The crisis

Oops. “Homeownership costs reached their highest levels on record in the first quarter of 2018 — considered by many as crisis levels,” said the nation’s largest bank on Tuesday. “While the situation isn’t as extreme as it is in Vancouver, Victoria continued to experience marked deterioration in affordability in the first quarter.”

Ah yes. Affordability. It’s all that matters when it comes to real estate. If people can’t afford houses, they don’t buy. Like in BC’s capital city where, as the bankers rightly observed, house lust has gone flaccid. The tally for June: sales down 29.7% year/year. Listings up 35.5%. Not good. Prices to follow.

The issues now are clear: trade uncertainty and Trumpophobia; crazed Dipper taxation (BC only); plus rising interest rates (the biggie).

This week all the major guys are lining up to warn you off buying property. RBC’s Research Dept is stark about what comes next. Scotiabank economists are bordering on shrill. And the market odds for a rate hike next week have rebounded to a convincing 85%. “Our view is that the Bank of Canada will proceed with a series of rate hikes that will raise its overnight rate from 1.25% currently to 2.25% in the first half of 2019. This would have the potential to stress housing affordability significantly,” says the Royal.

Adds Scotia:

“The Bank of Canada is still forecast to raise its policy rate five more times between now and the end of 2019 including twice more this year. The Federal Reserve is forecast to raise the fed funds target range four more times by the end of 2019 including the addition of one more forecast rate hike this year to two more by the end of 2018.”

In practical terms, here’s what to expect: the first immediate increase will be next Wednesday. The next will be September 5th or (more likely) October 24th. Then 2019 will bring three more increases, one in the winter, one in the spring and another in the final half. The prime rate at the banks, currently 3.45% will climb to 4.7%. Home equity LOCs will jump to more than 5% (for the best customers), and all mortgage rates will augment – more for variables than long-term fixed, as the yield curve flattens.

The major thing you need to know about is the benchmark Bank of Canada mortgage stress test rate. It sits at 5.34% and would swell to more than 6.5% in little more than a year if these events come to pass (which everyone says will). Just 15 months ago any schmuck could wander into a chartered bank, flirt with [email protected] and nab a fiver at little more than 2% – no stress test whatsoever if Mom had forked over enough for a 20% down payment.

The impact of a tripling of rates (effectively) in that period of time is, well, unknown – since it hasn’t happened before. But don’t expect ponies and puppies. Already B20 has knocked tens of thousands of buyers out of the market, and caused low-end property prices to swell, since that’s all the moisters can now afford. In turn this has depressed detached sales – seriously. Look at Van, for example – the number of detached houses trading in May crashed by 40% (June numbers are not yet out, but will be similar). This is what happens when people can’t sell, or find it impossible to move up.

But, I hear you cry, what about the Trumpster? Won’t this trade war thing terrify central bankers, making them retreat like manhood in a cold lake?

Nope, claim the economists. Forgeddaboutit.

“There is the risk of going at a slower pace should NAFTA developments take a much deeper turn for the worse than has been apparent to date or anticipated,” says Scotia, “but there is also the opposite risk of overshooting the long-run neutral rate if this cycle’s wage and price pressures continue to evolve in a fashion that further jeopardizes the BoC’s inflation mandate.”

Translation: sure, Trump can be a dick and cause trade chaos (before Congress reigns him in and the mid-terms whomp his butt), but what the central bank really fears is too much inflation – caused by new tariffs, lots of fresh jobs, higher commodity prices, minimum wage increases and rising incomes. The US is virile, our economy is strong and the global one is expanding faster than at any time in almost a decade. Most central banks – even the slap-happy one in Europe – are now dialing back on stimulus. The Bank of Canada cannot risk falling behind, and already inflation is nearing the upper end of its target range.

And this: “We believe risks such as a trade shock would have to be quite severe in order to lead the BoC to allow inflationary pressures to build without tightening policy. At this point in time we don’t judge the risk of the abrogation of the NAFTA agreement as a serious one.”

Monetary policy may not be sexy, but there’s no one single thing which will affect the value of your property as much as this. Real estate soared when rates sank. That ship has sailed.

112 comments ↓

#1 Zapstrap on 07.03.18 at 4:27 pm

“We believe risks such as a trade shock would have to be quite severe in order to lead the BoC to allow inflationary pressures to build without tightening policy. At this point in time we don’t judge the risk of the abrogation of the NAFTA agreement as a serious one.”

Huh?

#2 yoyoyo on 07.03.18 at 4:43 pm

1st

#3 Gulf Breeze on 07.03.18 at 4:45 pm

I’ll second that, Zapstrap. “Huh?” Seriously underpricing severe risk of a reworked trade agreement with the U.S.

There will be no increase in interest rates. Remember Poloz said, “we will be monitoring the situation closely.” That’s code for, “we’re not going to raise if things look bad.” And they are looking mighty mighty bad.

If we get by with a severe recession, we’ll be lucky. If the Canadian central bank wants to bring on an actual depression, they should, by all means, raise rates.

Rates go up a week tomorrow. And no recession. Take your meds. – Garth

#4 Howard on 07.03.18 at 4:46 pm

LOL Thanks for the laugh. That’s a plump, well-fed cat. Doesn’t realize his fat body can easily push things over.

#5 HT on 07.03.18 at 4:53 pm

Home prices will drop, but will be just as unaffordable. Are middle class families looking to enter the MV market pooched? I hate snow, and mosquitoes.

#6 Mark on 07.03.18 at 4:57 pm

If no recession. No major housing crash. No economic catastrophe…then why don’t you write more positive blogs? By reading your blogs the first thing that comes to mind is housing crash and recession. But you say no. I don’t get it. Stop fear mongering then ending by saying oh but no recession or housing crash so don’t wait for one. Geez Garth.

Of course real estate will suffer. But the economy will not crumble. Just the finances of over-extended families. – Garth

#7 dakkie on 07.03.18 at 5:03 pm

Update on Deflating Property Bubbles in Sydney & Melbourne

http://www.investmentwatchblog.com/update-on-deflating-property-bubbles-in-sydney-melbourne/

#8 Adrian on 07.03.18 at 5:05 pm

>Look at Van, for example – the number of detached houses trading in May crashed by 40% (June numbers are not yet out, but will be similar)

Garth, you gotta give them time to cook the books, chill dude!

#9 Cats on 07.03.18 at 5:26 pm

A friend of mine has a cat. It sleeps all day, and all night long wanders around inside looking for prey to jump, such as bugs or worse. Do all cats roll this way?

#10 Chaddywack on 07.03.18 at 5:45 pm

“This would have the potential to stress housing affordability significantly.”

Sure, but then prices have to drop and balance is eventually restored.

What am I missing? I guess people don’t HAVE to sell their houses.

#11 Greg on 07.03.18 at 5:47 pm

Funny image, but the tv doesn’t have any cables connected to it… a bit fake unfortunately. Funny nonetheless

Looks like a computer monitor, not a TV. Wireless? – Garth

#12 islander on 07.03.18 at 5:48 pm

https://www.canada.ca/en/financial-consumer-agency/services/mortgages/home-equity-line-credit.html

“These are some disadvantages of a home equity line of credit (HELOC) that are common to other loans:

• variable interest rates can change which could increase your monthly interest payments (your lender will provide advance notice of any change)
• your lender can reduce your credit limit at any time (your lender will provide advance notice of any change)
• your lender has the right to demand that you pay the full amount at any time
• your credit score will decrease if you don’t make the minimum payments as required by your lender

All those ‘millionaires’ out there with HELOCS – better read the fine print!

#13 Fish on 07.03.18 at 5:49 pm

CBC cancels On the Money business show, cites lack of funds

https://www.theglobeandmail.com/amp/arts/television/article-cbc-cancels-on-the-money-business-show-cites-lack-of-funds/

#14 Wallflower on 07.03.18 at 5:58 pm

This says it all for southern Ontario
https://www.realtor.ca/Residential/Single-Family/19339631/3537-RIVA-AVE-Innisfil-Ontario-Rural-Innisfil

#15 jess on 07.03.18 at 5:59 pm

what is the market value of an asset that generates $4 million in dividends annually?

=======
WMB Holdings – through a series of family trusts
================
Clayton suggested that mom and pop investors should continue to have a choice between hiring fiduciary advisers and stockbrokers, who are not fiduciaries…

https://theintercept.com/2018/01/30/jay-clayton-sec-donald-trump-wall-street/

http://wallstreetonparade.com/2018/07/as-crime-soars-on-wall-street-its-top-cop-launches-a-pr-offensive/

SEC Chairman Clayton Invites Main Street Investors to ‘Tell Us’ About Their Investor Experience
Roundtables Will Be Held across the Country to Hear from Investors

FOR IMMEDIATE RELEASE
2018-125

Washington D.C., June 29, 2018 —

Securities and Exchange Commission Chairman Jay Clayton is inviting Main Street investors from around the country to ‘Tell Us’ about their investor experience through roundtable discussions in several cities. In these roundtables, Main Street investors will be able to speak directly with Chairman Jay Clayton and senior SEC staff about our efforts to enhance retail investor protection and promote choice and access to a variety of investment services and products.

2017
https://www.sec.gov/news/speech/remarks-economic-club-new-york

#16 Food on 07.03.18 at 6:11 pm

I just spent $200, so this time looked at my tape carefully, and we are starting to get ripped off with certain items. In fact this trend started a couple of weeks ago because the sales were lame. Shopped at Metro which is a bit pricey, but more convenient. I may just change my store in the future. Yet still got a deal on a large jar of garlic dills made in India for $2.50, and a huge jar of sauerkrupt made in Poland for $2.99; forget the cost of boxed cereal because a large bag of oats costs only $3.99.

#17 bdwy sktrn on 07.03.18 at 6:12 pm

from a link yesterday, a story of another ‘local’ vancouver RE transaction….

when big china $$ buys 10M,20M,30M+ RE it always uses a corp.
A local canadian corp.

……
These days, foreign investors don’t even need to step foot into Canada to snap up some of the most exclusive real estate in B.C.’s lower mainland. Take, for example, the December 2015 sale of the $51.8-million Point Grey mansion (that takes up three building lots and overlooks the ocean). The buyer was Mailin Chen, a businessman from mainland China, and it’s reported that he never even left his home in China to purchase his new Vancouver mansion. (Nor did he buy the home himself. His Vancouver-based company, Chunghwa Investment (Canada) Co. Ltd, did—a company that was incorporated in March 2010 and has an office on Howe Street in downtown Vancouver.)

#18 jess on 07.03.18 at 6:12 pm

how just a few

Funds News
May 20, 2015 / 1:10 PM / 3 years ago
In FX rigging: “If you ain’t cheating, you ain’t trying”
Kirstin Ridley

4 Min Read

LONDON, May 20 (Reuters) – Foreign exchange traders clubbed together in a brazen “heads I win, tails you lose” strategy to rip off customers as they rigged the $5 trillion-per-day currency market, British and U.S. authorities said on Wednesday.

Transcripts released as part of a multi-billion dollar settlement are littered with examples of how customers were misled and prices manipulated in a trading scandal that has seen seven of the world’s top banks fined around $10 billion and four plead guilty to trying to manipulate forex rates.

#19 conan on 07.03.18 at 6:16 pm

That cat is either deaf, or it has a fear of missing out.

#20 Central Okanagan Just Dead - Where are the Buyers? on 07.03.18 at 6:20 pm

Just dead. No other way to explain it.

The Spring market slowed substantially.

But that is nothing compared to right now. Absolutely dead.

Everything seems to be slowing to a standstill.

100k price cuts on listings becoming normal in Kelowna.

Don’t matter. It still ain’t selling. When the market turns nothing sells.

And the job market is pretty good right now, which is nuts. You would think the demand would be a bit stronger, but looks like the lending b20 has taken the wind out of the sails of consumers who spend their brains out.

Looks like WGAF is spreading.

#21 Howard on 07.03.18 at 6:22 pm

#9 Cats on 07.03.18 at 5:26 pm
A friend of mine has a cat. It sleeps all day, and all night long wanders around inside looking for prey to jump, such as bugs or worse. Do all cats roll this way?

—————————————————

Yes. Cats are nocturnal. They hunt at night. Domestication cannot fully stamp out that instinct.

#22 The Boulder on 07.03.18 at 6:23 pm

Many say soft landing is a myth, but it seems Poloz is achieving it. I see three of his key strengths: data driven, patience, and transparent. For familes/invistos who are over-extended, use the same skills, with patience being the key for you.

#23 Central Okanagan Trending -7% for July so Far on 07.03.18 at 6:26 pm

July is following the disastrous price write downs from June and trending at -7% on the price cuts.

Inventory has bloated and expect it to fall off over the summer slow down as sales remain in the frozen state.

Still too high on the price. Other areas in BC to live in for way cheaper.

Vancouver, Victoria and Kelowna are the danger areas for wild volatility both up and down with the new lending rules and money laundering clamp down.

The winter is going to be a fun showdown for SHTF Fan.

And if those rate increases materialize, this is going to long and drawn out like the oil downturn in Alberta.

#24 Cheesetoast on 07.03.18 at 6:26 pm

” lots of fresh jobs, higher commodity prices, minimum wage increases and rising incomes. ”

And where would I find all these fresh new jobs, and rising incomes….don’t no where you live dude, but I certainly don’t see that happening anytime soon. Off by a mile on this one.

Check the national stats, dude. The data is there. Maybe it’s you? – Garth

#25 How do you know when the Real Estate market has turned? on 07.03.18 at 6:28 pm

If you live in BC:

You go outside, look around, take a deep breath, exhale and take in the current situation.

You can smell it. You can feel it. You can sense it.

The only thing moving in BC real estate right now is dust bunnies.

#26 jess on 07.03.18 at 6:29 pm

good thing they don’t have nukes

https://www.reuters.com/article/us-venezuela-barter/fish-for-flour-barter-is-the-new-currency-in-collapsing-venezuela-idUSKBN1JT1UM

#27 Lost... but not leased on 07.03.18 at 6:31 pm

“Not good. Prices to Follow” Garth

I view Aussie RE Blogs….IMHO a crystal ball of what harkens and forebodes here in Canuckistan.

One good point….When prices stop RISING..then SHTF.

Drops are inevitable…but again…when the bubble stops inflating…watch out.

#28 Kelowna Drops on 07.03.18 at 6:33 pm

The past few days, been seeing this for months now.

1515 Pinot Noir Drive, West Kelowna: -109,000.00 -7% drop

5020 Chute Lake Crescent, Kelowna: -151,000.00 -10% drop

963 Stockwell Avenue, Kelowna: -76,000.00 -6% drop

#29 Smoking Man on 07.03.18 at 6:35 pm

before Congress reigns him in and the mid-terms whomp his butt -Garth.
……
You watch way too much MSM Garth.The Big Red wave in the fall… Libralism is being rejected in mass.. Watch and learn Grasshopper.

#30 renter in Surrey on 07.03.18 at 6:36 pm

Large, nice 2br 2bthr condo in Burnaby was $350K about 3-4 years ago

Now it is double of that.

Can’t imagine few of these meaningless 0.25% hikes bringing the price back.
May be prices stop growing at that pace; may be go down a little bit, $10K here, $15K there.

But if we zoom out and look at the big picture… that ship is sailed.

#31 Flat Earth Society on 07.03.18 at 6:45 pm

I have to respectfully disagree with Garth’s “all clear” signal on a possible recession.

While it is too early to specify exactly how bad the Turnump-Turdeau Trade War (TTTW) will get, if it gets so bad as a 25% tariff on autos and whatever reciprocal tariffs Turduea comes up with, a recession is inevitable. All these tariffs will eventually flow back to the end consumer in the form of higher prices, as there is nobody else in the economic chain who can absorb them. Also the effect could be long lasting, as any manufacturing that heads south to deal with the tariffs likely isn’t coming back even when the tariffs go away again. It’ll inflict long term damage.

Also I am not sure how the mechanics of monetary and fiscal policy work as a countermeasure to tariffs, or if they can even work at all. A one time massive spike in inflation cause by tariffs probably can’t be undone by raising rates. But the economic impact of the tariffs probably can’t be undone by lowering them either, so the BoC will probably move rates according to whatever they figure the inflation number is ex-tariffs, which will be up. Therefore we will get rising rates and increased tariffs. Hard to see how that doesn’t lead to recession. But it’s a big if, it all depends on how bad the tariffs get.

Either way we are not out of the woods. The Canadian economy is far too dependent on the US economy for that relationship to sour. We don’t have an alternative. What are we going to do, export cars to Germany and Japan? Ha!

I’m using cars to talk about tariffs but let’s not forget steel and aluminum and pretty much everything else made in Canada besides oil is in the cross hairs. Turduea needs to get his head out of his ideology and tell Turnump what he wants to hear and fast! The problem is that you can’t take something like a working economic system that took years to develop and refine and just break it. A replacement won’t just magically appear. Instead, you get a collapse. Turnump has all the cards here because a collapse of the Canadian economy will only be a blip on the US economy.

I don’t know about you folks but my sense of moral authority is “Trumped” by my desire to pay my bills.

#32 Felix on 07.03.18 at 6:55 pm

So lazy of you to try to shame a totally innocent cat, Garth.

Here’s just a taste of the real truth:

https://www.cbc.ca/news/canada/edmonton/dog-attack-grande-prairie-1.4696588

https://www.mirror.co.uk/news/uk-news/boy-five-rushed-hospital-after-12841109

https://www.youtube.com/watch?v=PE2BJnTLTRQ

https://www.youtube.com/watch?v=nnh2SYGDQ-0

https://www.thestar.com/news/gta/2018/06/28/charges-laid-in-dog-on-dog-attack-in-north-york.html

STOP THE ANTI-FELINE RACISM!

#33 Dr. on 07.03.18 at 6:56 pm

Garth,

You reply to Mark (#6) was:

“Of course real estate will suffer. But the economy will not crumble. Just the finances of over-extended families. – Garth”

More than half of Canadian families have over-extended finances. As interest rates go up these folks will have to reduce their spending to stay afloat. Since consumer spending is about 60% of Canadian GDP, I do not see how we can avoid a recession.

Recessions do not mean a crumbling economy. They comprise several quarters of negative growth, and are always, 100% of the time, temporary. Chill. – Garth

#34 Our Government on 07.03.18 at 6:59 pm

How pathetic can it get when we the citizens have a majority of clowns managing a circus in trade deals the world over. Mexico on the other hand has 11 free trade deals involving 46 countries – now! It appears that NAFTA will be on a holding pattern for many months, so what to do. Appoint a senior recently retired civil servant with knowledge and experience to get the job done in secret with a few targets in mind. No press, no government involvement, no ideology nonsense, and just focus on trade issues alone. This was all done by a past President in USA, and that is how the wall came down in Germany. A civilian negotiated it all using an old ACT to make it legal under a Code Name.

#35 suede on 07.03.18 at 7:07 pm

there’s too much consensus about this rate hike next week.

i don’t like when everyone agrees. It’s like i’m at my in-laws.

#36 ImGonnaBeSick on 07.03.18 at 7:15 pm

You’re a bloody saint having to deal with this lot on a daily basis (myself included). Thanks Garth for everything you do.

#37 Reality is stark on 07.03.18 at 7:17 pm

To #29 Smoking Man.
I think you are right. Americans are focused on the hard issues such as the economy not on gender issues.
The democrats are in disarray.
Trump is immoral and a poor leader but tackles the hard issues head on. The public is convinced that the Democrats can only field candidates that boost public service administrative costs by outrageous amounts.
Trump mocks the Democrats telling them he can be an imbecile but because they focus on irrelevant issues a chimp can beat them.
The real estate ship in Toronto has sailed.

#38 WUL on 07.03.18 at 7:23 pm

Good news from the famous Stampede City in the Valley of the Bow. In addition to the price of oil, another barometer of the Calgary economy just came in.

Stampede parties are up year over year according to event planners.

Open the chute boys! This ride is for Mama!

#39 conan on 07.03.18 at 7:23 pm

Sweden 1 Switzerland 0

Sweden going farther than anyone expected.

Time to fall in love with this team?

https://www.youtube.com/watch?v=NI6aOFI7hms

#40 Happy Housing Crash Everyone! on 07.03.18 at 7:29 pm

the number of detached houses trading in May crashed by 40% (June numbers are not yet out, but will be similar).

Garth you do know that SHYSTERS compare this june 2018 sales to the REVISED June 2017 sales? They basically compare this years inflated sales numbers with last years revised lower sales number. Sales have crashed 50%+. You dirty filthy lying SHYSTERS are horrible people. Open up MLS but that would exposed the fraud?

#41 AGuyInVancouver on 07.03.18 at 7:48 pm

#7 dakkie on 07.03.18 at 5:03 pm
Update on Deflating Property Bubbles in Sydney & Melbourne

http://www.investmentwatchblog.com/update-on-deflating-property-bubbles-in-sydney-melbourne/
_ _ _
Yep, it’s interesting to chart the similarity in the Canadian and Australian housing market. Whatever forces could be in play to lead to such similar declines (hint capital controls):

“.. Australia’s median home price fell for a ninth consecutive month in June, led once again by declines in Sydney and Melbourne.

According to CoreLogic’s Home Value Index, the median price fell 0.2% to $556,384 in average weighted terms, leaving the decline over the past year at 0.8%..

Prices in capital cities led the losses, falling 0.3% from May. In contrast, regional areas continued to outperform with the median price holding steady over the month…
…Sydney and Melbourne are home to 40% of Australia’s residential dwellings, and account for around 60% of Australia’s total housing wealth…”
Read more at https://www.businessinsider.com.au/australia-property-house-prices-apra-funding-pressures-corelogic-june-2018-7#iOoioph7Pg1AUR83.99

Read more at https://www.businessinsider.com.au/australia-property-house-prices-apra-funding-pressures-corelogic-june-2018-7#iOoioph7Pg1AUR83.99

#42 Spectacle on 07.03.18 at 7:56 pm

#11 Greg on 07.03.18 at 5:47 pm
Funny image, but the tv doesn’t have any cables connected to it… a bit fake unfortunately. Funny nonetheless

Looks like a computer monitor, not a TV. Wireless? – Garth
——————get a dog ————-
Reminds me of a time on the early days of the Internet, I was looking up some pros for my Maserati. So, I entered exotic parts…click… I am stained to this day what popped up on the screen. And this was pre spam /junk scrubbing software.
Stained for life I say!

Perhaps that is why the guy has unplugged his computer, covered up his flat screen, and goes into the room where he stores all this stuff ( including his guitar..) his cat litter box etc, and just does sit-ups . And eats chips.

He reads Greater Fool Blog on his phone .

Reason to get a dog:

Toxoplasmosis in Cats | petMD
https://www.petmd.com › cat › conditions

#43 Long-Time Lurker on 07.03.18 at 8:10 pm

Thanks for all the answers about Kim’s photoshopped gang sign, yesterday. Now I’m wondering how does everyone know this?

#44 april on 07.03.18 at 8:19 pm

#30- Go to Zolo.ca — bigger drops than you suggest, and at the lower end.

#45 Brad B. on 07.03.18 at 8:20 pm

LOL -…retreat like manhood in a cold lake? Good one Garth!

Banks…they don’t give a @#$. They have no reason to be terrified. They have 99% of Canadians right by the short and curlies and they are going to suck it for all it’s worth. They’ll get their money and if some home owners go under they take the house over and sell it for what is remaining…or if the house is worth less then when it was bought….oh well! They still get their money back all they do is hand out more credit cards to the retarded Millennial’s and/or up every bodies limit or BOTH! LOLOL

Keep ‘er coming Garth!

#46 TurnerNation on 07.03.18 at 8:21 pm

You want disabuse? I’ll give you disabuse.

This: Toronto NIMBYism rockets to a new level.
Blocking homes for people, a new lo-rise condo, because of an ancient sht bung.

http://www.postcity.com/Eat-Shop-Do/Do/June-2018/Heritage-status-may-stop-four-storey-Rosedale-condo/

City of Toronto staff agreed with the nomination and recommended upgrading 7 Dale Ave. from a “C” property, recognized for its contribution to the heritage character of the neighbourhood, to a “B” property, recognized for its citywide significance.

The bungalow at 7 Dale Ave. was constructed in 1944–1945 by award-winning architect Gordon Adamson — information that was apparently missed during the SRHCD study conducted in 2002.

#47 For those about to flop... on 07.03.18 at 8:22 pm

Who’s interested in Vancouver real estate?

While I was slaving away over a hot house today ,I thought it might be good to show you a snapshot of who is interested in Vancouver real estate.

One day last week I had 252 views and this is the breakdown of the analytics.

Canada 216

U.S 22

Australia 5

Germany 4

U.K 2

Bosnia and Herzegovina 1

France 1

Switzerland 1

So while predominantly Canadian there is a bit of interest around the world.

On a quieter day I had almost as many views in New Zealand as in Canada.

Unfortunately they don’t break it down provincially but on a local level and it is only early days ,but whenever I mention Surrey I seem to get some new interest.

Maybe people are slowly cottoning on that all is not well in that city real estate wise and are looking for answers.

I will monitor these things going forward and try to give the masses what they want but I just thought a few people might be interested in the international interest…

M44BC

#48 Crudeau on 07.03.18 at 8:26 pm

There is trouble in Vancouver concerning the Memorial Bridge, and our dear leader has yet been given a new name. Furthermore, the Trans Mountain pipeline is in a mess because dozens of the native groups have changed their minds about the agreements.

#49 Autotown South on 07.03.18 at 8:37 pm

Hi Mr. Turner,
Today’s commentary on the future of real estate and interest rates reminded me of an interesting encounter I had a long time ago with a police officer that, without invitation, attended an ad-hoc gathering of youths in a field in the then little known berg of Aurora. The office asked, “having fun boys?” to which we replied “yes”. We were then promptly advised, “funs over”.

#50 Hawk on 07.03.18 at 8:39 pm

<<<>>>>

Agreed, if we lose trade with USA we are going to suffer and learn (the VERY HARD way) why we shouldn’t anger our neighbour and largest trading partner.

That is a luxury for those nations whose cost structures are so low that they can sell globally and still be competitive, it would take year, if not decades for us to get there.

It’ still not too late to eat a slice of humble pie, and restore the relationship, but somehow it doesn’t look like our guys are going to do that. Maybe we’ll get lucky and the republican states will pressurize Trump not to escalate, but again its looking slim.

#51 B Wilds on 07.03.18 at 8:40 pm

money flowing in from China seems to be adding to the housing problem. The fact that China has not been fair in trading with America is a major reason for the US to strengthen ties with those closer to home. A very strong strategic dimension exists for NAFTA and when President Reagan fathered and endorsed the concept decades ago he recognized the need to create a powerful regional trade bloc to compete in a changing global economy. More of why working with Canada and Mexico is smarter than letting China eat our lunch.

http://brucewilds.blogspot.com/2017/11/nafta-let-us-favor-regional-trade-over.html

#52 the ryguy on 07.03.18 at 8:42 pm

Of course real estate will suffer. But the economy will not crumble. Just the finances of over-extended families. – Garth

Bingo.

Sorry to those of you that way overextended yourself, but you dug your own grave. An insane belief in absolutes “Canadian RE only goes up” is your own doing, lesson learned. In the movie rounders their is a quote..”If you can’t spot the sucker in your fast half hour at the table, then YOU are the sucker”. 20..30…40 % yearly gains and you morons think thats sustainable? If you didn’t cash out, your dumb, if you bought in your dumb. Sorry.

Our tiny little country must adhere to sound monetary policy, we don’t have a choice.

You think loosing your “hard earned equity” is bad? Look at whats happening in Venezuela.. The average citizen has lost over 20 pounds in the last year. There isn’t enough food. They are on pace for 13000% inflation for 2018.

Like it or not we are a tiny country in the grand scheme of things, and we need to maintain our currencies value. This would be obvious in any other circumstance except for our current timeline “My house HELOC is maxed to pay for my underwater condo, which I also have a HELOC on to buy my daughter a condo in the same building and get an Audi because the sales guy said money is cheap”.

Hike those rates.

#53 Hawk on 07.03.18 at 8:48 pm

#29 Smoking Man on 07.03.18 at 6:35 pm

========

Agreed SM, too many north of the 49th keep on deluding themselves about the reality of the quiet under-current of support, that exists for conservative policies down south.

The MSM is controlled by the elite,……..the deplorables keep quiet, due to the “shaming culture” for voicing non-pc opinions……..but make themselves heard at the voting booth.

#54 TurnerNation on 07.03.18 at 8:57 pm

#34 Our Government it was mentioned on the weekend NONE for the Big 3 automakers in Canada have protested this recent hit. The dog that didn’t bark means the culprit is? Sherlock.

They want Mexico. Canadia’s Magna Auto parts opened a plant there recently.
All this has been carved up in advance. Why our own leader told us we are a post-national state. I forsee a large open air UN kamp. And a capital dumping ground I bet. Mexico is the future. Dictators abound and in S. America.

#55 Glenn on 07.03.18 at 9:00 pm

Inflation! What inflation? Wages stagnate and US jobs as % of population is still below 2007 levels in US after 10 years of so-called expansion.

Rates are rising because CBs need room to lower them when next recession hits which is any month in the next 12 and they want to pop the bubble in asset prices.

#56 Ride up, ride down. on 07.03.18 at 9:09 pm

So on the interest rate ride down, yvr sfh did what? x5 or so?

Does that mean that during the ride up, to historically normal interest rates, a yvr sfh price will do x0.2 or no?
I believe you wrote earlier that -30% is about what prospective buyers can hope for?

#57 the Jaguar on 07.03.18 at 9:20 pm

These numbers and forecasts are land mine territory. Most view them in the context of buyers who want to purchase, and if the simple outcome is that they are patted on the tushy and told by the beleaguered banks to come back when their salaries have doubled so be it.
More troubling are those who dove in and bought beyond their means and have struggled to make payments these last few years. Most robbing Peter to pay Paul. (using credit cards and lines of credit to make payments of all sorts, including their outrageous auto payments and annual trips to warmer climates). They’ve been hanging on by their fingernails telling themselves they would just go into the bank and refinance all their debt using their property as collateral if things got too out of control. The old homestead could only have gone up in value, right? The Cartel has had their ear. They don’t read newspapers or follow the Fed or BOC or even follow the Flopster, and in the current rate environment are not aware that not only will any refinance request result in their having their ass handed to them, but they are actually ‘under water’ on the same mortgage they hoped to refinance. And calamity is only around the corner. All it will take is one household job cut or hours cut. Or divorce. Or special assessment on their condo. Many have no experience with economic hardship. Many have never even been given the learning experience that comes with failure or setback in life. Setbacks were never an option and skills of resilience are lacking.
It will certainly be a debacle as it unfolds. For those outside of it all there are many blessings to count.
Speaking of blessings, how old will Bandit be in August?

#58 conan on 07.03.18 at 9:30 pm

England beats Columbia in a penalty shoot out, and reaches the quarterfinals, for the first time in 12 years.

England has a good team. They just need to stay out of the bars.

https://www.youtube.com/watch?v=MdYGQ7B0Vew

#59 tccontrarian on 07.03.18 at 9:42 pm

#33 Dr. on 07.03.18 at 6:56 pm

Garth,

You reply to Mark (#6) was:

“Of course real estate will suffer. But the economy will not crumble. Just the finances of over-extended families. – Garth”

More than half of Canadian families have over-extended finances. As interest rates go up these folks will have to reduce their spending to stay afloat. Since consumer spending is about 60% of Canadian GDP, I do not see how we can avoid a recession.

Recessions do not mean a crumbling economy. They comprise several quarters of negative growth, and are always, 100% of the time, temporary. Chill. – Garth
********************

Aren’t ‘recessions’ a normal part of economic cycles? Why are CB’s trying to prevent them in the first place?
The result, of course, is that the booms/busts are exaggerated and more people become impoverished in the end. Financial literacy isn’t common and most aren’t even paying attention to these trends.

Also, there are ‘recessions’ and then there are ‘RECESSIONS’!
The next one is poised to be one of the most severe in decades. I’m bracing for it…

TCC

Irrational. We are in a growth phase after nine years of anemic correction and near-deflation. You should have been afraid then. – Garth

#60 Spectacle on 07.03.18 at 10:04 pm

#43 Long-Time Lurker on 07.03.18 at 8:10 pm
Thanks for all the answers about Kim’s photoshopped gang sign, yesterday. Now I’m wondering how does everyone know this?
————————

I didn’t know it either.

I just thought that’s how they played Cats in the Cradle, in North Korea, without string……

#61 Roadrunner12 on 07.03.18 at 10:21 pm

“Irrational. We are in a growth phase after nine years of anemic correction and near-deflation. You should have been afraid then. – Garth

——————————-

The growth phase was only as a result of massive debts taken on by individuals and govts. The party is coming to an end. Garth you should be afraid, no you should actually be very, very afraid. There are recessions and depressions. The next downturn will be a replay of the 30s and its coming soon.

The 10-2 yr treasury rate continues its downtrend. Right now its the Jaws theme .. duuunnnnnnnn dun dun dun dun dun dun dun dun dun dun dunnnnnnnnnnn dunnnn and when it strikes, your gonna feel what its like to get whipsawed back and forth.

Tens of millions will lose their jobs and it aint gonna be pretty.

Even more irrational. Don’t waste precious time waiting for worse times. – Garth

#62 yorkville renter on 07.03.18 at 10:40 pm

#46 – Toronto NIMBYism rockets to a new level.

I HATE these designations – it eliminates your rights as a property owner. If a building is so significant, the city would take ownership- i.e., Casa Loma, Campbell House, etc.

You can’t even see the Gawd Damn house from the street!

#63 Linda on 07.03.18 at 10:43 pm

‘2019 will bring 3 more increases, one in the winter, one in the spring & 2 more in the final half’ – isn’t that 4 increases? Regardless of the actual number of rate increases & the impact on the ability to borrow, what effect will these increases have on the amount of interest banks will pay to anyone who has actual savings?

#64 Kool Aid on 07.03.18 at 10:50 pm

There are too many IOU’s outstanding that there is no choice but to let inflation run hot.

One rate increase from BOC in 2018, none in 2019, possible rate reversal.

Bigly Auto Tariffs = 0.65 Loonie

#65 Arto on 07.03.18 at 10:51 pm

I agree with Stefan Marion at the National Bank. No rate hike next week. Next hike is in October.

“So let it be written, so let it be done.”

#66 SW on 07.03.18 at 10:54 pm

#4 Howard on 07.03.18 at 4:46 pm
“LOL Thanks for the laugh. That’s a plump, well-fed cat. Doesn’t realize his fat body can easily push things over.”

Watch your step Howard. The guy on the floor had called the cat fat as well…

#67 Balmuto on 07.03.18 at 11:21 pm

Meanwhile the bidding wars continue:

http://torontostoreys.com/2018/07/toronto-vancouver-real-estate-bidding-wars/

#68 TO is falling apart on 07.03.18 at 11:36 pm

Maybe is time to move without the drama, because all the new TTC street cars delivered by Bombardier are not safe, and must be returned to Quebec. This is like watching a bad movie. Did they keep the old ones?

#69 Sierts on 07.04.18 at 12:23 am

#135 crowdedelevatorfartz on 07.03.18 at 8:18 am

“What part of Canada are YOU living in ?
———–
South America.”

++++++
Aha.
That explains the “free weed and low taxes” statement.

Speaking of South America my smug little Chavista.
How IS the Bolivarian revolution working out in Venezuela these days?
I hear the Four Horsemen (starvation, cholera, polio and typhus) are making a comeback….

———————-
First, I apologize. I forgot, that nowadays irony or sarcasm, like my weed and taxes remark, have to be specially marked as such, to be understood.

And, second, I apologize for not having specified in which South American country I live.
How racist socialism works out IN Venezuela – I don’t know.
But i know, that the exodus of Venezuelians provides the rest of the continent with cheap labour.
I strongly suspect, that the mentioned horsemen might be on foot by now. But anyhow, what is bad about their work?
Isn’t it one of the goals of most first worlders, that the population growth in the third world gets slowed down?

I strongly propose, that you get detailed information about the political ideas of the Chavistas.
From down here they look very similar to the programs your actual Goverment is persueing.
So, Venezuela might show you, where you could be heading.

Disclaimer: it might be, that the above lines contain sarcastic or ironic content.

#70 Nonplused on 07.04.18 at 12:52 am

#63 Linda

Bank deposits will pay more too, but I wouldn’t go out and buy a Porsche anticipating all that lovely interest. If they get to 2% I will be surprised.

One of the ways banks make money is by the spread between what they borrow at (deposits are a form of borrowing by the bank, they list them as a liability on their balance sheets) and what they can loan at (for example a mortgage is an “asset” to a bank). So when the amount they can earn loaning money goes up, they look for cash and will pay more for it. But it’s still going to be a lot less than what they lend it out at.

Even with rates rising I don’t see the Canada Savings Bond at 8% in any imaginable future. Which actually did happen when I was a kid. I had one. But even at 8% I cashed it and bought a motorcycle.

#71 Cats on 07.04.18 at 12:57 am

#9 Cats

Cats DGAF. My wife’s cat will push stuff off the counter just to see what will happen. If you are working on the computer, he’ll lie down on the mouse to get scratches. If he wants to sleep on the dog’s bed he’ll make the dog sleep on the floor.

#72 ulsterman on 07.04.18 at 1:43 am

18 jess on 07.03.18 at 6:12 pm
how just a few

Funds News
May 20, 2015 / 1:10 PM / 3 years ago
In FX rigging: “If you ain’t cheating, you ain’t trying”
Kirstin Ridley

A lifetime ago (1996) as a 24 year old grad trainee working on the trading floor of the Royal Bank of Scotland i was instructed on how to rip off our smaller retail customers using FX. We couldn’t scam the big pension funds and corporations because they had access to their own real-time prices. Small businesses doing FX in the £20-200k range expected to pay 100-150bp off spot. In 1996 they went to their branch who then called us to make the trade. We ALWAYS took the low of the day and THEN deducted our 150bp commission. It didn’t matter what the rate was when we did the trade, the medium sized customer back then could only see the high and low in the paper the next day. Sadly for them they always had the bad luck of having their trade done at the worst time of day. Such a shame. We frequently made more commission screwing a small fish doing a £100k trade than when Shell traded £10m with us. To win the FX trade for a big company you competed in real time with many banks and the commission was negligible. FX was just a way to win corporate banking business and we accepted that we’d make little to nothing on FX trades.

#73 poor sales not reported on 07.04.18 at 2:11 am

where are the headlines now?

https://www.theglobeandmail.com/real-estate/vancouver/article-recycled-listings-around-vancouver-obscure-a-major-market-correction/

#74 Bby renter on 07.04.18 at 2:24 am

Hey Flop,
I can only see 6269 Selma Ave Bby from the list you posted a few days ago.
Sold for $2,040,000 on March 12th after 11 days on the market.
I’m not sure why I can’t see the Burris address as I thought my realtor set me up for all of Burnaby but I’ll ask her soon.
Thx

#75 Dolce Vita on 07.04.18 at 3:06 am

Garth, you are unsinkable INDEED.

History lesson (see overly commented, yet ACCURATE: HPI vs. Time to 2011 in 1980 $, chart link below):

https://i.imgur.com/mekvuKH.jpg

Moral of the story:

EVERY Canadian RE correction/crash is associated with a Recession – they come hand in hand (Great Recession had mild to large Cdn. price drops – largely an American phenom).
_______________________________________

Saying it isn’t so Garth (“And no recession. Take your meds.”) will not make it reality; although, I do have some sympathy for “thoughts create” – otherwise Marketing would not exist.

Recall:

Human Nature and “It’s different this time”.

On the former: “last person to the selling discounted price turnstiles loses”/recessions are half economy and half psychology and the latter quote has yet to happen.

I disagree with you about “no recessions” and I base this on history and human nature:

4th Qtr begins a severe RE price crash (historical) and a hand in hand recession into 2019 and that, regardless of Trump.

If Trump makes good on his Cdn. trade crushing statements, then it will only get worse for Canada BUT that has yet to happen (“deeds and actions speak louder than words”).

On Trump, I agree with you Garth.

#76 Out By the Ferry on 07.04.18 at 3:21 am

When you rent people get divorced and have to sell…Way of the world.

So our delightful landlady is getting divorced and has to sell our lovely waterfront house.

Hit the market at 1.6…Four weeks later, 1.5. No showings.

Around the corner, half an island was 4.5, now 3.8.

And so on. Reality is biting. The stress test tosses people to the curb.

Victoria is dropping, first slowly and then, all at once.

Enjoy the ride!

#77 So glad I sold on 07.04.18 at 3:24 am

Walked by the large condo building on Moncton St and No. 1 Road in Richmond BC today. There is a large building envelope over the entire horseshoe shaped building of about 150 units. It’s “self-managed” which might be one of the major issues for the massive required repairs. I didn’t think a building that size could be self-managed, but apparently it can be but obviously with problems. My son’s co-worker owns a one bedroom and was informed she would be assessed between $50,000 and $80,000 for her unit. She’s lived there for years and can probably manage, but newer owners are going to have major problems coming up with the extra money as the government no longer funds no interest loans for 5 years. Good luck on any of the owners in that complex trying to sell, one is already for sale. From what I have read, banks frown upon self-managed complexes, especially that size and in most cases will not advance funds for a purchase.

#78 Dolce Vita - HHCE! on 07.04.18 at 3:29 am

#40 Happy Housing Crash Everyone!

“You dirty filthy lying SHYSTERS are horrible people.”

Well, that was unequivocal.

Your prose brings a smile to my face followed by a laugh.

Keep commenting.

Your comments add some necessary color, “take no prisoners”, “say what I mean”, antithesis of “je ne sais quoi”, to the Comments section AND, all that in 1 simple sentence.

Thank you Garth for not deleting HHCE! or myself, for that matter.

#79 Myra Andrews on 07.04.18 at 3:35 am

“Recycled listings around Vancouver obscure a major market correction”, Globe & Mail

https://www.theglobeandmail.com/real-estate/vancouver/article-recycled-listings-around-vancouver-obscure-a-major-market-correction/

#80 Oft deleted much maligned stock picker on 07.04.18 at 4:54 am

Bwahahahaha..,..Trudeau wants a “war” selfie with the troops……likely another Gerald Butts gambit to make Justin appear more manly in the face of his groping allegation storm. Which by the way has gone global. Now…..will Trudeaus war ribbon and field pin and heroic stance amidst our brave boys come from an actual war zone …like super dangerous Mali where our boys are dug in against a brutal thousand year religious war? No.. Gerald Butts likely knows that desert weather would be hell on Justin’s coiffure.. so instead….Justin’s going to Latvia….a much safer place to catch a few selfies and wear his waylaying jacket slim cut for his dashing slim waist and perfect curls. I’ll bet anyone that Justin won’t go anywhere near Mali. But a real leader would.

And hey…..is saying he doesn’t remember the grope saying that the victim is lying? Or did Trudeau mean to say he might have had a few that day and just did what drunks do? Is he fit to lead Canada! Do we deserve a sex offender who drinks too much and convieniantly forgets his misdeeds? This is a sad day for Canada.

https://www.ctvnews.ca/mobile/politics/justin-trudeau-to-visit-canadian-troops-in-latvia-ahead-of-nato-summit-1.3998052

#81 Ponnaps on 07.04.18 at 8:49 am

People have found innovative ways to solve the crisis of “people can’t afford houses, they don’t buy”, sadly to the detriment of theirs and the community’s lifestyle..

Multi-family households, rented basements or even rented bedrooms and other means to make housing affordable and provide some sort of ownership..
leading to more adults per household, more cars and more “adult issues” around the neighbourhood..

typically such arrangements are made with people you know meaning from the same community or extended family(which is the case mostly)… and of course when you have that security, then come the kids.. schools under pressure, community centres and parks overburdened.. traffic and entertainment areas clogged..

previously areas with multi-storeyed united tended to get ghettoised.. this is now panning out even in the “nicer” neighbourhoods..

#82 Ponnaps on 07.04.18 at 8:54 am

“…..including the addition of one more forecast rate hike this year to two more by the end of 2018.”

what kind of convoluted wording is this?? and this is coming from a bank?

#83 crowdedelevatorfartz on 07.04.18 at 9:01 am

@#13 Fish
“CBC cancels On the Money business show, cites lack of funds”
+++++
The Corpse is too busy spending all its Billion $ of taxpayer funds on trendy items such as reporting about non binary rights, the lack of washrooms for the gender confused, etc.
You know. The important things 99% of the population could care less about let alone want to watch.

#84 Tony on 07.04.18 at 9:09 am

Re: #63 Linda on 07.03.18 at 10:43 pm

In America all the data is fabricated so they can easily keep the 10 year treasury bond below the 3 percent threshold mark. Also the buying up of bonds by all the shysters produces the same result or an added result.

#85 Mike in Toronto on 07.04.18 at 9:11 am

#29 Smoking Man

Liberalism isn’t being rejected. It’s a bogeyman which TV hugging throngs are rallying in oposition to.

Otherwise, yeah I agree. Trump’s securely president, will even win a second term unless the Democrats find a leader.

It’s a popularity contest, and Trump’s simpleton ideas get clicks, headlines and waste the time of the educated as endless trolling.

You can’t fight that with the truth, decency and good government. You also need a media darling. Bernie could have done it. He’s probably too old now.

Hillary was just so unlikeable.

#86 crowdedelevatorfartz on 07.04.18 at 9:17 am

@#69 Seirts
“Venezuela might show you, where you could be heading….”
++++

Mandatory dieting?

Well, judging from the legions of the obese in Canada I’d say a 20 pound weight reduction wouldnt hurt a majority of the people.
Viva Hugo !
Hand me another joint of tax free govt weed.

#87 Q2 Class 4-4-6-4 on 07.04.18 at 9:29 am

‘… and the mid-terms whomp his butt.’

Ah yes, the mythical ‘Blue Wave’. Even hardcore Democrats are having doubts about that. Check out Rasmussen Reports about voting intentions – you might be surprised.

#88 dharma bum on 07.04.18 at 9:37 am

#37 Reality is stark

Americans are focused on the hard issues such as the economy not on gender issues.
——————————————————————–

Some gender issues are hard.

https://www.youtube.com/watch?v=-rkoPQc7gRc

#89 For those about to flop... on 07.04.18 at 9:58 am

#74 Bby renter on 07.04.18 at 2:24 am
Hey Flop,
I can only see 6269 Selma Ave Bby from the list you posted a few days ago.
Sold for $2,040,000 on March 12th after 11 days on the market.
I’m not sure why I can’t see the Burris address as I thought my realtor set me up for all of Burnaby but I’ll ask her soon.
Thx

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

Hey BR,thanks for the help.

Paid 2.06

Sold 2.04

Probably a 120k hit after expenses.

I think the 11 days on the market is misleading because of relisting.

I will do a Confirmed Pink Snow post in a few months when all is official.

Guys like you play a roll since the realtors have gone into hiding.

One address in a list of ten is better than none.

Have a good day…

M44BC

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

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

Feel free to make a donation.

Flop For Fox Fund…

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

#90 Ben in Toronto on 07.04.18 at 10:23 am

#85 Mike in Toronto

You are incorrect and you will be proven incorrect in November in the U.S. and next year when Trudeau is voted out.

#91 Blind Item on 07.04.18 at 10:28 am

As bad as I thought the speculation was, it’s even worse. Just saw a case of a landlord losing 6k per month on a rental! Has a first mortgage at prime plus 1000 bps and a second at 7%. LTV is about 80% and the home has been listed for sale for months!

This 6k per month bleed has gone on for about 2 years after the flip gone wrong turned into a negative carry rental property.

#92 Johnnyboy on 07.04.18 at 11:09 am

#85 Mike in Toronto on 07.04.18 at 9:11 am

#29 Smoking Man

Liberalism isn’t being rejected. It’s a bogeyman which TV hugging throngs are rallying in oposition to.
Otherwise, yeah I agree. Trump’s securely president, will even win a second term unless the Democrats find a leader.
It’s a popularity contest, and Trump’s simpleton ideas get clicks, headlines and waste the time of the educated as endless trolling.
You can’t fight that with the truth, decency and good government. You also need a media darling. Bernie could have done it. He’s probably too old now.
Hillary was just so unlikeable.
………………………………………………………………….
It just goes to show you narrow minded some Americans are. They are willing to the overweight old crazy guy a pass on of the shit that come out of his little mouth. Some of his ideas are sound but come on people, he loves North Korea, cant say anything bad about Russia, hid family is into the Russians via German banks for billions, and his daughter received patents in China. Give your head a shake this guy is as dirty as they come, corruption reins in his office not subversively but blatantly open. I’m sorry but as a son of immigrants to this country he is everything my parents tried to escape. Donald Trump is a white supremacist supporter plain and simple. You are correct the Democrats need to step up to the plate and put one across the fence in order to move this piece of shit into the garbage bin. My father says anyone who lies like him to millions of people is “il diavolo”.

#93 Fish on 07.04.18 at 11:33 am

Obviously no clue,

Black bear sneaks up from behind, bites Mantario Trail hiker

https://www.cbc.ca/amp/1.4732465

#94 Property Values on 07.04.18 at 11:56 am

We now have a new vector for the City of Toronto that must be considered in determining real estate value in any given area, and for the city as a whole. Who would want to move here, as compared to other parts of Canada? How does this effect the listings and price support for those that want to move away? In the past 6 months over 200 shootings have taken place with 24 deaths. This doesn’t include the vast amount of other crimes which are numerous.

#95 Fish on 07.04.18 at 11:57 am

#83 crowdedelevatorfartz on 07.04.18 at 9:01 am
@#13 Fish
“CBC cancels On the Money business show, cites lack of funds”
+++++
The Corpse is too busy spending all its Billion $ of taxpayer funds on trendy items such as reporting about non binary rights, the lack of washrooms for the gender confused, etc.
You know. The important things 99% of the population could care less about let alone want to watch.
****[
all I’m trying to say I liked the guy Peter Armstrong, too bad for him, hopefully I don’t bump into a the Walmart check out line
Im,sure cbc Will do more tighten, or have to watch shitz Creek reruns

#96 Smoking Man on 07.04.18 at 12:10 pm

Happy Independence Day America.

A great nation founded on the notion of fk taxation without representation.

#97 Mike in Toronto on 07.04.18 at 12:14 pm

#90 Ben in Toronto on 07.04.18 at 10:23 am

“You are incorrect and you will be proven incorrect in November in the U.S. and next year when Trudeau is voted out.“

Wait, so you’re saying Trump will lose seats in November?

No idea why you’re commenting on Trudeau. Too much 680 news?

#98 Trumpster on 07.04.18 at 12:24 pm

#92 Johnnyboy – Is this Smoking Man drunk a traitor working for the other side now against Canada? We need to know if he is a troll working for the Trump machine.

#99 BobC on 07.04.18 at 12:35 pm

#92 Johnnyboy

Your right. I have no idea what Trump is thinking. We should HATE Russia and throw in China too. We should be pushing as hard as we can for all out nuclear war!
Screw this idea of diplomatic solutions like he’s trying to accomplish with NK.
Good luck to all of us surviving WW111. At least we can go down hating Trump.

#100 Smoking Man on 07.04.18 at 12:36 pm

The new get out of jail free phrase.

I had “negative interaction.”

#101 Adrian on 07.04.18 at 12:48 pm

#21 Howard on 07.03.18 at 6:22 pm

WRONG! Cats are crepuscular, not nocturnal. Jeez man, its not that hard to look up basic facts like this! Why live life so uninformed?

#102 Blacksheep on 07.04.18 at 1:05 pm

Johny # 92,

“he loves North Korea, cant say anything bad about Russia, hid family is into the Russians via German banks for billions, and his daughter received patents in China. Give your head a shake this guy is as dirty as they come”
——————————————-
Lets assume you are 100% correct, on all accusations.

This is how I see the big picture:

Trump developing these closer relationships, almost eliminates the chances of a hot war with North Korea / Russia.

I couldnt care less if he or his family, financially benefits from these potential outcomes.

And…

Just pause for a minute and try to visualize what Hillary would be doing right now? Increased tensions, troops / arms on the move, with the MSM feeding the evil: Russia / N.K. theme.

No thanks.

#103 Dan on 07.04.18 at 1:11 pm

BC residents smuggle drugs to US so they make more money that their US counterparts, thus difference in real estate prices. Crime is a passion of Canuck.

#104 NoName on 07.04.18 at 2:18 pm

Happy 4th July,to all Americans

In anticipation of today’s holiday I went to walyworld to buy me some bud light. So I am thinking, to save some time plus unemployment is low I decided to use self check out, I scanned a beverage, lights and sirens went on an of and, lady shows up to see am I older than 40 yrs old. She asked me for ID so she can confirm that I am “legally allowed to buy beer” , so I also aks her for her id and employment badge so I can confirm that she actualy works for wolyworld. She called gestapo on me, and unfortunately for me I just had car keys, visa and 15$ with me…

That was probably mine longest and most interesting beer purchase I ever made.

At the end when things got worked out I told them that I am from aca ada and aksed then for gender neutral washroom because I am shared shitles. After that got more sirious…

Note to travelers, look old and run down and old while you are buying beer on self checkouts in walyworld.

It was a happy ending, I got me a bear on gas station. But it was a colors light, didywant to push “luck” any further.

I guess I’m not wordy of bud light.

#105 aa5 on 07.04.18 at 2:46 pm

A flaw in our leaders plan to lower wages and increase house prices, is eventually people simply can’t pay the mortgages.

Now for a time they got around that by lending any amount of money to anyone even if they could not pay it back. They did this by putting 100% national government guarantees for the banks loans.

But even this eventually runs into problems as the national governments finances get into trouble. This comes as rising inflation, as the state prints money to make up the difference, and then as the inflation rises either the state must reign in the printing and extension of credit, or it gets into a currency crisis.

#106 Johnnyboy on 07.04.18 at 3:22 pm

#102 Blacksheep on 07.04.18 at 1:05 pm

Johny # 92,

“he loves North Korea, cant say anything bad about Russia, hid family is into the Russians via German banks for billions, and his daughter received patents in China. Give your head a shake this guy is as dirty as they come”
——————————————-
Lets assume you are 100% correct, on all accusations.
This is how I see the big picture:
Trump developing these closer relationships, almost eliminates the chances of a hot war with North Korea / Russia.
I couldnt care less if he or his family, financially benefits from these potential outcomes.
And…
Just pause for a minute and try to visualize what Hillary would be doing right now? Increased tensions, troops / arms on the move, with the MSM feeding the evil: Russia / N.K. theme.
No thanks.
…………………………………………………………………….
OK here is the bigger picture in case you don’t see it. Trump is being played by Putin and Kim Jung. Putin is an Ex KGB agent, he is a crafty fox and Trump is putty in his hands. Putin has had as many people assassinated as Trump has had in his cabinet. I don’t hear Donald talking about Crimea? Kim played him out while talking denuclearization in Singapore he was quietly building up armament facilities in North Korea. Kim Jong-un is said to have been ‘irate’ when he got wind Lieutenant General Hyon Ju Song had been giving additional rice and corn rations to his troop and their families. Song, 56, is also alleged to have given instructions for extra fuel to handed out, as well as telling colleagues: ‘We no longer have to suffer and tighten our belts to make rockets or nuclear weapons.’ When this was discovered by Kim, he vowed ‘ideological poisoning should be nipped in the bud’,Ya sure he is Trumps newest bestest friend. Both of these guys are sharks and Trump is a flounder, don’t fool yourself the Russians, Chinese and North Koreans want what they want, peace or no peace. Nepotism is the complete opposite of “Draining the swamp” he “Trump” and his whole family are not here to better the nation as a whole. They are here to make money like all of us. The difference being he has the inside scoop on everything coming down the pipe and with people like Pruitt in place can cause irreparable damage to the ecosystems for centuries by allowing projects to go where they should not ever go. US taxpayers are paying for Mira Largo and Trump towers. He gets income and a freebie on his own terms. As far as Hillary “Get this newsflash” “SHE LOST THE ELECTION” “She is not the president” So what is your point? She is not the deciding factor is all of this mess so get over it. As far as Trump goes he is a racist and that is the one thing I can’t stand most about him, well maybe the making up shit and lying every day too.
Your welcome………………….

#107 Ben in Toronto on 07.04.18 at 3:47 pm

Mike you were denying that liberalism is getting rejected and I am arguing that you are incorrect in this assertion. It is happening globally and locally. Liberalism will continue to get rejected in the U.S. in November when the blue wave does not happen, and liberalism will be rejected next year in Canada. (Trudeau not re-elected)

#108 Johnnyboy on 07.04.18 at 3:54 pm

God Bless America.
If Irving Berlin’s family had sought asylum in the United States today, they would likely have been deported — deemed criminals just for landing on American soil in their flight from persecution. The 5-year-old boy may have been kept in that holding pen, separated from his parents, until they were sent away to an unknown fate. As “God Bless America” celebrates its 100th birthday this summer, anyone who sings it should remember that it began as — and at root will always be — a love song to this country from an immigrant grateful to have been given a chance at a new life.

https://www.nytimes.com/2018/07/02/arts/music/irving-berlin-god-bless-america.html

#109 CJBob on 07.04.18 at 3:58 pm

#104 NoName on 07.04.18 at 2:18 pm
In anticipation of today’s holiday I went to walyworld to buy me some bud light….
That was probably mine longest and most interesting beer purchase I ever made.
_______________
Many problems with this post but one above all the rest: Bud Light is not beer and should not be consumed under any circumstance.

#110 B20 and 40 yr mortgage on 07.04.18 at 4:01 pm

Remember the crisis response by then Finance minister Flaherty with the path to 40 yr mortgages? Well, those mortgages were attractive and enticed young buyers to enter home “ownership” only to find themselves in a pickle when the program was abandoned and new buyers were not lining up to buy the properties at the recent price levels. I’ve met personally a couple families back then who had to give up their home due to financial stress. They eventually sold their homes, lost their 5% downpayment and had to make the banks whole on the loss of the mortgage interest in the tens of thousands.

Now we have B20 rules which will have the same effect but in combination with rising interest rates, make matters much worse.

Property values were assessed 20% to 30% higher from 2015 to 2018. See that number right there? That number was a bogus increase. Panic buying and massive realtor manipulations based on Christy Clark’s end of days scenarios.
Should have never happened and will be rolled back, somehow.

The Munis are banking on these fake increased valuations and will need to adjust their budgets accordingly as tax bills need to decrease. That last bit is a challenge. Not sure if this has ever happened before and how munis would cope with the funding shortfalls.

Property values in BC are going back to min. 2015 levels if not further. The gas is out of the bag.

#111 45north on 07.04.18 at 5:41 pm

Adrian: WRONG! Cats are crepuscular, not nocturnal.

https://www.merriam-webster.com/dictionary/crepuscular

We didn’t embrace either of these Latin nouns as substitutes for our Middle English “twilight,” but we did form the adjective “crepuscular” in the 17th century. At first, it only meant “dim” or “indistinct,” often used in a figurative sense. In the 1820s, we added its special zoological sense, describing animals that are most active at twilight.

“we” meaning us normal people

#112 what is this all about on 07.04.18 at 7:52 pm

https://www.huffingtonpost.ca/2018/06/28/new-trans-mountain-data_a_23470638/?utm_hp_ref=ca-homepage