“Do you think the TREB is running scared?” wonders blog dogess Stephanie. “It seems like suspicious timing, to be stifling this information right when Vancouver prices are nosediving. Could this be a lame attempt at self preservation? Will they try to hide the sales dips likely to happen soon in Toronto?”
In case you missed it, the local Toronto real estate cartel just played the nuclear option against lowly agent Fraser Beach, who’s been doing a fine job of informing consumers not only of all the new local listings, but actually revealing what properties sell for. The site, torealestatesold.com, has been in trouble before, but this time it looks a tad more serious with Beach being delivered a ‘cease-&-desist’ letter that caused him to replace data with this message:
The sold-data blog was briefly disabled by a similar realtor threat last winter, but resumed operation soon thereafter. A few months later TREB lost its big legal fight with the feds’ competition tribunal, which ruled this kind of information is in the public interest, and the realtors are evil little weenies for trying to suppress it. The cartel is appealing that decision, meanwhile sending its lawyers to extinguish the lantern of transparency.
Of course, this is not the only disservice of the week. Days ago TREB released the sales/price data for the GTA market during August, showing a dirigible-sized 23% surge in sales. But there were two more selling days in the month this year. Stripping those out to provide an apples-to-apples comparison with 2015, the sales increase was just 13%. That’s good, but it ain’t 23%.
Here are more realtor tricks, kids. Last month, we’re told, sales numbers crushed anything in past history and average prices jumped wildly. For example, 863 detached houses sold in the Kingdom of 416 for an average trade of $1,206,637. The increase? A mind-blowing 18.3%.
Really?
Back in February almost an identical number of detached sales took place (855), and the average price was $1,211,459. So between last winter and this autumn prices fell a little, which makes you wonder why being 18% more than August of 2015 matters. As for sales, there were 1,075 monthly transactions of detacheds back in March, which translates into a fat 19% decline in market activity since then.
Hey, no wonder the dudes at the board hate guys like Fraser Beach. They manipulate, twist, contort and bend data until it looks like a drunk doing yoga, while the Toronto Sold site just tells you what something was listed for, then what the buyers got. By employing Assault Lawyers, realtors hope to maintain the ongoing fiction the market has momentum, depth, breadth and sustainability. Maybe it does. Maybe not. But let us decide on our own.
Meanwhile most people who know a hole in the ground when they see it aren’t buying the realtor meme. This week Bank of Canada boss Stephen Poloz made a point of saying he’s spooked. As he put it: “Vulnerabilities associated with household imbalances are elevated and continue to rise.” In other words, stupid houses prices could imperil the entire economy.
The Royal Bank’s latest ‘housing health’ report reached this conclusion: “Affordability-related risks continued to increase significantly in Vancouver and Toronto this year, as prices accelerated further, especially for single-detached homes…. Rapidly eroding affordability is a growing source of concern.”
In Hong Kong (of all places) the federal finance minister said what to do about housing was a “key issue” for the T2 government (between selfies and marijuana meetings), suggesting some kind of policy initiative is coming. “We are going to remain on top of the dynamics in order to consider whether we need to take actions,” he said, adding that he and the boss want to “make sure we’re managing those risks.”
Notice how those words keep cropping up? Vulnerability. Risk. Concern. Elevated. Hmmm.
I’m sure the realtors have. With so many eyes now watching Vancouver’s plop – thanks to a tax affecting just 9% of buyers – the last thing they want are doubts about the giant GTA gasbag. The longer the masses stay giddy thinking prices are rising 18% a year and sales soaring by 23%, the further the day of reckoning can be pushed off.
186 comments ↓
FIRST
First!?
Writing this from West Van
Nice town
Spending some of my two week mandatory leave here
Too bad there don’t seem to be many real jobs round here.
TREB should be ashamed, very ashamed at their actions…Torontonians should make a point of calling at least one realtor to complain of TREB’s underhanded and sleazy action. Attaboy, Fraser Beach!
Q: What do you call 2 lawyers at the bottom of the ocean?
A: A good start…
beautiful weather this weekend
I would be tempted to stay if there were more 7 figure jobs….
It’s a mystery how folks stay float
We’ll see when the tide runs out…
Jim Reid thinks Canada’s real estate market is rock solid
http://www.remonline.com/understanding-canadian-real-estate-bubbles/
House sales industry is rotten to the core. Congrats to the various RE associations. you managed to slide below used car sales and politicians in trust. Well done. I see they have doubled down on the biker gang Comercial they were chastised for. Pathetic.
When it explodes and the finger pointing commences the shysters will be scurrying like the rodents they are. I see much oversight in their miserable future.
Addressing the lies, scams, ethical breaches, and manipulation in that arena is Loooong overdue , of course w have to rely on the second rung up the trust ladder to show leadership………
RE agents are saying that because of the tax in Vancouver foreign investors are now buying up property in Victoria. Trying to pump the market here – I can’t find the article…
LH on 09.08.16 at 5:35 pm
Spending some of my two week mandatory leave here
Too bad there don’t seem to be many real jobs round here.
=========================
Oh, you’re onto us.
Every weekday morning and afternoon when the Massey tunnel and Fraser Bridge is bumper to bumper, it’s all people going to their “fake” jobs or maybe going to meet their pot dealer.
Hey, that’s how you could make 7 figures and get more than 2 weeks vacation!!!
Give your new liberal government a few years and you’ll be down with us.
Bet we can drop faster then you.
http://www.heritage.org/index/ranking
Notice how those words keep cropping up? Vulnerability. Risk. Concern. Elevated. Hmmm.
===================================================
Yup, same words we’ve heard since 2009. ..Sorry but, “Yawn”. Another great post for sure, that could have easily been inserted in September 2012 with lower figures and a few name changes.
Sorry guys but wake me when this thing TRULY tumbles. Until then, this is all hot air from both sides. Nosebleed prices in August the same as they were 6 months ago? TREB fudges the numbers a bit and we split hairs and call them on it, again? Ummm ya and? We all know they’re scum right? Every year we do this and then it all goes on to higher prices the next year and the next year after that. And still up 300% + since this shit show began.
I’m really starting to think that part of your job description as Bank of Canada Governor and Finance Minister in Canada is to act “concerned” in front of a camera about the real estate market and personal debt levels.
Make no mistake, Garth is right and we were all blown away long ago that this Ponzi scheme is still going. But that doesn’t mean that anything will change. Something tells me that we will all be here in September next year reading about how the market stagnant at $1.4 million for a detached SFA in the GTA since March 2017 and reading about ever increasing “Vulnerability. Risk. Concern. Elevated”.
Hmmmm…so the Real Estate boards manipulate, twist, control data left right and center to present an illusion…
Could it just be possible that the FED does the EXACT SAME THING manipulating what they want to focus on to manipulate data to make everything appear just rosy and maintain a similar type of illusion? Please…
All is well! Nothing to see here…move along.
“Bill” ([email protected]) tweets about Vancouver Real Estate (#VanRE). He includes current listings showing date & value of price reductions in and around the Lower Mainland. Has a lot of fun doing it too!
And http://www.joniandgail.com (Sunshine Coast, BC) publish a list of weekly sales including actual contract (sold) price (they also list price reductions).
There is always info out there if you know where to look and/or who to talk too.
Few minor points:
1. This August TREB reported 863 detached sales, last August they reported 756 sales. The change goes down to only 6% after accounting for fewer selling days.
2. Reports about health of housing market from banks represent an obvious conflict of interest, which explains why they always sound kind of reassuring, even when they warn of problems.
3. The tax may affect “just 9% of buyers” (according to realtors) but these buyers are unusually important: they are often buying expensive properties, and they usually aren’t selling another property here at the same time (so net effect is an increase in purchases vs listings).
4. It’s not true that “between last winter and this autumn prices fell a little” because average prices are affected by the mix of properties sold. All you can say is that the average changed. The Teranet index for comparable properties has not decreased (and no it’s not just made up!).
The cartel is appealing that decision, meanwhile sending its lawyers to extinguish the lantern of transparency.
————————————————————-
Got to love that line.
The banks talking about people with to much debt and handing it out like there is no tomorrow.
Is like drug dealer selling you crack and telling you that your an addict and you should seek help.
Great topic for the MSM to sink their teeth into… or, well, their gums, the CBC being what it is.
Mmm… Funcheez.
Mr. Turner,
Please stop using the world “realtors” ™. It is a trade mark.
Sincerely,
Realtors ™
What’s happening while the selfies are snapping….
#2 arms dealer to Saudi Arabia?
http://www.bloomberg.com/news/articles/2016-09-08/why-trudeau-is-like-trump
#5 porche
Thanks for the laugh. What a complete waste of bandwidth writing, publishing, and disseminating that infantile germ of àn idea cooked up in the cranium of someone who clearly shouldn’t be allowed to wipe his ass unsupervised
“Yup, same words we’ve heard since 2009. ..” …
I agree and I agree with Garth (yeah, I am bipolar, so sue me).
Normal economics (that Garth supports) is saying that this is bubble (and do so for at least 6 or 7 years now), however this is new reality: debt is pushed to the stratosphere by greedy realtors, MOFO, and politicians with their own agenda (next election, population control, whatever).
I cannot see how this will get resolved in a normal (old school) economics way without huge social upheaval.
I think we will live in interesting times (we are not there yet).
What a bunch of tin hat conspiracy theorist buffoons.
They put the useless stats out because the media is too stupid to figure out what they mean and then just reports the bogus stats. Yesterday I heard Simi Sara on Vancouver radio station CKNW reporting Toronto real estate is up 18% in August and then stated “wow that is a huge amount for a one month increase” as if prices went up 18% in one month. The media is just too dumb to figure out they are being played and the general public are no better.
All I really took from this is that anyone can spin data any way that suits them best. TREB spin it in a way that makes sales look better, Garth spins it in a way that they look worse.
I mean really, do you expect TREB to adjust their sales increase because there were more sale days in August 2016 than August 2015? Are they then going to have to adjust this every single month? It’s pedantic. Comparing month to month is obviously an acceptable comparison, regardless of the number of days in the month. Garth is trying to spin it in a way that makes sales look worse, just as TREB tries to spin other things in a way to make sales better.
Do you adjust returns on investments from one year to another for the number of trading days Garth? Do you hell!
Garth, tell your web tech to always start the day with 9 comments. Might stop jimmy.
#18 joblo on 09.08.16 at 6:24 pm
What’s happening while the selfies are snapping….
#2 arms dealer to Saudi Arabia?
http://www.bloomberg.com/news/articles/2016-09-08/why-trudeau-is-like-trump
++++++++++++++++++++++++++++++++++++
As per the article “The govt quietly blah blah blah….” The arms deal was not quiet….it was suppressed by the controlled Main Stream Media. Too bad for them they are meaning less and less today with today’s social media putting out more news than the MSM. And I mean the USERS of social media not the creators of social media….like Facebook that is now using algorithms to “create” its news now.
USERS of social media are going to be the T-Cells that eventually bring down the cancer of Govt and Corporations. Its happening…..
#11 common sense on 09.08.16 at 6:14 pm
Hmmmm…so the Real Estate boards manipulate, twist, control data left right and center to present an illusion…
Could it just be possible that the FED does the EXACT SAME THING manipulating what they want to focus on to manipulate data to make everything appear just rosy and maintain a similar type of illusion? Please…
All is well! Nothing to see here…move along
———-
Common sense, you always end on that note. Also, your comment is stupid. But you are a One Thought pony.
Garth , as usual, you’re on to something. We need more transparency to make better decisions before making the biggest purchase decision of our lives. And the Government, CREA, TREB, and VREB need to start revealing the truth . Show us the data.
But there were two more selling days in the month this year.
______________
People don’t buy and sell real estate on the weekend? Of course they do, it’s actually the busiest time. The number of days you can register a sale in a month is meaningless, Aug had 31 days same as last month.
8 years and you’re still looking for data to support a drop in YYZ. Keep looking, eventually you’ll be right.
Not surprising at all. They even removed all local prices and sales by range from their market watch report several months ago. Nothing but blank pages now.
The banks are going to milk the sheeple to the last drop.
Rinse and repeat.
Talked to a few lower income families in Victoria and Vancouver and they fear that they can’t go on with rent and food costs keep rising with no wage increases.They seem to be the forgotten and its sad what this country is becoming.
This week Bank of Canada boss Stephen Poloz made a point of saying he’s spooked. As he put it: “Vulnerabilities associated with household imbalances are elevated and continue to rise.” In other words, stupid houses prices could imperil the entire economy.
————————-
Economy? What economy? wooden particles/Cardboard houses for 1.5 mil and glass condos for 600 k?
Boss of BOC? The guy can not control his behind, come on, give me a break.
Anytime anybody tries to stonewall you from seeing data or tell you the debate is over…. it ain’t. All it really means is that they want control over the message and with that, they get control over your pocketbook.
Doesn’t matter if it’s Real Estate or Global Warming.
There’s an Old Ukrainian saying that roughly translates to:
“You can cover crap with a pot, but it’s still going to stink”.
TREB, GVREB, CREB, Greenpeace, Sierra Club, all the same.
How do i make $250k on a $10k forex bet?
or $5k long USD and $5k short USD and let the winner ride.
How do i subscribe to the Herdonomics newsletter?
Smoking man, i’ll help you set it up.
We can save money by not having a proofreader.
Hell 416 is a code blue and 905 is a softer shade of blue. Those who bought the propaganda in condo city will be singing the blues. It would have been cheaper to check out the Rex instead.
Ah, our wondrous legal system. The tribunal ruled against the realtors so they appeal – & thus can continue their legal assaults against freedom of information. Say, isn’t freedom of information guaranteed in our Charter of Rights? In which case this is nothing but a scam on the part of the realtors……
#10 Fed Up
Yup, same words we’ve heard since 2009. ..Sorry but, “Yawn”. Another great post for sure, that could have easily been inserted in September 2012 with lower figures and a few name changes.
————-
Totally agree. If you have been following this issue for years like the majority of the old guard here, this is absolutely the norm every year – starting with Carney in 2012 of impending rate increases and concerns over debt levels; the Feds acknowledging that rate increases were coming for the past several years; analysis of stats that support price and sales decline. Hell, look at the REBGV charts – the dip in August of 2016 that is supposedly heralding the end of the market looks surprisingly like the one of 2012..and 2014…in Vancouver.
If you are a newbie to the issue, these types of statements are exciting and support your confirmation bias that a correction is coming. For the rest of us, this is simply another of many yawns – year umpteen of the pending correction. It will come, but it could be several more years and drag on for a decade.
#101 Context on 09.07.16 at 9:57 pm
#93 cramar:- What is being built on Erie Street south beside the big cemetery as the old woman’s home has disappeared?
————–
I think you are referring to the commercial/professional building just completed a few weeks ago. Main part rented to Orthopaedic specialist and rest up for rent.
Some interesting news is going to hit the press shortly regarding the Toronto real estate market. Apparently we now have a form of “shadow flipping” here too.
Likely in the next few months you’ll hear more of this.
What is happening, seems to be that some realtors are for whatever reason, withholding bids from their clients and selling to related parties, then “flipping” the house shortly thereafter for profit. This seems to be increasingly possible due to the incredibly “hot” Toronto market where there are just not enough listings to satisfy demand anymore.
Should be in the news in the next few months. The court cases regarding this have already started but the papers don’t seem to have it on their radar yet.
“The End is Near” sidewalk in Smithers B.C.
Read article to understand why the mindless idiots on the town council couldnt pull their collective heads out of each others rectums to “think outside the box” and have the sidewalk built where it is needed….
Small town Govt at its “best”
http://www.google.ca/url?url=http://www.alaskahighwaynews.ca/bylaw-forces-business-to-build-10k-sidewalk-to-nowhere-in-smithers-b-c-1.2333520&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiJ7q6z9IDPAhUJwmMKHaKqB6UQFggUMAA&usg=AFQjCNHbNSiv4WqdIOfZ9zX2mn6O6FpY9Q
The fact remains it is in almost no one’s best interest for housing to crater, so it’s popular to puff it up.
People who are liquid+rent have been doing well from a financial perspective. But they might not come out ahead by buying a house at 30% less than June 2016 numbers while the value languishes for up to a decade…or longer…look at Japan.
Too many losers in a correction, not enough winners.
T2 can’t afford to lose his fickle voting base…curious to see what measures the Feds take to stall this.
Do you really have to continue with the marijuana and selfie crap….. The young man is already 10 times the man the the older Harper was….. Okay, on & on about the RE but leave the fine young man out it,,,,,, Pleassssseeeeee
Going out on a limb here (again?), but I think TREB are doing a favour for those who are waiting to buy.
Inflating the bubble further than it would have done otherwise might ensure a bigger and steeper crash, resulting in lower prices and sooner.
My evil inner voice would also like to point out that we will also get to see comeuppance for the fools who thought they could become rich by buying over priced property.
Realtors do not want transparency, as it makes them more money. Governments (for whatever reason) have been hesitant to pass laws to ensure transparency and a regulated agency that sells houses.
We are now at the point where realtor greed, and complacent governments, have allowed the generation of this gas-bag Zeppelin to form, threatening the entire Canadian economy and Nation.
Thank you
Did anyone see the videos of the cruise ship making its way from Alaska to Victoria, B.C.? The ship began to tilt and the panic began as water was coming aboard. I watched carefully and it was the crew who freaked out and the passengers came next. Those drinking at the bar were in fine spirits and one lady yelled out for her drink not to fall. There were 2000 passengers aboard running around in fright.
@#21 Devil’s Lawyer
“What a bunch of tin hat conspiracy theorist buffoons.”
********************************************
Sorry DA but thats what happens…..
All credibility for CREA goes out the window when they self regulate, impose gag orders on their own people, sue anyone that tries to post actual unbiased, unmanipulated numbers…..
The conspiracy theorists come a flocking….
Did you know that CREA had JFKFC killed? Its true. He was a time traveller and once he stole Colonel Sanders recipe he was going to resign as President and was going to spill the beans in 1963 about Real Esate cartels, the secret spice……EVERYTHING.
But CREA….like the Masons are omnipotent…..
They’d had enough.
Hold on.
Someone’s knocking on my door, I’ll get back to you in just a minute……
#35 Linda on 09.08.16 at 7:15 pm
Ah, our wondrous legal system. The tribunal ruled against the realtors so they appeal – & thus can continue their legal assaults against freedom of information. Say, isn’t freedom of information guaranteed in our Charter of Rights? In which case this is nothing but a scam on the part of the realtors……
———————————————————-
Realtors compile the data to their computers which they paid millions for and millions more to keep it updated and secure not you or the government paid 10 cents for. So if you want access then get your License and pay!!
#7 – Victoria the original
I saw the VREB prez Nugent on newcast state himself that there is the odd sale you hear about going to a foreign buyer in Vic due to the tax in Van but its not something he said he sees a being an influence on the market. He indicated having to hop a plane from VYR to Vic’s airport would be something he saw hindering that type transaction. So…there you go…realtor BS in total contradiction to the words from the prez of VREB.
The Huffington Post has several videos up about the cruise ship coming into Victoria B.C. as fear is always the trigger mechanism with a real estate bubble or anything else in life.
#21 };-) aka Devil’s Advocate on 09.08.16 at 6:35 pm
What a bunch of tin hat conspiracy theorist buffoons.
——
its a good thing that i am not emancipated and emancipated and affluent as you are. i am just some. noname buffon, so i can give you my two fingers worth.
╭∩╮(‾⌣‾)╭∩╮
A sidewalk in Smithers BC.
Every one bitches about the housing markets rise in value but All the sellers want more then the last guy got down the street. The buyers all want the price to keep going up after they buy and the banks make it happen not the agent.
No free money no house sales no matter what the stats say!
#20 isuckless on 09.08.16 at 6:26 pm
“Yup, same words we’ve heard since 2009. ..” …
I agree and I agree with Garth (yeah, I am bipolar, so sue me).
Normal economics (that Garth supports) is saying that this is bubble (and do so for at least 6 or 7 years now), however this is new reality: debt is pushed to the stratosphere by greedy realtors, MOFO, and politicians with their own agenda (next election, population control, whatever).
I cannot see how this will get resolved in a normal (old school) economics way without huge social upheaval.
I think we will live in interesting times (we are not there yet).
Exactly !!!…………..interest rates are going no where near historic norms anytime soon !…..so average Joe and his miss’s can keep paying the debt ….simple as that !!
#38 Ace Goodheart on 09.08.16 at 7:21 pm
Some interesting news is going to hit the press shortly regarding the Toronto real estate market. Apparently we now have a form of “shadow flipping” here too.
Likely in the next few months you’ll hear more of this.
What is happening, seems to be that some realtors are for whatever reason, withholding bids from their clients and selling to related parties, then “flipping” the house shortly thereafter for profit. This seems to be increasingly possible due to the incredibly “hot” Toronto market where there are just not enough listings to satisfy demand anymore.
Should be in the news in the next few months. The court cases regarding this have already started but the papers don’t seem to have it on their radar yet.
———————————————————-
You don’t know how offers are presented.
Every offer has a schedule the must be signed by the seller. Agents can not hold off their clients offers.
Poloz should raise interest rates. Problem solved.
Poor little Gold-in-Sacks. Doing God’s work doesn’t cut it any more. Let’s hope the cash on Hillary speeches wasn’t totally wasted.
“Fed Urges U.S. Ban on Wall Street Buying Stakes in Companies
Goldman Sachs Group Inc. and other banks that invest in companies are officially on notice: The Federal Reserve wants that ability taken away.”
http://www.bloomberg.com/news/articles/2016-09-08/u-s-banks-face-series-of-post-volcker-proposals-from-regulators
Everybody knew this was going to happen to Millennials … except for them. Goodbye cool city life, hello suburbs.
“Minivan sales in the U.S. are up 21 percent so far this year, outmatching every class of vehicle except the midsize pickup. And though the bloated kid-carrier has yet to match its heyday, U.S. drivers are on pace to buy more than 600,000 of them this year for the first time in almost a decade. If the current pace holds, more people will purchase these soccer practice-pods than subcompact cars such as the Honda Fit or such entry-level luxury cars as the BMW 3 series.”
http://www.bloomberg.com/news/articles/2016-09-06/the-minivan-is-back-and-it-s-kind-of-cool
Dogs , cats , goats etc do better job than humans in elected office positions.
Maybe there’s hope.
010101010101010101010101010101
http://www.zerohedge.com/news/2016-09-08/dog-re-elected-mayor-third-term-proving-politicians-are-useless
REALTURDS® are at it again.
The one thing to look out for in MSM is the updates especially in Canada. The initial story has been changed to become more politically correct and things disappear. Carnival Cruise Lines must have freaked out as its bad for business to say drunks were at the bar having a good old time with a crisis on board as the written part disappeared. They want a family ship with kids having fun. This happens a lot in Canada as the original juicy story gets changed with updates all too often leaving out important facts that you are not allowed to see. Its called editing out by the editor who gets a heated phone call.
#5 Porsche
Re Jim Reid, I have to say that it makes for entertaining reading what he wrote, but for the life of me I can’t tell if his tongue is lurking in his cheek or not. His last line seems to be suggesting that we sell our overpriced homes and buy gold, since he doesn’t believe in risky dividends from equities and negative real interest on bonds. Give up all hope ye that enters here…
#46 Paul on 09.08.16 at 7:42 pm
Hey Paul… You could argue that the lack of transparency has paid for the system, so in essence we all paid for it. Don’t get too emotional, just sayin…
Looking at the title today I thought Garth was writing about Hillary using a hidden ear piece in last night debate.
I,ve seen homes in Thornhill recently sell for $200,000 less than what comparable homes sold for in May/June of this year. One home listed at $1,490,000 and did not sell for over 39 days after which they dropped the price to $1,200,000 and sold for $1,249,000.The Realtor posted a sign saying “Sold for more than asking”!!
The largest ever humanitarian program in the history of the EU, is now underway in Turkey. The humanitarian effort comes in the form of a $393 million helicopter drop of debit cards and cash to refugees in Turkey as part of Angela Merkel’s ‘Migration Deal’.
And you think real estate in Canada is crazy.
Wells Fargo Fires 5,300 For Engaging In Massive Fraud, Creating Over 2 Million Fake Accounts.
And you think real estate in Canada is crazy.
The fallout from last week’s historic bankruptcy of one of the world’s biggest shipping lines, Hanjin Shipping, has found little resolution with as much as $14 billion worth of cargo stranded at sea.
And you think real estate in Canada is crazy.
There is no freedom, dignity, or honesty anymore as the hedge funds and corporations rule in partnership with governments against the will of its citizens. The younger crowd accept this as the new normal because they don’t understand the historical difference.
Like I said… What a bunch of tin hat conspiracy theorist buffoons.
I’ve managed to figure out all the acronyms on here but one. What is SJW? Please enlighten me. Thanks.
People hiring real estate agents can stop this madness.
The property is theirs, the data belonging to their property is theirs. Real estate agencies license the use of data for the duration of the sale, after that the ownership of data goes back to the new owner.
Any guesses on the Full Time Employment Change and Unemployment Rate tomorrow?
Or do none of you people care since you are 1%’ers anyway? I’m trying to buy my ticket, but it’s hard.
Poor me.
There has been constant talk of a Toronto RE decline for years, but look what’s happened instead. Reminds me of Mark Twain when he said, “Reports of my death are greatly exaggerated.”
There's actually three websites TREB is taking legal action on: TOsolds, Real Market Watch and Mongo House.
One wonders what the real value of all those mortgages stuffed into Canadian bonds and securities are worth to date. There's over a trillion dollars in mortgages sitting on major banks' books, and it's quite ridiculous how banks are using models indexed to Teranet's HPI to value bonds and securities backed by mortgages. I think there's other self-interest groups behind this then just TREB, including the government.
“Meanwhile most people who know a hole in the ground when they see it aren’t buying the realtor meme. This week Bank of Canada boss Stephen Poloz made a point of saying he’s spooked. As he put it: “Vulnerabilities associated with household imbalances are elevated and continue to rise.” In other words, stupid houses prices could imperil the entire economy.” – Garth
—————————————————-
Yeah, he’s real concerned. Maybe he’s going to do something about it. Something prudent, of course. Like lowering rates again.
Garth, is the land registry (or whatever the name of it in Canada) a government owned entity?
Does this, or any other government agency collect the selling price?
If yes, then the data is owned by tax payers and the government should make it available for the public.
This house was listed for 2,388,ooo in July. It’s now up as a new listing for 2,188,000
http://www.rew.ca/properties/R2104979/1525-w-65th-avenue-vancouver
This house sold in the spring at over asking of 1,988,000.
It’s was relisted July 1st for 2,288,000
http://www.remax.ca/bc/vancouver-real-estate/na-8306-selkirk-street-na-wp_id146469371-lst/
Neither have sold
Notice how those words keep cropping up? Vulnerability. Risk. Concern. Elevated. Hmmm.
_________________________________________
You know what surprises me? There is non-stop talk in this country about a real estate bubble. Poloz, T2, Foreign buyers tax, even the banks are warning us, it’s all over the newspapers each week.
Yet most millennials I talk too don’t even flinch at the thought of buying a house. I know 3 this weekend going to open houses.
I remember back when I was on the RE kool-aid, I had heard some talk about possible real estate bubble. I thought: before I jump into this HUGE commitment maybe I should look into this a little more.
What kind of scotch do you prefer Garth?
Some things a man canna reveal. — Garth
—-
Considering your dislike of typos, are you hinting to be the fan of cannabis whiskey?
http://www.bloomberg.com/news/articles/2015-02-11/is-it-time-to-take-cannabis-cocktails-seriously-
the only numbers that really matter is what the amount of credit the bank is willing to lend. Kind of a catch 22 at the moment, banks where in panic mode calling for regulation, now they want to lend more $$? interesting.
Terb is doing a dis service that they do not realize, continued gains, either real or perceived will only push both provincial and federal govts to act. What they really need to do is too skew the numbers to look bad for a quarter or two to keep the govt at bay.
Wait until Fed budget time next year, in politics, you try to do the dirty in year 2 of a 4 year term, that way by election time again, most will have forgotten, especially when you bribe them with new incentives.
#62 & #66 Busted:
I see you can copy and paste.
If I wanted to read Zerohedge, I’d read Zerohedge.
Busted.
Went visit my nephews new place in Brampton. The exit from the 401 to the 410 reduced to one friken lane. It’s been like that all summer. The 427 same shit. A construction project with workers.
Traffic caos. My humble tin foil opinion. Those snot nosed entitled little cyclists that control the Westley street cabal are doing everything in their power to make it difficult for the superbs to drive into the city.
1/2 a million people are given 3 lanes north south corridor.
And Garth thinks I’m chick shit to visit him at the general store…
re: “…the ongoing fiction the market has momentum,..”
My momentum chart is updated (for single family detached prices):
http://www.chpc.biz/housing-price-momentum.html
Toronto still has legs (to Aug 31 data), Vancouver appears toppy and Calgary has been stuck at or below the flat line since 1Q 2015.
The TSX Real Estate index (cash & margin buyer folks) have been on a positive upswing for the last 3 data points but well below last year when it went into extreme enthusiasm but shy of irrational exuberance.
The Feds are really concerned about real estate.
Ya… They are concerned about if it is going to crash during an election.
That is all they ever are concerned about. Constant electioneering.
One day yyz re priced will fall without over explanation into 2 extra days or month over month vs yr over yr comparisons.
One day…
#25 Brazil ex-pat on 09.08.16 at 6:53 pm
And I mean the USERS of social media not the creators of social media….like Facebook that is now using algorithms to “create” its news now.
——
you should consume lot more news, because wrong conclusion you come to!
people create algos to pull on any side they like, left right, but facebook like it fake.
remember microsoft robot twit, about hitler, i can tell you robots are not as smart as people think.
http://www.inquisitr.com/3449248/facebook-has-removed-human-editors-fake-news-trending/
http://www.theverge.com/2016/3/24/11297050/tay-microsoft-chatbot-racist
#26 Self Directed
Do you really think Governments do not manipulate stats for their own benefit or choose to use mostly what information confirms their policies?
The FED is still hoping for 2% inflation target. Have food prices, housing, etc not gone up more than 2% the past few years?
Really? How old are you? 7? What planet do you live on?
Santa, The Easter Bunny, The tooth fairy are make believe. Sorry to break it to you.
Hey Freedom,this guy could have done with one of your pep talks.
He went and robbed a bank and deliberately got caught because he was sick of his wife…
M42BC
http://ktla.com/2016/09/08/suspected-bank-robber-says-hed-rather-be-in-jail-than-at-home-with-his-wife/
Interesting read… Gen Z: The anti-Millennial.
https://www.fastcompany.com/3062475/most-creative-people/your-guide-to-generation-z-the-frugal-brand-wary-determined-anti-millen
Packing for the four day drunken desert trip to Laughlin Nevada . 10 lighters. Two cartons of cigarettes, one pair of flip flops, two swimming trunks, two shorts, a few tee shirts. Huge jar of Tums.
The last time I was there, I wasn’t smoking or drinking, I had that crazy fever. I remembered everything. This trip will be different. I’ll want to forget it.
Most people that visit the 6 casino are old and on deaths door. Pathetic visuals at the pool with machinery available to lower and fetch the old farts into a pool were half the swimmers are wearing depends. Frank Sinatra tunes on the tiny speakers.
Vegas is only a one hour drive. But I’m going there.
Might as well try and get use too being one of these old fks. Learn to speak the lingo.
Andrew t on 09.08.16 at 9:42 pm
#62 & #66 Busted:
I see you can copy and paste.
If I wanted to read Zerohedge, I’d read Zerohedge.
Busted.
—-
It’s the Internet.
All about references. Remix.
No secret, nothing to bust.
http://everythingisaremix.info/watch-the-series/
I didn’t realize how much of a cartel real estate agents really are.
Friend of mine, going through a divorce, selling her home. Hired a close friend of hers who is a realtor, in a different area of the city, at reduced commission.
Realtor has been told by local realtors that they won’t show the place to their clients because of the reduced commission and because he’s an outsider. They will wait for them to be forced to drop the price for lack of visits and offers.
Smoking Man
Traffic caos. My humble tin foil opinion. Those snot nosed entitled little cyclists that control the Westley street cabal are doing everything in their power to make it difficult for the superbs to drive into the city.
1/2 a million people are given 3 lanes north south corridor.
—-
The hypocrites forgot to calculate the carbon footprint of artificially screwing up traffic.
#72 Say What? on 09.08.16 at 9:08 pm
Couple things.
First off, when the real bears capitulate then this thing is done. We are seeing some of that now.
Second, you can see how the prime rates have only gone down. They are near zero now. There seems to be some hesitation by the CB’s to lower too much as of recently. I think it’s clear they know they are against a wall and have failed.
MF
DELETED
Jim Reid… never heard of him
#88 Karma on 09.08.16 at 10:04 pm
Decent article. Gen Z will inherit the western world with huge government debt levels though. They won’t have any say in that no matter how savvy and frugal they are. Plus everyone said that about us millennials and look how we fell in line with our 95% leveraged condos.
MF
#89 Smoking Man on 09.08.16 at 10:04 pm
Packing for the four day drunken desert trip to Laughlin Nevada . 10 lighters. Two cartons of cigarettes, one pair of flip flops, two swimming trunks, two shorts, a few tee shirts. Huge jar of Tums.
The last time I was there, I wasn’t smoking or drinking, I had that crazy fever. I remembered everything. This trip will be different. I’ll want to forget it.
Most people that visit the 6 casino are old and on deaths door. Pathetic visuals at the pool with machinery available to lower and fetch the old farts into a pool were half the swimmers are wearing depends. Frank Sinatra tunes on the tiny speakers.
Vegas is only a one hour drive. But I’m going there.
Might as well try and get use too being one of these old fks. Learn to speak the lingo.
—-
Sounds like a rip roaring barrel of fun in a decrepit shithole… you sure you don’t have any root canals you could do instead….
I thought you were gazillionaire .. you can’t dream up something a tad more exciting to do
#68 };-) aka Devil’s Advocate on 09.08.16 at 8:56 pm
well at last! your last statement certainly surprised me!
its so heart warming that you have finally seen the light concerning your fellow realtors and ,of course, the industry!! absolutely spot on about the tinfoil hats! and the fabrications they have spun about the yellow hordes coming to buy up all our land etc…good to see you take a strong stand against such nefarious tactics!
I would have thought that one such as you ,so steeped in the propaganda of the real estate sales cartel,would never come over to the side of the truth and light!
welcome! and doesnt it feel good to be shot of those moral parasites??
hope for this planet after all!
This post is important, not for the info on whether prices have risen or finally dropped, but about disclosure. I agree with what Garth has said repeatedly about the lack of information given to people purchasing an expensive asset (vs. investments, life insurance, even a new car or TV for that matter). The lawsuits to stifle the information offering websites are unethical. If and when this bubble (?) does actually blow up, the realtor association and the lawyers that work to protect the information held hostage should be held accountable. Huge changes are needed for public safety.
Got many family and friends living out in Vancouver. The market is tanking hard and won’t be long before banks start repoing with mortgages being larger than home values.
Long time reader, first time poster. Great comments from everyone, except for the Dos Equis Guy wannabe – yeah I’m talking about you FF. Your posts are usually a waste of bandwidth.
People looking for affordable housing that “carries like rent” (there’s a term that the RE industry doesn’t use too much these days), bidding wars have broken out in ski country. Finding a house at the low end of the market that isn’t a forty year old fixer with aluminum wiring and electric heat can be a challenge.
At the other end of the market, a multi-million dollar offer for a house on the better part of the Kingsway from a Canadian living in Saudi Arabia has evaporated into thin air. Two houses in rural Markham are back on the market after purchasers with HAM have o
defaulted on offers to purchase, opting instead to lose their deposits and be sued for breach of contract rather than close on the deals.
We live in interesting times.
#52 GET REAL on 09.08.16 at 7:51 pm
#20 isuckless on 09.08.16 at 6:26 pm
“Yup, same words we’ve heard since 2009. ..” …
I agree and I agree with Garth (yeah, I am bipolar, so sue me).
Normal economics (that Garth supports) is saying that this is bubble (and do so for at least 6 or 7 years now), however this is new reality: debt is pushed to the stratosphere by greedy realtors, MOFO, and politicians with their own agenda (next election, population control, whatever).
I cannot see how this will get resolved in a normal (old school) economics way without huge social upheaval.
I think we will live in interesting times (we are not there yet).
Exactly !!!…………..interest rates are going no where near historic norms anytime soon !…..so average Joe and his miss’s can keep paying the debt ….simple as that !
******************
What happens if the economy turns bad and jobs disappear – and ave Joe and his miss’s loose an income or two?
Oh wait that will never happen, cause interest rates will never rise…
This fiasco of market will turn when it is ready, perhaps not on your timeline, should have happened a while back, but the central banks intervened with stimulus and low rates and banks with new lending practices (anyone with a pulse). Rising rates will come most likely after the downturn (a kick to the consumer while already laying on the ground). When the shit hits the fan…that will be an opportunity to clean out the shed.
I thought Alberta was supposed to bounce back quickly, as all the early reports said, ‘Don’t worry Alberta will be rockin. The world still runs on oil’.
Some of the latest comments are that this is the worst it has been in 40 years.
My point: Things don’t happen till they happen and just because they don’t happen on your timeline is no reason to think they will never happen. I betcha when the boomers were in they 20-30’s in the 70-80’s older folks had the same thoughts towards them as some have with respect to Millennials. It’s all relative.
So if you are feeling lucky…go ahead and buy another house.
#91 Julia
I didn’t realize how much of a cartel real estate agents really are.
—-
Every industry that can be turned into a cartel becomes a cartel.
#97 Who luvs ya baby on 09.08.16 at 10:28 pm
#89 Smoking Man on 09.08.16 at 10:04 pm
Packing for the four day drunken desert trip to Laughlin Nevada . 10 lighters. Two cartons of cigarettes, one pair of flip flops, two swimming trunks, two shorts, a few tee shirts. Huge jar of Tums.
The last time I was there, I wasn’t smoking or drinking, I had that crazy fever. I remembered everything. This trip will be different. I’ll want to forget it.
Most people that visit the 6 casino are old and on deaths door. Pathetic visuals at the pool with machinery available to lower and fetch the old farts into a pool were half the swimmers are wearing depends. Frank Sinatra tunes on the tiny speakers.
Vegas is only a one hour drive. But I’m going there.
Might as well try and get use too being one of these old fks. Learn to speak the lingo.
—-
Sounds like a rip roaring barrel of fun in a decrepit shithole… you sure you don’t have any root canals you could do instead….
I thought you were gazillionaire .. you can’t dream up something a tad more exciting to do.
……
Booze realy takes a chunk off the brain, I was sucked by fellow blog dogs, your Hunter, you’re Bukowski, in thinking I could be great fiction writer if I Chain smoked, became an alcoholic, moved to long branch.
I fell into to the trap… Now I’m stuck here. Writing about Laughln shit whole Nevada.
Yeah I’m a gazillionair.. But sort of hooked on crazy stories and experiences. Never been happier.
The loot is for my ungreat full off spring. When you become hooked on writing, money means nothing.
Same as gambling…
#92 Busted on 09.08.16 at 10:15 pm
The hypocrites forgot to calculate the carbon footprint of artificially screwing up traffic.
—-
In my neck of the woods, “they” are measuring bike traffic in newly made bike lanes that noone uses.
Other than some of my posts here, i didnt see anything more patetic than those two pressure switch hoses measuring only 3ft, one “box” on each direction.
are “they” thinking i am thinking…
@ #78
duh, it’s Scottish (inventors of scotch!) vernacular for “cannot”…. well played Garth, well played.
94 Smoking Man on 09.08.16 at 10:23 pm
DELETED
..
Now I’m scared, that delete was protection.. Shit I have no freinds. That was a freind thing to do..
Please direct me to the book store that sells how to make freinds for dummy edition.
Shit. Thinking I might have a few more than 100 fans..
Gartho… What trauma in your life made you into such a good Shit.
A unpublished great fiction writer wants to know..
You’re the best…..
I’m bringing beers to the general store next weekend after the London airshow. Make sure your there, or I will mind fk your ice cream staff, and they will form a union on the next Monday.
#17 Trojan Horse.
How did realtor get to be trademarked? It’s just a profession like engineer or doctor, only without the education.
Bill Morneau: “We are going to remain on top of the dynamics in order to consider whether we need to take actions,” he said, adding that he and the boss want to “make sure we’re managing those risks.”
Canadian officials are trying to find ways to slow price gains in Vancouver and Toronto — without harming other regional markets — in a bid to control record household debt levels, make homes more affordable and ease chances of a crash.
http://business.financialpost.com/personal-finance/mortgages-real-estate/morneau-still-mulling-measures-for-highly-charged-toronto-and-vancouver-housing
they’re looking for something that’s impossible!
– control household debt levels
– make homes more affordable
– reduce the chances of a crash
Let’s choose one – reduce the chances of a crash. You do that by extending credit and increasing household debt levels! This choice will also have the effect of biding houses up in price – homes will be less affordable!
#17 Trojan House
still like “realturds”
There is still sources of hot air ready for this party.
Times are different now as global economic benefits are in their decline.
Garth never say never but this is what will happen.
Negative interest rates in Canada. Why just for housing but to force people to spend even more now. Present governments only care about themselves and getting reelected. Otherwise they are unemployed. They don’t care about you and everyone else being poor 30year later.
The dollar will go down relative to USA and the USA dollar will be on par with the Euro in 2 years.
You heard it here first.
What will happen in Canadian housing? It will blow up but not atleast for a few years.
Enjoy your shitty rental and constant moving/being possibly homeless at times as your landlords keep selling.
Drunkin thoughts.
You ever go to the edge of the horse shoe falls, it’s 35 degrees, and you think, if I jump in I can beat the bitch current.
Or on a ride on the Toronto fairy to centre Island half way into the harbour you think, I should jump into to water, I’ll beet this ship to port.
If not, never try entrepreneurship. You will fail.
I gonna get some bumper stickers made. Justin Tredeau I didn’t vote for his Daddy either.
Gotta watch those banksters….Could this happen here?
http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/
“Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn’t even sign up for.
That’s exactly what happened to Wells Fargo customers nationwide.
Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement. “
Starve The Beast. Never use a Real Tard. You have to be simple minded not to FSBO in this market. Use a lawyer for the paperwork. Save tens of thousands. Are u stooooooopid?
If a ‘TURD’ comes to the door tell them you’ll negotiate a modest commission of $1500 if they come with a bona fide buyer for which you will exchange a 24 hr exclusive listing. to cover the term of that one clients inquiry. Never sign an MLS listing !!!! Don’t be an idiot.
Otherwise, if you’re paying a TARD to rip you off, you deserve the crap they dish out.
With regards to Fraser Beach and his fight against TREB I have an idea. If Fraser Beach is prepared to challenge TREB in court lets organize the following.
If we set up a legal fund through donations ,I would for one be prepared to make one myself. With all the action on Garths blog if 1000 to 1500 folks donated on average $100 per donation . There would be sufficient $$ to have this brave realtor take on TREB. I am sure their would be many really good lawyers in Canada who would relish the opportunity of proving what a bunch of systers TREB really is.
#85 NoName on 09.08.16 at 9:53 pm
#25 Brazil ex-pat on 09.08.16 at 6:53 pm
And I mean the USERS of social media not the creators of social media….like Facebook that is now using algorithms to “create” its news now.
——
you should consume lot more news, because wrong conclusion you come to!
people create algos to pull on any side they like, left right, but facebook like it fake.
remember microsoft robot twit, about hitler, i can tell you robots are not as smart as people think.
http://www.inquisitr.com/3449248/facebook-has-removed-human-editors-fake-news-trending/
http://www.theverge.com/2016/3/24/11297050/tay-microsoft-chatbot-racist
++++++++++++++++++++++++++++++++++++
Yes….that’s what I said. The “Users” of social media….Not the “creators”. The creators are using bots but the users (you and me) are not.
#100 Suk “Mike” Hok on 09.08.16 at 10:42 pm
Got many family and friends living out in Vancouver. The market is tanking hard and won’t be long before banks start repoing with mortgages being larger than home values.
Long time reader, first time poster. Great comments from everyone, except for the Dos Equis Guy wannabe – yeah I’m talking about you FF. Your posts are usually a waste of bandwidth.
++++++++++++++++++++++++++++++++
……Hok…….hahahahhhhahahahahahaha………I know his cousin. Michael Hunt………….Mike for short.
#8 White Crock BC on 09.08.16 at 6:07 pm
LH on 09.08.16 at 5:35 pm
Spending some of my two week mandatory leave here
Too bad there don’t seem to be many real jobs round here.
=========================
Oh, you’re onto us.
Every weekday morning and afternoon when the Massey tunnel and Fraser Bridge is bumper to bumper, it’s all people going to their “fake” jobs or maybe going to meet their pot dealer.
Hey, that’s how you could make 7 figures and get more than 2 weeks vacation!!!
====================================
Poor urban planning leading to horrible congestion is no indicator of the quality of jobs people are struggling to commute to. It’s a bit sad you would cite Vancouver’s terrible infrastructure as proof of people’s employment! (FYI neither Massey tunnel nor the Alex Fraser bridge are anywhere near West Van).
I agree with LH – very few real jobs in Vancouver. By “real” I mean ones that can sustain a reasonable lifestyle without incurring enormous amounts of debt.
The debt statistics strongly support our view.
That’s “Registered” not “Trademark”:
http://www.crea.ca/realtor-members/become-a-realtor/
#90 Busted on 09.08.16 at 10:10 pm
Andrew t on 09.08.16 at 9:42 pm
#62 & #66 Busted:
I see you can copy and paste.
If I wanted to read Zerohedge, I’d read Zerohedge.
Busted.
—-
It’s the Internet.
All about references. Remix.
No secret, nothing to bust.
http://everythingisaremix.info/watch-the-series/
—
Remix and regurgitate are two different things. Passing off the first sentence of three Zerohedge articles in a row as your own comments is weak. Not to mention Herd-like. Sheeplish, even.
We like writers here. Smokey, can I get a hell yeah?
#46 Paul on 09.08.16 at 7:42 pm
Realtors compile the data to their computers which they paid millions for and millions more to keep it updated and secure not you or the government paid 10 cents for. So if you want access then get your License and pay!!
——————————————
This can only come from a realturd who has no clue what he/she is talking about.
The information on sales, including pricing, location etc. is not owned by the realturds.
It is equally owned by the clients.
Realturds do not compile information, they use their platform as advertisement and for facilitation of sales, this is what they pay for.
Statistical and sales data is not and can not be owned by the realturds, it is publicly owned.
Yes, we are dealing with possibly criminal mafia style cartel here that should be broken, regulated and some/many members investigated and if needed put in jail for dishonesty and criminal activities.
I am not so sure getting the license is the argument you want to make (in order to get that background info. that Linda desires on RE which is the privy of licensed Realtors):
-$50/exam, closed book, 50 multiple choice questions over 3 hours time each.
-Prerequisite: breathing and warm (Grade 12 diploma) and over 18 yrs of age.
-Total course cost in ON is about $3.5 K (what a university student will at least pay in 1 semester).
-Or your own RE business (cost $5.5 K).
Rather, it is getting a job and keeping it or making a success out of your own RE business. Here there is value since the Realtor failure rates are very high (at least > 50%).
The barriers to entry are very low from a cost and prerequisite point of view especially when compared to a common University degree.
Hey Smokey,
Why do you need 10 lighters? I’m not judging you. You can respond in a couple of days if you’re already in the next dimension.
I CANNOT believe that Canada can’t fix these shenanigans and get real info out there.
You got rid of Harper, didn’t you?
Thank God for Zillow in the US. Not only can you see what houses sell for, you can run (not walk) from any jerk flipper trying to make a bonanza on a house they got dirt cheap for pennies. I don’t care WHAT they did to the cosmetics to flip it. Mike Holmes made an entire career out of redoing everyone else in Canada’s “ef-the-next-guy” cosmetics-only flipper “special” “renos”.
#100 Suk “Mike” Hok
Yes. Well, SMH. Consider my response to you from me as my simply saying your above name to you as fast as I can.
Our politicians have been the enablers for scammers like TREB and all real estate boards in Canada.
So far only BC has the balls to take the power away from them.
Nova Scotia has transparency.
Lets see if they do anything right?
If giving all the licencing power to a few taxi company owners is any guide then we are in for trouble.
In this world the lies become the truth. It does not phase anyone any more even when you are being scammed right before your eyes!
If one observes the time each posting was moderated through the night, one might conclude the moderator was losing sleep worrying about our fate?
I think that there is a large group of retired mid wave boomers with assets and no debts on this site wondering what to do with the liquid when the stock market begins the repeat of the 25 year slump that happened starting about 87 years ago which was only reversed by WW II.
There sure are a whole lot of advisers that sing the mantra of buying and holding through thick and thin it always goes higher. Such as Garth.
It is obvious already that cash fails to hold wealth, metropolitan real estate is not tangible and the only thing goosing stock values through out the world is govt purchases via digital currency.
Where does one find the unique adviser who has thought out of the box, and has a plan B to be implemented in advance of the herd when it is time to sell and survive rather than to hold and drown?
Chrysler ‘busted’ fudging the numbers.
“The automaker’s August numbers were calculated using a new method following similar reporting changes in the United States that were made amid a U.S. investigation into claims the company inflated sales data.”
http://business.financialpost.com/news/transportation/fiat-chryslers-canadian-auto-sales-down-20-per-cent-in-august-following-reporting-method-revision
«I CANNOT believe that Canada can’t fix these shenanigans and get real info out there.»
Well I can, it’s how country operates is it not?
How could you become a main hub of money laundering otherwise?
Also, sold.watch a similar site to torealestatesold.com was also just suspended – “We have received a “cease and desist” letter from legal counsel to the Toronto Real Estate Board. Accordingly, we have temporarily suspended publication of the Just Sold report until the legal issues can be resolved.”
https://www.thestar.com/business/real_estate/2016/09/08/how-far-over-budget-are-toronto-area-buyers-willing-to-go-to-win-bidding-wars.html
How much financial comfort are home buyers willing to risk to win a bidding war?
In the Toronto region’s take-no-prisoners real estate market, more than half of consumers said they would consider going up to 10 per cent over their budget — as much as hundreds of thousands of dollars more — to emerge victorious.
A poll for the Real Estate Council of Ontario (RECO) found that 57 per cent of Toronto-area buyers would exceed their set maximum, compared to only 41 per cent province-wide.
Thirty-eight per cent of respondents said they would consider going up to 20 per cent over budget to get a house. That is particularly concerning, given that the average price of a single-family, detached home in Toronto is $1.2 million, said Kelvin Kucey, RECO deputy registrar.
Vancouver Sun | Vancouver News, Top Stories, Breaking Headlines & Videos
http://vancouversun.com/
Makes you think that the Chinese $$ coming into YVR real estate had a lot more impact than some people like to recognize. ….interesting reading
#106 Smoking Man
I’m bringing beers to the general store next weekend after the London airshow. Make sure your there…”
——————————————————————–
Garth hides out and takes refuge across the street at Higher Ground among the fats and tats when he sees you coming!
It is a shame that we do not have a more aggressive press, one that shines a light on those that would “extinguish the lantern of transparency” as Garth so eloquently phrases it. But we do not. This article from Bloomberg discussing how our PM has succeeded in side lining what was already a relatively impotent force via the use of social media and a willing, slack-jawed public is revealing. Holding our leaders to account has taken a back seat to getting our picture taken with them.
http://www.bloomberg.com/news/articles/2016-09-08/why-trudeau-is-like-trump
Bill Morneau: “We are going to remain on top of the dynamics in order to consider whether we need to take actions,” he said, adding that he and the boss want to “make sure we’re managing those risks.”
——————————————————————–
Whatever happened to Laissez Faire?
“Laissez Faire” is French for “leave alone” which means that the government leaves the people alone regarding all economic activities. It is the separation of economy and state.
There are two ways that a government typically is tempted to interfere with the economy. The first is through the initiation of force, and the second is through socialized industries. Neither of these activities are aligned with the proper role of government, and are both unacceptable.
“Laissez Faire Capitalism” is actually redundant, due to the nature of Capitalism. Therefore, simply “Capitalism” is sufficient to get the point across although historically it has been misrepresented as compatible with government economic interference.
[Ref:http://www.importanceofphilosophy.com/%5D
“Que sera, sera,
Whatever will be, will be;
The future’s not ours to see.
Que sera, sera,
What will be, will be.”
Hands off.
Something is rotten in the state of
-Hamlet
Interesting article about the Japanese bond market and its influence in the rest of the world.
http://www.bloomberg.com/news/articles/2016-09-08/bonds-that-drove-global-yields-to-record-low-threaten-a-reversal
It is said that the huge Japanese bond market that has led the world wide decades long rally in bonds may be turning as the BOJ is changing its strategy. Experimenting with negative rates is not working out so great as investors are fleeing to other markets and the value of the Japanese debt is tanking. Some see this as the early stages of the tide turning in the global bond market.
And why wouldn’t it be? Why would investors tolerate much longer rates that are below inflation or even negative? Especially if they start to feel interest rates have hit bottom and bonds have a high risk of losing value. The only thing keeping rates low is fear and that can only last for so long.
http://www.bloomberg.com/news/articles/2016-09-08/treasuries-decline-after-ecb-leaves-stimulus-program-unchanged
Funny people talk about how expensive the stock market is when they are sitting next to the elephant in the room, the bond market is possibly the biggest bull market (bubble?) of all time. For all our sake let’s hope it deflates slowly…
My ex brother in law is a realtor. I say ex because I can’t stand the lying cheat he is. My father in law died. He ripped off his own mother when she sold her house. He also has borrowed money from her with no intention of paying her back. I have been told about 40 K. I must stop now or I may get another letter of seise and desist.
“evil little weenies” makes them sound almost cute. They are overwhelmingly dangerous, misleading profiteers with a single view to extracting hardworking people’s income and savings via a very bumpy and opaque playing field.
It blows my mind that our largest employee, our government, has stood idly by and allowed this to chew up the national economy via buyer (and sometimes seller) abuse for so long. There is no solid platform underpinning this obese, farcical sector that might otherwise contribute to the health of the economy. Excess cash spent on re ensures that it is not spent elsewhere.
There is far too little respect for the electorate and as for the consumer, it is nonexistent.
As most people know, re pricing structure across the entire country is based upon purposefully mangled stats and the sowing of FOMO as well as other emotionally-based mind bending techniques.
A disproportionate number in this industry has been accessing often obscene quantities of profit they do not deserve through a marketing and pricing system that squeezes cash out of people like toothpaste out of a tube.
Has government considered unjust enrichment, given the continuous re-framing or stonewalling of vital information necessary for properly assessing a potential purchase. People are simply widgets or toys to be taken unfair advantage of.
Our largest and very generously paid employee ought to legislate, yesterday, conditions that will provide ready access to re stats.
Instead, the clock ticks as realtards continue to flash those plastic, catch me if you can, Cheshire cat grins from every msm emanation and placard.
In the biggest transaction of most people’s lives, you’d be mistaken to think that our government has buyers’ backs.
Immoral and disgusting – on so many levels.
Hey Garth, can we start reporting in median prices as opposed to average? Anyone with the least amount of stats education knows that in this case the first is more meaningful, and the second strongly skewed by the vagaries of the luxury market.
Thanks!
Tell the realtors. — Garth
I learned a new Word today. “Electioneering”, create a study on electioneering. NGU you trademark that word.
“NEVER GIVE UP on 09.08.16 at 9:49 pm
The Feds are really concerned about real estate.
Ya… They are concerned about if it is going to crash during an election.
That is all they ever are concerned about. Constant electioneering.”
PB43
FED rate bafflegab hit the wire today. No urgency to raise rates.
Economic weaponry.
Bill Morneau: “We are going to remain on top of the dynamics in order to consider whether we need to take actions,” he said, adding that he and the boss want to “make sure we’re managing those risks.”
_______________________________________
Morneau along his elbow dropping-ass grabbing-dingbat-sunshine boy boss of his would indeed collect the best possible results by just doing nothing.
T2 would probably be best off looking for another beach wedding to photo-bomb, or another sexy hunk leader to do a short-shorts tandem jog with for the CBC to take spy photos of and headline.
#25 Brazil ex-pat… interesting:
“USERS of social media are going to be the T-Cells that eventually bring down the cancer of Govt and Corporations. Its happening…..”
But here’s the problem: top ten Youtubers are members of the family that own the media and corporations, similar hidden facts with twitter and 50% fake faCeIAbook accounts.
What is happening is that social media is just as manipulated as the MSM. It’s fake news whether reported by the MSM or disseminated by the top social media users. See my article on Mark Zuckerberg (aka Jacob Michael Greenberg) for more info.
#128 F.dover
“Where does one find the unique adviser who has thought out of the box, and has a plan B to be implemented in advance of the herd…”
————————————
It could be your big opportunity.
Garth, thanks for writing about this. You don’t need to publish this comment – I just wanted to say thanks as I believe this issue is very important for Canada to improve the system. Verifiable data is arguably as important as interest rates … (just ask the fed ;) Take good care.
#133 Happening now on 09.09.16 at 8:08 am
And since we know YVR is top world airport for cash going through with passengers from China… where is all the cash going? If not real estate, where?
Canada ‘created’ 26,000 ‘jobs’ last months e
embarrassing loss of 31K. Guess what! 16300 of the new jobs are union civil service. Union ‘1’…’taxpayer ‘O’.
Mr Potato Head and the liberals are using the courts to tie industrial companies up in knots . Welcome to Trideau kids , 100 percent taxation for the private sector while the elite civil servants lick the spoon.
#115 Jackie Sams
I listed my Vancouver house with an agent in 2010. I was quite sure he’d have one or more buyers on the line and that was just fine buy me.
I gave him a price I was quite willing to accept based on six recent sales of similar local properties. The house was a tear down so it was mostly lot value anyway.
In a week the property was sold for an amount greater by almost exactly his commission. Four developers bid on it. I took the highest one.
I got exactly what I wanted and he got his commission, which was essentially paid for by the buyer. Win-win.
I heard a rumour that the Smoking Man moonlights as a part-time realtor selling homes.
“Chances of the Fed raising rates at the September meeting climbed to 38 percent, up 16 percentage points from Wednesday, according to fed funds futures.”
http://www.bloomberg.com/news/articles/2016-09-08/japan-index-futures-signal-bounce-as-ecb-outlook-weighs-on-bonds
job numbers up ….hiring more auditors /outsourcing
or buy the leaks e.g Denmark
https://www.theguardian.com/news/2016/sep/07/panama-papers-denmark-becomes-first-country-to-buy-leaked-data
http://www.thelocal.dk/20160404/danish-banks-caught-up-in-massive-tax-evasion-leak
https://www.accountancyage.com/2016/04/06/why-hmrc-will-struggle-to-gain-convictions-from-the-panama-data-leak/
===================
OECD’s Common Reporting Standard project, (CRS)a global scheme for countries to share banking information across borders.
============
==================
11 Apr 2016
https://fullfact.org/economy/taxation-legalised-extortion-discuss/
Sounds like RE is starting to decline everywhere – core markets in Canada being Vancity and Toronto – then it will spread to the peripheral markets – Calgary, Regina and Coaldale in this case:
https://www.armstrongeconomics.com/markets-by-sector/real_estate/real-estate-turning-down/
trudeau : trump ?
vanity fair
trump:sir green
http://www.vanityfair.com/news/2016/09/how-sir-philip-green-outraged-an-entire-nation
————-
inputs Prejudiced AI programs
https://www.theguardian.com/technology/2016/sep/08/artificial-intelligence-beauty-contest-doesnt-like-black-people
Facebook fires trending team, and algorithm without humans goes crazy
Module pushes out false story about Fox’s Megyn Kelly, offensive Ann Coulter headline and a story link about a man masturbating with a McDonald’s sandwich
https://www.theguardian.com/technology/2016/aug/29/facebook-fires-trending-topics-team-algorithm
#142 Prairieboy43
learned a new Word today. “Electioneering”
There’s a song for that, by Radiohead.
“I trust I can rely on your votes.”
Funny people talk about how expensive the stock market is when they are sitting next to the elephant in the room, the bond market is possibly the biggest bull market (bubble?) of all time. For all our sake let’s hope it deflates slowly…
Fun fact: inflation has devastated bond holders in the past following a period of low inflation (50s to mid 60s).
The Fed is out with their bluster and bullshit again. I really think we get four hikes this year. So confident this “data dependent” Fed that even though the data is terrible these hikes are coming!
Yup, up she goes! The “really smart people” at the Fed have engineered the greatest recovery in living memory. Guess The American, JP, WalMark, Shawn and the rest of the “America is BOOOOMING!” crowd won’t need to provide any excuses next week.
As an aside, see the blistering job creation numbers for Canada last month? This economy must be BOOOOMING! After all, if the Fed’s judgement is to be believed, total number of jobs created every month is the only number that matters.
Except last month, when their number wasn’t so great, still “the case for a rate hike is strengthening.” Right?
#Busted?… #YouCanSayThatAgain,Or… #SomePeopleWillDoAnythingToAvoidExcessBaggageCharges?…
[G&M] – Seizures of undeclared cash spike at Vancouver International Airport
…”As Vancouver’s housing market began sizzling, border guards at the nearby international airport were seizing millions of dollars in undeclared cash from Chinese citizens, with total amounts jumping 50 per cent in each of the past three calendar years, government data show.
According to the information, released to The Globe and Mail by a New Democrat MLA, during that period, border guards confiscated more than $13-million in hidden currency from 792 Chinese people passing through Vancouver International Airport, which is Canada’s second-busiest after Toronto. The average person had $17,000 in hidden bills, bank notes or drafts.
That is in addition to the $323-million declared at the airport by 20,000 Chinese citizens or passengers on flights to and from that country, during roughly the same period, according to data released to The Globe through a freedom of information request.”…
http://www.theglobeandmail.com/news/british-columbia/seizures-of-undeclared-cash-spike-at-vancouver-international-airport/article31787802/
#7 – Victoria the original
I saw the VREB prez Nugent on newcast state himself that there is the odd sale you hear about going to a foreign buyer in Vic due to the tax in Van but its not something he said he sees a being an influence on the market. He indicated having to hop a plane from VYR to Vic’s airport would be something he saw hindering that type transaction. So…there you go…realtor BS in total contradiction to the words from the prez of VREB.
——–
He only said that because he knows that the Mayor of Victoria wants the foreign buyers tax extended to Victoria and because the Province said that they will be watching the Capital Regional District in particular to see if the tax needs to be extended there.
The Presidents is doing the smart thing for his commission based members and denying any foreign capital influence in order to ensure higher prices and better commissions. He will deny the influence of foreign capital and play it down until its so apparent that the public calls for the tax to be extended to Victoria and surrounding areas.
Sound familiar? Look at the last 5 years of the GVREB denying the influence of foreign capital. The President is using the same playbook.
Anybody else notice how REALTOR.CA keeps changing the catchment area of listings so that you cannot keep tab on whether listings in an area are going up or down?
My search for one community may have 80 listings – at one time the same listings will be broken down into 20 per neighbourhood for a total of 80. Then you search the exact same neighbourhoods a few days later and they are listed as 30 in one, 15 in another, 15 in another , and 40 in one.
The thing is they are the EXACT same listings without ANY changes whatsoever. Another attempt to obfuscate the listing information and market conditions.
Hey Garth, can we start reporting in median prices as opposed to average? Anyone with the least amount of stats education knows that in this case the first is more meaningful, and the second strongly skewed by the vagaries of the luxury market.
Thanks!
Tell the realtors. — Garth
From realtors: graph with avg and median.
http://maggie-chandler.myrealpagewebsite.com/_media/Documents/2016%20graphs/vanwest082016.pdf?inline=false
http://maggie-chandler.myrealpagewebsite.com/_media/Documents/2016%20graphs/vaneast082016.pdf?inline=false
#104 Smoking Man on 09.08.16 at 10:55 pm
#97 Who luvs ya baby on 09.08.16 at 10:28 pm
#89 Smoking Man on 09.08.16 at 10:04 pm
Packing for the four day drunken desert trip to Laughlin Nevada . 10 lighters. Two cartons of cigarettes, one pair of flip flops, two swimming trunks, two shorts, a few tee shirts. Huge jar of Tums.
The last time I was there, I wasn’t smoking or drinking, I had that crazy fever. I remembered everything. This trip will be different. I’ll want to forget it.
Most people that visit the 6 casino are old and on deaths door. Pathetic visuals at the pool with machinery available to lower and fetch the old farts into a pool were half the swimmers are wearing depends. Frank Sinatra tunes on the tiny speakers.
Vegas is only a one hour drive. But I’m going there.
Might as well try and get use too being one of these old fks. Learn to speak the lingo.
—-
Sounds like a rip roaring barrel of fun in a decrepit shithole… you sure you don’t have any root canals you could do instead….
I thought you were gazillionaire .. you can’t dream up something a tad more exciting to do.
……
Booze realy takes a chunk off the brain, I was sucked by fellow blog dogs, your Hunter, you’re Bukowski, in thinking I could be great fiction writer if I Chain smoked, became an alcoholic, moved to long branch.
I fell into to the trap… Now I’m stuck here. Writing about Laughln shit whole Nevada.
Yeah I’m a gazillionair.. But sort of hooked on crazy stories and experiences. Never been happier.
The loot is for my ungreat full off spring. When you become hooked on writing, money means nothing.
Same as gambling…
………………………………………………………………………
Ha! A bazillionare wouldn’t be found dead in Laughlin, cheapest Casino nights west of the Mississippi. 25$ to 27$ per night at el cheapo Harrahs, even cheaper at the Colorado Belle. That’s the place where gamblers go to stretch out their funds. Better stuff some dollar bills in your underwear Smokie. You are by far the biggest bullshitter on the blog.
The Smoking Man lives in a rough neighbourhood as the police evacuated the local high school of 600 students and moved them to the police college for protection.
Strong Canadian jobs number countered with Fed mixed messaging continues the schizophrenic economic reality. Count on this fact however….no significant housing correction in Canada until Fed starts to raise rates in a steady fashion. It will happen one day but probably not anytime soon.
Fed needs to make up it’s damn mind!!
I’ll feel today’s whipping by S&P500 for days to come :(
#143, FED rate bafflegab hit the wire today. No urgency to raise rates.
Remind me, if the Fed doesn’t raise rates, who is doing the polar bear swim in their skivvies?
Deja vu anyone?
A fed rep talks about the forever ‘pending rate hike’ and the markets punish him for it. Dow and TSX down 300 points. Saw this in 2014, 2015 and 2016 – soon to be 2017.
Once again, Sept and December are off the table. Maybe the feds will learn to keep their mouths shut and just pull the bloody trigger on a rate hike. As everyone has said, the market has been been warned and the hikes are apparently priced in.
Keep selling this POS market gentlemen.
I was just looking at the shootings and homicides in Toronto as year to date and its getting nasty. Just think what will happen when the bubble bursts so can you spell Chicago? Well at least if you sell the condo high in the sky it indicates where not to rent an apartment as you would need to be packing. Now some of you might remember my adventure tours to locate a fine high rise apartment building in the perfect neighbourhood filled with goods and services that are all dog friendly. There are NO problems in this extended area of leafy filled streets which is part of district 53.
I went to Laughlin from Phoenix once on an entirely free promo for two nights. The donut bar at the then brand new Harrah’s complimentary breakfast was just like Timmies…except without the glass barrier.
Even though, the free trip wasn’t worth free.
After you watch the river flow for an hour, it is past time to leave.
Re: #7 Victoria – the original on 09.08.16 at 5:58 pm
They don’t care how much and how fast you lose your money as long as they make money. Could anyone on Earth be that stupid to believe the Chinese will buy in Victoria because of the tax on Vancouver real estate? We already heard the one about the Chinese buying in Calgary because of the tax in Vancouver. Nothing could be further from the truth.
Re: #7 Victoria – the original on 09.08.16 at 5:58 pm
#10 Fed-up on 09.08.16 at 6:09 pm
The GTA will start to crumble around Christmas this year. Around that time the worldwide stock markets will also crumble.
From the Globe-The yield on the 10-year Treasury note jumped to the highest since June and the greenback almost erased a weekly slide as a Federal Reserve official warned waiting too long to raise rates threatened to overheat the economy.
Well, when you say it that way it makes perfect sense to raise rates. We don’t want the economy to get overheated do we. Obama has done such a bang up job so let’s just keep on keeping on and pass the baton to Hillary./sarc off
#163 Seriously Smoking Man on 09.09.16 at 1:31 pm
#104 Smoking Man on 09.08.16 at 10:55 pm
#97 Who luvs ya baby on 09.08.16 at 10:28 pm
#89 Smoking Man on 09.08.16 at 10:04 pm
Packing for the four day drunken desert trip to Laughlin Nevada . 10 lighters. Two cartons of cigarettes, one pair of flip flops, two swimming trunks, two shorts, a few tee shirts. Huge jar of Tums.
The last time I was there, I wasn’t smoking or drinking, I had that crazy fever. I remembered everything. This trip will be different. I’ll want to forget it.
Most people that visit the 6 casino are old and on deaths door. Pathetic visuals at the pool with machinery available to lower and fetch the old farts into a pool were half the swimmers are wearing depends. Frank Sinatra tunes on the tiny speakers.
Vegas is only a one hour drive. But I’m going there.
Might as well try and get use too being one of these old fks. Learn to speak the lingo.
—-
Sounds like a rip roaring barrel of fun in a decrepit shithole… you sure you don’t have any root canals you could do instead….
I thought you were gazillionaire .. you can’t dream up something a tad more exciting to do.
……
Booze realy takes a chunk off the brain, I was sucked by fellow blog dogs, your Hunter, you’re Bukowski, in thinking I could be great fiction writer if I Chain smoked, became an alcoholic, moved to long branch.
I fell into to the trap… Now I’m stuck here. Writing about Laughln shit whole Nevada.
Yeah I’m a gazillionair.. But sort of hooked on crazy stories and experiences. Never been happier.
The loot is for my ungreat full off spring. When you become hooked on writing, money means nothing.
Same as gambling…
………………………………………………………………………
Ha! A bazillionare wouldn’t be found dead in Laughlin, cheapest Casino nights west of the Mississippi. 25$ to 27$ per night at el cheapo Harrahs, even cheaper at the Colorado Belle. That’s the place where gamblers go to stretch out their funds. Better stuff some dollar bills in your underwear Smokie. You are by far the biggest bullshitter on the blog..
……..
Finaly someone appreciates my talent., thanks. Aggreed Laughlin is a shit hole, as is Long Branch.
But I like shit holes with character. I’m a full time self employed fiction writer now. I get no inspiration from country clubs or yacht clubs.
You can add this to the model: reference – Mercer Canada. “Canadian salaries to see some of the slowest growth in over two decades.” It is always darkest before the storm hits as can hear a bubble popping in the distance.
The Smoking Man has a booking at the Riverside Resort Hotel and Casino. Home to the world famous Losers Nightclub Lounge in Laughlin, Nevada.
Garth, if you’re looking for some non-Speyside inspiration this evening:
Canada Regulator Sets Out Stricter Mortgage Rules for Banks
*Proposal reflects ‘changing risks’ in home-loan market
*OSFI updates guideline on Capital Adequacy Requirements
FED is going to raise this month.
Bond market is saying so. Bond market is never wrong.
Canada adds 57,000 full time jobs, many of those in the public service sector.
Canuckistan is now going full commie. Might as well have NDP running this country.
I miss Stephen Harper!
This quote resonates with me:
“I know who I am, I like who I am, I’m comfortable with who I am, I’m not out to impress anyone. I take chances much more readily, I don’t second guess myself. I know what I want, what I like and what I don’t. And I have the confidence, and the balls, to avoid, like the plague, anything or anyone annoying, frustrating, toxic or disappointing. I appreciate time much more and I’m not willing to squander even a second of it.” – Fransi Weinstein (a writer!). http://www.huffingtonpost.ca/fransi-weinstein/in-praise-of-older-women_b_11889656.html
It was rough couple of days in the markets for me. I am sure there are more on the way. Even German bunds turned positive. If the Fed doesn’t raise rates by a ¼ point by the end of the year, I will eat some liver or befriend a crow (I hate them both). Anyway, I am staying the course of watching for the next few months. I sense a disturbance in the RE universe.
Statistics are like a bikini; they show you what is interesting but generally conceal that which is important.
I agree median makes a lot more sense than average but there is still WAY more to isolating meaningful data that just that. It’s like the news the other night which reported the average Kelowna home is currently $468,000. ???! What exactly is an “average” Kelowna home?
That stat reported by the news was the average of the sum total of single family, condo and modular (Michelin foundation). Not a very meaningful stat for any one of the above much less any one of the above in a specific location.
And so this is why it is such and inane argument to say whether or not that sold data should be made public. It really doesn’t matter to the professional REALTOR® community if it is or isn’t because in the hands of someone who doesn’t know how to assemble it into a meaningful format for a specific purpose it is nothing more than “interesting” and not likely to be very “useful”
#98 bill on 09.08.16 at 10:33 pm
You do know that when I said; “What a bunch of tin hat conspiracy theorist buffoons”, I was referring to those posters on this blog who appear to think organized real estate is manipulating the market statistics for their own gain, right?
The fact is real estate has NOTHING to gain and EVERYTHING to lose by manipulating the data as such. It is our job to know what the market IS doing not what you or I would like it to do. It is our job to help our clients make informed decisions not conceal the realities of the market.
We all depend on a solid foundation upon which to make the well informed decisions that will affect our futures rather than trying to cross an impossible field of quicksand and landmines.
That is why the call it real estate.
A good REALTOR® brings logic to the table and checks emotion at the door.
Some agents discount their fees… and so they should.
well I wasnt referring to the blog dogs…
I should have said German Bund yields went positive. Usually I don’t correct myself – forgive me. I have a slight problem with dyslexia and can’t see my writing errors. Besides, I don’t think people hang on my written words.
The Qualified Domestic Institutional Investors program 2
http://www.bloomberg.com/news/articles/2016-06-28/china-s-cross-border-investment-programs-show-exodus-of-funds
http://www.bloomberg.com/news/articles/2016-02-03/card-swiping-currency-dodgers-cut-off-by-china-s-insurance-curbs
By swiping the cards…..in Hong Kong, mainland residents bought policies denominated in Hong Kong dollars and U.S. dollars — averaging $50,000 but reaching as much as $1 million or more — with the equivalent amount of yuan deducted from their bank accounts back home.
The money could then be cashed out and sent anywhere in the world as a clean source of funds from an insurance policy. “
Paul, isn’t Fraser Beach a realtor? Thus is licensed & has presumably paid for the information. Why can not a licensed realtor choose to release that information which they paid for? Why is CREB stifling that realtor’s ability to give their clients service? As for payment of the information, both the buyers & the sellers have paid – many thousands in some cases – more than they should have due to not having unrestricted access to information relating to the sale or purchase of property. I had always thought the realtors fee was to include costs including the cost of data on those computer systems. Not disclosing the full information & thus impairing the client’s ability to pay or receive a fair price is questionable practice at best. Oh, the realtor didn’t keep the information back, CREB did? If CREB isn’t made up of/run by realtors then what is it? A secret agency of shadowy conspirators aiming to take over the world like some Bond movie villain?