Unhinged

horse-modified

Kelly needs a hug. “I have read your blog almost every day since 2010,” he writes from North Van, where the houses go for two mill.

“I am 38 and my wife is 41 and we have two boys, 7 and 8 years old. I earn $125,000 per year, and we have around $180k in RRSP and TFSA accounts and $100k savings (in a brain dead high interest savings account because I keep hoping house prices will drop and I will use it toward a down payment). My wife is a stay at home mom but thinking about going back to work.

“We currently rent a 60 year old house for $3650 per month and sublet the basement suite for $800 per month. I don’t have a big issue with renting but this is far from being the house that I want to live in long term and if you spend any time on Craigslist you will see that there aren’t many decent options in North Vancouver or anywhere near Vancouver city centre in our price range for a family of 4.

“The way I see it right now we either need to move out of Vancouver toward the Fraser Valley or we will be doomed to renting what I consider substandard housing for the foreseeable future. Did Christy Clark just kill my chances at seeing Vancouver house prices go down? Should I give up now and move away from Vancouver?”

Damn fine question. YVR’s market has been gently rolling over since early summer, and lately peppered with price reductions (check out this site) that helped bring down the benchmark single-family marker by $193,000 last month. No wonder. Prices are insane, thanks to speculators and idiot buyers. The Chinese Dudes tax chased away foreign purchasers. Mortgage rates are rising. The new Moister Street Test has carved off 20% of buyers. And average incomes are mired in a mucky economy. Why wouldn’t prices plop?

Even Royal LePage czar Phil Soper gets it. Last week, after calling the TA and Van market unhealthy, he explained: “Some may find my statement surprising, because they confuse high price appreciation with a healthy market. When incomes are rising at three per cent and house prices at 20 per cent, that’s not healthy. That’s unbalanced.”

True words. Everyone’s expecting price retreats in 2017, with more listings and – finally – an uptick in affordability, even as the costs of five-year mortgages swell. This is why BC Premier Christy Clark is being viewed by most observers as Canada’s most unhinged politician. Her government’s plan to start giving moisters lacking the cash to buy a house up to $37,500 in down payment money (free for five years) is a recipe for reversing the healthy wilt.

Says UBC economist and house-pumper Tsur Somerville: “It’s a gift that may end up fueling a Canadian debt binge and padding the pockets of sellers instead.”

Says SFU director Andy Yan: “What does this C$37,000 enticement do but encourage people to take on more debt?”

Says CMHC boss Evan Siddall: “Ample support exists already for first-time homebuyers. Too much encouragement to buy homes exposes vulnerable people to excessive financial risk, pushes prices higher where acute supply inelasticity exists – like here in Vancouver – and jeopardizes our economic prospects.”

Says GreaterFool: “Give buyers $37,500 in free house money and they’ll spend $37,500 more than they would have. Sellers get an extra $37,500. Prices go up $37,500. What’s Christy smoking?”

Meanwhile in Ontario a new survey by the provincial real estate industry found Wild Bill Morneau’s mortgage crunch (now two months old) is having a serious impact. Forty-five per cent for first-timers state they’ll delay buying until they’ve saved more. A fifth have postponed it completely. Over a third are now shopping for a cheaper house. All this is exactly what the rules were intended to achieve – tapping the brakes, landing the housing gasbag without an epic crash.

So, Kelly, there you go. The unintended consequence of a woman trying to get re-elected by catering to house lust may keep your family renting. But, seriously, is that such a bad thing? Buying a $2 million house in your hood would clean out your savings, and yield a monthly nut of almost $9,000 (mortgage, taxes and insurance only). Besides, your household income would have to more than double just to qualify for a monster home loan like that.

So, yeah, the premier is a self-serving and unhelpful loon. But you’re equally unrealistic. With a family to support, the most irresponsible thing you could do would be to roll the dice and buy real estate, given your financial situation. Want a house? Then move to Hope. Or get the hundred grand working for you and out of a 1% savings account.

Given what we’ve allowed to happen, it will be a long time before average people in Vancouver can afford average houses. If ever. So stop thinking it matters.

187 comments ↓

#1 crowdedelevatorfartz on 12.18.16 at 3:24 pm

Snow falling in Burnaby like the credit ratings of the average BC Homeowner……….

#2 Kat on 12.18.16 at 3:34 pm

We realized it was never going to happen to buy a house here in Vancouver. Now the money sitting in a low interest savings account is now going to be invested. Anyone know of any good companies in Vancouver to manage our money ?

#3 InvestorsFriend on 12.18.16 at 3:34 pm

Should Young Families Live in a High-rise Apartment or Condo?

Many families lust for the yard. They picture the kids frolicking there, perhaps with some neighbour kids.

But how often does that happen anyhow? Are kids not driven to school and then driven to organized activities? And driven to the mall?

Do the majority of kids in houses with yards not spend most of their free time inside looking at a screen of one type or another? Do you think your kids will be different?

And anyhow, you might be arrested for letting your eight-year-old stroll down the street to a friend’s house.

What is wrong with living in a highrise where parks and stores are within walking distance? Where neighbour kids are down the hall?

Are these type of apartments / condos also priced out of reach?

Do people need to get over the idea that living in a downtown urban location is a bad place to raise kids?

#4 For those about to flop... on 12.18.16 at 3:36 pm

One thing I noticed with that link is while there are a lot of reductions,some of the houses in my neighborhood that have been reduced but are not on that map, as they were taken off and relisted with a new lower price.

So the amount of houses with reductions is even larger…

M42BC

#5 Arfmooocat on 12.18.16 at 3:38 pm

Her government’s plan to start giving moisters lacking the cash to buy a house up to $37,500 in down payment money (free for five years)

……………………………………………………………………….

When moisters renew in five years at definitely higher mortgage rates and tack on the 37.5K on top of it.
They’re F’d

#6 Bob on 12.18.16 at 3:44 pm

The politicians in this country have well been on the way for years leading us to ruin. However, morons(loons?) like Christy are continuously propped up by the voters for years…so one can say that the fault lies with us ultimately.

We are doomed…

#7 InvestorsFriend on 12.18.16 at 3:46 pm

What is Flop Suggesting?

Long paste here, but Flop responded to me below:

InvestorsFriend on 12.18.16 at 12:55 pm
OH NO, the U.S. is a Service Economy!

#98 For those about to flop… on 12.18.16 at 11:56 am alerted us:

This one is a little stale in date but goes to show you how important the service industry is in contributing to the GDP of each country.

The main reason I am posting this one is that it might help some people decide how much of their portfolios they want in emerging markets…

M42BC

https://howmuch.net/articles/one-diagram-that-will-change-the-way-you-look-at-the-us-economy

*****************************************
I see, and what is the correlation between equity returns and the percent of the economy that is service based?

In a rich economy, people can afford to spend more on services than hard goods. What of it?

Are you implying that the equity returns in service industries are lower? I think the data would be to differ.

And please be direct, what exactly are your conclusions from the diagram? For equity investors? For the people of the U.S.?

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

Read my post 3 times then comment.

I didn’t mention the U.S…

M42BC

***********************************
Agreed your post is cryptic which is why I ask for clarification. The LINK mentions the U.S. in its title and I believe strongly implies something negative about the U.S. being a service economy.

Would you increase or decrease your emerging market exposure based on the diagram you sent people to? Please explain. How exactly would that diagram help? What are your conclusions from it? You must have some.

#8 Unreal Estate on 12.18.16 at 3:56 pm

Late last night I put on the tube and stumbled onto “Hot Properties”. Same crap for years now, if you don’t buy now in Toronto you will miss out because prices are going substantially higher . The middle aged realtor wore an expensive suit , had a sun tan and not a wrinkle on his face and the host was like a bobblehead doll yes man(woman) . I went to the fridge and grabbed a snack and watched the rest of the episode. Finest comedy show on TV today!

#9 For those about to flop... on 12.18.16 at 4:02 pm

InvestorsFriend on 12.18.16 at 3:46 pm
What is Flop Suggesting?

Long paste here, but Flop responded to me below:

InvestorsFriend on 12.18.16 at 12:55 pm
OH NO, the U.S. is a Service Economy!

#98 For those about to flop… on 12.18.16 at 11:56 am alerted us:

This one is a little stale in date but goes to show you how important the service industry is in contributing to the GDP of each country.

The main reason I am posting this one is that it might help some people decide how much of their portfolios they want in emerging markets…

M42BC

https://howmuch.net/articles/one-diagram-that-will-change-the-way-you-look-at-the-us-economy

*****************************************
I see, and what is the correlation between equity returns and the percent of the economy that is service based?

In a rich economy, people can afford to spend more on services than hard goods. What of it?

Are you implying that the equity returns in service industries are lower? I think the data would be to differ.

And please be direct, what exactly are your conclusions from the diagram? For equity investors? For the people of the U.S.?

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

Read my post 3 times then comment.

I didn’t mention the U.S…

M42BC

***********************************
Agreed your post is cryptic which is why I ask for clarification. The LINK mentions the U.S. in its title and I believe strongly implies something negative about the U.S. being a service economy.

Would you increase or decrease your emerging market exposure based on the diagram you sent people to? Please explain. How exactly would that diagram help? What are your conclusions from it? You must have some.

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

Hey Shawn ,I posted the link so that the people in the previous thread could visualize the importance of emerging markets,not to bash the U.S or the service industry.

I thought I made that clear.

You know you are supposed to be impersonating Santa Claus this time of year …not Mark….

M42BC

#10 NEVER GIVE UP on 12.18.16 at 4:02 pm

It’s really time for voters to wake up and realize Christie Clarke is Buying our votes with our own money!

This thing is helping her friends in the Condo Building industry. It doesn’t even help the kids she is giving the money to.

The Condos they are buying are going to go up 37,500 as a result of the loan!

But really you CAN fool most of the people every election!

#11 Victoria Real Estate Update on 12.18.16 at 4:21 pm

All bubbles end badly. Nobody on this blog or anywhere else has been able to provide one example to prove this wrong.

Making it easier for those with no money, poor credit ratings (the least qualified) to buy houses at extreme bubble prices only creates a bigger and more dangerous bubble and increases the potential depth of its correction. It may delay the beginning of the correction, but it may also make the inevitable correction steeper.

If it was possible to permanently delay (prevent) a major housing market correction (crash?) by allowing more and more of the least qualified to buy at higher and higher prices, it would have been done in other countries that had bubbles, like Japan, Ireland, Spain, Greece, the US, etc.

To think that Canada will be the only country in history to prevent its bubble from deflating and having to deal with the economic consequences of falling house prices is simply saying that it’s different here.

It’s ridiculous to think that other countries with bubbles that inevitably went through major price corrections didn’t try to stop their corrections from happening.

As I’ve said, when you’re dealing with a housing bubble and extremely overvalued house prices, at some point adding more stimulus (making it easier for the least qualified to buy houses) becomes ineffective as the forces that inevitably deflate all housing bubbles take over and are just too strong to stop.

This is why efforts to prevent housing prices from falling in countries with bubbles – the US, Ireland, Japan, Greece, etc. all failed.

There is no such thing as a fairy tale, safe, controlled soft landing when you are dealing with a housing bubble or any other asset bubble.

It won’t be different in BC.

then wouldn’t dozens of other countries who’ve had housing bubbles done that exact thing?

#12 SuziQ on 12.18.16 at 4:23 pm

I actually disagree I don’t think the impact will be that big. First of all you still need to qualify at the 5 year posted rate AND the downpayment loan will still count towards your debt to income ratio. Third, it’s only 5% of purchase price to a max of 37k. I just don’t think it’s a game changer. It’s just to make her look good before the election.

#13 Air Balloon Pilot on 12.18.16 at 4:36 pm

Has anyone ever been up in an air balloon before? I think it’s a suitable metaphor because of course it’s a big gas-bag filled with hot air, the more fuel you add the higher it goes, if you let some of the hot air out of course you go down, and whilst airborne you don’t feel the wind everything is nice and calm. However describing the return to earth as a “landing” is a bit much. What you attempt is a controlled crash hopefully sometime before you run out of fuel. Running out of fuel is very bad because the landing can no longer be even moderately controlled you just come down wherever the balloon feels like it and at whatever speed the remaining hot air dictates. Very bad and very dangerous.

Maybe someone in Christy’s inner circle observed that the real-estate balloon is pretty high in the air to be allowed to run out of fuel?

I also like the metaphor because Royal LePage used to fly their balloon around here all the time but I haven’t seen it in years. Maybe it got sucked into a jet engine or something.

#14 For those about to flop... on 12.18.16 at 4:37 pm

Speaking of price reductions…

M42BC

http://imgur.com/a/omSfI

#15 TurnerNation on 12.18.16 at 4:49 pm

Our elites really have tightened the noose.
With president to be getting us ready for governing by Tweet. You know that social medium which announced it will ban “extremists” aka anyone not following the Party’s line.
You are free to leave at any time. ..

#16 Metaxa on 12.18.16 at 5:08 pm

@ #2 Kat.

look to the right and up a bit from your post…there is a click link there to a place called Turner Investments.

Do you go into Birks and ask them if they know any good places to buy a diamond necklace?

#17 This Week in Money on 12.18.16 at 5:08 pm

Ross Kay on This Week in Money
CREA numbers, BC’s new house buying incentive, and are governments listening to Ross ?
http://www.howestreet.com/2016/12/17/this-week-in-money-83/

#18 Mark M. on 12.18.16 at 5:09 pm

It would be useful for you to reveal your identity and credentials. Ryan, Doug and I stand in the sunlight and give an honest, fact-based opinion. Come out of the weeds and be measured, Einstein. — Garth

If you’re looking for letters after my name, I’m going to disappoint you. I did not study economics in the formal sense, but I have read extensively on all economic schools of thought. Nothing more adequately describes the economic conundrum the world finds itself in than the Austrian school.

It should be clear by now that every Keynesian model is flat out wrong. It should also be clear that there is no way a tiny group of academics can so accurately set the price of money as to achieve a precise inflation and unemployment target. It’s absurd.

Would Garth allow this same group to determine the price of haircuts or dry cleaning services? Indeed, if these economic wizards are so good at determining the price of half of every transaction, then maybe Garth should allow them to set prices at his store or for his financial services.

Outrageous right? What’s makes what the Fed currently does any different?

They can’t get it right; it’s impossible. If you can’t ascertain that from the housing bubble, then you’re engaged in wishful thinking.

The kind of wishful thinking that allows you to believe infinite growth is possible on a finite planet so long as Janet Yellen and her team can decide the rate of interest.

The kind of wishful thinking that allows you to think America’s printing press is fundamentally different from Zimbabwe’s. Such that deficits and debt don’t matter. That it never has to be paid back and that we’ll never have to take the bitter tasting medicine.

The kind of wishful thinking that finally allows our blog host to acknowledge that while the US recovery was tepid at best, the stock market still tripled and that wasn’t the direct result of unprecedented stimulus and eight years of ZIRP. And anyway, now we have Trump, and those new bridges will surely bring prosperity to all.

I know it’s all wishful thinking and none of it addresses the real structural problems that have ballooned since the US closed the gold window in 1971. A move Richard Nixon said was temporary at the time. Since then, the bankers and the wealthy have done quite well at the expense of the rest of us.

There is no amount of fiddling with the interest rate that can solve any if this. I know that, but no, there are no letters after my name.

Mark Moretti
Guelph

Ah. Gold. Explains a lot. — Garth

#19 Context on 12.18.16 at 5:09 pm

#3 InvestorsFriend:- There is such a place in Toronto with affordable high rise apartment buildings down a leafy street surrounded by parks. A few have their own mini park settings with a tennis court and B.B.Q. picnic areas; of course all have a swimming pool. Never a worry about goods, services, schools, or transportation as all is there in the immediate neighbourhood. Go to Yonge and St. Clair with the subway and walk south to Rosehill Avenue, then walk eastward and enjoy paradise.

#20 Self Directed on 12.18.16 at 5:25 pm

Kelly’s landlord is lucky to have him. Kelly sublet’s the basement so he doesn’t have to?! Landlord doesn’t have to worry if the basement dweller leaves. Kelly does! This is just added stress for Kelly. Kelly, before you consider leaving, try to renegotiate the rent much lower. If landlord doesn’t accommodate you, then leave. At least you will be sending him the message “Good luck with that!”.

IMPORTANT NOTE: Kelly is a typical household. Big pay cheque that goes mostly into Rent/Mortgage, Groceries, Insurance, etc. Barely any saved. If you want to get ahead you have to wait it out. Save every penny. No restaurant, no movies, no trips, clip coupons, shop at Dollarama. etc.. If something breaks, fix it with some glue.

#21 InvestorsFriend on 12.18.16 at 5:44 pm

All Bubbles in the Past Ended Badly, did they?

#11 Victoria Real Estate Update on 12.18.16 at 4:21 pm said:

All bubbles end badly. Nobody on this blog or anywhere else has been able to provide one example to prove this wrong.

************************************
Yes well if a bubble in the past had not ended badly it would not be identified as a bubble, now would it?

Here’s another one:

The world has gotten over each and every bubble and every other event that has ever occurred and has gone on to reach our present wonderful state of bounty and relative ease (in the Western world at least for the great majority of people)

#22 Self Directed on 12.18.16 at 5:44 pm

I absolutely cannot vote for Christy after this. And neither should you. This program looks more stupid every time I look at it.

This new BC Home Owner Mortgage and Equity Partnership is the worst!

1. The Buyers purchase a home at record high prices
2. The Taxpayer pays for the interest on the loan for the first 5 years
3. The Seller makes an additional $37,500.00
4. The Realtors make some more easy commission

Where do politicians learn to announce these dumb policies with smiles on their faces?

Nope! I can’t vote for her. She’s already a millionaire.. she doesn’t need another term.

I’d like to rename the program: BC High Risk Home Ownership “thanks suckers for volunteering to keep BE housing afloat long enough for me to get re-elected” Debt partnership”

#23 solo 604 on 12.18.16 at 5:44 pm

“Sellers get an extra $37,500. Prices go up $37,500”

Probably up $50k as speculative sellers/realtors smell blood in the water and jack it up accordingly.

Kelly is making $125k with 3 dependants and wanting to buy a house in North Van? That will never happen. Never.

Either his wife has to get a job or move east or both. A lot of North Vanners have moved to the tri-cities area — no bridges and now skytrain — but prices have gone way up there — no bridges and now sky train — so he’s a bit late to the party.

Garth prophesied a slow melt, his final sentence above confirms that, and I believe he’s right. Kelly either needs to learn to be happy where he is or make some changes.

“A man sits as many risks as he runs.” — Thoreau

#24 april on 12.18.16 at 5:45 pm

Check out Ross Kay on the $37.500 mortgage loan. “..This will not increase the # of first time buyers because of the way the Liberals have created the policy…you cannot lend and register a 2nd mortgage on a property that is owned with 5% down cash”…….going to make the situation even “worse”……… ” Liberals looking at it and it may be” revised” after they listen to Ross’s talk. This woman is just looking for votes. Take heed people.
Expect at least a few realtors to appear here disputing above but don’t be fooled especially by such dishonest people.

#25 Boombust on 12.18.16 at 5:46 pm

Why such gloom and doom for potential Vancouver buyers, Garth?

Is there something we should all know but haven’t been told yet?

It seems that the new mortgage stress test, high per capita debt loads, rising interest rates and swelling inventory this upcoming spring will put the kibosh on Vancouver house prices once and for all.

Besides, Clark’s new “championing the cause for FTB’s” through what amounts to a second mortgage “loan”will probably be a big flop. After all, if many FTB’s have stayed on the sidelines with historically low interest rates and such loose lending practices as we have seen over the past ten years, why would any of them take the bait on this latest scam?

In fact, as shrewd and as slippery as Clark is, she is likely betting on this; nevertheless, it will make for “good optics” for the upcoming May election to showcase her “desire to help”.

#26 solo 604 on 12.18.16 at 5:51 pm

Mark Moretti
Guelph

Ah. Guelph. Explains a lot.

#27 Damifino on 12.18.16 at 5:51 pm

“What’s Christy smoking?”
——————————–

At the moment, she’s toking on a very fat vote-reefer.

#28 Terry on 12.18.16 at 5:54 pm

“We currently rent a 60 year old house for $3650 per month and sublet the basement suite for $800 per month.”

Seriously ???? You’re paying $3,650 per month in rent?

Wow !………. now that’s insanity …. in my opinion.

As opposed to paying $9,000 a month to own it? — Garth

#29 InvestorsFriend on 12.18.16 at 5:55 pm

What is this us?

Mark Moretti of Guelph (whom I applaud for throwing off the cloak of anonymity) said:

I know it’s all wishful thinking and none of it addresses the real structural problems that have ballooned since the US closed the gold window in 1971. A move Richard Nixon said was temporary at the time. Since then, the bankers and the wealthy have done quite well at the expense of the rest of us.

**********************************
Well, I am not with you and most people have done wonderfully better since 1971. Were you even around back then? Have you compared the per capita income or the median per capita income in the U.S. from 1971 versus today? The quality of houses, the quality of vehicles, the death rates from disease and violent crime? Do you realise that not a few people had only “party-line” phones back then? Color T.V. was just getting popular.

Romantic notions aside, people from the bottom 10% of the income scale are typically living FAR better today versus 1971. As are the top 90% and yes even more so the top 1%. An astonishingly larger pie is not divided as evenly as in 1971 yet everyone’s slice is larger.

The price of gold had nothing to do with this one way or the other or at least certainly, the closing of the gold window had no harmful effect on all this wonderful progress.

#30 Berniebee on 12.18.16 at 5:56 pm

Kelly needs to be told that families of four whose income is less than $250K are no longer welcome in Vancouver.

One alternative:
Move to Ottawa, get a job that pays 20% LESS, buy a detached house with a yard for $450K. Max out your RRSPs, RESPs and TFSAs, send your kids to one of the great universities here. (And see what a real transit system looks like!) Enjoy actually seeing the sun regularly in midwinter and not cleaning mold off of the north side of the house.
Downside: You’ll have to buy winter boots and mittens.

#31 Darryl Redholm Postma on 12.18.16 at 5:57 pm

The thing is nobdy tells them they have to live there. It’s their choice. This is the cost of freedom. IF you don’t like it you can get into politics or move if you want to buy at a lower pricepoint. First world problems!

#32 S.Bby on 12.18.16 at 5:58 pm

A few thoughts: why would Kelly rent a house and sublet for $800 so he is a tenant/landlord. There are decent houses in NV for $2500/mo. and no strangers living in the basement.

#2 Kat:
Look at Phillips, Hager & North Investment Management.

#33 Geoff on 12.18.16 at 5:58 pm

Christy Clark is taking realtors to a trade delegation in China. Guess which side of the fence she is on. How this pinhead got into office is just incomprehensible. Trudeau is doubling the number of visa offices in China and he is attending fundraisers with wealthy Chinese businessmen. One who wants to open a Chinese Bank in Canada. Don’t we already have one of the best banking systems in the world? Gregor Robertson’s ill-planned move to build condos for years without keeping up the apartment rental stock has got Vancouver in this mess. Now there is less than 1 percent vacancy. Maybe Gregor can convince his developer buddies to convert some of those shoddy new hi rise condos to rental units. With these two bozos in power I’m surprised more young people aren’t up in arms about having their city sold to the highest bidder. Seriously, what do you do if you are in your 20s or 30s in Vancouver? Garth you should do a poll to see how many of these people rent or how much they pay in rent.

#34 aerozone on 12.18.16 at 6:05 pm

…send Christy, Bob and friends to jail?
DON’T DO IT!!! They have no shortage of ideas to maintain the condo republic of British Columbia.
In very short order you’d see inmates on the street,
and granite ‘n’ stainless kitchenettes going into cells.
Nasty business out here politically. Difficult for prairie
people to tolerate. Same as it ever was.

#35 Andrew Woburn on 12.18.16 at 6:06 pm

A map showing the most common job in each US state.

Unfortunately, in most of them it’s “truck driver”. Anyone see a problem coming?

Except for Florida where it’s “Primary school teacher”. Something undocumented happening here? And how many secretaries can there really be in New Mexico?

https://gallery.mailchimp.com/451473e81730c5a3ae680c489/images/c0b8d713-30a9-4180-aecc-edf5a17b7e9f.png

#36 Andrew Woburn on 12.18.16 at 6:14 pm

Is this the end of the bond boom?

“It may not sound like much—a 0.25% increase in the Fed’s benchmark rate yesterday, following an identical hike in December last year—but there is a growing sense that a profound shift in financial markets is underway. Namely, an end to the 30-year bull market for US government bonds.”

This article has a graphic that really shows how the yield curve changes over time. Check out the flattening out just before the Great Recession.

http://qz.com/863405/interest-rates-inflation-and-trump-is-this-the-end-of-the-bond-boom/

#37 Gary on 12.18.16 at 6:16 pm

Despite all of the news about how the Vancouver market has been hit, prices have barely budged and housing is still severely unaffordable. Calgary’s job market has been decimated and the number of rentals are at a 25 year high, yet prices for houses have barely budged. Maybe the big correction will never come. There seems to be too many people with skin in the game to let this happen.

#38 Devil in the detail on 12.18.16 at 6:18 pm

Christy Clark is probably in need of the government money that would come from another term in office, you can’t blame her. Houses are expensive in BC…

And the political madness cycle continues:

-elect self serving politician
-wait for ***t to hit the fan
-let the self serving politician react to ***t hitting the fan
-watch the politician reversing the previous reactionary policies to get re-elected
-watch the politician get re-elected
-watch ***t hit the fan again
-let the self serving politician react to ***t hitting the fan

Add in the fact that she probably needs the money to cover her real estate in BC as well into this cycle. I would bet someone could find some sort of conflict of interest with her actions, if they tried hard enough. The problem is no one would do anything about it, self-serving is what happens in life and politics.

#39 crowdedelevatorfartz on 12.18.16 at 6:21 pm

@#32 S.BBY

I wouldnt touch P.H.N. with a 10 ft pole….their fees.

Something wrong with Raymond James Ltd?

The same people that Garth is associated with but doesnt promote or advertise on this free site?

#40 robert james on 12.18.16 at 6:23 pm

In regards to Christy Clarke buying votes with her first time buyer $37,500 free money plan,, it can be said that the people deserve the government they elect.. In the last election ,,Christy won because she promised something like 100,,000 new jobs with her LNG pie in the sky pipe dream,, and how did that work out ?? The trick is just tell the voters what they want to hear and it is truly amazing how many times they will fall for it..

#41 IHCTD9 on 12.18.16 at 6:38 pm

#6 Bob on 12.18.16 at 3:44 pm
The politicians in this country have well been on the way for years leading us to ruin. However, morons(loons?) like Christy are continuously propped up by the voters for years…so one can say that the fault lies with us ultimately.

We are doomed…
——-

Yep, if you need a glimpse into BC’s possible future, look at Ontario. A little Liberal fear mongering here, a little carrot there, and boom – they’re in with a majority, courtesy of some of the dumbest voters on the planet.

And what are the wages of 3 consecutive Liberal mandates? Well, 300,000+ less good paying jobs, 360+ odd billion in debt, some of the highest hydro rates in the world, sunshine listers everywhere you look, budget balancing via liquidation of multi billion dollar public assets, and corruption that makes Al Capone look like Mother Theresa.

But guess what, they’ll get in again by offering more trinkets to the quivering with fear, dumb as a stump, urban Ontario voter.

#42 bsallergy on 12.18.16 at 6:42 pm

Who can blame Kristie for trying to blow a bubble, that’s what got the selfservatives a majority in Ottawa.

#43 BG on 12.18.16 at 6:44 pm

” it will be a long time before average people in Vancouver can afford average houses. If ever. ”

Sounds like “Buy now or be priced out forever” was accurate after all.

The goal of life is not a house. — Garth

#44 Self Directed on 12.18.16 at 6:48 pm

Ross Kay on the new Christy program…

“The only people who are going to take advantage of this are people who are going to buy homes anyway! This is not going to make homes more affordable. This is not going to get people into homes any quicker. You still need 5% down so that means you still need to qualify for the same…”

#45 rainclouds on 12.18.16 at 6:49 pm

Pretty clear the vacuous yet sneaky Premier Smiley has been given her marching orders by her Campaign fund raising developer point man and self proclaimed Condo King Bobby Rennie.

Naturally the free press and investigative “journalists” here in the BPOE are on the ball digging deep to uncover this latest crass attempt at re election to the grateful citizenry.

BWahhhh, Lambs led to the slaughter….

#46 rainclouds on 12.18.16 at 6:58 pm

#2 Kat

Go to your comment. Look Right and up!

Juuust above the Belfountain Country store is a link to a fee only financial dude. Pretty sure he has many clients in BC……………

Disclosure is not advertising. — Garth

#47 GFD on 12.18.16 at 6:58 pm

I broker commercial mortgages, loans and leases. This ended up on my desk, I guess by accident.

Please find the following information for your doing the needful. – Address: XXX Corner Brook Cres, Woodbridge, ON, X4X 0X7 – We both husband and wife on the title. – 1st mortgage balance $700,000 – 2nd Mortgage $220,000 – Value of the property $1.5 million. – I’m self employed for 5 years and my wife is employed for 4.5 years. – We’re looking for 90% LTV to substitute our existing second, pay-off Credit Card and other debts which we borrowed for home up-gradation. Please note that we already have a second that didn’t ask us to fill up any application. Same procedure followed our previous second mortgage twice for our previous homes. Other mortgage brokers might be experienced in 1st mortgage, not 2nd or 3rd. Due to lack of experience and knowledge lenders are trying to making them fool and screwing up asking plenty of paper works (like a first mortgage or refinancing) like Credit Report, appraisal, long application etc etc… (To be very straight forward I think they don’t know their job). As you know second mortgage is all about equity. We know how it works as we got 2nd Mortgage thrice as already mentioned. Please get back to me with your testimonials, second mortgage in particular. Also, please do mention why choose you. I already have a second mortgage commitment in hand which is, no credit, no income, no appraisal basis. But it doesn’t serve our purpose. I can share this with you if it helps. I’ll appreciate not to respond me wasting your time and mine once you never did a second mortgage and can’t fulfill my terms – no application, no credit, no income verification, no appraisal (appraisal at lender’s cost if needed). Please note that to avoid lot of paper works we have chosen second mortgage. Otherwise refinancing was one of the best options for us. I can readily provide you Mortgage statements, Tax bill, Credit Report pulled by me, if needed. – Once you think you can move forward, I’ll need cost of fund beforehand. Please do not hesitate to contact me if you’ve any question or concern.

Anybody would like to fill out application for this guy to qualify his underwriting standards? Feel the smell?

#48 It Won't Work on 12.18.16 at 7:11 pm

Crusty’s plan won’t work. When you crunch the numbers and add in the qualifiers for the free cash for five years, the numbers just aren’t appealing or meaningful. This is a last ditch effort to try and keep the train on its tracks – won’t work. The depreciation in real estate this spring in all markets, including Toronto, will be the wake up call, that the party has ended and those who just purchased will find the music has stopped but their now holding the debt bag. Be patient Kelly, you will be thankful in the very near future.

#49 IHCTD9 on 12.18.16 at 7:16 pm

Kelly,

Damn near half your income is going into renting the dump you’re currently living in. You’ll be 50 by the time housing gets reasonable, and if your fellow BC’ers are prone to chasing carrots dangled by cloven hoofed politicians like Clark, maybe it never will.

You have two options IMHO, move outside the madness zone and start working on acquiring a strong appreciation for driving your car. Either that, or start searching for a good job elsewhere, one that pays enough to get you where you want to go in the area where said job is located.

In YVR, you will never own a house, will never be able to save adequately for retirement, and you will rent the creaky old house till your dying day. Might as well see it like it is, your time horizon just ain’t long enough for any assurance of success in Vancouver. Think about your kids, if the politicians are dumb, and the electorate is dumber, they’ll stand to be just as screwed as you are now 20 years down the road.

Better get a move on.

#50 DEVELOPWHORE on 12.18.16 at 7:30 pm

Christie has sold us out for the last time.
This time it will backfire on her.
This scheme is too plastic.

#51 IHCTD9 on 12.18.16 at 7:35 pm

#47 GFD on 12.18.16 at 6:58 pm

Anybody would like to fill out application for this guy to qualify his underwriting standards?

Those standards being: he gives zero information, and then you give him hundreds of thousands of dollars?

Heh, this guy is a real Pro I can tell.

#52 The Wack on 12.18.16 at 7:35 pm

You’d need 2500$ per month to rent something livable in the Fraser Valley, or buy and commute to N.Van?
Before you think about commuting you better drive out
and check out the condition of Hwy 1, it’s a 2 lane goat trail til you hit Langley and you’ll be spending 3-4 hrs a day sitting in a car!

#53 Fake alternatives on 12.18.16 at 7:40 pm

Seriously ???? You’re paying $3,650 per month in rent?

Wow !………. now that’s insanity …. in my opinion.

As opposed to paying $9,000 a month to own it? — Garth

BOTH are insane, actually.

Which is more insane is just a fake distraction.

#54 Context on 12.18.16 at 7:44 pm

For those that live in Victoria have you not noticed the warships docked there from China? Not to worry as T2 invited them to come.

#55 The goal of life on 12.18.16 at 7:48 pm

The goal of life is not a house. — Garth

Who is to tell?

Money? Power? Fame? Enlightenment? Reproduction? Creating something timeless?

If you have to ask, you’re doomed. — Garth

#56 TurnerNation on 12.18.16 at 7:55 pm

POP POP POP – To the Moon!
The computers will keep buying Ess & Pee 500 up to 2500 level.

#57 Disclosure on 12.18.16 at 7:55 pm

Disclosure is not advertising. — Garth

Of course not. Just the opposite.
It is a regulatory requirement for enforcing honesty.
Get influenced accordingly.

There is no such requirement. It’s merely the correct thing to do. — Garth

#58 The goal of life on 12.18.16 at 8:01 pm

The goal of life is not a house. — Garth

Who is to tell?

Money? Power? Fame? Enlightenment? Reproduction? Creating something timeless?

If you have to ask, you’re doomed. — Garth

Probably.

Thank G_d, you can just make up your mind, like everyone else, and you are instantly un-doomed.

#59 Smoking Man on 12.18.16 at 8:02 pm

No worries, the kids in High School today will fix everything.

https://youtu.be/q-FirPn4l0c

#60 Beezy on 12.18.16 at 8:06 pm

We rent a 2-Bed house with detached garage in N.Van for $2400.

You need to shop around.

Tons of nice houses under $3,000.

#61 full of promise for things to come on 12.18.16 at 8:08 pm

Nike’s new $720 shoe

The sneakers are pretty slick and easy to use for a first-generation product, and they’re full of promise for things to come, as I said in my hands-on review of the shoe.

For most buyers, however, there remains a $720 barrier to purchase.

http://www.businessinsider.com/new-nike-hyperadapt-shoe-is-all-about-tech-2016-12

#62 Tudval on 12.18.16 at 8:15 pm

So many problems with each article, but I can only address one or two a couple of times a week.

You say: “incomes are rising at three per cent”. False. Many who have good careers going have seen 5%++ increases every year. And the detached homes are an ever diminishing segment of the market in the big cities – easy to see why it’s the more successful who get to own them. Perhaps the top 20-30% each year, going forward. They will be the ones who see much more than 3% yearly increases. Or perhaps you have a problem with capitalism and the money system??

#63 hope & ruin on 12.18.16 at 8:18 pm

@ Mark M.

wishful thinking that allows you to believe infinite growth is possible on a finite planet so long as Janet Yellen
………………..

Infinite growth? Who said anything about infinite, let’s try sustained, continued growth based on: population growth, productivity gains, technology, etc. All of which is still happening, so why shouldn’t there be economic growth along with it?

Infinite growth implies a totally different ball game and I don’t see too many people talking about that.

#64 Timmy on 12.18.16 at 8:21 pm

The weasily Christy Clark had to pull something stupid like this. How else will BC Finance Minister Mike Dejong be able to keep his eight investment properties?

#65 Md on 12.18.16 at 8:23 pm

People need to stop writing in to this blog asking when house prices are gonna crash. Granted, it’s the reason I started reading it 8 years ago. But now understand that a housing crash or correction is irrelevant. What’s important is being properly invested and balanced in all aspects of life. Owing the bank a huge pile of cash while having no savings just so I can tell people I own a house isn’t balanced.

#66 Last of the boomers on 12.18.16 at 8:23 pm

Don’t despair Kelly. I also rent on the North Shore ($2900 for 2100 sq ft) which includes heat and lights, gardener and maintenance man as I only occupy a portion of the home and my landlord is absentee (out of country). I provide accomodation for two international students which helps to reduce costs for a single parent family with two children. It is about saving, investing, reducing all costs and spending where it provides the greatest benefit to the family as a whole. I am older than you but have about three times your savings, and all invested. Do I worry about not owning a house at present? No! Have owned enough of those in my lifetime to know, NOW IS NOT THE TIME TO BUY.

Cut wherever you can, maximize every inch of livable space, invest as much as you can manage. Teach your children and your wife financial literacy. Get the whole family on board, and show them the benefits of conserving together. Teach your children independence which begets confidence. be thankful and your family will also be thankful. I know it’s hard but be patient and I truly believe your family will be rewarded.

#67 jess on 12.18.16 at 8:29 pm

Luke Harding and Hannes Munzinger

Sunday 18 December 2016 18.00 GMT

http://corporate.exxonmobil.com/en/current-issues/arctic/presence/our-arctic-presence

Rex Tillerson, the businessman nominated by Donald Trump to be the next US secretary of state, was the long-time director of a US-Russian oil firm based in the tax haven of the Bahamas, leaked documents show.

https://www.theguardian.com/us-news/2016/dec/18/leak-rex-tillerson-director-bahamas-based-us-russian-oil-company

#68 fishman on 12.18.16 at 8:32 pm

Recently there’s been 1st’s offered to subprimer’s from Van City C.U. not renewing. That’s at 60% of assessed. Haven’t seen particulars; Surmise their cleaning up their balance sheet or meeting some kind of head office standard. I’ve always been a C.U. kinda guy. Working class roots. Got a nervous twinge like in late 80 or Oct.95 or fall winter 07-08.

Haven’t seen Rennie around. Twice removed rumour is Christy has forged ahead on her own. Damn the torpedoes. You go girl. Dippers have already snatched defeat from the jaws of victory by nixing Kinder Morgan.

#69 Paddler on 12.18.16 at 8:53 pm

Since this $37,500 is only good for houses of up to $750,000 all this is good for, is the condo market in greater Vancouver. The question is do people that take advantage of this money (BTW it’s not free money) have the money in 5 years to pay it back with interest rates most likley being a lot higher. Interesting times ahead.

#70 Ronaldo on 12.18.16 at 9:01 pm

#56 Timmy on 12.18.16 at 8:21 pm

The weasily Christy Clark had to pull something stupid like this. How else will BC Finance Minister Mike Dejong be able to keep his eight investment properties?
#57 Md on 12.18.16 at 8:23 pm
———————————————————
Or, maybe it will give him a little more time to dump them before the whole thing comes tumbling down. There is generally a method behind the madness. Get the last of the moisters trapped in debt up to their eyeballs. Smooth move Christy.

#71 DEVELOPENOMICS on 12.18.16 at 9:01 pm

Developernomics101 Quiz!

Name: Kristie!

1. How do I pay back my developer friends who supported me with cheques last election so this election I can get a second tranche of cheques?

Ans. Make the taxpayers pay them $130 million thats how!

2. But if that works out to $30.00 from every taxpayer and their babies in diapers isn’t that too much?

Ans. Harumph! I am Queen of BC. Let the plebs eat cake!

3. How do you get the money to the developers?

Ans. Easy! Lend it to them with rules that you have to buy from them! No one will notice!

#72 NEVER GIVE UP on 12.18.16 at 9:15 pm

#59 full of promise for things to come on 12.18.16 at 8:08 pm
Nike’s new $720 shoe

The sneakers are pretty slick and easy to use for a first-generation product, and they’re full of promise for things to come, as I said in my hands-on review of the shoe.

For most buyers, however, there remains a $720 barrier to purchase.

http://www.businessinsider.com/new-nike-hyperadapt-shoe-is-all-about-tech-2016-12
==================================

Nothing more than the newest Tulip Bulb Mania.

Everyone holding these sneakers will lose like pogs in the end!

#73 SkidMark on 12.18.16 at 9:16 pm

A map showing the most common job in each US state.

Unfortunately, in most of them it’s “truck driver”. Anyone see a problem coming?

No. Trucks mean trade. And trade is economic nominally positive.

Counterintuitively it would be worrisome if the most common job in each state was “brain surgeon” because 1) how does this make $ for the economy and 2) why is the population needing brain surgery?

Trucking is fine. Salesperson is good too.

#74 SkidMark on 12.18.16 at 9:17 pm

Trump to be confirmed by EC tomorrow girls and boys!!

#75 acdel on 12.18.16 at 9:25 pm

#3 InvestorsFriend

Good question; only answer I have is that it’s a North American obsession. Meanwhile in the rest of the world, especially Europe which I am familiar with, that kind of lifestyle is very common; in North America, perhaps of all the space, the vastness, the mentality is different; is it better, well the stats are saying different.

#76 Ronaldo on 12.18.16 at 9:27 pm

#44 Self Directed on 12.18.16 at 6:48 pm

Ross Kay on the new Christy program…

“The only people who are going to take advantage of this are people who are going to buy homes anyway! This is not going to make homes more affordable. This is not going to get people into homes any quicker. You still need 5% down so that means you still need to qualify for the same…”
——————————————————-
That is absolutely true and as I posted previously, the gov did a similar thing back in 1980 when interest rates were rising dramatically by offering a limited amount of cheap mortgages (10% at the time) to first time home owners. Same thing then, the only ones who took advantage were those who could afford it and were buying or building anyway. They never learn. It’s all for appearance sake. That’s pretty much how the gov works. Plus, it’s election time around the corner and we need to buy a few more votes with tax payers money.

#77 Pete on 12.18.16 at 9:31 pm

Seriously ???? You’re paying $3,650 per month in rent?
Wow !………. now that’s insanity …. in my opinion.
As opposed to paying $9,000 a month to own it? — Garth
————————-
Both options are crazy. We pay $425 for the top half of a duplex here in Valleyfield, Quebec. And nobody lives downstairs, the landlord just rents the top floor to us to cover his expenses in owning the building. Blissful silence.

#78 Crusty on 12.18.16 at 9:31 pm

I agree – $37,500 mortgage equals $150 per month = $1800 per year = $9000. After which you owe the entire amount. As it’s a 2nd mortgage, you need to qualify for the 1st mortgage without the $37,500. Another requirement is that it needs to be a HIGH RATIO mortgage as well and lenders have tightened the qualifications for any mortgages. This “incentive” will no doubt realtors/sellers ask more for their properties, so the extra $9000 is basically a wash for the buyers. What Crusty is selling, I don’t think anyone is buying.

#79 fishman on 12.18.16 at 9:37 pm

There’s an article today on Bloomberg about antibiotic tainted shrimp from China.Now the last two years we’ve had record shrimp landings on the west coast. I’d guess at 80 million lbs., averaging around 100 count,( thats 100 to the pound.) You haven’t heard of these billion little shrimpies because we freeze & export the whole works.

Same thing this year with our dog salmon run. Record year, tens of millions of lbs. The whole works was trucked & shipped out. We don’t have facilities to handle it anymore. We had over a million lbs.ground up for fish food cause of lack of ice to hold them before we got them into the states for processing.

Now the reason I mention this is that the government has always thought it was good business that we export all our shrimp to China while importing cheap Tiger shrimp.
It may not be so funny when you find out you’ve become antibiotic resistant due to eating Asian farmed shrimp.

Don’t blame B.C. fishermen, we just obey the market; Chinese pay big money for B.C. seafood & send us their cheap contaminated(made in China)farmed antibiotic resistant frankenfood.

We’re bitter out here with the way the Feds have despoiled our industries infrastructure & we don’t really care what you do or say because the seafood market in Asia is unlimited in demand & price. They get the good stuff & you get the crap.
Send a letter to little potato head.

#80 Ole Doberman on 12.18.16 at 9:40 pm

“Given what we’ve allowed to happen, it will be a long time before average people in Vancouver can afford average houses. If ever. So stop thinking it matters.”

Gartho this is the saddest statement I’ve ever read on your blog – like hope has been lost for those on the sidelines in Vancouver.

Even with the new rule the rising rates I would assume would do a number on Vancity especially.

I don’t live there but really feel for those out there. And those of you who say just move somewhere else – sorry if your roots are there it’s not that easy to just leave things behind.

Thank you God for not placing this hold-out Calgary renter on the West coast.

#81 Pete on 12.18.16 at 9:42 pm

A map showing the most common job in each US state.
Unfortunately, in most of them it’s “truck driver”. Anyone see a problem coming?
—————————-
I know what you are getting at. Self-driving trucks will be replacing these workers within 5-10 years.
A great article on the subject of a world without work.
http://gwynnedyer.com/2016/half-the-jobs-are-going/

#82 Ole Doberman on 12.18.16 at 9:42 pm

#75 Pete on 12.18.16 at 9:31 pm

Seriously ???? You’re paying $3,650 per month in rent?
Wow !………. now that’s insanity …. in my opinion.
As opposed to paying $9,000 a month to own it? — Garth
————————-
Both options are crazy. We pay $425 for the top half of a duplex here in Valleyfield, Quebec. And nobody lives downstairs, the landlord just rents the top floor to us to cover his expenses in owning the building. Blissful silence.
——————————————————
Agree 100%. I pay a little more in Calgary, but I’m single and only rent one bedroom.

It’s painful to even imagine being in such a situation

#83 BS on 12.18.16 at 9:50 pm

#35 Andrew Woburn on 12.18.16 at 6:06 pm

A map showing the most common job in each US state.

Unfortunately, in most of them it’s “truck driver”. Anyone see a problem coming?

Do same jobs map in Canada you could replace truck driver with real estate agent.

#84 BS on 12.18.16 at 9:58 pm

#40 robert james on 12.18.16 at 6:23 pm

In regards to Christy Clarke buying votes with her first time buyer $37,500 free money plan,, it can be said that the people deserve the government they elect.. In the last election ,,Christy won because she promised something like 100,,000 new jobs with her LNG pie in the sky pipe dream,, and how did that work out ?? The trick is just tell the voters what they want to hear and it is truly amazing how many times they will fall for it..

No, I doubt many voted for the BC Liberal because of LNG industry plans. They voted for the only viable party not named the NDP. Unfortunately there is still the same situation which will cause most to vote BC Liberal this election. It is pretty easy to win an election when you are up against the Green Party and the NDP who are both so flawed in their policies the BC Liberals still come out looking better.

#85 Smoking Man on 12.18.16 at 10:02 pm

Just noticed the house… Where do you get these pics.

#86 Ponzius Pilatus on 12.18.16 at 10:08 pm

#z29
Well, I am not with you and most people have done wonderfully better since 1971. Were you even around back then? Have you compared the per capita income or the median per capita income in the U.S. from 1971 versus today? The quality of houses, the quality of vehicles, the death rates from disease and violent crime? Do you realise that not a few people had only “party-line” phones back then? Color T.V. was just getting popular.
Romantic notions aside, people from the bottom 10% of the income scale are typically living FAR better today versus 1971. As are the top 90% and yes even more so the top 1%. An astonishingly larger pie is not divided as evenly as in 1971 yet everyone’s slice
—————–
You are way off.
In the early 70,s Canada enjoyed boom times.
Canada’s living standard was the best in the world.
Now we’ve got a service economy with everyone and their kids working 24/7/ 365 just to make their mortgage payments.
Please check your facts, before posting nonsense.

#87 What about the kids? on 12.18.16 at 10:11 pm

I find it difficult to understand how people miss out on planning for the children and their future. In the above mentioned story, the cost of basic living expenses is absurd. Instead of thinking about moving further into the Fraser Valley, why not consider leaving the region altogether? What future will their children have in that area?

I know it’s not an easy task, but how will the children possibly “make ends meet” in that sort of crazy economic environment?

As someone who left the region because of the cost of living, we did it primarily for our children’s benefit. My wife and I could have made it work in small super expensive housing, but our children don’t have a chance.

A couple summers ago while chatting with a neighbor who had bought in the valley when the development was new, bragged to me about how they bought their house for $27,500 in 1974, and how it was worth $750,000 now. Last autumn, the prices had gone as high as 900,000 to 1 million or more.

What that woman didn’t consider was here children and especially her grand-children. What can they possibly do to build a life in an area where the cost of living is so absurd?

Move dude! We did it and our kids are thriving. It has been a lot of work for us as the parents, but that’s what good parenting is about.

One more point.

People often get hung up on the amount of money they make. The issue is less to do with how much one makes but how much they make in relation to the costs of housing, insurance, food, etc.

#88 Ponzius Pilatus on 12.18.16 at 10:18 pm

#64 Last of the boomers on 12.18.16 at 8:23 pm
Don’t despair Kelly. I also rent on the North Shore ($2900 for 2100 sq ft) which includes heat and lights, gardener and maintenance man as I only occupy a portion of the home and my landlord is absentee (out of country). I provide accomodation for two international students which helps to reduce costs for a single parent family with two children. It is about saving, investing, reducing all costs and spending where it provides the greatest benefit to the family as a whole. I am older than you but have about three times your savings, and all invested. Do I worry about not owning a house at present? No! Have owned enough of those in my lifetime to know, NOW IS NOT THE TIME TO BUY.

Cut wherever you can, maximize every inch of livable space, invest as much as you can manage. Teach your children and your wife financial literacy. Get the whole family on board, and show them the benefits of conserving together. Teach your children independence which begets confidence. be thankful and your family will also be thankful. I know it’s hard but be patient and I truly believe your family will be rewarded.
——————
Rewarded with what.
They will be stuck in an old house, having to spend two hours to cross two bridges to nowhere.
Set them free old man.
There is whole world awaiting.

#89 CONstupid on 12.18.16 at 10:25 pm

#41 IHCTD9

You want to know why Hydro rates are through the roof? Mike the CONstupid Harris. He is one of the most evil CONservatives next to Harper and Mulroney. This CONstupid deregulated hydro and i remeber arguing with another CONstupid who said it would lead to lower rates. Needless to say he stopped being a CONstupid after waking up to the fact that CONservatives care only about corpoate interests. Also when it comes to selling out public assets for pennies on the dollar think CONstupid Harris and the 407 or that other CONstupid selling skydome to their corporate buddies rogers for 25 million . Skydome cost the tax payer almost 200 million. No other party sells out Canadian assets like the CONstupid. Bte CONstupids and Liberals are the SAME corporate sells outs. The only difference is Liberals throw crumbs to the middle class. I think i should tm CONstupid.

#90 Kat on 12.18.16 at 10:28 pm

Thanks for pointing out Garths credentials and place of employment. Now how about you point me to the Mcdonald’s you work at so I can visit you there.

#91 Crusty on 12.18.16 at 10:44 pm

Question for smart people out there…what would the EXTRA legal fees cost be for registering this tax payer funded 2nd mortgage? And the inevitable fee for paying out the 2nd mortgage at the end of 5 years? or to refinance and add to the 1st mortgage the extra $37,500? So you can qualify for a 2nd mortgage when the rates increase and you need to borrow more to pay for the 1st mortgage you can’t afford? because you bought a place purely for the interest of saving $9000 5 years which cost you way more than extra $9000 (amortized over 25 years) due to the greedy seller/realtor jacking up the prices…Way to go Christie…are virgin buyers really THAT STUPID?

#92 Mark M. on 12.18.16 at 10:53 pm

There are too many people here who equate technological improvements with economic improvements. They aren’t the same thing.

Yes, technology has improved lives since the 1970’s, but real wages for the vast majority have not kept pace with inflation despite huge productivity gains. That’s just a fact.

Meanwhile the banking industry makes people like Jamie Dimon a billionaire. What stunning technological improvement is he responsible for? Bill Gates should be a billionaire, Dimon should be run out of town for taking bailout money. The financial sector used to serve the economy, clearly that arrangement has reversed to our detriment.

Now then, nobody, not even Garth can tell me why Janet Yellen and her crew can decide the price of money but not the price of lawn mowers. I’m waiting.

#93 Smoking Man on 12.18.16 at 11:07 pm

Addicted to Twitter.

Slaying lefties in 140 types….

#94 Jeff on 12.18.16 at 11:31 pm

Stick a fork in it, the market slide started before the foreign buyers tax. It was heading for the ditch. Everyone is broken and no more foreigners to keep the party going.

Crash is already underway – this year. It’s coming.

#95 Jeff on 12.18.16 at 11:32 pm

And… honor the liberals loaning your money to hungry millenials in the form of predatory loans with a vote for someone else this coming year.

Time to “Drain the swamp!”

#96 $3650 for RENT!!!!!!! on 12.19.16 at 12:14 am

good grief. What a shit show.

$3650 * 12= $43800/yr for shelter you dont own

$43,800 * 5 yrs= $219,000…and you still dont own it…

ugh

#97 IHCTD9 on 12.19.16 at 12:16 am

#87 CONstupid on 12.18.16 at 10:25 pm
#41 IHCTD9

You want to know why Hydro rates are through the roof? Mike the CONstupid Harris.

——–

Yes of course, I am aware all of our problems are the result of Mike Harris who was elected premier of Ontario 21 years ago.

#98 Context on 12.19.16 at 12:31 am

#77 fishman: It is a scientific fact that the Pacific Ocean is dead and common knowledge that Fukushima cesium 134 has been found in Canadian salmon, as they do swim in cycles. I for one would eat nothing from the Pacific ocean if it were free. There is only one site on the web that has been covering this for years with hundreds of postings.

#99 Trev on 12.19.16 at 12:32 am

The answer is yes, definitely move out of Vancouver. Unless you’ve got a an irreplaceable job or established business that gives you a salary and/or benefits you won’t find elsewhere, I’m not sure why anyone who didn’t own their home prior to a decade would stay in markets like TO or YVR. Moving to a less expensive market can be the single best thing you ever do for quality of life. The cold won’t kill you, I promise. Leave BC and have a life outside paying the bills.

#100 drydock on 12.19.16 at 12:36 am

#83 Smoking Man on 12.18.16 at 10:02 pm

Just noticed the house… Where do you get these pics.

………………………………………………………..

A weird video to go with a weird photo.

http://www.youtube.com/watch?v=u7uqLapB4Wk

#101 Sydneysider on 12.19.16 at 12:53 am

“Says SFU director Andy Yan: “What does this C$37,000 enticement do but encourage people to take on more debt?”

This is very funny, since SFU provides a $37,500 mortgage interest subsidy to its faculty over 5 years that *never* has to be repaid. Andy Yan does not know about it because he is only an adjunct professor.

https://www.sfu.ca/policies/gazette/academic/a21-07.html

#102 paulo on 12.19.16 at 1:12 am

Have to wounder what the fall out will be between the fed
(Wild Bill) and Christi Clark, sort of like a stand off at the O.K. Coral ….. more to come on this

#103 skidMark on 12.19.16 at 1:17 am

The depreciation in real estate this spring in all markets, including Toronto, will be the wake up call, that the party has ended …

won’t happen in Toronto

at least not yet

no reason for it. tons of $ everywhere. esp boomers

#104 skidMark on 12.19.16 at 1:19 am

Toronto 2nd richest city in NA

http://m.huffpost.com/ca/entry/6811066

no crash yet

too much $ flying in

#105 Mark on 12.19.16 at 1:54 am

“I know what you are getting at. Self-driving trucks will be replacing these workers within 5-10 years.

I highly doubt this. Self-driving vehicles will cost millions a piece, and be subject to maintenance standards so stringent that you’ll practically need a full time engineer on hand simply at every depot for the require check-outs (much like is required with airplanes, which are arguably an easier ‘problem’ to solve on the self-flying front). As well as trillions worth of infrastructure improvements to the roadways themselves. Contrast such with what, the $100k/year cost of a truck driver, if even, on a traditional ‘dumb’ truck. Who, in a pinch, can also double as a maintenance technician, coordinator, loadmaster, customs negotiator, etc.

If anything, over the next few decades, developments such as “positive train control” and further upgrades to the rail networks will take human drivers and their trucks off the long-distance trucking routes. The railways, slowly but surely, are being dragged into the 21st century and are adapting their models to be more than just low speed shippers of commodities.

Now then, nobody, not even Garth can tell me why Janet Yellen and her crew can decide the price of money but not the price of lawn mowers. I’m waiting.

The ‘mistake’ in your question/assumption is that you think that the interest rate is the ‘price’ of money. Its not, because the value of the money itself is not fixed in our contemporary “fiat” money system. As I have explained many times here, when policy interest rates rise, it is usually in response to a weakening currency, and rising inflation. If an interest rate is set above that of the economy’s potential to provide a return on the senior risk-free asset in that economy, then the central bankers do nothing but precipitate a systemic monetary crisis (which usually forces them into some sort of extreme accommodation).

So the functional result of setting interest rates in a fiat money based economy is not that of fixing the ‘cost’ of money to a borrower, nor the return to a lender. If we had a constant reference against which money was measured, such as specie, or labour, then, sure, interest rates might be relevant as a ‘cost’. But we don’t. Central bankers and the economic system can conjure into existence, or destroy from existence, “money” at will.

#106 NEVER GIVE UP on 12.19.16 at 2:02 am

#77 fishman on 12.18.16 at 9:37 pm
There’s an article today on Bloomberg about antibiotic tainted shrimp from China.
we export all our shrimp to China while importing cheap Tiger shrimp.
It may not be so funny when you find out you’ve become antibiotic resistant due to eating Asian farmed shrimp.
Chinese pay big money for B.C. seafood & send us their cheap contaminated(made in China)farmed antibiotic resistant frankenfood.
===================================

NEVER EVER eat imported Chinese food of any kind.
The Milk Scandal made that very clear.
When the executives laced baby milk with Melamine to fetch a higher price many babies died and several executives were executed.
Then a year later the replacement executives were caught doing it again!
It is really hard to understand the motivation but it is deeply rooted in culture. The scramble for recognition and wealth is all important.
If you go to China take a few cases of Enfamil Baby Milk to help out the families that will pay anything for western baby milk. You can sell it easily for triple the price you purchase it for and the recipients are extremely grateful as you may be saving their baby’s life.
There is simply no trust in the local baby formula in China.
https://en.wikipedia.org/wiki/Timeline_of_the_2008_Chinese_milk_scandal

#107 jane24 on 12.19.16 at 2:50 am

Kelly move. I lived a happy life for years in small town Ontario. So the wages are lower but the cost of living is also way lower. You can have a comfortable life and a lovely home on limited means. I was on the web last night looking at Kingston, Ont and there are lovely homes for $400,000. Family can visit until they wise up too.

Kind of insane that in the second largest country in the world, parents can’t afford a yard for the kids to play in.

With the Fall leaves finally all down, Oak leaves don’t fall till November here, I swept them up yesterday and found that underneath the daffodils are up. It is Spring in the South of England. Lifts your heart with these long dark nights in Northern Europe. Dark now by 4pm.

#108 Freedom First on 12.19.16 at 4:08 am

I have to buy my shoes in the U.S. as my shoe size is too big to be sold in Canada. Same for tiny woman, mainly oriental women who must buy there shoes in the U.S. as there shoe sizes are too small to be sold in Canada.

Canada, because of a tiny market of only 35,000,000 versus a market of 350,000,000, has a wide variety of items that must be bought in the U.S. because of the same reason. Lack of choice.

As I weigh only 185 lbs, and have unusually large appendages, great teeth, and a full head of black hair woman become unhinged when they meet me. Being single helps, but if I wasn’t single, the women just don’t care. many husbands are not aware of how many married man are raising children who are not biologically their own. Fact.

Immaterial for me, as I don’t play like that. But women do. They have o morals around the men they want to do.They are unhinged. Cheat far more than men.

Sorry guys. Women will cheat with the hot men.

#109 westcdn on 12.19.16 at 6:42 am

I am catching up on my readings. I noted a few comments about parents helping their children with education a few days ago. I prefer positive morality and ethics over positive technical expertise. There is no reason why a person cannot have both but I find it common it is one or the other. I was generally pleased with how my daughters were developing and they were much closer to their mother thus I was essentially a fifth wheel. But I was ready to go when asked – kind of like a spare tire.

I tried to help my youngest daughter with her math homework. Neither of my daughters have my geekiness. Two events stand out in my mind.

Round 1: Elementary Grade 6 – She asked her mother for help. Response: ask your father as he is better at math than I am. I look at the homework and then try to assess what she knows and doesn’t. After a few minutes she blurts out “Mom, make him stop”! That ended my math tutoring until …

Round 2: High School Grade 10 – she asked me for help with a calculus math problem. I am thinking to myself, wow, kids today are years ahead compared to my times. I remembered Round 1 plus it was over 30 years since I had last used calculus. I asked her if look at her text book and the math problem to shake the rust off. I take a piece of paper and begin writing out the equations. She looked at me and said, “Dad, I just need to know which buttons to push on my calculator” – another zero for me.

#110 Zen Headspace on 12.19.16 at 6:49 am

#55 The Goal of Life

Money? Power? Fame? Enlightenment? Reproduction? Creating something timeless?
——————————————————————–

Why, the answer is Enlightenment, of course!

“Knowing others is wisdom, knowing yourself is Enlightenment.” – Lao Tzu

“To enjoy good health, to bring true happiness to one’s family, to bring peace to all, one must first discipline and control one’s own mind. If a man can control his mind he can find the way to Enlightenment, and all wisdom and virtue will naturally come to him.” – Buddha

#111 Sam the Sham on 12.19.16 at 6:59 am

I would like to take this opportunity to wish the Syrian refugees and all the other “refugees” who have taken advantage of Canada’s extremely generous refugee policy a very merry Christmas. I know they are all looking forward to adapting to Canadian values and customs. Oh, and merry Christmas to everyone else.

Why would Muslim folks celebrate Christmas? Stop baiting. — Garth

#112 Sad what's happened to Canada ... on 12.19.16 at 7:51 am

Jobs are at major urban areas . Major urban areas are becoming unaffordable for residential housing. The future for our kids is not bright, it’s sad.

Get a job in a small town you say? What if that small town doesn’t have a job opening for a chemical engineer ?

This poor chap is pouring 35% of his income into rent . For many ownweship, right or wrong , provides peace , sense of accomplishment . Is the new normal to rent ,to pay someone’s else mortgage ?

Shame on you govt

#113 freedom first .. on 12.19.16 at 7:56 am

You seem shallow . Has anyone had the courage to tell you ?

No one is ‘hot ‘ for long . Time will humble you …wait and see

#114 crowdedelevatorfartz on 12.19.16 at 8:12 am

@#106 Freedon 1st

186lb, large appendages and big teef eh?

Well I guess even fat dwarfs and circus clowns get lucky occasionally

#115 crowdedelevatorfartz on 12.19.16 at 8:13 am

@#102 skidMark

Please change your underwear. Its on too tight.

#116 NoName on 12.19.16 at 8:15 am

China consumed just over 50 percent of global coal in 2014,

https://goo.gl/Z0iARq

Is air quality in China a social problem?

https://goo.gl/WuKgR4

#117 maxx on 12.19.16 at 8:15 am

Canadians who have a reasonable and historically normal desire to start and raise a family in a modest house are being robbed blind by forced insane re prices.

I don’t buy the meme of wealth transfer. This is pure and simple theft.

And I don’t quite buy into the meme that a house is not an entitlement, because far too many people with good jobs still can’t afford them and also, because of this sick set-up, we are stuck with the cancer of too many speckers and flippers.

I have never seen so much chronic manipulation of people’s desire to simply have a home of their own. It’s gone on for so long that it’s almost considered normal. TPTB and FIRE found the underbelly of a nation and are kicking the almighty $h!t out of it.

Even those who manage to scrape their way into an obscene mortgage will end up leaving a mere fraction of the legacy they could have to their children or others- if they succeed in paying the monster off.

Keep in mind next time you vote that garbage in equals garbage out. Harmful garbage. For years.

Business and gubbmint rely on people’s desire to get on with their lives and know that most will cave and pay the price.

The only thing we’re overpaying more than housing is lousy government.

A house is a house. Where you live (and the dog sleeps) is a home. They are not synonymous. You do not need a house to start and raise a family. And nobody is entitled to a house, while we all have the right to a home. — Garth

#118 CHERRY BLOSSOM on 12.19.16 at 8:33 am

Christie she put forth the $37,000 as a payback to the developers as they took a big hit when she introduced the 15% foreign buyers tax. The intention is to get the real estate market moving again. This is from the horses mouth. What a cesspool these politicians exist in.

#119 Al on 12.19.16 at 8:33 am

The other lady desperate to get re-elected is Wynne. Watch for her to totally surrender to wage demands by Doctors, Teachers, OPSEU and transfer some parts of the hydro bills to all Ontario taxpayers.

#120 Victor V on 12.19.16 at 8:49 am

CMHC ends 30-year monopoly of the custody of mortgage records in Canada

http://www.financialpost.com/m/wp/news/blog.html?b=business.financialpost.com/personal-finance/mortgages-real-estate/cmhc-ends-30-year-monopoly-of-the-custody-of-mortgage-records-in-canada&pubdate=2016-12-19

#121 cramar on 12.19.16 at 9:13 am

#43 BG on 12.18.16 at 6:44 pm
” it will be a long time before average people in Vancouver can afford average houses. If ever. ”

Sounds like “Buy now or be priced out forever” was accurate after all.

The goal of life is not a house. — Garth

———

Unfortunately Garth, for a lot of people it is! Most people are materialistic, and the ultimate material possession is (tah dah) a house.

It defines their self worth, their status in society, their sense of accomplishment. A house is like an iceberg—what you see is only a small part. The most important part lies underwater! It’s called debt! That’s the part that is dangerous.

#122 CHERRY BLOSSOM on 12.19.16 at 9:27 am

DELETED

#123 jess on 12.19.16 at 9:28 am

IMF chief Christine Lagarde convicted by French court over payout to businessman

alleged negligence over a multi-million-euro government payout made eight years ago to French tycoon Bernard Tapie, who was close to then-President Nicolas Sarkozy. Lagarde, whose attorney has said allegations in the long-running dispute are “without merit,” failed last July in her attempt to have the case dismissed.

#124 jay on 12.19.16 at 9:31 am

#99 Sydneysider This is the problem with this country ,special rule’s and subsidy’s for the very people who don’t need it,paid by the people who do need it. Economic manipulation by the chosen few and screw the rest.http://business.financialpost.com/news/economy/canadians-pay-hefty-684b-bill-in-business-subsidies-over-20-years-study-shows

#125 fancy_pants on 12.19.16 at 10:29 am

What are the implications here?

http://www.msn.com/en-ca/money/topstories/cmhc-ends-30-year-monopoly-of-the-custody-of-mortgage-records-in-canada/ar-AAlJUgW?li=AAgh0dA&ocid=iehp

#126 TurnerNation on 12.19.16 at 10:30 am

My top Cdn pick for Trump boosterism is Magna auto parts. Perhaps a five point rip.

#127 InvestorsFriend on 12.19.16 at 10:37 am

Romantic Notions of 1971

#84 Ponzius Pilatus on 12.18.16 at 10:08 pm responded to my post at 29 where I pointed out the HUGE advances in living standards since 1971. Ponzious said:

“You are way off.
In the early 70,s Canada enjoyed boom times.
Canada’s living standard was the best in the world.
Now we’ve got a service economy with everyone and their kids working 24/7/ 365 just to make their mortgage payments.

Please check your facts, before posting nonsense.”

*************************************
Well, in 1971 I was 11. So I was there (small town Nova Scotia), you?

I observed first hand the living standards then and now.

I observed first hand how hard people had to work, then and now.

I observed first had the level of retail and restaurant space that could be supported. NO comparison.

If people are working 24/7 now, how come so many seem to have many hours per day to while away on the internet?

Then as now, there were winners and there were, shall we say, non-winners.

#128 Rainclouds on 12.19.16 at 10:42 am

#88 Kat, Now how about you point me to the Mcdonald’s you work at so I can visit you there.”

MEOW! I see no one else even offered to help and you are dissin poor old me…..the horror.

You could visit me but I dont offer financial advice. If still interested am workin at the Palm Springs franchise for the next while……

#129 InvestorsFriend on 12.19.16 at 10:49 am

Mark makes an impression

#103 Mark on 12.19.16 at 1:54 am said (among many other things):

“If we had a constant reference against which money was measured, such as specie, or labour, then, sure, interest rates might be relevant as a ‘cost’. But we don’t. Central bankers and the economic system can conjure into existence, or destroy from existence, “money” at will.”

***************************************
I find it strange that people suggest that the value of money is not reliable today. We are in the lowest inflation environment of the past 45 years or so. And lower by a HUGE amount than the 1970’s 80’s. In those days the value of money would erode quickly due to infation. Not so today.

And what a bizarre suggestion that low interest rates are not relevant as a low cost today. Yes, higher inflation made it a bit easier to pay back debt in the 1980’s But not for every business. Thousands upon thousands of businesses went broke. Many thousands of people lost their homes due to the high cost of interest.

#130 IHCTD9 on 12.19.16 at 11:46 am

#110 Sad what’s happened to Canada … on 12.19.16 at 7:51 am

Get a job in a small town you say? What if that small town doesn’t have a job opening for a chemical engineer ?
________________________________________

Do something else.

A married couple who both make minimum wage serving coffee in a small town and who managed to scrape a 20K down payment can get approved to buy a 200K house at 2.5. Out my way, that is a perfectly nice place.

IMHO, even at 3+X the annual income, the costs associated with living in Toronto, big school debt, along with big income taxes right off the top make a couple of white collar urban homeowners worse off than a couple of lowly (but focused with a plan) min wage employees in a smaller city.

Small towns have RE that reflect the local market’s deteriorating ability to buy, but minim wage always, eventually – goes up.

That Chemical engineering degree pays less and less every year – but that school debt and big city mortgage just keep getting bigger unless you pay it down…

I know a 31 year old big city Lawyer with an expensive education that he borrowed to acquire who is making jack and lives in the basement of a mediocre urban house for a couple grand a month.

I know a debt-free small town 22 year old welder apprentice who gets paid to go to school, and also makes jack, and who has bought his own house for a monthly payment of 600.00.

Who’s winning?

#131 Who luvs ya Baby on 12.19.16 at 11:52 am

#106 Freedom First on 12.19.16 at 4:08 am

I have to buy my shoes in the U.S. as my shoe size is too big to be sold in Canada. Same for tiny woman, mainly oriental women who must buy there shoes in the U.S. as there shoe sizes are too small to be sold in Canada.

Canada, because of a tiny market of only 35,000,000 versus a market of 350,000,000, has a wide variety of items that must be bought in the U.S. because of the same reason. Lack of choice.

As I weigh only 185 lbs, and have unusually large appendages, great teeth, and a full head of black hair woman become unhinged when they meet me. Being single helps, but if I wasn’t single, the women just don’t care. many husbands are not aware of how many married man are raising children who are not biologically their own. Fact.

Immaterial for me, as I don’t play like that. But women do. They have o morals around the men they want to do.They are unhinged. Cheat far more than men.

Sorry guys. Women will cheat with the hot men.

Your parents were cheating cousins?

#132 ccc on 12.19.16 at 11:59 am

Madam Clark declined some time ago the “ludicrous” proposal by Richard Branson to sail topless behind him on a Jetski. Good I said, a female politician not moved by the cash of a billionaire… Her new current RE proposal makes me doubt it. I guess is the water ski of another billionaire group she must be sailing on.

#133 Smoking Man on 12.19.16 at 12:14 pm

11/9 Marks the Death of the green Blob, Slayed by the Orange Slugger.

Today will be Historic.

The common scene will return to America. Hopefully, it rubs off on Canada.

http://www.breitbart.com/big-government/2016/12/19/trump-versus-the-green-blob-the-battle-that-will-define-his-presidency/

#134 maxx on 12.19.16 at 12:16 pm

Here’s a re sidebar which should get everyone’s blood boiling regardless of gender:

http://www.cbc.ca/news/politics/patty-hajdu-renovations-million-1.3901080

The status of women everywhere in Canada has been severely downgraded with this disgustingly wasteful misallocation of precious tax revenue.

Meanwhile, budgets for medical care are being reduced by T2, just as those who have paid taxes for 5+ decades are entering a phase of life that requires more of it. THAT’S what wasting tax revenue results in, and furthermore it reeks of covert ageism.

They are all just entitled suits that do a horrible job of running our Canada.

#135 Context on 12.19.16 at 12:17 pm

I never disclosed our rising manufacturing star here in Ontario that is the worlds 2 or 3rd in quality and production of a product. It is situated in Guelph and makes solar panels shipped worldwide.

#136 LP on 12.19.16 at 12:30 pm

#104 NEVER GIVE UP on 12.19.16 at 2:02 am

If you go to China take a few cases of Enfamil Baby Milk to help out the families that will pay anything for western baby milk. You can sell it easily for triple the price you purchase it for and the recipients are extremely grateful as you may be saving their baby’s life.
******************************************
You were on a roll there…until you speak of trying to make a profit off of [you say] desperate parents. The news link you quote is years old; nothing newer to report about this old scandal?

F69ON

#137 AGuyInVancouver on 12.19.16 at 12:36 pm

DELETED

#138 Damifino on 12.19.16 at 12:52 pm

#119 cramar

“Most people are materialistic, and the ultimate material possession is (tah dah) a house.”
————————————

That’s so unimaginative. The ultimate possession would be an original Salvador Dali, perhaps from his early Port Lligat period. It would bring infinitely more prestige than a pressed-cornflake Burnaby dump.

Although, I do concede you’d need to rent a suitable climate controlled place to display it. But maybe you could charge admission.

#139 Ponzius Pilatus on 12.19.16 at 12:55 pm

#127
I find it strange that people suggest that the value of money is not reliable today. We are in the lowest inflation environment of the past 45 years or so. And lower by a HUGE amount than the 1970’s 80’s. In those days the value of money would erode quickly due to infation. Not so today.

And what a bizarre suggestion that low interest rates are not relevant as a low cost today. Yes, higher inflation made it a bit easier to pay back debt in the 1980’s But not for every business. Thousands upon thousands of businesses went broke. Many thousands of people lost their homes due to the high cost of interest.
———
In the 70s and 80s the markets still had some resemblance of being free.
During the last 10 years governments around the globe have pumped trillions into the economies to keep interest rates low and debt payments affordable.
It’s a perfect example of kicking the can down the road rather than biting the bullet.

#140 hope & ruin on 12.19.16 at 12:59 pm

@ Mark M.

Now then, nobody, not even Garth can tell me why Janet Yellen and her crew can decide the price of money but not the price of lawn mowers. I’m waiting.
……………………..

Well for starters she doesn’t work for a lawn mower manufacturer. I doubt she could change careers at her age either. So maybe if she controlled the supply of lawn mowers she could set the price. Although competiton in the market place would probably have a bigger impact….wait….I feel an analogy coming on here.

Maybe if she worked for the world’s largest lawn mower manufacturer and they cut the price of their product down to nothing and the world was flooded with cheap, low quality lawn mowers. Being the largest manufacturer everyone else had to follow suit. Then once the world had so many lawn mowers she decided to vastly improve the quality of her products and then increased the price accordingly. Now that there are so many lawn mowers all the small manufacturers had to follow suit and increase the quality of their product too, in order to compete and therefore increase their prices too.

I have no formal economics education but I started this post to answer a ridiculous question which deserved a ridiculous answer but now I’m kinda curious how close this analogy is.

#141 maxx on 12.19.16 at 1:03 pm

“A house is a house. Where you live (and the dog sleeps) is a home. They are not synonymous. You do not need a house to start and raise a family. And nobody is entitled to a house, while we all have the right to a home. — Garth”

I know what they are and aren’t, Garth.
I also know that the goal of owning used to be far easier to achieve, before central banks messed with rates and dragged in FIRE to help deploy a “vision” which catalyzed debt and a hugely distorted economy.

https://www.theguardian.com/business/2008/oct/24/economics-creditcrunch-federal-reserve-greenspan

Global economies are a mess, and telling people that they don’t “need” a house is irrelevant.

#142 Context on 12.19.16 at 1:08 pm

In Toronto 1971 and beyond was a dream come true, as one could dine on a buffet at the Coal Bin for $1.00 or even cheaper at the Skyline Hotel. One could buy a townhouse for $500.00 down until completion in Don Mills or Mississauga for $18,000.00 and sell a few years later for $34,000.00. One could rent the best high rise apartment building for $134.00 a month. Jobs were everywhere and salaries were rising sharply. For $12,000.00 a year the world was yours and on a Friday night at the Four Seasons a line up would form to get into the SRO for sing songs with the piano player. It was party time every night if you wanted.

#143 Ronaldo on 12.19.16 at 1:22 pm

#104 Never Give Up

”If you go to China take a few cases of Enfamil Baby Milk to help out the families that will pay anything for western baby milk. You can sell it easily for triple the price you purchase it for and the recipients are extremely grateful as you may be saving their baby’s life.”
——————————————————————
My how generous of you selling it for triple what you paid for it. Wouldn’t it be a more rewarding just giving it to them?

#144 do something else? on 12.19.16 at 1:28 pm

he likes chemical engineering. He paid over $100,000 for his education. He’s going to move to a small town to pour coffee at timmies, or to weld?

you lost your mind?

#145 Matt Landry on 12.19.16 at 1:33 pm

#128

The welder may be winning now but the Lawyer will be kicking his ass in 5-10 years. The Lawyer will make as much in his 10 best earning years as the Welder makes in 30.

And both can live and work pretty much anywhere so thats a wash.

#146 RIL on 12.19.16 at 1:42 pm

I follow the discussion about Premier Clark and her prospects closely. Perhaps to an abnormal extent for an Albertan but that is due to knowing a highly placed insider in Victoria. My lack of respect borders on contempt.

However, if she runs again, her Libs will form government. Seems election after election, just when it seems that the direct descendants of Vanderzalm will lose, a few days before the election, the Red Scare is trotted out and the right wins. No matter how wretched the most recent incarnation may be.

#147 IHCTD9 on 12.19.16 at 1:50 pm

#103 Mark on 12.19.16 at 1:54 am

I highly doubt this. Self-driving vehicles will cost millions a piece…

_______________________________

Millions for a self driving car? Maybe in 1980. They’ve already got drive by wire, active electric steering, and ECM intervention into braking installed in todays cars.

All three systems already overrule driver inputs as safety functions. All the hardware and electronics needed for self driving are already in the car, now just sensors and programming remain.

We’re already 9/10 there.

#148 The world needs chemical engineers ... on 12.19.16 at 1:55 pm

And they are not making less and less each year . You don’t know what you’re talking about

Sorry , but a small town is small for a reason . It can’t support a lot of people

#149 Ronaldo on 12.19.16 at 1:58 pm

#114 NoName on 12.19.16 at 8:15 am

China consumed just over 50 percent of global coal in 2014,

https://goo.gl/Z0iARq

Is air quality in China a social problem?

https://goo.gl/WuKgR4
—————————————————————-

To give you an idea at just how much coal that represents here is something to think about. The world produces roughly 8 billion tonnes of coal annually. A 100 car coal train = 1 mile = 10,000 tonnes. 8,000,000,000/10,000 = 800,000 miles of train.

The circumference of the earth is around 24,900 miles.
800,000/24,900 = 32. Imagine that, a continuous train of coal circling the earth 32 times. Or, putting it another way. A train stretching past the moon by an additional 560,000 miles.

And that is every year.

Oh, Investors Friend, could you please check my math because I’m not that good at it and I know you are.

#150 Chico on 12.19.16 at 2:21 pm

#128 IHCTD9 on 12.19.16 at 11:46 am

#110 Sad what’s happened to Canada … on 12.19.16 at 7:51 am

Get a job in a small town you say? What if that small town doesn’t have a job opening for a chemical engineer ?
________________________________________

Do something else.

A married couple who both make minimum wage serving coffee in a small town and who managed to scrape a 20K down payment can get approved to buy a 200K house at 2.5. Out my way, that is a perfectly nice place.

IMHO, even at 3+X the annual income, the costs associated with living in Toronto, big school debt, along with big income taxes right off the top make a couple of white collar urban homeowners worse off than a couple of lowly (but focused with a plan) min wage employees in a smaller city.

Small towns have RE that reflect the local market’s deteriorating ability to buy, but minim wage always, eventually – goes up.

That Chemical engineering degree pays less and less every year – but that school debt and big city mortgage just keep getting bigger unless you pay it down…

I know a 31 year old big city Lawyer with an expensive education that he borrowed to acquire who is making jack and lives in the basement of a mediocre urban house for a couple grand a month.

I know a debt-free small town 22 year old welder apprentice who gets paid to go to school, and also makes jack, and who has bought his own house for a monthly payment of 600.00.

Who’s winning?

((((()))))

Very well said. There are such a varied number of issues that one needs to consider instead of over simplifying it by only using one measurement to make a decision.
Commuting time and effort required, air quality, level of stress as it relates to debt load, etc., are some issues that should be considered.

#151 Capitulation on 12.19.16 at 2:27 pm

Love your blog, but I think you just capitulated with this line:

Given what we’ve allowed to happen, it will be a long time before average people in Vancouver can afford average houses. If ever.

This is the stuff that FOMO is made of.

And the line
So stop thinking it matters.

Sums up what this blog is really about and why the masses don’t listen to you. You’re telling people that real-estate is unimportant.

But the masses, and even your readers, value home-ownership. It’s a place they call their own, to do as they please, to set down roots and offer stability for the kids and family. It’s not the be-all-and-end-all, but asking people to give this up and say its not important is a prime way to get ignored.

I’ll be people come here for the humor, the investment advice, and more importantly, to gain insight on when they can afford a place. You’ve just stoked more FOMO.

Most people are financial failures. This blog doesn’t exist to congratulate them on their bad choices or vaporous emotional needs. Putting 100% of your net worth into a Van house so you can die with a mortgage and “stability” is beyond dumb. But thanks for explaining it. — Garth

#152 NoName on 12.19.16 at 2:27 pm

Interesting read !!!

Comute and economic geography of USA.
Didn’t like conclusion that much, but I red it all. Does anyone know is there something similar done for Canada.

https://goo.gl/Juk3GX

#153 Bytor the Snow Dog on 12.19.16 at 2:43 pm

The question is why isn’t Kelly’s wife back to work? Who’s she “stay at home mom” to while the kids are of the age to be in school full time?

#154 Ole Doberman on 12.19.16 at 2:58 pm

” #37 Gary on 12.18.16 at 6:16 pm

“Despite all of the news about how the Vancouver market has been hit, prices have barely budged and housing is still severely unaffordable. Calgary’s job market has been decimated and the number of rentals are at a 25 year high, yet prices for houses have barely budged. Maybe the big correction will never come. There seems to be too many people with skin in the game to let this happen.”

Don’t know if those with skin in the game have that much control over market forces – if they did a housing pop wouldn’t have happened in the most powerful country the world – the U S of A.
At least this is what I’m hoping for.

#155 Renter's Revenge! on 12.19.16 at 3:07 pm

Getting a university degree and then a job in a big city has got to be –hands down– the hardest way to get ahead in this country today.

#156 jess on 12.19.16 at 3:18 pm

http://www.irishtimes.com/business/economy/apple-ruling-could-have-implications-for-other-us-firms-1.2912144

Apple ruling could have implications for other US firms
Ireland fails to justify ‘selective’ treatment of Apple, European Commission finds
25 minutes ago Updated: 4 minutes ago
Suzanne Lynch Brussels

#157 Angry BC Home Owner on 12.19.16 at 3:28 pm

Christy Clark’s latest gift to her real estate friends really pissed me off. I currently own, no mortgage, stable job, but don’t care if prices go up (or even stay) as all it means is more property tax for me.

Giving money to people who weren’t able to scrape together that money in the first place is just not smart. It’s like upping the withdrawl limits on Welfare Wednesday – what do you get? More people OD-ing on Fentanyl because all of a sudden they have access to more money than they were supposed to and they blow it all at once without considering the consequences

#158 Smoking Man on 12.19.16 at 3:35 pm

Texas Electors are taken the oath.

The last gasp of air for the lefties unfolding now. Trump to clinch within a few minutes.

America has a second chance at making it right again.
God bless the American voter.
…………………..

O say can you see by the dawn’s early light,
What so proudly we hailed at the twilight’s last gleaming,
Whose broad stripes and bright stars through the perilous fight
O’er the ramparts we watched, were so gallantly streaming?
And the rockets’ red glare, the bombs bursting in air,
Gave proof through the night that our flag was still there;
O say does that star-spangled banner yet wave,
O’er the land of the free and the home of the brave?

On the shore dimly seen through the mists of the deep,
Where the foe’s haughty host in dread silence reposes,
What is that which the breeze, o’er the towering steep,
As it fitfully blows, half conceals, half discloses?
Now it catches the gleam of the morning’s first beam,
In full glory reflected now shines in the stream:
‘Tis the star-spangled banner, O! long may it wave
O’er the land of the free and the home of the brave.

And where is that band who so vauntingly swore
That the havoc of war and the battle’s confusion,
A home and a country, should leave us no more?
Their blood has washed out their foul footsteps’ pollution.
No refuge could save the hireling and slave
From the terror of flight, or the gloom of the grave:
And the star-spangled banner in triumph doth wave,
O’er the land of the free and the home of the brave.

O thus be it ever, when freemen shall stand
Between their loved home and the war’s desolation.
Blest with vict’ry and peace, may the Heav’n rescued land
Praise the Power that hath made and preserved us a nation!
Then conquer we must, when our cause it is just,
And this be our motto: “In God is our trust.”
And the star-spangled banner in triumph shall wave
O’er the land of the free and the home of the brave

Stop wasting valuable blog real estate. — Garth

#159 jess on 12.19.16 at 3:46 pm

but the Lawyer will be kicking his ass in 5-10 years.

For instance, IBM’s Watson is predicted to pass the bar exam this year.

#160 WhoWhatWhere on 12.19.16 at 3:50 pm

#149 Capitulation on 12.19.16 at 2:27 pm

Putting 100% of your net worth into a Van house so you can die with a mortgage and “stability” is beyond dumb. But thanks for explaining it. — Garth

—————————————————————-

Capitulation is bang on though. Renting means that your monthly housing costs, school board, daycare provider, neighbours (friends and potential caregivers), transit / commuting costs, etc. etc. are only fixed (or even predictable) for as long as your landlord continues to own and rent you their property. That isn’t practical for most people. A family of 4 who may have been renting a home in a safe and accessible neighbourhood in Toronto for the last 15 years could very easily be evicted because the new owners decided to move in. Good luck to that family finding similar digs at today’s rents – odds are very high they are moving, likely to the burbs, or a “non child friendly”, i.e. dangerous, area in the core. I know a number of people who have found themselves in this predicament. I realize that in many European cities families rent for their entire lives, but the rental market in Canada is certainly not in a position to support this lifestyle, at least not yet.

#161 Self Directed >> Rate UPDATE on 12.19.16 at 3:52 pm

Attention First National Customers! Rate increases are coming in faster than I can post them.

On Thursday, December 15, 2016, First National raised it’s fixed rates. Again!

The 5-Year Fixed is up 10 more points 2.94%…

https://www.firstnational.ca/residential/mortgage-resources/mortgage-rates

#162 Smoking Man on 12.19.16 at 3:55 pm

Bye, bye, Angela Merkel.

Globalization is toast.

9 dead as truck plows through Berlin Christmas Market.

#163 Smoking Man on 12.19.16 at 3:56 pm

Stop wasting valuable blog real estate. — Garth

OK, just having a bit of fun.

#164 jess on 12.19.16 at 3:57 pm

Billionaire Steinmetz Under House Arrest on Bribe Suspicion

Beny Steinmetz, the billionaire entangled in a long-running dispute over rights to one of the world’s most valuable mining assets, has been put under house arrest…
bloomberg.com
“Steinmetz, and other Israelis who live abroad, “are suspected of giving tens of millions of dollars in bribes to senior public sector employees” in Guinea, according to a police statement. “The investigation was carried out in conjunction with law enforcement agencies in the U.S., Switzerland, Guinea and Israel as part of the OECD-led effort against the bribery of foreign public sector employees.”

=======================
Simandou
Report / 13 May 2014
Guinea’s “Deal of the Century”
https://www.globalwitness.org/en-gb/reports/guineas-deal-century/

#165 Context on 12.19.16 at 4:00 pm

#155 Angry B.C. Owner:- Why not give Christy Clark a rude awakening. Hit the social media and organize a protest with signs, a bullhorn, and a bit of yelling around her office setting. Be sure and alert the press to be there for the big event. Its the new normal in todays sordid world.

#166 jess on 12.19.16 at 4:01 pm

Will Fitzgibbon ‏spent months reading internal notes from #panamapapers(3 x as long as War and Peace). Shocking by how brazen some lawyers. bankers are. EG:

https://twitter.com/ICIJorg

#167 ronh on 12.19.16 at 4:13 pm

Is this the future?

http://www.kitco.com/commentaries/2016-12-19/The-War-on-Cash-and-then-on-Gold.html

#168 westcdn on 12.19.16 at 4:16 pm

I can only speak to my local real estate market of Calgary. Prices have declined in 2016 but less than my expectations despite the crap, we in the private economy, are enduring. The real estate melt was much slower than expected and Calgary RE may now be at bottom. It all depends on the job market. I don’t get out much so I will just accept it for what it is. The guy in my basement converted his lottery win into a house for his daughter and is living in their basement – sweet deal for his daughter as she is a stay at home mom with 3 children (1, 3 & 4). Hubby is a minimum wage worker. While GIB was house shopping, he commented how well homes priced $500,000 and less were holding up.

I am uneasy with Trump’s cabinet nominations. They don’t strike as ones who would put their back into draining the swamp. I am standing on the market sidelines until I see if Trump walks his talk. The Goldman Sacks nominees are particularly troubling. I wouldn’t be surprised if a secret Goldman Sacks motto was “It is easy to win when you write the rules”.

Interest and mortgage rates will rise in 2017. Currently I only see two ¼ point increases at best, one by June and the other being contingent on inflation. Debt loads and demographics are big headwinds so I remain more concerned about deflation. The major source of inflation in my life is the cost of government services and that won’t last much longer when tax revolts start (2018?).

It looks like I got big win with my Transalta preferred shares today. I have never seen such a swap as was announced by the company today. I will have to wait for more details to confirm.

PS. just to prove my major geek streak, I kept my slide ruler from my high school daze as a souvenir

#169 cramar on 12.19.16 at 4:17 pm

#135 Damifino on 12.19.16 at 12:52 pm
#119 cramar

“Most people are materialistic, and the ultimate material possession is (tah dah) a house.”
————————————

That’s so unimaginative. The ultimate possession would be an original Salvador Dali, perhaps from his early Port Lligat period. It would bring infinitely more prestige than a pressed-cornflake Burnaby dump.

Although, I do concede you’d need to rent a suitable climate controlled place to display it. But maybe you could charge admission.

—————

If someone happened to find an original Dali and didn’t have a house, you wanna bet they wouldn’t sell it so that they can buy a house? Or if they had a huge mortgage, it would be just like the typical lottery winner. Pay off the house and buy more RE for the family.

#170 Ronaldo on 12.19.16 at 4:19 pm

#139 Context on 12.19.16 at 1:08 pm

”For $12,000.00 a year the world was yours and on a Friday night at the Four Seasons a line up would form to get into the SRO for sing songs with the piano player. It was party time every night if you wanted.”
—————————————————–
You bet, and $12000 was very good wages then and you could get whacked for $1.00 as beer was 20 cents a glass. Remember the white level mark near the top of the glass to make sure you got your 20 cents worth, lol.

#171 Polls R Phake on 12.19.16 at 4:20 pm

#145 IHCTD9 on 12.19.16 at 1:50 pm
#103 Mark on 12.19.16 at 1:54 am

I highly doubt this. Self-driving vehicles will cost millions a piece…

_______________________________

Millions for a self driving car? Maybe in 1980. They’ve already got drive by wire, active electric steering, and ECM intervention into braking installed in todays cars.

All three systems already overrule driver inputs as safety functions. All the hardware and electronics needed for self driving are already in the car, now just sensors and programming remain.

____________________________________________

About 3 million each after all is said and done. Mark is correct.

#172 Thomas Beyer on 12.19.16 at 4:24 pm

This announcement is a good move in my opinion !

Since Ottawa trimmed the CMHC rules and forced banks to underwrite sub 20% down loans using the rack rate of 4.7 to soon 5% as opposed to a real interest rate of say 2.3-2.5% it is getting tougher to get CMHC loans. Ottawa also took away the ability of non-bank lenders to get CMHC insurance. As such loans are tougher to get and CMHC insured loans lower, and as such it makes sense to me that the BC government tries to counter balance that federal move, once, for each first time home buyer.

$750,000 gets you a condo or a townhouse further out in MetroVan or a basic house even on the fringes of MetroVan.

Seniors can already delay the provincial portion of their property taxes, so why not support juniors, i.e. entry level buyers, too ?

As to supply: plenty of it in MetroVan. Just in Vancouver proper due to too many SFHs (single family houses) will condo prices be higher and houses ever more expensive. It is a myth that Vancouver can achieve affordability with more supply. More supply is just more expensive supply as land costs are so high. The only way to lower prices are government subsidies, aka free land to developers, or ever smaller units aka micro-condos.

Massive #GenYRage that had to be appeased. BC government makes far more off homeowners than renters. Renters also vote NDP usually. Liberals had to incent pissed of GenY folks due to inaction on the foreign money file. Government can now claim it did so for BC residents that wanted a first home.

The province will collect $31,000 in additional land transfer taxes for every additional house bought by a GenY first time buyer: $13,000 on the $750,000 house sold and $18,000 on the $1M house bought by the seller that upsizes to a bigger home.

Given a cost of only $5000 by the BC government (~3% on $37,500 times five years) that seems like a good investment to me !!

Real estate is NOT overpriced in Vancouver. It is a function of land availability (that could be increased, say via ALR relaxation or making more land in the Fraser River delta, but is not), construction rules that could be relaxed but are not (see here http://www.prestprop.com/2016/08/19/creating-affordable-housing-supply-modifying-building-code/), low interest rates, in-migration by 35-40,000 folks willing to buy PER YEAR, low property taxes (relative to other big cities worldwide), capital gains exemption on personal property and inheritance passed down by baby boomers to their kids and now grandkids.

Anyone who somehow thinks that real estate prices will come down significantly in MetroVan is a fool,

#173 Damifino on 12.19.16 at 4:26 pm

#143 Matt Landry

“The welder may be winning now but the Lawyer will be kicking his ass in 5-10 years.”
———————————-

Really?

I’d have thought a lawyer was more easily replaced by automation since the bulk of their work is ‘discovery’, a job for which computers are simply superb.

It’s hard to get a computer to crawl around in dirty and dangerous environments to fabricate specialized infrastructure and custom installations in remote areas.

#174 Ronaldo on 12.19.16 at 4:36 pm

#142 – do something else?

Yes. Diversify your skills. Same as you would with investing. You don’t put all your eggs in one basket. As a generalist myself with the ability to do many things which I learned from a very young age from construction trades (many), administrative skills, financial management, management in various areas (railway, forestry, exporting) and others, I had the ability to move and change careers many times. I encouraged my sons to do the same and today they are both very successful business people. It can be done.

#175 traderJim on 12.19.16 at 4:41 pm

Not only did the intimidation and death threats not work, it looks like Hillary has more ‘faithless electors’ than the Donald. Talk about humiliating.

Trump wins the Presidency for the third time.

Meanwhile, the “Democrats” can’t understand why Martin Sheen (who raised that wonderful son Charlie) could not convince electors to throw democracy out the window.

Oh god I hope the Dems keep this up, it’s just so much fun.

#176 Ronaldo on 12.19.16 at 4:45 pm

Diversify your skills. The value of that is priceless.

http://lifehacker.com/diversify-your-skills-to-find-your-value-and-build-a-be-1708814777

#177 bram on 12.19.16 at 5:08 pm

#59 full of promise for things to come
Nike’s new $720 shoe

Yeah, so crazy. But it’s already there!
I was in Nordstrom on Saturday, in downtown Vancouver.
An Adidas pair was priced down from $1100+ to $790,-

Who?
Some obscenely wealthy tourists maybe?

Most shoes in the men section were $500 or more.
The fact that they are on display tells me that there is a lot of wealth out there.

#178 Context on 12.19.16 at 6:01 pm

The equation model for a Toronto market correction, or crash if you will, has the writing on the wall. I am beginning to believe the most important part becomes a simple one. Average wage increases are nowhere in sight to justify current and futures expenses for the mortgage debt on leveraged loans; not to mention the total debt, so down she goes – way down.

#179 Rainclouds on 12.19.16 at 6:12 pm

#170 Real Estate shill

Long winded way of saying “its different here”

It isn’t………………

#180 Ontario's Left Coast on 12.19.16 at 6:38 pm

Re: Freedom’s great teeth and bulging appendages:

Listen, Thor, nothing will make up for your weak mind and sad, untrusting nature. I think I just threw up in my mouth a little bit, reading your pathetic story. You are pitiable.

#181 InvestorsFriend on 12.19.16 at 6:55 pm

That’s A LOT of COAL

#147 Ronaldo on 12.19.16 at 1:58 pm said:

To give you an idea at just how much coal that represents here is something to think about. The world produces roughly 8 billion tonnes of coal annually. A 100 car coal train = 1 mile = 10,000 tonnes. 8,000,000,000/10,000 = 800,000 miles of train.

The circumference of the earth is around 24,900 miles.
800,000/24,900 = 32. Imagine that, a continuous train of coal circling the earth 32 times. Or, putting it another way. A train stretching past the moon by an additional 560,000 miles.

And that is every year.

Oh, Investors Friend, could you please check my math because I’m not that good at it and I know you are.

**********************************
Fine, I will take the bait…

Checked with google and the figures look correct.

That is a wonderful way that you put the amount of coal in context. Really paints a picture. I detest numbers without context.

People love freight trains in part because we can see how they represent the economy literally in motion.

So we get one around the world train every 11 days. Yeah, that is a LOT of coal.

I think North America and Europe had their turn at industrialization and burning tons of coal. Now it’s China’s turn. I don’t think we can begrudge them.

#182 crowdedelevatorfartz on 12.19.16 at 6:58 pm

@#2 & #88 Kat

Well I’ve seen it all.
You certainly live up to your monikor “Kat”
You come to a financial advice blog.
You complain that your money is rotting in a bank account earning crap interest.
You ask for the name of a financial advisor.
You throw a hissy fit when its pointed out to you that the man running the blog gives financial advice (Duh!).

Obstinate and obnoxious is no way to go through life.

Enjoy being poor.

#183 crowdedelevatorfartz on 12.19.16 at 7:00 pm

@#178 Ontario L C

Nah, I’m stickin with the dwarf theory….its explains a lot

#184 crowdedelevatorfartz on 12.19.16 at 7:03 pm

@#170 Thomas “Buyer”
“Real estate is NOT overpriced in Vancouver”
********************************************

BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

#185 Nemesis on 12.19.16 at 9:37 pm

“Stop wasting valuable blog real estate.” — MapleGarth

#ColonelNathanR.JessupUSMC… #BegsToDiffer…

https://youtu.be/9FnO3igOkOk?t=39s

#186 Tony on 12.20.16 at 2:58 am

Re: #60 Tudval on 12.18.16 at 8:15 pm

I’ve read all your lame comments on youtube.

#187 Doris Phil on 12.20.16 at 7:49 am

I live in Burnaby and unable to affords a home due to my financial situation, The rates are too high in Burnaby real estate