The poster child of Canada’s rapidly-escalating real estate correction, teaching millions that it’s never Different This Time, could be Home Capital. The nation’s biggest Alt lender is now a frog without a prince. The stock’s lost 60% of its value. Regulators are up its butt. Its burn rate is atrocious. And depositors have been flying out the door, cashing in their GICs and Hoovering out high-interest savings account cash.
It’s the HISA money which really hurt – because every dollar gone is one less buck of corporate liquidity. Despite the fact most depositors have CDIC insurance (to $100,000 per account) there’s widespread nervousness about Home going paws-up in the months to come, and the excessive time it might take to actually get your cash back.
So, yesterday this showed up on my fancy, corporate financial-advisor-type email…
Good afternoon,
Home Trust has made a change to its High Interest Savings Account (HISA) to dealers.
Effective May 31, 2017, Home Trust HISA rates are as follows:
* 1.50%* on the Class A Fund HOM100 (Home Trust Company) or HOB100 (Home Bank) (increased from the previous rate of 1.00%) – pays a 25 bps trailer to the dealer
* 1.75%* on the Class F Fund HOM101 (Home Trust Company) or HOB101 (Home Bank) (increased from the previous rate of 1.25%) – pays no trailer
*Rates are per annum and are subject to change without prior notice.
Thank you for your continued support, Home Trust Deposits.
Well, compare that to the 0.5% being paid on HISA money at the Big Six banks, and don’t forget to add in the quarter-point bonus Home is willing to pad advisors just to park client money (at least for those who, sadly, collect the trailer payment). It means Home is actually forking out 1.75% for deposits of no fixed duration and therefore, making nothing. In fact, the funds may come at a loss – but at least it’s money. Liquidity. Life blood.
As this company’s desperation shows, all things real estate are quickly getting worse. On Monday the Toronto Real Estate Board is set to release stats which will give a taste of what’s coming. Listings swollen. Sales starved. Month/month price decline.
Whatever the realtors numbers show, the reality is prices in the country’s largest market have declined at least 5% and possibly 15% in just the last four weeks. And it’s May, for God’s sake – the height of the hormonal Spring rutting season. The meme is spreading that (a) if you buy now you’ll pay too much and lose money, (b) sellers will soon be begging for offers and (c) it’s payback time for five years of bidding wars, blind auctions, certified cheques, bully offers, realtor arrogance and unbridled, historic vendor greed.
For sellers, the hunt for greater fools kicks into high gear. It’s now or never to tap into peak pricing, because after this the slide will likely gain momentum. For recent buyers, especially those yet to close, this is a difficult moment. If they consummate the transaction, it may take years (or decades) to get their money back. On the day they take title – losses. If they walk, the deposit’s gone, there’ll be lawyers to feed and unknown damages to pay. If they throw in the towel and hide behind bankruptcy, the consequences could be life-altering and career-wrecking.
Together we now owe $1.45 trillion in residential mortgages, and almost all of them will be renewing in 2018 and beyond at higher rates. Given two more Fed increases in 2017 and a rapid pop in Canadian GDP (plus inflation) most economists now see the Bank of Canada starting to tighten in the first half of 2018. Between now and then, of course, bond yields will snake higher. And as detailed here yesterday, subprime mortgage rates (affecting as much as a quarter of all borrowers) are already 7% or higher – and rising because of Home Capital’s mess.
Appraisers for major banks like RBC are apparently being told to submit reports with valuations that are 30% below street levels – which are already sunk from April. The reason? That’s the projected level of overall decline lenders are budgeting for – eerily close to the 32% drubbing which ate the American middle class, starting twelve years ago.
So trapped in the middle are recent buyers, recent sellers expecting defaults, speculators jamming the exits and untold numbers of flippers who should now launch a class action against HGTV.
Reports blog dog Jay:
People seem to be paying a lot of attention to the bagholder panic in the 905 as the tide washes out on the massive number of speculators there, but I can assure you that there are tons of speculators downtown as well.
In the West end of Toronto, construction waste bins in front of houses have recently become as common a sight as man buns and mini Aussie shepherds. One or two houses are being gutted on virtually every block.
On a walk yesterday, I counted on a single block 4 new houses in the process of being built and 5 or 6 existing houses with posted building permits or where renovations are obviously ongoing (the block in question is Crawford St. between Bloor St. W. and Harbord St.). Most if not all of these houses will hit the market soon, and I feel bad for all of the aspiring real estate tycoons.
Well, I see Donald Trump just trashed Paris. Now we can worry about the Ark market instead.
242 comments ↓
I wasnt first yesterday, that wa an impostor. and to add today 1st and longest day of this year, i dont think there was 2nd longest day this year.
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#148 Johnny Boy on 06.01.17 at 4:10 pm
funy thing you mention all that especially led, u gues any gun range is new gold mine… copper led and bras.
“mining” a diamonds, probably sintetic, from road construction
https://www.youtube.com/watch?v=pEONMLsSeds
and similar thing with platinum from catalytic converter, Funy thing when he sayd ths what he did probably yield as a good platinum ore…
https://www.youtube.com/watch?v=v5GPWJPLcHg
i was also reading few yrs ago some “paper” regarding unerthing old land fills for metal… every time i watch video like this i wonder when new ozon whole will popup…
That site that was all Chinese that showed the Toronto sold price info is down. Anyone know if there is a new link?
(c) it’s payback time for five years of bidding wars, blind auctions, certified cheques, bully offers, realtor arrogance and unbridled, historic vendor greed. Nuf said..
Real estate market uncertainty is forcing appraisers to take a second look:
http://www.msn.com/en-ca/money/topstories/real-estate-market-uncertainty-is-forcing-appraisers-to-take-a-second-look/ar-BBBLd95?li=AAggNb9
Whats an ark market Gartho?
Is that a typo for art?
Glub, glub. — Garth
So maybe, a year or two before I buy a house. Been waiting for 6 years now.
I think its time to sell everything and come back in November.
Hey!
NAFTA-TN visas are good for 5 years now.
Noah’s ark cuz of climate change. Right Garth
Thinking about the ark market helps make the covfefe go down better.
Feel sorry for those who bought a new house recently and can’t unload their current one. It’s a double whammy because they probably bought the new one at the previous high price and now have to sell their existing at the new lower price. Savage!
New listings are popping up all around Waterdown and Burlington. Prices are already decreasing a bit. Seems like the fire sale has started out here too. Time to sell the hockey cards too :)
Garth, have you read: Knowledge Illusion, Why We Never Think Alone, by Steven Sloman & Phillip Fernbach?
“Humans have built societies and technologies of extraordinary complexity, but most of us don’t even know how a pen or a toilet works. How have we achieved so much despite understanding so little?… The human mind is both brilliant and pathetic”.
No one is willing to admit that they are the sheeple.
What’s an ark market?
#5 ole Doberman P. on 06.01.17 at 6:37 pm
Whats an ark market Gartho?
Is that a typo for art?
Glub, glub. — Garth
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That reference was really YUUUUUUUGE.. almost BIBLICAL proportions!
Home Capital Group represents a fractional piece of the pie…real estate needs a real hammer to come down else business as usual.
Pls give me something tangible to get excited about
Hurray for Trump.
Juncker and the leftists are imploding right now.
Re: NoName, Longest day of the year in 2017 is June 20th, Summer Solstice.
Buying is slowing down, but debt keeps rising. Any idea? Is this just interest pushing the levels higher? $200B since Jan added.
https://betterdwelling.com/canadians-push-past-2-trillion-debt-set-new-record/
#6 JONATHAN on 06.01.17 at 6:41 pm
So maybe, a year or two before I buy a house. Been waiting for 6 years now.
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The last time a RE bubble popped in Toronto, in 1989, it took 7 years for prices to bottom out.
May not take as long this time, but I think 1-2 years from now will still be way too soon.
Appraisers for major banks like RBC are apparently being told to submit reports with valuations that are 30% below street levels –
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When this start happening my house will be time machine, it will take is back to 2005 when we bought it.
i gues i can always swep road for platinium…
“Together we now owe $1.45 trillion in residential mortgages, and almost all of them will be renewing in 2018 and beyond at higher rates.”
Poloz wants to print a C$1,000,000,000,000 ($1TN.) note to bail out the mortgage fraud from the Greater Toronto and Vancouver metropolises.
Poloz will also want to devalue the Loonie to about 35 cents US to boost exports while Canadians pay $15 for a 1lb clam-shell of strawberries, or the infamous $20 for cauliflower.
Morneau also wants Canadians to work for free under a US$0.35 Loonie while he attends Globalist meetings to devalue the Loonie further with Poloz to boost exports.
#7
TN visas only good so long as NAFTA survives, likely not long.
Hey Garth! how come you never warned us of this? Oh yeah you did…..ad nausium. And you were right, as usual.
Speaking of arks, I just fabricated a 6.5X16 car hauler type trailer, mostly as an obsession to weld something big together just for challenge and grins. Where will I pull it to? Mars?
After fairly and impartially hearing all sides of the matter, President Donald J. Trump came to the only reasonable conclusion and announced on June 1, 2017 that he is withdrawing the USA from the Paris Climate Accord. He obviously realized that a scam is a scam is a scam. The Donald did not become a multi-billionaire by falling for such scams.
Americans can be proud to have a president who is man enough to stand up to the insane mob and do what is right, rather than go along with the crowd consensus in doing evil. The other one hundred plus so-called “world leaders” who are going along with the hot air talk and tax scam ought to be ashamed of themselves.
Americans appear to have been getting very lucky lately. The topic of luck is a very interesting and complicated one. Americans often try to make their own luck. The more they vote for Donald Trump and support him, the luckier they seem to get. (Other people, such as some Canadians, appear to have a desire to self-sabotage, or have a financial death wish, or as someone described it they have an “inner knucklehead,” or maybe an outer pothead.)
Americans have been blessed with a great leader who is not only a business genius but a scientific genius as well. What a rare and truly awesome combination of talent! Other so-called “world leaders” are running around in circles crying that, “The sky is warming!” and, “We need to carbon-tax the people back into the stone age!” In stark contrast, President Trump single-handedly stopped “man-made global warming” dead in its tracks with the stroke of a pen! It turns out that he was totally right all along. There really are no problems that cannot be solved!
It is not surprising that Hollywood is becoming jealous and petty. All the fake superheroes of Hollywood only support bad causes and make things worse. Batman hangs upside down too long until he screws around with Cat Woman, Spider Man weaves deceitful webs and needs to be squished, Thor is a false god, Captain America is fiction, and Superman can’t even ride a horse without falling off and breaking his back. Only President Trump can save America now and make it great again. Watch and learn as President Trump single-handedly changes the political climate, the scientific climate, the media climate, and the world’s climate. It is no wonder that everyone who is anyone is in awe of his awesomeness.
Unfortunately, there are those who are nobodies. Some Euro-trash type was recently reported by the fake media to be accusing President Trump of acting like a “drunk tourist” on his visit to Europe. Of course, this is totally false. Donald Trump does not drink alcohol. He is always sober. However, it is not surprising that bad people would accuse him of the very things that they themselves are guilty of. In all fairness, it must be remembered that the fake media consists of a bunch of partying audio-visual types (that is, drunken pornography addicts), and it is not beyond them to try to turn the truth around and inside out until it becomes as perverted as they are.
In a world gone mad, with crazy, raging, sub-human types like the Demoncrats worrying themselves sick over the fake problems that they themselves have made up, it is comforting to know that President Donald J. Trump is out there working hard, day and night, with his superior intelligence, to make everything better.
Buy all the thingies – buying things feels good – don’t stop buying things cause that would stop the machine – buying things fills that void you feel – you know, that emptiness in your soul that lacks any spiritual connection because you now slurp at the trough of consumption of thingies – it’s like a drug, once your hooked it’s hard to stop – that’s what they want – don’t worry about silly debt – just keep buyings the things – listen to advertising, it replaced the spiritual voice you use to listen to – advertising sings of the beauty of buying things – it will be your guide in life to serfdom – don’t think too much or too hard, that gets in the way of spending and it’s hard on your brain – listen to those in “power for they know what is best – they will keep you tied to the trough and force feed you through the political and social system that they so desperately are trying to keep from crumbling- don’t be a negative nancy and question the system, that’s bad, instead go to Walmart or like place of things and indulge your desire buy bright colourfully packaged things – it’s easier and soothing – stop those “worry” thoughts about the world – they are a distraction and make you sad and confused – focus instead on Facebook, Instagram, snapchat, eBay, Amazon, Twitter, reddit or pornhub – but most of all don’t stop doing what the machine has been slowly programming you to do because that would be bad, and if your not playing the game by their rules than your not a good little citizen (pawn) – and remember – BUY ALL THE THINGS
RATM
#2 Toronto sold price on 06.01.17 at 6:32 pm
http://www.mongohouse.com/
Is this still on, Garth?
And m.c. is still the posterchild of bs bureaucracy. Still up to his typical tricks. What a puppet.
http://www.express.co.uk/finance/city/811821/Bank-England-bond-bubble-market-crash-QE-Kames-manager-David-Roberts
“Ark market” ? Please don’t tell me you believe in global warming.
Yo, For those about to Flop:
I live 4 times zones away in the same country. I think you have an pursued honourable pastime while you are laid up. Put it all on a flash drive in a cave for the archeologists to peruse.
You have done a service, documenting a secret situation.
Watch behind your back for those Bilderburg Groupers though, they don’t like sheeple with counter knowledge.
“Whatever the realtors numbers show, the reality is prices in the country’s largest market have declined at least 5% and possibly 15% in just the last four weeks.”
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Looking forward to the numbers. I am sure TREB will spin it in a way to show an increase of some type.
Dentist turned real estate agent.
http://vancouversun.com/news/local-news/west-van-woman-seeks-millions-from-mother-and-brother-engaged-in-abuse-of-process-judge
“Why every housing bubble looks like the new normal”
http://www.macleans.ca/economy/why-every-housing-bubble-looks-like-the-new-normal/
#9 I’m not Poloz on 06.01.17 at 7:01 pm
Poloz wants to print a C$1,000,000,000,000 ($1TN.) note to bail out the mortgage fraud from the Greater Toronto and Vancouver metropolises.
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Poloz is gonna need a bigger number…
THIS is Why Toronto WASTES More Money Than Any City on EARTH!
http://investmentwatchblog.com/this-is-why-toronto-wastes-more-money-than-any-city-on-earth/
Just finished watching The Big Short. “No one can see a bubble. That’s what makes it a bubble.” The mother of all bubble is coming. Where do we park our money?
Home capital allegedly selling/transferring some of its more stable mortgages:
https://www.reddit.com/r/PersonalFinanceCanada/comments/6eogyr/my_mortgage_just_got_bought_should_i_have_any/
Reporting from the 905, there are 4 houses for sale on my very small block… (Of about 20 homes) No bites.
I can hear the “happy housing crash” guy already.
Paris was a horror deal for the US.
That the western world, with the cleanest air and the toughest environmental standards in the world, would have to pay massive amounts of money to the third world polluters such as China and India,
while huge numbers of jobs from the west are being transferred to China and India, just confirms the stupidity of the agreement.
We need a new slogan for Canada.
‘Let’s make Canada great again’ would drive the left mad for its cultural appropriation.
How about: ‘Canada. Can we stop [email protected] it up, please.’
pooro donny
the spoil d daddie boy bullie
Finally Trump ended the Paris accord. Global warming and Carbon offsets is such garbage science. It was such a scam at it’s inception and I bet they were amazed how long it ran and how much money was made. new studies are out proving that Carbon is an asset (being the food for plants) rather than the adversary. Carbon is in actual fact a trailing indicator of Global warming rather than a leading indicator. We should be worried w/r/t when the next cooling cycle starts rather than things warming a bit here and there. Our food does not grow in the snow.
“Ark market” ? Please don’t tell me you believe in global warming.
I mean aside from the various scientific organizations that warn about it there are all the coastal mayors and companies full of the world’s smartest people like Microsoft, Apple, GE etc. Oh and the Paris agreement is non-binding so you didn’t even have to do anything. So I’m sure this isn’t just a message to his base that screw-those-elite-educated-folk-our-ignorance-is-as-good-as-their-evidence, no this is a well reasoned policy decision from The Donald. Preach it.
He ignores data and makes policy, Canadians ignore it and buy homes. Is there really that much difference?
#7 bob dog on 06.01.17 at 6:41 pm
I think its time to sell everything and come back in November.
Hey!
NAFTA-TN visas are good for 5 years now.
…..
Link please, where did you read that?
Beause USA is economy going to rock, and just wait till corp and personal taxes are cut.
Dow to the stars.
Well, lets just give it a little while to see if there is actually a substantive change; if there will be a dead cat bounce; if its like Vancouver, where there is a temporary lull in prices, and things stay the same for re-inflate.
After all, this ‘drop in prices’ assessment is based on one realtor’s claim in the media. Who knows, he might be the smart one, telling his sellers to change their prices and beat the rest in order to make a sale. After all, when you ask a realtor when its a good time to buy or sell, the answer is ‘always anytime.’
On Vancouver Island in the south, we now have ‘offer nights,’ same day deals (hence no inspection), the TO style ‘coming soon’ listing signs on lawns. Anything of quality is selling immediately, and well above assessed values which were already inflated by 20% in 2016 above 2015 values.
Regardless of VREU’s rants about collapsing sales in Victoria and the soon to be collapse in prices, the market is still super strong here – due to low supply (low sales do materialize if there is low supply).
Anyone who is buying with the current political turmoil – and the potential for game changer RE policies under the NDP-Green Party government – clearly have their heads in the sand.
Oh wait, of course the average buyer does not think like that out here…
PARIS IS BURNING!!!!
LOL, That fool try to change the subject and diverse the attention away from the investigation of his dirty business with Pukin . Not working, just gonna make him even more hateful and down the history book as the worst POTUS.
Boy oh boy!! Spring season just like the extended winter season, oh wait… ppl still waiting outside minus30 for bidding war during the past few winters, especially during the polar vortex , cant even deter the bully offer… and now… Tulip bulb is coming to town!!! HAHAHAHA!!!!
Good job seeing carbon tax for the scam it is.
Go Trump….
Imagine if I’m not Poloz was actually Poloz writing his actual thoughts that he can’t say in real life?
Always makes me grin at the possibility.
#29 DC on 06.01.17 at 7:15 pm
“Ark market” ? Please don’t tell me you believe in global warming.
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Global warming, climate change, whatever you want to call it, is not something to believe in, like Santa Claus.
It’s scientific fact, and it’s also not particularly difficult to grasp the concepts behind the deduction of man-made greenhouse gas emissions and its effect on worldwide climate. Kinda like if you run head first into a brick wall you’ll injure yourself. Science.
#17 Andrewski on 06.01.17 at 6:59 pm
Yes you are almost corect, waht i meant to say that it will be on june 21 this year.
this year will be full solar eclipe also on aug 21 if i remember well its monday
Trump is just posturing. Once he finds out that except for exports to Syria and Nicaragua, there is going a be a tax slapped on American products equal to what carbon tax should have been charged.
So, he can reverse his mind, and keep that carbon tax money, or he can pay it to other countries. Doh!
Elon Musk just quit on Trump. If Trump can renegotiate the Paris deal, then Americans can renegotiate his Presidency.
I suspect this is coming, sooner rather then later. He is a moron.
Garth, I looked for your comments on Trump and the Paris agreement.
It’s a big loss of American wealth (what’s left of it) being handed out to a lot of countries.
Think anything would be left of America had Hillary followed up Obamas 8 years of destruction?
” … I counted on a single block 4 new houses in the process of being built and 5 or 6 existing houses with posted building permits or where renovations are obviously ongoing”
That’s great! They are fixing up our neighbourhoods.
“ark market helps make the covfefe go down better.”
…go down ” bigly “
#15 Dave on 06.01.17 at 6:56 pm
Yes, Home Capital represents only 1% of the $1.45 trillion mortgage; however, 85% of its business is in Ontario, probably 70% in GTA. I estimate it has a 3% mortgage market share in GTA. that is nothing to sneeze at.
RE #38 AB Boxster on 06.01.17 at 7:25 pm
You are missing a key piece of information. When the deal was being negotiated , less developed countries insisted on having an industrialization period, and then adopting the accord.
When you think about it, that is more then fair. We had our industrialization phase. China and India are now moving away from coal, like they said they would, and investing in renewables.
There is so much money to be made by jumping on the renewable band wagon, that it is sheer stupidity not to be part of it.
“Together we now owe $1.45 trillion in residential mortgages, and almost all of them will be renewing in 2018 and beyond at higher rates.” – Garth
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This is so much BS. Rates will NEVER be appreciably higher. They can’t be. I personally would LOVE to see them go sky-high so as to kick some consumerist morons in their hinnies, but it won’t happen. Not unless the powers that be want to see a depression to end all depressions.
If true, the bank will lend up to 70% of the property street value and people without a 30% downpayment will not be able to buy.
Homeownership.ca say 1st time buyers put down about 15% or about $50K. Those numbers just doubled.
Hard to believe as the bank will lower the number of mortgages that it writes; thus, revenue.
Paris accord is a terrible deal for the USA, Europe and the West. The West are paying huge money to polluters like China and India. It is beyond stupid. I am very happy that Trump has the wisdom to get out of it.
I’ve been buying Home Capital Group GIC’s and their bonds at 90cents on the dollar…I think you’re wrong Garth…sorry.
#6 JONATHAN on 06.01.17 at 6:41 pm
So maybe, a year or two before I buy a house. Been waiting for 6 years now.
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If you’d bought six years ago, how much would you be up now? You can’t time a market peak. You can’t time a market bottom. And you can’t know how long it will take to get to the top, or bottom. If you want to buy, just be a man and buy.
@ #38 AB Boxster on 06.01.17 at 7:25 pm
“Paris was a horror deal for the US.
… would have to pay massive amounts of money to the third world polluters such as China and India, while huge numbers of jobs from the west are being transferred to China and India, just confirms the stupidity of the agreement.”
Ah but you are forgetting one thing: There’s a reason our air is cleaner than theirs… The West, by closing its factories and exporting manufacturing to such places as China, in fact also exported its pollution.
The lonney left is going bananas on twitter with Trump brooming the Pairs Climate, Trillion Dollar go fund me movment.
I love it.
The Calgary Real Estate Broad has posted her data for May. Class, let’s look at detached May ’17 / May ’16, and yes, it will be on the final exam.
Sales – up 13.6 %
Median price – up 4.26 %
Average price – up 3.82 %
Days on market – down 20.51 %
The last “5 Days In May” * – average price up 9.30 %.
The annual baconalia we call Stampede will be fun for we irrepressible Cowboys.
* Blue Rodeo
I believe the world is warming somewhat. I just think it makes a very poor basis for a religion. Especially when you consider how effective fossil fuels have been at delivering mankind from the ravages of raw nature.
What is it about us that at any point in history we can look back and see only improvement but look forward and see only degradation?
#21 I’m not Poloz
What’s your point?
Sorry, spelling error. Baconalia should have been bacchanalia. Did it on purpose. Minor tribute to the great skills of our resident writer, SM.
Covfefe
Fun fact: Juncker’s family were top sellers of weapons to Nazi’s in WW2 and he represents the UNELECTED EU beaurocrats eroding national sovereignty. https://www.thesun.co.uk/archives/news/879172/juncker-familys-link-to-nazi-regime/
The whole ruling class of the EU nauseates me. Trump did the right thing. I am a person of science and the carbon tax is a giant cash grab based on junk science. It’s designed to control and impoverish the masses with weakened economies #teamscheer
Again, so what? Remember the golden rule of becoming wealthy: own the means of production of the products consumed by the masses.
So everyone’s going bankrupt and losing their houses?
Buy residential apartment REITs. Pretty soon there will be a lot more renters .
Buy shares in companies that act as trustees in bankruptcy.
Wait for Canadian Chartered bank stocks to crater, then purchase them en masse. As everyone knows, our banks are well capitalized, their loans are insured by the Government and they are very, very unlikely to fail. That didn’t stop them from losing half their value during the USA’s 2008 economic collapse. And Canadian banks weren’t even exposed to that. It was all psychological.
None of this stuff really matters and people are missing the big picture. All this is is another giant buying opportunity. Whenever some economic catastrophe happens, it is a buying opportunity. You just have to figure out what to buy.
. . . . if you are not familiar with sizzling ark market, you should be out there buying houzez in blind auctions.
“Ark Market”? I think we have bigger things to worry about like that nuclear waste site that is collapsing in Washington state.
Fact is right now hydrocarbon fuels are the only thing we have that can power our economy sized dreams of hope without wrecking the planet, and a transition to something else, if there is anything else, will take years.
Hydrocarbon use will begin to decline all on it’s own at some point in the probably not to distant future due to decline Energy Return on Energy Invested to extract it. In short, the easy stuff is mostly gone or in production now and the new stuff like shale or deep ocean is not cheap to produce. So due to physical reasons that are quite well understood (by a few) it’s unlikely atmospheric CO2 levels will go as high as 800 ppm before it becomes a non-issue. The planet can handle that. The plants will love it. Sure it might cause a couple degrees of warming but our ski resorts here in Alberta just had one of the longest seasons ever there was so much snow.
Anyway the point is at this point in time, we don’t have the technology to do much but reduce hydrocarbon consumption slightly with renewables and at great expense. Remember, to run on solar and wind still requires backup generation from something natural gas or coal so those plants all still have to be built and kept on standby. Nobody factors that in to the economics.
Nuclear, the other current alternative, looks like it is already set to end life on the planet as the waste fuel escapes and the economics of dealing with it remain challenging. This problem will only get worse as the EROEI keeps dropping. Remember we have averaged 1 meltdown every 11.5 years since the start of the nuclear age. And that’s just the reactors, which contain relatively little nuclear materials compared to the waste stockpiles at this point. Unless we get a handle on this problem, and soon, the prospects for life on the planet look grim, and it isn’t due to CO2 it’s due to plutonium, which is nasty stuff.
(Yes it is about 1 meltdown every 11.5 years. Three Mile Island, Chernobyl, and 3 units at Fukashima. If we say the nuclear age started in 1960 that’s about what you get. Some will say that isn’t the right way to do it because Fukashima can be considered 1 event but it took out 3 reactors. Either way these events should become more common as the infrastructure ages and the money isn’t there to solve the problem.)
Anyway the meltdowns aren’t the biggest problem, it’s the waste fuel management (or lack thereof currently).
Green Peace was originally formed to protest the nuclear industry including bomb tests. They went on to saving the whales, which was also noble. But currently they lack any scientific understanding of what the issues are, protesting pipelines and such when the alternatives like shipping oil by rail, truck, or sea are far more dangerous, and the nuclear industry has grown to a Dr. Strangelove type Armageddon device placed all over the globe. Well, northern hemisphere anyway.
Russia cannot bomb the US and the US cannot bomb Russia or the fallout, mostly consisting of the current waste stockpiles, will kill everything, including the cockroaches. Plutonium and life do not mix.
So that, folks, is the path we are on. A dead, radioactive planet some years into the future. Those who worry about prosperity and the future should worry about that a lot more than CO2, which is just simply plant food at current concentrations or any conceivable future concentrations. It may cause some warming, I suppose everything in the atmosphere must be somehow contributing to the atmosphere, but it doesn’t cause uninhabitable exclusion zones.
My greatest fear is that as the oil and gas runs out, the economy won’t be able to generate the resources to manage all the nuclear waste we’ve piled up, and it’s all going to escape eventually anyway, even without a nuclear war. 200 years from now, without a major breakthrough on the energy side, we are looking at a bunch of people from the middle ages relying on horses and agriculture tasked with keeping the nuclear waste safe, and they probably won’t have any idea what it is or how to deal with it.
Anyway sleep tight. The oil isn’t all gone yet and won’t be for a while and there are some hopeful signs on the technology front. Fusion probably won’t ever work, but Thorium looks good (even though that is still nuclear it looks like a way to process the current plutonium stockpiles into easier to manage waste products). Wind and solar will help. I don’t know if there is much hydro left to be built but 3 Gorges is pretty recent. There are things that can be done.
The main reason for carbon taxes is not because it might warm the planet a bit. The powers that be know all of the above, and they know hydrocarbons are all we have for now, so they want you using less so it lasts a bit longer. And I think that’s probably a good idea until we find an alternative.
There is a sign on the U of C property on Crowchild Trail that reads “When can we flip the switch on the energy source of the future?” Well, the answer is we don’t yet know, it hasn’t been invented. It isn’t battery powered cars. Batteries do not create energy they simply store it.
We’re lucky, listed our place within a few days of the provincial announcement here in Ontario. Decided to list near the price we wanted because we didn’t want to mislead people hoping for a deal. Our viewings….only a handful and we received a bully offer, jaw dropped. We had the agent call the buying agent and asked for another $20,000 and within 5 minutes we got it. I was worried the place wouldn’t sell but luckily for us we didn’t need to sell we wanted to sell and rent a bigger place for a growing family. I honestly believe we got out at the last moment of peak pricing and yea there’s a bit of luck involved. I could tell the buyer was desperate and their realtor didn’t inform them that viewings were down in the area. We set a close date of ~3 weeks from listing date because I knew there’d be a risk of someone walking away. Anyways we’re out with a lot of money, simple return was 65% while <4yr CAGR at 15% (adding back CMHC, reno costs, rent to own differential etc). Unbelievable, hoping we got the better end of the deal but time will tell. We now have over 4yrs of living expenses covered if something ever comes up…it's a real change going from owning to renting, people judge you as a renter but it doesn't bug me…just shows folks don't understand the true cost of home ownership and how expensive it really can be
#49 conan on 06.01.17 at 8:08 pm
You made me laugh. Who dares to slap one cent of tax on any US exports? It is the massive US trade deficit that is keeping countries like China and Germany alive. They are lucky if the US does not slap a 30% tax on their exports to the US.
The Totally Unbiased, Highly Intelligent, Rational Observer
Please return to your cage and continue to smoke your
crack.
You and the Potus are both delusional and dangerous.
Let’s all hope he doesn’t start a nuclear war and somehow he survives and has siblings!
OMG
Paris Accord, paying into a group doesn’t make sense. This is just like paying for exercising, forget it. Exercising is free.
As for the coal it is the least environmental impact on earth not like electricity and national gas. That what was mentioned at a environmental meeting.
I like how Andrew Weaver mentions about respecting the First Nations on Site C Dam, which it should be from the start. I think that Weaver and Horgan make a great-duo team. (Not so sure about the Carbon Tax, can’t have it all.)
As for Kristy she should step down. That would be the right thing to do.
It’s quite obvious to me that this whole climate change feasco is about the UN pulling in Trillions to save the poor bastards of the world.
And if I wasent so tuned into human nature I would support it. I just need an Internet connection to make my views known. Just a pack of smokes and a bottle of wine every night is enough to satisfy me.
But those trillions will never make it to the poor starving bastards. It would line the pockets of thives with no creative leanings.
Taxation is theft. Absolute power absolutely corrupts.
#24 The Totally Unbiased, Highly Intelligent, Rational Observer on 06.01.17 at 7:05 pm
LMAO, love the satire man.
#67 Sue
Totally agree. Trump stepped up to the plate, and said ,’no’ to the Paris climate deal. Kudos Trump …. Someone out there has back bone. There are countries still polluting like no tomorrow, so much for climate change. Anyhow, I think Canada is headed for an ice age, as the Winters are longer and colder.
Regarding Christy Clark’s % free loan to BC first time buyers which ended Mar 31st, does anyone know how long the buyers have to close on their purchase, 60, 90 days?
https://www.realtor.ca/Residential/Single-Family/18192492/51-VERNON-Road-Toronto-Ontario-M1R1J1-Wexford-Maryvale
How’s this for desperate? Here is part of the description.
Description
……Custom Home Builder Also Ready To Build. Cost Of Construction Not Included. Estimates Available To Complete.
Even the builders know it’s over.
@ #70 Nonplused on 06.01.17 at 9:17 pm
Wow! At least one person here gets it. Bravo!
Mesmerized.
Ever since I out myself as Jim Stojsin. My linked in has been hit with thousands of profile visits.
Most low level curiosity seekeers, tax farm slaves. But I’ve had a few bigges, huge bigges. You would think they would know how to view a profile in private mode.duh. that’s who runs our country.
This pathetic blog has reach. The comments section is read heavily.
Don’t hold back is all I’m saying.
Very Good Photo of My Hero. Muchas Gracias Garth. Cannot believe how lucky and blessed we are to have President Trump to give the Green Agenda a fresh boost of perspective. Now Canada will subsidize the eco-sector and the Americans will buy any innovation or companies or cheap subsidized hydro like Ontario for a major discount. The best low cost energy that is enviromentally friendly is welcome in all industries and to all nations so Donald is just a wee bit ahead of the crowd and being punished for stating what we all know is the best way forward. God, I love the POTUS. Imagine the Americans will pick our energy sector clean when the time is right…after we have subsidized them to death.
Lululemon has decided to close most of their ivivva girl yoga shops. It seemed kind of wacked out anyway after a decade of black leggings the company stock is still in the double digit…that’s a tell on how pricey equities are. kind of glad leggings are biting the dust. Who can wear them but anorexics with make-up.
#62 WUL on 06.01.17 at 8:49 pm
I see you are “celebrating the uptick” the Calgary real estate price. I checked Calgary’s historical housing price and got the following results:
Average price in May 2013 $521,791
Average price in May 2014 $554,652
Average price in May 2017 $503,846
Peak: Average price in June 2014 $562,382
So the may 2017 price is down 10.5% from peak, down 3.5% from May 2013, down 9% from May 2014.
That is celebratable for you? Down 3.5% from May 2013? Even if I put it in a brain-dead GIC, it will earn me a few percent, right?
My parents have a firm offer on their house in South Brampton, crazy price. They were the only 4br listing in a 2k radius in April though. Today there are 14 listings with 4+br within 2k. The mortgage lender returned to do 2nd appraisal of the property yesterday. Something is certainly happening.
Someone predicts Canadian Western bank will go bust:
#139 Where’s The Money Guido? responded to me as follows:
Maybe the reason CWB’s trading at book value is because they hold a bunch of Alberta mortgages that are about to go under and they’re trying to suck in anyone who thinks this is a good deal—at book value.
I’d be surprised that it doesn’t go under in the next year or so from all that bad paper.
***************************************
Well maybe you are right. Be sure to come back in a year and let us know. (Meanwhile maybe read their financial reports)
Meanwhile I observe CWB trading around book value and it has not lost money in any quarter in over a quarter century.
If CWB earns 10 to 12% ROEs for five years, and pays out a target 30% as dividends how much will book value rise in five years? The answer is about 45%.
And if the price to book value goes back to 1.5 or 2.0 will that add 50% to 100% to the gain (yes).
So does CWB represent the market raining money in which case a bucket should be grabbed (I kind of think so) or does it represent some kind of storm in which case cover should be taken? Time will tell.
I have stated my view publicly here and will be here to see how things pan out.
No guarantees but I like my chances.
“It is the massive US trade deficit that is keeping countries like China and Germany alive”
That’s nonsense. If the US stopped importing stuff from China/Germany, there’d be massive deflation in those countries, and their currencies would rise dramatically. They could also repurpose their export production to domestic consumption.
Exporters are in far stronger positions than importers. Currencies tend to reflect long-term trade balances, which is why the Canadian dollar, of which Canada has run a significant trade surplus with the USA for decades, is set to rise significantly.
TN visas only good so long as NAFTA survives, likely not long.
Even the most die-hard anti-immigration people in the US have not expressed any problem with Canadian TN visa issuance. So there’s no reason why the visa would disappear if NAFTA disappeared.
Trump is a moron. He can’t locate Lake Michigan on map. He doesn’t know the year the American Civil War started, or when it ended. He only recently learned that the US Federal Gov. has three branches. He got 5 deferments to stay out of the VietNam era draft, including one in which his rich daddy paid off a MD… bone spurs. Forget his tax returns. Let’s get an accurate chromosome count. How’s he doing on the 700 appointments he has to make? In the famous words of Bugs Bunny, ‘What a maroon.’
Home Capital bonds?
#58 Ed on 06.01.17 at 8:29 pm said:
I’ve been buying Home Capital Group GIC’s and their bonds at 90cents on the dollar…I think you’re wrong Garth…sorry.
*************************************
Where do you buy the bonds? I know the big bank discount brokers offer VERY few bonds and would, in my experience, not allow customers (they are not clients) to buy bonds of Home Capital.
Not sure I would chance Home Capital but it would be good to know where to buy if I wanted to.
Actually I don’t see a 10% discount on bonds as much of a sale. If I wanted to bet on Home Capital I would buy the shares. More potential upside by far.
Figure out who Shlong Zumanga is and where he’s from you solve the puzzle. And know his brothers are not that happy with what he’s doing.
The secrets of the universe is yours. Tesla a rouge child that tryed to help.
Covfefe = the real risitance that do it for free.
43 Gamechanger
Not sure which part of Victoria you are in but on our street two listings – one viewing and no offers. They have been up for a month now. You need to get out more.
Hubris
paper flooding the markets…
Hard assets beat paper over the long term!
#64 Freedom First on 06.01.17 at 8:55 pm
#21 I’m not Poloz
What’s your point?
————————————-
Poloz wants a US$0.35 Loonie to boost exports while ignoring the true inflation stats and that wage stagnation is real.
“The bottom line is the Paris accord is very unfair at the highest level to the United States,” he said. “This agreement represents a massive redistribution of United States’ wealth to other countries.”
Never have truer words been spoken. The folks on this blog don’t seem too keen on having their wealth redistributed and neither is Mr. Trump. What kind of fools willingly hand over their wealth to corrupt hell holes like China and India?
Re: Kinder Morgan Pipeline Expansion
With the border skirmish brewing over the last couple of days between AB and BC arising out of the election, I’m told that more Albertans have read section 92(10) of the Constitution Act, 1867 in the last 48 hours than in the last 112 years since AB became a province. Sorry Horgan and Weaver, the law is not on your side however noble your cause is.
#72 Pete on 06.01.17 at 9:35 pm
Trump has left the accord, but they are immediately re applying to get back in to the accord. He wants a deal, but he is not getting one. This is just political posturing by an F class buffoon.
The US could unravel very quickly. Did you see France’s video? They just invited American talent to go live over there. Canada will do the same thing. There are States that might split from the USA.
The United States is powerful because most of the World deems it convenient for them to be powerful. It does not have to be that way. The World could put them on ignore and send a little bit Canada’s way to make up for the grief. It is not as hard as you think.
Thinking of down grading the USA.
#70 Nonplused on 06.01.17 at 9:17 pm
“but it doesn’t cause uninhabitable exclusion zones.”
It does and we are seeing it now. Syrian refugees are for the most part caused by a desertification problem.
We have big problems in Africa, where tribes are attacking other tribes because of water scarcity and the sudden inability to grow crops locally.
Just because you do not see it in Alberta……….. you guys are more pesky then Quebec. Reform Alliance, what a joke.
@Andrew t
“Global warming, climate change, whatever you want to call it, is not something to believe in, like Santa Claus.
It’s scientific fact, and it’s also not particularly difficult to grasp the concepts behind the deduction of man-made greenhouse gas emissions and its effect on worldwide climate. Kinda like if you run head first into a brick wall you’ll injure yourself. Science.”
Do you even have a science degree because your statements sounds like you don’t. Yes, green house gases, eg. CFCs are bad for the world and it creates a hole in the ozone. Scientists proved that and most world governments went about to ban CFCs. Same with sulfur emissions and acid rain back in the 80s. DDT and bird egg shells. All proven links with corrective actions by governments.
Current “climate change” nonsense is just a catch all to tax people and make others feel good about themselves for doing “something”.
If you are going to spend money on something for the environment, say what it is for. eg. XXX billions will be spent on preventing clear cutting of forests which is linked to desertification.
In Canada, and in particular, Ontario…the money grab to save the environment eg. Ontario’s electronic recycling fee that is charged on pretty everything that will eventually go into dump was a colossal waste of effort as the money was squandered or unaccounted for. It did not do anything for the environment.
This what Trump is saying. The Paris accord is just a money grab which punishes wealthy countries while giving a pass to poorer countries with the end results probably have zero effect on the environment which scientists still havent found solid connections to what is going on.
To the lefty loons detached from reality. This song is for you.
https://youtu.be/JqKcnYWCAJc
every day its the same thing, prices have peaked, they will come down, interest rates are low, they will go up.
all i know is that people in southern ontario get in their car and go on the 401 and 403 and qew every day, millions of them, every single day. Where are they going, well to work obviously. to keep this artificial wheel going.
why dont we all just do like the europeans and move back in with our parents, my costs will drop to zero. and i wouldnt have to drive anywhere. stay home and have a coffee with the folks in the last ten years of their life.. is a million enough, no credit cards, no debt, i dont want to buy anything anymore, no more junk.
my wife is actually thinking about it.why i am i working paying taxes etc. gas costs etc.
simply stay home with the folks and then spend months in cuba. walk away from consumerism, you dont need anything, granite countertops, hardwood flooring, and those fancy faucets, who are we trying to impress.
my mom still gets confused with the low flush, high flush button situation.
Trump is gonna be 71 in two weeks.
Give the guy some slack.
He’s having a grand time.
Like a kid in the candy store.
He’s ticking off his bucket list items.
He’s the center of the universe.
God, I envy him.
Correction: Yesterday I ‘postulated’ 30,000,000 global BTC users. Seems the consensus is closer to 11,000,000.
What a fetching pose of Bandit, though one wonders in the relentless heat and humidity of southern Ontario why Dorothy does not override the objections of Garth and give him a proper and cooling buzz cut. His coat is not that of a water dog. Stifling heat. I remember it well…stepping outside in the middle of the night in the summer months only to find the air warm and moist. WTF? A shocking experience for those who grow up on the northern plains of the north american continent where mountain breezes cool the night air. I loved that warm humidity, but not the chirping crickets or the other issues associated with living in southern Ontario. Enough said. Life remains a continual exercise of compromise..for that moment in time and forward, anyway.
Regarding the real estate market. The cracks are beginning to appear in greater numbers. The herd grows restless. There is sudden new focus and attention on the valuation process. (Overdue) All those appraisals done, and was the analysis sound? We’ll see. Historically the forensic analysis might only occur when the mortgage went sideways, but now the deals are in jeopardy only weeks from closing. If this is not panic in the streets then someone tell me what is and point me in the direction of the nearest exit. This train is a runaway. This train is a runaway. As Malcom X so eloquently put it…”the chickens come home to roost”.
Viva le Pittsburgh!
#83 Pete
Touché and well done. I’m not celebrating. Just heartened by a glimmer of hope. Conference Board GDP predictions and all. An emergence from a recession could boost our mood.
Most of these were in my Possible Pinkies folder and so I’m not expecting too much damage, but I’ve been surprised at some of the findings before ,and so if someone chooses to show how strong the market is so be it.
Also Wrk Dover ,that was very kind what you said and made me feel like I’m not wasting my time.
I did write in a couple of posts to the guys in the gta just to follow what I am doing as Toronto could go down a similar path.
For some reason the media in Toronto seems a little bit more open to the possibility of a correction,here it seems to be a no-go subject…
I’ll go there…
M42BC
Possible Pinkies Sales or Removals
646 4TH ST E NORTH VANCOUVER Paid 1.37 asking 1.59
8952 RUSSELL DR DELTA paid 950 asking 1.06
2541 WILDING WAY NORTH VANCOUVER paid 1.22 asking 1.44
304-1762 Davie st paid 1.35 asking 1.49
775 39TH AVE E VANCOUVER paid 1.63 asking 1.98
7990 OAK ST VANCOUVER paid 2.49 asking 3.39
3424 Hamber Crt. Coquitlam paid 1.3 asking 1.42
3208 e 53 Ave Vancouver buy 1.59 asking 1.77
4006 w 34th ave Vancouver paid 5 asking 5.58
2995 Fleet Street, Coquitlam paid 1.08 asking 1.09
14510 78 AVE SURREY paid 885 asking 949
10560 ROSEBROOK RD RICHMOND paid 1.4 asking 1.68
4073 19TH AVE W VANCOUVER paid 3.65 asking 4.37
#96 conan on 06.01.17 at 10:40 pm
I don’t argue with people who have no common sense. But I will tell you that: nothing can exist if the US backs out of it.
If the US backs out of NATO, NATO would collapse tomorrow. If they back out of UN, UN will cease to exist. It is that simple. They will always get a deal they want, if they try.
The US is the only reason why we can spend 1% of GDP on defense in Canada; the US is the reason why we are not speaking Russian or German in Canada.
@Nonpulsed
Why so bleak dude?
Stage 4 nuclear power plants have the capacity to use spent rods and waste to generate energy. They were to go into production in the US recently until the Dems and Repubs were too busy arguing at each other to look at the actual data which killed it.
Don’t like nuclear? Our salvation is in hydrogen fuel cells. Hydrogen is the most abundant element in the universe. By product of generating electricity with hydrogen is water and heat. Why hasnt it caught on? Big oil not spending the money to build the infrastructure to convert from oil to hydrogen and knobs like Elon Musk pimping electric vehicles like they are some sort of salvation when the electricity produced to charge up his cars is very inefficient and damaging (eg. solar, wind, hydro plants).
#64 Freedom First on 06.01.17 at 8:55 pm
#21 I’m not Poloz
What’s your point?
You are the cleverest woman alive Mrs. Freedom.
I personally know 3 people that bought “investment” properties in the Cedarvale/Oakwood Village area knowing full well they’d be losing >$1000 per month.
All of their collective justification was that “this is the last pocket in Toronto under $1M for a detached house” so they must see at least $200k gains in 2 years.
There’s tons more like them. That could be a painful 2 years. At what point do you just cut your losses?
#12 Andrewski on 06.01.17 at 6:56 pm
“Garth, have you read: Knowledge Illusion, Why We Never Think Alone, by Steven Sloman & Phillip Fernbach?
“Humans have built societies and technologies of extraordinary complexity, but most of us don’t even know how a pen or a toilet works. How have we achieved so much despite understanding so little?… The human mind is both brilliant and pathetic”.
No one is willing to admit that they are the sheeple.”
Nothing new under the sun. Watch Milton Friedman’s Free to Choose video series.
DELETED
Put a stake in the Global Warming BS. Google- “Lord Moncton in Minneapolis with slides”
Worry about the chemtrail engineering and global cooling. Those are real.
#94 WUL on 06.01.17 at 10:31 pm
Re: Kinder Morgan Pipeline Expansion
With the border skirmish brewing over the last couple of days between AB and BC arising out of the election, I’m told that more Albertans have read section 92(10) of the Constitution Act, 1867 in the last 48 hours than in the last 112 years since AB became a province. Sorry Horgan and Weaver, the law is not on your side however noble your cause is.
—————————————————–
Correct. I would add to your post that Weaver is claiming to be able to stop the pipeline project using Section 35 (Aboriginal rights and treaties) of the Constitution Act of 1982 through the courts.
The section gives natives guaranteed constitutional rights for any projects, provincial or federal, done on native lands. Simply stated, these land claims are constitutional, therefore, above common-law, and cannot be taken away with an Act of Parliament. It forces both provincial and federal governments, to negociate with natives before approving a project on theirs lands.
It does not, however, gives them a “veto” over any federal projects nor the right to stop them.
#75 Smoking Man on 06.01.17 at 9:48 pm
“But those trillions will never make it to the poor starving bastards. It would line the pockets of thives with no creative leanings.”
-100% agree. The UN is basically a sounding board for socialists and totalitarian dictators.
I wish Trump would pull the United States out of the UN as well.
#95 conan on 06.01.17 at 10:33 pm
“The United States is powerful because most of the World deems it convenient for them to be powerful. It does not have to be that way. The World could put them on ignore and send a little bit Canada’s way to make up for the grief. It is not as hard as you think.”
-The “rest of the world” is composed mostly of third world hell holes of corruption and tribalism. Without the United States as top dog the world would be a far far more dangerous and disgusting place.
We need an even more powerful US, not a weaker one.
#82 bigtowne on 06.01.17 at 10:05 pm
” Who can wear them but anorexics with make-up.”
That’s who I want to see wearing them (serious).
MF
#95 conan on 06.01.17 at 10:33 pm
Isn’t that the place with the 75% tax bracket, yeah, good luck with that….
Watch President Donald J. Trump explain his decision to withdraw the USA from the Paris Climate Accord. Available on YouTube (31minutes, 12 seconds) at:
https://www.youtube.com/watch?v=deTcuNgKN-E
@94 WUL very astute observation about 92(10)
I wonder how long before BC talks separation.
# 24: absolutely perfect. I cannot tell if you are being sarcastic or are dead serious. Many attempt this kind of work but few succeed…
#102: many logic problems with your post… “nothing can exist if the US backs out of it…” even granting that you literally don’t mean “nothing” the Europeans are still quite capable of looking after things.. if they have coasted on America’s laurels it is because the bloated Defense budgets of the US have allowed them to.. the Europeans have always been a bit cleverer than Americans in recognizing Russia as the paper tiger it is.. nearly broke, their only valuable export stuck at 50 dollars a barrel, its society run by mafias… and the head mafioso. (I’m convinced the best way to understand Russia is to watch the first two “Godfather” movies..)
..and please.. Germany couldn’t cross the Channel and invade England.. the idea that they could have invaded North America with 1940’s technology is laughable..
#97 n1tro on 06.01.17 at 10:56 pm
@Andrew t
“Global warming, climate change, whatever you want to call it, is not something to believe in, like Santa Claus.
It’s scientific fact, and it’s also not particularly difficult to grasp the concepts behind the deduction of man-made greenhouse gas emissions and its effect on worldwide climate. Kinda like if you run head first into a brick wall you’ll injure yourself. Science.”
Do you even have a science degree because your statements sounds like you don’t. Yes, green house gases, eg. CFCs are bad for the world and it creates a hole in the ozone. Scientists proved that and most world governments went about to ban CFCs. Same with sulfur emissions and acid rain back in the 80s. DDT and bird egg shells. All proven links with corrective actions by governments.
Current “climate change” nonsense is just a catch all to tax people and make others feel good about themselves for doing “something”.
If you are going to spend money on something for the environment, say what it is for. eg. XXX billions will be spent on preventing clear cutting of forests which is linked to desertification.
In Canada, and in particular, Ontario…the money grab to save the environment eg. Ontario’s electronic recycling fee that is charged on pretty everything that will eventually go into dump was a colossal waste of effort as the money was squandered or unaccounted for. It did not do anything for the environment.
This what Trump is saying. The Paris accord is just a money grab which punishes wealthy countries while giving a pass to poorer countries with the end results probably have zero effect on the environment which scientists still havent found solid connections to what is going on.
—
Science degree? I’m talking as a punter and my whole point is that it’s not that hard to grasp the concepts behind man-made climate change. And scientists have made the connection, and have a virtually unanimous consensus on what’s happening, which is again the whole point. Policy prescriptions will have pros and cons and deserve a healthy, reasoned debate, but the underlying issue of climate change – the only reason to dispute that is out of a misguided sense of spite. That’s how I see it.
And why is it that the explanations of what Trump said never seem to resemble the fourth grade word salad that comes out of his pie hole?
People have to understand the difference between there being a problem with climate change and the Paris accord dong anything to solve it. It is a bogus plan to make the elites feel better and raise taxes at the same time.
It would be like taxing iphones to stop distracted driving but exempting people 25 and under for the next 15 years because they have not had time to text and drive as much.
I hope T2 doesn’t read this blog. We may see the above in his next budget to tackle distracted driving.
My previous post had one up above 5m and this one is a heavy hitter that has been sold or removed today.
All them houses in the previous post had healthy margins but I filed them away as no one knows how long or how deep this knife will cut and so I filed them away to save having to find them again.
I don’t think I have seen anyone selling a property over 3m take an outright loss yet,a few break evens that’s about it.
I notice that a few houses in Shaughnessy have sold recently and so hopefully we will find out what happened in this case.
I would be grateful to the next correction if it would be so kind to document its own demise.
Let’s ask the audience…
M42BC
4249 Hudson st. Vancouver paid 6.2 asking 6.88
https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDAwMTVLUg==
https://www.zolo.ca/vancouver-real-estate/4249-hudson-street
Trumpenomics….
The US economy is exploding….busting through job estimates again in May….real jobs, across all industries….not ZIRP crap.
Q2 GDP growth forecast to be nearly 4%!
Markets have another record close.
And this is only the start….
But Trump is a moron apparently….
A number of countries and companies are working on nuclear fusion technology and are making advances. It seems like the ultimate solution to the world’s energy problems if they can get it to work. Harnessing the power of the sun. The fuel source would be hydrogen from seawater.
Back in the 90’s I read a book called The Coming Energy Revolution by Jeanne Manning on alternative energy technologies. She wrote a revised edition which covered fewer technologies than her original version.
There are plenty of hoaxers in the alternative energy field.
One promising technology is The Hydrogen House guy’s in New Jersey. (It might be Long Island, New York –from memory). He’s using solar power and converting it into hydrogen gas to burn for electricity at night and at other necessary times. All the technology for this already exists: Someone just has to put them all together (he has) and fund it.
Hydrogen gas is very explosive so it would be safer to use a fuel cell like Ballard’s to convert it into electricity. Whatever happened to Ballard (in Burnaby, BC)? They used to be big in the news.
Since I’m writing about tech: Red China landed a rover on the moon and there are photos you can look at on the internet.
I wonder if they’ll find any astronaut footprints?
Man on the Moon by REM
https://www.youtube.com/watch?v=8lbTP8seqYE
@110 Karma and 12 Andrewski
Watch this explains everything, why we don’t know how things work, it’s because world is become increasingly complex so “we the sheep” focus our attention and try to aquire skills in very narrow field so we can make a living.
https://youtu.be/5vgRRpJ_sxc
#61 Smoking Man
I think I’m coming on side with you and Trump, Smokey.
With all of the many wars and genocides throughout history, even if there was a heat wave coming to end the human race, perhaps the world would be a better place without us.
Hopefully there would be more species to survive the heat wave to end all heat waves than the cockroaches and Keith Richards.
These guys had a tough time selling this one despite being situated in a beautiful setting.
They took 700k off at one stage and sat on this price for a long time , 4/5 months from memory.
According to Zolo it sold ten days ago and had a tight margin and so if one of the guys wants to show us what they settled for than so be it.
Maybe for a change a female realtor on here wants to help the Flop.
Sing it sister…
M42BC
4765 Pilot Rd West Vancouver
Paid 5 million
Asking 5.295 million
https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDAyOTFTRA==
https://www.zolo.ca/west-vancouver-real-estate/4765-pilot-house-road
From RFD….
So here are the latest zolo figures for MoM prices (May 1 – 29) , all homes types:
Bradford: -0.4%
Stoufville: -0.6%
Brampton: -4.3%
Ajax: -4.6%
Oakville: -4.8%
Markham: -4.9%
Mississauga: -4.9%
Toronto: -5.1%
King: -6.7%
Pickering: -8.3%
Vaughan: -9.4%
Aurora: -11.8%
Newmarket: -16.0%
Richmond Hill: -19.3%
#54 conan on 06.01.17 at 8:17 pm
When you think about it, that is more then fair.
—————————————-
Actually when you think about it, the idea is ludicrous.
It matters, not a bit, whose emmisions came first.
Unless you believe in the collective guilt of all western nations, which I don’t.
China is a massive polluter in the world.
It’s environmental standards are atrocious.
That the environment will benefit from allowing them and the rest of the third world to pollute freely, is ridiculous in any sense of science or reason.
To allow them to do so based upon a bizarre view of social justice, or in terms of punishing the sucessful western nations, or in terms of forced redistribution of wealth from successful countries to those that have spent the last 250 years of civilization warring, or supressing progress of any sort (scientific or social) ,well then a weird social justice case can be made.
But to suggest that Paris was about protecting the environment, is frankly ridiculous.
That Trump as much called the Paris agreement on its absurd terms, finally brings some sanity to the discussion.
And if there is a ton of money to be made from renewables then don’t kid yourself, the Americans will be the one’s making the money.
American capitalism and ingenuity will always succeed in the world.
Nothing ever came from government support of any industry.
Ontario will be paying for their massive blunders to support green enery for the next 50 years.
http://www.macleans.ca/economy/economicanalysis/chinese-real-estate-investors-are-reshaping-the-market/
#80 John in Mtl
Help me spread the word man. This is a serious problem.
#96 conan
And here I thought ISIS had something to do with Syria and overpopulation had something to do with Africa. Thanks for clearing it up for me. How is it that ISIS survives in the Syrian CO2 exclusion zones? Also, are you saying you prefer nuclear exclusion zones? When you were in high school, how did you do in science?
#107 n1tro
Hydrogen fuel cells get their hydrogen from natural gas. CH4, remove the C, you get 2 H2 molecules. Wikipedia can help you out with this stuff. Hydrogen is pretty plentiful on the sun and also in water but neither of these sources can help our current predicament. To get the H2 out of the water uses more energy from hydrocarbons than just burning them directly and also releases the C part into the atmosphere anyway. It’s no solution to anything except crowd funding.
You are right that there are some promising nuclear alternatives but they are coming along pretty slow, usually costing so much to build it just isn’t worth it. The powers that be must think there is a lot more cheap oil left than I do or they’d be on it more. Maybe they just want to save it for themselves.
#56 30% appraised below value on 06.01.17 at 8:25 pm
If true, the bank will lend up to 70% of the property street value and people without a 30% downpayment will not be able to buy.
Homeownership.ca say 1st time buyers put down about 15% or about $50K. Those numbers just doubled.
Hard to believe as the bank will lower the number of mortgages that it writes; thus, revenue.
—————————————————————
The banks will do just fine. Prices may drop 30% but the mortgage balance remains the same and they will continue to get paid for houses that have dropped in value but at even higher rates of interest. And most mortgage holders will continue to make their payments. Banks are in a great position as they have CMHC to insure them against those who may default and if things get really bad, the tax payers (we) will bail them out. How can they lose?
Ark Market for sure. There will be so many people under water with their mortgages that they will need an ark to bail them out. Maybe an Ark Angel.
http://coolvibe.com/wp-content/uploads/2012/07/Portrait-James-Wolf-Strehle-Ark-Angel.jpg
Also for those of you who really like a conspiracy theory, how about this one? Why has Iran given up their nuclear bomb program (they claim years ago) but still manufactures missiles? The conspiracy theory would be that they know all the have to do is hit Dimona sufficiently hard with conventional missiles and they will create an exclusion zone larger than Chernobyl, effectively ending Israel as a place where people can live. I doubt they will do it though unless attacked because the problem would be just as great for Palestinians. But my opinion would be this is why everyone is so concerned about Iranian conventionally armed missiles. SCUDs don’t do much unless they hit something important. Kill a few people maybe. But there is something really important in Israel they can hit. This is why an Iran-Israel war is extremely unlikely in the short to medium term despite all the bluster. Iran knows they would be a molten piece of lava rock, and Israel knows they would all have to move back to Europe or the US.
#87 the hammer on 06.01.17 at 10:12 pm
Trump is a moron. He can’t locate Lake Michigan on map. He doesn’t know the year the American Civil War started, or when it ended.
—————————————————————–
A salesman wanting to test Henry Fords knowledge once asked him how many people died in the U.S. Civil War. Henry thought for a second and replied, “I don’t know how may died but I understand that far fewer returned than what went”. He said, “young man, you see those buttons on my phone. If I need to know something I just press one of those to get the answer”. I guess the point he was making is that there is no need to clutter your head with stuff that is irrelevant. I’m sure he had much better and important things to think about.
Just like we had cool looking 24 year old Tom on the front page of the Sun and the Province, sitting in his hip, new downtown 600 square foot apartment, say “hey, it not much but it’s mine” and 2000 other words that were super pro real estate, pushed by the real estate sponsored media to ignite the housing gasbag…
We now have negative news hitting the press about prices going down in flames, horror stories about GTA recent buyers running to not close, top of the bubble articles and so on…
Canadians who follow mainstream media are so brainwashed.
Why is it in YVR and Lower mainland the locals worship extremely over valued Real estate above all else. Because Real estate sponsored news bombarded them daily, for years! With wonderful stories of real estate riches and FOMO and it was a way to get people to spend and goose the economy, just like the USA bubble.
Difference is, that Canada took it to a whole other level. So again, media will suppress a bubble bursting for a long as possible, until it is too late and then all the articles will come out.
First article “How did it come to this, the Canadian real estate disaster?”
Nothing to do with real estate sponsored news, HGTV, 0 down, 40 year, guilting bank of Mom into a huge downpayment, “you’re richer than you think” (just borrow more), Fraud in the self regulated real estate industry, with zero penalties, shadow flipping, Liar loans and poor Home Capital (just cause they got caught), CMHC giving Banks the ability to lend out billions with zero risk to them, backed by tax payers, oh, and did I mention basically zero % interest rates…
so we now have a huge population of Canadians in debt out their arse, but believing it’s actually money and wealth.
It is money and wealth when you cash out. It is simply a bank owned home until that time. Or have I missed something? Does debt have to be repaid in Canada?
I’m just glad that it is different in BC.
“#79 Jimbo
https://www.realtor.ca/Residential/Single-Family/18192492/51-VERNON-Road-Toronto-Ontario-M1R1J1-Wexford-Maryvale
How’s this for desperate? Here is part of the description.”
That reeks seriously of desperation. Oh, Crap, let me put up this unbuilt (bought as a speculative investment and not finished) custom home, that is only a shell for $999,000, because people are running for the exits now. Missed the party by about 4 months. It screams, “Please, please, someone buy this from me!”
Really, you don’t even want to finish building it and then sell. Just pray that some greater fool will come along and snap it up for a cool million.
In BC that would sell in a second and over ask. Things are different in BC!
“Appraisers for major banks like RBC are apparently being told to submit reports with valuations that are 30% below street levels”
That is false. All CMHC, Genworth, CanadaGuaranty originations would cease.
#56 30% appraised below value on 06.01.17 at 8:25 pm
If true, the bank will lend up to 70% of the property street value and people without a 30% downpayment will not be able to buy.
Homeownership.ca say 1st time buyers put down about 15% or about $50K. Those numbers just doubled.
Hard to believe as the bank will lower the number of mortgages that it writes; thus, revenue.
—–
You aways believe everything written on the internet?
Vancouver stats for June 1 (from realtor Paul Boenisch)
New 249
Price Change 53
Sold 169
TI:8752
http://www.clivestevepaul.com
I would not bother me and surprise me if the is extra carbon tax
on something usles as bitcon….
Due to the shutdown of the mining company, the hydropower station is set to lose some one million RMB ($147,000) in electricity charges per month.
http://en.people.cn/n3/2017/0601/c90000-9223021.html
Really #86 Mark?
Germany is in the EU and its currency is the €. There are 18 other countries that use the € and Germany’s GDP does not outweigh the rest of the EU countries using the €. The other 18 countries would also have to deflate to make your statement true, unlikely.
Germany has many auto plants in Mexico that use NAFTA to their advantage exporting to the US, duty free. It would be interesting to see them “repurpose” those plants for domestic consumption…a Puerto Vallarta cabbie picking you up in an Audi 8, BMW 7 Series or Mercedes S-550?
As for exporters being in a stronger position than importers, tell that to Canada Gov’s Natural Resources Minister Jim Carr that just announced $867 million in financial support for lumber producers and employees due to the impact of punishing new U.S. tariffs on Canadian softwood exports.
Funny thing is that softwood exports is not the only thing we export to the USA they “feel” egregiously harmed by (e.g., recall April rant by Trump about the Canadian Dairy Industry).
So much for your “exporters being in a stronger position than importers”. When it comes to the American’s under Trump, the tail will not wag the dog anymore.
2017 …..year of the greater fool.
For all of those who will jump in to buy once a lower price reality really takes hold, only to realize a heavy loss thereafter as prices continue to slide . After their purchases they think they will so smartly make after waiting it out for lower prices they so mistakenly will think have bottomed.
“In fact, the funds may come at a loss – but at least it’s money. Liquidity.” – this is Ponzi finance. Minsky moment incoming.
See when it starts to fall apart
Man, it really falls apart.
Garth, how do manage to attract so many deplorables to your blog, despite your clear rejection in your writings of their drivel? Or, as they would write, dribble! (A reference to the movie, “Burn After Reading”!)
It’s as if they’re trying to convince you of the error of your ways, or as if they have no idea what you’re saying to them. In any event I find it baffling, and of course laughable.
Hey, I’m one of the renovators on that stretch of Crawford St. I can assure you we’re not aspiring real estate tycoon. We’re going to live in our place (in fact, Garth recommended the renovation over moving).
# Ronaldo
Henry Ford supported Adolf Shicklegruber. He also probably would have gone along with the conclusions of the Waldersee Conference. Granted, as opposed to Trump, he actually built something. But, the accumulation of money does not necessarily reflect intelligence or wisdom. Henry Ford’s moral compass was a little skewed. Donald Trump has no moral compass. Neither were or are fit to lead the body politic. I’m not sure Donald Trump can read very well. Apparently he gets his info from Fox News. (I think he is just staring at the bust lines of all those primary colored dresses of the commentators… who are those women anyway? Blonde, stacked coiffed and suddenly you are a political commentator…? How does that work?)
I wish I could have played football against Donald. He is such a snowflake. I would’ve used the P word, but probably would’ve got in trouble.
I stand by my assessment. He is a moron. He is a bully. He is a shyster. He is a draft dodger. He is not a patriot or a leader. He is not fit to be C inC.
Peace, Ronaldo. And don’t turn your back on him.
A realtor we met yesterday is off on a fishing trip……at the “height” of realtard season?!
There is a ton of intel at the grass roots level. Eyes and ears open and TALK to people.
Think of the interest harvest on all of the debt out there….lenders always make money.
And so will savers and investors.
Patience dawgies, patience…..
#10 TortyPapa on 06.01.17 at 6:49 pm
“Feel sorry for those who bought a new house recently and can’t unload their current one. It’s a double whammy because they probably bought the new one at the previous high price and now have to sell their existing at the new lower price. Savage!”
Not me, TP. Serendipity. Silly fools who pushed the cost of re into the troposphere can lap it up. No need to feel sorry….our genius BOC has been doing that for years now.
@#105 For those about to Flop
“For some reason the media in Toronto seems a little bit more open to the possibility of a correction,here it seems to be a no-go subject…”
******
The tiny media market here demands subservience to the almighty advertising dollar.
Be it the Liberal Govt and their ceaseless taxpayers ads on television sandwiched between ReMax ads telling the vapid Starbucks crowd that everything is wonderful in beautiful BC”the best place on earth” .
To the broadsheet Vancouver Sun or (even worse) the tabloid Province with its 10 pages of “news” and 20 pages of sports wrapped around 100 pages of advertisements, obituaries, and the omnipotent Real Estate pull out section that almost breaks your foot when it drops out…..
Yes, we narcissists of Lotusland deserve everything thats coming….until the media have the testicular fortitude to actually tell us the toilet is overflowing and the bathroom door is jammed……..we rely on the Flopster for the truth.
It is ironic that Trump pulls out of the Paris agreement when they have so much to lose. Look at the sea level rise models from NASA, half the eastern sea board and most major cities are underwater.
Yeah China and India pollutes more right now, but they ratified the agreement!! So what will happen in the near future? They are probably going to be running things as the U.S. eventually loses its status as #1 in the world.
Also, you’re an idiot if you think climate change is BS. Plain and simple.
Someone posted this on Red Flag Deals yesterday:
“Unbelievable guys, need your help on how can I get out of my shitty situation now. I bough a really nice house back in April in Richmond Hill despite warning of the new tax on foreign investors and with the hope that I can sell my house quickly. My realtor was very positive that I can sell my house easily, it is in a hot area and bidding war is very common, so he set the price slightly below the average comparable houses sold in the neighborhood to attract bidding. We started to feel weird when the weekend open houses attracted only 3 people and all of them seem lack luster. On the offer night, 2 people registered but one cancelled, in the end we did not even get a single offer and the house is now on an offer any time basis and it has been 1 week without any offer! I cannot lower the price any more as it is already listed below average price. This is extremely surprising for me given that 3 weeks ago, a house in my neighborhood was sold 150K above asking price (which was already higher than mine) and attracted 12 offers! In addition to that shocking offer night, my lender is asking for additional down payment due to the shortfall from the assessment value of the house and the price I offered. Not to mention that if I cannot sell my house, I am stuck! Closing is less than 2 months and I have a huge stress now, should I walk out from my deposit, I read about legal consequences and it makes me losing sleep everyday, I really regret making the decision to buy a house, it is really a big headache for me now, I am getting sick of it!”
Sorry for the big long paragraph- that’s how he wrote it. This guy is hooped, and how many others like him are around. The person who sold him the home in April doesn’t even know what might be about to happen.
Oh for crying out loud, build a raft!
A lot of group think in this blog. While everybody may be rooting for a healthy housing correction here in Canada….we need to see a 20% to 30% correction there are global macro factors that suggest that we may not see the change in rates that would actually sustain a bigger collapse in the real estate market.
The bond market is signalling the opposite in fact. We are seeing US economic growth stalling after one rate hike this year and greater uncertainty that Trump can get any of his policy changes through the political system.
For those not paying attention….Canada had GDP growth in Q1 in the 3.5% range while the US came in at 0.6%. Poor jobs report this morning will only continue to polarize the key challenge for monetary policy.
Terence Corcoran: Trump calls out the global-control agenda of the Paris deal, but Canada remains oblivious
http://www.financialpost.com/m/wp/news/blog.html?b=business.financialpost.com/fp-comment/terence-corcoran-trump-calls-out-the-global-control-agenda-of-the-paris-deal-but-canada-remains-oblivious&pubdate=2017-06-02
“But Trump is a moron apparently….”
Trump is too stupid to qualify as a moron; he’s clearly an idiot. (Calling Trump a moron is an insult to all morons.)
I fully agree with your view that people’s infatuation with real estate is real financial risk. Having said that, there’s a few points in your post which I would like to discuss…
“Together we now owe $1.45 trillion in residential mortgages, and almost all of them will be renewing in 2018 and beyond at higher rates.”
The same was said in 2011 and history shows that most renewed in 2016 at the same or lower rates. Add to that the following…
“…most economists now see the Bank of Canada starting to tighten in the first half of 2018.”
Which means, if you believe the predictions of those economists, some of the 2018 renewals may be impacted by slightly higher rates while other may not.
Next…
“Between now and then, of course, bond yields will snake higher”
Except they’ve been dropping since the last Fed hike and, if you believe RBC’s head of x-asset strategy, they’re likely to go a lot lower before heading back up.
And…
“In fact, the funds may come at a loss – but at least it’s money. Liquidity. Life blood.”
If you think that HCG’s pricing incentive is something special then wait until you hear about their proposed new funding model. It’ll make your head spin and the lunacy of it will most likely be the topic of a future blog post.
Finally…
“Appraisers for major banks like RBC are apparently being told to submit reports with valuations that are 30% below street level”
That’s because RBC understands that the +30% run up in March prices was an outlier, likely caused by foreign capital being redirected into the GTA market. Now that the playing fields have been leveled, expect much of that gain to be given back by the end of the year. And while this may appear to be the start of a correction, the fundamentals haven’t changed, so this probably isn’t the event we’ve all being waiting for.
Of course, as always, the above is just my opinion.
“Ole Hansen, head of commodity strategy at Saxo Bank, tells Reuters: “At this stage the market is fully pricing in an interest rate hike but the question is will it be a dovish hike.””
Another dovish rate hike for the Fed?
http://www.bbc.com/news/live/business-40064619?ns_mchannel=social&ns_source=twitter&ns_campaign=bbc_live&ns_linkname=59316161e4b091eb4aaeaee7%26What%20now%20for%20US%20interest%20rates%3F%26&ns_fee=0#post_59316161e4b091eb4aaeaee7
#146 Misnamed,
because some of us deplorables think that a financial and real estate blog needs a reference to reality now and then to avoid becoming an echo chamber for the smug, an arena for private feuds, or a Smoking Man gong show.
#146 Deplorables on 06.02.17 at 6:22 am
When and how did you manage to ascend to the higher plane of presence?Please enlighten us “deplorables”.
It must be very offensive and painful to your elevated intelligence to read our DRIBBLE. I would say, it’s very lonely up there where you are.
Maybe you try and ponder your post deeply.
It’s very interesting how you manage so well to s..t on everyone while making your self appear smart and at the same time kissing bosses ass.
You must be very good at multitasking.
How about this “dribble”?
I don’t understand, if Home Trust is backed by CDIC, then what do I have to lose if I put $99,000 in an account? If they go belly up, I get my $99,000 back. If they do not, I get the 1.5% interest.
RE #131 Nonplused on 06.02.17 at 2:04 am
Your answer:
“an unprecedented drought in Syria between 2007 and 2010 triggered an exodus of nearly 1.5 million farmers to cities in search of food and work — a “contributing factor” that eventually led to the civil war.”
Source: http://www.ibtimes.com/land-degradation-desertification-might-create-50-million-climate-refugees-within-2097242
#60 John in Mtl on 06.01.17 at 8:35 pm
@ #38 AB Boxster on 06.01.17 at 7:25 pm
“Paris was a horror deal for the US.
… would have to pay massive amounts of money to the third world polluters such as China and India, while huge numbers of jobs from the west are being transferred to China and India, just confirms the stupidity of the agreement.”
Ah but you are forgetting one thing: There’s a reason our air is cleaner than theirs… The West, by closing its factories and exporting manufacturing to such places as China, in fact also exported its pollution.
=================================
You hit the nail on the head with that one. Remember people, when you want to point fingers at China et al for polluting, the second you buy all those shiny things at Walmart, you are just as guilty of pollution.
#97 n1tro on 06.01.17 at 10:56 pm
“Do you even have a science degree because your statements sounds like you don’t.”
That’s funny. Do you have a degree yourself? Post it and prove it or else you’re just a peasant that knows nothing!
#85 InvestorsFriend on 06.01.17 at 10:11 pm
https://www.fool.ca/2017/06/02/is-canadian-western-bank-a-home-capital-group-inc-2-0/
“Bottom line
As a long-term investor taking a very bearish perspective on the Canadian oil and gas and real estate industries, I am very concerned about Canadian Western Bank’s prospects moving forward. Investors should take extreme caution with this name, given the economic headwinds and huge downside potential with this bank.”
Re: #150 Charles on 06.02.17 at 9:15 am
The average time has been 18 to 24 months to get your money back from the CDIC. In the interim you get NO interest on your money. The estimates this time around are from what I’ve read 9 to 12 months.
#129 AB Boxster on 06.02.17 at 1:39 am
China and India, and others had a right to industrialize their respective nations. It was a necessary process to help them change from an 18th century society, to a modern one.
The results are remarkable, and is the single most contributing factor to eradicating poverty using capitalism.
You know what the biggest myth in the world is? It is Conservatives like the ones from Reform Alliance, know anything about fixing economies. The day Canada lets this Party in back in power, is the day we all need to go in for a collective lobotomy.
I will give you one point for getting rid of the penny. Every other file is negative, sorry.
#129 AB Boxster on 06.02.17 at 1:39 am
China is a massive polluter in the world.
It’s environmental standards are atrocious.
Yes. So maybe working with them to try to improve things is a better response than the five year old response of you’re bad and I’m not eating my vegetables.
But to suggest that Paris was about protecting the environment, is frankly ridiculous.
If you don’t think setting a 2C increase limit as a target would be helping, I’m not sure there is an argument anyone can make to you that you would accept. Paris doesn’t go far enough, in fact, but it would be a start, and better than doing nothing. In the end it probably doesn’t matter that USA pulls out because enough other nations are still in, but it does set the USA further down the isolationist path Trump is determined to follow.
Re: #162 Charles
I believe the uncertainty is around when you get your money back. If you do get your 1.5%, but it takes 12 months on top to get your money back after. Did you really get 1.5%? What about lost OC/interest on your principal?
RE: #111 Fran Deck Jr. on 06.01.17 at 11:35 pm
Let me guess what you were trying to say here:
https://www.youtube.com/watch?v=l9hJU6sPQAA
Charles on 06.02.17 at 9:15 am
I don’t understand, if Home Trust is backed by CDIC, then what do I have to lose if I put $99,000 in an account? If they go belly up, I get my $99,000 back. If they do not, I get the 1.5% interest.
The guest on BNN said it best about HCG and CDIC. Just because you have fire insurance doesn’t mean you leave your stove on and go out . With home capital its even worse with every appliance left on and going on vacation. Could take months to get your money back with a ton of paper work. Happy Housing Crash Everyone Everyone! :-) Happy Housing Crash to mortgage brokers like you. :-)
#2 Toronto sold price on 06.01.17 at 6:32 pm
That site that was all Chinese that showed the Toronto sold price info is down. Anyone know if there is a new link?
////////////////////
http://watch.ohmyhome.ca/#/HouseSold
#153 Rational Optimist on 06.02.17 at 8:34 am
http://forums.redflagdeals.com/consequences-walking-away-deposit-cannot-close-2103706/4/
Damn…
153 Rational Optimist
There are so many desperate sellers on the brink of financial ruin. If buyers had a half a brain they would see the financial ruin sellers facing. If a buyers isnt low balling by 25-30% they are idiots. If realtors really helped clients they would advise the buyer to really low bid the offer.
If you are really concerned about the environment then the onus to save the world is a personal one. The government is symbolic but it is the individual and how they CHOOSE to live that is the only step that makes a difference. All legislation and agreements in the world ad nauseam will do NOTHING until the individual goes forward.
Buying an SUV and claiming you’re disappointed in TRUMP climate decision is hypociritical and sickening. If you’re so worried about climate..get a smaller car, ride a bike. Stop getting large screen TVs. Turn off the smartphone until you need it to save the energy.
I am tired of being carbon taxed to send money to third world countries where they pay lower electricity rates and have the AC running all day with no building codes for insulating against heat from the sun and have subsidies for fuel so that the poor can drive. let me add that in all likelihood that more than half the money will go into the pockets of the climate change administration.
I’ll tell you yes, I’m from a third world country. This carbon tax and climate treaty is pure nonsense.
When I see sales of SUVs start decreasing then I’ll open my ears a tiny bit. When I see condos with smaller windows I’ll open my ears a bit. When I start seeing buildings constructed properly for heat AND cold, I’ll open my ears a bit. In the meanwhile the responsibility is in front the mirror. Also I am a conservationist and hate SUVs for the waste they are.
@Andrew t
There is no “virtually unanimous” agreement between scientists on any subject. That’s not how science works. You would know this if you went through a science program. Scientists make hypotheses and null hypotheses on everything and anything they are observing. They come to their conclusions and it is up to other scientists to confirm the results.
When it comes to “climate change”, the topic is so broad that there can be no consensus as to the root causes. Specific theories such as the effects of CFCs and the ozone have been confirmed and dealt with. Set aside Trump and see what the Paris Accord is saying and decide yourself if it will have any impact for the environment.
Too many uneducated people blindly listening to the media and assuming anything to combat climate change is good and anyone opposing it is bad when it is more than that.
Just look at this article talking about climate change and its effect on coral reefs. The article says “rapid change is needed” yet doesn’t mention 1 specific example of what the causes of the coral reef bleeching.
Given this, should we just send a blank cheque to this scientists to do what exactly??
For those business leaders who are chiming in to say they support the Paris Accord, I predict their tunes will change quickly if they are asked to fund it. It’s all good to criticize the government while your company sits on billions of dollars from exploiting resources overseas.
Coral reef article…
http://www.telegraph.co.uk/news/2017/06/01/coral-reef-can-survive-say-scientists-fast-action-needed/
#23 Wrk.dover on 06.01.17 at 7:05 pm
Speaking of arks, I just fabricated a 6.5X16 car hauler type trailer, mostly as an obsession to weld something big together just for challenge and grins. Where will I pull it to? Mars?
________
Pull it to my driveway – and leave it here. In this way, I help you to start new welding projects :)
I welded up a 6′ x 12′ tandem axle utility trailer with 32″ sides about 10 years ago, still have it.
It’s going on the block though, as I keep hearing Ontario may make all tandem trailers get an annual inspection no matter what weight it is registered for.
I almost never use it anymore- and I won’t be paying “rent” to Wynne just to have it around for convenience sake.
Wynne has really decimated anyone who puts rubber to the roads in Ontario – huge increases in fees for stickers as just one example, draconian new certification requirements keeping perfectly good less expensive older vehicles off the road, plates that need retroactive payment if you want to reuse them after being on a vehicle that was off the road for a couple years.
When I was 19, I got my DZ license to try my hand at driving a dump truck for a summer job. Years ago, the Libs then changed the requirements for the air brake (Z) license to include training for trailers even if you had only a D license. This meant I had to take the test again, and – you guessed it – pay all the fees to do so. I let it lapse as I was not driving a truck at the time.
In a couple months, the same thing will happen again, and I will be stripped of my D license – also because I will not suddenly pay the government regular fees to maintain something I earned 27 years ago.
Funny to think over the last 1.5 decades or so, I have been stripped of my Z endorsement, stripped of my D license, forced to take my 3rd vehicle off the road, and now obligated to put my idle tandem axle up for sale – ALL because of the Ontario Liberals trying to mine my wallet for long-term reoccurring fees.
#157 A Reply to #122 Deplorable Dude on 06.02.17 at 8:56 am
“But Trump is a moron apparently….”
Trump is too stupid to qualify as a moron; he’s clearly an idiot. (Calling Trump a moron is an insult to all morons.)
……………………………………………………………………..
I just flew back last night from a meeting with all of our corporate leaders. We are a multinational company with locations all over the world. The one general consensus from every single manager (including our American ones) was how much the world now views America as a leader in the free world. Trump has essentially made the USA the laughing stock of the world and none of the country’s around the world can take him seriously any more or for that matter his administration seriously. Everyone is holding back on investments as they try to anticipate his next blunder. His flip flops are a nightmare. Donald Trump and his team are not good for the world economy and the United States is part of that world economy. We have moved investments for future ventures out of the reach of Trump and are considering our options for proactively positioning our capitol where we can more effectively make a profit without his interference.
@JONATHAN
I also have been waiting since 2012 to buy a home. Thank god I discovered this blog back during that time. I was very close to buying a 1 bedroom 1 den condo in Etobicoke for like 400K in 2014 and backed off in the last minute. Been renting for a while now the whole time being hated on by people saying that i wasted my money and through it in water. Hopefully prices come down a lot next year and I can finally buy my first home at a reasonable price.
@ShecallsmeDaddy
I have a couple of degrees and certifications. One of them is a HBSc. The “H” stands for Honors. I don’t need to prove it on an anonymous forum as having a degree in this or that proves nothing. It is the quality of your thought process having gone through a program that matters.
Banking
Fractional Reserve Banking alarmists have argued in these pages that banks don’t need deposits to create loans.
This is sort of true in the same way that a gasoline station does not need to buy gasoline from the refinery in order to sell you gas as they already have gasoline in the tank. (A useless truth)
Home Capital faced a run on deposits. Banks DO create deposits when they make loans. But the deposit is soon transferred away from the lending bank when the person taking the loan spends the borrowed money.
All banks need to work hard to attract deposits. Deposits are about equal to loans on any bank balance sheet.
One man’s debt (liability) is always another man’s savings and asset. Believe me. Balance sheets gottta balance.
so the new game in the toronto real estate market is to list at what the property is worth. no bids. then list higher by 100K and let ppl negotiate down to original listing so they think they are getting a deal. this is why history on price changes is important. people you want to negotiate down from the first price, not the inflated price. good grief. don’t let the agents fool you.
This is why Calgary sales jumped – no down payment and $1000 towards a pre-paid mastercard:
https://www.youtube.com/watch?feature=player_embedded&v=cKiXPQPFR3M&app=desktop
#54 conan on 06.01.17 at 8:17 pm
There is so much money to be made by jumping on the renewable band wagon, that it is sheer stupidity not to be part of it.
______________________________________
I agree – but only where government has got involved and created the “so much money to be made” by handing out tax revenue to the producers. A good example is the Ontario Micro-F.I.T. program. McGuinty knew no one would sign up to install $100K+ 10KW solar arrays to sell power at .12 KW because it would take 100 years to break even. So he used public funds to up the pay out to .80/kw and signed 20 year contracts. All the farms out my way now have 10KW arrays out by the barn LOL! All of them will be disconnected from the grid when their contracts expire. The .80/kw deal is dead as a door nail thanks to the political fallout arising from sky high hydro bills in Wynntario.
Without this program which probably sinks billions worth of tax revenue into the abyss every year, no one would make a nickel selling ANYTHING off the “renewable band wagon”
I repeat – no money to be made on renewable energy, not one penny; unless government essentially just hands you the money from the public purse (or hammers you on your Hydro bill for it a la the Wynne goon crew in Ontario).
Hi Garth,
I have some money in Momentum savings account with Scotia Bank. It is giving me 1.3% rate.
Should I keep money in this account of move it out? I don’t know How I am getting 1.3% when you said big 6 only give 0.5%
Regular
Interest Rate
0.55%
+
Momentum
Savings Premium
0.75%
=
Momentum Savings Rate
equals1.30%
You need to lock in 5K and have no withdrawals, so it is a de facto GIC. A regular HISA has no such restrictions. Given that inflation is 2%, they are all a bad choice. — Garth
#160 Herb on 06.02.17 at 9:07 am
#161 Invictus on 06.02.17 at 9:07 am
You both cracked me up. Are you sure that you’re both deplorables? I didn’t detect any spelling errors in your replies, and you’re both positively eloquent.
Given your obvious intelligence, how can you both stand listening to Trump’s idiocy?
Ever since the Libs came to power in Ontario with the tree huggers in tow, things on the waste management end have been changing. Specifically the closure of waste transfer stations and landfills.
There is only one left in my area, and it’s essentially 100.00/ton to leave your waste there. It is a private, for profit business with a captive by government force market. Every year the costs go up big. The last time I was there, I had my tandem full of stuff from 3 different households, and it was over $400.00 all in to get rid of the stuff. That was the last time anyone called me wondering when the next time I was planning on gong lol!
I have read left wing tree huggers in the local media crowing about how these closures are a good sign, implying that current policy has eliminated the very need for them, and that the waste levels are somehow lower now because there are less landfills.
Of course, these tree huggers are clearly Portland shoveling airheads spewing nonsense. Some of the most brain-dead writing I’ve ever consumed. Blinders and Dementors attached to frontal lobe are required to write comic section stuff like this.
Out my way where every speck of non household garbage cost big bucks to dispose of – what do you think is happening?
Well, they’re burning it… Doh! Also dumping it out in the back 40. Tires, propane tanks, roofing, construction trash, burn barrel trash by the ton. Everyone out here owns a 3/4 ton. I’ve seen fridges sitting in 10 feet of water, a pile of who knows what of at least 10+ tons sitting out in the bush near an ATV trail.
It was never perfectly clean, but since the lefty tree huggers started making rules, I’m out on my Grizzly 700 dodging piles of junk on the regular. Pretty disgusting, and all thanks to the tree huggers wanting to look like they are actually achieving results.
Well, if making garbage disposal so expensive that people have to resort to 15th century sanitation methods, then I guess the Ontario Liberals and the Tree Huggers have hit a home run…
@Capt. Serious
“If you don’t think setting a 2C increase limit as a target would be helping, I’m not sure there is an argument anyone can make to you that you would accept.”
Here is the counter. Of course a 2C increase limit would help things but the agreement, signed Obama and almost 200 other countries in 2015, committed the US to reducing carbon emissions 26 to 28 percent below 2005 levels by the year 2025.
**Meanwhile China and developing countries receive billions of dollars from the United States but are under no immediate obligation to cut emissions.**
Here’s a great synopsis of the climate change debate.
http://dilbert.com/strip/2017-05-14
The climate changes may be real, but most of the climate change models are contrived or wrong.
The economic models built on even the cherry picked climate models are , euphemistically, unreliable.
But they are sold as accurate and precise.
If Al Gore and his ilk abandon their acquisitions of waterfront property, you’ll know something’s up.
If that scenario unfolds, they can take refuge on DiCaprio’s huge carbon emitting yacht, after driving to the pickup point in a coal-powered Tesla.
#168 Capt. Serious on 06.02.17 at 9:44 am
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Yes. So maybe working with them to try to improve things is a better response than the five year old response of you’re bad and I’m not eating my vegetables.
Great idea. But that is not what Paris is about.
Paris is about penalizing western nations, that have arguably the best environmental standards in the world, and paying loads of money to those who don’t.
No one can even say where the money is even going.
It’s just a transfer of wealth from rich to poor, to soothe the left’s conscience.
If you don’t think setting a 2C increase limit as a target would be helping, I’m not sure there is an argument anyone can make to you that you would accept.
Ah yes the magical 2C limit.
If you can take any one of the scientific models that have been developed in the past 30 years, and use it to actually describe climate change that has happened in the past ,(which is how you can test the validity of any model) then i would be fully prepared to accept the 2C value.
But they cannot. The scientific models are about as accurate as predicting the economy and the weather 10 days from now.
The 2C , Paris does not come close to achieving.
Which, in order to achieve, would require the shutting down of pretty much every automobile on the planet as well as most industrial activity.
Paris is like Kyoto. Great ideals, but no intelligent solutions.
You remember Kyoto right? The agreement that the world praised and loved and that no one decided to actually do anything with.
Kind of like Paris. Except Paris is different in that developed nations are to provide massive amount of cash to poorer nations, with no accountability of funds, no assurance that any of this money will go to actually improving their dismal environmental record.
Oh, and they can continue to spew out their lung choking crap into the air, because they are poor.
I fully support anyone willing to give their hard earned funds away to be lost down the dark hole of charity.
Maybe you should start a gofundme page for this.
If it really is important to you and others in the world, then I expect a huge number of donations to follow.
But to beggar Canada and Canadians because you think that anything we do has any impact when China and India are spewing crap without controls, well it makes you feel good, but it achieves nothing.
Crap economics and crap science.
Show me some real economics and some fair science along with some actual solutions and I will happily buy in.
Kyoto was not that.
Paris is not that.
van may numbers pretty hot.
volume
24% above 10yr avg.
3rd highest may on record
creeping back up to 2016 record levels.
price
detached up 8%
condo 16%
towns 15%
boom
http://www.cbc.ca/news/politics/shared-services-canada-it-gartner-consultants-email-brison-harper-management-1.4143071
U.S. consultants slam Shared Services Canada for failing projects
—————-
where have we heard this before?
#179 James….’Donald Trump and his team are not good for the world economy ‘
Nationalism vs Globalism….which bit of MAGA don’t you understand?
Meanwhile my US weighted RRSP is loving his ‘idiocy’…..
looking for a record to be smashed in my hood.
a new duplex is being drywalled right now.
it’s a very high quality build.
i think they will ask/sell over 2m per side.
#167 conan on 06.02.17 at 9:41 am
China and India, and others had a right to industrialize their respective nations.
Sure they do.
Do they have a right to destroy the planet while doing so?
Do these countries, that have grossly huge populations compared to the rest of the world, have the right to give every one of their citizens the same standard of living as in Canada and the US?
Even if doing so is impossible due to earth resources and sustainability?
Just askin.
You know what the biggest myth in the world is? It is Conservatives like the ones from Reform Alliance, know anything about fixing economies.
So on the one hand you praise capitalism as the most contributing factor to eradicating poverty, and then you segue into a rant on the reform party.
So you trash the Conservatives who are champions of capitalism and free enterprise, individual freedom and personal responsibility all while praising the great ability of capitalism to raise the world.
Talk about sucking and blowing at the same time.
You need to lock in 5K and have no withdrawals, so it is a de facto GIC. A regular HISA has no such restrictions. Given that inflation is 2%, they are all a bad choice. — Garth
———————-
I don’t remember there being withdrawal limit or locking 5K. Scotiabank’s financial advisor said that I can move money to my current account or any other Scotia account at any time without a fee.
Scotia Momentum saving account – http://www.scotiabank.com/ca/en/0,,8811,00.html
Under account details it mentions this —
Number of debit transactions –> Unlimited transfers to Scotiabank accounts using Scotia OnLine, Mobile Banking, ABM, TeleScotia and Customer Contact Centre. $5 for all other debit transactions
I just want to keep some money in Savings account so that I don’t spend it and is available for immediate use if the need arise.
Do you think the financial advisor lied to me? If this is some sort of GIC then she better have some explanation for me. I made an appointment.
The minimum is $5,000 and you lose the ‘bonus’ interest if any money is moved within a 90-day period. We are wasting words on an account that pays you $65, fully taxable, in an entire year on five grand. End of thread. — Garth
look for costco to pass 200/share soon.
Now don’t get me wrong I’m not a tree hugger but there really is something to Man made Climate change. I think we all should do our part and I may no agree whole heatedly with the Paris Accord. That is all that it is, “an Accord”, an agreement, nothing binding. Anyway these guys either know something that we do not know or have a greater plan. Not just any nobodies on this list.
WHO’S OUT:
• Disney CEO Bob Iger: “Protecting our planet and driving economic growth are critical to our future, and they aren’t mutually exclusive … I deeply disagree with the decision to withdraw from the Paris Agreement.”
• Tesla/SpaceX CEO Elon Musk: “Climate change is real. Leaving Paris is not good for America or the world.”
WHO’S STILL IN:
• Walmart CEO Doug McMillon: He was vocal in his support of the climate deal before Trump’s decision. His spokesperson told the New York Times he’ll remain in the council.
• Intel CEO Brian Krzanich: He told CNBC today that he would stay on.
• General Motors CEO Mary Barra
• IBM CEO Ginni Rometty: Company said in a statement that it “supported — and still supports — U.S. participation in the Paris Agreement.” Rometty will stay in council.
• JPMorgan CEO Jamie Dimon: “I absolutely disagree with the Administration on this issue.” But said he will remain on the council.
• Dow Chemical CEO Andrew Liveris: He was among the leaders pushing Trump to stay in the deal.
• BackRock CEO Larry Fink
• International Paper CEO Mark Sutton
• Dell CEO Michael Dell: The company’s VP of corporate responsibility wrote today that “climate change is adversely affecting our planet … we have to own our part of it.”
• Boston Consulting Group CEO Rich Lesser
• Corning CEO Wendell Weeks
• Alliance For American Manufacturing President Scott Paul
#187 More Deplorability on 06.02.17 at 11:58 am
#160 Herb on 06.02.17 at 9:07 am
#161 Invictus on 06.02.17 at 9:07 am
You both cracked me up. Are you sure that you’re both deplorables? I didn’t detect any spelling errors in your replies, and you’re both positively eloquent.
Given your obvious intelligence, how can you both stand listening to Trump’s idiocy?
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Infinitus est numerus stultorum.
My god I forgot that I just read “The Last Trump” by Isaac Asimov again last night for shits and giggles. How prophetic? Here is the plot summery. Perhaps fodder for SM to ascribe to being as great a writer as Isaac Asimov was.
By order of the Council of Ascendants and approved of by the Chief, it is decided that the Day of Resurrection is due on Earth, despite the protestations of Etheriel, a junior Seraph with responsibility for the world. Whilst he seeks an audience with the Chief to plead for a stay of execution for “his” planet, the Last Trump is sounded, and as of January 1, 1957, time comes to a stop on Earth.
A mysterious figure known only as R. E. Mann (a pun on Ahriman, the Persian name for Satan) makes his way across the world, seeing what has happened in the Hereafter and pleased with it. All the dead are coming back to life, naked and uncaring. He meets a former professor of history who observes that the people have indeed been judged and are not in heaven but hell.
Etheriel has his meeting with the Chief and argues that the date January 1, 1957, unqualified, is meaningless and that therefore the Day of Resurrection is meaningless. The Chief agrees and declares that it will come only when all the peoples of the Earth agree on a common date (which, given the wide variety of cultures on Earth, is extremely unlikely to ever occur). The world is instantly restored to normality.
“We (UN-IPCC) redistribute de facto the world’s wealth by climate policy….One has to free oneself from the illusion that international climate policy is environmental policy. This has almost nothing to do with environmental policy anymore”
– Dr Ottmar Endenhofer, IPCC co-chair Working group 3, Nov 13-2010 interview.
May Van RE sales numbers….
“The board says residential property sales totalled 4,364 in May, a leap of 22.8 per cent over the 3,553 homes sold one month earlier.
May’s numbers are about 10 per cent lower than sales recorded in May 2016, but a news release from the real estate board notes properties were changing hands at an all-time record one year ago.
It also says sales last month were 23.7 per cent above the 10-year May sales average and the third-highest selling May on record, despite a 15 per cent foreign buyers tax imposed by the B.C. government last year.
Board president Jill Oudil says sales are inching closer to the record-breaking pace of 2016, but she says the market this year is being driven by a demand for townhomes and condominiums, rather than single-family homes.
The composite benchmark price for all residential properties in Metro Vancouver is currently $967,500, an 8.8 per cent increase over May 2016 and a 2.8 per cent increase compared with April 2017.”
http://www.news1130.com/2017/06/02/real-estate-experts-say-vancouver-home-sales-edging-back-toward-record-levels/
—————————————
Flop # 105,
“For some reason the media in Toronto seems a little bit more open to the possibility of a correction,here it seems to be a no-go subject…”
These May stats seem to explain the lack of negative media in Van.
It does not appear to me, that the sky is falling on Van RE, not that you ever made that claim.
Victoria Real Estate Market Sees Slow Increase in Inventory
June 1, 2017 – “This month we have seen an increase in inventory – which means that buyers have more choice – and it means that now in some areas sellers are competing for buyers,” says 2017 Victoria Real Estate Board President Ara Balabanian.
There were 1,896 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2017, an increase of 12.2 per cent compared to the month of April, but 21.2 per cent fewer than the 2,406 active listings for sale at the end of May 2016.
“some areas sellers are competing for buyers”
“some areas sellers are competing for buyers”
“some areas sellers are competing for buyers”
“some areas sellers are competing for buyers”
“some areas sellers are competing for buyers”
.
.
.
.
Re: #47 Andrew t on 06.01.17 at 8:01 pm
#29 DC on 06.01.17 at 7:15 pm
“Ark market” ? Please don’t tell me you believe in global warming.
—
Global warming, climate change, whatever you want to call it, is not something to believe in, like Santa Claus.
It’s scientific fact, and it’s also not particularly difficult to grasp the concepts behind the deduction of man-made greenhouse gas emissions and its effect on worldwide climate. Kinda like if you run head first into a brick wall you’ll injure yourself. Science.
This was dreamed up in 1970s by Maurice Strong (former Canadian politico who ended up in China after being implicated in a million dollar bribe to himself involving the Oil for Food Program).
Don’t be fooled….
Jesse Ventura Global Warming FRAUD Maurice Strong Carbon Dioxide Tax Cap and Trade System NWO:
https://www.youtube.com/watch?v=tMkqozFqT0g
http://www.globalresearch.ca/climate-change-is-the-carbon-tax-the-death-of-democracy/32024
James,
The group looks pretty average to me compared to the demographics of this blog if my memory serves me. Should their opinions matter more because their bank accounts are bigger?
Bob Iger – BS in Television and Radio
Elon Musk – BS in Physics
Doug McMillion – BS, MBA
Brian Krzanich – BS Chemistry
Mary Barra – BS Electrical Engineering, MBA
Ginni Rometty – BS Computer Engineering
Jamie Dimon – BS Pyschology, MBA
Andrew Liveris – BS Chemical Engineering
Larry Fink – BA Political Science, MBA
Mark Sutton – BS Electrical Engineering
Michael Dell – Pre-med, didnt finish
Rich Lesser – BS, MBA
Wendell Weeks – BS, MBA
Scott Paul – BA Politics, MA Securities Studies
RE – prices in Van are still as high as they have ever been
Climate Change – listened to a great show with Joseph Olson on Coast to Coast am. The brainwashed public on this subject is simply stunning. Climate Change is the Fakest of all the Fake News out there right now. Do your own research and stop listening to these talking heads that spout “99,000 scientists say….” when most of them are know absolutely nothing about climate or thermodynamics. Dr Tim Ball is also another great resource.
#191 AB Boxster on 06.02.17 at 12:27 pm
________
Excellent.
So CEOs are all in support of protecting the environment. But aren’t they the same people who live the most environmental-unfriendly life style by having huge houses, big cars, several wives including ex-wives? I bet the CEO of GM probably uses 50 times more energy than an ordinary GM worker. Good thing that this is America, not Russia or communist China. A CEO has only one vote just like everyone else.
And the American people selected Trump.
Holy hell some of you are obsessed with US politics. Project insecurity much? We’ve got more than enough issues and discussions that need to take place about Canadian politics – so why not take that to reddit? There are so many willing plebbits to argue with for days and weeks on end. It’s getting tiring scrolling past comments about Trump and the Paris Accord on a Real Estate/Investment Portfolio-related blog.
To get back on track, it’s interesting being in the hinterlands of the Golden Horseshoe and seeing RE prices freeze and begin to drop. I’ve been following most of cottage country in the Kawarthas and it’s funny seeing that trick of listing, pulling the property, and re-listing to re-set the price/days on market. Shameless. Some of the more upmarket cottages and summer homes on Stoney Lake have done this a few times. Crazy times and loving my rental arrangement. Wife is fully on board as our savings grow. :)
Again, much appreciated to those who provide quality info on RE and portfolio management. Sadly, some days the comments section here is becoming a swampy mess. Rant over.
#86 mark
not sure your are aware but the TN in tn visa stands for trade NAFTA if the agreement is scrapped the TN VISA is also gone, you might be able to transfer to a I-94 but not likely
take that bc socalists! the alberta socialists will stomp you.
———–
http://www.vancouversun.com/news/politics/braid+pipeline+dispute+alberta+ways+tough+with/13417201/story.html?iframe=true&theme_preview=true
B.C. Green Leader Andrew Weaver says Alberta should “get with the program” and move away from oil and gas.
OK, let’s do it.
The first step would be to stop shipments through the existing Kinder Morgan pipeline to the B.C. Interior and Lower Mainland.
Almost 90 per cent of the fuel for Vancouver and the southern coast comes out of that pipeline, either as gasoline or crude to be refined.
Kinder Morgan is also a major supplier of gasoline to Kamloops and the wider interior. In a separate operation, the company pipes jet fuel to Vancouver Airport.
Imagine the progress if all that was cut off — car-free streets, silent skies, parked transport trucks, happy strolls to pick up the kids and the groceries. Such a blessing!
The Alberta government could actually do something like that. In fact, it already has.
Since at least the 1970s, the province has had authority to prohibit shipments of energy products outside the province.
Former PC premier Peter Lougheed once cut the volume of crude oil sent to eastern refineries, as part of his epic battle with Ottawa over control of the industry.
Energy Minister Don Getty, later the premier, stopped signing permits for natural gas going down the pipeline to Ontario refineries.
It was a protest against federal policy that discouraged refining in Alberta.
…
Weaver and his NDP collaborator, John Horgan, are messing with a province that has heavy weapons and a long history of using them. And the truth is, the power balance is heavily tilted toward Alberta.
Just as Alberta is landlocked, B.C. is in a way sea-locked. Most B.C. products going to the rest of Canada pass through Alberta.
The B.C. NDP and Greens show no respect for the new Canadian Free Trade Agreement. They invite retaliation against shipments of wine, lumber and scores of other products.
But B.C.’s main vulnerability is oil and gas, the very industry Weaver and Horgan want us to blithely leave behind.
Kinder Morgan is the only Canadian pipeline that transports “batches” of petroleum products — crude one day, gasoline the next, maybe bitumen after than. This unique variety, and the fact that it’s the only coastal pipeline, makes B.C. heavily dependent on Alberta’s complex industry.
if the banks are whipping the appraisers in line as would seem to be the case take the 30% below street and the assumed 20% a purchaser has down the math seems to indicate that the banks are making provision for a possible 50% correction before they get caught
Vancouver’s market back on fire! I seem to remember that the market was tipping over last summer and sales plunging in 2016 and 2017 and a 10% drop in prices in April, year over year.
I also remember some posters like ‘rates vs capital’ saying the market was heating up again and to watch the May results.
http://vancouversun.com/news/local-news/greater-vancouver-home-sales-return-to-almost-record-levels-in-may
#196 AB Boxster on 06.02.17 at 12:40 pm
“So you trash the Conservatives who are champions of capitalism and free enterprise, individual freedom”
You need to take a magnifying glass to your own Party. Perhaps enter politics yourself, and fix whatever abomination developed from Reform Alliance.
I like Conservatives, but they need to be progressive, and non- secular. They are called the Liberals in Canada.
Stevie broke the Conservative Party. Good luck fixing it.
“I can hear the “happy housing crash” guy already.”
Me too! I like Happy Housing Crash guy.
Unreal. She messed up and now it’s someone else’s fault.
True lefty lunacy.
I destroyed my career, I owned up to it. No one’s fault but mine.
http://www.dailymail.co.uk/news/article-4566964/Kathy-Griffin-claims-Trump-family-ruined-life.html#v-2512862751628935327
Ps Free Invoices system for all. Bring it Quick Books
http://www.bestinvoice.biz
Goodbye Nato
http://www.breitbart.com/environment/2017/06/01/europe-united-states-drop-dead/
House prices in the lower mainland
East Van detached up 9.6% versus last year.
Van West detached up 9.3% versus last year
Burnaby south detached up 9.4% versus last year
Based on MLS HPI :
Burnaby detached down 1.5% over last 6 months.
Van East down 2.8% over last 6 months.
Van West down 2.1% over last 6 months.
it all depends on your viewpoint.
In the Vancouver area, listings are up but sales are down, year-over-year (page 8).
http://www.rebgv.org/sites/default/files/REBGV-Stats-Package-May-2017.pdf
If 50% of sales are due to first time buyer incentives (32.2%) and domestic speculation (18.5%), what happens if the incentives stop, and the speculators get spooked and leave the market like they did in Toronto?
http://www.rebgv.org/sites/default/files/HB%20description.png
http://www.rebgv.org/insights-rebgv-market-polls
#199 James on 06.02.17 at 12:49 pm
muks is out after getting almost 5 Billions in form of gov. grants and subsidies.
Before inauguration he met trupm multiple times, i bet you that his business is relaying very heavily on thet accord to sell its product.
Personally i think he is ok (muks), but to think that he puts planet interest before his company to me is funny.
He borrowed a page from stives book and doing same thing, but its not gonna be that long before teslas or other electric car for that matter, become new pinto. hes company might be ok for now because there is just not enoug teslas on a road.
he talks about hes spacex sending two paying customers to moon, but he is not saying that gov will foot a bill.
http://bgr.com/2017/05/18/tesla-gigafactory-union-jobs-elon-musk/
According to the report, Tesla has a “culture of long hours under intense pressure, sometimes through pain and injury, in order to fulfill the CEO’s ambitious production goals.” Fatigue seems to be the number-one problem, as workers described colleagues working for so long that they simply passed out. “I’ve seen people pass out, hit the floor like a pancake and smash their face open,” a production technician said.
note
note 5mil sq foot cant produce 1mill car a year tey’ll be lucky if they get 500-600k and only if they move car side ways so they shorten transfer time between cycles, and thet spend twice as much on oquipment as thet already did.
#194 Deplorable Dude on 06.02.17 at 12:36 pm
#179 James….’Donald Trump and his team are not good for the world economy ‘
Nationalism vs Globalism….which bit of MAGA don’t you understand?
Meanwhile my US weighted RRSP is loving his ‘idiocy’…..
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The part where only panders to his base. MAGA is baloney and we all know it. Trump is not bringing back tens of millions of jobs that have off-shored due to low cost wages. Those jobs are gone, gone, gone. I believe America is in for an epic crash if they can not deal globally. They are becoming isolationism based nation again with him at the helm.
#215 conan on 06.02.17 at 2:02 pm
#196 AB Boxster on 06.02.17 at 12:40 pm
“So you trash the Conservatives who are champions of capitalism and free enterprise, individual freedom”
You need to take a magnifying glass to your own Party. Perhaps enter politics yourself, and fix whatever abomination developed from Reform Alliance.
I like Conservatives, but they need to be progressive, and non- secular. They are called the Liberals in Canada.
Stevie broke the Conservative Party. Good luck fixing it.
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Why are you so afraid to admit that you are a leftist?
And what’s with your hatred of Westerners (“Reform/Alliance”….as if that was a bad thing and as if they’ve been around the past 13 years…)?
I prefer classical liberalism over illiberal progressivism. The party that comes closest to that is the Conservative Party, be it federally or certainly provincially in Ontario.
RE #210 Smoking Man on 06.02.17 at 2:32 pm
I think you have to redo the microphone work in your videos. I can not hear you at all. You might have mute on, or perhaps your microphone sucks.
Sucks like Trump : )
http://i.imgur.com/xvsng0l.mp4
#187 More Deplorability,
I’ll let you know why I can stand Trump’s “idiocy.”
I only knew the man from the clips advertising his Apprentice “reality” show and I was so impressed I was never even tempted to watch an episode. Beyond that, I only knew him as the rich blowhard described in the media.
His running in the election struck me as a joke, so I tuned in to some of the speeches during the primaries and the actual campaign. I also saw what the media were saying, and started to wonder if they were reporting on the same things I had seen. It struck me early in the game that there was a hatchet job in progress, and only against Trump, Clinton basically getting a pass if not a push.
Listening to his “Contract with Voters”, I thought there was a man who diagnosed some of the problems faced by Americans behind the power curve, who proposed solutions, and cast his platform in concrete in an easy-to-follow checklist. Obviously enough people believed him to get him elected. Then came the “idiocy” of his inauguration address and proof that he meant what he had said in the campaign.
I have less of a problem with Trump’s “idiocy” than I have with the idiocy of the media picking flyshit out of pepper in anything Trump says or does. I get it, the candidate favoured by the establishment did not win, but straight partisanship alloyed with malice should have no place in politics, nor in broadcast or print journalism, or the “social” media, for that matter. Forget the death by a thousand media cuts and impeach the SOB if there are grounds, but no draft articles of impeachment have been leaked so far, only any number of nebulously-attributed allegations.
This will give you the general idea. I could continue with the alleged treasonable dealings with Russia (I do wish that people tooting that horn had actually read the Logan Act), or what he said on foreign policy (inconveniently, Trump is right on many points), but you get the drift.
Happy to revise my opinion if someone gives me reasonable grounds for doing so.
“… which bit of MAGA don’t you understand?”
All of it! Explain to me what Trump means (and what you mean) by making America great again! When will you know that Trump has made America great again?
America has always been great, genius! What makes it great is its democracy and its constitutional safeguards, such as three co-equal branches of government, and freedom of speech, press, worship, elections, movement and association. Trump is doing all he can to undermine these safeguards and freedoms.
“I alone can fix it,” said Donald Trump. What rubbish! Sheer demagoguery!
#130 Polozi Scheme
Excellent Macleans article well worth reading for anyone on here.
The Foreigner people and money are real and it is an established long term trend ( and i can’t blame them ) and so far any attempt to stifle it has at best been a hiccup.
So when this hiccup gets resolved and cleared, the trend is more than likely to continue.
For all the real estate purchased so far by Foreign money, i would doubt that there has been little if any net liquidation so that would indicate the pool of future available properties coming to market over time ought to be less and less.
The same thing is going on in many Western countries right now. It’s almost like a slow motion hyperinflation.
But maybe it’s just as much because there are less and less meaningful paying jobs as well as the high cost of living and taxation in this country that precludes a lot of Canadians to get on their own and get settled.
I don’t know how or when this ends but it sure is ugly for a lot of people on the outside looking in.
And i have some of my family in that position and perhaps their only salvation is likely smaller communities where there is more fundamental balance in housing costs. And there is nothing wrong with that.
The rebgv has their take on things but I always find this section interesting.
If you have a look on page 8 of that report there are a couple of numbers that jump out at me…
M42BC
Sales y.o.y detached
– 47.9% West Vancouver
-38.9% Westside Vancouver
– 36% Port Coquitlam
-31.5% Burnaby
-17.7% Eastside Vancouver
-29.6% Richmond
Greater Vancouver average = – 34.5%
It beats me. Vancouverites knowing full well that NDP-Greens are hell-bent to pop the bubble, why pay top dollar for real estate?
If I was in the market to buy a house now (I won’t, I am sane) then I would let the dust of this election settle first before making a decision. These people are either knowingly taking huge risk or simple don’t follow news (or read this blog)
Is it really different in Vancouver ?
china solar sea
https://cleantechnica.com/2017/05/26/china-activates-worlds-largest-floating-solar-power-plant/
This is What 4 Million Solar Panels Look Like From Space
http://www.climatecentral.org/news/china-solar-farm-satellite-21182
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what is the extra $58billion for taxpayers?
100barrels/year (dod)
“the military is on a tether” Trump’s Secretary of Defense, Jim Matti
…” the Pentagon also reported to Congress in 2015 that the droughts and floods caused by climate change pose a security threat – contributing to foreign political and economic instability that could require substantial troop deployments.”
http://www.reuters.com/article/us-usa-military-green-energy-insight-idUSKBN1683BL
Noted on twitter: https://twitter.com/JamesAddison/status/870729254555734016
Canadian real estate is a ‘resource curse’ – if the people throwing money at real estate appreciation schemes instead used it to start/invest in businesses, the economy would have a far better foundation.
The above quote is from Niall Ferguson’s “The Ascent of Money” (see http://www.niallferguson.com/publications/the-ascent-of-money) – I highly recommend reading it.
All the local news papers in Vancouver have headlines of almost record sales in May
Really?
Offshore haven moves to restore reputation by closing Harris Organization
By Paul Lashmar Saturday 21 October 2000 23:00 BST
see – 2016 -icij panama papers which seem to dispute that image.
Friday, May 26, 2017
Texas Woman Pleads Guilty to Using Offshore Accounts in Panama to Conceal More than $1.3 Million from the IRS
A resident of College Station, Texas, pleaded guilty today to conspiring to defraud the United States by using offshore accounts in Panama to conceal more than $1.3 million in royalty income that she earned from oil wells, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division.
According to documents and information provided to the court, Joyce Meads, 73, admitted that she filed false 1997 through 2009 individual income tax returns, omitting more than $1.3 million in royalty income that she received from oil wells. From approximately April 1997 through April 2010, she conspired with offshore promoters to disguise this income, setting up nominee companies in Delaware and Panama in the name of W.G. Holdings Corporation and transferring her interest in the oil wells to the nominee entity in Delaware. Meads’s monthly royalty checks were issued to W.G. Holdings. For approximately a decade, Meads had her royalty checks sent to a Miami post office box where they were picked up, couriered to Panama and deposited into her nominee accounts. Meads repatriated funds by disguising them as scholarships or loans from W.G. Holdings to herself. She later transferred the funds to bank accounts in her own name or her mother’s name. Meads admitted that she caused a tax loss of more than $250,000. Two of the promoters who assisted Meads, Marc Harris of The Harris Organization, Republic of Panama, and Boyce Griffin of Offshore Management Alliance Ltd., Republic of Panama, have also been convicted of conspiracy and other charges and were previously sentenced to prison.
“For more than a decade, Joyce Meads attempted to conceal her income from the Internal Revenue Service (IRS) by assigning it to a nominee entity and stashing it offshore,” said Acting Deputy Assistant Attorney General Goldberg. “As today’s plea makes clear – the days of safely hiding your money offshore are over – the Department continues to work with its law enforcement partners to find and hold accountable those who seek to evade paying their fair share of taxes.”
https://www.justice.gov/opa/pr/texas-woman-pleads-guilty-using-offshore-accounts-panama-conceal-more-13-million-irs
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From offshore alert David Marchant
A 73-year-old Texas resident – Joyce Meads – has become the latest client of The Harris Organization to be convicted of tax fraud – nearly 17 years after the Panama-based group collapsed.
1998
“Octopus”
https://www.bloomberg.com/news/articles/1998-05-31/marc-harris-tax-haven-whiz-or-rogue-banker
Panama shuts UK-linked group
#218 Smoking Man on 06.02.17 at 2:44 pm
Goodbye Nato
http://www.breitbart.com/environment/2017/06/01/europe-united-states-drop-dead/
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Hello new nato
https://www.washingtonpost.com/news/josh-rogin/wp/2017/05/17/trump-to-unveil-plans-for-an-arab-nato-in-saudi-arabia/?utm_term=.4434eafded4e
Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter. — Thomas Jefferson
I somewhat reluctantly have to agree with The Donald on pulling out of the Paris Climate Farce. It has little or nothing to do with climate change, much more to do with an enormous wealth grab, and the critical issue of surrender of national sovereignty. Who would want those un-elected bozos at the UN running things? Remember the Iraqi ‘Oil for Fraud’ deal brokered by the UN? The Paris deal would have made that pall by comparison.
#223 Howard on 06.02.17 at 3:19 pm
“And what’s with your hatred of Westerners”
I don’t hate them. I have lots of friends from the West, and down to earth comes to mind. I just don’t like the Federal government that came out of Alberta.
Leftist, can you define that? I believe in capitalism and free markets, but there comes a time when government has to intervene. I also believe that government can be a positive influence on the Nation and its people.
Private industry is awesome, but they won’t do stuff that is too risky, even though it needs to be done, and that is where government comes in.
No way we were going to the Moon, in the 1960’s, if not for government. There are countless examples like that where it is government, that gets the ball rolling.
There was no ball rolling with Harper. Lots of fear though.
Insert fish bowl meme here.
#215 conan on 06.02.17 at 2:02 pm
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So the Liberals are non-secular?
Do you have a clue what your write?
https://www.quora.com/What-is-the-difference-between-secular-and-non-secular
Progressivism once meant something far different than it does today.
If progressivism today means:
-recognizing 67 different gendres – (more to come)
– the importance of personal pronouns
-still believing that women are oppressed in the workplace
– believe that you are living in a rape culture
-believe in the concept of ‘white priviledge’
– believe in the concept of microaggressions
– believe in the validity of trigger warnings
– believe that ‘safe spaces’ are important
-believe that up until a child take its first breath it is ok to terminate its life
-believe that its OK to be violent against those whose ideas you do not agree with.
– believe that you have moral superiority over those who hold religious convictions (you know that most muslims have very strong religious convictions right?)
If that is progressivism today, then you can have it, and welcome to it.
May was “party on” month for Vancouver RE because Christy supposedly had the election in the bag.
Heck, she even celebrated her small lead and never considered the possibility of a coalition government. That was a huge mistake! The forming of coalition governments is very common in other jurisdictions, ie European parliaments.
So there, Van specuvestors. Y’all bought more property than you can chew on because your darling Christy thought she had it in the bag.
Watch for June and the rest of summer to unravel.
Christy’s program to subsidize the downpayments for first time home buyers has capped the market at 750k pretty much. Properties that are worth 500k will be sold for 750k because of government intervention. Properties worth 850k are languishing on the market unless they go lower.
That’s a complete distortion of the market as there are no incentives to support those wanting to trade up.
Anyway, let’s wait when the political dust settles and specuvestors are getting spooked by NDP/Green home offloading “incentives” to get the market rolling down hill.
One good month with lots of political windbagging does not make an annual sales statistic.
Van RE is overpriced 50% because of real issues such as lack of investment and lack of economic prospects.
#238 AB Boxster on 06.02.17 at 5:53 pm
oops, I meant secular, it is an easy term to f up, My bad.
what else are you talking about here? I don’t understand any point except for the abortion one. Me, I think the abortion issue has been settled in the Supreme Court. I respect the rights of women. Whatever they think is correct in this regard, is the way to go.
“If progressivism today means that it’s OK to be violent against those whose ideas you do not agree with, then you can have it, and welcome to it.”
Are you referring to the violence (including attacks against reporters) occurring at Trump rallies in 2016? I’d hardly describe Trump as a bastion of progressivism. Or have I missed your point entirely?
Paris was another obama farce……Trump did the right thing.