So many emails. So little time. So let’s stop fantasizing about thirty-something millionaires and mythical property-eating giant Chinese dudes, and return to regular programming. In other words, the normal world. If you can call the people who write to me normal. I have doubts.
Let’s start with Cameron the oil rig guy:
“I read your blog regularly. You might see my IP pinging your website from Brazil, Thailand, Australia, etc. That’s me. I own a home on the peninsula in Halifax with my girlfriend and have a yellow lab (bonus points for dog owners, right?).
“I work offshore doing inspection work for big oil required by regulators which is moderately safe from the price of gas changing. Our company survived a terrible year, last year, and are busy again with work all over the place. I’m a salaried employee but get a day rate while working away from home so I’m able to save the bump up easily. My question is A) what to do with cash now and B) what to do when a correction happens? Do I save the cash, invest in anything but Maple, or buy USDs? And if I were to save, let the bubble burst, where would I invest? Maple banks? Or is it all a crapshoot at this point?”
First, Cam, nobody’s safe these days in the energy biz. While oil has crept back over $45 a barrel, and many people think it’s on the way to $60 by next year, this is a volatile commodity during volatile times. So work hard, and invest hard.
That means don’t waste time trying to time the market. I’ve seen even professional money managers totally screw clients by hoarding cash because they think assets are ‘too expensive.’ Then as the inevitable 10% correction comes, they wait to invest, ‘until we see the bottom’ which is never obvious when it happens. Bad idea. Just lay out the elements of a balanced, diversified portfolio and invest when you have the money.
I’ve spelled it out before: 40% safe stuff (various bonds, preferreds) and 60% growth (equity ETFs and REITs). Keep Canadian exposure to about a third of the growth portion, with equal amounts in US and international exchange-traded funds. And remember that for months now doomers and market-timers have been telling people to hide under a rock. During that period Bay Street is up 13% and Wall Street has gained 7%. Bonds, REITs and preferreds have all performed strongly, while cash continues to rot.
Just invest. Spend your spare time playing with your GF and your lab. Way more productive.
Now here’s Will, who’s selling his house and smells a rat.
“As a seller, what do you think my reaction should be to finding a form 320 “Confirmation of Co-operation and Representation” attached to an Agreement of Purchase and Sale that indicates that the buyer has entered a BRA with the agent? As a seller I entered into an agreement with my agent that I thought was exclusive (as I was paying for it) and that the agent would be working in my best interests.
“Now it appears I am to pay for him to work equally for both parties. I would think this would be reason enough to renegotiate his commission. Your thoughts would be appreciated.”
I doubt it, because you’re being weird. You signed a listing agreement to sell your house for an acceptable price, then fork over commission to the listing agent (typically about 5% of the total) for the work involved. The fact the buyer also has an agent representing her has nothing to do with you. It won’t cost you more, nor does it mean your agent is not getting paid to put your interests above those of the rest of humanity.
Typically when two agents are involved the listing agent shares his commission equally with the buyer’s agent, then both share their portions with their respective brokerages. Your agent has an obligation to represent you exclusively while the BRA signed by the purchaser means the same on the buy side. So relax. The time to be concerned is when your agent represents both sides. Can you say, conflict-of-interest?
Well, Kelvin has it all. A hot new wife, two cats, an accounting job with a big company, about a half million in assets (not bad for 29) and now a chance to move to San Francisco and earn a salary in real dollars
“So here’s the question. We sold our condo in YVR as we are relocating down to Silicon Valley. Higher wage, lower taxes, better growth, and the ability to cash out of the crazy RE market in Vancouver. What’s there not to like right?
“Unfortunately the RE market in SF is just as bad as Vancouver. We’re looking to buy a house down south as I feel that there’s enough economical sense in their higher RE prices. According to your rule of 90, I should put in no more than $300k CAD as my down payment and invest the rest.
“With the current conversion rate, $300k CAD nets us only ~$200k USD or so. With a limited credit history and only my single income in the US (for now), our pre-approved mortgage amounts to only $420k USD. That gives us a healthy $620k USD to work with. However, condos start at roughly $500k USD for a 1 bedroom and houses start at roughly $700k USD for a 2-3 bedroom starter. Gut feeling tells me to stretch a bit more and buy the house instead. Carrying cost won’t be an issue in the short term and will be even better once the wife starts working too.
“What’s your thoughts on my situation? Should I still adhere to the rule of 90 or does it make more sense to stretch a bit more? Where/how should I invest the rest of my cash after buying a place?”
Kelvin may have lucked into the babe and the job, but if he plunks down a big part of his net worth on a San Fran house, that could all change. This is one of the most expensive markets in the US, and there are indications it’s hovering at a point of peak house.
The median price back in 2012, in the wake of the credit crisis (from which SF real estate was largely spared, compared to the rest of Cali), was just $658,000. Today that number has swollen to $1,127,400 – roughly equal to $1.4 million Canadian, or enough to buy a garden shed on the Westside of Van. But unlike Vancouver, where sales are toppling and prices spiking, real estate values in San Francisco have been moderating – up only a little over 5% in the past 12 months (YVR is six times that). Also unlike Van, salaries are 35% higher than the national average, which helps explain high prices. Despite that, the Zillow estimate for price growth over the next 12 months is 0.8%, which is actually a negative number when inflation is counted.
In other words, Kelvin, don’t do it. Not only are you trying to play in the big league with Canadian Tire money, but local real estate is likely at a tipping point and (be realistic) you’re just starting a new gig and might land on your ass. GreaterFool Rule 14 is to never buy a property in haste. Rent. See if you like the place. See if it likes you. And rest assured that if you fail in a couple of years, the ride ends, and crawl back to Van with your tail dragging, it’ll be cheaper.
168 comments ↓
Just got back from playing Axe Darts with Ross Kay and Mark.
Lewenza was a no show as he said he had an audition this afternoon for a Just for Men commercial.
Luckily,”Khalid”was available thanks to the supposed cool down in the Fancouver real estate market.
After he narrowly missed giving his playing partner Mark Farquar a mullet I asked him if he was concerned about the latest happenings.
“Khalid” said himself and his speculating buddies had agreed to sell amongst themselves for a lower price for a while just to keep this ponzi going for a while longer.
For those interested in the score in the game, Ross Kay and I are called the Chop Flops and Mark and his rotating playing partners are known as the Sales Mix Sallies
Score 8-3…
M42BC
Doing what I do best
Garth, there is nothing to be afraid of in RE, get more, leverage up – get rich.
http://www.businessinsider.com/an-investor-who-owns-4000-apartments-explains-why-multi-family-real-estate-is-the-best-investment-hes-made-2016-7
I was curious. . I’m new to investing. I already have 40000 that was in my tax free savings invested in stocks. I have another 100000 to invest. Is that enough to get a quality investment firm to take me on as a client?
I was hoping you would address the CBC article yesterday on the Chinese student who was able to get financing for the $500,000 + home but couldn’t afford the new tax. I waiting with anticipation hoping it would be today’s hot and trending topic, but alas it was not.
This housing issue is only the tip of a very large iceberg.
Don’t be surprised if the comments today ignore today’s posting and dwell on the news story instead.
THE BUBBLE INDICATOR
The second chart makes it clear that it’s been a 3-way race for the distinction of Canada’s bubbliest housing market since 2013.
In 2013 and 2014 Victoria was clearly Canada’s bubbliest city, but in 2015 Vancouver and Toronto made moves to catch up to the small island city.
The chart tells us how poorly supported by incomes new insured mortgages are in a particular city.
New mortgages support the entire housing market. Therefore, this chart and the metric used to put it together can’t be outdone in terms of gauging how overvalued a housing market is.
Specifically, the chart shows what percent of new mortgages in each Canadian city were of the sort that buyers really had to stretch themselves to qualify for. These extreme loans, the 450% mortgages, are, of course, dangerous to own.
It’s often these loans, with their ridiculously high debt levels, that leave the owners of the debt in severe economic hardship as house prices inevitably fall from bubble levels.
LIAR LOAN INDICATOR
These loans are also the most suspicious in terms of mortgage fraud, which is a fast growing problem in Canada and was a major contributor to the US housing meltdown.
Is Victoria Canada’s mortgage fraud champion? You certainly can’t argue that Halifax is.
BUBBLY BY COMPARISON
Below is a summary of the (approximate) corresponding fraction of new mortgages in each city that required an extreme debt to income ratio of at least 450% since 2013 (bubbliest cities at the top):
1 – 3 (any order):
Victoria: 1/3 (one in three)
Vancouver : 1/3
Toronto: 1/3
4. Calgary: 1/4
5. Edmonton : 1/7
6. Hamilton: 1/8
7. Montreal: 1/9
8. Winnipeg: 1/10
Canada: 1/10
9. Ottawa: 1/11
10. Halifax: 1/20
11. Quebec: 1/30
It’s easy to see which Canadian cities will be the hardest hit by Canada’s upcoming housing market correction. Vancouver’s major price decline has already started. Prices in Victoria will begin to fall again and that could start soon (sales of detached houses fell almost 40% from April to July).
In the US, west coast cities were among the biggest price gainers. Unfortunately for tens of thousands of mortgage holders, these markets also ended up being near the top of the biggest price losers list. San Francisco, for example, lost 45.3% in slightly more than 3 years. (Source: Case-Shiller Index)
FIRST.
#2 Jimmy on 08.16.16 at 6:18 pm
Doing what I do best
**************************
Which is what exactly?
Got to agree with Garth on this one Kelvin: moving to a new city and starting a new job are intense enough. Why complicate matters trying to find a place with good value, in a good location, in a new market – in what, a single weekend?
Get your new employer to cover your Real Estate commissions, and eight weeks in a corporate-sponsored condo.
That will at least give you and your squeeze a chance to find a pied à terre in the bay area, talk to co-workers about neighborhoods, schools for the kids and social opportunities, and find a rental to dwell in while you find your forever house.
My advice is to rent for at least a year, then you know what you’re getting.
First?
I did extensive research on SF for a friend and its not the paradise anymore. Real Estate and rentals are even higher than LA and research those rentals carefully as there is a human element involved on the streets that is nasty. General expenses are high and one cannot even get a descent hotel room for $275 a night as just look at them carefully as taxation is high to be added on – dumps galore.
Kelvin is going to be in for sticker shock with SF rents, though. We lost about half our team (including myself) during the last few years as people got tired of massive rents and unaffordable housing in the Bay Area. We are talking top-notch computer scientists at an elite company, so if those people find it difficult to sustain SF prices, good luck to the average professional.
The truth is that the SF market ran up double digits for a few years, but there are many signs that it is softening. They had MoM price increases in the slight reds of late, and the end of the latest wave of venture capital has been discussed for many months now. Kelvin is a recent arrival to the area, but he would be well advised to use caution. I would not touch that area with a ten foot pole right now.
(Taxes are also pretty high in California for people earning over $125k, just to warn you)
He timed the Vancouver market very well. I would invest that money and test out that part of the world for a bit. The other word of caution is that the job market there might be due for a downturn as well. It all looks rosy to a newcomer, but when you have had massive infusions of capital that are now slowing down, you have to take note.
If Kelvin is on a work visa like a TN, buying a house is a risk. Lose your job and guess what… leave the country. And visa holders are often the first to go when a company hits hard times.
Some trends…
https://www.zolo.ca/vancouver-real-estate/trends
https://www.zolo.ca/langley-real-estate/trends
https://www.zolo.ca/coquitlam-real-estate/trends
https://www.zolo.ca/maple-ridge-real-estate/trends
https://www.zolo.ca/pitt-meadows-real-estate/trends
https://www.zolo.ca/surrey-real-estate/trends
https://www.zolo.ca/port-coquitlam-real-estate/trends
https://www.zolo.ca/north-vancouver-real-estate/trends
https://www.zolo.ca/burnaby-real-estate/trends
Since most investors are pretty terrible at timing the market, another powerful concept someone like Cameron should consider is “dollar cost averaging”, which is just a fancy way of saying invest a certain amount every month regardless of price.
The power of it is that when prices are low you end up with more shares (of ETF’s of course) and when prices are high you buy less shares, so over a long period of time your average purchase price should be less than the average price.
When the time comes to wind down the portfolio, it doesn’t hurt to do the same thing, only I would do it by number of shares per month rather than dollar amount, but either way works.
15% tax stopped the detached housing market in YVR in its tracks, albeit at a high plateau.
Isn’t that what Will is saying: that his agent is now also representing the person submitting the offer?
Poor Vancouver (Coquitlam) locals suffering because of BC’s terrible, horrible, no good, very bad, property tax:
http://www.theglobeandmail.com/news/british-columbia/coquitlam-familys-home-sale-in-doubt-in-wake-of-bc-foreign-buyers-tax/article31437442/
Paraphrasing: “We can’t sell the house that we can’t afford to keep – for the one that we intend to buy – because the Government has enacted a tax payable by foreign buyers”
Not like they couldn’t sell
1) At a price 15% lower, to compensate for the tax
2) their home at market value, instead of over-priced
3) to ANY local purchaser
Oh! The indignity!
Does anyone in here know to properly re-balance a diversified portfolio?
Beuler?
I’d love to hear from you as this seems pretty important and I don’t know how to do it properly – yet! ALOHA
I have an agent coming over with an offer in which he represents both of us . Anything I should watch for ?
A 2 bedroom, two bath condo in Kitsilano just sold for 70 k over ask. Asking $649 k and sold for $720 k. The so-called slowdown is not apparent on the ground.
#7 Freedom First on 08.16.16 at 6:28 pm
FIRST.
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Let jimmy fail at this.
@#7 Freedom First
“FIRST”
********************************************
No.
Not…… by….. a……. mile………..
#8 Darryl on 08.16.16 at 7:33 pm
I have an agent coming over with an offer in which he represents both of us . Anything I should watch for ?
———
Yes! Be suspicious some other higher offers ended up in the garbage. That would be a convenient way to get a double commision. Dont be in a rush to accept this offer. Wait a few days for “all the offers” to fully come in. You dont need to give any reason to wait.
#8 Darryl on 08.16.16 at 7:33 pm
I have an agent coming over with an offer in which he represents both of us . Anything I should watch for ?
——–
Your realtor is legally bound to show you all offers. Say stuff like…. gee im surprised i did not get more offers. Are you sure that is all there is? Then just wait. There is no harm in waiting. Realtor will pressure you to close because they want the double commision.
SF average rentals in USD that are up to date 1 bedroom $3448 and 2 bedroom $4756. This is just half the battle as location, transportation, what is not included, and then look at what average gets you. Bump up CAD to USD for the big picture. The nasty people on the streets are a huge problem even near Union Square.
You don’t want the august numbers to be bad in van and tor because the feds won’t act. If the market is still ‘strong’ the cmhc will add a 10-30% deuctible for lenders that will cool the market in a second.
Also the ‘poor’ student that ought a townhouse in Langley for 600k had a 10% downpayment. Tell me that is sane …
I moved to the US in the spring of 2008. We bought a house for $390,000. It was eventually sold in 2011 for $230,000. I was protected and made whole. This is what can happen.
Flopper takes Gold…
Jimmy gets silver.
#20 Mountain Dew
Asking is just that; Asking. It really has no bearing on the assessed value anymore; which in the past represents the historical price of the nearby properties so to speak.
Unlike eBay, where your bid, if overbid, is not necessary the final amount you have to pay. it is only the maximum amount you are “willing” to pay. So, if the starting bid is 5c, and you put down $5 for maximum, you could still win the bid at only 5c if there are no other bidders.
Here in your example, there might be only 2 bidders. One could have bid 649K and the other at the “recommendation” of the RE agent, go for gold. Puts down extra 71K just to make sure the Gold is in hand. Unfortunately, overpaid by a large amount is the Greatest Fool.
“In other words, Kelvin, don’t do it. Not only are you trying to play in the big league with Canadian Tire money, but local real estate is likely at a tipping point and (be realistic) you’re just starting a new gig and might land on your ass.” – Garth
—————————————————–
The stock market is also likely at a tipping point. The same reasons for buying, or not, are equally applicable to RE and the stock market.
Comedian. No asset is more fickle and emotional than residential real estate. — Garth
Here’s one of those stark reminders that the US really is different from us.
In every state there is one person who is the highest paid public servant. In almost every state, that person’s job is…
… no, I can’t believe it. You’ll have to look for yourself.
https://gallery.mailchimp.com/451473e81730c5a3ae680c489/images/28b96cf2-70ad-445f-a3dd-898cdc12a442.jpg
#19 Darryl
What out for the fact he is an agent.
Did you hear what T2 and McCallum are going to do to immigration numbers?
Best time to buy is this slowdown, before rents start their upwards march.
Rate hike coming…
http://www.cnbc.com/2016/08/16/feds-william-dudley-rate-hike-could-come-next-month.html
#18 turn of the tide
—————–
new thing called google. we like self starters around here.
#12 james on 08.16.16 at 7:08 pm
——————–
thx, good info. u make good sense.
Thinking about switching teams, no not the first thing that comes to your mind, that will never happen unless I’m arrested and sent to prison. Who knows.
Let’s see what would it take to become a progressive card caring Liberal in good standing.
• First, off I would need to look in the mirror and then smash my white pale skin into oblivion, renounce my white privileged skin tone and anyone else who is straight,white, and a male. Doesn’t matter that I have a ridiculous foreign Slavic name that no one can pronounce correctly.
• I would need to lie to myself and renounce all my the power of logic, and reason and admit that there are, ZERO, Nada, no differences between a man and woman. We are exactly the same and should share each other’s restrooms. There is no such thing as gender.
• Keep my mouth shut when Radicalized Islamists rape and grope woman in Europe on mass. Focus all my spare time protesting and pushing talking points on the rape culture in college campuses where 1 in 4 women are raped by white males.
• Climate Change, agree to eventually to hand over all of my money to the likes of All Gore and David Suski.
• Accept world government, unelected technocrats who want to disarm the entire planet and then euthanize the undesirables.
Nope, I’m staying put as a misogynist, sexist, islamophobe, racist, homophobe, and whatever else these Commies call you if you don’t unanimously agree to all of the above insanity.
It’s all or nothing with these freaks of nature.
#30 Andrew Woburn on 08.16.16 at 8:20 pm
Here’s one of those stark reminders that the US really is different from us.
In every state there is one person who is the highest paid public servant. In almost every state, that person’s job is…
… no, I can’t believe it. You’ll have to look for yourself.
https://gallery.mailchimp.com/451473e81730c5a3ae680c489/images/28b96cf2-70ad-445f-a3dd-898cdc12a442.jpg
********************************
No other word but…YIKES
#6 Victoria Real Estate Update on 08.16.16 at 6:26 pm
THE BUBBLE INDICATOR
The second chart makes it clear that ….blah blah blah.
———————————-
i love this blog like life itself, esp the comments! i read EVERY WORD, somtimes more than once. (im ashamed to admit even marks stuff! ) all of it. except your monotone drone of sleepiness. (granted sometimes the ‘loans create money’ debate can be snore-inducing.)
you may want to rework your approach for better readership ;)
#21 Self Directed on 08.16.16 at 7:39 pm
and.
#22 crowdedelevatorfartz on 08.16.16 at 7:39 pm
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it’s the fake FF. but cunning strategy though.
#28 Flopper Fan on 08.16.16 at 8:00 pm
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What are you rambling about??? Who gives a sht about Ebay on a Blog about real estate.
Cad up for 7 days in a row!!Strong growth numbers coming out with rising oil prices.Canadian consumer confidence is still going strong.The TSX is near all time highs reflect all this good data.Poloz must be happy with all the good news.
Currency is not lost in a stock market crash- it merely changes hands from weak to strong. The 3 primary investment classes are real estate, stocks and bonds, and precious metals. The key to investing is rotating from the bubble asset to the suppressed asset. I am no gold bug but it is the suppressed asset. Gold and silver miners will see a 10x jump until people realize they are cashing in their shares for a highly devalued currency. Then they will flock to any tangible asset they can get. Do what the new world powers are doing. I will do what China and Russia are doing- buying physical metal hand over fist. You really think the US is still a super power? They are a banana republic.
Garth: Normal people buy houses with little down and have huge mortgages. Their money is in a single asset.
I guess readers of this blog don’t do that, so they are not normal.
What else could you possibly mean? LOL
G&M: Unregulated Canadian mortgage lenders see market share surge: memo
Hello subprime. Hello fraud.
G&M: Ottawa eyes 'risk-sharing' option for lenders in hot housing market.
Typical government action: They start studying options after a bubble is already blown. But don't worry, wherever they plan to mitigate risk for taxpayers (as if), you can be sure it will be offset by something else that is not on the public's radar. They always do.
Shawn of # 16,
“Isn’t that what Will is saying: that his agent is now also representing the person submitting the offer?”
————————————–
Beat me. How I read it too.
#23 Self Directed on 08.16.16 at 7:44 pm
#8 Darryl on 08.16.16 at 7:33 pm
I have an agent coming over with an offer in which he represents both of us . Anything I should watch for ?
———
Yes! Be suspicious some other higher offers ended up in the garbage. That would be a convenient way to get a double commision. Dont be in a rush to accept this offer. Wait a few days for “all the offers” to fully come in. You dont need to give any reason to wait.
———————————————
Thanks
I didn’t have time to mention that the house isn’t actually on the market yet . My neighbor sold and the selling agent asked if it was ok to bring them over . I said yes and they like the place . I was going to put it on the market in the fall.
#28 Flopper Fan on 08.16.16 at 8:00 pm
Flopper takes Gold…
Jimmy gets silver.
////////////////////////////
May I humbly suggest that you change your handle to “One of Flops blog buddies ” as I have some blog buddies but don’t want any fans.
Fans are for moving air,not egos…
M42BC
#LPstrong
#20 Mountain Dew on 08.16.16 at 7:33 pm
A 2 bedroom, two bath condo in Kitsilano just sold for 70 k over ask. Asking $649 k and sold for $720 k. The so-called slowdown is not apparent on the ground.
_______________
Maybe it’s the only market (condos) Canadians can afford. Not sure that this is such a good sign of a healthy market.
I got some tree hugger in me.
https://youtu.be/5x5qyaXX3Zc
Flopper Fan on 08.16.16 at 8:00 pm
Flopper takes Gold…
Jimmy gets silver.
//////////////////////////////
After more thought, I think I know who this is.
Is that you Lewenza?…
M42BC
U.K. firm says foreign investors have less to do with Vancouver real-estate bubble than risky lending conditions
http://www.straight.com/news/755331/uk-firm-says-foreign-investors-have-less-do-vancouver-real-estate-bubble-risky-lending
Stuff they don’t want you to know.
https://youtu.be/Vp0CYZ2s_cQ
I’ve spelled it out before: 40% safe stuff (various bonds, preferreds) and 60% growth (equity ETFs and REITs).-GT
***********************************************
Was talking with a friend earlier and we both were puzzled about this apparent contradiction.
How can one tell everyone to ‘get out’ of RE in YVR/GTA to avoid the ‘crash’, yet at the same time recommend REITs as part of a ‘safe’ portfolio?
Are REITs somehow going to be immune to the housing bubble unwinding? They didn’t in the US (or Spain etc). If ‘yes’, then it’s assumed that it’s going to be ‘different this time’.
Anyone?
Major Canadian REITs do not hold non-income-producing residential real estate. — Garth
#52 Smoking Man on 08.16.16 at 9:36 pm
Stuff they don’t want you to know.
https://youtu.be/Vp0CYZ2s_cQ
—-
Telsa.. cool dude…. amazing inventor. Unfortunately, he was pretty keen to eliminate undesirables as well….
“The year 2100 will see eugenics universally established. In past ages, the law governing the survival of the fittest roughly weeded out the less desirable strains. Then man’s new sense of pity began to interfere with the ruthless workings of nature. As a result, we continue to keep alive and to breed the unfit. The only method compatible with our notions of civilization and the race is to prevent the breeding of the unfit by sterilization and the deliberate guidance of the mating instinct. Several European countries and a number of states of the American Union sterilize the criminal and the insane. This is not sufficient. The trend of opinion among eugenists is that we must make marriage more difficult. Certainly no one who is not a desirable parent should be permitted to produce progeny. A century from now it will no more occur to a normal person to mate with a person eugenically unfit than to marry a habitual criminal.”
#15 TRT – too early to tell what is going to happen mate. The market is taking a serious pause due to fear of getting f*kd (FOGF) or screwed (FOGS) perception. Whatever you want to call it. Buyers in YVR are looking at new writing on the wall since it’s the first time they’ve ever had it drawn to their attention that maybe things are not as they have been convinced to believe.
#36 Smoking Man on 08.16.16 at 8:47 pm
Thinking about switching teams, no not the first thing that comes to your mind, that will never happen unless I’m arrested and sent to prison. Who knows.
Let’s see what would it take to become a progressive card caring Liberal in good standing.
• First, off I would need to look in the mirror and then smash my white pale skin into oblivion, renounce my white privileged skin tone and anyone else who is straight,white, and a male. Doesn’t matter that I have a ridiculous foreign Slavic name that no one can pronounce correctly.
• I would need to lie to myself and renounce all my the power of logic, and reason and admit that there are, ZERO, Nada, no differences between a man and woman. We are exactly the same and should share each other’s restrooms. There is no such thing as gender.
• Keep my mouth shut when Radicalized Islamists rape and grope woman in Europe on mass. Focus all my spare time protesting and pushing talking points on the rape culture in college campuses where 1 in 4 women are raped by white males.
• Climate Change, agree to eventually to hand over all of my money to the likes of All Gore and David Suski.
• Accept world government, unelected technocrats who want to disarm the entire planet and then euthanize the undesirables.
Nope, I’m staying put as a misogynist, sexist, islamophobe, racist, homophobe, and whatever else these Commies call you if you don’t unanimously agree to all of the above insanity.
It’s all or nothing with these freaks of nature.
**
How about having a little integrity and do what’s right for your wife? A drunk that tees off on total strangers due to his dr. jeckle/mr. hyde alcoholic personality, most certainly does it to those closest to him, his wife and immediate family members. Haven’t you been a prick to live with long enough?
#30 Andrew Woburn on 08.16.16 at 8:20 pm
“…In every state there is one person who is the highest paid public servant. In almost every state, that person’s job is….”
$$$$$$$
As those coaches (football mainly) are public servants, it suggests to me that they are state university football coaches.
Massive, and I mean massive revenue generators (TV, ticket sales, merchandise, alumni donations etc.). And the labour is free. A significant industry down there.
Reminds me of the comment of a coach (I think Oklahoma State University) who said, about 40 years ago, “Let’s make a university this football team can be proud of.”
Ok Kelvin’s story sounds invented. He sold his condo in Vancouver which according to him he paid off by age 29. He is an accountant but expects to be able to buy a house in SF for less than one million. Yeah right. Where do you find these liars Garth
#38 Bdwy Sktrn to VREU – sorry VREU I have to agree, I tend to pass on reading your spiel – bad presentation format, though it’s content can sometimes be good, whether I agree or not.
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#41 Rexx Rock – it’s more of a USD story – not so much to do with Canada dude. Will not last and will likely pull back in September.
#17 – Yes, lower your damn price! I have no pity for these people. Greed will be their downfall………..
Hey WULLY and WOEY,I’m o.k with overpayed football coaches as you might want to see what else they like to spend money on…
M42BC
https://imgur.com/a/NS9wV
Playboy mansion sold:
http://etcanada.com/news/159974/the-playboy-mansion-sells-for-100-million/
The deal between Hugh Hefner and his neighbour Daren Metropoulos has closed for $100 million, setting a new record in Los Angeles home sales.
Party on Hugh !
To “Cameron the oil rig guy”
I’m a financial guy as well. Here is what I’m going to do: Wait till there is a dip in the market. Right now, ALL the markets are overbought (CAN, US, and International), P/E ratios are 18 in the USA (upwards of 30ish), and the FED came out hawkish today (raise rates).
So, I’m going to make a call.
TIME TO BUY IN: Mid-October to early November.
Nothing wrong with timing the markets, just know BEFORE hand what you are going to buy.
#60 Smoking Man on 08.16.16 at 10:21 pm
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**
Did you go all “mr. hyde” again? How many of your wife’s friend’s or family members have told her she should leave you because of your drinking? If you’ve got the guts, ask her.
RE market is rolling over in Burnaby. Sales way down, listings up. More houses sitting on the market with no offers. Now creeping into East Van. Stick a fork in it, ‘cus it’s done.
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Ok ill try again without the reference to everything that’s wrong with humanity. Hell bent on destroying family’s. Cause they are fat and ugly.
PS Goldstein liked it on Twitter …. You know the dude at the Toronto Sun…. I hope he opens up an ice cream shop accross the street from you.
Chapter 1 liberals..
http://Www.dyslexicsmokingman.blogspot.com
Let the hate begin..
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Rate hike coming…
http://www.cnbc.com/2016/08/16/feds-william-dudley-rate-hike-could-come-next-month.html
————-
Translation – we will reiterate the same ‘potential for a increase depending on x,y,z conditions of the day’ to string you along for another few more years….
No hike – for a long time, especially not before the Nov election
Seriously. Go read these minutes for the past several years. Same language with the same caveats each and every time.
Hope springs eternal for bears as rate hikes are the only thing that will pop the market….
WOBURN:
Henceforth and forthwith, I will do my research before I compose my comment (just to distinguish myself from some other Dawgs). I was close but no cigar on which college football coach pointed out the importance of the revenue stream a good squad could produce. It was not the Oklahoma State University coach. It was the coach of the football team at the University of Oklahoma.
“It was 1951 or ’52, as Dr. George L. Cross remembered it, a year or so after the University of Oklahoma won its first national football championship, and he, the school president, was defending a budget request to the combined appropriations committee of the State Legislature.
For more than an hour, Dr. Cross detailed why the university needed the money.
When he finished, one ”sleepy old Senator” raised up in his seat.
”Yes, that’s all well and good,” said the Senator. ”But what kind of football team are we going to have this year?”
Dr. Cross replied, ”We want to build a university our football team can be proud of.”
http://www.nytimes.com/1989/02/18/sports/sports-of-the-times-the-grapes-of-wrath-at-oklahoma.html
66 Go to AA Smoking Man on 08.16.16 at 10:48 pm
#60 Smoking Man on 08.16.16 at 10:21 pm
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**
Did you go all “mr. hyde” again? How many of your wife’s friend’s or family members have told her she should leave you because of your drinking? If you’ve got the guts, ask her.
…..
Go away you hater of art. Moron. Malcontent.
I suggests a store that sells things that vibrate.
Oh ah’s. Is so under rated as a setative for the confused.
Victoria Real Estate Update: second chart is “proportion of insured mortgages with high loan-to-income ratios”?
for Toronto, Vancouver and Victoria one out of three mortgages are high loan-to-income. 450 doesn’t sound that high but it’s just the lower bound.
The Wet Coast: I moved to the US in the spring of 2008. We bought a house for $390,000. It was eventually sold in 2011 for $230,000. I was protected and made whole. This is what can happen.
sweet deal. If you worked for the Canadian Federal Government you wouldn’t be.
Aggregator: Hello subprime. Hello fraud. I guess we are going to see who’s swimming naked.
#16 Shaun of the debt
That’s what I thought too.
2 weeks ago on this blog you threatened a woman with sexual assault. I don’t remember if she was a poster or someone that was referenced in Garth’s article. It wasn’t simply a threat of groping but of how you would force yourself upon her and perform an unwanted and aggressive sexual act. The message was, “I’ll own you.” Fortunately, it was removed by Garth after it had slipped through. Without any prompting, you claimed you were sorry and would go to AA and get help. Anyone who threatens a woman with sexual assault, is a messed up s.o.b.
Stop avoiding the issue of being a raging alcoholic and get some serious help.
#65 A Canadian Abroad
Absolutely. You make your money the day you buy not the day you sell.
Yeah…San Fran is a beautiful city. But moving to the US and staying there on the ‘pretense’ that your money in RRSP’s etc is safe in Canada…big mistake.
After 60% of 5 years go by the two governments arbitrarily decide which owns you as a resident for tax purposes. If you are forced to green card then Canada will snatch away all your RRSP and cause deemed disposition on all other assets.
If it’s decided you’re more America due to residence then you can kiss your TFSA goodbye and have to pay back capital gains on individual stocks and real estate. It’s a move that would have cost me millions had my acct no brought it to my attention.
“If you’re 20 and have no assets, go to the US for the opportunity”. But if you’re 40 or 50 years into an RRSP forget it…the Canadian government will strip you. Forget living the American dream if you’re over 20 and have assets in Canada. Snowbird one thing, live there…quite another.
When the progressive Wynee.
https://youtu.be/_kGOAWnvyWA
I can’t believe people are critical of VREU’s drivel. VREU must be busy getting a graph ready in response.
Also be ready to be accused of being Realtors. That is the standard accusation when one does not agree with him/her. Like only Realtors could possibly disagree with those graphs….LOL
Obviously some sort of autism at play…
Same link over and over.
https://youtu.be/RpLw8VW-R7I
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news from the ‘You’re damn right it’s different here’ files
someone apparently went out and bought a new quarter million dollar plus supercar, brought it home to admire the ultimate refinement of form and function and then decided it would be cooler if it was painted like a pokemon cartoon character.
really.
betcha he wasn’t from alberta.
…
maybe garth’s aversion to vancouver is fears of eventually assimilating to the point of wanting to ride a hello kitty harley.
http://www.cfox.com/2016/07/15/defcon-vancouver-a-pikachu-mclaren/
somebody PLEASE photoshop that.
Tired of reading posts such as #48 DON about the SINGULAR real estate sale somehow indicating what is happening in the market as a whole.
Statistically, your observation is as significant as taking a leak in the Pacific Ocean and measuring the water level increase afterwards.
A rule of thumb for sample sizes is 30 minimum provided the data is normally distributed (a singular peak = average, just as many data points, and fewer, on either side of the peak, i.e., appears bell-shaped on a graph).
If it is not, you need a larger sample size > 30.
So please stop posting singular sales data, if it is even true, somehow thinking you are reporting on the market as a whole…you are not. And nor does 1 observation indicate a trend. To draw a straight line on a graph, you need 3 data points as a minimum, not just 1.
First they came for our houses and farms and now they come for our hockey clubs.
Time to sharpen the pitch forks.
http://www.cowichancapitals.com/the-capitals-have-a-new-owner
https://medium.com/@andersem/a-guy-just-transcribed-30-years-of-for-rent-ads-heres-what-it-taught-us-about-sf-housing-prices-bd61fd0e4ef9#.ac6pikqc1
Juice Box Justin’s first foreign military foray was to align Canada with these guys.
http://bigstory.ap.org/237fa4c447d74698804be210512c3ed1
What a joke this kid is
Yup. CancerMan’s book is as poorly written and meaningless as his comments. Stupid teachers blah blah blah. Have another drink and a few more fags CancerMan. Time is not your friend. And you won’t be able to blame the lefties or the teachers while your clinging to life. One wheeze at a time. lol. maybe a gurgle before you exfixiate on your own drool. liberals lefties snowflakes elites teachers Marxists Noam Chomsky commies Killary David Suzuki freeloaders Unionists workers SJW MSM EU wish you well.
#1 For those about to flop…
Why does “Khalid” need to be in qoutes?
#33 – JP – “Rate hike coming…”
2 or 3 this year, right JP?
The actual number will be 0. You don’t cool off an economy growing at 1%
#76 Dennis Blackman,
thank you for contributing the unvarnished CPC view.
We’re going to see a K-Mart blue light sale on stocks just as soon as Trump wins the election. I’d be keeping a little dry powder for just this purpose.
Bonds are «safe stuff», are you kidding me?
Bonds are about as expensive as they ever were, if interest rates now at historical lows go up even slightly bond prices will sink like a rock. If you then sell before term you’ll lose a bundle.
Meanwhile most government bonds (the presumably «safest» stuff) pay less than inflation, ensuring you lose money every day. For that reason according to Warren Buffet bonds “should come with a warning label.”
An appropriate mix of government, corporate, provincial and high-yield bonds, plus preferreds, gives adequate yield (over 3%) plus reduced portfolio volatility. Bonds are often negatively correlated with equities, which can help ease emotions and losses during corrections. Brexit proved that. They’re a reasonable and useful part of a balanced portfolio. — Garth
#36 Smoking Man on 08.16.16 at 8:47 pm
You forgot a biggie:
-If anyone disagrees with my BS leftist brainwashed view then I will immediately throw a tantrum, hurl false insults like bigot/racist, and get violent or physically aggressive.
#90 Mark M. on 08.17.16 at 3:57 am
When Trump wins the election then it might happen. The false Obama statistics will no longer be used so it will be interesting to see how they justify it.
In other news,
https://www.theguardian.com/business/live/2016/aug/17/uk-jobless-claims-expected-to-rise-following-brexit-vote-business-live
Woops Brexit isn’t making the economic sky fall just yet. Quick!!! Drop interest rates to levels not seen since gun powder was invented in the 1600’s!!! Save us!!!
MF
#53 TCContrarian on 08.16.16 at 9:53 pm
Are REITs somehow going to be immune to the housing bubble unwinding? They didn’t in the US (or Spain etc). I
Major Canadian REITs do not hold non-income-producing residential real estate. — Garth
________________________
I asked a similar question last week and was told that major Canadian corporations aren’t going to stop paying rent. While this is true, the problem for the REIT’s is both empty building where no one is paying rent (Calgary office space), and the potential for bankruptcies where a long term lease is no longer needed (e.g. Target Canada, Blockbuster and others losing business to on line retailers).
Depends on your risk level I suppose, I sleep better without REIT’s right now.
REITs have been great performers over decades, returning north of 8% in various economic conditions. Your loss. — Garth
Anyone paying attention to some of the recent news from the US election?
Today while in the gym my Bloomberg news app flashed
“investors losing confidence in Trump”.
Yeah right. Investors losing confidence in a business man running the country. We believe you.
It’s amazing watching all these BILLIONAIRE business people, who are the only people benefiting from this globalist garbage, throwing their support behind leftist globalist politicians. Of course they support the cause -because they are the only ones benefiting from it as wages go down everywhere and asset bubbles grow to nosebleed levels.
Limousine liberals. Ignore.
MF
#96 MF on 08.17.16 at 8:39 am
Anyone paying attention to some of the recent news from the US election?
Today while in the gym my Bloomberg news app flashed
“investors losing confidence in Trump”.
Yeah right. Investors losing confidence in a business man running the country. We believe you.
It’s amazing watching all these BILLIONAIRE business people, who are the only people benefiting from this globalist garbage, throwing their support behind leftist globalist politicians. Of course they support the cause -because they are the only ones benefiting from it as wages go down everywhere and asset bubbles grow to nosebleed levels.
Limousine liberals. Ignore.
MF
……………………..
MF
It’s all about open borders, huge labour pool to pick from, higher returns with lower labour rates, without expanding and taking a risk.
And they have an entire generation and then some brainwashed to think it’s all good.
Go Trump, shake it up. Build Keystone…..
#88 rjrt81 on 08.17.16 at 3:38 am
Yup. CancerMan’s book is as poorly written and meaningless as his comments. Stupid teachers blah blah blah. Have another drink and a few more fags CancerMan. Time is not your friend. And you won’t be able to blame the lefties or the teachers while your clinging to life. One wheeze at a time. lol. maybe a gurgle before you exfixiate on your own drool. liberals lefties snowflakes elites teachers Marxists Noam Chomsky commies Killary David Suzuki freeloaders Unionists workers SJW MSM EU wish you well.
…………………..
The hate from the left side of the brain never ceases to amaze me.
Kelvin, are you sure taxes are lower in California? I don’t know about BC, but I remember comparing to ON and the take home money was actually thinner in California.
#98 Smoking Man
The Genius Of The Crowd
Charles Bukowski
there is enough treachery, hatred violence absurdity in the average
human being to supply any given army on any given day
and the best at murder are those who preach against it
and the best at hate are those who preach love
and the best at war finally are those who preach peace
those who preach god, need god
those who preach peace do not have peace
those who preach peace do not have love
beware the preachers
beware the knowers
beware those who are always reading books
beware those who either detest poverty
or are proud of it
beware those quick to praise
for they need praise in return
beware those who are quick to censor
they are afraid of what they do not know
beware those who seek constant crowds for
they are nothing alone
beware the average man the average woman
beware their love, their love is average
seeks average
but there is genius in their hatred
there is enough genius in their hatred to kill you
to kill anybody
not wanting solitude
not understanding solitude
they will attempt to destroy anything
that differs from their own
not being able to create art
they will not understand art
they will consider their failure as creators
only as a failure of the world
not being able to love fully
they will believe your love incomplete
and then they will hate you
and their hatred will be perfect
like a shining diamond
like a knife
like a mountain
like a tiger
like hemlock
their finest art
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#68 Smoking Man on 08.16.16 at 10:50 pm
Deleted
Ok ill try again without the reference to everything that’s wrong with humanity. Hell bent on destroying family’s. Cause they are fat and ugly.
PS Goldstein liked it on Twitter …. You know the dude at the Toronto Sun…. I hope he opens up an ice cream shop accross the street from you.
Chapter 1 liberals..
http://Www.dyslexicsmokingman.blogspot.com
Let the hate begin..
…
The ford nation and trumpeter version of freuds the ego and the id.. The alien adventures of peckerheads. Trumpeters are gonna luv it.
@ #54 Life among the Stars on 08.16.16 at 10:00 pm
Honestly he has a point. Think of all the heartache spared if people didn’t breed like rabbits nor if many parents were more than children in adult bodies, some worse than that. I don’t think all should be allowed to have kids, or at least to continue with irresponsibile reproduction.
Although everyone has a right I guess, let’s see how far that gets us.
Just to Further strengthen my argument for all the bots out there. When the richest family in the world- the inventors of fractional reserve banking- the family who was estimated to own 1/2 of the worlds wealth at the turn of the century and now have a estimated family wealth of 300 TRILLION dollars!- The ROTHSCHILDS
http://www.kitco.com/news/2016-08-15/Rothschild-Ups-Gold-Bets.html
8% of 300 Trillion is no small number.
WTFU
MF: Limousine liberals.
pretty funny
Yes, Trump did a good job in his speech this week of distilling some of the most important elements of America’s values — a rejection of bigotry, equal treatment for all citizens, freedom from oppression, and a clear rejection of hatred for members of minorities. The problem is that time and again, Trump has turned his back on many of these very same principles — and encouraged his followers to do the same.
Still, Trump has done voters a huge favor. He has reminded America what it stands for, and provided a template for deciding which candidate is more likely to embrace these fine principles. The trouble for Trump is that he is clearly not that candidate. No great GOP candidates in the hall. Still waiting for the real Slim Shady to please stand up!
GreaterFool Rule 14 is to never buy a property in haste.
Inquiring minds want to know – What are GreaterFool Rules 1 through 13?
#94 Smoking Man on 08.13.16 at 10:30 pm
I hate everyone equally. Including you Ryan. You are a peace of shit for no good reason other than it’s in my head at the moment.
(Ryan was the guest poster from last weekend)
A guy treats a total stranger like this, imagine the abuse his wife puts up with for decades?
The response to being challenged on his conduct:
#160 Smoking Man on 08.14.16 at 12:32 pm
You pathetic suck up. Are all millials like you?
Back in the day when Men were men. Making fun of each other was a great bonding richual amongst real men.
He got it, but it went over your mind fkd liberalism programming.
Will is absolutely right in smelling a rat. I think what he is saying is HIS agent is now representing both him and the buyer. It shouldn’t be allowed. Holy conflict of interest, Batman. What a ‘profession’…
I’m sure we’ll be seeing alot more of these are the shroud reveals the truth:
“Nyberg said the people who agreed to buy their property had originally provided a local address, but that shortly after the tax was announced she and her husband discovered they were based in China.”
And now…..”She said the buyers’ real estate agent won’t reveal whether the clients are foreign but has floated the idea of the couple helping to pay part of the 15-per-cent tax. The confusion has created additional uncertainty around the deal, Nyberg said”
http://www.bnn.ca/family-s-home-sale-mired-in-uncertainty-in-wake-of-b-c-foreign-buyers-tax-1.548632
Trump has gone dirty in a big way. His hiring of Steve Bannon, Roger Stone and now Roger Ailes is dark. Former Fox News chief Roger Ailes is now helping Donald Trump prepare for the upcoming presidential debates, sources with knowledge of the matter confirmed. While not serving in a formal role, Ailes is a longtime friend of Trump’s and the two speak frequently, the sources said. With the first presidential debate approaching on September 26, their conversations have increasingly turned toward Trump’s approach to Hillary Clinton on the debate stage. Ailes and Trump were also together in person at Trump’s golf club in Bedminster, New Jersey, this weekend.
Ailes and Trump have also discussed other matters related to his campaign, the sources said, though they declined to specify what those were. Ailes was ousted from his Fox News job last month amid sexual harassment allegations. Nice pick Trumpo.
In continuation from my previous post:
“Jodie Wickens, an Opposition NDP politician who represents the area in the legislature, said she receives dozens of calls and emails every day from people affected by the tax.”
Still think it’s only 5-10% foreign money?
Please don’t let this idiot know where the button is! For Gods sake I have four little ones to take care of.
http://www.huffingtonpost.com/entry/michael-flynn-trump-classified-briefing_us_57b3939fe4b0edfa80da28ca
Except for people that need to temporarily park cash somewhere, for example prior to a large purchase, bonds make little sense.
For a small portfolio chances are you’re young and won’t touch that money for a long time, you can wait out a crash, makes no sense to leave 40% of your investments to get eaten up by inflation, taxes and management fees (even at 3% it’s the case). The amount lost over a long period could be staggering…
If you have a large portfolio you don’t need bonds anyway because in the event of a crash the dividends and a small cash reserve in enough to keep you going till recovery.
As a matter of fact most people don’t know much about investment and they panic when they see a meaningless loss on their monthly statement. The real purpose of «balanced» portfolios is to keep ignorant costumers happy.
Sill comment. Balance reduces volatility and keeps people from reacting to market-timers and stock jockeys like you. — Garth
Garth, I did not make myself clearer, my selling agent has the BRA with the buyer there is no other agent involved.
Then you have cause for concern. — Garth
ride or ruin?
the Brics concept
http://www.goldmansachs.com/our-thinking/archive/brics-dream.html
http://www.ft.com/cms/s/0/112ca932-00ab-11df-ae8d-00144feabdc0.html
==================
BRIC fund loses 21% in five years, leading to investor exodus
http://www.imf.org/external/pubs/ft/fandd/2016/06/ostry.htm
http://www.imf.org/external/pubs/ft/fandd/2016/06/images/ostry2.jpg
======
#16 Shaun of the debt
Thanks,
that’s exactly what I was saying.
Oh how the plot thickens. Paul Manafort is close to being brought in for questioning on this one.
http://www.nytimes.com/2016/08/15/us/politics/paul-manafort-ukraine-donald-trump.html?_r=0
#54 Life among the Stars on 08.16.16 at 10:00 pm says “A century from now it will no more occur to a normal person to mate with a person eugenically unfit than to marry a habitual criminal.”
It seems these guys are scoring opportunities to mate… http://www.meet-an-inmate.com/male/
#89 Son of a Gun on 08.17.16 at 3:53 am
#1 For those about to flop…
Why does “Khalid” need to be in qoutes?
___________________________________________
I think it’s because he is emphasizing not just any Khalid, but rather **that** Kahlid…
My guess Trump will through Manafort under the bus, just like he did with Corey Lewandowski. Lewandowski remains subject to a non-disclosure agreement that he signed with Trump, forbidding him “from making disparaging or revealing remarks about the candidate. Lewandowski receives severance pay from the Trump campaign while working for CNN.
http://www.nytimes.com/video/world/europe/100000004593100/ukrainian-official-discusses-manafort-and-secret-ledger.html?mabReward=A3&moduleDetail=recommendations-1&action=click&contentCollection=Politics®ion=Footer&module=WhatsNext&version=WhatsNext&contentID=WhatsNext&src=recg&pgtype=article
Hey Garth – that is exactly what Will is saying. The agent is now representing the buyer and seller. Conflict of interest. Reread his email before getting snarky.
“pocket-cleaning expensive” ….
Never heard that before.Then I read this”Francisco needs to bring in an endless flow of highly paid people, including absentee foreign investors”
http://wolfstreet.com/2016/08/16/housing-crisis-in-san-francisco-strangles-demand/
#127 Smoking Man on 07.18.16 at 10:22 am
Wow, I let the bottle get the better of me last night.
I sincerely apologize to everyone,with regards to that vulgar comment. especially Garth.
Seeing that I have absolutely no memory of typing it.
I am imposing a time out for myself, and will seek treatment.
Cheers
———
Go to AA smoking man and stop being such a coward and suck up.
#87 Dennis Blackman on 08.17.16 at 2:47 am
Juice Box Justin’s first foreign military foray was to align Canada with these guys.
http://bigstory.ap.org/237fa4c447d74698804be210512c3ed1
What a joke this kid is
____________________________________________
Yep, a joke that keeps the laugh going long, and loud.
T2 is a colossal douchebag.
Well, at least my CCB went up big time – I really needed the money! (lol!)
#96 MF
Maybe we haven’t noticed, or maybe it just wasn’t reported by MSM.
Since the 2008 ‘financial crisis’ only the banks, and their ‘rentiers’ were made whole at public expense. Certainly no the little guy. Their debt levels remain in place, they have paid down debt, but at the expense of consumption (not a bad thing).
American business is NOT adequately reinvesting profits in R&D, plant updates etc. Hasn’t been for quite awhile.
They buy back stock (with borrowed money) to boost share prices, while further endangering the companies.
This is Capitalism? No, it IS financial engineering though.
I see No real solid recovery in the things that matter: higher wages, better benefits, retirement security. Yes, jobs are plentiful, but the quality is lacking.
Every recovery accompanied by higher debt loads. Anything wrong with this picture to you?
Will Trump fix it? Hee, hee, he is part of the problem.
Hillary no improvement, look at the libertarians or elsewhere. It is likely the last best hope of changing things. Well, we could be the EU….
M64WI
Ponzius Pilatus on 08.17.16 at 1:34 am
First they came for our houses and farms and now they come for our hockey clubs.
Time to sharpen the pitch forks.
http://www.cowichancapitals.com/the-capitals-have-a-new-owner
————————————————————-
The “they” actually live with their family in town and not absentee owners. Also, how do you know that the hockey club wasn’t in financial distress and the “they” are just helping to keep it afloat for the benefit of the community. You sound like a glass half empty kind of person.
why the teacher shortage
http://wolfstreet.com/2016/08/16/housing-crisis-in-san-francisco-strangles-demand/
Big Unwind Begins in San Francisco, Miami, New York, Houston: Rents in “Primary Markets” Sunk by Apartment & Condo Glut
by Wolf Richter • August 11, 2016
Chinese invented Hockey thousands years ago. The terminology “Chop Stick” = “Slash”. Every time you eat Asian food, those chopsticks remind you where Hockey Originated.
Ponzius Pilatus on 08.17.16 at 1:34 am
First they came for our houses and farms and now they come for our hockey clubs.
Time to sharpen the pitch forks.
http://www.cowichancapitals.com/the-capitals-have-a-new-owner
PB43
#111 james on 08.17.16 at 11:04 am
Trump has gone dirty in a big way. His hiring of Steve Bannon, Roger Stone and now Roger Ailes is dark. Former Fox News chief Roger Ailes is now helping Donald Trump prepare for the upcoming presidential debates, sources with knowledge of the matter confirmed. While not serving in a formal role, Ailes is a longtime friend of Trump’s and the two speak frequently, the sources said. With the first presidential debate approaching on September 26, their conversations have increasingly turned toward Trump’s approach to Hillary Clinton on the debate stage. Ailes and Trump were also together in person at Trump’s golf club in Bedminster, New Jersey, this weekend.
Ailes and Trump have also discussed other matters related to his campaign, the sources said, though they declined to specify what those were. Ailes was ousted from his Fox News job last month amid sexual harassment allegations. Nice pick Trumpo.
..
The trumpeters have taken out the teabaggers. Epic douchebaggery to continue flowing. Dude is gonna down in an epic flameout. His face is orange fer frack sack.
Canadians are right to fear housing froth, but we can’t skin the mortgage lenders
Yep. Now that the government is the largest funding provider for lenders' cheap mortgages, it will be impossible to get out without crashing the market. No fully privatized mortgage insurer in their right mind would offer insurance at the rates CMHC and Genworth offer lenders, or better said, mortgage insurance on 800k homes for buyers with 80k income.
New information provided in Genworth's Q2 report revealed that the actual amount of private mortgage insurance backed by the government has reached $241 billion as of Q1 2016. The cap limit is $300 billion as stated by law in the Residential Mortgage or Hypothecary Insurance Act (PRMHIA). Genworth estimated that the the cap could be breached sometime in the first half of 2017, and also mentioned that they don't know what will happen at that point.
My guess is that the government will raise the cap because, well, crashing the market isn't an option under a socialist regime who now considers speculating for homeownership a human right.
Poor ol CancerMan. Bullies always have the thinnest skin. don’t worry some of the other knuckle draggers on here will strike your ego.
No Integrity Smoking Man on 08.17.16 at 11:57 am
#127 Smoking Man on 07.18.16 at 10:22 am
Wow, I let the bottle get the better of me last night.
I sincerely apologize to everyone,with regards to that vulgar comment. especially Garth.
Seeing that I have absolutely no memory of typing it.
I am imposing a time out for myself, and will seek treatment.
Cheers
———
Go to AA smoking man and stop being such a coward and suck up.
==================================
Give it up guys. Smokie said he is/was sorry.
BTW, the “treatment” he went to seek was a tall bottle of JD.
It’s done by now. Give it up.
#47 For those about to flop… on 08.16.16 at 9:21 pm
Thanks Flop!
F69ON
So, we’re on vacation time and see a Mercedes behind us coming along with ferry traffic. It’s passengers might be described as “an Asian family” but not from India.
I says to SWMBO, “looks like they’re in town for real estate. Maybe we should stop ’em and chat.” Apparently, not funny.
Then we’re walking dowtown and come across these two crosswalks, link below.
So I say to SWMBO, (recalling a past discussion in these comments), “You know, white males are the only people who cannot organize themselves into a group. I think we should start a “White Pride Week”, we don’t need a whole month.
And we could paint crosswalks… white.”
Now that was funny. We went for ice cream.
http://www.cheknews.ca/nanaimo-shows-its-pride-with-rainbow-sidewalks-183922-183922/
#115 Will
Simple solution. Do no accept the offer from your realtors client. Or just ask for another $20k. It is up to you which offer you accept. Having said that if it is a full price offer you may have to accept it or risk the realtor charging his commision anyway. Read the agrrement you signed to see when a commision must be paid. Note the agreement is something you should have read and understood prior to signing. If it is a full price offer than you really have nothing to complain about.
6707 BURFORD STREET, Upper Deer Lake, Burnaby, $1,688,800.00
This guy is now wishing he took that offer at the auction in June:
http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=R2099340&rowc=1&rowp=1&BCD=GV&imdp=11&RSPP=5&AIDL=858&SRTB=P_Price&ERTA=False&MNAGE=0&MXAGE=200&MNBT=0&MNBD=0&PTYTID=5&MNPRC=200000&MXPRC=2900000&SCTP=RS
Auction high bid was $1.5 million.
Now he’s got nothing but empty pockets.
Meanwhile prices in Burnaby continue to drop by many 100’s of dollars each day.
#133 Russ on 08.17.16 at 1:02 pm
No Integrity Smoking Man on 08.17.16 at 11:57 am
#127 Smoking Man on 07.18.16 at 10:22 am
Wow, I let the bottle get the better of me last night.
I sincerely apologize to everyone,with regards to that vulgar comment. especially Garth.
Seeing that I have absolutely no memory of typing it.
I am imposing a time out for myself, and will seek treatment.
Cheers
———
Go to AA smoking man and stop being such a coward and suck up.
==================================
Give it up guys. Smokie said he is/was sorry.
BTW, the “treatment” he went to seek was a tall bottle of JD.
It’s done by now. Give it up.
—-
Do you think threatening a woman with sexual assault is OK then?
Cisco to cut 14,000 jobs: Report
https://www.thestar.com/business/2016/08/17/cisco-to-cut-14000-jobs-report.html
Cisco Systems Inc. shares fell after a report in CRN said the largest maker of networking equipment will cut as many as 14,000 employees worldwide, or about 20 per cent of its workforce.
San Jose, Calif.-based Cisco will announce the cuts in the next few weeks, technology website CRN said on Tuesday, without naming its sources. Andrea Duffy, a spokeswoman for Cisco, declined to comment on the report.
Cisco has about 1,500 employees across Canada and a local head office in Toronto. “We don’t comment on rumours and speculation,” said Karin Scott, a Cisco Canada spokesperson, in an email to the Star.
#138 Sexual Assault Smoking Man on 08.17.16 at 1:51 pm
#133 Russ on 08.17.16 at 1:02 pm
No Integrity Smoking Man on 08.17.16 at 11:57 am
#127 Smoking Man on 07.18.16 at 10:22 am
Wow, I let the bottle get the better of me last night.
I sincerely apologize to everyone,with regards to that vulgar comment. especially Garth.
Seeing that I have absolutely no memory of typing it.
I am imposing a time out for myself, and will seek treatment.
Cheers
———
Go to AA smoking man and stop being such a coward and suck up.
==================================
Give it up guys. Smokie said he is/was sorry.
BTW, the “treatment” he went to seek was a tall bottle of JD.
It’s done by now. Give it up.
—-
Do you think threatening a woman with sexual assault is OK then?
………………….
Seriously?
No polar bears to save? Greenhouse gas emission to champion, slow day in the Liberal loony la-la land compound?
Go rescue a cat…
Watch out for multiple offers and the con. Hypothetical – real estate agent walks into the office wearing the ring as needs a fast commission. He has three offers to present at night and needs a closing for $900,000 all cash deal to be signed. He presents two other offers for those in the office so points sign here Bill for $878,000 conditional for this and that, and Mark on this one sign for $873,000 conditional on this and that. The agent presents three offers to his client telling him the market is falling and the one for $900,000 is quickly signed.
#132 rjrt81 on 08.17.16 at 12:58 pm
Poor ol CancerMan. Bullies always have the thinnest skin. don’t worry some of the other knuckle draggers on here will strike your ego.
…………….
It doesn’t take much to unhinge lefties, great name selection by the way.
rjrt81, the artistry in every schooled liberal.
How do I know you’re a liberal. If you were right side . it would be something like this RJRT81
Sexual Assault Smoking Man on 08.17.16 at 1:51 pm
It’s done by now. Give it up.
—-
Do you think threatening a woman with sexual assault is OK then?
===================
Stating a fact is not the same as supporting a fact.
You are just trolling. Go find another place to infect.
lol. unhinged. oh man. typical blowhard. passes personal bias as fact. can give it but can’t take it. arrogant. yawn. your so predictable it’s boring. but keep it up. I love trolling you.
Ryan Lewenza, what can one say as he’s a really nice guy who can write a great essay. In all fairness REITS and Real Estate is not his area of expertise but he did a great job. I am anticipating his expertise in stocks and bonds which know little about and hope to learn something from his vast experience in this area so am waiting for his next essay.
I wonder if Ryan is making a legal and guaranteed profit in the bond market for example with a quick trade of say $50 million with Canada Bonds. It all happens quickly where he sells before he buys and the difference is all profit. There is no risk whatsoever and its all legal and guaranteed.
A weird thing I’m noticing in Toronto/GTA. People are buying million dollar/overpriced shacks, but then they do a complete tear down and build a custom mega mansion. Complete neighborhoods that used to be all small war time homes are now ALL different/huge mansions just built. So these people aren’t buying million dollar shacks and living in them, they’re buying the land and building a house worth the amount. What do you think about that Garth?
#120 IHCTD9 on 08.17.16 at 11:44 am
#89 Son of a Gun on 08.17.16 at 3:53 am
#1 For those about to flop…
Why does “Khalid” need to be in qoutes?
___________________________________________
I think it’s because he is emphasizing not just any Khalid, but rather **that** Kahlid…
////////////////////////////
Thanks for trying to answer this Trackie.
I put all of Mark Farquar’s imaginary friends in quotations.
It’s the way “he” likes it…
M42BC
#144 rjrt81 on 08.17.16 at 3:21 pm
lol. unhinged. oh man. typical blowhard. passes personal bias as fact. can give it but can’t take it. arrogant. yawn. your so predictable it’s boring. but keep it up. I love trolling you.
……………………………………………………………..
Bah ha ha ha Smoking Dick has become unhinged……. Sorry rjrt81 this whack job has been unhinged for years. Hates his life and his wife, hates his job, hates Liberals, hates anyone who doesn’t prescribe to his twisted logic, hates everyone. Go get some help Smoky. You got way too much hate in you.
#136 BS
you are correct I should have read more closely
and I didn’t catch it.
let that be a warning to others
I was too trusting but was also simply ( and apparently weirdly)asking garth for an opinion. the offer was below asking and in this instance
there have been no other offers(that I know of).
My thoughts were that if the agent is now representing both parties why am I paying for what I thought was him representing my interest. I am surprised this is even legal in its present form. Seems a bit like a bait and switch.
First, and, DELETED. And yet this is the first Post by me, the “real” Freedom First.
……………………………………………………………………
Yes. I am always amazed at how people can be so educated and/or skilled to make lots of money, yet put in zero, or close to zero time and energy on how to manage their money. No wonder money is the #1 cause of divorce. Mind you, my self preservation is the #1 reason for my living a Freedom First lifestyle in every way. Keep in mind, I love, and have loved all of my girlfriends. I just have no use for the laws, courts, and judges backing common law and married women. Our society is anti-male. Proven fact.
#146 TDOT :- Its like I said before concerning a particular condo building in Toronto who could care less if the market value goes down. There are those living in Toronto with big money and could care less of blowing $1 million to buy some land. I met a lady with such money and her company has also been private with $billions in sales worldwide. She has lived in Toronto for decades. Now back to this condo building as if a unit ever comes up for sale a husband and wife will transfer cash into a Trust Account at a huge law firm for the young daughter to buy herself a home. Its all about big money keeping control over things.
#146 TDOT on 08.17.16 at 3:33 pm
So these people aren’t buying million dollar shacks and living in them, they’re buying the land and building a house worth the amount.
But of course.
Value is in the land, not the house.
My own home is new, but my neighbour’s old house is assessed at $21,600 sitting on a lot of $1,326,000.
This is very typical in Vancouver.
It is rare to have a building assessed higher than the land, in Vancouver.
Mostly, the land value absolutely dwarfs the building’s value.
That’s why those “look at how expensive this crack-shack is” postings make no sense: Buyers don’t care about the building. (Other than that they prefer post-war, so that it can be demolished instead of recycled.)
Most buyers don’t even care for rent-potential. Rents are too low compared to house prices.
We should at least acknowledge the contributions of foreign property speculators like this enterprising young man http://www.bnn.ca/b-c-s-real-estate-tax-sparking-backlash-from-chinese-buyers-i-m-not-going-to-pay-1.546981 to our local economy. Banks, brokers, lawyers and government coffers benefit from the influx of capital.
#143 Russ on 08.17.16 at 3:15 pm
Sexual Assault Smoking Man on 08.17.16 at 1:51 pm
It’s done by now. Give it up.
—-
Do you think threatening a woman with sexual assault is OK then?
===================
Stating a fact is not the same as supporting a fact.
You are just trolling. Go find another place to infect.
—
What facts are you referencing, the ones you’re basing your decision on?
@TDOT:
I assume you’re talking about neighbourhoods like that pocket between Lawrence and the 401, and between Avenue Rd. And Bathurst?
Those million dollar homes are anything but; sure they justify the prices paid for the land, but the quality of the structures isn’t great, despite the veneer of ‘classy’ (read overpriced) fixtures and finishing.
Remember, the building was built for a builder to make money on the job. If land was a million, the new house is a loss leader. Certainly after the correction, these homes will never again be worth the prices paid.
Don’t get me wrong, the housing stock in those areas desperately needed renewal, and gentrification has done well for most, but those newly-built mega-mansions probably won’t fare as well as the stock that they replaced, especially after 25 or 30 years of benign neglect, typical of home ownership.
Is this “Troll Weak” at greaterfool.ca?
I think it’s time for a new blog entry…. over to you Garth.
BTW, back from vacation and the portfolio is doing nicely this year. Thanks again for the balancing view Garth.
Give it up guys. Smokie said he is/was sorry.
BTW, the “treatment” he went to seek was a tall bottle of JD.
It’s done by now. Give it up.
I may or may not be a millionaire but I sure do know a few…and not a one of them would spend any time at all on a financial/real estate blog telling other posters to shove a vibrator up their bum, as SM did up thread a bit.
Those that like and support this man cant see the loathing he obviously has for himself. In the short time I have been posting here he has changed his persona, his voice at least twice.
His “attacks” on whoever he decides has slighted him get more and more venal, less and less articulate with each passing day.
Go to his narcissistic nightmare he calls a blog and read his Chapter One and ask yourself, does this man have an agent, a publisher…who would willingly pay to read more of that?
The man is having a long and drawn out episode of some magnitude and those who defend and egg him on are facilitating a medical issue.
He needs help, professional help. This isn’t a right/left thing at all, its clearly time for an intervention.
Offers of rape and suggestions of anal penetration are not signs of a properly functioning human.
And Smoking Man…you have it entirely backwards…we are number one, its the aliens who are desperately trying to catch up. Alcohol and cigarettes don’t get you to the true knowledge, peyote and LSD does.
Not much going on besides a little bit of Joking Man baiting so I will contribute this map on American financial literacy to hold you guys over until the next post by the boss.
Texas is toast…
M42BC
https://imgur.com/a/DtHVL
#87 – Why are we calling a 44 yr old ” a kid”??
#148 Not a Hater
“Hates his life and his wife, hates his job, hates Liberals, hates anyone who doesn’t prescribe to his twisted logic, hates everyone.”
————————————-
Smoking who?? I no longer even see his posts thanks to that fantastic script a very kind blog dog made available to us a while back.
A weird thing I’m noticing in Toronto/GTA. People are buying million dollar/overpriced shacks, but then they do a complete tear down and build a custom mega mansion. Complete neighborhoods that used to be all small war time homes are now ALL different/huge mansions just built. So these people aren’t buying million dollar shacks and living in them, they’re buying the land and building a house worth the amount. What do you think about that Garth?
———
Ah, welcome to foreign capital TO!
Vancouver has had decades with this approach of foreign capital starting in the 1990s and monster homes. And this oh so wonderful hollowing out of a city trend continues to this day in Vancouver.
#148 Not a Hater on 08.17.16 at 3:52 pm
#144 rjrt81 on 08.17.16 at 3:21 pm
lol. unhinged. oh man. typical blowhard. passes personal bias as fact. can give it but can’t take it. arrogant. yawn. your so predictable it’s boring. but keep it up. I love trolling you.
……………………………………………………………..
Bah ha ha ha Smoking Dick has become unhinged……. Sorry rjrt81 this whack job has been unhinged for years. Hates his life and his wife, hates his job, hates Liberals, hates anyone who doesn’t prescribe to his twisted logic, hates everyone. Go get some help Smoky. You got way too much hate in you.
……………………..
Why do all your liberal politicians always get filmed with adoring fans in the back ground. The mob, “don’t mess with me I have back up.” Phy-ops. All pussies.
What Libtards don’t understand.
“We are all alone, born alone, die alone, and — in spite of True Romance magazines — we shall all someday look back on our lives and see that, in spite of our company, we were alone the whole way. I do not say lonely — at least, not all the time — but essentially, and finally, alone.
This is what makes your self-respect so important, and I don’t see how you can respect yourself if you must look in the hearts and minds of others for your happiness.”-Hunter S Thompson.
So I solute you “Not a Hater” with a two middle fingers.
What a terrible tragedy that took place in Stratford recently. Did anything see and hear Driver’s video confession that is hard to find with the guy wearing a mask? Driver was born and lived in Canada so why does the guy wearing the mask have a hard time speaking normal English with a heavy accent?
I mean’t the other place called Strathroy.
#162 SM,
Obviously you’ve spent the Harper years locked up without access to TV or print. Your hero Harper never missed an opportunity to appear in the House or on a stage without a gallery of potted plants arrayed behind him.
Being sick deserves pity, but being willfully stupid is another matter. Come to think of it, the latter is your forte.
The law of probability will finally catch up with Cameron. Any money he made on Vancouver real estate he’ll give back and maybe more on San Francisco real estate. Well I’ll be shorting Teck Corporation at the end of this September buying the shares back at 5 dollars Canadian at the end of January or the start of February 2017. I hope Cameron reads this for his own sake.
truth bombs by metaxa. I salute you sir. i have no problems with people on the other side of the political spectrum. i’ve just always hated bullies. and CancerMan is a a stereotypical bully. the truth politically is usually found somewhere in the middle.CancerMan is a zealot and should be treated as such. you have no place in
society.
CAD up over .78 USD.
I don’t try to time things in general but I’m glad I hedged a portion of my U.S. ETF’s back at .71 – it makes the ups and downs easier to take.