The unforgiven

Dave runs an independent real estate brokerage northwest of the Big Smoke. “More blog fodder for you to consider,” he wrote yesterday, “not that you are short on topics.” Got that right.

“I just connected with someone looking to sell their assignment in Rockwood.  A bit worried at the prospect of owning 2 homes – I could hear it in their voice.” That place contains about 12,000 people, lies between Brampton and Guelph and is one of those glorified crossroads that morphed from sleepy agrarian hamlet to bedroom commuter town stuffed with people who moved there only because newly-built houses cost less than down the road. Yes. Lost its soul. Now a worse fate.

“This got me looking at what’s for sale,” Dave says, “and it seems that about 30% of the inventory there is either brand new or listings being sold by assignment. I won’t bore you with all the links to all the listings etc – but approximately 12 of 40 active listings on the market in Rockwood are either “brand new/never lived in”, or assignments. Lots of these listings are out of town agents – likely with speculating “investors” hoping to cash in as the market went up forever.

“I have my popcorn ready.”

This is an interesting, hayseed microcosm of what’s happening in both the GTA and the LM. Two and three years ago, back when everyone was house horny, mortgages were 2% and Justin Bieber was entering puberty, homebuilders were deluged with business. Houses planned for farmers’ fields sold from plans for big bucks to people convinced they could flip them for a massive profit, or that this was their last chance to own property.

Both assumptions, we know now (and this pathetic blog warned), were bunk. FOMO was a false emotion. And real estate values were destined to correct when rates rose, regs changed and prices breached sanity. While politicians and media were blaming guys from China for the house lust around us, the real drivers were ‘average’ confused families shoveling their whole net worth into houses they couldn’t actually afford.

So here’s a result – a third of the listings in one place, all newly-built, being panic-sold. Soon Rockwood could be renamed Vultchville. Great bargains if you commuting. And sheep.

A year ago assignment sales were the rage, especially with condo units in Toronto, Vancouver, Victoria, Ottawa or Montreal. The idea was simple – line up for a pre-construction unit, make the minimum down payment, ensure there was an assignment clause in the offer to purchase, wait two years until the building was erected, then sell the paper for a fat profit to a new fool who would actually go on to close the transaction. Tax? Not a chance.

Assignments are perfectly legal in most places, but caused a furor in BC, where they were darkly labelled “shadow flipping.” Homeowners selling for outrageous profits were horrified to learn their contracts were resold prior to closing to another party, who actually paid more. Being greedy and shallow, they felt the additional profit should be theirs, not the middleman who brokered the assignment (and took the risk). Incredibly, the government agreed.

Well, the practice is backfiring, as Dave attests. Thousands and thousands of assignments are for sale, with thousands more to come. Lots of condo buyers who thought they could rent out new units while reaping gains from escalating prices now face multiple obstacles. Prices have stalled and will likely decline. Rents often don’t cover even basic ownership costs (four in ten amateur landlords in the GTA are in negative cash flow). And rent regs are ridiculous. Even if a tenant’s lease ends you cannot toss them out – despite the fact you’re moving in – without paying them money or finding them new digs.

Now, what about tax?

Odds are all of those Rockwoodian speckers and flippers, if they do sell and make some money, will be unhappy at what happens next. Any profit must be added to their salary, wages or business payments and be 100% taxed as income. They may have bought the property as an investment, but the reduced capital gains scenario will not apply to a house (or condo) that generated no rental income. And even if they move in for a year and try to sell it as a principal residence – no tax – the CRA will squish them. The general rule of thumb is five years of ownership with at least 24 months of personal occupancy. But Ottawa can do what it wants.

Now just imagine if Jagmeet is the next prime minister.

126 comments ↓

#1 Shawn Allen on 05.25.18 at 4:39 pm

The Edmonton Job Market is doing well

A certain well-paying government agency in Edmonton has just lost several employees to other employers (some private some government).

These were people in “permanent” government positions with full benefits, leaving for better opportunities.

The job market in Edmonton has really picked up since the depth of the recession that bottomed aground October 2016. It may not be boom times but things are fairly busy and improving in Edmonton.

Maybe house prices will still decline in Edmonton with the stress test and higher rates but in general there should be no fire sales.

#2 Concerned NDP voter on 05.25.18 at 4:41 pm

OT:If NDP wins how long would it take them to pass some of their crazy ideas? Like minimum wage of $15? Can’t seem to get the answer on Google. Garth? Anyone?

#3 NoName on 05.25.18 at 4:54 pm

#233 James on 05.25.18 at 3:47 pm
#227 NoName on 05.25.18 at 3:15 pm

#222 Conn Smythe on 05.25.18 at 2:54 pm
#177 Crowdedelevatorfartz

“My head was still spinning from your 27 posts yesterday…..”

Sorry for the head spinning. Off to the cottage and some 15 year old Scotch for the weekend. You will get a respite from my posts! Have a great weekend blog dogs!

Hard to find those around without breaking a bank, What 15 y/o scotch
________________________________________
Amateurs, phffftt 15y/o is for newbies, talk to me when your hitting 35-40 y/o. Better yet try The Macallan In Lalique 65 Year Old. Worth the price.

James, i am just working poor-ish, i gets all excited with getting some decent blend, or non age statement.
All neighbourhood knows when i come home with 12 y/o age statement single malt…

But i’ll tell you what ill be making mead in a week ao two, so we can make trade, ill give you gallon of homemade mead for any taster older 15y/o. What say you?

#4 Q on 05.25.18 at 5:01 pm

Q Anon….

29,000 sealed federal indictments in the US since October/17

#5 Stan Brooks on 05.25.18 at 5:03 pm

But Ottawa can do what it wants.
……
with the stupid sheeple that is left under management.

#6 Kikuyu on 05.25.18 at 5:04 pm

Hi Garth! Would you buy a 2000 sq. feet townhouse in Richmond, BC for $1,780,000? Somebody did!

36-10388 No. 2 road

Isn’t this insane?? Stress tests don’t matter because this sold in April 2018!

#7 Lawnboy on 05.25.18 at 5:08 pm

“ Never bite the face that feeds ya!”

#8 Bibi on 05.25.18 at 5:08 pm

Ich bin fürst. Numero uno!
By the way, never heard of Rockwood. Sounds like typical North American backwater. Why would anyone want to live there.

#9 Reximus on 05.25.18 at 5:18 pm

Thousands and thousands of assignments are for sale, with thousands more to come.
——

I’m curious: how does anyone know what that # is…i.e. where did you get that info?

#10 FOUR FINGERS WATSON on 05.25.18 at 5:19 pm

Odds are all of those Rockwoodian speckers and flippers, if they do sell and make some money, will be unhappy at what happens next. Any profit must be added to their salary, wages or business payments and be 100% taxed as income.
………………………

……but here’s the rub : Ottawa has to catch you first. People have been getting away with this for more than a decade, and I haven’t heard of anyone getting caught. Quite the contrary, people brag about it. Is there a statute of limitations and can Ottawa actually catch anyone who doesn’t report the gains ?

#11 bsallergy on 05.25.18 at 5:21 pm

Sigh.

#12 kommykim on 05.25.18 at 5:21 pm

RE: #3 Concerned NDP voter on 05.25.18 at 4:41 pm
OT:If NDP wins how long would it take them to pass some of their crazy ideas? Like minimum wage of $15? Can’t seem to get the answer on Google. Garth? Anyone?

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

Probably quicker than it is taking the Dotard to build his wall.

#13 Jagmeet on 05.25.18 at 5:34 pm

He is another actor who stages events, and hoops the memberships to win a convention. His family lived in Windsor with several public and private high schools, but instead he went elsewhere. He ended up at an elite high school in Michigan that one pays an expensive tuition to attend. Canada was not good enough for him. He tied the knot in Mexico at a private ceremony because Canada was not good enough for him. He came back in a short time, and nothing in the MSM about the honeymoon, as they were not invited. I have two videos of this private event, and you wouldn’t believe it all. In the meantime he searches the country for a seat that he can rig for a win.

#14 Shawn Allen on 05.25.18 at 5:38 pm

Does the Private Sector Subsidize the Government Sector?

Blacksheep said in a response to me:

So group B) [private sector] generates the gross revenue to provide for their own needs / wants and then is forced by law, to cover any and all funding shortfalls that occur when group A) [government sector] provides the necessary services of a modern
society.

*************************************
Just so I am clear, is the shortfall (you also call it a subsidy) the entire cost of government employees or just the part related to deficits or what?

Blacksheep also said:

“It shouldn’t be group B) against group A) It should be groups A and B united, demanding equal taxation of ALL citizens and responsible fiscal governance. ”

**********************************
I totally agree with that. As you say there are some high income earners and business people hiding income off shore. And the half-off rates of tax for capital gains and the favorable tax on dividends may have to be looked at as well. There is nothing sacrosanct about the exact level of favorable tax breaks to certain activities. ANd there is government waste to trimmed.

#15 Manny on 05.25.18 at 5:41 pm

Macquarie thinks housing will drag Canada into a recession as bad as the financial crisis in two years — and that’s the best-case scenario

http://business.financialpost.com/news/economy/unprecedented-reliance-on-housing-fuels-canada-recession-call

#16 Bibi on 05.25.18 at 5:53 pm

#2 Shawn Allen on 05.25.18 at 4:39 pm

Maybe house prices will still decline in Edmonton with the stress test and higher rates but in general there should be no fire sales.
——————————————————————–
Who cares about Edmonton? The place is in the middle of nowhere. You couldn’t pay me to live there.

#17 Uncle Bob on 05.25.18 at 5:55 pm

I don’t believe there is a statute of limitations when it comes to tax fraud.

#18 Democracy Is Mob Rule on 05.25.18 at 5:55 pm

#13 kommykim on 05.25.18 at 5:21 pm

Probably quicker than it is taking the Dotard to build his wall.

——————————————————————–

It took a long time to build the great wall. Now it is a tourist attraction.

https://en.wikipedia.org/wiki/Great_Wall_of_China

“Today, the Great Wall is generally recognized as one of the most impressive architectural feats in history.”

#19 Reximus on 05.25.18 at 5:55 pm

#11……but here’s the rub : Ottawa has to catch you first. People have been getting away with this for more than a decade, and I haven’t heard of anyone getting caught.

====

Tax evasion is now part of the anti-money laundering act…(PCMLTFA, and it has teeth) and you definitely should shut up about it

#20 For those about to flop... on 05.25.18 at 5:59 pm

To the person that tried to contact me through Garth,this is the policy I had to put in place after my Pink Snow project caused a bit of a kerfuffle.

I am self employed, but my wife is one of those scumbags that works for the school board ,and so I try to protect her as I promised I would.

Just send the whole message via Garth ,he will just forward it to me.

He doesn’t mind, as I let him read my Valentine’s and Anniversary cards as well…

M43BC

#21 crossbordershopper on 05.25.18 at 6:11 pm

i was born and raised in Guelph before i went off to University. Rockwood as a kid was a trip to the local lake, it was nice. i was thinking about my childhood. I have fond memories of going to Rockwood Park in the 70’s and 80’s, listing to the car radio, picnic with family and friends.
I dont want to say anything, but i got my first, you know oral thing there.
No one goes to the park anymore except people with dogs and perverts I guess.
real estate, well, i thought Rockwood was a small hamlet, or whatever you want to call it, and it is, its just the environment around it came closer and people that they could build their little chinese wood house in the middle of no where, and Rockwood is basically no where. but geographically close to a bigger city.
i feel sad, people who now nothing about rockwood use it to speculate on real estate and now will be stuck with a partical board house in their speculative games of real estate.
We should go back to building communities and families and memories instead of counting commuting distances and gas costs etc.
My old buddy has a family outside of Rockwood who have lived on the same land since 1856. or 8 or something. History.
Real estate speculators could of been on Mars if there is a buck to be made from flipping it.
Looks good on them, maybe Rockwood will go back to the people who acutally want to live there.
I will make it a point to return with my daughter, tradition thing.

#22 Ex-Cowtown on 05.25.18 at 6:15 pm

#13 kommykim on 05.25.18 at 5:21 pm
RE: #3 Concerned NDP voter on 05.25.18 at 4:41 pm
OT:If NDP wins how long would it take them to pass some of their crazy ideas? Like minimum wage of $15? Can’t seem to get the answer on Google. Garth? Anyone?

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

Probably quicker than it is taking the Dotard to build his wall.

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

Walls are funny things. Some people see them as a sign of strength, others see them as a sign of weakness. But Trump’s Wall victory has already been won. As kommykim has conceded is not whether to build a wall or not, but when. Game, set and match point to the Donald.

People just don’t get Trump’s game. Once you understand it, it is a work of art. The problem is that most people have never negotiated for anything significant, and so are blind to the subtleties and undercurrents, the pirouettes and masquerade.

Trump is good at what he does; very very good. You may hate him, or not. But his negotiating skills are weapons grade.

Compare that to Obama who had to corrupt and weaponize the CIA, FBI, IRS, EPA, DOJ and State Department. All to build a legacy that was blown over by the first gust of Trump breaking wind.

#23 pathcontrolmonk on 05.25.18 at 6:17 pm

Jagmeet is a hunk, admit it!

#24 JSS on 05.25.18 at 6:19 pm

#2 Shawn Allen on 05.25.18 at 4:39 pm

Which “well paying” company is this? I want to know! I’m looking

#25 Leo Trollstoy on 05.25.18 at 6:29 pm

This is an interesting, hayseed microcosm of what’s happening in both the GTA and the LM. Two and three years ago, back when everyone was house horny

The peak of real estate prices in 2017 was something to experience!

#26 crdt on 05.25.18 at 6:53 pm

“I just connected with someone looking to sell their assignment in Rockwood. A bit worried at the prospect of owning 2 homes – I could hear it in their voice.”

I know of a lot of people that “own” more then one house/condo/etc.. What a misuse of the concept of owning, they are in reality the last wave of “greater fools”.

#27 young & foolish on 05.25.18 at 6:56 pm

Moving to the left …. predictably ….

#28 The Real Mark (not the imposter) on 05.25.18 at 7:01 pm

“#15 Be Realistic on 05.25.18 at 5:37 pm “

Sure, there will be inheritances. But those inheritances are largely derived from the sale of RE, or the sale of GICs which support RE.

So as the RE market implodes, and probably takes the value of the GICs and bank credit that finances it with it eventually, the elderly will revert to their more traditional state — without a lot of money to spare.

Seriously, go to the Stats Can website sometime, and look up their tables concerning the “Wealth of Canadians”. RE and managed pension assets (ie: defined benefit pensions) dominate. The latter becomes worthless upon death in most cases. The former subject to devaluation along with the broader RE marketplace.

#2 Shawn Allen on 05.25.18 at 4:39 pm
Maybe house prices will still decline in Edmonton with the stress test and higher rates but in general there should be no fire sales.

I tend to agree, but it’ll be a long tough slog for those borrowers. With the combination of poorer quality jobs, and higher rates/spreads. The days of tradespeople walking into their bosses offices and demanding raises — and actually getting them in Edmonton are long over.

On the upside, banks would rather have people enslaved to debt, which is precisely the case, instead of defaulting and running away. That’s why the Canadian banks will perform quite well going forward.

#29 Common sense on 05.25.18 at 7:04 pm

#23 Crossborder

Enjoy your return trip to Rockwood with your daughter. Let’s hope she doesn’t celebrate her first you know “oral thing” on the visit.

#30 MSM-Free Zone on 05.25.18 at 7:04 pm

Speaking of sheep, wondering what the lamb chopped cueball is up to these days….

Hint: “…..More evidence of Ottawa’s hot housing market. This is starting to be reflected in real estate prices, but it’s still early days. Expect Ottawa condo prices to soar by the end of 2018. Now is the time to buy a condo in Ottawa! Move in now at Lamb Development Corp’s incredible Ottawa development, Gotham, for only 5% down……”

#31 Reynolds531 on 05.25.18 at 7:06 pm

Yeah but I did a seminar a few months ago and Sylvester Stallone said this is just a “pause”. I just signed up for advanced mentoring, so i am sure to make a bundle. Put the tuition on my heloc.

#32 john m on 05.25.18 at 7:19 pm

Jagmeet as PM….This veteran certainly hopes not.

#33 Bytor the Snow Dog on 05.25.18 at 7:22 pm

#25 pathcontrolmonk on 05.25.18 at 6:17 pm sez:

“Jagmeet is a hunk, admit it!”
———————————————–

A hunk of what?

#34 ANON on 05.25.18 at 7:29 pm

“I have my popcorn ready.”

You rock, buddy! These things are bigger than anybody’s imagination. Profit from the absolute top of civilization, maximum EROI no human has ever dreamed of, and carpe diem if you can afford. If not, just chill and live quietly among the masses.

#35 jas on 05.25.18 at 7:30 pm

“Now just imagine if Jagmeet is the next prime minister.”
———————————————————–
Oh, God forbid us for such an outcome.
This guy needs to learn how to tie his turban neatly and in a presentable way before voters have any confidence in him to run the country.

#36 crowdedelevatorfartz on 05.25.18 at 7:35 pm

@#23 crossgenderbordershopper

Wayyy too much info………

#37 crowdedelevatorfartz on 05.25.18 at 7:37 pm

@#31 Common Sense

As much as I hate to admit it…..I was thinking the same thing.

#38 For those about to flop... on 05.25.18 at 7:44 pm

#23 crossbordershopper on 05.25.18 at 6:11 pm

“I dont want to say anything, but i got my first, you know oral thing there.”

It’s called an ice-cream…

M43BC

#39 Shawn Allen on 05.25.18 at 7:50 pm

Jobs In Edmonton

#18 Bibi on 05.25.18 at 5:53 pm said to me:

Who cares about Edmonton? The place is in the middle of nowhere. You couldn’t pay me to live there.

**********************
Duly noted. Actually Edmonton does pay people to live here. Usually has job openings. Generally higher wages and far lower taxes and lower all around living costs. Why else would I have moved here in 1989? I mean you don’t pull out a map and say “now where can I find the large Canadian City that is closest to the North Pole?” A nicer climate would be nice but I never regretted my move to Edmonton.

Miserable people can tend to be miserable anyplace. Happy productive people tend to be happy wherever they live. Location (within a country like Canada) must be far down on the list of what makes a good life. BUT a good job is often near the top of such a list. So most of us go where the jobs are and put up with the weather.

More importantly

#26 JSS on 05.25.18 at 6:19 pm asked me:

Which “well paying” company is this? I want to know! I’m looking.

**********************
Well, I am a bit reluctant to name the well-paying (in my opinion) government agency where I am told by very reliable sources that several people just left. If you can find me with Google you can probably figure it out from my background.

The jobs there unfortunately are specialized and they usually hire people with specific private sector experience.

One person told me today “there are lots of job openings” now in Edmonton and that this is a big improvement from two years ago.

Best wishes with the job search. Getting a good job can be an absolute life-changer.

#40 crowdedelevatorfartz on 05.25.18 at 8:00 pm

@#40 Floppie
“It’s called an ice-cream…”
+++++
Damn! I’ll never look at an ice cream the same way again!

#41 M.I.L.O. on 05.25.18 at 8:01 pm

Doug Ford, Dr. Jordan Peterson and Milo Yannoupoulis will re-vitalize the Greenbelt and GTA housing market. Once Doug Ford becomes Premier he will cut taxes to encourage business investment, cut welfare to eradicate moochers and cut hospital waiting times by reducing the population.

#42 georgist on 05.25.18 at 8:14 pm

> Odds are all of those Rockwoodian speckers and flippers, if they do sell and make some money, will be unhappy at what happens next. Any profit must be added to their salary, wages or business payments and be 100% taxed as income.

They should be taxed even more to discourage rentiers – they are just parasites living off of working families!

Let’s hope they get burned.

#43 georgist on 05.25.18 at 8:15 pm

Here are some “assignment” geniuses:

http://www.cbc.ca/news/canada/montreal/condo-buyers-left-in-lurch-after-developer-sells-off-unfinished-saint-henri-project-1.4676319

#44 FOUR FINGERS WATSON on 05.25.18 at 8:15 pm

DELETED

#45 Westcdn on 05.25.18 at 8:22 pm

I though this guy had an interesting perspective on the private economy vs the public economy. Basically his premise is that the public economy contributes nothing to paying Government debt. When Governments get larger, the private economy gets smaller which means the remaining private workers have to shoulder a larger portion of government debts. Guess what eventually happens Government debts keep growing?

https://www.themaven.net/mishtalk/economics/fed-s-dilemma-debt-to-gdp-ratios-dramatically-understate-the-debt-problem-VhynRoCwIU6uteltQRVP7g/

I know the premise is oversimplified but it does support my view that governments are too large and largely inefficient.

One concern I had was the fact the public economy can charge fees for service. But to me, the fees are just another tax with a different name.

Food for thought…

#46 jess on 05.25.18 at 8:29 pm

say what?

“Turns out nothing we were originally planning on doing was illegal at all,” he said, adding that the group’s plan for the final days of campaigning was to canvass highways and town centers with 5,000 posters they had printed in Ireland.
“It’ll kind of be like if we’re promoting a concert!” Faulkner said.

desire for change have a look at this exit poll .it seems the 65+ voted no and every other age group landslide yes whether rural or urban

https://www.cnn.com/2018/05/23/europe/ireland-abortion-referendum-american-campaigners-intl/index.html

https://www.irishtimes.com/news/politics/irish-times-exit-poll-projects-ireland-has-voted-by-landslide-to-repeal-eighth-amendment-1.3508861

#47 DD on 05.25.18 at 8:39 pm

Yes, just imagine if Jagmeet dethroned Justin and became PM. Out of the frying pan and into the fire. We’d be mired in recession within six months (it takes six months of data to declare a recession). Jagmeet wont rest until jobs are lost and capital destroyed.

#48 Lost...but not leased on 05.25.18 at 8:39 pm

#31 Common Sense

How about YOUR daughter…(assuming you are ready, willing and able)

#49 NEVER GIVE UP on 05.25.18 at 8:46 pm

#16 Shawn Allen on 05.25.18 at 5:38 pm
Does the Private Sector Subsidize the Government Sector?

Blacksheep said in a response to me:

So group B) [private sector] generates the gross revenue to provide for their own needs / wants and then is forced by law, to cover any and all funding shortfalls that occur when group A) [government sector] provides the necessary services of a modern
society.

*************************************
Just so I am clear, is the shortfall (you also call it a subsidy) the entire cost of government employees or just the part related to deficits or what?

Blacksheep also said:

“It shouldn’t be group B) against group A) It should be groups A and B united, demanding equal taxation of ALL citizens and responsible fiscal governance. ”

**********************************
I totally agree with that. As you say there are some high income earners and business people hiding income off shore. And the half-off rates of tax for capital gains and the favorable tax on dividends may have to be looked at as well. There is nothing sacrosanct about the exact level of favorable tax breaks to certain activities. ANd there is government waste to trimmed.
====================================

Fraud, special interest peddling, Vote Buying.
It is our way of life.

When the LIES BECOME THE TRUTH. That is the condition we live in.

We have learned to accept the level of Fraud that we have because we think that poorer countries have worse Fraudulent governments. We kid ourselves into our haughty self aggrandizing attitude that we are so much more saintly, because we say please a lot!

Remember this one take away. Governments will do ANYTHING to get power because without power there is another 4 years of languishing on the weak side of government.

#50 WUL on 05.25.18 at 8:46 pm

#14 Jagmeet on 05.25.18 at 5:34 pm

“In the meantime he searches the country for a seat that he can rig for a win.”

votesvotesvotes

I have time on my hands so let me waste some on this cretin.

April 2002, Ezra Levant falls on his sword and gives up his nomination in Calgary Southwest so that Stephen Harper can be inflicted upon us for the Dark Decade.

2013 – Christy Clark loses in Point Grey so she skedaddles to West Kelowna to a safe riding and gives a plum job to the loyal soldier who stepped aside.

Jaysus, why do I bother.

#51 Common sense on 05.25.18 at 8:47 pm

#50Lost

Nah…I’ll leave it to yours instead.

#52 young & foolish on 05.25.18 at 8:48 pm

… and as we move left, what’s to say government will not be taxing investment returns from liquid assets?

It does. If you had any you’d know. – Garth

#53 crowdedelevatorfartz on 05.25.18 at 8:50 pm

@#233 James
“Amateurs, phffftt 15y/o is for newbies”
+++++

Do NOT include me in that statement.
I just brushed the dust off a 40 year old Highland Park.
sitting next to a 35 year old Bruichladdich.
I use the 15 year old Macallan to “prime the pump” when I get writers block replying to the great unwashed on this blog.
As for Glenfiddich…..I keep it around for armageddon. One never knows when you may require fuel for an internal combustion engine, a fire starter, or as trade to some ill informed rube

#54 Tony on 05.25.18 at 8:54 pm

Re: #2 Shawn Allen on 05.25.18 at 4:39 pm

The housing market in Edmonton is in free-fall mode due to the vacancy rate being sky high. Rents have fallen about 20 percent. Resale townhouses and resale condo apartments are selling for less than half of what they sold for way back in the spring of 2007. These are the identical same units. A one bedroom apartment in Edmonton today costs much less than half of what the same apartment would cost in Moncton, New Brunswick. No leaseholds.

#55 Ace Goodheart on 05.25.18 at 8:54 pm

Here are the detached listings for Rockwood, Ontario:

https://www.realtor.ca/Residential/Map.aspx#CultureId=1&ApplicationId=1&RecordsPerPage=9&MaximumResults=9&PropertySearchTypeId=1&TransactionTypeId=2&StoreyRange=0-0&OwnershipTypeGroupId=1&BedRange=0-0&BathRange=0-0&LongitudeMin=-80.18834888922117&LongitudeMax=-80.10002911077879&LatitudeMin=43.59979155845008&LatitudeMax=43.62986772757559&SortOrder=A&SortBy=1&viewState=m&Longitude=-80.144189&Latitude=43.61887&CurrentPage=1&ZoomLevel=14&PropertyTypeGroupID=1

44 in total.

Quite a few of these are “double up” listings, or the same property posted twice.

I have been able to identify five that appear to be either pre-builds, or new build/never lived in.

Two of the five are pre-builds, assignment “flips”.

So not sure where your friend got his data, but that is what is listed on realtor.ca

#56 Danny on 05.25.18 at 8:56 pm

As always these real estate speculative investors probably missed the greedy fast moving locomotive which many investors thought it had endless amount of steam and unstoppable.
Seems now on your many months of analysis that the rails are getting rusty the gravy train ride is having groans.

Some people just have to be in a derailment to understand that they bought a ticket on a old rusty machine.

And still in Etobicoke Centre, where housing prices have not reduced from their 1.3 to 2 million dollars level and where Doug Ford encouraged citizens to overlook the law..in buying conservative membership.

This does not surprise me……just like his brother Rob had broken the law many times and bought drugs from my cousin’s son in Etobicoke. I know this because my cousin had told me that he and his wife were assaulted by his drug selling son, who sold drugs to the Ford brothers and would not move out of his house. He also told me back then that the police had been aware of this but did not help.

The Cons. we’re fooled by the Ford nation people and somehow ambushed the Party……hoping for a Trump repeat in Ontario.
Lordy I hope Ford retires when it comes to politics. Only a wish.

#57 Tony on 05.25.18 at 9:04 pm

Re: #26 JSS on 05.25.18 at 6:19 pm

It has to be a put-on, people are still leaving Edmonton and the province of Alberta in droves.

#58 Tony on 05.25.18 at 9:09 pm

Old Ronny knew where to buy. This would be Canada’s most famous resident of Rockwood.

http://www.canadianhorseracinghalloffame.com/1986/01/01/ron-waples/

#59 Darren on 05.25.18 at 9:11 pm

Just watched a very interesting interview with William Strong, a long time value investor. He stated pretty much with precision the points that Garth has been making here for months about Canadian housing regarding recent government decisions on dealing with affordability. He quoted a UBS guy who stated that “Housing markets are not about the supply and demand of houses they are about the supply and demand of credit.” Too true.
The credit spigot is getting turned off now.

#60 England has fallen on 05.25.18 at 9:16 pm

https://www.google.ca/amp/s/www.independent.co.uk/news/uk/crime/tommy-robinson-arrested-leeds-court-child-grooming-trial-edl-founder-latest-a8368821.html%3famp

#61 Barb on 05.25.18 at 9:16 pm

More and more rules popping up from government in a knee jerk reaction to complaints from simple minds.

Is it any wonder more and more people are getting extremely creative with their family’s bookkeeping?
The justification, naturally, is that the “new housing/tax rule” wasn’t in place when the family’s investment plan was designed. It’s simply a case of “personal” grandfathering.

Ergo, go for it.
Because going after the upper middle class/wealthy makes money disappear (versus trickling down to some impatient Mill who refuses to wait by working 40 years before the huge gain).

#62 the Jaguar on 05.25.18 at 9:16 pm

It’s nice to see a cat photo on the blog, though I dislike the sign around his neck. Animals should be treated with the dignity they deserve when one considers their value and meaning to their owners and the devotion they feel in kind. Black cats and dogs especially as they are not adopted as readily as others. Superstitions prevail. His ‘meow’ isn’t a lie, it’s a plea to be loved or a plaintive thank you to his owner for taking him in and giving him a home and regular meals.
Maybe Bandit likes the cool ocean breeze, smell of salt air, or sound of lapping water beneath him. Don’t we all. Even those of us with prairie roots long for and appreciate these luxuries of life on the planet.

Regarding the assignment of sale debacle in Rockwood: would this not be even more prevalent in the inner city areas where a condo on the TTC subway line ?
There are so many of these glass boxes. Greater Toronto Area, Lower Mainland Area, and smaller secondary cities like Calgary. Was that the sound of a pin dropping as the music just stopped?

#63 Is the media trying to help real estate? on 05.25.18 at 9:20 pm

Vancouver more $$$ than NY

http://vancouversun.com/news/vancouver-housing-market-surges-thanks-to-chinese-buyers/wcm/9d60c9b0-2719-4fd0-8ffe-62e4d1d97308

#64 Dead Cat Bounce on 05.25.18 at 9:25 pm

Black cats ROCK !!!

#65 Wallflower on 05.25.18 at 9:26 pm

#11 FOUR FINGERS WATSON on 05.25.18 at 5:19 pm

Have you done a deal lately? Have you seen how different the paperwork is? Lots more tracking going on – if your lawyer is legal. If your lawyer is behaving illegally, I guess you see the paperwork you want to see.

#66 Leichendiener on 05.25.18 at 9:28 pm

Andrea: The break up of Ontario Hydro was initiated by Bob Rae, an NDP wank at the time, and implemented by his hatchet man Maurice Strong. Mike signed off on a done deal. And now you are pledging to take Hydro One public again?

Ontario is a minority share holder in Hydro One. Hydro One (Wires Co.) doesn’t set the cost of electricity, another identity does it.

Doug: Mao Schmidt is actually doing a good job by known metrics. He is paid what CEO of his capability are paid.

The bovine excretement meter has been buried for too long during the Ontario election.

And of course, this has nothing to do with the value of real estate in Ontario.

#67 Dobermanduke on 05.25.18 at 9:30 pm

#9 Bibi on 05.25.18 at 5:08 pm
Ich bin fürst. Numero uno!
By the way, never heard of Rockwood. Sounds like typical North American backwater. Why would anyone want to live there.
————————————
You’ve never heard of Rockwood and yet you wonder why anyone would live there. Where should everyone live?

#68 conan on 05.25.18 at 9:30 pm

Garth is posting a cat pic…….. too much ocean air? Do you need a few for your bank, err bunker?

The Lady on the scaffolding, is she finished, or is she just starting? Ask her if she does cats.

https://www.youtube.com/watch?v=fq5yHdVKSQs

#69 ww1 on 05.25.18 at 9:32 pm

#45 georgist on 05.25.18 at 8:15 pm
Here are some “assignment” geniuses:
http://www.cbc.ca/news/canada/montreal/condo-buyers-left-in-lurch-after-developer-sells-off-unfinished-saint-henri-project-1.4676319

If anyone on this blog actually needs validation of how little value realturds add to the house sale process in exchange for their 6%, this quote from the article pretty much says it all :

“Petitjean said it should have been up to the buyers’ realtor to advise clients to place their deposits in a trust account with a notary.

In a just world, the realturds would be refunding deposits as we speak.

#70 crowdedelevatorfartz on 05.25.18 at 9:43 pm

@#63 the Cat Whisperer
“His ‘meow’ isn’t a lie, it’s a plea to be loved or a plaintive thank you to his owner for taking him in and giving him a home and regular meals.”
+++++
Thanks for that feline, politically correct “dressing down” for a photo that others may find amusing.
I just heard there are thousands of unwanted rabbits in Richmond gnawing their way through the local shelters food budgets……Could you find it in your heart to adopt a black rabbit?
Or at least take a course in how to cook a proper rabbit stew?

#71 georgist on 05.25.18 at 9:49 pm

https://www.theglobeandmail.com/opinion/article-hold-off-on-bashing-the-30-year-olds-who-live-at-home/

A boomer who tells the truth.

#72 TurnerNation on 05.25.18 at 10:06 pm

“Laying down rubber” here in Ontariowe now will net someone an instant license suspension, week long car impound to pay the towing mafiosos plus a 10 grand fine. (Win win for the public unionistas involved at every step of the way too)

#nofun

Kick out that rear end as per Heart? Kick it out!
Moving therapy Millennials so sorely need.

https://youtu.be/c0aAhmOjtCw

There’s no replacement for displacement.

#73 our pal Val on 05.25.18 at 10:06 pm

ROCKWOOD …HUM…BLAZING SADDLES…ISN’T THAT AROUND THE CORNER FROM ROCKRIDGE?

#74 Thanks Garth on 05.25.18 at 10:17 pm

Sincere thank you Garth for providing a place for people to share their thoughts and ideas.

#75 WUL on 05.25.18 at 10:27 pm

Oh, and Turner,

Thank you for tolerating me here. You are a gift to this grand little Dominion.

Even those in Edmonton, the “City of Eternal Winter” appreciate your efforts. Lovely river valley there.

Yours from the Stampede City,

WUL

#76 the Jaguar on 05.25.18 at 10:31 pm

#72 crowdedelevatorfartz on 05.25.18 at 9:43 pm

“Or at least take a course in how to cook a proper rabbit stew?”

Maybe consider getting a psychological assessment, or if you don’t have the funds just rent that old movie with Glenn Close called “Fatal Attraction’.
News Flash: ” Cat Lives Matter”

#77 FOUR FINGERS WATSON on 05.25.18 at 10:32 pm

#61 Darren on 05.25.18 at 9:11 pm
Just watched a very interesting interview with William Strong, a long time value investor. He stated pretty much with precision the points that Garth has been making here for months about Canadian housing regarding recent government decisions on dealing with affordability. He quoted a UBS guy who stated that “Housing markets are not about the supply and demand of houses they are about the supply and demand of credit.” Too true.
The credit spigot is getting turned off now.
………………………………..

Very true. I would opine that the markets for “everything” are about the supply and demand of credit. Cheap credit that is….people want to have houses and cars and trucks and suvs and boats and bikes and atvs etc and when credit is cheap there is almost endless demand. When credit tightens the demand will shrink and so will the economy. Slippery slope…….

#78 FOUR FINGERS WATSON on 05.25.18 at 10:41 pm

#67 Wallflower on 05.25.18 at 9:26 pm
#11 FOUR FINGERS WATSON on 05.25.18 at 5:19 pm

Have you done a deal lately? Have you seen how different the paperwork is? Lots more tracking going on – if your lawyer is legal. If your lawyer is behaving illegally, I guess you see the paperwork you want to see.
…………………………

I have never bought and flipped a property that way and i know that tax evasion is illegal. But i have heard people talk and brag about it for years and they seem to get away with it. Good to hear that rev-can is starting to pay attention.

#79 Shawn Allen on 05.25.18 at 10:46 pm

Fact Check on People Leaving Edmonton in Droves

The blog resident perma-bear:

59 Tony on 05.25.18 at 9:04 pm
Re: #26 JSS on 05.25.18 at 6:19 pm

It has to be a put-on, people are still leaving Edmonton and the province of Alberta in droves.

************************************
I suppose some people are always leaving ANY area while others arrive.

See the linked graph for Alberta: While net inter provincial migration turned briefly negative in the recession, net migration including from outside of Canada never did. And the population of Alberta with births/deaths added in continued to grow through the recession.

Not that facts matter much these days:

http://economicdashboard.alberta.ca/NetMigration

ALSO I never ever present anything as fact that I do not believe to be true. (Unless I am obviously being sarcastic and that is extremely rare). I simply reported some news today. A few people left some good government jobs in Edmonton as they found other jobs in Edmonton that they preferred. And I was told that there are lots of jobs now, way more than a couple years ago. This is just anecdotal. Also the Alberta GDP grew strongly in 2017 though it has not recovered to peak levels.

#80 Myra Andrews on 05.25.18 at 10:49 pm

Greater Vancouver Stats from realtor Paul Boenisch

May 25 New 210 Sold 123 TI: 11,697
May 24 New 231 Sold 128 TI: 11,676
May 23 New 328 Sold 144 TI: 11,613
May 22 New 477 Sold 143 TI: 11,496

May 18 New 226 Sold 119 TI 11,208
May 17 New 191 Sold 110 TI 11,161
May 16 New 235 Sold 147 TI 11,133
May 15 New 315 Sold 178 TI 11,127
May 14 New 302 Sold 124 TI 11,052

May 11 New 183 Sold 132 TI 10,935
May 10 New 229 Sold 126 TI 10,957
May 9 New 309 Sold 172 TI 10,914
May 8 New 318 Sold 117 TI 10,835
May 7 New 389 Sold 131 TI 10,697

May 4 New 191 Sold 110 TI 10,540
May 3 New 213 Sold 103 TI 10,503
May 2 New 268 Sold 146 TI 10,481
May 1 New 363 Sold 134 TI 10,420
Apr 30 New 375 Sold 163 TI 10,459

April 16-27 New 2453 Sold 1224 TI 10,347
April 3-13 New 2111 Sold 916 TI 9,727

Mar 19-29 New 1834 Sold 1072 TI 9,032
Mar 5-16 New 2248 Sold 1224 TI 8,743

The inventory at the end of February was 8,211

#81 PG on 05.25.18 at 10:59 pm

@#57 Ace Goodheart

I quickly found 11:

https://www.realtor.ca/Residential/Single-Family/19289092/109-DRENTERS-CRT-GuelphEramosa-Ontario-N0B2K0-Rockwood

https://www.realtor.ca/Residential/Single-Family/19480172/125-Coker-Crescent-Rockwood-Ontario-N0B2K0

https://www.realtor.ca/Residential/Single-Family/19450324/121-Coker-Crescent-Rockwood-Ontario-N0B2K0

https://www.realtor.ca/Residential/Single-Family/19289092/109-DRENTERS-CRT-GuelphEramosa-Ontario-N0B2K0-Rockwood

https://www.realtor.ca/Residential/Single-Family/19341304/Lot-1-207-HARRIS-ST-GuelphEramosa-Ontario-N0B2K0-Rockwood

https://www.realtor.ca/Residential/Single-Family/19191304/113-DRENTERS-CRT-GuelphEramosa-Ontario-N0B2K0-Rockwood

https://www.realtor.ca/Residential/Single-Family/19113413/121-DRENTERS-CRT-GuelphEramosa-Ontario-N0B2K0-Rockwood

https://www.realtor.ca/Residential/Single-Family/19467514/22-GUTHRIE-Lane-Rockwood-Ontario-N0B2K0

https://www.realtor.ca/Residential/Single-Family/19403134/10-Guthrie-Lane-Rockwood-Ontario-N0B2K0

https://www.realtor.ca/Residential/Single-Family/19403123/20-Guthrie-Lane-Rockwood-Ontario-N0B2K0

https://www.realtor.ca/Residential/Single-Family/19478032/41-Juniper-Street-PVT-Rockwood-Ontario-N0B2K0

Happy shopping – Deals to be had!

#82 Parksville Prankster on 05.25.18 at 10:59 pm

I was out for a walk around the neighborhood today, and saw an ‘open house’ sign and thought, what the heck I’ll take me a Lookie Lou.

https://listings.vireb.com/listing/3h0z?g=14

Nice little vacation rental cottage, and it works out to about $400 per square foot. (loooong way from the ocean, and owners are limited to a maximum of 180 days per year of personal occupancy). I’m milling about chatting up the Realtor. He says, if you fully rent it all year long as part of the pool, you’ll walk away with about 10K profit per year. (after municipal taxes, condo fee, and rental management company charges).

The others there for the open house looking on start to ooh and ahh… one older lady asks, ‘does the price include all the furniture?… that’s really expensive to buy’… I look at them all in disbelief…

Trying to be helpful, I point out to the Realtor, that the rent is fully taxable as ‘income’ on top of any money the owner already makes. So let reduce the 800 bucks per month profit by about 30 percent or 250 bucks, now you’re down to $550, IF you rent the unit FULLY, EVERY DAY. (Not to mention the land transfer tax -approximately 6K, and the 8K per year required from non-B.C. residence that would be additional costs. You’ll also need to register and submit GST quarterly to the CRA, as you’re now considered a business operation.

Then I make the silly assumption that everyone can calculate the lost opportunity cost of not being diversified, balanced, and liquid. A humble 7% return on their 400K would flow $28,000 per year, or just over $2,300 per month and is tax free (if invested in Canadian companies in an ETF with no other income). They all have deer in headlights looks…

‘550 per month or 2300 per month, which would you prefer’ ? Still nothing….

‘4 times more money per month, and no clogged toilets, special assessments, or increasing municipal taxes and condo fees’? …. I see a flicker of recognition briefly dance over the older gal’s face….

‘So, it’s more money’? She asks timidly, ‘Yes!’, I say, as I prepare to welcome another soul into the light.

It’s a scene from My Fair Lady, and I am Henry Higgins… she’s about to become a right proper lady…

‘But I don’t HAVE 400 thousand to invest’, she laments, ‘With this investment condo, I’d be able to get a mortgage’, all the heads in the room bob up and down in unison.

I then decide it’s about time I went outside to wait for the Mother Ship to come down and pick me up from the strange world of the mathematically challenged.

The Realtor seems to agree, as he quickly ushers me out the door.

#83 Langford Dude on 05.25.18 at 10:59 pm

In my building there is a unit listed for almost $400,000 dollars that would have fetched little more than 200k 2 years ago. In the building next to me I saw a unit for 359k identical to one that was for sale for 245k less than a year ago. I can’t believe the asking price for these condos; and worse yet, people keep buying them even though they are a horrible investment.

I rent a 2 bedroom 1 bath condo for $1250.00 a month but my landlord bought it for 200k a few years ago. I can hardly imagine the rental prices landlords would need to charge to profit on these “income properties” these days.

#84 joe on 05.25.18 at 11:03 pm

It is something strange…..is all doom and gloom ???but in Kelowna real estate is firing on all cylinders……..prices going up , median over 700k………
it must be worry about canadian dollar becoming worthless……same in Toronto even though market slower but canadian dollar sucks……..so people running away to real estate

About Edmonton……………is pretty stable but living here sucs big time….
looks like those people are kept in the dark…..
real estate taxes higher than in Toronto….and no one complains…people behave like sheeps……
food 30% higher than in Toronto……even gasoline prices are better in Toronto…..
like common they don’t see this!!!!…just sheeps….
they care only about pick up trucks…what a mentality…??? with big RV going to the bear country…
ONARIO is the best and most beautiful province and somehow taken care off by government…..the west sucks big time….Edmonton is a DEDMONTON…NOTHING TO DO FOR YOUNG PEOPLE…
SOON WILL BE THE CAPITAL OF MARIHUANA…………
ALMOST ALL YOUNG PEOPLE ARE SMOKING….TERRIBLE
SUCKS…TAKE CARE ONLY ABOUT SKIP THE DISHES….
TERRIBLE RESTAURANTS….FOOD SUCKS BUT THEY THANK AND SAY OH…IT WAS GOOD….THEY CARE AOBUT QUANTITY NOT QUALITY…..TERRIBLE…

#85 yvr_lurker on 05.25.18 at 11:14 pm

#73
This article explains how it really is in (at least) YVR. I am in my 50s, living in YVR, am in good financial shape, but it would be a different story if I was starting out now in a career trying to make a go of it in Vancouver. For people 50+ please read this and try to understand the difference between then and now; no stories from oldtimers about “how we left home at 18 years old and I sold Avon where my husband worked in a mill, but we scrimped and saved and had our first house in Burnaby when we were 25 years old” the answer is not “just move to Chibougamau” and start your law firm there. The answer is to vote for politicians and lobby for change to curb this runaway; no foreign ownership of real estate; high taxes on speculators; support from gov’t for innovative companies relocating to urban centers that can bring higher paying jobs; regulations to prevent YVR becoming the next Monaco. This is why I voted NDP.

#86 yvr_lurker on 05.25.18 at 11:16 pm

#73 well said… this is how it really is in our urban centers.

#87 Harrison Bergeron on 05.26.18 at 12:07 am

With 70 comments give or take and the alarming one about the tag on the cat let’s get on to this testing of employees for pot chit chat. I’m in XXXXXXX and the mayors at the end of my street. All municipal employees (office staff also) will be subject to testing and it will be nation wide for insurance purposes. The employees haven’t clued in as yet. Most don’t realize work vehicles carry a government plate/policy. Ambulances, police, fire, you know. There’s your rub……

Hundreds of job openings are in the works post test policy enactment. That’s worth a popcorn run in itself.

The guys sucking shit out of my street drain claimed they were high right now the other day. I liked it since they took their time and really explored the sewer as opposed to the alcoholic employees who only fill it.

The thing about pot is that a glass of orange juice and its all over. Try that after 7 beers or 5 hard drinks.

No contest.

#88 Irv Da Loytr on 05.26.18 at 12:28 am

#23 crossbordershopper on 05.25.18 at 6:11 pm
“Rockwood Park …. I dont want to say anything, but i got my first, you know oral thing there……
No one goes to the park anymore except……. perverts”

So what has changed?

#89 NoName on 05.26.18 at 12:29 am

@ James and Farts

You guys are full of it, james is drinking 35k schoch, and farts is neibourhood of 3-4k with that Highland park 40.

Last weekend I bought Highland park 12 and hibiki and I was sweating profusely while I was explaining to wife why we need it, and all that together was less than 200 cad.

Needless to say, happy ness didn’t last long next day furnace died, good thing we won’t need heat for few months, and AC is working fine.

Macallan 15 to go around mental block. Iam declare my self not wordy of this comment section!, And few other things…

#90 Smoking Man on 05.26.18 at 12:34 am

Going on a limb here….

I cant see the NDP winning this thing, no way.. MSM is full of shit. So our the pollsters. Just like when trump did it.

Everyone knows if you publicly go against the left, you might lose your job, black listed. So the silent majority keeps quiet.

Honestly. An NDP win would be huge for my kids. The real estate market will crash quickly. The CAD will get crushed. All my investments and income and taxes are in USD.

Then bank of dad will kick in and help then.. But not at these prices. Long way down to go.

#91 Russ on 05.26.18 at 12:40 am

georgist on 05.25.18 at 9:49 pm

https://www.theglobeandmail.com/opinion/article-hold-off-on-bashing-the-30-year-olds-who-live-at-home/

A boomer who tells the truth.
=======================

or, a lame Dad
an enabler!

No better than giving an alcoholic a drink, because you feel sorry for smoki… I mean, “them”.

kick the kids out at 20 years or doomed for life

#92 Dolce Vita on 05.26.18 at 1:15 am

Household mortgage and credit down by about 50% since peak 2017 RE FOMO and pre-B20 in late 2017 FOMO (see “Household Loan Growth 3 mo. Annualized”, charts in link below, ).

In like chart going back to 1970 you see loan growth has been steady since about 2013 vs. the scale exaggerated 2015 chart.

Authors take is that banks should prepare for something worse than a RE soft landing.

My take is that when loan growth drops like a rock (i.e., spending money dries up), recessions FOLLOW as in the 1970 chart.

Why CIBC mortgage originations down 50% (no dung Sherlock from the 2015 chart) and some rates being cut by Banks (compete for ever dwindling business).

September will be the correction price drop month. After that, if loan growth continues to drop like a rock, we are in crash territory.

If NAFTA becomes AFTA and I believe it will, it’s anybody’s guess how bad it will get.

How Bad: Recession after a RE crash (latter starting in 4th Qtr 2018).

Spending money starting to dry up and its consequences…not good for anyone, well off or otherwise.

https://dir.richardsongmp.com/documents/136777/590856/Lending+growth+slows+abruptly+in+Canada.pdf/b05e1aab-4212-47c2-88a8-b2d10fdad953

#93 Smoking Man on 05.26.18 at 1:55 am

President Trump posthumously Pardon’s boxing’s first Black Heavyweight Champion Jack Johnson.

Obama refused twice, and the guy has been dead since 43. Obumer, A Globalism teet sucker just like T2

If you want to know what a police state looks like. The UK is all Im saying.

Woman walking with a Kane gets arrested for saying “have a gay day”

Coming to Canada real soon..

That’s why I’m in the USA.

Free speech was the first amendment. The second one to protect the first one.

Brilliant and it works..

#94 Stan Brooks on 05.26.18 at 2:11 am

Toronto.

https://ca.yahoo.com/news/police-release-video-3-suspects-194036822.html

Premium worth paying for the ‘premier’ lifestyle.

#95 Wrk.dover on 05.26.18 at 6:52 am

#74 TurnerNation on 05.25.18 at 10:06 pm
“Laying down rubber” here in Ontariowe now will net someone an instant license suspension, week long car impound to pay the towing mafiosos plus a 10 grand fine. (Win win for the public unionistas involved at every step of the way too)

#nofun

Kick out that rear end as per Heart? Kick it out!
Moving therapy Millennials so sorely need.

https://youtu.be/c0aAhmOjtCw

There’s no replacement for displacement.

————————————

The U S Surgeon General nor our Federal Minister of Health ever said anything about smoking tires. So what is this all about?

#96 David Pylyp on 05.26.18 at 7:00 am

The general rule of thumb is five years of ownership with at least 24 months of personal occupancy. But Ottawa can do what it wants.

Can you please cite the source?

I always understood one year was the recommended term. My research found no specific term.

Thank you
David Pylyp

One year is decidedly not the standard. The norm is as stated. – Garth

#97 Steven Rowlandson on 05.26.18 at 7:57 am

Vultching is not yet a viable option. There has been no real price collapse yet. When the national average is down in the 30 to 60 thousand range for homes then and only then will it be safe to buy given current wage rates.
All the real estate price inflation since the 1960s has to be wiped away to bring prices back into harmony with wage rates as they are today under the 3 years pay rule.

#98 Saint Herb on 05.26.18 at 8:06 am

“Even if a tenant’s lease ends you cannot toss them out – despite the fact you’re moving in – without paying them money or finding them new digs.”

What is Garth referring to here? Is there a new tenant law?

Yes, recently enacted. – Garth

#99 Felix on 05.26.18 at 8:16 am

So….you remove the pic of idiot dogs cannabilizing each other, and replace it with a pic that slanders the integrity of a cat!?

STOP THE ANTI-FELINE RACISM!!!

#100 crowdedelevatorfartz on 05.26.18 at 8:34 am

@#72 Le Chat Noir
“News Flash: ” Cat Lives Matter”
+++++
Pets matter. But disappearing wild birds dont?

http://www.google.ca/url?url=http://catsandbirds.ca/research/estimated-number-of-birds-killed-by-house-cats/&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiN97e5saPbAhWCIjQIHbUxB7kQFggiMAI&usg=AOvVaw1sI3a8a4s6F_to66pgA652

What did your cat do while you were at work today?

#101 crowdedelevatorfartz on 05.26.18 at 8:40 am

@#91 No Name
“and farts is neibourhood of 3-4k with that Highland park 40.”
++++
I’ll go with todays blog theme and just say about the excellent, smooth, peaty Highland Park….. ” Its an oral thing”

#102 dharma bum on 05.26.18 at 8:52 am

#96 Stan Brooks

Toronto. Premium worth paying for the ‘premier’ lifestyle.
——————————————————————–

Yup. This city is really on its way to hell in a hand basket.

#103 crowdedelevatorfartz on 05.26.18 at 9:09 am

@#73 georgist
“A boomer who tells the truth.”
++++
Making excuses for a generation of kids that refuse to leave home isnt “the truth”.

Why must all kids have their own apartment when they leave. Myself and most of my friends started out in another Province and city (Calgary) in shared accomodation.
Rent, groceries, gas, monthly bills….. its called life….the horror.
It was fun, and the only thing affordable at that time. We had people come and go( cant pay your share? Gone.)
Why must all kids “go to university” and saddle themselves with ridiculous levels of debt?
Degree factories pumping out thousands of kids that immerse themselves in 4, 6 , 8 years of “theory” and when they graduate….cant find work…. when we have thousands of companies screaming for willing apprentices ( EARN WHILE YOU LEARN) that will make very good money all through their training and for the rest of their lives… Unfortunately ….getting their hands dirty.
No one wants their kid to be a plumber, electrician, machinist, car mechanic……until they learn how much their own repairs will cost and then they’re on the phone whining for a freebee from junior.

Nah.
The kids today just need to drop the excuses and look around.
Endless opportunities if they are willing to take a chance and sever the unbilical cord.
Gary Masons son the lawyer….Im sure he’s very proud he can get free legal advice…..

#104 NoName on 05.26.18 at 10:06 am

Interesting chart

https://imgur.com/a/aXPYHTm

#105 Dissident on 05.26.18 at 10:18 am

orange CRUSH FTW baby. Polls open today. Bye bye Fordy.

#106 Dissident on 05.26.18 at 10:19 am

https://www.staples.ca/en/Crush-Orange-355-mL-Cans-12-Pack/product_119193_1-CA_1_20001

#107 NoName on 05.26.18 at 10:41 am

@ smoking man

dare to comment on this???
https://www.youtube.com/watch?v=Y8Cv239LmHA

#108 MF on 05.26.18 at 11:30 am

Lol orange crush.

Loses voting for losers basically.

Amazing how delusional people are (seriously).

Happened to hear some people at work. They are all voting for more this more that.

One question for these idiots: who is paying for it all?

MF

#109 aa3 on 05.26.18 at 11:43 am

Vancouver and Toronto want to become global cities. (well the people of those cities know they are already top tier global cities)..

But in global cities like a London, England.. only the rich can afford detached houses. Your average Millennial Londoner will not ever be buying a detached house.

Now before you feel too bad for them, in most of the UK houses are cheap. So if what they want is to own their own property there is dozens of cheap cities in the UK they have to choose from.

#110 Bibi on 05.26.18 at 11:47 am

#41 Shawn Allen on 05.25.18 at 7:50 pm
Actually Edmonton does pay people to live here. Usually has job openings
——————————————————————
Jobs? Give me a break. Unless a government paper pusher (like yourself) most jobs at pay rates today are modern day slavery. And on top of that you have to live in a frozen tundra.

#111 bob on 05.26.18 at 11:50 am

#107 Dissident

Don’t be so smug. Polls didn’t work for Hilary did they? Also be careful for what you wish for. You guys think Ford is bad? The NDP for 4 years will have you crying. Rich and poor.

#112 Karma on 05.26.18 at 12:21 pm

Good read
https://www.theglobeandmail.com/business/careers/management/article-the-importance-of-understanding-and-accepting-probability/

#113 Gravy Train on 05.26.18 at 12:35 pm

#111 Bibi on 05.26.18 at 11:47 am
“Jobs? Give me a break. Unless a government paper pusher (like yourself) most jobs at pay rates today are modern-day slavery. And on top of that you have to live in a frozen tundra.”

Correct me if I’m wrong, but it sounds like you don’t like your current job. If that’s the case, I strongly urge you to read the latest edition (2018) of Dick Bolle’s book What Color is Your Parachute? to improve your lot in life.
https://en.m.wikipedia.org/wiki/What_Color_is_Your_Parachute%3F

The Holland Code party game exercise is worth the price of the book, but you should be able to find dozens of copies of the book in the library.
https://career.berkeley.edu/sites/default/files/pdf/Plan/PartyGame.pdf

Here’s the author’s Web site: http://www.jobhuntersbible.com

#114 Ace Goodheart on 05.26.18 at 12:38 pm

Been noticing a few “for those about to flop” type listings occurring in Toronto.

Check these out:

12 Herman Avenue:

https://www.realtor.ca/Residential/Single-Family/19056568/12-HERMAN-AVE-Toronto-Ontario-M6R1Y2-Roncesvalles

This has been for sale for a while. It was also for sale last year. Appears to be a house reno’d on speculation and now sitting on the market. This is the “stunning feature” exposed exterior brick wall house that I posted about last summer. The “exposed”, uninsulated brick wall of course being on the outside wall, rather than on the semi detached wall.

223 Glendonwynne:

https://www.realtor.ca/Residential/Single-Family/19249373/223-GLENDONWYNNE-RD-Toronto-Ontario-M6P3G4-High-Park-North

Watch this one. Been for sale for a while. Likely is priced slightly out of the “goldilocks zone” of middle class affordability, meaning while it is nice, it is also probably too expensive for the neighbourhood. This one has been on the market for a long time for a Bloor West house.

There are others if you look around and watch the listings.

Interesting thing is these houses all seem to be reno’d speculation houses. Ie the folks who built them probably never intended to live in them.

#115 Pete on 05.26.18 at 12:46 pm

if NDP wins when will the $15 minimum wage be implemented? Will it still fall on Jan 1, 2019? As a small business owner it worries me.

#116 Fake News Again on 05.26.18 at 12:49 pm

NK meeting back on. Sorry Lefties and NEVER Trumpers. I know bringing two enemies back together after 70 years bursts your bubble and all……..

#117 Smoking Man on 05.26.18 at 12:51 pm

DELETED

#118 Raging Ranter on 05.26.18 at 12:54 pm

@#102 crowdedelevatorfartz, thanks for the reminder. Everyone should keep their cats indoors. They’re called house cats for a reason. They are absolute murder on local songbird populations. Cornwall just passed a bylaw requiring cats to be leashed or kept inside. All municipalities should do that. Wife and I have 3 cats. All rescues. 100% indoors, 100% of the time, and they’re just fine with it.

Ever wonder why migratory songbirds fly thousands of kms from their tropical wintering grounds just to nest here, raise their babies, then make the hazardous trek back in 3 months? One reason is there are too many predators in the tropics for them to even consider nesting there. Snakes, various rodents, even monkeys, will happily rob the nests for some fresh eggs. So they risk their lives to fly here to nest in our meadows and boreal forests. When we unleash an introduced predator on them, we’re doing migratory songbirds a real disservice. What the hell would spring be like without the songbirds singing in the morning? Spring mornings are already much quieter than they used to be. It’s sad.

#119 Howard on 05.26.18 at 1:07 pm

Am I going crazy or did you switch today’s photo? It was a puppy playfully biting the muzzle of an adult husky.

#120 crowdedelevatorfartz on 05.26.18 at 1:54 pm

@#119 Raging Ranter
Yep.
I’ve had several cats as pets ( including a black one).
They were smart, amusing pets but…. these same well fed cats were killing machines.
I once saw one snap a hummingbird out of the air!
Not kidding. I grabbed the cat and got the bird away from it.
It wasn’t moving but its eyes were blinking so I put it down on an out door patio table and after about 5 minutes it sat up. 5 minute later it flew away….one lucky hummingbird….
I don’t have any more cats ( or dogs) as pets.
Wild birds are being decimated and well fed pet cats roaming around outside aren’t helping.
100- 300 million songbirds a year in Canada killed by cats.
Crazy

#121 The Photo on 05.26.18 at 1:56 pm

This was brilliant, as suspect it has a hidden meaning that needs further interpretation, but won’t do it.

#122 Bibi on 05.26.18 at 2:38 pm

#114 Gravy Train on 05.26.18 at 12:35 pm
You can give that “parachute” slave propaganda to your kids and grand kids. They will need it. I am a free man with my own business.

#123 Damifino on 05.26.18 at 3:09 pm

#117 Fake News Again

NK meeting back on. Sorry Lefties and NEVER Trumpers. I know bringing two enemies back together after 70 years bursts your bubble and all……..
———————————

It seems Kim Jong Un is a changed man ever since that train trip to Beijing. Just sayin…

#124 Raging Ranter on 05.26.18 at 3:42 pm

@crowded, it’s another reason I hate those ghastly glass towers they’re putting up these days. Aside from cats, collisions with glass are likely the next biggest killer of migratory song birds.

#125 Gravy Train on 05.26.18 at 4:03 pm

#111 Bibi on 05.26.18 at 11:47 am
“Jobs? Give me a break…. [M]ost jobs at pay rates today are modern-day slavery.”

#123 Bibi on 05.26.18 at 2:38 pm
“… I am a free man with my own business.”

Do you pay your employees slave wages? Is my logic faulty? :)

#126 Briana on 05.26.18 at 11:21 pm

Yep… Toronto is quickly going to the dogs. Get out while you can. Going to the dumps coz of Tory and Wynne… and Trudeau for that matter. It is beyond reparable from any new politician. Get out now Millenials and start a life somewhere else, while you can… or you’ll just be paying mega taxes while earning subpar incomes with little room for growth. Better to start your lives in another place with more economic progression. This society will just be supporting asylum seekers and low income folks with tax dollars from hard working folks. Better to give the low income folks free daycare and kick backs and let them have all the kids they want…. rather than helping the middle or upper class to have more children… those that have to pay 2000 per child for daycare or one parent has to stay home!! These are the people that should be having more children in our country, those that are educated with great careers and can offer a great life for children, instead the government is giving low income and welfare folks more of an incentive to have MORE children!!!! What kind of society do you think that will create??!