Into the wind

Apparently there are a few cons left. In his first two days on the job, Premier Doug Ford did two things: freeze the Ontario civil service (appropriate for a weekend of 40-degree heat) and punt the Lib plan to give no-cost drugs to all kiddies. That latter freebie was worth at least $500 million a year and would have made prescriptions gratis to about 50% of the population.

So, the polarization of Canadian politics has begun. After an inexorable shift left for a few years, leading to such weird outcomes as an NDP government in red-meat Alberta and big public support in BC for Dippers who are wildly increasing taxes (and spending), the country’s largest province has lurched right. Elected is a man who campaigned on slogans (not policy) and sure sounded like a maple-coated Trump.

The implications seem profound for the federal contest set for a year this autumn. Canada’s national T2 government, as you know, increased taxes on the successful, slashed TFSA limits, increased the civil service bigly and will add $100 billion to the federal debt within four years. The Libs downed the Cons in the last election by telling voters there would be brief deficits before the budget balanced itself. Instead, spending is up, deficits have swollen, relations with our biggest trading partner suck and our currency has sagged. But, we can get wasted. Weed’s coming.

On the immediate horizon are a few things that will affect your finances. Interest rates go up again the week after next. That should shore the dollar for a day or two, but it will also raise the stress test mortgage rate to about 5.6% – just at a time the real estate market is entering the mother of all summer slumps. Then there’s trade. Effective this Canada Day, we slapped new duties on a mess of US imports in retaliation for the US tariffs on steel and aluminum. There’s more to come, too.

The betting is Trump will, in fact, impose his 25% tax on maple-made cars, leading to serious uncertainty for 120,000 sector workers, most of them in the southern end of Ford Nation. As for NAFTA, it now looks like no agreement will be forthcoming until (at least) after the US mid-term elections in November. If Republicans hold their ground, we’re probably doomed. If the Dems ride an anti-orange wave, NAFTA might succeed. But, of course, with socialists about to seize Mexico (the election is this weekend), the White House might well just cut off talks entirely with that country. Conclusion: chaos and confusion. Everything could change with one Tweet.

In short, none of this is good for housing. Mortgage rates will be rising over the next year as the bond market reacts to a series of increases by the Fed, several of them echoed by our central bank. The stress test rate will certainly be over 6% by this time next year, and already B20 has had a debilitating impact on sales. More coming.

Trade talks, disputes, wars and spats may seem erudite and distant, but that’ll change in a hurry when all the crap in Wal-Mart costs more, cars are pricier or your town’s hit with an auto parts plant closure. Already household debt levels are crimping retail sales. In an economy 70% dependent on consumer spending (and real estate), this is meaningful. It means (maybe) recession – something that wouldn’t be a surprise if the trade tide turns more against us. So long as the Canadian prime minister is called ‘weak’ and ‘dishonest’ by the American president, and takes it, more grief probably lies ahead.

So, polarization. The left-right divide that has cleaved America may widen here, as Canadians do what’s only reasonable and vote in their own naked self-interest.

Well, I’m doing my part to bind this great and perplexed nation of beavers, moose, worried wrinklies and misguided moisters. Last Canada Day a giant flag that once flew atop the Peace Tower was nailed across the bosom of my Belfountain General Store, north of the Big Smoke. This year, it swelled with off-ocean gusts on the face of the stone fortress the Bank of Montreal abandoned, and I scooped for an outrageous office in Lunenburg. The next stop is BC. Once it’s safe, of course.

Happy Canada Day, dogs.

155 comments ↓

#1 Big Kahuna on 07.01.18 at 4:49 pm

Could be worse-for the first time in at least 50 years, the Toronto Maple Leafs are the early favorite to win the 2019 Stanley Cup-this is not a misprint or conspiracy theory https://www.oddsshark.com/nhl/stanley-cup-futures

#2 For those about to flop... on 07.01.18 at 4:50 pm

Pink Lemonade Stand in Coquitlam.

Hard to see these guys not taking a decent hit ,but that is why we follow them all the way through ,to see who is telling the truth and who is talking porkies.

Picked up for 2.53 in July 2016,they decided that was the right number for a house built in 2012 in Coquitlam.

Fair enough.

They have been trying to get their money back since early 2017 and now just took it off the market and put it back up all shiny and new with a substantial reduction.

The new asking is 2.29,and if it goes for that and then they hand the realtor an envelope,the loss zone could be around 350-400k

It looks like they tried to take too big a bite of the Apple and ended up with a lemon…

M44BC

941 Macintosh Street, Coquitlam paid 2.53 July 2016 ass. 2.42 now asking 2.29

Jul 4:$2,598,000
Jan 5: $2,488,000
Change: – 110000.00 -4%

2017-03-15 : $2,498,000
2017-07-04 : $2,598,000
2018-01-05 : $2,488,000
2017-05-29 : $2,698,000

Now asking 2.29

https://www.zolo.ca/coquitlam-real-estate/941-macintosh-street

https://www.bcassessment.ca/Property/Info/QTAwMDAzWE5HMQ==

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

Feel free to make a donation.

Flop For Fox Fund…

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

#3 John Martin on 07.01.18 at 4:59 pm

Be Sophisticated, Buy Canadian !!

https://fooddaycanada.ca/featured-article/shop-like-a-canadian/

M81Mb

#4 Shawn Allen on 07.01.18 at 5:00 pm

The Mortgage Stress Test:

Does it apply to a 10 year locked in mortgage rate? It probably should not since the change in interest rates would be a full decade away for those people.

The following site says a 10 year fixed rate is available at 4.39%. Why should that be stress tested? Is it?

Yes. – Garth

#5 Shawn Allen on 07.01.18 at 5:02 pm

The Banks Could Lower the Stress Test Rate?

The big banks collectively could easily lower the stress test rate by all lowering their largely fake (they don’t actually lend much at those high rates?) posted rates. No?

Perhaps they don’t want to.

Why would they? The test was initiated by their regulator. – Garth

#6 Reynolds531 on 07.01.18 at 5:05 pm

Cynical me thinks 4.39 for ten years MIGHT actually be a good deal when you look back in 2028.

#7 Borrowing Money Costs Money on 07.01.18 at 5:08 pm

While watching a Dutch worldcup stream, I noticed how they regulate commercials/ads for banks there. Translated:

“Warning! Borrowing money costs money!” Spoken during each loan ad.

Not just fineprint, but actually spoken words during ad.

Could be helpful for our fellow Canadians that are FIN-illiterate, seeing how much Canada loves debt.

#8 Stan Brooks on 07.01.18 at 5:09 pm


#3 John Martin on 07.01.18 at 4:59 pm
Be Sophisticated, Buy Canadian !!

https://fooddaycanada.ca/featured-article/shop-like-a-canadian/

M81Mb

So you want to Shop Like A Canadian. Me, too. For a whole lot of reasons. Local food is better for the planet …

Very bad idea.

Most of the real/organic food is grown in California.
If you stop/boycott the import you are left with inferior and limited local produce. You can’t grow oranges here.

Stop this nonsense and get some quick trade agreement with US for the sake of our kids.

We are nothing on the world stage.

Enough stupidity already.

#9 Long-Time Lurker on 07.01.18 at 5:10 pm

Happy Canada Day, everyone!

Thank you, Garth, for continuing your blog!

The calm before the storm….

#10 the Jaguar on 07.01.18 at 5:10 pm

Hard to know what the outcome might be in the next federal election. T2’s popularity seems to have sagged, but there is no charismatic option with the Cons. Scheer is too close to ‘Speer’ if you know what I mean. Seen as simply a disciple of Steve. NDP nationally is seriously revolting now the JS has been outed for catering to community interests. Maybe Garth should run. Ooops. Was that the sound of Dorthy falling overboard in the bay of Lunenburg?
Appears Garth is considering Vancouver Island anyway.
Just don’t fall for the propaganda. I refer not to the politics, but the bullshit they peddle about the climate.

#11 the Jaguar on 07.01.18 at 5:16 pm

p.s. regarding NAFTA stall….we would not be in the ditch we are currently in except for the protectionist stance around Quebec ‘dairy’. Any casual observer could see it was the straw breaking the back of the USA.
If we cannot stand up to Quebec in our own country, we will now face the consequences. Trump is only playing on the words of T1, said so many years ago …..”Just watch me’.

#12 kommykim on 07.01.18 at 5:20 pm

RE: “The betting is Trump will, in fact, impose his 25% tax on maple-made cars”

I doubt Trump will be able to convince congress that Canadian built Honda Civics are a national security risk unless the US Army has severely down sized their HumVees since I last looked.
Anyway, happy Canada to you and all the dogs!

#13 joblo on 07.01.18 at 5:23 pm

“Canada’s national T2 government, as you know, increased taxes on the successful, slashed TFSA limits, increased the civil service bigly and will add $100 billion to the federal debt within four years.”

In the 1750’s Russia imposed a Beard Tax, coming to Kanada soon?

#14 FOUR FINGERS WATSON on 07.01.18 at 5:26 pm

Jeepers. If i could afford gasoline I would set myself on fire. Happy Canada Day everyone.

#15 Millennial Investor on 07.01.18 at 5:26 pm

I, for one, am super impressed by the job Doug Ford is doing thus far. As a pharmacist, I never understood the rationale in providing free prescriptions to young people who had perfectly good prescription drug coverage already. Next I’d advise upping the annual $100 deductible and / or $4.11 deductible for the higher earning members of the >65 crowd.

#16 PeterL on 07.01.18 at 5:37 pm

“increased taxes on the successful” … mostly people born on third base who think they hit a home run. A few actually did hit home runs, or at least made it to first base — it’s a pity that there’s no way to distinguish them from those who did a good job of choosing their parents.

(If you don’t get my analogies, consider Trump and the Waltons vs Bill Gates and Warren Buffet)

#17 Ex-Cowtown on 07.01.18 at 5:47 pm

Elected is a man who campaigned on slogans (not policy) and sure sounded like a maple-coated Trump. – Garth

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

No politician has ever been elected because of sound policy. Facts are irrelevant. Canadians chose to elect a unknown quantity with great haircut who spun a tall tale. Americans chose to elect one with a weird haircut.

In neither place did facts or policy matter.

#18 Fish on 07.01.18 at 5:50 pm

THANKYOU Garth!!!
HAPPY CANADA DAY everyone!!!

#19 Spectacle on 07.01.18 at 5:51 pm

” So long as the Canadian prime minister is called ‘weak’ and ‘dishonest’ by the American president,….”

Anyone else with me on Calling Kid Tupid Socks ‘weak’ and ‘dishonest’, as well as a perpetuator of physical and sexual violence/assault towards women, and complicit in perpetuation of double standard on money ” washing” laundering ( Paradise papers) and so much more.

Best to all on Canada day , and Regal Photo today Mr. Turner ! Class act through and through.

#20 For those about to flop... on 07.01.18 at 5:53 pm

Recent sales report.

Let’s see if I can find a realtor with a bit of Canada Day cheer in them to tell us the results of theses recent sales.

I put a couple of softballs from my Possible Pinkies Folder at the bottom,so maybe start their and then when your blood pressure adjusts work your way up.

I breath your Canadian air ,but it is my Tasmanian ticker that gives me an advantage…

M44BC

6269 Selma ave,Burnaby.paid 2.06 June 2017 asking 2.09 ass 1.85

6236 summit Avenue, West Vancouver paid 1.51 April 2016 now asking 1.46

1214 CREST CRT, COQUITLAM . Paid 1.36 May 2016 ass 1.41 asking 1.34

7333 113 st,Delta.paid 920k April 2016, asking 914

1607 950 Cambie Street, Vancouver .paid 1.01June 2017 ass 1.00 Condo.

406 e 49th ave, Vancouver.paid 2.55 May 2017 ass 2.45 asking 2.69

2251 Lorraine Avenue, Coquitlam paid 1.42 May 2016 ass 1.31

1756 Hampton Drive, Coquitlam paid 1.97 June 2016 ass 1.66 now asking 2.18

7547 Burris Street, Burnaby paid 2.28 2015 ass 2.86 asking 2.59

8919 116 ST DELTA paid 1.1 ass1.02 asking 1.38

#21 Darryl on 07.01.18 at 5:56 pm

Happy John Tavares Day everyone .

Que the Toronto sucks guy .

#22 Bill Grable on 07.01.18 at 5:59 pm

Happy Canada Day, Mr. Turner.

Thank you for this invaluable blog.

The tension here in Vancouver is palpable…and the stress is going up for renters, as fewer and more expensive homes are available.

People that own homes are in a quandary. The interest rates going up, is going to make for a train wreck here.

I also note that retail stores seem very quiet….

*Noted: that food prices have jumped, and in some cases, quite a bit!

#23 conan on 07.01.18 at 6:06 pm

The Libs downed the Cons in the last election by telling voters there would be brief deficits – Garth

The majority of Canadians wanted to get rid of the Harper Government . The Libs caught a break when some Greens and some NDP, came over to help them, in this noble task.

So far so good on the Doug Government. It was a coin flip win. The Wynne government was beyond unpopular, and they had to go, just like Harper had to go.

AMLO, if he can get rid of the Gangs, clean up corruption, and turn Mexico into a place that I want to visit, I don’t care if he is Castro, riding a unicorn, into the rainbow sunset.

With Trump in power is it a given that they will reopen the Ollie North Mexico strategy file? I think USA and Canada should help Mexico get rid of these gangs.

#24 crowdedelevatorfartz on 07.01.18 at 6:10 pm

@#13 joblo
“In the 1750’s Russia imposed a Beard Tax, coming to Kanada soon?”
+++++
A tax on Millenial beards…….

#25 Oranges on 07.01.18 at 6:12 pm

#8 Stan Brooks – The last bag of seedless oranges I bought at Metro grocery came from South America, and they were great.

#26 islander on 07.01.18 at 6:14 pm

HAPPY CANADA DAY – to Garth and all the blog dawgs!

#27 Bobby on 07.01.18 at 6:15 pm

I was just in Bellingham this long weekend. An endless lineup of BC cars at the border. Watching the lineups at the gas pumps and Costco, the overwhelming support for carbon taxes, transit taxes and dairy supply management in Canada was clearly evident.
The politicians on the left, from our PM on down, are certainly out of touch with the reality in Canada and the challenges facing most Canadians. The election of Doug Ford is just the start. Thank goodness.

#28 crowdedelevatorfartz on 07.01.18 at 6:16 pm

@#22 Bill Grable
“I also note that retail stores seem very quiet….”
++++++
Yep. Noticing more and more “For Lease” signs…..

At the risk of encouraging Apocalypto….
The Summer of financial Hell may be upon us……..

#29 not so liquid in calgary on 07.01.18 at 6:20 pm

#12 kommy kim — the very exciting Ford GT is also built in Canada… tell that to your American friends!

#30 april on 07.01.18 at 6:22 pm

#2 Flop. Glad to see you starting to focus on the attached [condo] especially at the lower end in the LowerMainland BC. We’re trying to get our daughter to hold off for awhile yet. It sounds like the condo market has also reached it’s peak though I don’t know if Garth has commented on that particular segment of the market. A Vancouver realtor, Steve Saretsky, has said he sees us now going into a “deflationary period” over the next couple of yrs.

#31 Northone on 07.01.18 at 6:30 pm

Happy Canada day!

Thanks Garth, love your blog!

#32 Rx on 07.01.18 at 6:31 pm

#15 as a pharmacist, you should know better. Children do not, as a demographic, comprise an enormous part of the prescription market. But to pretend their families have access to coverage is ridiculous. Fewer employers are offering group benefits, and those that do typically require the member to contribute to the coverage. In this age of precarious employment, many don’t even have that option. Individual coverage is prohibitive. Insurers are not charities, and underwrite to make a profit. Pharmaceutical companies know this, too, figuring they can charge stupid amounts because people are ‘covered’. ‘Gouged’ is more like it.

#33 Lefrty on 07.01.18 at 6:32 pm

Happy Canada Day All! 46 degrees in Ottawa. Also, keep paying your taxes, suckers

#34 MicroGX on 07.01.18 at 6:47 pm

Happy Canada Day Garth and dogs.

#35 For those about to flop... on 07.01.18 at 6:49 pm

#26 april on 07.01.18 at 6:22 pm
#2 Flop. Glad to see you starting to focus on the attached [condo] especially at the lower end in the LowerMainland BC. We’re trying to get our daughter to hold off for awhile yet. It sounds like the condo market has also reached it’s peak though I don’t know if Garth has commented on that particular segment of the market. A Vancouver realtor, Steve Saretsky, has said he sees us now going into a “deflationary period” over the next couple of yrs.

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

Hey April,I will set you up with a couple of things to follow ,and you can in time draw your own conclusions.

Link 1:scroll down to the first number grid where it says detached,townhome,condo.

Click on condo.

Zolo currently states condos overall are minus 2% year over year.

https://www.zolo.ca/vancouver-real-estate/trends

Link two: you could go through all the numbers but the easiest thing to do is scroll down to page 9 and look at the chart.

Small dip,will be updated soon with the June stats.

https://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-May-2018.pdf

That should help you out a bit without too much effort.

I’m glad some people don’t mind me putting real estate and financial information up on a real estate and finance blog.

I’ve been a bad boy…

M44BC

#36 Timmy on 07.01.18 at 6:50 pm

If we didn’t have the sleazy, corrupt Liberals in power in BC, then the housing market wouldn’t have been ruined and the NDP wouldn’t have got in.

#37 Deception on 07.01.18 at 6:51 pm

USA are small players on the world market for oranges and orange juice production. In Mexico anything can happen because gifts are given out door to door, and votes can be bought. AMLO is projected to win with a large margin, and who do you think the cartels are supporting?

#38 Shane Gallant on 07.01.18 at 6:52 pm

Garth, would nova scotia be a good spot to buy realestate for an investment?

#39 KLNR on 07.01.18 at 6:55 pm

Happy Canada day everyone. Fantastic time to be living in the greatest country in the world.

#40 Andrewski on 07.01.18 at 7:05 pm

Happy Canada Day.

#41 TurnerNation on 07.01.18 at 7:13 pm

De-industrialisation continues as planned –

http://www.cbc.ca/news/business/steel-tariffs-u-s-layoffs-ontario-1.4729893

UN takes control of more land-

http://www.cbc.ca/news/indigenous/unesco-heritage-site-pimachiowin-aki-1.4728561

Open air tax farm plan? Check and check. More persons are being streamed in to pay for our public debt. Simple math.

#42 Canada is not a real country!!!!! on 07.01.18 at 7:15 pm

The prime minister said so.
In other words, happy nothing day.

#43 Dirty Karl on 07.01.18 at 7:18 pm

For those about to flop.
Are you lonely or something?

#44 Ponnaps on 07.01.18 at 7:22 pm

There’s a 40year wait list to get your hands on one of those flags from the peace tower. You did well to get one and put it to good use.

Happy Canada Day, Garth.

#45 commonsense on 07.01.18 at 7:24 pm

#15. ..not only increasing the deductible for high earners over 65, but also maybe eliminating that coverage altogether, as well as the OAS which is chump change for those with higher incomes.

#46 Keen Reader on 07.01.18 at 7:32 pm

Nicely done in Lunenburg, good luck with BC, and Happy Canada Day, Garth!

#47 BC Real Estate is Dead! on 07.01.18 at 7:34 pm

They had a blowout on Langley condos over the weekend. Nobody showed.

You watch what is coming.

Liquidity is gone.

#48 Late Stage on 07.01.18 at 7:39 pm

Doesn’t matter is everything stays as is at this moment.

The housing down turn has set the stage and banks are turning nasty on their clients. They are using that “no” word.

Anything added will make it that much worse. And you know it is going to be that much worse.

Good luck selling an overpriced home in Canada now.

#49 For those about to flop... on 07.01.18 at 7:46 pm

#43 Dirty Karl on 07.01.18 at 7:18 pm
For those about to flop.
Are you lonely or something?

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

I challenged you and your cohorts to find a way to contribute something meaningful to the blog.

That was the best thing you could come up with?

I wasted my time on you…

M44BC

#50 Sentiment in British Columbia on 07.01.18 at 7:47 pm

The sentiment among all people I talk with in BC has gone from FOMO to WGAF (who gives a f) when talking about housing.

Most up and coming people these days accept that home ownership is not possible and that white collar crime is a standard to try and get ahead – which goes unpunished in BC.

Two reasons for WGAF among my BC riding:
1. Prices have spiked to never seen before record levels
2. Available credit to leverage an overpriced place is now far below what the sticker prices are for most of the province and continuing to drop and lending tightens.

Therefore, interest of the Canadian dream (which supposedly is home ownership and debt) disappears.

And guess what? Forgetting about it really isn’t that bad…

Unless of course you are in the real estate sector and your economy relies on it. But that would not affect many people in BC would it?

#51 PillboyKirk on 07.01.18 at 7:54 pm

It’s about time the OHIP+ plan was changed. Those of us who are in the profession were shocked by how poorly thought out the whole idea was. All it resulted in was a huge gap of coverage for those who had private insurance authorization for specialized medications, but now needed additional paperwork filed via the ministry. There is no way the ministry would’ve been able to keep up with the requests.

I’m all for drug coverage for those who have no private insurance, or to help with expensive co-payments, but there is no need to require the ministry to be the primary payor when one has private insurance coverage.

If only everyone judged social policy on sound principles rather than the mouthpiece.

#52 BC to be Laid to Rest Next Year on 07.01.18 at 7:56 pm

The province of BC is currently mourning the loss of their real estate sector and associated banking partners and money launderers that spawned the good times.

A service has been scheduled for sometime next year pending no revival (some magic trick that brings BC back to life).

All snacks and drink will be a base price of $10 per person plus 1250% tax. This will be a great event for those who want to share their stories of happier financial times in BC.

#53 Condo Developers in the Lower Mainland Ask... on 07.01.18 at 8:00 pm

Where did the condo buyers go?

The best part is how big swaths of supply is coming to market. Especially out in the Fraser Valley where building for the past several years has been rolling at an insane pace.

#54 Tony on 07.01.18 at 8:04 pm

Re: #4 Shawn Allen on 07.01.18 at 5:00 pm

Take a variable rate mortgage unless you think helicopter money in America is in the near future. Remember the Millennials and demand. Zero demand and zero money means rates will stay low.

#55 Fish on 07.01.18 at 8:06 pm

apparently us person s like their eggs cooked sunny side up with a lot of maple syrup on top along side bacon pancakes and taters with coffee

#56 Mike in Toronto on 07.01.18 at 8:14 pm

15 Millennial Investor on 07.01.18 at 5:26 pm
“I, for one, am super impressed by the job Doug Ford is doing thus far. As a pharmacist, I never understood the rationale in providing free prescriptions to young people who had perfectly good prescription drug coverage already..”

OMG, seriously? Free prescriptions for that age bracket make one hell of a lot of sense. It costs nothing and it levels the playing field for a class of person who had no hand in their own circumstances.

Although I’m the child of a self employed mechanic, leaving me completely uninsured until I got my first permanent job.

Couldn’t afford my acne medication. Although it’s amazing how cheap dental work gets when you tell them you’re a student paying cash.

#57 election voting gone bad on 07.01.18 at 8:15 pm

Reports are coming in from Mexico that the voting in many areas has turned violent. Just name it, and such has taken place including murders. This might not end well, and could escalate into mass riots in the streets or worse. We shall see how this ends up.

#58 AGuyInVancouver on 07.01.18 at 8:28 pm

“..So long as the Canadian prime minister is called ‘weak’ and ‘dishonest’ by the American president, and takes it, more grief probably lies ahead…” – Garth
_ _ _
So you think Trudeau should have responded with a similar childish, petulant outburst, more worthy of a teenage girl than a President?

Nope. Buy a witty, gender-sensitive, sock-friendly response would been welcomed. — Garth

#59 YVR - 60% crash! on 07.01.18 at 8:34 pm

@- #3 John Martin

Be Sophisticated, Buy Canadian !!

Sure! Dump your apple iphone, ditch your Facebook, instagram, Gmail, Google search engine
Oh wait a minute. How the heck are you going to go to the net? LOL!

@- #8 Stan Brook

We are nothing on the world stage.
Enough stupidity already.

I couldn’t agree more. LOL!

#60 barb on 07.01.18 at 8:37 pm

We Okanaganites will take up a collection to “convince” Garth to move here.
Okay…a bribe.

Our first choice years ago was Ralph Klein for his (working) retirement, but alas, he’s no more.

We’d welcome Garth with open arms.

His presence alone would finally shake loose the stuck-on-the-left pendulum…

#61 crowdedelevatorfartz on 07.01.18 at 8:41 pm

@#47 BC Real Estate is DEAD
“They had a blowout on Langley condos over the weekend. Nobody showed. ”
++++
Yep.

The last of the greaterfools will rush in to snap up “deals’ at 1.5 million and then the cold grasping hands of the banks will renegotiate those other mortgages….higher ever higher.

Buyers over the last 2 years……Frogs in a pot of warming water reaching the boiling point……

The 1980’s part deux

#62 crowdedelevatorfartz on 07.01.18 at 8:45 pm

@#38 Mr Gallant
“Garth, would nova scotia be a good spot to buy realestate for an investment?”
+++++
You might want to check out PEI instead.
The Gallants (acadian emigres) almost outnumber the McDonalds in the phone book.

#63 Nonplused on 07.01.18 at 8:49 pm

I think “recession (maybe)” is far to optimistic.

A lot of things are happening that I wouldn’t have forecast 4 years ago, all of them horrible. Carbon taxes, increased income taxes on both persons and businesses, and now a trade war with our largest by far trading partner that will both kill jobs and raise consumer prices, all coming home to roost all at once. The problem is most people don’t have the money to pay for all of this, so the economy will collapse, rising interest rates or not. But we’ve got those too, although that was predictable.

And our reaction? Refuse to build pipelines to other markets and diversify. Deluded dreams of turning Canada into the AI leader in the world (I wonder which crony is getting that grant, and it won’t work there is no way Canada can beat California or Washington State.) We’ll have a green economy when we’re sitting on the world’s 3rd largest oil reserves and the world can build their own solar panels and windmills (and indeed do).

We are like a bunch of children who want to be astronauts when we grow up. Childish to the core.

#64 Fish on 07.01.18 at 9:00 pm

You are joking right?
No No No!

#65 Love Guru’s Dad on 07.01.18 at 9:03 pm

Thanks for all you do Garth.

The Love Guru wanted me to pass on Peace, Love and Happiness to All beings, and today especially, for those who are Canada.

#66 paracho on 07.01.18 at 9:10 pm

Happy Canada Day !
We have some interesting times ahead of us .

#67 P.E.I. on 07.01.18 at 9:10 pm

#62 crowded – the two top places are Charlottetown which is pricey, and the other is Summerside where bargains can still be had. The rest of the island is up to the individual.

#68 Danny on 07.01.18 at 9:15 pm

Girolamo Savonarola (21 September 1452 – 23 May 1498) was an Italian Dominican friar and preacher active in Renaissance Florence. He was known for his prophecies of civic glory, the destruction of secular art and culture, and his calls for Christian renewal.

He was a populist who convinced even Michael Angelo amongst many artists to destroy their own documents and sculptures. He was fighting the Renaissance trend and trying to keep Europe in the dark ages.
In the end he was hung in the public square and the Renaissance came about.

Maybe populism we are experiencing these days with a democratic selection process of government that makes leaders out of only 40 % of the votes …..will also end up like Savonaralo. Michael Angelo saw the weakness in being persuaded by slogans and eventually woke up to truth and knowledge and completed his many masterpieces afterwards.

These days…..leaders are attempting to take North America back to the dark ages…..but I believe truth will succeed and justice will be served. It just will take a little bit longer….as it always does with white collar crime.

Trump has been a master of threatening the bureaucrats ….but I doubt he can keep it up and succeed. The latest disgusting action in a democracy of kidnapping just adds another layer of injustices.

Your blog today I believe is really questioning whether our democracy is really representative of the majority or the smaller tribes that succeeded because of the existing electoral systems in North America…..the 40% factor.

#69 Fish on 07.01.18 at 9:17 pm

THIS is starting, which seems MOST DEFINITELY
A song and Dance show
Great
Well lots of straight folks out there
We will meet, Done deal
Please wear musk fragrance

#70 MF on 07.01.18 at 9:18 pm

#59 YVR – 60% crash! on 07.01.18 at 8:34

“The world stage” is basically 90% corrupt, authoritarian, tribal, and primitive.

We shouldn’t care avout “the world stage” too much.

That Stan Brookes poster would be upset wherever he is.

Examples? Look at the current election in Mexico, or how the UN operates.

MF

#71 Smoking Man on 07.01.18 at 9:26 pm

Wrong link let’s try again.

Happy Canada Day Dogs. Surfs iup.

https://dyslexicsmokingman.blogspot.com/2018/07/happy-canada-day-from-socal.html

#72 Chimingin on 07.01.18 at 9:30 pm

#32 & #56 – Re-prescriptions for kids

Sheesh. Clearly you didn’t get the memo. The coverage is being pulled back from those who ALREADY have private benefits coverage.

Quoted from the press release: “Children and youth who are not covered by private benefits will continue to receive their eligible prescriptions for free, while those covered by private plans will bill those insurers first and the government second.”

As someone who is self-employed and pays a ludicrous amount of business tax, this sensible change is welcome–I don’t need to pay for something twice. Nothing from the government is “free” – remember??? It comes from our taxes.

Stop clutching your pearls so hard – you’ll hurt yourselves.

#73 VICTORIA TEA PARTY on 07.01.18 at 9:39 pm

WHILE YOU WERE DOZING ON CANADA DAY…

…you, instead, might have watched FOX-TV’s cable channel this morning.

Featured was an interview with President Trump, hosted by Maria Bartiromo, a long-time veteran of the New York City media scene and programs covering the markets.

Amongst various topics the future of NAFTA, including steel/aluminum tariffs against Canada and the EU, was dealt with and here is what transpired in part.

Trump was informed that American consumers, buying items made from that Canadian steel and aluminum, stand to lose $45-billion US because of those extra tariffs, thus nullifying the president’s tax cuts, said Bartiromo quoting a US businessman.

“What is going to happen?” she asked.

“No tax (tariff),” was Trump’s prompt reply.

Why?

“They’re (Americans are) going to build their cars in America…they’re gonna make them here.”

In otherwords, the cars would not be made in Canada or Mexico. They’d be Made in America.

Hence, no need for tariffs.

After I gave my head a shake and watched the recorded clip again I’m not surprised.

Why?

A week ago a Globe and Mail columnist wrote, with obvious concern, that the Big 3 auto makers in Canada have not uttered a word of protest about the trade tariffs and their potential effects.

In fact, he noted, the companies did not even file a mandatory report to the federal government concerning the issue and the companies’ stance.

Silence, in such situations, is not golden.

The US is in the process of determining whether Canadian steel and aluminum imports represent a threat to US national security interests, using Section 232 of the Trade Expansion Act.

If a threat is determined to have been found it is up to the president to decide the next step.

Rumours have said for some time that 25 per cent auto tariffs (Trump said today they would be 20 per cent) could be a response.

I figure that unless Ottawa comes up with a trade deal the US likes, we’ll be heading for deeper waters, I fear.

Regardless, Trump said THIS this morning: “They’re going to build the cars in America…they’re gonna make them here.”

Final question: how would Trump get those companies to move to the US?

How about tax incentives making it hard for them to say “no?”

#74 tkid on 07.01.18 at 9:47 pm

Trump is isolating the US from everyone.

He walks into a G7 meeting late, does the equivalent of peeing into the bunch bowl, then leaves early. If you had a family member do the same at your party, would you invite them back again? No. He expects to never get invited to a G7 meeting again, and certainly doesn’t want to be invited back.

Zerohedge reports that Axios is reporting that Trump will withdraw the US from the WTO: https://www.zerohedge.com/news/2018-07-01/axios-leaks-trump-bill-blow-world-trade-organization

Trump insists the US is badly losing to Canadian imports into the US when it is the opposite which is true. And he doesn’t care what the actual figures state. He doesn’t care that the US massively benefits from NAFTA, he doesn’t care that the US economy will be harmed by the US withdrawing from NAFTA.

Beyond his isolationist bent, and that he’s killing time while his Vice President hunts down and removes ‘traitors’ from within the US civil service and the FBI, I don’t know what his ultimate goal is.

He’s not joining ‘the Axis of Evil’ or he wouldn’t be engaging in a trade war with China. China may retaliate not just with her own tariffs but by challenging the US dollar as the global currency.

It’s almost like he’s attempting to destroy the US economy, alienate all of her allies, etc in a scorched earth policy.

NAFTA is done. Any auto agreements are done. Any other free trade agreements the US participate in are done.

#75 april on 07.01.18 at 10:04 pm

#35 – Flop, thanks. We love you and we love Garth!

#76 For those about to flop... on 07.01.18 at 10:09 pm

#75 april on 07.01.18 at 10:04 pm
#35 – Flop, thanks. We love you and we love Garth!

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

That’s nice April!

Happy Canada Day to everyone.

I’ve got no idea why they let me stay.

I even told the immigration officials that I was not a fan of Bryan Adams…

M44BC

#77 Millennial Realist on 07.01.18 at 10:10 pm

Happy Canada Day!

Thankfully, a new generation is taking over. We won’t make the same self-serving mistakes that Boomers did. No more thinly veiled self-interest. And BTW, Doug Ford is toast – the scandals about to erupt around this neo-con loser will make your head spin. Just wait………

#78 Wrk.dover on 07.01.18 at 10:10 pm

#38 Shane Gallant on 07.01.18 at 6:52 pm
Garth, would nova scotia be a good spot to buy realestate for an investment?

————————————-

Mr. rent don’t buy could tell you how little he could flip his bank for and you would have your answer.

NS is a nice place to buy keepers, not flippers.

40 years of personal observation since age 25 speaking.

——————————————

Happy Canada Day, Garth Canada Turner!

#79 Reynolds531 on 07.01.18 at 10:10 pm

Does it occur to anyone else that tariffs or trade restrictions on food are a bad idea? Ten percent starting today on catsup…how many other items at the grocery store are going up next week?

Disturbing how this is probably the same way hunger started in Venezuela.

#80 conan on 07.01.18 at 10:34 pm

Croatia beats Denmark in penalty shots. Croatia usually crashes during the knock out round, so this could be a new beginning for them.

The eyes of the youth our on your team.

https://www.youtube.com/watch?v=J7yPllDjrCA

Underrated Canadian song IMHO

https://www.youtube.com/watch?v=LRGyGEtZyY4

#81 Willy H on 07.01.18 at 10:48 pm

It’s hard to see T2 not winning the next election barring some embarrassing personal scandal or Quebec going rogue voting for another new political movement.

Trump as POTUS is a dream come true for the centrist’s and progressives. It drives their base and more importantly it drives donations.

Not sure how the Reform-Con’s could have handled Trump’s flip-flopping, amateurish negotiation tactics, ad hominem attacks on our PM any better than the Grits have done.

The Reform-Con talent pool is rather shallow and taking sides with the Trump Administration against our government would be nothing less than a traitorous act of political self-harm.

The Canadian people and the political class are no longer willing to play sychophant to the US. Those days are long gone.

As for the deficit, TFSA limits and the lower CAD. Irrelevant to most folks. No one gave a shit when Harper lowered the GST and ran serial deficits while our economy was firing on all cylinders. TFSA’s are but a pipe dream for the vast majority of Canadians who need them most.

#82 fishman on 07.01.18 at 11:02 pm

Chrissy was on CBC morning. First time the Columbia River Treaty (CRT) mentioned as a tariff chip? She threw it out as an afterthought affecting a few American farmers.
Don’t be fooled. She’s a sh*t disturber & ex politician. She knew exactly what she was doing. Poking the DMZ with a stick.

#83 Long-Time Lurker on 07.01.18 at 11:11 pm

Flop, not a fan of Bryan Adams? That cuts like a knife.

#84 Sam on 07.01.18 at 11:12 pm

Happy Canada Day Garth,
Thank you for all that you do.
All the best to you and your team.

#85 PeterfromCalgary on 07.01.18 at 11:28 pm

Well I hope the Ontario jerks who voted for Trudeau are happy. They voted for an entitled idiot who has no idea how to negotiate a trade deal because he never had to negotiate anything in his life. A clown who plays dress up in India and is destroying the auto industry in order to save the dairy cartel.

That is what you get Ontario for giving the Liberals 80 seats in 2016!

#86 Yorkville Renter on 07.01.18 at 11:43 pm

happy Canada day!

#87 Dolce Vita on 07.01.18 at 11:44 pm

The good news is that we produce our own oil, gas and electricity and that will keep us warm and on the road this winter.

As for the rest, the writing was on the wall to me late 2016 and now I read more and more Commenters coming to the realization of what I was saying way back then:

Largest RE asset devaluation in Cdn. history. Recession.

4th Qtr 2018 (even the unsinkable Garth used the “R” word today).

As for Trump, he is narcissistic [as in Machiavelli’s Divine Right of Kings] and legacy driven (the latter due to his age, common).

Our Gov. should appeal to those 2 realities instead of the “patience” or off the cuff “bravado” (e.g., G7) announcements coming from Ottawa w.r.t. to trade.

Grovel to HRH Trump, hat in hand, make amends, start quoting Ayn Rand when meeting with him, do whatever it takes to save 100’s of thousands of Canadian jobs.

Hard working Canadians are owed that by their Government.

We remain a pluralistic society yet ultimately a nation of hewers and drawers that every 10-15 years or so, dabbles in RE Ponzi schemes to enrichen the few and impoverish the many – to the glee of the banks…Happy Canada Day.

#88 crowdedelevatorfartz on 07.01.18 at 11:47 pm

@#79 Reynolds
“catsup”
+++++

Is that something cats eat?
Try and catch up.

#89 Official on 07.01.18 at 11:50 pm

All rivals against AMLO withdrew at 10:00 PM claiming defeat in Mexico. What makes no sense was this was the same time that a 5% sampling is done of votes to
gain an idea who was in the lead by mathematicians. I will disclose one thing that happened before election day. The trucks that highway the ballots throughout Mexico were stopped to steal the ballots and burn them at many locations using guns; thus the polling stations just closed. Do not believe this election to elect a President and his Cabinet was for the people or the country. It was to seize power, and will let you decide the end game.

#90 Evangeline on 07.02.18 at 12:03 am

I can’t remember if I read it here or elsewhere, that Stephen Harper is visiting President Trump at the WH next week.

#91 Marcus on 07.02.18 at 12:34 am

America …….. Socialists to the south and borderline communists to the north. When these two groups learn that there is no free lunch (nor healthcare) America had dmn well better have built that wall!

#92 CplKlinger on 07.02.18 at 12:39 am

“Nope. Buy a witty, gender-sensitive, sock-friendly response would been welcomed. — Garth”

He needs to start wearing drag (think more Corporal Klinger, Jamie Farr guy from Mash than Bruce Jenner)

Maybe Trump will think he is nuts enough not to mess with.

#93 Ponzius Pilatus on 07.02.18 at 12:48 am

#27 Bobby on 07.01.18 at 6:15 pm
I was just in Bellingham this long weekend. An endless lineup of BC cars at the border. Watching the lineups at the gas pumps and Costco, the overwhelming support for carbon taxes, transit taxes and dairy supply management in Canada was clearly evident.
The politicians on the left, from our PM on down, are certainly out of touch with the reality in Canada and the challenges facing most Canadians. The election of Doug Ford is just the start. Thank goodness.
————
Line ups for cheap gas and milk and cheese has been going on for the last 20 years.
Nothing to do with whose in power in BC.n

#94 Dolce Vita on 07.02.18 at 12:59 am

T1 was a great Canadian.

He too had his faults, as we ALL do.

Arrogance was the only one that ever peeved me about him (well, and the Windfall Profits Tax that effectively ended Calgary’s RE & Oil/Gas boom with a thud…then again, I digress).

But at least T1 was highly intelligent.

The son has inherited the Father’s arrogance and not his brains, whether your believe in Nurture or Nature.

The $1.5 Trillion TAIL does not wag the $19 Trillion DOG in a Trade War nor should the TAIL bluster and hackle about this (or level petty tariffs on of all things, Playing Cards made in Mitch O’Connell’s state…“Somebody Going to Get Hurt Real Bad” in Kentucky).

Petty.

If the $1.5 Trillion TAIL solely possessed life sustaining products such as air, water and food that the $19 Trillion DOG has none or not enough of, then yes, the TAIL certainly will wag the DOG…in reality, that is whimsical.

Thus, add petty and whimsy to arrogance – our T2 Gov.

I worry that T2 will use a failed NAFTA as an election platform of how we need the “T2” that the Liberal Elite created out of thin air (recall he has Arts and Teaching degrees, was rudderless in life with nothing to show for himself thanks to a Trust Fund to fall back on – UNTIL he delivered a eulogy that brought him to the Public Eye).

Add to that T2 is replete with Big Fish in a Small Pond Advisors to steer the country forward in uncertain times (queue Trump and the Recession to come, the latter justifying more Keynesian Gov. spending – a one trick pony).

Annus Horribilis:

4th Qtr 2018 to 4th Qtr 2019 unless our Gov leadership changes its ways.

That last hope on Canada Day and 2 bits might buy you a cup of coffee in regulated coffee price Italy, but not in Canada.

#95 Smartalox on 07.02.18 at 1:01 am

Got BC on your horizon Garth? Do tell!

if you need help hanging that flag next July 1st, I’ll be happy to be there.

Flop will bring the hammer, I’ll bring the nails

#96 Moses71 on 07.02.18 at 1:23 am

Happy Canada Day Grth !!!!!!
From Stupid Cowtown!!!!!

#97 NEVER GIVE UP on 07.02.18 at 1:36 am

We could respond to auto tariffs and the decimation of the Auto industry with a Free Trade Zone around all the auto sector.
At least we would likely be able to receive personal income taxes. Just no Corporate taxes.
We would likely be able to save the 500,000 jobs that are at stake if Trump moves all the auto plants back to the USA.
We could also tariff all American made cars by 25% and by making them so much more expensive many companies around the world would like to move into our plants and re hire our experienced auto workers who are very productive compared to US workers.
We could also support a Canadian Car.
We make great intermediate jets.
Why can’t we make Maple Leaf cars.
We need more support for the train industry.
We make some of the best trains in the world and we don’t even use them much ourselves.
We need to use our heads and think out of the box.
Remember that tax Free means investment comes running in!

#98 Howard on 07.02.18 at 2:56 am

Well, June is over.

Wasn’t Bitcoin supposed to be at $100K by now?

Where’s bitcoinnaire?

#99 The Real Mark (not the imposter) on 07.02.18 at 3:05 am

“#15 Millennial Investor on 07.01.18 at 5:26 pm
I, for one, am super impressed by the job Doug Ford is doing thus far. As a pharmacist, I never understood the rationale in providing free prescriptions to young people who had perfectly good prescription drug coverage already”

For starters, why should someone be penalized from receiving public services because they can afford to purchase the same services privately? The net effect is just an increase in their effective rate of taxation, which is most certainly not uniformly applied, nor is intended.

The unintended side effect of this move by the Ford administration will be that the private sector will simply stop paying for the drugs of dependent children. Voila, the kids no longer be covered under an employer drug plan, and the province will pay.

As a pharmacist, you should be concerned that some types of therapy are fully covered, ie: therapy dispensed in a hospital, but therapy that is dispensed in a pharmacy is often not covered. If universal access to healthcare is a goal of Canadian governments, they shouldn’t be picking and choosing winners and losers. Especially since it is well known that, for many conditions, non-adherence to medication often precipitates the need for a substantially increased amount of expensive inpatient medical care which is fully covered by the taxpayers at this point without question.

#100 Yvrmc on 07.02.18 at 3:28 am

For Flop .
I don’t post too often , but I religiously follow this blog and have for 2 years . During that time certain posters have become noted for certain kinds of posts . Flop yours are noted as thoughtful informative and humorous . As you well know , there are others who would try and tear your efforts down , while posting nothing substantive at all. To them I would say that they should really just kiss your Tasmanian Ass and piss off . Happy Tasmanian Canadian day !

#101 David McDonald on 07.02.18 at 3:30 am

I don’t like the politically oriented tariffs Canada is imposing. It might bring instant gratification but targeting products in Republican states is not the way to go. Trump’s steel and aluminum tariffs may be misguided, unfair and illegal but they are at least chosen in the (perceived) US national interest.

True we can’t let ourselves be pushed around but tariffs should further our national interest. Target industries where Canada is heavily dependent on costly US imports that can quickly develop with tariff protection. Use the money from tariffs to build pipelines to overseas oil markets. The car industry is going to need help but we should reward stand alone Canadian production and avoid handouts to foreign companies.

We Canadians have not heeded General de Gaulle’s dictum, « Les Etats n’ont pas d’amis. Ils n’ont que des intérêts » . Renegotiating Nafta was always going to be difficult because we lost our trump card: America’s need for a secure oil supply. Fracking gives them oil independence. We must adapt to the new normal. The Americans will always be our friends and neighbours but we must gradually reduce our independence even at the cost of lowering efficiency.

#102 Earl on 07.02.18 at 4:47 am

PIMCO.CA released a Jun 2018 article which states the Canadian economy is 92% dependant on consumers and real estate (data provided by Bank of Canada.

#103 Smudgekin on 07.02.18 at 6:04 am

I’m concerned about the tariffs too.. I think Trump’s serious on hitting Canada’s auto sector. We’ll have to wait and see how extreme things become. I think he’s going to win a second term. I don’t think the pennies gonna drop with his support before then.

And ya know I’d take Dick Nixon and Watergate all over again before Trump & tariffs.

#104 Howard on 07.02.18 at 6:43 am

DELETED

#105 Howard on 07.02.18 at 6:48 am

#81 Willy H on 07.01.18 at 10:48 pm

It’s hard to see T2 not winning the next election barring some embarrassing personal scandal or Quebec going rogue voting for another new political movement.

Trump as POTUS is a dream come true for the centrist’s and progressives. It drives their base and more importantly it drives donations.

Not sure how the Reform-Con’s could have handled Trump’s flip-flopping, amateurish negotiation tactics, ad hominem attacks on our PM any better than the Grits have done.

The Reform-Con talent pool is rather shallow and taking sides with the Trump Administration against our government would be nothing less than a traitorous act of political self-harm.

The Canadian people and the political class are no longer willing to play sychophant to the US. Those days are long gone.

As for the deficit, TFSA limits and the lower CAD. Irrelevant to most folks. No one gave a shit when Harper lowered the GST and ran serial deficits <b<while our economy was firing on all cylinders. TFSA’s are but a pipe dream for the vast majority of Canadians who need them most.

———————————————-

Come again?

You regressive leftists just plain make things up.

That entire post was one giant “alternative fact”.

#106 Oft deleted much maligned stock.picker on 07.02.18 at 7:06 am

Bwahahahaha…. Trudeau….#notmypm…attacks Campbell’s Soup and Hienz Ketchup…with tariffs.
Both companies ones that were chased out of Canada by Wynne and Trudeau taxes and job killing policies….what a laugh. Sad for the thousands of workers who got laid off and now have to pay higher prices to boot….how sad. All so Trudeau can use Canada as a Stalking Horse for Obama’s legacy .

#107 Mike in Toronto on 07.02.18 at 7:11 am

#72 Chimingin

I’m not talking about kids with coverage.

Try not to be so condescending.

#108 NoName on 07.02.18 at 7:33 am

I don’t know is this ketchup tax good way to, kids won’t be happy… Just got more expensive for parents to send snack with kids to school.

http://www.visualcapitalist.com/wp-content/uploads/2016/07/consumer-brands-full-size.html

Happy Canada day.

#109 dr talc on 07.02.18 at 7:38 am

two steps forward (wynne, obama, T2,)
one step back (ford, trump, scheer)

destination? -your wallet

#110 Pillboy on 07.02.18 at 7:55 am

#99

The fact is that nobody is penalized from having private insurance. This is a problem with how it’s presented in the media. What was occurring is that the ministry was REQUIRING those with private insurance to use the public services as the PRIMARY payor. What those of us in the profession have been saying is that the public coverage should be the payor of last resort. In fact, that is how the Trillium program for catastrophic drug costs is managed. Patients have to claim through private insurance first, then remit the receipts to the public program. A lot of these nuances aren’t clear to the general public, but we should all think about how to divided limited resources fairly.

To some, being fair means equal amounts, but are you being fair if more resources are being strained such that you deliver less overall? If you haven’t watched “Bruce Almighty” with Jim Carrey, you should, as it takes a comedic approach to that idea.

Private insurance companies won’t just cut off coverage for those < 25 by the way. Family health care plans from work also include premiums for other.

On paper, we all talk about non-adherence and how it's poor for patients. Let me tell you the amount of waste from non-complaint patients is staggering. There are some that only fill medication because they think they're fooling the physician that they're compliant. There's a thought that drugs are "free", but they really aren't. As citizens and the user of the system, we should really be advocating that less waste occurs. As for therapies started in hospital that aren't covered in the public, that's a small subset. If it's truly something medically necessary, the hospital team will look into access before discharge. Give me an example of above instead of a theoretical and I can give a proper rebuttal.

#111 Evangeline on 07.02.18 at 8:36 am

#103

President Trump’s goal is to stop Canada from being used by non NAFTA countries get their goods into the USA via NAFTA.

#112 Ponzius Pilatus on 07.02.18 at 8:56 am

#95 Smartalox on 07.02.18 at 1:01 am
Got BC on your horizon Garth? Do tell!

if you need help hanging that flag next July 1st, I’ll be happy to be there.

Flop will bring the hammer, I’ll bring the nails
———–
Sorry guys,
But nothing worthwhile to preserve here.
All particle board and nothing older than 50 years old.
Maybe you could help fixing some leaky condos.

#113 Ponzius Pilatus on 07.02.18 at 9:03 am

Was at the Canada celebration in Steveston yesterday.
Salmon lunch used to be 10. Now it’s 16.
You could not miss the huge leaky condo project on Moncton and No.1. All nicely wrapped up in blue tarp.
Had a closer look.
That thing is rotten from the bottom up.

#114 Happy Housing Crash Everyone! on 07.02.18 at 9:12 am

Lots of pro communist SHYSTERS on here that hate the free and open market and support their communist conservative party. Why not one complaint of CMHC? Over 1,000,000,000.00 in sub-prime mortgages are backed by the taxpayers. Why? Why is the government involved? I thought conservatives hate government getting involved in business? Oh you hypocrite CONs. You anti free market pro communist SHYSTERS are useless.

#115 For those about to flop... on 07.02.18 at 9:15 am

Reading this article is very Importers…

M44BC

“Visualizing the World’s Biggest Importers in 2017.

Imports are the lifeblood of a developed economy, they let consumers enjoy a wide range of products that they may otherwise be unable to find. Think about all the conveniences of modern life that usually come from other countries: avocados, French wine, clothing, iPhones—every room in your house probably has multiple imported items. Our new visualization reveals the size and complexity of the entire world’s import economy in one simple map.

Similar to our previous article on exports, we got our figures from the World Trade Organization (go to the Statistics Database to see the original data). The WTO tracks the total value of physical goods each country imports
(note that these numbers exclude services). To create our map we changed the size of the country depending on the value of imports and we added a shade of red for easy reference.

Top Ten Countries with the Most Imports in 2017 ($B)
1. United States of America: $2,409B

2. China: $1,842B

3. Germany: $1,167B

4. Japan: $672B

5. United Kingdom: $644B

6. France: $625B

7. Hong Kong: $590B

8. Netherlands: $574B

9. South Korea: $478B

10. Italy: $453B

There are a lot of similarities between the lists of largest exporting and importing countries. First and most obviously, if you compare the list of the ten most import-dependent countries and the list of the ten most export-dependent countries, you’d have the exact same ten countries. The order is different—China is the most export-heavy country in the world, but the U.S. is the most import-heavy. Otherwise the lists are the same, though, reinforcing how fundamental international trade has become to the global economy. Countries are extremely dependent on each other for mutual growth and prosperity.

The second and related similarity between importing and exporting countries is how unequal the lists are in terms of dollar amounts. The U.S. is in first place by a long shot, importing roughly 25% more than China ($2,409B vs. $1,842B). For its part, China far outpaces third place Germany ($1,167B), which is itself almost twice as big as Japan’s import market ($672B). And the top three import countries have a combined footprint of $5,418B compared to only $4,036B for the rest of the top 10. In fact, the top 10 countries as a group generate more than a trillion dollars of imports, more than the rest of the world combined. This imbalance is what makes our map look so interesting. Africa is practically nonexistent, Australia looks tiny, and South America could fit inside of Germany.

The markets therefore have a lot to worry about when it comes to talk of a trade war. Tariffsand other trade barriers will not only hit the countries directly involved, but they will create ripple effects across the entire global economy. Our map demonstrates that these are multi-trillion dollar, high-stakes issues, so don’t be surprised if they become major concerns during the 2018 elections.”

https://howmuch.net/articles/largest-importing-countries-2017

#116 Happy Housing Crash Everyone! on 07.02.18 at 9:27 am

Hey you communist SHYSTERS. Can you imagine what the real stress test would be with no CMHC? CMHC distorts the true cost of risk and takes the risk away from the banks and places it on the taxpayer. Why should the taxpayer take the risk? Why are the taxpayers taking the risk you communist conservatives? I hate hypocrites

#117 David Pylyp on 07.02.18 at 9:31 am

Absolutely agree with the sentiment of this post;
There are indeed blowing winds of change. Mexican election, 2019 Canadian election, economic uncertainty, NAFTA, interest rate increases.

I feel the hesitation.

David Pylyp
Toronto

#118 Greg, Oakville on 07.02.18 at 9:34 am

Hi Garth,

Yes you really have to love those “really big” flags from the Peace Tower!

I was lucky enough to have access to one of those flag to unfurl why’ll rappelling and ascending an 876ft long Cancord rope under the New River Gorge Bridge in West Virginia for a couple of Bridge Day events.

Happy Canada Day!
(I hope everyone can find a spot to cool off.)

#119 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 07.02.18 at 10:24 am

Happy Canada Day weekend!

Just think – for all of Canada’s 151 years, the Toronto Maple Leafs have been pathetic, incompetent losers for more than 1/3 of that time.

Their supporters are in a bizarre bubble of unreality.

Just like the greater fools of the last decade hovering up crappy properties in the GTA, thinking like Leafs fans that “next year, everything will get even better!”

Thank heavens there is so much more to Canada than this one pathetic sinkhole of soon-to-come financial despair and widespread poverty.

#120 Oft deleted much maligned stock.picker on 07.02.18 at 10:26 am

The Chinese speculator problem may we’ll have solved itself …..

https://www.bloomberg.com/news/articles/2018-07-02/china-rebound-s-gone-within-a-day-as-even-biggest-stocks-crumble

Lots of money floating on the surface in China but it’s not generations of money to borrow against like in the Western economies. Pooooooff….. 2 trillion gone in a few months…..I would be surprised that after a few bank accts are spent out we might not see another Chinese tourist for a year or more let alone fancy house money coming in suitcases. It occurs to me that Vancouver houses may come down in a hurry when tapped out Chinese ‘investors’ have to liquidate. It’s Japan in the eighties all over again.

#121 crowdedelevatorfartz on 07.02.18 at 10:27 am

@#118 Greg
“why’ll rappelling and ascending an 876ft …..”
++++
Why’ll?

Give me a minute, it’s taking me a while to find that in the Websters dictionary……..

#122 BillyBob on 07.02.18 at 10:50 am

#43 Dirty Karl on 07.01.18 at 7:18 pm
For those about to flop.
Are you lonely or something?

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

I’m pretty sure you’re not his type.

#123 Alberta Ed on 07.02.18 at 11:09 am

Canada — still the best country in the world.

#124 RE_INVESTOR on 07.02.18 at 11:11 am

Was a beautiful Canada Day at Woodbine Beach in Toronto. Sun was blazing hot but the wind cooled off everyone. Everyone had their Canada Day teeshirts and flags proudly displayed at the beach. I heard so many different languages spoken and so many laughs and smiles from everyone. What a great city we are live in and no wonder so many families are coming here.

#125 For those about to flop... on 07.02.18 at 11:12 am

Ponzius Pilatus on 07.02.18 at 8:56 am
#95 Smartalox on 07.02.18 at 1:01 am
Got BC on your horizon Garth? Do tell!

if you need help hanging that flag next July 1st, I’ll be happy to be there.

Flop will bring the hammer, I’ll bring the nails
———–
Sorry guys,
But nothing worthwhile to preserve here.
All particle board and nothing older than 50 years old.
Maybe you could help fixing some leaky condos.

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

Hey Ponzi,I know it’s not much but I am currently in the process of restoring these 99 year old benches….

Just in time for the centenary celebrations…

M44BC

http://wikimapia.org/5400/Pacific-Central-Station

#126 crowdedelevatorfartz on 07.02.18 at 11:47 am

@#125 Flop

Ah the Vancouver train station.
I arrived from Cowtown 37 years ago via VIA Rail.
Great way to see the Rockies.
I’ve driven by Central Station thousands of times since….never been back.

#127 jess on 07.02.18 at 11:47 am

…”Loan sharks were really there from almost the beginning — that’s people willing to loan money to gamblers who run out of money.

There are almost always connections with organized crime, but they were almost family-type businesses to begin with.

By 2010, organized crime became involved in a big way.

Over the next eight years or so, we see organized crime laundering its money through the casinos in the same general style that the loan sharks did in the early years.

Concerns about money laundering came from reporters and outlets like the Vancouver Sun and the CBC. Why were media ahead of regulators and the police?

It’s a credit to investigative journalism.
Peter German tells how problem began, why it wasn’t addressed and what it means for the real estate market

http://www.cbc.ca/news/canada/british-columbia/bc-money-laundering-1.4729400

#128 I’m stupid on 07.02.18 at 12:01 pm

#98 Howard

Well, June is over.

Wasn’t Bitcoin supposed to be at $100K by now?

Where’s bitcoinnaire?

——

He moved back into his moms basement, no internet connection or cell service there.

#129 KLNR on 07.02.18 at 12:04 pm

@#119 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 07.02.18 at 10:24 am

___________

dude, what happened to you in life?
You’re pretty damaged eh.

#130 S on 07.02.18 at 12:19 pm

Grand standing on principle will not produce positive results in this trade dispute. When I moved to this country decades ago one of the firs things I noticed was a subtle but ever present anti-Americanism. Reagan was president and to millions of people around the world he represented hope, strength and reliability. In Canada he was generally viewed negatively. I wondered then why Canadians were unable to fully appreciate their neighbour. Imagine living in proximity to Soviet Union instead…

The standard of living and the quality of life we are able to enjoy in this country would simply be impossible without the United States backstopping Canadian economy and defense. It is US investment that made this country’s resource extraction industry and manufacturing base possible; I question if we would have been able to afford the universal healthcare system (you know, the one we use to poke Americans in the eye with) have we not had US as an enthusiastic buyer for our products or were we forced to develop and maintain the kind of military that would be capable of protecting the territorial integrity of this country without American guarantees. (Currently Canadian military is ranked #20, behind such “superpowers” as Thailand or Poland.) With our minuscule tax base we are simply unable to sustain a military machine capable of protecting a country nearly as large as Europe. Let’s keep that in mind as we patriotically line up behind what Andrew Coyne calls “increasingly ridiculous government”.

It has been said that Americans can shut down Ontario with a stroke of a pen. I desperately hope we are not about to witness such event.

#131 jess on 07.02.18 at 12:32 pm

uk excesses
Chris Marsden, restructuring partner at Moore Stephens, said: “Insolvencies of high street estate agent are increasing as online competitors continue to chip away at their sales.

“With the ban on letting fees stated to come into force in 2019, estate agents will struggle to pass those fees on to landlords.

http://www.scmp.com/property/international/article/2153414/more-7000-uk-property-agents-risk-going-bust-says-study

More than 150 estate agency firms went insolvent last year and as many as 7,000 are at risk as high street operators face the triple whammy of online competition, a sagging property market and cuts to letting fees.

#132 millmech on 07.02.18 at 12:39 pm

#120
I believe your right on the money, I remember the Japanese buying up everything in sight for top dollar and then selling for pennies on the dollar a few short years later. Remember when people say “this time it is different”, it never is and never will be.

#133 Big Kahuna on 07.02.18 at 12:50 pm

#130S-it is our media-we are told that Merkel, Macron and Soros are all important to this country and Trump and the USA is a global villain-this is absolute nonsense. The USA has been subsidizing Canada and now they want a better deal-makes sense. Fight a trade war we can win-China or the EU-if a trade war is what the MSM needs.

#134 MF on 07.02.18 at 12:50 pm

0 S on 07.02.18 at 12:19 pm

I don’t see any grandstanding. Our two countries enjoy mutual benefits which are almost impossible to duplicate worldwide. Your idea that Canada is simply a passenger on the US boat ignores the interwoven markets the northern states depend on. Your assertion that the Canadian military is “number 20” ignores the fact we are at peace, are a professional army, and provide northern defence for the US from arctic attacks. In other words incorrect.

Don’t forget it was the US that started this “trade war”.
Of course there will be a response.

MF

#135 jess on 07.02.18 at 12:53 pm

Liu Yadong criticized Chinese media for exaggerating claims of the country’s technological advancement.

..”One example of the “hype” to which Liu was referring is an article by Xinhua that was widely circulated last autumn hailing China’s “four new great inventions”, namely high-speed rail, electronic payments, bike sharing and online shopping – even though none of them actually originated in the country.

Liu Yadong, editor-in-chief of Science and Technology Daily, which comes under the supervision of the Ministry of Science and Technology, were unexpected.

“The large gap in science and technology between China and developed countries in the West, including the US, should be common knowledge, and not a problem.” Liu said.

“But it became problematic when the people who hype [China’s achievements] … fooled the leadership, the public and even themselves.”

=
Liu suggested that the overselling of China’s technological achievements has contributed to the US-China trade s
https://www.inkstonenews.com/tech/editor-science-and-technology-daily-says-chinas-claims-tech-dominance-are-overhyped/article/2152689

#136 I’m stupid on 07.02.18 at 12:53 pm

#130 S

You bark at how much the US does for Canada but the coin has 2 sides. From the inception the relationship between Canada and the US has been beneficial to both countries.

#137 Good Neighbour on 07.02.18 at 12:58 pm

#130 S – Look at our good neighbour now, and what do you have to say about that? The past relationship was about mutual benefits shared mutually by all. This formulated an equation of give and take, so what really is your point because do not understand?

#138 jess on 07.02.18 at 1:17 pm

all 13 found and alive!

https://www.cnn.com/2018/07/02/asia/thai-cave-rescue-intl/index.html

#139 Our Good Neighbour on 07.02.18 at 1:17 pm

In May 1930 USA had a plan called War Plan Red to invade Canada. We had a company in the aerospace industry called Avro Canada which employed 50,000. We manufactured the best planes in the world, and the USA forced us to shut it down and destroy everything. Do you want a dozen more what our so-called good neighbour imposed upon us?

#140 For those about to flop... on 07.02.18 at 1:20 pm

Pink Lemonade Stand in West Vancouver.

Things are looking pretty dire in West Vancouver ,detached sales down 67% year over year,mounting inventory ,and a decidedly different attitude on market optimism than recent years.

These guys paid 3.1 in June 2016 ,with a comparable assessment at 3.15, at the current ask of 3.33 they would not have much to show after expenses ,but there is little reason for anyone to offer full asking price in that city at this point in time.

Down 15% from the opening ask of 3.88,before they blink it would of been a year and they will have to shell out for a cake.

Blow out the candle and make your wish.

Get the bulk of your money back and get on with life…

M44BC

2631 MARINE DR WEST VANCOUVER paid 3.1 June 2016 ass.3.15

Now asking 3.33

2017-12-28 : $3,599,000
2017-08-09 : $3,880,000
2018-06-12 : $3,338,000

https://www.zolo.ca/west-vancouver-real-estate/2631-marine-drive

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

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

Feel free to make a donation.

Flop For Fox Fund…

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

#141 S on 07.02.18 at 1:24 pm

#136 I’m stupid on 07.02.18 at 12:53 pm

Well, that was short and sweet. And where did I say otherwise? Of course both countries benefit, we just benefit more.

Perhaps, rather than comparing me to a dog, you might consider invalidating the arguments I posted?

#142 MaxBerniersShorts on 07.02.18 at 1:26 pm

85 PeterfromCalgary

Remind us again what Andrew Scheer has negotiated? He’s been a politician since he was in nappies, well at least since he was 25. He has way less “real world”experience of anything than Trudeau.

#143 Fish on 07.02.18 at 1:27 pm

Have you taken a look on realitor my goodness
They are trying to sell basic structure, otherwise a dump for out rages price, quote Now you can have a piece of a rock, better than a tent

#144 conan on 07.02.18 at 2:13 pm

Brazil 2 Mexico 0

No surprise here. Brazil is just killer, top to bottom. They are the favorites.

https://youtu.be/UvhGvxuOREw?t=34

#145 WW2 on 07.02.18 at 2:23 pm

#141 S – WW2 commenced in 1939 – 1945. While our women were working hard day and night in the war factories, and our men were dying in battle where were the Americas? Well it wasn’t their war and they sat it out laughing at the fools in Canada. America needed an enemy, so a plan was hatched for Japan to attack Pearl Harbor on December 7, 1941. The American army didn’t know how to fight, so it was the UK, Canada, and the Scots who trained them. Then after the war the Americans bragged that is was them alone who won it all.

#146 Howard on 07.02.18 at 2:29 pm

#124 RE_INVESTOR on 07.02.18 at 11:11 am
Was a beautiful Canada Day at Woodbine Beach in Toronto. Sun was blazing hot but the wind cooled off everyone. Everyone had their Canada Day teeshirts and flags proudly displayed at the beach. I heard so many different languages spoken and so many laughs and smiles from everyone. What a great city we are live in and no wonder so many families are coming here.

———————————————

Great for you. Not so great for average joe canucks coping with labour oversupply and subsequent severe wage suppression.

#147 I’m stupid on 07.02.18 at 3:01 pm

Your very argument is based on perception, it’s a chicken and egg argument. What’s more important raw goods or finished products? One can’t exist without the other so they’re both important. Your original argument made it seem like the US-Canadian relationship was American charity. I’m simple saying that the partnership has been beneficial to both countries and depending on what metric you use you could make the argument either way.

#148 KLNR on 07.02.18 at 3:07 pm

@#130 S on 07.02.18 at 12:19 pm

__________________

LOL

#149 S on 07.02.18 at 3:18 pm

#137 Good Neighbour on 07.02.18 at 12:58 pm

“#130 S – Look at our good neighbour now, and what do you have to say about that? “

Only that every previous US administration spoke of the issues that Trump is now very clumsily and hurriedly, but true to his election promises, trying to address. Trade imbalance, North Korea, illegal immigration etc. was part of every election platform in the US as far as I can remember. Just that there was no political will to do what had to be done. And Trump doesn’t care about good politics. You know, I suspect that quietly, in the dark recesses of their souls, Trump’s political opponents are gleefully rubbing their hands together saying “better him than us, this way we won’t have to pay the political price”.

#134 MF on 07.02.18 at 12:50 pm

My point was this:

– Our brave leader has been desperately trying to re-draw the image he created for himself domestically and on international stage during his infamous India trip. The “grand standing” I was referring to was the comments he made during the press conference after Trump left the G7 meeting. Unnecessary , even if true.

– If we’re going to negotiate a trade deal lets do that. Bringing “gender inequality” and other SJW matters into the situation was amateurish and counterproductive. (When you negotiate buying a car do you ask the salesman how he treats his wife or gay son? Would it get you a better price?)

– Both countries have benefited from their trade and close political alliance, that is very true and nowhere did I say anything else. I postulate that the US can survive without that relationship a little bit easier than Canada can so let’s elect leaders that know this.

– Canada has highly respected military force with some of the best soldiers in the business. Many of my friends serve. But is is small and severely underfunded considering the size of the country. Luckily we don’t have to spend that much more because of our alliance with the US. Doing so would undermine our ability to sustain the social safety net we are all so proud of.

Really, the whole point of my post was voicing concerns regarding the ineptitude of our current government. T2’s actions have been to Canada’s business climate what the biblical plagues were to ancient Egypt. What’s next, frogs and locusts?

#150 ImGonnaBeSick on 07.02.18 at 3:42 pm

Please Danny, define what the North American dark ages are, and what the enlightenment is supposed to be. Sounds like you’re getting wrapped up in slogans…

#151 Bobby on 07.02.18 at 3:53 pm

#145, you may want to review your military history. For example, why did Canadian soldiers end up in Hong Kong, ill equipped to do the job?
It’s the Canadian way, to find fault in the US on any issue, to deflect from our own shortcomings.
You must be a Liberal.

#152 Nice Property on 07.02.18 at 4:19 pm

I saw this nice property the other day which was priced a bit high, and didn’t care for the chimney location. Across the street was a beautiful park, and a pond in a great neighbourhood, so looked around and did further research. Next door was a forested large lot for sale, so what will be there to worry about. Drove around to the back and found an extra place for the parking of cars, but running beside this home was a large stoned tunnel feeding the pond. It was located several blocks from a river, and traced it under and above properties for three blocks. Those home owners don’t realize that a piping system runs beneath most of their homes. The pond needed investigation and there are wild animals about and mosquitos too. The pond is used during an emergency by turning a value on from the river which could flood the entire area. This home was a gem inside, but in buying real estate assume nothing because you can’t judge a book by its cover.

#153 Easy Reply on 07.02.18 at 5:36 pm

#151 Bobby – There were 14,000 allied troops involved defending Hong Kong, of which 1,975 were Canadians so you forgot to detail the others. Of course many of the Canadians were poorly trained, because your left out the context of great importance. Most of them signed up in a hurry to defend their old homeland – shame on you!

#154 Hiding On the Backstreets on 07.02.18 at 9:15 pm

#17 Ex-Cowtown on 07.01.18 at 5:47 pm

Elected is a man who campaigned on slogans (not policy) and sure sounded like a maple-coated Trump. – Garth

+++++++++++++++++++++++++++++++++++++
@#17 Ex-Cowtown on 07.01.18 at 5:47 pm

No politician has ever been elected because of sound policy. Facts are irrelevant. Canadians chose to elect a unknown quantity with great haircut who spun a tall tale. Americans chose to elect one with a weird haircut.

In neither place did facts or policy matter.
———————-

Kim Campbell, our only female PM (PCs), during the 1993 GST election campaign – “An election campaign is no time to discuss policy”.

Vilified by the press at the time. PCs decimated. Mulroney already bailed when the gettin’ was good. Campbell left to face voters’ wrath.

Enter the Libs. For what, 3 majorities, and a minority? Never cut or reduced GST, now added to govt. revenues, helped make Finance Minister (and future PM) Paul Martin look like a deficit-slaying financial wizard.

Now op-ed political columnists coast to coast admit Campbell’s “gaff” was an accidental truth bomb.
People can’t handle the truth.

#155 bill on 07.03.18 at 4:39 pm

what a beautiful flag Garth!