Unfair & cruel

1CAT MILK

Michael and Martina now hate me.

The property-lusting couple took to their Facebook page days ago and published a smiley photo with their three kids, two of whom look happy about it. The dog is pissed.

Below they said to the world: “A family photo we just made to include with our ‘pleading’ offers on houses in North Vancouver.” The guy added, “We’re probably going to make a video for an offer tomorrow. It’s pretty crazy and only might make a difference if our offer is equal to a competing offer.”

Michael and Martina Gyori obviously wanted attention when they made and posted that pic and comments, suggesting they’re being victimized by a nutso housing market. So I gave them some. “Have M&M ever considered moving?” I asked here on this pathetic blog. “Or staying renters and building their wealth instead of walking into a market so distorted you have to beg someone to take your money? Obviously conditions are unsustainable. And it’s not Chinese guys, but delusional, desperate people like these who are moving the market. It’s the hallmark of a coming asset collapse, after all, when everyone thinks it’s impossible.”

My point was simple. In a rapidly rising market, human nature makes people think things will go up forever. That they’ll be priced out, or (worse) miss windfall gains. Fear & greed.  They become infected with popular sentiment and join the game. As I have written here: higher prices breed higher prices. Until it all tumbles. The greater fool is always the fool who follows.

So a couple with four dependents so desperate to buy into a price storm that they (a) shoot a family photo for potential vendors, (b) write a ‘pleading’ letter with their offers to purchase, (c) create a video to accompany an offer and (d) publish it all in an open, online forum should tell ya something. Like, they’re as insane as the market they call crazy. This is exactly how asset values become unsustainably inflated. Because everyone’s chasing them. Until it all ends badly.

As it turned out, M&M did take my advice. They fled, driving capriciously to Kelowna (another overbought market) where they made an instant offer. But they also found time to dis me as a worn-out, doomy, aggrandized, irresponsible Internet hack who should have known when they took to social media and made themselves look like hormonal house-horny dipsticks, they really didn’t mean it.

But they did manage to help infect the Okanagan.

In the name of fairness, here’s their response and justification. I’ve emailed the pooch, and will bring you his reply. He definitely knows something.

1BEGGING

“Yes, I realize that what we post online is ‘out there” for anyone (I guess you’re a friend of a friend of a friend), but the light you placed my family in is less than endearing… and is certainly not appreciated. The self-righteous glee with which you detail our story is unfair and cruel at best.  And quite uninformed with no effort to actually find out anything beyond our post on Facebook.

“Yes, the market here is crazy, and that is why, after only 8 days of trying (with 3 unsuccessful offers), we changed our focus to Kelowna… drove there on Tuesday, made an offer on a 3400 sqft house on 1.3 acre of land with a great view on Thursday (for asking price), and had the offer accepted on Friday.  I guess you missed that Facebook post.

“See…. we’re not quite the insane idiots that you paint us to be.  We’re merely a family trying to live where we want to live.  The only reason we even had a chance in North Van was that I’ve done well financially in the past.  Yes, we were trying to rationalize the increased risk of borrowing more money… Certainly stretching ourselves more, but we were certainly not throwing all of our financial eggs into one basket.  But perhaps you assumed that because we were trying to gain a slight edge with letters/pictures/videos to sellers, you assumed that we were financially extending ourselves beyond any rational thought.  Yes, I guess you did assume that.  Not very sound journalism… but maybe you can’t consider blogging journalism.

“We had certainly considered many other areas before making an effort in North Van.  Port Moody (not really that much cheaper), Maple Ridge… yes, a 35 minute drive from Vancouver in non-rush hour now…. but certainly not so speedy in 10 years with the insane development going on there.   In the end, a warmer, dryer climate won out.  And this was only possible because I’m mobile with my work.  Many people are not so fortunate.

“The only reason North Van was considered during this insane market was because most of our friends are here, and some of the best public schools in the province are here.  But perhaps you are not married, nor have children… so you couldn’t understand the intense desire to give your children the best possible education you can afford.  And your comments about renting making so much more sense isn’t entirely accurate… certainly not in the last 2 years (nor 15 years really).  Many people can either own their house or pay rent for nearly the same monthly cost.  Yes, with a down payment and property taxes and maintenance.  But add a $10k WEEKLY(!) appreciation in house value, and maybe you can see why people are still buying.  Any person who rented the last 10 years, but had their savings in the market in 2008 are certainly NOT better off than those that bought a house in Vancouver.

“Yes, we realize that this insane appreciation cannot continue for ever.  But when you’re losing $42k of buying power per month in North Van, one feels like you need to get on-board now, or forget about owning in North Vancouver.  It is VERY possible that prices will continue to appreciate considerably for another 12 to 24 months.  They’ve certainly continued appreciating longer than most of your doomsayer buddies. And remember the last correction in Vancouver in late 2008?  I bought a duplex in Dec 2008 for a nice discount.  The market was right back up there in 6 months.  You and others were probably disappointed that more people didn’t lose their shirts then.  But don’t worry, I’m sure you can bask in schadenfreude during the next correction or crash.

“There are plenty of housing markets in the world that are expensive and stay expensive.  Vancouver is now one of those markets and even after a crash or correction will remain one of those cities.  Or perhaps you’re now wanting to buy a place in Manhattan or San Francisco?  Or maybe you think those markets will suddenly become affordable?!?  Good luck.

“People like yourself will gloat about how smart they were when the crash happens… predicting the obvious oncoming bubble for the last decade…  Just being completely wrong about it being imminent. Many people with your opinion have been standing on the sidelines for 15 years, while others have successfully grown their net worth quite nicely with real estate here.  It doesn’t take a PHD to realize this bubble will burst.  The only question is when and how badly.  All it takes is 12 months of another 30% appreciation to make buying now still make sense.

“Perhaps it might be a bit of responsible journalism to update your ‘beggar’ blog with details about how we moved our focus to Kelowna very quickly and bought there.  But then again, that might make it look like you don’t know what you’re talking about.

“Best,
Michael and Martina”

276 comments ↓

#1 Grooby on 05.10.16 at 5:58 pm

I think Michael and Martina need to take a refresher course on what it means when you publish things like they did to the internet.

Social media is 95% about judging others, 5% bragging. If you don’t want to be judged, don’t post.

But don’t get upset if your public statements go further abroad than you intended. Welcome to the new world, where privacy is up to you, not others.

I suspect they will now be upset that Garth published their response in its entirety.

#2 Sebee on 05.10.16 at 6:02 pm

Where does cat milk come from? Are hipsters using it in lattes?

#3 ed on 05.10.16 at 6:03 pm

“I’ve done well financially in the past”–this is the defining statement about this bubble family. The emotional self-justification is a hoot. I guess a whole city of people spouting such distortion explains why CDN real estate is in manic right now.

#4 Robert on 05.10.16 at 6:05 pm

`All it takes is 12 months of another 30% appreciation to make buying now still make sense.’

This statement absolutely terrifies me.

#5 Lastline on 05.10.16 at 6:07 pm

These desperado clowns need to get burned so bad by the coming housing collapse that they’ll end up living with the crackheads in downtown YVR.

The ignorant will pay.

#6 Zoronqueen on 05.10.16 at 6:07 pm

Frust…some of what M&M said made sense… We moved to Vancouver in2012 n kicking ourselves for not buying…..when we could have…..now West side of Vancouver is out of reach….

#7 P.R. Dream Letter on 05.10.16 at 6:07 pm

Congratulations Garth!

In terms of P.R., that letter is gold. As good a blog friendly chat piece as one could ask for.

#8 Tuxedo on 05.10.16 at 6:08 pm

The BC real estate madness is just sad. Michael and Martina are obviously smart, but don’t understand risk. IF the market goes up another 30% does not make buying worth it. This level of price appreciation is totally unsustainable and will not result in a tapering off or “soft landing”. The price charts have an eerie similarity to the NASDAQ between 1995 – 2000. That run resulted in the NASDAQ going up from $1000 to $5000. The long crash brought it back to just over $1000.

All I can say is enjoy the massive mortgage, high property tax bill, maintenance costs, insurance costs, etc. Hopefully there’s money left over for real investing.

#9 Wet Coast Girl on 05.10.16 at 6:08 pm

The nicest thing I can say…
“These are two self absorbed, whiney, ego-centric people, I would not want to have as friends”.
Once again, Mr.Turner, Thank you for your blog as a result, I am finally getting my financial house in order. It will take awhile, but it will get done.

#10 Lisa on 05.10.16 at 6:09 pm

I’m sorry, but comparing Vancouver to Manhattan or San Francisco is a joke. These people really have no idea how delusional they are, do they?

#11 WallOfWorry on 05.10.16 at 6:11 pm

They make a good point. For those ardent followers of this blog, if they followed the advice for the past six years and rented instead of buying, or sold to flip to renters, they have been disadvantaged. Even a significant correction would not wipe out all of the gains. If however, one was to purchase now, there is probably a high degree of risk that they will take a hit. However, the real issue is whether interest rates rise that make mortgage payments today unaffordable in the future and there is enough volatility in the global market that would suggest that interest rates cannot rise more than a few basis points over the next couple of years. The reality is that there is not sufficient sustainable growth to support interest rates increasing when factoring in government debt levels. The US has a $19 T debt level soon to be $21 T and they will be lucky to experience GDP growth of greater than 1%.

#12 Cdn Mom on 05.10.16 at 6:12 pm

Wow, that’s good Kool-Aid! lol

And this is coming from someone with four houses.

#13 J on 05.10.16 at 6:13 pm

10k appreciation per week…. Ya for sure

#14 Terry Vinet on 05.10.16 at 6:14 pm

Thought you guys would appreciate this.

https://www.tvnz.co.nz/one-news/new-zealand/our-asian-residents-have-been-singled-because-xenophobia

#15 Dave on 05.10.16 at 6:14 pm

I would love to comment but their response is priceless and they will either be heroes or are dead in the water. Brave souls

#16 mike on 05.10.16 at 6:16 pm

Glad he’s got it all figured out.

#17 Get back Loretta on 05.10.16 at 6:18 pm

Hmmm, I wonder what their response would be if they had actually read your ‘beggar’ blog for a few months? Beggar?

#18 digby on 05.10.16 at 6:23 pm

if you aren’t putting all your eggs in one basket, then outbid everyone else.

if you can’t, then stop being an attention whore.

hopefully this is the last we hear of you and you’re passive aggressive know it all (but clearly don’t) attitude.

#19 B.C. Dog on 05.10.16 at 6:23 pm

Help, please. I am being held by some self important retards with to much time on their hands.

#20 Frank on 05.10.16 at 6:24 pm

He’s right in the sense that even with a 30% drop anyone who bought 2015 or earlier is still ahead. And no one rational thinks: a 30% drop is going to happen. Or that a drop with happen tomorrow. Therefore there’s a certain amount of safety.

Anyways I don’t know what this family is pissed at you for expressing an opinion. They should be pissed at their ‘friends’ for sharing their Facebook posts with strangers. Maybe next time block out the last name for privacy, there are kids and a dog involved after all.

#21 A Yank in BC on 05.10.16 at 6:24 pm

Visited Kelowna once. Once was more than enough. Hope M&M at least observed the rule of 90.. but I’m guessing no.

#22 JSS on 05.10.16 at 6:24 pm

Well, if they want to buy a house (at top price) and the bank gave them mortgage, who are we to shame them? It’s their problem.

#23 betamax on 05.10.16 at 6:26 pm

Always with the petulant tone.

“unfair and cruel at best”

Really? What would be at worst?

“We had certainly considered many other areas before making an effort in North Van. Port Moody (not really that much cheaper)”

The rationalization is strong with this one.

“Kelowna… drove there on Tuesday, made an offer on a 3400 sqft house on 1.3 acre of land with a great view on Thursday (for asking price)”

See! See how reasonable we are! We only paid asking price!!! We’re thrifty, dammit!

“The only question is when and how badly. All it takes is 12 months of another 30% appreciation to make buying now still make sense.”

Actually, that doesn’t make as much sense as he thinks.

#24 JO on 05.10.16 at 6:26 pm

Michael/Martina
All I can say is IF you took on a large mortgage as most do, I wish you luck. If you were living in the US and locked into a cheap 15-30 year fixed rate mortgage I would understand the risk you are taking
But in Canada, buying a house and taking on a large mortgage (like many do) I wish you the best of luck
I suggest you test mortgage renewals at 1 and 2 % higher. It is likely rates will stay low or maybe go lower in the next 12-18 months but make no mistake they will be higher in 4-5 years
Buying a house in Canada and taking out a large mortgage is playing roulette with the bond market
And the day always comes when confidence is lost on governments and their bonds
One way or another the illusion of BofC “control” over rates will come to an end
Wishing you the best of luck
JO

#25 WageSlave on 05.10.16 at 6:28 pm

>no bubble in North Vancouver
>buys in Kelowna

Garth in the future, the anecdotes are nice but black out personal names, its not nice to “dox” people

#26 Bonhomme Carnaval on 05.10.16 at 6:29 pm

Wow!

Yo Mike! Just saying, YOU did put yourself (and your family) out there in the public domain–just saying man!

Moreover, I lost count of how many times you contradicted yourself in your 824 word rant / character assassination.

Also, send your kids to a good private school. Less expensive than buying YVR R/E and a well rounded international education. It should be said, that they’ll likely rub elbows with the children of the Illuminati–again, just saying dude.

Last, If you don’t want people to make assumptions about you, then don’t make assumptions about them. Like Benny Hill said: ”… when you ASSUME, you make an A$$ out U and ME.”

Just sayin’ guy.

Best of luck in Kelowna!

Peace

#27 family beagle on 05.10.16 at 6:29 pm

Harrumph!

#28 Ret on 05.10.16 at 6:31 pm

It’s about the money. What sob story would convince me to take less money? For all that I care, the Hells Angels can buy my place as long as the cheque is good.

#29 MSM-Free Zone on 05.10.16 at 6:33 pm

Beggar?

Always heartwarming to be reminded of one’s place in life by the smug and pretentious. Then again, M&M, how could you possibly feel most fortunate in your new used 3400 sq. ft. dwelling if you had no steerage class to compare yourself to?

The sun is setting shortly. Anyone know the going rate for sleeping under a bridge in the GTA this evening? Inquiring minds need to know. (you haven’t really lived until you wake up cuddled next to a Kelowna rattler).

#30 ole Doberman on 05.10.16 at 6:33 pm

They do make good points. Garths analysis on RE has been correct but he forgot to factor in government corruption with regards to foreign money. They wanted Garths head on a platter since the falling out as MP and starting this blog

#31 Linda on 05.10.16 at 6:33 pm

lol should I alert the Mobile Mortgage Specialists in VR that M&M have finally purchased a home :)

#32 Tom from Mississauga on 05.10.16 at 6:34 pm

YVR is like SF or NY. No worries then.

Garth, I think still think you can salvage this. Just have the kids over for ice cream

#33 JSS on 05.10.16 at 6:36 pm

i remember us buying a house around 15 years ago, and three months later both me and my wife lost our jobs. Professional/technicals in our respective fields. Wow. Imagine the odds of this. Lucky that one of us got another job just before EI was up. The tension, anger, sadness, and worry around the house was nuts – this lasted almost eight months. i never ever forgot this lesson.

Point is that it’s so risky running a huge mortgage with the assumption that you’ll have a job for the next 20 years. what if you have to move? what if no one wants your house?

i wish this couple the best.

#34 Unbalanced on 05.10.16 at 6:41 pm

Kelowna just got a bunch of gems!!!!

#35 GottaLoveSaving on 05.10.16 at 6:43 pm

And then almost overnight – the game of musical chairs stops. Then it is a race to the bottom as the market turns over and starts sinking while everyone who was thinking of buying stands back on the sidelines and waits for the sound of the “THUD” when the spiral downwards ends and the bottom of the market hits, before they consider writing an offer again. The most disciplined buyers will bide their time patiently month after month while they wait out the downward spiral of falling prices and until way over financially extended sellers get desperate as they continue to go under water.

#36 LP on 05.10.16 at 6:43 pm

To paraphrase an aphorism currently making the rounds…Am I ever glad I did all my stupid stuff before the advent of Facebook!

#37 pathcontrolmonk on 05.10.16 at 6:44 pm

Sure, I pity them, I pity all average Canadians who are being pushed out of Canadian cities by non-tax paying foreigners/non-residents.

ICYMI: Macleans’ latest about Canada selling itself to China. As they mention multiple times in the article, identifying the source of Canada’s RE manipulation is not racist. Many ethnic Chinese in Vancouver are equally angry at Mainlander dominance of their hometown and the government that enables it.

http://www.macleans.ca/economy/economicanalysis/chinese-real-estate-investors-are-reshaping-the-market/

#38 Paul on 05.10.16 at 6:44 pm

The poor dog seems to be the only one embarrassed by the whole debacle. He knows that you can’t erase a picture from the Internet and his mates at the dog park will mercilessly take the piss.

#39 everythingisterrible on 05.10.16 at 6:46 pm

DELETED

#40 Victoria Real Estate Update on 05.10.16 at 6:47 pm

So little time to post lately….

M&M’s justification to buy now is entertaining and contains every unsubstantiated point that you would expect to hear from a realtor.

The information below highlights how uninformed about Vancouver’s market these two really are.

There was no mention of the fact that interest rates in Canada were suddenly slashed from near-normal to emergency levels in 2009, stopping Vancouver’s steep price decline.

There was also no acknowledgement that it will be impossible to suddenly stimulate Canada’s housing market again in a similarly powerful way as Vancouver’s housing market begins its inevitable, deep correction from much higher price levels than in 2008.

In 2008-09, house prices in Vancouver fell at a rate of 14.2% per year (for 10 months) until interest rates were suddenly slashed from near-normal to emergency levels.

. . . . . Vancouver House Prices. . . . . .
. Percent Below July 2008 Price Level . .
. . . . . . . . . . . . . . . . . . . . . . . . . . .
. .0%. . .*. . . . . . . . . . . . . . . . . . . .
– 1%. . . . . . . . . . . . . . . . . . . . . . . .
– 2%. . . . . . . . . . . . . . . . . . . . . . . .
– 3%. . . . . . . . . . . . . . . . . . . . . . . .
– 4%. . . . . . . . . . . . . . . . . . . . . . . .
– 5%. . . . . . . . . . . . . . . . . . . . . . . .
– 6%. . . . . . . . . . . *. . . . . . . . . . . .
– 7%. . . . . . . . . . . . . . . . . . . . . . . .
– 8%. . . . . . . . . . . . . . . . . . . . . . . .
– 9%. . . . . . . . . . . . . . . . . . . . . . . .
-10%. . . . . . . . . . . . . . . . . . . . . . . .
-11%. . . . . . . . . . . . . . . . . . . . . . . .
-12%. . . . . . . . . . . . . . . . . . . . * . . .
—————————————————————-
. . . . . .July. . . . December. . . . May. . .
. . . . . 2008. . . . . 2008 . . . . . 2009. . .

(source: Teranet’s index)

In 2009, Vancouver’s (crashing?) housing market was rescued by emergency rates.

At that time, similar major price corrections were underway in Victoria, Edmonton and Calgary. These falling markets were also rescued by emergency rates.

Housing markets in Vancouver, Victoria, Calgary and Edmonton crashed in the 1980s.

M &M also mustn’t know that house prices in San Francisco, LA and San Diego fell around 50% during the US correction and that many families who had bought at bloated prices were financially ruined as a result.

Comparing Vancouver to San Francisco is ridiculous.

I could go on…

#41 Canadian on 05.10.16 at 6:50 pm

#2 Sebee on 05.10.16 at 6:02 pm

Its reduced lactose with some added vitamins specific to cats for weaning kittens.

#42 Bytor the Snow Dog on 05.10.16 at 6:52 pm

I absolutely refuse to be FIRSTTTTTTTTTTTT!

But seriously. She wrote that. Felt the need to defend her choices.

Annnyyyyyywayyyyyy….Joanne’s story intrigued me. I am now checking out if/how I can commute my hi falutin’ gov’t pension I stole from Saskakook. I have three months to act before I turn 55.

Stay tuned.

PS- Apparently the CRA has strict rules on how much of ones pension one can commute tax free into a LIRA (or similar). Suffice it to say Joanne’s numbers don’t quite add up.

#43 I love real estate on 05.10.16 at 6:56 pm

First, credit to you Garth, for posting their response.

Second: they are completely correct.

Sadly, the culture of real estate doomerism has been around for almost a decade now in Canada.

The results?

Absolutely none.

Real estate continues to be the most profitable, secure investment going, with the added bonus of providing shelter.

All the people in the cheap seats in the envious doomer cult have watched their futures slip away, falling behind everyone else, at the whim of landlords getting rich.

I feel truly sad, as a human as well as a professional in this field, for all those who have not bought a home since 2008, who now probably will never be able to.

Michael and Martina, congratulations to your family. You are on the path to success.

#44 Vlad on 05.10.16 at 6:57 pm

I think the blame for the current conditions that are endlessly being discussed on this blog solely lie with the Canadian government.

One can’t blame foreigners for the current conditions because they are acting in their own self interest, just like anyone reading this, while following Canadian laws.

One also can’t blame the locals because it is not practical for strangers to unite and boycott high prices. While it is a significant misallocation of one’s resources to buy a stake in real estate at this point, these people also act in they own self interest, lawfully.

The conditions that exist in Canada right now are not healthy for the country as a whole. Middle class is disrupted, dividing the nation into haves and have nots. The division will bring conflict. The tremendous misallocation of resources will stagnate the economy and will cause the outflow of resources in the future. These conditions will create cascading problems for the government down the line.

Many posters proclaim that this is the new world order. This is not true. In the US, a foreigner who disposes of real estate will face immediate tax withholding and eventual capital gains tax. The property taxes are much higher compared to Canada. This makes real estate a risky investment for speculators and keeps prices stable.

The current conditions in Canada are and will continue to be a net negative for the country as a whole and and if you are truly patriotic, you should gloat and cheer for these conditions.

#45 Mike in the Okanagan on 05.10.16 at 6:58 pm

I thought the Vancouver market was going to blow up long before spread to the Okanagan. Hmmm..maybe we should be looking to snap up property in Beaverdell and subdivide. Naaaah

#46 steveston on 05.10.16 at 7:02 pm

If a correction does not come soon for Vancouver,
will have to vote NDP in May 2017 to get the correction started.

#47 B-Dawg on 05.10.16 at 7:04 pm

So in summary, smug family brags on the Internet, doesn’t get enough likes on their life choices, flees the coast and then writes a goofy letter. It’s good to see they’ve completely missed the point about being part of the very problem they’re trying to solve in the same way they don’t understand that writing you a letter will bring them more attention. That poor dog. They should be doing tricks for him.

#48 Oil Execs Anon on 05.10.16 at 7:05 pm

That’s OK Garth

They hate you…….And we can’t get enough of you.

#49 Lead Paint on 05.10.16 at 7:07 pm

Garth, you sure have a way with people!

#50 BOOM! on 05.10.16 at 7:13 pm

Well, isn’t that special? They bought in Kelowna, whatever the heck that is…

If you can afford it, and it fits your life style enjoy it guys!

As for me, the mid-west USA is what I enjoy, like and CAN afford. The ‘Driftless’ area, where glaciers feared to tread.

It is home now. We like it well enough. Where TV reception is ‘iffy’ and your phone may not work. The neighbors work though, and that’s good for us retired on the gov’t ‘social insecurity’ dole. I earned that, I intent to collect it until I hit room temp, whenever.

US markets puked up a bull day today, probably because it was raining here, no other good reason. The thing eeks up, and down no rhyme, nor reason. I’ll take it. beats trying to fathom an excuse why the market does what it does-I gave up on the ‘why’ just be balanced, smile, and capture the gains for spending later. Rinse & repeat.

Still hold enough on the silliness when the market breaks to buy some beaten down dividend payers with no fundamental fungus, and call myself a hero.

In the meantime, life goes by day by day, with few cares, and even less stress. Ahhhh… cow country has its attributes.

#51 Ottawamale on 05.10.16 at 7:19 pm

Wow. Well done. Their little rant will probably increase the number of hits to your website by several hundred, or more.

I’m just torn trying to figure out who I should feel more sorry for – the kids, or the dog?

#52 BobC on 05.10.16 at 7:20 pm

I feel for those two and understand them well. I built a $2 million dollar 10,400 sq ft mansion in Carmel, Indiana in 2006. I was conservative and put 40% down in real cash plus paid cash for the furnishings which was another $200k. The payments was a low 18% of my after tax income. Safe and conservative right? Then my 25 year old business was paying around $4k a month in rent. So being as smart as I was I decided to build a class A office building to house my company. Another $1.8 million but I wanted to be safe so I put down another 40% real cash down and paid cash for a $100k in new furnishings. My “rent” dropped from $4k to $2500 a month with a 2 point below prime loan.
Flying high!
Then it happened. Late 2009 my wife of 21 years went nuts. Demanded a divorce and half of the equity that was no longer there. At the lowest point of the housing crash I had to sell the house. $1 million of real cash down equity turned into $200k which the judge gave her $150 and me $50k.
I had to sell the commercial building which had dropped more then housing. I got an offer of $1 million but I owed $1.2 million. I asked the bank for a short sale. I would pay in $100k and they would write off $100. They said NO 2 months after our socialist government gave them $70 million for just that kind of write offs.
In my lifetime I have come from nothing to a after tax millionaire twice. The first major recession in 1979/80 my first wife of 14 years divorced me and the same thing happened. Lost it all. The second was 2009/2010 when my second wife divorced me and I lost everything. I’m at $858k and growing to $1mm again. You can’t keep a good man down. Divorce/recession? Coincidence? I’ll let you decide.
My point in all this?

1st – Michael and Martina. You have no clue what the future holds. DEBT will destroy you. If you can’t write a check to buy something you can’t afford it. If you do finance something make sure you have the immediate cash to pay it in full should something happen. You can make 20 years of on time payments and miss 3 and they will take it without blinking an eye. In fact they will come after you first because you have equity over someone with no equity. Use debt for leverage but not to get something you can’t afford. Interest rates can go up in 5 years and the price of your home goes down. You’ll need to come up with a whole lot of cash or lose the home and everything dollar you have in it. Untimely death, unbelievable divorce or lost employment or business can hit you hard.

2nd – nobody should ever make light of Freedom First on this blog. If he’s real he’s a genius.

#53 Sebee on 05.10.16 at 7:20 pm

#30 Canadian

Thanks. However, it doesn’t make me feel any better to know such a product exists. I’ll file it under solution without a problem. Unless cats are an endangered species due to having issues reproducing or shelters are short on cats needing a home?

#54 Brian Ripley on 05.10.16 at 7:21 pm

“But add a $10k WEEKLY(!) appreciation in house value, and maybe you can see why people are still buying.” M&M

My Vancouver benchmark average price increase for SFDs is clocking in at 1.4% per month for last 40 months: http://www.chpc.biz/vancouver-housing.html

On the chart are also total residential sales and they have spiked recently breaking above the channel in place since at least 2007. Listings levels, also plotted, are at the bottom of their channel.

A perfect firestorm of fear and greed is upon the land.

#55 Renter's Revenge! on 05.10.16 at 7:22 pm

Garth,

Would you PLEASE give me permission to buy a house in Winnipeg? Even though prices are going up 0.0001% PER DAY here, and my rent is only increasing at half that rate, I’m gripped with FOMO. That’s like $40/day that I’m missing out on, which is a lot of money to a Winnipegger.

I am willing to move to a less bubbly location, like just about anywhere in the world, should you disapprove, but that’s only because I’m a power systems engineer, which every city in the world needs, which makes me very unique and special and fortunate, because there are NO OTHER professions in the world that are needed in more than one place. Since code monkeys are only needed in Toronto, and lawyers are only needed in Fort McMurray, they don’t have this option.

However, I would be very angry with you if you made me move because all my friends live here and it is impossible for me to make new ones, or stay in touch with the old ones because phones and the internet don’t exist.

It’s not like I can’t afford a house in Winnipeg. I’ve done quite well financially in the past (no thanks to you). It’s just that Winnipeg is one of the best places in the world to live, and I feel like if I want to buy a house in Winnipeg, I should be able to, right? I mean if you wanted to buy a place in Paris, you should be able to. And I bet if Paris never corrects, Winnipeg won’t either, right? I don’t actually know anything about the Paris housing market, I’m just equating the two because of my egocentricity.

In summary, if you don’t give me your permission to buy a house in Winnipeg, I’m going to make some decisions for myself and then write another post blaming all my problems on you.

P.S. The above was sarcasm, in case you couldn’t tell (which you probably couldn’t), and M&M sound like a bunch of tools.

#56 Unfortunate on 05.10.16 at 7:22 pm

Completely understand this family and i will enumerate the causes of YVR house prices:
1. Low interest rates
2. @cmhc_ca policy
3. pot
4. Basement suites
5. Foreign money laundry
6. Stupid rezoning local politics
7. Construction is the only industry here

#57 Entrepreneur on 05.10.16 at 7:22 pm

The family (a happy one) looks like any other family that want a home, nothing wrong with that. If a graph was made wonder how many families moved away from Vancouver instead of buying there. Where is that Statistic Blogger?

Any town, city needs the building blocks of individuals to keep it going or else it becomes like a “ghost” town. Also, cities need the youth as many people are old. In my area every corner they all look the same, white hair & walk with a limp, lol.

Where do we go when the bushes are dry?

#58 sacola on 05.10.16 at 7:22 pm

Last time I checked every single US house declined in price in 2008, with many nowhere near their highs.

#59 Lee bow on 05.10.16 at 7:24 pm

The point was made many times that people are not designed to think in terms of probabilities. They think they are doing good for themselves. Well, only time will tell. I just dread the possibility that I, as a taxpayer will be on the hook for the bad investment decisions people make.

#60 Doug t on 05.10.16 at 7:26 pm

People that expose their families like this couple are irresponsible idiots period. Stick your own mug out there if that’s what you wish/desire but leave the kids and pooch out of it.
And farce book – ha don’t get me started lol

#61 Indie Chick on 05.10.16 at 7:28 pm

That rebuttal was pretty painful to read with all of its negativity and bitterness. Yuck. I guess I would be too if I just went through that experience. Maybe the house- obsessed should start chasing happiness and freedom instead of houses and servitude. Just a thought.

#62 Ry YYZ on 05.10.16 at 7:36 pm

I have to agree with some of the others here. I thought the RE markets were overheated and overpriced back in the early 2000s. I thought the correction had arrived in 2007/2008, but it was only minor. I bought a (modest) house in 2013 and keep expecting that I may lose my shirt on it, even though I didn’t buy it as an investment but rather a place to live.

But, somehow, prices keep rising. I don’t know if it’s rampant speculation, low mortgage rates, fraudulent mortgages, Chinese “princes” looking for a safe place for their ill-gotten gains, or what, but somehow they keep going up, with no sign of a real correction in sight. I’m starting to think it’s never going to come, and that I should have bought a lot sooner than I did, and I’m crazy not to own even more of it now (to speculate on).

Maybe this is always how it is when a bubble gets really inflated over a long period – eventually everyone caves and figures that they were wrong about the coming crash.

I still don’t think there are any fundamentals that can possibly support these prices, but regardless, the correction never seems to come. Maybe it never will, which would be good for me, although my possible downside is pretty limited. I’m still not rushing out to buy an investment property with heavy leveraging, though.

I wonder how many of those who are absolutely sure (they say) that it’s different this time have put their money where their mouths are and leveraged themselves as heavily as possible to invest in real estate? I mean, it’s a 100% can’t lose, sure thing, right?

#63 NoName on 05.10.16 at 7:40 pm

I wonder how disruptive is 400km move. M&M what you guys do for living, so you can move just like that?

#64 OttawaGuyRenting on 05.10.16 at 7:42 pm

Omg.
This is the post of the year.

Those two honey suckles deserve each other. Pandering maniacs on SM exposed in that letter as what navel gazing morons really look like on the inside.
EMPTY

My god. Ottawa is a flooded market. I live in gentrified haven here in central Ottawa. Flipping all around me. Fill the bung with granite and lighting and try to squeeze out 90k or tear it down and build a McMansion on the lot.

They sit for months on the market.

This is what a buyers market looks like. Someone with know how can look up Ottawa numbers

HAM? Pulease… In Ottawa – in my hood it’s all Millens that live in houses bought 3 years ago at the burn hot market.

Prices are dropping – houses on market for too long while cutout cookie cutters are being built in burbs.

SM in Ottawa isn’t people talking RE by any means.

The people in that picture are insane idiots plain and simple.
Greater Fools in a white hot regional RE tornado.

#65 Victoria on 05.10.16 at 7:47 pm

No matter what a nice family you think you are 99.9 percent of people will take the highest offer. They are not going to loose $$$$$ because they think you are such a sweet family.

Those are the facts….

#66 fleabitten monkey on 05.10.16 at 7:47 pm

What is so ridiculous about human nature in real estate is the a 30 pct increase YoY can’t reverse in the same time frame. The power of belief in the masses and the tendency to hold on is incredibly powerful. Look at Alberta, still no significant price erosion.

#67 Smartalox on 05.10.16 at 7:48 pm

Congratulations M&M!

You may have bought well within your means (rule of 90, less than one third of net worth as equity, 20% down, and 30% or less of your net pay to cover shelter, etc.) but I doubt it; that line about gains staying at 30% for 12 more months, is like saying: “if I win the next 12 poker hands, or win the next 12 horse races, I’ll be golden!”

Sounds like a gambler’s desperation.

Still, you pay your money, you take your chances. Everyone does.

As for that whole ‘best schools for your children’ those schools are just as good in those neighbourhoods if you own or if you rent, makes no difference at all.

Except private schools: in some cases, schools offer financial assistance to support the children of parents that rent. Not a lot of questions asked, to save embarrassment, and often not means-tested, either.

And with the money saved, not slaving away paying a mortgage? Being able to afford educational activities, like school trips, or family trips to Hawaii to study tide pools, or visit the big telescopes on Maui, or to Canaveral, to see a rocket launch, live. Or the NYSE to see traders in action, or battlefields to see where history was made.

#68 Quad on 05.10.16 at 7:54 pm

The people calling for houses to correct are the doomsayers??…..I would call them the optimists. I see way more doom the more this carries on.

#69 Herf on 05.10.16 at 7:55 pm

“Michael and Martina now hate me.”

Mission accomplished, Garth!

#70 the Jaguar on 05.10.16 at 7:56 pm

So typical of people who post their photos on the internet and then feign hurt feelings when people comment on their lives. “At your feet or at your throat” kind of people. And why would they think Garth would be reading their latest Facebook post? A new level of self absorption reached by these two. Not yet at the top of their game in that regard given their lame comments. The references to “journalism”? This is a “BLOG”,dim bulbs, and Garth has written several acclaimed books, etc. He comes here to vent like the rest of us (or about the rest of us, and who can blame him for that ). And then to sign off with ‘best’. There are no words. Except maybe pathetic. Posting family photos with real estate pleas. Ugh. Creepy is another word that comes to mind….

#71 james on 05.10.16 at 7:56 pm

Wow, that is a lot of delusion in one reply.

He has done well financially in the past, so he signs up for a big mortgage assuming that he will be successful in future. (Hint: the future is not guaranteed to be like the past).

He thinks that carrying costs for a property are equivalent to rent. No, they are clearly not. Not even in tiny towns like Peterborough.

He thinks that every month there will be price appreciations into the near future. (People who bought tulips or VA Linux systems stock thought the same thing).

Wrong, wrong, wrong.

#72 RayofLight on 05.10.16 at 8:00 pm

M&M, you do know you are taking a “snippy, holier than thou” attitude with a guy that was once “Minister of National Revenue”? Please promise us when your financial fortunes crashes and burns around you, you will own it, and not post your woes on Face Book ,blaming the “Banks”, expecting your entitled ass to be saved by T2 .

#73 mark on 05.10.16 at 8:01 pm

Hope they got some soap with that soapbox cause the speech was boring.

#74 crowdedelevatorfartz on 05.10.16 at 8:02 pm

Hmmmm.
A 1 acre lot in Kelowna……possibly one of the houses that was rebuilt after the fires of 2003?

http://www.google.ca/url?url=http://www.kelowna.ca/CM/page129.aspx&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiw0IL529DMAhXBq5QKHdsbDq0QFggjMAU&usg=AFQjCNFUtbe_PA8hQ_NdOkTDlX4_PZ-Pbw

#75 Dave on 05.10.16 at 8:08 pm

Well dang it all, Gartho, you done hurted their feelers.

It’s tough being a successful hippy type, trying to make hay in North Vancouver where the sun seldom shines.

These are the type of people who would blame the neighbour should they stub their toe on the communal fence. Or have a heart to heart with teacher “X” should they give poor Johnny, or Jane too much arithmetic homework.

By calling them out for their foolishness, it took him…how many paragraphs…to justify their position? For someone who is SO right about their course of action, he sure did a lot of ‘splainin.

Did he make his fortune inventing a Kite surfing implement whereby you could enjoy a toke whilst flinging yourself off a Northshore mountain??

Have they legalized pot in North Vancouver already? He may have a good market in Kelowna with all the geriatric types…good business, that.

Seriously though, Michael, grow a set and take some responsibility. And maybe your wife could try growing a set too, if you are lacking in that dept…

#76 Mean Gene on 05.10.16 at 8:13 pm

Can’t remember the last time we had a forest fire in North Van…

#77 Sean on 05.10.16 at 8:14 pm

Hmmm… getting into a bidding war in the greatest current asset bubble in the world ( I am not kidding… and yes, yes it may even run another 30% for a lucky few sellers )… and then within days running off to Kelowna to buy a place.. I don’t know, I am at a loss. If that isn’t the most manic, panicked, bizarre and emotional move ever.. it is pretty damn close.. lol!

#78 Kilt on 05.10.16 at 8:16 pm

Garth we don’t agree on many things. But one thing we do agree on, these people are delusional. North Van is a nice place, lived their a good portion of my life. Prices have gone up 20% in a year and close to 40% in the past three years. No chance prices will go up for the next 24 months at these same rates. People are getting stretched.
And then to rush off to Kelowna in a huff and spend a day looking before you plop some money down. Doing well in the past (lucky) doesn’t imply doing well in the future.
Kilt.

#79 spaceman on 05.10.16 at 8:17 pm

#52 BobC on 05.10.16 at 7:20 pm

In my lifetime I have come from nothing to a after tax millionaire twice. The first major recession in 1979/80 my first wife of 14 years divorced me and the same thing happened. Lost it all. The second was 2009/2010 when my second wife divorced me and I lost everything. I’m at $858k and growing to $1mm again. You can’t keep a good man down.

I think Bob needs his own blog, or a reality show, facinating story, I would like to hear more…

Millionaire or Bust, how do you do it?

cheers….

#80 Haunted by Tulips on 05.10.16 at 8:17 pm

I find it interesting how many times I have heard the common sentiment that the worst case housing correction would be up to a 30% decline. People beware! The only limit to how far down a market can come is how far too high it has gone (often accompanied by a bit of downside overshoot as people panic during the decent). The farther a market is overvalued, the farther you could expect it to fall. Take any over-inflated asset from NASDAQ stocks in 1999 to US Housing in 2007 to Tulips in 1637 to any other historic bubble. Everything returns to its reasonable intrinsic value after going through a bubble.

The fact that Greater Vancouver housing is overvalued is becoming clearer and more certain with each uptick in the benchmark price while incomes remain stagnant. Consider what could happen if Vancouver housing was correctly valued even as recently as just before the latest 30% increase? If Michael is right that housing has enough momentum right now to see another 30% increase, then it would end up being 69% overvalued after the two 30% increases. To return to the value before the two 30% increases would take a 41% decline. I have been watching this thing in awe, and nothing can shock me anymore. I wouldn’t be surprised if Michael is correct that we’ll get another 30% increase in the near term. And I wouldn’t be surprised if it will be followed by a 41% decline which would wipe away the two years of 30% increases. It would also wipe out the gains of anyone who takes Michael’s advice to buy now and be happy if there is another 30% increase.

#81 Smoking Man on 05.10.16 at 8:18 pm

Only reason we have this madness in the real estate market is because men have lost there way.

They act like little girls from the 50’s. Can’t make logical decision, can’t manage money, terrified of risk, they leave all the big stuff to the schooled millennial wife do the heavy thinking.

Emasculated to soft a word for these dudes.

We know how mind fkd recent grads are.

And those wives who typically can’t compete against sally big boobs in the bra store know how to make things right.

Granite, and stainless steel fridges bitches.

#82 JSS on 05.10.16 at 8:19 pm

If you don’t buy the house, she will divorce you.

If you buy the house and then can’t make payments because you lost your job, she will divorce you.

#83 Mr Reality on 05.10.16 at 8:20 pm

I’ll buy Mike and Martina’s house off them 10 years from now for 60% off and include a clause that they re-read your blog before all conditions are removed.

Sheeple.

Mr R

#84 Small Steps on 05.10.16 at 8:22 pm

Wow that was a rambling response.
“But perhaps you are not married, nor have children… so you couldn’t understand the intense desire to give your children the best possible education you can afford.” – there are a such thing as private schools. We rent and send our kid there.

#85 Trojan House on 05.10.16 at 8:27 pm

I haven’t read the comments in a couple of days, so I know I’m not missing much but if it hasn’t been posted already:

http://business.financialpost.com/personal-finance/mortgages-real-estate/foreign-buyers-are-crushing-home-dreams-in-vancouver-while-ottawa-b-c-do-nothing-study-charges

This is not new.

Anecdotally, a friend who unfortunately calls Van home, did say he does think foreign buyers are part of the problem but ALSO foreign immigrants, who now also call Van home, are also part of the problem, floating loans to their kids – in other words, the Bank of Rich Parents.

But what does he know? He’s only lived there from birth…

‘Foreign immigrants who live in Vancouver’ are called ‘Canadians’. Some bigots have no idea they are. — Garth

#86 Can't Read on 05.10.16 at 8:28 pm

Garth,

Those people in your post make me sick.

I read your blog every day that you post.
I have never missed a new post in the last 5 years.
I have read every word you have written in every post.

That letter you included at the end of the post today has made me sick. Please stop posting garbage like this on your blog.

If you continue to post garbage from dumb people I will
have no choice but to cancel my subscription.

Rick

#87 bdy sktrn on 05.10.16 at 8:28 pm

#40 Victoria Real Estate Update on 05.10.16 at 6:47 pm
So little time to post lately….
————————————–
where are the missing 36 lines of dots in your chart?

you been on a computer course?

nice work.

#88 WalMark of Sadkatoon on 05.10.16 at 8:30 pm

#81 Smoking Man on 05.10.16 at 8:18 pm

spot on

pathetic

#89 not 1st on 05.10.16 at 8:33 pm

Ahhh, Kelowna.

Well known for the rich snobs that live on the hill and never come down and the students who are on their way to Vancouver but run out of money and have to sling tables for a few years to pay their way.

Also known for a stop over for bikers on their way to Nanaimo.

#90 Porsche on 05.10.16 at 8:33 pm

When the almighty correction comes some day… I predict it will be a WHOPPING 10%

#91 The Great Gazoo on 05.10.16 at 8:35 pm

“But add a $10k WEEKLY(!) appreciation in house value, and maybe you can see why people are still buying.”

“But when you’re losing $42k of buying power per month in North Van, one feels like you need to get on-board now, or forget about owning in North Vancouver.”

That says it all. There must be something in the Cool Aid.

Once interest rate start moving up slowly and steadily, a few people are going to get a big lesson in life.

#92 Mikaroo on 05.10.16 at 8:36 pm

If you accept that Van is comparable to San Fran (big if). Kelowna is comparable to Reno in terms of distance… Still happy with the analogy?

#93 slime on 05.10.16 at 8:39 pm

A good negotiator never pays asking price, unless he’s desperate. And someone who pays over asking is just plain nuts. Classic greater fool moves.

#94 Dope on 05.10.16 at 8:46 pm

So the bet is another 30% in a year. If there is a correction prices will dip, and be up again in no time. Is he aware that if there is a dip that takes the house price below the mortgage he has to write the bank a cheque for the difference?

#95 Trojan House on 05.10.16 at 8:47 pm

‘Foreign immigrants who live in Vancouver’ are called ‘Canadians’. Some bigots have no idea they are. — Garth

A bigot? No, but of course you make assumptions without evening knowing me. From your posts, I could also call you sexist! Lol

Not all immigrants living in Canada are Canadian. Case in point, my father-in-law. He’s lived in Canada for 44 years. He’s a permanent resident – holds a passport from the country he’s from. Never wanted to be a Canadian (but wants to collect our pension – lol!) I’m sure he’d rather be there than here – for weather related reasons alone!

He is obviously a Canadian. — Garth

#96 Joe on 05.10.16 at 8:52 pm

Kelowna: the Surrey of the Oakanagan. Great for boating and for minimum wAge jobs.

#97 crowdedelevatorfartz on 05.10.16 at 8:57 pm

I dont care about the ‘foreign ownership” crap but the new rules for realtors is another nail in their greedy coffin.

http://thetyee.ca/News/2016/05/10/BC-Collects-Foreign-Buyer-Data/

#98 BG on 05.10.16 at 8:58 pm

#81 Smoking Man on 05.10.16 at 8:18 pm
Only reason we have this madness in the real estate market is because men have lost there way.
[…] terrified of risk […]
***********************************

“Terrified of risk” is the last thing I would call anybody entering Vancouver’s SFH market.

The truth is there’s been a risky – yet lucrative – opportunity in RE over there for a while and people have taken it out of either courage or sheer ignorance.

#99 Nemesis on 05.10.16 at 8:59 pm

#”It’sSoCruel!”,Or… #WelcomeToOgopogo…

[CTV/Globe] – Kelowna’s crime rate the highest in Canada: report

http://bc.ctvnews.ca/kelowna-s-crime-rate-the-highest-in-canada-report-1.1384148

#ItGotBetterThough… #SortOf…

[PentictonHerald] – Kelowna remains crime capital of B.C. but not Canada

http://www.pentictonherald.ca/news/article_38af59b2-1340-11e4-b47a-001a4bcf6878.html

#100 Give us this Blog our daily Garth on 05.10.16 at 9:00 pm

So they drove to Kelowna, viewed a house, put in an offer , all in a 48 hours? Fast. Sounds like something they were already considering, but left that detail out of the facebook post. Yup. Attention seekers.

Any subjects on that Kelowna deal? Sounds like they used a 604 buying strategy. LOL! They are pleased with asking price… Kelowna housing has probably peaked by now… they could have at least countered.

Kelowna also has the second worst unemployment rate at 7% (Calgary is first at 7.7%). They have forest fires. They have stinking hot summers. They have snow in the winter. They have Christy Clark.

It’s very different there compared to North Vancouver.

#101 WalMark of Sadkatoon on 05.10.16 at 9:04 pm

the majority are like M&M. they want to be poor. they’re angry when you try to stop them from being poor. they crave being poor. let them. they will get there with or without anyone’s help

#102 batt519 on 05.10.16 at 9:18 pm

Where’s Washed Up Lawyer? One of either of the flaked out couple will be calling him in 2-4yrs for looking to start divorce proceedings.
I hope they read this. They’re hypnotized by the MSM and pop culture.

I prefer $ilver.

#103 BS on 05.10.16 at 9:19 pm

“Yes, the market here is crazy, and that is why, after only 8 days of trying (with 3 unsuccessful offers), we changed our focus to Kelowna… drove there on Tuesday, made an offer on a 3400 sqft house on 1.3 acre of land with a great view on Thursday (for asking price), and had the offer accepted on Friday.

Seems like rational decision making. Taking 8 days to look for a house in North Vancouver then drive 6 hours east to Kelowna and buy a house on the same day. Definitely a well thought out plan. I spend more time choosing a hotel to stay at on a 1 week vacation.

#104 Tony on 05.10.16 at 9:21 pm

Judging by their last name neither one of them was born in Canada and both are completely clueless when it comes to money.

Idiot comment of the day (and it’s hotly contested). And your last here. — Garth

#105 Ronaldo on 05.10.16 at 9:23 pm

#4 Robert on 05.10.16 at 6:05 pm

“All it takes is 12 months of another 30% appreciation to make buying now still make sense.’

This statement absolutely terrifies me.“

————————————————

If he was so sure that it would be going up another 30%, why did he not buy. Obviously he is smart enough to know this thing is about to burst. Good move on his part.

#106 rk usa on 05.10.16 at 9:24 pm

re: “Yes, the market here is crazy, and that is why, after only 8 days of trying (with 3 unsuccessful offers), we changed our focus to Kelowna… drove there on Tuesday, made an offer on a 3400 sqft house on 1.3 acre of land with a great view on Thursday”

sounds like quite a trophy

twits

LOL

#107 Cash is King on 05.10.16 at 9:28 pm

M & M wrote…
“And quite uninformed with no effort to actually find out anything beyond our post on Facebook”
“Not very sound journalism… but maybe you can’t consider blogging journalism.”
“But perhaps you are not married, nor have children… so you couldn’t understand the intense desire to give your children the best possible education you can afford.”

Apparently M&M also fail to understand social media. A quick check of Garth on Wikipedia would have easily answered those questions.

How does one lose $42,000 a month, $504,000/yr in buying power?

#108 Ronaldo on 05.10.16 at 9:28 pm

11 – WallOfWorry

“However, the real issue is whether interest rates rise that make mortgage payments today unaffordable in the future and there is enough volatility in the global market that would suggest that interest rates cannot rise more than a few basis points over the next couple of years.“

Vancouver is unaffordable at zero interest rates and has been for some time.

#109 tkid on 05.10.16 at 9:30 pm

“Perhaps it might be a bit of responsible journalism to update your ‘beggar’ blog with details about how we moved our focus to Kelowna very quickly and bought there. But then again, that might make it look like you don’t know what you’re talking about.

Hey M&M, you know what might make you look like you know what you’re talking about? Researching the ‘journalist’. HE’S NOT A FREAKIN’ JOURNALIST, but if you’d clicked his ABOUT GARTH TURNER link and did a little googling you may have learnt he is:

The Right Honourable Garth Turner

Oh, I can hear your rebuttal now as it whines it’s way down from the dusty plain of Kelowna: “but that doesn’t mean he was anyone iiiiiiiiimportant, like a member of cabinet, or the Minister for Revenue Canada.”

I’ll wait a beat, or maybe 60 minutes, while the above paragraph soaks into your brains.

Yeah, you two just made yourself look like real hosers. Not just because you tried to dis a first-rate financial advisor, but because you’ve admitted to utterly failing at buying a house in Vancouver and bought in Kelowna instead. Why didn’t you just admit to buying in St. Johns (there’s only a teeny commute involved)?

If, instead, you’d like to take a chance at impressing this blog, why not take Mr. Turner on as your financial advisor?

#110 Trojan House on 05.10.16 at 9:31 pm

He is obviously a Canadian. — Garth

Oh yeah? How’s that? Because this is where he happens to live? No, he’s definitely not Canadian! The only thing stopping him from moving back “home” is his wife! She doesn’t want to leave her kids – who are definitely Canadian – and grand kids (also Canadian).

By your logic, Canadians living in Costa Rica are Costa Rican. Point is not all immigrants who come to Canada become Canadian. Being a permanent resident is certainly an option.

From the Citizenship and Immigration Canada website, definition of permanent resident:

“A permanent resident is someone who has been given permanent resident status by immigrating to Canada, but is not a Canadian citizen. Permanent residents are citizens of other countries.”

#111 Blogbitch on 05.10.16 at 9:33 pm

Few things are more off-putting than righteousness and few are more tiresome than unfounded indignation. May these folks wallow in peace.

#112 Nemesis on 05.10.16 at 9:36 pm

#BetweenARock&AHardPlace,Or… #ProfessorJoshExtemporizes…

[VanMag] – The Van Mag Q&A – Josh Gordon on intergenerational equity and the real estate market: Why a political science prof waded into the housing debate—and why it has everyone talking…

“This thing could get ugly quite fast.” – Prof. Gordon

http://vanmag.com/city/stuck-in-the-middle-will-gen-x-get-screwed-by-a-housing-correction/

#113 Smoking Man on 05.10.16 at 9:37 pm

#98 BG on 05.10.16 at 8:58 pm
#81 Smoking Man on 05.10.16 at 8:18 pm
Only reason we have this madness in the real estate market is because men have lost there way.
[…] terrified of risk […]
***********************************

“Terrified of risk” is the last thing I would call anybody entering Vancouver’s SFH market.

The truth is there’s been a risky – yet lucrative – opportunity in RE over there for a while and people have taken it out of either courage or sheer ignorance.
…..

Frightend of saying no to the wife. The risk to high.

Christ. Look at the Ghomeshi trial. All 3 woman lied there asses off under oath. Jilted lovers. Wanting to send the guy away for 20 years.

Why hasn’t the judge or crown not filed pergury charges aginst them. Cause there scared of the feminazis.

Well the crown by what I saw on TV is a flaming one of those. Liked his bow tie.

The shit we are seeing now in our cultural has been rampent in the USA for a while. The back lash equals

The Donald.

As I told Kathleen on twitter. Coming to a province near you.

#114 Popeye the sailor man on 05.10.16 at 9:39 pm

#42 Bytor the Snow Dog on 05.10.16 at 6:52 pm

I did this and I’m 47 will continue to work (at the same job) until I would of normally collected the pension and I’m letting grow untouched till then untouched.

So calculate what it will be then. Don’t make the mistake of just using todays value and say ill live on that and comparing it to a future value. Also note many pensions have a bridging component which is taken away once your CPP kicks in.

Do the math, it was worth it to me in my opinion.

Good luck.

#115 Chaddywack on 05.10.16 at 9:43 pm

These two are a perfect example of why I’m leaving Vancouver. I can’t wait to be away from the attitude.

#116 Yuus bin Haad on 05.10.16 at 9:43 pm

Garth, this is great! A good old-fashioned flaming!

#117 waiting on the westcoast on 05.10.16 at 9:43 pm

#50 BOOM! says… “US markets puked up a bull day today, probably because it was raining here, no other good reason. The thing eeks up, and down no rhyme, nor reason. I’ll take it. beats trying to fathom an excuse why the market does what it does-I gave up on the ‘why’ just be balanced, smile, and capture the gains for spending later. Rinse & repeat”

Is you watch CNBC, they always seem to be able to manufacture a number of reasons for the market moving… ;-)

#118 Tony on 05.10.16 at 9:45 pm

DELETED

#119 Lulu on 05.10.16 at 9:48 pm

M&M, FYI, as you know Hong Kong consider the most un affordable place in the world and during their Asian Financial Crisis, the property value drop 70% over the course of a few years plus the 2003 SARS outbreak, it went further south, before all that happen, nobody see that coming and please google what is a negative equity means, during that period of time, bankrupt all over the place and citizen protest urge the government bail out. It was so scary, and don’t think that won’t happen to Vancity, as we speak, HK experience another bubble burst already, now is 10% less than the peak and lots of critic predict over the next 4 years will drop 40 % at most, you are gamble your family future on the greed and hype, Good Luck to you and your family, on the flip side, you may have a winfall before the dark clouds coming.

#120 Greg on 05.10.16 at 9:49 pm

There are only 2 winners in this deal:

1) the seller of the Kelowna property at list price

2) the Ogopogo when it eats M&M this summer

#121 Popeye the sailor man on 05.10.16 at 9:51 pm

“So they drove to Kelowna, viewed a house, put in an offer , all in a 48 hours? ”

My wife and I sold in early 2009 and rented for almost a year while we shopped, found a motivated seller 100K off what they paid 3 years earlier, the house is grand and we are happy we took the time to learn the area, comparables, and held out for what was the right fit and price. 6 years later it worth about the same (after costs) maybe a tiny bit more. I’m OK with that. Rule of 90 certified.

People need not rush in you will need about 10% gain just to break even to change your mind.

#122 Michael Gyori on 05.10.16 at 9:51 pm

Wow!…. Opening the comment section of your blog, Garth, feels like walking into a Trump Rally with a turban on. At least online I can’t have one of your disciples punch me in the face for saying anything positive about real estate. Guess my angry emotional ranting response to your public shaming of my family just gained you a few more thousand Twitter followers…. darn! I hope you are all entertained.

I’m sure some of you are very nice people… Some people even supported some of what I said in my response. To the others… I shouldn’t assume you are as hateful as you come across here. I will say that the level of hate this comment section exudes could do more damage than any housing bubble.

I find it entertaining that some of your followers still love to tear into us EVENTHOUGH we did exactly what Prophet Garth suggested…. We abandoned the insane housing market in North Van and moved elsewhere. I guess upgrading to a nicer home in Kelowna is somehow also stupid (or arrogant?) of us to do… My details of the property were intended only for Garth. We should have listened to Prophet Garth and moved to a smaller house in Maple Ridge or Langley to avoid further persecution. Any advice on what new fridge we should buy for our kitchen to avoid being labeled idiots as well? Would a counter-depth fridge make us look too pretentious or arrogant?

If some of you can’t understand that what Garth did with our Facebook post was classless, hey… keep drinking his kool-aid. If he had not included the picture of my family and masked out the names, he could have still made his point. I find it ironic that one of Garth’s recent blogs talks about ethics. While I actually agreed with that ethics post, his character assassination of my family can certainly not be considered ethical.

At the end of the day, invest where you feel most comfortable investing. At least Prophet Garth is right about one thing. Diversify. Don’t place your eggs all in one basket. But if you have any integrity, don’t invest with Garth.

Live and let live. I can’t respect people like Garth; that enjoy pissing all over other people while assuming they know them and their motivations based on a Facebook post.

But I’m sure he enjoys the adoration he gets here and probably cuddles his phone at night with this comment section on the screen.

#123 Paul - Thanks so much JUSTIN!! on 05.10.16 at 9:51 pm

Thanks so much JUSTIN!! Looove the infrastructure spending and the DEEEEEEFICIT!

30% in 2 months price GROWTH IN housing, totally amazing!!! Please don’t backtrack now, please keep supporting the economy, buddy!

All that money printed since 2009 finally got it’s way to real estate :) :) :)

but let be honest, Harper made us rich, too – you just beat his 10 year record in one 1! Applauses.

you keep STIMULATING, BABY, KEEP GOING, THE EKONOMY NEEDS IT! HAHA

please, make sure the printers do not run out of toner. we need more stimulus.

#124 Smoking Man on 05.10.16 at 9:52 pm

Who’s in this October

81-800 Ave 51 Indio, CA

Stones, Dylan. The Who. Neil Young, Roger Waters, Paul Marcrty.

Oct 14 to 17. 3 hours from vegas.

Party in the desert.

You only live once.

#125 Capt. Obvious on 05.10.16 at 9:53 pm

Um, are they paying off the mortgage in one year? Cuz if not they’d really better think this through.

#126 Randy Randerson on 05.10.16 at 9:54 pm

TL;DR version if the letter: Yes, we are idiots, so we go and committed financial suicide in another city. Screw you and your reasons.

#127 Julia on 05.10.16 at 9:55 pm

#33 JSS

Yep. Bought our house 13 years ago, with 2 “solid” jobs. Since then there has been maternity leave, job losses and disability leave due to sudden illness. Except for the child, we never thought that would happen to us. But sh*t happens. We know better now.

Good luck to them,

#128 Joe Schmoe on 05.10.16 at 9:59 pm

That family hardly looks asian. No wonder they couldn’t afford VCR! I joke…don’t ban me!

It’s funny, Cowtown’s high end market has been cool for going on 2 years now (according to several “high end” RE agents)…but the people who overspend use the same excuses as this couple…kids/school/friends etc.

I know a couple that makes ~700K a year and are stretched due to RE and the same excuses the couple in the post use…

I have a hard time believing the school is THAT good.

Or that the kids would rather watch their parents fight about money than bike/walk to a park.

Or that the kid really knows how good the granite is and understands the long term impact of the aforementioned granite on their future…

Kids are a flimsy excuse for greed. Just pony up and say you want to overextend for a status symbol and are willing to sacrifice the future for the immediate gratification.

#129 Keeping the Faith on 05.10.16 at 10:00 pm

OK, Haven’t posted in over a year … but I can’t help myself on this one.

M&M = Definition of Fools

Question:
What made you think it was a good idea to respond to the blogger that made you look like idiots from your self-serving Facebook post begging for a house to buy?
Did you not think he would post you again?

Before I just thought you were a fool, now I know you are.

and by the way, I started renting in Vancouver in 2001 and have rented for the last 15 years and invested the difference … I’m way way way way way better off then if I had bought one address in Vancouver.

one more thing, buying a duplex doesn’t make you a financial genius, ‘reinvesting’ your winnings into more real estate, re-demonstrates you and your wife’s genuine worthiness of being called Fools.

GreaterFools!

#130 Pierre on 05.10.16 at 10:02 pm

The inner nets never cease to amaze me. For some reason, whenever someone creates an on-line flaming bag of doo-doo for themselves, there’s an irresistible to start a-stompin’.

The worst part of his response is the smarmy attempt to cover his bases – he acknowledges there’s a bubble, but is buying anyway. Dude – if you think real estate is going to crash – RENT.

From his perspective, I don’t get why he’s worried about how Garth may “gloat about how smart they were when the crash happens”. After all, hasn’t Garth been making the wrong call for the last 10 years or so, calling people hurtful names for buying into the North Van market, while prices have increased 100% during that period? Surely that should console him?

#131 Ronaldo on 05.10.16 at 10:04 pm

43 I Love Real Estate

Don`t be such a drama queen. There are far better places to live in Canada than Toronto and Vancouver where real estate is very affordable. Nanaimo for one and only 1 hr and 40 minutes from the pavement and concrete of Vancouver. I fail to see what the hullabaloo is about Vancouver. Moved away from there in 74 and would never move back.

#132 Bottoms_Up on 05.10.16 at 10:07 pm

O.M.G.

#133 Harbour on 05.10.16 at 10:09 pm

DELETED

#134 Smoking Man on 05.10.16 at 10:10 pm

#122 Michael Gyori on 05.10.16 at 9:51 pm

Freash meat to a wild pack of blog dogs. This is the wife posting isn’t it. Your not fooling me.

Nice rant Martina. …

#135 Bank of Millenial on 05.10.16 at 10:12 pm

How could someone honestly say this with a straight face when every lender, including the ones who stand to profit the most from this price run up, have deemed the situation in Vancouver unsustainable.

You really don’t need a PhD to figure out the bubble, but it does take common sense to stay out of the way.

#136 Ronaldo on 05.10.16 at 10:12 pm

100 Give us this Blog our daily Garth on 05.10.16 at 9:00 pm

“ It’s very different there compared to North Vancouver.“
———————————————————-

After September 15th., 8 months of grey overcast and a `dead zone`. Summer tho, Kelowna is alive and nice place to hang out. Great waterfront and lots of good eating places and a couple nice Jazz bars. Not sure if the Bule Gator is still around but spent many a night there in my single days.

#137 Ronaldo on 05.10.16 at 10:15 pm

#45 Mike in the Okanagan on 05.10.16 at 6:58 pm

I thought the Vancouver market was going to blow up long before spread to the Okanagan. Hmmm..maybe we should be looking to snap up property in Beaverdell and subdivide. Naaaah
—————————————–
How about Rock Creek

#138 Andrew Woburn on 05.10.16 at 10:20 pm

#85 Trojan House on 05.10.16 at 8:27 pm

Anecdotally, a friend who unfortunately calls Van home, did say he does think foreign buyers are part of the problem but ALSO foreign immigrants, who now also call Van home, are also part of the problem, floating loans to their kids – in other words, the Bank of Rich Parents.
======================

They don’t have to be rich, just thrifty. When the Italians came en masse to Toronto and Hamilton in the Fifties, they were dead broke so they scrimped and bought houses together three or four families at a time. As they paid down the first, they bought another and moved a couple of families out. Eventually they all had their own house. When their kids married, they helped them buy a house. Its what immigrants with strong family ties do just like the East Asians in Vancouver. I guess there must not be words for “whiney” or “entitled” in Italian or Urdu.

#139 Ron on 05.10.16 at 10:21 pm

My kid graduated engineering at Waterloo last year. He started at $140k US$ in the summer. In Vancouver he would probably struggle to find a job paying 1/4 the salary in Canadian dollars. And he gets to keep more of it too by paying a lot less taxes. So……. Vancouver is NOT San Francisco. Nor is it Manhattan. Relative to what a person can earn (and keep), real estate should cost 3 times as much in San Fransisco. And you also can’t beat the weather….. sun shines over 300 days per year……

#140 Andrew Woburn on 05.10.16 at 10:23 pm

#89 not 1st on 05.10.16 at 8:33 pm

Also known for a stop over for bikers on their way to Nanaimo.
=======================

You meant to add, “to visit the stripper bars”, didn’t you?

#141 Sick in the Herd on 05.10.16 at 10:39 pm

M&M you are the reason I don’t talk to parents in North Van. The herd on steroids. You literally make me sick to my stomach with your ignorant, desperate, self absorbed comments disguised with good grammar. Are you trying to show (off) us that you are educated? I don’t care how smart you are or how much money you make with your mobile job because at the moment greed and irrationality are overriding your intelligence. The fundamentals do not support the prices and this is not a world class city like Manhattan or SFO. If you did more research you would know this but instead have chosen to drink the koolaide. I live (and happily rent) in North Van and I don’t find the schools here that great. They are fine but they are not the best in the land. If you truly believe that I sure hope you are planning on home schooling your kids in Kelowna! Get your head out of your ass.

#142 Brian on 05.10.16 at 10:57 pm

Why is this guy’s mouth gaping? Is he trying to catch insects?

#143 cramar on 05.10.16 at 10:57 pm

I seem to remember Garth saying that RE is the most emotional of investments. This couple absolutely prove it.

Probably the dog is the rational one in the family.

#144 NEVER GIVE UP on 05.10.16 at 10:59 pm

No one really knows but my best guess taking a page from Smoking man is that QE will be with us as long as they can fit zeros on the currency paper we believe in.

It is different this time.

Do not expect any government to act responsibly when they will be booted out of office for doing so.

Look at what the GST did the the conservative party.
That was actually a responsible tax that replace the export tax on our export companies.

Bringing in a visible tax will destroy any political party.
So just use QE! a completely hidden tax!

Slam Dunk for as long as you can add zeros to paper.

#145 Ronaldo on 05.10.16 at 10:59 pm

52 Bob C

“1st – Michael and Martina. You have no clue what the future holds. DEBT will destroy you. “
————————————————————
And a divorce as well. Hope you`re staying single.
Good for you on the comeback. Many do not recover from a first divorce let alone two.

#146 Bat Flipper on 05.10.16 at 11:01 pm

Well, I have some friends who want to buy a house, so I asked them ‘how do you determine what to bid?’

They had no idea. Neither did their realtor. In fact, I don’t know anyone in the industry who has any form of a calculation stating how they should bid.

‘we just guess…’

The biggest purchase of your life, and you are going to just give it a guess?

#147 NEVER GIVE UP on 05.10.16 at 11:02 pm

Us minions want a currency.

It doesn’t matter if it is inflating at 10% a day as long as we do not have to trade Bricks for Bread.

Currencies are magic for facilitating trade.
It replaced the barter system.

If it is inflating fast you spend it fast.

If it becomes bulky then the Government will trade many of the old for one of the new Bills.

#148 OttawaGuyRenting on 05.10.16 at 11:10 pm

If some of you can’t understand that what Garth did with our Facebook post was classless, hey… keep drinking his kool-aid. If he had not included the picture of my family and masked out the names, he could have still made his point.
––—————————

LoLs
You do understand your grandstanding and FB opportunistic post just begs to be dismantled. *derp* that’s how the internet works kiddo.

I mean really? You’re lucky the Birkenstocks your wife are wearing don’t have their own Twitter page yet? Does the dog have a parody account?
The family really needs a Twitter parody account. Hahaha

See this is how it’s gonna roll now that your troll has been trolled

#149 NEVER GIVE UP on 05.10.16 at 11:11 pm

Look at it this way.

If the government wants to build a Freeway, and get a lot of unemployed to work so they can get more votes, all they have to do is make some paperwork loans to their house of cards Federal Reserve Bank or any national bank.

These phoney loans are just given impressive sounding names for the worthless paper that they are. Just like the new use of the words Quantitative Easing was used to replace inflating the currency of the 1970’s and 80’s.

All of a sudden thousands of people will get off the couch one morning and go to work just because the contractor got a bunch of electronic blips in his bank account with many zeros behind it.

Its really incredible but that is how easy is is to get thousands of people off their unemployed asses.

Expect much more of this to come in the future.

It will never end as long as we keep believing.

#150 Ronaldo on 05.10.16 at 11:11 pm

#65 Victoria on 05.10.16 at 7:47 pm

No matter what a nice family you think you are 99.9 percent of people will take the highest offer. They are not going to loose $$$$$ because they think you are such a sweet family.

Those are the facts….
———————————————————-
I know a former school teacher who sold her little bungalow for a much larger amount than what I would have expected and rented for a few months before getting house horny again. She put an offer on an old 50`s style house needing lots of reno`s. The owner (a lady) was in the house when the realtor showed her the place. The woman who owned it took her aside and told her that even though she had a higher offer she would prefer that `she`buy the house. She bit. I called `sucker`on that one. So it works the other way around as well.

#151 canadian on 05.10.16 at 11:20 pm

#53 Sebee on 05.10.16 at 7:20 pm

Say for example you find a bunch of kitten abandoned somewhere or their mother died. Catsmilk might be the only way to keep them alive.

#152 Victor V on 05.10.16 at 11:28 pm

http://www.theglobeandmail.com/real-estate/vancouver/bc-unveils-rules-to-ban-shadow-flipping-in-real-estate-market/article29955003/?service=mobile

For the first time in almost two decades, British Columbia will require real estate purchasers to disclose citizenship details starting next month, as Metro Vancouver’s red-hot housing market fuels concerns about foreign investment.

The new requirements, aimed at answering whether foreign ownership is driving up housing prices, go beyond the data that are supposed to be collected for Canada’s anti-money-laundering agency whenever someone is involved in a real estate transaction. Records show there is significant non-compliance among Vancouver-area real estate firms, which are required to collect the information for the Financial Transactions and Reports Analysis Centre (FinTRAC).

#153 I like cookies on 05.10.16 at 11:30 pm

Hey M&M,

I’m not “standing on the sidelines” — I’m investing my surplus while I rent. I’ll take steady gains from dividends and capital growth and you can keep your nail-biting wondering when the bottom will fall out of the market and wipe you out. Or did you not know there was anything else you could invest in but real estate?

love, cookies

#154 Jacob on 05.10.16 at 11:33 pm

Garth,

For someone with as much experience in the markets, I’m shocked you seems to have so little understanding of how they work! Just like the oil market, the housing market has extremely inelastic supply/demand curves in the short term. 90 million+ barrels of oils produced and consumed every day, have absolutely nothing to do with the price of oil. The price goes from $110/bbl to $30/bbl on the LAST 1-2 million barrels of supply/demand inbalance. In other words, oil prices, like housing prices, are ENTIERLY based on the last 2-5% of demand.

In other words, if the Chinese are buying up only 2-5% of the housing supply, they are still ENTIERLY Setting the price in the short term!!!!!! Surely you must understand this concept….

#155 Ret on 05.10.16 at 11:36 pm

#139 Ron -congrats on your son’s success.
More of our young and bright grads need to go where they can be paid what they are worth. If you got smarts in whatever you do and are prepared to work hard, what growth potential does Canada really offer? Athletes, actors and entertainers have been using the dual citizenship card for years. It works for them!

#156 Fleurdelys on 05.10.16 at 11:42 pm

Vancouver is the most important financial center in the world, like NYC or the capital of silicon valley like Frisco

With buyers like that, someone is doing zillion in van

PS so they went live in kelowna? What about crime?

#157 JPN on 05.10.16 at 11:43 pm

It saddens me to see so many negative reviews about the Okanagan. This is an absolutely great place to live and raise a family. I know I’ll be met with some who disagree but for those of you that have never been here or want to visit.. I highly recommend it… It’s awesome.

#158 IHCTD9 on 05.10.16 at 11:58 pm

#33 JSS on 05.10.16 at 6:36 pm
i remember us buying a house around 15 years ago, and three months later both me and my wife lost our jobs. Professional/technicals in our respective fields. Wow. Imagine the odds of this. Lucky that one of us got another job just before EI was up. The tension, anger, sadness, and worry around the house was nuts – this lasted almost eight months. i never ever forgot this lesson.

Point is that it’s so risky running a huge mortgage with the assumption that you’ll have a job for the next 20 years. what if you have to move? what if no one wants your house?

i wish this couple the best.

————

Yes sir, wife and I been through 5 jobs between us in the 14 years it took to pay off the house.

M&M, I hope you can pay the bills for at least a year on one income. What your house is “worth” means jack when you lose one income stream, rates go up, and the massive stress trying to make ends meet drives you both into divorce court.

I’m still married because we always had the financial horsepower and a plan when life threw us a curve ball.

God Luck,

#159 macroman on 05.11.16 at 12:02 am

Enlightening Gartho, riddle me this…

How do so many losers get rich (temporarily)?

Kelowna was getting squirrelly before these nuts cracked.

#160 Brazil ex-pat on 05.11.16 at 12:04 am

#204 crowdedelevatorfartz on 05.10.16 at 8:10 pm
@#194-195 Brazil expat

“We’re both well compensated professionals, grossing over $200k combined which for YVR is quite good… ”
******************************************

Apparently 200k divided by 2 doesnt equal 100k each per annum on your world.

I trust your “code monkey” skills are better than your reading comprehension and math?

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

YAWN…….I hear the Govt is FINALLY putting a “where are you from” clause in the Property Transfer Tax form. Now that all the damage has been done and Moldvouver is the most un-liveable place in the world unless you are a 250K Govt worker (they were talking about it on the Vancouver radio today).

But you go ahead keep shouting insults Mr fartbrain….meanwhile all my friends in your neck of the woods are waiting 2 years for healthcare, their kids are all in portables and the taxes keep going up and up and up and up….

Good Luck !!

#161 PGer on 05.11.16 at 12:09 am

Mon Dieu! A little defensive or what? If you don’t want criticism, I’d suggest not putting it out there.

They looked for 8 days in YVR before switching to Kelowna and picking up the first thing they looked at? Wow, that’s in-depth analysis.

Vancouver is insanely overpriced and not a great moderate-sized city (and is waiting for the big one). Certainly not anywhere in the same league of a Manhattan or SanFran (except for earthquake potential of the latter).

Kelowna is in a desert and filled with traffic and legions of drunken/ stoned partiers all summer (hope they know this). I admit, I’ve looked at real estate down there, but have come to the conclusion that it’s just not worth it. Good luck to them though. (I too think the dog looks severely embarrassed, but he should remember that he didn’t get to pick his owners).

#162 Ronaldo on 05.11.16 at 12:10 am

#74 crowdedelevatorfartz on 05.10.16 at 8:02 pm

Hmmmm.
A 1 acre lot in Kelowna……possibly one of the houses that was rebuilt after the fires of 2003?

http://www.google.ca/url?url=http://www.kelowna.ca/CM/page129.aspx&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiw0IL529DMAhXBq5QKHdsbDq0QFggjMAU&usg=AFQjCNFUtbe_PA8hQ_NdOkTDlX4_PZ-Pbw
————————————————————-
I once owned a half acre lot in rural area near Vernon in the Okanagan on the highest point on one of the many hills with a fantastic 180 view of Okanagan Lake. I had plans of building my retirement home on it but quickly changed my mind after a wild fire just 15 minutes down the road from me started by a spark of a mower mowing the ditches and almost took out a subdivision and provincial park. I sold it the following year. There have been two other large fires within a few minutes of that subdivision in the past few years. You could end up with a very expensive peace of property scorched black with no buyers to be had. I would never invest in rural property surrounded by forest ever again.

#163 RW_Z on 05.11.16 at 12:11 am

If someone is a Canadian of convenience, is it bigoted to point that out? Trick question here.

#164 Ronaldo on 05.11.16 at 12:15 am

80 Haunted by Tulips

“People beware! The only limit to how far down a market can come is how far too high it has gone (often accompanied by a bit of downside overshoot as people panic during the decent). The farther a market is overvalued, the farther you could expect it to fall.“

People in Vegas didn`t believe that houses would go down 70% either. It was once the fastest growing city in the U.S.

#165 Still employed in Alberta on 05.11.16 at 12:21 am

Dear M & M,
You complained about the manner in which you were portrayed on the blog…Then followed up with comments, but if you want to prove you are not part of the herd then prove it. Give us some numbers. Net worth, down payment, assets vs liabilities and of course a brief summary showing us the balance and diversity of your portfolio. You can whine all you want about how you were portrayed but it’s time to show us you’re not bluffing.

#166 Fortune500 on 05.11.16 at 12:23 am

Hmmm, hasn’t it been pretty well established that this blog is actually a meeting ground for Canada’s 1% both in terms of income and assets? He really must not know this site.

Yes, those who bought in years ago have done well. But I think the financially successful and prudent on here who have a life-long history to look back on (AKA Garth and others) can see that there is a difference between taking a big risk and being lucky (unprecedented emergency interest rates, lack of government action on HAM, mania), and following solid financial strategies that keep your wealth intact into your old age.

Let’s meet up in 30

#167 Shawn on 05.11.16 at 12:29 am

It’s All Been Paid for

Consider this. Every house, every highway, every building, every plane, every car has been fully paid for by someone at the moment it is completed.

After all, no money is owed to Martians or extra terrestrials. Therefore it is obvious that everything on earth has been fully paid for by someone at the moment it is produced.

Think about it.

The earth is vastly rich. We have so much. We clearly have no net debt as earthlings.

#168 Damifino on 05.11.16 at 12:31 am

#157 JPN

“It saddens me to see so many negative reviews about the Okanagan. This is an absolutely great place to live and raise a family.”
————————————–

I’m almost in total agreement with you.

Give me Vernon, Summerland, Okanagan Falls, Penticton, Oliver Osoyoos or Naramata any time.

Kelowna? Not so much…

The longest strip mall in Canada.

#169 DON on 05.11.16 at 12:32 am

#134 Smoking Man on 05.10.16 at 10:10 pm

#122 Michael Gyori on 05.10.16 at 9:51 pm

Freash meat to a wild pack of blog dogs. This is the wife posting isn’t it. Your not fooling me.

Nice rant Martina. …

*****************************
Michael and Martina….exposed there own family on facebook and blame us for having differing opinions wtf. Running off to Kelowna, when it is experiencing higher unemployment and rising crime is a hasty decision but just in time for fire season at least with the view you can see it coming like it did in 2003. What gets me is the tone and pissy shots while trying to act superior. Why not wait look for the best area, negotiate and buy (I take it people no longer negotiate, that is a thing of the past, like eating…hey did you know they even take a shit differently in a much more superior manner of course. Ah youth. They know everything yet don’t know how to research on the internet.

M&M when you exposed you family on the web, did you not factor in the probability of public opinion. YOU exposed your children not us. SO…good luck!

#170 Rentin on 05.11.16 at 12:35 am

Everyone else – The BIG Short, watch it. If you are reading this all the way at the bottom of the comment list, then you are a serious housing bubble addict – either side. You will enjoy the movie.

Garth – You should do a blog on a couple scenarios on how house prices could crater. I think many people here do not understand much about economics beyond a supply and demand relationship.

I’ve been reading since 2006, but I don’t read everyday anymore since the message from you is getting a little -uh, stale…

I think you do truly want to keep people out of harms way. Try it from a different angle now and then.

#171 DON on 05.11.16 at 12:35 am

Need to repost, fix a spelling error “exposed their” before M&M jump on me a laugh for grammar, while they dismiss their wonky logic.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
#158 DON on 05.11.16 at 12:32 am

#134 Smoking Man on 05.10.16 at 10:10 pm

#122 Michael Gyori on 05.10.16 at 9:51 pm

Freash meat to a wild pack of blog dogs. This is the wife posting isn’t it. Your not fooling me.

Nice rant Martina. …

*****************************
Michael and Martina….exposed there own family on facebook and blame us for having differing opinions wtf. Running off to Kelowna, when it is experiencing higher unemployment and rising crime is a hasty decision but just in time for fire season at least with the view you can see it coming like it did in 2003. What gets me is the tone and pissy shots while trying to act superior. Why not wait look for the best area, negotiate and buy (I take it people no longer negotiate, that is a thing of the past, like eating…hey did you know they even take a shit differently in a much more superior manner of course. Ah youth. They know everything yet don’t know how to research on the internet.

M&M when you exposed you family on the web, did you not factor in the probability of public opinion. YOU exposed your children not us. SO…good luck!

#172 Cici on 05.11.16 at 12:46 am

What dorks. Can’t believe they wrote an epic novel to try to justify their own ridiculously idiotic Facebook post…Garth you must have hurt their feelings by holding that mirror up in front of their faces.

Good Lord, and the long diatribe only made them look dumber…like the logic of trying to justify a desire to buy in North Van so they could “afford” the best schooling available (which they also mention is “public”). Hmmm, couldn’t they rent in the same area and send the kids to public schooling for free? Or even send the kids to private school with all that money saved from not purchasing? Not like they currently need “the best schooling” available if the kids really are as young as depicted in the family portrait.

Uggh, and calling YOU self-righteous and then trying to assert that they are superior and know better than you because they are “married” and have “children.” I guess they’ve never seen “Idiocracy” or “Married with Children” or any other pop culture classic that makes light of the fact that society’s breeders are often not the brightest…

And then there was the hilarious claim that buying into the most bloated market now makes sense even if it only continues to rise for 12 to 24 months…that would only make sense if a) one was a flipper and knew how to time the market precisely (or was a lucky idiot and got the timing right by default). I can’t believe these people forget that even if the markets rise for another two years and never go down but only stagnate…they are taking on a 25 year commitment and at some point will probably either a) not be able to continue payments and lose the house, or b) stay in the house and pay it off, at which point, if prices flatline after two years and property taxes skyrocket, they would have lost close to half the value of the home to mortgage interest charges and seen that original 30% gain sideswiped by rising fees and taxes (and that’s in the best-case scenario, with no price drop or interest rate hikes during that 25-year period).

Surprising so many can sleep well at night…blessed are the ignorant…

#173 Andres on 05.11.16 at 12:51 am

“Many people can either own their house or pay rent for nearly the same monthly cost.”

Bulls*** Michael, bulls***.

And comparing Vancouver to San Francisco or Manhattan??? Uh, San Fran is next to one of the world’s largest tech hubs and has been a boom city since the late 1800’s. New York is the largest financial hub on the entire planet and the nerve centre of a megalopolis. Meanwhile most of Vancouver’s False Creek area consisted of giant empty dirty lots and flatted or empty warehouses until someone recently slapped condos all over them.

#174 Future Expatriate on 05.11.16 at 12:54 am

“The best possible education your children can afford”.

Yeah, we get it… schools where “undesirables”, aren’t.

We get it. We’ve always gotten it.

#175 @#SupplyDramaTeacher on 05.11.16 at 1:08 am

Monsieur Turdeau la Tapette found it in his big heart to visit Fort McMurray… on Friday… 13. Been crazy busy with urgent spending or stuff. Bon Voyage!

#176 BillyBob on 05.11.16 at 1:15 am

#122 Michael Gyori on 05.10.16 at 9:51 pm
Wow!…. Opening the comment section of your blog, Garth, feels like walking into a Trump Rally with a turban on. At least online I can’t have one of your disciples punch me in the face for saying anything positive about real estate. Guess my angry emotional ranting response to your public shaming of my family just gained you a few more thousand Twitter followers…. darn! I hope you are all entertained.

I’m sure some of you are very nice people… Some people even supported some of what I said in my response. To the others… I shouldn’t assume you are as hateful as you come across here. I will say that the level of hate this comment section exudes could do more damage than any housing bubble.

I find it entertaining that some of your followers still love to tear into us EVENTHOUGH we did exactly what Prophet Garth suggested…. We abandoned the insane housing market in North Van and moved elsewhere. I guess upgrading to a nicer home in Kelowna is somehow also stupid (or arrogant?) of us to do… My details of the property were intended only for Garth. We should have listened to Prophet Garth and moved to a smaller house in Maple Ridge or Langley to avoid further persecution. Any advice on what new fridge we should buy for our kitchen to avoid being labeled idiots as well? Would a counter-depth fridge make us look too pretentious or arrogant?

If some of you can’t understand that what Garth did with our Facebook post was classless, hey… keep drinking his kool-aid. If he had not included the picture of my family and masked out the names, he could have still made his point. I find it ironic that one of Garth’s recent blogs talks about ethics. While I actually agreed with that ethics post, his character assassination of my family can certainly not be considered ethical.

At the end of the day, invest where you feel most comfortable investing. At least Prophet Garth is right about one thing. Diversify. Don’t place your eggs all in one basket. But if you have any integrity, don’t invest with Garth.

Live and let live. I can’t respect people like Garth; that enjoy pissing all over other people while assuming they know them and their motivations based on a Facebook post.

But I’m sure he enjoys the adoration he gets here and probably cuddles his phone at night with this comment section on the screen.

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

This guy reminds me of that one annoying kid every class had in elementary school, that even when he was getting his ass kicked for mouthing off, just kept going and shooting his mouth off. Seriously, just stop. You put your face, your name, and those of your family’s out on the internet in order to try and manipulate someone into selling you something. And now you’re mad because you got called on it? Consequences, tough guy. They still exist, no matter how special you may feel you are.

I really hope this was a fake troll post, if it really was Michael (or as SM says, his wife), he’s just embarrassing himself. When I read stuff like this it just makes me grateful I was able to get out of Canada and away from such whiny, entitled people.

Get out a bit, travel, see what problems most families in the world have finding housing. Not being able to easily buy something in North Vancouver, Canada isn’t exactly high on their list of worries.

#177 TRUMP on 05.11.16 at 1:33 am

Insane idiots – Nope

Delusional Tools – All the way home.

#178 Shameless Truth on 05.11.16 at 1:35 am

DELETED

#179 Whitey on 05.11.16 at 2:18 am

Wow Kelowna just gained some divas

#180 jane 24 on 05.11.16 at 2:47 am

If this family is so smart they must have known that the internet is public forever space and they would be trashed as well as feted. I do remember that just before the late 1980s housing crash just such stories appeared in the Toronto Star. I laughed then and I am laughing now at the foolishness of the lemmings.

Re the comparison of a small regional city like Van to NYC, well that really shows that this is a typical nowhere family that has been exactly nowhere.

These are first world problems though, lots of worse events happening to other people in other places, than they can’t find a house to soak up their millions.

#181 jane 24 on 05.11.16 at 3:03 am

Plus I don’t know why fellow Canadians are just sucking this up and not rioting in the streets or moving elsewhere.

Move to the Maritimes, move to Europe, move to Trumpland. Plenty of cheap, exciting places to live in the world without mortgaging your future and stressing your spirt. What sort of life is working in the snow to pay millionaire debts on a regular salary. May as well cut your throat now.

#182 Freedom First on 05.11.16 at 3:13 am

M&M

Wow! I really really really appreciated your rant! Herdthink at its finest!

At this exact moment in time, I have never ever been so happy to be me. But then again, you don’t know who I am.

Because if you don’t like Garth, you for sure would really hate my guts.

As I always put my own Freedom First. No exception.

#183 No Canada, No on 05.11.16 at 3:13 am

Wow, this is pretty crazy. People are loosing their minds over stupid real estate.

Posts on facebook, arguing with a bearded man in his blog, buying house in Kelowna, 10k weekly “free money”

Wow. Canadians are loosing their minds.

#184 Captain Oliver Twist on 05.11.16 at 3:37 am

Exactly

“I’m sorry, but comparing Vancouver to Manhattan or San Francisco is a joke. These people really have no idea how delusional they are, do they?”

Vancouver is a criminal proceeds money laundering hub nothing else. The deniers have misdirected the media and the public to try and hide the fact that HAM has taken over.

#185 Freedom First on 05.11.16 at 3:43 am

#52 Bob C

My condolences.

Men with far more money than me tell me that I am the richest man they know.

I envy no one. But then again, I always put my own Freedom First.

Bob. Thanks for the reminder of just how Blessed I am.
I sincerely wish you a great single life. You’ve earned it.

#186 Ace Goodheart on 05.11.16 at 7:15 am

Toronto and GTA’s going all condo:

https://www.thestar.com/news/gta/2016/05/10/ontario-setting-new-rules-to-end-era-of-suburban-sprawl-across-gta.html

Get ready for the inner city single family home to become the toy of the ultra rich. Just like in most of the other major urban centres in the world. Get ’em while you can…..

#187 The Lazy Taoist on 05.11.16 at 7:29 am

Two things:
1) I like how Garth just kinda sat back on this one (I can picture him amusedly and justifiably smirking) and let the responder feed his feet into his mouth.
2) When will people finally realize that, outside of having a nice view of the mountains (which gets kind of old), Vancouver is essentially an overpriced mouldy inner-city shit hole?

#188 mishuko on 05.11.16 at 7:38 am

uhh… do they realize it’s only paper gains?

plus selling a house is like a mutual fund. those MER and hidden fees = realtor, lawyer and transfer taxes. plus potential other taxes depending on how you’re flipping etc.

durppppp

#189 Vince on 05.11.16 at 7:40 am

http://www.vancitybuzz.com/2016/05/chinese-language-show-real-estate-vancouver/

Too funny!

#190 Andrewt on 05.11.16 at 7:53 am

#43 I love real estate on 05.10.16 at 6:56 pm
First, credit to you Garth, for posting their response.

Second: they are completely correct.

Sadly, the culture of real estate doomerism has been around for almost a decade now in Canada.

The results?

Absolutely none.

Real estate continues to be the most profitable, secure investment going, with the added bonus of providing shelter.

All the people in the cheap seats in the envious doomer cult have watched their futures slip away, falling behind everyone else, at the whim of landlords getting rich.

—-
Of course. Because everyone with a mortgage and a basement apartment for rent is driving a Bentley and lunching at the Granite Club.

#191 fancy_pants on 05.11.16 at 8:05 am

you want good education, go private. We spend $20k per year for our two kids and it is worth every penny. Winnie is not indoctrinating her warped propaganda into my kids.

#192 Bytor the Snow Dog on 05.11.16 at 8:06 am

@122 “Michael” Gyori

Gender analyzer says 64% probability this post was written by a female.

Nice try Martina. Why the need to hide?

#193 IHCTD9 on 05.11.16 at 8:17 am

#122 Michael Gyori on 05.10.16 at 9:51 pm
___________________________________

Good Grief.

Here on the GF comments section, we all rip each other new ones every day. Very few get their panties in a bunch and disappear. If you want to see reality, step into the GF comments section. It’s an education in what is floating thru most folks heads, that you’ll never get in real life.

We’ve got leftwingnutz like yourself, knuckle dragging neandercons like myself, misogynists, misandrists, Capitalists, Socialists, Communists, Fascists, Racists, RE Bears and Bulls, MGTOW’s, Feminazis, YOU NAME IT, WE GOT ‘EM IN SPADES.

Now, let’s cut the crap:

1. What is your family income?
2. How much did you pay for the house?
3. How much was your down payment?
4. What is your interest rate and fixed or float?

You can shut us all up in one shot – let’s hear it.

#194 crowdedelevatorfartz on 05.11.16 at 8:25 am

@#160 Brazil Ex Patriot
“meanwhile all my friends in your neck of the woods are waiting 2 years for healthcare, their kids are all in portables and the taxes keep going up and up and up and up….”
*******************************************
Your friends all live in Surrey?
Now I understand why you fled ‘The Big Mould”. Got tired of drive by shootings and having your car stolen.
On another note .
I see the Brazilian currency had a bit of a boost on the news that Brazils’ President Dilma is to be booted today (Wednesday) on a Senate vote for impeachment.
Oh the “Temer”-ity of it all.
Will many many more politicians follow her to the impeachment “gallows”?
Will Brazil recover from the worst recession since 1930?
Will the “yawn” Olympics be the biggest financial and PR disaster the country has ever seen?
Stay tuned…….

#195 maxx on 05.11.16 at 8:35 am

Classic arrogance, enraged at getting e-spanked for committing stupid….

Were some idiot to approach me, hat in hand with a drooling family photo, never mind the “movie”, I’d increase the price by 50-100K.

#196 IHCTD9 on 05.11.16 at 8:35 am

#43 I love real estate on 05.10.16 at 6:56 pm

Sadly, the culture of real estate doomerism has been around for almost a decade now in Canada.
____________________________________________

You think YVR RE will carry on with 20%-30% YoY increases?

The Doomers are correct with their opinion on Canadian RE – two markets excepted.

It never ceases to blow my mind just how stupid the industry has become in GTA/YVR. You are a prime example of this.

When the YVR market taps out – the fear will permeate the very fabric of Vancouver society. We’ll see who’s swimming naked then – whenever time that may be…

#197 crowdedelevatorfartz on 05.11.16 at 8:41 am

@#122 M & M Giyori

Welcome to the internet.

As for your one day trip to Kelowna to buy a house…….

The most expensive purchase you’ll probably ever make…..

A confirmation of all that is wrong with the current market.

You should have waited, there is no shame in renting. There is however something very wrong with a society that thinks its shameful to rent.
I have friends that moved from North Van to Kelowna 5 years ago. Loved the “small city” lifestyle but they’re now back……no work .
Good luck. It’s shaping up to be a dry dry summer.

#198 Kool-Aid Man on 05.11.16 at 8:41 am

Ok people… ENOUGH!

It is spelled Kool-Aid. Spell it correctly or I be coming through the wall and I won’t be happy!

No Kool-Aid for you… just some smackdown!

I am Tired of you lazy people misspelling my name.

It’s not Coolaide or Koolaide or coolaid…

ITS FREAKING “KOOL-AID” dang nabit!

Peace out… Keep KOOL Greaterfools..

#199 Michael = Greaterfool's poster child on 05.11.16 at 8:44 am

Sir Garth,

Consider using Michael’s pic as the daily pic for this blog. It perfectly defines the theme.

#200 salonist on 05.11.16 at 8:47 am

“Most Canadian workers are a bike accident away from the financial abyss: Cash”

https://ipolitics.ca/2016/05/11/most-canadian-workers-are-a-bike-accident-away-from-the-financial-abyss-cash/

#201 Freedom First on 05.11.16 at 8:51 am

#111 Blogbitch on 05.10.16 at 9:33 pm

Few things are more off-putting than righteousness and few are more tiresome than unfounded indignation. May these folks wallow in peace.

****

Preach it sister! I can’t stand people who grandstand because they’re driven by fear of failure and insecurity. Is it wrong to date my cousin?

#202 Freedom First on 05.11.16 at 8:54 am

#2 Sebee on 05.10.16 at 6:02 pm

Where does cat milk come from? Are hipsters using it in lattes?

*****

It comes from the feral cats of rural Alberta. I give it to my girlfriends, they love it. Mom loves it too.

#203 IHCTD9 on 05.11.16 at 8:59 am

#194 crowdedelevatorfartz on 05.11.16 at 8:25 am

Will the “yawn” Olympics be the biggest financial and PR disaster the country has ever seen?
____________________________________________

Yes.

What a bloody disaster. Brazil is evidently 1000 miles from a real democracy, and a real economy.

I just can’t see anyone wanting to pay top dollar to watch the Olympics these days. The entire organization is corrupt and on the take. Brazil never should have got the Olympics, but probably paid the IOC members more cold hard cash than anyone else.

Brazil is definitely headed back to 3rd world shithole status.

#204 Freedom First on 05.11.16 at 9:05 am

#9 Wet Coast Girl on 05.10.16 at 6:08 pm

The nicest thing I can say…
“These are two self absorbed, whiney, ego-centric people, I would not want to have as friends”.
Once again, Mr.Turner, Thank you for your blog as a result, I am finally getting my financial house in order. It will take awhile, but it will get done.

******

I couldn’t agree with you more. I’ve got no time for ego centric, self absorbed people. Most people think I’m the greatest.

Thanks for the compliment about the blog. Garth and I are glad to provide it for your enjoyment. Come back often and learn about great, happy and well adjusted I am.

#205 fancy_pants on 05.11.16 at 9:08 am

#157 Shawn on 05.10.16 at 12:28 pm (yesterday)

Shawn, allow me to elaborate…

1. Canadians do not have a collective living standard. It varies a lot by individual.
Although individual successes vary, there is always a collective sum. Public services such as police, education, health care, infrastructure, etc are shared as a collective whole and make up the baseline/foundation for individual success. Although these continue to function on IOU’s (public debt), they are beginning to show strain and we are borrowing from tomorrow to maintain the same level of service. Unsustainable indefinitely. When these begin to crumble, collectively society will follow.

2. Why should people from other countries not be allowed to move to Canada?
Never said we should close our doors. I am not advocating we don’t allow immigration. I’m just suggesting that we have reached peak standard of living as a collective whole in this country – more to do with ever increasing debts at all levels of gov’t and consumer. You can only squeeze so much blood from a stone.

3. Average Canadian living standards have risen enormously in my 55 years of observing same.
Agreed, we just have differing opinions on which direction it will follow moving forward.

4. Not sure what form of math you are following.
Along the finance stream (future) and not the accounting stream (historical). And based on premesis of a ceiling (albeit implied) the only other direction is down.

I like this blog b/c it offers differing views and perspectives and allows one to make his/her own conclusions.
regards,

#206 IHCTD9 on 05.11.16 at 9:18 am

#192 Bytor the Snow Dog on 05.11.16 at 8:06 am
@122 “Michael” Gyori

Gender analyzer says 64% probability this post was written by a female.

Nice try Martina. Why the need to hide?

__________________________________________

Heh, I was thinking the same person did not write both.

The first response used the words “certainly”, and “perhaps” way too often, the second response just once or twice despite the length.

#207 Ace Goodheart on 05.11.16 at 9:18 am

RE: #189 Vince:

Did you read that website link you posted? “homes selling for ONE MILLION OVER THE ASKING PRICE”.

That is not a first time buyer going back to mom and dad for another 50K to make a bully bid. That is some serious money moving in. There is no way these people are mortgaging all of that. I don’t know what’s going on there, but it is getting very interesting.

#208 fancy_pants on 05.11.16 at 9:22 am

read some posts here. wow. I even feel victimized for this family…
why publicly drag them through the mud? If they wish to post particulars publicly on their facebook page, that is their business, it is their bus to jump under, but what business is it for you to push them in front of a bus in this manner?

I think your blog title sums it up. IMO, maybe a new line has been crossed – names and faces. I recommend you hide this blog post from Dorothy.

cheers

#209 Bottoms_Up on 05.11.16 at 9:26 am

#122 Michael Gyori on 05.10.16 at 9:51 pm
————————————-
Don’t you think perhaps you’re over-reacting? Go back and read the post. It was a post to highlight the insane real estate prices, where “begging” marks the pinnacle of insanity.

All Garth did was call you a beggar (after you yourself wrote ‘pleading offer’). Next he called it ‘wacko’ to include a video with an offer. That’s all! And many people indeed might find it ‘wacko’ to do something like that.

Garth made his point about the crazy real estate market there. And you over-reacted.

#210 Alberta Ed on 05.11.16 at 9:28 am

It’s a good idea when relocating to rent for a few months or even a year, if possible. Then you’ll get to know the ups and downs of the community, climate, transportation, and your new digs. That shiny new home or condo may turn out to have serious problems, such as foundation shifts, poor insulation, neighbors who really, really like garlic, etc.

#211 Yanniel on 05.11.16 at 9:31 am

I find funny that people is now doing Garth job. More than 50% of today’s post was not written by Garth, but by M&M. No counting the comments.

#212 Ole Doberman on 05.11.16 at 9:41 am

Finally. Although too late, lives have already been ruined.

http://www.bnn.ca/News/2016/5/11/British-Columbia-unveils-new-rules-to-limit-real-estate-shadow-flipping.aspx

#213 cramar on 05.11.16 at 9:42 am

@#52 BobC on 05.10.16 at 7:20 pm

Wow! Some story. Glad you are on your feet again.

I hope—this time—that you learned DO NOT GET MARRIED AGAIN! (Includes common-law relationship.)

#214 Sonny on 05.11.16 at 9:42 am

LOL…COMMENT OF THE DAY:

#34 Unbalanced on 05.10.16 at 6:41 pm

Kelowna just got a bunch of gems!!!!

#215 b riding dirty on 05.11.16 at 9:46 am

Only if he finished with “mic drop”

I am in the same boat as him but instead of three kids and one dog I have 3 dogs and 2 kids.

He sounds like a smart guy we shifted out of this mayhem down here and now has a lake view

#216 Damifino on 05.11.16 at 10:08 am

#190 Andrewt

“All the people in the cheap seats in the envious doomer cult have watched their futures slip away, falling behind everyone else, at the whim of landlords getting rich.”
—————————-

I was in the cheap seats back when I owned.

The place was a bit of a dump but had a highly inflated lot value. That was good for bragging rights around the water cooler but the place continuously pestered me for injections of real money.

Now I’m in much better seats. I could afford to get some nice ones for my rental which is paid for by the yield from formerly wasted capital.

It was ‘win-win’ as the RE pumpers like to say.

#217 DavidP on 05.11.16 at 10:12 am

“I guess you’re a friend of a friend of a friend”

This guy is an idiot. The little globe icon in the Facebook screenshot means that the post wasn’t for friends only. If you don’t want the internet to see it, don’t post it.

#218 bill on 05.11.16 at 10:36 am

dear me! if they had a collective [?] IQ one point lower they would be plants…
kelowna??? as already pointed out its a giant strip mall.
why not Kamloops? it is a city with actual industry and its a transportation hub.

#219 TurnerNation on 05.11.16 at 10:46 am

Seems they will rely upon the Leftist government education system for their kids’ learning?

My immigrant parents gave me the best education: teaching me reading before I began grade one.
I walked in there with mastery.

Try it parents. Don’t pin hopes on State teachers (looking back I clearly see one-in-four were alcoholics).

What precious snowflake kids have we: Hayden Jayden Grayden Brayden.

#220 Noel on 05.11.16 at 10:54 am

Implied odds of 1 hike in the US this year less than 50%.

When have we seen this before? You know, over 90% odds of a hike in 6 months before the odds fall, and fall, and fall until the odds are zero… We’ve seen this every FOMC meeting for the last 5 years. And it will keep happening. Low interest rates are the new normal.

Implied odds of a June FOMC hike: 2%. Was 10% a week ago. Was 50% a month ago. Same thing will happen with the July meeting, then the Sept meeting… rinse wash repeat.

#221 Ryan the Thirtysomething on 05.11.16 at 11:02 am

So 5 paragraphs or so about why it’s a great idea to buy in North Vancouver but then they didn’t actually do it. Got it.

Parents use their kids as an excuse to justify just about any spending. Having kids is so overrated.

#222 Shawn on 05.11.16 at 11:06 am

The Intersection of Supply and Demand

#154 Jacob on 05.10.16 at 11:33 pm said:

In other words, oil prices, like housing prices, are ENTIERLY based on the last 2-5% of demand.

*****************************************
There is a lot of truth to that. Draw a standard supply and demand curve. If demand does not fall much as prices rise then a small drop in supply or a small increase in demand pushes the equilibrium price a lot higher.

But who is to blame? Just the incremental buyers who could be foreign buyers. Or should we blame ALL the buyers who agree to buy at the higher prices despite the increase?

BOTH are needed to cause the price increase. So really you can’t blame higher prices on just the incremental buyers without also blaming ALL the buyers who choose to buy at the higher price.

As prices rise some few incremental people decide to sell their house. Others decide they will buy despite the higher prices. Others decide they will not buy at the higher price. It’s a market. It’s wonderful. No superior system exists other than letting the market determine the price. No one is forced to be either a buyer or a seller of a house.

#223 Freedom First on 05.11.16 at 11:08 am

#12 Cdn Mom on 05.10.16 at 6:12 pm

Wow, that’s good Kool-Aid! lol

And this is coming from someone with four houses.

****

[email protected]?! When did you find out about the blog Garth and I run? Don’t start making up stories about how many houses we own, people don’t like braggarts and blowhards. I love you Mom! You’re the only woman for me.

#224 HD on 05.11.16 at 11:14 am

#175 @#SupplyDramaTeacher on 05.11.16 at 1:08 am

Monsieur Turdeau la Tapette found it in his big heart to visit Fort McMurray… on Friday… 13. Been crazy busy with urgent spending or stuff. Bon Voyage!

——————

Garth,

Not sure if you are aware but la Tapette is a very offensive French Canadian derogatory term that means: “fagget”

Best,

HD

#225 Shawn on 05.11.16 at 11:19 am

Rising Living Standards

Fancy_pants at 205 responded intelligently and politely to me including the following:

3. Average Canadian living standards have risen enormously in my 55 years of observing same. (me)

Agreed, we just have differing opinions on which direction it will follow moving forward. (Fancy_pants)

****************************************
Yes, our opinion differs there. I believe the living standard in Canada will continue to increase.

What is really disturbing is the people who think that living standards are lower now because it takes two incomes. Yeah, the Mom in 1955 may not have been paid but she most assuredly worked hard since many labour saving devices were not yet invented or not widely available.

A family could typically afford the 1955 lifestyle on one income today but the fact is they don’t want to. People don’t want to give up cable TV for over-the air channels. They want the three televisions. They want the cell phones. They wan the two cars. They want the larger house and the granite and the stainless. They want to eat at restaurants. They want the dishwasher and the microwave oven. They want the computer. They want the vacation trips. They want the convenience of todays grocery products rather than cooking from scratch. They want the electronic toys. They want running water and indoor plumbing at the cottage. They want the safer and larger and far more reliable cars. They want the fancy brand name cloths. A basic principle of economics is that human wants are basically insatiable.

Going out to work to earn money to fulfill our wants as best we can is the essence of any modern economy. We left working for just he bare necessities behind a long time ago and most of us are well into wants.

#226 WUL on 05.11.16 at 11:43 am

M&M have waded chest deep into “Digital Debris” of their own making.

I hope they get back to us with a report on the simplicity of and the speed of exercising the “Right To Be Forgotten”

That is a right which is not yet enshrined in the Charter, but we do have a Prime Minister Trudeau. Stay tuned.

#227 Shawn on 05.11.16 at 11:48 am

The Blame for High House Prices

Above I said:

So really you can’t blame higher prices on just the incremental buyers without also blaming ALL the buyers who choose to buy at the higher price.

*************************************
Given the rules of supply and demand we can also “blame” all the home owners who choose not to sell as prices get ridiculous. (Though it is none of our business)

Sure, it’s costly to sell and there are many reasons not to. But if a small percentage of owners did choose to sell as house prices rose to supposedly ridiculous heights, then the extra supply would have pushed prices down.

Apparently, the actual buyers and sellers of houses at given moment including today think prices are okay, or at least okay enough to buy or sell at.

Apparently the vast majority of home owners at any point in time are not persuaded to sell and including even today despite today’s high prices. It would take some higher price to persuade them to sell.

And the vast majority of potential buyers think house prices are too high and are not rushing to buy.

These are the laws of supply and demand that apply to everything. It’s a wonderful system. Think prices too high, then sell or at least don’t buy. Your choice.

#228 Mike in Edm on 05.11.16 at 11:49 am

Another Edmonton builder is offering “1st year of your mortgage paid for!” Boy they’re getting creative. BMW’s, mortgage covered, steep discounts. If it wasn’t for all the house pumping around here by RE agents, RE board, newspaper, CMHC, you’d think Edmonton was in a bit of a housing slump lol

#229 Hot Albertan Money on 05.11.16 at 11:51 am

These people may have made a big mistake and they did put themselves put there in an odd way. But can we show some respect?

If the kids ever Google mom and dad’s names it won’t be pretty. Let’s consider that.

Thanks

#230 Josh in Calgary on 05.11.16 at 11:51 am

People often confuse gambling with investing when the decision pays off. They use recency bias to back up their decisions. After all, when a commodity rises 30% in a year then you simply draw a straight line up and you’d be a fool not to go all in. There’s nothing wrong with gambling … if you admit that is what you’re doing and can afford to take the loss if you lose. It’s way more fun than crunching the numbers and weighing alternative outcomes. And it usually has higher upside … but the downside is usually more too. It reminds me of a great run at the craps table. It feels great and you get that weird feeling that it can go on forever. You’re tempted to leave as much money on the table as possible. But the smart move is to take your profits before the 7 or 11 hit.

I wish them luck since I hate to see good people wiped out financially. A rising tide lifts all boats, but it’s only when the tide goes out that we find out who was swimming naked.

#231 Ronaldo on 05.11.16 at 11:58 am

#224 Shawn

Unfortunately a very large portion of our population cannot afford the wants you talk about. That is a big part of the problem today with our economy, those who are not able to afford all the wants that some of us are able to have are going deeply in debt to try and get them. At some point we reach a saturation point and things come to a grinding halt. I don’t think we are too far from that especially with the housing thingy.

#232 Ogopogo on 05.11.16 at 12:13 pm

This is one of the easiest ways you can detect a financial illiterate:

“And your comments about renting making so much more sense isn’t entirely accurate… certainly not in the last 2 years (nor 15 years really). Many people can either own their house or pay rent for nearly the same monthly cost.”

So the Gyoris have moved to West Kelowna, a place to ugly and devoid of personality even turnips and radishes refuse to grow.

I wonder if they enlisted the help of the much-mocked “Golden God of Kelowna Real Estate”, the always sad and pathetic Devil’s Advocate.

#233 IHCTD9 on 05.11.16 at 12:29 pm

#219 TurnerNation on 05.11.16 at 10:46 am
Seems they will rely upon the Leftist government education system for their kids’ learning?

My immigrant parents gave me the best education: teaching me reading before I began grade one.
I walked in there with mastery.

Try it parents. Don’t pin hopes on State teachers (looking back I clearly see one-in-four were alcoholics).

__________________________________________

I send my kids to a private school.

These days, public school teachers have moved on to doing hard drugs, and banging their students.

I know those who know. Actually, you’d probably be surprised to know just how many high paid public servants (not just teachers) are snorting coke etc…

#234 MontrealGary on 05.11.16 at 12:41 pm

Replace North Van with tulips and this could have been a quote from “Extraordinary Popular Delusions and the Madness of Crowds”, written in 1841:

“Yes, we realize that this insane appreciation cannot continue for ever. But when you’re losing $42k of buying power per month in [tulips], one feels like you need to get on-board now, or forget about owning in [tulips].”

In movies, I think it’s called foreshadowing….

And the bit about not being desperate was a bit rich, considering how desperate they clearly were to buy a house….whatever.

#235 BS on 05.11.16 at 12:41 pm

Michael Gyori on 05.10.16 at 9:51 pm

…Guess my angry emotional ranting response to your public shaming of my family just gained you a few more thousand Twitter followers…

You do realize the public shaming was done by the person who made the Facebook post don’t you? And then followed it up with even more silly comments. That would be you.

While I actually agreed with that ethics post, his character assassination of my family can certainly not be considered ethical.

Reporting what you posted publicly on Facebook is character assassination? If you don’t want people to see it why post it?

You will learn two lessons from this. The first was be careful what you post on social media. The second lesson will come down the road when you learn buying during a housing bubble isn’t such a great idea. Both are lessons you will never forget. Pass them on to your kids so they don’t make the same mistakes.

#236 Nemesis on 05.11.16 at 12:50 pm

#WednesdayMischief…

“They were very rude to the ambassador.” – HM EIIR

[ColonialTimes] – Queen Elizabeth: Chinese officials were ‘rude’

http://www.timescolonist.com/queen-elizabeth-chinese-officials-were-rude-1.2251735

#237 Graeme on 05.11.16 at 12:50 pm

If you’ve done well financially, wouldn’t be putting all your eggs in one basket and really believe N. Van is going up 10K a week forever then suck it up, out bid everyone and buy already. Why run off with your tail between your legs to Kelowna? Unless you’re full of….

The begging photo with the kids is priceless. As a seller I’d love nothing more than to look them in the eye and say I want every cent I can get from them, plus 20% just because I can.

#238 Nemesis on 05.11.16 at 12:53 pm

#ConnectTheDots?…

[CBC] – Vancouver millennials have lowest discretionary income in Canada after buying property: Vancity
Report found Vancouver millennials spend more on housing, and earn less than others

http://www.cbc.ca/news/canada/british-columbia/vancouver-millennials-have-lowest-discretionary-income-in-canada-after-buying-property-vancity-1.3576908

[CBC] – Robson Street’s ‘for lease’ signs signal changing times: Rents for the 1100 block of Robson Street have dropped 20 to 25% and dozens of stores are up for lease

http://www.cbc.ca/news/canada/british-columbia/robson-street-changing-storefronts-1.3575508

#239 jess on 05.11.16 at 1:03 pm

And then almost overnight – the game of musical chairs stops.

unless a risk free rate!

-Buffet obtained that return on investments made AFTER the financial system was guaranteed by the U.S. government.

—Buffett bought $5 billion of Goldman preferred shares that paid a 10% annual dividend. He also received an option to buy Goldman shares on far more generous terms than the government. This was after the government put the full faith and credit of the
United States behind the banking and financial system.

…”But it was not until Goldman Sachs ended its deal with Buffett that the government giveaway to Goldman became fully apparent. On his $5 billion investment in Goldman preferred shares, Buffett made $1.75 billion from both dividend payments and an early repayment penalty. On his option to buy Goldman
shares, Buffett made $1.35 billion. Altogether, he made around $3.1 billion on his $5 billion investment for a 62% return over 5 years.
186
As he explained to Fox News, his investment in Goldman Sachs netted him nearly $500 million a year, or “$15 a second
Remember, Buffett’s 60+% return was effectively the risk-free rate, because he obtained that return on investments made after the financial system was guaranteed by the U.S. government. It is no wonder that Buffet said that it would be a “sad day” when Goldman unwound his investment.(better markets)

#240 anonymous on 05.11.16 at 1:04 pm

Too bad we lost them to Kelowna. They would have been very happy in the Fraser Valley in Chilliwack, Abbotsford or Hope. These places are blooming with young families as everyone flees Vancouver.

#241 jess on 05.11.16 at 1:06 pm

highlight the problem of widespread “underwater mortgages” – homeowners stuck in loans for more than their home is worth- which persists in many communities across the country.

Underwater America Report

http://diversity.berkeley.edu/underwater-america-report

#242 Nemesis on 05.11.16 at 1:08 pm

#BonusMischief… #It’sSoUnfair… #ToSquirrels,Or… #YouCan’tMakeThisStuffUp….

[Xinhua] – Grassroots CPC members embrace self-discipline campaign

“Beside each of Party member’s seat hangs a small red flag printed with the words, “I am a Party squirrel.”…

http://news.xinhuanet.com/english/2016-05/11/c_135351250.htm

#243 Barb on 05.11.16 at 1:25 pm

Kelowna isn’t Surrey of the Okanagan!
Vernon is.

Little has been said about the sellers of Vancouver homes. Bet they got out of Dodge pronto with their bulging wallets.

Come to the Okanagan!

#244 Ponzius Pilatus on 05.11.16 at 1:25 pm

Shawn,
I came to Canada in 1977, and Canada was the envy of the World.
Now we’re just the envy of the Third World.

#245 IHCTD9 on 05.11.16 at 1:27 pm

#226 WUL on 05.11.16 at 11:43 am
M&M have waded chest deep into “Digital Debris” of their own making.

I hope they get back to us with a report on the simplicity of and the speed of exercising the “Right To Be Forgotten”

That is a right which is not yet enshrined in the Charter, but we do have a Prime Minister Trudeau. Stay tuned.
_____________________________

I’m betting M&M now have 500 or so folks who will be casually checking out their FB page – probably for years to come.

This of course will cause M&M to force censorship of what news hits the FB regarding incomes, fixed/floating choice, employment status, spending habits, financing choices, really just about anything to do with money, spending, or the house.

You know for sure at least a few folks will make it their goal in life to bring us news regarding M&M’s house buying adventure should any flies end up in the ointment…

Oh well, add one more reason to the existing heap of reasons why only fools post their lives on FB.

#246 Fortune500 on 05.11.16 at 1:47 pm

I’m surprised we aren’t all discussing the recent decision against TREB by the Competition Tribunal and what this will mean for home values in the future. Now that buyers won’t have to make hasty decisions on such limited information.

https://www.thestar.com/business/real_estate/2016/05/10/competition-tribunal-doesnt-favour-release-of-conditional-sale-price.html

I personally can’t wait for the Canadian Trulia

That was a topic here a week ago, when it was still news. — Garth

#247 jess on 05.11.16 at 2:01 pm

May 11, 2015 –
Nomura, RBS Defective-Bond Suit
http://www.bloomberg.com/…/nomura-loses-trial-over-toxic-mortgage-after-1...

U.S. District Judge Denise Cote’s finding that they are liable for selling shoddy mortgage-backed securities to Fannie Mae and Freddie Mac.
The case is Federal Housing Finance Agency v. Nomura Holding America Inc., case number 15-1874, in the U.S. Court of Appeals for the Second Circuit.
This case is complex from almost any angle, but at its core there is a single, simple question. Did defendants accurately describe the home mortgages in the Offering Documents for the securities they sold that were backed by those mortgages? Following trial, the answer to that question is clear. The Offering Documents did not correctly describe the mortgage loans. The magnitude of falsity, conservatively measured, is enormous.
The central falsehood in the documents was the representation that the loans were underwritten in accordance with the loan originators’ guidelines:
http://www.sdnyblog.com/files/2015/05/2015.05.11-11-Civ.-06201-Nomura-Opinion.pdf

===============
How can the borrower have committed fraud on a mortgage application if the lender didn’t care whether their answers were truthful?
As it happens, a trial just ended in Sacramento in which a jury was convinced that “executives intended to make fraudulent loans.”

Control Frauds?
…”Only fraudulent lenders would ever do stated income (mortgages). Period. Full stop. — William K. Black, former banking regulator Black testified that the very business model of Aegis and GreenPoint depended on their making fraudulent loans–their executives were determined to make the companies grow fast, to collect lavish compensation, and sell off the problem loans in the secondary market so they would be someone else’s problem when they blew up. Companies like like GreenPoint and Aegis couldn’t grow fast and book huge profits by serving the market of good borrowers with mortgages commensurate with their ability to pay–that market was too small and too competitive. So they chose to make loans that didn’t require verifying the borrowers’ incomes. ”

http://www.latimes.com/business/hiltzik/la-fi-mh-fraudulent-lenders-20140925-column.html
http://www.salon.com/2014/09/07/finally_wall_street_gets_put_on_trial_we_can_still_hold_the_0_1_percent_responsible_for_tanking_the_economy/

#248 Ponzius Pilatus on 05.11.16 at 2:02 pm

Shawn,
Ever been to a staged open house?
Or a new car dealership?
And what about the debt that’s piled up to buy all that crap?
And been to a doctor lately?
That’s the problem with people who can only see the GDP numbers.

#249 TurnerNation on 05.11.16 at 2:13 pm

250th? Yeehaw this is like the old daze of blog comments numbers.

I’m issuing an official “TurnerNation” Sell Signal for US indicies.

Batman yadda yadda..

#250 Sallys boyfriend on 05.11.16 at 2:14 pm

#81 Smoking Man on 05.10.16 at 8:18 pm
Only reason we have this madness in the real estate market is because men have lost there way.
They act like little girls from the 50’s. Can’t make logical decision, can’t manage money, terrified of risk, they leave all the big stuff to the schooled millennial wife do the heavy thinking.
Emasculated to soft a word for these dudes.
We know how mind fkd recent grads are.
And those wives who typically can’t compete against sally big boobs in the bra store know how to make things right.
Granite, and stainless steel fridges bitches
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Come on Smoky, your the one who cowers in the bathtub from your wife “The Hag”.

Balls bitches thats what I’m sayin. Oh sorry Smoky you dont have any! The Hag took em!

#251 paul on 05.11.16 at 2:20 pm

#125 Ace Goodheart on 05.07.16 at 7:14 pm
And yet you can STILL buy a single family house in Toronto, with parking, lots of bedrooms, and walking distance to a brand new transit hub including direct airport service, direct service to Union Station, direct access to a brand new, underground LRT which is dubbed the “largest transit project in Canada”, for under $500,000.
Yes you can
———————————————————-
No you can’t List means nothing!!

4 Dennis Ave List:$499,000 Sold:$620,500

#252 Smoking Man on 05.11.16 at 2:30 pm

Ghomeshi Today Poor Kathryn Borel

Her at the Ghomeshi trial today.
https://www.youtube.com/watch?v=WCSdW5SwhC4

Ha The Real Kathryn Borel, a must see….
https://www.youtube.com/watch?v=kf1FWOETBAAThse

Men and woman with sons, if you don’t fight back against the femenazis your sons are doomed.

#253 Freedom First on 05.11.16 at 2:49 pm

#’s-201 202 204 & 222 Freedom First Impersonators.

Welcome to my fan club. I enjoy your presence. Hilarious!

#1 Freedom First

#254 unbalanced on 05.11.16 at 3:06 pm

To Sunny at # 214. Thanks for the compliment. I mean really what can you say. The majority of people on facebook just have big egos. Brag brag brag. I have friends who post on facebook and it is SOOOO nauseating.

#255 JSS on 05.11.16 at 3:32 pm

Interest Rates in Canada To Rise As Canadian Banks Now Riskier Than U.S.

http://www.msn.com/en-ca/money/topstories/interest-rates-to-rise-as-canadian-banks-now-riskier-than-us/ar-BBsSRum?li=AAggFp5&ocid=mailsignoutmd

#256 lee on 05.11.16 at 3:35 pm

I seem to be reading a lot of stories in the local and other Canadian news about new pharmaceutical products coming on line shortly for sale once approved. Am I correct in assuming that most of these “stories” are just paid advertisements disguised as news articles? I know most articles pushing pharma stocks are just that.

#257 Mr Reality on 05.11.16 at 3:48 pm

Its ironic that people who are most concerned about price appreciation or being “priced out of the market” they just bought in a market that has significant risk to the downside.

Sheeple

Mr R

#258 Smoking Man on 05.11.16 at 4:06 pm

#250 Sallys boyfriend on 05.11.16 at 2:14 pm
#81 Smoking Man on 05.10.16 at 8:18 pm
Only reason we have this madness in the real estate market is because men have lost there way.
They act like little girls from the 50’s. Can’t make logical decision, can’t manage money, terrified of risk, they leave all the big stuff to the schooled millennial wife do the heavy thinking.
Emasculated to soft a word for these dudes.
We know how mind fkd recent grads are.
And those wives who typically can’t compete against sally big boobs in the bra store know how to make things right.
Granite, and stainless steel fridges bitches
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Come on Smoky, your the one who cowers in the bathtub from your wife “The Hag”.

Balls bitches thats what I’m sayin. Oh sorry Smoky you dont have any! The Hag took em!
…..

Anyone man married for over 30 years has no balls against the Mrs.
Vs anyone else a different story. I was pondering Gomeshi thing.

When my kids were tiny playing minor hockey. One of the dads patted my wife’s ass right in front of me while we where both lasing up our two kids skates. She said what hell do you think your doing. Before he had a chance to answer a left hook, and a right as he was falling, which I broke two fingers on. I had him sleeping for about 10 minutes.

He never called the cops.

That’s how you deal with sexual assault.

#259 Lead Paint on 05.11.16 at 4:27 pm

#122 Michael Gyori on 05.10.16 at 9:51 pm

No sympathy here… you decided to use your family as a marketing vehicle to better your financial position, not Garth. Garth pointed out how sad that is.

If you don’t want to be a poster child for the bubble, don’t make a poster with your child(ren) on it and share for the world to see.

If you want your family left alone stop marketing them to save yourself money, or else stop complaining when everyone doesn’t approve of your tactic. Learn your lesson and move on.

#260 unbalanced on 05.11.16 at 4:35 pm

Smokie—the two fingers you broke were when you couldn’t find a beer opener! Stumble,fumble and mumble

#261 DreamingInTechnicolour on 05.11.16 at 4:35 pm

http://www.canadianrealestatemagazine.ca/news/foreign-investment-to-break-records-in-2016–analysts-207133.aspx

#262 Bottoms_Up on 05.11.16 at 4:41 pm

#225 Shawn on 05.11.16 at 11:19 am
——————–
I don’t think access to more “wants” indicates an improvement in “standard of living”. That is essentially the debate you are putting forward.

If Hitler had greater access to his ‘wants’ such as WMD and concentration camps, would that be an increased standard of living?

Standard of living would be bettered measured by real disposable income and affordability (cost of living). In what decade have you heard that parents are pulling their kids out of sports due to cost? That’s right, happening now.

I will give you one thing though, food (a need) has improved (people actually spend less money on food today based on income than they did 50 years ago).

#263 DreamingInTechnicolour on 05.11.16 at 4:46 pm

http://www.theurbandeveloper.com/differences-between-buying-property-in-china-and-australia/?omhide=true&utm_medium=email&utm_campaign=THUR%20WORLD&utm_content=THUR%20WORLD+CID_1f9dacdbf7c0cb0e8d696fdbc9c8046d&utm_source=Campaign%20Monitor&utm_term=Continue%20Reading

#264 lee on 05.11.16 at 5:00 pm

Paul #251,

And its a crap whole in a crap whole of an area.

#265 Ogopogo on 05.11.16 at 5:52 pm

#122 Michael Gyori on 05.10.16 at 9:51 pm

I have so much to say about the Gyori Rant Redux (Buyer’s Remorse Remix), but I will leave you with just this:

“Better to remain silent and be thought a fool than to speak and remove all doubt.”

#266 nubbers on 05.11.16 at 6:07 pm

JSS @82
If you don’t buy the house, she will divorce you.

If you buy the house and then can’t make payments because you lost your job, she will divorce you.

That is so completely true. However, if she is going to divorce you because you don’t buy a house then she is not worth being with anyway.

If you buy, you have a oversized debt that is going to be with you for a very large part of your life, and will permanently damage your future career, investments and quality of life.

If you don’t buy, you only lose a partner who you are better off without. You are still in a good position to recover, meet someone nice and buy at bargain prices.

#267 Goldie on 05.11.16 at 6:33 pm

Lol, there is so much bitterness in their response. I’m guessing that the wife wrote it.
Hey, but the dog is going to have a huge yard now! He’ll be much more happy.

#268 Hakuna Matata on 05.11.16 at 8:23 pm

Your blog is informative and funny, Garth, but throwing some random family to the hateful, vitriolic wolves that haunt your comments section is a jerk move that doesn’t doesn’t do anything at all to advance your message of financial prudence.

#269 brett on 05.11.16 at 9:09 pm

Calgary real estate. Months ago we saw a villa bungalow. $629K, reduced to $609. Months later 5 something. More that 18 months later the place is still on the market and re listed at $519.

Taxes, condo fees, and minimum utilities are 1K month. So that is about $20K plus the opportunity cost of having money tied up and tied up in a depreciating asset at that!

A seller who could not face reality. Not getting better. We are keeping our hands firmly on our wallet for now.

#270 D.D. Corkum on 05.11.16 at 9:24 pm

#268 Hakuna Matata on 05.11.16 at 8:23 pm

“Your blog is informative and funny, Garth, but throwing some random family … doesn’t do anything at all to advance your message…”

—-

Quite the contrary, I think it portrayed his message very well. It portrayed the extreme (and astonishingly public) actions being taken on a personal level by potential buyers. Its really not like he took that photo of them himself.

#271 D.D. Corkum on 05.11.16 at 9:34 pm

#122 Michael Gyori on 05.10.16 at 9:51 pm

“…My details of the property were intended only for Garth….”

—-

You, Sir, challenged Garth’s integrity by suggesting he would be too weak to point out your move to Kelowna. He showed you what integrity really means by posting the entire letter.

Its hard to feel sorry for you.

#272 Guillaume on 05.12.16 at 1:01 am

With a hot wife like Martina, Mike could have made a smarter move than a just a boring family picture on Facebook….
we are truly living in a strange world…
Thanks Mr Turner for your blog, your common sense, sincerely

#273 D on 05.12.16 at 4:07 pm

Garth
Truly classless. You have a great pedestal to inform here and it’s wasted on petty trolling. There’s too much mean spirit here, you’ve lost me as a reader.

You can’t buy back integrity.

#274 Dan on 05.12.16 at 4:42 pm

Well, in not so distant future, people would be wondering
why and how prices of badly build so called houses
(glued dust and nails) could be so high in an empty country with a lot of land. I know answer right now. Greed and speculation. Everything in capitalism is commodity. Not just your funeral….

#275 Dan on 05.12.16 at 4:45 pm

And I think a dog is just sad to be forced in this….

#276 Dan on 05.12.16 at 4:51 pm

Mr Turner you are a brave man. You piss against the wind and you spit in the face of the beast. But a beauty of the game is than again smart people win, They always rob
stupid who forget they place in society despite living in monarchy with a head of the state in London, England…