Fake news

dog-balance-modified

Remember Shannen?

Sure ya do. Any marketing goddess that’s done so well at dishing up babes for corporate ad functions, as well as helping boost testosterone levels with a snowy bikini publication, deserves national recognition. Days ago this desexed blog featured the latest from the boss of Calendar Girl Productions – her Facebook posting looking for pseudo condo buyers in Burnaby.

Shannen offered to facilitate a gig paying $1,800 for someone to sit in a lineup and look horny to buy a pre-sale. Maybe it was to hold a place for an actual buyer who couldn’t be bothered. Unclear. Anyway, the point Shannen helped us make here is that in a rapidly-turning real estate market, perception is reality. People lining up outside in December to buy something is news. So the easiest way to get on the news is to have people lining up outside in December.

Apparently it worked. The Global TV dudes, too busy applying pancake and eyeliner to read any blog full of, like, words, sent a camera to cover. It made it to air. Shannen, 1. GreaterFool, 0.

But how long will it take for the meme of growing real estate risk in Canada’s most expensive housing market to spread via the mainstream media? Apparently it’s started. Check this out:

price-plunge

When it gets into the media, it usually gets real. As we all know, reporters and anchorettes played a major role in helping to create the greatest speculative property bubble in modern history. They were willing, if not enthusiastic, participants in developer scams like having local sisters of Asian heritage masquerade as hot young buyers from Mainland China. They piled into a big yellow helicopter to film ‘Chinese realtors’ flying over suburban properties making airborne buying decisions for clients who never existed. Those agents were from the burbs of YVR.

Manipulated, massaged and messaged by the Van real estate complex, local media played a pivotal role in making everyone believe Chinese dudes were snapping up all available houses and pricing locals out. The data didn’t support that (90% of Vancouver buyers were found to be locals), and just last week the head of CMHC spoke out against the myth. If anyone knows the numbers, it’s him.

So pervasive was the belief, so intense the FOMO created, that the provincial government succumbed. While the VYR market had already been rolling over in terms of sales for four months, the politicians finished it off with a punitive 15% foreign buyer tax. They accomplished two things – massive public support, and an event that will strip billions in equity out of the marketplace.

Cue Shannen. This is getting serious.

CTV’s report this week is among the first of many you will see – now in Vancouver, later in Toronto. “CTV News found a number of East Vancouver homes priced under then $1 million mark during a search of MLS listings on Monday,” reported the network, “including one that sold for $560,000 below the initial asking price. Detached houses are selling for hundreds of thousands of dollars less than owners are asking.”

This is the story on the ground – not the one in the official monthly Frankenumber release of the real estate board. Street by street sellers are reducing prices, taking offers for less than list, enduring empty open houses and scanning the street for elusive buyers. Multiple bids are all but gone. Not only has interest from foreigners waned, dampening some top-end hoods, but the big mortgage changes announced by the feds two months ago are starting to bite. Meanwhile two major banks have raised mortgage rates, and you know what’s coming next Wednesday, right?

In short, the melt is on. Like most corrections, it will be uneven across neighbourhoods, sporadic in its impact, stealthy in its approach and inevitably devastating for those who mistake it for a brief hiatus on an endless journey up.

Do you wait and gamble on a recovery, or sell now to save what’s left of the windfall?

Regret. Can’t fake that.

172 comments ↓

#1 TRT on 12.06.16 at 6:33 pm

Its official. Canada is headed towards negative rates.

Bloomberg reports that Poloz won’t begin raising until 2019 and may cut twice until then. By then, the USA will be entering a business cycle recession and lowering rates.

Then Poloz can say we follow USA 92% of the time.

Banana Republic Canada.

Link? — Garth

#2 Randy Cross on 12.06.16 at 6:33 pm

No fair. The dog has a flat head

#3 Serfin' USA on 12.06.16 at 6:37 pm

#115 Smoking Man on 12.06.16 at 3:37 pm
Carney says robots could replace 1/2 the workers in britan.

http://www.dailymail.co.uk/news/article-4003756/Robots-steal-15m-jobs-says-bank-chief-Doom-laden-Carney-warns-middle-classes-hollowed-new-technology.html

Another air head Globalist. Robots don’t vote.


that’s just predictive programming by C

btw the Bank of England intends to be in business
‘for all time’

compared to the banknote fraud-theft by the Bank of India,
the Bank of England looks like a Sunday School

http://www.bankofengland.co.uk/banknotes/Pages/withdrawn/default.aspx

while that looks comforting, compare it to the mobs in India: rules, promise to pay etc can be withdrawn,
even retroactively (bill morneau, oct 3 2016)
count on this- money with an expiry date is in everyone’s future

#4 Smoking Man on 12.06.16 at 6:43 pm

If we diden’t have 3 levels of communist governments I would say your out of your mind Garth. Sell now ha..

Watching T2, Wynee. John Troy fighting over ways to steal more of our loot. You just might be right.

In other news quantify a field… You can’t. I just discovered they don’t exist.

This is what drives real estate and everything else.

I call it the UCC

https://youtu.be/I2ohSOzV4SQ

#5 Muttley O'Toole on 12.06.16 at 6:47 pm

“Manipulated, massaged and messaged” – GT, you are indeed a wordsmith of renown.
Long may you reign.

#6 Mark on 12.06.16 at 6:49 pm

Glad to see the media is starting to address its credibility problem. With prices stagnating for the past 3+ years (in the post-Flaherty CMHC crackdown era), and now falling in ways that even the RE boards can no longer manipulate by ignoring the changing sales mix, it was just a matter of time before enough actual participants in the RE marketplace called the propaganda into doubt.

Curiously the cadence between the peak and the selling panic was similar between the USA, with its peak in 2005, and Canada, with its peak in 2013. It took about 3 years for RE sell side manipulations to run their course, but now the decline is undeniable. As I posted yesterday, imports are falling rapidly as Canadian consumers simply don’t have much, if any discretionary money to spend overseas. Explicit CPI deflation, and a rising CAD$ are to follow as the logical consequence of a tapped out Canadian home-owning population and a rush to repay debt in the face of rising lending spreads applicable to retail credit.

#7 Craig on 12.06.16 at 6:54 pm

Question: When the correction eventually comes to the GTA, how will the burbs fair. I am in Guelph and have been looking to buy a house. Renting right now and saving money but eventually I would like a house to raise the kids. Will Guelph decrease at the same, greater or lower rate than 905? Many thanks in advance.

#8 aerozone on 12.06.16 at 6:55 pm

Media… handmaiden to Real Estate, Gov’t, to
whoEverrrr can pay to play. My astute brother once remarked years ago that eventually the only thing you’d
see on a MSM screen would be “PANIC!” or “DON’T PANIC!”
…hmm…

#9 Bank of Millenial on 12.06.16 at 6:55 pm

Well… thats not good news for the solid 12% of the 2016 Canadian economy, the segment contributing half of our growth.

Oh dear, next to go are the Audi’s.

#10 millennial-Falcon on 12.06.16 at 6:59 pm

ya so multi-million dollar mansions are sitting no longer setting up corrals on the front lawn for bidders… so what , anything under one 1.3 without moss on the roof and mold in the basement is selling. vancouver isn’t even a buyers market yet. rents are rising and vacancies slim to none, cool it with the 604 drama garth , sellers are still in control

#11 John on 12.06.16 at 7:03 pm

Garth, you are obviously not trying to buy a property in a popular PRIME time market now. I paid someone to wait for me for 4 days/3 nights and the price was $2000. GTA.

Realtors are demanding $50k+ to get you “VIP” access to get first choice for detached lots in developments north of Richmond Hill. If you don’t buy you only get 1/2 back. This is why so many of the best detached lots in the north GTA are gone by the time it opens to the general public.

GTA is hot and 2017 is going to be even more so. People with $$$ want to invest in GTA north. Deal with it. Winning, prime-time areas are growing fast, north.

#12 Fake censorship on 12.06.16 at 7:06 pm

In other real news:

“Web giants YouTube , Facebook , Twitter and Microsoft will step up efforts to remove extremist content from their websites by creating a common database.

The companies will share ‘hashes’ – unique digital fingerprints they automatically assign to videos or photos – of extremist content they have removed from their websites to enable their peers to identify the same content on their platforms.

“We hope this collaboration will lead to greater efficiency as we continue to enforce our policies to help curb the pressing global issue of terrorist content online,” the companies said in a statement on Tuesday.”

http://www.zerohedge.com/news/2016-12-06/tech-titans-team-block-extremist-content-centralized-censorship-database

Someone needs to tell the “tech titans” that it’s not their business to develop “solutions” to solve issues related to communications.

Free speech, freedom of thoughts, religion are not technology issues – tech companies have no business messing with them.

The history of Communism would prove those “titans” that banning information, communication is not working.

If it did, Communism would have won long time ago, as that entire political system was based on exactly the same principles what “tech titans” are “reinventing”.

Fake news, disinformation is as old as truth itself.

It took a while to figure out that freedom of speech, freedom of ideas are not only the best, but the only effective way to counter it. If you can’t win your argument on that ground – you can’t anywhere.

If you think that banning anything works, just looks at history. Nowhere ever worked on a longer run.

“Tech titans” are dumb nerds if they think it’s their mandate to “solve” this or even to mess with it.

The proof that they have no clue is that they truly believe that this is a technology issue.

#13 Keith on 12.06.16 at 7:08 pm

There are 12 single family houses on the MLS for less than one million in East Vancouver. There are 663 single family homes on the MLS in East Vancouver on offer for eight million dollars or less. Yep, it’s bargain city Arizona out there.

That said, prices more than likely have further to go down. Considering three levels of government and the lending industry have had a go at whacking the prices in Vancouver, the fact that it hasn’t crashed quickly and dramatically is a little surprising. The tipping point may be a week away or never, but we’re not there yet.

Garth, any speculation that should Vancouver correct dramatically that the governments would simply reverse policies that caused a crash?

#14 Curious D on 12.06.16 at 7:12 pm

Good luck selling them at that. BCREA says you’re in to lose about $2k a week next year in Vancouver.

https://betterdwelling.com/city/vancouver/bcrea-vancouver-real-estate-expected-lose-1730-week-2017/

That’s from an organization to help sell property. I think we’ll see much more.

#15 Alice on 12.06.16 at 7:14 pm

Ha! Good luck selling it anytime soon. The latest report from the RE board said you’ll lose money now.

https://betterdwelling.com/city/vancouver/bcrea-vancouver-real-estate-expected-lose-1730-week-2017/

#16 rainclouds on 12.06.16 at 7:19 pm

Cant be. The Engineer from PEI who lives at the Broadway Skytrain Stn hasn’t appraised this blog of any downward movement on prices.

For the rest of us on the sidelines waiting to vultch in Van-Delusia, Spring is gonna be interesting…………

#17 UVIC ELEC on 12.06.16 at 7:21 pm

DELETED

#18 Lulu on 12.06.16 at 7:26 pm

Burn baby burn…. let it burns hard and wild…..

Next Spring is the shxt show will start and when panic sets in, flower is everywhere…. Interesting ahead.

Like Garth said, it’s gonna be slow and painful. Don’t jump in yet… wait a year or two more and see.

#19 Ret on 12.06.16 at 7:26 pm

CTV just reported that vegetables, meat , nuts, and dairy products are volatile and expected to be going up. Low CDN$ and Donald J. Trump responsible. (The guy is everywhere.)

Now, for the really good news. A cauliflower crisis is unlikely. We should all be dancing in the streets!

http://barrie.ctvnews.ca/the-cost-of-meat-vegetables-to-be-more-volatile-in-2017-1.3191737

#20 Andrew Woburn on 12.06.16 at 7:27 pm

You’ve probably heard the quaint old phrase, “adding insult to injury”. Here it is in real life.

“Despite a cooling real estate market, many Vancouver-area property owners will see a “significant increase” in the assessed values of their homes, with increases of 30 to 50 per cent for many single family homes, says B.C. Assessment.

The valuations, which are used to determine 2017 property taxes, were taken July 1 — before the province announced its foreign buyers tax and sales began to slow.

In a preview of 2017 property assessments, BC Assessment said the 30 to 50 per cent increase over the previous July 1 will be typical for single-family homes in Vancouver, the North Shore, Squamish, Burnaby, the Tri-Cities, Richmond, and Surrey.”

As the Bard said, sharper than a serpent’s tooth. What would an emoji for this look like?

http://www.cbc.ca/news/canada/british-columbia/property-assessment-preview-1.3883751

#21 Freedom First on 12.06.16 at 7:27 pm

Yes. Like Elaine from a Seinfeld episode said, “Fake,Fake,Fake”.

One thing I know for sure. When the price of: housing, gold, silver, stocks, oil, you name it, is near record highs, people will line up to buy it. And, when the price is near record lows, there is always few buyers.

I always act accordingly. It always pays to be me.

007
Freedom First
Master of Freedomonics

#22 Nemesis on 12.06.16 at 7:28 pm

“As we all know, reporters and anchorettes played a major role in helping to create the greatest speculative property bubble in modern history. They were willing, if not enthusiastic, participants in developer scams…”… – HonGT

#FunnyYouShouldBringThatUp,Or… #WhenTheFavoursComeDue… #YouCanCountOnChrusty!…

“It’s qualified candidates like Steve who will work hard to make sure that we can continue to look after the people we love.” – Premier Clark [in a rare moment of candor]

[G&M] – Former Global anchor Steve Darling named MLA candidate for B.C. Liberals

…”Former Global TV news anchor Steve Darling has been named the B.C. Liberal candidate in Burnaby-Lougheed, marking the second time this month that a well-known provincial personality with roots in the media has agreed to join the party’s bid to win re-election.”…

http://www.theglobeandmail.com/news/national/former-global-anchor-steve-darling-named-mla-candidate-for-bc-liberals/article32834819/

[Globe

#23 Ex-Cowtown on 12.06.16 at 7:29 pm

“Manipulated, massaged and messaged by the Van real estate complex, local media played a pivotal role in making everyone believe Chinese dudes were snapping up all available houses and pricing locals out. The data didn’t support that (90% of Vancouver buyers were found to be locals), and just last week the head of CMHC spoke out against the myth. If anyone knows the numbers, it’s him.

So pervasive was the belief, so intense the FOMO created, that the provincial government succumbed.+

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

All you need to do is removed the words “real estate” and put in the words “climate change”, “fracking” or “pipelines” and you get the drift of how stupid the media is and how fawning they are over fake news generated by some special interest group.

I’ve come to the conclusion that the average person is one hell of a lot smarter than the politicians, media and elites thought and it is just dawning on them that Les Deplorables are no longer buying their BS and it scares the crap out them.

Les Deplorables chanting “Lock Her Up!” regarding Nutley’s carbon tax sent the elite and media into a tizzy, puffing about fair play, restraint and sent them looking for a Safe Space to suck their thumbs and cry.

What’s happening, and it is missed by all the elites, the media, Republicans, Democrats, Liberals, NDP’s and Conservatives alike is that people now know that they are being bombarded constantly by lies. Whether the lies are about fracking, pipelines, climate, emails, or real estate, they all have one thing in common: The elites want YOU to do something that will transfer a lot of money from YOU to THEM. And they know that if you had the whole story, you’d never do it in a million years.

Hence the rise of fake news.

#24 crowdedelevatorfartz on 12.06.16 at 7:30 pm

“Global News”
“Gobbells News”
“Glow Ball News”

Take your pick they’re all about as indepth as a teenaged text while driving.
Adios Global
Just nuked my cable and bought a $50 antennae from Future Shop to grab free CTV News and a few other snoozer stations……….plus Netflix

#25 crdt on 12.06.16 at 7:30 pm

The race to the bottom is on baby… Jack be nimble, Jack be quick… The real estate monster is going to make you sick!

#26 MeCasa on 12.06.16 at 7:31 pm

Cant wait to see the numbers in January followed by corrections the following months.

#27 Funky on 12.06.16 at 7:32 pm

Brings me back to the ole WizarD…”I’m melting…”and the ole refrain…”Follow the Yellow Brick Road…”

#28 Realtors sealing ther doom on 12.06.16 at 7:32 pm

Word is the more realtors try to pump up the falling market the more regulation changes will occur until prices fall back to the mean average. This meansprices will fall 30% min which will leave many realtors BANKRUPT and BROKE . Happy Housing Crash Everyone! :-)

#29 crowdedelevatorfartz on 12.06.16 at 7:34 pm

@#20 Nemesis

Funny you should mention former Global “newscaster” now MLA wanna bee Steve Darling.
I live in North Burnaby and spotted him at the Kensington Safeway the other day.
He didnt look too happy.
Big change from harmless Newsreader to having people calling you an a**hole for jumping to the ruling Liberal Party gravy train…….

On a side note the guy is fricken HUGE.
Must be 6′ 6″

#30 Binder Dundat on 12.06.16 at 7:36 pm

News from the bald prairie:

Local real estate agents lobby for mortgage rule rollback

“The association representing Saskatoon’s real estate agents wants the federal government to roll back changes to the country’s mortgage rules, which it says are having a “significant” effect on the city’s housing market. ”

http://tinyurl.com/hgd5upt

Significant, eh? Do you think the Feds intended the rule changes to have an insignificant effect? Let the whining begin, the free money has been taken away. Oh, imagine buyers actually having to qualify at a decent rebate of intest so they don’t bankrupt us all. Oh, boo hoo.

#31 John on 12.06.16 at 7:37 pm

Realtors are true scum of the earth liars. the government needs to regulate these CON men and women who outright lie and commit fraud. The government should open up MLS and regulate the entire industry and free Canadians from the scam called realtors.

#32 Victor V on 12.06.16 at 7:40 pm

Canadian real estate’s troubles to deepen soon, observers warn

http://m.mortgagebrokernews.ca/news/canadian-real-estates-troubles-to-deepen-soon-observers-warn-218154.aspx

#33 common sense on 12.06.16 at 7:49 pm

In the midst of downsizing a big collection of pre 1975 high end Sports memorabilia and spoke to a broker today about his views on the state of the hobby, economy.

He has been in business since 1985 and has seen 2 major corrections, stating the first thing to go is the RV, classic cars and sports memorabilia….to date this year, the buying market is slow but has a nice cash reserve ready to be buying huge early in 2017…likely .20 Cents on the dollar as per past downturns…

When we talked about real estate, he quoted the same line I’ve read here 1000 times..”The house is always the last thing to go unless there is absolutely no other option.”

I think we shall go a bit longer than expected for the big correction.

#34 RentYVR on 12.06.16 at 7:49 pm

Poloz article: http://business.financialpost.com/news/economy/economies-at-very-different-cycles-canadas-key-rate-set-to-lag-feds-for-first-time-since-2007

Doesn’t say negative rates but that’s certainly the trajectory. Garth, you’re doing your clients a disservice by pushing the ‘higher rates are coming’ theme. Our economy is weak (as you keep pointing out) and we’re on the precipice of a major housing correction or crash. Why would the BoC raise?

You completely mischaracterized the story. No rate cut is coming. No negative rates in Canads. Current market odds given for a BoC increase in 2017 are now 43%. Weeks ago it was 6%. Stop embarrassing yourself. Whoever you are. — Garth

#35 CanadianOne on 12.06.16 at 7:57 pm

#3 Serfin’ USA on 12.06.16 at 6:37 pm

So exactly how many days did you spend on ground in India. Not just reading pseudo news and forming opinions. Tax evasion and entrenched corruption from the proceeds, counterfeit flow to weaken the real economy and growing to a size as much as the real economy, the underground has been alive and well. PM Narendra Modi is simply delivering on an election promise that 60 years of no other govt could do. Looking forward to blockchain, though. And please smell the coffee. Most prevalent notes are not the ones being banned. The ones being banned are used mostly to buy arms to wage proxy wars ( Pakistan) and or bribe anyone and everyone ( bangladesh , china). You would know the that world better from ground zero, not your armchair research. Are you a Congressi or relative of one? Rhetorical!

#36 When Will They Raise Rates? on 12.06.16 at 8:02 pm

#131 Ace Goodheart on 12.06.16 at 6:04 pm

So here’s the antithesis to Garth’s thesis, in the form of some cool little houses, in Toronto, south of highway 401, that just happen to be walking distance to the largest transit project currently under construction in North America.

Back in 2012 you could buy this house for around 260K. We purchased a three bedroom two storey house in the same area for 329K in 2012:

http://www.gtasoldview.com/Form/public/SoldResult.aspx?tfm=1&HouseSoldId=293593582
———————————

Holy crap, nice website!

Just spent the last hour digging through it, seeing what houses sold for in various places around the GTA.

Thanks for the link!

#37 Doug t on 12.06.16 at 8:02 pm

Sold some gold last week – 2017 is gonna blow on all fronts – would not be surprised to see gold hit 800us/oz next year.

Oh and Poloz is a GOOF and hasn’t a clue

RATM

#38 RentYVR on 12.06.16 at 8:03 pm

I didn’t say negative rates are coming that was the other guy. I’m saying that the BoC is more likely to cut rates than raise them. You on the other hand have been saying that a rate hike is coming for a while and yet give no evidence that this is case. I will ask again – why would the BoC raise our already relatively high rates when our economy is tanking?

The latest GDP numbers show no tanking. The bank will inevitably have to follow the Fed lead, least our currency take a hit. But go ahead. Don’t believe me. I don’t care. — Garth

#39 Context on 12.06.16 at 8:03 pm

#7 Craig:- Guelph has great diversification and low unemployment rates which is almost the perfect city model to live in. It will decrease at the lower rate as a bounce, but will quickly return.

#40 bring_it_on on 12.06.16 at 8:07 pm

The majority of my friends here are delighted as punch with the decrease in housing sales and the now likely
scenario that real estate will have a rather significant correction in BC over the few years. The effect of foreign buyers, although only perhaps 10% of the share, created a large frenzy in local people stretching themselves to purchase at least some small piece of the pie. Stupid Global news, supported by adverstising from Remax, only adds to the frenzy and bullshit (just as Garth has described). Removing this fuel through the 15% tax was LONG OVERDUE, and now has set us in the right direction. I am perfectly fine if my place decreases in value; no worries here. In this way, perhaps if we maintain a long-range view (rather than a greed-oriented short-term focus), Vancouver may be an affordable and a liveable city for our kids, and our progeny won’t have to be move to some small interior BC town with more limited jobs to have the same benefit as the baby boomers who bought in Vancouver in the 80’s and 90’s. We do not need speculators, local or foreign, who hold real estate like pieces on a Monopoly board, leaving houses empty for years, flipping, and paying no capital gains on houses that are clearly not their principal residences through all sorts of loop-hole scams. What we instead need is high-quality investment in creating startups, hi-tech, etc.., that leads to higher-paying local jobs. Having a more affordable city will attract the skilled talent that is needed. This will grow the local economy, and then perhaps in my lifetime I can see a wide variety of ads on TV for industries other than the pipelines or LNG. Surely we can nurture other ways to generate high-paying local jobs. The government should focus its efforts in providing incentives to advance in this other direction.

#41 BS on 12.06.16 at 8:23 pm

When it gets into the media, it usually gets real.

The herd will catch on soon. The rush to the exits in February will be epic.

#42 bsallergy on 12.06.16 at 8:24 pm

OMG!!!!

#43 truth on 12.06.16 at 8:24 pm

#22:”What’s happening, and it is missed by all the elites, the media, Republicans, Democrats, Liberals, NDP’s and Conservatives alike is that people now know that they are being bombarded constantly by lies. Whether the lies are about fracking, pipelines, climate, emails, or real estate, they all have one thing in common: The elites want YOU to do something that will transfer a lot of money from YOU to THEM. And they know that if you had the whole story, you’d never do it in a million years.”
______________________
Bingo, Bango, Bongo

#44 Suede on 12.06.16 at 8:26 pm

Just bought a place in Vancouver.

So much more documentation required to prove you’re a cdn citizen.

I felt violated.

#45 Wait There on 12.06.16 at 8:27 pm

#23 depending on where you are a simple piece of wire is all that might be needed.

One of these will work very well.
http://www.popsci.com/learn-defy-cable-company-diy-hdtv-antenna

with this
http://www.diytvantennas.com/index.php

I can get up to 35 channels from Aurora. Reaching into Buffalo in the USA.

#46 Wait There on 12.06.16 at 8:34 pm

#33, This summer I purchased some high end stereo speakers from a Calgarian. 25 cents on the dollar. Some Calgarians are seriously hurting and selling toys to stay afloat.
When times were good, the expensive toys were easy to get. Now there are no takers in Alberta for toys. I had it shipped to Ontario. Was this vultching, not really. I had a budget and if it was not at a certain level, it was too expensive for me. The way I see it, at least he pocketed some cash for the month.

#47 hope & ruin on 12.06.16 at 8:34 pm

@ crowdedelevatorfartz

Well now that you got the ol’ bunny ears hooked up you might hear that future shop is a goner. Has been for a while.

#48 joblo on 12.06.16 at 8:38 pm

crowdedelevatorfartz on 12.06.16 at 7:30 pm
“Just nuked my cable and bought a $50 antennae from Future Shop to grab free CTV News and a few other snoozer stations……….plus Netflix”

Seems alot of blog dogs got time machines lately:

Future Shop logo.svg
Former type
Subsidiary
Industry Retail
Fate Merged with Best Buy
Founded 1982; 34 years ago
Founder Hassan Khosrowshahi
Defunct March 28, 2015
Headquarters Burnaby, British Columbia, Canada
Key people

Ron Wilson – President and Chief Operating Officer

Annalisa King – Senior Vice President and Chief Financial Officer

Charles Tobin – Senior Vice President
Products Electronics
Parent Best Buy Canada
(2001–2015)
Website http://www.futureshop.ca

#49 acdel on 12.06.16 at 8:44 pm

#12 Fake censorship

It is interesting that all these companies that you mentioned have the media running (which have always been manipulated, outside of the fringe) by special interest groups, politicians, big business, real-estate agents, etc. I agree, it would be a shame to dumb down these sites to today’s media but I have full optimism that this is a strategy that will not work. Too many smart people out there will come up with something new to counter react these actions by the biggies. For example, Garth started his own blog and offers his opinions and allows us to offer ours, there is no stopping it now, the media and politician’s are scared shi*less unless they adopt.

#50 Trump Rules on 12.06.16 at 8:50 pm

People are getting a lot smarter these days. The media has lost all credibility. Journalism is dead. All one has to do is read the cbc comments section with the most popular comments…. the cbc/journalism is a laughing stock.

#51 Levy Comet on 12.06.16 at 8:52 pm

#1 TRT on 12.06.16 at 6:33 pm

Its official. Canada is headed towards negative rates.

Bloomberg reports that Poloz won’t begin raising until 2019 and may cut twice until then. By then, the USA will be entering a business cycle recession and lowering rates.

Then Poloz can say we follow USA 92% of the time.

Banana Republic Canada.

Link? — Garth

Smoking Man guaranteed 100% there was an interest rate cut coming Dec. 7th… It’s in the archives…. No need for link

I ‘m betting the farm tomorrow….HELOC… he is NEVER wrong.. he absolutely guaranteed it

He also guaranteed the FED was one and done and then reverse… he is NEVER wrong..

Bet accordingly.. he is NEVER wrong.. alien blood or something

#52 ANON on 12.06.16 at 8:54 pm

Ha! Cats do punctuation better! They use card boxes instead of playing cards.

#53 BillyBob on 12.06.16 at 9:03 pm

Why I would believe this over what ghetto-Skytrain guy says?

lol

#10 millennial-Falcon on 12.06.16 at 6:59 pm
ya so multi-million dollar mansions are sitting no longer setting up corrals on the front lawn for bidders… so what , anything under one 1.3 without moss on the roof and mold in the basement is selling. vancouver isn’t even a buyers market yet. rents are rising and vacancies slim to none, cool it with the 604 drama garth , sellers are still in control

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

Defensive much? ;-)

#54 Smoking Man on 12.06.16 at 9:04 pm

#25 MeCasa on 12.06.16 at 7:31 pm
Cant wait to see the numbers in January followed by corrections the following months.
…..

For my children sake I wish it were true. Your dealing with young warped minds that feed the beast at the entry level.

They beilive that all men should be feminists, man made climate change is real , carbon taxes thinking they are sticking it the man. This lot can not deal in logic, or reality, they life in a fairy tail world that thinks real estate always goes up.

It becomes a self fulfilling prophecy.

Party on in.

Dr Smoking Man
PhD Herdonomics

#55 BillyBob on 12.06.16 at 9:05 pm

#44 Suede on 12.06.16 at 8:26 pm
Just bought a place in Vancouver.

So much more documentation required to prove you’re a cdn citizen.

I felt violated.

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

Prove you are a citizen, or a resident? Not the same. I am the former, not the latter.

#56 conan on 12.06.16 at 9:05 pm

Depending on how deep the RE correction is markets could good go flat , to negative. Will we even get a Santa Clause rally?

That Iraq offensive on Mosel is going nowhere. They cant get in. Obama to ponder President Harry S Truman’s private diaries.

If Obama wants to go out with a bang……

#57 Londoner on 12.06.16 at 9:06 pm

“…making everyone believe Chinese dudes were snapping up all available houses and pricing locals out.”

I thought the argument was that they were influencing prices by adding to the demand on a limited supply of houses for sale in GVA. Also, by purchasing with offers far in excess of the asking price, they were setting benchmarks for prices of other properties going for sale in the neighbourhood. Maybe I’ve misunderstood the argument but I didn’t think anyone claimed they were buying all the available houses. Can’t they have an impact on demand and prices without being the majority of buyers?

I know you are not that thick. Bad day? — Garth

#58 conan on 12.06.16 at 9:10 pm

#50 Trump Rules on 12.06.16 at 8:50 pm

They need to bring back the old CBC that did not give a poo about what the parrot lines should be. Either get back to telling both sides of major stories, or fold.

#59 Smoking Man on 12.06.16 at 9:11 pm

Smoking Man guaranteed 100% there was an interest rate cut coming Dec. 7th… It’s in the archives…. No need for link

I ‘m betting the farm tomorrow….HELOC… he is NEVER wrong.. he absolutely guaranteed it

He also guaranteed the FED was one and done and then reverse… he is NEVER wrong..

Bet accordingly.. he is NEVER wrong.. alien blood or something
……

Sorry dude I got that one wrong. Going to have to wait till January. I was certain at the time of the call. Good GDP last month with good jobs. Not sustainable in the long term. Not with what the commies are planning.

#60 Dark Matter on 12.06.16 at 9:12 pm

A doctor was addressing a large audience in Oxford…

“The material we put into our stomachs should have killed most of us sitting here, years ago.

Red meat is full of steroids and dye. Soft drinks corrode your stomach lining. Chinese food is loaded with MSG. High transfat diets can be disastrous and none of us realizes the long-term harm caused by the germs in our drinking water.

But, there is one thing that is the most dangerous of all and most of us have, or will eat it.

Can anyone here tell me what food it is that causes the most grief and suffering for years after eating it?”

After several seconds of quiet, a 70-year-old man in the front row raised his hand, and softly said,

“Wedding Cake.”

#61 Londoner on 12.06.16 at 9:12 pm

Also, someone posted a link to a bloomberg article yesterday about how foreign investors have shifted their focus from Vancouver to Toronto houses. Is it a coincidence that Nov yoy prices in the GTA have increased 23% while sales have fallen 37% in Van?

Yes. — Garth

#62 waiting on the westcoast on 12.06.16 at 9:18 pm

Speaking of true news…. I know this is unrelated but if you thought Trump could lie with a straight face, Ukrainian berry pickers will offer this really nice bridge that you can pick up cheap…

“the berries end up in the hands of European customers who often do not know they are ingesting foods containing radioactive isotopes. In addition, Brown notes, the berries can be labeled organic, since radioactivity is not covered under common organic designations.”

Wow… Just wow… Read the article below…

http://www.cnbc.com/2016/11/30/a-radioactive-berry-picking-boom-outside-chernobyl.html

#63 conan on 12.06.16 at 9:26 pm

RE Londoner on 12.06.16 at 9:06 pm

I “concur” with you Londoner.
Call me Mr Molasses in January

#64 Andrew t on 12.06.16 at 9:28 pm

#22 Ex-Cowtown on 12.06.16 at 7:29 pm
“Manipulated, massaged and messaged by the Van real estate complex, local media played a pivotal role in making everyone believe Chinese dudes were snapping up all available houses and pricing locals out. The data didn’t support that (90% of Vancouver buyers were found to be locals), and just last week the head of CMHC spoke out against the myth. If anyone knows the numbers, it’s him.

So pervasive was the belief, so intense the FOMO created, that the provincial government succumbed.+

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

All you need to do is removed the words “real estate” and put in the words “climate change”, “fracking” or “pipelines” and you get the drift of how stupid the media is and how fawning they are over fake news generated by some special interest group.

I’ve come to the conclusion that the average person is one hell of a lot smarter than the politicians, media and elites thought and it is just dawning on them that Les Deplorables are no longer buying their BS and it scares the crap out them.

Les Deplorables chanting “Lock Her Up!” regarding Nutley’s carbon tax sent the elite and media into a tizzy, puffing about fair play, restraint and sent them looking for a Safe Space to suck their thumbs and cry.

What’s happening, and it is missed by all the elites, the media, Republicans, Democrats, Liberals, NDP’s and Conservatives alike is that people now know that they are being bombarded constantly by lies. Whether the lies are about fracking, pipelines, climate, emails, or real estate, they all have one thing in common: The elites want YOU to do something that will transfer a lot of money from YOU to THEM. And they know that if you had the whole story, you’d never do it in a million years.

Hence the rise of fake news.
——
But it’s still fake so who cares?
Couple of other things…
There are no “safe spaces” anywhere except perhaps on a couple of campuses, and even those are probably a repurposed broom closet. Nobody goes to safe spaces. People go to bars and get drunk, then they curl up in a ball and cry when they get home. D’uh!
Can we all agree that “lock her up” is a stupid ass chant.
Have you tried “Go Leafs Go”?
It’s about as effective.
As you were.

#65 Mark on 12.06.16 at 9:28 pm

“CTV just reported that vegetables, meat , nuts, and dairy products are volatile and expected to be going up. Low CDN$ and Donald J. Trump responsible. (The guy is everywhere.)”

Makes little sense to me. YoY, the Canadian dollar has actually strengthened, and a good component of retail prices are within the domestic distribution chains, as well as transportation. All of which are experiencing significant deflationary pressures due to the onslaught of competition.

I know much of the Canadian media has been circling the drain, basically re-printing press releases from, amongst others, the RE boards, and lately the “economist” who made this prediction, but this is a new low in what passes for an excuse of Canadian journalism.

#66 Polls R Phake on 12.06.16 at 9:37 pm

I believe the painter dude from Van that posted yesterday. He lives here. He talks to everyone. He knows.

#67 InvestorsFriend on 12.06.16 at 9:45 pm

Mortgages (NOT) In Arrears

The latest figures were posted today and are for September.

http://www.cba.ca/Assets/CBA/Files/Article%20Category/PDF/stat_mortgage_db050_en.pdf

Still no sign of much increase in mortgages in arrears by 90 days or more even in Alberta and Saskatchewan. Well, Saskatchewan has gone from 0.30% at the bottom to 0.62% in the past two years but that is still not high. Alberta has gone from 0.26% a couple years ago to 0.43% now.

For comparison figures in the U.S. in 2010 were more like 10% although that was for 30 Day delinquencies. Even today, the 30 day delinquencies in the U.S. remain at 4.30% (albeit falling like a rock). Presumably the 90 day figures were and remain FAR FAR higher than Canada.

https://www.federalreserve.gov/releases/chargeoff/delallsa.htm

In Ontario only 0.13% (just one out of 769 mortgages) are at least 90 days in arrears. That is incredibly low and likely reflects that fact that in the event of a job loss one can sell the house at a profit so why default?

So far at least CMHC is apparently facing very little in the way of payouts on mortgage insurance and continues to make large profits.

Unless interest rates really spike or a major recession comes along there is no reason to expect an increase in defaults.

Yes, if house prices tumble we could see defaults and it could snowball as lower prices begat panic and lower prices. Maybe in Vancouver? But so far few signs?

#68 Smoking Man on 12.06.16 at 9:46 pm

I’m going to start being nicer to people. I don’t feel good chirping the lunatics of the left. Man its so easy. Disarmed and void of logic. The retaliation is hostility and labels. They can’t debate a single point about anything. Unhinged and unpredictable.

As of right now I’m sending out love via the UCC.

I feel bad I’ve chased away James, who’s probably putting a posses together to come down to James Street with some rope.

I don’t feel fear my life, the grim reaper has got me in its cross hairs. I feel it. Nothing official. But my record of accurate predictions should motivate all of you to get my signature on the book before that day.

All in all. I’m going to sincerely wish all my freinds and enemies good fortune and good luck while I still can.

Mabey those good vibes can save me. Not that I need saving.

Free falling is so underrated if you are strong enough to enjoy the view

#69 Smoking Man on 12.06.16 at 9:51 pm

I’m a bit buzzed but I’m starting to get it. If hate anything it really means you hate yourself.

If you love everything means you love yourself.

Forgive them all. My mind has been infected with some strange demon.

Vodka tonight who would have known…

#70 Mark on 12.06.16 at 9:57 pm

“So far at least CMHC is apparently facing very little in the way of payouts on mortgage insurance and continues to make large profits.”

That was the experience in the USA as well. Defaults were low, until basically one day they weren’t. With the stagnant house prices, people have been able to extricate themselves from situations of minimal equity without defaulting. The banks have been generous in offering payment holidays and loan restructurings, in partnership with CMHC, to keep the official default rate low.

However, with the cycle now turning in quite an unmistakenable way, how long they can keep this up remains to be seen.

So far as CMHC’s “profits” are concerned, their analysis is mostly based on insurance claims being made for one-off events of things such as job losses, house fires not fully covered by insurance, etc. And not systemic house price decreases nationwide. It is very unlikely that they incorporated a scenario of widespread house price declines into their calculations of capital adequacy (most insurers don’t — that is why most insurance policies specifically exclude highly correlated or systemic events involving significant amounts of loss!). So to say that the CMHC is ‘profitable’ largely turns on whether you believe their reserve calculations are really adequate for the sort of ‘insurance’ they write, given that they have no exclusion for systemic events afflicting the housing market. Personally, I don’t believe CMHC’s numbers as they defy credibility (~$25B of reserves against ~$900B of mortgage guarantees written against people who mostly couldn’t come up with a 25% downpayment — nothing could possibly go wrong there, eh???).

#71 InvestorsFriend on 12.06.16 at 9:57 pm

Impact of Foreign Money

Londoner asked: “Can’t they (Chinese dudes) have an impact on demand and prices without being the majority of buyers?”

****************************************
I suppose the technical answer is that it depends on the steepness of the demand and supply curves or the elasticity of demand.

In a tight market just a few market buyers can push up the market price for anything.

Then again the 95% of buyers that are Canadian paid the high prices too. So do we blame the foreign demand or ALL the buyers that paid the high prices?

You might say the added (foreign) demand was a trigger but no one forced the 95% that were citizens to buy at higher home prices. They could have refused.

Anyone who actually bought at the high prices has no complaint since they willingly bought.

Those who can’t won’t pay the high prices can blame foreigners, all buyers , all sellers and the municipalities for not zoning more suburban land for building.

At the end of the day it is what it is. People bought at high prices. It’s a free country.

Don’t like it? Don’t buy.

#72 Herb on 12.06.16 at 9:59 pm

Since the media are shamed here once again, here is a short cut and paste of a long article that explains how the media distort themselves –

… the framing conditions shaping the corporate media:

1) Corporate nature, elite/parent company ownership and profit-maximising orientation
2) Dependence on allied corporate advertisers for 50% or more of revenues
3) Dependence on cheap, subsidised news supplied by state-corporate allies
4) Political, economic, legal carrots and sticks rewarding corporate media conformity and punishing dissent

Items 2) and 3) certainly explain the unreal treatment of the real estate sector in our media, although all four are operarive. The sad but inevitable conclusion:

… it is not reasonable to expect corporate media to report honestly on a world dominated by corporations. With perfect irony, the latest focus on ‘fake news’ is itself fake news because the corporate media never have discussed and never will discuss the framing conditions that make it a leading purveyor of ‘hoaxes, propaganda, and disinformation’.

http://tinyurl.com/hsc5fvr at medialens.org

#73 IHCTD9 on 12.06.16 at 10:00 pm

#22 Ex-Cowtown on 12.06.16 at 7:29 pm

…What’s happening, and it is missed by all the elites, the media, Republicans, Democrats, Liberals, NDP’s and Conservatives alike is that people now know that they are being bombarded constantly by lies. Whether the lies are about fracking, pipelines, climate, emails, or real estate, they all have one thing in common: The elites want YOU to do something that will transfer a lot of money from YOU to THEM. And they know that if you had the whole story, you’d never do it in a million years.

Hence the rise of fake news.

————

The elites are starting to clue in slowly though, look at France.

IMHO, everyone should just limit as much as possible what taxes and fees they pay, and be vocal about it. There are plenty of perfectly legal and semi-grey avenues to persue, hit ’em where it hurts. Get yourselves into a position to work less asap, and tell anyone who might give a rip why.

I have a feeling we’re headed for a multi-decade stagnation, but our dingbat governments will keep getting bigger, dumber, and more expensive. The idea of trimming the fat hasn’t escaped the lips of any politician so far, even though it is now clear what the future likely holds. I’m not interested in financing any more sunshine list teachers, cops, firefighters, managers, bureaucrats, hydro workers, politicians, millionaire public CEO’s, or the millions of slobbering trough feeders in this country – so I’m stepping off the conveyor.

My contributions have been cut nicely, they will continue to be cut. I work towards a future of less hours as an employee, and more income as a legal entity. It’s peace of mind, and feels like stepping out of a bar room brawl, unscathed.

Think about it.

#74 Fake censorship on 12.06.16 at 10:09 pm

#49 acdel on 12.06.16 at 8:44 pm
#12 Fake censorship

For example, Garth started his own blog and offers his opinions and allows us to offer ours, there is no stopping it now, the media and politician’s are scared shi*less unless they adopt.

The goal is to “stop” any site that the “tech titans” consider “fake”, by removing any link, reference to it in search results, social media outlets, etc. including denying selling ads on them.

Make them virtually not exist – unless you know their domain names.

Censorship, violation of freedom of speech – based on faceless crowdsourcing, algorithms.

Yet Newsweek special edition with Madam President on the cover would remain “reliable” source.

#75 When Will They Raise Rates? on 12.06.16 at 10:13 pm

#44 Suede on 12.06.16 at 8:26 pm
Just bought a place in Vancouver.

So much more documentation required to prove you’re a cdn citizen.

I felt violated.
__________________

You just bought in Vancouver? Ouch. If you feel violated now, wait until you see what happens to property value come spring. So sorry.

#76 Spectacle on 12.06.16 at 10:19 pm

Regarding::
Suede on 12.06.16 at 8:26 pm
” Just bought a place in Vancouver.

So much more documentation required to prove you’re a cdn citizen.

I felt violated. ”

::::::::::::::::::::::::::::::::::::

Of course you feel Violated, and You will be, You just bought real estate in Vancouver !

#77 Smoking Man on 12.06.16 at 10:20 pm

On thing I’ve never understood about humans. The obsession to define themselves with there worthless possessions and things. What’s wrong with make it with your mind.

Problem with that is no one can see it. Especially your spelling sucks. No bragging rights.

Why do people suck up to the rich and egnor on the homeless.

Educational industrial Complex is what I’m thinking, Taken the high moral ground while teaching the opposite. Here is your obidance certificate you’ve made it.

I’m confused….

Not really. Just hammered on Vodka. Much nicer buzz than JD.

Or was it smoking tomato shin. You only live once.

#78 While I still can on 12.06.16 at 10:20 pm

# Smoking Man

I’m going to sincerely wish all my freinds and enemies good fortune and good luck while I still can.

Is this the beginning of your enlightenment?

Fighting others is intellectually more exciting, it fires up primal forces.

Being graceful human being may feel boring until you find other targets to wrestle with. Like yourself if you are lucky enough to get there.

Sincerely wishing you the very best.

#79 cramar on 12.06.16 at 10:22 pm

So this evening the lead story on the CBC National was the projected rise in food prices this coming year. Up to 6%. How are Canadians going to deal with it while pickled in debt?

Just another nail in the coffin of those who are living paycheque to paycheque because of taking on a huge mortgage at peak RE prices.

#80 RIL on 12.06.16 at 10:28 pm

Re: The Mundane Topic of Municipal Property Taxes

Good news. The Dell has given up the ghost so with my being restricted to the iPad, readers will be spared from my prolixity.

The Regional Municipality of Wood Buffalo is that vast area of NE Alberta which contains the Athabasca Oil Sands and Fort McMisery. It is bigger than Nova Scotia.

Starting in July, ’14 we saw the days of milk and honey turn to the days of old clothes and porridge withe the collapse of oil prices. So the oilcos approach the Muni to reduce their tax bills (assessed on ‘machinery and equipment’ and not property values) which are massive and served to allow extremely low property taxes on shacks in The Mac.

Council told them to dig and pack sand. So, an end run occurred and they visited Rachel. Now Bill 21.

I don’t mind old clothes and porridge. Suits my driving a Rambler American which cannot make it up the ramps in a parkade. Can’t see if the link is below. Will check when our host makes a priority with the display of this comment.

http://www.fortmcmurraytoday.com/2016/09/29/with-bill-21-province-puts-municipality-on-brink-of-fiscal-disaster

#81 Ace Goodheart on 12.06.16 at 10:29 pm

100 billion stars in our universe.

Every one likely has around 10 planets, maybe more.

We’ve turned this one into an early warming period. Hijacked the normal cool warm cycle, forced the numbers.

Heading into uncharted territory, messed with the math.

Been here maybe 10,000 years, since the last ice age. Planet is 4.6 billion years old.

On our way to extinction. Self imposed. Probably could have lasted another 5000 years, if we had been a bit smarter. As it is we’ll be history in another 200.

Probably for the best.

Universe is better off without us……

#82 Smoking Man on 12.06.16 at 10:29 pm

DELETED

#83 45north on 12.06.16 at 10:34 pm

So pervasive was the belief, so intense the FOMO created, that the provincial government succumbed.

the belief was that Vancouver real estate always goes up!

Keith asks a question: Garth, any speculation that should Vancouver correct dramatically that the governments would simply reverse policies that caused a crash?

in the case of the BC government, why cannot it simply reverse the tax that caused the crash?

the tax didn’t cause the crash, the crash and the tax are simply coincidental

the tax is highly popular, it would be tantamount to admitting failure. Imagine Christy Clark saying “despite what you think you’re not wealthy, in fact you’re not just poor , you’re broke. And it’s my fault”.

Ross Kay is saying in May at the time of the provincial election, a large segment of the population is going to realize that it’s not wealthy, in fact it’s not just poor , it’s broke and the easiest person to blame is Christie Clark.

#84 Context on 12.06.16 at 10:35 pm

I wonder where the headline news is about Toronto today. The cops removed a prepared bomb from a home garage in the Woburn area. It was taken away to be exploded and the home was searched where ammo and weapons were found.

#85 While I still can on 12.06.16 at 10:41 pm

Smoking Man

Why do people suck up to the rich and egnor on the homeless.

Rich people smell better, look sexier than homeless people.

Sucking up to rich people gives hope that something will stick to you from that wealth, ignoring homeless people gives hope that nothing will stick to you from their unfortune.

It’s easier to quickly decode symbols of “value” than the slow pain of getting to know someone.

If you believe in Capitalism you understand and accept that the market made the proper valuation and spoke the truth by assigning a lot or hardly anything to each individual.

If you have a doubt whether such thing as “market” even exit, or if it does, should it have the power to judge human beings, who are supposedly way more sophisticated creatures than a fictional construct like “market” can ever be – you either stop thinking and turn on the tv or the road you step on will be slippery.

#86 Smoking Man on 12.06.16 at 10:43 pm

DELETED

#87 meslippery on 12.06.16 at 10:45 pm

The latest GDP numbers show no tanking. The bank will inevitably have to follow the Fed lead, least our currency take a hit. But go ahead. Don’t believe me. I don’t care. — Garth

Maybe but what have we learned?
If the people want rate cuts and you dont give them
rate cuts, next election your ass will be handed to you.

#88 100 billion stars on 12.06.16 at 10:51 pm

100 billion stars in our universe.

Every one likely has around 10 planets, maybe more.

On our way to extinction. Self imposed. Probably could have lasted another 5000 years, if we had been a bit smarter. As it is we’ll be history in another 200.

Probably for the best.

Universe is better off without us……

—-

Looks like flat Earth theory has the advantage of making you know aware that you are the centre of the universe, extremely unique and valuable – with all the responsibilities that comes with it – as opposed to being an invisible, accident dust on the sky, that commands no responsibility or purpose.

#89 Smoking Man on 12.06.16 at 10:52 pm

#85 While I still can on 12.06.16 at 10:41 pm
Smoking Man

Why do people suck up to the rich and egnor on the homeless.

Rich people smell better, look sexier than homeless people.

Sucking up to rich people gives hope that something will stick to you from that wealth, ignoring homeless people gives hope that nothing will stick to you from their unfortune.

It’s easier to quickly decode symbols of “value” than the slow pain of getting to know someone.

If you believe in Capitalism you understand and accept that the market made the proper valuation and spoke the truth by assigning a lot or hardly anything to each individual.

If you have a doubt whether such thing as “market” even exit, or if it does, should it have the power to judge human beings, who are supposedly way more sophisticated creatures than a fictional construct like “market” can ever be – you either stop thinking and turn on the tv or the road you step on will be slippery.
..

I’m writer now homeless have real stories to cure writer block. Wealthy have a sales pitch..

Would rather drop a twenty on real story than try and figure out the angle at the golf club.

Yes I’ve gone rogue.

#90 Pete on 12.06.16 at 10:52 pm

Serfin’ USA “count on this- money with an expiry date is in everyone’s future”
—————————-
Yep, they tried that in Zimbabwe too. Banknotes with an expiration date printed right on them. Hey, people already accept expiry dates on the money in their cell-phone account, etc.

#91 InvestorsFriend on 12.06.16 at 10:54 pm

High Home Prices?

Blame the non-sellers?

On the topic of blaming Chinese dudes, lack of new subdivisions, greedy sellers and ALL the buyers for high house prices let us not forget the legions of non-sellers.

When the offered price rises then we should get more supply coming on the market. If the price was outrageously high we should have got more people selling their homes to bring the prices down to something not so outrageous.

But despite Garth’s efforts not enough home owners in Vancouver elected to sell. Apparently they valued their home even more than the outrageous prices being offered all around them.

So again, even in a tight market we can’t blame the only or mostly Chinese dudes. It would have been impossible for home prices to soar without the complicity of the 95% of buyers who were Canadian or the hundreds of thousands of people who chose not to sell even as prices soared.

Sure, selling would have been a great inconvenience. But surely there should have been enough retired people who could have sold. But no, they must have felt the prices were still too low to bother selling.

The market spoke. So be it.

#92 While I still can on 12.06.16 at 11:03 pm

Smoking Man

Yes I’ve gone rogue.

Welcome at the dark side of the fake Moon.

#93 Shanghai Sharon on 12.06.16 at 11:06 pm

I flew to Taipei to catch the jubilant reaction to the Trump recognition of this state against the aggression of China. It was such an inhuman travesty when Britain agreed to hand over six million Hong Kong souls to the mainland menace. Six million people enslaved over a real estate deal……shocking. Global liberals are global fascists. God bless Trump.

#94 Bottoms_Up on 12.06.16 at 11:09 pm

That newspaper headline reads like something out of Back to the Future 2 (Biff as Mayor). Who would have ever thought referring to houses under $1,000,000 would be seen as a deal???

#95 TurnerNation on 12.06.16 at 11:16 pm

Microsoft, Google, Facebook and You tube are planning a central database to block offenders.
China must be jealous. Wait all that was rolled out there first. Total control. Cyber prison. Only those with the mark may use it.

Feel free to leave at any time. This is all planned and coming to fruition. Boomers bought the British Invasion. Hey they wore suits right?

#96 Smoking Man on 12.06.16 at 11:16 pm

You ever try and go budda. Love everyone. Politics.

Not sure I can do this. Wynee upset at the killing of a doctor by another doctor but it was a man vs woman thing.

Not a demented religion. Where killing and slapping woman who disrespect your religion.

My leaders are fucked, delete this with pleasure.

He was a phyco Muslim deport them all. Christ. Where are you.

#97 Smoking Man on 12.06.16 at 11:34 pm

DELETED

#98 What if? on 12.06.16 at 11:46 pm

Just finished reading an article about Obama’s legacy. The article raised the point that regardless of what Obama may or may not have done he will be always remembered as America’s first black president.

But what if some progressives in the future re-write history with fake history and decide Obama did not do enough for African Americans and they posthumously strip him of his self identified blackness?

You never can tell how fake news spins.

#99 Victoria - the original on 12.07.16 at 12:23 am

The news on the street in Victoria is that property will not go down here – at all…. we are special….

I wonder what all of this means for Victoria?

#100 Silence on 12.07.16 at 12:56 am

It is oddly silent here in Vancouver….Xmas party and a gathering last weekend in Whistler….lotsa people both directly and indirectly involved with real estate and wealth in Vancouver….booze tab was capped and talk of anything to do with real estate was literally non existent . If you are from Vancouver and can relate, this alone is telling in fact screaming silently that all bloody hell is about to break loose.

Cheers

#101 Metaxa on 12.07.16 at 1:12 am

When you are out on the ocean, especially in a small boat, there are times when it gets rough.

Now when its spray coming over the gunwales you need to be watchful but carry on.

When its green water coming over, that is when its time to pucker, cinch up the flotation suit and head for safety.

Some of you guys are shipping green water…there is medication both prescription and available via other channels that can help you know.

I don’t know much but I do know that if you think you’re the smartest person in the room you most often are in the wrong room.

#102 For those about to flop... on 12.07.16 at 1:15 am

Anyone who needs a laugh should read this listing.

Why even bother…

M42BC

http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=R2113336&rowc=8&rowp=6&BCD=GV&imdp=10&RSPP=5&AIDL=233,234,236,235,237,238,239,240,241,242,243,244,245,246,247,855,432&SRTB=P_Price&ERTA=True&MNAGE=0&MXAGE=200&MNBT=0&MNBD=0&PTYTID=5&MNPRC=200000&MXPRC=1200000&SCTP=RS

#103 General Flynn on 12.07.16 at 2:34 am

YOU DECiDE.. .Hillary Emails opened by the FBI! Money laundering, sex crimes with children, midgets playing basketball with walruses, dogs humping trees, in springtime, Unregistered chimpanzees illegally stuffing ballots in Kenyan elections, Birther rumors, , and Bill Clinton once said “I’ll be a Monkey’s uncle” … YOU DECIDE. – General Flynn tweet @GenFlynn

#104 Payback's a Bitch on 12.07.16 at 3:02 am

Love it that you thrust the knife in and gave it a few good turns today Garth.

Payback to the naysayers, indeed a bitch.

The tragedy of Boomer single asset nest egg’s disappearing and its inevitable effect on the Bank of Ma & Pa is yet to unfold.

There are a few more thrusts and turns left to come for you to write about Garth, continue to do so, for each and everyone of them and with fervour and aplomb.

bsant

#105 Context on 12.07.16 at 3:10 am

Those that live near canning factories big or small can save lots of money on food. I did it and so can you. It is illegal to sell D&D canned goods in a retail grocery store. You can buy them for less than 1/2 price for cash from the backdoor, as the ownership writes them off as a production loss.

#106 drydock on 12.07.16 at 4:08 am

#52 ANON on 12.06.16 at 8:54 pm

Ha! Cats do punctuation better! They use card boxes instead of playing cards.

……………………………………………………………

Cats are groovy.

#107 Mark on 12.07.16 at 4:09 am

“But despite Garth’s efforts not enough home owners in Vancouver elected to sell. Apparently they valued their home even more than the outrageous prices being offered all around them.”

Indeed. The Realtors often argue that “low inventory” is a precursor to rising prices, and as consumers, we need to “buy now or forever be priced out”. (various trolls come to the blog daily and repeat the same!) However, “low inventory” could very well be the simple fact that sellers/owners are in disbelief of the sort of prices, based on actual comparative numbers, that are being offered for actual individual houses.

The past few years have not seen increases on individual identical houses in Vancouver, nor Toronto. The alleged “increases” to the transactional averages that the Realtors are claiming are entirely, according to Ross Kay, Mark, and others, the result of the changing sales mix.

Basically put, when people go to list their individual housing units, the Realtors are generating proposed listing prices that are not in-line with the sales-mix abberated “higher prices” shown in the newspapers based on improper interpretations of RE-board generated data (they’re not lying — they’re just not presenting their figures sales-mix adjusted!), but rather, are a reflection of actual transactions in their neighbourhood which are at prices largely unchanged from the 2013 apex. They are mostly in disbelief, and thus, refuse to list.

Contrast this with the sort of situation in a market that was rising on a sales-mix adjusted basis, ie: what we saw until the 2013 apex. Prices were clearly rising on individual identical units transacted on an arms-length basis (no assignment flipping or other similar scams to distort the numbers!), so a lot of supply was available. If prices actually rose the alleged 20-30% (or more) that the Realtors are claiming since 2013 (not adjusted for the sales mix), there would be an onslaught of sellers looking to lock in gains. But that is not happening, and hence, would seem to indicate the validity of the statement that prices have not risen meaningfully, or even at all since 2013.

#108 drydock on 12.07.16 at 4:37 am

#81 Ace Goodheart on 12.06.16 at 10:29 pm

#88 100 billion stars on 12.06.16 at 10:51 pm

………………………………………………………………

http://www.space.com/24593-mars-rover-curiosity-sees-earth-photos.html

#109 Victor V on 12.07.16 at 7:10 am

More Canadians going bust as consumer debt surges 3.6%

https://beta.theglobeandmail.com/globe-investor/personal-finance/household-finances/more-canadians-going-bust-as-consumer-debt-surges-36/article33235495/?ref=http://www.theglobeandmail.com&service=mobile

#110 Oakville Stinks on 12.07.16 at 7:48 am

#58 conan on 12.06.16 at 9:10 pm

They need to bring back the old CBC that did not give a poo about what the parrot lines should be. Either get back to telling both sides of major stories, or fold.
*********************************

I can’t agree with you more. Harper had cut funding before T2 stepped it up again by $500 million. Given the quality of CBC news and their obvious agenda…I’m all for cutting all public funding. I made a 180 degree turn!

#111 BillyBob on 12.07.16 at 8:19 am

#93 Shanghai Sharon on 12.06.16 at 11:06 pm
I flew to Taipei to catch the jubilant reaction to the Trump recognition of this state against the aggression of China. It was such an inhuman travesty when Britain agreed to hand over six million Hong Kong souls to the mainland menace. Six million people enslaved over a real estate deal……shocking. Global liberals are global fascists. God bless Trump.

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

Well, I live in Taipei. And your comments are completely fabricated: the reaction here has been mixed, at best. Most people don’t know, don’t care.

The message boards did show a flurry of activity, but the overwhelming reaction has been:

meh.

As far as Hong Kong, it was the law. I have no love lost for PROC, but the lease was up. You can’t claim to believe in the rule of law and then ignore it.

#112 crowdedelevatorfartz on 12.07.16 at 8:19 am

@#47 & 48

Sorry “FORMERLY” Future Shop ….now Best Buy.
Same location, same store, same chinese manufactured widgets with the same pimply faced kids trying their high pressure tactics on a techno dinosaur.
4 out of 5of them spun on their heels when I said I was looking for a tv antennae.

Perhaps Best Buy should look at their advertising revenue and determine why it isnt working……

#113 IHCTD9 on 12.07.16 at 8:26 am

I remember the wacked lefty dingalings defending the Liberal Green Energy plan as a way to INCREASE business activity and profits. “We need to lead, countries from all over the world will want to do business with us”. LMAO, the dunce caps don’t get any more Everest-like than this. What a bunch of cement heads. I think Wynne and Co will be getting into the concrete business after politics -as they all got a Portland injection that makes the Hoover dam look like a park bench.

Now Ontario is one of the least desirable places to do business. Who saw that coming? Not the Libs, that’s for sure. Hell now that it’s here, bird-brain Butts and Trudeau still don’t see it. Now they are all blubbering on TV feeling bad that their approval ratings are at 15%.

http://www.cbc.ca/news/canada/windsor/windsor-hydro-costs-businesses-1.3868479

Now the whole country is going to get the same boneheaded treatment from Trudeau and his sloped-foreheaded band of revenue foragers as Ontario did:

http://www.cbc.ca/news/opinion/ontario-disaster-architects-1.3884108

Buy that generator now, pretty soon it’ll be cheaper to plug your natural gas line into it and pay Union Gas for Hydro. It’s going to take years and 10’s of millions worth of studies and consultations to figure out what to do about it too.

Like I said earlier – avoid taxation, make a plan, don’t wait for them to figure it out – never going to happen. I’ve waited over 10 years for the Libs to see the destructive effects of their energy policy – they either don’t see it, or close their eyes intentionally.

#114 traderJim on 12.07.16 at 8:39 am

#73 IHDpqrzl whatever

Welcome to the club!

One of the great benefits to getting off the conveyer belt is that when you read a story of some idiotic government waste of money, your anger subsides almost instantly when you recall that this time, you aren’t paying for it. It’s a great feeling.

The beauty of being on the correct side of things is that, in the end, the ‘equality of outcome’ people need us to support them or they fail.

If you are an individualist you don’t need anyone else to pay your way.

It’s now been 10 years since I paid anything significant (ignoring sales taxes, gasoline taxes, property taxes, etc.) into the system.

My lifestyle is far better than when I was working.

In another 10 years I might even get something OUT of the system, maybe.

If you can’t beat ’em, join ’em.

#115 crowdedelevatorfartz on 12.07.16 at 8:41 am

@# 93 Shanghai Sharon
“It was such an inhuman travesty when Britain agreed to hand over six million Hong Kong souls to the mainland menace….”
********************************************

Well, when the deal was penned in the late 1800’s for a cessession date of 1997 I’m sure that the politicians of the day ( much and politicians and pollutors of today) didnt really give two farts about the populace 100+ years hence.

And what were modern England’s choices. War? To keep a 18th century Colonial outpost in Asia? Please.
England with a population of 60 million and in a decline militarily to fight against China with 1 billion people and a rising military ?
England, situated half way around the Planet to fight against China, thats a mere sunday drive across the border.
Nope. They left while the getting was good and the population still pines for Jolly old Blighty.
It’ll take another 50- 100 years for the “locusts” ( as the Hong Kong Chinese have dubbed the Mainlanders because they buy everything in site) to assimilate the population and the rich will leave.

#116 IHCTD9 on 12.07.16 at 8:45 am

#101 For those about to flop… on 12.07.16 at 1:15 am
Anyone who needs a laugh should read this listing.

Why even bother…
_________________________________________

My heavy equipment is provided better accommodations than that.

10 years ago, every single person that read that ad would be rolling on the floor unable to breath. But sure as sh1t, someone here on the blog will come along and tell us about the “value” inherent in said 7 figure rotted garden shed.

#117 Rifles on 12.07.16 at 8:57 am

“If anyone knows the numbers, its him” – Garth

Why, when his supplicants are loath to cough up the data?

http://www.theglobeandmail.com/real-estate/realtors-reluctant-to-share-data-on-foreign-buyers-cmhc-meetings-reveal/article33202319/

“Many hoped that any data collected by CMHC will not be used to say that there is a problem.” They appear to have got their wish…

You are ignorant on this point. Fintrac data has nothing to do with mortgage apps. — Garth

#118 yardbarners on 12.07.16 at 9:01 am

#105 jess on 12.06.16 at 1:53 pm
Football Leaks
The largest leak in the history of sports reveals murky financial transactions in the world of European professional football and exposes the tax tricks employed by some of the Continent’s biggest stars.
…….. leaked documents alleging football stars like Cristiano Ronaldo could have been involved in a multimillion-euro tax evasion system.”

I am guessing Ronaldo would be the first guy picked in the prison yard soccer games…..would hate to be the opposing keeper though….

#119 Johnny Boy on 12.07.16 at 9:02 am

#54 Smoking Man on 12.06.16 at 9:04 pm

#25 MeCasa on 12.06.16 at 7:31 pm
Cant wait to see the numbers in January followed by corrections the following months.
…..

For my children sake I wish it were true. Your dealing with young warped minds that feed the beast at the entry level.
They beilive that all men should be feminists, man made climate change is real , carbon taxes thinking they are sticking it the man. This lot can not deal in logic, or reality, they life in a fairy tail world that thinks real estate always goes up.

It becomes a self fulfilling prophecy.

Party on in.

Dr Smoking Man
PhD Herdonomics
………………………………………………………………
You sound like a dying man. “No More Games. No More Bombs. No More Walking. No More Fun. No More Swimming. 67. That is 17 years past 50. 17 more than I needed or wanted. Boring. I am always bitchy. No Fun – for anybody. 67. You are getting Greedy. Act your old age. Relax – This won’t hurt.”

Wow many deletes last night. Now we know what
Dr Smoking Man Phd Herdonomics actually means.
Phd “Pretty hard drinking”

#120 jess on 12.07.16 at 9:02 am

the downstream taps

An early proposal for the Dakota Access Pipeline called for the project to cross the Missouri River north of Bismarck, but one reason that route was rejected was its potential threat to Bismarck’s water supply, documents show.

http://bismarcktribune.com/news/state-and-regional/pipeline-route-plan-first-called-for-crossing-north-of-bismarck/article_64d053e4-8a1a-5198-a1dd-498d386c933c.html

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

when the competitor (us) becomes the teacher

The Profiteers
https://www.youtube.com/watch?list=PL1ZVKOvHtj-DUXwPqGK0TqSHFFPK0r2c3&v=7f1XBHrfdlQ

The US-China Oil and Gas Industry Forum, sponsored by the US departments of Commerce and Energy, as well as China’s National Energy Administration, has convened for the last 13 years. But the focus turned to shale gas in 2009, when President Obama and then-President Hu Jintao announced an agreement to develop China’s immense resources. The partnership set the stage for companies in both countries to forge deals worth tens of billions of dollars.

#121 Patricia Mills on 12.07.16 at 9:08 am

I don’t know what its is going to take, Garth to get you to believe that the Chinese, The Koreans and the Iranians, the smart ones, getting their money out of their countries have been buying in Vancouver for the last 30 years, not the last one or two years.

Of course there is foreign money in every major market. But these buyers do not set prices for the entire market. Locals do that. — Garth

#122 pincho villa on 12.07.16 at 9:19 am

https://www.thestar.com/business/2016/12/07/mexico-overtakes-canada-as-no-2-exporter-to-us-ahead-of-trump-presidency.html

Mexico overtakes Canada as No. 2 exporter to U.S. ahead of Trump presidency
Canada has seen its share of U.S. imports fall to about 13 per cent from around 20 per cent two decades ago.”

Great article…..the future looks grim for Canada….people in debt living in overpriced castles and eating cat food imported from Mexico

#123 Penny Henny on 12.07.16 at 9:22 am

They were willing, if not enthusiastic, participants in developer scams like having local sisters of Asian heritage masquerade as hot young buyers from Mainland China. They piled into a big yellow helicopter to film ‘Chinese realtors’ flying over suburban properties making airborne buying decisions for clients who never existed.-Garth

Like they say in the movies Garth. Based on a true story.

#124 jess on 12.07.16 at 9:27 am

the end of Fake companies with anon. names

=========
“a series of unfortunate assumptions.”
http://www.ted.com/talks/kathryn_schulz_on_being_wrong

#125 Braj on 12.07.16 at 9:54 am

#88 100 billion stars on 12.06.16 at 10:51 pm
100 billion stars in our universe.

Every one likely has around 10 planets, maybe more.

On our way to extinction. Self imposed. Probably could have lasted another 5000 years, if we had been a bit smarter. As it is we’ll be history in another 200.

Probably for the best.

Universe is better off without us……

—-

Looks like flat Earth theory has the advantage of making you know aware that you are the centre of the universe, extremely unique and valuable – with all the responsibilities that comes with it – as opposed to being an invisible, accident dust on the sky, that commands no responsibility or purpose

Don’t make yourself sound stupid. You could barely even fathom the complexity of even just the earth. Let alone anything more.

#126 Below the border on 12.07.16 at 10:44 am

Ross Kay has been touted on this site to be some great independent analyst, but he is actually fighting to keep TREB data private.. http://www.cbc.ca/news/business/real-estate-treb-crea-sales-data-1.3884233 huh??

#127 Why did Trump meet with Gore? on 12.07.16 at 10:55 am

So why did Trump meet with Al Gore? Gore came away from the meeting flattered and encouraged and promised many more disruptive protests to push the elitist/green/totalitarian agenda.

Trump came away thinking “What a putz. He’s even more delusional than I thought. A sad, sad and dangerous man. Oh well….time to dismantle the EPA and put an end to his foolishness.”

Sometimes you have to meet your enemies head on to take their measure. Smart move by Trump.

#128 Context on 12.07.16 at 11:08 am

#121 pincho villa:- Its ironic that in many ways Mexico is a third world country. Most homes do not have natural gas; one cannot drink the water; the school system does not exist; hydro costs are much higher; millions of dogs live on the streets; most people pay no income taxes; TV and internet sucks; cartel wars are everywhere; medical care is in chaos; and the official minimum wage is about $7.00 per day.

#129 For those about to flop... on 12.07.16 at 11:13 am

#115 IHCTD9 on 12.07.16 at 8:45 am
#101 For those about to flop… on 12.07.16 at 1:15 am
Anyone who needs a laugh should read this listing.

Why even bother…
_________________________________________

My heavy equipment is provided better accommodations than that.

10 years ago, every single person that read that ad would be rolling on the floor unable to breath. But sure as sh1t, someone here on the blog will come along and tell us about the “value” inherent in said 7 figure rotted garden shed.

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

Morning Trackie,yeah it was a pathetic effort for someone who is going to get roughly 50k for selling it if it goes at that price.

O.k so it is probably going to get knocked down ,even though In the real world it should be a 250k starter home,but he didn’t even attempt to sell the area,it would have taken two minutes to come up with something like this.

” Developers dream, great block of land a couple of blocks from the upcoming lower Fraser st area.
Cafes and restaurants are minutes away and Starbucks,Shoppers and a No Frills supermarket are all within walking distance, put your offer in now this one won’t last long blah,blah ,blah”

All that is true, but realtors haven’t really had to try too hard to sell the product the last decade or so,it has practically sold itself.

Some of these guys are in for a shock and better step up their game or else a few of them will be working at some of the other establishments that I listed…

M42BC

#130 Capt. Serious on 12.07.16 at 11:30 am

If you are an individualist you don’t need anyone else to pay your way.

You build your own / provide your own roads, sewers, electricity grid, sanitation, water purification, municipal lighting, traffic systems, defense, search and rescue, emergency services, hospitals, etc.?
I think you likely get plenty out of the system you disparage.

#131 Henry Morgan on 12.07.16 at 11:33 am

MSM is pretty much fake end to end. And now they are telling us to shut up because Pizzagate could never happen, just like Jimy Savile, Ben Levin, Jerry Sandusky and the Catholic Church to name a few.

#132 Burnaby Guy on 12.07.16 at 11:44 am

It was such an inhuman travesty when Britain agreed to hand over six million Hong Kong souls to the mainland menace. Six million people enslaved over a real estate deal……shocking.

Shanghai Sharon, it;s so obvious you are so ignorant about history I can’t stop laughing after reading your post. Ever heard of the Opium War? Gunboat diplomacy?
England sold opium to China in mid 1800’s. China fought against it. England sent in some gunboats, defeated and humiliated China. Took Hong Kong island by force and leased part of the mainland to 1997. The lease was up. Hong Kong island can’t survive by itself. Everything has to be returned. England has no right to Hong Kong.

#133 IHCTD9 on 12.07.16 at 11:48 am

“‘Twas the Night Before Christmas”

By IHCTD9

‘Twas the night before Christmas, when all through the house
Not a furnace was stirring, wish we were in Laos
The taxpayers were hung by their neckties with care,
Evidently, the Ontario Liberals were there;

The children were frozen to the sheets of their beds,
While visions of kilowatts danced in their heads;
And mamma in her ‘parka, and I in my toque,
Had just burnt the furniture, and Grandpa’s old juke.

When out on the lawn there arose such a clatter,
I sprang from the bed to see what was the matter.
There was a Hydro One tech, holding up a smart meter,
Saying you’re screwed buddy, better pray to St. Peter.

The moon on the breast of the new-fallen snow,
Reinforced that my income was really quite low,
When, what to my hollowed out eyes should appear?,
But the OPA giviner to me, right up the rear.

With a little old lady, who doesn’t like men,
What the hell did you expect with this wrinkly old hen?
More rapid than eagles her coursers they came,
And emptied my wallet, sans an inkling of shame;

“Now, SOUSA! now, MATTHEWS! now, HARRIS and HUNTER!
On, THIBEAULT! on MURRAY! on, SANDALS and ZIMMER!
To the top of the porch! to the top of the wall!
Now vacuum that cash, vacuum away all!”

As dry leaves that before the wild hurricane fly,
When they meet with an obstacle, mount to the sky,
So up to the house-top my provincial bills flew,
My Hydro One charges, my tax and fees too.

And then, in a twinkling, I heard on the roof
The scratching and clawing of each cloven hoof.
The little red demons from the left plane of hell,
Coming to ring out my saving’s death knell.

She was naked and red, and a big mean jerk,
“I’m here for the proceeds of your bloody hard work”
She took all my cash and said thanks a lot honey,
I’ve not yet quite run out of other peoples money.

Her eyes — how they burned! her trident how scary!
Her cheeks were like craters, her nose quite hairy!
Her evil little mouth was drawn up in a pucker
And said sorry to hear ’bout your luck MF’er!

A length of lead pipe she clenched tight in her fist,
I started to laugh and she really got pist;
She frowned, bunched up panties, and started to vent,
Then cranked up my del. charges 8 damn percent.

She was boney and malnourished, an ugly old elf,
And I cringed when I saw her, in spite of myself;
A wink of her eye and a twist of my head,
Soon gave me to know I had everything to dread;

She spoke not a word, but went straight for my bank,
And filled all her stockings; stole my wallet too – skank.
And laying her finger inside of her nose,
Produced a big booger, and then struck up a pose.

She sprang to her dragon, to her legion gave whistle,
And away they all flew like the down of a thistle.
But I heard her exclaim, ere she drove out of sight,
YOU WON’T KEEP A DAMN NICKLE SLAVES, JUST SAY GOODNIGHT!!

#134 InvestorsFriend on 12.07.16 at 11:52 am

It’s (NOT?) The Sales Mix?

Mark at 106 supported my point that those who refused to sell at inflated prices contributed to the inflated prices but then said:

“The past few years have not seen increases on individual identical houses in Vancouver, nor Toronto.”

*****************************************
Well, maybe. You have been saying that for a few years now while most others were convinced prices were rising.

I don’t recall any data supporting the sales mix claim. You cite Ross Kay, but is there any actual data?

It seems to me that Teranet home price index would be the best indicator available of same-house gains. But you bash their method citing it is lagged. I understand it could be lagged since they may have to assume an increase between sale dates was linear when in fact it may have all occurred early (or late).

But overall the claim that individual home prices in Vancouver and Toronto have not continued to soar over the past few years (excluding the last few months in Vancouver) strikes me as a bit preposterous.

Sales mix may have been part of it but surely individual home prices have continued to soar in Toronto and, until recently, Vancouver?

Do you have data to support your claim?

Thanks for your support above and recently.

#135 Damifino on 12.07.16 at 12:03 pm

#121 pincho villa

“the future looks grim for Canada….people in debt living in overpriced castles and eating cat food imported from Mexico”
———————————–

I suppose, but things seem to be rocking in Windsor…

http://business.financialpost.com/news/property-post/windsor-house-for-sale-generates-record-31-offers-bidding-wars-are-causing-strong-price-growth

#136 maxx on 12.07.16 at 12:08 pm

#4 Smoking Man on 12.06.16 at 6:43 pm

….”Watching T2, Wynee. John Troy fighting over ways to steal more of our loot. You just might be right.”

Yup, and not just Ontario.
I add “mitigate for government stupidity” to my list of steps for a sound, comprehensive financial plan. Exposure to re places people on the “fun with creative taxation” target.

Of interest:
http://www.imf.org/external/pubs/ft/wp/2016/wp16233.pdf

#137 AGuyInVancouver on 12.07.16 at 12:12 pm

The CMHC? The ones who in April stated:
“At this time, no existing tool can provide a definitive measure of the level of foreign investment in Canada’s housing markets. That said, CMHC regularly engages in discussions internally, as well as with industry experts, as part of its continued efforts to develop a program of work that would better capture data on foreign buyers.”
http://www.greaterfool.ca/2016/12/06/fake-news/#comments

Not putting much faith in that especially as it contradicts the numbers that dragged the BC Liberals kicking and screaming to the tax party, after claiming foreign ownership wasn’t an issue for years. Basically CMHC is saying they rely on anecdotes and water cooler talks. Even if they did truly track foreign ownership thoroughly, it would still underreport all the property purchased for permanent residents with money made by daddy back in China.

#138 n1tro on 12.07.16 at 12:19 pm

@What if

Hopefully history will remember Obama as the first president voted in because of his skin color with his achievements amounting to a C+ at most. To attribute him to anything greater than this is an insult to great people.
I could be wrong but I dont know of any other Nobel peace prize winners who has ordered the murder of another human.

#139 IHCTD9 on 12.07.16 at 12:23 pm

#121 pincho villa on 12.07.16 at 9:19 am

….people in debt living in overpriced castles and eating cat food imported from Mexico

____________________

The greatest shame of all is that, even if the cat food plant didn’t close up 30 years ago, We’d still be eating Mexican cat food, as we could not afford the Canadian variety.

#140 Barb on 12.07.16 at 12:23 pm

“…Former Global TV news anchor Steve Darling has been named the B.C. Liberal candidate in Burnaby-Lougheed”

———————————–

Jeezzuzz!

Dumber than a bag of nails.

I recall years ago–on air, on TV “news”–he asked his colleagues’ opinions on…(are you sitting down?) the best way to use toilet paper: (a) a neatly folded wad, or (b) a haphazardly scrumpled wad.

I was stunned by his abject stupidity, but his intellectual depth will fit right in with Christy’s bunch.

Frankly, I wonder what a two-digit IQ feels like.

#141 Snowflake City on 12.07.16 at 12:34 pm

he news on the street in Victoria is that property will not go down here – at all…. we are special….

I wonder what all of this means for Victoria?
——

You mean special like Vancouver? Because for many years it was noted how special Vancouver was for locals, other Canadians, and foreign buyers. Has its special status made it immune from plummeting sales and prices gradually eroding?

And that is a city with some substance compared to a geriatric bland enclave with no culture, no good restaurants, and no energy like Victoria. Special indeed….

PS – Have you missed the plummeting sales across Greater Victoria? If so, you must be a product of this special city….

#142 IHCTD9 on 12.07.16 at 12:38 pm

#128 For those about to flop… on 12.07.16 at 11:13 am
____

I don’t know flopper, I was starting to get moist reading that description. Sleeping in the attic with the ghosts of squatters past, and living a simple low cost life in a house with no heat. Not to mention saving the planet by giving the local vermin and rare strains of mold and mildew a place to live in the crawlspace. This house is a tree huggers dream come true.

#143 robert james on 12.07.16 at 12:40 pm

Danger Report: Real estate pros fret…. http://www.cbc.ca/news/business/real-estate-treb-crea-sales-data-1.3884233

#144 InvestorsFriend on 12.07.16 at 12:43 pm

No One Made It On Their Own

#129 Capt. Serious on 12.07.16 at 11:30 am
If you are an individualist you don’t need anyone else to pay your way.

You build your own / provide your own roads, sewers, electricity grid, sanitation, water purification, municipal lighting, traffic systems, defense, search and rescue, emergency services, hospitals, etc.?
I think you likely get plenty out of the system you disparage.

********************************************
Absolutely 100% correct. And we all benefit from the government that enforces the law allowing personal safety and financial safety including enforcement of contracts and debts owed to us. Not to mention our education was paid by the government until grade 12 and subsidised thereafter.

We are all hugely supported by the broader system and we all stand on the shoulders of past generations.

We all have much to be grateful for.

#145 IHCTD9 on 12.07.16 at 12:46 pm

#138 Barb on 12.07.16 at 12:23 pm

I was stunned by his abject stupidity, but his intellectual depth will fit right in with Christy’s bunch.

Frankly, I wonder what a two-digit IQ feels like.
______________________________

This has a certain eloquence…

Bravo.

#146 BOC has spoken.. on 12.07.16 at 12:57 pm

stayin’ still.

always amazed at the pundits–never seem to get it right………….hahaha!!

The pundits got it exactly right. No change. — Garth

#147 bdwy sktrn on 12.07.16 at 1:20 pm

#45 Wait There on 12.06.16 at 8:27 pm
#23 depending on where you are a simple piece of wire is all that might be needed.
—————
an fat unbent paper clip can pull in a few channels in van if you have a clear view to the mtns.

#148 ShawnG in TO on 12.07.16 at 1:40 pm

“If you don’t read the newspaper, you’re uninformed. If you read the newspaper, you’re misinformed.”

― Mark Twain

#149 Polls R Phake on 12.07.16 at 1:43 pm

No rate hike. Canada is getting as cold as the phake climate change science.

#150 bdwy sktrn on 12.07.16 at 1:43 pm

billybob drunken pilot;

“Prove you are a citizen, or a resident? Not the same. I am the former, not the latter.”
——————
citizen.
it’s a 15% foreign (non-cdn) buyers tax.
you are still good to go.
you seem to really want to buy here in vancouver.
good luck with that. as an airline employee you can go anywhere, why so hung up on vancouver?

#151 Polls R Phake on 12.07.16 at 1:50 pm

#126 Why did Trump meet with Gore? on 12.07.16 at 10:55 am
So why did Trump meet with Al Gore? Gore came away from the meeting flattered and encouraged and promised many more disruptive protests to push the elitist/green/totalitarian agenda.

Trump came away thinking “What a putz. He’s even more delusional than I thought. A sad, sad and dangerous man. Oh well….time to dismantle the EPA and put an end to his foolishness.”

Sometimes you have to meet your enemies head on to take their measure. Smart move by Trump.

__________________________________________

Maybe the Donald wanted to ask Mr Gore face to face ” So Al, do you know what the temperature is outside right now? I thought the term you first invented was global warming?”

#152 bdwy sktrn on 12.07.16 at 1:50 pm

#61 Londoner on 12.06.16 at 9:12 pm
Is it a coincidence that Nov yoy prices in the GTA have increased 23% while sales have fallen 37% in Van?
—————————
funny that coincidence has set seattle on fire too.
funny that.

funny many predicted exactly that when the tax was announced.

#153 Ryan on 12.07.16 at 2:21 pm

One of the big challenges in YVR has been upgrading from condo to attached, or attached to detached, as the gap between these kept expanding wildly over the last years. As values come down, is it reasonable to assume those gaps will shrink in the same manner (ie. prices of detached falling more quickly than prices of attached) and, if so, do you have any recommendations on timing a move from one to another?

#154 Nemesis on 12.07.16 at 2:24 pm

…”a city with some substance compared to a geriatric bland enclave with no culture, no good restaurants, and no energy like Victoria. Special indeed…”… – SnowflakesR’Us

#AuContraire…

[ColonialTimes] – Condé Nast rates Victoria among world’s 10 best cities

“This is a huge deal, though most people, including civic leaders, won’t grasp how important this is,” said Paul Nursey, Tourism Victoria CEO.

http://www.timescolonist.com/business/cond%C3%A9-nast-rates-victoria-among-world-s-10-best-cities-1.2369736

[NoteToCrowdedEF: I know that ‘hood well… it will be interesting to see how Chrusty’s erstwhile GlobalTV talking head fares with the BurnabyHillBillies…]

#155 When Will They Raise Rates? on 12.07.16 at 2:34 pm

The Collapse Of ‘Real’ Media Credibility (In 3 Simple Images)

https://i.imgur.com/3w9VmiA.jpg

#156 Mark on 12.07.16 at 2:37 pm

“Ross Kay has been touted on this site to be some great independent analyst, but he is actually fighting to keep TREB data private.. http://www.cbc.ca/news/business/real-estate-treb-crea-sales-data-1.3884233 huh??”

Can you elaborate further? I read that article many times in the past 10 minutes or so, and I don’t see anything that suggests that Ross Kay is part of any of the legal action between the TREB and the Competition Bureau. Nor is advocating the inhibition of public availability of sales data.

I could have a reading comprehension problem, but it appears to me that Kay is only opposed to interior photographs of properties being part of the public record. His argument seems legit to me.

#157 mishuko on 12.07.16 at 2:45 pm

walking past coworkers eating their salads with a double leg dinner from swiss chalet. delicious.

on another note, chris spence shows you can fake it til you make it to high levels of management. amazing. they need to get rid of the swamp in the tdsb. my current mp shuana chen was a trustee… can’t trust them with anything.

#158 bdwy sktrn on 12.07.16 at 2:46 pm

As it is we’ll be history in another 200.
—————–

…Don’t make yourself sound stupid. You could barely even fathom the complexity of even just the earth.
—————
predicting the end of the human race in 200 years!!!

someone can’t fathom the complexity of a thumbtack.

#159 traderJim on 12.07.16 at 3:12 pm

#129 Captain and #143 Investor

I live in a society that doesn’t allow me to build my own roads or pay for my own healthcare, so I go along with the law and don’t bother trying.

But if it all went to hell, I’d be fine, thanks very much.

People who, like Obama, say ‘you didn’t build that’ have never fought tooth and nail against government to build a business that provides jobs, as I have.

But like I said, too many people think like you too, so I said to hell with it.

I have gave up fighting the system and follow the letter of the law.

The harder you work the more you are punished (taxed) and the less you work the more you are rewarded, so why would I not join the smart folks and work less and enjoy life more?

Some people choose to become ‘artists’ that can’t possibly sell the crap they produce. I save the art materials and just travel the world and enjoy myself.

I see you are the altruists who believe you should support my lifestyle, so I say ‘thanks!’

Weather is gorgeous where I am now. Tonight is a big festival, ‘Noche de las Velitas’. If I was still in the rat race I’d never be able to experience events like these.

Next year you’ll get to pay for my trip to Spain and Portugal guys. And every trip for the next 20 or 25 years. And then the medical expenses will start to come in.

I figure by the end I might have broken even based on what I paid in and what I got out.

Not the best scenario, but not bad.

#160 mik on 12.07.16 at 3:21 pm

As expected the best outcome from BoC was staying put. Though we are not likely to see any increases any time soon.

Also I really doubt the Fed will do anything on their side other than one this month because they’re more or less required now.

#161 Realtors safe on 12.07.16 at 3:50 pm

#142 robert james

Danger Report: Real estate pros fret…. http://www.cbc.ca/news/business/real-estate-treb-crea-sales-data-1.3884233
———————-

I honestly don’t think realtors have to fight so hard – they will always have plenty of clients.

How many people still trade in their old car (and get soaked) because they can’t be bothered to sell privately. Granted we are talking much larger $ with commissions but still.

I used to tell people they can have their oil changed anywhere without affecting their car warranty. I’ve given up because the reply is always ‘The salesman told me I have to bring it to them for service or risk warranty issues’

Realtors can just adopt a similar line of ‘A realtor deflects legal risk if the sale goes bad’ and the sheeple will follow.

Anyone so inclined to sell by owner can\is doing that now with or without open data.

PS. Don’t confuse this as my personal wish for open data, I can’t wait! But the defeatist in me doesn’t think it will change much to the larger population.

#162 Smoking Man on 12.07.16 at 4:24 pm

Good by Climate Changs BS

Trump picks Pruitt

Pruitt has been a very outspoken critic of President Obama’s EPA, has sued the agency on mulitple occassions and has also questioned “the degree and extent of global warming and its connection to the actions of mankind,” having called the “debate … far from settled.”

#163 rightleftright on 12.07.16 at 4:25 pm

#131 Burnaby Guy on 12.07.16 at 11:44 am
“England has no right to Hong Kong.”

Define “right”…does England have a right to Canada?

#164 isuckless on 12.07.16 at 4:26 pm

“The pundits got it exactly right. No change”

BTW, how you (not you Garth) became a pundit?
Is there a pundit school? Do I get a certificate that proves that I am a pundit?
Or it is in the same league as a “socialite” (like a Cardashians/Kanye)?

#165 Mark on 12.07.16 at 4:45 pm

“As values come down, is it reasonable to assume those gaps will shrink in the same manner (ie. prices of detached falling more quickly than prices of attached) and, if so, do you have any recommendations on timing a move from one to another? “

In systemic RE prices crashes, generally the most expensive RE loses more value, relatively speaking, than the least expensive RE. Basically put, the best time to buy is when there’s ‘blood in the streets’, in an environment with significant, if not severe constraints on credit.

The experience in mid 1990s Mississauga was that one could have sold their lower-quality housing unit and upgraded to a brand new, high quality unit for relatively little incremental cash. The example I’m familiar with was approximately 4 years post-1990 peak, and involved a distressed developer.

You’ll probably never hit the exact optimal point, just like almost nobody buys a stock at the bottom or sells at the top. But the mere fact that you’re thinking of these issues tells me that you have a decent handle on the correct sort of thought process that one might need to approach the problem with.

#166 Luc on 12.07.16 at 5:09 pm

How To get out of debt…
http://www.theloop.ca/watch/life/money/extreme-measures-to-get-out-of-debt/5238688418001/5235983701001/4774010793001/

#167 White Crock BC on 12.07.16 at 5:11 pm

n1tro on 12.07.16 at 12:19 pm

@What if

Hopefully history will remember Obama as the first president voted in because of his skin color with his achievements amounting to a C+ at most. To attribute him to anything greater than this is an insult to great people.
I could be wrong but I dont know of any other Nobel peace prize winners who has ordered the murder of another human.

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

You have to remember that Obama didn’t ask for, nor did he lobby for that Nobel prize. Not sure why it happened, but it did and that’s not “on him”.

Take it up with the Nobel committee.

#168 };-) aka Devil's Advocate on 12.07.16 at 5:19 pm

#128 For those about to flop… on 12.07.16 at 11:13 am
All that is true, but realtors haven’t really had to try too hard to sell the product the last decade or so, it has practically sold itself.

Some of these guys are in for a shock and better step up their game or else a few of them will be working at some of the other establishments that I listed…

All that is true and so too is it so for most anyone else in sales, and let’s admit; really, at the end of the day, we’re all in sales. Car sales has been brisk right on through to lawyers, accountants, furniture stores, builders, electricians, framers, finishing carpenters… we’ve all been busy in this exuberant economy.

And yes you are absolutely correct, “Some of these guys are in for a shock and better step up their game or else…”.

We all know what’s going to happen, just as it does following any exuberant time. No one in particular is to blame. We are all feeding at the trough and don’t want it to stop as we pig out on low interest rates and easy money. But it will stop. It will correct. For now it is what it is for good reason… because we don’t want to deal with the issues. We’d rather kick the can down the road. That, you and I know is unsustainable.

SHIFT happens… learn to ride the tide.

#169 Harold Svenson on 12.07.16 at 9:06 pm

#29 crowdedelevatorfartz – 6’6″ is not huge. I’m 6’6″. I’m normal. You are short. It’s all a matter of perspective.

#170 mark on 12.08.16 at 2:53 am

When everyone starts talking stocks and the new highs, now is not time to put new money in, rebalance when America gets a 20% stock market hair cut. Last time I checked CAPE ratio is on its way to 30 for US market that’s insane.

#171 canali on 12.08.16 at 12:51 pm

love it:

NEW
cbc report:
”Fake job, fake education, fake residency: 15 clients of fraudulent immigration scheme now kicked out of Canada”
(with a possible 800 more scammers to go…)
The CBSA says another 500 ex-clients are also under investigation, bringing the total facing possible deportation to more than 800.

http://www.cbc.ca/news/canada/british-columbia/fake-job-fake-education-fake-residency-15-clients-of-fraudulent-immigration-scheme-now-kicked-out-of-canada-1.3886719

#172 Humble on 12.08.16 at 1:58 pm

I decided to coach indoor soccer. There was a gal who was slow of foot. The parents would groan when I put her out. We lost more games than we should have. I would yell at her. She listened to me and became a very good defender.