Worried Scotia curbs mortgage lending in GTA & YVR: 'We just took our foot off the gas." - Link here
“There are reasons to believe we may have hit the peak.” Powerful words. Especially when they come from the lips of the dude who’s chief economist for the country’s realtors. So, has Gregory Klump been reading this pathetic blog?
Of course he does. (Hi, Greg.) But it’s growing more obvious by the day that the worm’s turned. The latest stats for the economy are dismal, with negative growth in both February and March. Then came the fires. The Bank of Canada has already said the Alberta blazes, and the oil shutdown they caused, will shrink economic growth by more than a full point, almost guaranteeing the first half of the year will end up in the red.
Meanwhile Canadians have been deep in the trough. Total mortgage debt now equals three-quarters of the entire economy in size. Almost 15% of all our economic activity is related directly to real estate, the only large sector which continues to expand. And the bankers just won’t quit. Yesterday a blog dog reported her TD loans guy dangled 2.39% for a five-year fixed mortgage, ten basis point below the bottom of the rate card. “The economy’s doing poorly,” he said, “so we’re offering a lower rate.”
Actually, the rate war is raging because real estate deals are starting to slide in Toronto and Van, the way they have in other centres. Sales in Toronto, seasonally-adjusted, fell in March from February and flatlined in April. In a few days we will see the May numbers. Similar story in YVR – sales are ahead of year-ago levels, but weakening. If inventory levels were normal, instead of close to historic lows, the bidding wars and FOMO might quickly evaporate.
But even with so few places on the market, multiple offers are diminishing, more listings are languishing and the bully bids are disappearing. No wonder. Prices are at extreme multiples of average incomes, wages are hardly budging and the jobs market sucks. Economic contraction means just that – the pie gets smaller for everyone.
Bank to Ottawa: raise down payments: Link here
Meanwhile every day takes us closer to the end of cheap money. Below are the latest odds of coming rate hikes in the US. They’ve been gaining ground now for two weeks as a summer pop looks all but certain. It has the US dollar rising, ours falling and commodities weakening. By the end of the year there’ll be no doubt that 2016 gave us peak house and debt valley.
(Click to enlarge)
Badboy ex-realtor and housing analyst Ross Kay is issuing this warning: “When you remove all additional activity caused by Canada’s surging housing market from November through March, Canada would have lost net GDP and been in a small negative position each month.” In other words, it’s been real estate and real estate only that has masked a virtual recession. “Govern yourselves accordingly,” he adds.
Whazzat mean? Simple. People buying at peak house prices with mortgages destined to reset higher in a country with a shrinking economy are probably nuts. Homeowners who have made out like bandits as the bubble inflated, yet don’t cash out, are even more nuts. The only reason not to sell is if you think you’ll never be able to buy again. And how can anyone be that thick?
Desjardins economist Benoit Durocher sees average prices starting to decline in 2017. “Since prices are so high, you have fewer buyers in the market and fewer transactions,” he told Reuters this week. “I think it is the first step before an adjustment in the price.”
Well, higher US rates will eventually move Canadian mortgage costs. A contracting economy will restrict job opportunities and constrain incomes. Buyers assuming huge debt and increasing their housing costs to ‘get into’ the market are gambling on future capital gains that now look dubious. Is this really a risk you want to take?
Talked to a doctor visiting the Big Smoke from Saskatchewan yesterday. For giggles he went to an open house down near inner-city Cabbagetown – a semi that hadn’t been renovated in 80 years and would make an iffy pig barn in Swift Current. “They want nine hundred grand for that piece of crap,” he said, amazed. “You people are in trouble.”
The best house in his town is a new McMansion on a giant lot with a triple-car garage, valued at $500,000. “A nurse owns it.”
Ouch.
176 comments ↓
# 212 Tomy
Thanks for the support Tomy. My Rectal Lobotomostomy went fabulous.
If you look at the vancouver Benchmark price for detached property priced in gold (CAD) you realize we don’t have a real estate price problem. We have a money problem.
Here are the benchmark price of detached house in greater vancouver priced in Ounce of gold (CAD) for January of each month starting in 2000.
January 2000 – 830 Oz (343 000 \ 413 CAD)
January 2001 – 862 Oz (345 000 \ 400 CAD)
January 2002 – 811 Oz (365 000 \ 450 CAD)
January 2003 – 708 Oz (397 000 \ 560 CAD)
January 2004 – 853 Oz (461 000 \ 540 CAD)
January 2005 – 926 Oz (482 000 \ 520 CAD)
January 2006 – 926 Oz (584 000 \ 630 CAD)
January 2007 – 878 Oz (641 000 \ 730 CAD)
January 2008 – 836 Oz (742 000 \ 887 CAD)
January 2009 – 646 Oz (649 000 \ 1020 CAD)
January 2010 – 675 Oz (790 000 \ 1170 CAD)
January 2011 – 595 Oz (810 000 \ 1360 CAD)
January 2012 – 623 Oz (1 034 000 \ 1659 CAD)
January 2013 – 552 Oz (901 000 \ 1630 CAD)
January 2014 – 695 Oz (929 000 \ 1335 CAD)
January 2015 – 707 Oz (1 010 000 \ 1428 CAD)
January 2016 – 820 Oz (1 273 000 \ 1552 CAD)
Priced in Gold (Sound Money), Vancouver house price are basically the same in Jan 2016 that they were in Jan 2000
——————————————-
NUmber were taken from the following link:
http://www.rebgv.org/monthly-reports
http://goldprice.org/gold-price-canada.html
Fan I would like you to meet the steaming pile of _____ some of us call the herd.
If Garth could ever write a good paragraph or two about CMHC and how they trump up the debt they carry that would be awesome. Laymens terms. Keep it simple.
The Herd are fighting in parking lots of Costco – road rage up? Peeps are stressed.
A mcmansion in Regina vs a pig sty in Toronto. Give me the pig sty any day. You can fix a sty but you can’t move a mcmansion.
Understand RBC, Lepage, CREA, CMHC house price forecasts (2016) all now require a house price correction being reported in the next 7 days.
What’s Ross Kay mean by this ?
As much as I fear for how my friends will be impacted by a price adjustment, they made their own decisions.
This is exactly what is happening in a city build on a flood plane on top of tofu soil called Richmond.
Listings, though few, are languishing and still clinging against the forces of gravity.
History will recall the mighty fall and crash.
A ‘beater for the blog dogs:
http://shop.stocktwits.com/products/16787991-sold-in-may-tank-top-purple
my buddy just bought a $2 mil townhouse one block from East Hastings where all the heroin addict hipsters call home. it is walking distance to Gordon’s No Frills and Value Village, and has quartz countertops!
I don’t know if the bloom has left the rose in Vancouver and the Fraser Valley… but it sure is due. Keeping the dream alive is critical in Vancouver. Vancity is here to help you entitled feelings of home ownership come true…
https://youtu.be/wQ0h3u2TZwY
Unbelievable…
Yes, you are right, Garth, the sold listing in T dot is shrinking everyday and sold price start to see either paid for the asking or a bit slightly lower, except the luxury area you still see over asking in the 200k-600k though not as fierce as before when it started in early Spring, this is a classic sign of inventory dry up or people simply can’t afford it anymore, or just hold out and wait on the sideline.
If Mother Yellen moves her magic finger in June, even more so people will be more cautious and wait and see what happen, We won’t see a immediate relieve but not far from it!!
Renters………. start to pack your belongings and see which school zone you are going to choose. Dayum!!!!
rEalTors® have a ‘chief’ economist on the payroll?
That’s rich, really rich. The absolute last person I would turn to for an unbiased economic opinion.
Interesting donors list for the BC Liberal Parhttps://twitter.com/vandancouver/status/736028214108127234ty .
Is that the sound of a bubble popping?
BOOM!
meanwhile “academics” blame YVR’s affordability on zoning regs.
http://bc.ctvnews.ca/snob-zoning-is-keeping-vancouver-unaffordable-ubc-economist-1.2917105#_gus&_gucid=&_gup=twitter&_gsc=sE3zlJY
Its about time!
If CREA says something acknowledging that this is peak house, then its already been on its way down, down, down.
Just go watch the big short…that is our economy right now…remember the job fair at the end? That’s our economy in a year or two in the boom cities.
@soundmoney
We don’t buy anything with Gold, so who cares?
Well… I suppose I missed peak house by six years.
I really thought I was escaping imminent carnage when I sold my Vancouver SFH back in 2010.
No regrets, though. The money was invested and has easily paid my rent and living expenses for the last six years. Plus, all of that capital is still working for me.
Better six years early than a day too late.
Bull…so far. Buddy’s house in 905 north of city has 300 showings after a few days. 300.
For a million dollar box.
Doesn’t that just prove peak house? — Garth
Interesting piece about the psychology of home ownership. Money quote:
“I’d love to move back to Vancouver because that’s where my industry is biggest,” said Vilches. “But if I move back to Vancouver, I have to make sacrifices, and that would be not owning property, maybe ever. And that’s a really big sacrifice for me because that’s something that I want.”
It seems she is organizing her entire life around the need to own property.
I bought a house all those years ago even with a 12% mortgage because the house was 3x my annual income. Good deal. But at 15x annual? I’d still be renting.
http://www.theglobeandmail.com/news/british-columbia/vancouver-sees-jobs-boom-but-young-workers-still-cant-afford-housing/article30200718/
Friends from the Peg are hoping to move to Victoria in the next year or so. Every condo they were going to see sold in a matter of hours.
What is going on in Victoria and will it end?
Luckily for them they didn’t buy a condo while they were here.
A little too early I think, at least for the GTA – towns/deta/semis. The combination of:
1. Greenbelt
2. No new supply other than condos
3. Investor wealth
4. Low rates (even if they raise 1%) in the next 5 yrs
5. CMHC skewing borrowing risk profiles
I agree it won’t end well but who knows how long this book is and what chapter we are in.
#20 Garth: no, that alone does not prove peak house. How many times have people speculated that we have seen the peak, only to discover that the bubble was destined to inflate even further?
What it does prove, conclusively, is that there are at least 300 insane people looking to move north of Toronto. They might not hit the absolute peak, but will that matter in a few years? Maybe not. But I’ll stick to the LottoMax when it comes to making bets at that risk level.
This was a great piece written in Maclean’s regarding the psychology of a housing bubble. Garth once again you nailed it we are at the top.
Time to fasten your seatbelt and enjoy the ride.
Maclean’s, May 21, 2016, The Anatomy Of A Housing Bubble,
http://www.macleans.ca/economy/economicanalysis/the-anatomy-of-a-housing-bubble/
We know we’re in a bubble. We have no idea if this is the peak or not. I can tell you in the Toronto condo market the peak feels like a long way off right now. It’s a seller’s market with units getting gobbled up within days of hitting the market. Not only that, rents keep going up and good rentals go quickly too. Despite all the talk of overbuilding, inventory remains tight. I say this market keeps going higher until rates go up significantly and/or there’s a serious recession.
OMG!
Calgary is getting a Saks!
Calgary is getting a Saks!
Yahoo! We’re still rich here!
To the Blockchain fool who commented on Garth’s previous blog post: blockchain fundamentally relies on Bitcoin, without bitcoin the whole incentive mechanism dissappears for validating nodes in a completely distribute manner without anyone (supposedly) having the computing power to manipulate the validation. Since none of the miners are identified, we cannot know whether a majority have pooled their resources. So, if you were to entrust your digital records to a blockchain secured by Bitcoin, you might be in for a major surprise at any point in the future, where it can turn out the entire chain has been a fraud. To prevent that, you would need trusted miners, which means they would need to be identified and regulated. Which is a far cry from what is known as “blockchain”. It would merely be a digital timestamping service run by a few trusted parties. That might be fine for some welldefined purposes between certain parties in a trust network, but that is a far cry from the kind of uses you envision in terms of power and reach. So, little fanboy, better do your homework before continuing to praise blockchains. Or, could it be that younown bitcoins, and that you naively believe that pitching blockchain will drive up usage of it which will in turn drive up the price of your bitcoins? Ah yes, I figured you out. I may be a unionized teacher, but you are a fool.
Sour times ahead – it’s like a perfect storm and if Trump wins this country is going to be up shits creek without a paddle
Balmuto,
Which realty outfit are you with? Give us details of even one such sale that was gobbled in days of hitting the market.
#27 JSS on 05.31.16 at 6:40 pm says “OMG!Calgary is getting a Saks! Calgary is getting a Saks! Yahoo! We’re still rich here!”
Well… some of you are…
Supply and Demand. Always..
So far no evidence of more supply or less demand.
Oh LRT coming to Shlong Branch.
Our little 50’s rancher has almost doubled in price. You make a lot of sense Garth but it is heart breaking to think of selling our first home that mean so much to us.
Are we being thick?
#2 SoundMoney
Terrible post. I agree about the devaluation of currencies, but you fail to compare Vancouver to other regions. You fail to consider salaries. In a recent study of the Bay Area, someone went and did an analysis using a ton of past data on rents, and found that rents generally track income levels. Vancouver’s rents AND housing prices are not tracking income levels. Hint: you can analyze both income and housing prices in terms of their value in gold. There is still a divergence.
@soundmoney
“We don’t buy anything with Gold, so who cares?”
————————————
You 100%, missed the point, but thanks for trying.
Housing sales/prices slowly start to head south independent of interest rate movement (currently at a 200 yr low)
How are they gonna pump that? Oh right, tell the sheep “get in before rates jump”……..silly me.
This could be epic
Talking to guy at the pool last night and his wife works for the provincial government.He said that a full time position came up at her office and over 600 people applied.A big difference here for 1 part time coffee shop job where only 100 people applied.That full time job only paid under $40,000 a year so not as many people went for it.
I was happy when I renewed a month ago at 2.59% for 5. Now 2.4? Damn.
#22 Victoria
I’ve seen several condos that have been sitting on the market a lot longer than you suggest. Same with some SFHs.
House prices in Victoria are only approximately 5% higher than in 2008, based on Teranet’s index.
Some Victorians are still convinced that wealthy buyers from Asia are moving Victoria’s market. That, of course, is false – stats show that only 0.68% of all deals went to buyers from Asia.
Prices will begin to fall again in Victoria. It’s only a matter of time.
Teranet’s most recent data shows that prices in Victoria have pretty much stalled since the end of 2015.
Keep pumping. It won’t prevent the deep price correction that’s awaiting Victoria as Victoria’s housing bubble deflates.
It isn’t different in Canada and it isn’t different in Victoria.
Looks like we have a few realtors stopping by and posting fictional accounts of condo’s being gobbled up, not the case, sorry, just not true. Also the green belt guy comment, he’s a realtor from Milton, in fact I think I heard this exact pitch from him.
Be afraid realtors the party is over.
#25 NEVER GIVE UP on 05.30.16 at 7:28 pm
Hopefully we could use Block chain technology in the future to keep people honest in nearly every endeavor.
If this technology is adopted widely it will yield the “NEW TRUTH” in world commerce, health care, politics.
=============================
I have severe cognitive dissonance over block chain technology (BCT).
I know that heavy hitters in technology and finance are excited about using BCT for various purposes other than virtual currencies such as recording land titles and securities distribution. Interested parties on record include central banks.
On the other hand, scammers apparently breached BCT protocols to move several hundred million dollars worth of Bitcoins from the Mount Gox depository into untraceable hyperspace. If BCT cannot trace all assets all the time, what’s the point? If it only works as long as the administrators are honest/competent, how is it different from any other data base system?
If any blog dogs can offer informed comment on this discrepancy, I would really appreciate it.
At the top?
By Hong Kong and China valuation we’re not even at armpit
If anything, the evidence points to a strong growth of RE prices in the GTA in the coming years. Just see what’s happening on the ground – buyers are swarming houses for sale. The mania is spilling over further into the country.
There are way more buyers than sellers and, in the absence of a baby boom 25 years or so ago, there are only 2 options that could explain this: 1. immigrants and 2. speculators/investors.
With ever-increasing house prices, who will be the dummy to sell the house and lose big bucks of even more gains? Thus the low volume of supply. My 2 cents.
Yep, I think we are just about there. Went for a haircut today and the young lady is new to town (Nanaimo) from Calgary. She’s a millennial. Her boyfriend is originally from up island a bit and she says that they can buy a place here for half what it would cost in Calgary. She went on to say that they plan to do some house flipping for awhile. I almost fell off the chair. I was lost for words and decided that was the best. Here is a gal that is cutting my hair for 15 bucks and plans to do some house flipping. Yep, I think we’ve arrived alright. This should be an interesting year.
A little shit bungee near my hood almost hits a million.
Damn!
29 Superior Ave
Toronto Ontario M8V2M5
Sold:$933,000 List:$889,000 Toronto W06 Mimico Toronto 119-9-T
Taxes:$3,485.68 / 2015
#38 Rooskie on 05.31.16 at 7:54 pm
I was happy when I renewed a month ago at 2.59% for 5. Now 2.4? Damn.
….
Damn is right, always go variable. Small penelty for breaking it. Historically always cheaper.
Boomers are raining in the spending. Low growth, low rates for a long time.
#33 Vancouver Troy on 05.31.16 at 7:32 pm
Our little 50’s rancher has almost doubled in price. You make a lot of sense Garth but it is heart breaking to think of selling our first home that mean so much to us.
Are we being thick?
===================================
YES!
After a weekend of showings I had 12 groups show up for offers. 9 walked away saying they would NOT get into a bidding war…
2 offered 10k over list and then one offered 100K over…
Thank you Greater Fool!!!
But the fact that 9 offers walked away????? Tells you times are changing……
It paid me enough to retire….if I wanted to…. :)
If any of you dogs what to learn about the UCC
And how 95% of my calls are dead on.
You can buy it on amazon of a free pdf see below.
https://www.google.ca/url?sa=t&source=web&rct=j&url=http://www.wanttoknow.info/ufos/penetration.ingo_swann.pdf&ved=0ahUKEwil3Nap0oXNAhUSUVIKHXwdCK0QFggZMAA&usg=AFQjCNGppBoO28Q65K0dvYBROzpCRwF2fw&sig2=grC49-m1GEy2QSqH30p26A
Nowhere near peak house in the GTA when 300 ppl.show up for a viewing.
I would be worried about the condo market though – draw a 2km radius around a major intersection like Yonge/Sheppard or Yonge/Eg and you will find 500 condos for sale and maybe 5 houses.
Condos are ubiquitous and getting commoditized.
Interesting!!
http://www.huffingtonpost.ca/2016/05/31/integral-house-price-slashed_n_10226190.html
#48 Smoking Man on 05.31.16 at 9:15 pm
If any of you dogs what to learn about the UCC
And how 95% of my calls are dead on.
You can buy it on amazon of a free pdf see below.
—
That dude has another great bestseller as well titled:
“Psychic sexuality: The bio-psychic “anatomy” of sexual energies”
RE: #2 Sound Money:
If you look at the vancouver Benchmark price for detached property priced in gold (CAD) you realize we don’t have a real estate price problem. We have a money problem.
Exactly what I’ve been saying for a long time. Real Estate has not appreciated. Currency has become devalued.
Low interest rates are just delayed currency devaluation. If your money is worth a decimal point of a percentage in a GIC or a term deposit, that is because your money is worthless. You need a lot more of it, just to earn a bit of interest.
Watch what happens when the Fed raises rates this year. Canada will be obliged to start printing money. Lots and lots of it. The value of our dollar will tank, and house prices, which are really set internationally in major cities, not locally, will appear much more affordable.
We have been devalued, folks. Our real estate in our major cities, now represents its international value, not local currency value. We have to pay a million dollars for a Toronto house, because the Canadian dollar isn’t worth very much any more. It is being kept artificially afloat by very low interest rates. This will change soon, and then the currency devaluation will begin.
@blacksheep
You 100%, missed the point, but thanks for trying.
________
I love gold bugs… Sheep is right!
Imagine being at a large wedding reception, the joyful pair thank their families for the (50-100k) wedding. Any plans for the future? Yes we’re going to rent until the market cools.
Cue gasped silence.
What kind of bum is my daughter marrying? When his older brother so takes care of his family .
Son, don’t let your new wife down. Buy her a home like I did for your mother.
Houses are a good/safe investment. I didn’t raise a gambler. Stock markets are risky. The government won’t raise rates upward.
Ad nauseam.
Sure, in investments and politics one works with those in top decile of intelligent thought.
300+ people cannot be wrong. One house. 299 more houses to go.
I’ll report premium spread over asking if I can find out.
I rarely manage to buy at the very bottom, as I also rarely manage to sell at the very peak. Being liquid, diversified, and balanced is always the best way to go. And having cash on hand to take advantage of bargains is for sure very very nice.
That being said, selling at or near the bottom and buying at or near the top is never good.
I strongly believe that most people should have a Financial adviser to manage all of their financial affairs, and it must be a Financial adviser who is not selling anything except their expertise.
Need proof. Look at Canadian debt levels, for a start.
#50 acdel on 05.31.16 at 9:20 pm
Interesting!!
http://www.huffingtonpost.ca/2016/05/31/integral-house-price-slashed_n_10226190.html
=====================================
Indeed. Not much to add other than at least it truly looks like a multi million dollar home. Those banal prefab things that try and pass as ‘riche’ so gaudy to me. As someone who appreciates understated design I have to give full marks.
Though if I were to do a full custom build like that I’d probably do it less than 1/2 of the size and two level max.
Say hi to the latest snaggle toothed millionaire from Long Branch.
Sht bung did done some good.
https://www.realtor.ca/Residential/Single-Family/16689915/274-AB-BETA-ST-Toronto-Ontario-M8W4J1-Alderwood
Interviews with individuals re: Unaffordable Vancouver housing prices.
https://www.youtube.com/watch?v=DXnN4tyHS8w
#22 Victoria – didn’t you hear already? Victoria is supposed to be the next Vancouver lol! “They” say
Great to see Red Deer was mentioned in yesterday’s blog. It feels like we’re almost somewhere and somewhat important.
Despite the outward appearances of normality in Red Deer, and the opening of a new restaurant (Hudsons Pub), tough decisions are being made by people here. We’ve been hit really hard with this oil downturn and many families are becoming desperate. In the newspaper I read some people that were able to donate to the food bank last year and are now recipients. Also, one job opening with the city generated 1500 job applicants. Why even try?
Even though I don’t comment too often, I soon will have to change my moniker as I become just another economic refugee (I was laid off in March). At least I have no debt and the freedom to move.
Tough times here in Alberta.
nice call half a decade ago gartho…
http://www.wsj.com/articles/u-s-home-price-growth-remained-robust-in-march-case-shiller-says-1464699847
id pat u on the back but im too busy patting my own
If 70% of CDN’s own homes, the # of new families immigrating each year is finite, who are all these people showing up at open houses?
“Investors” – when money is so cheap that there is no cost of carry and or consequences of massively over leveraging, which is where we stand today, people make stupid decisions.
We have legions of real estate “investors” across the GTA that are so smart, that all of their properties are net cash flow negative! People in the game 15+ years ago are ok, they have good cap rates and great cf and significant equity. Prices could drop 50% and they are fine.
Show me a rental condo in the GTA bought in the last 5 years that is cash flow positive?? …crickets.
Once the proverbial poop hits the fan, these condos will get thrown out with the bath water and the condo market will be decimated.
just my three cents!
https://en.wikipedia.org/wiki/Ingo_Swann
Your teacher programming will never let you believe this shit. Yet man made climate change is real. Such a joke at the water cooler back home
If you read the book in my above post. That female in lala land was non other than my co observer child trapped in a mans body, Mr Charles Ashman. He morphed into a chic, this dude was dangerous to us at the time.
Swann, like all Human men, he’s sick perverted bugger that ensures reproduction of your murderous charactristics .
Nictonite has green lighted disclosure.
Hope you humans are ready….
#57 TurnerNation on 05.31.16 at 10:03 pm
Say hi to the latest snaggle toothed millionaire from Long Branch.
Sht bung did done some good.
https://www.realtor.ca/Residential/Single-Family/16689915/274-AB-BETA-ST-Toronto-Ontario-M8W4J1-Alderwood
No accolades for my vision 5 years ago, You’ve been around and know I called it.
What the hell does an Alien need to do to get some respect around here. A flying saucer over Vegas?
MSM will probably call it a magic trick for the new show.
No way I’m going liberal for respect. It’s not in this Nictonite’s DNA
#26 Balmuto on 05.31.16 at 6:38 pm
——————————–
I have a friend that bought a condo in mississauga in 2014 and they’ve lost money on it already…
#63 Smoking Man on 05.31.16 at 10:34 pm
https://en.wikipedia.org/wiki/Ingo_Swann
Your teacher programming will never let you believe this shit. Yet man made climate change is real. Such a joke at the water cooler back home
If you read the book in my above post. That female in lala land was non other than my co observer child trapped in a mans body, Mr Charles Ashman. He morphed into a chic, this dude was dangerous to us at the time.
Swann, like all Human men, he’s sick perverted bugger that ensures reproduction of your murderous charactristics .
Nictonite has green lighted disclosure.
Hope you humans are ready….
…………
Wow you really are back drinking massive amounts of JD!! or is it psychedelic pot…You found a kindred whackjob! Is he writing about your moon base?
“Confusion set in until Swann realized that he was ‘seeing’ intelligent activity and structures on the moon.
In the depths of a crater he viewed a green, dusty haze lit by banks of artificial lights mounted on very large, tall towers. Swann was stunned by the realization that ‘someone’ or ‘something’ appeared, under the aegis of his mind’s eye, to be building a base on the moon. He had been inducted into an interplanetary operation and brought to Mr. Axelrod’s underground facility by the need to monitor extraterrestrial activities in an unconventional way. Swann decided that Axelrod and company had been given the task of psychically spying on the alien moon base because the extraterrestrials had been less than friendly about conventional human curiosity.
“When Ingo sensed that he had been psychically ‘spotted’ by two of the humanoid-looking inhabitants of the moon base, he questioned whether or not he was at risk.”
#63 Smoking Man on 05.31.16 at 10:34 pm
——————————-
Denying the existence of human contribution to global warming through burning fossil fuels is equivalent to denying that a man has been on the moon. You are always free to believe what you want, but you are risking looking like a complete fool the longer you keep it up.
Rates hikes in and around brexit? Unlikely.
Rates can continue dropping for another 8 years.
4 years on and the fixed 5er has gone from 2.99 to 2.39. Big deal.
My neighbor was offered 1.5 for his house here in yvr Both him and the buyer are mainland Chinese. Go figure. It’s cheap I guess
#66 The Infinite Black Hole of SM’s BS on 05.31.16 at 10:56 pm
#63 Smoking Man on 05.31.16 at 10:34 pm
https://en.wikipedia.org/wiki/Ingo_Swann
Your teacher programming will never let you believe this shit. Yet man made climate change is real. Such a joke at the water cooler back home
If you read the book in my above post. That female in lala land was non other than my co observer child trapped in a mans body, Mr Charles Ashman. He morphed into a chic, this dude was dangerous to us at the time.
Swann, like all Human men, he’s sick perverted bugger that ensures reproduction of your murderous charactristics .
Nictonite has green lighted disclosure.
Hope you humans are ready….
…………
Wow you really are back drinking massive amounts of JD!! or is it psychedelic pot…You found a kindred whackjob! Is he writing about your moon base?
“Confusion set in until Swann realized that he was ‘seeing’ intelligent activity and structures on the moon.
In the depths of a crater he viewed a green, dusty haze lit by banks of artificial lights mounted on very large, tall towers. Swann was stunned by the realization that ‘someone’ or ‘something’ appeared, under the aegis of his mind’s eye, to be building a base on the moon. He had been inducted into an interplanetary operation and brought to Mr. Axelrod’s underground facility by the need to monitor extraterrestrial activities in an unconventional way. Swann decided that Axelrod and company had been given the task of psychically spying on the alien moon base because the extraterrestrials had been less than friendly about conventional human curiosity.
“When Ingo sensed that he had been psychically ‘spotted’ by two of the humanoid-looking inhabitants of the moon base, he questioned whether or not he was at risk.”
……………
You dumb ass humanoids. He a was risk, good thing Ashman never played Jr Hockey.
You got the unelected UN going for global dominance, they have Al Gored your schools, cut the funding and your 97% scientist conciseness goes to 3% Always a few wack jobs around.
#67 Bottoms_Up on 05.31.16 at 10:58 pm
#63 Smoking Man on 05.31.16 at 10:34 pm
——————————-
Denying the existence of human contribution to global warming through burning fossil fuels is equivalent to denying that a man has been on the moon. You are always free to believe what you want, but you are risking looking like a complete fool the longer you keep it up.
—-
His alien spaceship base is on the dark side of the moon… so he won’t fight you on that one! He’s been there himself!
#67 Bottoms_Up on 05.31.16 at 10:58 pm
#63 Smoking Man on 05.31.16 at 10:34 pm
——————————-
Denying the existence of human contribution to global warming through burning fossil fuels is equivalent to denying that a man has been on the moon. You are always free to believe what you want, but you are risking looking like a complete fool the longer you keep it up.
>>>>
I have never chirped a human on here, not in Nictointe doctoring. I just chirp Ideas.
But you’re an idiot…
#2 Sound Money
…of course. this is something known since time immemorial. it’s only the hippy generation now dying and that started the “new age” conception of “money”.
most morons call the crappy bills and the zeroes at the ATM… “money”. they deserve everything that comes their way. I guess, except the ruskie land, the white man’s land is kiss it good bye. it was nice while it lasted, inspired other cultures and generally it brought enlightment to “mankind”.
..now it’s time to go and shut down the lights. Like so many other cultures in history.
sound money is the moral summum in its material manifestation. implies hard work and saving
currency (what gartho calls “money”) implies entitlement, expectations from government and debt.
..go figure.
@#66 The infinite black hole…….
You leave my nectonite amigo alone.
While he may be a tad “unfocused” and an easy tagret of op”pour”tunity.
Thats no reason to attack his blemished character.
He’s just a man that smokes….. With opinions drenched in JD alcohol and sleep deprivation…..something that the CIA “blacksites” should have thought of before “waterboarding”.
Thats all. Untwist your knickers.
Back to the topic at hand.
Peckers picking properties at premium prices in perpetuity …….
What could possibly go wrong?
Oh Canada, Austrailia min. wage rising to $17.70 per hour. https://www.theguardian.com/business/2016/may/31/fair-work-commission-raises-australias-minimum-wage-by-1580-a-week?CMP=soc_567
be carefull what you wish for.
I just want to point out 2 things.
Firstly, the BOC might lower rate sometime this year if the economy still sucks like the data we saw today. Don’t doubt about that. If Justin hadn’t called BOC would have lowered it in Jan.
Secondly, BC Premier Christy Clark is on a business trip to Asia. Do you know who are with her? Many RE bosses, like two real estate brokerages Nu Stream Realty and Sutton West Coast Realty.
Here is the news link:
http://www.cbc.ca/news/canada/british-columbia/bc-christy-clark-trade-mission-asia-real-estate-1.3604817
Still, be careful what you wish for! If you can afford, why don’t you buy a home for your family?
Nearing the end folks… Banks announcing curbing mortgage offerings in Van/T.O.
When one does it, shareholders demand others follow suit or someone’s job on the line. Herdonomics in banks too eh SM!
http://www.bloomberg.com/news/articles/2016-05-31/scotiabank-curbs-mortgages-in-vancouver-toronto-as-prices-soar
I’ve been watching prices in downtown Calgary for a while. An upscale condo we used to rent in Lower Mount Royal was listed in December for $550,000 is now on the market for $439,000. Ouch. When we lived there two years ago units were in the $600,000 range.
http://www.news1130.com/2016/05/31/bank-mortgage-metro-vancouver-scotiabank/
Major bank easing off on mortgage lending in Metro Vancouver
“Essentially, Scotiabank is looking at our market and getting a sense there’s too much risk here and in Toronto to keep letting people borrow money to buy a home.”
Seen this? LOL http://www.cbc.ca/news/canada/british-columbia/lawyer-ad-laser-beams-1.3608149
Many bubble buyers on the blog with personal stories that bubble, interest rates etc. will be fine as they have an obvious stake in all this.
Reality:
First: statistically, you need at least 30 observations for a normal distribution (time honored and well proven rule of thumb). So your friends home selling price, or the one house listing and its 300 potential buyers is not a valid sample of the market. Get 29 more observations then you are believable, but not until then – all that you are is biased conjecture.
Second: the Chief Economist for the countries realtor’s (whose job it ought to be to dispel doom and gloom) says the bubble has peaked. At least he is working with a statistically valid sample size of > 30.
Third: the economy is tanking and has been for some time when you remove RE from GDP. Ft. McMurray fires will result in a negative 2nd quarter per BoC. March GDP shows all major sectors shrinking significantly, not by just a bit (read the Statistics Canada report, it is disheartening, even with the positive spin). The result is we will be in recession by 3rd quarter if not sooner. That leads to job losses. No job, no mortgage, no payments.
Fourth: rates will be going up. That means prices will be dropping. That contributes to GDP shrinking.
Finally: if rates are going up, the economy is and has been tanking…job losses will ensue, and factor in current historically high mortgage and non-mortgage debt levels – RE even in YVR and 416 will end up with people running for the hills trying to monetize their RE gains to get out of unsustainable debt…resulting in rapid price drops. Watch the bankruptcy rate go up in the next 2 quarters.
The YVR/416 RE party’s over folks.
Bottoms # 67,
“Denying the existence of human contribution to global warming through burning fossil fuels is equivalent to denying that a man has been on the moon.”
“You are always free to believe what you want, but you are risking looking like a complete fool the longer you keep it up.”
—————————————
So….six manned round trips to the moon occurred between 1969 and 1972. A total of 12 men walked on the moon, in just a 41 month time frame.
That was one trip, every 6.83 months, on average.
All this happened 44 years ago, but they just haven’t wanted to go back, since.
This all seems reasonable to you?
By the way, shamming this way only works, if one fears the judgement of others and buckles to popular opinion.
I still can’t see how any of this will effect the HAM buyers coming in to launder money they’ve stolen in China? They don’t care about the price, they buy at any price in order to land the money in Canada where we would fight a nuclear war rather than deport Chinese wanted criminals and return the filthy lucre they’ve brought into the country. So as long as we let crooks spirit money into our real estate prices will go nowhere but up up up.
And BTW, who’s going to stop them? Not this guy.
http://news.nationalpost.com/full-comment/michael-den-tandt-its-a-dogs-breakfast-on-the-liberals-plate-just-as-ordered
You say ‘Failure’, I’ll say ‘Trudeau’.
#60 Red Deer Rob
Hang in there man.
Time to lobby for green power in Alberta, offset some of the job losses from the oil & gas industry.
Major bank easing off on mortgage lending in Metro Vancouver
http://www.news1130.com/2016/05/31/bank-mortgage-metro-vancouver-scotiabank/
Canada Electoral Reform Rex Murphy
http://www.cbc.ca/player/play/689060931669
Disruptive Technologies
http://thinkprogress.org/climate/2016/05/24/3778463/proterra-tesla-electric-buses/
So mote it be. Stick a fork in it. I was out for a bike ride yesterday, 38 km starting in east van heading west, down through endowment lands then back west along water, false creek, grand view cut. Compared with just a month back, there’s a noticeable increase in for sale signs, often on the dumpier houses.
But it’s not just the ‘poor’ houses going up for sale. I had to laugh recently when I saw a story saying that the government (Feds? BC?) said they would now require the real estate agents to note down the nationality of people buying homes. Doh. Too late mate. Maybe they should also be keeping track of the nationality of those SELLING the homes too? doh. Re. Me. Fa…
So.Desu ne. Like, maybe that way they could ask a few extra off shore investors if they made any money in the local re market and to remit a bit in taxes? Double doh.
At least, if the HAM factor in yvr (or 416) has really always been 5% or so, it would be interesting to see what the ‘money out’ percentage is, especially once we start to see any actual price decline happen.
I think the big urban centers are catching up with the rest of Canada.
I’ve mentioned a few times a couple houses that went up for sale down the road from me last year, both big beautiful places I thought would be gone the day after they listed.
One went in Nov 15 after 8 months and near 100 grand off. The other just sold after a year and two realtors. Listed at 550K, last price asked was 470K, and you can bet the final offer was a good deal less than that. This action followed a long period where houses under 400K were just not selling, but the big 500K-1M estates were selling like hot cakes.
Now, house #1 is still empty , and House number #2 that just sold in April is also still empty.
It’s really starting to look like these two places were bought by flippers…
Could get ugly, both places were 6-7K/yr property taxes, and there is no way the houses are going to appreciate – probably the other way around.
Just back from a week in Vancouver. Family friends kids sold their house 2 years ago for 1.1 million. Now on the market for 2.5 million. Its crazy. Government paralyzed as what to do. They cannot lead. As Garth says this will not end well
Big bank reduces mortgage lending in two hot markets
Economics is the backstory behind all history and demographics is the backstory behind behind all economics.
As Thomas Jefferson said, “I believe that banking institutions are more dangerous to our liberties than standing armies….”
Might be worth considering what banks do as about as reasonable a crystal ball as one might find.
It appears that more than enough sheeple are gorging at the mortgage trough now, even the last die hard hold outs have given up and are dirty in debt. Queue the rate increases. The sheeple have been herded, fire up the shears.
… but too bad that graph is like the ball-less, red-faced parent standing with the wooden spoon threatening to spank. yawn. not again. all bark, no follow through. we’ve seen this routine too many times to count. nothing to see here kids, and it’s back to being naughty.
People pay me to help them make informed decisions.
They rely on my education and experience.
I have an obligation to tell them what that education and experience tells me we might expect. No, I don’t have a crystal ball and I tell them so. But, I believe it would be a breach of my fiduciary duties not to share with them what I have experienced.
I have been through this several times before and it has followed the same pattern each of those times.
“History may not repeat itself but it certainly does rhyme” Samuel Clemens
This may not be “peak price” in the whole scheme of things but for this particular point in time it certainly does feel like a “peak price” in this particular typical 7 to 10 year economic cycle.
Isaiah 5:9
“Surely the great houses will become desolate,
the fine mansions left without occupants.
No surprise here…
For some young Vancouverites, it’s Kelowna or bust
Whenever I fly into Pearson, I look out the window during the descent in amazement. Ontario is mostly empty space, forest & farmland. There is more rural land in Ontario and more so in the rest of Canada than people appreciate. Most of the land in Ontario is unused. Property prices should be 1/10th of their current prices.
SoundMoney,
No one gets paid in gold. Your analysis is cute, but is not practical. Most people who buy real estate in Canada are paid in Canadian dollars.
#96 Caught on 06.01.16 at 7:55 am
Most of the land in Ontario is unused. Property prices should be 1/10th of their current prices.
________________________________
Most of the land in New York State is unused. Property prices in New York City should be 1/10th of their current prices.
Good luck with that. If only I could remember the first rule of real estate. It goes location….what are next 2?
I have several coworkers who have moved to Toronto from China and India. They are amazed about how little crowding there is in Toronto. It’s all based on what you’re used to.. They wouldn’t be caught dead in a small town, they want the big city and only Toronto or Vancouver would qualify. The steady move to the cities from the country continues as a global trend.
@ Devils Advocate
“People pay me to help them make informed decisions…..”
********************************************
Reality check here pleeease.
CREA has created a virtual “closed shop” environment with as little information available to the purchaser as is possible.
You are a commission based salesman.
Nothing more.
You have all the nifty sales “pitches” down pat.
Nothing more.
The property sells itself.
You drive people around to various properties, and for that, are paid a ridiculous commission based wage.
Nothing more.
As for Millenials “fleeing” to Kelowna…..enjoy the last gasps of this overpriced insanity and the Greaterfools that choose to still “buy in” to your industry’s endless propaganda.
I expect when this is all over, new govt regulations on your industry will change everything for the better in the consumer’s eyes and you will look back on these times as “the good old days” when you were able to fleece the uninformed rubes with virtual impunity.
And since you can quote a nonsensical Samuel Clemens phrase (who’s relevance escapes me), how about a quote thats a bit more “industry appropriate” to YOUR line of “work”.
“Never give a sucker an even break’…..PT Barnum
Isle of Man TT
Bill further to your mention last week of the TT, I am there (here?) now. We saw a sidecar decked out Canadian do you know if any Canadians in the race or the rider name for that sidecar?
P.S. For all the talk of woe about wages and such thousands of people had the money to come here, many of them for two weeks. (Just practice week and one race day for us, which is enough especially not knowing many riders. Did meet James Hillier a top rider, super friendly guy who was tour guide on a lap tour. Actually everyone has been super friendly. But is think if you give friendly, you get friendly. Life is like that.
@#94 Profit Isaiah
(shaking my head)
Seriously?
With all the people dying all over the world in countless horrible wars, diseases, famines, etc.
You’re telling me that the omnipotent one decided in the “time before time”
to write an obscure passage in the bible for the idiots in Vancouver paying too much money for crappy little mouldy crackshacks?
Yeesh.
Yo. Devils Advocate! Watch out for lightening bolts, coming your way sometime in the near future.
Trump university playbook : “You don’t sell products, benefits or solutions — you sell feelings,”
http://www.cbc.ca/news/business/trump-university-playbooks-lawsuit-1.3610115
====
NEW YORK – Attorney General Eric T. Schneiderman today announced a $100 million expansion of efforts to provide no-interest loans to help New York families avoid foreclosure and stay in their homes. The expansion, funded by the Attorney General’s April settlement with Goldman Sachs over the bank’s deceptive practices leading up to the financial crisis, is expected to help more than 3,000 families across the state pay off small debts that are preventing them from securing a needed mortgage modification.”
A new analysis released today by the Attorney General’s Office also showed that the Mortgage Assistance Program (MAP), the first phase of these efforts, has already had a significant positive impact on families that live near a MAP loan recipient because foreclosed homes often drag down the property value of other nearby homes. According to the analysis, every $1 in loans preserves about $8.50 in property values for homeowners within 750 feet of the MAP loan recipient….
http://www.ag.ny.gov/press-release/ag-schneiderman-announces-100-million-expansion-foreclosure-prevention-efforts-new
“Years after the housing crash, too many New York communities are still stuck in the crisis of foreclosed, abandoned zombie homes. I applaud the Assembly for taking a strong step by passing the Abandoned Property Neighborhood Relief Act, which enjoys the support of local elected officials, law enforcement, and fair housing advocates all across New York. As of 2014, there were still 16,701 zombie properties in New York State. These abandoned homes drag down property values, burden local code enforcement, and threaten the safety of the neighboring communities. I call on the Senate to follow suit and finally get the zombie crisis behind us.”
http://www.housingwire.com/articles/37132-hsbc-plans-420m-suit-against-merrill-lynch-bank-of-america-for-toxic-countrywide-loans#disqus_thread
“HSBC Bank notified a New York state court this week that it plans to file a $420 million lawsuit against Merrill Lynch and Bank of America, claiming that both Merrill Lynch and Bank of America knew a series of Countrywide mortgage loans were toxic and allowed the loans to be securitized nonetheless.”
According to legal documentation filed this week in the Supreme Court of the State of New York, HSBC is the trustee of a residential mortgage-backed securities trust from 2007, Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR5.
#81 Blacksheep on 06.01.16 at 2:39 am
———————-
It’s clear your day job doesn’t require much thought.
Do tell what exactly would be the point of continually visiting a desolate piece of rock at the cost of billions per round trip?
Yesterday I’ve seen 7 Chinese dudes (on St.Claire, Toronto) in jeans and white shirts, with safety helmets going to a construction site nearby. Do you think they are working there? BTW, saying that “there are only 4% of foreign investors in Canadian real estate”, does this affirmation cover the Asian students that buy houses for 1,3 millions in Toronto too? Cause they are counted as locals since they live here. Another example: I recently went to an open house (Downsview area in Toronto), a shitty bungalow listed for 1 mil. From anyone being there (I counted 35 people and 15 cars), about 80 percent were Asians. That house sold the same day… And BTW I also found out that some other houses in the same area has been sold to some Asian dudes to be renovated and re-sold. Yes Mr. Turner, you are right! Investing the money is a much more logical thing to do (that’s what I am doing). But let’s not underestimate the number of foreign money on the market. It’s definitely not 4%
Yes, all Asian people are foreigners. Great logic. — Garth
#96 Caught on 06.01.16 at 7:55 am
and a vast majority of that empty space occupies the minds at Queens Park. aka. black hole, empty and sucks hard
Garth I want to believe in peak house but here in Calgary I’ve seen the most cranes working on downtown condos since moving here in 2001.
You know why – cause our corrupt government is preparing to open the flood gates to HAM to support the dwindling economy since the O&G crash.
Anyone else in Calgary making the same observation?
…..they wouldn’t be building these if the demand was not there….
#67 Bottoms Up
That’s your problem: you are afraid of looking like a fool but don’t realize you are one. Take a look at John Lear and tell me what you see.
#81 Blacksheep on 06.01.16 at 2:39 am
Bottoms # 67,
“Denying the existence of human contribution to global warming through burning fossil fuels is equivalent to denying that a man has been on the moon.”
“You are always free to believe what you want, but you are risking looking like a complete fool the longer you keep it up.”
—————————————
So….six manned round trips to the moon occurred between 1969 and 1972. A total of 12 men walked on the moon, in just a 41 month time frame.
That was one trip, every 6.83 months, on average.
All this happened 44 years ago, but they just haven’t wanted to go back, since.
This all seems reasonable to you?
By the way, shamming this way only works, if one fears the judgement of others and buckles to popular opinion.
—–
At it’s peak it was incredibly expensive!! -there are only so many rocks you can collect. So why keep going? So of course it was shut down, and made way for other projects – space station, space shuttle, mars and other probes and now spaceX and thoughts of mars. Possible they will go back to moon at some point..
And besides smoking man and his alien buds would have started to demand rent since apparently they park their space ship there.
Ya come and talk to us when your kids are grown after, during their formative years, having been exposed to some of current society’s less favourable matters of fact you might have helped them avoid were you more concerned about their welfare than your wallet.
Bad world to be a mortgage broker.
Rates rising in the next 2-3 years.
Banks restricting lending in frothy markets.
Lenders turning to apps instead of people. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2016/05/cibcs-new-mortgage-app-raises-stakes-part-i.html
Mortgages should be 100% automated within a 1 or 2 years. Uber moment in the industry.
Lots of jobs gone to the bot.
#67 Bottoms Up
That’s your problem: you are afraid of looking like a fool. Take a look at John Lear and tell me what you see.
#81 Blacksheep
”
—————————————
So….six manned round trips to the moon occurred between 1969 and 1972. A total of 12 men walked on the moon, in just a 41 month time frame.
That was one trip, every 6.83 months, on average.
All this happened 44 years ago, but they just haven’t wanted to go back, since.
This all seems reasonable to you?”
———
Totally….400,000 people, 10 years, and a shitload of money made it happen. The only reason they went was to beat the Russians (who by the way would have blown the lid if it had been faked….they were monitoring and would have known).
Faked it SIX times….and no one blows the whistle in nearly 50 years…..seems totally reasonable…
#60 Red Deer Rob
“(I was laid off in March). At least I have no debt and the freedom to move.”
Your post serves to reinforce the importance of Garths message to stay liquid and mobile especially in these trying times.
Good luck to you Rob. Your fellow Canadians do care about you and the plight of Albertans. Thanks for posting and please keep us informed. Take care.
Saw a bunch of listings this week in the downtown Vancouver area that are actually sitting on the market longer than usual…signs, signs, everywhere are signs?
#45 Smoking Man on 05.31.16 at 8:47 pm
A little shit bungee near my hood almost hits a million.
Damn!
29 Superior Ave
Toronto Ontario M8V2M5
Sold:$933,000 List:$889,000 Toronto W06 Mimico Toronto 119-9-T
Taxes:$3,485.68 / 2015
—————–
It is shocking how dirt cheap taxes are compared to the value of the house.
Here people pay over $2,800 for a house worth well under $200k. Compared to the Mimico house worth 5x as much we should be paying $700, or maybe Mimico owners should be paying $14,000!
Never been able to figure out this tax thing. I suspect any city, regardless of size has to have a certain level of services, which should cost more-or-less the same per household. It would be so much per 10,000 residents regardless of size.
On the other hand, the bigger the city the more economy of scale for doing things like sewer repair or road renewal, and the bigger the tax pool to draw from.
All right I am finally convinced. Man made climate change is real. Well time to save the planet then. Now for starters wrap your minds around the fact the planet would be better off with less humans. Thus good old mother nature has tried to thin out this species to save herself by coming up with things like ooooh disease and viruses. So all you other green energy nuts join in and lobby the government to STOP the onslaught of the true enemy of climate change. So please enough about evil oil companies do what is right and eliminate the true source of the planets enemy….YOU. Let the earth be and help cleanse herself. And for her sake quit worrying about the new Zika threat. Obviously the planet is fed up. Now let us move on
#114 Chris in Nanaimo on 06.01.16 at 10:41 am
not saying it didnt occur but govt and those who feed them have a very effective means of silencing truths to mesh with their agenda. just sayin. so many secrets. crowd control is the object of the game. it makes fleecing them so much easier. mind control. starts in school.
#114 Chris
You make so many assumptions which are plain wrong. No other nation has ever claimed to land on the moon, certainly not the Russians, and not since 1972 has any other nation claimed to have flown beyond Earth’s orbit. Give your head a shake as to why that is. BTW, did you recognize John Lear yet?
Oil is done. For those still in denial because their paycheques depend on denial, continue as is. For those who understand the electrical future is imminent, good for you. For those who desperately need this information to realign your portfolios, you’re welcome.
Higher USD means cheaper Vancouver RE for offshore buyers that hold USD’s.
Long USD baby!
“Meanwhile every day takes us closer to the end of cheap money. Below are the latest odds of coming rate hikes in the US. They’ve been gaining ground now for two weeks as a summer pop looks all but certain.”
lol.
Just like in 2013, hikes were just around the corner. And 2014, and 2015. In January 2015 there was a 90% chance that there would be a hike by June 2015. 90%! That’s a near certainty. Bloomberg consensus surveys yield worse results than flipping a coin. In fact, you’re often better off just going with the opposite of what the consensus thinks.
If Yellen wanted to hike in June she wouldn’t have used the language ‘…in the coming months…’ to signal when rates would tighten. The Fed is very careful in its language.
No June hike. One hike in July. No movements before the election, then who knows after that with a new president.
Either way, Canada won’t follow suit in hiking for at least a year – the Gov’t enjoys a 70 cent loonie more than one that’s appreciating – which means that the era of cheap money in Canada is not coming to an end any time soon.
You guys are funny. — Garth
#112 Bat Flipper on 06.01.16 at 10:14 am
Bad world to be a mortgage broker.
Rates rising in the next 2-3 years.
Banks restricting lending in frothy markets.
Lenders turning to apps instead of people. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2016/05/cibcs-new-mortgage-app-raises-stakes-part-i.html
Mortgages should be 100% automated within a 1 or 2 years. Uber moment in the industry.
Lots of jobs gone to the bot.
_________________________________________
[email protected] [my] B just quit, last time I was in to swap some stuff around. She’s an “investment advisor”, a millennial, and has a background in sales (LOL!).
Mentioned a letter they all got about cuts on the way, and that this had to do with new technology. Figured she’d get while the getting was good.
Dang… Did everyone know property taxes are not included in condo fees? That was something I missed, thought it was included and only houses paid them.
This actually makes rent in Toronto seem even cheaper!!! Mortgage payment (mostly interested) + property tax + maintenance fees — here a 1 bed cost 400k+ and even higher if you have parking or a locker, but is rented easily under 1500. That’s CRAZY! They are losing money renting out their properties.
Didn’t Hollywood make a movie (or two) about one or two people living in a post-apocalyptic city (Omega Man?). I feel like that back in Fort Mac. Arrived a couple of days ago. I am alone, or at least it feels that way.
Fortunately the Mac’s convenience store is open so I can survive on potato chips and slurpees. Living the high life.
RCMP everywhere.
Do old white guys get ‘carded’?
“Money flowing out of China”.
http://www.bnn.ca/News/2016/5/31/Bank-of-Nova-Scotias-CEO-calls-on-Ottawa-to-raise-down-payment-rules-again.aspx
Hey, I’m just reading what the experts are printing. This politically correct game of ‘Hide the HAM’ has got to stop.
To #46 Smoking Man. Nova Scotia charged me 10 K in 2009 penalty for breaking. Hate them. My is from 2.25 to 1.95 since. No intention to lock. Just little left to pay off.
#120 Neil Armstrong on 06.01.16 at 11:18 am
#114 Chris
You make so many assumptions which are plain wrong. No other nation has ever claimed to land on the moon, certainly not the Russians, and not since 1972 has any other nation claimed to have flown beyond Earth’s orbit. Give your head a shake as to why that is. BTW, did you recognize John Lear yet?
—
John Lear!!.. LOL …..stark raving bonker nutso.. he must be one of smoking man’s buds.. they share a JD or fifty on the dark side of the moon.
#101 crowdedelevatorfartz on 06.01.16 at 8:34 am
@#94 Profit Isaiah
(shaking my head)
Seriously?
With all the people dying all over the world in countless horrible wars, diseases, famines, etc.
You’re telling me that the omnipotent one decided in the “time before time”
to write an obscure passage in the bible for the idiots in Vancouver paying too much money for crappy little mouldy crackshacks?
Yeesh.
Yo. Devils Advocate! Watch out for lightening bolts, coming your way sometime in the near future.
________
Ahhhh, dude? I think this was just one of those funny little passages that have a humorous modern day relevance to them when context is removed.
You know like Ecclesiastes 10:2?
“The heart of the wise inclines to the right, but the heart of the fool to the left.”
Stay cool dude – everything is going to be ok…
Yup the great crash is upon us. Best keep all your money in hard currency. Pretty soon those million dollar semis in Roncesvalles will be dropping in price to under 500K. Buyers will have their pick of slopey floored Leslieville gut and reno jobs for $250,000 each. We’re headed into a long decline in Toronto real estate prices. Pretty soon you won’t be able to give a house away.
Sell while you can. The end is near……….
Good Article on being buried in Debt due to high Real Estate prices.
http://www.theglobeandmail.com/real-estate/how-high-home-prices-have-buried-canadians-indebt/article30223649/
In my Calgary NW neighbourhood we wonder at the Audi’s, BMW and Mercedes crawling about everywhere.
Our Kia seems to be a rarity.
Never been able to figure out this tax thing. I suspect any city, regardless of size has to have a certain level of services, which should cost more-or-less the same per household. It would be so much per 10,000 residents regardless of size.
On the other hand, the bigger the city the more economy of scale for doing things like sewer repair or road renewal, and the bigger the tax pool to draw from.
————————–
city of van rates far far lower than this long branch example.
yes it’s about what the city needs, nothing much to do w the prop values.
new development is expensive, van has none. we were full many decades ago
—–
re: peak house.
there were a handful listings in our hood (comm dr)which had been listed for up to 2-3 weeks, understandably so as they were way overpriced (eg 1.3 for a 7yo duplex)
coould this be a warning sign?
guess not, as while walking the puppy last night there were stickers on every last one of them.
and those were the ONLY sfh (liveable) listings within a 7 min walk in a very dense inner city hood. now there none. zero. there is a stripped out , smashed out, asbestos job that the tent came off yesterday for over 2m.
still waiting for the flood of sellers. yawn.
#120 Neil Armstrong on 06.01.16 at 11:18 am
#114 Chris
You make so many assumptions which are plain wrong. No other nation has ever claimed to land on the moon, certainly not the Russians, and not since 1972 has any other nation claimed to have flown beyond Earth’s orbit. Give your head a shake as to why that is. BTW, did you recognize John Lear yet?
—
Am I gonna have to punch out your lights as well Neil old buddy
https://www.youtube.com/watch?v=wptn5RE2I-k
The Plight of Maggie McMuffin
http://www.washingtontimes.com/news/2016/may/31/maggie-mcmuffin-burlesque-dancer-cries-misogyny-af/
Vlad # 97,
SoundMoney,
“No one gets paid in gold. Your analysis is cute, but is not practical. Most people who buy real estate in Canada are paid in Canadian dollars.”
—————————————–
You are the second party to, 100% miss the point, but thanks for trying.
“Yes, all Asian people are foreigners. Great logic. — Garth”
No, but at least consider that the 4% foreign investment in the real estate is not quite true. Consider the possibility of Asians with Canadian passports that buy houses on money from their Chinese brothers/parents/uncles/whatever-other-relatives-they-have, so the money would be somewhere safer than where are they now. And that’s not covered under the official 4% you stated before. How many of them are there? I can’t say, but it definitely increases their number, otherwise there wouldn’t be university students who buy houses and speak Chinese.
71 Smoking Man on 05.31.16 at 11:08 pm
#67 Bottoms_Up on 05.31.16 at 10:58 pm
#63 Smoking Man on 05.31.16 at 10:34 pm
——————————-
Denying the existence of human contribution to global warming through burning fossil fuels is equivalent to denying that a man has been on the moon. You are always free to believe what you want, but you are risking looking like a complete fool the longer you keep it up.
>>>>
I have never chirped a human on here, not in Nictointe doctoring. I just chirp Ideas.
But you’re an idiot…
………………………………………………………
Annnnnnnnnnnnnnd here it comes ” But you’re an idiot”
Good reply Smoking Alien.
#117 Cramar
Realtors show taxes based on the last assessment. In this case it’s over 3 years old. It’s worse when taxes are based on a pre-renovated house or even worse when it was a teardown that is now a master home. They won’t list the new or future taxes, they usually show the current ones, which is very misleading.
With a sale price of $933,000, taxes would be around $6,500.
In terms of house value it may seem small but in terms of property size maybe not so much.
#70 The Infinite Black Hole of SM’s BS on 05.31.16 at 11:07 pm
#67 Bottoms_Up on 05.31.16 at 10:58 pm
#63 Smoking Man on 05.31.16 at 10:34 pm
——————————-
Denying the existence of human contribution to global warming through burning fossil fuels is equivalent to denying that a man has been on the moon. You are always free to believe what you want, but you are risking looking like a complete fool the longer you keep it up.
—-
His alien spaceship base is on the dark side of the moon… so he won’t fight you on that one! He’s been there himself!
………………………………………………………………
Now listen everyone if Smoking Man says its true, then it must be. He only gets his info from his tin foil hat on moon lite nights when the stars align and he is blitzed on JD.
*monster* home.
#2 SoundMoney. 25 kg of gold is too much. How many years is that on an average salary’s net?
Noticed on my drive home from work yesterday that the sales centre on Imperial Street for one of the new Metrotown towers is now closed, with the windows papered over. It took them about 6 months but they must have finally sold all their condos. Not to worry though, there are several more towers being built in the area with many hundreds of more units coming available…
#77 Mac on 06.01.16 at 12:33 am
I’ve been watching prices in downtown Calgary for a while. An upscale condo we used to rent in Lower Mount Royal was listed in December for $550,000 is now on the market for $439,000. Ouch. When we lived there two years ago units were in the $600,000 range.
———————————————————-
Thanks for the input, but then why all the condos going up – are these the ones that are going to sit on the market for years to come?!?!
Garth why are you so quiet on this topic?
Well good news is I just learned my rent is going down $100, and I live in a good location.
#107 Ole Doberman
Yeah, units going up like crazy, some of them were obviously committed to prior to oil really tanking. Units in my building are having trouble selling. Going for probably 100k less than they used to.
Also, funny, 6 months ago I was getting a haircut down near Chinook, hair dresser was talking about getting into real estate too, they wanted an acreage south of town… Lol. Just what they need. Her BF was a plumber who apparently was having a tough time getting work (commercial plumbing). People are so messed.
#140 james on 06.01.16 at 1:33 pm
#70 The Infinite Black Hole of SM’s BS on 05.31.16 at 11:07 pm
#67 Bottoms_Up on 05.31.16 at 10:58 pm
#63 Smoking Man on 05.31.16 at 10:34 pm
——————————-
Denying the existence of human contribution to global warming through burning fossil fuels is equivalent to denying that a man has been on the moon. You are always free to believe what you want, but you are risking looking like a complete fool the longer you keep it up.
—-
His alien spaceship base is on the dark side of the moon… so he won’t fight you on that one! He’s been there himself!
………………………………………………………………
Now listen everyone if Smoking Man says its true, then it must be. He only gets his info from his tin foil hat on moon lite nights when the stars align and he is blitzed on JD.
………………
And that’s a bad thing?
Seems to me houses are “overbought” and prices will be headed lower.
A lot of stocks seem to fit the same distinction now. Certainly not all stocks, or RE everywhere, but there is MUCH greater risk buying now than there was in the past.
Do what you wish, but don’t cry if you failed to sell out at the top, and don’t cry if you found later you bought at the top.
Enjoy life, don’t regret it.
Breaking Promises: The Young’s Declining Share of the Economic Pie with S.Druckenmiller G. Canada
https://www.youtube.com/watch?v=256c5terG8w
Right on Neil Armstrong! I can see I have a kindred green spirit on here. Just got back from a walk in the woods…..you know real nature. But alas she did not tell me with what to realign my portfolio with. Do not keep secrets. Do you suggest Sunedison? Maybe you drive a Tesla? An ETF portfolio such as ICLN? Oh do tell us. Some of us greenies are not well schooled on money. I was thinking investing in the comeback of the outhouse and the oxcart? Thoughts Neil?
#121 Neil Armstrong on 06.01.16 at 11:23 am
Oil is done. For those still in denial because their paycheques depend on denial, continue as is. For those who understand the electrical future is imminent, good for you. For those who desperately need this information to realign your portfolios, you’re welcome.
___________________________________________
There is no electrical future imminent until they find a way to make massive amounts of electricity for dirt cheap, and without CO2 emissions or radioactive byproducts.
Right now there is only one potential technology that could satisfy these requirements and that is nuclear fusion. This is 6+ decades off into the future. Wind and solar won’t cut it for basically anything in a heavy industrial economy.
RE: 132 Dogman01 – very interesting to read. Fewer than 40% of Canadians actually have a mortgage. High debt levels are concentrated in ultra rich neighbourhoods (where people likely have the income to service such debt).
Remember that the Canadian Government has backstopped all of our risky, low down payment, subprime mortgages through it’s mortgage insurer CMHC. We all know that the goal of buying a house with a mortgage, is to have enough of a down payment to avoid CMHC. All of these risky mortgages just add to our government’s overall debt load.
Keep wondering, how do people think that, say, the Province of Ontario, will continue making interest payments on its debt, if interest rates rise, say, by 1.5%?
Have a look at this:
http://www.debtclock.ca/provincial-debtclocks/ontario/ontario-s-debt/
Last time I checked, Provincial debt was at $298,168,903,000.00 That is almost $300 billion dollars. If we run a Provincial surplus of a billion dollars a year, it would take 300 years to pay this back.
Interest on the debt looks like this: (scroll down to bottom of the page)
http://www.fin.gov.on.ca/en/budget/fallstatement/2015/chapter3b.html
Right now interest on the debt is 11.3 billion dollars per year.
What do you think happens, when you add 1% to the interest rate?
1% interest on $298,168,903,000.00 is, yup, just shy of three billion dollars.
That’s not all. The Province borrows around 8.5 billion per year, just to keep up with the bills.
Try the above calculations with various interest rate increases (just for fun, try double digits). Basically, we become Greece.
Bottoms # 104,
#81 Blacksheep on 06.01.16 at 2:39 am
———————-
“It’s clear your day job doesn’t require much thought.”
“Do tell what exactly would be the point of continually visiting a desolate piece of rock at the cost of billions per round trip?”
————————————————–
“A historic vertical landing was finally achieved on December 21, 2015, when the first-stage booster of Falcon 9 Flight 20 successfully touched down at Landing Zone 1, Cape Canaveral.”
https://en.wikipedia.org/wiki/SpaceX_reusable_launch_system_development_program
Why the hell, 43 years later, did it take 3 years and 20 flights to pull this off, with current technologies?
And this was just the rocket booster, no astronauts, no g-force concerns, no life support systems, no LRV, no capsule separation and rejoining, no slingshoting around the moon and no need to re launch.
It’s bloody laughable to believe the NASA fairytale.
Real subtle with the baiting though….
#150 IHCTD9 on 06.01.16 at 2:15 pm
#121 Neil Armstrong on 06.01.16 at 11:23 am
Oil is done. For those still in denial because their paycheques depend on denial, continue as is. For those who understand the electrical future is imminent, good for you. For those who desperately need this information to realign your portfolios, you’re welcome.
___________________________________________
There is no electrical future imminent until they find a way to make massive amounts of electricity for dirt cheap, and without CO2 emissions or radioactive byproducts.
Right now there is only one potential technology that could satisfy these requirements and that is nuclear fusion. This is 6+ decades off into the future. Wind and solar won’t cut it for basically anything in a heavy industrial economy.
…………..
My sources tell me Russia is working on the Tesla Tower.
“Wind and solar won’t cut it for basically anything in a heavy industrial economy.”
Ha right on, and you know Gerald Butts an environmental radical is all for de-industrial economy.
He tells Wynne and T2 what to do.
The Cold weather is our friend. People are crazy to move north of the 49th lat. The weather makes Canadians a tough/rugged breed of people (AKA Inuit/Edmonton Eskimo). I cannot imagine living in Tokyo, Hong Kong, Beijing. Craziness, No wonder Asians desire to live in N.A.. The Asian will forego the cold for space. Like many of our/their ancestors.
http://i2.wp.com/metrocosm.com/wp-content/uploads/2015/09/greater-tokyo-population.pnghttp://i2.wp.com/metrocosm.com/wp-content/uploads/2015/09/greater-tokyo-population.png
#145 Serenity Now on 06.01.16 at 2:07 pm
#107 Ole Doberman
Yeah, units going up like crazy, some of them were obviously committed to prior to oil really tanking. Units in my building are having trouble selling. Going for probably 100k less than they used to.
Also, funny, 6 months ago I was getting a haircut down near Chinook, hair dresser was talking about getting into real estate too, they wanted an acreage south of town… Lol. Just what they need. Her BF was a plumber who apparently was having a tough time getting work (commercial plumbing). People are so messed.
———————————————————
Garth why have you forsaken us in Calgary…..
DD13 # 142,
#2 SoundMoney.
“25 kg of gold is too much. How many years is that on an average salary’s net?”
——————————————————–
You are the third party to, 100% miss the point, but thanks for trying.
Coming soon to Toronto?
Concrete skeletons of abandoned condo construction. Nearly 20 years after Bangkok’s crash there are still dozens of skeleton buildings covered in pigeon shit with rusting rebar sticking out everywhere. They had their building boom based on cheap money and people couldn’t throw money into property fast enough. It went down the toilet virtually overnight.
#131, Ace Goodhart
Ha, Ha, Ha. Your a Comedien (Big C). You expect to buy a $2.4M house in Hoggs Hollow for $1.2M, or maybe a $3M house in Leaside for $1.5M shortly? Or even a $900,000 shack in Downsview for $450,000? If you do i’ll buy it off you for 100G more the next day. I think Garth’s blog is making people dilusional, or maybe they were that way when they got here.
Worried Scotia curbs mortgage lending in GTA & YVR:
‘We just took our foot off the gas.”
Now give them a speeding ticket. That statement tells me they think $ 20% down on mortgages exceeding the CMHC insurable limit won’t be enough to cover the spread in a price slump. Job # are what it’s all about from here. Speculation, by it’s very definition, means no expert advice available.
Better scramble, Mdme Christy, there’s a lot of lumber floating on debt.
…
#2 sound money re stored value.
If you’re interested, overlay US Civilian Unemployment chart on the au/ag ratio. Curious inversions. Where we are now is also telling.
#108 Ole Doberman on 06.01.16 at 9:50 am
”…..they wouldn’t be building these if the demand was not there….”
Same thing was being said in the mid 90’s in the sunny Okanagan just before the markets crashed and builders got caught with their pants down. Many developments were half built and boarded up and it took up to 4 years and more to sell out the units and at break even prices just so they could unload them. They were even building new units and selling at cost just to get out from under the lands they held. Vancancy rates in some areas went from zero to 8% within a few months. This is what happens near the top of a bubble.
Great Post Garth!
#55 Freedom First
I rarely manage to buy at the very bottom, as I also rarely manage to sell at the very peak. Being liquid, diversified, and balanced is always the best way to go. And having cash on hand to take advantage of bargains is for sure very very nice.
That being said, selling at or near the bottom and buying at or near the top is never good.
I strongly believe that most people should have a Financial adviser to manage all of their financial affairs, and it must be a Financial adviser who is not selling anything except their expertise. Need proof. Look at Canadian debt levels, for a start. On a side note, you need to improve your editing of comments or else I wouldn’t be able to get the following through: my YMCA friends say you are back again giving out free Cleveland Steamers to all the “new young twinkies”.
#152 Blacksheep on 06.01.16 at 2:36 pm
Bottoms # 104,
#81 Blacksheep on 06.01.16 at 2:39 am
———————-
“It’s clear your day job doesn’t require much thought.”
“Do tell what exactly would be the point of continually visiting a desolate piece of rock at the cost of billions per round trip?”
————————————————–
“A historic vertical landing was finally achieved on December 21, 2015, when the first-stage booster of Falcon 9 Flight 20 successfully touched down at Landing Zone 1, Cape Canaveral.”
https://en.wikipedia.org/wiki/SpaceX_reusable_launch_system_development_program
Why the hell, 43 years later, did it take 3 years and 20 flights to pull this off, with current technologies?
And this was just the rocket booster, no astronauts, no g-force concerns, no life support systems, no LRV, no capsule separation and rejoining, no slingshoting around the moon and no need to re launch.
It’s bloody laughable to believe the NASA fairytale.
Real subtle with the baiting though….
—
I had heard rumours you folks actually existed. WOW.
Congratulations.. you have made the chemtrail nutjobs look like rocket scientists.
Buzz is gonna be pissed.
#152 Blacksheep
It’s bloody laughable to believe the NASA fairytale.
——
That was SpaceX not NASA……but nevermind….
Moon hoaxers = FlatEarthers = Creationists….
All in denial of the massive amounts of multiple lines of evidence from credible sources….while believing the pseudo-scientific BS of some crackpot on Youtube…
Kinda like folks denying they are in a housing bubble actually….
Let’s go green and IH..whatever.
If you’re about 50+ years of age, live in Canada, are used to the riches of oil and gas, and have only a passing educational grasp of the physical and chemical sciences, you probably won’t understand how quickly the electric revolution will happen. It’s already happening. The incumbents are scrambling. For example, Ford has already announced they are adjusting out of manufacturing altogether and going with an Uber-style of company offering only a service rather than a product in the very near future. BMW sees the writing on the wall and all they could come up with was the fugly i3. (Read their website). New players are emerging, just as has happened with any disruption in the past. Siemens is soon to launch their electric jet engine modules and control units, but are there other no-names already on the sidelines waiting for their opportunity? Yup… Proterra is rocking it with buses… I know it seems unreal but autonomous ELECTRIC trucks are in fact ALREADY HERE. And you have probably never heard of LIDAR, have you? Look beyond Tesla and SunEdison. I’m not going to do all the work for you. Hurry now. There is much more to this story. And yes, they have already figured out how to make massive amounts of electricity for dirt cheap. Already cheaper AND MORE EFFICIENT than oil. Not 6 decades away. You’re not looking at the data, obviously. The bonus is the environmental benefits. The ICE is a dinosaur at 15% efficiency. Cannot compete with 95% efficiency.
Ha right on, and you know Gerald Butts an environmental radical is all for de-industrial economy.
He tells Wynne and T2 what to do
———————-
A Boeing 747 eats about 5 gallons of fuel to go 1 mile.
5 gallons of jet fuel is equal to about 197,000 watts of eletricity. So a 3500 mile trip would need about 689,500,000 watts of electricity or 689,500 kW.
This is about the same power 862 typical houses will consume in a whole month.
A typical rooftop solar panel is 200 watts, so you’d need about 3.5 million of them to run the jet. That’s assuming full unobstructed sunlight.
Without fossil fuels, the modern Western way of life ends immediately. Nothing we have available is even close to the power density contained in a gallon of crude.
Chris # 163,
“That was SpaceX not NASA……but nevermind….”
———————————–
Yes….why would they hire anybody or have anything to do with NASA?
“An uncrewed SpaceX Dragon spacecraft, carrying crew supplies and station hardware, will lift off on a Falcon 9 rocket from Space Launch Complex 40 at Cape Canaveral Air Force Station (CCAFS), adjacent to NASA’s Kennedy Space Center in Florida.”
http://www.nasa.gov/launchschedule/
#164 Neil Armstrong on 06.01.16 at 3:54 pm
Let’s go green and IH..whatever.
If you’re about 50+ years of age, live in Canada, are used to the riches of oil and gas, and have only a passing educational grasp of the physical and chemical sciences, you probably won’t understand how quickly the electric revolution will happen. It’s already happening. The incumbents are scrambling. For example, Ford has already announced they are adjusting out of manufacturing altogether and going with an Uber-style of company offering only a service rather than a product in the very near future. BMW sees the writing on the wall and all they could come up with was the fugly i3. (Read their website). New players are emerging, just as has happened with any disruption in the past. Siemens is soon to launch their electric jet engine modules and control units, but are there other no-names already on the sidelines waiting for their opportunity? Yup… Proterra is rocking it with buses… I know it seems unreal but autonomous ELECTRIC trucks are in fact ALREADY HERE. And you have probably never heard of LIDAR, have you? Look beyond Tesla and SunEdison. I’m not going to do all the work for you. Hurry now. There is much more to this story. And yes, they have already figured out how to make massive amounts of electricity for dirt cheap. Already cheaper AND MORE EFFICIENT than oil. Not 6 decades away. You’re not looking at the data, obviously. The bonus is the environmental benefits. The ICE is a dinosaur at 15% efficiency. Cannot compete with 95% efficiency.
—————————————————–
Wonder if there are lithium deposits in the oil sands, just a thought, we can start mining that.
Neil, and what is the source of electricity production? We are not there yet to forget about oil.
http://www.bnn.ca/News/2016/5/31/Bank-of-Nova-Scotias-CEO-calls-on-Ottawa-to-raise-down-payment-rules-again.aspx
a little behind the times
“Psychic sexuality: The bio-psychic “anatomy” of sexual energies”
nope, the millennial norm is pan sexual
#67 bottoms up
Pollution and global warming are 14 billion years apart. (some may argue parallel universes and 986 billion years). Do some math.
You aught to read more or go back to the future.
#165 IHCTD9 on 06.01.16 at 4:29 pm
Nothing we have available is even close to the power density contained in a gallon of crude.
********************************
You haven’t met my 5-yr old grandson, William.
“Peak housing” should be “peak land for developers”. The Van and TO development land is cast in stone. We cannot allow record immigration levels to take up more land, so these folks will have to build upwards, so land prices will only go up, with minor corrections along the way.
Your reading of the Toronto housing is way off. Sales may be down, loan origination also, because of a lack of supply. Would-be sellers caught on to the con game of the perma-bears and choose to enjoy their property that everybody else seems to want. For YEARS I’ve told everyone who would listen to stay put and not sell. Nowhere to go but up (in price and meters). You look at folks who ‘cashed in’ 3-4 years ago and you’ll see a lot of unhappy people worried how long the money will last. My advice to anybody with a nice property in these cities is: don’t sell, be frugal, enjoy what others want (best feeling in life). If you need money, access your equity (with diligence), make arrangements with your children or other beneficiaries. Sit back and enjoy! If prices will fall in any given year, so what, it’ll still be much higher than they were when you were first tempted to sell.
And in another few years they will go up some more. Think of all the people in those condos who will make good money over the next 10 years and want to move up + the 1 million+ new comers. Don’t be so happy with a little. Trillions of dollars, euros, yen, yuans and rubles have been printed since 2008, they have to go somewhere and more than you think could end up in your pocket.
#85 Brydle604 on 06.01.16 at 5:19 am
Canada Electoral Reform Rex Murphy
http://www.cbc.ca/player/play/689060931669
…………..
I generally agree with Rex, but he it totally off the mark on this one. To suggest that only the Liberals support a more democratic voting system is, of course, totally incorrect as the NDP and Greens are also on board suggesting a change is needed. So, approximately 30% of the voters support a party that seems to think we need a referendum to make this change, while 70% of voters support parties that do not see the need for something like this. Sounds like a democratic decision has already been made! Interesting that 23 of 28 western European parties utilize some form of proportional representation…so it seems to be working in many areas. First past the post is only democratic if there are 2 parties running and only then, should it be supported. I kind of doubt we are going to get to that situation any time soon in Canada. Of course, the Conservatives are more than aware that any form of proportional representation is not in their best interests as they would never obtain power again…hence they are wildly in support of a referendum as their last hope.
I am not smart enough to do the work. But at least I try to share what mediocre talents I have with others. I am not vague. I, if blessed with an obvious grasp of physics and chemistry would share with others. Oh I get it Neil, you will not share because you want it all. Sounds greedy. WOW! Whatever? Now could you at least enlighten us that are truly concerned about this climate change….. how do you power your computer? I mean I was just outside planting more trees for you and Mother Earth. Now that is sharing and caring. Now please some concrete financial advice would be nice of you to share. Specifics please. I mean this is a blog that was financial specific till us crazzzy greeeeniees came along. Be honest Neil, you are not that green. Are ya?
Meanwhile in Quebec:
– Increase of 18% of foreclosures in Quebec relative to the same month last year.
– Second higher number in 7 years.