200K mortgage – about $84,000 a year. Enjoy the burbs. — Garth

#151 Toronto_CA on 07.07.15 at 11:15 am

“the average Ontario teacher earns $83,500.” and works 9 months a year…

But still threatens work action every few years. Argh.

#152 Grantmi on 07.07.15 at 11:16 am

Every 30 minutes on CKNW.. (980 AM)

Rate cuts are coming… rate cuts are coming….

over and over again…. Zzzzzzzzzzzzzzzzzzzzzzzzzz

#153 Samantha on 07.07.15 at 11:16 am

TREB numbers are out and it looks like TO’s RE market is still on fire. I’m afraid to think what happens when BoC lowers rates again…

#154 bdy sktrn on 07.07.15 at 11:17 am

liqudity….

meaning the value of your etf’s can fall faster than water can drain from a strainer.

sure glad most of my $ is in vancity RE. easy to sell fast, but is not negative on the year/month/week. not even close.

DOW is approaching -1000 points on a tiny, insignificant, meaningless country that is ‘already priced in’

how many more +800 point losses will the DOW sustain before this over?

The Dow is up 5.45% year/year and just 4% below its all-time high. Exaggerate much? — Garth

#155 Smoking Man on 07.07.15 at 11:24 am

Bonds & Treasure’s on Fire….

Translation. No fed spke this year. And a rate cut here maybe two or just one big one next week.

My call from Feb when it was only obvious to me.

UCC my dogs..

Now if lost the mad drunck persona, wore a suite jacket. I could take this show on the road..

Nah, too much work.

Now don’t all bow to the great Smoking Man at the same time.

#156 Apocalypse2015 on 07.07.15 at 11:24 am

You might want to stifle that yawn, Mr. Turner. We should all be focussing on the disaster that’s heading down the track right at us.

The National Post says we are heading into “catastrophe.”

I agree.

http://business.financialpost.com/investing/greece-china-and-oil-troubles-are-adding-up-to-a-world-of-catastrophe-for-investors

“The important thing to know about China’s markets is that retail investors participate in them big time, and more have been piling in this year to catch a piece of the speculation. Millions became richer; now millions are getting poorer.”

“It’s not good. Shattered consumer confidence could put a further damper on Chinese growth, which means even further reduced demand for commodities. And that’s not good for Canada, eh?”

“Iran and the Western powers seem to be approaching a deal on Iranian nukes. If that happens, it could eventually unleash yet another wave of supply.”

“There’s another challenge to oil prices: Greece. Jitters in Europe are likely to fuel a flight to quality in bond markets, meaning investors will buy up U.S. Treasuries. That will push up the greenback. Oil is priced in U.S. dollars. Get the picture?”

“The Greeks, fittingly enough, had a word for it: catastrophe.”

Add it all up and we see a catastrophe that will be especially hard on Canada.

Plus, Western Canada is on fire. Ontario’s credit is diving. War looms all around. Europe is ablaze in climate-change extremis, with Italy about to follow Greece’s lead. And Putin is smiling, slightly offstage but controlling much of the show there.

Catastrophe on the way.

Actually the Post says no such thing. Their alarmist columnist does. And he’s wrong. — Garth

#157 Don Derc on 07.07.15 at 11:35 am

“Maybe I should just live in it as long as the CRA needs me to in order for it to become my principal residence (no Mike Duffy moves!) before I sell it.”

Curious….how long do you live in a condo that was a rental, to have CRA declare principal residence, and avoid paying tax on the capital gains , when you eventually sell?

I get various answers at the water cooler.

As long as they believe is reasonable. At least a year, but that may be challenged. — Garth

#158 TurnerNation on 07.07.15 at 11:37 am

FXI is a juicy buy.

#159 Holy Crap Wheres The Tylenol on 07.07.15 at 11:48 am

#139 Smoking Man on 07.07.15 at 10:29 am
Not very significant I guess.
Anyone catch the TREB numbers out today
Madness I tell you.
Long Branch on fire. Days on Market 18 and that’s only to get multiple Bids.
Who says no liquidity in Real Estate… Not in long branch.
House of South side Johnny’s. Keeps on Rocking.
____________________________________________
I was temped to fire off the Treb report and a few of these blog notes to my buddy up in Orillia. He is stuck with his cottage home at a place called Shopias Landing. 120 days on the market and nothing, nothing, not even a showing. But after some sober thought I said why rub it in. He already gets it and said he has to sit on this place until it goes. He has literally made zero dollars on it since he bought back in 2008. Yes you are correct still on fire in the big smoke. Other places its Siberia!

#160 Holy Crap Wheres The Tylenol on 07.07.15 at 11:51 am

#152 Samantha on 07.07.15 at 11:16 am

TREB numbers are out and it looks like TO’s RE market is still on fire. I’m afraid to think what happens when BoC lowers rates again…
– See more at: http://www.greaterfool.ca/2015/07/06/no-tomorrow/comment-page-4/#comment-382551
___________________________________________
Firestorm!
A firestorm is a conflagration which attains such intensity that it creates and sustains its own wind system. It is most commonly a natural phenomenon, created during some of the largest bushfires and wildfires.
Now it is a synonym for GTA Real Estate.

#161 Mike S on 07.07.15 at 11:51 am

It seems to me that Tomorrow is here for Canada:
* Oil id going down, and so is the CAD
* Ontario is Downgraded & massive overbuilding already starting to show
* NDP is on the rise

That said, I still expect Canadian economy to magically improve just in time for the coming elections. It is downward slope after that though …

#162 Marco on 07.07.15 at 11:54 am

@Leo Trollstoy

Yep looks that way. Too bad nobody has the balls to blow up this debt bubble, and normalize interest rates. It’s “not on my watch” mentality.

Lower dollar to boost exports? Exports are down because commodity demand is down.

Inflation will rise. Better love the KD
http://www.foodrepublic.com/2013/02/21/why-do-canadians-eat-so-much-kraft-mac-n-cheese/

Cheers.

#163 Cowpoke on 07.07.15 at 12:09 pm

$150k hit or a 4% cost of doing business?

#164 Grantmi on 07.07.15 at 12:09 pm

#157 TurnerNation on 07.07.15 at 11:37 am

FXI is a juicy buy.

not till it hits its 200 DMA ($43.00) and shows a recovery after that.

#165 pinstripe on 07.07.15 at 12:11 pm

An example why so many Albertans said “enough is ENOUGH”

It is interesting how and why this is showing up after many Albertans gave Rachel the mandate.

The WASTE in the political bureaucracy is massive. Why did the PC rule create the wild west business practices?

where is the wra and ctf hiding these days?

http://www.cbc.ca/news/canada/edmonton/alberta-securities-commission-will-publish-names-of-law-breaking-companies-1.3140570

#166 Mike S on 07.07.15 at 12:13 pm

“The bizarre thing about all of this is that people actually believe they’re going to be bailed out. Through a devaluation of the CAD$ (not going to happen!), or through asset prices remaining constant and not declining (not going to happen). Some are even spouting the idea that inflation is coming, which is a bunch of nonsense. Heck, our own Finance Minister is under the delusion that economic growth will magically accelerate in the 2nd half of the year, which, in the current environment of falling housing prices and rising risk premia on debt, seems about as bizarre as it comes.”

Low CAD doesn’t bail anybody as it will mean higher costs of living (as in imports) and making the monthly payments that much higher, even without rising rates. Of course failing CAD also implies rising rates down the line

Finance minister maybe delusional, but did you really expect him to say otherwise, this close to federal elections?
That said, I do expect some “magic” to happen in the second half of the year

“Another rate cut next week is my prediction (and I’ll sit out of greaterfool’s comments for a whole week if I’m wrong this time!). And no, it won’t be good for RE — that genie is long out of the bottle as prices have been declining for 2 years now.”

Why? does this week absence serves any purpose?
You risk missing some interesting events to comment on …

Early for the predictions, look for job data and CAD rate this Friday. Poloz doesn’t have to lower next week, after all going on the lowering path is admitting the economy is in serious distress. Can this really happen under Harper’s watch, this close to elections?

#167 Mike S on 07.07.15 at 12:14 pm

” the monthly payments that much higher”

should be
” the monthly payments that much harder”

#168 Cowpoke on 07.07.15 at 12:17 pm

I stand corrected. A 11% cost of doing business? Sounds reasonable.

#169 pinstripe on 07.07.15 at 12:20 pm

this morning the coffee shop will not leave the harpo policy makers alone.

Why do the senators require a renovated building to sleep during their work sessions while the existing building is being renovated?

What is wrong with a double wide ATCO trailer parked on the front lawn of the tower?

Why does the existing building require renovation when the current mob of senators do nothing in that building anyway?

the indicators are that harpo will be joining apprentice and Daniel for Christmas dinner.

#170 Andrew on 07.07.15 at 12:21 pm

There are for lease signs on office buildings everywhere in the GTA, and few new office buildings are being built. Clearly the economy is bad and sooner or later housing prices are going to go down. It does not make sense that houses cost a million dollars when there are office buildings for lease everywhere and empty shopping malls without a Target anymore.

#171 Debtfree on 07.07.15 at 12:22 pm

TD now the second bank to call recession in canada . Joe owe says NO . Which one of these two entities would you trust with your money ? I wonder if Joe actually believes the things that come out of his mouth . I wonder if anyone in canada believes anything they say anymore .

#172 George S on 07.07.15 at 12:31 pm

Robot wars, Billy Bob, etc., etc. who go on about public sector pensions.
When you sign your contract to start working in the public service you agree to the terms of your pension plan that is provided to you as part of your compensation(pay) for doing your job. There is no magic, if anyone in the private sector made the same contributions to a pension plan such as one provided by large insurance companies they would get the same pension. The key is that it is a large group of people that make the contributions into a fund so the management fees are tiny, on the order of 0.1% and they only need to count on people living to 85 years old, the average lifespan. Private companies always try to cut costs and get away with anything they can so at this point in time the wages of people working for private companies may be lower than the public sector in some areas of the country but you have to remember that Federal Public Service wages are set nationally so they may seem high in areas with lower unemployment. When individuals get bank or credit union “financial advisors” to “manage” their retirement funds they often pay 2 to 3% management fees so they can’t get anywhere near the returns necessary to end up with a good pension.

There was some mention of climate change and global warming denial etc lately in this blog. If you look at the temperature graphs of the last 600,000 years as provided by the IPCC people there are clear cycles in global temperature with ice ages and interglacial periods occurring repeatedly. 20,000 years ago there was an approximately 2km thick layer of ice over most of Canada and sea level was about 160m (420 feet) lower than it is now. Then the temperature went up for some reason and it all melted. For quite a number of years sea level went up by about 1 cm or more per year. If you overlay the temperature graph from the last interglacial warm period over the current one you will notice that it was warmer during the last interglacial and also that we are on the verge of the global temperature dropping by many degrees and another ice age starting. So there is a choice here: Do we go with the climate change prevention people and another ice age with its guaranteed f’ing up of the world, or do we go with global warming into the unknown and maybe prevent another ice age from happening?

To the religious people in today’s comments:
I was always under the impression that satan and god were on pretty good terms and would discuss things over coffee or a beer and joke around a bit and even bet on things occasionally. If you read the story about Job in the bible it seems like that was the case.

#173 Shawn on 07.07.15 at 12:35 pm

No Tomorrow… No Today

Instead what was expected yesterday (stock market decline) seems to have happened today.

Today is Yesterday?

#174 Debtfree on 07.07.15 at 12:35 pm

Marco the reason Canadians eat so much KD is because it’s got one whole ounce of sugar in every box . It’s more akin to being candy than food . And the cheese comes from Orange cows .

#175 Shawn on 07.07.15 at 12:41 pm

Should a Cottage Pay You to own It?

#158 Holy Crap Wheres The Tylenol on 07.07.15 at 11:48 am

I was temped to fire off the Treb report and a few of these blog notes to my buddy up in Orillia. He is stuck with his cottage home at a place called Shopias Landing. 120 days on the market and nothing, nothing, not even a showing. … He has literally made zero dollars on it since he bought back in 2008.

*******************************************
How rude that his cottage home refused to pay your friend to own it. Did he add any value to it since 2008 or did the building and appliances just get older?

What? is he supposed to just be satisfied that it actually cost him money to own it and have the use of it for 7 years? Why should that be allowed to cost him anything? Isn’t the cottage supposed to rise in value so that he would have it on a cost-free basis?

This is an outrage.

#176 TRT on 07.07.15 at 12:45 pm

Welcome to the $1 million club Toronto.

Anyone want to answer why only Toronto and Vancouver RE is on fire?

#177 4 AM Sunrise on 07.07.15 at 12:50 pm

#129 Elmer on 07.07.15 at 9:50 am
Sorry but there are no people earning 50k with 900k mortgages, that is impossible.

With a 50k income, and assuming you can put at least 20% down, no one will lend you more than 300k on a 30 year ammortization.

Never underestimate the power of the Bank of Mom & Dad and the bundles of cash in its vaults reserved for down payments.

#178 bdy sktrn on 07.07.15 at 1:01 pm

20,000 years ago there was an approximately 2km thick layer of ice over most of Canada
——————————————
as i explained earlier, since humans are “the only significant influence” on the atmosphere, it’s abundantly clear it was caveman farts that melted 9.46 million, gazillion, quadrillion tonnes of ice covering canada.

either that or fred flintstone’s rock wheeled car(bad mileage!)

#179 Nutze den Tag on 07.07.15 at 1:02 pm

Merkel is reluctant to pull the plug on Greece, because History may record her as the Lady who broke up the EURO.

#180 Retired Boomer - WI on 07.07.15 at 1:08 pm

#75 meslippery
#132 Broje Dick

Meslippery first. Yes, there are ways around the toll road.
However, on the day we traveled east, Indiana had as much as seven inches of rain in an area we traversed. US 20 was flooded -closed- dropped down to US 6 finer at first, then same stuff. Decided around midnight enough of this sh*t and found a motel. Took toll road next day even there high water in ditches rivers way out of their banks I-480 closed near Toledo, too.
I despise toll roads, but there ARE times when it is almost your only choice as well. Time is of the essence not money in this instance.

One might look at the strange weather, and give a hard think about climate change, and our impact on it. Not taking a public side here, just looking for the investment angle -if any…

Broke Dick – YES, meant Ford Fusion, not focus. my error!

#181 bdy sktrn on 07.07.15 at 1:10 pm

#173 Debtfree on 07.07.15 at 12:35 pm
Marco the reason Canadians eat so much KD is because it’s got one whole ounce of sugar in every box
—————————-
how hard is it to read the read the side of the box?

7g sugar.

ps if you think 7g is an ounce you’d best not get into pot sales.

#182 TurnerNation on 07.07.15 at 1:14 pm

Ha IMF just said US economy will be at risk of stalling next year if Fed raises rates prematurely.

#longbranchmillion

#183 Retired Boomer - WI on 07.07.15 at 1:14 pm

So, WHAT exactly does defaulting on your debt do?

Greece will show us if there is any sustained impact to Greece, or the rest of that silly EU will find they pay the price for fraudulent accounting, and lending.

Perhaps borrowers in the rest of the world will take note, and lenders will not lend cheap going forward.
(I should dream, huh?)

Market down again today, and don’t think this is the end of the corrective actions. Good, we need a cleansing.
China’s debt, China’s RE… hold on US & Canada look abroad to see what might be coming our way.

Dam, crystal ball is on the fritz AGAIN!!

Guess I’ll just wait and see what changes next!

#184 bdy sktrn on 07.07.15 at 1:16 pm

#173 Debtfree on 07.07.15 at 12:35 pm
it’s got one whole ounce of sugar in every box

—————————-
the ketchup i put on mine (mandatory!) has far more sugar than the kd.

#185 Mark on 07.07.15 at 1:18 pm

“Anyone want to answer why only Toronto and Vancouver RE is on fire?”

They’re the only two cities in which you have a subset of really rich people, and such a significant stratification of the types of RE available. Leading to the ability of the sales mix to change so significantly.

Contrast such with say, Regina or Saskatoon. Where most housing units are SFH, land is abundant with few distinguishing geographical features, there is no premium on certain locations because it takes 20 minutes to drive anywhere in the city, and there are relatively few really rich people.

Prices in both Toronto and Vancouver are generally falling on individual identical properties. Its the shift to the sales mix that has mostly created the upwards movement in the transactional averages. So RE is not “on fire” in either Toronto/Vancouver for the average resident who owns one property, or maybe two or three at best.

#186 Joe2.0 on 07.07.15 at 1:18 pm

The market just went from -1% to even on guess what economic news….
IMF advises against a FED rate hike.
They know it’s game over once rates raise.
And it is.

Not the reason, as this is old news and everyone knows the Fed couldn’t care less about the IMF. — Garth

#187 Musty Basement Dweller on 07.07.15 at 1:31 pm

I doubt that poloz will cut rates this time. Now that so many people are predicting it that would be no fun for him. He would rather appear to be a great leader who knows better than the masses.

#188 bdy sktrn on 07.07.15 at 1:32 pm

How rude that his cottage home refused to pay your friend to own it. Did he add any value to it since 2008 or did the building and appliances just get older?

This is an outrage.
———————————————
he bought in the wrong place.

our oceanfront cottage with beyond stunning views is about 1 hr from dt van. we got it for 86k in 2004. bare land then, added a dock, 4 different decks and some stairs. (but the diving board has been the most used -have been ocean swimming since april) our input about 60-70k plus my labour.

total about 150k into it, should sell for 250-300k if needed, but i would not take 500k. the kid gets nothing from the city house but gets to keep this place. as will her kids.

it’s truly a slice of heaven

#189 Shawn on 07.07.15 at 1:37 pm

Bank of Mom and Dad Explained

The parents of young couples today only had an average of about two children, compared to more like four in the past.

These older Moms and Dads now want grandkids.

When people had four or more children, grand children were pretty much a given.

But with one tow or even three children, it is no longer a given.

If young couples are hesitating to have kids due to housing costs and career pressures and if their parents have the money then they are going to help out.

In summary older people have the money and want grandkids and will pay to make it happen.

Judge it how you will. But that is part of the reality today.

#190 Nagraj on 07.07.15 at 1:42 pm

“No Tomorrow”

– skipping over GT’s overly blase (supply your own accent) take on other countries . . . if you weed out the modish flippancy in the sentences concerning Canada what you read is stuff that does indeed seem to justify the title “No Tomorrow”. Certainly no tomorrow for Cons.

Yawning Contest
GT on Greece, Europa and Zhongguo: Yawn yawn yawn
GT’s SHADOW on the Notley win: Yawn
Mulcair win: Yawn
Oil price: Yawn
Poloz&Lazarus: Yawn
TSX: Double yawn
Condoronto: Yawn
Dollaranada: Yawn
Harper sings. Vomit.

Moving on – this blog has yet to explain house-horniness, Kool-Aid drinking, etc., in terms other than deluded, nuts, stupid, crazy, innumerate, irresponsible, misinformed, etc.
The closest thing to a non-pejorative explanation has been GT’s perfectly common-sensical observation that really cheap money breeds mindless borrowing.
But that explanation wants some context – oh yawn.

#191 tkid on 07.07.15 at 1:48 pm

Garth, if you get in as the NDP’s Finance Minister, I might actually vote for them!

And we will all get ponies. — Garth

#192 bdy sktrn on 07.07.15 at 1:48 pm

east van/comm drive supply report

with the sale of the 1.4m infill on a small lot there are now ZERO listings for the local hood (bounded by comm,1st,nanaimo,adanac) never ever seen it this low.

about 100 blocks of 25 houses per and NOT A SINGLE LISTING. nothing much has stayed on the market for over a week for the last several years.

closest is a big old rotting house on a LOUD psuedo-freeway (1st ave) asking 1.65m.

nice rebound in the dow, who was panicking earlier?!?!?

———————
fyi – tried to pull the ‘norberts gambit’ thingy with rbc action direct for a usa land purchase – worked flawlessly

#193 Bottoms_Up on 07.07.15 at 1:51 pm

#171 George S on 07.07.15 at 12:31 pm
——————————————————
No one’s arguing about the cycles of earth’s climate over ancient history.

We (humans) are responsible for a rapid increase in global temperatures (at a rate never seen before). Shouldn’t we (humans) do something to mitigate that, regardless of whether we may actually be tempering the effects of the next ice age?

#194 gut check on 07.07.15 at 1:54 pm

Soliciting opinion from the dogs:

So I am in the market – trying to find something that fits my particular needs which I admit are slightly challenging. I’ve been working with an agent on and off for about a year now. I think he’s getting fed up although I have mixed feelings about his attitude – it’s not like I bother him very often but on the other hand I’m not an easy client in that I don’t have a cookie-cutter picture in my head that he can easily read. Anyway, here’s my question:

I asked him to start sending me those daily updates of new listings and he was really, really resistant and defensive about it. it’s been a couple of days and nothing has shown up in my inbox.

Similarly I asked for Sold comps on two properties a while back and he said he would send them but didn’t. He didn’t offer comps on the only property I put an offer in on (fell through on inspection).

Opinions?

#195 Bottoms_Up on 07.07.15 at 1:55 pm

#150 Toronto_CA on 07.07.15 at 11:15 am
—————————————————
Actually that would seem to be the average salary of high school teachers, as elementary teachers top out in the 80k’s?

And they actually work for 10 months a year, but do have a nice vacation package, reminiscent of typical vacation for all workers in many European countries.

#196 4 AM Sunrise on 07.07.15 at 1:56 pm

“They have little or no equity in their homes, and yet the banks continue to fork money over like there’s no tomorrow.”

When I read that I keep thinking of “Tomorrow Belongs to Me” from “Cabaret”, as if bankers are singing it to make themselves believe that this house of cards won’t collapse: https://www.youtube.com/watch?v=MQpXSsNeAY0

Anybody who wants to know about the song’s context, go here: http://www.newlinetheatre.com/cabaretchapter.html

#197 gut check on 07.07.15 at 1:57 pm

@ #174 Shawn
that was hilarious. :)

#198 bdy sktrn on 07.07.15 at 2:07 pm

#180 bdy sktrn on 07.07.15 at 1:10 pm
#173 Debtfree on 07.07.15 at 12:35 pm
Marco the reason Canadians eat so much KD is because it’s got one whole ounce of sugar in every box
—————————-
how hard is it to read the read the side of the box?

7g sugar.
——————–
ok . i’m the stupid one here. 7g/serving. not whole box.
sorry, my bad.

#199 Godth on 07.07.15 at 2:21 pm

#189 Bottoms_Up on 07.07.15 at 1:51 pm

If we stop burning fossil fuels industrial civilization collapses. All the ‘benefits’ go poof, including the population that’s over 7 billion. Before you go off into technological Jesus mode…
https://www.youtube.com/watch?v=TGLC59rCCDc

Our whole way of life is completely dependent on burning fossil fuels…
https://www.youtube.com/watch?v=nJxmlNyu4sE

…and entropy grinds away.

We’re trapped.

#200 Has anyone seen this? on 07.07.15 at 2:36 pm

http://www.theglobeandmail.com/report-on-business/international-business/asian-pacific-business/chinas-stock-market-turmoil-continues-despite-government-measures/article25312776/

(Nope. No govt intervention here. Free markets world over)

#201 Sally Mason on 07.07.15 at 2:37 pm

The Canadian dollar to the U.S. dollar is now 79.43 cents. It looks like the Bank of Canada and export businesses want a much lower Canadian dollar.

In the late 1990’s to around 2001-2002, the Canadian dollar kept falling hit around 62.5 cents to the U.S dollar and it seems we are going closer to that way.

The Bank of Canada will not be like Russia and raise interest rates with a sudden jump of 5% point or even 0.5%, 1% point.

The Bank of Canada can sell U.S. dollars and do it that way. They want the borrowing binge to continue and let real estate keep going up and up.

They can also simply create Canadian currency and buy Canadian dollars too. A sort of QE for the currency.

Right now, they don’t want to defend the Canadian dollar versus U.S dollar.

It is like the U.S. government kept stating that they have a strong dollar policy but we all know that their actions spoke louder than their words.

Central banks did it with buying their government bonds. They have many tricks in their hat. They are monetary central bank tools to manipulate the bond, currency markets which spill over in other markets, Canadian real estate, pump it up!

#202 Mark on 07.07.15 at 2:41 pm

“If young couples are hesitating to have kids due to housing costs and career pressures and if their parents have the money then they are going to help out.”

Sure, nobody doubts that. I even know a few single girls getting into their mid 30s who were basically ordered by their mothers to get pregnant, a relationship with the father be damned. Entirely bankrolled by them.

However, this isn’t showing up in the stats for higher downpayments (downpayments are dismal!!). And every dollar ‘given’ as an early inheritance (and let’s face it — that’s exactly what this is — an early inheritance) is one less dollar they’ll be receiving later on.

In fact, at this point, the boomers, who are overwhelmingly weighted towards bonds and RE investments, should be awfully worried that both simultaneously go up in smoke. After all, its very historically unusual for the elderly to be significantly wealthy, and its doubtful the Millennials (the few with any money) will buy bonds in any significant amounts at their long-term peak.

#203 A pony for a vote on 07.07.15 at 2:56 pm

Since Shawn has come back he has not mentioned the Buffet once.
Must be born again.

#204 Bottoms_Up on 07.07.15 at 3:01 pm

#193 gut check on 07.07.15 at 1:54 pm
—————————————————
I’d be finding another agent, ASAP. If you signed a ‘BRA’, you could inform him in writing that he breeched the duties of his contract by not supplying you with pertinent market information in a timely fashion. That should serve to protect your butt in court.

#205 Leo Trollstoy on 07.07.15 at 3:03 pm

Prices in both Toronto and Vancouver are generally falling on individual identical properties. Its the shift to the sales mix that has mostly created the upwards movement in the transactional averages. So RE is not “on fire” in either Toronto/Vancouver for the average resident who owns one property, or maybe two or three at best.

A simple Google search shows this to be incorrect.

After accounting for sales mix, real estate prices in Toronto are still increasing.

#206 Leo Trollstoy on 07.07.15 at 3:07 pm

TREB numbers are out and it looks like TO’s RE market is still on fire. I’m afraid to think what happens when BoC lowers rates again…

Complete insanity

#207 Leo Trollstoy on 07.07.15 at 3:10 pm

My error. That is for an RCMP constable. The average cop salary in Canada is just over $80K. Still not enough to get shot at.

This is Canada. The odds of getting struck by lightening are higher.

Insensitive, and wrong. — Garth

#208 Marco on 07.07.15 at 3:15 pm

@Shawn
Exactly.

Living through the KD years. Some tasty recipes:

http://www.kraftrecipes.com/recipes/dinner/macaroni-and-cheese-recipes.aspx

Enjoy.

Kraft Foods stocks should do well. Especially now that they are eliminating artificial dyes.

Cheers!

#209 Washed Up Lawyer on 07.07.15 at 3:20 pm

As a Seventh Day Horizontalist (I stay flat on my back on Sunday mornings) it was nice to drop into the Church of Hon GT today.

Because this song includes old dogs, new tricks, wars, smokes, millionaires, blondes, redheads, divorce, cutting the kids out of the will and obituaries, I like to visit it once in a while.

god is great, beer is good and people are crazy

alberta has shaped me somehow

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

#210 S.Bby on 07.07.15 at 3:24 pm

Traffic increases caused by a building boom and the associated construction workers:

http://www.cbc.ca/news/canada/british-columbia/highway-1-on-north-shore-seeing-increased-traffic-due-to-construction-boom-1.3140615?cmp=rss

#211 Mark on 07.07.15 at 3:34 pm

“A simple Google search shows this to be incorrect.”

Actually a simple search would lead you to that CIBC article which thoroughly proves the shift to the sales mix as being the driving force. So nice try, but I guess you’re living up to your nick again, “Troll”.

#212 Renter's Revenge! on 07.07.15 at 3:39 pm

Re: Cottage Outrage

Actually, it should be an outrage when a cottage goes up in value because when it gets passed down from one generation to the next, capital gains tax is owed on the increase in value, even when it wasn’t actually sold (deemed disposition *snort*) and nothing about it has physically changed. It can be a pretty hefty sum to fork over to the CRA in some cases. Let’s all hope cottage values go down over time from now on! *fingers crossed*

#213 lee on 07.07.15 at 3:42 pm

Does anyone know to what extent tear downs impact the 14 % increase in Toronto SFH prices in June? A tear down will sell in 2014 for say $800,000, be rebuilt and then sell in 2015 for $2,400,000. That is a 200% increase year over year, but of course, does not reflect what the price increase is on homes that are not torn down or substantially renovated? I assume the boards include these properties in the “average increase”. I imagine this would increase the average price increase a lot since one property would account for 40-50 normal properties’ yearly increase in value. Can’t find it on the board’s website, other than a general comment that upper end properties have had a disproportionate impact on the year-over-year increase. Anyone?

#214 S.Bby on 07.07.15 at 3:53 pm

#149 Finally:
Interesting that you posted the exact same thing on the inactive VancouverPriceDrop blog a week or two ago. You obviously frequent the bear blogs so why now post about buying a property in Burnaby? I smell a realtor here.

#215 gladiator on 07.07.15 at 3:53 pm

Hmmm… Having been raised on Eastern European cuisine, I never had the opportunity to taste KD. Now, I’m intrigued! Will buy some for a tasting session. Hopefully my palate likes it. What drink do you pair it with?

In my studies in the USA, in a marketing class, I had a case study about Thunderbird (what’s the word?). I tried it and maaan, that was so baaaaad!

#216 Joe Olifool on 07.07.15 at 3:54 pm

“Slow Canadian economy could be spurred by U.S., Joe Oliver says” – http://www.cbc.ca/news/politics/slow-canadian-economy-could-be-spurred-by-u-s-joe-oliver-says-1.3141461.

What a sad joke.

#217 BillyBob on 07.07.15 at 3:55 pm

Bottoms_Up on 07.07.15 at 10:51 am
#126 BillyBob on 07.07.15 at 9:00 am
————————————————
Actually, it has been shown that in apples-to-apples comparisons, compensation in the private sector is similar or higher than in the public sector.

http://www.pipsc.ca/portal/page/portal/website/news/newsreleases/news/10302014

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

Ah yes. The Professional Institute of the Public Service of Canada has found that the wages of public servants is actually, quite on par with that of the private sector. lol

Thanks for the link. Very credible. hahaha!

Incidentally, my opinion is not based towards either the public nor private sector in Canada, as I work outside the borders for a non-Canadian company. All I can say is, Canada’s extreme lack of productivity will come home to roost sooner or later. Probably sooner, judging by the economic reports lately.

There are some good, decent people in public service, to be sure. But I have family members working in such areas as education and law enforcement, and when I hear the first-hand accounts of the sheer entitled, unproductive waste that accounts for many a public salary, I can say that I won’t shed a single tear when it collapses under it’s own weight a la Greece.

I love getting paid in USD. Just look at that CAD collapse!

#218 Broke Dick on 07.07.15 at 3:56 pm

#180 bdy sktrn on 07.07.15 at 1:10 pm
#173 Debtfree on 07.07.15 at 12:35 pm
Marco the reason Canadians eat so much KD is because it’s got one whole ounce of sugar in every box
—————————-
how hard is it to read the read the side of the box?

7g sugar.

ps if you think 7g is an ounce you’d best not get into pot sales.
——————————–
7g per serving= 1/4 box

he got ya!

Stick to real estate, your still batting 1000 with your calls.

#219 Broke Dick on 07.07.15 at 4:03 pm

#193 gut check on 07.07.15 at 1:54 pm
Soliciting opinion from the dogs:

So I am in the market – trying to find something that fits my particular needs which I admit are slightly challenging. I’ve been working with an agent on and off for about a year now. I think he’s getting fed up although I have mixed feelings about his attitude – it’s not like I bother him very often but on the other hand I’m not an easy client in that I don’t have a cookie-cutter picture in my head that he can easily read. Anyway, here’s my question:

I asked him to start sending me those daily updates of new listings and he was really, really resistant and defensive about it. it’s been a couple of days and nothing has shown up in my inbox.

Similarly I asked for Sold comps on two properties a while back and he said he would send them but didn’t. He didn’t offer comps on the only property I put an offer in on (fell through on inspection).

Opinions?

+++++++++++++++++++++++++++
Maybe he no longer wants you as a client and he is hoping you will ditch him?

possible

#220 BillyBob on 07.07.15 at 4:04 pm

My error. That is for an RCMP constable. The average cop salary in Canada is just over $80K. Still not enough to get shot at.

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

No sequitur. Obviously there is no amount of compensation adequate for getting shot at. Thus using the possibility of physical harm as justification for ever-higher wages is an emotional one, not a logical one.

Coming from a family of law enforcement and military, at the risk of also being labeled insensitive, there are occupations more physically hazardous that pay less.

#221 Smoking Man on 07.07.15 at 4:06 pm

Tylonal, I may be there on Sunday. I too have a buddy there, shit investment for sure.

If I go , I’m bringing the boat.

#222 Broke Dick on 07.07.15 at 4:08 pm

#201 Mark on 07.07.15 at 2:41 pm
“If young couples are hesitating to have kids due to housing costs and career pressures and if their parents have the money then they are going to help out.”

Sure, nobody doubts that. I even know a few single girls getting into their mid 30s
++++++++++++++++++++++++++++

Mark stop right there. I’ve read so much of your BS my eyes turned brown.
But this last comment is beyond belief.
There is no way you know any single girls unless it’s through a chat room.

#223 bdy sktrn on 07.07.15 at 4:12 pm

9-10 ppl/yr killed by lightning in canada

about triple the number of cops fatally shot (2 so far this year)

#224 cynically on 07.07.15 at 4:22 pm

To TRT #175 – one city is for business, “culture” and size and the other for laid-back tranquil beauty. You figure which description fits which city and Garth, please close your eyes. Foreigners choose one or the other.

#225 bdy sktrn on 07.07.15 at 4:29 pm

#217 Broke Dick on 07.07.15 at 3:56 pm

7g per serving= 1/4 box

he got ya!

Stick to real estate, your still batting 1000 with your calls.
——————————–
ya, well, i’m usually better at the straight math than the RE predictions but i think i got mixed up on 2 accounts….

1. one box is a serving size for a heifer like me!

2. mmmmmmm… sugar.

#226 Marco on 07.07.15 at 4:35 pm

#180 bdy sktrn on 07.07.15 at 1:10 pm
#173 Debtfree on 07.07.15 at 12:35 pm
Marco the reason Canadians eat so much KD is because it’s got one whole ounce of sugar in every box
—————————-
how hard is it to read the read the side of the box?

7g sugar.

ps if you think 7g is an ounce you’d best not get into pot sales.
——————————–
7g per serving= 1/4 box

he got ya!

Stick to real estate, your still batting 1000 with your calls.

Too funny!

Yep 28 grams a box. .987 ounces round it up.
Yet it states 6g – 7g prepared.
I’m guessing that means it’s healthier to eat KD raw.

That way you can also save on rising energy costs.

Cheers.

#227 Leo Trollstoy on 07.07.15 at 4:40 pm

The odds of getting struck by lightening are higher.

Garths comment made me curious.

Latest data I found was 2012. 0.5 homicide related deaths per 100,000 people. Downward trend since the early 1970s.

http://www.statcan.gc.ca/pub/85-002-x/2014001/article/11925/c-g/c-g03-eng.gif

I also didn’t know that most violent crimes in Canada actually don’t involve firearms. That was surprising to me.

“Firearm-related violent crime accounted for 2% of all victims of violent crime in 2012, a proportion that has remained stable over the past four years. For the large majority (81%) of victims of violent crime, there was no weapon present during the commission of the offence.”
http://www.statcan.gc.ca/pub/85-002-x/2014001/article/11925-eng.htm#a1

I agree the comparison to lightening strikes was insensitive. Apologies to those who were offended. However, I was curious at those odds as well. So for others who may also have been curious Environment Canada says the odds are “one in a million”.

http://barrie.ctvnews.ca/lighting-up-the-sky-2-400-lightning-strikes-hit-last-night-1.1928802

My mistake.

#228 bdy sktrn on 07.07.15 at 4:46 pm

correction: heifer=fat old bull

yeah, i’m not a farmer.

——————–
o/t i’ve got a second batch in progress in the ‘norberts’ thing.

got a pile of ry.to just before close. now it’s just ry.
sell at open or get greedy and hold if it stays green with a tight stop?

#229 Debtfree on 07.07.15 at 4:50 pm

Joe Oliver citing the Greek Crisis as to why our economy is in the funk . He’s going all zerohedge on us . Ottawa drama .

#230 bdy sktrn on 07.07.15 at 4:59 pm

#220 Smoking Man on 07.07.15 at 4:06 pm

If I go , I’m bringing the boat.
————————–
i think ive burned through a dozen (small 5gal)tanks already this year. prob been out 20+ times, last week was sublime.

btw boating in cali is ugly/boring as sin compared to bc/wa, just a longer season but get ready for the open ocean.

#231 Investorz on 07.07.15 at 5:08 pm

Watch Joe Oliver talk about our fragile economy.
Do you really think he’ll be increasing rates? No way. Rates are going down and this will push us into the last phase of the debt orgy.

http://www.bnn.ca/Video/player.aspx?vid=651704

#232 devore on 07.07.15 at 5:13 pm

#106 Gregor Samsa

The premise of Garth Turner and this blog is essentially that the Banksters always win, so you should throw your lot in with them and try to eke out a marginal profit for yourself so at least you’ll be one step above your neighbours who are down to eating cat food due to the economic woes artificially imposed upon us.

No it isn’t actually, but what is so bad about that? What is so wrong about picking the least bad options out of all the bad ones? Should we just sit around and do nothing waiting for some societal collapse, or should we try to do the bare minimum to improve our lot in life?

Investing is not about becoming wealthy. It is about preserving what you have worked hard for. No one got rich investing (outside of essentially lottery winners). To become wealthy, you will need to do something drastic with your life. Start a business, develop that idea you’ve had since childhood. Educate yourself and gain valuable skills. Relocate to where the opportunity is. In other words, you need to take a big risk, and work hard. And it may not pay off, but nothing in life is free, and nothing worth having is easy.

#233 bdy sktrn on 07.07.15 at 5:17 pm

#211 Renter’s Revenge! on 07.07.15 at 3:39 pm
Re: Cottage Outrage
… capital gains tax is owed on the increase in value, even when it wasn’t actually sold (deemed disposition *snort*) and nothing about it has physically changed. It can be a pretty hefty sum to fork over to the CRA in some cases.
————————————-
is the answer to this problem to ‘sell’ the place to the kid asap or at 18yo so they ‘own’ the gain from then on?

#234 Smoking Man on 07.07.15 at 5:39 pm

#229 bdy sktrn on 07.07.15 at 4:59 pm
#220 Smoking Man on 07.07.15 at 4:06 pm

If I go , I’m bringing the boat.
————————–
i think ive burned through a dozen (small 5gal)tanks already this year. prob been out 20+ times, last week was sublime.

btw boating in cali is ugly/boring as sin compared to bc/wa, just a longer season but get ready for the open ocean.

Not happening , they called and wanted me to start on Monday, got contractural obligations, can’t start till Aug. So its gone to a local..

Damn, had my apt picked out, one block from the beach.

Such is life.

#235 Marco on 07.07.15 at 5:39 pm

@Gladiator

“Hmmm… Having been raised on Eastern European cuisine, I never had the opportunity to taste KD. Now, I’m intrigued! Will buy some for a tasting session. Hopefully my palate likes it. What drink do you pair it with?”

Pair it with any Two buck Chuck
http://www.traderjoes.com/fearless-flyer/article/433

Cheers.

#236 George S on 07.07.15 at 5:57 pm

#192 Bottoms up:
“We (humans) are responsible for a rapid increase in global temperatures (at a rate never seen before). Shouldn’t we (humans) do something to mitigate that, regardless of whether we may actually be tempering the effects of the next ice age?”

We actually don’t know if it a “never before seen rate” because the ice core proxy temperatures are presented as a hundreds of years average temperature smoothed curve to make the graph more readable. Besides if we can prevent an ice age and everybody and everything dying in Canada and all northern latitudes why wouldn’t we? It is not just Canada that gets wrecked with an ice age. Most of the rest of the world was a desert. The global warming/climate change scenario is pretty bad but when you look at what we know is going to happen with glaciation it appears to be far worse.

Technically KD is almost 100% sugar. All of the noodles are mostly starch which is a polymer of glucose that is almost instantly digested and actually enters your bloodstream faster than normal table sugar does. One of the reasons for the outstanding flavour is that they use good aged cheddar for the cheese powder.

#237 gut check on 07.07.15 at 6:00 pm

@ Bottoms Up & Broke Dick

thanks for the replies. No BRA – he never asked for one which has been nice. He’s old-school which I also like.

I did wonder if maybe he was trying to shake me which is why I was asking, actually. I’m happy to let him off the hook if that’s what he wants but I can’t tell if it is.

Oh well – I’ve got a scheduled showing with him for tomorrow. I’ll see how that goes and speak frankly with him if the weird vibe is still in the air. Also if I want to make an offer on this place I’ll be firm on the current comps this time.

Cheers & thanks again.

#238 I'm stupid on 07.07.15 at 6:04 pm

I’m thinking of going long on Greek banks. Am I stupid, crazy or the smartest guy in the room?

#239 Shawn on 07.07.15 at 6:11 pm

Oh Really?

Devore at 231 said:

No one got rich investing (outside of essentially lottery winners).

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

Depends what you call rich but PLENTY of people have amassed at least $2 million in investible assets though investing by age 65. And a few are well above that simply through investing say 10 to 15% of their incomes over 30 or 40 years.

Often these are people with at least some pension income and so this money is often available for spending over and above the basics or just keeps building up for an eventual inheritance or charitable gift.

Charlie Munger has said that if you invest 10 or 15% wisely over a working life you can’t help but get rich. But what does he know?

#240 Leo Trollstoy on 07.07.15 at 6:31 pm

Mark stop right there. I’ve read so much of your BS my eyes turned brown.But this last comment is beyond belief.There is no way you know any single girls unless it’s through a chat room.

Busted.

#241 Greek the Jimmy on 07.07.15 at 6:33 pm

#36 LLewelyn— History lesson?? You better keep reading. 1974 was the year our Government (Against our constitution mind you) stopped borrowing from the Bank of Canada INTEREST FREEE! and started to borrow from the chartered banks AT INTEREST! DING DONG your stories WRONG. Debt based money. Got gold- You have been told.

#242 Renter's Revenge! on 07.07.15 at 6:33 pm

#232 bdy sktrn:

is the answer to this problem to ‘sell’ the place to the kid asap or at 18yo so they ‘own’ the gain from then on?

————————————————————–

No. It will just make the capital gain that much bigger when the kid passes the cottage on to the grandkid. Also, if you “sell” it to the kid for a dollar now, you still pay tax on the gain between your cost basis and the current market value, and then when the kid passes it on, the CRA will assess tax on the gain between the kid’s cost basis (which was $1) and the market value at the time, which means double capital gains tax! Damned if you do, double damned if you don’t.

The only way out of this is to immediately declare the cottage as your principal residence, and rent a place in the city. Which is actually not a bad idea now that I think about it, and in fact, I believe it’s what our honourable host is doing (renting in the big smoke and chillaxing at his cottage all summer in Lunenburg, amiright?).

#243 Greek the Jimmy on 07.07.15 at 6:38 pm

Billy Bob- No one is forcing them to sign up. Defending our freedom from the bankers.

#244 devore on 07.07.15 at 6:41 pm

#238 Shawn

Depends what you call rich but PLENTY of people have amassed at least $2 million in investible assets though investing by age 65.

And have earned double that over their working life. What you are talking about is a couple million, simple saving, roughly inflation-indexed. This is not going to catapult anyone into the “wealthy” ranks, ex the 1%ers, which was the contrast the post I was responding to was making.

#245 devore on 07.07.15 at 6:44 pm

The point was, if you’re just doing the same thing the guy next to you is doing, and expecting to become a multi-millionaire before you retire, you’re going to be very disappointed.

#246 bdy sktrn on 07.07.15 at 6:44 pm

All of the noodles are mostly starch which is a polymer of glucose that is almost instantly digested and actually enters your bloodstream faster than normal table sugar does
————————————-
mmmmmmmmmmm glucose polymer.

when 9 kids needed lunch last wknd and we ran out of real food the moms did 4 boxes plus a box of fresh tortellini and a handful of tiny potatoes with fresh herbs topped with crumbled potato chips and more cheese, then baked.
everyone loved it.

me, i like it straight up, ketchup and fresh pepper.

god bless kd and all its polymers.

#247 Bottoms_Up on 07.07.15 at 6:48 pm

#235 George S on 07.07.15 at 5:57 pm
——————————————
Dont you think that is a little “far sighted”? I mean whats the point of purposely warming the planet to prevent an ice age that humans wont be around to see? Arid lands and forest fires and acidic oceans arent the greatest fertile grounds for producing food to feed our population…

#248 Debtfree on 07.07.15 at 6:50 pm

@237 are any of those Greek banks part of an etf . I think Garth might approve if they are and you bought them that way . Or are you just goofing around like the finance minister ? I’m with Joe , we should all just sit around and see what happens .

#249 Washed Up Lawyer on 07.07.15 at 7:04 pm

Let’s get ready to scroll unless you are interested in New Brunswick employment, small time track meets, Vancouver real estate and unbelievable bronc riders from Tejas. Let me knock them off one at a time.

Track meets and New Brunswick employment. No sane Canadian city would bid to try and attract a track meet. Fort McMurray did with the Western Canada Summer Games which open a month from now. Great. Spend money we do not have, inconvenience the local populace, and create traffic chaos. This would never occur in a “World Class City”.

So, as part of it, Ft. McM. is undergoing a beautification project consisting of ripping up and replacing all of the sidewalks on Franklin Avenue. The beautification project is not working. I stopped to chat with a concrete finisher and he is from N.B. He is with Raiders out of Edmonton. A big contract. He tells me that the two biggest employers of folks from N.B. are Raiders and Irving (the ship building division with the big contract to make naval vessels). Interestingly, Irving held a job fair here in Ft. Smoky to have East Coast folks with trade tickets return home to build ships.

Never allow your politicians to strive to hold a track meet. Toronto would never be so dumb as to try that.

Vancouver real estate. This is my last comment until about August 10 when I return from a weekend in Vancouver. I will gather a datum for those interested, namely my sister’s house.

Finally, on the subject of bronc riders and the Calgary Stampede, if you can stifle your contempt for the torment of animals, pull for Will Lowe in the bareback bronc competition. A 5′ 4″ strip of rawhide with a left arm the size of Hulk Hogan’s. Nearing the end of his career. I hope he makes the finals on Sunday which are usually shown on CBC. The gals dig him more than me even though I tower over him at 5′ 7″. My fave bronc rider ever.

I apologize for the prolix comment. Nothing further until I return with a datum on Vancouver real estate about the 10th of August.

#250 espressobob on 07.07.15 at 7:45 pm

#110 Randman

Marc Faber is an idiot. He runs a paysite. Ever wonder why?