Choices

Poor Abram. I read his note and felt the panic.

I recently deposited 5% for a town house ($860,000) at the end of April. Stupid, I didn’t have subject to selling my condo first. I have until Aug 14, 2018 for closing date. I wasn’t looking to flip or anything just having a baby being born soon will make a family of 5 in a 2 bed, 2 bath 747 sq ft a bit tough. Hence I deposited on the future home to grow the family in. Unfortunately now it has turned into sleepless nights and endless worries right before the new born baby is born that we cannot afford. Condo has not sold. No buyers.

My question is: Is it possible to back out and just lose deposit or will the owners sue us for the difference of what they sell for if we do back out? Or is all terms and conditions of backing out dependent on seller? Most worried.

Well, Abram, life’s about choices. Getting married. Three kids. Choosing a condo to buy when you could have rented. Now purchasing what you cannot afford. It may not seem like it, but we control a huge amount in our lives, and now you have to a situation that could spiral into ruin.

In short, no, you cannot just walk away from the $43,000 you deposited on the town house. This is going to cost you a lot more between now and August, and possibly well beyond. The important contract is your APS – agreement of purchase and sale – which, if drafted on the standard realtor form, is ironclad and unequivocal. Unless you made the offer conditional upon certain events happening (a successful home inspection, financing approval or the sale of your condo, for example) you have no option to terminate it without the mutual consent of the seller.

So that’s the first place to start. The seller. You need to know if he will sign that consent in return for the payment of more money, or pity. But be careful how you phrase things. A clear statement you cannot or will not close is actionable on the seller’s part and will result in a claim. So, you need a lawyer to act on your behalf, opening up the negotiations. The retainer for a litigation dude is normally about $10,000 – which will cover the initial flurry of correspondence.

In reality, the seller holds all the cards. His lawyer will make it clear you’re expected to close. If the property is re-listed and subsequently sold, you will not only lose your deposit but also be responsible for the difference between the amount you offered and the market value, as established by the subsequent sale. Plus legals, of course. In this case if the unit fetches $800,000 in a declining market, your out-of-pocket cost will be somewhere around $120,000, for which you have nothing to show. The question then: would you not be better closing the deal (if you can swing bridge financing) and aggressively marketing your own condo? The losses overall might be less.

As readers will remember, our blog dog colleague Derek sold his property at peak house last spring, only to have the buyers freak and flee. He eventually sold for less, successfully sued and obtained a judgment of $450,000. That made national headlines, shocking a lot of people who (like you, Abram) believe the worst that can happen when you get cold feet is to lose the deposit that accompanied an accepted offer.

By the way, Derek’s deadbeat buyers – despite owning at least two other houses and having professional jobs in the industry – filed for bankruptcy to escape the judgment against them. That battle continues, as Derek picks through the detritus of their financial lives to see what flesh may be left on the cadaver. Of course, bankruptcy is no option for young working couples with dependent children, mortgages, employers and the need to maintain good credit.

The conclusion is obvious. Don’t offer to buy a property without conditions unless you have the cash in the bank, the mortgage arranged and your affairs totally in order. These days, with sales eroding in many areas and sellers willing to give hugs, you can easily include a condition requiring a satisfactory home inspection or financing approval. Don’t expect the same leniency if you try to make the offer conditional upon the sale of an existing property – since you’ll be tying up the home for a few months with no guarantee to the sellers. Also expect to pay more in return for that flexibility. So, sell first, then shop.

Abram is probably screwed, by the way. Choices.

164 comments ↓

#1 HanMan3000 on 06.05.18 at 4:32 pm

Greeting, blog dogs. The May 2018 market stats are now available on http:TorontoRealEstateCharts.com

#2 Brad on 06.05.18 at 4:39 pm

Sell and rent! Stress-free, flexible, and tenants now have more power than ever before! Just got a new roof on the house i’m renting, and before winter will need a new furnace, both of which aren’t my problem :). Not to mention a balanced portfolio that is already paying half of rent.

#3 Doom Incarnate on 06.05.18 at 4:43 pm

Yep.

You got this right on the money Garth.

In related news, there’s this: https://www.bnnbloomberg.ca/why-canada-s-big-banks-aren-t-too-worried-about-household-debt-1.1084163

Which tells me it’s probably okay to buy bank shares. Several raised their dividends over the last two weeks, which is a sign that they feel confident about the future profit flows from which dividends are paid.

Borrowers are still screwed one way or another and will be providing the banks with profit for forevermore and a day, but for bank shareholders, life looks goods for the foreseeable future.

Remember to buy the Big 6 on the dips. They don’t do it often, but when they do (and if real estate goes as bad you think it will, I guarantee you that share prices will fall), BUY BUY BUY!!!

It’s been a no lose proposition longer than Canada’s been around for the most part. This is partly survivorship bias (there were other banks in the past that are no more) but you spread the risk around some and minimize the risk.

Anyways…

Have fun with buying property in a down market. While I was in the business of buying and selling homes (on the legal side), I never had a down market in which to work. As such, since prices were always climbing, you could just walk and lose your deposit. When sellers sold, they inevitably sold for more than what a contract breacher was going to buy.

Things change rather violently when the market is falling.

Good times to be a lawyer I’m sure.

Woo haa!!!

#4 Bibi on 06.05.18 at 4:51 pm

I told you that Derek’s buyers are going to hide the assets and declare bankruptcy. At the end of this housing/economy cycle this country will be dealing with a lot of third world schemes. Greedy guys like Derek think they are smart but they are just easy money for lawyers.

Ensuring a binding contract is honoured is hardly being ‘greedy.’ – Garth

#5 Parents on 06.05.18 at 4:52 pm

Best bet for Abram may be to get parents to bail him out.

Parents put home up for sale. Then see what sells first: condo or parent’s home.

If the latter, parents move into his condo and live there until that one sells.

A desperate move, but he has pretty much no option left.

#6 dakkie on 06.05.18 at 4:55 pm

Toronto’s House Price Bubble Not Fun Anymore

http://www.investmentwatchblog.com/torontos-house-price-bubble-not-fun-anymore/

#7 PastThePeak on 06.05.18 at 4:55 pm

Where is Abram located? At $860K for a townhouse I assume GTA or LM. Aren’t condos a hot commodity there? That is all we hear from the RE pumpers in the steerage section.

Maybe MF, Be Realistic, or Conn Smythe will buy the condo from him, since RE has no where to go but up…

#8 Ponzius Pilatus on 06.05.18 at 4:56 pm

The above would be a normal scenario. However, Vancouver’s real estate market is anything but a normal market. Remember when you were a kid, how often someone in your class at school moved? The answer as I recall is “rarely to never”. I estimate that in Richmond alone, some 15-25% of residential housing stock is owned for the purpose of gaining a profit. Unlike the olden days, those property holders will sell on a moment’s notice to avoid losing money. The investment is not usually about local schooling, or family environment. The family is often not together in the country in any event; furnishings are simple and inexpensive, and the property is seen as fungible.
———————–
Writes Arnold Shuchat, a well known Richmond realtor and blogger.

http://www.shuchatgroup.com/blog.mobi/bc-politics-and-vancouver-real-estate-one-year-later

#9 Smartalox on 06.05.18 at 5:08 pm

Why is it the first instinct of these idiots always fixate on losing the deposit? If you’re willing to give away the deposit in order to pull out of the deal, why not keep the deposit applied to the purchase price, and cut the price they’re asking for their old place by an equivalent amount?

Pricing your old condo at $43k less than the 20 others for sale in your building will definitely get prospective biyers’ attention. People love to think that they’re getting a deal, and this is a great way to do it.

Since most move-up buyers are porting the mortgage, anyway, it’s not like the bank won’t be able or willing to tack on 5% to the principal, in order to make up for the losses, and maybe up your rate by a quarter point so that you can repay them for the favour.

Sure, you’ll end up paying larger payments, and it will probably add up to a fortune more over the course of the loan, but you’ll:
– get the house you want and that your family feels that they need
– avoid the fate of forking out $120 000 and having nothing to show for it,
– unload your old place.

You might even be able to mitigate that hit by negotiating a price cut from the sellers of the new place, by proposing to avoid the litigation and uncertainties involved with breaking the agreement to purchase.

#10 Market on 06.05.18 at 5:10 pm

Abram needs to find the realistic market price on his condo and relist quickly to find a buyer.

#11 RentYVR on 06.05.18 at 5:12 pm

“By the way, Derek’s deadbeat buyers – despite owning at least two other houses and having professional jobs in the industry – filed for bankruptcy to escape the judgment against them. That battle continues, as Derek picks through the detritus of their financial lives to see what flesh may be left on the cadaver. ”

In other words, Derek is unlikely to see much of that money and what is left for him will likely be sucked away by legal fees. But yes, still sucks way more to be the buyers in that case!

#12 Shawn Allen on 06.05.18 at 5:13 pm

Man Up…

The contract has been signed. Man up and live with it no matter what. Lower the price on the condo to sell it. Scrape together the financing somehow and then make the sacrifices needed to pay off any short-term emergency financing.

Abram will feel better about it in the end. Self respect is worth a lot. An honorable man always pays his gambling debts and honors his contracts.

#13 Bossman on 06.05.18 at 5:14 pm

Abram DO NOT take Garth’s advice. Find a mortgage broker that will get you the money to hold BOTH properties. Do what you need to do to make this happen. This is survival time.

If Doug Ford wins on thursday then he will get rid of 15% foreign buyer tax and money from offshore will start to control the market again in a few months.

Right now market is quiet but not weak. That townhome will be worth $1million in 5 years and your condo will be good for renting. Hold on. Don’t panic!

You don’t need bankruptcy but even that is a okay solution if you need it. Don’t let Garth scare you that bankruptcy is the end. Talk to someone knowledgeable in this area that you trust and you can still succeed very well.

#14 Stone on 06.05.18 at 5:15 pm

#2 Brad on 06.05.18 at 4:39 pm
Sell and rent! Stress-free, flexible, and tenants now have more power than ever before! Just got a new roof on the house i’m renting, and before winter will need a new furnace, both of which aren’t my problem :). Not to mention a balanced portfolio that is already paying half of rent.

———

Congrats Brad. Unfortunately, none of the highly educated (or I should say schooled – don’t want insult the educated) will listen to your rational thought or reasonable deduction. Enjoy your state of affairs as I do mine and let the schooled wallow in their misery. That’s how they want to be. Poor saps.

#15 Ustabe on 06.05.18 at 5:15 pm

26 days!

Its now been 26 days since we have seen First Lady Melania Trump.

Has she been North Korea’d?

Has she been recovering from extensive plastic surgery to make her more Stormy?

In the annals of presidential wives have we seen such as this?

Forget about Abram…forget about NAFTA, forget about Dougie, its been 26 days people!

#16 Bibi on 06.05.18 at 5:18 pm

“Condo has not sold. No buyers”
————————————–
You can find a buyer for anything if the price is right. Maybe there is something wrong with your price, Abram. And if you have to lower it, it’s no biggie. You don’t really loose anything since your condo appreciation is not the money your actually earned. This one is really easy to answer.
All in all, what a beautiful story – classic Garth. Please keep them coming.

#17 PeterfromCalgary on 06.05.18 at 5:28 pm

House prices go up lawyers make money.
House price go down lawyers make money.

#18 KLNR on 06.05.18 at 5:31 pm

Even in good times i would never think of buying before selling my current place. just to much stress. Can’t say i have any sympathy for this dude. live and learn.

#19 rental property math on 06.05.18 at 5:33 pm

#14 Stone on 06.05.18 at 5:15 pm
#2 Brad on 06.05.18 at 4:39 pm
Sell and rent! Stress-free, flexible, and tenants now have more power than ever before! Just got a new roof on the house i’m renting, and before winter will need a new furnace, both of which aren’t my problem :). Not to mention a balanced portfolio that is already paying half of rent.

———

Congrats Brad. Unfortunately, none of the highly educated (or I should say schooled – don’t want insult the educated) will listen to your rational thought or reasonable deduction. Enjoy your state of affairs as I do mine and let the schooled wallow in their misery. That’s how they want to be. Poor saps.

—————————
I don’t think I’d consider myself to be one of your poor saps. My properties in Hamilton have doubled in value in 5 years. Rents shot up like crazy. My mortgages have been aggressively paid down by my tenants. A balanced portfolio won’t make you rich. You need to get up to speed before clicking on cruise control.

#20 Guy in Calgary on 06.05.18 at 5:35 pm

I think I would vomit in that situation. I bet there is other debt too.

#21 rental property math on 06.05.18 at 5:35 pm

#9 Smartalox on 06.05.18 at 5:08 pm
Why is it the first instinct of these idiots always fixate on losing the deposit? If you’re willing to give away the deposit in order to pull out of the deal, why not keep the deposit applied to the purchase price, and cut the price they’re asking for their old place by an equivalent amount?

—————–
Because there has to be winners and losers. Anytime I’ve purchased a property I’ve always looked at the worst case scenario and my exit options. Apparently many people do not.

#22 Not Enough Facts on 06.05.18 at 5:36 pm

There are several ways to close a deal once the condo is sold, but without the critical facts nothing can be done other than speculate. No need for a mortgage broker in most cases.

#23 Fluorine on 06.05.18 at 5:42 pm

Smartalox: I like it. Most people post at what they (over)paid, or what they feel they deserve, rather than what they can get.

Even EREB agrees… their monthly blurb contains TWO separate references to “sellers must price their homes attractively to attract buyers” in a market where listings have exploded.

Yet… most of the Edmonton listings on Zolo are ludicrously overpriced. Once a page or so, though, you can spot the sale that might actually move, listed $50K less than it’s neighbours. Usually sandwiched in between 2 listings for 1100sqft shacks from the 60s for the same price.

#24 Wrk.dover on 06.05.18 at 5:45 pm

Sleigh ride!

#25 the ryguy on 06.05.18 at 5:48 pm

#18 KLNR on 06.05.18 at 5:31 pm
—————————————–

100% agree.

I’ve thought the same thing multiple times reading this blog. In all my RE transactions Ive never once bought without selling my current abode. The gambles that people take are unbelievable.

#26 Dolce Vita on 06.05.18 at 5:56 pm

Hard to believe in an uncertain RE market that he would not sell his place first, then buy or at worst make the purchase contingent on his place selling.

Since my first home purchase in the early 80s I have seen people do this over and over again…and, get in trouble every time. I always sold first, then bought.

They never learn. Think they are smarter than the next guy.

Not.

And, a contracts a contract.

It’s the law and it’s supposed to be blind – for all you Derek haters out there.

#27 missihippi on 06.05.18 at 5:58 pm

I’ve seen people first hand get away with doing a consumer proposal and bankruptcy. They get to keep their assets AND get a bunch of stuff paid for. One family got their old car loan forgiven, essentially, not paying a penny for a brand new vehicle they drove for over 5 years.
For some, bankruptcy is a 7-year itch.
Declare bankrupcy—>wait 7 years—>max CCs, take out loans, etc. —->declare bankruptcy. Wash and repeat.

Completely immoral. But that obviously doesn’t deter everyone.

#28 VanIsle Retiree on 06.05.18 at 5:59 pm

And sellers always need to remember that, if they accept an offer conditional on the sale of the buyer’s current home, to put in a 48-hour or 72-hour escape clause that requires the buyers to put up or shut up if the seller gets another offer they like.

#29 the ryguy on 06.05.18 at 6:09 pm

Funny little story.

So Ive been a builder & flipper for all of my working life..but with businesses. Anyway I reconnected with an old friend recently, who happened to be a realtor. Had the standard “catch up” conversation and she said “oh another guy in my office does businesses” yada yada before long shes asking me what Im looking for, price range etc etc. Later she invites me to meet the “business guru” of the office. Even though I had a pretty good idea this would be a dud I agreed and went.

UNREAL. This 65-70 ish year old man pitched me on all the virtues of commercial RE. Actually first they showed me all these businesses that were absolute duds..anyway.. apparently commercial RE is the greatest thing ever. First of all you don’t EVER have to do any work. Whoa! Oh and they have these companies, called property managers..anyway, they find you tenants..and apparently no one has ever missed a month of revenue due to unleased spots. Oh and this thing called triple net..basically the tenants just pay everything. And the leases go up every year..and the suckers just keep paying. All the while the capital appreciation…I mean you can’t miss!!

And you know what, over the last 30 years or so there was probably a lot of truth in what he was saying..but today? Please..no thanks.

Anyway..this “business guru” couldn’t even put together a cash flow chart for me, and when he tried to do it by hand…yikes!

If that little microcosm of realtors is representative of the whole group, man they are not going to have an easy time going back to the real world.

#30 Happy Housing Crash Everyone! on 06.05.18 at 6:15 pm

Wow the SHYSTERS declared bankruptcy. What a surprise. Stupid communist Conservatives and Liberals have allowed so many SHYSTERS to commit mortgage fraud via CMHC. Canada is a ponzi scheme backed by fraud and lies. Canada would crumble under a free market system which SHYSTER Conservatives and Liberals hate with every communist breath they take. No one hates free markets then those two parties. Proof? Why haven’t they shut down CMHC? Why no outcry of government involvement? You dirty communist SHYSTERS are POS.

#31 Stone on 06.05.18 at 6:15 pm

#19 rental property math on 06.05.18 at 5:33 pm
#14 Stone on 06.05.18 at 5:15 pm
#2 Brad on 06.05.18 at 4:39 pm
Sell and rent! Stress-free, flexible, and tenants now have more power than ever before! Just got a new roof on the house i’m renting, and before winter will need a new furnace, both of which aren’t my problem :). Not to mention a balanced portfolio that is already paying half of rent.

———

Congrats Brad. Unfortunately, none of the highly educated (or I should say schooled – don’t want insult the educated) will listen to your rational thought or reasonable deduction. Enjoy your state of affairs as I do mine and let the schooled wallow in their misery. That’s how they want to be. Poor saps.

—————————
I don’t think I’d consider myself to be one of your poor saps. My properties in Hamilton have doubled in value in 5 years. Rents shot up like crazy. My mortgages have been aggressively paid down by my tenants. A balanced portfolio won’t make you rich. You need to get up to speed before clicking on cruise control.

———-

What’s your point? Actually, I don’t think you got mine either. A balanced portfolio won’t make you rich? You’re a moron.

#32 yvr_lurker on 06.05.18 at 6:22 pm

This is a very unfortunate situation for this fellow and his family. I think it might be cheaper in the end to sell the condo at a discount if possible; having litigation and all of the stress for months on-end dealing with trying to back out of the purchase will take its toll.

On another topic, on Global news last night (sponsored by ReMax) there was again this small vocal group of self-centered, obnoxious, entitled Point Grey types in YVR moaning to David Eby about the surtax they now have to pay on their 3M+ properties. Very small group indeed, but as rich people can they are good at organizing and getting on TV. Cry me a river. A simple calculation shows that on a 3.5M house, (0.5M over the threshold), they need to cough up an extra 80.00 bucks a month. Each 0.5M over 3M gives an extra school tax of 80.00 per month, which can be deferred if you are over 55 years old at a very nominal interest rate. This is not a wealth tax (those dreaded words indicating that the next step for the Gov’t is to tax bank accounts over a certain threshold as some…looking for the right word here… morons posted on this blog). It is just a surtax on your annual property tax (which is still in YVR at a FAR LOWER rate than if you owned a home in Westmount or NDG in Montreal). Very similar to surtaxes on income; I pay now a surtax on my income tax as I am over a threshold.

I have no problem with these surtaxes if they are going to be put to good use by the Gov’t (earthquake proofing schools at an expanded rate in YVR, modular homes for those less fortunate, etc…). This is where the real philosophical issues arise; many people on this blog have no trust that the NDG-Green Gov’t is trying to improve the lives of average citizens, and so they resent any form of taxation or tax changes.

However, when I see someone whinging and moaning on the news about coughing up an extra 80.00 bucks a month on their 3.5M place, while so many struggle in this province to make ends meet, it frankly…makes me sick.

#33 Eating quinoa in vancouver on 06.05.18 at 6:29 pm

Did Abrahm have a realtor help him write the offer? They have to carry errors and ommissisions insurance (at least in BC). He should have been warned about the danger of what he was doing. Realtors are great at saying “you need a professional to help you through this process” , but many are just focussed on getting their cut of the commission.

#34 X on 06.05.18 at 6:32 pm

Bridge financing, or have lawyer beg for extension to close (might cost some $ to grease the wheels)…..drop price and sell condo…..

Good Luck Abram.

#35 Decarte Rosewilt on 06.05.18 at 6:32 pm

If I was Abram I’d lawyer up in a hurry.

#36 Please on 06.05.18 at 6:37 pm

I’m sure if he listed his property aggressively it would sell. Most sellers are still in the greedy pig stage and list their homes and condos for ridiculous prices. Wake up and smell the napalm Abram, before you blow yourself up, just reduces the price of your current abode and problem solved.

#37 Mark Zolt on 06.05.18 at 6:56 pm

Why is sharing a quote from a court document deleted for libel? Doug Ford’s mom did say that about Renata. I even doubt that Renata has any money to sue for libel even if one defamed her right to her face.

Small of you. – Garth

#38 Nonplused on 06.05.18 at 7:04 pm

Seems pretty obvious that the thing to do is aggressively market the condo and get it sold. Better than losing $46,000 and whatever other damages result from walking.

Kids are expensive but if Abram went ahead and had 3 well, the townhouse is probably the right decision anyway, leaving aside the rent question because that isn’t an option right now, unless he can sell both units.

So sell the condo and get some sleep.

#15 Ustabe Melania surfaced yesterday.

http://www.foxnews.com/entertainment/2018/06/05/media-s-melania-missing-in-action-narrative-took-trump-derangement-syndrome-to-new-heights.html

Apparently she had some sort of surgery and used it as an excuse to duck out for a while. I don’t blame her. I wouldn’t be surprised if she becomes the most invisible first lady ever given the way this administration is going. So don’t worry about her, she’s just not interested in the role is all.

I don’t know why they make such a big deal about the “first lady”. It’s not like she’s actually part of the government. What would they call the post when a woman finally gets elected president? “First gentleman?” Probably he doesn’t get a title at all. What if they elect a single person? “First position available”? What if Melania dumps Donald over the Stormy thing? Does she become “First Ex”? What about the other 3? It’s a silly title, same as “First daughter”? Why is Ivanka “First daughter”? Doesn’t daddy know you aren’t supposed to play favorites with your children?

I think the “Stormy” thing will blow over (pun). I don’t condone it but billionaires live by different rules than the rest of us. See Tiger Woods. And I don’t know what these women expect when they marry money. It comes at a price.

Part of it comes down to human nature. You just don’t give a guy a billion dollars and expect him to keep his pants on when he’s away. There is a line up of women that goes all the way around the block who are wiling to do things that we best not discuss for amounts that are trivial to a billionaire, on scale with your concern about whether you get the $0.10 deposit back on a bottle of water.

And men are no better. I tried to make a list of all the things I wouldn’t do for Melania for $2,000 and the only thing I could come up with was “be first lady”.

#39 Lawnboy on 06.05.18 at 7:10 pm

#25. Ryguy.

Agreed. I sold first and rented. A no condition offer is candy to a seller.

#40 IHCTD9 on 06.05.18 at 7:11 pm

Abe, call the seller, request a meeting. Make sure the wife is present – both parties. Meet with them and make an honest, sincere appeal for leniency. They probably read the news, and know stuff like this is happening, their realtor sure does. They don’t want to shell out thousands to a lawyer, maybe they are in a good position to offer you more time to sell. If they aren’t cement heads, they’ll work with you given everything that is going on out there.

If you succeed, be real about selling the condo. If the price needs to drop, then drop it. Unload that sucker, lick your wounds, and move on.

In another life, I was a buyer. I have received appeals of this type, when a sub had blew his brains out on a job. More than a couple times, I paid what they were asking me for (more than quoted). This depended on the situation I was in regarding the specific job.

You never know. Who wants to deal with a court battle? If the sellers have the time, I can’t see why they would choose burning a pile of money rather than handing you another 6 months. Maybe they have not put an offer on another place yet. Maybe they’re not even planning on buying again.

You could scramble, they could simultaneously re-list. If they sell before you do, the house and your deposit is gone. Better than lawyers and court no?

#41 Edward Ursus on 06.05.18 at 7:13 pm

#5 Parents
Ohh sure… inveigle the kindly old folks into a desperate and ill starred scheme to bail silly arses out of a bind and wreck their lives too! They probably spent their whole life getting to where they could sit back and sip a buck a beer and eat a frozen pizza after putting entitled yutzes through uni and paying for any previous youthful peccadilloes. The folks owe you diddly squat. Dummy up.

#42 Ford Nation can't abolish B20 on 06.05.18 at 7:13 pm

Just sayin’ folks. The real reason why sales are down massive across GTA and 604 are the most stringent financing rules since Garth took his first mortgage!

Subject to qualification for rates of 5+ at these price levels? Are ya kiddin’ me?
Based on average verified CRA adjusted median household incomes? Prices have to come down a whole lot more to find organic buying power.

It’s been a good run to the top. The descent is just starting and gaining speed. The buy side sits somewhere 25% to 35% below where sellers are at.

Eventually sellers get frustrated and throw in the towel, wanting to move on with life.

Real opportunities will come up but ya’ll have to be patient!

#43 Toronto Dude on 06.05.18 at 7:17 pm

Thanks Garth! Clear, concise, and useful info as always.

Best blog out there.

#44 Dan MacTeague on 06.05.18 at 7:24 pm

Sorry to say but from inside sources these are the breakdown of seats in Ontario’s 42nd election,

PC Progressive Conservatives 70

NDP New Democratic Party 46

Liberals 8

There are 124 seats now in the Ontario Legislature up from 107 seats 41st Ontario Election.

You heard here first don’t be surprised by these numbers.

#45 Newcomer on 06.05.18 at 7:32 pm

Zolo says the sales/list for 2 brm condos is 99% in YVR and 100% in TO, and they stay on the market for 13 and 18 days respectively. Abraham is doing something wrong.

#46 MF on 06.05.18 at 7:34 pm

#19 rental property math on 06.05.18 at 5:33 pm

-Out of the all the hundred of comments, these ones ^^^ have to be the some of the funniest (but also some of the most telling).

The reason–>Anyone who has been there knows Hamilton is a bit of a dump. It has a tiny bit of charm, but way way more drawbacks: polluted water, polluted air that smells like metal everywhere, drug problems, crime problems, bad economy etc.

We have now reached a point where we have Hamilton property owners bragging about their RE purchases.

Unbelievable.

In the absence of the poor policy and poor lending procedures that precipitated the current housing bubble, and manipulated the housing market to artificially inflate it, its obvious these “investors” would have sustained huge losses.

Instead we are here. Pretty much an economic disaster. Thanks central bankers. Thanks banks. Thanks insurance companies. Thanks realtors. Thanks landlords. Thanks condo/house flippers.

I have even read a few comments from landlords and property owners where they complain about the threat of an NDP government in Ontario. Well we all knew there would be big social and political repercussions to the housing bubble. Here it is.

Hamilton RE? Lol what a joke.

MF

#47 rental property math on 06.05.18 at 7:35 pm

#31 Stone on 06.05.18 at 6:15 pm

What’s your point? Actually, I don’t think you got mine either. A balanced portfolio won’t make you rich? You’re a moron.

—————-
If being a moron means being able to be fully retired by 40 in a paid off house (paid for by a tenant) and living off a SWR of 3.5% then I think you’re right. All thanks to investing (and speculating) in real estate. You can pay rent, I’d rather collect it. Making 6-8% annualized returns are great when you have a couple mill. Market rents these days are high enough to make anyone bitter.

#48 mark on 06.05.18 at 7:39 pm

Any links from your CTV appearance?

#49 mark on 06.05.18 at 7:43 pm

Got it, Garth at 32 minutes in. CTV News at 6

https://atlantic.ctvnews.ca/video

#50 Figus Makum on 06.05.18 at 7:53 pm

DELETED

#51 Kelowna on 06.05.18 at 7:59 pm

This is not that hard Abram, you just need to take a deep breath and focus on the real issue!

The real issue is that you MUST sell your existing place asap and then all your other issues go away!
This is not the time to get greedy with your asking price so call your Realtor, tell him/her that you want to sell quickly and lower your price asap. Any “loss” on your existing home will be irrelevant once you move into your new place – trust me!
If you pick the right reduced price, your existing house will sell quickly and you will be able to sleep at night and look forward to your new baby and new home!
Good luck!

#52 Danny on 06.05.18 at 8:00 pm

Let’s face it the real estate dudes with their iron clad contracts know to buy and sell most people have little choice…..and 5% is what they will get out a product you invested in and in most cases improved.

Something just doesn’t sit well with most sellers when the fee is not on a sliding scale on different prices.

When we sold our property a few years ago using 1% real estate agent…..we noticed a complete lack of interest by the 5 percenters……

What a racket……..a cartel of sorts…..cornering the market…….and they talk about the Italian mafia in Toronto around especially the bakery and bread makers of the past.

Besides using brutal force……and dropping people an an active railway line (like an old friend I went to elementary school in the 1950s, sliced up)…..there isn’t much difference……just better at hiding power authority and control……that very few governments and consumer protection departments want to tackle in Ontario.

Definitely not Premier to be Doug Ford…..talk about being a puppet for developers. They picked a good one…..as illiterate as the Conservatives Party could find amongst them.

How do any of Ford Nation supporters know how good of a business person he has been? Just because Doug said so……you should be smarter and demand more proof.

Why are people really slaves to a blind commitment….to people like Doug………….really…..liberate yourselves and live democracy to its fullness.

#53 Barb on 06.05.18 at 8:05 pm

Oh gawd, Abram, this breaks my heart…

#54 john m on 06.05.18 at 8:06 pm

#40 Edward Ursus re #5 Parents…Thank you for saying that! What is the world coming to?

#55 For those about to flop... on 06.05.18 at 8:14 pm

Pink Pollen falling in Richmond.

These guys just took 409k off their asking.

They are on the hook for 1.62 and the new ask is 1.29

Pin the tail on the donkey…

M43BC

11580 Pintail Drive, Richmond paid 1.62 April 2017 ass 1.5

Jul 25:$1,728,000
Jan 26: $1,686,000
Change: – 42000.00 -2%

https://www.zolo.ca/richmond-real-estate/11580-pintail-drive

https://www.bcassessment.ca/Property/Info/QTAwMDA1WENSUw==

$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#56 Be Realistic on 06.05.18 at 8:19 pm

#7 PastThePeak
Maybe MF, Be Realistic, or Conn Smythe will buy the condo from him, since RE has no where to go but up…

—————————————

1. I loathe condos and would never buy one.

2. I have no interest in a second property. The home I live and raise my family in is enough.

3. I have no desire for flipping or speculation.

4. Long term, RE has always had an upward trend. I want to stress “long term”.

#57 For those about to flop... on 06.05.18 at 8:34 pm

Pink Pollen falling in Vancouver.

These guys just took another 100k off ask ,and it is now on the market for less than bought for a little over a year ago.

Picked up for 2.6 in April 2017 ,the new ask is 2.59 ,right on assessment.

Better get rid of it before this market takes them to the wood shed…

M43BC

4855 Collingwood st,Vancouver

Paid 2.6 April 2017 was asking 2.79 then2.69 now 2.59

4855 Collingwood Street, Vancouver ass 2.59

Sep 25:$2,798,000
Feb 9: $2,698,00
Change: – 100000.00 -4%

https://www.zolo.ca/vancouver-real-estate/4855-collingwood-street

https://www.bcassessment.ca/Property/Info/QTAwMDAwMEc4TQ==

$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#58 Long Shot on 06.05.18 at 8:44 pm

There is only one lawyer in Toronto with the experience and knowledge that might be able to pull something off. We don’t know how this townhouse looks as they can be different; nor do we know if its a vendor resale or new construction. The role of the lawyer acting for the purchaser is to guarantee a clear title in good standing. What if the survey or title is messed up on this townhouse?

#59 Stone on 06.05.18 at 8:52 pm

#46 rental property math on 06.05.18 at 7:35 pm
#31 Stone on 06.05.18 at 6:15 pm

What’s your point? Actually, I don’t think you got mine either. A balanced portfolio won’t make you rich? You’re a moron.

—————-
If being a moron means being able to be fully retired by 40 in a paid off house (paid for by a tenant) and living off a SWR of 3.5% then I think you’re right. All thanks to investing (and speculating) in real estate. You can pay rent, I’d rather collect it. Making 6-8% annualized returns are great when you have a couple mill. Market rents these days are high enough to make anyone bitter.

———-

I have no concern about market rents nor am I bitter. #2 Brad isn’t bitter either. Don’t you get it yet? We’re quite happy with our circumstances. That still makes you a moron though. Thick too. Sucks to be you.

#60 Joe on 06.05.18 at 8:53 pm

Hi Abram,
I’ll buy your condo. Please send me the details at [email protected].
Thanks,
Joe

#61 Shawn on 06.05.18 at 9:18 pm

Garth thinks the housing market will bottom and take off if the PC wins. Are you kidding me? Garth get on the ground instead of sitting from your high tower. I know at least 10 people in the Vietnamese community in Toronto who own 4-5 houses by repeatedly taking out equity from one house to buy the next house. This is very wide spread practice if you actually get on the ground and see what is going on.

Next recession will decimate the Toronto housing market, which in my humble opinion will be a good thing. Why? Because excessive imbalances almost always purge.

Not my comment. And why single out Vietnamese families when the Bank of Mom is facilitating the same activity among all ethnic backgrounds? Even yours. The reptilian community. – Garth

#62 Spreadsheet Doc on 06.05.18 at 9:26 pm

#25 the ryguy on 06.05.18 at 5:48 pm
I’ve thought the same thing multiple times reading this blog. In all my RE transactions Ive never once bought without selling my current abode. The gambles that people take are unbelievable.
_______

Still no guarantees!

We did everything by the book. Sell, then buy. On the day of closing our buyer walked. We still closed to prevent getting sued and sued our buyer.

Only way to prevent this is to move into a rental and then start looking for a new place.

#63 Nothing Selling in Kelowna on 06.05.18 at 9:32 pm

The for sale signs are getting lonely with few sold stickers.

Inventory is up.

B20 rules for sure having bite.

What do you expect when your medium price point for just your average house hits 800k where there is no economy outside of home flipping?

#64 Langley Shock on 06.05.18 at 9:37 pm

Say what? I can’t get my price anymore?

Where are all the money launderers to buy my overpriced house that has lovely new homeless visitors each and every day trespassing on private property to dig through the trash in search of bottles?

Langley, BC: The land of financial morons and the last of the bubble in the West having a hard time finding liquidity.

Cycle over.

#65 FOUR FINGERS WATSON on 06.05.18 at 9:39 pm

Not my comment. And why single out Vietnamese families when the Bank of Mom is facilitating the same activity among all ethnic backgrounds? Even yours. The reptilian community. – Garth
………………………….

I think he was using “ the Vietnamese “ as a generalized example. No need to dump on him.

#66 Arto Tavukciyan on 06.05.18 at 9:45 pm

Garth, you gotta pick better aliases. Abram…????

#67 ALFRED E. NEUMAN on 06.05.18 at 9:46 pm

Got it, Garth at 32 minutes in. CTV News at 6

https://atlantic.ctvnews.ca/video
____________________________

Garth,

I see a less harried, rushed and more relaxed “you” in this video piece.

You appear to be “really at home” in Lunenburg, NS. Am happy for you ..

#68 Boss Man on 06.05.18 at 9:47 pm

Do it like a boss.

Hold both properties. Call up Home Capital Group and lie to them about your income. Bill and Warren will have you backstopped on your fraudulent activity.

Then call Oaken Financial and Laurentian Bank. Again multiply your actual income by 4, unless you are under 100k per year, then multiple it by 6 when declaring how much you don’t actually make.

You can probably find a 3rd property to buy while you are at it.

Remember. House prices always go up, like straight up, so, you can’t lose in Canada. Brad Lamb said so.

And if Ford gets in he might also personally float you another mortgage using your other three properties as collateral. He will just make a quick call to Billy.

Just do it. These properties will be 5 to 8 times higher in a few years, most likely 8 as that is the lucky number for the buyers Ford hopes to lure back.

#69 A Believer on 06.05.18 at 9:50 pm

Today’s story brought back terrible memories. We did exactly that many years ago. There were no subject clauses allowed on the proposed property but we were so certain of a sale we bought the second property with out selling the first one. The markets were hot and it was desirable lakeshore so we didn’t worry…until the markets dropped that summer.
We finally sold it at a 40% loss and took a mortgage on the new one….kiddies, at 10 3/4% and at renewal five years later at 17 1/2%. Lesson learned but the nightmares remained.

#70 robert james on 06.05.18 at 9:54 pm

Very low sales in Vancouver today paulb
New
359
Price Change
108
Sold
101
TI:12105

http://www.clivestevepaul.com

00 REPLY And falling poop from BC skies.. How bad is that !! https://www.castanet.net/news/Kelowna/228074/Falling-poo-across-BC

#71 Fix your website Garth on 06.05.18 at 9:55 pm

When you post a comment it does not show and sends you to the top of the article.

Before it would show your comment that you just posted after hitting the submit button.

#72 robert james on 06.05.18 at 9:56 pm

A very bad sign in BC.. Falling poop from BC skies.. No doubt the NDP`s fault..lol https://www.castanet.net/news/Kelowna/228074/Falling-poo-across-BC

#73 Stock Picker Steve on 06.05.18 at 9:59 pm

I am in need of a new stock. I have owned shopify and dollarama for a few years and am looking for the next shopify/dollarama. Please advise. :)

#74 HELOC Nation on 06.05.18 at 10:00 pm

I just secured a new HELOC for my avocado and toast addiction.

As long as my house in Vancouver keeps making more money than I do working I will be able to live my champagne wishes and avocado dream life style in Vancouver.

I am declaring bankruptcy once the gravy train ends and securing subsidized BC housing for low or no income earners.

You don’t have to try hard on the West Coast to live like a king.

#75 Rental Property Math on 06.05.18 at 10:02 pm

Is a negative rental cap ratio bad?

Ah, whatever. I would rather be collecting debt load than paying rent.

#76 LG on 06.05.18 at 10:11 pm

@ #25 the ryguy

Bought sfd in 905 first then sold sfd in 416, yes it was very stressfull. Would never do again. Lucky for us it all turned out ok.

#77 Reality is stark on 06.05.18 at 10:34 pm

For all the Abrams:
The mistake was earlier in your life.
“And it’s knowin I’m not shackled
By forgotten words and bonds
And the ink stains that have dried upon some line
That keeps you in the back roads by the rivers of my memory
That keeps you ever gentle on my mind.”
You could have had a nice memory but now you face a sad reality.

#78 Ponzius Pilatus on 06.05.18 at 10:42 pm

#65 Arto Tavukciyan on 06.05.18 at 9:45 pm
Garth, you gotta pick better aliases. Abram…????
————-
Abram was the original Abraham.
This name goes way back.
Show some respect.

#79 Where's the tax $$ going? on 06.05.18 at 10:45 pm

This owner’s property tax component of the triple net lease increased 92.7%. BC is collecting all this extra cash. Where is it going? Definitely not to housing and not to health care.

http://www.cbc.ca/news/canada/british-columbia/our-property-tax-is-more-than-our-rent-tax-hike-could-force-west-end-business-mainstay-to-close-1.4422304

#80 where's the money on 06.05.18 at 10:49 pm

If the province is collecting almost 100% more property tax year over year, where is it going?

This business owner saw an increase of 92.7% in property tax which is part of her triple net lease

http://www.cbc.ca/news/canada/british-columbia/our-property-tax-is-more-than-our-rent-tax-hike-could-force-west-end-business-mainstay-to-close-1.4422304

#81 Samuel on 06.05.18 at 10:53 pm

I bought before selling once. In my mind I committed to dropping my current house asking price $10,000 a week until it sold. I knew that in the 3 months I had that I would never need to go that far. 1.5 weeks later I sold. Price fixes everything.

#82 Lead Paint on 06.05.18 at 10:54 pm

#30 Happy Housing Crash Everyone! on 06.05.18 at 6:15 pm

Your not very fair-minded nor erudite observations are otherwise spot on. Why does CHMC still exist? Governments, banks, media – all the estates – accept this as a given. Why? It currently serves no useful purpose but to prop up an illegitimate price hegemony controlled by the banks and real estate cartels. Politicians won’t touch it. Time to shut it down and free up the billions the feds backstop for better investments .

#83 EmmEmm on 06.05.18 at 10:56 pm

You need to change your copyright info to 2007-2018 at the bottom of the page. thanks !!

#84 Kenny semotiuk on 06.05.18 at 11:10 pm

Why is it, some people have not heard of birth control?

#85 april on 06.05.18 at 11:11 pm

# 48 – Mark. All I’m getting is news?

#86 Tony on 06.05.18 at 11:13 pm

Re: #12 Shawn Allen on 06.05.18 at 5:13 pm

He’ll need an all cash offer or an offer with no conditions since so many deals are terminated today. At that price range more deals would be terminated than would sell the first time.

#87 Tonpy on 06.05.18 at 11:17 pm

Re: #59 Joe on 06.05.18 at 8:53 pm

Buy ten townhouses in America for the same price as one in Canada. In Edmonton, Alberta you could buy six similar townhouses for the price of one.

#88 DON on 06.05.18 at 11:18 pm

The guy is in enough pain…but

2 bedrooms – two kids in one bedroom, new born baby in parent’s bedroom and parent’s sleeping in living room until they sell prior to buying a larger home. Maybe the baby will sleep through the night and parent’s can sleep in room with baby. Highly unlikely! Lol.

Pregnant wife or his own ego to provide or a combination?

Why do some people only think in happy path mode.

#89 For those about to flop... on 06.05.18 at 11:48 pm

Pink Pollen falling in Vancouver.

I saw this empty block listing the other day and skipped by it after thinking no one would be dumb enough to buy it this year and try to flip it.

My bad ,there are people in this city still doing dumb shit, two years after the detached peak.

Picked up for 1.13 in January 2018 which seems alright against the assessment of 1.46, but then if they paid to drop the house and clear the block and get everything surveyed and such then they are most likely already close if not past their new ask of 1.23.

Once you level the house ,you don’t even have the option of being a slumlord to help pay the bills.

There are knockdowns already on the market in Vancouver proper for less than a million and still no takers if the area is not that desired ,and I’m sure it is only a matter of time before I can show something half decent starting with a nine.

The time of when you could quite confidently buy a detached and flip it for a profit a short time later has gone,it could come back ,but it is not here at this present time.

Is it Miller time?

No it’s not…

M43BC

4189 Miller Street, Vancouver paid 1.13 January 2018 ass 1.46

Mar 12:$1,275,000
Jun 4: $1,235,000
Change: – 40000.00 -3%

https://www.zolo.ca/vancouver-real-estate/4189-miller-street

$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#90 Parents on 06.06.18 at 12:04 am

#40 Edward Ursus re #5 Parents

Meh, he gave his and her parents three grandchildren!

Who still does that in Canada?

Some help, please!

And this is coming from a gen X, BTW, not even a Millennial as you probably expected.

#91 FOUR FINGERS WATSON on 06.06.18 at 12:40 am

#62 Nothing Selling in Kelowna on 06.05.18 at 9:32 pm
The for sale signs are getting lonely with few sold stickers.

Inventory is up.

B20 rules for sure having bite.

What do you expect when your medium price point for just your average house hits 800k where there is no economy outside of home flipping?
……………………………………..

The “ economy “ in Kelowna is : retirees coming here from the
“ big smokes “ with their pensions and cash. Also some low paying hospitality jobs servicing the seniors, skiers, and summer holidayers and some seasonal fruit picking but the ofws generally get those.

#92 crowdedelevatorfartz on 06.06.18 at 12:40 am

Sad story but it certainly wont be the last.
…and to expect to “walk away” from a legal, binding contract….
Lots of luck with that…..

Hence the name of this blog….. Greaterfool.

I’m starting to see more and more vacant house fires in the Lower Brainland and Van Island.
Seemed to be the sign of the times back in the 1980’s real estate rout.

As for Derek’s Realtor “buyers” who reneged on the deal, lost in Court and have now are trying bankruptcy as an alternative to paying $475k…….
We’re going to see many many more bankruptcies before this party is over.

#93 Kool Aid on 06.06.18 at 12:45 am

Reduce the condo list price and do everything to get is sold.

Clean, organize, burn vanilla in the oven, turn on every light, pull out all the stops.

Better to sell low and take the hit on the lesser of the two assets and come out the other side with a larger premium asset that also serves your family needs. Litigation is costly, focus on selling and closing.

#94 Duffy on 06.06.18 at 1:02 am

The photo looks like the typical Ontario voter sitting on the padded fence . . . . . very important decision, think it through, how have other provinces done with their choice of governments.

#95 Nonplused on 06.06.18 at 1:09 am

So, I forgot to mention for dear Abram, the rule in business is “get 3 quotes”.

Sell the condo, OMG sell the condo, but get 3 offers, and take the best.

It isn’t worth what you paid, it isn’t worth what you hope, it isn’t worth what you need. It’s worth what someone will pay. Get it sold.

Anyone whose ever had a garage sale to get rid of their junk understands this. It isn’t worth what you think but if you need to move it there will be a buyer. Houses retain much more of their value than roller skates, but if you want it to move lower the price and it will.

#96 Newcomer on 06.06.18 at 1:14 am

I case there was any confusion about the will of the people.
———–
Strong support for homeowner taxes in BC

62% of people think a 2% speculation tax is a good or very good idea

67% agree with introducing a 0.2% tax property tax on homes worth $3 million to $4 million

http://www.news1130.com/2018/06/05/strong-support-homeowner-taxes-bc-survey/

#97 Myra Andrews on 06.06.18 at 2:05 am

Greater Vancouver Stats from realtor Paul Boenisch

June 5 New 359 Sold 101 TI: 12,105
June 4 New 376 Sold 117 TI: 11,942

June 1 New 224 Sold 105 TI: 11,817
May 31 New 208 Sold 109 TI: 11,975
May 30 New 286 Sold 113 TI: 11,964
May 29 New 303 Sold 158 TI: 11,882
May 28 no post from Paul

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

#98 Fortune500 on 06.06.18 at 2:57 am

Ya, I am not seeing my posted comment when I press submit and am taken back to the top. Two of my comments have not shown up either on different days.

#99 Smoking Man on 06.06.18 at 3:09 am

I’m cool with a NDP win.

Got loot, patients and ready to vultch after they destroy real estate and the equity markets in Canada.

Safe in my compound banking USD…

#100 Smoking Man on 06.06.18 at 3:12 am

Congrats to John Cox. You guys won’t know who he is.
He called me tonight and said. Thanks Smokey.
The shit I do for a better life for all.

#101 Howard on 06.06.18 at 3:22 am

RFK died 50 years ago today.

https://www.nytimes.com/2018/06/05/lens/photos-robert-kennedy-assassination.html

#102 Buy? Curious? on 06.06.18 at 3:33 am

Shawn Allen #12

Man up? What kind of stupid advice is that?!? Did you even read Garth wonderfully written post? Derek, who successfully sued his backed out buyers, can’t get his money because they declared bankruptcy! Do you think the husband is worried about his manhood? You’re frickin moron!

Vote NDP, not for the senior citizens but for the children.

#103 groovin123 on 06.06.18 at 3:40 am

Just violently drop the price of the condo.

Period.

A flesh wound in the long run.

#104 Oft deleted much maligned stock.picker on 06.06.18 at 5:07 am

This poor family got screwed by the realtard. A no subject offer and hefty deposit just ensured that the salesperson collects their commission. When I was a real estate manager I beat into the agents heads rule number one…”All ways collect a deposit equal to or greater than your commission”. I made them repeat that at Monday meetings….unfortunately the couple mentioned got caught by a predatory salesman/person. Too bad…
It was irresponsible of the realturd….perhaps litigigious…they got some real bad advice.

#105 neo on 06.06.18 at 6:28 am

#13 Bossman on 06.05.18 at 5:14 pm
Abram DO NOT take Garth’s advice. Find a mortgage broker that will get you the money to hold BOTH properties. Do what you need to do to make this happen. This is survival time.

If Doug Ford wins on thursday then he will get rid of 15% foreign buyer tax and money from offshore will start to control the market again in a few months.

Right now market is quiet but not weak. That townhome will be worth $1million in 5 years and your condo will be good for renting. Hold on. Don’t panic!

You don’t need bankruptcy but even that is a okay solution if you need it. Don’t let Garth scare you that bankruptcy is the end. Talk to someone knowledgeable in this area that you trust and you can still succeed very well.

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

So you are just going to ignore capital controls being implemented in China for some time now? That’s the bigger story here. It is much more difficult for that money to flow out of China now than it was before.

#106 ANON on 06.06.18 at 6:33 am

Not looking to flip, just looking for a bit more in the future, and now the future looks to be more of less. A lot more of less.

And this is how bubbles form, then pop. When more becomes less.

#107 Ace Goodheart on 06.06.18 at 7:10 am

This story illustrates once again why you should not have real estate agents giving legal advice to people purchasing property.

They keep advising people to waive conditions to get the deal, putting them into incredible legal jeopardy.

No lawyer would ever advise a client to waive conditions on a property purchase. The conditions are there for a reason, that being, to protect the buyer if something goes wrong.

#108 Drug Ford on 06.06.18 at 7:31 am

My Friends,

Ignore the fake news!

I am a compassionate brother-in-law, and excellent manager who earned every step in business.

I will find efficiencies in government, just like I found them in my drug business and my personal diet.

For the People.

#Hashish

#109 Stan Brooks on 06.06.18 at 7:34 am

Buy good lubricant, you will need it.

Just one small screw-up in a long list of ‘accidents’ waiting for you in the years ahead.

This is just the purchase of the house.
Then you need to pay it up/good 25 years.
Pay ever increasing property taxes.
Pay ever increasing electricity and gas prices, carbon tax.
Pay ever increasing personal taxes, Mr more-tax-now needs revenue.
Face higher and ever increasing grocery prices for products with reduced quality and shrinking packages.
Be ripped off by oligopolies in retail, telecom, finance.
Be screwed on pension with CPP indexed at CPI (1-2 %) and real inflation/cost of living at 8 % +
so unable to retire (thank Mr Poloz for his wise policies)
Save for retirement as you will get nothing or close to nothing from CPP
Pay ever increasing educational costs with kids having no chance to find work on graduation and having to live in the basement.

Be hopeful that Tim Horton is still around in order to host you last moments like that poor homeless soul in Vancouver, sick of cancer who died at one of their stores (besides the excellent research facilities and palliative care that our free health care provides….)
as this is all his rich ‘pension’ indexed with the generous 1-2 % (thank you Mr. Poloz) can provide.

Suck it up and move on, it is a long joyful (or painful, depending on the view point) road ahead.
And learn to enjoy being screwed, it could help.

#110 NoName on 06.06.18 at 7:49 am

Oh the horror…

Depending on how many accept the buyouts, more than 10% of the workforce at  Louisville-based whiskey and spirits maker Brown-Forman could head for the exits. Officials said the buyouts were planned long before some countries indicated they would retaliate for President Trump’s tariffs by imposing duties on American whiskey.

https://amp.usatoday.com/amp/676029002

#111 NotLegalAdvice on 06.06.18 at 7:52 am

#2 Brad:
“Not to mention a balanced portfolio that is already paying half of rent.”

I need to learn more about these “balanced portfolios” .

Garth, help me out pulheeeease. I need a balanced portfolio too, but what does that entail?

Start with money. – Garth

#112 SimplyPut7 on 06.06.18 at 8:06 am

#13 Bossman on 06.05.18 at 5:14 pm

Condo deals are starting to fall through, sales are lower in Toronto. A family member of a co-worker of mine went through the same thing this week. The person sold the condo for 500k but it was conditional on financing, and the buyer could not get anyone to finance them.

There are 14 units for sale in that one building, the building is less than 4 years old with maintenance fees sitting at $350-$425 which is low for Toronto. The unit is on a major transit line in a good area, priced at the lower end of all units available for sale.

This is exactly how the detached housing market stalled just before prices started to drastically decrease.

Keep hoping foreigners will be rushing back into this market, they can see our addiction with debt and the unhealthy real estate market, they won’t want to overpay for Canadian real estate either.

What if they don’t come back, how will homeowners, speculators, and flippers pay off their debt?

#113 crowdedelevatorfartz on 06.06.18 at 8:15 am

@#96 Myra Andrews
“June 5 New 359 Sold 101 TI: 12,105
June 4 New 376 Sold 117 TI: 11,942
+++++
Well well well.
New Listings jump as sales drop.
Gotta luv it.
The greaterfools will soon realize prices dont always go up.
Total Inventory will be above 13,000 in less than a month if this keeps up.
TI 20,000 by Sept 30 if panic sets in?

#114 Tater on 06.06.18 at 8:17 am

#19 rental property math on 06.05.18 at 5:33 pm
—————————
I don’t think I’d consider myself to be one of your poor saps. My properties in Hamilton have doubled in value in 5 years. Rents shot up like crazy. My mortgages have been aggressively paid down by my tenants. A balanced portfolio won’t make you rich. You need to get up to speed before clicking on cruise control.
—————————————————————-

You made money in real estate during a massive bull market with the lowest interest rates and easiest credit in history. Perhaps, you may want to wait for a full credit cycle to take place before patting yourself on the back.

#115 SimplyPut7 on 06.06.18 at 8:18 am

#68 A Believer on 06.05.18 at 9:50 pm

I think history will repeat itself.

Homeowners feel lucky to lock in at 3.34% today but if they renew at 5.84% or more in 5 years, they won’t be saving any money anytime soon. They are just delaying the inevitable and becoming house rich and cash poor in the meantime.

#116 TurnerNation on 06.06.18 at 8:20 am

There’s always money. From Toronto Star, Rob Ford’s widow’s house. Backbreaking interest:

“Records show numerous mortgage transactions in the two years since Rob died, including two mortgages taken out against the property in 2017, one for $208,000, the other for $420,000. Those mortgages were then paid off when a new $780,000 mortgage was taken out on Feb. 2, 2018, with an interest rate of 8.5 per cent from a mortgage investment company in Aurora. That is the only mortgage on the family home as of June 2018.”

#117 Victor V on 06.06.18 at 8:46 am

Breaking: Canadian International Merchandise Trade Deficit $1.9B in April vs estimated $3.4B deficit

#118 Condos suck sell while you can on 06.06.18 at 8:54 am

#111 SimplyPut7 on 06.06.18 at 8:06 am

#13 Bossman on 06.05.18 at 5:14 pm

Condo deals are starting to fall through, sales are lower in Toronto. A family member of a co-worker of mine went through the same thing this week. The person sold the condo for 500k but it was conditional on financing, and the buyer could not get anyone to finance them.
There are 14 units for sale in that one building, the building is less than 4 years old with maintenance fees sitting at $350-$425 which is low for Toronto. The unit is on a major transit line in a good area, priced at the lower end of all units available for sale.
This is exactly how the detached housing market stalled just before prices started to drastically decrease.
Keep hoping foreigners will be rushing back into this market, they can see our addiction with debt and the unhealthy real estate market, they won’t want to overpay for Canadian real estate either.
What if they don’t come back, how will homeowners, speculators, and flippers pay off their debt?
……………………………………………………………..
Sold my condo two years ago. Just before they went way up in price. Same building now prices are ridicules and similar circumstances many units for sale nobody touching them. We visit friends who still live there and regret getting out. Even when they lowered prices no takers. Condo people are just tired of uncontrollable fees and insane condo boards where whack jobs get elected. These weasels become little dictators and ruin everyone else’s lives by imposing insane rules. They brought in a concierge with security team to keep us safe. We didn’t need it. Our fees went up from $985 to $1084 per month. A whopping 10% we complained about it and not a thing we could do because some people wanted a concierge. We heard someones wife on the condo board wanted it. I now spend more quality time now living my life than standing in a crowded elevator that had to stop at every 20 floors on my way up and down every day.

#119 dharma bum on 06.06.18 at 9:01 am

This was a sad story.
Somehow, it seems more pathetic and hopeless than similar situations that have been described here by Garth.
I dunno….maybe it’s something about that Abram guy that strikes me as not exactly being all there.
Hmmmmmmm……………

#120 2 Cents Canadian on 06.06.18 at 9:14 am

#80 and #9
Bang on advice. This is the way to look at your situation and you’re only financially sensible step to take. As my super successful entrepreneurial father always said “the price of a thing is what it will bring” …… not how much you want, not how much you think it’s worth ….it’s worth how much someone actually pays for it at the time you want to sell it. You’ve painted yourself into a corner with buying firm without selling. You gambled and lost. A year and a half ago you probably would have come out ahead in this situation. Not these days. Start reducing your condo price until it’s gone. And don’t waist time trying to place blame. Learn and move on.

#121 Hot Karl on 06.06.18 at 9:29 am

Abram is going to wind up selling at a big discount. Soon after that Mr. My Friends is going to be elected Premier, cut the foreign tax and Abram’s condo shoots back up in value. Timing is underrated.

#122 rental property math on 06.06.18 at 9:36 am

#113 Tater on 06.06.18 at 8:17 am
#19 rental property math on 06.05.18 at 5:33 pm
—————————
I don’t think I’d consider myself to be one of your poor saps. My properties in Hamilton have doubled in value in 5 years. Rents shot up like crazy. My mortgages have been aggressively paid down by my tenants. A balanced portfolio won’t make you rich. You need to get up to speed before clicking on cruise control.
—————————————————————-

You made money in real estate during a massive bull market with the lowest interest rates and easiest credit in history. Perhaps, you may want to wait for a full credit cycle to take place before patting yourself on the back.

————-
Screw that. I just need Dougie to scrap the foreign buyers tax so him and his buddy Hudak can open the flood gates. After that 4 year bull run it’s time to get the hell out. The day I’m not a landlord no more will be a good day.

#123 jess on 06.06.18 at 9:51 am

RE: new zealand doc on housing and the problems exposing your housing market to the globe… more competition is good thing right! Adding a little “enhancement to the photo ” …even like the idea of the “multi functioning room with a poo.”

https://www.thestar.com/business/real_estate/2018/06/06/us-real-estate-website-zillow-will-start-posting-canadian-homes.html

“Whilst it may appear that a wide angle lens has been used as well as a particular angle, does it truthfully show what the general public would see if they turned up out the front?”

While this is an extreme case of using photography techniques to “enhance” real estate photos, similar subtler techniques are widely used — things like using wider lenses for making the rooms of a house look bigger than they are, or boosting exposure values to make spaces look brighter than they’ll ever look to the naked eye.

https://petapixel.com/2016/02/16/real-estate-photo-illegal-false-advertising/
====================
Ortiz, 26, and his brother used Adobe Photoshop during the May episode of the show to alter promotional photos of a five-bedroom home listed for $7 million in Manhattan’s swanky Greenwich Village. The brothers added marble countertops and hardwood floors and upgraded the kitchen.

While Ortiz refers to the photos as “a little white lie,” the New York State Department is taking the situation very seriously as it has launched a full investigation into Ortiz’s business practices. The reality show, which airs on Bravo, gives viewers a look inside the jaw-dropping wealthy world of New York City real estate. Ortiz addressed the incident in a blog post posted on Bravo’s website, titled “Falling Short of My Beliefs.” Ortiz concluded that it “was not the best of my moments” but said he doesn’t regret it because it was a learning experience.

best defense is an offense
https://www.eonline.com/news/822990/unreal-real-estate-tv-the-fake-and-sometimes-dark-side-of-house-hunting-renovating-remodeling-for-our-viewing-pleasure
==========
http://www.ibtimes.com/million-dollar-listing-new-york-agent-luis-ortiz-under-investigation-photoshopping-apt-pictures

https://www.thestar.com/business/real_estate/2018/06/06/us-real-estate-website-zillow-will-start-posting-canadian-homes.html

#124 darkselling on 06.06.18 at 10:00 am

What about suing the realtor?
If his condo was listed by the agent he was using to buy the agent should have had a good idea if the condo was priced right or going to sell.
At some point these realtors need to take some responsibility for their “professional” designation.
Seems pretty foolish in a falling market to make a home purchase not conditional on the sale of the condo. Realtors like to compare themselves to all sorts of
other sophisticated financial industries, most of which have to act in the best interest of their clients or face repercussions.

#125 45north on 06.06.18 at 10:08 am

dakkie: Toronto’s House Price Bubble Not Fun Anymore

from your link: Average price of single-family house plunges 13%, or by C$160,000 from peak. Sales of homes priced over C$1.5 million collapse by 63%. Condos still hanging on.

Ross Kay says that Toronto prices have declined for 5 months straight.

and year-over-year sales have fallen 5 months straight

the falling real estate market is having a big effect on the election in Ontario. People are starting to worry.

Conservative majority.

#126 Yorkville Renter on 06.06.18 at 10:08 am

#121 – Rental Property Math – I don’t get it; you say how amazing it is to collect rent and moments later you say you can’t wait to stop being a landlord.

I guess it’s only fun on the first day of the month…

#127 45north on 06.06.18 at 10:09 am

Garth Turner on CTV Atlantic:

https://atlantic.ctvnews.ca/video?clipId=1410664

7 minutes 55 seconds

#128 Stan Brooks on 06.06.18 at 10:22 am

Nice rebound for the loonie but temporary.

https://ca.finance.yahoo.com/news/canada-trade-deficit-shrinks-six-month-low-exports-124425482–finance.html

Let’s see what an excuse will Poloz find this time NOT to raise rates. He is soooooooooooo good at finding excuses.

#129 RE Lawyers on 06.06.18 at 10:59 am

The file for closing is usually done by the assistant clerk who completes all the work. The lawyer may have multiple closings during any given week. The clerk gives him the file and spends a few minutes glancing at it. The one mistake always made in this hectic process, is accepting the previous closings done by past lawyers are in good standing by the assistant in regards to title, survey, and complex issues. Its a never ending chain, that looked at carefully by a good lawyer with further research cannot close to guarantee a title in good standing for the purchaser, and his client can walk away from the contract.

#130 Conn Smythe on 06.06.18 at 11:01 am

#107 Drug Ford

A total howler! I think some blog dogs could become comedy writers. Well done!

#131 Hawk on 06.06.18 at 11:01 am

A condo priced 5 to 10 percent below its market value should sell pretty quickly even in this market . Abram might be best off just taking that hit and solving all his problems in one shot.

#132 Duke on 06.06.18 at 11:01 am

I simply don’t understand the situation. If he lowers the price of his condo, it will sell in no time and all problems are solved. Maybe he doesn’t know why there is no taker for his condo. LOL

#133 Conn Smythe on 06.06.18 at 11:08 am

Abram, where is the condo and how much equity do you have in it? You can pull equity out of the condo for your down payment on the townhouse and rent out the condo to a blog dog with a balanced portfolio.

#134 Rental property math on 06.06.18 at 11:13 am

#125 Yorkville Renter on 06.06.18 at 10:08 am
#121 – Rental Property Math – I don’t get it; you say how amazing it is to collect rent and moments later you say you can’t wait to stop being a landlord.

I guess it’s only fun on the first day of the month…

———-/-/——

Yep the first of the month is the best day of the month. In 4 years I’ll have enough equity to cash out and get myself a balanced portfolio. No more bonehead tenants just dividends and interest. It’s a means to an end.

#135 jess on 06.06.18 at 11:23 am

as ones believe hope brings change i more strongly believe that change keeps hope alive.

now move to vote

Imagine :If you had a brother .. would you be more protective of an image or an early intervention that might have saved his life and given him a different future. What would you choose?

#136 In Garth We Trust on 06.06.18 at 11:30 am

I propose that the bearded mystic sage, all knowing, all wise, all encompassing financial oracle that runs this blog create a new political party with blog dogs as his candidates for local ridings to run in the next federal election! Imagine the likes of Smoking Man, Stan the Man Brooks, Turner Nation, crowdedelevatorfartz, darmabum, IHCDTD9, etc., running in local ridings…

#137 the ryguy on 06.06.18 at 11:36 am

#90 FOUR FINGERS WATSON on 06.06.18 at 12:40 am
#62 Nothing Selling in Kelowna on 06.05.18 at 9:32 pm
The for sale signs are getting lonely with few sold stickers.
———————————————————————–

Ive been thinking about moving back there and everytime I look at whats for sale Im just blown away by the prices. Then you factor in what it costs to “enjoy” life there, boat, golf, harley etc etc and I just think “who the F*ck can afford to live here?”.

Plus when I talk to friends that live there they have all drunk the kool aid. That place is nuts.

#138 James on 06.06.18 at 11:49 am

#109 NoName on 06.06.18 at 7:49 am

Oh the horror…

Depending on how many accept the buyouts, more than 10% of the workforce at Louisville-based whiskey and spirits maker Brown-Forman could head for the exits. Officials said the buyouts were planned long before some countries indicated they would retaliate for President Trump’s tariffs by imposing duties on American whiskey.

https://amp.usatoday.com/amp/676029002
……………………………………………………………………

The President was busy railing about Canada yet again on Friday, tweeting about our “highly restrictive” trade practices. Why, yes, we are only the world’s single biggest market for U.S goods and services (with Mexico in a strong second position). With a population of less than 37 million, Canada buys more from the U.S. than Japan, Germany and Korea combined, and almost twice that of China. In addition, bilateral trade between the U.S. and Canada is much more closely balanced than against any other major nation the U.S. deals with. It continues to be baffling beyond words how Canada has ended up being among the Administration’s “most wanted” trade villains. All I can say is WTF I wont be buying any Jack Daniels just to push the point further.

#139 Boots on the Ground in Ptown on 06.06.18 at 12:14 pm

From Infosurhoy on Canada

“Real estate developer Fortress Real Developments Inc. is facing a flurry of legal actions from mortgage lenders who have filed applications to foreclose on land earmarked for development projects. Court documents show senior lenders have launched actions against at least four Fortress affiliates following recent payment defaults.”

“The targeted companies include Fortress Brookdale Inc., which is building a condo project on Avenue Road in Toronto; Brookhill Holdings Inc., which is planning a single-family housing project in Bowmanville, Ont.; and Fortress Collier Centre Ltd., which is developing a commercial tower in Barrie, Ont. Another lender also filed legal warning that it plans to seize land slated for the Glens of Halton Hills project, a planned residential development in Georgetown, northwest of Toronto. Fortress lists more than 50 projects on its website that it has under development or construction across Canada.”

#140 Boots on the Ground in Ptown on 06.06.18 at 12:17 pm

infosurhoy.com/cocoon/saii/xhtml/en_GB/health/real-estate-developer-fortress-faces-foreclosure-battles-as-mortgage-lenders-circle/

link for my prev comment just posted:

#141 IHCTD9 on 06.06.18 at 12:22 pm

#126 45north on 06.06.18 at 10:09 am
Garth Turner on CTV Atlantic:

https://atlantic.ctvnews.ca/video?clipId=1410664

7 minutes 55 seconds
_____

Premier “cordless” lol!

#142 Tyler on 06.06.18 at 1:00 pm

If you are still having trouble selling your condo I might be interested in purchasing.

Please email me at [email protected]

#143 Stan Brooks on 06.06.18 at 1:11 pm

Loonie gains almost erased.

US offers bilateral trade agreements, separate with Canada and Mexico and the liberals are stupid enough not to accept.

So NAFTA now seems certainly finished.

https://www.yahoo.com/news/house-speaker-doubtful-nafta-passage-current-congress-145202928.html

#144 Tater on 06.06.18 at 1:40 pm

#133 Rental property math on 06.06.18 at 11:13 am
#125 Yorkville Renter on 06.06.18 at 10:08 am
#121 – Rental Property Math – I don’t get it; you say how amazing it is to collect rent and moments later you say you can’t wait to stop being a landlord.

I guess it’s only fun on the first day of the month…

———-/-/——

Yep the first of the month is the best day of the month. In 4 years I’ll have enough equity to cash out and get myself a balanced portfolio. No more bonehead tenants just dividends and interest. It’s a means to an end.

————————————————————–
As long as rates stay at all time lows, credit remains super easy and there’s no recession or increase in unemployment.

I wouldn’t bet on all those factors continuing for the next 4 years.

#145 232 on 06.06.18 at 1:56 pm

#59 Joe on 06.05.18 at 8:53 pm

Garth, the matchmaker… :P

#146 Conn Smythe on 06.06.18 at 2:14 pm

#137 James

“It continues to be baffling beyond words how Canada has ended up being among the Administration’s “most wanted” trade villains. All I can say is WTF I wont be buying any Jack Daniels just to push the point further.”

Here, here James! I second that motion! Boycott all things American and then maybe the Donald will get the message….Back to protectionism trade policies of the Great Depression….

#147 Long-Time Lurker on 06.06.18 at 2:15 pm

I recently deposited 5% for a town house ($860,000) at the end of April. Stupid, I didn’t have subject to selling my condo first. I have until Aug 14, 2018 for closing date. I wasn’t looking to flip or anything just having a baby being born soon will make a family of 5 in a 2 bed, 2 bath 747 sq ft a bit tough. Hence I deposited on the future home to grow the family in.

Unfortunately now it has turned into sleepless nights and endless worries right before the new born baby is born that we cannot afford. Condo has not sold. No buyers.

My question is: Is it possible to back out and just lose deposit or will the owners sue us for the difference of what they sell for if we do back out? Or is all terms and conditions of backing out dependent on seller? Most worried.

>It’s a bad situation. You have to look at your options and take the best one.

You can ask the seller for clemency but I doubt you’d get it. It wouldn’t hurt to ask, though.

You can get the townhouse checked to see if there are any liens against it or title problems. That could get you out.

You could drop your condo price. Estimate how much of a loss you can take and reduce it at that.

You could rent out or Airbnb your condo if the numbers work. Even if the numbers aren’t great you could still reduce your losses.

You could even rent out your condo and townhouse then find a cheaper place to rent out for yourself elsewhere.

Going the legal route if you didn’t set out conditions in your contract is going to cost you and you’ll end up with nothing like Garth says and what Derek’s buyer found out.

Figure out your options. Look over the numbers. Then take the best option.

>>This is all suggestive. Do your own research or find an expert. I’m just a blog commenter.

P.S. Wait till the Ontario election is over. If the NDP or Liberals win then expect the condo price to drop. Get out fast.

#148 Conn Smythe on 06.06.18 at 2:16 pm

#136 the ryguy

“Then you factor in what it costs to “enjoy” life there, boat, golf, harley etc etc and I just think “who the F*ck can afford to live here?”.

Sounds like a lot of keeping up with the Jones going on…

#149 Ace Goodheart on 06.06.18 at 2:18 pm

RE: #107 Drug Ford on 06.06.18 at 7:31 am

I keep looking at that Star article with the pic of Renata and the two kids at the funeral, and the caption about none of the $1.1 million, including the $220,000 insurance policy, having been paid out to the widow and the children, two years after Rob’s death.

Keep thinking “we might have a problem here”. Sad looking kids who’s money has gone missing, do not make for good publicity for a person who is trying to get elected.

This is bad, very bad.

#150 jess on 06.06.18 at 2:32 pm

Premier “cordless” A tool…naw since a tool can be productive i see ford more

like a hinge without the pin / a faulty part that needs replacement

#151 Bob Dog on 06.06.18 at 2:42 pm

In BC we are all hoping for a big NDP win for Canadians in Ontario. Lets put an end to the hyper-inflated cost of shelter and send the psychopath capitalists packing.

A strong economy can not flourish without a strong foundation of socialism.

#152 Ian on 06.06.18 at 2:52 pm

Wow Zolo GTA graph just broke my computer.

Inventory all time high now, smashing last April’s number. Now sits at 6,496. Inventory is just exploding upwards.

Sales on a downward path again, sold number at 2,933.

Differential now 3,563. Kaboom.

Median sales price sure to be under tremendous pressure downwards this summer.

#153 Ford As Premier on 06.06.18 at 3:09 pm

I have been thinking of voting for him myself, but have a question. Can this man be trusted handling the provincial treasury with $billions at stake with our tax money? He seems to be a good business man.

#154 Headhunter on 06.06.18 at 3:19 pm

#137 James

“It continues to be baffling beyond words how Canada has ended up being among the Administration’s “most wanted” trade villains. All I can say is WTF I wont be buying any Jack Daniels just to push the point further.”

Here, here James! I second that motion! Boycott all things American and then maybe the Donald will get the message….Back to protectionism trade policies of the Great Depression….

___________________________________

Had to read that twice USA is our biggest trading partner over 10x’s the population. They could care less if we stop buying from them. Now if they stop buying from us..

Get a grip man.

#155 Deplorable Dude on 06.06.18 at 3:48 pm

#137 James…”It continues to be baffling beyond words how Canada has ended up being among the Administration’s “most wanted” trade villains.”…

It’s simple……

Because Canada (and Mexico) whore themselves out to China, allowing China to backdoor their Steel/Aluminium products into the USA avoiding normal trade tariffs.

Canada is barely in the top 20 world steel producers (#17), yet the US gets 17% of it’s steel from Canada….hmmm I wonder where it all comes from?

https://theconservativetreehouse.com/2018/06/03/trade-talks-intentionally-obtuse-canadian-foreign-minister-chrystia-freeland-discusses-tariffs/

#156 TurnerNation on 06.06.18 at 3:52 pm

#148 Ace there were a few drive by posters suggestions that Robby simply was removed from the limelight (and given a haircut) perhaps having served his chaotic purpose.
Will insurance companies payout without a body? ?

#157 dr talc on 06.06.18 at 4:21 pm

re: Brother Rob Ford

I’m not ‘everything is fake’, and often change my mind. There has been a tsunami of fake rock star deaths. For example, I have typed here that I thought the rock singer Delores O Riardon’s death was fake, but recently changed my opinion based on reports of an open coffin funeral. Rob never looked sick enough for me, so I’d still think his death was fake.

#158 James on 06.06.18 at 4:24 pm

#154 Deplorable Dude on 06.06.18 at 3:48 pm

#137 James…”It continues to be baffling beyond words how Canada has ended up being among the Administration’s “most wanted” trade villains.”…

It’s simple……

Because Canada (and Mexico) whore themselves out to China, allowing China to backdoor their Steel/Aluminium products into the USA avoiding normal trade tariffs.

Canada is barely in the top 20 world steel producers (#17), yet the US gets 17% of it’s steel from Canada….hmmm I wonder where it all comes from?

https://theconservativetreehouse.com/2018/06/03/trade-talks-intentionally-obtuse-canadian-foreign-minister-chrystia-freeland-discusses-tariffs/
___________________________________________
When shipping your material to the USA you must have a Country of Origin certification to follow the material. Back door bullshit my friend. BTW Canada produces more Aluminum with one of our plants than all of the USA ‘s production combined. Oh and the plants in the USA are antiquated compared to our. Efficiencies old man. One last thing you need to make aluminum is cheap electric power, hmmmmmmmmmmmmmm where could we ever get cheap hydro power? Quebec? BC? Now you know door knob! Where did you get your education? Don’t worry I don’t care!

#159 Damifino on 06.06.18 at 4:28 pm

#150 Bob Dog

In BC we are all hoping for a big NDP win for Canadians in Ontario.
——————————

Not all of us, Bob.

#160 Special Knowledge on 06.06.18 at 4:32 pm

#154 Delorable Dude: – The answer your seeking is blowing in the wind with the head negotiator of our trade deal. Trace her schools of education from high school onward, and the courses taken all out of Canada with full scholarships all the way. This is just part of the journey to be uncovered.

#161 Tony on 06.06.18 at 5:41 pm

Re: #151 Ian on 06.06.18 at 2:52 pm

Have to wait and see what the election results are tomorrow and then if Ford wins track Markham and Richmond Hill on zolo.ca

#162 Tony on 06.06.18 at 5:57 pm

Re: #131 Duke on 06.06.18 at 11:01 am

He needs an all cash offer for his condo. Too many deals are contingent on financing which is usually disapproved.

#163 Chris on 06.07.18 at 10:40 am

Its simple, use a realtor.

Could have been all avoided… conditions to avoid this are nearly standardized if the realtor knows what they are doing.

#164 Shawn on 06.07.18 at 11:02 am

>Not my comment. And why single out Vietnamese >families when the Bank of Mom is facilitating the same >activity among all ethnic backgrounds? Even yours. The >reptilian community. – Garth

Who is singling out any race? I am Vietnamese. That was merely an example. The practice is wide spread as I know many people in other communities doing the same.

Garth is like a teenage boy. Gets all offended and has to resort to insults. Get off your high tower there friend.

Vietnamese is not a race, and you gave no context for the comment (that you are Vietnamese). I am not offended, but resolute that this blog will never slide into the cesspool of intolerance lapping at its gunnels. – Garth