In the bag

CAT BAG modified

Want to feel superior to all the poor souls who write me? Sure ya do. Let’s dive into this week’s mail bag.

“A co-worker recommended I contact you with regards to what is left over from the sale of our cottage,” says Miranda. “It isn’t a substantial amount, but it does represent an opportunity that I would like to gently nurture into something worthwhile.

“We have choices – pay down the mortgage, a TFSA, major renovations to the house which would be awesome, and/or what we are currently doing is letting it sit in the bank doing nothing. Eventually, enough weekend getaways and small purchases, I know it will be gone. Currently, my husband is not working, and that is making it even harder for him to agree to anything. I believe we can live on one income for the time being and still be able to do the renovations and live well without squandering our hard earned nest egg. Would you be willing to set us in the right direction?”

Sure. This is easy. The fact your husband’s unemployed should be the overriding factor. Your finances are uncertain, and while you can live on one income (for a while) it’s hardly the time to be throwing money at an awesome home reno you obviously don’t need. Forget that.

As for paying down the mortgage, why? It’s won’t reduce monthly payments and will increase equity in an asset that probably constitutes most of your net worth. Nope. Too much concentration risk. Besides, if the home loan has a rate of 3% or less, your money can work harder inside a tax-free account.

So, yeah, that’s the best choice. Between the two of you there’s close to $100,000 in contribution room. Stick the cash in there, invest it according to the balanced-diversified mantra of this blog, and don’t even think about taking it out for home improvement. Job one is finding work.

Next!

Here’s Bogdan, 35 years old, with wife and family – an immigrant dude smart enough to start reading this blog four years ago when he came here. And what says ‘Canada’ better than ‘GreaterFool’?

“We live in Vancouver. At the moment me and my wife have our TFSA maxed out (almost 70k invested in ETFs , preffered shares or other stocks) and also opened a RRSP this year for me (aprox 11k). We also have some cash (25k) in our banking account.  We also have a 2y old daughter. Between both of us we make aprox 100k. I am thinking in investing into house as an investment not to live in. One location that I have in mind is Nanaimo. If you could provide an opinion it would be great. I am sure that there are some other people interested in learning how to invest in real estate.”

Bogdan, baby, your total net worth is only about $100,000 and you’re considering blowing it all on a house in Nanaimo? That you won’t live in? You’ve done great since getting here, so don’t blow it now.

For starters, buying a house in Diana Krallville is not an investment. It’s a folly. You’ll never get a positive ROI from rent, and there’s no promise of future capital gains. Moreover, there are closing costs, commissions, insurance, maintenance, property taxes and evil, weird tenants to deal with. Putting all of your net worth into a single asset means no balance, no diversification. And how about your kid? Should you not be responsibly starting an RESP for her instead of subsidizing some biker-renter on the Island?

Finally, have you been to Nanaimo? Best strip clubs on the coast. So I’m told.

By the way, Bogdan, you should check out this note, from Jennifer – also in Vancouver.

“The absolutely insane is absolutely normalized here. It’s scary. Hubby and I (late 30s proper professionals) earn $245k gross, have no debt, won’t buy into Vancouver, and regularly get told we need to buy a detached house in Vancouver now.  All of our colleagues, professionals in their late 30s/early 40s earning $200k+ together, that have bought into Vancouver have only done so with family $ or they bought in over 10 years ago and reaped the rewards. We could be jealous of that, but then again our housing costs all in account for about 8% of our gross income. We sleep at night, save and invest like crazy, and don’t think twice when booking a vacation. Yet we’re considered the crazy ones here. Are we?”

Crazy like foxes, Jen. Keep earning, investing and waiting, debtless. Your day of retribution will come.

Meanwhile in Toronto, Ethyl and Jonnas already have real estate but because it’s rutting season and juices are flowing, they want more.

“Hey Garth, my wife and I (47 & 48)  wondering if you could share some thoughts on a decision we are contemplating….we own a home in Toronto – paid it off a while ago and have built up value in our other various investment accounts nearly equivalent to the value of the home.  We are thinking about a 2nd property in Collingwood….as we love it there on weekends ski/hike etc (it’s  4-season..could likely be a retirement home for us).   Would mean about 100k loan using some cash and other short term investments we have.  But…the market there is nuts too.  Sales in a few days, listings with multiple offers…..we have said repeatedly we will offer only where we feel there is good value.   We don’t expect too much in terms of investment return.  Should we just drop that pursuit entirely and continue to rent when we need to?”

It’s hard to find a more efficient place to flush away money than a cottage. But people continue to do it. Sales are up about 5% in the region year/year while listings are down almost 20% – resulting in quick sales and the occasional bidding war as the males lock antlers.

Cashing in your investment portfolio as well as adding new debt to get a place you might spend 20 weekends in (or 13% of the year) is hardly rational – unless you have a seven-figure portfolio salted away on the side. Trying to justify it as a “likely retirement home” two decades from now is lame. Nobody wants to retire in the rocks outside of Collingwood. Trust me. And once real estate markets turn, it’s the recreational segment that is squished the earliest, and the hardest. You’re far better off from a net worth and risk standpoint to rent.

There is no ‘good value’ among the pines, unless you’re a beaver.

163 comments ↓

#1 the Jaguar on 04.26.16 at 6:29 pm

Garth, you are going to get ‘MAIL’ about slamming Nanaimo. Even I have heard it did have a reputation for biker gangs, and of course nobody likes to acknowledge the rain or nearby demographic of Parksville or Qualicum. It would be interesting to know what smaller community outside the major cities might be voted ‘best place to get away from metropolis’. Every locale has its attractions and detractions, after all. Where does one flee when as far as one can see it is ‘Gotham City’?

#2 TurnerNation on 04.26.16 at 6:30 pm

Fed tomorrow? I call no hike in election year. People need bread and circuses.

#3 Panhead on 04.26.16 at 6:32 pm

It’s hard to find a more efficient place to flush away money than a cottage.

Never had a boat eh?

#4 Doug t on 04.26.16 at 6:33 pm

Second

#5 Departure Bay on 04.26.16 at 6:34 pm

Hard to disagree with any of that. Pretty straight forward really.

#6 common sense on 04.26.16 at 6:40 pm

Personally, I love this format Mr. Turner.

Short, sweet good advice. Would be nice to see this style 2-3 times a month.

What do other blog dawgs think?

Poor cat.

#7 Vancouver on 04.26.16 at 6:41 pm

Don’t see prices coming down any time soon. To much demand not enough supply. I know you said RE is local but your predictions have been off for many years. I do agree, prices are insane but those who waited are priced out.

#8 ed on 04.26.16 at 6:41 pm

RE Nanaimo:
Who in their right mind would live in “Surrey-by-the sea.” Hicksville, on a city-wide level. or the Ozarks; where bikers come to retire (and sell drugs). If you are headed to the island roll up your windows, lock your doors, and keep going.

#9 Dave on 04.26.16 at 6:42 pm

Garth,
have you ever advocated buying real estate in Vancouver? If so when?

#10 First! on 04.26.16 at 6:45 pm

first!!!

#11 TraderX on 04.26.16 at 7:01 pm

Hey, in Nanaimo the strip clubs have been replaced with upscale craft breweries…. hipsters steadily replacing those HA biker guys… so much, that the closest strip club is 100 km away in Victoria.

Oh yea, and Real Estate is HOT… those Vancouverites that have $100,000 and think Nanaimo is cheap to invest in… speaking of getting stripped!

#12 Dave on 04.26.16 at 7:01 pm

Nanaimo stinks. You smell the pulp mill immediately after getting off the ferry. Once you get buy the strip malls and greasy bikers, its fine–because you are out of the city by then.

#13 Peppy sue on 04.26.16 at 7:01 pm

Just when you think this pathetic blog couldn’t get any better, the magic mailbag emerges. Please consider making it a weekly feature. At least during the financial rutting season, lol –

#14 crowdedelevatorfartz on 04.26.16 at 7:02 pm

Amazing.
People that managed to save serious money without any idea what they were doing……….

#15 common sense on 04.26.16 at 7:04 pm

Well well Apple stock missed and down 8.5% in after hours trading…

#16 Peggy Wente on 04.26.16 at 7:06 pm

And Garth, cottage property is just one aspect of this over-priced overall market. Lots of people will have to be selling their cottages as well as their principal residences just to buy those thirsty underwear.

A new Re/Max poll conducted by Leger Research found that among Boomers aged 55 to 64, a whopping 56% are thinking about selling in order to muster a retirement nest egg. Smart, of course. Real estate markets in a few places (GTA and YVR) are utterly bloated, while in others (Victoria, 905, Montreal) they’re near peak levels and still others (Calgary, Edmonton, Winnipeg and that flat province) are slow but not yet cratering. So hardly a better time to cash out.

But most won’t do so. People in Toronto or Vancouver worry about downsizing into a market with a deficit of houses and a surfeit of horny buyers. Plus, so long as prices rise, human nature (greed) prevents a majority from doing the rational thing, and bailing. All that will change, once markets start to decline as mortgage rates swell. Trust me. It’s coming.

Just my two cents, Garth. Trust me. It’s coming.

#17 Bob on 04.26.16 at 7:12 pm

I am always amaze to see that many people asking if they should buy a house to a investment manager, it just like asking to realtor if they should buy a house. The first one will always be let me manage your money don’t buy the house so I can get a commission and the second will always be buy a house so I can get my commission.

#18 Mark on 04.26.16 at 7:13 pm

Not a reason in the world to touch Vancouver RE right now. Prices have stagnated for the past 3 years, and are still sky-high on most units which continue to be delivered to market. As there is an increasing recognition of falling prices, the speculators will trip over themselves to unload before they get swallowed up in the abyss of negative equity and foreclosure.

$200k, $250k income is significantly above the Vancouver average. History tells us that the average person cannot be perpetually priced out of the average RE unit. Non-RE investments are dirt cheap in comparison and provide dramatically better value and an actual chance for capital gains (as opposed to a continuation of capital stagnation if not capital losses in RE).

#19 Metaxa on 04.26.16 at 7:14 pm

I’d pay $13.95 per month on a reoccurring subscription just to read the emails Garth doesn’t print publicly.

#20 Mocha on 04.26.16 at 7:18 pm

These types of posts are always hard to read for me because they are a reminder of just how much poorer I am in my late 30s than so many of your readers.

#21 Renter's Revenge! on 04.26.16 at 7:24 pm

Garth,

I’m a single, 36 year old engineer living in Winnipeg. I’ve been renting an apartment for 12%, and saving 50%, of my gross income for the past 10 years. I’ve always dreamed of taking a sabbatical and traveling around the world to meet foreign women, or going back to school take courses in philosophy, fine arts and foreign languages, or moving to a more interesting city (anywhere) to pursue other opportunities, or maybe all three. However, I’m too scared to follow my dreams, and part of me would prefer a life of security and monotony. My parents want me to buy a house close to them so I can “take care of them when they’re old”, which creeps the hell out of me. What should I do? Should I cut loose and live the life of a player, or give up on my dreams and buy a house like everyone else?

#22 Chaddywack on 04.26.16 at 7:26 pm

Jennifer and her husband sound like my wife and me. We’re renters with a high income and we get so much pressure in Vancouver.

I hear all the time things like “someone who makes as much as you two do should be OWNERS!” (from coworkers) and “Your brother just bought a house and he makes 1/4 of what you do!” (parents)……..

Glad to hear we’re not the only sane ones left in Vancouver!

#23 Bram on 04.26.16 at 7:32 pm

#9 Dave on 04.26.16 at 6:42 pm
Garth,
have you ever advocated buying real estate in Vancouver? If so when?

Buying RE in the year 1862 was pretty sweet:
Morton paid $1 per acre for the west-end, which is now down town Vancouver :-)

The equivalent of Garth then lived in New Westminster, where the pundits called it a ‘folly’ to buy that forsaken plot of land.

It’s been going up ever since. Probably with the biggest jump when CPR announced Gastown as the terminus for their line.

Bram

#24 Candy Halson on 04.26.16 at 7:36 pm

We know the feeling of people looking at us strangely as we are renting paying $28,000 a year in a nice house.

However, what they don’t know or want to know as they are too busy stuck in their all 100% real estate net worth, in debt to the their eyeballs world is we sold our house in Toronto for net $1.2 million in 2015 with $800,000 profit in 11 years.

Now at 53, 54 years old and no debts and our original $1,833,000 now $2,000,000 from $250,000 in RRSP’s, $97,000 in TFSA’s, $1,653,000 in non-registered investments reaping just in dividends and interest of $75,000 after tax and another $70,000 in growth after tax all in 15 months.

My husband gets his pension transferred to a LIRA next year worth about $515,000.

This will reap another $21,000 a year in dividends and interest after tax so 9 months of rent paid a year from his LIRA.

We are both officially retired and real estate is out of our life for good!!!!!!!!!!!!

#25 Rainclouds on 04.26.16 at 7:38 pm

” The Full Nanaimo”,

at least they dress up to frequent the fine establishments of Gooberville

http://www.phrases.org.uk/bulletin_board/51/messages/687.html

#26 YVR Update on 04.26.16 at 7:43 pm

Buy a detached in Vancouver.

Will be $10 Million in 20 years.

Will match Shanghai prices without the pollution.

Onni Corp on conference call said that one company expect to build 250 high rises in Vancouver over the next 20 years. Now add all the other companies like BOSA etc.

BC gov now expects 1.5 million new residents in YVR over next 20 years, upping forecast from 1 million.

You do the Math. Problem now is how to retain the salaried hourly working class in Vancouver. The leisure non-working class is setting up shop on Vancouver.

#27 [email protected] on 04.26.16 at 7:45 pm

So all in all you say that this blog is a free blog with no ads.

All you do is tell people to invest in RRSP, TFSA, RESP, etc. and guess what, you business is to manage those investments.

There is a conflict of interest in this blog, and it is a big advertisement for your business.

Wow. I do what I believe in. Shocking. — Garth

#28 Joe on 04.26.16 at 7:49 pm

Nanaimo is the armpit of Vancouver island. That is why real estate is cheaper there than smaller towns surrounding it. The pulp mill reals and there are many strip malls. It is an ugly town and it is full of bikers.

#29 conan on 04.26.16 at 7:56 pm

Re : #21 Renter’s Revenge! on 04.26.16 at 7:24 pm

Do not do anything until you visit Spain and meet the brown eyed blondes that live there.

#30 common sense on 04.26.16 at 7:56 pm

#27 salafin

Funny thing is Sal, I’ve never once seen him once try to sell his services at all, even once.

Yes he does believe in RRSP’s, TFSA’s, etc but no one is forcing / asking anyone to invest…

We all have choices..Mr. T is just providing a FREE service. No more, no less.

Take whatever anyone says for free with a grain of salt.

#31 Winterpeg on 04.26.16 at 8:02 pm

As a second generation cottage owner, yes, cottages are money (and time) pits. Renting a cottage makes way more sense, and then you have the option to change your vacation destination, rather than be tied down.
I even heard Kevin O’Leary once “dissing” cottage ownership even though he has one in Muskoka. Said he keeps his to keep the family happy, but doesn’t like the hassle or expense.

#32 Black sheep on 04.26.16 at 8:10 pm

Yesterday’s blog seemed pretty clear and logical, and with my dad’s situation fresh in my mind (75, lives/owns a big house on semi-rural property outside of Ottawa, contemplating cashing out), I thought others might find it thought provoking, too, so I posted a link on Facebook.

Big mistake. My ex-inlaws swooped in and started picking it apart: ‘exaggeration’, ‘questionable numbers’, ‘poor editing, he can’t be taken seriously’ (seriously, that was said).

From the get go the tone was defensive, like I’d personally attacked them. Then I was asked what MY retirement strategy is, as if to say, ‘if you’re so smart, lay your cards on the table’, sounding again defensive, and not open to alternative ideas and perspectives…SM would chalk it up to herd mentality, I guess.

Their mom (my ex mother in law) is probably in a house rich / cash poor situation, and is at risk of running out of cash flow long before running out of life, yet the notion of converting her house (still with a mortgage, btw) into cash while the market is still humming is unthinkable…making mortgage payments and paying property taxes and maintenance bills feels so much better to them than paying rent.
I get it, on many levels, but the stubborn resistance to basic math, statistics, demographics, combined with the possible outcomes of many many boomers needing to cash out of their big family homes in the upcoming years, is hard to ignore. Yet, they do. Not only ignore, but deny.
Caution has been thrown to the wind…houses are now an investment, and values have risen for so long now that the prospect of a correction does not even enter into their decision making.
I hope they’re right. I really do.

#33 betamax on 04.26.16 at 8:10 pm

I grew up in Nanaimo, and everyone criticizing it here is absolutely correct. The best thing I can say about it is that it was a great place to move away from.

A senior officer in the RCMP gave a guest lecture at Malaspina College in Nanaimo in which he said that Nanaimo had the highest per capita property crime rate in Canada. He theorized that all the riff-raff in Canada migrated west until they couldn’t go any further and stayed. Sounded about right to me.

#34 Grantmi on 04.26.16 at 8:15 pm

#1 the Jaguar on 04.26.16 at 6:29 pm
Garth, you are going to get ‘MAIL’ about slamming Nanaimo.

Have you BEEN to Nanaimo???

You bet. I have a reserved suite at the Coast Bastion. — Garth

#35 Suede on 04.26.16 at 8:16 pm

Omg

Tents and massive lineups at new Burnaby condo developments.

Can these signs of a bubble top go for 5 years… Because it’s still happening.

I miss the days when all we talked about here was Luongo

#36 Bram on 04.26.16 at 8:17 pm

#23 bram
Morton paid $1 per acre for the west-end

Let’s do the math on that one:
BC Assessment shows $57M / acre land value for a low-rise apt in West End, in 2015.

So that is a nominal 5.7B percent increase over 153 years.
Or an annual +12.5% which is nice of course, but not as spectacular as one would expect. It sure beats inflation rate.

Interestingly, it is hard to determine what a 1862 dollar is worth in 2016 dollars: The inflation calculator doesn’t go back that far.

Also interesting is the fact that in the US, inflation rate was mostly negative (deflation) in the 19th century. For many generations, monetary inflation has been the norm, but the norm was reversed in the 19th century.

Bram

#37 Mark on 04.26.16 at 8:17 pm

“Should I cut loose and live the life of a player, or give up on my dreams and buy a house like everyone else?”

Approach things rationally. Put together a ‘business plan’, calculate an IRR, and then decide whether that IRR is competitive with other investments of a similar level of risk.

My time in Winnipeg is scant, but I suspect if its like most other big Canadian cities, that the prices are completely disconnected from rents. The calculated P/E ratio of an ‘average’ Canadian house (@$400k) is ~35X. For reference, you can buy the Canadian stock market for 15X earnings.

Engineers probably will, over the long term, have enough income to not be completely financially destroyed through buying a house at the peak of the market. In one way, this is a good thing — a single bad financial mistake won’t destroy an engineer for life. On the other hand, an engineer still can end up in a bad situation for a long time to come, and personal bankruptcy has consequences for one’s professional reputation far over and above that of many other professions. I don’t know if they still pull your license if you go bankrupt, but lots of professions do. And it will certainly close certain doors.

#38 LowRent of Arabia on 04.26.16 at 8:26 pm

GT…I am getting ready to blow off this blog…the real estate buying FETISH is getting tiresome to witness.

It is becoming like reality TV…fun to watch but a true train wreck.

I pay $126 CAD a month for my Bangkok apartment plus electrical which when it is humid sucks. (I commute at least a thousand miles but it is worth it)

Saving for the future and trying to dodge bank fees and thirsty indebted governments.

Not for everyone… but rent rent rent. I have rented in Point Grey, Van. Moose Jaw,Sask ; Winnipeg, Quebec City,and Portage La Hole. Even Victoria.

Mobility is a plus.

Open your minds, not your wallets.

BTW…I do have a family and kids and they appreciate a trip to the other side of the world, Oktoberfest, Paris, the Alps, Rome, SE Asia, Hong Kong,Singapore more than marble counter tops and EURO trash appliances.

Rant out.

#39 You Can't Handle the Truth on 04.26.16 at 8:28 pm

Funny that people think the only bubble is in housing.

What percentage of Japanese stocks are owned by the Japanese Central Bank? Isn’t the ECB buying corporate debt? No bubbles anywhere else…

20 years ago when I was doing my business undergrad, I would have failed my economics Money and Banking course if I proposed what we now have as monetary policy.

Janet Yellen will never be in a position to raise rates; .25% in December and the stock market puked. Not gonna let that happen again. No BoC rate hike either. If they do it will only be to give them some room to cut.

Do buy stocks in companies that make things or provide services we need. Forget debt; it has no claim on a real asset.

Good times!

#40 Joe Schmoe on 04.26.16 at 8:34 pm

I am currently watching houses drop 20-25% in Cowtown. Moooo!..it’s getting close to the differential in “market value” vs building one. Spec’rs are going to get pounded.

I think once building a new house is more expensive than buying an existing one, things will start to track normally. How can building a new house be cheaper than buying one, land value being equal?

RBC Mortgage rep I have used for 20 years just informed me they want 900K down for a 2.8M house…me think they are expecting a correction…

#41 gut check on 04.26.16 at 8:37 pm

Real Estate Watchers…
I have a Q for you all…

Been watching carefully and closely for 2 years- monitoring solds and getting info on prices, been inside many of them, know how long they’ve been sitting, relisted, price drops, etc.

SO… what I’ve been seeing is prices coming DOWN listings sitting for long long periods. Many sales closing at around 85% of ask, particularly in the past 30 days – spring has not driven selling prices upward at all as far as I can tell. There are outliers, of course, but in the main this has been the case.

BUT – in the last week the new listings are blasting onto the market with prices that are just out of line with either the recent solds or even the currently listed. I mean we’re talking 20% higher than the same house would have been listed for LAST WEEK.

Is this some sort of ‘damn the torpedos’ last run at goosing nervous sideliners? “Buy now or be priced out?”

Let me tell you, I’ve got the money in the bank and I know exactly what I’m looking for but as far as I’m concerned these games they are currently playing are going to see them all starve before it sees me over-pay for the sake of their egos.

anyone else? thoughts?

#42 james on 04.26.16 at 8:44 pm

#21 Renter’s Revenge!

“I’ve been renting an apartment for 12%, and saving 50%, of my gross income for the past 10 years.”

Awesome, good for you. You are putting most Canadians to shame.

” I’ve always dreamed of taking a sabbatical and traveling around the world to meet foreign women…”

What, you don’t vacation days as part of your job?

Speaking from experience, it isn’t all that hard to take a trip to a foreign country for 2 weeks. Particularly if you have savings and don’t have to worry about spending 5k here or there.

“part of me would prefer a life of security and monotony.”

That’s sure to excite the foreign women that you speak of. Particularly if you tell them that you let your parents dictate what you should do with your life.

If I had to bet money, I’d guess you are of Asian descent, and that your parents had a big influence on your career, schooling, hobbies, etc.

At 36, your big issue is not housing but whether you will live a life that someone else has planned out for you.

PS: women can smell a man who is not really a man from a mile away. No matter how much money you have, you won’t have success with the ladies until you start living your own life. You can get away with the ‘my parents tell me what to do’ stuff at 23, but at 36…

#43 Black sheep on 04.26.16 at 8:46 pm

Renter’s Revenge:
‘Security and monotony’ are not easy easy things to achieve for some people. It takes a certain level of self sacrifice, which some of us don’t adhere to.
If you have tried being a good soldier for the past 10 years, and you find your heart is not in it, and actually pulling you somewhere else, you should follow it.
You will learn many things about yourself. Perhaps even to learn exactly why security and monotony is not for everyone.
————–
“I’m a single, 36 year old engineer living in Winnipeg. I’ve been renting an apartment for 12%, and saving 50%, of my gross income for the past 10 years. I’ve always dreamed of taking a sabbatical and traveling around the world to meet foreign women, or going back to school take courses in philosophy, fine arts and foreign languages, or moving to a more interesting city (anywhere) to pursue other opportunities, or maybe all three. However, I’m too scared to follow my dreams, and part of me would prefer a life of security and monotony. My parents want me to buy a house close to them so I can “take care of them when they’re old”, which creeps the hell out of me. What should I do? Should I cut loose and live the life of a player, or give up on my dreams and buy a house like everyone else?

#44 When will they raise rates? on 04.26.16 at 8:48 pm

#27 [email protected] on 04.26.16 at 7:45 pm

So all in all you say that this blog is a free blog with no ads.

All you do is tell people to invest in RRSP, TFSA, RESP, etc. and guess what, you business is to manage those investments.

There is a conflict of interest in this blog, and it is a big advertisement for your business.
—————————–

Would you like a refund?

#45 cramar on 04.26.16 at 8:49 pm

#20 Mocha on 04.26.16 at 7:18 pm

These types of posts are always hard to read for me because they are a reminder of just how much poorer I am in my late 30s than so many of your readers.

—————

Lots of life ahead of you. What can you do differently to turn your financial life around for future success?

#46 Chris in Nanaimo on 04.26.16 at 8:51 pm

Hey! I’d like to know where all these local strip joints are????

Nanaimo doesn’t even make the top 30 for violent crime cities in Canada, unlike Surrey which is apparently aiming for 1 shooting per day in 2016.

But yes please stay away from Nanaimo and the Island, it totally sucks to be spolit for choice for parks, trails, and beaches, and the most temperate climate in Canada.

#47 Brazil ex-pat on 04.26.16 at 8:57 pm

Trump now has 370 more delegates than Cruz. The only way for him to lose is for the system to be rigged. And the only reason for him to lose against Billary is if the Presidential election is rigged.

The world is sick and tired of 30 year career politicians and govt stealing everyones lives and money. EVERYWHERE – yes including Brazil.

#48 God Emperor Trump on 04.26.16 at 8:58 pm

Crooked Hillary and Lyin’ Ted on suicide watch tonight.

Staying up with the girlfriend to watch the Trump speech live at 9 PM EST.

YUUUGGEE!

#49 steerage steward on 04.26.16 at 8:59 pm

What’s in a Nanaimo bar?

Hell’s angels and strippers.

#50 Herg on 04.26.16 at 9:01 pm

Hi Garth
Thanks enjoy the blog. I recently cashed out of the market in beautiful Victoria, first of which was that even at these interests rates I found my monthly expenses disgusting. I did well in sale of my home, about $300k, and have a very good job (> $350k) and I am very torn about our market. Like you I agree, 100% this not sustainable and will correct. My biggest issue, and this is the crystal ball no one has, is when it corrects how much will it correct by. If i find a good buy now, around $1M, and for the next 2 years it goes up by 25%/annum, and then crashes by 20% in 2018′ I would still be ahead by about $200k. However, when you add in all the other fees (taxes, transfer fees, maintenance, unneeded rents and a new kitchen) it will likely all be for not. Some friends of ours, combined income around $125k, just bought a 1.3M house, and people at work are pushing me to buy again. This the reason I am so against it. It just cant continue.
However, my likely unanswerable question is do you think the market will ever correct back to where it ‘should be’ as the US market dd in many cities in 2008.
I, like many including you, have been calling for a crash for years in YVR and it just hasn’t happened. yet! But it would be almost un imaginable for houses to correct to what they were in 2005 when I was at UBC (nice home in Dunbar area ~$650k, same house now about $3.5M). Too many would be financially wrecked. Scary times ahead. Any thoughts, could we ever correct to a reasonable housing market? Unfortunately too many who post on here are, or at least appear correct, no one cares about debt anymore, and I don’t see that changing any time soon. Banks give out money for free.

“If something can’t go on forever, it will stop!”

Thanks.

#51 TurnerNation on 04.26.16 at 9:02 pm

Scariest photo I’ve seen. A huge room full of people wearing Virtual Reality goggles. Distracted and engrossed. Who was leading them? M. Zuckerberg with a smirk.

Can’t blame them. Our elite technocrats are changing everything. 1001 new laws passed each year against us. War on us. It’s becoming so h-llish that VR will be a welcome relief.

The media programming daily we get is to turn us into addicted, genderless indentured servants. Pick your plantation/corporation to work for.

I met someone who’s worked in pharmaceutical R&D for a while. I commented I’d not taken any prescription drugs for almost two decades.
Without missing a beat their reply was along the lines of smart, you wouldn’t want to. A knowing nod meant we knew.
I’m thinking along the lines of bio weaponry..slow kill of “treatment” in our State gulags/hospitals.

#52 I am FROM Nanaimo on 04.26.16 at 9:04 pm

Dont live there now. Do they still have strip clubs? Back in the day there was the Globe, Queens, Balmoral,
Patricia(?)…….thought the internet killed all that…..

#53 Pink eye on 04.26.16 at 9:04 pm

#24 candy halson – go brag somewhere else. Nobody gives a shit.

#54 cramar on 04.26.16 at 9:08 pm

#21 Renter’s Revenge! on 04.26.16 at 7:24 pm
Garth,

I’m a single, 36 year old engineer living in Winnipeg. I’ve been renting an apartment for 12%, and saving 50%, of my gross income for the past 10 years. I’ve always dreamed of taking a sabbatical and traveling around the world to meet foreign women, or going back to school take courses in philosophy, fine arts and foreign languages, or moving to a more interesting city (anywhere) to pursue other opportunities, or maybe all three. However, I’m too scared to follow my dreams, and part of me would prefer a life of security and monotony. My parents want me to buy a house close to them so I can “take care of them when they’re old”, which creeps the hell out of me. What should I do? Should I cut loose and live the life of a player, or give up on my dreams and buy a house like everyone else?

————-

If you choose a house, I predict you will live with regret for the rest of your life. ‘If only I followed my dreams!’

If you follow your dreams, will you regret it 20 years from now? Don’t think so.

Will you regret 20 years from now not buying that house you didn’t really want anyway in The Peg? Don’t think so.

The house you can always buy (maybe much cheaper) in future. Your dreams may be lost forever if you don’t act. Your dreams are who you are! A house is just . . . a house.

#55 Smoking Man on 04.26.16 at 9:13 pm

Boomers cutting back on spending, Millennials don’t make squat, Growth, what Growth?

Low rates forever, Real Estate a good bet in-spite of the madness of it all. I think, being sobar has messed up my crystal ball, and writing.

Oh and I hate the taste of Cigs, had maybe 6 or 7 since the fever, 1 in Laughlin, 6 in Vegas. Non since my return to shits-vile we call Long Branch.

Changed man, and I don’t think for the better. But my body is on strike. Refuses to give into my urges.

Wine tastes like vinegar. gross.

My life is over.

#56 Brazil ex-pat on 04.26.16 at 9:20 pm

#51 TurnerNation on 04.26.16 at 9:02 pm
Scariest photo I’ve seen. A huge room full of people wearing Virtual Reality goggles. Distracted and engrossed. Who was leading them? M. Zuckerberg with a smirk.

Can’t blame them. Our elite technocrats are changing everything. 1001 new laws passed each year against us. War on us. It’s becoming so h-llish that VR will be a welcome relief.

The media programming daily we get is to turn us into addicted, genderless indentured servants. Pick your plantation/corporation to work for.

+++++++++++++++++++++++++++++++++++++

Software is coming out this summer to fight back against the sprawling reach of govt. Stay tuned…..

#57 Toronto Dweller on 04.26.16 at 9:23 pm

Re :#21 Renter’s Revenge!
Garth,

“I’m a single, 36 year old engineer living in Winnipeg. I’ve been renting an apartment for 12%, and saving 50%, of my gross income for the past 10 years. I’ve always dreamed of taking a sabbatical and traveling around the world to meet foreign women, or going back to school take courses in philosophy, fine arts and foreign languages, or moving to a more interesting city (anywhere) to pursue other opportunities, or maybe all three. However, I’m too scared to follow my dreams, and part of me would prefer a life of security and monotony. My parents want me to buy a house close to them so I can “take care of them when they’re old”, which creeps the hell out of me. What should I do? Should I cut loose and live the life of a player, or give up on my dreams and buy a house like everyone else?”

Sounds like you missed out on the college party days and want to reclaim that time but usually that does not end well. Take a long leave of absence if your company allows for that and travel the world for at least 2-3 months. You will come back reinvogerated and with a healthy perspective on life that does not revolve around buying a house.
P.S. You’re living in Winterpeg that explains the ennui. Move somewhere more exciting.

#58 BOOM! on 04.26.16 at 9:37 pm

#27 [email protected]

Welcome new reader! I had not seen your monicker here before.

Your comment is misplaced. This blog has never said NOT to buy a home, providing the purchase met certain attributes. Yes, the blog advocates saving and investing, and having a balanced portfolio, and life.

Obviously, your comment indicates you have not perused the full content dating back to 2008. Before you stick your foot any further down your throat I would suggest you do, before it pops out of the other side…

This community of self-described blog dawgs might range from misfit to mis-aligned, but most have a common goal, that is financial sanity. Certainly, we all don’t share the same political views, the same vocations, nor the same ages, or the same life goals.

To mis-interpret the purpose of the blog without having done some due diligence via prior content, would lead me to mis-interpret your vocation as a barrister, or perhaps barista.

That said, welcome!

M64WI

#59 JSS on 04.26.16 at 9:53 pm

I loooove Winnipeg

#60 BOOM! on 04.26.16 at 9:54 pm

OOPS! missed the direction of the latter from
#27 [email protected]nt.com

My bad. You were suggesting this blog had an ulterior motive? If it does, this obtuse fool has not yet found it.

I find too many Canadians bedazzled with Real Estate, but like the US a few years back, you, too may find it isn’t everything. Experience is a wonderful teacher, yet a cruel master.

By the way we are doing a great job re-inflating our own RE credit bubble. Like my name says….wait for it!

M64WI

#61 TRUMP on 04.26.16 at 9:54 pm

1 – 2 – 3 – 4 – 5 (5 out of 5)

America will be GREAT….once again!!!!!

#62 Smoking Man on 04.26.16 at 10:00 pm

#61 TRUMP on 04.26.16 at 9:54 pm
1 – 2 – 3 – 4 – 5 (5 out of 5)

America will be GREAT….once again!!!!!
………………………..

I called it from the start, in the drinking days…

#63 Ken Mo on 04.26.16 at 10:04 pm

Buying a cottage reminds me of the old adage……

If it floats, flies, or [email protected]@@@ it’s cheaper to rent.

Freedom first gets it.

#64 Blacksheep on 04.26.16 at 10:06 pm

Black sheep # 32,

That’s a supper duper cool handle.

That’s why I’ve been using it for as long as this blog has existed.

May I suggest any of the following, alternatives:

Black art
Black betty
Black crow
Black dog
Black eye
Black fish
Black gold
Black heart
Black ice
Black jack
Black knight
Black label
Black magic
Black op
Black panther
Black rhino
Black sabbath
Black tusk
Black velvet
Black widow

#65 For those about to flop... on 04.26.16 at 10:10 pm

Boom,you ever been to Virginia?
I had to double check the spelling on that one….so close to getting in trouble…

I am going there in a few weeks , I looked to see when the primaries are but I missed them again.

I hope the people of Virginia are as nice to us as the people of New Mexico were.

Actually ,as I live in Vancouver everywhere else is friendlier…

M41BC

#66 lee on 04.26.16 at 10:12 pm

BMO’S Damon Knights says on BNN that housing market will not wait for Millenials and if they put off buying too long they will never be able to buy. That coupoled with Poloz basically saying rates will take mighty long to go up prety much means it is smooth sailing for real estate in Toronto till 2025 or so. Ten years after that most of us will be dead or living in a nursing home. Have fun waiting for a correction.

#67 VB on 04.26.16 at 10:18 pm

regardling yesterdays blog,

I’m 50, sold the house 2 years ago for the very reasons you discuss Garth…read your blog and it was rough last year as I bought prefs, reits and etf’s but now its all recovering. The monthly income is addicting and liberating…goodbye house in the Beaches

#68 For those about to flop... on 04.26.16 at 10:19 pm

Blacksheep, you missed one ….Black thief….

M41BC

#69 DON on 04.26.16 at 10:22 pm

#34 Grantmi on 04.26.16 at 8:15 pm

#1 the Jaguar on 04.26.16 at 6:29 pm
Garth, you are going to get ‘MAIL’ about slamming Nanaimo.

Have you BEEN to Nanaimo???

You bet. I have a reserved suite at the Coast Bastion. — Garth
***************

Ah yes…just down the road from the Globe! My buddy tried to sneak me in at 18 – They let me finish my beer before I got kicked out.

#70 MF on 04.26.16 at 10:32 pm

#66 lee on 04.26.16 at 10:12 pm

He’s right. I think you should buy 3 houses in Toronto. Dont forget to make sure you put the minimum down and use the sketchiest lender you can find. Then you can gloat at all the dinner parties about how you are a (debt) millionaire many times over. Debt is cool ! Making money is guaranteed 100%. Make sure you post all about on facebook and count your “likes”.

MF

#71 Edgy on 04.26.16 at 10:37 pm

Have you BEEN to Nanaimo???

You bet. I have a reserved suite at the Coast Bastion. — Garth

———————
Don’t leave anything in your car that you want to keep. And the Harley’s in Nanaimo are working bikes–the cute jackets “Hell’s Angels” on their way to beat some nonpaying drug user to a pulp. Nice city to invest in–in healthcare (plastic surgery), skid houses, prisoner rehab. Don’t forget the Nanaimo jail on your tour of town.

#72 Freeman on 04.26.16 at 10:38 pm

For anyone who does not think that the U.S. is currently entering a recession, listen to this video. He shows 4 Fed charts that show that America is either currently in a recession, or will be entering one in the next month or two at the latest.

SCARY STUFF MAN.

And guess what happens to house prices during a recession? Hint: The do not go up.

( The Shocking Rail Data That Screams Recession Is HERE )
https://www.youtube.com/watch?v=emJ092PQwFg

#73 BOOM! on 04.26.16 at 10:38 pm

#65 Flopper….

Yes, been to Virginia & West Virginia numerous times. Good people there, gets bit wormier the closer you get to the Washington D.C. commuting area, as one might expect.

Some very good moonshine there, if you know where to look. (Smoking Man might be a better authority on that).

M64WI

#74 For those about to flop... on 04.26.16 at 10:46 pm

#72 BOOM! on 04.26.16 at 10:38 pm
#65 Flopper….

Yes, been to Virginia & West Virginia numerous times. Good people there, gets bit wormier the closer you get to the Washington D.C. commuting area, as one might expect.

Some very good moonshine there, if you know where to look. (Smoking Man might be a better authority on that).

M64WI

//////////////////////////////

Huh!..I’ve never had Moonshine before.
I have watched the show Moonshiners though ,so I get the gist.
I will try some if I can, I’m sure I will pull a face and yell out something like ” Holy Sales Mix”…

M41BC

#75 Fed-up on 04.26.16 at 10:47 pm

#67 VB on 04.26.16 at 10:18 pm

regardling yesterdays blog,

I’m 50, sold the house 2 years ago for the very reasons you discuss Garth…read your blog and it was rough last year as I bought prefs, reits and etf’s but now its all recovering. The monthly income is addicting and liberating…goodbye house in the Beaches
===========================================================

Goodbye over 250k in appreciation since you sold and hello stagnant and devalued portfolio since you started investing.

Let’s hope that does a 180 from now on and for many years to come.

#76 MF on 04.26.16 at 10:53 pm

Lol @ The central bankers of the world

Reduced to “talking down the dollar” or “talking about interest rates staying low” because of “economic headwinds”. That’s what they have been reduced to because they have no recourse.

Rates will go up OR the system will collapse regardless of what these failures try to “talk about”. Anyone who listens to them is gullible/simple.

MF

#77 mike harrison on 04.26.16 at 10:55 pm

Whoever reposts a picture like that is as sick as the person who took it. Definitely not an animal lover!

Cats do weird things, unlike dogs. — Garth

#78 Nemesis on 04.26.16 at 11:03 pm

“My life is over.” – SmokingMan

#NoItIsn’t…

https://youtu.be/YP2dblWITA0

#79 MF on 04.26.16 at 11:09 pm

Re :#21 Renter’s Revenge!

One of two thing happened here:

A) RR was never good with girls for whatever reason. So he decided to devote all his time to studies in hopes of becoming a provider for a girl “when he gets older”. Now in his mid 30’s it does not look that panned out and he is getting nervous as the realization of a failed strategy sinks in.

B) RR was a player who had it all figured out. He was a regular pick up artist (PUA). He read “The Game”. Visited all the forums and did all workshops. He had it down to a science…or so he thought. He was master at negging and peacocking. Now in his mid 30’s, the karma is coming back. He now realizes the kind of woman he really wants, the one everyone wants, will not date this type of player. He realizes the whole thing was a sham and it has left him empty and lonely.

MF

#80 SWL1976 on 04.26.16 at 11:22 pm

#61 TRUMP

1 – 2 – 3 – 4 – 5 (5 out of 5)

America will be GREAT….once again!!!!!

————————

Haha. Anyone who buys into Trump as being America’s saviour is simply buying into the idea that they really have a choice.

Does “Yes we can” ring a bell?

How has that been working out?

Looks like the same old script to me.

Multiple puppets. Same puppet master.

The most disgusting thing I find about Trump though, is the fact that he campaigns on hate and is in the business of spreading hate.

Classic divide and conquer.

Once again TurnerNation has been nailing it these past few days with his posts.

Smoking Man your crystal ball went dim the moment you hopped on the Trump train. Sorry to hear of your health, but be sure to take care of yourself and take some advice from qualified doctors who did not learn it all from google.

As for the soft kill and bio-weapons…

One really only has to look to the sky for all the evidence you need. We are being sprayed like lab rats… Reality.

The lies we are fed by the MSM and the story line people genuinely want to believe… Pseudo Reality.

No wonder people crave Virtual Reality

#81 Binder Dundat on 04.26.16 at 11:23 pm

Dear Garth,

I have been ready your fine and pathetic blog since approximately 2008. I often talk to my son about what I read, but as he is a young man of few words it’s often difficult to know how much is absorbed. He turned 18 last month, and late last week with no prompting whatsoever from me, he opened his first TFSA.

I’m very proud of him, but I’d also like to thank you. Your work is having an effect on those you might not even think about, and you’re enriching their lives.

Please keep at it sir, and continue ignoring the whiners!

#82 Life among the stars on 04.26.16 at 11:29 pm

#55 Smoking Man on 04.26.16 at 9:13 pm

Boomers cutting back on spending, Millennials don’t make squat, Growth, what Growth?

Low rates forever, Real Estate a good bet in-spite of the madness of it all. I think, being sobar has messed up my crystal ball, and writing.

Oh and I hate the taste of Cigs, had maybe 6 or 7 since the fever, 1 in Laughlin, 6 in Vegas. Non since my return to shits-vile we call Long Branch.

Changed man, and I don’t think for the better. But my body is on strike. Refuses to give into my urges.

Wine tastes like vinegar. gross.

My life is over.

I thought you moved to Boston… making big US bucks… so the commie teachers could take any more of it.

#83 mike harrison on 04.26.16 at 11:32 pm

OK its out there, according to Garth, cats are like how he views women. Dogs (preference is male) are like him, real men!

#84 Squish on 04.26.16 at 11:51 pm

Oh man, mike harrison…have you met cats?! We had a tabby who nearly drowned herself trying to stuff her whole body into a fish bowl after eating the fish. She got wedged inside the upholstery of the couch having crawled worm-like inside of a small tear; we only found her before sitting on it because she fell asleep purring with one back leg sticking awkwardly out of the hole. And if you hung your backpack from a doorknob or the back of a chair, you’d have to check in the morning to make sure you weren’t taking the cat to school with you.

That cat in the photo likely got itself in that position and would like to stay there awhile.

Cats are super weird.

#85 DON on 04.26.16 at 11:52 pm

#33 betamax on 04.26.16 at 8:10 pm

I grew up in Nanaimo, and everyone criticizing it here is absolutely correct. The best thing I can say about it is that it was a great place to move away from.

A senior officer in the RCMP gave a guest lecture at Malaspina College in Nanaimo in which he said that Nanaimo had the highest per capita property crime rate in Canada. He theorized that all the riff-raff in Canada migrated west until they couldn’t go any further and stayed. Sounded about right to me

*******************
Honest assessment – I grew up in Qualicum/Parksville and lived all over the greater Vancouver area. I have relatives that live in Nanaimo and they would say the same. Nanaimo wages can’t support a run away market, and it rains in Nanaimo like it rains in Van. Good luck betamax…wherever you live.

#86 Dreamers in the Sky on 04.26.16 at 11:53 pm

If Prince and Norris believe in chemtrails.. that’s good enough for me.

http://www.infowars.com/chuck-norris-takes-on-chemtrails/

https://www.youtube.com/watch?v=htq1UZGSDEc

#87 DON on 04.26.16 at 11:57 pm

#52 I am FROM Nanaimo on 04.26.16 at 9:04 pm

Dont live there now. Do they still have strip clubs? Back in the day there was the Globe, Queens, Balmoral,
Patricia(?)…….thought the internet killed all that…..
*******************

Nanaimo doesn’t have the internet yet! LOL

#88 BillyBob on 04.27.16 at 12:05 am

But yes please stay away from Nanaimo and the Island, it totally sucks to be spolit for choice for parks, trails, and beaches, and the most temperate climate in Canada.

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

“The most temperate climate in Canada” is sort of like saying “The leper with the most fingers”.

#89 The Deadly Chemtrail Flu on 04.27.16 at 12:11 am

Coincidence – not a chance.. two musical legends who have sung about the dangers of chemtrails have recently passed away … the end of times has begun.

We nearly lost our very own smoking man too.. be careful out there smokey – you were lucky it seems.

http://www.infowars.com/did-the-chemtrail-flu-kill-prince-and-merle-haggard/

Prince:
“While the helicopter circles us, this theory’s getting’ deep, Think they’re spraying chemicals over the city while we sleep? From now on I’m staying’ awake, you can call me a dreamer too, wake up, wake up”

Merle Haggard:
“What I hate is looking up and seeing
Chemtrails in a clear blue sky today
What I hate is
Hittin’ road blocks on a highway in my way”

#90 Grey Dog on 04.27.16 at 12:25 am

Saladin, get a life…the rest of us are here for the free tutorials from the Honourable Garth Turner.

Our growing nest eggs are confirmation that drinking the koolaid at this site works.

Speaking of koolaid, I’ve heard stories of moonshine blinding one for life! Beware.

#91 Vundo on 04.27.16 at 12:39 am

Not sure what is crazier… the RE pumpers who come on this blog thinking they are going to convert anyone, or anyone taking #21 RR seriously on that post.

#66 lee: I am a millennial. I am priced out of the RE market. It does not bother me at all because I can rent a place to live while maintaining a diversified portfolio. I am not waiting impatiently for a correction. Let it take ten years. Let it take twenty. I am not going to sign up for crushing debt at any time.

#92 Give us this Blog our daily Garth on 04.27.16 at 1:10 am

Yes, I’ve heard the “not enough supply and too much demand” argument before. But why is YVR skyrocketing now of all times? House prices are going vertical and for no good reason, other than people are idiots. Hasn’t the supply of houses been consistent? Are Albertans driving demand with all of their Oil money and Truck Nutz? Is it the low CDN dollar? Is the Asian economy so big that it eats economies like ours for breakfast?

Rules are still the same. The last fool gets to watch all that paper equity magically disappear.

#93 BS on 04.27.16 at 1:52 am

lee on 04.26.16 at 10:12 pm

BMO’S Damon Knights says on BNN that housing market will not wait for Millenials and if they put off buying too long they will never be able to buy.

Once everyone is “never able to buy” then who will be buying? Do the math on what happens next. As they say a fool and his money are soon parted.

#94 BS on 04.27.16 at 2:00 am

Bogdan, baby, your total net worth is only about $100,000 and you’re considering blowing it all on a house in Nanaimo?

Hearing more stories like this of people buying in markets they don’t live just because it is all they can afford. It is just another nail in the coffin of a deep housing collapse. People on the sidelines in Vancouver will tie up all their finances with an anchor to a property in an area they don’t live keeping them out of the local Vancouver area market after prices correct.

#95 Love my Kia on 04.27.16 at 2:34 am

Don’t be afraid of growing older. You’ll still do stupid things, just slower.

First thing that comes to mind are reverse mortgages.

#96 Smartalox on 04.27.16 at 2:37 am

Yeah, we’re in the same situation as ‘Jennifer’ and a few others who have posted here: renting in Vancouver for 8.3% down for our gross, saving close to $65k per year, using some long-held rrsp contribution room, while avoiding (ok, deferring) thousands in income tax, arguing about where to vacation this year, instead of stressing over how to pay for everything!

I can imagine homes I’d love to own, but not at these prices!

#97 Freedom First on 04.27.16 at 2:45 am

#55 Smoking Man

Smoking Man. Sounds like you’ve been reborn. No worries. Now you’re really gonna rock! Fan #33.

FF007

#98 Brazil ex-pat on 04.27.16 at 5:17 am

http://www.bloomberg.com/news/articles/2016-04-26/apple-forecasts-another-sales-decline-as-iphone-demand-cools

How’s that growing US Economy working out?

#99 Editrix on 04.27.16 at 6:30 am

Last year my SIL retired in the rocks of Meaford. She sold her Scarborough condo and her boyfriend’s house on the lake outside of Oakville. They bought a nice house on the bay. Sailing in the summer, skiing in the winter – then again they were already retired.

#100 Harbour on 04.27.16 at 7:32 am

#98 Brazil ex-pat

Apple took a hit after earnings, Samsung is taking business away……. plus I think the era of having the latest “look at me here and look at me there phone” is getting old.

#101 cto on 04.27.16 at 8:01 am

This whole situation is crazy!, and should never have been allowed to happen.
I am so angry at the previous Harper Government, and possibly the existing government, and any economist who has an iron in the fire for condoning such huge moral hazard.
What do they teach these supposedly smart MBA types in the 21st century universities???.that borrowing and consumption will mercilessly solve all the worlds economic problems,..period???no other solutions???not hard work, not prudence, not conservation?…just borrow, borrow borrow…to appear better than thy neighbor.

#102 cto on 04.27.16 at 8:13 am

To the MBAs out there…
For those of you who actually worked hard at University (not the cheaters at exam time) and learned your profession and the ethics that supposedly guide it, you have my sympathy as you are surrounded by so many MBA morons who actually have been convinced that debt is the cure. Many of those seem to be the guiding forces now…

#103 YVR Update on 04.27.16 at 8:13 am

#92 Give us this Blog our daily Garth on 04.27.16 at 1:10 am
Yes, I’ve heard the “not enough supply and too much demand” argument before. But why is YVR skyrocketing now of all times?
——————————————-

Massive population inflows via 10 year visitor visas, foreign student visas, and supervises. These people are not counted in official population statistics as residents. They are counted as residents when home buying statistics are made. Hmmmm!?

#104 Estrella on 04.27.16 at 8:14 am

We have a selfie Robespeire and a financial Pied Piper!
What could possibly go wrong?

http://www.financialpost.com/m/wp/blog.html?b=business.financialpost.com/fp-comment/terence-corcoran-canada-is-being-piped-into-a-sea-of-debt

#105 TurnerNation on 04.27.16 at 8:16 am

Let me be the second to say this is not a “chemtrail” blog. What to look at:
We used to hear lots of nanotechnology. ..lil critters to get inside of us and clean our veins and stuff.
Not hearing much now.

I’d bet on tiny invisible things like that getting inside of us then being lit up or activated via an energy field. Beats hard drugs. Military always is on the hunt for an emotionless super soldier who’ll just follow orders. They drug them now (remember the doped up fighter jet pilot who mistakenly unloaded onto Canadian troops in ME years ago). Drones now but even their pilots have some conscience.

Some say the new Star wars movie storm troopers are their vision for us. Predictive programming?
Sweet dreams.

#106 crowdedelevatorfartz on 04.27.16 at 8:32 am

@#98 Brazil Ex Canadian
“How’s that growing US Economy working out?”
*******************************************

Wow. Apple posts a “decline” and its ‘Apocalypse 2016″ all over again. Fiscal armageddon. Run for the hills or ….Brazil…. where its safe………
Yet the 1.5 million people with Zika, the crushing Brazilian recession, the President awaiting impeachment, the shoddy Olympic construction, soaring murder rates……
Thats all lies and scurillous rumours.

Its a busy world in there isnt it “Brazilian Pumper”. You should get together with Apocalypito and Chem Trail dude ( Prescription popper Prince and bottle top popper Merle Haggard sed its true so its gotta be !!!!.) Set up on an Island off of French Guiana. Shark infested waters should keep the Zombies away.
It would make for an awesome conversation in rumour and denial ( Note to self : De Nile isnt just a river)

The US is just fine. Hows Dilma making out?

#107 Andrewt on 04.27.16 at 8:33 am

#45 cramar on 04.26.16 at 8:49 pm
#20 Mocha on 04.26.16 at 7:18 pm

These types of posts are always hard to read for me because they are a reminder of just how much poorer I am in my late 30s than so many of your readers.

—————

Lots of life ahead of you. What can you do differently to turn your financial life around for future success?

Yeah chin up there brother. Worrying about what others have or don’t is a guaranteed waste of time. I missed the boat on starting young with this sort of planning myself but I’m a fan on logic and rationality which is why these discussions appeal to me. Do what you can, start saving even if it’s small amounts. At least I understand now how money works, and how investments do, even if I lack the capital to make significant plays. The goal is to keep learning.
On another note it seems Poloz is floating a less dovish tone at the moment, which only goes to show how quickly attitudes can shift, and shift again, in today’s climate:
http://www.theglobeandmail.com/report-on-business/economy/global-trade-unlikely-to-return-to-pre-crisis-levels-poloz-warns/article29757763/?service=mobile

#108 NoName on 04.27.16 at 8:37 am

So B is about to be removed from BRICKS…

http://www.economist.com/news/leaders/21684779-disaster-looms-latin-americas-biggest-economy-brazils-fall

——————–
Interesting spin on Panama papers and UK gov.
What the Panama Papers demonstrate, however, is that the real, and hidden, key agenda for the British government is maintaining the offshore netherworld’s role as a conduit through which global funds, largely plundered from the global South, can escape democratic control to enter the City of London’s private banks.

http://www.counterpunch.org/2016/04/08/britain-is-the-heart-and-soul-of-global-tax-evasion/

Brexit ot Not.
No wonder they were desperate that he keep his mouth shut. At his podium in Downing Street Barack Obama flattered his hosts, paid lip service to the notion that the referendum on British membership of the European Union on 23 June is a matter for the British people – and then calmly ripped apart the case for Brexit.

http://www.theguardian.com/commentisfree/2016/apr/22/barack-obama-crush-brexit-fantasy-eu-referendum

Remember him?
Mr Carney said that risks were emanating from the UK’s “very high” current account deficit, as well as from property and financial markets. “Some elements of these risks may be beginning to manifest,” he said. He continued: “A vote to leave the EU might result in an extended period of uncertainty about the economic outlook, including about the prospects for export growth. This uncertainty would be likely to push down on demand in the short run.”

http://www.telegraph.co.uk/business/2016/04/19/brexit-risks-already-beginning-to-manifest-warns-mark-carney/
—————–
Don’t know what to make of this one, boomers vs millenials.

https://www.fastcompany.com/3058869/forget-millennials-why-you-should-hire-someone-over-55
—————-
For thirty pieces of silver….
Deutsche Bank AG has agreed to settle U.S. litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors, a court filing on Wednesday showed.

http://mobile.reuters.com/article/idUSKCN0XA2RU
——————–

#109 crowdedelevatorfartz on 04.27.16 at 8:53 am

@#89 Chemtrail Flu
Watch out.
Now that you’ve posted they have YOU on their radar………

#110 hope & ruin on 04.27.16 at 8:59 am

#3 Panhead on 04.26.16 at 6:32 pm
It’s hard to find a more efficient place to flush away money than a cottage.

Never had a boat eh?
________________________________________

“The two happiest days of a man’s life — the day he buys his first boat and the day he sells it.”

@ Freedom First

FF007? what are you 12 yrs old? I hope this is the imposter.

#111 james on 04.27.16 at 9:00 am

#82 Life among the stars on 04.26.16 at 11:29 pm

#55 Smoking Man on 04.26.16 at 9:13 pm
Boomers cutting back on spending, Millennials don’t make squat, Growth, what Growth?
Low rates forever, Real Estate a good bet in-spite of the madness of it all. I think, being sobar has messed up my crystal ball, and writing.
Oh and I hate the taste of Cigs, had maybe 6 or 7 since the fever, 1 in Laughlin, 6 in Vegas. Non since my return to shits-vile we call Long Branch.
Changed man, and I don’t think for the better. But my body is on strike. Refuses to give into my urges.
Wine tastes like vinegar. gross.
My life is over.
________________________________________
I thought you moved to Boston… making big US bucks… so the commie teachers could take any more
of it.
……………………………………………………………………….
Now that I think about it Life among the stars is correct. After your boot from the Tax Farm downtown you all told us you had a huge job in Boston making large US$ and you were moving there tout suite. So what gives SM? Why slum back here in the great white north? Inquiring Millionaires want to know!

#112 TurnerNation on 04.27.16 at 9:11 am

Omg dissonance. ..laugh or cry?
T2 said he won’t pay ransom for Canadians kidnapped overseas (your life worth $0?) But handed over 2.6 billion of our tax dollars to overseas corruption to “fight climate change”.

Or the USA spending more of its poor taxpayers’ dollars on “defense” yearly, than all other first world countries combined. Yet we’re told our #1 daily threat is a rag tag bunch of guys with beards and small arms and home made devices.
And all these decades USA collaborating with enemy Russia on international Space station. What enemy?

We are the enemy. Once you get that it all makes sense.

#113 maxx on 04.27.16 at 9:13 am

#55 Sharon Talent on 04.25.16 at 10:16 pm

“No more attacks on ‘the rich’ please. What needs to happen is civil service wages and benefits need to be cut in half so that the money can go to people who need it. Shame on the Trudeau Liberals for pouring even more money into the accounts of these gluttons while seniors and children starve.”

Hear, hear!
There is no real mechanism by which to control government waste. None. Many mollycoddled buffoons, à la Marie Antoinette, are overdue for a salary and benefits re-calibration to the down side.
Everyone knows someone who suffers greatly (mostly in silence) because of the fallout of government waste. Spending more on pointless and totally unnecessary “infrastructure” isn’t the solution.
A country’s true infrastructure is its citizenry and Canada is doing a pi$$ poor job of looking after it by pushing the wrong sectors. Varnishing its image by way of vanity projects and oft-misplaced strategic financial largesse does nothing to strengthen its economy nor its national pride, aka collective “buy-in” by its people. That buy-in is being seriously eroded.

As for “No more attacks on ‘the rich’ please”, I too have had enough of the sniveling, hateful vitriol aimed at boomers and the elderly on this blog.

This gratuitous indulgence in boomer and senior bashing only serves only to create and develop a dangerous mindset. Very dangerous.

Far too many of the “deprived” younger generations need to wake up, give their heads a major shake and build spines. Yesterday.

Rather than wasting time excoriating boomers, indulging their inner green monsters and coveting other people’s wealth to the point of gastric perforation and stroke, they ought to be focusing on building. A life, at very minimum.

Every generation has had its problems, challenges and advantages. Every single one. So many of today’s young have the most obscenely disproportionate sense of entitlement in the history of mankind. Many ponce around, affecting membership in royalty. Designer and re-addicted goofs. Way wrong focus!

There is always a solution to attaining a vision. Always. Unfortunately, expecting it to be handed to you on a silver platter will result in tragic disappointment, and soon, as life passes by so quickly.

The tiniest percentage of the worlds population has enjoyed a lottery win or unbelievable luck in gaining wealth. Most people, though, had to WORK for it.

The lazy, careless, self-centered, and entitled who accomplish little in life deserve exactly what they get. The fact that they get less of even that than those of previous generations is more a function of enormous quantities of people from other parts of the globe with spectacular education and impeccable credentials entering the work force. Every single day.

A major reason the world is a tougher place for youth today is that other countries are cranking out super-educated, hyper-motivated youth by the shipload who get and continue to get the jobs that allow them to progress quickly. Their successful effort, though increasing your challenge, is not the boomers fault.
Most of this internationally mobile youth focuses on studying like mad, systematically internalizing success and fulfilling their dreams. They are very often multilingual and don’t waste precious time blaming others or pitying themselves.

Unfortunately, it’s not so easy as it being “THE BOOMER’S FAULT” – and they’re not all going to end up wearing depends, die tomorrow, nor least of all, leave bags of cash to you. There will be relatively little wealth transfer and importantly, if nothing else, they will remember the attitude.

In the grand scheme of time, age differences are less than significant and we all, without exception, become less attractive, sick and just as wrinkled and frail as everyone else who walked the planet before us.

Wealth doesn’t happen overnight. Never did. Hundreds of millions get this and are using their time productively.

Get used to it fast, or get left behind forever.

#114 Lessons of blogging on 04.27.16 at 9:13 am

#27 [email protected]

Lesson #1: Show some respect.
Lesson #2: If you forget Lesson #1, don’t provide your email address.
(Bonus Lesson: don’t read MARK)

#115 Felix on 04.27.16 at 9:21 am

Hmmm…some more anti-feline RACISM in today’s pic, huh Garth!?

I think poster mike harrison said it well:

“Whoever reposts a picture like that is as sick as the person who took it. Definitely not an animal lover!”

Cats do weird things, unlike dogs. — Garth
————————————————————–

Um, Garth, sorry to break the news, but dogs are STUPID, almost as stupid as humans. Seen through the lens of superior feline IQ, everything dogs do is “weird”.

You THINK dogs are affectionate, responsive, etc…, but really all they are doing is looking for another butt to lick. And they dupe you, completely. Greater Hominid Fools.

They don’t even like it when you touch or hug them, either – see how little you know!?

http://nymag.com/scienceofus/2016/04/your-dog-hates-hugs.html

Dogs or humans – which do the stupidest things? We cats amuse ourselves for hours with that endless debate. :)

#116 The Boy From Ipanema on 04.27.16 at 10:04 am

#98 Brazil ex-pat on 04.27.16 at 5:17 am

http://www.bloomberg.com/news/articles/2016-04-26/apple-forecasts-another-sales-decline-as-iphone-demand-cools

How’s that growing US Economy working out?
—-
Happy surfin Ipanema… don’t you have enough to worry about?

http://www.theglobeandmail.com/news/world/with-the-rio-olympics-looming-brazilians-are-in-no-mood-to-celebrate/article29766600/

#117 Countdown to Rio on 04.27.16 at 10:14 am

This is gonna be a helluva a party. Samba on

http://www.theguardian.com/sport/2016/apr/27/rio-2016-olympic-games-100-days-to-go-brazil-controversy-legacy

#118 Candy Halson on 04.27.16 at 11:13 am

To Pink Eye

Nobody cares about your comment. Real estate will fall with all its losers.

#119 Mixed Bag on 04.27.16 at 11:14 am

#55 Smoking Man on 04.26.16 at 9:13 pm

Not to be that guy, but get yourself checked out.

A relative, made wine for a living, could no longer stomach the taste of wine, turned out he was very ill. There were other symptoms prior that he ignored.

#120 Venezuelan Rae days on 04.27.16 at 11:24 am

Full pay – for two days work… man you gotta love socialists.. they sure know how to make things run.

http://www.theglobeandmail.com/news/world/venezuela-decrees-two-day-work-week-to-save-energy/article29768038/

#121 fancy_pants on 04.27.16 at 11:25 am

I’m going to have to let the cat out of the bag here … but time for a new prescription on the rose colored glasses .

rates are not going up. Time to flip that 45 over and play the B-side. 6years ago they were ‘going up’. 6 years from now the same tune will be played. I guarantee inflation will hurt you long before any ‘high’ rates ever get near you.

welcome to the start of the end.

#122 Panhead on 04.27.16 at 11:37 am

#113 maxx on 04.27.16 at 9:13 am
In the grand scheme of time, age differences are less than significant and we all, without exception, become less attractive, sick and just as wrinkled and frail as everyone else who walked the planet before us.

Well said … reminds me of a bud who proposed to his wife by asking …”will you marry me and grow old and ugly with me?” How could she say no to that …

#123 fancy_pants on 04.27.16 at 11:46 am

#9 Dave on 04.26.16 at 6:42 pm

in early 70’s my dad bought a second home for @$9k in Coquitlam. He sold it a couple years later for $17k and paid off the house we lived in.

In @1980-81 he tried to get a rental property again, dad put an offer on a townhouse in Port Moody for $29k, they couldn’t agree/come to a deal over $500. A couple years later those same units were selling for $129k – I kid you not.

should have, could have, would have. My mom’s limited appetite for risk kept him from some great gains.

He had a friend who back in the 70’s who kept buying rental properties and today he is worth over $30 million.

We moved back to Ontario in ’84 from Port Moody to Ottawa and at that time it was more expensive in Ottawa by about $20k. That quickly changed with Expo ’86 – that propelled Vancouver ahead for good.

Amazing how differently some forks in the road take you.

#124 Venus Fergus on 04.27.16 at 11:50 am

Proof positive that the governments ‘borrowing’ from seniors through the ZIRP has sent seniors into starvation.

http://www.bnn.ca/News/2016/4/27/Canadian-retirees-stress-over-savings.aspx

Shame on the Trudeau Liberals for continuing to screw seniors into the grave with governments greed for funds to increase the pay of civil servants.

#125 Russ on 04.27.16 at 12:19 pm

Re: Nanaimo

Love the comments everyone, keep it up.

When I was a lad, population about 60,000 and there were 52 bars in the area. Is 52 weeks in a year a coincidence? I don’t think so.
Many were peeler bars but that died away, the last holdout being the Arlington (on the way to Errington where you can hear banjos playing) and even they were only part time.
The loss of bars with dancers pretty much coincides with ICBC’s big push to take all the fun out of an impaired drive and the plethora of emasculated young males.

On the Pulp Mill note, that smell you get after coming of the ferry is from the “zero emission” compost plant at Duke Point.
The mill was down for 2 weeks on a regular maintenance outage and got 5 odour complaints!
About the benefit… how does a community feel about a single source annual payroll of ~500 million dollars and a property tax contribution of 5 million (about 7% of total residential input).
I didn’t use a bunch of zeros so everybody can understand. :)

#126 Bram on 04.27.16 at 12:24 pm

Hot investing tip: today, you can buy AAPL at 10.9x the earnings.

Plenty of capital gains to be had when the Apple iCar gets announced, plus a small dividend.

Bram

#127 Brazil ex-pat on 04.27.16 at 12:26 pm

#100 Harbour on 04.27.16 at 7:32 am
#98 Brazil ex-pat

Apple took a hit after earnings, Samsung is taking business away……. plus I think the era of having the latest “look at me here and look at me there phone” is getting old.

+++++++++++++++++++++++++++++++++

Apple took a hit because people are buying LESS phones and crap like apple watches. Last I checked the population was still rising. The world economy – the whole world – is in trouble.

#128 Brazil ex-pat on 04.27.16 at 12:31 pm

#117 Countdown to Rio on 04.27.16 at 10:14 am
This is gonna be a helluva a party. Samba on

http://www.theguardian.com/sport/2016/apr/27/rio-2016-olympic-games-100-days-to-go-brazil-controversy-legacy

+++++++++++++++++++++++++++++++++++

How’s that toll bridge working out? You know? The $10 there and back one that cost 3 billion dollars? Oh that’s right…..the same price the 2012 two week Olympic party cost……

#129 pwn3d on 04.27.16 at 12:37 pm

#24 Candy Halson on 04.26.16 at 7:36 pm

we sold our house in Toronto for net $1.2 million in 2015 with $800,000 profit in 11 years
—————–
ouch, bad decision you would have had >1 mil if you had waited to sell now. by this time next year tack on another 100k. That would have afforded you a much better rental than 2300/mo.

#130 pwn3d on 04.27.16 at 12:39 pm

#18 Mark on 04.26.16 at 7:13 pm
Not a reason in the world to touch Vancouver RE right now. Prices have stagnated for the past 3 years
—————–
Hey idiot, you’ve been saying it’s been going down for 3 years. Now it’s just stagnated? What happened to the sales mix lol.

#131 The downside of downsize on 04.27.16 at 12:40 pm

My post does not concern Vancouver or Toronto where homeowners have had large windfall gains but rather more or less the rest of Canada.

I know of so many boomers that would love to downsize their home but won’t because it’s been the smaller homes/starter homes that have been bid up the most as that is all the majority of new young families can afford. For most retirees the value just isn’t there for them. Instead of downsizing when they retire in their mid 60’s they downsize in their 80’s, after a spouse has passed away, or are forced to due to medical or financial situation. They figure it’s not worth going through the hassle of moving to pocket $50-100K, half of which they may end up spending renovating to make the home to their liking anyways.

The normal housing chain is broken. It will probably take a long time for it to revert

#132 pwn3d on 04.27.16 at 12:44 pm

#30 common sense on 04.26.16 at 7:56 pm
#27 salafin

Funny thing is Sal, I’ve never once seen him once try to sell his services at all, even once.
————–
Unless you just fell off the truck, you do realize this is advertising right? Only an idiot would spend this amount of time on something with no payoff. And that’s not a criticism, if you have an expertise you should be paid for it.

#133 Brazil ex-pat on 04.27.16 at 12:44 pm

#106 crowdedelevatorfartz on 04.27.16 at 8:32 am
@#98 Brazil Ex Canadian
“How’s that growing US Economy working out?”
*******************************************

Wow. Apple posts a “decline” and its ‘Apocalypse 2016″ all over again. Fiscal armageddon. Run for the hills or ….Brazil…. where its safe………
Yet the 1.5 million people with Zika, the crushing Brazilian recession, the President awaiting impeachment, the shoddy Olympic construction, soaring murder rates……
Thats all lies and scurillous rumours.

+++++++++++++++++++++++++++++++++++

hahahahahaha…….still wearing the tinfoil on the Zika virus huh?

How are those shootings in Surrey working out? I hear Crusty Clark is being paid side money now.

Yes….I 100% agree with you on the OWElympics. All of them. We boycotted the 2012 Moldcouver OWElympics as well. They all steal money from tax payers…..

You can stop anytime mr Fartbrain. I continue to say BOTH countries have problems. But the weather here is nicer, the food is better and the women are hotter.

#134 pwn3d on 04.27.16 at 12:48 pm

#41 gut check on 04.26.16 at 8:37 pm
Real Estate Watchers…
I have a Q for you all…

Been watching carefully and closely for 2 years- monitoring solds and getting info on prices, been inside many of them, know how long they’ve been sitting, relisted, price drops, etc.
——————
You need to specify area. In GTA for example dom is at an all time low, as is inventory.

#135 Chemtrail Deadly Flu on 04.27.16 at 1:07 pm

Wow dude, talk about being lit up!

Reefer Nation:
“We used to hear lots of nanotechnology. ..lil critters to get inside of us and clean our veins and stuff.
Not hearing much now. I’d bet on tiny invisible things like that getting inside of us then being lit up or activated via an energy field.”

#136 YVR update on 04.27.16 at 1:23 pm

Apple is done.

I for one won’t be upgrading my iPhone 6 to a 7 this fall.

Innovation has slowed. What can they possibly put in a 7 that a 6 doesn’t have?

And if they don’t drop their price, others are catching up.

So a Apple done like..

#137 Russ on 04.27.16 at 1:43 pm

oops.

correction request to #125:
annual payroll is overstated, it’s only 50 million

economic benefit could be 500 M but that’s a whole ‘nother subject

#138 Fed-up on 04.27.16 at 2:05 pm

#131 The downside of downsize on 04.27.16 at 12:40 pm

My post does not concern Vancouver or Toronto where homeowners have had large windfall gains but rather more or less the rest of Canada.

I know of so many boomers that would love to downsize their home but won’t because it’s been the smaller homes/starter homes that have been bid up the most as that is all the majority of new young families can afford. For most retirees the value just isn’t there for them. Instead of downsizing when they retire in their mid 60’s they downsize in their 80’s, after a spouse has passed away, or are forced to due to medical or financial situation. They figure it’s not worth going through the hassle of moving to pocket $50-100K, half of which they may end up spending renovating to make the home to their liking anyways.

The normal housing chain is broken. It will probably take a long time for it to revert
———————————————————————————–

The “boomers will flood the market with houses for much needed cash” theory will amount to a non event. Unprecedented influx of new arrivals, student visas, loose lending practices to locals and vast amounts of unregulated foreign cash will negate any effect and then some.

Until any and of all that is addressed, NOTHING WILL CHANGE and will only get worse. I am at peace with the fact that I was wrong about real estate in Canada especially the GTA ,YVR and even cowtown. No significant correction coming with the law of the land slanted the way it is.

You want to own? Live in a modern city? Have little to no debt? The solution is to leave Canada. We’ve been sold out to banks, developers, corrupt governments and foreign interests and somehow the locals are being blamed for it all. Contrary to what many claim, I personally don’t know anyone who enjoys a $900,000 mortgage regardless of interest rate, do any of you?

#139 IKnow on 04.27.16 at 2:10 pm

#93 BS

……

Once everyone is “never able to buy” then who will be buying? Do the math on what happens next. As they say a fool and his money are soon parted.

———————–

That’s why I said need to expand the vision to include people on the other side of the Pacific.
Particularly I said Vancouver price would not go higher when the per sqft cost matches that of Hong Kong.

By Canada standard Vancouver single family house should be 60% cheaper.
But including the Chinese factor, Vancouver sfh can go up another 100%.
And Toronto will try to follow the Vancouver trajectory.

#140 Nemesis on 04.27.16 at 2:15 pm

#InTheBagRedux,Or… #CheongsamsBecomeHer…

[SCMP] – BC parliament focuses on SCMP investigation, as opposition condemns ‘wild west’ real estate market

“If a disgraced real estate agent with no real estate licence, with no securities licence, can issue C$60 million in shares on Facebook, clearly this government has lost control of the real estate market in Metro Vancouver.” – NDP Opposition housing spokesman MLA David Eby

http://www.scmp.com/news/world/united-states-canada/article/1939033/bc-parliament-focuses-scmp-investigation-opposition

#141 bdy sktrn on 04.27.16 at 2:17 pm

#134 pwn3d on 04.27.16 at 12:48 pm
#41 gut check on 04.26.16 at 8:37 pm
Real Estate Watchers…
I have a Q for you all…

Been watching carefully and closely for 2 years- monitoring solds and getting info on prices, been inside many of them, know how long they’ve been sitting, relisted, price drops, etc.
——————
You need to specify area. In GTA for example dom is at an all time low, as is inventory.

—————————–

i thought it was clear he was talking about innuvik.

anyone silly enough to not include the tiny detail of location must have a frozen over brain. (you know the old saying that location has no influence on RE)

#142 bdy sktrn on 04.27.16 at 2:19 pm

apple car will never happen.

the rot has set in.

safe short to 50 with DECLINING revs , margins and income.

look for a partnership with blackberry in a few years!

#143 BOOM! on 04.27.16 at 2:25 pm

#24 Candy Halson

Congrats!! on cashing out of RE at the high marks. You deserve enormous credit for living a VERY good life, rather than worrying about the “price” of an asset you really no longer need, or want.

Renting, and financial security bring FREEDOM!! Enjoy the retirement years, as we are.

Best-

#144 Smoking Man on 04.27.16 at 2:32 pm

#111 james on 04.27.16 at 9:00 am
#82 Life among the stars on 04.26.16 at 11:29 pm

#55 Smoking Man on 04.26.16 at 9:13 pm
Boomers cutting back on spending, Millennials don’t make squat, Growth, what Growth?
Low rates forever, Real Estate a good bet in-spite of the madness of it all. I think, being sobar has messed up my crystal ball, and writing.
Oh and I hate the taste of Cigs, had maybe 6 or 7 since the fever, 1 in Laughlin, 6 in Vegas. Non since my return to shits-vile we call Long Branch.
Changed man, and I don’t think for the better. But my body is on strike. Refuses to give into my urges.
Wine tastes like vinegar. gross.
My life is over.
________________________________________
I thought you moved to Boston… making big US bucks… so the commie teachers could take any more
of it.
……………………………………………………………………….
Now that I think about it Life among the stars is correct. After your boot from the Tax Farm downtown you all told us you had a huge job in Boston making large US$ and you were moving there tout suite. So what gives SM? Why slum back here in the great white north? Inquiring Millionaires want to know!
………………….

Your a Troll, you just chirp people on here, offer nothing substantial, don’t need to explain shit to you.

Carry On with the chirps.

#145 TurnerNation on 04.27.16 at 2:37 pm

#120 Venezuela…more forced shortages from the elites. Electricity is a 150 year old technology!!
But they won’t allow us it.
Can you think of any other centuries old technology being charged so much and failing so badly?

Energy rationing crisis used to control us. Perhaps the oil crisis of 1970s was used to help soften up USA for Vietnam war. Break their spirits at home.

Venezuela being economically bombed. .

#146 gut check on 04.27.16 at 2:51 pm

@ #141 bdy sktrn on 04.27.16 at 2:17 pm
#134 pwn3d on 04.27.16 at 12:48 pm
#41 gut check on 04.26.16 at 8:37 pm
Real Estate Watchers…
I have a Q for you all…

Been watching carefully and closely for 2 years- monitoring solds and getting info on prices, been inside many of them, know how long they’ve been sitting, relisted, price drops, etc.
——————
You need to specify area. In GTA for example dom is at an all time low, as is inventory.

—————————–

i thought it was clear he was talking about innuvik.

anyone silly enough to not include the tiny detail of location must have a frozen over brain. (you know the old saying that location has no influence on RE)
****************
****************

I’m sorry that you’re such a f#cking cranky f#ck.

OBVIOUSLY I do not mean in Van or Toronto. FFS.

What I mean is ANYWHERE ELSE.

#147 Ole Doberman on 04.27.16 at 2:54 pm

This just in: Vancouver market starting to become frothy

http://www.bnn.ca/News/2016/4/27/Vancouver-housing-market-shows-strong-evidence-of-overvaluation-CMHC.aspx

BNN headline news

#148 You Can't Handle the Truth on 04.27.16 at 3:01 pm

….and the Fed takes another pass on interest rates…..

As everyone expected. — Garth

#149 bdy sktrn on 04.27.16 at 3:11 pm

oil on a rocket ride , now over 45 from just 26 in feb.

over 75% gain and rolling.

AB is coming back.

#150 Damifino on 04.27.16 at 3:14 pm

“…house prices are higher than levels that can be supported by fundamental factors such as income growth and population growth,” said Bob Dugan, chief economist with CMHC.

Wow! Fascinating stuff, Bob.

Tell me… what was your first clue?

#151 Candy Halson on 04.27.16 at 3:29 pm

You could tell on this blog who sells real estate and believes it will not correct for years. Canada will feel a similar fall in real estate like the U.S. but it will be a longer drawn out affair.

Lets say 40% over 6 to 7 years give or take.

#152 BREAKING NEWS on 04.27.16 at 3:46 pm

FED holding at least until December.

By then the economy will be in a downward cycle. Raising rates was a charade.

They never did it when they had a chance. To protect asset values.

Expect QE5 going forward.

#153 Freedom First on 04.27.16 at 4:04 pm

#91 Vundo

I am not going to sign up for crushing debt at any time.

………………………………………………………………

Vundo, sounds simple, and it is. Very very wise statement.

FF007

#154 james on 04.27.16 at 4:18 pm

#144 Smoking Man on 04.27.16 at 2:32 pm

#111 james on 04.27.16 at 9:00 am
#82 Life among the stars on 04.26.16 at 11:29 pm
Your right,
chirp, chirp, chirp, chirp, chirp, chirp, chirp, chirp, chirp,
bull-shitter, bull-shitter, bull-shitter, bull-shitter, chirp, chirp, chirp………………………………

#155 Freedom First on 04.27.16 at 4:19 pm

#110 hope & ruin

12 years old? No. That would be you.

#156 Metaxa on 04.27.16 at 4:21 pm

As for “No more attacks on ‘the rich’ please”, I too have had enough of the sniveling, hateful vitriol aimed at boomers and the elderly on this blog.

This gratuitous indulgence in boomer and senior bashing only serves only to create and develop a dangerous mindset. Very dangerous.

huh?

#157 Freedom First on 04.27.16 at 4:29 pm

#115 Felix

Felix, in the end, you’re just a pussy. However, your posts do make me smile. Reminds me of a book I read years ago. Something to do with dead cats. Probably not PC today though.

FF007

#158 waiting on the westcoast on 04.27.16 at 5:23 pm

Brazil Ex-Pat re: American Apples

Apple is down YoY after doing a massive Q with the iPhone 6 launch last year. But I agree with the other poster who said that the rot is in. Not so much that they cannot build great products but that it just becomes progressively harder to grow once you are as large and successful as Apple is.

With regards to the US, services are growing strongly. So while it’s industrial base is shrinking, the indentured classes (servers/DJs/baristas) and the professional classes are pouring it on. Our premium service business has grown between 25-30% annually for the past 4 years. I think the US Fed is being overly cautious.

#159 waiting on the westcoast on 04.27.16 at 5:37 pm

A good overview on Apple’s woes by MG Siegler (works for Google Ventures but he is an Apple-phile)…

https://500ish.com/pray-the-sequel-dfbe3cbc7e01#.w2l4kminr

#160 Smoking Man on 04.27.16 at 6:05 pm

#154 james on 04.27.16 at 4:18 pm
#144 Smoking Man on 04.27.16 at 2:32 pm

#111 james on 04.27.16 at 9:00 am
#82 Life among the stars on 04.26.16 at 11:29 pm
Your right,
chirp, chirp, chirp, chirp, chirp, chirp, chirp, chirp, chirp,
bull-shitter, bull-shitter, bull-shitter, bull-shitter, chirp, chirp, chirp………………………………
…..

Did you not read my first book.
The art of lying…..

I lie and do it alot and not ashamed..

Fiction writer thing…

#161 crowdedelevatorfartz on 04.27.16 at 6:30 pm

@#133 Brazil ExPat
“You can stop anytime mr Fartbrain”
*******************************************
Your intellectual observations aside.
I prefer to be referred to in my Latin Nom de plume(fume?) .
Maximus Sulphurious Gaseous or MSG for short. “Fartzy” or Fartbrain are what my friends call me when we’re in confined spaces and, while I find your Brazilian horn “tooting” amusing…..,
We’re not friends……yet. :)

#162 family beagle on 04.27.16 at 6:35 pm

http://www.theprovince.com/business/have+received+unsolicited+offers+your+home/11715979/story.html

When the bag meows…in BC, The Province wants to see unsolicited hush offers to buy your house quick for cash, “$100k deposit…meet at Starbucks…”

#163 [email protected] on 04.28.16 at 4:05 pm

no good value in pines?

check out real estate prices in Banff…..