The chill

.

Another one bites the dust.

Blog dog Steve was not impressed when he logged on to HouseSigma and found the following notice:

Based on the current Toronto Real Estate Board regulations, we are restricted from providing sold information to the general public. Effective June 15th, 2018, HouseSigma will only provide sold Information to customers who are working with our agents.

Yep. Those mean sonofabitch® realtor lawyers have managed to shut down yet another online source of housing information, feeling that an ill-informed and ignorant consumer is likely to pay more and keep the party going. As you may know, TREB has been in a long-running legal battle with the feds and progressive brokers who think buyers should know what houses sell for, their sales history, days-on-market and how many times they may have been re-listed. So far the Audi-drivers have lost every legal battle, but still maintain the position that MLS data is secret and anyone trying to make it available deserves to have their head on a stick.

“I’ve been using this app for quite a while to keep my finger on the pulse of the market.  I have no intention of buying, but like to keep tabs on the market,” says Steve. “Now the TREB gangsters have restricted access to sale price data. This site also shows detailed listing history.  I wonder how long before they clamp down on that. One thing I’ve learned in life is that people are not shy about telling a good story, so what is TREB hiding?  I’m sure it’s not a good story.”

Well, you can still access this kind of information but only by signing on with a realtor, then requesting it for specific properties. Not the best scenario, and it prevents you from doing analysis and comparisons at your own pace. Too bad Viewpoint.ca is not in Ontario. But just wait.

So, where are the sellers?

Listings have started to swell in Vancouver, the LM and the GTA, but 2018 has been characterized by low sales, scant listings and scarce buyers. Yeah, prices have wilted a bit – way more in Toronto than YVR – but there seems to be standoff between vendors and purchasers, grinding the market towards an awful summer.

So, howcum? Here’s the scoop from one of the biggest condo-floggers, Remax Condo Plus:

The big question is why are people staying in their houses longer? The only answer seems to be that Government has made mortgage financing a whole lot more difficult… If sales are down, why aren’t prices starting to fall? In real estate, sellers have a preconditioned notion of what price they want. If they don’t get it, they just take their property off the market. They only reduce prices when they are forced to sell for financial reasons– which is not now. The media and casual observers tend to look at average prices because it is an easy number. But average prices assume that the mix of sales does not change over time. In 2018, we have seen a very strong market for low rise properties under a million, a neutral market between one million and two, and a soft market over two million. In the condo market, properties under $600,000 are the strongest segment, up to a million it is busy and slower over that mark. This is very different than in 2017 when bigger, more expensive properties were selling quickly up to May.

In the condo market, May sales were 15% lower than for May of 2017. In comparison, the total Board was down by 22% for the same period… Looking at preliminary sales for June, expect sales to be LOWER than in May. That applies to all market segments. Even downtown condo sales will be lower than for May. A new reality has set in.”

When was the last time you heard you heard agents and brokers telling you the market was about to take a dump? Remember, mortgage costs rise again next month, then further in the autumn. The stress test benchmark rate will be just under the 6% mark, and Trump may have sucked all of the oxygen out of our economy.

When rates fall, houses rise – and vice versa

So, have you been spending the last two or three years paying down that mortgage with its crazy-low interest rate? Or maybe you’ve been investing monthly in a balanced portfolio, building up more liquid assets to pay down the principal upon renewal?

No? Well, poochiness is coming your way in the form of an interest shock upon renewal. Blog dog, former litigation lawyer and Vancouver-based venture capitalist Hans has some observations for you, plus a crude little chart to ruin your weekend. Enjoy.

Below  is as graph of the Canada 5 year bond rate going back 10 yrs.   The 5 year fixed mortgage rate, at any time, is roughly 200 basis points over this. So during 2015 and most of 2016 homeowners were able to secure 5 year fixed mortgages at around 2.60 – 2.75% for most of that period.

Thus when the 5 year Canada Bond rate hits 3.00 %, as it may well get to by end of 2019, then 5 year mortgage rates for consumers will have almost DOUBLED from their 2015 bottom, just in time when the 2015 renewals start kicking in, come early 2020.

Given the near flat yield curve, those seeking to renew their 5 year mortgages in 2020 and 2021 will have 3 unpalatable choices:  (1) renew at a fixed rate that is materially higher than their original rate; (2) renew at a variable or very short term rate, which will still be higher than their original 5 year rate, but carries rate risk going forward, or (3) sell [or at least try].    If this gets coupled with a wobble / decline in the economy, look out….

And, finally, more capitulation

Hoping nobody would actually notice, the Canadian Real Estate Association dumped its most recent stats on Friday. The numbers are dreadful. Sales dropped nationally from April (traditionally the second-best month of the year) to May (the best). Not good. Activity in general was 16% below that of last year, while 80% of markets in Canada took a hit, led by the LM and the GTA. No amount of lip gloss will make this porker pucker.

The blame is going to the stress test, of course. Says the association’s chief economist, Gregory Klump: “This year’s new stress-test became even more restrictive in May, since the interest rate used to qualify mortgage applications rose early in the month. Movements in the stress test interest rate are beyond the control of policy makers. Further increases in the rate could weigh on home sales activity at a time when Canadian economic growth is facing headwinds from U.S. trade policy frictions.”

And that is exactly what’s coming.

134 comments ↓

#1 jermike on 06.15.18 at 5:00 pm

first

#2 Bob Dobbs on 06.15.18 at 5:02 pm

Time for a Class Action suing TREB for decades of consumer damages in the form of excess home purchase prices across Ontario. Lawyer meet lawyer, but ours are going for the throat.

#3 bdwy sktrn on 06.15.18 at 5:03 pm

well that was early.

have a great weekend all, and prepare for more crushing losses in CAD next week.

#4 dakkie on 06.15.18 at 5:09 pm

Canada Has a Subprime Real Estate Problem, You just Don’t Know It

http://www.investmentwatchblog.com/canada-has-a-subprime-real-estate-problem-you-just-dont-know-it/

#5 Huge Success on 06.15.18 at 5:10 pm

Add in the NDP imposed new carrying costs in the LM, who in their right mind would buy a house here? Things are looking gloomy indeed.

#6 FOUR FINGERS WATSON on 06.15.18 at 5:13 pm

Truth is hard or nearly impossible to find these days. Everything is spin. Spin the facts into whatever you are selling or into your view of the world. We are all groping in the dark.

#7 slam on 06.15.18 at 5:16 pm

I guess mid 2020 may become a good time to buy for those saving more now and looking for housing prices to fall?

#8 Vancouver Loser on 06.15.18 at 5:18 pm

I casually watch properties in several Lower Mainland areas outside of Vancouver… all of the properties I saw come onto the market in Nanaimo, Maple Ridge, and Kelowna this past week have sold by the weekend. All of them. And the listed prices were absolutely nutty, WAY higher than they were just 2 years ago.

As long as this steady stream of Greater Fools keep showing up, the insanity is bound to continue.

And so, we wait on the sidelines . . . still.

#9 conan on 06.15.18 at 5:18 pm

Obvious that there is an IP issue with the MLS data. They think of it as a creation that rent needs to be paid on.

Does Com free and the other low fee places have their data available?

#10 Alberta Ed on 06.15.18 at 5:19 pm

Well, Mr. Dressup could likely do something about opening up MLS, once he’s achieved gender equity and built the pipeline.

#11 Niagara Region on 06.15.18 at 5:19 pm

I. REMAX ON REAL ESTATE
Follow the link for Remax’s official spin on what is happening with the current housing market:
http://www.remax-gc.com/mw-0104-market-overview

II. UNITED NATIONS NEW REPORT ON POVERTY IN THE U.S.
According to the U.N., the U.S. has one of the highest rates of income inequality among Western countries and one of the lowest rates of intergenerational social mobility. Follow the link for the U.N.’s report on extreme poverty, slamming the Trump administration’s policies for worsening poverty in the U.S.
https://www.democracynow.org/2018/6/15/blistering_un_report_trump_administrations_policies

III. Where’s “For Those about to Flop”?
Hey, Flop, I find your RE postings very informative. I hope you’ll post more data.

#12 Steve Elderwitz on 06.15.18 at 5:21 pm

After my ordeal with the Human Rights Tribunal Ontario [HRTO], I personally wonder if it’s mostly the uninformed and sheeple who prop up the housing market in the Toronto area?

For some background info, I was sued by a former employee who alleged that one of my employees, an immigrant-newcomer from Gabon sexually harassed her because he commented on her choice of clothing at work. She was not flattered at his compliment.

So how was I dragged into this? Because under HRTO legislation, the employer is responsible for the conduct of employees in sexual harassment cases.

I did caution the co-worker that in Canada, many females here don’t need a man, and that they don’t take compliments as easy as other nationalities, and he understood.

I’m not sure why my former employee decided to walk off the job, go on social media, complain to “Big Red” and a feminist student group at the University of TO, and also drag my name through the mud for holding me entirely responsible for the conduct of an employee which I plainly said to the Adjudicator was a racial microaggression because the co-worker was African and the complainant was a Canadian-born Caucasian.

In the end, I was forced to implement a “policy” for my business to prevent sexual harassment of women (posting an Ontario Human Rights Code doesn’t suffice to the HRTO), and I’m also on the hook for a whopping $65,000.

#13 slam on 06.15.18 at 5:23 pm

If prices can fall like this for a few years, that would be helpful. Referenced from another site:

3358 W 8th, Vancouver
Assessed – $2,265,800
Listed – 2M
Sold June 6 – $1,850,000
* Sold under list and under assessed.

3388 West King Edward
Assessed – $3.4M
Initial list – $3,788,000
Relisted – $3,388,000
Reduced- $3,080,000
Just sold – $2,952,381
Previous sale May 2015 – $3,050,000
* Sold for a 50k+ LOSS – under assessed, under list and below previous 2015 sale price.

2006 Whyte Ave, Vancouver
Assessed $4,317,000
Bought Jan 2016 $4,050,000
Just sold for $3,800,000
* Sold for a 250 k LOSS (from 2016 sale price)

#14 Brian Ripley on 06.15.18 at 5:30 pm

the Canadian Real Estate Association dumped its most recent stats on Friday… Garth

As you may know, CMHC is having trouble with their website rebuild; a lot of their data is still inaccessible. I wrote CREA and got some help uncovering the latest data point (April 2018) for the national annualized MLS sales number which I have now updated my chart with.

National sales have CRASHED back to the March 2009 pit of gloom low.
http://www.chpc.biz/6-canadian-metros.html

The screw has turned.

#15 Blacksheep on 06.15.18 at 5:31 pm

Conn # 179,

“Blacksheep is clueless…”
——————————–
From the link you, supplied:

“However, unlike the US banks, where they must maintain a liquidity reserve requirement of 10%, Canadian banks have a 0% reserve requirement, thus affording them the ability to create a virtually unlimited amount of money “out of thin air””

http://www.economicreason.com/economiccrisisexplained/canadian-banking-system-exposed/
———————————
See what that says right there:

“Canadian banks have a 0% reserve requirement,”

“thus affording them the ability to create a virtually unlimited amount of money”

Canadian charter banks can and do ‘create’ $’s, based solely on a customers signature and the banks charter, but also have, ZERO fractional reserve requirements.

So I repeat:

“The Fractional Reserve system, does not apply in Canada.”

Prove me wrong…

#16 Leo Trollstoy on 06.15.18 at 5:32 pm

speaking of taking a dump…

http://www.baystreet.ca/forex_trader/1806/USDCAD–Canadian-Dollar-Falls-off-the-Cliff

bye bye C$

i can’t say that I’m sad lolol

#17 Stan Brooks on 06.15.18 at 5:40 pm


#4 dakkie on 06.15.18 at 5:09 pm
Canada Has a Subprime Real Estate Problem, You just Don’t Know It

http://www.investmentwatchblog.com/canada-has-a-subprime-real-estate-problem-you-just-dont-know-it/

It just tells it as it is – many if the Canadian borrowers are one hell of a dumbs..t stupid ‘sophisticated’ m….rfu…rs.

Nothing new under the sun.

Time to ride the rocket (and don’t forget the lubricant, Vaseline recommended).

#18 Bob Dobbs on 06.15.18 at 5:42 pm

TREB lawyers lost in the Supreme Court. Their cease and desist letters only have value to use to wipe your butt with, and too pompous and scratchy even for that. My agent is called ‘Algo’ and he searches the dataset exactly as asked, whenever I want.

#19 conan on 06.15.18 at 5:57 pm

Anyone else notice that the USA started getting very edgy with Canada once Trans Mountain got the golden pass? Perhaps, powerful forces were pissed off by that. Its a game changer pipeline.

I am feeling both shock and awed by the political circus going on down south. For now, this is just a comedy of Democracy. Its a mulligan, a fubar, a snafu. All easily repaired in November 2018 mid terms.

But, what if Trump “wags the Canada?” Does something so outrageous that Mid Terms get cancelled?

Scary.

#20 Linda on 06.15.18 at 5:58 pm

A good point is made that only those who ‘have’ to sell their properties need concern themselves about price fluctuations. So dropping prices aren’t really a concern until 1) mortgage renewal/stress test & 2) actually trying to sell as opposed to thinking about it. I wonder how many houses were listed just to see what kind of offer(s) they might get, without actually intending to sell.

#21 Tedfiftyfour on 06.15.18 at 5:59 pm

That’s early, I’ve not even had a beer yet

#22 Cheesetoast on 06.15.18 at 6:01 pm

“A surprising drop in Canada’s key manufacturing sales in April after two consecutive months of increases is leading some economists to cut their growth forecasts for the country in the second quarter.

Manufacturing sales unexpectedly fell 1.3 per cent to $56.2 billion in April from the previous month, according to data from Statistics Canada, released Friday.

Paul Ashworth, chief North America economist at Capital Economics, took it a step further by saying that the disappointing data “is a blow” to the Bank of Canada, and is another reason the central bank will hold off from raising interest rates again.”

Interest rate increases are not a given at this point. Too much uncertainty.

#23 Happy Housing Crash Everyone! on 06.15.18 at 6:02 pm

You filthy dirty Lying SHYSTERS are POS. You hate free and open markets. SHYSTERS are communists and some of the most useless people in Canada. You useless vermin are not qualified to shine shoes. You useless POGarbage make me sick.

#24 Bob Dobbs on 06.15.18 at 6:06 pm

Garth, btw I’m liking you more and more lately…I agree that 5 year will get to 3, but not sure the pols will cling to an extra 2 for stress by that point…the damage to RE will be wider by then so pressure will shift them to a ‘permanent’ +1 model. If it gets badder faster or longer they’ll ditch stress entirely in short order. The gov is here to do policy in a way that protects the big 5 from big risk, after all (cuz the banks don’t own BoC, so that’s the deal). The banks will need to throw some nitro back on their main domestic revenue engine in the near future, and pols will be quick to push that button because all agree that its got a big label in block caps saying ‘SUCCESS’

#25 Boombust on 06.15.18 at 6:19 pm

#7 Vancouver Loser,

Well, I watch is even more “casually” than you do and I think you’re full of it.

Sales have fallen off a cliff, price declines are becoming commonplace and inventories are rising.

So, nice try, shill.

#26 Crackle on 06.15.18 at 6:21 pm

I saw this movie two years ago about this married couple who bought a new home. The husband moved up the ladder as the Executive VP of a Hedge Fund. It follows the agenda of hiring women looking for work based on experience without discrimination. Great actors, and the fight scene at the end was like no others down in Hollywood. This movie was made for men, as be prudent who you hire, as it scarred the hell out of me. It is free to watch called Obsessed. Get your popcorn ready and take a stiff drink or two.

#27 Vancouver Loser on 06.15.18 at 6:33 pm

#23 Boombust

Call me a shill all you’d like. I know what I am seeing, firsthand, in my neighbourhood, weekly.

I will note, all of the properties I am looking at are “middle of the road” . . . not million dollar properties, and not slums. Middle-class, single family detached housing.

So, nice try, Troll. Suck it.

#28 jessica on 06.15.18 at 6:36 pm

#21 Happy Housing Crash Everyone! on 06.15.18 at 6:02 pm
You filthy dirty Lying SHYSTERS are POS. You hate free and open markets. SHYSTERS are communists and some of the most useless people in Canada. You useless vermin are not qualified to shine shoes. You useless POGarbage make me sick.
———————

I can’t help but LOL reading this post from “Happy Housing Crash Everyone”. Garth, I think this person needs a stiff drink, pronto!

On a more serious note – the real estate cartel does have too much influence/power over media and hiding data in Canada.

#29 Shawn on 06.15.18 at 6:40 pm

usdcad to 1.4 by 2020?

#30 the Jaguar on 06.15.18 at 6:44 pm

It’s hard to understand why seemingly reasonable and intelligent people dive head first into the deep water of high mortgage debt. From the vantage view point directly behind home plate (Jaguar’s love baseball) it’s a puzzle why so many people attach their self worth and status in society to this single asset. Always buying more than they need as well, as if more square footage and granite will somehow fill up what’s missing in their lives. The loss of just one job in the family, even for a few short months can set ‘over leveraged’ households on a collision course. Train wreck, not fender bender. How many who rushed to gobble up the low rates sat themselves down and asked what would happen when their term ended and what outcomes might look like if rates climbed? Or household income faltered? All this ridiculous government intervention and hand wringing. OSFI, BOC, Stress tests, Qualifying Rates. Couldn’t people just sit their asses down at the good old kitchen table and do the math on a family budget and what is and might not be affordable if rates climbed ? Appears the majority prefers the Nanny state.
Meanwhile, back at the ranch…those who hold elevated powers of intuition and observation have clearly heard the unmistakable sound of Merlin engines starting up again. They are distant but recognizable. Alberta rises not like a phoenix, but more like a Lancaster.
Good thing the herd is focused other matters.

#31 Boombust on 06.15.18 at 6:47 pm

#25 Vancouver Loser,

For YOUR information, TROLL, the most recent year over year stats from Zolo.ca for the period, May 15-June 12, 2018 show the following sales declines in Maple Ridge:

Detached, -85% Townhouses, -61% and Condos, -42%.

So, nice try, “Loser”.

#32 Suede on 06.15.18 at 6:54 pm

I hope Smoking Man is buying blog dogs Wagyu steak dinner after all the loot he’s making on the USDCAD

#33 arfmoocat on 06.15.18 at 6:56 pm

Friend from Alberta has just put his summer home in Kelowna up for sale at 1.3M

He says the B.C. speculators tax the government added on is just ridiculous, he’s paying $30K a year now in property taxes on this summer home.

#34 islander on 06.15.18 at 6:58 pm

http://www.ovlix.com/ca/for-sale/British-Columbia/Nanaimo
Ovlix shows price history…one of the few sites in BC to do so.
If you want to choke on price history adjustments, have a look at this!
http://www.ovlix.com/ca/property/bz5qoV-6310-Mcrobb-Ave-Nanaimo-BC-V9V-1W8

#35 Nonplused on 06.15.18 at 7:01 pm

If we are lucky, maybe the housing crash will happen in YVR and YYZ the same way it happened in YYC. A somewhat sudden drop of about 10% and then 10 years of trading sideways with lower sales numbers.

It comes from the sellers in this case as they back away from listing at lower prices, many times because they don’t have enough equity to reduce the price any further, or from a mistaken belief that the won’t sell “for less than it’s worth”, forgetting that something is only worth what someone will pay for it. (Ask Apple about their iPhone X sales for an example. They got strong push-back on the $1000 price and many people stopped upgrading. We may have reached peak-phone.)

I personally think the stress tests are a good idea, given that so many of the other market restrictions have been modified into irrelevance. When I bought my first house CMHC would not insure a home that cost more than $175,000. This was a strong control on the market. Now, it’s way higher than that so other controls are necessary. So you should look at the stress test as insuring that you at least have some change left at the end of the month for beer or a motorcycle, and some cushion against financial disaster in the event rates rise but your salary doesn’t.

Remember, if you buy the most house you can afford at 3% and rates rise to 6%, the interest portion of the payment doubles. That can be catastrophic if you were already on the edge at 3%.

#36 Reximus on 06.15.18 at 7:01 pm

#11 Steve Elderwitz

====

What in the wide world of sports does that rant have to do with real estate?

#37 Whitesheep on 06.15.18 at 7:12 pm

Blacksheep is right. Zero reserve banking. It’s the usury paradise.

#38 bubu on 06.15.18 at 7:13 pm

nobody will sell or lower the prices… they will keep the houses in the market until they get the price they want… look at Edmonton… record inventory for SFH, not many sales but prices are unchanged… it only takes longer to sell…. way longer but it is ok…

#39 Shawn Allen on 06.15.18 at 7:19 pm

Blacksheep, can we be friends?

Blacksheep, while I was out today, you went over my scenario and asked me a question. Actually I think we two are very close to agreement how this works.

Garth, please indulge a long post here, most readers can skip over it.

Blacksheep, let me expand on your scenario a bit and answer your question. My additions start with CAPS below.

****your post is pasted here:

Shawn O the banks # 149,

“The (****) deposit for Frank is electronically created.”

“the deposit will virtually always be held in some bank or other since it would be rare for it to come out as actual cash”
————————–
Agreed…so far.
————————–
Lets try to break this down:

Joe is willing to sell his house for $ 500,000.

Franks agrees to buy Joe’s house for, $ 500.000.

Now a bank gets involved.

Lets pretend, this chartered bank has a total of $1,000,000 in funds / deposits, before Frank seeks any funding from said bank.

WELL, BANKS DON’T KEEP MUCH Cash as a percent of assets/deposits but let’s say the balance sheet here was:

cash $500,000
loans receivable $500,000
Total assets $1,000,000

Deposits $900,000
Share owner equity $100,000
Total liabilities and equity $1,000,000

The rules are a bank needs at least some equity which depends on the nature of their assets. I used 10% equity.

Back to Blacksheep’s scenario

Frank and the bank together, creates new funds (deposit) to the amount of $ 500,000.

The chartered bank now, has $ 1,500,000 in funds / deposits, after Frank gives the bank his mortgage and creates a new deposit.

AGREED AND THE BALANCE SHEET IS NOW

Cash $500,000 (unchanged)
loans $1,000,000 (increased $500,000 for Franks loan)
Total assets $1,500,000

Deposits $1,400,000 (increased by $500,000 to create Frank’s deposit aka money out of thin air )
Bank share owner equity $100,000 (unchanged)
Total liabilities and equity $1,500,000.

Note that the bank’s equity ratio has fallen from 10% to 6.67%. Let’s assume they are still within the regulated minimum since in a real example a $500k loan pushes down a banks equity ratio very little since they have billions in equity.

Back to Blacksheep:

Frank then writes Joe, a cheque for $ 500,000, required to purchase Joe’s home .

The funds get electronically transferred from Frank’s bank account, to Joe’s bank account.

The whole transaction is complete, everyone’s happy…

The chartered bank now has, the same $ 1,000,000 in funds / deposits, AFTER Frank gave the bank his mortgage for $ 500,000 AND then they electronically transferred funds (from Franks newly created deposit) into Joe’s bank account for the purchase of his home.

But Shawn o the banks claims:

“Now the bank must replace that deposit (in order not to drain its own small reserve of cash) that just got sent over to Frank’s (SHOULD BE JOE’s) bank by attracting another”
—————————
Exactly why, must the bank “replace that deposit”, when funds sent to Joe to buy his home, were created (a new, additional deposit) by Frank and the bank, from nothing?

None of the banks original $ 1,000,000 in funds / deposits, was sent anywhere…

IT’S BECAUSE AFTER JOE CASHS THE CHEQUE AND DEPOSITS IT IN A DIFFERENT BANK OUR LENDING BANK’S BALANCE SHEET looks as follows:

Cash $0 (it just got sent to Joe’s bank)
loans 1,00,000
Total assets $1,000,000

Deposits $900,000 (Frank withdrew his deposit to pay Joe by cheque or electronic transfer)
Bank owner equity $100,000
Total liabilities and equity $1,000,000

Now our bank is back to $1,000,000 in assets and has a 10% equity ratio. Its assets are as at the beginning $1,000,000 but it now has no cash but has $500k more in loans. To replenish its cash it needs to attract back a new deposit so the balance sheet can look like in my step 2.

Blacksheep, I know you to be a thinking man and you have demonstrated that. Does my explanation hold water with you?

As to the evils of bank’s creating money from thin air (together with their customers) We have already agreed that is the case. And whether that is a bad thing is a debate for another day.

#40 Allen on 06.15.18 at 7:21 pm

#25 Vancouver Loser

Wouldn’t call myself a casual watcher since I’m in the market to buy so I’ve been keeping a pretty close eye on SFH. Been looking in the Tri Cities area as well as Pitt Meadows and Maple Ridge. What I’ve been seeing is listings staying on the market longer, listings being relisted and price reductions quickly once the sellers realize nobody is going to buy at the inflated prices.

May stats in Maple Ridge for listings/sales/sales ratio…
800,001 – 900,000 57 16 28%
900,001 – 1,000,000 44 11 25%
1,000,001 – 1,250,000 61 10 16%

Balanced market is between 12-20% so hardly a strong sellers market. Trend in the last 3 months is unquestionably downwards so will be interesting to see the June stats next month.

#41 crowdedelevatorfartz on 06.15.18 at 7:23 pm

@#27 Shawn
“usdcad to 1.4 by 2020?”
++++

the way things are going?

November.

#42 re vancouver loser on 06.15.18 at 7:24 pm

Yes, the price is way higher than it ever has been in these outer area like Nanaimo and Kelowna and yes the good ones are selling at record prices. 200-300k up.

But don’t be fooled. This is the dumbest of the dumbest money. Boomer money. Foreign money has virtually disappeared. Slow trickle. And it is causing havoc with boomers getting their money out of the LM.

And even though some of these good properties are selling 200-300k more since 2015 – it is slow. Very slow.

All the realtors in these markets know a hammer is going to drop and most are just waiting to wait for the economic turn and scoop up the stuff they are selling for pennies on the dollar. 8 – 10 realtors have personally told me this.

Here is the good news. You will not see any new price records. That is over. BC Assessment will still be creeping up on properties that have not adjusted the 15% up, but everything will be leveling off.

Unless, of course the gov brings in another tidal wave of money from some new measure, but I think they are going to let it blow off and clean up the excess garbage.

And this is at a time everyone has a job! Economy firing!

Keep the year 2020 in your back pocket for when things will really be on sale 18-20 months away.

#43 BC Sales on 06.15.18 at 7:28 pm

Not only have sales fallen off a cliff.

Look at the classifieds.

200-300 views per house ad within a few days the classifieds in Kelowna.

I used to see 4000-5000 views per house within a few days in the classifieds in Kelowna.

It definitely ain’t the 2016 anymore.

That to me is the most shocking thing.

Sure, there will be a straggler buyer who will come in and buy, but the demand has just vanished.

Not a surprise really. Let’s see how high the price ceiling goes.

#44 Phylis on 06.15.18 at 7:30 pm

Audi listings up 100% since last datapoint!

#45 Al on 06.15.18 at 7:30 pm

Just noticed that a local GTA brokerage just went belly up:

https://www.thestar.com/business/real_estate/2018/06/15/online-brokerage-theredpin-closes-its-doors.html

Sign of the times!

#46 Mark Baum on 06.15.18 at 7:31 pm

Toronto real estate start-up TheRedPin has closed its doors and is now in the hands of a receiver.

https://www.thestar.com/business/real_estate/2018/06/15/online-brokerage-theredpin-closes-its-doors.html

#47 crowdedelevatorfartz on 06.15.18 at 7:32 pm

@#2 Bob Dobbs
“Time for a Class Action suing TREB for decades of consumer damages in the form of excess home purchase prices across Ontario…..”
++++++

No No No.
Class Action lawsuit for ALL Canadian Provinces …
What say you blog dogs?
Want to start a Gofundme page to donate cash to a reputable Law Firm willing to take this all the way to the Supreme Court if necessary?

We’ll call the GoFundMe Page.
Consumers Reliable Expectations Broken or its nick name CREB

Isnt everyone DISGUSTED with the BS shovelled to consumers on a daily basis by these people?

If someone wants to start this……

Put me down for $100

#48 acdel on 06.15.18 at 7:32 pm

#17 conan

We here in ALTA have certainly noticed, for neons; yeah, the yanks love to play us as puppets; we get it, we take their cash for us (Canada) and they control our destiny; but unfortunately most Canucks just do not get it; the expansion East wards would have made us much more independent, West Coast, there idiots. No matter what we say here in ALTA, we are always the bad Province but if Canucks only knew what the real story is and how much we really do care of Canada. Greenies, you do not get it, GFYS…

We have such weak leaders that are so easily influenced by such a relatively few; it is astounding but not surprising, sheep will be sheep! Bahhh :)

#49 Danny on 06.15.18 at 7:33 pm

Garth….another excellent discover.

“Yep. Those mean sonofabitch® realtor lawyers have managed to shut down yet another online source of housing information. ”

So true…….that is how organized crime works……Keep the masses stupid…..so they can be manipulated.

Actually that is how name calling Trump works.

Garth….do you have any more pull in the conservative party now that ” Parrot Ford “….is at the helm?

Maybe the real estate board can be pushed around by Ford instead of the other way around.

I know ” Don’t hold your breath!”

Right Garth?

Condos around Etobicoke Centre…..still high……today between $650,000 and $750,000. Selling in 4 to 6 weeks.

Last year between $575,000 and $625,000. Selling in 2 weeks.

#50 crowdedelevatorfartz on 06.15.18 at 7:35 pm

@#25 Van Looozah
“Call me a shill all you’d like. I know what I am seeing, firsthand, in my neighbourhood, weekly….”
+++++

Links?

#51 Midnights on 06.15.18 at 7:37 pm

Sometimes it’s good to review history of those that walked before you…
https://youtu.be/LfascZSTU4o

#52 Cocaine Communist on 06.15.18 at 7:45 pm

Meanwhile entry level properties remain at peak levels even in very distant GTA exurbs like Niagara and Kitchener.

The rare reasonably priced property will sometimes be pulled after a few days (presumably after receiving multiple bids at list price) and then relisted a few weeks or months later at an 8-10% premium, where it proceeds to collect dust. It’s a standoff, and until such time as they’re pushed off a financial cliff by some meaningful rate increases, the sellers still appear to have the upper hand.

#53 Smoking Man on 06.15.18 at 7:45 pm

USDCAD on fire. $$$$$$$$

Thanks T2

#54 Days Gone By on 06.15.18 at 7:46 pm

#28 the Jaguar – There was a time when a young couple would buy a starter home. It would be in a semi-acceptable location, and the inside needed a lot of work. They only bought what they could afford, but worked as a team to renovate it by themselves room by room. Once finished to perfection with landscaping in place would stay to enjoy their labour for years. At the appropriate time with capital gains, and savings would trade up for another round of it, and so on.

#55 NOSTRADAMUS on 06.15.18 at 7:48 pm

DELETED

#56 Honey Dripper on 06.15.18 at 7:52 pm

Great blog dog picture!

#57 Blacksheep on 06.15.18 at 8:03 pm

triplenet # 183,

“Black sheep, Snoopy et AL Why don’t you folks get a job at a major Canadian Bank head office – then you’ll KNOW how debits, credits and the overall banking system works.”
————————-
No need, as I read with comprehension.

It’s not a secret how this stuff works. This BoE pdf. has been around since 2014. Any body, too thick to comprehend the very basic language used, should just zip it, rather than spewing incorrect information.

http://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf

#58 young & foolish on 06.15.18 at 8:04 pm

If you own property, you’re likely want prices to stay up .. and if you don’t, you probably want them to go down (either because you missed out, or because you want to buy). Either way, we all love RE … and even if it goes through a correction, it will still be providing shelter for someone.

Unfortunately, government is making owning, selling or buying, and even renting RE expensive and risky. Best to do what Garth suggests for now …. get liquid and melt into the masses.

#59 Boombust on 06.15.18 at 8:10 pm

#25 Vancouver Loser

Nice try.

According to the most recent Zolo.ca stats for Maple Ridge for the period, May 15-June 12, 2018, year over year housing sales are as follows:

Detached, -85%, Townhouses, -61% and Condos, -42%.

So, better luck next time, “Loser”.

#60 Drill Baby Drill on 06.15.18 at 8:10 pm

A full on trade war with Trump will not be good. “No amount of lip gloss will make this porker pucker.”

#61 US Tariff List on 06.15.18 at 8:34 pm

The Beast hit China with hundreds of products at 25% and looked at most of them. China with parts and various items has complete control over USA. I could not believe what was all there. This will not end well.

#62 crowdedelevatorfartz on 06.15.18 at 8:35 pm

Speaking of Realtors.
I overheard a few trademen talking today at work.
They were laughing about one of their coworkers who has started dating a gal 3 weeks ago.
She wants him to buy a condo so they can live together.
If he buys…….She’s the Realtor.

“Hmmm”, sez I, “When I was a young lad, a girl that traded sex for money was called a prostitute….Now they’re called Realtors?”

#63 conan on 06.15.18 at 8:40 pm

#45 acdel on 06.15.18 at 7:32 pm

Not sure the American Oil magnates will be funding the Greens now that they know this pipeline is getting built.

They will just invade us instead…….. kidding. They would only do that if their POTUS was an evil schmuck.

#64 Wait There on 06.15.18 at 8:49 pm

“Trump may have sucked all of the oxygen out of our economy”

You DO know that Trump gave in to the sunset clause bit which was holding the closure of the NAFTA deal for weeks before. This occurred suddenly during the G7 in a side meeting with Trudeau. That surprise did not fit into the Trudeau scripted plans. Egged on by the G”something” EU flank cheering him on, he elected to continue to state he was going to war with the USA after Trump left….and the negotiators were busily closing in on the NAFTA deal. An analysis of the situation and reports by others would indicate this. For example when Trump was leaving Canada he indicated he had a good meeting and spoke well of Trudeau. He thought he had agreement and a deal. Trump boarded his flight.
When he saw what Trudeau did on TV during the flight. It was S.O.B time.
What would YOU do when someone shook hands on it. It’s akin to an accepted offer in a RE deal. Except the papers were still being drawn up.
Odd, the MSM hardly even mentions this.
The leader of Canada could have easily had a closure on Nafta and if you recall, the USA did indicate that closure of the NAFTA deal would mean no tariffs on steel. None of the angst we are going through now would be here. It would have been old news.

So go shout about patriotism as much you want. The truth is out there all covered up by most media. Nobody wants to hear this. Remember big wars start from small things and small men. One man is smaller than a small man right now. Guess who?

Do not be surprised if not only the oxygen is gone but not to worry, we have reduced CO2 as well so at least we have less greenhouse gases to deal with.

#65 Yorkville Renter on 06.15.18 at 8:49 pm

There’s a 4th option – extend and pretend everything’s ok.

at renewal, can’t someone extend their Amortization to 30 years instead of dropping to 20? Yes, the interest costs skyrocket, but payments will still be manageable and it let’s people save face.

I wouldnt… but I wouldn’t blow my brains on debt either…

#66 SimplyPut7 on 06.15.18 at 8:54 pm

#42 Al on 06.15.18 at 7:30 pm
#43 Mark Baum on 06.15.18 at 7:31 pm

My favourite parts of the article”

‘McSpurren, who had no real estate licence or background, was brought in for his start-up experience.’

‘John Pasalis of the Realosophy brokerage, a virtual office website based in Leslieville. When you raise money from investors they want meteoric growth. They don’t want a small, profitable business. They want to get a steep profit out of it. That’s why they’re investing,” he said’

—————————-

You mean real estate investors are only in Toronto to make a quick buck? But Toronto is a world-class city, why wouldn’t they want to make long-term investments in real estate in Canada?

When will local speculators/novice flippers learn, Canada has not reinvented the wheel. Debt is meant to be paid back there is no get-rich-quick scheme. People with millions of dollars to spend would rather invest their money in something less risky than Canadian real estate.

#67 China on 06.15.18 at 8:57 pm

We really don’t know the total extent of previous negotiations between China and USA. China says all previous negotiations under discussion are now null and void.

#68 oncebittwiceshy on 06.15.18 at 9:12 pm

I’m not sure why Garth and the blog dawgs are missing the obvious, here.

All of the buyers that would like to move up … can’t. The B20 stops the majority of them in their tracks. They are effectively stuck in their first purchase.

They got into their first “homes” via cheap mortgages and the Bank of Mom/Dad and now they would have to pass the B20 to finance their next home.

#69 conan on 06.15.18 at 9:24 pm

#61 Wait There on 06.15.18 at 8:49 pm

Your whole story is predicated on what Trump said is actually true. The five year sunset clause is not even an issue, and Trump removing it does not in anyway advance the NAFTA negotiations.

Its like Canada demanding California become part of Canada in order for there to be a NAFTA deal. Its a ridiculous request and no points are awarded for withdrawing such a ridiculous request.

#70 SoggyShorts on 06.15.18 at 9:24 pm

#22 Bob Dobbs on 06.15.18 at 6:06 pm
…. not sure the pols will cling to an extra 2 for stress by that point…the damage to RE will be wider by then so pressure will shift them to a ‘permanent’ +1 model.
*********************
As rates increase, shouldn’t the stress test automatically have less of an impact?
+2 on 3% is huge, but +2 on 6% is much less.

As someone who has never had a mortgage, when I read about the stress test here my response was “How was this not always a thing?” Who in their right mind would lend someone the exact maximum that they can afford? The answer, of course, was “someone with 100% coverage due to CMHC” and now that so many people used the Bank of Mom loophole, that needed fixing.

I see no reason to ever remove (or decrease)the stress test.

#71 Blacksheep on 06.15.18 at 9:30 pm

Shawn # 36,

“Cash $0 (it just got sent to Joe’s bank)
loans 1,00,000
Total assets $1,000,000

Deposits $900,000 (Frank withdrew his deposit to pay Joe by cheque or electronic transfer)
Bank owner equity $100,000
Total liabilities and equity $1,000,000”
—————————–
OK Shawn, lets work this out.

Please use the same parameters as I layed out:

Joe’s house is for sale $ 500,000

Frank wants to borrow $ 500, 000, to buy Joe’s house

The bank starts with $ 1,000,000 in deposits, before Frank offers his mortgage to the Chartered bank.

Please leave the term “cash” out of this as it just muddies the water.

OK, try again please…

#72 Pete from St. Cesaire on 06.15.18 at 9:31 pm

Can’t someone set up the hosting of one of these ‘online sources of housing information’ sites in a foreign jurisdiction out of the reach of the Canadian courts?

#73 45north on 06.15.18 at 9:39 pm

John Ivison: Michael Ferguson prefaced the regular value-for-money audits with a chapter decrying the “incomprehensible failure” behind the Phoenix pay system debacle and other perceived systemic shortcomings in government.

He concluded there is an imbalance between political perspectives in government, necessarily short-term, and longer term public service perspective. The political side has become dominant over the past decades, as implementation of policy has been subverted to message and image management.

http://nationalpost.com/news/politics/john-ivison-canadas-senior-bureaucrat-and-top-auditor-are-having-a-very-public-feud-over-the-public-service

I worked at Agriculture Canada for 30 years. The original policy was to develop the Canadian Soil Information Service. The idea being to describe the soils of Canada so as to improve the understanding of agriculture.

http://sis.agr.gc.ca/cansis/index.html

The last ten years, the important thing was to make the web site conform to the common-look-and-feel standard imposed by Treasury Board. Message and image management was the priority. A modern system to describe the soils of Canada was not. One of the goals of the common-look-and-feel standard is to make the content accessible to everyone. The Jodhan case greatly influenced government standards. In the case, a blind woman sued the Government because she couldn’t apply for a job on-line.

here is Michael Wernick, the clerk of the Privy Council and Canada’s most senior public servant:

“I’m not saying we don’t have a culture problem. We are risk averse, we are bureaucratic, we do tend to cling to process, we do tend to cling to rules,”

So here is my frustration – because the civil service is risk averse, bureaucratic, clings to process and clings to rules, the Canadian Soil Information Service is severely curtailed. Most of the effort goes to trying to comply with process and rules which have nothing to do soils. Nothing to do with agriculture.

#74 dr talc on 06.15.18 at 9:40 pm

A class action against treb to make them put their data on every smart phone??

People, it’s a private association financed by dues paying members.

#75 dr talc on 06.15.18 at 9:51 pm

Re yesterdays homeless guy photo

Most homeless people have mental disabilities. Bob Rae emptied the institutions: treat and release.
Ford said he will spend 2 billion that he doesn’t have on mental health.

#76 Capt. Serious on 06.15.18 at 10:02 pm

Ours renews in 2021, at which point I’ll just go variable. Our mortgage is easily handled, but we made sure we bought a place and only borrowed what I knew we could afford even if rates go much higher.

#77 Emily on 06.15.18 at 10:12 pm

Since TREB wants everyone contacting them to find out sold prices, days on market, etc, I think that’s exactly what everyone should start doing.
See a property (or 15) you are curious about? Email the board of directors to ask them!
This is definitely going to be my new hobby. Every House Sigma property I am curious about the TREB board is going to get an inquiry.
To think I used to feel guilty using my realtor’s time to find out this information….

#78 jane24 on 06.15.18 at 10:24 pm

Well back in the UK from renovating our medieval hovel of a palazzo in the south of Italy. Expat investment in our nothing but sweet village of Irsina is off the rails. Lovely Belgians now buying 2 or 3 houses at a time to make into stunning Air B&Bs. Many said Belgians apparently retired on equally stunning EU govt pensions. Others apparently reacting to Belgium’s very high official tax and social security rates by looking for tax free gains. As Garth says, money moves.

Anyway the south of Italy just voted in the EUs first populist and anti-EU and anti-euro national govt. The voters on the ground are delighted. They don’t care what the rest of the world thinks, it is a finger up against globalisation and the world elites. Trump is popular as he puts his own country first. Italians now want to put Italy first. They also are not intending to agree to the recent EU/Canada Free Trade deal that after 7 years of discussion now has to be ratified by all 27 member countries. It doesn’t put Italy first. There is a lot more of this coming in Western democracies as voters turn direction. Invest accordingly.

#79 NEVER GIVE UP on 06.15.18 at 10:32 pm

#11 Steve Elderwitz on 06.15.18 at 5:21 pm
snip/ snip
In the end, I was forced to implement a “policy” for my business to prevent sexual harassment of women (posting an Ontario Human Rights Code doesn’t suffice to the HRTO), and I’m also on the hook for a whopping $65,000.
===================================

There is only one word for this and it is TYRANNY.

I really don’t like reading these stories because I tend to take action, like, Leaving the country!
I am uniquely positioned to do just that and am sifting through all the pros and cons as we speak.
Your story and others like yours weigh heavily in the pro leave camp!

In your story our employees become our babies or dependents. We are responsible for another adults actions.

This is the legacy of our filthy money lusting legal system.

It has already destroyed Marriage to the point where no one dare tie the knot anymore after watching their parents divorce.

Now they have their sights on big business where the money is. All they have to do is create a false need and capitalize on it.

We are teaching adult women to use these tools against wholly innocent parties without remorse.

If a criminally predisposed person targets an organization , obtains employment, and causes harm to people within the organization why is he not charged criminally directly as he would be if he committed the same crime out in public.

The answer is simple. Access to money, insurance, and a stable target to sue. Just hook the blame on someone else who has money. That is our “justice” system.

#80 akashic record on 06.15.18 at 10:43 pm

#34 Reximus on 06.15.18 at 7:01 pm

#11 Steve Elderwitz

====

What in the wide world of sports does that rant have to do with real estate?

Similarity between TREB and Human Rights Tribunal Ontario with their far reaching impact on people’s life, seemingly operating above the law, with in-house regulations unaccountable to the public?

#81 NEVER GIVE UP on 06.15.18 at 10:50 pm

If someone took the time to start a class action suit against TREB or really all of the remaining cartels.
I would contribute via Go Fund Me.

#82 Who Cares on 06.15.18 at 10:53 pm

Here is the full text.. I guess the trend down must be starting to hurt. Plus it will be hard for them to continue their spin if anyone can go online and use a site like this to get sales data.

……………………………………….
Dear HouseSigma Users,

Based on the current Toronto Real Estate Board regulations, we are restricted from providing sold information to the general public.

Effective June 15th, 2018, HouseSigma will only provide sold Information to customers who are working with our agents.

Question: How can I get sold information?
Answer:
– If you are looking to buy/sell a property, please contact Sigma Team agents to discuss about the advantage of becoming our client.
– If you are already working with our agent, please contact your agent to activate your access.

Question: If I don’t need any agent/brokerage service, how can I access to sold information?
Answer: At this moment, HouseSigma is unable to provide sold information to the public for compliance reasons. However, we are confident that the service will be resumed in the near future.

At HouseSigma, we work diligently to provide comprehensive information for Toronto real estate market. Please don’t hesitate to contact us if you have any question.

Thank you for your support.
HouseSigma Team
[email protected]

#83 akashic record on 06.15.18 at 11:28 pm

#76 NEVER GIVE UP

If it was only about money.

It is even more about inserting far-left political power into society through workplaces.

I bet most Canadians have no clue that the Communist party in the former “Eastern Block” had the same mechanism to deal with all forms of political opposition, maintaining a more hard-line quasi court system to deal with “ideological crimes” of the day, which would have been ridiculous, in-provable charges at real legal courts.

It was a shadow pseudo justice system layer forced on society to bully the public into submission and eliminate solidarity among various groups.

#84 Shawn Allen on 06.15.18 at 11:42 pm

Time to Give up:

Blacksheep at 68 said:

OK Shawn, lets work this out.

Please use the same parameters as I layed out:

Joe’s house is for sale $ 500,000

Frank wants to borrow $ 500, 000, to buy Joe’s house

The bank starts with $ 1,000,000 in deposits, before Frank offers his mortgage to the Chartered bank.

Please leave the term “cash” out of this as it just muddies the water.

OK, try again please…

************************************
Well I am just trying to explain how things work. Perhaps you have little or no familiarity with accounting.

In accounting we must deal with both sides of the balance sheet. Double entry accounting. When Frank buys a house using the deposit the bank put in his account in exchange for his taking on the obligation of repaying that as a loan, the bank must show a reduction in its cash asset account and a reduction in its deposit (liability) account. This may be effected by our bank lowering its cash on deposit at the clearing bank and the receiving bank increasing its cash on deposit at the clearing bank since they are not sending over a brinks truck with $20 bills to Joe’s bank.

A pure-play lending bank has Assets consisting of a little bit of cash and a whole lot of loans due from customers. On the other side of the balance sheet they have deposits owed to customers and shareholder equity which adds up to the same amount as the assets. Balance sheets gotta balance.

You have correctly pointed out that a bank can create a new loan and a new deposit out of thin air. There are actually limits on that because a new loan increases its assets and it must not allow assets to grow to more than about 10 to 20 times its owners equity due to banking regulations. This is the minimum capital ration on the right hand side of the balance sheet. In Canada I told there is no minimum cash reserve on the left hand side of the balance sheet. But each bank actually does keep some minimum amount of cash to fund withdrawals which are mostly of the electronic variety.

When a bank creates a new loan and a new deposit the two balance each other. The new deposit effectively funds the loan at the moment both are created.

If the customer spends the deposit then our bank has a reduced deposit and on asset side it has less cash. If it wants get its cash back up, it must attract a new deposit to replace the existing one.

If you don’t know much accounting and are unwilling to follow the debits and credits and the changes in the balance sheet as I described them then I presume you are just not interested in learning or understanding.

Okay, it’s best I give up on you.

If you are ever interested, you could try reading the annual report and financial statements of a smaller bank like Canadian Western Bank.

Try to understand that to a bank, a deposit is a liability, a debt. Your earlier statement (post 163 of yesterday) about a bank having funds/deposits of $1 million appears to be treating both the sides of the balance sheet as one thing. The bank’s assets are loans and cash. Its liability is the deposits.

#85 Shawn Allen on 06.16.18 at 12:01 am

Okay fine…

Blacksheep in your example if you are suggesting a bank that starts with 1 million cash and 1 million deposits can loan $500k by creating a loan and a new deposit does not NEED to attract a new deposit when Frank sends the $500k to his bank I can agree with that.

The banks assets and liabilities would rise to $1,500,000 on creating of the loan

Once Frank sent the his cheque to Joe and it got cashed into a different bank, out bank would then have
$500k cash and $500k loan and $1,000,000 deposit.

(We’ll pretend they don’t need any equity for simplicity).

In that unusual and unrealistic example our bank indeed does not need to run out and replace the deposit. This bank still has FAR too much cash.

But banks don’t work that way. The deposits are not kept as anything close to 100% in cash as in your example.

Instead they have closer to 5% in cash and 95% in loans. When a deposit gets transferred away they typically need to attract a new one back as their cash would dip under that target of say 5%. That’s why they advertise their GIC rates and such.

I thought my example of the bank starting with 50% loans and 50% cash was at least a bit closer to reality than to assume a bank had 100% of its deposits lying around in cash.

In your world, why do banks pay any interest on deposits (including GICs) ever?

Someone once made a very bad taste joke about arguing with people on the internet. I really should stop.

#86 Truth or Consequences on 06.16.18 at 12:02 am

#11 Steve Elderwitz – Boy did you ever get off easy just look at #24. See what he went through at the office. One never knows any truth told today, but there are always consequences one way or the other.

#87 Smoking Man on 06.16.18 at 12:10 am

I’m at a pool party in place called. You ready for this..

Funner California… And it’s Fun.

Ahhhh….you only live once, then you become worm food. Retirement homes are over rated.

Go hard and fast and enjoy the ride.

#88 Salted on 06.16.18 at 12:17 am

#11 Steve Elderwitz

Makes one think twice about starting a business in Ontario..

Jordan Peterson

https://m.youtube.com/watch?v=x6I7ZM07qGY

https://m.youtube.com/watch?v=IMBfT38xbhU (Minute 29:09)

#89 Quinn on 06.16.18 at 12:23 am

@Steve, the HRTO is a feminist Kangaroo Court. Here is one case law which states that the HRTO doesn’t find a woman topless to be sexual in context, but of course, if she complains of comments, such as in your case at your workplace, the HRTO views the woman as victim of sexual harassment or misogyny.

“34] I will begin by addressing the applicant’s allegation that Dr. XXXXX subjected him to sexual harassment and advances. Specifically, he alleged that she wore a low cut blouse, which partly showed her breasts; when he told her that her breasts were showing, she asked him what he was going to do about it; she asked him to remind her of a statement that he had previously made that her breasts reminded him of the breasts of a woman in Montreal; and when he told her that the way she dressed traumatized him, she responded that she will find a way for him to be less traumatized by her breasts.

[35] I find that these allegations have no reasonable prospect of success because the applicant’s belief that her conduct and comments constituted sexual harassment and advances is based on subjectivity and speculation rather than evidence that he has or that is reasonably available to him. It is not open to the Tribunal to make a finding of sexual harassment and advances based on an applicant’s feelings or beliefs.

And this : http://www.cbc.ca/news/canada/ottawa/topless-swimming-pools-ontario-human-rights-1.4214832

A woman’s chest is not considered sexualized to the HRTO, but I’m guessing that your former employee complained of sexual harassment based on comments about her chest area?

#90 NEVER GIVE UP on 06.16.18 at 1:01 am

#71 dr talc on 06.15.18 at 9:40 pm
A class action against treb to make them put their data on every smart phone??

People, it’s a private association financed by dues paying members.
================================

You MUST be a realtor!

How would you like the stock market to hide past prices of stocks?

The information to both real estate and stocks are public but the real estate MAFIA of Canada has manage to block easy access through the use of our legal Thugs!

Lawyers helping Criminals keep their Cartels alive should be ashamed of themselves and disbarred. It is clearly unethical.

#91 smoking man on 06.16.18 at 1:47 am

Hanging out with stoners and drunks in funner California. They are all rich gamblers. With big boats and lear jets. Who is teacher is what I’m thinking right now?

#92 Ron on 06.16.18 at 2:05 am

Re: #7 Vancouver Loser on 06.15.18 at 5:18 pm
I casually watch properties in several Lower Mainland areas outside of Vancouver… all of the properties I saw come onto the market in Nanaimo, Maple Ridge, and Kelowna this past week have sold by the weekend. All of them. And the listed prices were absolutely nutty, WAY higher than they were just 2 years ago.
++++++++++++++++++++++++++++++++++
I beg to differ…
I just rode by a property in Maple Ridge today that wasn’t sold and had its sheet box out front showing $100k off original price, written in by the realtor. Guess he couldn’t afford to print some new sheets, lol. I know, it’s a sales tactic…….
Mind you, it was across the street from another house that WAS sold and this property for sale looks awful on the outside, even though the inside looks OK, remodeled, in the pics. Looks like all the outside is rotten and the garage in back is boarded up because if somebody sneezed, it would fall down. I wouldn’t pay $100k for it myself for a 1958 build. Yes 60 years old
https://www.realtor.ca/Residential/Single-Family/19313923/21948-ACADIA-STREET-Maple-Ridge-British-Columbia-V2X3B6
Saw 2 other shingles with sold signs in the area.

#93 Smoking Man on 06.16.18 at 2:06 am

Truth chasing. It has possibilities . landing face first on your face.

Price of truth , blood.

#94 Stan Brooks on 06.16.18 at 2:24 am

#34 Reximus on 06.15.18 at 7:01 pm
#11 Steve Elderwitz

====

What in the wide world of sports does that rant have to do with real estate?

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

This is a financial blog. Real estate is one of the topic.
Investing, retirement, financial planning are other topics.

And it has everything to do with finances, it tells you just how deeply rotted some places have become, what kind of imbeciles are running the show and just how hopeless the situation has become for normal people who are advised to take on drugs and lobotomy.

It kinds of give you the reasons to diversify and not to invest here, to migrate your assets.

But again, that is for normal people, tiny and ever declining minority, it seems.

#95 Stan Brooks on 06.16.18 at 2:49 am

#76 NEVER GIVE UP on 06.15.18 at 10:32 pm

All your perceived pros are distant memories from the times when there used to be freedoms.

All you need is one way ticket:
https://www.youtube.com/watch?v=g_jUtiKSf1Y

———————-

#44 crowdedelevatorfartz on 06.15.18 at 7:32 pm

Sue the provinces? They are bankrupt already, for god/allah/buda/LGBTTTQQIAA/canabis/T2 useless’s pie-hole, …. all elf deities sake.

Or stay ‘positive’ and slave on.

The only way to deal with this place is trough solid legal advise on everything. I have done it quite a number of times. When they get the letter/legal notice from a lawyer, suddenly the game changes.

But that won’t cover you against abominations/harassment tools like HRTO.

Think about it, it has no criminal prosecution authority as it would have contradicted the federal judicial system, but it can fine you ridiculous amount of money and effectively destroy your business or life.

Expect soon municipal and school (maybe condo board?) penalties for missing a gay (cough cough pride) parade.
I am sure calling the pride parade a gay parade is offensive as it misses on other flavors of sexuality (41, 71?) all with different pronounce.

And this is called a normal, ‘sophisticated’ place and the normal people thinking it is crazy are called names and forced to leave (‘do not the door hit you on your way out’) so the crazy can have it all to themselves.

So not giving up on living in a mental institution, which goes crazier by the day, is your own choice.

I would not make it.
This is not about being brave. It is about being realist. You can’t break a stone wall with you own head. You can try but it will be futile….

#96 Karma on 06.16.18 at 3:07 am

#31 arfmoocat on 06.15.18 at 6:56 pm
“Friend from Alberta has just put his summer home in Kelowna up for sale at 1.3M

He says the B.C. speculators tax the government added on is just ridiculous, he’s paying $30K a year now in property taxes on this summer home.”

How? $1.3m assessed = $13,000 for spec tax, and regular property tax is $6,839 a year. So it’s about $20,000, not $30,000…

#97 ex-canadian on 06.16.18 at 4:13 am

There is only one word for this and it is TYRANNY.

I really don’t like reading these stories because I tend to take action, like, Leaving the country!
#76 NEVER GIVE UP

Run from Canada for your life!
Run away from this socialist-fascist frozen dictatorship
aka Canada
Canada is suffering from terminal progressive leftist sickness.
I had a great experience living in former USSR
Soviet Canadastan is the same as USSR and the final will be the same.
Run, run away as soon as possible, because soon one way ticket to out of Canada will be at the same price as a condo in Toronto.

#98 Leichendiener on 06.16.18 at 4:29 am

The copper in that dome is probably worth more than the whole property.

#99 Oakville Sucks! on 06.16.18 at 5:51 am

Sales data is back up on Sigmahouse!

The TREB mafia must be pissed! The have 2 rulings against them so legally they have no leverage!

#100 New Era on 06.16.18 at 7:00 am

to # 11 Steve Elderwitz

You mention that your female employee “…dragged your name through the mud…”

I would see a lawyer about this potential slander.

Although it is your company, you personally did not commit any act that was brought before the HRTO – an employee did.
Ergo, while having compensatory liability under the HRTO edicts, you were not the proximate cause of the complaint and therefore you, as an individual are blameless.

Any representations to the contrary are actionable.

The fact that she “went on facebook, Big Red, reported this to a feminist group at U of T “, etc. shows that her intent was to hurt your PERSONAL reputation – if she said that you did this or caused it to be done or even inferred such or inferred that you were the party who transgressed the HTRO laws.

You can either sit there and take it or you can fight back.
From the actions of your female employee, she sounds a bit unstable. Accordingly, you may exact some revenge for her evil act by suing her directly.

Funny how when this type of self righteous scumbag gets served with a multimillion dollar Statement of Claim at 7:00 am at their front door, how quickly their cocky attitude turns to abject fear.

By the way, the Statement of Claim is a public document, so get it posted on the internet so that any future employer reviewing her can see what this piece of trash is all about. It is, after all, public information.

I had to do this at one point in my business career to defend against a completely fabricated claim and it worked wonders. They don’t expect you to fight back.

There are cowards and disturbed people out there – I am sorry that you one found you.

#101 Headhunter on 06.16.18 at 7:05 am

there is already “blood in the streets” and its just the beginning. Good Amigo in Barrie ON had house listed for 4 months.. starting at $700K.. year ago be sold in a weekend. Just sold it for 500K.. DO THE MATH..

#102 brian1 on 06.16.18 at 7:09 am

I have copied this story and placed it on the bulletin boards of my area. I implore that all readers do the same, especially in the condo and rental areas where they will have maximum effect. Do a civil service. Help expose them. Don’t just sit there. Please.

#103 New Era on 06.16.18 at 7:27 am

to # 27 Shawn

You wish.

More like;

1) usd / cad to 1.40 next few weeks if trade rhetoric grows ,
2) 1.45 or lower by year end 2018 if RE sales decline accelerates.
3) 1.50 or worse if oil gets below US $ 53.00 / bl.

I have a worse case technical target of 1.65 if;

1) Ottawa runs $ 20 Billion deficits
2) NAFTA abandoned
3) oil goes below $ 52.00
4) national housing prices drop another 20 % and sales get to 40 % below the 10 year average.
5) Trudeau were to be re-elected (or polls indicate such)
6) Poloz the putz fails to match Fed interest rates
7) Economic activity goes negative
8) Inflation picks up substantially (almost assured with a lower $ Cdn dollar)

all occur together.

Not saying all the above will happen, but should this “perfect storm” occur, Canada will be changed economically for a very long time.

If even several of these 8 events occur simultaneously, I think usd /cad at 1.50 is a lock.

#104 Italy on 06.16.18 at 7:31 am

#75 jane24 – Italy elects a new government, and this radical comes out of nowhere complaining about the cheese products with Canada after years of discussion. Here in Ontario we have a huge Italian population, and there is an Italian cheese manufacturing plant that makes a vast variety of cheese types. Two are imported from Italy which is enough. In fact, this plant exports into USA too. Let Italy sell their cheeses into the EU market instead – so what is the problem?

#105 Gravy Train on 06.16.18 at 8:00 am

#92 Stan Brooks on 06.16.18 at 2:49 am
“So not giving up on living in a mental institution, which goes crazier by the day, is your own choice.”

Didn’t you say you’re leaving Canada? When is your departure date? I think you’ll be a lot happier in Europe, Asia, or South America! Maybe even try the U.S. I hear many states have open carry.

Your constant fuming and fussing is likely building up the stress hormone cortisol in your bloodstream which has deleterious health effects.
https://en.m.wikipedia.org/wiki/Cortisol

Listen to music, get a massage, get more sleep, drink fewer caffeinated drinks, eat whole foods and whole grains, eat fish more often, go dancing, and laugh once in a while. You’ll feel better for it. You may even someday end up with friends. :)

#106 crowdedelevatorfartz on 06.16.18 at 8:12 am

@#75 Jane24
“now buying 2 or 3 houses at a time…..
+++++
Welcome to Vancouver for the last 10 years.

#107 crowdedelevatorfartz on 06.16.18 at 8:28 am

@#94 Stan Babbling Brook
“Sue the provinces?’
+++++
Reading and comprehension a bit of a struggle?
The subject was a Class action Lawsuit against TREB. My statement was to sue ALL of them in every Province simultaneously.
Lets get the monopoly on Real Estate (listings, days on Market, sales, sold prices) information ended.
If the consumers in Nova Scotia ( a Province of Cnada last time I checked) can have a legal website providing all this info…..
Why arent all the other Provinces following suit?

I liked the suggestion to get an out of Country website.
Or better yet. Set up all the websites in Halifaxs to provide an unbiased “Viewpoint” for the rest of Canada?

Real Estate boards in every province of this country are monopolistic snake oil salesmen earning commissions on evey sale.
Of course they want to hold all the cards….wouldnt you if you were raking in hundreds of millions of dollars a year?

Go buy a car and trust the salesman to tell you the truth about its history, days on market, whatever.

Opportunistic, comissioned scum doesnt even begin to descibe what passes as the average Realtor

#108 Nope on 06.16.18 at 9:05 am

#30 Suede – last night he was in a dive lounge wearing sunglasses. There was a rock group from hell playing on stage, and a weird bunch of losers on dope jumping up and down – check it out!

#109 dharma bum on 06.16.18 at 9:48 am

#15 Stan Brooks

Time to ride the rocket (and don’t forget the lubricant, Vaseline recommended).
——————————————————————–

“I can take about an hour on the tower of power, as long as i gets a little golden shower!” – Frank Zappa (Bobby Brown)

https://www.youtube.com/watch?v=ZUq_T_Bhau8

#110 Shawn Allen on 06.16.18 at 10:01 am

Yes, Canadian Banks are on the fractional reserve system

Blacksheep stated at 158 yesterday

The Fractional Reserve system, does not apply in Canada. and went on in 177 to quote

“However, unlike the US banks, where they must maintain a liquidity reserve requirement of 10%, Canadian banks have a 0% reserve requirement, thus affording them the ability to create a virtually unlimited amount of money “out of thin air”

******************************************
A zero reserve of cash would mean that Canadian banks could keep an even smaller fraction of cash on hand (which includes their cash on deposit at a clearing bank or central bank as well as cash in branches).

Canadian banks do operate under the fractional reserve system since just a tiny fraction of the deposits liabilities on their balance sheets are offset by cash on the asset side of the balance sheet.

Despite the zero in the regulation, each Canadian bank needs to have some cash on its balance sheet to meet withdrawal and transfer needs. Check any bank balance sheet.

Fractional reserve banking is a vital part of our economic system. Without it the economy would be a tiny fraction of its current size. The process of money creation by banks (together with borrowers) is vitally necessary as the economy grows. Prices would be lower though. I think it is fair to say though that lending contributes to inflation over time. Overall, the system is highly beneficial.

Those who raise alarm over fractional reserve banking and think it is some sort of scam are very wrong in my opinion. To raise alarm in others they usually present a tiny part of the story and assert or imply it is obviously something bad.

Borrowers will beg to be loaned money and then a few of them will complain bitterly that they owe too much and the bank enticed them to borrow. Well, in this life excessive temptations of food, booze, drugs and, yes, debt abound. In this life we are not protected from all the bad choices that we may make. That is the cost of freedom.

#111 theoryAndPractice on 06.16.18 at 10:10 am

#8 conan on 06.15.18 at 5:18 pm

Obvious that there is an IP issue with the MLS data. They think of it as a creation that rent needs to be paid on.
===================
It is definitely not an IP issue, it is all about total control and manipulation of the data therefore market. it is a threat to their existence. Otherwise, They could offer sale of this data for a fee. Canadians are left on purposely in dark, so that they can be milked more. This is similar to other monopolies enforced in the country.

#112 Conn Smythe on 06.16.18 at 10:19 am

#13 Blacksheep

“Canadian charter banks can and do ‘create’ $’s, based solely on a customers signature and the banks charter, but also have, ZERO fractional reserve requirements.
So I repeat:“The Fractional Reserve system, does not apply in Canada. Prove me wrong.”

Please tell me you are not serious…. The fractional reserve in Canada is 0 reserve which is the best fractional reserve system any banker could ask for. What don’t you grasp about the fact that our FRACTIONAL RESERVE ISN’T EVEN A FRACTION, IT IS 0……. YET It is STILL a fractional reserve system which multiplies money off loans created from deposits without the burden of having to have any fractions of the deposits left. The fraction is not even a fraction, it is 0. Banker’s nirvana….

#113 Stan Brooks on 06.16.18 at 10:43 am

#104 crowdedelevatorfartz on 06.16.18 at 8:28 am

Absolutely my bad, apologies.
I don’t think you well get something from the real estate boards, all the money is long spent,… on real estate.
Except the feel good which is still something, I agree, ‘snake all salesmen’ is the mildest I can come up with.

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

#102 Gravy Train on 06.16.18 at 8:00 am,

I thought weed (and sun) is the best cure for depression as you describe it. Fortunately for the desperate shack and glass condo owners, deep in debt, it is about to be legalized, so yay!

I will stuck to beer diet.

#114 Reality is stark on 06.16.18 at 11:00 am

The new Canada.
What has the combination of poor parenting and idiotic teachers done for us?
We have financially illiterate children drunk on social justice. Their futures rest on family court settlements and human rights tribunals. Their disposable income is spent on “retail therapy”. They overeat because they are lazy but still expect the people to notice that they are attractive?
People here don’t understand why marriage rates continue to decline.
Expect the continued rise of the NDP as people want compensation for doing nothing by taxing those who try to create wealth.
The Canadian dollar will continue to lose value as the housing sector begins it’s long descent. Property taxes will escalate as the government more aggressively taxes wealth.
Do not speak your mind in Ontario because people get offended when they realize they have become a burden to the health system as they abuse themselves.
What a farce.
The saddest part of it all is that Canadians have such a high opinion of themselves but they are most similar to Venezuelans. Expect a similar fate.

#115 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 06.16.18 at 11:34 am

What a revealing, disgusting week of news for Toronturds about just how appallingly fifth rate their excuse of a city really is.

Why would anyone bid up any home or condo there is beyond reason.

Look around yourselves, Toronturds. You, your neighbours, your ghettoized and violent GTA communities are not worth it. Sell now, get out while you can before it all collapses.

#116 Ontario East on 06.16.18 at 11:38 am

I hit this link called a directory of food companies in Eastern Ontario by Ontario East Economic Development. There are so many in detail to look at, it would take hours of study. We produce a vast array of foods from A to Z, probably a lot of small operations in the mix. We are conditioned by habit to shop at the major chains, but there are indeed other options in life.

#117 jess on 06.16.18 at 11:45 am

“financially illiterate children drunk on social justice?”

rlly? Guess it depends what one reads.
=========================

-imposed expensive and unnecessary flood insurance on homeowners whose mortgages the bank serviced.”

settle claims of bidding manipulation of California and Midwest electricity markets.

misstated information about the delinquency status of its mortgage portfolio.

overcharged customers for overdraft fees.

European Commission relating to illegal rigging of benchmark interest rates.

billed for credit monitoring services that the bank never provided.

conspired to set the price of credit and debit card interchange fees

charged veterans hidden fees in mortgage refinancing transactions.

overcharged members of the military service on their mortgages
=========
Findings from the australian royal commission
According to a statement from the Australian Competition and Consumer Commission this morning, both the bank and employees of Citigroup are expected to be charged. The statement read:

“Further to its earlier statements regarding criminal cartel charges expected to be laid by the Commonwealth Director of Public Prosecutions (CDPP) against ANZ, its Group Treasurer Rick Moscati, and Deutsche Bank, the ACCC can confirm that Citigroup Global Markets Australia Pty Limited is the other company against which charges are expected to be laid, along with a number of individuals. The expected charges follow an extensive ACCC criminal cartel investigation. The ACCC will not make any further comment until charges are laid.”

http://wallstreetonparade.com/2018/06/citigroup-faces-criminal-charges-in-australia-3x-felon-jpmorgan-is-said-to-be-cooperating/

http://wallstreetonparade.com/2018/06/how-did-jpmorgan-reverse-an-arrest-warrant-for-its-mexico-bank-chief/

https://www.reuters.com/article/us-jpmorgan-mexico/jpmorgan-sued-over-mexican-property-transfer-idUSKBN1J82I5

#118 crossbordershopper on 06.16.18 at 11:49 am

Go to America, full disclosure of almost everything, courts are video streamed, everything in the open, buyers, sellers, prices etc,
what is with the cost of gas, insurance and the 407 and the traffic in southern ontario. OMG.
people are crazy to pay and deal with this stuff.
for the 100th time i want to tell peole that deducting mortgage interest on your home or homes in america and even deductible on your canadian home.
its really sad that i had to go to america to do well, instead of being able to doing it at home.
Ontario is great, the problem is real estate is very expensive and you cant deduct your interest and secondly wages suck in canada and they pay you in this funny plastic money that i am sure will go to 70 cents.
so why stay in canada.
very generous tax emption of principal homes as well

#119 Stan Brook's Psychiatrist on 06.16.18 at 12:01 pm

#112 Stan Brooks masquerading as Toronto hater

Back to the straight jacket Stanley. We told you not to ramble like the deranged lunatic that you are and yet there you go, spewing hatred for the great city of Toronto. You must be confusing the city of Chicago with Toronto. Please point out where the ghettos are in Toronto and the crime stats versus Chicago, a city of comparable size. Jealous that the trailer you live in isn’t worth much Stanley? Read this you mindless moron.

https://globalnews.ca/news/3798979/toronto-safest-city-north-america/

#120 MAMIL on 06.16.18 at 12:02 pm

Glad we have a plan to pay off the entire mortgage in 2020.

Question: If one had a good career opportunity in Calgary would you suggest selling the GTA home and buying in Calgary or still renting? Wondering if their market has come down much?

Cheers,

#121 Blacksheep on 06.16.18 at 12:20 pm

Shawn # 82,

“Okay fine…”

“Blacksheep in your example if you are suggesting a bank that starts with 1 million cash and 1 million deposits can loan $500k by creating a loan and a new deposit does not NEED to attract a new deposit when Frank sends the $500k to his bank I can agree with that.”

“The banks assets and liabilities would rise to $1,500,000 on creating of the loan”

“Once Frank sent the his cheque to Joe and it got cashed into a different bank, out bank would then have
$500k cash and $500k loan and $1,000,000 deposit.”

“(We’ll pretend they don’t need any equity for simplicity).”

“In that unusual and unrealistic example our bank indeed does not need to run out and replace the deposit.”
———————————–
Was never pursuing realism, only truth and that required a stripped down sample to eliminate distractions.

Thanks for the reasonable exchange.

#122 MF on 06.16.18 at 12:22 pm

#111 Reality is stark

-actually all the problems you are talking about are not specific to Canada but to the western world as a whole.

Cut it out with the Canadians are this, Canadians are that.

The system we have is far from perfect, but it’s among the best there is.

Don’t like it? Move to any one of the many banana republics that exist on earth.

MF

#123 MF on 06.16.18 at 12:27 pm

#102 Gravy Train on 06.16.18 at 8:00 am

I read some of the comments.

Vitriol like that most likely originates from some extreme discontent in his own life.

The usual suspects:

Money of course. We get a lot of people upset about on this pathetic blog about this topic.

Women. Maybe a divorce. Maybe a Bad breakup.

Age. Some older folks are just angry at a life of unfulfilled dreams.

It’s a constant stream of upset.

This guy will be miserable wherever he is. He’s just blaming Canada.

MF

#124 Gravy Train on 06.16.18 at 12:51 pm

#107 Shawn Allen on 06.16.18 at 10:01 am
“In this life we are not protected from all the bad choices that we may make. That is the cost of freedom.”

Free will may be just an illusion. For an new and interesting take on the subject of freedom by a philosopher and neuroscientist, see Sam Harris’s book Free Will (Free Press, 2012).

#125 GottaGetOuttaHere on 06.16.18 at 1:07 pm

#76 NEVER GIVE UP
—————————————–
There is only one word for this and it is TYRANNY.

I really don’t like reading these stories because I tend to take action, like, Leaving the country!
I am uniquely positioned to do just that and am sifting through all the pros and cons as we speak.
Your story and others like yours weigh heavily in the pro leave camp!
==============================

Don’t wait too long, soon they may not allow it.
If they do allow you to leave… you may not be able take your cash with you. They want to fight the war on drugs, etc. so they consider your cash… theirs.

I made the move last year and couldn’t be happier, and bonus… it’s 27 degrees year-round. {grin}

#126 Gulf Breeze on 06.16.18 at 1:15 pm

#61.

Where are you getting your information from, re Nafta sunset clause? I doubt there was any shaking of hands over a deal that would have wrapped up Nafta, with Trump agreeing to scrap the sunset clause.

I DO think the most likely scenario is Trump merely floated the idea he would scrap the clause, contingent on Canada making some major economy killing concessions.

After they finished their casual conversation about a few different issues and as Trump was leaving they may have shaken hands goodbye.

Do you honestly think that Trudeau would have f’d our country over for fun, or to get a little dig in at Trump? Give your head a shake, Man.

Trudeau likes dressing up, has ideologically contradictory positions on oil — but he isn’t a full on lying clown.

Wait a minute, Trump isn’t a clown. Clowns are professionals who spend a great deal of time on their craft. Trump doesn’t rise to that level.

#127 Cohen on 06.16.18 at 1:31 pm

DELETED

#128 Dissident on 06.16.18 at 1:49 pm

#97 New Era on 06.16.18 at 7:00 am
to # 11 Steve Elderwitz

Or, you could simply be an adult and apologize to the harassed employee for her regrettable work experience at your company. Ever thought of that?

Maybe try to restore some of the humanity and dignity that she lost whilst being objectified during her job by another employee. Maybe she’d be less miffed about your indifference if you at least pretended to care about what happened to her.

Most people don’t ask for much; just a job where they don’t feel threatened or maligned. And you failed to provide that as an employer.

Did you have a harassment policy in place? Did you educate and train your employees on the legal consequences of failing to comply with that policy? …Our office just rolled out a refreshed harassment policy and trained every last employee on it. It’s called Bill 168, and you should be aware of this, as an employer. I wonder if you even have an HR department.

Would you be complaining so hard if a male employee was harassed for being a dwarf, for their race, or their religion? Same thing. These are all characteristics that people can be singled out for – gender and appearance is part of that. And it shouldn’t make it’s way into the job experience.

#129 Ace Goodheart on 06.16.18 at 2:34 pm

TREB is classic Toronto.

Disconnected, powerful, “Crown” enabled “boards”, determining for everyone what’s best for them.

Santa Clause is a very appropriate metaphor for this.

Powerful people, lying to you, and you better be good (for goodness sake) or you won’t get your presents.

I have been toshing the upper class well connected folks for 17 years. Ever since I graduated from street kid to successful business person. You learn, what they tell you to do, is bunk and makes them rich and you powerless and dependent.

If I cared, and it mattered to me, I would have an opinion on TREB.

I don’t.

But those who figure it matters, and want to do something about it, the power relies on you being ignorant and scared, and you really just have to dead pan them, and they disappear like little imaginary goblins.

TREB will lose at the Supreme Court level. If they even decide to hear the appeal (which they won’t). Until then, you have to put up with their annoying Bay Street lawyers and their stupid game.

#130 Blacksheep on 06.16.18 at 2:44 pm

Shawn # 107, Conn # 109,

“Another common misconception is that the central bank determines the quantity of loans and deposits in the economy by controlling the quantity of central bank money”

— “the so-called ‘money multiplier’ approach. In that view, central banks implement monetary policy by choosing a quantity of reserves.”

“And, because there is assumed to be a constant ratio of broad money to base money, these reserves are then ‘multiplied up’ to a much greater change in bank loans and deposits.”

“For the theory to hold, the amount of reserves must be a binding constraint on lending, and the central bank must directly determine the amount of reserves.”

“While the money multiplier theory can be a useful way of introducing money and banking in economic textbooks,”

“it is not an accurate description of how money is created in reality. Rather than controlling the quantity of reserves, central banks today typically implement monetary policy by setting the price of reserves — that is, interest rates.”

https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf
————————–
As you can see, the story of the fractional-multiplier effect and lending restrictions of fractional reserve banking, is a misnomer.

Interest rates (the FED) combined with, the supply vs demand equation, controls money creation volumes, not any government mandated, bank reserve policy, fractional or otherwise…

#131 Ace Goodheart on 06.16.18 at 2:47 pm

Just noticed this in the star:

https://www.thestar.com/news/world/2018/06/14/talking-to-americans-about-trumps-attacks-on-canada.html

I didn’t read it.

I almost did, then I realised that i just don’t care.

It is probably time for us up here in the True North to just not give a crap what the Americans think of us, or what they want to do to us.

We’re a sovereign state, independent and constitutionally a country.

I get that we have a trade relationship with the USA.

But if they want to attack us, or belittle our government, or hurt us or threaten us, then that is an attack on a sovereign state, and we respond by firming up our sovereignty and declining to have our government or our public opinion influenced by them.

So what is the point in reading what they think?

Why should we care?

If they want to hurt us, let them try.

I am tired of Americans and their arrogance and their f*cked up mentally deranged leaders threatening us or belittling us.

F*ck them. We can do better than being their lap dog.

#132 Stan Brooks on 06.16.18 at 2:50 pm

#116 Stan Brook’s Psychiatrist on 06.16.18 at 12:01 pm

I counted at least 20 other very negative posts regarding GTA under this article.

I must fave struck a nerve, so good at it.

Note: I did say nothing about the underage girls shooting or the 13 years old stabbing somebody to death in just the last 2 days in that ‘beautiful world class and safe’ city.

#133 SoggyShorts on 06.16.18 at 2:54 pm

#117 MAMIL on 06.16.18 at 12:02 pm
Glad we have a plan to pay off the entire mortgage in 2020.
Question: If one had a good career opportunity in Calgary would you suggest selling the GTA home and buying in Calgary or still renting? Wondering if their market has come down much?

Cheers,
**********************************
Assuming you GTA home could sell for 1m, it’s certainly possible that you could get the same house in cowtown for 500K less. If 500K is a lot of money to you, then it sounds like a great choice.

How many years earlier could you retire with a 500K bump in your portfolio today? 5? 10? 15?
Better yet would be renting in Calgary and sitting on a 1m portfolio.

#134 baloney Sandwitch on 06.18.18 at 10:39 am

Garth – enuff with the martyr schtick. You have it pretty good. Cushy ex-MP pension, great business, fantastic contrarian / iconoclastic rep, devoted fans who you insult with impunity, a dog and wife who loves you, harley, ice-cream store ….why on earth would you want to be a back in politics ..?

I don’t. To be accurate, I donate my fabulous MP pension of $22,800 per year. – Garth