Then there was one

More news from the Trenches:
Last month one, lonely new-build house sold in the city of Toronto. Yeah, one. I know, hardly any land exists on which to build new structures in the 6ix, but compare that to 114 units erected there two Julys ago.

Condos? Way more. But look at monthly sales – only 568 units. In the same time two years ago, 1,645 were snapped up. That’s a plop of 65.4% over 24 months. Ouch. Overall, sales of new detached and condo homes have fallen in the urban area 67.6% since 2016. In the GTA, where six million souls reside, the two-year drop in closings is now 70.9%.

Condo sales have tanked, yet the average price has soared 16.5% – to $755,759. That contrasts sharply with detached places which have declined by 13%, to $1.142 million. Now builders have started to respond – pulling in their horns, shifting into survival mode. New projects are scant, says the industry, because of “declining affordability of new condominium apartments due to recent price escalation.”

Crashing volume and swelling prices. Never a good combo. If new housing were a stock, you’d be shorting the sucker.

Here’s what it means: most people can’t afford new, single-family homes so they’ve stopped buying. Sales have crashed. Prices have started to follow, despite the massive built-in costs of new construction. Meanwhile rising mortgage rates and the stress test have restricted available credit, kicking the remaining buyers down the property ladder. Condo prices have spiked as a result (thanks also to a lot of moister-buyers willing to pay too much). Astonishingly, a small concrete box with no dirt and high monthly fees now fetches 68% of the cost of a brand-new single house – which comes with a lawn, a driveway, a basement, garage, and about eight times more space. Poor kids. They know not what they do. Big regrets ahead.

Hey dude, who stole my equity?
The melt continues in Canada’s most delusional province, currently run by hard-core Dippers and Greenies with an anti-real estate agenda. Realtors clearly understand what’s happening, and where the market is headed. Down. Way. Down.

The bulk of the population has yet to get it, thinking the war-on-houses with a slate of insane new taxes will drop prices, make houses affordable again and restore the middle class. Instead, the middle may well be destroyed in a blizzard of equity erasure. After all, nothing ever became more accessible by taxing the poop out of it. And with a negative savings rate in BC – thanks to families overreaching for houses – a property crash will have more impact than anywhere else in North America. How do BCers not see it?

Anyway, here are some thoughts from the house-floggers at Victoria’s Dockside Realty:

“We are experiencing strange times in the BC real estate market as the government is successful with their goal of slowing down the housing market.  Many transactions are not seeing completion, banks and buyers are overly cautious. If there is even the slightest deficiency in building inspections many buyers are walking away, and many buyers are being turned down on financing with the very strict lending climate.

The Speculation Tax Exemption in the Gulf Islands spurred this market in May, but this has now slowed down immensely.  The lower end properties in all communities are seeing the most interest.

The British Columbia Real Estate Association (BCREA) reports that sales were down across the province in July, a 23.9 per cent decrease from the same month last year. The average MLS® residential price in BC was down 0.4 per cent from July 2017. Total provincial sales dollar volume was $4.9 billion, a 24.2 per cent decline from July 2017.

This is just the continuation of a sales decline that started a year before the orange mob was elected. It’s far from over. And, no, it’s not good news.

One picture that says it all.
Sometimes one shot is all that’s needed to capture the immeasurable. It might be Terry Fox on an empty road. The sailor and the girl in Times Square. Kim Kardashian’s rump.

Well, here’s the defining image of the Van real estate bubble as it nears collapse. A stinky pile of burned-out 1912 rubble awaiting the next greater fool – for just under four million. The miserable little wrecked house at 2573 West 3 Ave in YVR has attracted a lot of attention this week since the listing emerged. No wonder. Even in Kits, this is a pile of money for a pile of crap. Land value only but, at just 6,000 square feet, it’s not even that much dirt.

The place burned a year ago in a three-alarm fire. Of the incredible assessed value of $3.713 million on the day of the fire, the house accounted for just ten grand. So now the arrogant and lazy owner who couldn’t be bothered to clean up this lot has bequeathed us all with a symbol of human avarice. And of how a society lost its way.

153 comments ↓

#1 LOL @ Millenials on 08.22.18 at 4:39 pm

these man bun pony tail fools are something else…

https://www.nytimes.com/2018/08/20/technology/cryptocurrency-investor-losses.html

#2 Musty Basement Dweller on 08.22.18 at 4:39 pm

Here’s hoping the real estate agent cartel lose their Toronto appeal case (announcement tomorrow morning), where their repugnant monopoly on necessary consumer information may fall.

https://www.cbc.ca/news/business/treb-court-ruling-secret-mls-1.4382200

PS love the spooky image of 3rd avenue rubble in Vancouver. Telling for sure.

#3 Y on 08.22.18 at 4:40 pm

Finally first

#4 sm_yyc on 08.22.18 at 4:42 pm

Hi Garth – interesting decision awaited from supreme court of Canada tomorrow re: opening up sales data for public access by TREB. If ruled against TREB, would you agree will be the last straw further distressing this industry?

#5 IHCTD9 on 08.22.18 at 4:45 pm

#180 Bytor the Snow Dog on 08.22.18 at 3:43 pm
158 IHCTD9 on 08.22.18 at 11:48 am sez:

“I’m much more concerned about the potential effects of sending my two boys to a Canadian University not too far down the road…”

——————————————–
So don’t. You of all guys should know better. Have them get a trade
———-

Yeah, but I’m not from the school of thought that allows absolute direction of what my kids decide to do with their lives. I’ll throw my .02 in when the opportunity arises, but it’s up to them to consider the advice.

Plus, despite the knuckle dragging and highly boorish nature of Mr. IH, my kids seem to have inherited the book learning gene from Ms. IH.

My oldest actually sometimes tosses the idea around of wanting to become an ERT/ETF member (ie. SWAT in Canada). Not sure what I think of that one. Maybe a regular cop might be a better idea. Who knows? Be tough to get in I bet…

#6 Damifino on 08.22.18 at 4:46 pm

If you street view the address of that pile of burnt lumber you’ll see it’s in a rather nice neighbourhood. But is that lot worth $4M? No way. Maybe not even half that.

#7 SimplyPut7 on 08.22.18 at 4:49 pm

#2 Musty Basement Dweller on 08.22.18 at 4:39 pm

I hope it’s finally over and that Zillow comes to Canada.

https://globalnews.ca/news/4401739/toronto-real-estate-data-battle/

#8 Xpat on 08.22.18 at 4:52 pm

Lewenza on BNN was great. One of the few people on that channel I actually believe. The TSX is a BUY!

#9 Zapstrap on 08.22.18 at 4:53 pm

Wonder what it would cost to remove that pile of debris in Kits. Can’t just throw it in a dumpster and say adios to it any more … it all needs to be sorted into various piles and disposed of “responsibly.”
Often wondered how many buyers in Van got stung bigly by buying with no conditions and later finding a leaky oil tank underground. They have to be removed “responsibly” too … I know one fellow personally that paid just over one hundred large …

#10 Jungle on 08.22.18 at 4:55 pm

I can’t speak for BC, but considering all the headwinds, GTA RE has held up quite well. For the most part, it’s actually stable on a sales/ active listing ratio.

I see prices holding, or stagnating slightly lower as interest rates rise, demand tapers slightly.

No collapse.

#11 confused on 08.22.18 at 5:04 pm

Just needs a little TLC.

#12 Zapstrap on 08.22.18 at 5:15 pm

#11 confused on 08.22.18 at 5:04 pm
Just needs a little TLC.

Should have been listed as a fixer upper.

#13 Bdwy sktn on 08.22.18 at 5:21 pm

6000 sqft is a big lot for van. Most are 4000ish
It’s in kits. It will sell.

Given the crap involved with the city to redevelop a house I can’t blame anyone for burning theirs.

#14 MF on 08.22.18 at 5:33 pm

“Poor kids. They know not what they do. Big regrets ahead.”

So we admit house prices in the GTA are delusional, then denigrate young condo buyers for spending less, taking on less debt compared to houses, and trying to buy within their means?

The problem is not the young buyers trying to do what they think is right (by the way, whoever bought condos in the last few years has done well)…but it’s the orgy of buying that has occurred over the last 15 years to get to this point, and all the greedy sellers who are to blame. It’s the fact interest rates were kept too low for too long by our central bank which dropped the ball lost credibility as a result.

The kids aren’t the ones to blame. Everyone else is.

MF

#15 Shawn on 08.22.18 at 5:33 pm

In Niagara there is some movement in the middle segment of the market but little above $650K. It seems everything above that price level is sitting and/or being reduced. Prices remain stubbornly high however and realtors still believe they will get close to asking price.

#16 Leo Trollstoy on 08.22.18 at 5:37 pm

That place just needs some paint and it’s good to go

#17 Shawn Allen on 08.22.18 at 5:42 pm

Who Will accumulate 4 million or two million in investments?

Another big reason that it might be those with DB pensions that accumuilate a big pile is that many who have a DB penison and who retire with a substantial RRSP tends to leave that RRSP untouched until they have to start withdrawals at age 71. And then they take ouit only the minimum.

This leaves the RRSP compounding up far longer than is the case for the retiree with no work pension.

That could easily be 11 to 16 years extra compounding by age 71. That’s huge.

And yes some people with DB pensions can still have substantial RRSPs by age 55 or 60. A small annual RRSP contribution starting at age 25 (motivated by the tax refund can be a substantial sum 30 to 35 years later. Ans there were a number of special situations where people got extra RRSP room related to retirement allowances and other factors.

Even part time income after retirement at age 55 to 60 can create a lot of RRSP room and growth over the next couple of decades.

There are many different paths to $1 or $2 million investments – over and above pension and house wealth – for a couple at some point in their lives. Having had jobs with DB pensions (and the good income that accompanies it) is probably a path that got some people there.

#18 Stan Brooks on 08.22.18 at 5:48 pm

cuckoo, cuckoo, cuckoo

#19 Where's The Money Greedo? on 08.22.18 at 5:56 pm

Well it looks like the housing correction is picking up steam. Seems like the nare-do-wells will be branching out into other areas.
Let’s take the area of National Disaster fraud, which seems to be doing huge business lately.
I have been watching the TV Series “Justified” and there is mention of one scam that parallels one in Canada, hit me like a ton of bricks when they mentioned it.
Season 4, Episode 7 has a certain criminal meeting up with the benefactors at a cream of the crop private swingers party and these benefactors want the gangster to kill a person standing in their way so they may breach one of his slurry dikes and spill millions of gallons of toxic mine sewage onto the land so they can get huge Federal Disaster money so they can ripoff the fund by way of contract fraud etc.
Sure was an eye opener for me, since I live in BC and we had our own “little” spill just like that-Mount Polley.
How much has the gov’ts of BC and Canada spent on that compared to the company that spilled the sludge-Imperial Metals-majority owned by Calgary Flames co-owner Murray Edwards, who promptly split to the UK.
Hmmm, come to think of it, has any fines been doled out for that spill. Like pulling teeth to get any evidence of any entity paying up except all us Canadian taxpayers.
You can include the Fort Mac fire that some have said was intentional.
BC Premier Horgan said yesterday that we have to be prepared for the “new normal” of devastating forest fires for the foreseeable future and the costs associated with it-this year already $275 million, last year $650 million in BC alone. The “new normal” huh, something prophetic there, in my opinion.
https://globalnews.ca/news/4399658/b-c-premier-john-horgan-to-tour-wildfire-operations-in-the-central-interior/

Follow the money! Who got the cleanup contracts?
Dollars to doughnuts they are owned by former Liberal-NDP whatever political stripe insiders.

https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/canadian-energy-mogul-murray-edwards-explains-his-move-to-england/article29879463/

https://en.wikipedia.org/wiki/Mount_Polley_mine_disaster
http://www.fraud-magazine.com/article.aspx?id=4294967697

I hate to bring it up again, but we should also be looking at Haitian Relief Funds (Clinton’s behind the biggest one).
How much did Canadians give to that?

#20 AB Boxster on 08.22.18 at 6:04 pm

They’ll be able to buff that out no problem.

https://youtu.be/5vjAXB3G4Ys

#21 crowdedelevatorfartz on 08.22.18 at 6:07 pm

@#123 BillyBoob
“And what parallel event to Israel invading Lebanon do you fear for the Brits/Italians/Spanish? ”
++++
Oh I don’t know.
WW1, WW2? ( in all 3 countries)
Millions killed.
Earthquakes?( Italy)
Floods( all three countries)
Fascism and civil war ( Spain).

Gee that was hard.

#22 45north on 08.22.18 at 6:11 pm

talking about British Columbia: The melt continues in Canada’s most delusional province, currently run by hard-core Dippers. Realtors understand what’s happening, and where the market is headed. Down. Way. Down.

The bulk of the population has yet to get it, thinking the war-on-houses with a slate of insane new taxes will drop prices, make houses affordable again and restore the middle class. Instead, the middle class may well be destroyed in a blizzard of equity erasure.

they’re going to get it

yvr_lurker: ( from last week ) I have been delighted with the policies with the NDP-Green coalition, and Eby in particular. Let’s see where we are in three years from now with all of this. I am cautiously optimistic. Not self-serving here, as I have a paid off for place in Kits; just have a different mind-set then the group that want to “pull the ladder up” on the next generation.

let’s see how delighted you are when property values drop 50% across the province. A 50% drop would wipe out large portions of the middle class. Like in the U.S. A 50% drop now looks inevitable. It now looks like the best-case scenario.

#23 westsider on 08.22.18 at 6:11 pm

That property was designated a heritage building, so you couldn’t tear it down…..but of course if it burns down, then you can build whatever you want. The lot is able to have 4 townhouse units on it. I smell something more than smoke in this deal!!

#24 possible September meltdown on 08.22.18 at 6:25 pm

If a Trump impeachment is imminent, the markets will sell off sharply in September. Good economic data points not making a difference. There’s potential for a setup to trigger a crash this fall. The bull run was spectacular but money needs to be taken off the table when CBs stop buying the top. It’s always been a helluva ride to the top. End of Jan / early Feb caught me offguard but recovered since. However, thinking now this may have only been a precursor of what is up next. Won’t make that mistake again in September.
Trump impeachment issue is a potential black swan that could derail all.

#25 Danny on 08.22.18 at 6:29 pm

Developers love building condo towers.
Financial commitment from many….probably 30% speculators….maybe more?
Garth any reliable source on that percentage?

Probably doesn’t matter…most buying condos are in for the short term.

The seniors before they leave this earth and the youngsters who are waiting for houses with dirt to drop their prices.

South Etobicoke down by the lake is bursting with high rise and the new reclaimed land by the City of Toronto at the removal of all that Six Points road interchange will start in two years with a minimum of 8 high rise towers and from there along Dundas Street up to the 427 highway…probably another 16 towers will fit.
Now 5 towers are under construction in addition to the 3 Tridel towers over 45 floor high at Bloor Street and Islington.

Thats a whole lot of Condos over the next 5 years.
Definitely will affect the real estate market.

#26 smokeyTheTedtalk on 08.22.18 at 6:33 pm

This feels quite relevant right now, doesn’t it BC? Share and pass it on. Maybe to Horgan?

https://www.ted.com/talks/paul_hessburg_why_wildfires_have_gotten_worse_and_what_we_can_do_about_it

#27 The Greater Cauliflower on 08.22.18 at 6:42 pm

DELETED

#28 Greg on 08.22.18 at 6:49 pm

How can you criticize the NDP after what the Liberals- Corrupt Christy and Rich Coleman et al did to screw up the housing market. Taking realtors to trade delegations to China to sell our homes to the highest bidder, burying reports on money laundering, and encouraging foreign investment and speculation in housing…The Liberals have ruined the market in Vancouver. The NDP is trying to clean up the mess.

#29 AJ - the slide is coming to YLW on 08.22.18 at 6:49 pm

The 3rd most bubbly area in the country where HELOC growth is outpacing everywhere and leading the way is now pegged at hitting the skids by a YLW realtor in what is shaping up to be a doozy of a slowdown.

100K price cuts rolling out for fall listings that – as you know – are being relisted as the frozen market has left everybody, well, frozen.

https://www.castanet.net/edition/news-story–1044-.htm

#30 dakkie on 08.22.18 at 6:54 pm

THE HOUSING BUBBLE IS OBVIOUS

http://www.investmentwatchblog.com/the-housing-bubble-is-obvious/

#31 Ace Goodheart on 08.22.18 at 6:55 pm

Interesting perspective. However in regard to Toronto, They’re not building new houses because they can’t.

You can’t get a permit to put up a subdivision of detached single family homes in Toronto. They won’t let you. At the minimum you are building stacked towns.

No one in their right mind would do that anyway. With land values in Toronto soaring so high that people are building three metre wide de houses in their laneways, there is no way anyone is going to take a good piece of Toronto dirt and put urban sprawl onto it.

Condos can be built for millions in sales revenue per square meter of land. Why would a builder put a back yard and a driveway on that land instead?

Even stacked towns are becoming rare.

If you want detached go to Brampton. There are no new build detached houses for sale in Toronto

#32 pay your taxes on 08.22.18 at 6:56 pm

So now the arrogant and lazy owner who couldn’t be bothered to clean up this lot has bequeathed us all with a symbol of human avarice. And of how a society lost its way. Garth

Zerohedge carried this story. The “arrogant and lazy owner” is a numbered corporation.

https://www.zerohedge.com/news/2018-08-22/what-4-million-buys-you-vancouvers-real-estate-market

Do you know what ‘a numbered corporation” is? – Garth

#33 AK on 08.22.18 at 7:05 pm

#24 possible September meltdown on 08.22.18 at 6:25 pm
“Trump impeachment issue is a potential black swan that could derail all”
====================================

You are full of crap.

Take a look what happened when Willie Boy was impeached in 1998. The market didn’t even blink.

#34 Numbered Corp. is politically corrent terminology for foreign buyer on 08.22.18 at 7:06 pm

Don’t bother arguing.

This is the result of low interest rates and local people working for 75k per year. We did it to ourselves because we can all afford (and get approved) for $19,000 per month mortgages on our 75k incomes.

Nope, no foreign buying here. The corp is registered as local buyer.

I have numbered companies. You have no idea what you’re talking about. – Garth

#35 Stan Brooks on 08.22.18 at 7:06 pm

A 5 bedroom villa in Nice/cote d’azur with a sea-view, pool (not burned) for half of that price:

https://www.green-acres.fr/en/properties/45344a-m-57076.htm

This next one if for a little bit more (once you build the crash shack in Vancouver prices will be equal), in Cannes, the land is 350 000 sqft

http://www.lux-residence.com/en/sale/castle/PROVENCE+ALPES+COTE+D%27AZUR/06/CANNES/53B3B0EE-C18B-4AEC-199E-BD55FF6F4212/

Cannes – A Chateau in the heart of Cannes Located a short walk from the beach and La Croisette, this small chateau is set in a private and protected estate in the heart of Cannes. The chateau was built in the 1850’s, and the 35000m² park is planted with rare trees, bushes and plants brought in from around the world. The villa is in a private garden within the park, with large dining terrace and terrace around the pool. Set on three floors, the villa is composed on the ground floor of a spacious living room with high ceiling and an imposing central fire place, opening onto a study with balcony. Across the hall is an elegant dining room with high ceilings and stained glass windows opening onto a large fully equipped kitchen with access to the dining terrace. On the first floor is the very spacious (40m²) master bedroom with fire place and en suite bathroom, and another bedroom with en suite bathroom and balcony. Another two bedrooms sharing a full en suite bathroom with access to a balcony can be found on the second floor. On the garden level is a studio with access to the terrace and pool which can be self contained. The garden is made of a nice shaded dining terrace, a large terrace around the pool. Garage for two cars and extra parking space
================
cuckoo,

#36 Lorne on 08.22.18 at 7:08 pm

#22 45north
talking about British Columbia: The melt continues in Canada’s most delusional province, currently run by hard-core Dippers. Realtors understand what’s happening, and where the market is headed. Down. Way. Down.

The bulk of the population has yet to get it, thinking the war-on-houses with a slate of insane new taxes will drop prices, make houses affordable again and restore the middle class. Instead, the middle class may well be destroyed in a blizzard of equity erasure.

they’re going to get it

yvr_lurker: ( from last week ) I have been delighted with the policies with the NDP-Green coalition, and Eby in particular. Let’s see where we are in three years from now with all of this. I am cautiously optimistic. Not self-serving here, as I have a paid off for place in Kits; just have a different mind-set then the group that want to “pull the ladder up” on the next generation.

let’s see how delighted you are when property values drop 50% across the province. A 50% drop would wipe out large portions of the middle class. Like in the U.S. A 50% drop now looks inevitable. It now looks like the best-case scenario.
……
Easiest thing for the BC Government to do would have been to simply leave things alone and let the party continue, collect the property transfer tax and look like economic geniuses (which is what the Lieberals would have done). However, the people have asked the govt to attempt to make houses affordable again for the the middle class and the millennial….which is what they have been attempting to do…and it appears, have been fairly successful. If you plan on living in your home for 20-30 years, it really does not make any difference how much it is “worth” right now. If it goes down in value that is fine with many (some have even commented that exact feeling on here) because they are utilizing it as a “home” not an “investment”….and in 20 – 30 years it will very likely be worth more than it is today or 2-3 years from now. The majority of the population in BC is happy with their efforts, even though some in Toronto do not get it!

#37 That pictire represents corruption on 08.22.18 at 7:11 pm

The whole country is corrupt. Some made out well.

Nobody has ever escaped a full-blown financial crisis after such a credit buildup and add the corruption component to it that has happened in Canada and you have the biggest transfer of wealth that is going to break working class in Canada.

This is one for the record books.

A generational crash is in progress and will wipe out the little guy. Banks are padding their safety nets.

It was all by design.

#38 When Real Estate Investment Network REIN calls for downturn on 08.22.18 at 7:17 pm

When that happens:

You should have already exited.

If not, you’re toast.

But you can still try to hit the gates if you have not exited Canadian real estate. A good attitude is appreciated, but you’re still toast at this point.

Your opportunity is past.

What is happening right now is going to blow peoples mind in about 3 months when they start figuring it out what I am talking about right now.

BC is in big trouble.

#39 joblo on 08.22.18 at 7:27 pm

Looks like a little jail time coming my way…
CRA called and told me they coming to get me.
So I punch #1, some guy with an accent, ( I don’t wanna be called a racist) starts telling me about some past income issues.
I reply I think he in calling for a foreign country (one our PM like to dress up in) and its a scam.
He says, LISTEN to me, I say no listen to me, I do not believe CRA would be calling and threatening Canadian citizens with jail.
He say YOU Bastard, listen to me.
Now I’m a bastard, is that how our civil servants speak? he hangs up.
I’ll be posting from Kingston.

#40 ShawnG in TO on 08.22.18 at 7:48 pm

can i make a request ? i miss Housing Death Watch. fun stuff

#41 possible September meltdown on 08.22.18 at 7:52 pm

#33 AK
You are full of crap.

Take a look what happened when Willie Boy was impeached in 1998. The market didn’t even blink.

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

Maybe, maybe not. Clinton is a Democrat and the Clintons had much better lawyers and handlers than Trump’s administration. The media downplayed Clinton’s misconducts again and again. Trump is being dragged through the mud and ridiculed publicly. Pulling the trigger would be overdue anyway.

I’m not shorting but selling into this August rally. Seems to be losing steam though and when I look at the sell side, I don’t think I’m the only one with at least one eye on the exits.

#42 Mean Gene on 08.22.18 at 7:52 pm

The BC savings rate has been negative since 1996 except for 2013 (info is from 2015) https://bcstats.gov.bc.ca/publications/infoline/15-11-10/Issue_15-74.aspx

British Columbia’s household saving rate (saving as a percent of household disposable income)fell back into negative territory in 2014 (-1.9%), after climbing to 0.4% in 2013. British Columbia’s saving rate has been negative in all but one year since 1996, making it the only province that has persistently had a negative saving rate during this period, although other provinces such as Nova Scotia (-4.0%), P.E.I. (-1.5%) and New Brunswick (-0.9%) have also seen negative saving rates during some of this period.

As stated. Many BCers are in a heap of trouble if the Dippers get their way. – Garth

#43 Shortymac on 08.22.18 at 8:05 pm

How about this mildew special in Hamilton for 450k.

https://www.cbc.ca/news/canada/hamilton/hamilton-450k-house-listing-1.4794427

#44 Camille on 08.22.18 at 8:07 pm

Trump impeachers sound like Gogol’s Diary of a Madman. No one’s probably read the book. Lots of people live in condos, just like those who live in houses. Can’t afford a Cadillac, should I wait 20 years to buy one. Or should I drive a Chevrolet. Really, is the animosity towards condos in general, or just overpriced ones?

#45 Ogopogo on 08.22.18 at 8:12 pm

Greetings from the Smokanagan,

Kelowna sits engulfed in smoke so thick you can taste the carbonized pine beetles. All across town the number of “Price Reduced” signs multiply. A glut of condos and hastily-built townhouses sits unsold. 5th straight month of declining sales and the spec tax hasn’t even started yet.

The panic is real, but this is just the beginning.

[insert maniacal laugh of schadenfreude here]

#46 Steve on 08.22.18 at 8:12 pm

Do properties like that one pictured still seĺl at prices like that? Or is this going to just sit there and rot? Also what kind of person is this seller? Does anyone know who it Is? I’m so full of questions.

#47 Xpat on 08.22.18 at 8:15 pm

“#24 possible September meltdown on 08.22.18 at 6:25 pm
If a Trump impeachment is imminent, the markets will sell off sharply in September. Good economic data points not making a difference. There’s potential for a setup to trigger a crash this fall. The bull run was spectacular but money needs to be taken off the table when CBs stop buying the top. It’s always been a helluva ride to the top. End of Jan / early Feb caught me offguard but recovered since. However, thinking now this may have only been a precursor of what is up next. Won’t make that mistake again in September.
Trump impeachment issue is a potential black swan that could derail all.”

Nice FUD. The Black Swan would be the Donald being elected in the first place.

#48 pay your taxes on 08.22.18 at 8:20 pm

Do you know what ‘a numbered corporation” is? – Garth

From the zerohedge article:

According to the Vancouver Courier, the home at 2573 West 3rd Avenue was reduced to a heap of junk after a December 22, 2017 three-alarm fire on the premises (no one was injured). Perhaps those living there were renters, as one news report on the fire noted that the “registered owner on the land title is a numbered company”, also known as a Chinese “investor.”

Is that what it is?

Bad journalism. – Garth

#49 Linda on 08.22.18 at 8:27 pm

I’m a bit surprised at the sight of the property for sale. Perhaps the photo was taken in such a way as to crop out any safety fencing? Because it seems to me that site would require some security in the interests of public safety.

#50 [email protected] on 08.22.18 at 8:27 pm

https://money.cnn.com/2018/08/22/news/economy/russia-gold-us-sanctions/index.html

Lots of gold buying, how does this help them? Anyone have comments?

#51 Spectacle on 08.22.18 at 8:28 pm

“….property crash will have more impact than anywhere else in North America. How do BCers not see it? ”
Garth Turner 2018

———————–::——————-

Um, could it be the smoke in BC ( and Mirors of the media).

Ps:: or is it That mind numbing Drug they are smoking!

#52 robert james on 08.22.18 at 8:34 pm

joblo on 08.22.18 at 7:27 pm ,,,,,,,,,,,,,,, Surely you must know it`s scam,, there have been warnings about these F***ing vermin calling people up for months.. I got my first call here in BC yesterday.. Just hang up when the phone rings and there is a lull when the a-hole is checking his list to see who he is talking to..

#53 Viorelli on 08.22.18 at 8:45 pm

Overheard a conversation today in one of the coffee shops in Dundarave, West Vancouver. “Why are we even here this summer?, the smog is worse than Beijing’s, I just got back from a business trip. What where you thinking? Asked a better half. Perhaps Maui, it’s nice and breezy there year round. Nooooo, the category 5 hurricane is heading there.” Next thing you know an angry red skin guest turns around and joins a conversation: ” your greed had poisoned my land and payback will be a bitch, the fish, bears, birds are dying and you are thinking about a trip to a stolen land again. You will also die soon but it will take longer compared to our forests!” I don’t know what to say, scary times, scary times.

#54 islander on 08.22.18 at 8:49 pm

Kinda goes with the $850.00 pizza over in Steveston, Richmond!
http://www.stevestonpizza.com/menu-english/
Scroll to the end and choke!

#55 AK on 08.22.18 at 8:51 pm

#41 possible September meltdown on 08.22.18 at 7:52 pm
#33 AK
You are full of crap.
Take a look what happened when Willie Boy was impeached in 1998. The market didn’t even blink.
====================================
Maybe, maybe not. Clinton is a Democrat and the Clintons had much better lawyers and handlers than Trump’s administration. The media downplayed Clinton’s misconducts again and again. Trump is being dragged through the mud and ridiculed publicly. Pulling the trigger would be overdue anyway.
I’m not shorting but selling into this August rally. Seems to be losing steam though and when I look at the sell side, I don’t think I’m the only one with at least one eye on the exits.
====================================
Well, Good luck to you…

#56 cramar on 08.22.18 at 8:54 pm

Around here in SW Ontario you couldn’t get $100k for a lot with a wrecked house like that. Let’s see, $4 million vs <$100k . . .

Yup. . .they don't make land anymore, so buy it while it's still available.

#57 Chaddywack on 08.22.18 at 9:02 pm

Rumour in the hood is that the kits hou…er rubble was owned by a foreign investor from China and that the property is in foreclosure.

This confuses me as the narrative is:

1) Chinese buyers are super-rich and pay in all ca$h

2) See point #1……If the buyer is super-rich why do they have a mortgage that defaulted!?

Strange times in Vancouver……or it could just be a buyer (foreign or domestic) who leveraged a bit too much because “real estate can only go up” and “buy now or be priced out forever”

Just remember folks this is Vancouver. You can ski, sail, play a round of golf, go to wal-mart, have a few pints and get accosted by a strung out druggie all in the same day!!!

The best place on earth!

#58 DON on 08.22.18 at 9:15 pm

“Victoria’s Dockside Realty:

“We are experiencing strange times in the BC real estate market as the government is successful with their goal of slowing down the housing market. Many transactions are not seeing completion, banks and buyers are overly cautious. If there is even the slightest deficiency in building inspections many buyers are walking away, and many buyers are being turned down on financing with the very strict lending climate.

The Speculation Tax Exemption in the Gulf Islands spurred this market in May, but this has now slowed down immensely. The lower end properties in all communities are seeing the most interest.”

So….the gulf islands are exempt from the speculation tax and sales are still falling there. So in essence the minority government had no affect on the Gulf Islands??? The market was falling before the spec tax came in and falling under it own weight and so are other markets where the spec tax will be applied???

Okay realtors…a component of your course needs to be logic 101.

The market is falling because it has become out of reach. It wasn’t the minority government it was the Feds (ie bank regulators) that introduce the stress test and changed ability and sentiment and not the provincial minority government.

Bottom line…the market is falling under it’s own weight. With no other factors applied the market was always destined to fall under it own weight.

and for those pumping Toronto’s stability. Back in the day Vancouver went first late 80s and Toronto early 90s. The game hasn’t played out yet and YET people are saying everything is OK. Hmmmm…

#59 DON on 08.22.18 at 9:26 pm

#14 MF on 08.22.18 at 5:33 pm

“Poor kids. They know not what they do. Big regrets ahead.”

So we admit house prices in the GTA are delusional, then denigrate young condo buyers for spending less, taking on less debt compared to houses, and trying to buy within their means?

The problem is not the young buyers trying to do what they think is right (by the way, whoever bought condos in the last few years has done well)…but it’s the orgy of buying that has occurred over the last 15 years to get to this point, and all the greedy sellers who are to blame. It’s the fact interest rates were kept too low for too long by our central bank which dropped the ball lost credibility as a result.

The kids aren’t the ones to blame. Everyone else is.

MF
********************

“The problem is not the young buyers trying to do what they think is right (by the way, whoever bought condos in the last few years has done well)”

The young buyers are adults and DID not have to buy they could have done their research and not jumped on the FOMO or outdoing their friends.

You are assuming your friends who bought early will still have equity when this is all said and done. It might well be that YOU will be ahead of them in a few years. You are not thinking the logic through. It is taking millionaires to buy houses in a cold Canadian city. The market is UN-affordable for those entry level buyers. The roller coaster ride is not over….if it was your comments might be correct but it’s not. Stay the course MF…don’t get sucked in. Your friends need to sell to realize the gains…When most realize that it will be too late.

#60 Spectacle on 08.22.18 at 9:43 pm

” I have numbered companies. You have no idea what you’re talking about. – Garth 2018″

Now there is an article and a blog post !

I recently went Sole Proprietor, and exited the retail construction biz. I very clearly understood the changes that are now upon Canadians. It took about 8 months to make it happen, but now have the write offs as well. Adds greatly to the economic income.

Any insights into spinning it towards something , including a numbered company, and legal tax strategies?

#61 Remembrancer on 08.22.18 at 9:46 pm

#50 [email protected] on 08.22.18 at 8:27 pm

I’m no goldbug but the article answers the why nicely, real gold would be easier to toss in a container and move around then frozen US debt paper would be…

“Moscow may also be worried that sanctions could prevent it from selling US Treasuries in the future or stop Russian banks from using dollars to conduct transactions.”

#62 45north on 08.22.18 at 9:48 pm

Lorne: If you plan on living in your home for 20-30 years, it really does not make any difference how much it is “worth” right now. If it goes down in value that is fine with many (some have even commented that exact feeling on here) because they are utilizing it as a “home” not an “investment”….and in 20 – 30 years it will very likely be worth more than it is today or 2-3 years from now. The majority of the population of BC is happy with their efforts, even though some in Toronto do not get it!

Let’s start with those who are fine with the idea that the value of homes across BC could go down. Let’s call them the fine group. yvr_lurker is fine – his place in Kits is paid off. The fine group can voice their opinions and adopt whatever politics they like but they don’t choose their neighbours. Let’s take another group – those that have big mortgages and little equity in their homes. Let’s call this group, the big mortgage group. As the value of homes goes down, people in the big mortgage group have a number of problems in comparison to the average home owner, and these problems reduce the value of comparable homes including homes owned by the fine group.

Let’s see how happy they are when the value of their homes decline.

Now I don’t know the percentage of people in the fine group nor in the big mortgage group. The banks do and they’re scarred. Whatever, the die is cast.

#63 Oft deleted much maligned stock picker on 08.22.18 at 9:48 pm

The NAFTA spin begins with Freeland still ignorant and obstinate of the facts and reality….or just hoping enough Canadians are stupid and believe the crap coming out of Gerry Butts.

https://www.bnnbloomberg.ca/canada-encouraged-by-signs-of-progress-on-u-s-mexico-nafta-talks-freeland-1.1127270

Welcome to the recession of xmas 2018……and wait for it….it’ll be the fault of Trump and Canadian racists.

#64 akashic record on 08.22.18 at 9:53 pm

#41 possible September meltdown on 08.22.18 at 7:52

Maybe, maybe not. Clinton is a Democrat and the Clintons had much better lawyers and handlers than Trump’s administration.

Better connected, for sure…

https://www.reddit.com/r/greatawakening/comments/98yduw/connnecting_some_dots/

Lisa H. Barsoomian, an Attorney that graduated from Georgetown Law, is a protégé of James Comey and Robert Mueller.

Barsoomian, with her boss R. Craig Lawrence, represented Bill Clinton in 1998.

Lawrence also represented:
Robert Mueller three times;
James Comey five times;
Barack Obama 45 times;
Kathleen Sebelius 56 times;
Bill Clinton 40 times; and
Hillary Clinton 17 times.

Between 1998 and 2017, Barsoomian herself represented the FBI at least five times.

She also happens to be Assistant Attorney General Rod Rosenstein’s wife.

#65 Spectacle on 08.22.18 at 9:54 pm

islander on 08.22.18 at 8:49 pm
Kinda goes with the $850.00 pizza over in Steveston, Richmond!
http://www.stevestonpizza.com/menu-english/
Scroll to the end and choke!
————————()—————–
Yes, $850 for a specific seafood caviar pizza.
And there Sits the disconnect!

Some new Canadians need to bring their unique cultural characteristics to such things as a simple stroll in town to grab some pizza! His pizza is about as good as it gets, although my wife just made 1) an al tonneau , 2) a margarita, and a 3) ham and pineapple this evening.

As some here this evening would say, Idiots! Same as paying $3.4 or $4.3 million dollars for a musty, dump in flood zone vancouver! Idiots. Aka Coo-koo nation!

#66 Special acle on 08.22.18 at 10:03 pm

#50 [email protected] on 08.22.18 at 8:27 pm
https://money.cnn.com/2018/08/22/news/economy/russia-gold-us-sanctions/index.html

Lots of gold buying, how does this help them? Anyone have comments?
————————-::——————-
Hard to comment on what is happening with physical gold!

My intelligent and years wise on the subject say a fall od 50% in physical gold! As the Honourable G Turner says, don’t waste time on shinning rocks!

If anythingts Maple Leaf silver coins, but I’m out of that market. Beware the fear and desperation of a decision. Commodities are getting nailed to the ground or buried. Balance, liquidity, diversification on several levels (exposure etc) is one intelligent formula.

#67 JSS on 08.22.18 at 10:07 pm

RBC : record profits.

Dividend increase!

Rub tummy

#68 Natasha on 08.22.18 at 10:07 pm

The zoning for site where that fire destroyed house is located permits a new building with multiple residential dwellings. So if one can build income producing multiplex in that nice area, it is a different story to justify 4 mln price

#69 sleepingdragon on 08.22.18 at 10:22 pm

A thin market has high price volatility and low liquidity. If supply or demand changes abruptly, resulting in more buyers than sellers or vice versa, there will typically be a material impact on prices.

#70 MF on 08.22.18 at 10:24 pm

7 That pictire represents corruption on 08.22.18 at 7:11 pm

“All by design”?

-No. But there was bad policy. Rates were too low for too long.

31 Ace Goodheart on 08.22.18 at 6:55 pm

-those houses were treated as the crap they are for the longest time: post ww1 and ww2 row houses. Mass produced at the time for returning soldiers to make babies in.

The condo boom is part and parcel with the urbanization trend that started around the year 2000.

Years ago when I told my boomer parents that I wanted a downtown condo they couldn’t believe it. For decades the promised land and ultimate show of success was the suburbs and a big house. The big city meant poverty and overcrowding.

There is an appetite for urban condos. That’s why they are expensive.

MF

#71 Ex-Cowtown on 08.22.18 at 10:28 pm

In order for Trump to get impeached he must have:

1. Spent $$ on something that was SOLELY campaign related. Saving his family embarrassment and protecting the TRUMP brand clearly demonstrate that this was considered a dual purpose expenditure under US campaign law, so absolutely allowed. No question.

2. He not must have spent his own funds. But he did.
Reimbursement of someone else is allowed, as long as Trump was the ultimate source of the funds. If not, using the logic of CNN, any bank on which he wrote a cheque would have also been implicated as an intermediary. This clearly makes no sense, so Trump is fine.

No crime, so no impeachment. Cohen clearly pulled a fast one on Mueller et al., copping to a non-crime to get away with a bunch of real ones. Brilliant move on his part. Really, it was absolutely brilliant.

So at the end of the day, Cohen will skate on a bunch of real crimes, Manafort will go to jail on some stuff from last decade, Trump will walk away scratched up but just fine.

The only thing that is guaranteed is that they’ll have pissed Trump off and he’ll go through the Clintons and their minions like a buzz saw. They should have left him alone.

#72 TRUMP on 08.22.18 at 10:47 pm

I LIKE STUPID.

Quite the entertainment.

#73 Dolce Vita on 08.22.18 at 10:50 pm

Garth, you numbered company owning Mother Hen.

Warn away, they will not believe you that their RE asset value is about to be decimated (wishful thinking).

Because you know, the Law of Supply and Demand’s effect on Price is fictional and human nature always learns from the past mistakes of others (add ego to your avarice comment today).

Calm before the storm Blog today.

Patience is bitter, but its fruit is sweet.

#74 Faith Goldy to INCREASE Foreign Buyers Tax on 08.22.18 at 11:03 pm

Faith Goldy, candidate for Toronto mayor tonight came out in favor of increasing the foreign buyers tax and canning the land transfer tax. https://www.youtube.com/watch?v=NA8S6FmTd8Y Sounds like a great refreshing change is coming to Toronto Oct 22
.

#75 Entrepreneur on 08.22.18 at 11:08 pm

“How do BCers not see it? above article.

Yeah, we see it but we like honesty. And we saw it when the Liberals were in power but nothing was done. Petition after petition but silence from them. Call that leaders, I don’t. I like honesty especially in leadership. The middle class was guillotined by goosing this problem by encouraging a rocky/housing economy.

We also like to see our youth have a chance to have dreams right here in our own province, to work and prosper, to have a family, to have fulfillment of satisfaction. And not have to move away to accomplish those dreams. Oh, how the middle class works.

As older adults we are suppose to see that “the wrong, the twisted” are subdued by recognizing it and dealt with accordingly. And we cannot “play dumb” by turning our heads. And pretending it does not exist.

It is about time that honesty is coming back to BC, more power to NDP/Greens. And we can build a “proper economy” (Horgan). Build the middle class.

And thanks to the RCMP.

#76 fishman on 08.22.18 at 11:10 pm

#50 The Ruskies buying gold & selling U.S. I guess they figure the Yanks are going to freeze their offshore accounts.
They went through an analogous series of events when Reagan got elected. The CIA came to him & said we can put on the squeeze because they have only three sources of foreign exchange. Oil,Gold & Diamonds.
Lets crash the prices. They backed off on De Beers but drove oil down to $19 & gold to $350. Of course communism is a well proven stupid economic system but having no cash to go shopping downtown doesn’t help.
Maybe the Ruskies are setting up like the Iranians. Ships passing in the night between Dubai & Iran loaded with gold. Iranians drink a lot of tea & Ceylon has no oil. You have to square the books in the end somehow. That somehow being Uncle Sam better not have paper on you doing business.

#77 OttawaMike on 08.22.18 at 11:22 pm

Even better

https://www.cbc.ca/news/canada/hamilton/hamilton-450k-house-listing-1.4794427

#78 renter in Surrey on 08.22.18 at 11:23 pm

housing boom in P.E.I.

P.E.I. housing boom just keeps getting louder

https://www.cbc.ca/news/canada/prince-edward-island/pei-housing-investment-boom-1.4794498

so soon there will be no any housing in Canada affordable on Canadian average income, may be 1br 450 sq.f. apartments for 500K – 600K in suburbs

homeopathic rate increases will do nothing

isn’t that great

#79 NoName on 08.22.18 at 11:54 pm

Interesting read

Despite ongoing deforestation, fires, drought-induced die-offs, and insect outbreaks, the world’s tree cover actually increased by 2.24 million square kilometers—an area the size of Texas and Alaska combined—over the past 35 years, finds a paper published in the journal Nature.

https://psmag.com/environment/the-planet-now-has-more-trees-than-it-did-35-years-ago

#80 yorkville renter on 08.23.18 at 12:24 am

$4mm buys tremendously appealing properties in almost every other imaginable place on earth to live… Kits is not one of those places people dream of moving to.

California?
New York?
Grand Cayman?
Italy?
Australia?

You get a whole lot for $4mm!

#81 BillyBob on 08.23.18 at 12:44 am

#21 crowdedelevatorfartz on 08.22.18 at 6:07 pm
@#123 BillyBoob
“And what parallel event to Israel invading Lebanon do you fear for the Brits/Italians/Spanish? ”
++++
Oh I don’t know.
WW1, WW2? ( in all 3 countries)
Millions killed.
Earthquakes?( Italy)
Floods( all three countries)
Fascism and civil war ( Spain).

Gee that was hard.

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

Seriously, WTF are you talking about? I asked about what you think is about to cause the minuscule number of Euros with Canuck passports to cause Canada to “save their a$$ses” and you quote WW2 and Mussolini?

Are you then suggesting that WW3 is about to break out and that mighty Canada will be called upon to save the day by offering free health care to its disenfranchised passport holders?

lol

Bizarro land.

#82 Last of the Boomers on 08.23.18 at 12:52 am

So Garth is the one with the numbered companies buying up all of the Real Estate in Vancouver/West Van. Who would have known! Are you at least renting it out to your clients?

LOL!

#83 yvr_lurker on 08.23.18 at 1:15 am

#62
Let’s start with those who are fine with the idea that the value of homes across BC could go down. Let’s call them the fine group. yvr_lurker is fine – his place in Kits is paid off. The fine group can voice their opinions and adopt whatever politics they like but they don’t choose their neighbours. Let’s take another group – those that have big mortgages and little equity in their homes. Let’s call this group, the big mortgage group. As the value of homes goes down, people in the big mortgage group have a number of problems in comparison to the average home owner, and these problems reduce the value of comparable homes including homes owned by the fine group.

————————————-

I agree there is no easy remedy in trying to stop a train that has been running down a steep hill in YVR over the past 12 years. The “big mortgage” group will indeed be affected by sharp price declines if they need to sell due to sudden changes in circumstances. Many in the “fine group” are happy with their “lottery wins” and give only lip service to the struggles of young families trying to make a go in YVR (the Eby protest group). However, some in this “fine group”
(me included and some of my friends in the same age group), are more concerned that the next generation (our kids, kids without trustfunds, etc…)can get a start in this city just like we were able to years ago. For this to happen, prices need to come down and there needs to be controls on foreign ownership which stoked the engine of the runaway train.

#84 Smoking Man on 08.23.18 at 1:56 am

It was set in motion 30 or 40 years ago.

Then Tump happens. Drunken Aliens from outetspace so under rated..

No instant gratification in the plot.

https://youtu.be/efMoNuPAHmg

Well know this, the globalist will not go quietly into the night.

Game on make you’re bets.

#85 Smoking Man on 08.23.18 at 2:09 am

Sky pilots with morals vs zumanga .
https://youtu.be/lroU7apzma8

It’s in my book .

#86 Abe on 08.23.18 at 4:08 am

The big city is not all it’s cracked up to be. Outrageous prices soon to crash with rising rates.

And eventually a massive quake will hit Van. The west coast is overdue. Stay out.

#87 Howard on 08.23.18 at 4:20 am

Condo sales have tanked, yet the average price has soared 16.5% – to $755,759.

——————————————–

Garth, I think this is incorrect. Zolo has the average condo price in Toronto (416) over the past month as $576K, and the all-time high was, I believe, just over $600K a few months ago.

$776K is the average of ALL housing types currently in the 416 (detached, town, condo).

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

New-builds, as stated. – Garth

#88 MIx Jagder on 08.23.18 at 5:47 am

#35 Stan Brooks on 08.22.18 at 7:06 pm

A 5 bedroom villa in Nice/cote d’azur with a sea-view, pool (not burned) for half of that price:”

Sorry I don’t like stony beaches, so Nice is out.

#89 Karl on 08.23.18 at 6:35 am

I don’t know too much about what’s happening in Vancouver. However, my friend, who lives there told me a few years ago that entire streets had empty homes. You never saw a light on. He travels throughout the city and province for work and said that was commonplace.

So, speculation. Foreign speculation? Probably that as well, for sure.

As for GTA, things are stabilizing from the craziness that was early 2017. OFSI stress test has done it’s job. They didn’t put in these measures to tank the most important housing market in the country, they did it to ensure it’s stability.

And finally the banks may be a lot of things, but they are not stupid.

The stress test has nothing to do with the real estate market. It is there to ensure that systemically-important banks have adequately insured and risk-appropriate mortgage portfolios, which parental money was jeopardizing. – Garth

#90 Karl on 08.23.18 at 6:39 am

Hey Garth, check out these moisters getting a second property in Picton. Reminds me of the second couple of your blog three days ago. How do you think these kids are doing?

link: https://torontolife.com/real-estate/chase-impulse-bought-550000-country-home/

#91 dharma bum on 08.23.18 at 7:09 am

Where is the “Happy Housing Crash Everyone” guy?

I miss the Shyster-Shyster-Shyster posts.

#92 Wrk.dover on 08.23.18 at 7:17 am

The explorations of Samuel D Champlain ultimately culminating with that four million dollar picture.

What a great day for all Canadians!

#93 dr talc on 08.23.18 at 7:37 am

real estate markets self correct
starting in late 2016 thorough 17, we have multiple acts of sabotage buy all governments, results favoring banks and condo developers

#94 Karl on 08.23.18 at 7:51 am

The stress test has nothing to do with the real estate market. It is there to ensure that systemically-important banks have adequately insured and risk-appropriate mortgage portfolios, which parental money was jeopardizing. – Garth

Huh? Wha?

You have mentioned the stress test many times as being a direct contributor to the current housing market. Johnny and Joan Moister do not qualify for higher mortgage amounts per the test. This has decreased affordability, thus decreasing sales.

How does the stress test have nothing to do with the real estate market?! The intention was as you listed above, but also to cool an overheating market … even if not explicitly described as such.

Incorrect. It was an initiative of OSFI, and done solely to improve the risk level of bank mortgage portfolios. The collateral damage to the market is just that, collateral. But also fully anticipated. – Garth

#95 Oft deleted much maligned stock picker on 08.23.18 at 8:21 am

DELETED

#96 Yvrmc on 08.23.18 at 8:49 am

#90 … I’ve been wondering the same thing , where oh where is HHCE ? This is prime time for his rage but he’s nowhere to be found ….. come back HHCE come back ….

#97 232 on 08.23.18 at 8:53 am

Garth,
Hate to say it, but you have a typo. You’ve stated “…small concrete box….”

Well, that’s only the case for high rise condos. Most “condo” units being built in KW are 3-4 story buildings, made out of particle board. So in order words, you don’t even get a concrete box, but a wooden box, which I guess gets you used to the idea of a coffin faster than you’d need to. They erect these buildings faster than I can…
While some have brick exterior, others have a “fashionable” combination of stucco and siding, because, you know, it doesn’t need to last. Ohh, and for a lot of these condos, the mortgage+condo fee is similar (or even more) than the mortgage for an older detached house in good condition. Can’t believe people are that stupid. Can’t these people see the value is in the land? You’re right; we’re doomed.

#98 ImGonnaBeSick on 08.23.18 at 8:56 am

Mr. Garth, do you think we’ll finally get a bump in the TFSA contribution next year, or will we need to wait until Oct
21, when the current admin is tossed?

The T2 gang will never increase the limit, save for the inflation rider. – Garth

#99 crowdedelevatorfartz on 08.23.18 at 8:57 am

@#80 BillyBoob
“and you quote WW2 and Mussolini?”
+++++++
Apparently reading and comprehension arent your stronger traits”
My original comments of several days ago referred to Canadians who brag about how great it is living in other countries …until some major event happens and then thy whip out their passport and demand Canada “do something to help them”.
For example( I want to keep this as simple as possible for you Billyboob)
“Canadians of Convenience” was a reference made by a senior politician during the war in Lebanon.
He was critisizing dual citizenship Canadians who were retired in Lebanon. When Israel invaded to deal with constant shelling from Hezbollah guerillas and reduced much of the infrstructure to rubble in days….14,000 Canadians of convenience” (are you getting it now?) demanded Canada “do something.
Canada spent $94 million dollars leasing Plane flights and old cruise ships to get them out ….the “refugees” actually bitched about the condition of the ships.
The result ?….two weeks later 7000 of the people returned to Lebanon.

I tire of dual citizenship Canadians mocking Canada all while still holding Canadian passports…..just in case….
Or Canadians that shop in the States for “deals” and then bitch about taxes here or how slow our medical system is.
Newsflash: Taxes pay for “stuff” like hospitals and roads and “stuff”

If you are too stupid or too stubborn ( unfortunately I believe you suffer from both traits) to extrapolate the references to all these European countries suffering “disasters” such as WW1, WW2, Earthquakes, and Civil wars…….Thats your problem.

Brexit isnt a non event as much as retired school teachers from Ontario wish it so. (the British govt is rumored to be quietly hoarding medication and food on Barges in the Irish Sea)
The invasion of Ukraine and the annexation of Crimea is a slow motion act of War whether the rest of Europe wants to admit it ( or deal with it) or not. ( just ask the families of the passenger jet shot down crossing its airspace “WTF I’m talking about….”)
Putin( former KGB Major) has silenced all opposition with assassinations, extra judicial jailing, etc. and he will do ANYTHING to hold his grip on power.
WW3 ? Maybe. He cares nothing for his own people or possibly a few million dead foreigners….Its all about staying in power.
Turkey’s economy, monetary standard, and politics are sliding into chaos.
I could go from Country to country, African Continent to South American continent to the Asian Continent …..

And then we have the “x factor” of an unstable US President uttering nonsense while watching all his former cronies turn “States Evidence” to ensure he will, eventually…be Impeached.
Can you say “Presidential Pardon”?
I knew you could.

If you choose to ignore history and current events like the one dimensional ostrich that I think you truly are.
Go buy a Trump MAGA hat….
Keep your head in the sand and go lay an egg the size of a football….you’ll feel better.

P.S.
I mentioned “Fascism and civil war” which was a reference to Franco of Spain not Mussolini of Italy you uneducated twit.
History is hard. I get it.
Perhaps Billyboob you should stick with rubbing your trucks nuts for good luck and buying lotto tickets because thats about as cerebrally expanded as your brain seems to allow these days.

P.P.S.
Everyone else .
Have a nice day.
Time for my 1st coffee of the morning.

#100 IHCTD9 on 08.23.18 at 9:04 am

#89 Karl on 08.23.18 at 6:39 am
Hey Garth, check out these moisters getting a second property in Picton. Reminds me of the second couple of your blog three days ago. How do you think these kids are doing?

link: https://torontolife.com/real-estate/chase-impulse-bought-550000-country-home/
___________________________________

Looks like they got plenty o debt for RE, and are not living in any of the homes they own as they have to rent it all out to be able to afford it. NICE. I guess the payback is telling all their friends and anyone else who will listen about their “summer home in PEC”.

I wonder how long the PEC craze will last. It’s a total zoo out there in the summer thanks to all the new visitors and ever was because of its close proximity to the Sandbanks. There is a nice multi use rail bed trail that the boys and I ride which ends right at main street in downtown Picton. It’s 24/7 Zoo city, like a mini GTA bumper to bumper traffic jam out in the boonies.

#101 russell on 08.23.18 at 9:09 am

Trump is the world wide wild card… he has divided the US like no other liar, sorry Politician, that crawled the earth before him. He appears to be the new teflon don but eventually all gangsters get it in the teeth and when he does the markets will respond and I believe the potential exists for a civil uprising the US has not seen since the riots with the black panthers. The markets right now are pure fiction anyway so…

#102 conan on 08.23.18 at 9:18 am

That place just needs some paint and it’s good to go- LT

I would just cut the grass and bump the price up. Let the buyer imagine what they want, then sell them that as well.

#103 Incubus on 08.23.18 at 9:19 am

“How do BCers not see it?” : They are socialists

#104 JohnnyBoy on 08.23.18 at 9:24 am

Garth,
Hate to say it, but you have a typo. You’ve stated “…small concrete box….”

Well, that’s only the case for high rise condos. Most “condo” units being built in KW are 3-4 story buildings, made out of particle board. So in order words, you don’t even get a concrete box, but a wooden box, which I guess gets you used to the idea of a coffin faster than you’d need to. They erect these buildings faster than I can…
While some have brick exterior, others have a “fashionable” combination of stucco and siding, because, you know, it doesn’t need to last. Ohh, and for a lot of these condos, the mortgage+condo fee is similar (or even more) than the mortgage for an older detached house in good condition. Can’t believe people are that stupid. Can’t these people see the value is in the land? You’re right; we’re doomed.
…………………………………………………………….
You’re a complete asshole and an idiot if you purchase a condo!
What a waste of your assets. That is unless that is all you can afford. The people who already have them should cash out while the prices are still artificially high in the nosebleed sections. Uncontrolled fees will strip most people of their investments and they will not be able to keep ups with inflation on fixed incomes. When all of these boomers die or move to retirement homes the condos prices will collapse like a house of cards. The losses will be unimaginable. The grieving children will get pennies on the dollar. Everyone I know who has a condo is only there until they can afford a home with some tangible land. I would venture to say 99% of my acquaintances want out of the concrete box hell that they are in. 1% are carefree professionals that are useless practical fools who are transient and never put seeds on the ground. You’re only doomed if you purchase a condo. If you do purchase one then you’re a fool!

#105 maxx on 08.23.18 at 9:25 am

@ #35

Cuckoo is right – Canuckleheads have completely lost their minds.

“How can I have it all for zero effort…..now?”

#106 IHCTD9 on 08.23.18 at 9:42 am

#63 Oft deleted much maligned stock picker on 08.22.18 at 9:48 pm
The NAFTA spin begins with Freeland still ignorant and obstinate of the facts and reality….or just hoping enough Canadians are stupid and believe the crap coming out of Gerry Butts.

https://www.bnnbloomberg.ca/canada-encouraged-by-signs-of-progress-on-u-s-mexico-nafta-talks-freeland-1.1127270

Welcome to the recession of xmas 2018……and wait for it….it’ll be the fault of Trump and Canadian racists.
_____

If Trudeau and Freeland blow this one, it will seal their infamy for a generation. Maybe two.

#107 OttawaMike on 08.23.18 at 9:55 am

Toronto Real Estate Board’s appeal against releasing sold data is dismissed in court this morning.
Tick tock realtors. More FSBOs on the way!

#108 James on 08.23.18 at 9:56 am

#98 crowdedelevatorfartz on 08.23.18 at 8:57 am

@#80 BillyBoob
“and you quote WW2 and Mussolini?”
+++++++
Apparently reading and comprehension arent your stronger traits”
My original comments of several days ago referred to Canadians who brag about how great it is living in other countries …until some major event happens and then thy whip out their passport and demand Canada “do something to help them”.
For example( I want to keep this as simple as possible for you Billyboob)
“Canadians of Convenience” was a reference made by a senior politician during the war in Lebanon.
He was critisizing dual citizenship Canadians who were retired in Lebanon. When Israel invaded to deal with constant shelling from Hezbollah guerillas and reduced much of the infrstructure to rubble in days….14,000 Canadians of convenience” (are you getting it now?) demanded Canada “do something.
Canada spent $94 million dollars leasing Plane flights and old cruise ships to get them out ….the “refugees” actually bitched about the condition of the ships.
The result ?….two weeks later 7000 of the people returned to Lebanon.

I tire of dual citizenship Canadians mocking Canada all while still holding Canadian passports…..just in case….
Or Canadians that shop in the States for “deals” and then bitch about taxes here or how slow our medical system is.
Newsflash: Taxes pay for “stuff” like hospitals and roads and “stuff”

If you are too stupid or too stubborn ( unfortunately I believe you suffer from both traits) to extrapolate the references to all these European countries suffering “disasters” such as WW1, WW2, Earthquakes, and Civil wars…….Thats your problem.

Brexit isnt a non event as much as retired school teachers from Ontario wish it so. (the British govt is rumored to be quietly hoarding medication and food on Barges in the Irish Sea)
The invasion of Ukraine and the annexation of Crimea is a slow motion act of War whether the rest of Europe wants to admit it ( or deal with it) or not. ( just ask the families of the passenger jet shot down crossing its airspace “WTF I’m talking about….”)
Putin( former KGB Major) has silenced all opposition with assassinations, extra judicial jailing, etc. and he will do ANYTHING to hold his grip on power.
WW3 ? Maybe. He cares nothing for his own people or possibly a few million dead foreigners….Its all about staying in power.
Turkey’s economy, monetary standard, and politics are sliding into chaos.
I could go from Country to country, African Continent to South American continent to the Asian Continent …..

And then we have the “x factor” of an unstable US President uttering nonsense while watching all his former cronies turn “States Evidence” to ensure he will, eventually…be Impeached.
Can you say “Presidential Pardon”?
I knew you could.

If you choose to ignore history and current events like the one dimensional ostrich that I think you truly are.
Go buy a Trump MAGA hat….
Keep your head in the sand and go lay an egg the size of a football….you’ll feel better.

P.S.
I mentioned “Fascism and civil war” which was a reference to Franco of Spain not Mussolini of Italy you uneducated twit.
History is hard. I get it.
Perhaps Billyboob you should stick with rubbing your trucks nuts for good luck and buying lotto tickets because thats about as cerebrally expanded as your brain seems to allow these days.

P.P.S.
Everyone else .
Have a nice day.
Time for my 1st coffee of the morning.
___________________________________________
Wow I’m going for a coffee now!
You are correct Canadians of convenience are simply using their credentials as an ace up their sleeves or a get out jail free card. If you leave the country your on your own! That’s why you should have insurance and seriously consider why you left the country you just returned to in the first place. Isn’t that why you left it to come to Canada? Security, a place that’s safe, no wars, no organized terrorists on every block, a place where you could live out your live and raise a family?

Putin is an ex KGB agent and his ideologies have never changed. His demeanor is merely lipstick on a pig. I can not understand how people are so stupid to believe he does not have ulterior motives re world dominance.

Trump well he is a piece of $hit, we all know it. Impeachment, hum-mm, maybe.
Pardon by the new POTUS, hum-mm, maybe?
I now present President Michael Richard Putz!

#109 Smoking Man on 08.23.18 at 10:14 am

Supreme Court will not hear TREBs appeal.

Now everyone will know what the homes sold for. No more realtors filtering and showing only the homes who sold at a high price.

Real estate in Toronto is doomed as an asset class for the next 10 years.

#110 Love Guru's Dad on 08.23.18 at 10:27 am

“How do BCers not see it?”

Although “It” started a long time ago, the key indicator there was a shift coming was when the slogan changed from “Beautiful British Columbia” to “The Best Place on Earth”. Bless you BC.

#111 Asterix1 on 08.23.18 at 10:39 am

Great news for consumers! Now everyone will get to see the numbers.

From HouseSigma:
https://housesigma.com/web/house/obqB176EpnByZajD/14-Hewlett-Cres-Markham-L3S7L1-N4218373

Realtors: Listed only 9 days ago. Hurry and buy!
Realilty: Home listed 148 days ago. (no buyers, numerous price drops, numerous re-listing).

Enjoy this new reality TREB, your lies and deception are over.

#112 Love Guru's Dad on 08.23.18 at 10:43 am

#78 NoName on 08.22.18 at 11:54 pm
Interesting read

Despite ongoing deforestation, fires, drought-induced die-offs, and insect outbreaks, the world’s tree cover actually increased by 2.24 million square kilometers—an area the size of Texas and Alaska combined—over the past 35 years, finds a paper published in the journal Nature.

https://psmag.com/environment/the-planet-now-has-more-trees-than-it-did-35-years-ago
———–
Is this true? If you go deep with this one you will arrive at the truth.

#113 SimplyPut7 on 08.23.18 at 10:45 am

Finally get to see sold data!!!

https://business.financialpost.com/real-estate/decisive-victory-for-competition-supreme-court-wont-hear-treb-appeal-in-real-estate-data-case

#114 Howard on 08.23.18 at 10:58 am

Paging HAPPY HOUSING CRASH EVERYONE!

Where are you buddy? This is your moment.

The Supremes just consigned TREB’s highschool dropouts to sifting through the trash. Realtors may well go the way of video stores.

#115 bill on 08.23.18 at 11:19 am

the insane price may be due to the ‘skytrain ‘ terminus going in at broadway and arbutus..
the neighbourhood has had a lot of land sales recently. the nurses union hq on arbutus etc.
lots of speculation going on in the kits area because of this I think.

#116 possible September meltdown on 08.23.18 at 11:20 am

Trump himself says today that markets would sell off sharply if he were to be indited.

My point from yesterday was exactly that.

Lots of anxiety out there…

#117 summerland73 on 08.23.18 at 11:26 am

good news for me, waiting to buy in the okanagan

#118 HT on 08.23.18 at 11:28 am

“The bulk of the population has yet to get it, thinking the war-on-houses with a slate of insane new taxes will drop prices, make houses affordable again and restore the middle class.” -Garth

———

That’s a bit misleading, Garth. The taxes apply mostly to bad actors. It’s not middle class families who own a home to live in long term who are being hit. It’s the people who don’t live and contribute much here; the people who hoard and not utilize property in the midst of a housing crisis; the people who buy “homes” and rent them on airbnb – circumventing society-protecting rules and regulations while removing inventory and further driving up price; and, I’ll concede, those lucky enough to own 5, 6, 12 million dollar homes – and they can afford the relatively modest and very overstated surtax, or if they strangely can’t, they can defer.

I say hit them hard. Let them subsidize my kid’s day care. Otherwise, he – the next generation – won’t be here to contribute. Definitely not alone either.

I love reading your blog, but please stay objective. Seems you may not fully understand the gravity of what’s happening in Metro Van.

HT

#119 IHCTD9 on 08.23.18 at 11:32 am

#78 NoName on 08.22.18 at 11:54 pm
Interesting read

Despite ongoing deforestation, fires, drought-induced die-offs, and insect outbreaks, the world’s tree cover actually increased by 2.24 million square kilometers…
_______

Not too hard to believe IMHO. They had mentioned agricultural abandonment in that article. I had this though years ago.

I put on 2-3 thousand K on the Grizzly every year. Everywhere I go out in the bush I see old cedar and rock fence lines running through the forest. These are old farms from a century or more ago now completely reverted back to mature forest.

It happens fast too. I regularly see old vehicles way out in the bush from the 30’s to as late as the 50’s having great big trees grown through them. They probably were originally parked out in the back 40 of a farm – now they’re 10-15 km from the nearest road.

I am always paying attention for old stuff out in the bush. Sometimes the trail I’m driving on is an old long unmaintained road used by farmers a century ago, and the foundations and stone chimneys of their homes are still standing. But instead of sitting behind the main road in front of a field, everything – including the road – is in a deep dense forest.

#120 Ian on 08.23.18 at 11:38 am

TREB just got one in the rocks!!! Loving it

https://www.cbc.ca/news/business/treb-real-estate-sale-prices-1.4795903

#121 mnpr on 08.23.18 at 11:55 am

Just the mention of Terry Fox’s name stirs emotions. Still.

#122 Smokanagan on 08.23.18 at 12:01 pm

Selling the dump in West Kelowna before the slide gets worse. Outta here, east bound for higher wages and a better life. BC is firstclass S***hole.

#123 BillyBob on 08.23.18 at 12:04 pm

crowdedelevatorfartz,

lol. You sound very angry. What a weird rant. Truck nutz? Seriously. Hahaha!

I kind of tuned out your screed after a couple sentences as I try not to engage too heavily in internet exchanges with folks who sound well, frankly, mentally ill. But for what it’s worth…

I left Canada many years ago. Made a fortune in doing so, and don’t apologize for it – it wasn’t easy and wasn’t without major sacrifice. I’ve travelled to every place you mention, and pretty much everywhere in between. It’s what I do for a living. I don’t just read history books, I’ve been where it actually took place, and am currently living in a place where it’s being made (for better or worse).

I’m sorry you feel insecure about the fact that many who’ve left Canada are happier for having left. I suppose it’s really about all Canada has left anymore – an inflated sense of self-importance and righteousness, so it hurts to have it pointed out that there are major opportunities elsewhere while keeping the passport of your birth country. Deal with it. Or go Trump and close your borders. Don’t really care.

But having lived all over all over the world, I can set your mind at ease that there are no hordes of Canadian passport holders just waiting to return. That’s laughable.

And I’m sure you’re aware of exactly which “senior government official” coined “Canadians of Convenience”, right?

#124 Paul on 08.23.18 at 12:09 pm

Housesigma is back to publishing the sold and DOM data. They had been previously, but stopped when they got a Cease and Desist from the TREB.

They don’t string together the true DOM, but they at least show you the history.

#125 Dups on 08.23.18 at 12:15 pm

https://www.theglobeandmail.com/real-estate/toronto/article-supreme-court-wont-hear-long-running-toronto-home-sale-data-case/

#126 SimplyPut7 on 08.23.18 at 12:16 pm

#110 Asterix1 on 08.23.18 at 10:39 am

Ha! Let the fun begin.

Now I need popcorn.

#127 James on 08.23.18 at 12:21 pm

#108 Smoking Man on 08.23.18 at 10:14 am

Supreme Court will not hear TREBs appeal.
Now everyone will know what the homes sold for. No more realtors filtering and showing only the homes who sold at a high price.
Real estate in Toronto is doomed as an asset class for the next 10 years.
_________________________________________
You should be pleased then that you do not hold any assets old man?
Now go and find your teeth.

#128 James on 08.23.18 at 12:25 pm

President Donald Trump said “everybody would be very poor” and questioned how he could be impeached when he’s made strides improving economic conditions in an interview aired Thursday.
“If I ever got impeached, I think the market would crash, I think everybody would be very poor,” Trump said in response to a question from Fox News’ Ainsley Earhardt, who asked if he believes Democrats would try to impeach him if they win back control of Congress. “You would see numbers that you wouldn’t believe.”
_________________________________________
Now that statement by Trump is a nothing burger!
The economy will continue on as if he never existed on this planet.

#129 AK on 08.23.18 at 12:30 pm

#100 russell on 08.23.18 at 9:09 am
“The markets right now are pure fiction anyway so…”
=====================================
LOL.. You have no skin in the game, eh ??

#130 sm_yyc on 08.23.18 at 12:33 pm

TREB loses appeal to supreme court to hide key sales data.

https://www.bnnbloomberg.ca/supreme-court-paves-way-for-toronto-realtors-to-unlock-key-home-sales-data-1.1127809

#131 Fish on 08.23.18 at 12:34 pm

@97 ImGonnaBeSick on 08.23.18 at 8:56 am
Mr. Garth, do you think we’ll finally get a bump in the TFSA contribution next year, or will we need to wait until Oct
21, when the current admin is tossed?

The T2 gang will never increase the limit, save for the inflation rider. – Garth

*****
how are the fuel prices thanks

#132 IHCTD9 on 08.23.18 at 12:56 pm

#85 Abe on 08.23.18 at 4:08 am
The big city is not all it’s cracked up to be. Outrageous prices soon to crash with rising rates.

And eventually a massive quake will hit Van. The west coast is overdue. Stay out.
______________

I look forward to my 60’s. All my pals who go all the way back to high school and now live in the “extended” GTA area; plan to move back to this area when their working days are done. I expect quite a few of my wife’s family back here as well.

Several of them can’t wait to come back, they have not been able to love the urban life, and these folks even own homes that are nearly paid off (some more than one). They say it’s getting worse with every passing year. Too many people, too much traffic, nothing to do, and no redeeming qualities to compensate for any of it.

As far as the Cascadia Subduction Zone letting lose in a 9.0 and a 65 foot tsunami, it’s really unfathomable how bad it’s going to be. Those plates have been stuck for over 300 years – the longer they stay stuck, the more tension is built. Some experts give a 33% chance it’ll let lose in the next 50 years.

If the YVR housing bubble is still foaming when it goes – that’ll be the end of it right there for probably a generation.

#133 Howard on 08.23.18 at 1:02 pm

The MSM is abuzz with a rumour that Maxime Bernier is about to announce he is founding a new libertarian/populist party.

Relayed here without further comment.

#134 Paul on 08.23.18 at 1:03 pm

Don’t forget about the $50,000. to clear that rubble. A cost the owner is leaving for the new buyer.

#135 Marco on 08.23.18 at 1:18 pm

Dog Ford and Mike Harris will fix up real estate in Toronto less green belts more development lands

#136 KLNR on 08.23.18 at 1:27 pm

@#99 IHCTD9 on 08.23.18 at 9:04 am
#89 Karl on 08.23.18 at 6:39 am
Hey Garth, check out these moisters getting a second property in Picton. Reminds me of the second couple of your blog three days ago. How do you think these kids are doing?

link: https://torontolife.com/real-estate/chase-impulse-bought-550000-country-home/
___________________________________

Looks like they got plenty o debt for RE, and are not living in any of the homes they own as they have to rent it all out to be able to afford it. NICE. I guess the payback is telling all their friends and anyone else who will listen about their “summer home in PEC”.

I wonder how long the PEC craze will last. It’s a total zoo out there in the summer thanks to all the new visitors and ever was because of its close proximity to the Sandbanks. There is a nice multi use rail bed trail that the boys and I ride which ends right at main street in downtown Picton. It’s 24/7 Zoo city, like a mini GTA bumper to bumper traffic jam out in the boonies.
____________________

this couple is a prime example of who is responsible for jacking up prices everywhere. Using thier HELOC to barely break even on a rental prop. what happens to them when there’s no renters in the winter, rates go up etc?

#137 Midnights on 08.23.18 at 1:35 pm

MORTGAGE AND CONSUMER CREDIT TRENDS

https://eppdscrmssa01.blob.core.windows.net/cmhcprodcontainer/sf/project/cmhc/pubsandreports/mortgage-consumer-credit-trends/2018-q3/mortgage-consumer-credit-trends-canada-69149-2017-q4-en.pdf?sv=2017-07-29&ss=b&srt=sco&sp=r&se=2019-05-09T06:10:51Z&st=2018-03-11T22:10:51Z&spr=https,http&sig=0Ketq0sPGtnokWOe66BpqguDljVgBRH9wLOCg8HfE3w%3D

#138 bdwy sktrn on 08.23.18 at 1:57 pm

As far as the Cascadia Subduction Zone…

that’ll be the end of it right there for probably a generation.
———————————
you can do better than this. yvr is separated from the cascadia zone by a small island (VI)with 5000′ peaks.
you think a 65′ wave will climb over a mile high mountain?

#139 IHCTD9 on 08.23.18 at 2:10 pm

#135 KLNR on 08.23.18 at 1:27 pm

this couple is a prime example of who is responsible for jacking up prices everywhere. Using thier HELOC to barely break even on a rental prop. what happens to them when there’s no renters in the winter, rates go up etc?
________

Not trying to be a jerk – but the best thing that could happen would be near heart attacks trying to make the payments.

Probably doesn’t matter though, there’ll be another couple just like them ready to do the same thing. I expect stuff like this to carry on for a while yet as there seems to be a never ending supply of dual income 30 something couples with no kids and no fear of debt or the future.

Incidentally, I checked their AirBnB ad and right now the place is listed at 150.00/night, so already the income stream has dropped more than 50%.

#140 Ogopogo on 08.23.18 at 2:25 pm

I smell TREBle for GTA realtors.

Historians will see this decision as the first knell for a heinous, corrupt industry. This is, of course, a great day for Canada. Let’s hope this sets a precedent for the other 111 regional RE cartels in this housing-obsessed tundra of ours.

#141 MF on 08.23.18 at 2:25 pm

2 BillyBob on 08.23.18 at 12:

Lol some ex pat who couldn’t succeed in Canada telling us all how happy he Is where the bar is lowered. Rich.

And why did you leave again?

Fartz is 100% correct. Everywhere else is paradise…until the next coup, war, etc. When they all run back to stability.

And lol at bragging on the internet how “successful” you are. Pro tip: the real successful people don’t have to brag.

MF

#142 crowdedelevatorfartz on 08.23.18 at 2:47 pm

@#122 BillyBoob
“I left Canada many years ago.”
+++++

Now I understand.

Enjoy your “expat” untaxed lifestyle while it lasts.

Just don’t expect the taxpayers of Canada to bail your whining ass out if things go sideways.

#143 Lee on 08.23.18 at 2:51 pm

What? No early gloat-post by Garth?

#144 HT on 08.23.18 at 3:13 pm

@#122 BillyBoob
“I left Canada many years ago.”
+++++

Now I understand.

Enjoy your “expat” untaxed lifestyle while it lasts.

Just don’t expect the taxpayers of Canada to bail your whining ass out if things go sideways.
———-

He can expect that, and we will. A birthright privilege to be proud of.

#145 wheresHHCE? on 08.23.18 at 3:14 pm

I think he’s lurking over here… I almost p*ssed myself reading the comment!! hahahahhaah

https://thinkpol.ca/2018/08/21/bc-real-estate-association-predicts-21-drop-residential-property-sales/

#146 Smoking Man on 08.23.18 at 3:18 pm

Mad Max parts ways with globalist Andew Scheer, quits the conservative party , vows to start his own. I’m in.

SM minister of education. I see it..

#147 crowdedelevatorfartz on 08.23.18 at 3:32 pm

@#114 bill
“the neighbourhood has had a lot of land sales recently. the nurses union hq on arbutus etc.”
+++++
I used to rent across the street from the nurses union building in the mid 1980’s.
13th and Arbutus.
I moved when the 1920’s style, 7 bedroom house sold for the then outrageous price of 285k in 1987. (18% interest on the mortgage.)
There was a lady that lived down the street that owned several domestic geese in her yard.
Guard geese.
Ever been attacked by a goose?
Aint fun.
Almost as fun as listening to Billybrag.

#148 AGuyInVancouver on 08.23.18 at 4:47 pm

#122 BillyBob on 08.23.18 at 12:04 pm
crowdedelevatorfartz,

lol. You sound very angry. What a weird rant. Truck nutz? Seriously. Hahaha!

I kind of tuned out your screed after a couple sentences as I try not to engage too heavily in internet exchanges with folks who sound well, frankly, mentally ill. But for what it’s worth…

I left Canada many years ago. Made a fortune in doing so, and don’t apologize for it – it wasn’t easy and wasn’t without major sacrifice. I’ve travelled to every place you mention, and pretty much everywhere in between. It’s what I do for a living. I don’t just read history books, I’ve been where it actually took place, and am currently living in a place where it’s being made (for better or worse).

I’m sorry you feel insecure about the fact that many who’ve left Canada are happier for having left. I suppose it’s really about all Canada has left anymore – an inflated sense of self-importance and righteousness, so it hurts to have it pointed out that there are major opportunities elsewhere while keeping the passport of your birth country. Deal with it. Or go Trump and close your borders. Don’t really care.

But having lived all over all over the world, I can set your mind at ease that there are no hordes of Canadian passport holders just waiting to return. That’s laughable.

And I’m sure you’re aware of exactly which “senior government official” coined “Canadians of Convenience”, right?
– – –

And yet here you are, with a burning desire to be heard on blog focusing on Canadian real estate.

#149 TheDood on 08.23.18 at 4:50 pm

#14 MF on 08.22.18 at 5:33 pm
“Poor kids. They know not what they do. Big regrets ahead.”

So we admit house prices in the GTA are delusional, then denigrate young condo buyers for spending less, taking on less debt compared to houses, and trying to buy within their means?

The problem is not the young buyers trying to do what they think is right (by the way, whoever bought condos in the last few years has done well)…but it’s the orgy of buying that has occurred over the last 15 years to get to this point, and all the greedy sellers who are to blame. It’s the fact interest rates were kept too low for too long by our central bank which dropped the ball lost credibility as a result.

The kids aren’t the ones to blame. Everyone else is.

MF
_______________________________

“Young buyers trying to do what’s right?”. LOL!
It’s never “right” to buy overpriced real estate, especially when you’re young. Ignorance is no excuse, blame the dumb parents for not teaching them basic finance.

Young buyers don’t need condos or houses, they need 6 figure portfolios that are growing.

#150 Marco on 08.23.18 at 5:48 pm

When I tell them that I came to this, on point base system, refugees say they never heard of that. A lot of them I know got apartments, jobs, summer camps for kids because they were sponsored by well of sponsors connected through church or so….
And yes, that is only sensible way to come to this.

#151 jess on 08.24.18 at 4:08 pm

8 Stan Brooks on 08.22.18 at 5:48 pm

“misbranding” convictions and community service in 2007. Purdue Pharma’s parent company, Purdue Frederick, pleaded guilty to a misbranding felony that cost it $600 million, but Giuliani helped strike a deal that enabled Purdue Pharma to continue selling its blockbuster painkiller OxyContin. “Among Mr. Giuliani’s missions was the job of convincing public officials that they could trust Purdue because they could trust him,” as the New York Times put it that year.

https://www.motherjones.com/politics/2018/08/exclusive-senators-are-demanding-information-about-giulianis-opioid-lobbying/

#152 jess on 08.24.18 at 4:22 pm

houston taxes go up …head stuck in sand or wait for another “harvey” $$$
~ $125 billion Harvey
Overnight hailstorm in DFW ‘could be costly’ The storm that swept over the Dallas-Fort Worth area early Wednesday morning and produced up to baseball-sized hail will cost home and vehicle owners an estimated $425 million in damage, said Mark Hanna of the Insurance Council of Texas.Jun 6, 2018

Vulnerable top 5
Hurricane costs thumbnail

In terms of insured U.S. coastal properties vulnerable to hurricanes, New York ranks number one with $2.92 trillion, followed by Florida ($2.86 trillion), Texas ($1.17 trillion), Massachusetts ($849 billion), and New Jersey ($713 billion).

#153 Edward Bear on 08.24.18 at 4:59 pm

The Supreme Court decision on real estate data is not exactly front and centre on the pages of news outlets across the land.