Mayday?

Over six thousand people decided to sell their GTA properties in the last seven days. Of those 6,050 new listings roughly 1,500 were condos, which might suggest a whole mess of locals have decided to cash in their detached lottery ticket before this gig is up.

No wonder. The angst and heebeejeebees this pathetic blog has been wallowing in for the last few weeks has finally made into what’s left of the MSM. Like this story in today’s Toronto Star:

It is like a tap has been switched off. That’s how realtor Louise Sabino describes the housing market in the wake of the Liberal government’s provincial plan aimed at cooling Toronto’s scorching property prices.

“I think it’s shocking that it did make the impact so fast,” the Royal LePage Signature Realty agent said.

That’s the funny thing about bubbles. Everybody’s horny to get their hands on rising assets – until they’re not. It always happens fast, whatever the asset and no matter the trigger. Greed is a powerful emotion, but it wilts before the dominance of fear. If enough people fear houses will stop rising (prices don’t even need to decline), they’ll cease making the Herculean sacrifice required to buy one. And down she goes.

To date all of this is anecdotal. But it’s getting traction. Twice in the last week researchers and analysts for US-based hedge funds have called me (they unwisely read this drivel) to learn more about the imminent unwinding of the biggest Ponzi scheme in North America, which is now identified in their minds with the collapse of Home Capital. (Shareholders in that poor wounded beast lost another 13% of their money Monday.) So I told them all about moisters, hormones and house porn.

The market & financial junkies at Bloomberg devoted much of their home page on Monday to Home Cap, how one ‘tiny Canadian lender’ could inspire talk of contagion, plus the unhealthy dominance of our economy by residential real estate. Meanwhile, as mentioned, listings are starting to bubble higher, bidding wars have turned into lonely events, some done deals are heading south, and many of the GTA’s 48,000 realtors are fretting. For the past year there have been virtually no sellers. Now buyers may disappear. They all should have stayed in engineering school.

Here’s the latest: some companies are poking around Home Cap’s carcass wondering if this is a good time to vultch, before the company’s assets are sold off. No wonder. The stock is trading at a mere quarter of book value. Canadian Western and Laurentian banks are said to be mulling a takeover.

While losing more market capitalization, Home continues to bleed depositors. So far 80% of the money people put into its high-interest savings accounts has been snatched back. You can bet the same will happen with maturing GICs. Ditto for Equitable Group, which runs the splashy online EQ Bank. It’s arranged an OMG of credit with the big banks after customers starting sucking about $75 million a day from their deposits. The company still has a billion in liquid assets. For now.

Looking to make great interest? The yield on Home Capital bonds has jumped to about 10%, from just 3% two weeks ago, as the debt is available for purchase at 90 cents on the dollar. This is called a risk premium, for good reason.

So, here’s the story from a global perspective. Writes Bloomberg:

The world is suddenly paying attention to Home Capital Group Inc., the tiny Canadian mortgage lender that’s on the ropes. The stock is plunging, it faces a run on deposits and regulators are probing management’s disclosure of fraudulent mortgages. Its troubles are raising questions: Is this an isolated case of a struggling mortgage company, or early signs of cracks forming in Canada’s red-hot housing market?

Why the fuss? After all, the ethically-challenged dudes at our largest non-bank, Alt lender are responsible for just 1% of Canadian mortgages. Only in hindsight is it ever clear how small events can turn into large trends with roiling consequences. This may be one. Maybe not. We’ll know later.

Meanwhile everyone’s a tad nervous about what a bursting bubble could do to the Canadian economy. The latest StatsCan numbers show that were it not for residential real estate, our GDP would have been negative in February. Last week Ontario revealed that a land transfer tax bonanza ($3 billion) is making the difference between surplus and deficit. Residential real estate, as we’ve told you with mind-numbing repetition, is now the largest component of the overall economy – somewhere between 15% and 20% (oil and gas, plus mining, is 8%). And most of this Godzilla has been fed by debt, not expanding incomes.

So if there’s a recession, or rising unemployment, or higher mortgage rates – or people just get spooked because their online GICs are wobbly and the news is full of failing lenders – you can forget all this political claptrap about a soft landing.

In fact, I believe the pilot is making an announcement now…

192 comments ↓

#1 The Greater Cauliflower on 05.01.17 at 6:36 pm

http://www.theglobeandmail.com/real-estate/vancouver/out-of-the-shadows/article31802994/

In case anyone missed the article on how Chinese money affects the Vancouver housing market.

#2 I'm Not Poloz on 05.01.17 at 6:38 pm

Loonie is at 72c range.

Poloz wants the Canadian loonie to be valued at Zero cents to offset the 20% Lumber Tax from Trump, but he was furious that it’s impossible to divide a number by zero.

We look forward to Poloz slashing rates to 0.25% or even negative while our loonie is further devolved to 60cents or 55c, in order to protect the interests of Toronto.

#3 Livin Large on 05.01.17 at 6:43 pm

Small things can have disproportionately large impact?

The Zimmermann Telegram comes to mind.

Softening at the chartereds that had inched above $10K for a board lot but not much more than softening and this after a huge last quarter for a couple of them.

#4 Frank on 05.01.17 at 6:45 pm

You Toronto people are so funny, pretending like this is all new.

We had the same thing in Vancouver last year. It was on fire, then some regulation came in and everyone screamed that it was crashing and now it’s on fire again.

If nothing else changes you can expect the same pick up again in 6 months.

#5 crowdedelevatorfartz on 05.01.17 at 6:47 pm

This real estate reset is waaay waaay waaay overdue.
Bring it on.

#6 the Jaguar on 05.01.17 at 6:48 pm

Ponzi scheme is right. Portfolios of mortgages are bought and sold between financial players all the time. Nothing new under the sun about that. Usually after the buyer does a portfolio quality examination. One has to wonder what might be found on Home Capital’s books given the heady times we have lived in these past ten years or so. They can probably just get insurance on it .

Where will all of this lead? It just feels like a ‘perfect storm’ brewing. Interest rates going up right about the time many five year terms will come due, oil & gas firms consolidating which leads to more job losses, tariffs on lumber and other trade concerns. Big city exodus whether it’s GVA or GTA-smart money leaving town. Guys like Marc Cohodes and Prem Watsa have experience behind them. Fasten your seat belts even if you don’t get yanked off the plane.

#7 Seattle on 05.01.17 at 6:48 pm

Engineering school? Totally useless in Canada. I have two engineering degrees from a top tier Canadian school, graduated top of my class, a few years work experience, and still couldn’t get a decent paying job in Canada. So I joined the brain drain, headed south, and got offers paying 4X as much. If only my work visa wasn’t tied to NAFTA…

#8 Ogopogo on 05.01.17 at 6:55 pm

#177 Con Fuscious on 05.01.17 at 2:26 pm
#159 Ogopogo That’s the way to do it, vote NDP in spite, if you hate your country because you lost fair and square.

There is nothing “fair and square” about the housing bubble. This is a direct result of government intervention in keeping rates artificially low to stimulate “growth” (a.k.a. toxic levels of debt). The country declared war on my generation (X) and the millennials, so as far as I’m concerned it is my duty to fight it with every tool at my disposal by boycotting the housing bubble and doing every thing I can to pop it, including holding my nose and voting NDP just to curb-stomp Clark and her real estate goons.

#9 Anna on 05.01.17 at 7:00 pm

We’d already be in a recession if real estate wasn’t making up so much ground. This is going to be fun.

https://betterdwelling.com/real-estate-reason-canadas-gdp-grew-february/

#10 common sense on 05.01.17 at 7:00 pm

Well all good (?) things come to an end….About time.

Recession? Check. Rising Unemployment? Check.

Hold on tight anyone who bought in the past 3 years.

#11 genbizx on 05.01.17 at 7:02 pm

maybe if this does blow up, it will be sufficiently painful to motivate governments to setup separate and neutral stats gatherers for real estate markets here…ones that gather good information. and maybe we could eliminate real estate agents altogether…individuals would just look at the stats about previous prices, sales etc. and list based on this kind of complete data. potential buyers would have the same access and could do their own investigation and consider if the price seems right.
and just think…all the used car lots around the country would get access to a big bunch of shady applicants with selling experience…

#12 Smartalox on 05.01.17 at 7:03 pm

Home Capital with 1% of the Trillion-dollar Canadian Mortgage Market.

That’s only what, like $10Billion?

As much as I would prefer to avoid a recession, a ‘reversion to the mean’ in the Vancouver real estate market can’t come soon enough. I feel like the barbarians are at the gate!

My mother in law visited this weekend, and visited an open house in our complex, with a 1008sf footprint equal to the unit that we rent (for cheap), only this one had been staged and upgraded, and carried a price tag of $750k. Another, lesser unit in the complex just sold above $500k. I always knew that prices were crazy, but now the crazy prices are hitting a little too close to home!

My boomer-aged MIL is a lovely person, but she’s like a dazed moth to a candle whenever she sees an open house sign, or a new development. “Oh those look nice,” she’ll intone as we drive past some faux-stone clad development. When she visits us, she often slips out to visit a sales centre, the way some people slip out of their house for a cigarette. It really is an addiction, with a similar pathology.

She’s too polite to say it, but in her mind, I’m denying her daughter a ‘fortune’ by insisting on renting, because if we owned our place, we’d have an asset equal in value to one of the units that has recently sold.

Never mind the $600k in liquid, investable assets, balanced, diversified and growing nicely, while we rent at a price to rent ratio of 44.

#13 biggest Ponzi scheme in North America on 05.01.17 at 7:06 pm

Twice in the last week researchers and analysts for US-based hedge funds have called me (they unwisely read this drivel) to learn more about the imminent unwinding of the biggest Ponzi scheme in North America, which is now identified in their minds with the collapse of Home Capital.

The biggest Ponzi scheme in North America is the Fed.
No other privately owned Ponzi comes even close.

#14 Damifino on 05.01.17 at 7:08 pm

Residential real estate, as we’ve told you with mind-numbing repetition, is now the largest component of the overall economy – somewhere between 15% and 20% (oil and gas, plus mining, is 8%). And most of this Godzilla has been fed by debt, not expanding incomes.
————————————-

That about says it all. Stick a fork in it… it’s done

#15 broader mind on 05.01.17 at 7:08 pm

When the bubble bursts it will be great. A million dollars may seem like more than toilet paper again. Canada will lose more than half it’s millionaires. Interest and the value of our dollar will rise when our government stops protecting houses.Government should stand aside and let nature/market take it’s course.

#16 Doug t on 05.01.17 at 7:09 pm

This country has no one to blame but itself – you think we would have learned from 2008 BUT NOOOO we are some greedy bastards in Canada – we WANT IT ALL and we want it now mentality. Most of these people have never experienced a hard recession – they won’t know what hit them.

RATM

#17 Smoking Man on 05.01.17 at 7:09 pm

Penny Henny

And?

#18 mark on 05.01.17 at 7:09 pm

It’s a New Century!

#19 Todd on 05.01.17 at 7:10 pm

Even the eternal housing pumpers, CITY TV news financial reporters, are starting to talk about risks in real estate. Did not think I’d ever see that.

#20 Research is Hard on 05.01.17 at 7:11 pm

#167 bdwy sktrn on 05.01.17 at 1:39 pm

Voting NDP for the first time ever,
————————
a month ago i was sure cheeky clark would win again, but i keep hearing this and it scares me.

NDP will absolutely bring the BC economy to it’s knees , just like last time. Be careful what you wish for.

yvr core is likely a lost cause for the libs but the burbs and many rural area will stay red, um ..blue, or is it red and blue? Just not orange or green.

still a tossup but green strength will sap ndp helping the libs.
————–

If you do your research you will find the the BC NDP left the incoming BC Liberal/Harper Conservatives government with a 1.5Billion surplus and the 90’s was recovering from the Social Credit rule and 80’s housing bubble and loss of forestry jobs. In the last 16 years BC’s debt has increased significantly and is now aprox 85% of GDP and increasing.

And debt at BC hydro is out of control – best way to privatize a once BC Crown cash cow.

Jan 2017. BC govts been forcing Hydro to borrow, to pay dividends! Debt out of control.No plan. http://vancouversun.com/news/politics/b-c-s-credit-rating-at-risk-as-hydros-debt-grows … #bcelxn17 #bcpoli
https://twitter.com/lailayuile/status/859148799612043264

Maybe one day we will vote for Independents, and stop being blindly partisan.

Now I know Vancouver housing is in trouble with the way bdwy sktrn spins things. The only thing going for BC right now is real estate. Please prove me wrong!

#21 Spiltbongwater on 05.01.17 at 7:13 pm

Is Home Capital headquartered in the basement of Scotia tower? Somebody is burning the evidence there. Reportedly black smoke is billowing out.

#22 Rainclouds on 05.01.17 at 7:13 pm

Clearly the US hedge funds understand you are the epicenter of reason regarding Canadian RE.

Was that genuflecting toadying enough to get me a prize? Honorable mention? A swift kick ?

8 more days to boot the BC Conservative party rubes, Bring on the angry “progressive” Bolsheviks to put a nail in it

#23 Ex-Cowtown on 05.01.17 at 7:13 pm

So if there’s a recession, or rising unemployment, or higher mortgage rates – or people just get spooked because their online GICs are wobbly and the news is full of failing lenders – you can forget all this political claptrap about a soft landing. – GT

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

The other possibility is that [email protected] sends you a letter telling you you need to bring in a rather large cheque to get your LOC back onside. No interest rate bump, job loss, GIC evaporation required.

Kind of like a neutron bomb; kills off all the people but leaves the buildings standing.

#24 PM on 05.01.17 at 7:15 pm

https://www.google.ca/amp/business.financialpost.com/personal-finance/mortgages-real-estate/data-shows-toronto-real-estate-sales-climbed-in-past-week-but-overall-cooling-could-be-coming/amp

It would appear that the market is picking back up after a short break. I just cannot see the prices declining any time soon unless there is a substantial shock to the market.

On a side note, a realtor working in Toronto stated that house price for Single Detached Home, will NEVER decline below $1M.

Is this the new reality? Perhaps I need to work on the other variable of affordability. I will ask for a 33% increase, let’s see what my manager thinks about this.

#25 Doghouse Dweller on 05.01.17 at 7:15 pm

“The stock is trading at a mere quarter of book value”
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

That any of these ALT lenders could have stock worth $40 a share was a complete shock to me . What do they own ? A bunch of dubious obligations, leases on a few offices with rented furniture. A few leased computers stuffed in a closet and huge telecom bills. 1.7 Billion tangible book value? Seriously ? At least Bre-X Minerals owned a few holes in the ground !

#26 crdt on 05.01.17 at 7:20 pm

I watched this very closely in the US a decade ago. When a car crashes, the moment of impact, the exact instant the bumper touches the obstacle the car is still intact. To comment on the state of the car at that moment is irrelevant, there is no escaping the structural reconfiguration of the car in the following instant. Such massive things as a real estate crash moves in geological time compared to an actual vehicular event. We are at the point of contact. The immense machinery of a decade of malinvestments, millions of contracts, jobs, equipment are now going to be cut loose from the real estate always appreciates juggernaut.
Now the lying will start in earnest. We are going to witness a parade of CEOs soothing the masses about how it will be contained, how the big banks are insulated, why it is a great time to invest in them. Names/faces do not matter, they have a job to do and regardless of who they are they are going to lie for their paychecks like you would. Wildly erratic and illogical things will occur, stocks will soar on bad news, firings, witch hunts, finger pointing, many people will have lots of trouble recalling incriminating events. The wealth effect will evaporate to be replaced with immense uncertainty. Cheers!

#27 Bank of Millenial on 05.01.17 at 7:20 pm

Was coming down hwy 11 from alongquin this weekend. Lots of lumber in transport via rail and truck all headed south.

This must be the last gasp of air.

#28 HoweStreet.com on 05.01.17 at 7:21 pm

Ross Kay on HoweStreet.com Radio:
Sub Prime Mortgages and Bank Runs in Canada.
Vancouver and BC Full Negative.

http://www.howestreet.com/2017/05/01/sub-prime-mortgages-and-bank-runs-in-canada/

#29 jay on 05.01.17 at 7:23 pm

#1 cauliflower Interesting article ,that’s one way drug dealers keep their money hidden as well ,like a Trojan Horse system

#30 Grantmi on 05.01.17 at 7:26 pm

Funny watching all the Home Cap look alike CEOs on BNN today pumping up their companies…

“We’re NOT Home Cap… we’re different!!!!”

Move along.. nothing to see here….

#31 Lost in Oakville on 05.01.17 at 7:36 pm

Seen zero change in Oakville…prices keep going up and up…very few listings and those available are selling on average in 3-5..days…

#32 Mark on 05.01.17 at 7:36 pm

“So I joined the brain drain, headed south, and got offers paying 4X as much. If only my work visa wasn’t tied to NAFTA…”

Nobody in the anti-immigration lobby has ever said anything negative about the TN-1 visa. So you don’t need to worry, TN-1 visa cancellation and de-integration of the Canada/USA labour markets isn’t even remotely on the radar. Issuance is down, quite dramatically in fact, since the heyday of the late 1990s when US employers were hiring significant numbers of Canadian IT personnel. Even when adjusted for the increased validity period. US hiring in the tech sector has been that mainly of overseas (ie: not Canadian, not Mexican, not American) workers. Creating the massive engineering glut in Canada where traditionally a significant number of grads would head to the US. Acting as a sort of ‘relief valve’ on overproduction of engineering talent in Canada.

We look forward to Poloz slashing rates to 0.25% or even negative while our loonie is further devolved to 60cents or 55c, in order to protect the interests of Toronto.

With intense buying pressure in the CAD$ in response to falling housing prices and the need to repay CAD$-denominated debt in CAD$, Poloz won’t have any trouble keeping the dollar high. They will probably be in quite the valiant struggle to keep the CAD$ from going too high relative to the strength of the economy, much like the Fed’s problem in the USA.

#33 Boombust on 05.01.17 at 7:42 pm

Frank #4

Nice try, realtor shill.

Vancouver is crashing and will continue to do so.

#34 Wicked as it seems on 05.01.17 at 7:45 pm

#8 Well said!
Just have to get rid of CC in BC, Jeremy Corbin in U.K., a total leftist government that will bring labour, housing and health care to people without profit wagering, like the old days of Labour, before Tony Blair.

#35 ANON on 05.01.17 at 7:49 pm

First we got the R(un) word, then the C(ontagion) word, now the M word (first M word was in 2009, and for very good reasons).
I don’t think Garth would use it lightly a second time, after being ridiculed for so many years, but I’m certain he will correct me with one of his one liners, if it’s the case. :)

I think the announcement goes: Brace!

#36 Jay on 05.01.17 at 7:50 pm

The words never cry wolf come to mind, but whatever …I guess everyone here thinks prices are about to crash in gta hehe..ok ….

sorry people.. either way, boat has been missed, houses around my area in North Gta are still selling quickly and selling for way more than 2016 or 2015, you know, when this blog advised selling before its too late….

But then again we don’t have the cookie cutter homes or condos, so maybe prices will remain “sticky” on “the way down” lol…

#37 Ole Doberman on 05.01.17 at 7:57 pm

Looks like the dominos are starting to fall one by one, Atrium Mortgage Investment Corp too started tumbling today.

Gartho what about Calgary?

#38 OttawaMike on 05.01.17 at 8:00 pm

Heavy smoke at King and Bay — Smoking Man sought for questioning:
http://www.cbc.ca/news/canada/toronto/explosion-from-hydro-vault-fills-the-heart-of-toronto-s-business-district-with-smoke-1.4094416

#39 Millennial Loser on 05.01.17 at 8:03 pm

Can confirm the uselessness of engineering degrees, I have many friends with engineering degrees working dead end jobs, my cousin graduated with an engineering degree in 2015 just in time for the commodity crash, went back to get a masters and still no job. I went to trade school and got a 2 year engineering technologist diploma and have yet to find work in my field after 2 years of searching. Right now I work a dead end labour job and half my co-workers have some sort of STEM education but can’t find anything in their field.

https://www.ospe.on.ca/public/documents/advocacy/2015-crisis-in-engineering-labour-market.pdf

According to this report, only 30% of engineering degree holders actually work in engineering in Canada, 30% work a job that doesn’t even require a degree at all.

#40 OttawaMike on 05.01.17 at 8:04 pm

My manager is seeking a $700k home in trendy Westboro after living in a shit apt. for 2 years hoping the market will drop here in Ottawa.

She gambled and lost. Prices have taken off again here after remaining flat for 2 years in the core and dropping in some of the burbs.

Bidding wars with no conditions are the norm showings with a preset offer date for buyers. Anybody who tried to time CND real estate in the big cities got burned badly

#41 Brian on 05.01.17 at 8:06 pm

So many doomers today. With rates in the ditch nothing is gonna change.

#42 time after time on 05.01.17 at 8:07 pm

The SFH in Toronto, purchased in the early 2000’s under $300K on a 64×120 lot, close to Yonge Street is not my best performing asset.

At the #1 spot today is the small, privately issued and managed bitcoin collection, purchased several years later for pocket money just to play with the technology. This dormant asset today hit over the $15K market value, about 650% ROI. This includes the shitty state of the government issued and managed looney.

Go shoot me, I don’t care. On the side I also have the usual, boring portfolio you guys adore.

#43 Smoking Man on 05.01.17 at 8:27 pm

All markets are driven by supply and demand.

No matter how your bias swings. Keep your eye on those two dynamics before you bet.

#44 M on 05.01.17 at 8:41 pm

“The stock is trading at a mere quarter of book value.”

book value = what people THINK is worth
trade value = what cruel reality IS

#45 jas on 05.01.17 at 8:41 pm

where do you folks see CAD$ headed against US$ between now and next 3 months?
Lower? Higher? trading range?

#46 Pete from St. Cesaire on 05.01.17 at 8:41 pm

Why doesn’t some wealthy investor who could make a fortune with a housing collapse (or the Russians, for geo-political reasons) sell off a few SFH’s in Toronto at below $1 Million, and make sure that the public gets to know about it. It would be a difficult ruse to pull effectively but it could be done. That would sure set things into panic mode.

#47 Ummmm on 05.01.17 at 8:42 pm

We need a reality check! A crash will be good for all of Canada in the long run.

A crash will lead to a Great Depression.

#48 For those about to flop... on 05.01.17 at 8:44 pm

Hey Broadway,since you’ve picked up the scent again I will lob you a couple of softballs.

What happened at…

3855 Brandon st Burnaby.

677 e 59th Ave Vancouver

10691 Seaward Court Richmond

14510 78 ave Surrey

I think all these guys are o.k but you’ve surprised me before.

I’m not interested in helping anyone…my only interest is inching my way up the Blowhard Billboard…

M42BC

#49 Andrew Woburn on 05.01.17 at 8:45 pm

#41 Brian on 05.01.17 at 8:06 pm
So many doomers today. With rates in the ditch nothing is gonna change.
=====================

Rates don’t mean squat if nobody will lend you the money. If a couple more Home Capitals blow up, where are the depositors going to come from to fund more crazy mortgages. I looked at EQ a few months ago and decided I didn’t like where they were going to put my money even with deposit insurance.

As to deposit insurance, the golden rule is you can always rely on the government until you can’t. Even worse, with a lot of credit unions, you are relying on the province, not Ottawa, to cover your butt.

#50 Balmuto on 05.01.17 at 8:48 pm

#32 Mark
“With intense buying pressure in the CAD$ in response to falling housing prices…”

Always good for a chuckle.

#51 crowdedelevatorfartz on 05.01.17 at 8:55 pm

@#39 Millenial Loser

Sad but true.

Screw the fancy assed degree. Everybody has one and it’s rendered them obsolete.

You know what is in short supply?
Unionized Labourers in Victoria.

$26/hr to start. The Hall is empty.
Same thing for several other ‘trades”. The local shipyard is SCREAMING for workers that arent scared to get their hands dirty or to be told to move their F**king ass.
The job aint politically correct but it pays and if you’re actually willing to work without bitching and moaning about politcally correct gender policies…..you’ll earn a shitload of money.
Trouble is.
People today feel that physical work is for “losers”.
Well I can garantee you. A lot of those “losers” are pulling in 6 figures and they dont have $100g’s in school loans to pay off. As a matter of fact. Most of them didnt graduate High School…..but who cares when you’re pulling in huge coin.

#52 Ronaldo on 05.01.17 at 8:59 pm

#45 jas on 05.01.17 at 8:41 pm

where do you folks see CAD$ headed against US$ between now and next 3 months?
Lower? Higher? trading range?
——————————————
Higher. Mr. T. wants a lower dollar.

#53 For those about to flop... on 05.01.17 at 9:00 pm

Hey Broadway,I might as well chuck 653 Lakeshore Dr Coquitlam on the Blowhard Bonfire as well…

M42BC

#54 BMC on 05.01.17 at 9:05 pm

Just before we are into a full housing meltdown there will be a huge surge in used cars, boats, RV`s and other toys for sale, as well as an increase cottage property listings, if that happens, then you know we will be in for a real sh*t show

#55 WUL on 05.01.17 at 9:08 pm

Re: The May 13 Dawgpalooza At Belfountain

Were the price of beaver, lynx, marten and wolverine not so depressed these days in the Taiga, I would not hesitate to endure the journey from Athabasca to “Where There Are Trees In The Water” (Toronto as we used to call it). I would bring bitumen from the seeps in the river banks to patch and waterproof your canoes.

Next year.

Yours,

Peter Pond

#56 Wrk.dover on 05.01.17 at 9:08 pm

The problem can’t be contained unless the govt mandates that lenders must renew these Ponzi mortgages as their short terms expire….underwater. Good luck forcing the loaning of money at the negative rates this madness necessitates ( at least in Poloz’ glue sniffer head ).

Oh yeah, R E always goes up, what is this underwater mortgage talk? Blub blub blub.

So what is next anyway, a forgivable grant to bail out Ponzi mortgagees?

#57 conan on 05.01.17 at 9:13 pm

Harjit Sajjan, our embattled Defense Minister might be on a bit of a (sound of WW2 plane crashing) mission himself.

Just wanted to know whether people here think that he should be booted for saying he was an architect of Operation Medusa? Seems trivial to me.

#58 Ex Pat Canuck on 05.01.17 at 9:21 pm

So when the market take their inevitable downward plunge, which may happen in days or weeks, what will trigger it? Could it be that the Canadian housing bubble and the demise of crooked lenders gets the party started? Hard to say what is going to topple the first domino…but when it tips, by the time the last domino falls, this crash in the financial markets is going to be a doozy. I was not alive in 1937 but I’ve got a funny feeling that I’m going to see a version of it sometime this year. Seatbelt recommended, it could be a rough landing!

#59 Peter the Comic Book Guy on 05.01.17 at 9:26 pm

OMG, I love that scene from Con Air!! So are real estate speculators a worser lot than the criminals on “Con Air”? Are they worse than Garland “The Marietta Mangler” Greene (played by Steve Buscemi), or Cyrus the Virus (John Malkovich)??

So Garth, will ex-U.S. Army Ranger Cameron Poe save us from a hard landing? Will Nicholas Cage ever have as much hair as he had when he played Cameron Poe on Con Air? Will I still be able to sell my teardown in East Van for 1.5 mil? To get these answers (and more), stay tuned for the next episode of Mayday (the Sequel?)…

#60 For those about to flop... on 05.01.17 at 9:30 pm

Hey Crowdie, I read with interest your post at #51

I have been meaning to ask you this question for a while…

What is it you actually do at work?

And do any construction type people like me parlay their skills into your line of work?

With the weather in Vancouver the last little while I might have to come and help you finish the ark…

M42BC

#61 Prairieboy43 on 05.01.17 at 9:35 pm

Looking for New Hire Engineer. Prerequisite : High GPA, Process Engineering Experience, willing to get Dirty (you will be wearing coveralls 8hrs/day, fifty weeks/year). Not a desk job.
Results: No Applicants.

#62 I'm stupid on 05.01.17 at 9:39 pm

#40 OttawaMike

That’s ridiculous… why go into a bidding war in Ottawa when homes are 1/2 the price in Gateau?

#63 Paul on 05.01.17 at 9:40 pm

#57 conan on 05.01.17 at 9:13 pm

Harjit Sajjan, our embattled Defense Minister might be on a bit of a (sound of WW2 plane crashing) mission himself.

Just wanted to know whether people here think that he should be booted for saying he was an architect of Operation Medusa? Seems trivial to me.
—————————————————————–
With all due respect, if you have not served you may not realize that it is not trivial to embellish your record whether a grunt or a Major especially our Defense Minister!!

#64 Leo Trollstoy on 05.01.17 at 9:42 pm

#45 jas on 05.01.17 at 8:41 pm

where do you folks see CAD$ headed against US$ between now and next 3 months?

Range bound. Just like the last year. No new development. Canadian economy isn’t great nor is it bad. No need for BoC to move rates. Inflation healthy. Real estate stable (and in the case of Vancouver and Toronto, higher on individual comparable units). No news is good news. Cad$ sits

#65 yorkville renter on 05.01.17 at 9:48 pm

1% of Canadian mortgages… but what is the percentage of GTA mortgages?

Except for GTHA and Vancouver, I don’t think there are any other bubbles… so, if it’s 5% of GTHA mortgages then it’s gonna hurt a ton.

When the USA hit the fan 8% of mortgages went south.

#66 yorkville renter on 05.01.17 at 9:49 pm

#57… I also think it’s trivial. At least this guy has put on a military uniform

#67 TurnerNation on 05.01.17 at 9:55 pm

I read this pathetic blog breaking in the gym.

Today…Dollarama in GTA begins accepting credit cards.
And VIX touched single digits. Watch closely.

(I’m long HCG at 6.60 holding overnight. Hot potato to be flipped)

#68 Smoking Man on 05.01.17 at 10:13 pm

Dawgpalooza

Altho I sold Shlong Branch at discount to a young couple who sucked me in with one of those i got a new baby letter. Same name as my first grand nice.That discount ensures a closing. I’m that good.

I would not have done it if I dident find out there mom and dad are loaded.

Supply and demand dogs.

If you haven’t sold by now. Take it off the market. Kill supply.

May 13th in the general store. Dogs unite.

Dawgpalooza.

#69 Doug in London on 05.01.17 at 10:14 pm

In the last week 6050 new listings? Why didn’t more of these people sell in the last 2 to 3 years, when there was a shortage of listings?

#70 Ray Skunk on 05.01.17 at 10:19 pm

#49 Andrew Woburn

Well said.

About this time last year I was somewhat tempted with a teaser rate for a 90-day CIG with Meridian CU. Gave some thought to where my money would be going and their exposure, decided it wasn’t worth the risk/trouble of trying to claim from insurance in the eventuality they went tits-up.

My fears were unfounded during the following 90 days, but there’s no way I’d deposit a dime with them, especially in light of recent events.

#71 Doghouse Dweller on 05.01.17 at 10:19 pm

A couple of ideas for all the unemployed Double Degree Master Engineers.
1 . An affordable single axle solar tracker mount for 100 or 200 watt panels.
2 . Solar load regulator transfer switch ( more load on sunny days less when cloudy )
Parts supply~$30 raspberry pie computer and the local auto wreckers 12 volt everything available cheap. Bring your own tools.

#72 TurnerNation on 05.01.17 at 10:23 pm

Oh yeah on the 13th our forum host could set up a Selfie booth. $1 each – proceeds to charity. For pictures with Bandit I mean.

#73 crowdedelevatorfartz on 05.01.17 at 10:24 pm

@#57 conan
“Harjit Sajjan, our embattled Defense Minister might be on a bit of a (sound of WW2 plane crashing) mission himself.
Just wanted to know whether people here think that he should be booted for saying he was an architect of Operation Medusa? Seems trivial to me.
*******

Total agreement.
His only “failure” is …
He’s been sucked into the pr bullshit that is Ottawa and started spewing their BS.
Shame.
He could have been Prime Minister some day.
Not now.

#74 Former condo owner on 05.01.17 at 10:31 pm

The Toronto market is picking up again. My SO and I both sold our condos in the last few days and got multiple offers and new high prices versus comparables last month. We’re moving into a rental because even with this windfall the numbers don’t work to buy a house. I think this insane market will keep going up for the foreseeable until interest rates go up, or somehow buyers can’t access as much funding.

#75 Ret on 05.01.17 at 10:34 pm

So if HC fails, who benefits? That’s a question that none of the below wish to deal with.

1. An American who was given BNN as an open forum to tell the world how he was going to short HC and make millions. BNN went for this and sold it to weak minded Canadians as “news.”

Come on BNN. Where are the pizza delivery guys blowing about renting out ten homes all with sub prime mortgages on them as happened in the US? They haven’t got that because it doesn’t exist.

2. Morneau , Poloz and JT who will be thrilled to see Canadians dismantle a housing bubble with no political fallout for them. They refused to deal with the RE bubble. A small bank like failing like HC would make their day. (Good to see Morneau crawl out of his molehole today to even acknowledge that HC even exists.)

3. The big banks who will be able to get rid of all small competitors and have their past lending sins go unnoticed at the same time.

4. Big banks who will now be able to sell you 5 year GIC’s for .005% or even better -.005%. Take our rates or go to the Sealy Bank. (Yeah, you’re sleeping on it.)

5. Real estate agents, real estate brokers and MLS will escape any reforms as they try to picture HC as some kind of rogue mortgage lender that caused all the problems. “It wasn’t us. We are professionals acting in the interest of the public and a rational market.”

6. Every business analyst that has to say HC and bank failure in the same sentence to legitimize everything else that he says that follows that.

HC is a convienient whipping boy for those who have little else to say or wish to not disclose what they know is the truth.

6. CDIC for not reassuring depositors. Let the news folks at BNN leave the impression that your money could be tied up for months on end if HC fails rather than coming out with what it would look like for depositors if any bank were to fail.

Who wouldn’t take out their funds if they thought that it might be a year until they got their money back?
If CDIC reassured HC depositors, there would not be the withdrawals taking place which have created a fear factor.

Thank you CDIC for helping to destabilize the banking system and helping your friends, the big banks.

7. BNN again. Maybe they could tell us how to make some real money if they could get past the every 1/2 hour updates all day about HC stock.

#76 bdwy sktrn on 05.01.17 at 10:35 pm

#69 Doghouse Dweller on 05.01.17 at 10:19 pm
A couple of ideas for all the unemployed Double Degree Master Engineers.
1 . An affordable single axle solar tracker mount for 100 or 200 watt panels.
2 . Solar load regulator transfer switch ( more load on sunny days less when cloudy )
———————
#1 i’m in. already did the panel tracker, sort of. used free scraps around the cottage to mount 2 100w panels at roughly 22 degrees on a rotating post.
when i walk by them i turn them into the sun!
the ‘logic’ is beyond simple to automate, simply turn panels to maximize output current or voltage.
i use a 29dollar charge controller – it reads out v,i,total power in, total power out, temp, and more but i do plan on automating the tracker.

#2 what??? – you mean without a battery?

#77 Smoking Man on 05.01.17 at 10:39 pm

The piano

https://youtu.be/JSlXH7MLhd8

I’m Rudy but I’m cool with it. The adventure evolves.

Change is what makes life worth while.

Stuck in an opinion. Depressing.

#78 The Arctic Gringo: Qalunaaq on 05.01.17 at 10:50 pm

Some dude named Andres over at Moody’s Analytics produced this analysis in January 2017 (before Ontario started their 16-step sobriety program last month):

http://www.brookfieldrps.com/wp-content/uploads/2017/01/2017-01-24-moodys-analytics-and-brookfield-rps-canadian-housing-outlook-en.pdf

Charts #2 and #3 suggest the two major Canadians are slowly contracting (‘melting’ as GT puts it), and quite evident in Vancouver. Smart dudes over at Moody’s to use pretty charts; the weekend guest folks might like those.

#79 Jon on 05.01.17 at 10:51 pm

Curious what the blog dogs think. If Toronto bursts, what the impact will be in Calgary and even Medicine Hat? Is the bubble national and regional?

#80 Smoking Man on 05.01.17 at 10:54 pm

When I was a child. Haven’t changed much.
It was hard.

https://youtu.be/9gkbsOywVxU

#81 Smoking Man on 05.01.17 at 10:59 pm

I’m a dreamer

https://youtu.be/urMjGAimtRc

#82 conan on 05.01.17 at 11:03 pm

Hey, getting some opinions on Harjitt, and so far its 2-1 in favor of trivial.

You know what is not trivial? It is this Harper appointed Senator. If these allegations are true, I want to see him go to prison. People who take advantage of employees in this way, and that is not even mentioning that young women.

http://www.cbc.ca/news/politics/don-meredith-ethics-report-fresh-allegations-1.4093248

Home Capital Group: I am going to go out on a limb here and say this is a buy. Throw away money for the peeps who have throw away money.

I think it is going to get bought out. The banks will buy it. This will stabilize Home Capital Group, and stop any contagion possibilities. Win win if done right, and I expect the banksters do know how to do this right.

#83 crowdedelevatorfartz on 05.01.17 at 11:06 pm

@#60 Flopster

Lets just say I’m involved in the Marine construction industry.
Ships.
Big and small. Public and private. Everywhere in BC.
There’s a HUGE shortage of skilled union labour.
The Fast Ferries debacle of the mid 1990’s gutted the ship industry in BC.
After that, shipyards closed, men retired, knowledge left….never to come back.
Unfortunately ( or fortunately depending upon your union affiliation) there’s a dearth of workers.
Christy Clark may babble her bullshit about jobs, jobs ,jobs….but the Liberal govt she represents cut funding to all the schools ie
Tradeschools/apprenticeships years ago and the repercussions are being felt to this day.
They knew exactly what would happen.
Shortage of skilled workers means foreign companies like US Joiners (subcontracted by Seaspan to build our Coast Guard boats in North Van…total horseshit) can hire from outside the country if we cant provide workers………and guess what….cheaper?
Gee…who wouldave imagined that….?
And apparently it isnt just Seaspan that does it.

http://www.google.ca/url?url=http://news.nationalpost.com/news/canada/hiring-of-foreign-workers-for-shipyard-jobs-is-a-pr-nightmare-for-irving-and-the-liberals&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwjHi7a-nNDTAhUB3WMKHSvDC-4QFggkMAA&usg=AFQjCNGWOhEGlL0duSyuAl09im8y4tEByw

With all the highrise buildings and malls being built in BC. theres tons of easier work elsewhere for guys that are good at what they do….hence the dearth of union members in the Halls for the shipyards.
The shipyards are a bit of a different beast. Security clearance, cold, wet, miserable in the winter and hot and miserable in the summer.
Parking? Limited ….Everyman for himself.
Testosterone environment? You bet.
But very very good money.
Im an entrepreneur that only hires union labour and I dont have a problem with that because I bill accordingly.
Thats it.

#84 Smoking Man on 05.01.17 at 11:07 pm

I’m a dreamer

https://youtu.be/urMjGAimtRc

Ni one gets it

#85 Driving through north york til Skydome on 05.01.17 at 11:10 pm

For sale signs everywhere. Nothing is selling and realtors are in an all out panic the housing ponzi is crashing. No onenis willing to catch a falling knife at this stage. Lights out.

#86 cramar on 05.01.17 at 11:10 pm

#57 conan on 05.01.17 at 9:13 pm

Harjit Sajjan, our embattled Defense Minister might be on a bit of a (sound of WW2 plane crashing) mission himself.

Just wanted to know whether people here think that he should be booted for saying he was an architect of Operation Medusa? Seems trivial to me.

—————–

So far 3 votes for trivial.

Only trivial if character does not matter. The trouble is that we are now a society that no longer appreciates integrity, honour, and values in their elected representatives. Politicians only mirror the society that elected them, because they are us. So Defence Minister lies to exalt himself—no big deal! So POTUS bends reality to feed his pathetic ego—no big deal! We will NEVER have a honourable leader in Canada or the U.S. again because society doesn’t know what moral integrity is anymore, nor does it care. We get the leaders we deserve.

#87 Rex Ryan on 05.01.17 at 11:14 pm

DELETED

#88 Smoking Man on 05.01.17 at 11:24 pm

TO university students
https://youtu.be/n3Rzug1OWPU

#89 New Found Man on 05.01.17 at 11:27 pm

Bankers are like crack dealers; nobody thought real estate would go down!
http://www.businessinsider.com/too-big-to-fail-its-happening-again-2017-1

#90 Yuus bin Haad on 05.01.17 at 11:31 pm

to BailinginBC: … done.

#91 Paul on 05.01.17 at 11:40 pm

cramar on 05.01.17 at 11:10 pm

#57 conan on 05.01.17 at 9:13 pm

Harjit Sajjan, our embattled Defense Minister might be on a bit of a (sound of WW2 plane crashing) mission himself.

Just wanted to know whether people here think that he should be booted for saying he was an architect of Operation Medusa? Seems trivial to me.
—————————————————————–
So Harjit Sajjan was the architect everybody lies right??
https://m.youtube.com/watch?v=ZI_hOP_K6MY

#92 will on 05.01.17 at 11:49 pm

Looking to make great interest? The yield on Home Capital bonds has jumped to about 10%, from just 3% two weeks ago, as the debt is available for purchase at 90 cents on the dollar.

benjamin graham would love it. and btw, funny video.

#93 another doom and gloom blog on 05.01.17 at 11:53 pm

gold dropped again. Sorry

#94 CalgaryRocks on 05.01.17 at 11:55 pm

Seattle on 05.01.17 at 6:48 pm
Engineering school? Totally useless in Canada. I have two engineering degrees from a top tier Canadian school, graduated top of my class, a few years work experience, and still couldn’t get a decent paying job in Canada. So I joined the brain drain, headed south, and got offers paying 4X as much. If only my work visa wasn’t tied to NAFTA…

Re NAFTA. You can move from a TN to a green card. Lots of lawyers do it now. Your employer has to be willing but it’s not a very long process for Canadians

Alternatively, look into starting a business in the US and getting in using the E-2. It’s about 6k for a lawyer to process, good for 3 years and renewable for as long as the business is active.

Good luck!

#95 Gregor Samsa on 05.02.17 at 12:14 am

Put me in the minority saying this is overblown. Herds don’t turn on a dime and I don’t believe the idiot masses, who never have and never will hear or read the words “home capital,” have gone from lusting houses to hating them in a week.

Every single woman I meet owns a condo or house. They all also have a cat or dog. No exceptions. There’s some kind of sickness at play here, I just can’t name it. But you better a believe any single woman with no house and no rat sized dog us desperate to correct the situation.

It’s going to take a bit more than this to take this sucker down. Look no further than Calgary where 1/4 of the city lost their job and housing shrugged.

#96 Fortune500 on 05.02.17 at 12:26 am

Sorry if this has already been posted. Time for some humour around here

https://www.youtube.com/watch?v=9eTRiU6-D5c

But 401 K? Seriously

#97 conan on 05.02.17 at 12:31 am

I hope France does not tear itself apart between now and May 7th. My bet is on the guy who likes grandmothers.

I wish Korea would get itself sorted out. The more I see of D Trump the more I am convinced that he should not be POTUS. I could put up with him if I knew he had no power, and was just a figure head, but that is not the case.

https://youtu.be/9LoFLS4wnKE?t=318

#98 traderJim on 05.02.17 at 12:46 am

According to local realtor’s newsletter (Chestnut Park Muskoka) cottage listings are down by 50% so far.

And that’s after the best cottage market in history last year.

IIRC the classic car and art markets in the US kept booming for 2 years after the housing and stock market crash.

All the money sloshing around the world has to go somewhere, the trick is figuring out where it will go next.

Hearing lots of bubbly activity in US real estate once again…

#99 NEVER GIVE UP on 05.02.17 at 12:48 am

#136 InvestorsFriend on 05.01.17 at 11:03 am
Never Give Up said:

Inflation is raging at 6%.

Fake fiat currency cannot be controlled that is why we see interest rates dropping for the last 40 years.

************************************
Looks like you already gave up and gave in to weird doomer sites that lead you to incorrect conclusions.

Since fiat (meaning based on trust) is the ONLY kind of money there is, I rather like it. I find it rather useful indeed.
==================================
Note the chart below showing 37 years of relatively steady decline in interest rates.

http://www.macrotrends.net/2015/fed-funds-rate-historical-chart

When there is a glut of money rates will go down. Where do you think the glut came from? It would be reasonable to assume since banks can make money by loaning 9 times their deposits and Government can create money by borrowing from itself in convoluted ways. Then gluts of money could easily form. Furthermore Governments can stimulate borrowing by guaranteeing bank loans through CMHC.

I dont read “doomer” sites except this “doomer” site!
After seeing the advice given here for 9 years and the predictions of a crash I have come to my own conclusion (possibly wrong) that interest rates will not go up in any significant way. And that the foreign investors have seen this and are not deterred by bits of legislative optics designed to keep demagogues like Christy Clark and Ontario’s premier in power.

I also have noticed that traditional fiscally responsible governments are now guided by the whim of their elected leaders. You have in the 2000s a Liberal government that paid down debt. In the 90s a conservative Government that racked it up as well as the Harper Gov.

NDP has acted quite responsibly in BC in the past and our so called Right party has racked up significant debt.

So now I believe we should really look at the leaders who are the new dictators.

#100 Pete from St. Cesaire on 05.02.17 at 12:54 am

Christy Clark may babble her bullshit about jobs, jobs ,jobs….but the Liberal govt she represents cut funding to all the schools ie
Tradeschools/apprenticeships years ago and the repercussions are being felt to this day.
———————————————————
That’s the rusult of feminism and the belief that males are of no value. There is endless money for BS courses in PC drivel at university, but trade schools (which mainly trained men, although it was not exclusive to men) have been kicked to the side like dogs with mange. Not all people should want to go or are even capable of going to university. Many have no place there, no temperament nor cast of mind condusive to it. Historically, men have made good and honorable livings for themselves and their families through blue-collar work, but in today’s world they are not valued at all.

#101 Wade on 05.02.17 at 1:00 am

House prices are coming down and my stocks are going up……I love it

#102 NV Landlord on 05.02.17 at 1:00 am

#57
ANY BODY who stretches the truth so blatantly, needs to be fired! Lying is illegal.
Those in power need to be even more careful than others.

#103 NoName on 05.02.17 at 1:04 am

@ fartz

shortage of skilled trades

—-

I have to disagree with you on a shortage on skilled workers/trades, there is enough what they call them self skilled workers/trade, its just more than half of them is bad.

My old employer had this waste of time panel interview that i sat at and believe it or not i was alowed to ask questions. More than half of people that showed up for interwiev had more and higher licenses than i did, but funny part was, they didn’t know difference between regular and explosion proof cable connector…

but that is not bad part, other that knew diference couldn’t pase psycho test, or they could not provide pol. clearance. go figure that one out

Funniest interview i ever sat at was guy who was later referred my me as “praying mantis”, as a tradesman any troubleshooting carry some risk, so guy i was giving report to would ask same question to all candidates, same question: “how do you troubleshoot on machine where is potential of arc flash?”
No word of the lie here guy answered: “i pray first for couple of minutes then i ask for help.”
*** asked “help from who?” guyanswered “from God” in a strait face… at the end of int. i just highlighted that i have small kids.

I had an opportunity to work on actually few of the ships on erie canal, upgrade for water ballast, lot more work, than for equivalent job on shore. schneider quantum was running pid for analogs. many yrs ago.

what is going rate for very very good marine electrician? not that i am one, but i know all abut
clss1 zone 0,1and2. and cl2 div I and II.
fell bad for those poor souls working for you in confined spaces…

#104 About the Video on 05.02.17 at 1:32 am

I believe you are less than subtly telling us that 416 RE is about to crash and the song, that it will take the Cdn. economy with it (416 RE = THE ONLY major +sector per Feb. GDP).

I’d agree with that.

Love your line:

Greed is a powerful emotion, but it wilts before the dominance of fear.

Mine:

Greed and avarice will get you in trouble all of the time, not just some of the time.

I expected that Feb GDP would be the last gasp and after that a soft and plunging economy over summer along with your “fear” in full RE exit to the turnstiles, last person out left holding the baby.

Hope not, but my gut feel says that is what is going to happen.

#105 BailinginBC on 05.02.17 at 3:42 am

#91 Yuus bin Haad

Classic! You have won the internet for today!

http://www.binhaad.com/binhaad.com/Default.aspx

#106 Tony on 05.02.17 at 3:52 am

Re: #83 conan on 05.01.17 at 11:03 pm

A buyout is very possible since the taxpayer ultimately will end up footing the bill (if they are in fact bought out) if the real estate market collapses. The banks know this.

#107 dakkie on 05.02.17 at 5:43 am

Hours after massive bank losses reported, mysterious explosion in front of Royal Canadian Bank

http://investmentwatchblog.com/hours-after-massive-bank-losses-reported-mysterious-explosion-in-front-of-royal-canadian-bank/

#108 LH on 05.02.17 at 6:24 am

I got an engineering degree in 2006
And then I got smart

Seven figures last seven years from downtown tax farm

And seven SFH in c01/c02…

Signed, Foxy Loxy

#109 Wrk.dover on 05.02.17 at 7:08 am

#71 Doghouse Dweller on 05.01.17 at 10:19 pm
A couple of ideas for all the unemployed Double Degree Master Engineers.
1 . An affordable single axle solar tracker mount for 100 or 200 watt panels.

———————————————————–

The whole problem with tracking is ballast and robust strength requirements. The big trackers in SW Ont. are worth more than the panels they support/sport.

Solution, light weight fixed mounts, with two sets of panels, one facing SSE, one facing SSW. bonus of extra output mid day, at much less cost too.

The panels are supposed to tilt to the same degree as your latitude, generally. It would be beneficial to manually change the tilt a few times a year to be more suitable.

Enphase micro-inverters hooked to the grid give you all the control you need at less cost than the panels.

I am not a papered engineer, only have grade 12, but I did spend hundreds of hours on line digging before I built my solar system. Hot water solar has a better payback, unless you live in that province that pays more for power than you can buy it for.

The excess hot water goes into basement in floor heat, eliminating summer cold floor sweat. That and a timed low watt fan sucking floor level air through a 4″ tube to the great outdoors eliminates the need of a de-humidifier.

Tenants need not know this stuff. Moisters do.

#110 More of Trump's Idiocy on 05.02.17 at 7:08 am

Donald Trump has expressed confusion as to why the American civil war took place and claimed that President Andrew Jackson, who died 16 years before the war started, “was really angry” about the conflict….

“[Andrew Jackson] was really angry that he saw what was happening with regard to the civil war. He said, ‘There’s no reason for this.’ People don’t realize, you know, the civil war – if you think about it, why? People don’t ask that question, but why was there a civil war? Why could that one not have been worked out?”

The civil war was fought over slavery – the enslavement in the United States of African Americans – and related territorial, economic and cultural struggles. Jackson died in 1845. The first shot was fired by forces of the secessionist, slaveholding states on Fort Sumter in Charleston, South Carolina, on 12 April 1861.

https://www.theguardian.com/us-news/2017/may/01/donald-trump-civil-war-cause-andrew-jackson

“The difference between stupidity and genius is that genius has its limits.”

“The majority of the stupid is invincible and guaranteed for all time. The terror of their tyranny, however, is alleviated by their lack of consistency.” — Albert Einstein

#111 CJBob on 05.02.17 at 7:25 am

You guys that have been predicting the crash for years are hilarious. More for sale signs popping up, eh? In May? Wow, when has that ever happened before? Just every spring since forever.

#112 Hicksville Alberta on 05.02.17 at 7:32 am

# 63 Paul – Re: Harjit Singh

” With all due respect. if you have not served you may not realize that it is not trivial to embellish your record whether a grunt or a Major especially our Defence Minister”.

Agree wholeheartedly. Another stack of weasel shit politician representing an especially important post both internationally and internally is a sad joke and disgusting. I am sure all Canadians who have died serving their country would be repulsed by this.

Furthermore, the fact that our Prime Minister so far has turned a blind eye towards this demonstrates his partisanship of politics over ethics which appropriately makes two stacks of weasel shit for starters.

My mother never knew her father and my father’s dad came home a total physical and emotional cripple from WW1 and was never able to work productively but was still a great man.

Carry on Canada.

#113 cto on 05.02.17 at 7:55 am

#84 crowdedelevatorfartz

The real estate industry is sucking skilled people away from the real economy. In your case the ship building industry.
Absolutely! It is!
Our recent short sighted politicians are cheap for votes, usually have no background in real business or industry and couldn’t run a one chaired barber shop.
To them real estate and building condo’s is a financial miracle!!! If they were not in politics, they would be going to Tony Robins seminars, listening to BullDog! Pie in the sky!
They fail to see what is really real in the long term. This was a country of skilled people that produced things in a time not to long ago. Many of those people from another generation, didn’t get a decent chance to pass those skills on.
A new generation has grown up brainwashed to believe that if you don’t get a masters degree in business, then you are going nowhere. Now they are slowly waking up to the reality that if you live in a country that doesn’t produce anything, there’s no need for business. (other than real estate of course).

#114 Julia on 05.02.17 at 8:05 am

#62 I’m stupid

Income taxes. Over a certain level of income, which depends on the number of kids that will require childcare, you are better off in Ontario.

#115 fancy_pants on 05.02.17 at 8:12 am

this is a great post :)

apparently there are rumblings that Toronto is not the centre of the universe. who knew? don’t let mum catch wind, there are still votes to be bought.

#116 Smoking Man on 05.02.17 at 8:21 am

#99 traderJim on 05.02.17 at 12:46 am
According to local realtor’s newsletter (Chestnut Park Muskoka) cottage listings are down by 50% so far.

And that’s after the best cottage market in history last year.

IIRC the classic car and art markets in the US kept booming for 2 years after the housing and stock market crash.

All the money sloshing around the world has to go somewhere, the trick is figuring out where it will go next.

Hearing lots of bubbly activity in US real estate once again…
……

Boom. You figured it out.
Anythong outside the wynee golden zone map will be in play next.

#117 El Presidente Trump on 05.02.17 at 8:23 am

#111 More of Trump’s Idiocy on 05.02.17 at 7:08 am

Donald Trump has expressed confusion as to why the American civil war took place and claimed that President Andrew Jackson, who died 16 years before the war started, “was really angry” about the conflict….

“[Andrew Jackson] was really angry that he saw what was happening with regard to the civil war. He said, ‘There’s no reason for this.’ People don’t realize, you know, the civil war – if you think about it, why? People don’t ask that question, but why was there a civil war? Why could that one not have been worked out?”

The civil war was fought over slavery – the enslavement in the United States of African Americans – and related territorial, economic and cultural struggles. Jackson died in 1845. The first shot was fired by forces of the secessionist, slaveholding states on Fort Sumter in Charleston, South Carolina, on 12 April 1861.

https://www.theguardian.com/us-news/2017/may/01/donald-trump-civil-war-cause-andrew-jackson

“The difference between stupidity and genius is that genius has its limits.”

“The majority of the stupid is invincible and guaranteed for all time. The terror of their tyranny, however, is alleviated by their lack of consistency.” — Albert Einstein
..

Costanza has relinquished his “Lord of the Idiots” title to a very worthy contender.

#118 TheyDoNotGetIt on 05.02.17 at 8:33 am

What hipocrecy?
Financial Post
“Terence Corcoran: Home Capital Group didn’t just fall from the edge of a cliff — it was pushed”

Did somebody push them to generate these amount of bad mortgages?

Nobody cares about the people if making money will be the outcome.

The Ontario Securities Commission, another bunch of hypocrites that let the show run as long as it does not crash, now they will be in reactive mode.

#119 John of Grant on 05.02.17 at 8:36 am

#32 Mark

With intense buying pressure in the CAD$ in response to falling housing prices and the need to repay CAD$-denominated debt in CAD$, Poloz won’t have any trouble keeping the dollar high. They will probably be in quite the valiant struggle to keep the CAD$ from going too high relative to the strength of the economy, much like the Fed’s problem in the USA.
——————————————————
Canadians using CAD to pay down their mortgages will have zero effect on the USD/CAD exchange rate.

#120 Doghouse Dweller on 05.02.17 at 8:38 am

#77 bdwy sktrn

Tracker electrical or non , some industrial models use pressurized gases that warm up in the morning sun. The load problem is difficult to solve and even the large utilities have difficulty with it. You have stuff running then the sun stops shining your batteries run low and you have to start a charger or generator. Then the sun comes out and shines bright for weeks overloading the batteries.
Just saying, if you claim to be an Engineer get out there and engineer something practical and cheap or find another profession . You will get no sympathy from the CEO’s or COO’s of any company.

#121 yorkville renter on 05.02.17 at 8:42 am

#113 – Hicksville – Would you prefer a bureaucrat who has never served be M o D? Did you like HS before his statement, or ?

I have not served.
I dont think saying “architect” is reason for dismissal.
If he expanded, and claimed full credit, then I get it… otherwise I feel this is overblown.

I’d like people to focus on actual issues like jobs, electoral and tax reform

#122 Penny Henny on 05.02.17 at 8:47 am

#17 Smoking Man on 05.01.17 at 7:09 pm Penny Henny And?

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

6 offers, but didn’t get to our price.
There is still a chance the top bidder may be back today.
We will reprice at maybe $1.08 with offers anytime.
But definitely the market in Etobicoke is taking a bit of a breather.

#123 Smoking Man on 05.02.17 at 9:01 am

Ok dogs. Show of hands who’s coming to the blog dog meet up on the 13th.

We bring dogs?

#124 Con Fuscious on 05.02.17 at 9:19 am

Sure, the buyers don’t feel the rush they did 2 months ago, now that they feel they have the government on their side. But the govt is done, there’s not much they can do now that they showed their cards. And they weren’t as good as some thought. Lots of exemptions and loopholes which were put in intentionally and unless we get the Bolsheviks in power, that will be all.

Fewer sales in the 416 => fewer TO refugees and fewer ‘foreign speculators’ will have most of the effect in the surrounding areas… Markham, RH, Newmarket and north. Again the 416 area will stay pretty much on trend. Right now, it’s only the $3 million+ listings that have been sitting longer on the market, which may continue for a couple of months.

Problem there is, even if the govt refunds the tax, it takes a good chunk of money to put down in cash for the privilege of spending millions into our economy.

Non-sensical approach from ignorant bureaucrats. It does nothing for ‘affordable housing’, it’s basically just playing the poor locals vs the rich immigrants for a few votes, but will cost some construction jobs. Not too classy or worthy of our supposed 1st world status.

#125 Con Fuscious on 05.02.17 at 9:25 am

As for Home Capital, give it a rest already. You tried, you won a small battle, but will lose the war, again. The stock has fallen, as misguided depositors apparently don’t even trust CDIC (!) but their portfolio has value that, as you can see, has lots of shoppers salivating. So whether they go on or will be bought out, that 1% ‘liar loans’ of their 1.4% market share will never impact the housing market in any meaningful way.

#126 Tater on 05.02.17 at 9:39 am

conan on 05.01.17 at 11:03 pm
Hey, getting some opinions on Harjitt, and so far its 2-1 in favor of trivial.

You know what is not trivial? It is this Harper appointed Senator. If these allegations are true, I want to see him go to prison. People who take advantage of employees in this way, and that is not even mentioning that young women.

http://www.cbc.ca/news/politics/don-meredith-ethics-report-fresh-allegations-1.4093248

Home Capital Group: I am going to go out on a limb here and say this is a buy. Throw away money for the peeps who have throw away money.

I think it is going to get bought out. The banks will buy it. This will stabilize Home Capital Group, and stop any contagion possibilities. Win win if done right, and I expect the banksters do know how to do this right.
——————————————————————-
None of the big 5 want this. This is a market segment they don’t cater to. A smaller lender might buy the assets, but why would anyone buy the equity with all the regulatory and legal risk attached?

#127 Ace Goodheart on 05.02.17 at 9:43 am

Re: #4 Frank on 05.01.17 at 6:45 pm

” You Toronto people are so funny, pretending like this is all new.

We had the same thing in Vancouver last year. It was on fire, then some regulation came in and everyone screamed that it was crashing and now it’s on fire again.

If nothing else changes you can expect the same pick up again in 6 months.”

I kind of tend to agree with you although the situation in Toronto is a little different. In regard to single family homes, especially detached homes, south of HWY 401, likely they will never be affordable again. There are just too many people here. These houses have become “move up” residences and there is this buyer pool that is sitting in condos and townhomes, building equity so they can move up to a detached with a garden and a parking spot. They are “trophy houses”. If you own one, you have “made it” and you are higher class.

My worry about Toronto is the condo market. It appears that about half of them are rentals, being operated by investors. Up until last week they were excluded from rent controls. Now they are not.

I have been in the rental business for a long time and I have dealt with rent controls on all of my buildings. The new legislation makes it more difficult for me, but I can manage. You have to know how to work with a rent controlled building. Otherwise you can get yourself into deep trouble very quickly.

My worry is no one is going to want to own a rent controlled rental condo.

Not sure if you folks out in Van have rent controls on your new build condos? We used to have them only on buildings built prior to 1991 (which is every single building I own, unfortunately).

When rent controls were changed and strengthened at the beginning of the mandate of Ontario’s first and only NDP government, what they did was create these apartment “ghettos” that still exist today. Formerly upper end buildings slowly fell into decay, to the point that they are now basically so badly deteriorated that they cannot be economically repaired.

Harris’s Tenant protection act tilted things a bit in the favor of landlords, but the 1991 and prior buildings were still rent controlled.

What we have now in Ontario is large, brand new, condo buildings that have become rent controlled. The owners of the condo units are mostly individual investors, many of them are actually cash flow negative (ie, they pay more per month in expenses than they collect in rent) and they are holding the condo units as investments, planning to sell in the long term (because prices always go up).

The new rent controls have this curious little twist to them, which seems aimed directly at individual investment condo owners. Basically, if you want to sell the unit, and you want to evict the existing tenant, you have to have the purchaser file an affidavit stating they intend to live in the unit. Otherwise, the tenant stays. If the purchaser lies on the affidavit, they can be sued by the tenant.

So the only person the condo can be sold to, if the current owner is cash flow negative, is someone who actually wants to live in it. Otherwise, the tenant remains and the cash flow negative situation continues.

It is not clear yet what effect this will have on Toronto’s condo market but I am expecting a very rapid drop in condo sales (who wants to own a rent controlled condo?).

#128 IHCTD9 on 05.02.17 at 9:54 am

#39 Millennial Loser on 05.01.17 at 8:03 pm

Can confirm the uselessness of engineering degrees…
________

I watched this happen real time from 1995 forward. Back then a College kid who could run CAD was set. Now a Masters Degree in Engineering pays you less than the college kid got in the 90’s.

Since then Ontario has been crammed with Indians, Chinese, Russians, Middle Easterners – you name it – that hold all manner of Engineering training and degrees. About the same time these folks moved in and started looking for work, the Provincial Libs were busy gutting the manufacturing sector and I watched a steady procession of major manufacturers shrink, move, or close up.

In Ontario at least, Engineering degrees are as useless as a teaching degree – for the exact same reasons: Everyone’s got one, and there are no positions available.

In 2009, My ex employer (now bankrupt) hired newly landed Chinese engineers with Masters Degrees in Engineering for 45K per year. You’d be richer unloading hard liquor out of trucks working for the LCBO with a HS equivalency.

Not joking.

#129 Doghouse Dweller on 05.02.17 at 9:54 am

#110 Wrk.dover
Solution, light weight fixed mounts, with two sets of panels, one facing SSE, one facing SSW. bonus of extra output mid day,
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Yes that’s what I’ve done. I have a small setup , for UPS and communications equipment not enough real estate for the grid.
Works great , I can blog and trade in a black swan blackout and save money when the sun shines.

The exhaust fan instead of a dehumidifier is great to . I used to do that at the cottage.

#130 For those about to flop... on 05.02.17 at 9:57 am

The Orange Octopus is making a real hash of things.

All that was missing from that speech was him stating that Andrew Jackson only had 5 slaves and they were called the Jackson 5…

M42BC

#131 Doug in London on 05.02.17 at 10:37 am

@ Leo Kolivakis, post #72:
Yes, I’ve been thinking the same thing. The first signs of trouble were appearing with the US with the sub prime mortgages in late summer of 2007. Although there were a few shocks and pullbacks in the stock market, like on or around St. Patrick’s Day 2008, it didn’t really start to implode until late summer of 2008. Is the something similar going to happen here? I have no idea, but it’s something to keep in mind.

#132 I think I know on 05.02.17 at 10:39 am

Ten years from now, Toronto RE will be much, MUCH higher than it is today. People that bet against TO RE are always wrong in the long term. The only thing that would halt the upward trajectory is “normalized” interest rates and/or a harsh speculator tax. Neither of those is going to happen.

#133 Ace Goodheart on 05.02.17 at 10:51 am

#129 IHCTD9 on 05.02.17 at 9:54 am

“In Ontario at least, Engineering degrees are as useless as a teaching degree – for the exact same reasons: Everyone’s got one, and there are no positions available.”

Degrees are all mostly useless now. A four year undergrad in basically anything guarantees you a position at Starbucks (maybe).

You don’t go to University to get a job, people go for the “experience” and the whole “life before work” mantra seems to drive everyone to the Universities. It is fun, there is a lot of beer, it is a great party and and experience. It is not about employment.

If a person wants a job in this Province and they don’t want to make minimum wage, they need to get ticketed in something. Anything really. Get a commercial driver’s license, gas fitter, plumber, electrician, get your programming certification, whatever. That is where the good paying jobs are.

People with degrees figure this out and actually go to College to get ticketed after they realize their four year B.A. is completely useless.

If you have a ticketed skill you are set. Otherwise have fun flipping burgers and pouring coffee…….

#134 CalGal on 05.02.17 at 10:53 am

predictable outcome.
taxpayers i.e. we insure all risks to lenders for free so lenders can loan to anyone without a worry. risk free 3% handout from us to lenders.
sad that we preach free market when we do not have perhaps any. bailout aircanada. bailout bombardier. dairy cartel. wheat cartel. possibly potash/fertilizer cartel.
keep giving handouts and bailouts n we make sure we will never be productive or competitive. just more debt, personal, provincial and federal.

#135 Blacksheep on 05.02.17 at 11:09 am

Paul # 63,

“if you have not served you may not realize”

Never #100,

“NDP has acted quite responsibly in BC in the past”

More # 111,

“The civil war was fought over slavery”
—————————-
See….that right there, is some funny stuff.

Thanks for the morning levity guys…..

#136 IHCTD9 on 05.02.17 at 11:11 am

#51 crowdedelevatorfartz on 05.01.17 at 8:55 pm

People today feel that physical work is for “losers”.
Well I can garantee you. A lot of those “losers” are pulling in 6 figures and they dont have $100g’s in school loans to pay off. As a matter of fact. Most of them didnt graduate High School…..but who cares when you’re pulling in huge coin.
________

This is a thought for the very young still contemplating what to pursue work wise in life. Of what value is “following your dreams” with respect to a career? Is money, or image most important? Is a “respectable” profession like becoming a Lawyer still a good career choice if you’re now just starting out at 28, 100K in debt, and make 50K/yr? How does being in a good financial position working as a machinist compare to having a “title” and being broke?

I can say by my mid 40’s, the shine of a white collar career has dulled considerably since my 20’s. And mine actually pays decent and I never had any significant school debt to factor in. I care more about getting out of the work force these days than “furthering my career”.

I’d submit that the best career choice is one that you can get into without first drowning in debt, without having to compete with thousands of others vying for the same position, and one that that pays as much as possible as soon as possible. Then start immediately investing for your escape.

A lot of why you enjoy what you do for a living is in your head, it’s in your attitude and co-workers. There’s no reason a millwright working in a Paper Mill can’t fully enjoy his day at work as much as a Doctor or Lawyer.

#137 Lee on 05.02.17 at 11:12 am

#133 I Think I Know,

You are absolutely correct that long-term, Toronto real estate is always a good bet, at least for sfhs. Those who think otherwise are fools.

#138 n1tro on 05.02.17 at 11:21 am

@Leo post#72

I think you overstated your “fair and balanced” assessment of the HCG situation.

Statements like…

“There are only two things I will say. Jim Keohane is one of the nicest, most honest pension fund managers I’ve ever come across. There is no way he didn’t inform HOOPP’s board of directors of his role prior to entering this transaction and I wouldn’t be surprised if he vacated Home Capital’s board after entering this deal (I’ll put it to you this way, if it wasn’t kosher, he would have been fired on the spot).”

…smacks of bias. When does anyone’s “feelings” of how honest someone comes off and the assumption that the system would fire someone on the spot if things weren’t “kosher” have anything to do with what actually happens in real life?

Jim, being a director of HCG should have stated officially to the HCG board that the HOOP deal was bad for HCG while being really good for HOOP. He should have voted against the deal after reviewing the terms (for the “first” time since I’m sure as CEO of HOOP, I wasnt made aware of HOOP getting into a $2B deal). If the deal still went through, then its on the HCG board. Instead Jim did the equivalent of sticking his head in the sand and supposedly recused himself.

“As soon as it became apparent, when HOOPP was asked to be part of the deal, I recused myself from many board discussions at Home Capital and once we actually engaged in the deal, I resigned from the board.”

Odd….that the news first came out of $2B deal and then a resignation and not the other way around.

#139 GFD on 05.02.17 at 11:23 am

. . . . . . at least de-turbanizationt, c’mon now.

#140 isuckless on 05.02.17 at 11:39 am

#124 Smoking Man
I would come if not for 6 hour drive from Ottawa.

Have a double serving of sprinkles for me.

#141 JSS on 05.02.17 at 11:40 am

Should’ve gone into Pharmacy or Optometry, rather than Engineering…

tsk tsk…

#142 Stan Broock on 05.02.17 at 11:50 am

Loonie melting down. Literally before your eyes.

https://ca.finance.yahoo.com/quote/CADEUR%3DX?p=CADEUR%3DX

watch out the grocery and retail prices.

#143 traderJim on 05.02.17 at 12:01 pm

“#187 traderJim on 05.01.17 at 3:31 pm

#173 Johnny Boy

Love that video! Best part was where Trump told him he called his show ‘deface the nation’ hahahahaha. Absolutely classic.
_________________________________________
Trump is good at his schtick, a master liar. I’m Sicilian Italian background and if he pulled shit on an Italian Cosa boy impeachment would be the least of his concerns.”

Yeah, we know from the whole Mussolini era that some Italians love to use violence against people with different opinions. I think it was called ‘fascism’. I wouldn’t brag about it if I were you, but it does seem the Orwellian double-speak of the ‘antifascists’ is all the rage these days.

In fact, one of the antifa lunatics just murdered an innocent kid at university for being white.

I think there’s an Italian saying: There are two types of fascists: fascists and anti-fascists.

#144 Alex N Calgary on 05.02.17 at 12:07 pm

Feels like the comment section is getting better over the years, some good info in here! My bottom line take away recently is that provincial gov’s are making away like bandits on transfer tax, I really didn’t understand it was such a huge amount. The City of Calgary is doing major cut backs this year, took a few years to catch up to the downturn (no tax increases this year, people are screaming bloody murder and all gov. employees should take salary slashes rather then touch property assesments or taxes). Everyone I talk for the most part know that things are depressed here, but still see people out non stop at the malls, driving around, spending money. I think with houses melting quite slowly people are burning through the HELOCS and keeping the same standard of life they did before (just like USA right?)

Suncor is reporting lots of profits, but you know how these reports are, they slashed huge staff, one time costs, write downs, post some high quarter profits for the shareholders (the depressed dollar sure doesn’t hurt the cost of western-canada-select style blended Bitumen exports, last I checked it was, somehow, nearly on par with US sweet shale frak. Everytime you try to read about US reserves, you get different reports, as if people make money off false reports on energy trading or something eh? Frak baby Frak trump will probably make oil more scarce right? and Musks Model 3 launch later this year)

I guess this is a big lesson for me in trends, look at what all the to-tired-to-read the internet people who gobble up housing, follow their trends and profit from them but know when to get out? I suck at predicting housing, did any of us think it could go this long? Toronto line ups for new units, remember how we gleefully made fun of them a few years back, they’re probably 3 flips in now! (although money doesn’t exactly buy happiness, maybe just stress as you’re stuck with a 4000$ a month mortgage debt on multiple places that may or may not have renters and be un-sellable)

My friend at Home Capital is in slight denial I think about the on goings, or just doesn’t want to know, which might not be the worst thing, the run on withdrawls, can you explore why this happened? he told me the investigations into falseified income was 2 years ago, why has it come up again? why did people panic in this particular instance?

Keep up the good work, would you take a job as finance Minister if it came up as you were the Oracle to the collapse? I see you quoted in CBC articles multiple times a week now.

#145 Pre-retiree on 05.02.17 at 12:08 pm

#139 n1tro
Jim, being a director of HCG should have stated officially to the HCG board that the HOOP deal was bad for HCG while being really good for HOOP.
________________________
Any sophisticated or unsophisticated person on the HCG Board could have figured that out by themselves, I think.
You borrow at 15% (or at 22.5% depending on how you look at it) and lend at 5%. If it was too difficult to figure out for them, they should not be on any board. They simply had no other choice. Last resort manoeuver (maneuver?) obviously.

#146 Pre-retiree on 05.02.17 at 12:13 pm

#132 Doug in London

I agree. We are approaching a credit crisis, regardless of interest rate. It will be an interesting year.

#147 traderJim on 05.02.17 at 12:27 pm

RE agent is telling my buddy who is listing this month that he should not expect a bidding war, but a few good, HIGH offers.

Will be interesting.

#148 traderJim on 05.02.17 at 12:31 pm

#143 Stan Brook

“watch out the grocery and retail prices.”

Every once in a while a price in the grocery store really shocks me.

I just noticed Loblaws frozen burgers are now $14 a pkg. I am pretty sure they were $10 last time I looked?

Only a 40% increase. But Stats Canada says inflation is under 2%. Riiiiight.

#149 Johnny Boy on 05.02.17 at 12:39 pm

#144 traderJim on 05.02.17 at 12:01 pm

“#187 traderJim on 05.01.17 at 3:31 pm

#173 Johnny Boy

Love that video! Best part was where Trump told him he called his show ‘deface the nation’ hahahahaha. Absolutely classic.
_________________________________________
Trump is good at his schtick, a master liar. I’m Sicilian Italian background and if he pulled shit on an Italian Cosa boy impeachment would be the least of his concerns.”

Yeah, we know from the whole Mussolini era that some Italians love to use violence against people with different opinions. I think it was called ‘fascism’. I wouldn’t brag about it if I were you, but it does seem the Orwellian double-speak of the ‘antifascists’ is all the rage these days.
In fact, one of the antifa lunatics just murdered an innocent kid at university for being white.
I think there’s an Italian saying: There are two types of fascists: fascists and anti-fascists.
———————————————————
Fascists are idiots. I don’t think you get it, its not personal its business! capisce!

#150 InvestorsFriend on 05.02.17 at 12:46 pm

To Never Give Up who responded to me as follows:

When there is a glut of money rates will go down. Where do you think the glut came from? It would be reasonable to assume since banks can make money by loaning 9 times their deposits and Government can create money by borrowing from itself in convoluted ways. Then gluts of money could easily form. Furthermore Governments can stimulate borrowing by guaranteeing bank loans through CMHC.

******************************************
Thank you for the polite response to my somewhat less than polite remark of yesterday.

You are right that there is a glut of money and that it comes from banks. Banks together with their customers create money every time a loan is given. The loaned money becomes a deposit and basically always stays in the banking system even as it is spent by transferring it to some person or company.

Banks do NOT lend 9 times deposits. Rather it is about 9 times or more the banks equity that gets loaned. A bank that raises $1 billion in equity from shareholders can lend easily $10 billion as long as it can keep each loan created as a deposit in that particular bank or attract new deposits each time one of its deposits is transferred to another bank. Every time we spend money on a debit card or write a cheque we are transferring deposits from our bank to the merchant’s bank. Each bank must compete to keep enough deposits in that bank.

Bottom line yes, banks TOGETHER with their customers create money everyday. But loans remain about equal to deposits.

Truly, every dollar owed to a bank by one person is offset by a deposit asset or “cash” owned by someone else. (The bank does not own its deposits, its customers do).

So not only are we awash in debt but we are awash in savings. Of course said savings are at risk (mostly at risk to the deposit guarantee corporation) if loans do not get repaid.

You may be absolutely correct that rates might not rise much. Myself and almost everyone has been humiliated for years by thinking rates would rise but they refused to.

But some trigger could cause fear and rates to rise. Certainly the U.S has been raising rates.

Banking is a wonderfully profitable business unless something bad happens. See Home Capital who can no longer attract deposits. They loaned out probably 95% or so of their deposits and now the deposit owners are pulling the money and this left Home to take an emergency loan to cover the withdrawals.

#151 InvestorsFriend on 05.02.17 at 12:50 pm

Banking

How much money could you agree to loan to your friends if they agreed to let you hang onto the money loaned? In effect banks collectively can loan huge amounts because the cash never leaves the banks. Even in the days of paper cash the paper was soon deposited back into some bank or other.

#152 NoName on 05.02.17 at 12:54 pm

#124 Smoking Man on 05.02.17 at 9:01 am

Ok dogs. Show of hands who’s coming to the blog dog meet up on the 13th.

We bring dogs?

—–

I’ll be there kids might tag along so ill need you on you your best behavour, and if you help me to get flop over
this can be yours.

I am sure that you’ll have no problems finding empties, and bird food is sold evriwhere.

#153 calgaryPhantom on 05.02.17 at 12:55 pm

Calgary’s property developer Walton International group
in credit protection.

http://calgaryherald.com/business/energy/calgary-developer-behind-skyview-ranch-in-creditor-protection

#154 Grantmi on 05.02.17 at 12:57 pm

Holy schnikes……

http://www.news1130.com/2017/05/02/condos-townhomes-driving-local-real-estate-market-rebgv/

VANCOUVER (NEWS 1130) – It appears if people can’t get the home they want with the white picket fence, they’re moving into condos and townhomes and that’s what the Real Estate Board of Greater Vancouver says is driving the local market.

It says residential property sales in the region totalled 3,553 last month, a 25.7 per cent drop compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March of this year. April sales were 4.8 per cent above the 10-year average for the month.

#155 n1tro on 05.02.17 at 12:58 pm

@Pre-Retiree

“Any sophisticated or unsophisticated person on the HCG Board could have figured that out by themselves, I think.
You borrow at 15% (or at 22.5% depending on how you look at it) and lend at 5%. If it was too difficult to figure out for them, they should not be on any board. They simply had no other choice. Last resort manoeuver (maneuver?) obviously.”

Agreed. Most people can figure out who’s getting the short end of the stick in the HCG deal. My point was that if Jim wanted to remove all notion of conflict and to fulfill his fiduciary duties for HCG shareholders, he would have made a memo to the board advising against the deal prior, and then voting against it. His objection and vote would be noted and he would not be in the spotlight.

#156 millanialloser2 on 05.02.17 at 12:59 pm

#39

I agree, I know a recruiter that makes more than me as an engineer. Hell, even a guy in marketing works from home and pulls the same salary I do! One scary thought though, with engineering wages falling the quality of engineering has certainly come down. It’s all new grads that know nothing with all the old engs giving up and retiring out of this bs.

#157 Northwind on 05.02.17 at 12:59 pm

http://globalnews.ca/news/3417919/the-10-best-jobs-of-2017-in-canada-according-to-indeed-ca/

It is laughable to see in this country, real estate agents earn more than optometrists. To be a real estate agent, you just need a high school diploma plus a few thousands dollar of courses, but you need to be the smartest one with 8 plus years hard work after high school to be an optometrist. The realtors suck from Canadians too much, and our government failed to do their proper regulation work. The stupidity of this society is beyond your wild imagination.

#158 InvestorsFriend on 05.02.17 at 1:03 pm

Real Estate and the Real Economy

#114 cto on 05.02.17 at 7:55 am
#84 crowdedelevatorfartz

The real estate industry is sucking skilled people away from the real economy.

**************************************
Yeah, it’s not like real estate is part of the basic necessities of life (food, clothing, shelter). Oh wait…

#159 Hicksville Alberta on 05.02.17 at 1:07 pm

#122 yorkville renter

I don’t think it should matter whether a Minister of Defence has served before but the logical preference is that it ought to be better that they had served.

I think it matters that all politicians that are elected whether you voted for them or not should always carry out their duties with principle and ethically and be accountable at all times for their actions within the government and to the people.

I have a hard time thinking how he will represent our country in that capacity now even amongst our allies without then peeing themselves laughing at him and our country.

Just look at the shenanigans going on in the Canadian Senate. It’s been disgusting because of a few and now this Meredith guy looks like he should be run out of town on a rail or worse.

All of these people should be held to a higher standard at all times because they represent us and they are our leaders.

I definitely liked HS before all of this and was quite proud of the ethnicity mix added to the pot.

If you want to read of some of the things average volunteer Canadians have given up and endured for our country, you might try ” No Man’s Land ” ( Victor W. Wheeler ); ” Legacy of Valour, The Canadians at Passchendaele ” ( Daniel G. Dancocks ) ; and even ” Vimy ” by Pierre Berton.

As an aside, a whole lot of medals including Victoria Crosses and other gallantry medals as well as letters and diaries and other original documentation and photographs and such of old soldiers have been donated free to the Canadian Government or Regimental Museums and Provincial Archives and such by the recipients or their families over time thus enriching our heritage one more time.

#160 IHCTD9 on 05.02.17 at 1:15 pm

#87 cramar on 05.01.17 at 11:10 pm

Only trivial if character does not matter. The trouble is that we are now a society that no longer appreciates integrity, honour, and values in their elected representatives. Politicians only mirror the society that elected them, because they are us. So Defence Minister lies to exalt himself—no big deal! So POTUS bends reality to feed his pathetic ego—no big deal! We will NEVER have a honourable leader in Canada or the U.S. again because society doesn’t know what moral integrity is anymore, nor does it care. We get the leaders we deserve.

———–

Yep. Look at Ontario…

This concept of Politicians being a product of the voting Citizenry 100% of the time is something I have only recently come to have faith in. It’s really the best answer as to how someone like Wynne could come to earn a majority after all that the Libs have done to this Province. I was confused for a long time because I work in the private sector, I’m Male, and I have strong convictions regarding spending and debt. I thought many were just like me.

Now I see that myself, and those like me must simply be getting out-gunned at the voting booth. I realize that perhaps the old ways of financial responsibility that I subscribe to, are now a minority concern.

Of course, I have not relinquished that which I know to be true: that the Libs and Co. are destroying Ontario’s financial and economic future. So these days I simply pay them less. I still vote – might even vote for her if she stays on her destructive path (best to teach the lessons sooner rather than later, best to hit the wall with the Libs hand on the tiller), but all the while, I contribute less at every single opportunity that presents itself. I have been doing damn well so far.

In a day where our leadership claims a balanced budget after adding pension accruals to the revenue side of the balance sheet and after selling off massive public assets – and that’s a-ok with the voters?

Time to step off the conveyor as much, and as soon as possible…

#161 Ronaldo on 05.02.17 at 1:18 pm

Day traders having a great time with HCG. Up, down, up, down, like a roller coaster. So the fellow that went long at $6.60 yesterday made a good call.

#162 cto on 05.02.17 at 1:18 pm

#138 Lee

I have a house in Toronto. It’s on a 66 x 138ft lot, 1 km from the lake, within 1 km by GO train station, 200m TTC, 0.5km from 401. Established tree lined community of well kept homes.

Not sure what it is worth now, but,…don’t care.
What worth you say it is worth in 10 years???
Just askin???

#163 Leo Trollstoy on 05.02.17 at 1:21 pm

#120 John of Grant on 05.02.17 at 8:36 am
#32 Mark

With intense buying pressure in the CAD$ in response to falling housing prices and the need to repay CAD$-denominated debt in CAD$, Poloz won’t have any trouble keeping the dollar high. They will probably be in quite the valiant struggle to keep the CAD$ from going too high relative to the strength of the economy, much like the Fed’s problem in the USA.
——————————————————
Canadians using CAD to pay down their mortgages will have zero effect on the USD/CAD exchange rate.

John is right of course. Mark is wrong as per usual.

But he’s been wrong about the USD/CAD for a long time now. 7 years? Some truly weird stuff below. It’s like the opposite of Smokie: completely wrong and irrational. lol

2010: “Is the Bank of Canada selling out Canada and Canadians by buying up increasingly worthless US dollars?”
http://forums.redflagdeals.com/boc-buying-usd-964543/#p11870373

2011: “My view is that a Canadian housing crash is going to cause the CAD$ to spike enormously. Why? Because the average man on the street will stop spending money on imported goods.
http://forums.redflagdeals.com/buying-usd-makes-sense-1014161/#p12563145

2012:“CAD/USD will already go to $1.2-$1.3 just on a collapse in Canadian demand when the housing bubble starts into a major implosion, while Canadian exports remain relatively robust.”
http://forums.redflagdeals.com/bocs-carney-bluffing-when-he-warns-interest-rate-hikes-coming-1169767/#p14648864

#164 Rick Stephens on 05.02.17 at 1:23 pm

The 5 year Canada bond yield is below 1% again. It is 0.97%.

It looks like soon lower fixed rate mortgages. This will help people again renew at lower rates. Maybe a 2.2% or lower.

#165 paulo on 05.02.17 at 1:32 pm

Look for a liquidity crunch in the residential mortgage area
particularly in southern Ontario, only the highest fico’s and
with well documented income and actual down payment will be getting approved at current rates. the big 5 will be cleaning up there portfolio’s less they get called for there actions. as for sub prime lender,mortgage holders its a good time to get out while you can most are variable and subject to market rates meaning you will be paying much more soon provided you can get a lender to take you.
as for house horny buyers: take the summer off and enjoy it if you feel you have to bet against the obvious at least make sure you do not sign any offer with out escape clauses such as sub to obtaining acceptable financing,(purchaser) and a satisfactory home inspection. avoid real-estate bidding war scams- if you have a offer have it presented listings with arbitrary offer dates equate to greedy owners and unrealistic agents avoid them or better consider them as automatic pass situations let some other idiot pay to much
you should only be considering purchasing if you require a home not an investment. real estate in southern Ontario is ultra high risk and below junk bond rating in the near term don’t be a casualty

#166 IHCTD9 on 05.02.17 at 1:36 pm

#138 Lee on 05.02.17 at 11:12 am
#133 I Think I Know,

You are absolutely correct that long-term, Toronto real estate is always a good bet, at least for sfhs. Those who think otherwise are fools.
_____________________________________

Shocker, long term RE is a good bet anywhere for SFH. I live in a 1 horse town and my place is up over 200% since purchased. But have I made any money?

The real question is if your long term GTA RE will beat an equally funded, well diversified portfolio over the long term.

The answer of course, is obviously not a chance in hell.

#167 Paul on 05.02.17 at 1:42 pm

Penny Henny.

No offers ?

#168 jess on 05.02.17 at 1:53 pm

long and unwinding road

https://www.bloomberg.com/news/articles/2017-04-25/aib-fined-over-anti-money-laundering-and-terrorism-compliance

Big loss on AIB bank investment: 250 shares now equal one
Q&A: Dominic Coyle answers your personal finance questions
Sun, Dec 4, 2016, 17:00 Updated: Sun, Dec 4, 2016, 17:03
http://www.irishtimes.com/business/personal-finance/big-loss-on-aib-bank-investment-250-shares-now-equal-one-1.2892527
==========

AIB will take over EBS for nominal €1 sum | Irish Examiner
” The minister said it would be “an important milestone in the creation of a reshaped and revitalized banking sector”, and would be “more domestically focused”. He said restructuring of the banks would continue through renewal plans for the bank boards and management teams, the conclusion of capital-raising exercises and the changed state oversight of the banking system.”

The merger will swell AIB’s total assets to €165 billion from €145bn and increase its core Tier 1 capital ratio to 4.4% from 4%.
=====
Brussels, 7 May 2014

State aid: Commission approves restructuring aid in favour of Irish bank AIB
Starting in 2009, AIB and EBS received repeated State support in the form of guarantees, recapitalisations and asset relief. In 2011, when AIB and EBS were merged, the merged entity also received capital support. In September 2012, Ireland submitted a restructuring plan for AIB which was complemented by several additional submissions.
http://europa.eu/rapid/press-release_IP-14-524_en.htm

feb 2012
THE FIRST MORTGAGE-to-rent scheme
homeowners trapped by unsustainable mortgages.
Mortgage holders will give up their properties and become tenants under the programme
http://www.ebs.ie/media-centre/mortgage-arrears-solutions.html

http://www.thejournal.ie/readme/column-the-keane-report-has-consequences-for-borrowers-but-not-for-banks-256288-Oct2011/

In December 2016, the Department of Finance published a detailed Report on Mortgage Arrears, prepared for it by the Central Bank of Ireland.

In June 2016, the Minister for Finance requested the Governor of the Central Bank to provide him with a report on mortgage arrears detailing the mortgage restructuring activity within banks and non-banks, the range of solutions offered by non-banks, assessing the range of solutions that may affect borrowers’ capacity to remain in their primary residences, and whether these are addressing the requirements of over-indebted borrowers

The Central Bank report published today (16 December 2016) provides extensive analysis on the issues requested by the Minister
http://www.finance.gov.ie/sites/default/files/Mortgage%20Arrears%20Report%20-%20FINAL.pdf
===============================

#169 Long-Time Lurker on 05.02.17 at 1:57 pm

#72 Leo Kolivakis on 05.01.17 at 10:22 pm
Garth,

Love that Con-Air clip, so fitting. I remember back in 2007 when US subprime mortgage lenders started experiencing difficulties and policymakers were trying to reassure everyone it’s all contained. Yeah right, never believe anything until it’s officially denied.

By the way, I covered HOOPP’s Home Capital fiasco on my blog today and was fair and balanced:

http://pensionpulse.blogspot.ca/2017/05/hoopps-home-capital-fiasco.html

Oh Canada, my home and native land, you’re in big trouble! :(

Yes, Leo Kolivakis, your article is fair and balanced. You present both sides of the issue.

This statement you made sums up the problem with sub-prime mortgage lenders:

“One thing I can openly admit is I don’t like Home Capital and other subprime mortgage lenders who basically lend money to people who can’t afford to buy a home and can’t get access to credit from Canada’s major banks. Their business model works until disaster strikes, leaving many low and middle-income Canadian households out to dry once the bubble bursts.”

#170 pBrasseur on 05.02.17 at 2:13 pm

With intense buying pressure in the CAD$ in response to falling housing prices and the need to repay CAD$-denominated debt in CAD$ – Mark 32

Falling house prices do not create the need to repay debt but certainly would mean economic troubles that would make Canada less attractive to investors, this is obviously bearish for the loonie. This is very likely to happen which makes the current exchange rate that much more worrisome.

#171 neo on 05.02.17 at 2:14 pm

#125 Con Fuscious on 05.02.17 at 9:19 am

I don’t think you understand sentiment and the herd mentality. As irrational as it is in one direction it can be just as irrational in the other direction.

#172 Stan Broock on 05.02.17 at 2:24 pm

#151 InvestorsFriend on 05.02.17 at 12:46 pm

Bottom line yes, banks TOGETHER with their customers create money everyday. But loans remain about equal to deposits.

———————————
sum of all deposits – 800 billion

private debt only – over 2 trillion

#173 jess on 05.02.17 at 2:45 pm

interest free credit cards – Expected?

http://www.taxresearch.org.uk/Blog/2017/05/01/bankers-booking-profits-that-might-not-exist-with-the-full-support-of-corrupted-accounting/

#174 IHCTD9 on 05.02.17 at 3:33 pm

#157 millanialloser2 on 05.02.17 at 12:59 pm
#39

One scary thought though, with engineering wages falling the quality of engineering has certainly come down. It’s all new grads that know nothing with all the old engs giving up and retiring out of this bs.
_________________________________

True. I’m dealing with a new guy recently. Engineering Degree from India, 30 something years old. Does not know what an assembly drawing is, can not produce a B.O.M. for procurement from a pile of drawings. Does not know what acronyms like “HHCS, HN, FW LW” etc mean. Never heard of CWB, CSA, 44W, MPI, LPI etc…

Dealt with other “Engineers” in the past who did not understand on their own initiative that revised drawings which affect sublet parts needed to be sent to the vendor contracted to make said parts. One guy a couple years back was fired upon receipt of 150K of parts that were “made wrong”. Well, they were made to Rev B, where the drawing in the QA guy’s hand was Rev C lol! Scrap – all of it. Kindergarten mistakes.

Another company, I am on contact #3 since Jan 1 2017. Total meat market – guys get fired and there’s a new ass in the seat the next morning. Always the same guys that know jack and list their degree behind their names. They’re all on linkedin too, giving each other mad props!

#175 Penny Henny on 05.02.17 at 3:34 pm

#168 Paul on 05.02.17 at 1:42 pm
Penny Henny.

No offers ?
/////////////
#123 Penny Henny on 05.02.17 at 8:47 am
#17 Smoking Man on 05.01.17 at 7:09 pm Penny Henny And?

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

6 offers, but didn’t get to our price.
There is still a chance the top bidder may be back today.
We will reprice at maybe $1.08 with offers anytime.
But definitely the market in Etobicoke is taking a bit of a breather.

#176 Ronaldo on 05.02.17 at 3:42 pm

More problems in the real estate sector in Alberta

http://edmontonjournal.com/business/real-estate/one-of-albertas-largest-land-companies-seeks-court-protection-following-string-of-losses

#177 Smartalox on 05.02.17 at 3:48 pm

@Grantmi #155:

Thanks for posting that link. If you actually go the REBGV and look at the stats package, you can see that overall, sales of detached homes across all areas are down 39% from April 2016 to April 2017 with detached sales in many areas (Van West, PoCo, Port Moody, New West, West Van) declining 50% or more over the same period. Maple Ridge and Pitt Meadows are not far behind, with declines in the high 40s.

Obviously, it’s getting harder and harder to make sales in the GVRD. Another month and we’ll see how the spring market will have played out.

Meanwhile, listings are popping up like dandelions on the un-maintained lawns of un-occupied homes, and the chart of selling prices appears to be on its way to a second top…

#178 Smartalox on 05.02.17 at 3:49 pm

Sorry, forgot the link to the stats package:

http://www.rebgv.org/sites/default/files/4.%20REBGV%20Stats%20Package%20April%202017%20%281%29.pdf

#179 IHCTD9 on 05.02.17 at 4:17 pm

#134 Ace Goodheart on 05.02.17 at 10:51 am

Degrees are all mostly useless now. A four year undergrad in basically anything guarantees you a position at Starbucks (maybe).
________________________________________

Yep, many are useless, with more joining the list every year. Out on the floor we have a 23 year old, just finished up his apprenticeship and passed his final exam for Machinist papers. Don’t know what he makes but probably north of 25.00/hr. Another young guy in the same boat but 28. He tried to be a teacher first – didn’t pan out. Still paying down the debt, he’ll make the same as the 23 y/o.

#180 Seattle on 05.02.17 at 4:33 pm

@ #71 Doghouse Dweller on 05.01.17 at 10:19 pm
A couple of ideas for all the unemployed Double Degree Master Engineers.
1 . An affordable single axle solar tracker mount for 100 or 200 watt panels.
2 . Solar load regulator transfer switch ( more load on sunny days less when cloudy )
Parts supply~$30 raspberry pie computer and the local auto wreckers 12 volt everything available cheap. Bring your own tools.

——————–
Right before I headed south, I was working at a start-up that did something very similar to this. And I’d go with the BeagleBone, it’s better than a RP for commercial quality applications. Thanks for the offer, but now that I live in a rented box in the sky, my tools are in storage.

Having many friends in the solar industry, especially in Canada, I’m glad I got out when I did. Whenever I feel regretful, I just total up my net worth and how much it’s gone up in the last year.

#181 TorontoSux on 05.02.17 at 4:47 pm

Be careful who you rent to-
https://www.thestar.com/news/immigration/2017/05/02/tenants-religious-rights-violated-by-brampton-landlord-who-refused-to-remove-shoes.html

#182 I Think I Know on 05.02.17 at 4:51 pm

#167 IHCTD9 on 05.02.17 at 1:36 pm

The real question is if your long term GTA RE will beat an equally funded, well diversified portfolio over the long term.

—————————————————————-

No. I respectfully disagree. The real question is; “whether to take the often provided advice to hold off on purchasing RE because a correction is in the offing, or to just go ahead and buy.” I say buy. Those who have opted to stay out of market these last eight years in anticipation of a decline have lost out big. Those that continue to wait will continue to lose out. There may be a lull in the TO RE market, but not a correction.

#183 Smoking Man on 05.02.17 at 5:10 pm

Damn. You can’t hide forever.

http://www.smobserved.com/story/2017/04/23/news/trump-orders-complete-disclosure-of-ufo-data-kept-by-cia-in-area-51/2842.html

#184 Balmuto on 05.02.17 at 5:19 pm

#164 Leo Trollstoy

That was funny. Did you see this response?

“angelok
Nov 15th, 2010 7:11 pm
Mark77 wrote: ↑ Is the Bank of Canada selling out Canada and Canadians by buying up increasingly worthless US dollars?

You will not be saying that when the Canadian Dollar hits .70 US, in a couple of years.”

Good prediction about the currency, angelok. Bad prediction about Mark. Lol!

#185 Tony on 05.02.17 at 5:22 pm

Re: #167 IHCTD9 on 05.02.17 at 1:36 pm

The only positive for Canadian real estate is present day low interest rates and the total stupidity of the millennials and generation X’ers. Everything else is negative and if I was betting I’d bet heavy real estate prices in Canada will be the same or less twenty five years in the future from now in the GTA. You always state it’s a good investment but the fundamentals going forward have never been worse at any time in history.

#186 Grantmi on 05.02.17 at 5:24 pm

Same with the rest of the Lower Mainland of BC.

http://www.fvreb.bc.ca/statistics/Package201704.pdf

Sales down -25%
Listing down- 25%
Active listings down – 14%
Prices slightly down….

#187 robert james on 05.02.17 at 5:28 pm

I thought Vancouver sales were hot again. !! https://www.castanet.net/news/BC/195998/Metro-home-sales-plummet

#188 Home Capital on 05.02.17 at 5:48 pm

last close $7.75 up 11.34%

we need another doom and gloom blog, no?

#189 InvestorsFriend on 05.02.17 at 6:34 pm

#173 Stan Broock on 05.02.17 at 2:24 pm responded:

#151 InvestorsFriend on 05.02.17 at 12:46 pm

Bottom line yes, banks TOGETHER with their customers create money everyday. But loans remain about equal to deposits.

———————————
sum of all deposits – 800 billion

private debt only – over 2 trillion

**********************************

Thank you for your response. But read any bank balance sheet. Find one where loans are much more than deposits. Some non-bank lenders do lend their own equity in which case one man’s debt is another man’s equity. Usually one man’s debt is another man’s savings (bank deposit)

Balance sheets must and do balance. Always.

#190 crowdedelevatorfartz on 05.02.17 at 7:13 pm

@#137 IHCTD9
“A lot of why you enjoy what you do for a living is in your head, it’s in your attitude and co-workers. …”
*******

Total agreement

#191 Doghouse Dweller on 05.02.17 at 7:21 pm

#181 Seattle
Handsome ,educated , nice portfolio -Get married, looks like the Golden Golem of Greatness it hunting down the H-b1’s.

#192 AguyInVancouver on 05.02.17 at 9:10 pm

#84 crowdedelevatorfartz Christy, Gordon Campbell and the BC Liberals knew exactly what they were doing when they sent shipbuilding overseas – destroy well-paying union jobs that supported the NDP. it’s the same reason they approved raw log exports and sold BC Rail. A cynical, blatant attempt to smash the opposition’s base, and it worked to a certain extent. Now the BC NDP is caught awkwardly trying to straddle being a union-friendly party and an environmental one.