That bump in US growth announced Thursday confirms the obvious. American interest rates will be going up again in a few months. Ours, too. Look at 5-year Government of Canada bonds. They’re little firecrackers, exploding from a yield of just 0.5% in March to 1.2% now. In the debt market, that’s a big, hairy deal.
Already banks like TD and the Royal have moved their fixed-rate mortgages up. Only a matter of time now before the five-year pops back through the 3% mark – also a big deal since the bankers were handing these things out at barely more than 2% during the summer. Lenders are paying more for funds (as yields everywhere rise), plus recent federal reg changes make insuring mortgage loans more costly.
So, get used to the idea rates have bottomed. RBC has even decided to make people taking long amortizations pay a higher rate along with those shifty self-employed losers, like financial advisors and independent plumbers. It’s a whole new world out there, which is looking more and more like the old world.
Meanwhile Americans are bracing for a steady stream of hikes. It took just a day for the latest Fed increase (a quarter point) to ripple through the mortgage market, where rates are now at a three-year high. Largely because of Trump, the benchmark 30-year rate is 4.3%, and it could be 5% if the Fed makes good on its promise of three more jumps in 2017.
Of course, Americans still get to lock into a rate for a full three decades, and if the cost of money falls during that time they can refinance at the cheaper level. In Canada, it’s a game of rate roulette, with the longest term being only five years. That means anyone taking out a mortgage today better be prepared for renewal reaming.
POURQUOI?
“I’m a big fan of the blog,” says Dan, necessarily. “One question I’d love to know more about is: why not Montreal? It seems major cities in Canada are all been experiencing some RE bubble, but Montreal’s prices still seem reasonable. As far as I know they also have an influx of immigrants, a decent economy and of course the same low mortgage rates as us. So how come they seem to be immune to the bug?”
Good question. After the GTA (where urban singles average $1.3 million and suburban shacks are now a million), Montreal’s the second-biggest real estate market in the country, with four million inhabitants – twice the number in Vancouver. And yet houses are dirt cheap.
Across the region, singles had a median price last month of just $308,250, up about 6% year/year. Condos rose modestly by about 4%, to $248,000. Granted, Quebeckers earn slightly less on average than most Canadians, but this is absurd. These are Milwaukee prices!
The answer may be more cultural than economic. Yes, Quebec has had the separatist thingy hanging over its head for the last forty years which led to reduced capital inflows and lower economic activity. That’s resulted in Qubeckers earning slightly less on average than the rest of us. But owning a house in Montreal just seems to be less important than, say, having good cash flow to afford wine and buy flowers for beautiful babes.
The homeownership rate across Quebec is 61% – almost ten points below the ROC – and in Montreal itself owners barely beat renters, at 54%. This is a profoundly more European approach to shelter. There’s no stigma about renting. In fact, it’s fun. On Canada Day armies of people engage in the annual jour du déménagement, and haul their crap off to a new place.
Interesting – Quebec has the lowest home ownership rate in Canada, and the highest proportion of unwed couples in the world. Must be the poutine.
I LOVE DOGS, BUT…
Ross from the GTA writes us for help with his ancient aunt. “She is single, nearly 80, in good health, lives on a 2/3 acre lot near Yonge. Hers is one of the two last post-war bungalows remaining on the street. The others have been torn down in favour of faux palaces, each reminiscent of a different empire of antiquity, each clashing with the others. Good taste left town a while ago.
“Recently, the only other bungalow holding out sold for $4M. Which empire made the purchase is yet unknown. My aunt won’t budge. She has over $1M liquid, plus a teacher’s pension and other assets. And a really big dog.
“Her stated reason for staying put, besides not needing the money, is that she couldn’t find a place that would be nearly as good for the dog. I’ve tried my best Garth impressions, but nothing has convinced her to take the plunge. Maybe it’s because I lack a dog and drive a Kia. How much is this dog potentially going to cost my aunt by not selling? Surely money can solve this dog’s needs. Creative suggestions welcome.”
Four mill in a balanced, diversified portfolio should deliver 6%, Ross, which is $240,000 a year in cash flow. If Auntie lives a dozen years, that’s $2.8 million in income, plus she’d still have the $4,000,000 left. Of if she didn’t want the cash and merely let it grow, by age 92 she’d have slightly more than $9 million.
For a lousy $10,500 a month (less than half the portfolio’s income) the stubborn canine-lover could live in luxury in 226 Dunvegan, in a mansion on a large lot in the heart of Toronto, with ten grand a month left over for limo rides to the park, hand-made dog treats and a fresh bitch every day.
Oops. I think I just gave Bandit a heart attack…
150 comments ↓
“So, get used to the idea rates have bottomed.”
Straight up Garth, how many times have you honestly said this over the past 5 years. Not saying that you’re wrong again this time, but let’s at least wait for more than 2 measly rate hikes within a 1 year period (none yet in Canada either) before declaring the end of an era, no?
It’s done. — Garth
Bitchez love handmade doggie treats
So, she’s got a pension, other assets, and 1Mil liquid. She obviously likes it where she lives and doesn’t have to move, and apparently lives comfortably on her present income and assets. Why change??
Here in Ottawa I’ve heard all sorts of arguments from English.ca trying to justify why is better to live on the ON side. Yes higher income taxes in QC, bit lower salaries and badly kept roads…
Well, ON has in store for you: much higher mortgages (assuming need one of this to buy property) as RE is much more expensive, insane daycare costs (forget the recently introduced stress mortgage test, this will hurt more), tuition fees that will make you soon consider attending university at all, and the hydro costs that apparently is seriously threatening small businesses survival…
You are anything but free working to pay ON bills….
Thank you so much for an awesome year of education and humor Garth.
Merry Christmas to you, the Mrs. and of course, Bandit!
People leaving Montreal to move to Toronto raises the average IQ level of both places.
My brother-in-law just sold his house in Markham, one day, multiple offers all from mainland buyers, 30℅ above the asking price. There is no slowdown in the GTA, as long as China happily prints money and keeps building ghost cities making millions of Chinese rich during this process, our housing market will not crash.
How does a $1M portfolio support a $4M house?
Wouldn’t the property taxes alone be like $40k/year?
Shouldn’t it be the other way around – with a $4M portfolio supporting a $1M house?
Ross, its hard to figure but remember an old man held out while a huge corporation surrounded him. He just wouldn’t sell his home. Then one day they made an offer for his teardown which was about 5 times market value, but he wanted just a little more and got it. The old lady might be playing poker seeing the palaces surrounding her WW2 property as her value might be increasing.
Time to sit back and stretch the legs, eat and be merry and not be interested in the deplorables, blog dogs, trolls etc etc till the new year.
Merry Christmas to all (Garth and family too) and a very Happy and Prosperous New Year. It will be an exciting one fer sure.
Cheers from the Hinterland.
#128 jess on 12.22.16 at 2:13 pm
routers
Google Lowered 2015 Taxes by $3.6 Billion Using ‘Dutch Sandwich’
(22 Dec 2016)
How Google Saved $3.6 Billion Taxes From Paper ‘Dutch Sandwich’ (22 Dec 2016)
http://www.forbes.com/sites/robertwood/2016/12/22/how-google-saved-3-6-billion-taxes-from-paper-dutch-sandwich/#530225f07483
http://www.investopedia.com/terms/d/double-irish-with-a-dutch-sandwich.asp”
Where do the Europeans come up with these terms….sounds like something Deuce Bigelow. Euro-Gigolo might have named.
https://en.wikipedia.org/wiki/Deuce_Bigalow:_European_Gigolo
Thank you for the laugh and for mentioning Montreal (at last).
Merry Christmass and best wishes for the upcoming new year.
Please share with Doroty and Bandit.
I love the blog.
in Montreal itself owners barely beat renters, at 54%. This is a profoundly more European approach to shelter. There’s no stigma about renting. In fact, it’s fun. On Canada Day armies of people engage in the annual jour du déménagement, and haul their crap off to a new place.
——————————————————–
Hmmmm. There are also many stories in local Toronto media like the Star that approximately half of all households in Toronto rent their homes and do not own.
In fact a few days ago your blog had stats from developers showing over 50% of all new condo sales were to NON owner occupiers so this seems to reconcile with these Toronto rental stats.
And yet Toronto prices go up and up and Montreal’s stay relatively stable. Tis a puzzlement!
POURQUOI?
Wow , 50th anniversary referendum coming up, Dan won`t want to miss that one.
Dan all the potential buyers moved to Toronto beginning in the late seventies and the importance of Montreal as a major corporate city is in decline and won`t be getting better anytime soon.
http://www.huffingtonpost.ca/charles-lammam/corporate-montreal_b_2583855.html
http://www.montrealgazette.com/technology/Number+Quebecers+leaving+province+rise/9360879/story.html
What business is it of Ross’ if his aunt is happy and self supporting where she is? Auntie has money surplus to her needs, plenty of space and a paid off house. Is Ross waiting in the wings to get his aunt’s money? I’d laugh myself silly if she didn’t leave him a cent. There’s no “adequate provision” clause for nephews and nieces so he could be plumb out of luck if he keeps pushing. A burlap sack, a cinder block and a nice deep river is too good for vultures waiting for an inheritance.
What ever happened to “Boom”, the retiree from Wisconsin who used to post here? I liked his posts, and WUL too.
Hey Pete,
Everyone brings joy to Montreal too.
Some when they arrive, some when they leave.
Interesting observation re Montreal house prices and separatist movement.
I wonder why that doesn’t apply to Ottawa as this city will disappear if Quebec separates (who has a capital city at the border with another country?)
Fresh bitch every day?! What I’d give to be that dog. Sell.
Also foreign investors from China do not want Montreal because there’s that whole French language thing.
They will use the Quebec investor program though for entry and buy a nice house in vancouver with the 15% foreign tax not payable.
Many a seller I’ve talked to in vancouver feel prices will start ticking up around chinese new year when tense of thousands of Chinese investors descend on vancouver in an annual buying spree because it’s apparently an auspicious time to buy.
We shall see if that pans out as it did last year with prices suddenly spiking. Remember Quebec immigrant investors pay no foreign property transfer tax!
The Quebec government doesn’t encourage foreign speculation and money laundering in real estate like the BC government does. That’s why they have reasonably priced real estate.
Montreal is cheap because of the lack of speculation. Quebec’s regulatory environment and xenophobia scare off investors foreign and domestic.
Leave your Aunt be. She’s financially comfortable enough to live out her years and any changes are to increase your inheritance. At 80s she’s earned the right to die where she wants, if she wants that to be in her current home so be it. A correction won’t affect her quality of life or devastate her estate enormously, some things are more important than money.
Christmas warning as the cops are riding the buses to see if your texting or using a cell phone while driving your car. The forward cop then pulls you over for the ticket. Big Brother is alive and well to steal your money in the GTA area, and if you have been drinking its off to jail.
Thanks Garth for a great year of wisdom, humour and common sense!! Enjoy a well deserved holiday with Dorothy and Bandit! Merry Christmas!!!
Merry Christmas Garth.
This year has been quite a ride and next promises to be the same.
Thanks for a fun and fact filled blog
John B.
Ross, I agree with #3 Richard, your aunt is very comfortable with her home and community, propably doesn’t even have granite countertops! This situation does NOT need your intervention.
Sure she could sell and have the proceeds of her home compound greatly…but….SHE would never appreciate it or use it. With her 1M$ Liquid demonstrates she has the smarts to save AND invest. I know a lot of teachers that aren’t saving cause their pension is so great…in their minds.
Right now she has a great back yard for her large dog
Ross, I gotta ask…(knowing how much her house is worth is a basic given), but how do you even know what is in her investment account?
So Garth, I know Parents can GIFT their children, can aunts and uncles GIFT their nieces and nephews or Godchildren?
I now know why Ross’s aunt isn’t selling, she doesn’t want relatives and lost friends crawling out of the woodwork!!!
Amigos:
Ross’s aunt appears to have her priorities straight. She realizes the true wealth in life has little to do with investment returns or liquid assets. How can anyone bother someone nearly 80 about their net worth appreciation, unless it is for their own gain, not the aging relative?
Leave the lady to live her life not ours.
Spend 48 hours in Quebec and then ask yourself if you really would want to live there. Even left wing pollsters would get that answer correct 19 times out of 20 + or – 2% when Jupiter is aligned with Aquarius.
Actually the reason Montreal is so cheap is due to Common Law versus Civil Law and it’s effect on business and banking.
In Ontario we have large groups of very highly paid people who tend to congregate in cities, and who derive their existence from the peculiarities of the common law system and what it does to business and banking. These people draw with them crowds of lower paid minions. There are entire office towers full of these people and their minions in Toronto. To a large extent these people drive our local economy.
Montreal does not have the same amount of these people because it has civil law, which is much less expensive to operate under.
It also has a much better Metro. (At some point someone in Toronto will realise that building above ground light rail through the densely packed city centre and tunnelling subways far out into the deep suburbs, under green fields and vacant land where there is no need for such underground railways, makes no sense at all).
Looking at more property down here this week…….2300’…….3 br…..3 bath…….2 parking stalls……..a 2 story luxury high rise PENTHOUSE…….on the beach…….in the south of Rio in an area called Recreio……….priced about the same as a Vancouverite has lost in the last 3 months on cardboard rain soaked shack……..275K CAD.
It was 38 today while the wife and I guzzled a couple of ice cold bottles of VC on the rooftop infinity pool of the hotel we were staying at to see if we liked this area.
Gonna be 45 on Monday………
Thursday’s inflation report is further justification for the Bank of Canada to stay put even if or as the Fed continues to tighten interest rates in 2017
HAM might not be interested in Montreal due to French speaking. DOG humours a classic!!
For that bungalow on Yonge, mom’s could also hire a butler and servant with all the cash flow that portfolio would throw off.
I wonder if Teck.b is like a leading indicator. It’s turned. Nat gas up big also it tends, moving opposite to oil often. Paging @tony
Samoyeds are simply the best, adopted one a few years back, best idea I ever had….
Read my full comment about Montreal RE market here:
http://www.greaterfool.ca/2016/06/23/the-hose-down/#comment-455714
According to CMHC the only reason we don’t see price acceleration in Montreal is due to stale incomes and demographics.
Quebec does not get the huge influx of immigrants that Vancouver and Toronto accommodate annually. In the 1970’s decade when the exodus of les Anglais took the 401 west to Toronto that gap has now been filled to a degree but the slack remains because Quebecois French often migrate to other locals to work.
Hyundai had a very excellent plant there on the South Shore of Montreal but they have decamped to the Southern States all prior to the decampment of the Ford and GM plants from Southern Ontario.
The Exodus of Les Anglais reverberates today in Quebec economy and society and will continue for many more decades. Quebec is centuries old English and French society and contrary to popular opinion history is not rewritten and maps are not redrawn in people’s conscience overnite.
When my twenty-something co-hort emigrated out of Montreal and Quebec in the late 1970’s most of us left with little or no resources. None of us went on welfare. We did not consider returning to Quebec as we had received the message and it was clear.
Interesting – Quebec has the lowest home ownership rate in Canada, and the highest proportion of unwed couples in the world.
=====================================
See, at least something to be positive about compared our squarehead neighbours!
Ross, your Aunt is wise staying put. At her age moving to a complete new space would increase her chances of getting confused, suffer a fall, etc. She knows her place and where things are, let her stay there and live comfortably what is left. This is why she (and other older adults) do prefer (wisely) to stay put.
Dunvegan is full of old money… amazing homes there, many with heated driveways (which, by the way, shows that you really made it).
But why sell? Obviously auntie likes it where she is and can afford it. How much money does she need to have?
Interest rates are going down, not up….
Canadian dollar is going south of 70 in 2017.
Maybe even lower. Poloz is salivating a lower dollar.
My parents ask me nicely why I don’t buy a place now, because I would’ve made money over the last 4 years since the time they’ve been telling me to. Their mouths ask why, but their heart knows exactly why.
Philosophically, how do you know home is here in Canada if you’ve never been anywhere else in the world? I don’t mean all inclusive resorts where you’re closed off from the real world. Planned a trip to Hawaii, with a sibling we took them to Africa, Australia, Europe and more places to come.
I don’t have or need a house, and I already have a home. I’d rather use my money enriching myself culturally and financially. No complaints from my folks when we take them out on the town for a nice dinner. They know why I do what I do.
To all would be writers who are, Dyslexic, can’t spell worth a shit, big time ADHD, drunk or just back yard stupid.
You can do this. Cost me 100 usd. App called perfect it.
Amazing…..
Who wants to hire Smokey as a book editor….
Next revision and the sequel…. Man I feel like I’ve gone to heaven meet God and he blessed my thumbs…
The French work to live; the rest of us suckers live to work, which is better?? Your preference, we are only here for a short time. I am an Albertan I do not care to hear about transfer payments, I know very well what is going on; the point is, “how do you prefer to live”?
Garth, besides higher mortgage interests rates, inflation, (although the recent stats say different, what a joke). One should also mention the carbon “TAX”, this will affect many more coming the New Year!
Those of you that celebrate Christmas, “Merry Christmas to all of you; thanks Garth for all the great advice over the year.
Top u.s short seller sounds alarm on Vancouver and Toronto
https://www.omnycontent.com/w/player/?orgId=fdc2ad13-d199-4e97-b2db-a59300cb6cc2&programId=d6d99203-13f1-433f-a0fe-a5bc00f0218f&clipId=d0e23a0f-ce42-468b-a93f-a6e30178d39b&source=twitter
“Four mill in a balanced, diversified portfolio should deliver 6%, Ross, which is $240,000 a year in cash flow. If Auntie lives a dozen years, that’s $2.8 million in income, plus she’d still have the $4,000,000 left. ”
What guarantee? That’s a long-term average return. — Garth
Ross, When my Dad came back from WW2 he bought two lots close to downtown Calgary and built an 800 sq ft bungalow on one, when the area got trendy 40 years later we used to hound him to sell the second lot his response was always the same ” But where will I grow my potatoes”.
As a recent migrant from Toronto to Montreal, I couldn’t be happier here. Mid-30’s and I can already plan for an early retirement in this fun loving city. Money and real estate are not even topics of conversation here.
Why on earth someone would choose debt slavery for a lonely box in the 905 is beyond me.
#128 jess on 12.22.16 at 2:13 pm
Google Lowered 2015 Taxes by $3.6 Billion Using ‘Dutch Sandwich’
Where do the Europeans come up with these terms….sounds like something Deuce Bigelow. Euro-Gigolo might have named.
========================
It isn’t just Europeans. It is a well guarded secret that tax planners often have a sense of humour which is only revealed to other tax practitioners. When I was in the business we talked of the “Wyoming Shuffle” which I seem to remember involved a way to transform a Canadian company into a US corp without the usual nasty tax consequences. Another was the “butterfly” and “one wing butterfly” used in corporate reorganizations.
I have to chuckle when socialist politicians bang on about sticking it to the rich with corporation taxes. If they had any clue what kind of games are played, they would demand the regime be abolished. They are fixated on the idea that consumption taxes like GST are bad because they are regressive when in fact they are fair, efficient and hard to game. It is easy to provide GST relief to low income earners as we already do.
CTV reporting tonight that house prices in BC expected to drop by double digits in 2017, although the graphics on screen only showed single digit drops for various regions/housing types. Actually got two realtors on camera to agree…and interviewed a woman who sold her Van home making a $1.3 mil windfall, only to turn around and buy 5 apartments…
BitCoin meets Goldbugs.
“Goldmoney Inc., a gold payment and savings platform that aims to allow people to use gold as a currency, has added the Royal Canadian Mint to its storage network.
Beginning Wednesday, users of Goldmoney’s blockchain technology will be able to purchase reserved physical gold in the Mint’s Ottawa vault, in increments as small as 35 cents. Goldmoney will charge a fee of 0.5 per cent, and buyers won’t be charged a storage fee for up to 1,000 grams of gold.”
If you are going to hold gold anyway, this is probably a sensible way to do it. It just won’t help when the Zombie Apocalypse comes.
http://business.financialpost.com/fp-tech-desk/gold-backed-digital-payment-platform-to-store-physical-gold-at-mint?__lsa=cc32-ba83
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Your explanation about Montreal prices was really accurate Garth.
Hot tip: when signing up for telecom services, go to the Quebec web site of the big telcos and you’ll pay substantially less for the same wireless and internet. try it.
Let your aunt live where she wants and, with all due respect, mind your own damn business! Who cares about net worth appreciation at 80, especially given her excellent financial situation?! Give me a break.
Important item missed is that Montreal can expand in four directions…Toronto and Vancouver can’t say the same thing.
Unbelievable, GUS the Toronto big time restaurant dude from Toronto is a Seneca tonight. Life time ban for taken a drunken swipe at security gaurd.
Being poor and flaunting richness so under rated. Being rich and faking poverty no one respects you.
Welcome back GUS. I’m a writer now… Your in my next book.
#22 Context
Yes. And in Alberta the cops are doing the same thing.
Good. Texting and driving is as dangerous as impaired driving.
I would like to see the fines for both go up 500%.
Same for super fast speeders.
People are being killed and maimed by these drivers.
Highly unlikely Canadian interest rates will go up. Poloz confirmed this today after anemic inflation numbers came out.
I can find no evidence Poloz said any such thing. — Garth
Garth, by the way, great post.
Nice to read about my old digs which I’m missing more and more each day I spend in Ontario. When I made the move to southern ON 8 yrs ago the financial gains made leaving the family behind tolerable. Now with the growing fiscal mismanagement under the provincial Libs I’m starting to think it might soon be time to head back, especially as I grow older.
What was that song/poem about sunscreen that made mention of being close to family/friends as you aged?
Montreal: 1) law of supply and demand: more rental units available lead to lower rents; low rents act as a disincentive to purchase); 2) the place is more of a transit stop than final destination: very few people I know want to make Montreal home; most are here temporarily and this keeps listings high 3) culture: if a quebecker finds $20, he’ll buy a twelve pack of beer; if an English Canadian finds $20, he’ll put it in his savings account; buying a house takes planning, resilience, sacrifice; quebeckers are more about immediate graditude.
Aunt: let her be; she’s happy; that’s more important than the % return.
who the hell would buy a multi-million dollar house and rent it out? I have a few rentals and for the most part renters are pigs. renters are pretty oblivious to cleaning an oven, baseboards and windows. didn’t think it was possible to turn a bucket of mr clean completely black with a few strokes of a mop on a baseboard.
and a big freakin dog in that $10,500/m rental? great…
Crowdedelevatorfartz will be so proud. Biogas is rapidly breaking down the barriers to social acceptance.
– Poop-powered cars could soon hit the road in Metro Vancouver. A new power plant will convert raw sewage into organic crude oil that could be used to fuel cars
At least when the excrement really hits the whirly thing in Vancouver, there will be processes in place.
http://www.cbc.ca/news/canada/british-columbia/poop-powered-cars-could-soon-hit-the-road-in-metro-vancouver-1.3909388
#34 Pale Ale:- The real reason there is no price acceleration in Montreal is because the car drives slowly with caution due to the political fear of separation, and the consequences thereof, which will effect Real Estate valuations going forward.
I see the genius at Macquarie Capital Markets, David Doyle is predicting a 65 cent loonie for 2017.
This is the same guy who said the loonie was going to 59 cents in 2016.
ift.tt/1mVujYg
From my experience (20 years on the ground in Quebec), there are several factors contributing to lower prices in Montreal.
1. Montreal is a cosmopoltan city; people like to go out, attend cultural events, travel frequently and enjoy the night life that the city has to offer. Mobility and renting is therefore slightly more en vogue.
2. I’m pretty sure that the unemployment rate is higher than in many of the other provinces.
3. Taxes are A LOT higher in Quebec. As such, there are a lot of great social programs that benefit families especially, but less disposable income available for brainless speculation.
4. Condo saturation: there’s a surplus of condos in Montreal and Quebec City, yet they keep on a buildin’. Many of them are empty too, and if it weren’t for AirBnb, there’d probably be even lower valuations.
The goal of life.
Bit buzzed at the moment.. Money and stupids lining up to kiss your ring. Training, celebrity worship, Ben Mallrony.
My goal, to find the God who created Nictonites who created humanity.
The council pick the wrong person to lead this mission.
They don’t drink.. Losser.
DELETED
@ Cow Man
I agree 1M liquid, a teachers pension and a big lot in TO. She’s 80 for crying out loud, not even a Kardashian could outlive that money.
Moving isn’t even worth the upset it would cause her, she’s probably been there for 20+ years. Even if houses crashed 50 percent she’d still be making bank.
I had a boss once who said he was born and raised in Montreal. He was short, 150 lbs soaking wet, and had a huge moustache – so I had no reason to doubt.
I asked him why he moved out, and he said “because PQ is a big steaming pile of merde.” whatever that means.
I like those frenchies, there’s piles of them in the forces, and they get cool names like Serge, and Benoit. Just saying the name Serge the way it should be said puts a smile on my face :).
Forgot to mention, the “unwed” couples in Quebec typically see much more relationship mileage than their married counterparts in other provinces. For example, my mother-in-law has been with her “boyfriend” for 18 years now, and that is a very common pattern.
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Years ago, I had an elderly neighbor who lived in a pre-war single level 400 sq ft house right across the street from me in Vancouver. The land on which this house was on was 3 city lot size so imagine what it was worth. She used to get approached by realtors all the time to sell but she refused and lived there until she passed away in her 90’s. Before she passed, she told me the reason she held off selling was because she didn’t want developers to cut down all the trees on her lot. If they did that, where would all the birds live and sing? She had her reasons just like your Aunt.
For now, and some time to come, interest rates are going to rise, virtually non-stop. Bond prices in Europe, Japan and the U.S. will sink terribly, for months and even years-on-end.
https://edelsonwave.com/cycle-forecasts/rising-rates-whats-big-deal-83568?
Happy Housing Crash Everyone! :-)
#126 Damifino on 12.22.16 at 1:59 pm
#14 Generation M(iddle finger)
…the next wave of vote against the entire system as we know it will come from millennials, who will be really pissed by then, looking for a complete shake off and overhaul…
————————————-
Substitute “boomers” for “millennials” in the above statement and you will hear me at twenty.
—
Problem is, they will be 30 by then. It’s a big difference.
Typically Kanadian: rather would live in a sht bung, than with the horsey set.
I suspect that rental manse lies across from manicured playing fields belonging to BSS.
(Cue Spinal Tap movie line…I thought you said Tall Girls school.)
#61 Andrew Woburn on 12.22.16 at 9:53 pm
Crowdedelevatorfartz will be so proud. Biogas is rapidly breaking down the barriers to social acceptance.
– Poop-powered cars could soon hit the road in Metro Vancouver. A new power plant will convert raw sewage into organic crude oil that could be used to fuel cars
At least when the excrement really hits the whirly thing in Vancouver, there will be processes in place.
http://www.cbc.ca/news/canada/british-columbia/poop-powered-cars-could-soon-hit-the-road-in-metro-vancouver-1.3909388
—–
I knew that process sounded familiar, a distant echo from 20 years ago. CWT never went anywhere (other than chapter 11) with their “thermal depolymerization” that was to make crude from turkey offal in the same basic process.
CWT eventually found (surprise!) that they couldn’t compete with the real thing, and fell off the radar, although I’m sure former CEO Brian S. Appel made the money he set out to make.
https://en.m.wikipedia.org/wiki/Changing_World_Technologies
PNNL may do better though as they will be billing the BC taxpayer for something one way or another, and may well be selling their final product right back to them at the highest cost the government will bear.
They’ll have much less to worry about regarding their costs or any competition when the provincial government has their back…
https://youtu.be/x7bIbVlIqEc
Works for me.
For humans
https://youtu.be/EYyarcp5LtU
I’m glad Montreal comes up, as I’ve been scanning this blog for hindsight into this market.
I still think prices are too high and will not go up much over the next few years.
Montreal seems cheap compared to Toronto and Vancouver, and market is stabilized, but its has gone up quite a lot over the last 10 years.
Of course we should not expect a correction similar to Vancouver, but I’m hopeful
Waiting on the sidelines, fully invested in a balanced portfolio
Re: #32 TurnerNation on 12.22.16 at 7:59 pm
Teck Corporation will crash and burn.
I think you forgot to mention some social housing policies that exist in Montreal like coop…
This helps a lot, my friend is living close to downtown in a new apartment for less the 800 bucks! ( 4 1/2)
Also, the city can expand in 4 directions… This is important. Metro system is a key factor as well
Ross, leave your Aunt alone. She doesn’t need the money or the upset from a move. Lucky lady.
I also left Quebec after 12 years when I graduated from Loyola in the 1970’s. Quebec made it plain that Anglos were not welcome so we took our educations and moved en mass to Toronto. I return to Quebec for the in-laws on a regular bases and believe me, Anglos are still not welcome. Even France is more welcoming to tourists. Quebec truly reaps what it sows.
Plus the winters are truly bitter. I have never been so cold in my life. I have health issues today from childhood frostbite going to school in Quebec.
Zero chance of any buying spree taking place this spring in YVR. Even the RE shills are predicting double further digit declines in 2017. HAM is finished. The SFH is YVR is down 30% already and will continue down for years to come.
When it comes to individual stocks like Teck.b or the like,
‘Take the gain and don’t complain’
Volatility can rear its ugly teeth.
Found out a a friend has terminal cancer he/she is 53.
I am 54 be happy, nothing is guaranteed, puts things in perspective.
Happy hollidays to all may the new year bring you health,wealth,and happiness.
Yes. Her. Moving comes in at #5 on the list of the 5 most stressful events in life. She doesn’t want to move and can afford not to. Good on her.
My thinking on the stress of moving. It’s because there is so many old people who have to, married people who
die or kill themselves leaving the survivor no choice. bankruptcies, people getting divorced, and moisters moving back to Mummy’s.
Merry Christmas all….and Garth. Hope that next year is as profitable and fun as 16 has been. Lets how Junior has an attack of honesty and steps down for the good of the country . I bought 100k of ZPR as my last trade of the year…… to compliment the CPD I bought months ago at 11 . Also holding a basket of individual prefs. Go Trump. I am a believer in the rising rate theory.
Why are houses in Montreal cheap?
Same as all third world regions.
Beyond the cafes, nightclubs, boutiques, and hot babes, it’s ultimately a crap hole.
RE: Auntie: I say leave the poor old dearie alone. Maybe she doesn’t want to leave her house. Why should she? A teacher’s pension and a mil in the bank is more than enough to live there for the rest of her life.
It would appear that those trying to push her out may be more interested in the money aspect than in the help the old lady aspect.
It does suck to have a wealthy relative sitting on four million while you slave away at a job you hate with a giant mortgage and no personal freedom. But that is life. Leave the old lady alone.
Old people don’t want change.
My parents are in their nineties and live in a 4,000 sq. ft. house in an affluent north Toronto neighbourhood, worth about $3 million. My mom’s got dementia, and the old man lives on 100 pills a day.
Thing is, what the hell do they care about how much cash the proceeds of a house sale would generate?
People that age just want to be visited by family and remain in a familiar environment.
It’s their relatives that want the house liquidated so that they can get their greedy little paws on the cash.
I suspect that this is really what’s going on with Ross. Just sayin’.
#22 Context on 12.22.16 at 6:58 pm
“Christmas warning as the cops are riding the buses to see if your texting or using a cell phone while driving your car. The forward cop then pulls you over for the ticket. Big Brother is alive and well to steal your money in the GTA area, and if you have been drinking its off to jail.”
Are you kidding us?
I applaud TO cops for this creative way of nailing idiots who text while driving. I hope that they come up with more ways to fine the crap out of these dangerous fools and take away their driving privileges for a month or longer, and also pile on a heap of demerit points.
My heroes.
When I spot a texting brainless wonder holding up everyone at a red light, I honk the bejeesus out of it.
This behaviour is extremely dangerous and should be forced out of existence now by bashing the hell out of the offenders’ wallets with fines that will redress those out-sized egos.
“It’s a whole new world out there, which is looking more and more like the old world.”
Certainly hope so!
December is an apropos time to review the past 25-ish years: no, make it just 16, with an 8-year run-up, jockeyed by Monsieur Greenspan and all of the “leaders” (read suckers), mesmerized by his Opus for a Magical Economy, for flute.
1- Take any economy;
2- Add one out-sized ego framed to wizard status by high office;
3- Tap into all people’s heads to plant the dream of home ownership and deliverance by mutual funds;
4- Get global leaders on board and implement a program of dropping rates for the combine harvester tax ride of a lifetime.
This experimental monstrosity in economics has resulted in the following:
– idiots with sketchy income or who can’t balance a check book borrowing blindly and madly;
– those with actual wealth sitting on brain-dead investments because they’ll be damned if they risk what is so damned difficult to acquire and accumulate today;
– a lost generation that also sits on brain dead investments- when they actually succeed in making money, with the help of mom and dad’s basement suite;
– an economic “recovery” with very weak legs which will absolutely not heal unless and until the value of money is restored.
The fallout of retail waste is currently a huge phenomenon people should pay attention to. It is a casualty of retail stupidity of course, but more importantly, people are taking no prisoners on price any longer. It’s best price or up yours.
And the 1% are included in that bunch- they are not immune to the fear of dumb economic policy decimating the value of what they’ve worked hard for.
If I were auntie, I’d gift the lot to charities.
“Quebec has the lowest home ownership rate in Canada, and the highest proportion of unwed couples in the world. Must be the poutine.”
********************************************
Actuarials have noted that the Quebec population which had the highest marriage and birth rate of all the Canadian provinces in the 1950’s began a slow decline.
Historians blame the “Quiet revolution” as the 1960’s and the 1970’s came to the fore. Rejection of the Church and the State (the status quo) became the norm.
Families with 8 to 10 children dropped to 1 child per cohabitating significant others.
The result?
Quebec has now, on average, the oldest population in the world next to Japan.
And its getting older year by year.
Im sure the Canadian politicians in the 1960’s that agreed to let Quebec run its own pension plan were “high fiving” over THAT poorly thought out “plan”
Fiscal denial in Le Belle Province
Should make for interesting headlines in the decades to come.
http://www.bnn.ca/toronto-mayor-john-tory-rejects-politically-sexy-housing-market-intervention-1.637527
Toronto Mayor John Tory is critical of British Columbia’s 15 per cent tax hike on foreign homebuyers, characterizing it as politically-motivated.
In an interview on BNN Friday, Tory said B.C. Premier Christy Clark’s surplus levy on foreign buyers was hasty, and noted it has failed to depress prices in Vancouver’s hot housing market.
“The number of [home] sales went down in Vancouver, but interestingly in light of this tax, the prices went up: so if the whole idea here is to dampen down the increase in prices, then the jury would still be out at best on whether or not that tax had the desired effect,” he said. “I’m not sure if you’re really addressing what the issue is in the minds of people, namely the big increases in prices, that that tool in B.C. is actually working.”
@#80 jane24
“I return to Quebec for the in-laws on a regular bases and believe me, Anglos are still not welcome.”
*******************************************
Maybe its just your relatives?
Ive been to Quebec(Montreal, Q city, Gaspe’, Val D’Or, Thetford,…..) many times and have never had any issues other than the fact that I can speak barely a word of french. My mutilated franglais is quite a source of amusement amoungst the locals
Was golfing in Adstock in Sept. Had a great time
( perhaps because my golf was worse than theirs and they got to kick anglo butt?)
Anywho try this experiment.Tell people you’re from anywhere other than Ontario and they seem to relax
RE: #88 Dharma Bum:
“It’s their relatives that want the house liquidated so that they can get their greedy little paws on the cash.”
Yup. That is what I figure too. Why else would anyone want to push an 80 year old out of a house she’s probably owned since the 1950s?
His Aunt should do what I did. Leave her millions to charity and don’t tell anyone. I hate family.
Canada’s economy shrinks, ending four straight months of growth
http://www.financialpost.com/m/wp/news/blog.html?b=business.financialpost.com/news/economy/canadas-economy-shrinks-ending-four-straight-months-of-growth&pubdate=2016-12-23
….”And yet houses are dirt cheap.
Across the region, singles had a median price last month of just $308,250, up about 6% year/year. Condos rose modestly by about 4%, to $248,000.”…
You say cheap???
Look cheap if you compare to Hongcouver & Toronto market but houses prices & salaries did not match at all!
For Smokie and other climate deniers. /sarc.off
http://business.financialpost.com/fp-comment/lawrence-solomon-proof-that-a-new-ice-age-has-already-started-is-stronger-than-ever-and-we-couldnt-be-less-prepared
The old bird doesn’t need money and she wants to live out her last years in the home she’s been in for ever. Who cares what a balanced would return, and shall we run the numbers on what her returns would have been if she had sold 8 years ago like lots of folks here would have recommended? The kid is pushing her to sell so he can realize top market value.
Kid just be glad she isn’t a renter. You would be getting nothing. Let the old lady play out the string in the house she’s comfortable in.
“Her stated reason for staying put, besides not needing the money, is that she couldn’t find a place that would be nearly as good for the dog. I’ve tried my best Garth impressions, but nothing has convinced her to take the plunge. Maybe it’s because I lack a dog and drive a Kia. How much is this dog potentially going to cost my aunt by not selling? -Ross
Hey Ross, what is your problem. Your Aunt is happy, has a million in the bank, a teachers pension and wants to stay put. Stop worrying about how much you might inherit you greedy sob.
What does it all mean? I suppose that it is folly to ascribe any significance to one month’s real estate sales data, but December 2016 has been a shiny month for single detached homes in Calgary.
December, 2016/December 2015, sales are up 9.64%, new listings down 34.48% and active listings down 17.98%. Median price up 8.13% and average up 7.39%.
Of course the Year to Date changes are muted in comparison, but we will take what we can get.
The condo market, not so much. While new listings are down 30% and sales did not budge, the median price is down 18.64% and Days on Market is up 30.19%.
#18 Scott on 12.22.16 at 6:50 pm
Fresh bitch every day?! What I’d give to be that dog.
Too bad the dog was fixed.
After a 12-month wait, the U.S. Federal Reserve delivered just one interest rate hike in 2016, despite expectations at the start of the year for three or four.
Why 2017 would be different??
My gramps had a grand plan, he didn’t own a dime by the time he passed on. Didn’t spend a day in the hospital, a couple of his daughters looked after his needs right to the end, and he died at home just short of 100. Gramps had a huge family and tons of land though. Splitting up the dough was done at his discretion while he was still alive.
Auntie is single, presumably with no offspring so end of life financial planning is probably barely on the to do list. Either that or it was done 20 years ago and that’ll be all she will have to do with it.
I won’t be like Auntie either, I’ve got kiddies and plans to draw down our RRSPs over a few decades and pass it along down the line.
Re Me above.
Perhaps the Cowtown Death Watch is taking a respite.
#96 Victor V on 12.23.16 at 9:04 am
…ending four straight months of “growth”
___
Fixed.
We’re pretty much going sideways, which will actually look good to us by the end of next year.
leaving Canadian rates pat will be inflationary if/when the US rates rise. Unless oil takes off and boosts our dollar, what is guaranteed in the new year is more inflation of everyday goods or a forced hand for Poloz to raise rates. The balancing act continues. nobody fart.
merry xmas Garth, your patient significant other who has to compete with this blog for your attention, and festive Bandit
#15 the other white meat (pork) on 12.22.16 at 6:43 pm
What ever happened to “Boom”, the retiree from Wisconsin who used to post here? I liked his posts, and WUL too.
FYI- WUL is now RIL.
Is Boom banned?
#29 Keith in Rio on 12.22.16 at 7:45 pm
Looking at more property down here this week…….2300’…….3 br…..3 bath…….2 parking stalls……..a 2 story luxury high rise PENTHOUSE…….on the beach…….in the south of Rio in an area called Recreio……….priced about the same as a Vancouverite has lost in the last 3 months on cardboard rain soaked shack……..275K CAD.
”
Always get a laugh at people who try to make Rio out as some sort of paradise…..it’s a dangeorus crime infested place with lousy food, and polluted beaches….that barrio you are in guarantees you will be stuck in traffic, but at least you are not too far from Rocinha, the world’s most dangerous slum!
context: Christmas warning as the cops are riding the buses to see if your texting or using a cell phone while driving your car. The forward cop then pulls you over for the ticket. Big Brother is alive and well to steal your money in the GTA area, and if you have been drinking its off to jail.
steal? texting is dangerous and stupid – the fine is deserved.
HOLY SH*$, 4 Mill and she won’t move!!! Over a dog! 240K a year in cash flow invested at 6% wow, she needs her meds adjusted which way I dunno….
Volatility has Two Sides
#82 espressobob on 12.23.16 at 1:21 am said:
When it comes to individual stocks like Teck.b or the like,
‘Take the gain and don’t complain’
Volatility can rear its ugly teeth.
*************************************
Volatility is wonderful on the way up. But it never seems to be called volatility when the movement is upwards.
Volatility is a wonderful friend to the more skilled investor.
#98 Penny Henny on 12.23.16 at 9:43 am
For Smokie and other climate deniers. /sarc.off
http://business.financialpost.com/fp-comment/lawrence-solomon-proof-that-a-new-ice-age-has-already-started-is-stronger-than-ever-and-we-couldnt-be-less-prepared
__________________________________________
Crap, I was looking forward to the “Global Warming”.
However I am well prepared for the new and freshly reversed “Global Cooling”:
1. 2014 Grizzly 700 4×4 SE with 52″ Warn plow
2. 1952 ATC GT30 track loader with 72″ blade and 3/4 yard shovel
3. 1959 IHC TD9-91 Track loader with 1 1/4 yard shovel
4. 1986 Bronco II 4×4 with new heater core :)
5. Approx. 20 cords of firewood.
6. 3 heating systems in my house, soon to add a 4th, but this time outside.
7. starting soon on gasification unit to provide emergency power.
When the eco warriors light themselves up, and the SHTF – I’ll be ready…
#89 Max…
Hey Max,
Are you sure it’s the texting brainless wonder holding up traffic? I will suggest the red light is the culprit.
Just saying.
Lol…..Canada economy is tank mode….rate cut back on table….prefs fall in sympathy…..this could be bad news if Poloz sees it as a chance to screw the loon and juice housing for Trudeau’s ‘legacy’.
#94 crowdedelevatorfartz on 12.23.16 at 8:52 am
@#80 jane24
“I return to Quebec for the in-laws on a regular bases and believe me, Anglos are still not welcome.”
*******************************************
Maybe its just your relatives?
*******************************
Or maybe it’s just him or her. Like you, an Anglophone with nary a word of understandable French, I have never once experienced any trouble at all travelling throughout Quebec and Gaspe on several occasions. The merchants are patient and helpful even if neither of us understands the other; gestures and smiles go a long way to getting what you want. Virtually all hoteliers speak English and restaurant wait staff almost always understand our needs. (When they haven’t, we ate it anyway. ;>)
Even roadside markets or farm gate vendors, many of whom are Francophone only, will be really helpful when they realize there is a communications gap. Some of our best impromptu picnics were the result of nods, pointings and grins on both sides.
So lighten up and don’t expect problems. Just go with an open mind and the expectation of a great trip.
#100 Penny Henny:- There is an old saying that it takes one to know one, and thanks for enlightening us about climate change which is very old news.
The wise BOC wants to boos exports by cheapening the CAD.
Sunrise, surprise:
https://ca.finance.yahoo.com/news/newsalert-economy-shrank-0-3-133828628.html
TORONTO — Canada’s economy unexpectedly shrank in October, weighed down by the worst manufacturing output in nearly three years, Statistics Canada said Friday.
The only thing left in this country folks is housing.
When it/housing imminently implodes it will be the worst recession the world has ever seen, as it will become evident that all capital has moved abroad and there will be only the debt left, with no productive economy and depressed commodities.
Economy contracts with the biggest artificial credit bubble in housing in the history of mankind courtesy of the leadership of BOC and whole bunch of incompetent politicians and financiers.
It king of gives me a pleasure of not having to pay the new hydro bills in Ontario.
Wow, what a comparison b/n renting and owning in the COTU… nice one Garth!
https://ca.finance.yahoo.com/news/canadians-still-struggle-surprise-cellphone-100000561.html
Repeat with me:
In the rhymes of:
(I Can’t Get No) Satisfaction
Rolling Stones
——————
It’s not easy ta da da dada dada da
To be stupid ta da da dada dada da..
“Recently, the only other bungalow holding out sold for $4M. Which empire made the purchase is yet unknown. My aunt won’t budge. She has over $1M liquid, plus a teacher’s pension and other assets. And a really big dog.”
—————————————————————-
Ross seems more concerned with how much he may lose by his aunt staying where she is content and happy. I hope auntie leaves it all to charity.
#93 – Apparently your information is wrong re Van home prices… down 19.7 already and more to come.
https://ca.finance.yahoo.com/news/canadian-dollar-could-drop-65-220000055.html
Can’t imagine what the grocery prices will be in GTA next year.
Cheers,
Rate cut on the table again after bad gdp; down goes the loonie.
Hmm, only a bit over half Montreal residents own? The problem with taking a very local number like that and drawing conclusions vs more aggregate numbers is that you’re not comparing apples to apples. I agree people in Montreal, and Quebec in general are less real estate obsessed, but the ownership rate in Toronto is at similar levels, and in Vancouver it’s even lower, closer to 40%. Cause and effect would like to have a word with you, actually, there not even a correlation between ownership rates and prices in Canada. I agree with the premise, and logically it makes sense, but I don’t think it works here.
Home ownership rate in Toronto in 2011 (latest numbers) was 68.3%. In Vancouver is was 65.5%. You are therefore incorrect. — Garth
#118 Euro observer:- I pity those whose heating is hydro based, but not to worry. In an auction sale picked up an antique #525 oil heater and repainted it with black heat proof paint looking brand new again. I fired it up one night to boil my kettle for coffee and it heated up the entire joint I was living in and had this little window for an instant fireplace. Who could ask for more as it cost me $25 at the Milton auction barn.
Rioknightz…….
YAWN………I’m outta idiota caralao poha que saibi nada..
Spell check aaarrrgghh……
Um outta idiota……is what it should say
banks ads to educate the untrusting populace?
“An unnamed Canadian bank broke money laundering legislation more than 1,200 times in its dealings with a mystery client in 2012 and 2013, according to new documents from FINTRAC obtained by the Toronto Star and National Observer.
http://www.nationalobserver.com/2016/12/22/news/canada-refuses-name-bank-broke-money-laundering-rules-1225-times
=================
#11 goingdutchie on 12.22.16 at 6:11 pm
do you prefer “foreign rate differential”
Singapore Sling
Bermuda Black Hole
K2
==================
Understanding the Double Irish
Posted on October 25 2010
Research by Jesse Drucker, a tax journalist at the financial news wire Bloomberg,
Jesse Drucker
October 27, 2013, 8:01 PM EDT
https://www.bloomberg.com/news/articles/2013-10-28/man-making-ireland-tax-avoidance-hub-globally-proves-local-hero
Joseph B. Darby III, International “Tax Planning: Double Irish More than Doubles the Tax Saving”, Practical US/International Tax Strategies 11(9), 15 May 2007
hybrid structures reduces irish usa and worldwide taxation page 2/8
When people see the housing boom in Canada from another perspective, they will understand why the price of real estate will only go one direction, and that is UP.
Canada’s real-estate boom: a Chinese perspective
https://www.thestar.com/news/world/2016/12/23/canadas-real-estate-boom-a-chinese-perspective.html
It’s happening..
http://www.ctvnews.ca/politics/kevin-o-leary-gauges-support-for-tory-leadership-bid-1.3215778?autoPlay=true
#123 Euro observer:- The value of the Euro is nothing to brag about, as the CAD is still bringing in food import values. I can still buy Wolski Ukrainian salad made in Poland for a 28 fl oz. jar at $2.59 CAD. One can still buy lost leaders at the major grocery chains and stock up for 1/2 price. I will have no problems with food prices as can game it with dollar cost averaging.
Prime Rib Roast at Metro stores $4.99 per lb. on sale for a savings of $6.60 per lb., so you better hurry on this one.
Montreal has the best university in Canada (McGill) and it’s city ruled by mafia but still beautiful.
Always buyers market. Simply, not stupid enough people. Not Turdonto. Very different, So, vive Quebec….
By the way, how come Montreal RE agents do not invade China like Turdonto and Van agents do?
And cool down people. Mighty Donald will save Canada and let that dirty oil to be transported through his country. He will let you build pipelines. He will not let you go hungry. So cheers up and Merry Christmas.
And after Donald save your ass, go and droll about beauty of Barry becomes Barack, no?
Does black nationalism exists? Marta Gelhorn (glorious wife of Ernest H.), wrote something about that but you do not read things like that. No time for literature.
“It’s done. — Garth”
Don’t read the news today then – the Canadian economy disappoints and Canadian inflation has slowed. Per the Global and Mail: Thursday’s report is “just a further justification for the Bank of Canada to stay put,” even if or as the Fed continues to tighten interest rates in 2017, Porter said in a note to clients.
See Garth, still too early to be calling for the end of an era.
Will pick this up with you again many times I’m sure in 2017. Until then have a great holiday!
You fail to understand the BoC is subordinate to the bond market. It’s done. — Garth
Wolski Ukrainian salad? And I was thinking that this blog gather to literate rich people of Turdonto….
Adieu mes amis and merry Noel to you and your les chienes…
Merry Christmas from Lotusland in downtown Vancouver.
What I am about to say has probably already been stated by another “steerage section” colleague but Montreal is cheap because it doesn’t have any comparable level of HAM or other interested Foreign Investors. Many of those types of investors feel uneasy about investing in the Montreal cultural and political environment as it stands.
Personally I think Montreal is a great party place with lots of good people, although the climate is about the worst in the world. (along with most of Eastern Canada).
Do you have a link to substantial this, or just make it up? — Garth
Well, I do have a one bedroom condo in Montreal in Ville St Marie district which is called the golden mile.
Bought it when my daughter was studied at Mc Gill about 13 years ago. So location is almost as good like Yorkville but I paid 125,000 and now is less than 100 grand, more. Bad investment and winter is just one month longer than in TO. But they have Grand Prix in June…
#139 Dan:- What is the definition of gourmet? This salad contains beetroots, white cabbage, water, carrots, onions, red peppers, vinegar, salt, and spices with no preservatives added for fine dining. You are missing out.
Re: 108
And Context was Old Man.
Re: #103 LL on 12.23.16 at 10:03 am
Have to see what the citizens of America do when it comes to the changes in health care. My guess is most will ditch their health care plan. The changes to corporate taxes should have a much lesser effect than the bogus B.S. on Wallstreet. Most companies will just report lesser earnings as most of the earnings data is fudged anyway. Companies will still do anything to avoid any and all taxes no matter how small they are. My guess is one rate increase in America in 2017.
Re: #101 RIL on 12.23.16 at 10:01 am
Good luck with that one, everyone in Calgary is losing their job or taking a pay cut. The rest are leaving the entire province or country in search of work. Homes should lose another 40 to 50 percent in Calgary (1980 only saw a true 30 percent fall in real estate. Today the figures are total lies but mls does NOT lie) as Canadian real estate as a whole implodes.
#114 Russ on 12.23.16 at 10:51 am
#89 Max…
“Hey Max,
Are you sure it’s the texting brainless wonder holding up traffic? I will suggest the red light is the culprit.
Just saying.”
Suggest all you want…..everyone else on the blog figured out that the light must have changed.
The tbw is w-r-o-n-g.
The tbw holds up traffic (yes! even after the little red light changes) until it gets the message, normally exceeding the speed limit after having been awakened.
And it’s maxx, or did you miss that detail as well? And here’s another: Max is another blog dog.
Garth, you state in this blog post that the longest term for
mortgages in Canada is 5 years(“rate roulette” comment)
One can easily find 6,7,8,9, and 10 year fixed rate mortgages available through several financial institutions.
Rates 3.59% to 5.79% for 10 year fixed. These may
seem high to the youngsters, but having mortgages in the
80’s and 90’s, I would have killed to lock in at these rates. For those that have variable rate or fixed mortgages about to renew it now may be prudent to look at the longer terms. Just my 2 cents.
(info – ratehub.ca Dec 23/16)
Garth – you missed the whole point of “auntie”
Wow! she would have $9 million by age 92.
What is she going to do it with it? Take it with her
in her gold lined casket? She does not need income
and is comfortable where she is. A teachers pension and $1,000,000 liquid. She obviously does not need advice from an “ingénue.” It appears that relatives
are eager to inherit. It is not always about the money.