Crowd teasing

This was probably inevitable.

So what do you get when you combine a moister thirst for real estate with a cool phone-based app, blockchain technology, human greed, crafty marketers and investor illiteracy? Well, in Van it’s called “IMBY”, which means In My Back Yard.

Here’s the idea: crowdfunding. That’s it. People get the chance to use their phones to acquire shares in a company which buys properties they could never afford. Initially these “investors” will end up with a tiny piece (think one drywall sheet or three asphalt shingles) of a 100-year-old YVR house being redeveloped into a few condo units, and perhaps in the future a share in homes people are refinancing.

“We believe everyone should have the opportunity to invest in property in the communities they love,” say founders Michael Stephenson and Stephen Jagger. “That’s why we’re reinventing real estate investment.” This makes IMBY into Millennial clickbait, given the fact nobody can afford a house there anymore and because of the fabulous promise of “returns of 35%” that the founders are dangling.

The first project (and maybe the last) is a gut-house being bought for $1.6 million with almost all of that land value. Stephenson & Jagger think it can be rebuilt and expanded for $1.2 million, with strata units being completed in 2022, making it worth $3.75 million (seriously). Of course, with lots of approvals required, the cost of building, rising mortgage rates and a slumping Van market, risks abound. This is a purely speculative real estate play being made at a time when lots of professionals are pulling in their horns after a fabulous 9-year bull run.

But the hype is intense, since S&J are very good at selling.

“Our first development property on the IMBYx platform is sold out — there are 200 investors in this house,” Stephenson said in a recent media piece. “Bar none, real estate has been the world’s best investment over the last 150 years,” Stephenson says. “It’s an amazing investment class that most of the public doesn’t have access to because the barriers to entry are so high.”

Young, property-less investors may find the reality a little different.

In documents filed with the BC Securities commission, IMBY discloses that as of a couple of weeks ago (Sept.13)  only 86 locals had signed on, committing just $107,000 to the project. They also reveal the first allocation of funds raised will be to pay back IMBY’s founders for a loan of $688,634 – not to build out this little strata project.

Other things the app-flipping, smartphone, blockchain-struck, crowdfunding young ones should know: The shares they’re buying are illiquid. There’s no way to sell, trade or cash them in without the consent and approval of the directors. The total capitalization of the company is less than $1 million, and it has no revenues other than potentially renting this old property for $3,000 a month until enough cash is raised to raze it. In other words, if crowdfunding fails, so may IMBY. And no refunds.

There’s more. The money being brought online will be used to buy this property, not build it out. That will take a further crowdfunding of $1.2 million (expected soon). Naturally that will dilute the equity position of those who bought in early.

Additionally, the founders have zero experience as buyers, developers or builders, according to the Securities Commission filing. S&J are tech guys and real estate marketers. They spent most of the last decade together in the Philippines building out a successful web site that provides virtual assistants to realtors, plus an HR app and an instant messenger/AI platform. Clever boys. But hands-on, two-by-four guys they are not.

And what of this big plan to let homeowners go online, list their properties then have people nibble away at their equity by buying pieces of it for as little as $1? Yikes. A legal quagmire. Just imagine selling off 17% of your house to 231 “investors” and then trying to sell it. I understand having a shared economy and communal assets is all the rage these days, but is this not a perversion of what residential real estate is meant to be?

So while IMBY is a bold idea, a sexy app and perhaps a dodgy investment, it sure turns a corner on home ownership. This is the final admission houses in Van have become investment assets, not places to raise your family. By integrating crowdfunding into neighbourhoods these guys remove one of the last lines of defence against runaway, speculative pricing – the fact that when average families cannot afford average house, markets inevitably correct.

As an investment, this is unproven and illiquid. As social policy, it sucks. As an accelerator of prices, it’s genius. And for those who own 51% of the company that others finance, well, you know.

Let’s hope the moisters are not this naïve.

164 comments ↓

#1 SoggyShorts on 09.26.18 at 3:40 pm

Basically a REIT with zero holdings? Sounds amazing.

#2 SoggyShorts on 09.26.18 at 3:41 pm

Sorry, a REIT with zero holdings AND a massive MER. Even better.

#3 Grazie on 09.26.18 at 3:48 pm

I’m an accountant in a property development company. $1.2M is not enough to build a strata units property. What materials are they using? Tinfoil and lego blocks? I’m not even talking about labour cost and the delays in getting a building permit. Never mind the cost of financing. This will not end well.

#4 Doug in London on 09.26.18 at 3:48 pm

Why not buy a REIT instead? Better yet, why weren’t these property obsessed millennials scooping up REITs 5 years ago when they were on sale?
First post? Possible, but not likely.

#5 Andrewski on 09.26.18 at 3:51 pm

Appreciate your input Garth. I read about this and was scratching my head. Caveat emptor blogdogs.

#6 Leo Trollstoy on 09.26.18 at 3:53 pm

Toronto is the epicentre of the tech boom!

“Toronto added more tech jobs in the past five years than anywhere else in North America”

https://www.thestar.com/business/technology/2018/09/25/as-silicon-valley-eyes-toronto-some-worry-tech-boom-could-hurt-canada.html

#7 Igor on 09.26.18 at 3:53 pm

“Shared economy and communal assets” sound sexy only for those who never heard of USSR… Oh wait… millennials!

#8 Buy? Curious? on 09.26.18 at 3:56 pm

Where do I buy? I’m curious!

I’ve waited years to say that

#9 Raging Ranter on 09.26.18 at 4:01 pm

It’s like the techies, the real estate floggers, and gullible Millennials all got together to write a giant parody of themselves. The Onion could not have done it better.

#10 Ben on 09.26.18 at 4:02 pm

Yeah not sure what this is really for. I guess if you like specific properties then yeah. But illiquid and very risky. A REIT does the same thing with less risk.

#11 Ex Pimco Employee on 09.26.18 at 4:03 pm

Hey Smoking Man Knucklehead, saw yer noggin on on in your alter ego mode after watching one of your periscopes last week. Taking pics on North Beachwood Dr, ha everybody stops there to take pics. You looked like a tourist. Next time try 5801 Wilshire Blvd, Los Angeles and take your pic there!

#12 Millennial905er on 09.26.18 at 4:04 pm

This seller in my neck of the woods is selling at a 150k loss – only one year after having purchased.

https://imgur.com/a/AjtCA6h

Hasn’t sold yet either!

#13 Remembrancer on 09.26.18 at 4:08 pm

Wow, all the benefits of an ICO without the work of coming up with a new catchy crypto-coin name…

#2 SoggyShorts on 09.26.18 at 3:41 pm I’d also add:
a REIT with zero holdings, a massive MER AND a 600K note against it…

#14 Dave on 09.26.18 at 4:34 pm

Garth, is the speculation tax in place in BC or still being debated?

Is Kitimat going to be booom town once LNG BILLION dollar project moves forward?

#15 Jungle on 09.26.18 at 4:40 pm

How are they sure the business model doesn’t turn out to be anything more than a Ponzi scheme?

#16 Victor V on 09.26.18 at 4:53 pm

Realtors have no shame. Just take a look at this outlandish claim being promoted on social media.

https://www.facebook.com/tocondoinvestments/photos/a.1077132015774654/1186259451528576/?type=1&theater

“Since 2016, the average PSF of a condo has increased by ~40%. This means investors that bought (20% downpayment) pre-construction in 2016, have tripled their initial investment!

Remember, a stock can drop in price all the way to zero, a piece of real estate, will not”

#17 Stan Brooks on 09.26.18 at 4:54 pm

It gets better by the day in the mental institution, true display of what this place has become.

In addition to the legality of the above proposal and GT notes:

1. These ‘investments’ would not qualify for primary residence capital gains exemption when sold.

2. Who exactly will manage these shacks and with what kind of a legal agreement between them and the ‘investors’, a click on a button on a web page?

3. Who will be legally responsible for the purchased property and it’s management, what if fire start there and consumes the whole street?
Are investors on the hook? (you bet)

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

And what does block chain has to with this crazy idea?

Ah, and they forgot to add “Artificial Intelligence powered app”.

What to expect next?

A new ‘GTA housecoin’ , ‘Van housecoin’, ‘Carbon coin’, ‘fancy socks coin’ backed up by ‘CHMC insurance house coins’.

I would say to any sane person left: leave and let the last normal person turn off the lights.

#18 Victor V on 09.26.18 at 4:57 pm

Fed raises key rate to 2-2.25%, says more to come

https://www.bnnbloomberg.ca/fed-raises-key-rate-to-2-2-25-says-more-to-come-1.1143481

Federal Reserve officials raised interest rates for a third time this year and reaffirmed their outlook for further gradual hikes well into 2019, risking fresh criticism from President Donald Trump.

The quarter-point increase boosted the benchmark federal funds rate to a target range of 2 per cent to 2.25 per cent. The move reflected an upbeat assessment of the economy that was identical to the central bank’s last policy statement eight weeks ago, despite concerns over Trump’s escalating trade war.

Growth and job gains have been “strong” and inflation remains near the central bank’s 2 per cent target, the Federal Open Market Committee said in its statement Wednesday following a two-day meeting in Washington.

Barring a negative surprise in the economy, updated “ dot plot” forecasts made a December rate hike almost certain, as the number of FOMC officials expecting another increase by year-end grew to a bigger majority of 12, from eight in the previous round of projections in June.

#19 Jungle on 09.26.18 at 4:58 pm

#12 millennial905er

It’s highly likely that property didn’t sell, so there’s no loss. During that time, it was estimated thousands of transactions fell through.

Problem is, TREB does not go back revise failed closings.

It also means the peek price at that time is FAKE news.

#20 HoweStreet.com on 09.26.18 at 5:00 pm

Ross Kay on HoweStreet.com Radio:
Are Foreclosures Increasing in Toronto or Vancouver?
Foreign Owners get huge gift from Mayor Robertson.

https://www.howestreet.com/2018/09/24/are-foreclosures-increasing-in-toronto-or-vancouver/

#21 Adele on 09.26.18 at 5:03 pm

One of the advantages of not doing concert tours is that I can actually travel for enjoyment. I luv hanging out with my BFF Rihanna at One Sandy Lane in Barbados. However, if that insufferable prig Simon Cowell shows up, I head to Holetown and hang with the real people at Surfside or Zaccios during Happy Hour.

One of the things that I have noticed from connecting with the predominantly older crowd of Brits, Americans and Canadians that the favorite topics of discussion are:

1. Their grandchildren
2. Places they have visited for vacation
3. Local beach bars and restaurants

Nobody talks about how much their house has appreciated or how much their neighbour sold for.

Life is an amusement park, make sure that you enjoy the ride.

#22 jerry on 09.26.18 at 5:08 pm

“So what do you get when you combine a moister thirst for real estate”

I don’t think the moisters are the ones who are salivating for real estate any longer. It looks as though the boomers have gone on a buying spree and the moisters are no longer playing their game.
“The biggest declines in mortgage originations were among the younger generations, with a year-over-year decline of more than 22% among Gen Z and 19% among Millennials.”
The exception within the mortgage origination drop is within the older generation Canadians, including the Silent/Pre-War generation (aged 73-93) that saw a significant year-over-year increase (63%) in the volume of mortgages issued, as well as Baby Boomers (aged 54-72) with an 18% increase. ”

https://newsroom.transunion.ca/rising-interest-rates-and-tariff-talk-do-not-deter–strong-canadian-consumer-credit-performance-at-midpoint-of-2018/

The ‘mortgages’ for older people are likely equity take-out loans. And guess where that money’s going? Yeah, the kids. – Garth

#23 Jungle on 09.26.18 at 5:09 pm

“No surprising inflation to the upside:” Fed.

Nor is in their forecast, and actually sent bond yields lower today.

lol at the bears who think hyperinflation is coming.

I have heard no credible person talk of hyperinflation. But a 4% CPI in the US is an entirely reasonable expectation. (Why does everyone on this stupid blog speak in extremes?) – Garth

#24 Stan Brooks on 09.26.18 at 5:15 pm

#16 Victor V on 09.26.18 at 4:53 pm
Realtors have no shame. Just take a look at this outlandish claim being promoted on social media.

https://www.facebook.com/tocondoinvestments/photos/a.1077132015774654/1186259451528576/?type=1&theater

“Since 2016, the average PSF of a condo has increased by ~40%. This means investors that bought (20% downpayment) pre-construction in 2016, have tripled their initial investment!

Remember, a stock can drop in price all the way to zero, a piece of real estate, will not”

Shameless pumping (But hey, idiots buy it!), in a normal country these people would have ended up in jail.

Not here though. French villa daddy’s boy is busy killing doctors and plumbers while fancy socks boy is planing his next gender neutral outfit.

#25 Barb on 09.26.18 at 5:16 pm

This is by far the worst idea I’ve ever heard.

This shingle-share makes timeshares look like gold (and they’re not).
A pyramid.
A depressing pyramid of grief.

Bernie Madoff would be proud of these schemers.

#26 Long Branch Apprentice on 09.26.18 at 5:23 pm

More proof Canadian millennials are retarded by design.

#27 dakkie on 09.26.18 at 5:28 pm

Mike Maloney: “The End of the Real Estate Boom?”

http://www.investmentwatchblog.com/mike-maloney-the-end-of-the-real-estate-boom/

#28 cecil on 09.26.18 at 5:28 pm

Once you say ‘a REIT with zero holdings’ it really puts a damper on the whole thing!!!

That’s all it should take to sink this idea. Sadly its probably the people who can least afford this kind of risk who will go for it.

#29 Stan Brooks on 09.26.18 at 5:31 pm

#26 Long Branch Apprentice on 09.26.18 at 5:23 pm

More proof Canadian millennials are retarded by design.

https://www.mentalhealthcommission.ca/English/what-we-do/children-and-youth

Healthy emotional and social development in early years lay the foundation for mental health and resilience throughout life. An estimated 1.2 million children and youth in Canada are affected by mental illness—yet, less than 20 per cent will receive appropriate treatment. By age 25, approximately 20 per cent of Canadians will have developed a mental illness.

#30 Remembrancer on 09.26.18 at 5:50 pm

#28 cecil on 09.26.18 at 5:28 pm
Sadly its probably the people who can least afford this kind of risk who will go for it.
—————————————————————-
The low entry cost is one key indicator of that – just like a first payday loan or that kangaroo guys LOC deal…

#31 Rainman on 09.26.18 at 6:02 pm

Seems a smart but dumb idea?

#32 jerry on 09.26.18 at 6:12 pm

The ‘mortgages’ for older people are likely equity take-out loans. And guess where that money’s going? Yeah, the kids. – Garth

Are you saying that the 80 year old pre war generation are giving their 60 year old “kids” the cash to buy a home. The spike in mortgages issued to this age group is massive and sounds like they are buying what the real estate industry is trying to sell right now.

“The exception within the mortgage origination drop is within the older generation Canadians, including the Silent/Pre-War generation (aged 73-93) that saw a significant year-over-year increase (63%) in the volume of mortgages issued”

Obvious equity take-outs, not real estate purchases. Duh. – Garth

#33 Canada Goldern Dwan Party on 09.26.18 at 6:14 pm

DE:ETED

#34 Stone on 09.26.18 at 6:16 pm

#23 Jungle on 09.26.18 at 5:09 pm
“No surprising inflation to the upside:” Fed.

Nor is in their forecast, and actually sent bond yields lower today.

lol at the bears who think hyperinflation is coming.

I have heard no credible person talk of hyperinflation. But a 4% CPI in the US is an entirely reasonable expectation. (Why does everyone on this stupid blog speak in extremes?) – Garth

———-

Because most of the sheep only see black and white and not the full spectrum of colours available. Going beyond black and white requires a brain in use and effort. Sigh…

#35 MF on 09.26.18 at 6:21 pm

#122 IHCTD9 on 09.26.18 at 1:33 pm

Pretty much 0.00% chance of that scenario ever occurring. Besides, every issue you mention can be said of all large western cities.

As an example, my cousin in-law is an accomplished lawyer who graduated top of his class at McGill U. After graduation he was quickly snapped up by a prestigious Manhattan law firm. He worked there for a few years, made a ton of money, but eventually decided to come back to Toronto. The reason: better work-life balance.

Because he is Canadian doesn’t change the fact that he was still an immigrant in the US who returned home. Does that mean New York is a bad place to live? No. Does it mean New York is a bad place to live for immigrants? No. Besides, there is weak evidence of immigrants leaving the GTA in large numbers. The opposite is true actually. Population numbers show a consistent overall increase, which is similar to my anecdotal experiences. There is even a mini baby boom occurring right now.

And that younger population of the GTA is also important. the GTA will always have a large percentage of young people partially because of the presence respected universities and colleges, but also because of the accelerating trend towards urbanization coupled with immigration. Ask any millennial what they are saving up for and the answer is a “condo downtown”. A large concentration of educated young people means businesses will always be present and looking for talent. It also means you will have lots of businesses opening looking to profit. Does everyone make 100k/year? No. Not a chance. But there are a lot of big salaries in finance, construction, IT, sales, even servers can do well.

It’s actually becoming confusing. We were complaining about rich immigrants coming and buying up our land, now we are complaining that immigrants don’t have enough money? The immigrants I see are doing fine. They have jobs, work hard, go to school, get better jobs, buy houses, and start families. They are like us natives. Some make bad decisions and suffer. Some succeed and live life well.

I should mention we natives usually take for granted that the GTA has stable government, low crime, low corruption, a sizable middle class, and little socioeconomic tension. There is crime, but it remains lower compared to other cities of the same scale. In an era of rising populism these are pros that we take for granted but many others don’t.

Listen, I know you like the small town life, but to believe the GTA is going to become ghettoized and change for the worst akin to Chicago is far fetched. Sure that reality can happen anywhere, but to believe it is a likely scenario here ignores the realities on the ground: stable government, stable climate, stable infrastructure, large young educated population, high social cohesion, increasing population size, accelerating urbanization and the presence of jobs. Wherever I go I see people enjoying life.

MF

#36 Linda on 09.26.18 at 6:22 pm

I have to presume the IMBY directors disclosed all this information to their crowdfunding investors up front. The fact the first order of business is to use any funds to pay back IMBY’s founders a $688,634 loan I find extremely interesting. Yes, crowd funding has been used by others to pay off debt but in this case, there is the promise that eventually the ‘investors’ are going to get their investment back plus a ROI. This concept may have been filed with the securities commission, but history is full of examples of how the system can be used to run a scam on people – Bre-X for example.

In this brave new world, if one purchases a share in an existing home will one have the right to occupy it? Could get crowded:)

#37 When the Whip Comes Down on 09.26.18 at 6:29 pm

What does the bc securities commission say about this type of scheme? Anyone know? I am curious but lazy to research the answer myself.

#38 AGuyInVancouver on 09.26.18 at 6:37 pm

The ‘mortgages’ for older people are likely equity take-out loans. And guess where that money’s going? Yeah, the kids. – Garth
_ _ _
Sounds like thr wrinklies are taking out reverse mortgages at an eye-popping rate. To give to the kids, go on cruises or just put food on the table…?

#39 JG on 09.26.18 at 6:37 pm

I am amazed this kind of thing is allowed to continue.

In the securities biz, there are things like suitability and concentration rules that apply.

no rules here…..its cowboy country. Insane

#40 Dolce Vita on 09.26.18 at 6:38 pm

P. T. Barnum.

#41 Smoking Man on 09.26.18 at 6:46 pm

#BREAKING: President Trump rejected one-on-one meeting with Canadian Prime Minister Justin Trudeau

“Yeah, I did. … His tariffs are too high and he doesn’t seem to want to move and I told him forget about it.”
……….

Move into USD asset classes. Dump Ontario real estate Now!!!!!

#42 not so liquid in calgary on 09.26.18 at 6:48 pm

you know the bulls have returned to the barn when…:

calgary/bwww.cbc.ca/news/canadaitcoin-mining-medicine-hat-crytocurrency-electricity-deal-hut-8-1.4584257

#43 Smartalox on 09.26.18 at 6:48 pm

Remember the news articles last week that said that BC landlords would be allowed to charge the ‘highest ever’ rent increases next year – over 5%?

Not so fast, says the NDP:
ttps://www.citynews1130.com/2018/09/26/max-allowable-rent-increase-wont-4-5-per-cent-next-year/

Premier John Horgan and Housing Minister Selina Robinson have just announced next year’s rent hike won’t be the proposed 4.5 per cent. Instead, the increase will be limited to 2.5 per cent, or the rate of inflation.

“It’s simply not sustainable for renters, many of whom are on fixed incomes, to see their rent increase by more than inflation each and every year,” Horgan said in a press release. “We have to eliminate the risk of such huge increases for renters.”

Looks like my landlord is going to have to re-jig his budget for next year!

#44 Alberta Ed on 09.26.18 at 6:50 pm

How long until Horgan and the Dippers hire these guys to run their housing policy?

#45 David Gratton on 09.26.18 at 6:51 pm

Hi, I’m David.

Full disclosure. I work at IMBY as the Chief Marketing Officer. I’m also renter in North Vancouver. I’ve followed Garth’s blog for years. I will – should Garth permit – answer any questions.

Thank you for dropping by, and for the offer. – Garth

#46 Canada is Lawless on 09.26.18 at 6:54 pm

There’s way more to this Toronto real estate broker gunned down than a simple real estate deal. There is a money laundry using public markets and offshore banks attached to it. The Yorkville crowd in full effect.

Luxury-home sales are booming in Toronto, tumbling in Vancouver – BNN today.

I think I have told you on here that this would happen. I said that, right? Yeah, I said that – months ago. The money laundering is heading East far away from David Eby. Business no good with Eby. Laundry mats under scrutiny in BC.

Ding! Hear that? A coin going in the laundry mat in Ontario – open for business in ON.

The only way to fix this is appoint Eby to Prime Minister and get some coast to coast policy.

Montreal prices are also going to soar. Ding!

#47 Capt. Serious on 09.26.18 at 7:01 pm

You know, Jim O’Shaughnessy is right when he says that human nature never changes, and that is your advantage. (I’m sure he was quoting someone else. He’s a good follow on Twitter, FWIW.)

#48 Shawn Allen on 09.26.18 at 7:02 pm

Crowd Funding as an Investment

Hard to imagine it does not violate securities laws.

#49 Thanks on 09.26.18 at 7:04 pm

LOL too funny. How TF did they sell 1.6M of this? who thought it was a good idea to come up with this nonsense? Who thought it was a good idea to invest in it? I would have to imagine the marketing costs to raise that much money in a faulty proposition is probably at least half of the 1.6M to start with.

Stinks of Ponzi from the get go.

#50 Vancouverless on 09.26.18 at 7:08 pm

This is the Pets.com segment of the mania, right?

#51 Asterix1 on 09.26.18 at 7:16 pm

Toronto article: “GTA home sales shake off ‘very dark period’”

Quote: “Sotheby’s International Realty Canada says the fall luxury market will run “at full throttle” now that the Toronto region has shaken off the malaise of “a very dark period””

Thanks for the amazing research and insight! I guess B-20, raising interest rates, broke Canadians full of debt was just a snowy mirage.

TStar and these realtors should be charged for their lies!

#52 sydcixel on 09.26.18 at 7:18 pm

Two years ago, I purchased a TFSA GIC, at the rate of 1.3%. A few days ago, I renewed it, at the rate of 2.03%, for two years. That’s a 56% increase. Not everyone is complaining about rising interest rates.

#53 For those about to flop... on 09.26.18 at 7:25 pm

09.26.18 at 10:43 am
#95 Bytor the Snow Dog on 09.26.18 at 9:21 am
#63 For those about to flop… on 09.25.18 at 9:40 pm sez:

“The only thing I can think of that can make this thread better is some Flopper magic…”

—————————————————–

Geez aren’t you a little full of yourself.

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

+1

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

O.k, o.k I get it you guys don’t like me, fair enough.

Can I report on here without you guys crying like babies everyday or what…

M44BC

#54 Flat Earth Society on 09.26.18 at 7:33 pm

It sounds like just another “GoFundMe” scam to me. Anybody (other than me) hear about the self-filling water bottle? The underwater gill? The homeless man? $100’s of thousands were raised and nothing happened. Did investors really believe it was possible to extract enough water from the air to fill a water bottle in a few hours using a solar panel from a calculator?

But that is what makes these scams so deceptive to the gullible. It is possible to extract water from the air using a solar panel. Well, solar panels (plural). Big ones. If you have enough solar panels to run a dehumidifier, you will get water. But you aren’t going to put that on your bike.

These sorts of snake oil scams have been around for a long time. But they won’t go away, because people keep falling for them. Look at Tesla. Huge debt, no real technical advantages, manufacturing problems up the wazoo, plenty of competition coming as soon as somebody wants to buy an electric car, huge debt, distribution problems, no real service infrastructure (one it’s off warranty you have to fix it yourself), the CEO smokes pot in public, and more. Yet people buy and own these shares. Crazy.

Or how about the guy who figured out how to extract gold from seawater? He must have known it didn’t work from day one because he was later found to be salting the devices at night. Made off with a ton of other people’s money though. Reminds me of Bre-X.

People are a lot less smart than they think they are. Especially compared to what there is to know. Even a PhD in mathematics doesn’t know most of the math there is, although he/she is in a better position to acquire that knowledge as needed than most of us. And remember they are some of the smartest people out there and specializing in a very small field. Half of the people out there are below average intelligence, yet they are pretty sure they know all there is to know about everything.

It seems to be the case that confidence is the inverse of knowledge. The less you know, the more you are sure of yourself. I think this is why there are so many more socialist politicians than economists. You don’t need a lot of knowledge to be a politician (no slight intended Garth, I’m not saying they are exclusive). However, economists have to sort of pretend to have studied something. It’s still a pretty soft science, sort of like sociology, but they have proven a few things. Like: “If you give a man a fish, he will eat for a day. If you teach a man to fish, he will have fish for life. If you give a man free fish for life, he’ll play Xbox all day and the government will have to force someone else to do the fishing.” This has been so well established we can now call it a fact of the human condition.

So how did I go from this new real-estate scam, to self filling water bottles, to Tesla, to snake oil, to seawater gold, to socialism? They are all scams. They have been proven to be scams. There are lots of other scams, past and present. Yet people still fall for them in their millions. Do you know why? It’s because you aren’t that smart. And you are used to making decisions without the luxury of research. Research takes time, and Dancing With The Stars is on.

(PS, the Flat Earth Society needs your help! We have received a large financial donation of $20,000,000 from a sadly deceased former Nigerian government official. However, we need help transferring this money to Canada via an external bank account. If you are interested in facilitating this transaction, 20% of the money will be yours ($4,000,000) as payment for facilitating the transaction. If interested, please send $5,000 (for administrative fees) to [email protected] and include your banking information so that we can deposit the money. Thanks in advance.)

#55 Yo Dave on 09.26.18 at 7:35 pm

Carol James says spec tax is going forward. Especially for Spec town Kelowna where they should up it to 10% to contain the second mortgage bag holders out of control and leveraging up. It is possible that flip this house finance has made its way into the school system or something in that area, because apparently 2, 3 and 4 mortgages are the only way to financial freedom – especially in a rising interest rate environment.

We will see what the NDP are made of. Keeping everybody waiting in limbo is like a NAFTA deal not getting reached. The uncertainty and flip flopping is ridiculous. Pull the trigger NDP.

Weaver is talking about being against the spec tax, because really, it is a wealth tax, and he wants to bring in permanent bans on foreigners and other stuff like that.

Lots of talk Weaver, not much action.

What they need to do is just start seizing properties and putting them up for public auction. You know the ones I am talking about where a numbered company is on the land title.

You don’t live in BC, see you later. You work in BC and pay taxes locally, great – you’re allowed one house max until they resolve this so called land shortage. There is virtually no land left in BC and they ain’t making anymore of it they say. That is why everyone is so happy in Vancouver these days. And, just like Bitcoin, they say that there is only a certain amount left, which means prices will continue to double year-after-year. Supposedly.

They also need to kick in 800,000 rental only units to obliterate slumlords for good so that nobody feels the need to ever have to own due to great rental options being available. The focus needs to be put back on mobility for work and actually making things, not signing paper contracts and selling them to other people for a premium or paying politicians to keep vacancy rates at 0% to incentivize the private rental game for reckless speculators who failed elementary school and wreak havoc on hard working communities.

I went in the opposite direction of debt and my portfolio pays me baller $$. Let’s compare bank accounts. I am the peoples champ and coming for your job Gregor. You want to talk about infrastructure? I will build enough concrete rental stock to house the entire Gen Y for under $1,000 per month. Forget taking the ferry into work. That is so 2016 and the Island is overpriced now anyways. The houses yet to be seized (and I have some great ones in Vancouver) can be rented for a great bargain. You ain’t getting renovicted and pushed away and stripped of all your hard earned money for shelter if I am running the city. We need your talent and real contribution to GDP. We need to get the movement of people heading West again to the Metro and younger generation will survive if you make it viable. Vancouver is a mess right now.

#56 earthboundmisfit on 09.26.18 at 7:37 pm

Epic fail !!!

#57 bdwy sktrn on 09.26.18 at 7:41 pm

WOW – LISTEN to this EPIC smackdown!!!!!!!!
—————–

Trump Confirms Rejecting Trudeau’s Meeting Invite: ‘I Told Him ‘Forget About It”

http://insider.foxnews.com/2018/09/26/trump-rips-trudeau-trade-tariffs-during-press-conference-un-rejects-meeting

——-
Sox utterly and totally smacked like a rented mule.

Said PM Sox “But, but, but, gender something!

#58 crowdedelevatorfartz on 09.26.18 at 7:42 pm

@#46 Canada is Lawless
“The money laundering is heading East …”
+++++

I’m not sure about “laundering” but the PEI govt just changed the “Landed Immigrant Status ” rules.

Spoke to several realtors.
The amount of asians purchasing property is up significantly from last year. Which was up significantly from the year before that.
It’s very obvious that the “boom” has moved to the east coast.

#59 mark on 09.26.18 at 7:44 pm

Surely you can just go down to Home Depot and buy a couple of taps, a tin of paint and a few pieces of lumber if you want to buy a piece of a house.

#60 Terry on 09.26.18 at 7:57 pm

Told Ya So………….Here come the Auto Tariffs!

https://www.youtube.com/watch?v=3tk0d6Vhd2A

#61 Lost...but not leased on 09.26.18 at 8:06 pm

Thanks Garth for the, as usual, excellent analysis.

#62 Stone on 09.26.18 at 8:08 pm

#45 David Gratton on 09.26.18 at 6:51 pm
Hi, I’m David.

Full disclosure. I work at IMBY as the Chief Marketing Officer. I’m also renter in North Vancouver. I’ve followed Garth’s blog for years. I will – should Garth permit – answer any questions.

Thank you for dropping by, and for the offer. – Garth

———

Great! David, what’s the $689,000 for? Sounds scammy to me when more than 50% of what you’re asking for goes poof and has nothing to do with what the money is for. How does anyone investing in this make money? Would love to have you convince me otherwise.

#63 The dude on 09.26.18 at 8:17 pm

I heard a rumor that Amazon is looking hard at the downsview site in north Toronto for HQ2. This makes complete sense to me. Wonder how that would affect Toronto housing?

#64 Doug t on 09.26.18 at 8:18 pm

We as a species are a stupid lot – our track record is abismal

RATM

#65 akashic record on 09.26.18 at 8:27 pm

The ‘mortgages’ for older people are likely equity take-out loans. And guess where that money’s going? Yeah, the kids. – Garth

That’s what happens when you are a parent. You may chose to help your kids, like you chose to not spare any money to help Bandit.

As a canine model and social media influencer he brings in more than I do. – Garth

#66 John on 09.26.18 at 8:45 pm

SMOKING MAN

“Move into USD asset classes. Dump Ontario real estate Now!!!!!”

What? You said it was guaranteed Amazon was coming to Toronto…… Another prediction that hits the skids????

#67 akashic record on 09.26.18 at 8:52 pm

#65 akashic record on 09.26.18 at 8:27 pm

The ‘mortgages’ for older people are likely equity take-out loans. And guess where that money’s going? Yeah, the kids. – Garth

That’s what happens when you are a parent. You may chose to help your kids, like you chose to not spare any money to help Bandit.

As a canine model and social media influencer he brings in more than I do. – Garth

Good dog!
We are in very similar boat then. They can keep all the money for themselves though, I am most happy with the rest what they bring in. :)

#68 Caleb Landry on 09.26.18 at 8:55 pm

These guys are retarded – They can have three stratafied units on a 4,000 sq ft lot – which turns in to 3,000 sq ft of buildable space at an FSR of .75. And, not all of which can be above ground. To meet their projections they are going to have to sell the space at an average price of $1,233 sq ft. That’s fricking ridiculous for a east van garble of a triplex on a tiny lot. In two years, they’ll be lucky if they get $750/sq ft. Bad timing, bad deal, all around. These guys are way way off the mark.

#69 Fish on 09.26.18 at 9:09 pm

Bythe way Garth how old would Bandit be?

#70 IHCTD9 on 09.26.18 at 9:15 pm

#35 MF on 09.26.18 at 6:21 pm
———

You make a lot of good points MF, but we are looking at the GTA from different perspectives, and from different timelines. I also stated a few prerequisites that would need to pass before my potential view of the future could be realized. Also, you work in the Public sector, I work in the Private sector. That’s probably a bigger difference than you can realistically appreciate.

You’re looking mostly at the present, and with about a decade less time in the rear view. I agree with 90% of what you state regarding the present. My assertions were regarding the distant future, and are based to an extent on watching the erosion right from the front lines over the last 25 years. Suffice it to say, there has been a huge erosion on many fronts since then.

Did you know the forgotten tumble weed ridden ghost town I live in, which is dying a slow demographic death – actually has a slightly higher household income than Toronto? Or a brand new bungalow in a brand new subdivision here is 380-400K? Toronto used to promise a better standard of living (when you were in grade school) that’s gone now. It’s never coming back either.

I have several customers in the GTA, none are Canadian companies, all are here primarily to sell into the USA. The administration and engineering offices in these places are in constant flux, it’s so bad that I am amazed if any one of these folks is still there 12 months after they were hired. The wages are hideously low, and the minute they can make another $1.00/hr somewhere else, they quit. They are replaced by another within a day or two. These employees can barely do the jobs they are hired to do (despite most having degrees). They work very hard, against many obstacles, some are in school at the same time (a couple guys asked me to keep that info under my hat), but they never last. There is obviously a huge massive glut of job seekers in the GTA, it was not like this at all back in the 90’s.

At a previous employer, we hired two Chinese guys from Toronto. They made 15-20 grand less than their peers, we did not advertise any openings (we had none, this may have been an “experiment”), and they commuted from the East end every day. I don’t know about you, but to me; that’s an act of desperation. My wife works with an Indian guy in his mid 50’s who drives even further, stays out here paying rent all week, then drives through the chaos to get back home for the weekend. These guys are doing crazy things to make regular or worse wages. The reason is that they can’t even do the same in Toronto, forget about doing better.

Finally, I like to shoot the sh!t with my foreign born contacts. I take them out to lunch, and the topic of their homeland and why they came to Canada always comes up (I make sure it does). The only immigrants who seem satisfied are the ones who have been here 20+ years. The 5 years or less crowd are struggling – no question about it. It’s ultra tough. I believe it could get tougher yet. If Trump gets his way, it’s going to become nearly unbearable for quite a few. Mostly those who are young and single with no family here. One buyer I dealt with for a while was a 32 year old Russian single Mother. I don’t know how she got her head off the pillow every morning with her schedule. I think she was hoping to marry into some stability…

No offence MF, but if things keep going in the same direction as they actually have gone over the last 2.5 decades, I won’t be very wrong with my predictions.

#71 El presidente trumpster on 09.26.18 at 9:25 pm

Until PM twinkletoes learns to kiss the ring yer all toast. God I love the smell of tarrifs in the morning. Smells like winning.

#72 bdwy sktrn on 09.26.18 at 9:25 pm

#68 Caleb Landry on 09.26.18 at 8:55 pm
These guys are retarded – They can have three stratafied units on a 4,000 sq ft lot – which turns in to 3,000 sq ft of buildable space at an FSR of .75. And, not all of which can be above ground. To meet their projections they are going to have to sell the space at an average price of $1,233 sq ft. That’s fricking ridiculous for a east van garble of a triplex on a tiny lot. In two years, they’ll be lucky if they get $750/sq ft. Bad timing, bad deal, all around. These guys are way way off the mark.
————————
now don’t confusing the customers with numbers and stuff…

trout lake area? meh. just average east van hood. but if anyone does move in, when ever the lake freezes usually at least one dog gets in trouble out there. be a hero and keep a set of hip waders handy it’s not too deep.

#73 David Gratton on 09.26.18 at 9:33 pm

#62 Stone

Great! David, what’s the $689,000 for? Sounds scammy to me when more than 50% of what you’re asking for goes poof and has nothing to do with what the money is for. How does anyone investing in this make money? Would love to have you convince me otherwise.

——–

Hi Stone,

First thanks for asking the question.

This also is part of Garth’s second point in his post:
2. “They also reveal the first allocation of funds raised will be to pay back IMBY’s founders for a loan of $688,634 – not to build out this little strata project.”

We bought the property in March with a closing in May. We had hoped that we would be able to crowdfund the project by closing using the Private Issuer Exemption.
https://www.bcsc.bc.ca/For_Companies/Private_Placements/Private_and_early_stage_businesses/#PrivateIssuer

We came up $688,634 short. Rather than have Michael and Stephen buy the remainder at closing and then “resell” to the public, we felt it was cleaner and more transparent for IMBY Parent Co. to make a loan to close the purchase at 0% per annum. We then continued the crowdfunding using the OM exemption.

Garth is correct that this raise was to buy the property and NOT fund the redevelopment. However, we put the estimated redevelopment costs into the return estimates. So, if we did need to issue shares for the redevelopment, dilution was already factored in.

The returns are explained here:
https://vancouver.imbyx.com/properties/KYkS2X#property-financials

and here:

https://medium.com/@imby/hey-imby-can-you-really-get-a-35-return-in-real-estate-today-aba52c9326a

#74 bdwy sktrn on 09.26.18 at 9:34 pm

i’m in!

i’m selling 49% of my house to a flock of nose-pierced instagrammers. they can each take turns coming over to cut the lawn. perfect.

#75 yorkville renter on 09.26.18 at 9:41 pm

#2 – Sorry, a REIT with zero holdings AND a massive MER. Even better

___________

you forgot to add “with $700k in “debt” to be paid to the founders before anything else happens.

who wants to bet that part of the debt is “deferred salary”, vs $$$ loaned to the business? incredible

#76 Doghouse Dweller on 09.26.18 at 9:50 pm

And for those who own 51% of the company that others finance, well, you know.

Let’s hope the moisters are not this naïve.
—————————————————-
Could it be worse than the crew at Gold Money (XAU.TO) ? Every annual meeting there is a new scheme to further water down the shares.

#77 georgist on 09.26.18 at 10:01 pm

> Montreal prices are also going to soar. Ding!

Properties in Montreal in a very good neighborhood are *not* selling. I’m seeing reductions.

If this were an insane bull market that would not be happening.

#78 crowdedelevatorfartz on 09.26.18 at 10:03 pm

@#71 El Presidente
” I love the smell of tarrifs in the morning. Smells like winning…..”
++++

If yer gonna plagerize one of the best lines in Hollywood….get it right.

“Smells like …..victory…..”

I always appreciate a line involving ofaculatory observations…

#79 Smoking Man on 09.26.18 at 10:08 pm

John on 09.26.18 at 8:45 pm
SMOKING MAN

“Move into USD asset classes. Dump Ontario real estate Now!!!!!”

What? You said it was guaranteed Amazon was coming to Toronto…… Another prediction that hits the skids????
….

They’re all coming for the endless supply of TFW. USA is tightening up the H1B program.

Microsoft is opening a centre in Toronto.

A few thousand tech workers underpaid by USA standards will not save the housing market if Trump goes all in a ditches NAFTA.

T2 will not back down on dairy.

Bet Accordingly

#80 Boom! Sorry BC Landlords on 09.26.18 at 10:13 pm

BC Province announces lower cap on maximum rent increases

The provincial government is scrapping the rental increase formula and lowering the maximum annual allowable rent increase to the cost of inflation only.

With Wednesday’s announcement, the maximum increase allowed in 2019 will be 2.5 per cent, not 4.5% anymore.

“Renters have told us that they are hurting and they need help today,” said Housing Minister Selina Robinson.

Landlord exit strategy gone.

Go get em’ Horgan!

#81 Slowly Boiling Frogs on 09.26.18 at 10:18 pm

For those who keep questioning Garth’s statements about older folks increasingly taking out mortgages.
This is from the Huffington Post article “Mortgages Soar For Canadians In Their 80s, 90s”

But the sharp rise in mortgages among the elderly suggests this group may be increasingly relying on rising house prices to finance their retirement — or to finance major purchases for other members of their families, said Matt Fabian, director of financial services research and consulting for TransUnion Canada.

“Because we’re not seeing them take on new addresses, they’re either funding retirement through their home equity, or renovations, or they’re helping to subsidize other people in the family,” he told HuffPost Canada.

That money could be used for anything, Fabian noted, but he suggested education costs for younger family members and down payments on children’s or grandchildren’s homes as two likely possibilities.

And those mortgage numbers may only be scratching the surface, as they don’t include reverse mortgages or home equity lines of credit (HELOCs)— two options that are favoured by older homeowners with a lot of equity in their properties.

#82 Give me RE, or death on 09.26.18 at 10:36 pm

#20 HoweStreet.com on 09.26.18 at 5:00 pm

Foreign Owners get huge gift from Mayor Robertson.

———————————————————

Garth does not believe that foreign owners were a significant factor in the Vancouver RE price run
up. Apparently, Canadians have only themselves to blame:)

#83 Anyone remember League REIT? on 09.26.18 at 10:36 pm

I also work in land development in B.C.

If it was easy, everyone would be doing it and there’d be no $ to be made; not a business for people without experience.

#45 David Gratton – assuming this wasn’t a fake post, do you remember the League REIT and Adam Gant? Good at marketing and they made a small fortune. (Out of their investors large fortune lol).

http://www.vancouversun.com/Victoria+League+Assets+Group+crashes+leaving+investors+absorb+more+than+million+losses/9975178/story.html

#84 Stan Brooks on 09.26.18 at 10:40 pm

US, Japan agree to negotiate a free trade agreement:

https://ca.finance.yahoo.com/news/us-japan-agree-negotiate-free-222856026.html

I guess Japan and Mexico do not have the equivalent of Freeland, billed as:

a former journalist and careful tactician whose star turn in Trudeau’s government has earned her deep respect in the Liberal caucus and beyond.

and T2 boy who was publicly very badly slapped in the face/it is a slap back after he slapped Trump after the G7 meeting in Canada.

It is pretty much a done deal, there will be no NAFTA based on anything resembling representation of our terms at all with this US administration (after willingness on their part to be accommodative that we took for weakness) and with the way things are going highly likely won’t happen in the next 5 years.

Trump was absolutely brutal, he is definitely dealing very differently with Japan, Mexico etc.

He clearly spelled the (immediately) coming Auto tariffs.

Ontario is doomed. Why do you think the provincial government just (exactly at this time) announced putting on hold the planned minimum wage increase for the next year?

Knowing well the Japanese PM I can tell you that he is definitely protecting extremely well the Japanese interests, so how come Trump gets along with him so well and not with the socks boy?

Trump’s statement projects an absolute and humiliating disaster which contradicts all lies told by liberal ministers and media on ‘how well the negotiations are going’.
It is a catastrophe of unmitigate-able proportions for which unfortunately all of us will have to pay one way or another.
(Our media and liberals even lied that T2 did not request a 1:1 with Trump.)

I can tell you that with the treat of derailing completely the trade with US and the uncertainty due to that many businesses will simply pack and move out taking their capital with them. Some cheap labour/sweat shops will remain but won’t help us much.

As for inflation, it will be much worse than most of us think: Taking out the exports to US, under the surface our economy is not much better than that of Turkey and see what happened to them. They are much closer to Europe though.

It seems many lies including these surrounding the gargantuan housing and credit bubbles will be debunked at around the same time stunning the obedient sheeple in a very, very unpleasant way.

I am sure that T2 will be tempted at this point to go full Cuba and Venezuela and rally the troops against the ‘dictator south’ claiming protection of our interest but this is a sleepery slope that will absolutely kill any chance of NAFTA in the future.

Bad, very bad moment of truth.

I am surprised to some extent that every time I try to be somehow moderate a new pile of smelly stuff pops up or hits the fan just to prove my original points.

I am surprised that loonie still holds, now that things are official.

#85 Give me RE, or death on 09.26.18 at 10:46 pm

IMBY. Just another example of the unlimited bag of tricks that will keep TO RE prices afloat. This gasbag has lots more room to grow.

#86 Ace Goodheart on 09.26.18 at 10:52 pm

Re: IMBY- is that not just a small, badly managed profitless REIT that pays taxes because it isn’t structured correctly?

Real estates barriers to entry are so high that the average person can’t invest? What nonsense is this?

Buy REITs. Taxless investment trust units that….surprise…consist of residential and commercial real estate, pay monthly dividends that are really good, and actually turn a profit.

#87 Stan Brooks on 09.26.18 at 10:55 pm

#85 Give me RE, or death on 09.26.18 at 10:46 pm
IMBY. Just another example of the unlimited bag of tricks that will keep TO RE prices afloat. This gasbag has lots more room to grow.

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

No, it won’t grow further. It is a game over.
This RE markets is finally out of lives.

Now, after NAFTA is officially over, no bank will lend you anything.

BoC has to think about cutting rates and CHMC about providing some new ultra subprimes/unlimited liquidity just to stay afloat or at least mitigate the fall, but I highly doubt that banks will fall for it and keep lending, what trust can you really have in this leadership to fulfill its promises and obligations?

Do you think the can ‘insure’ more on top of the current 1.1 trillion?

#88 Vision on 09.26.18 at 11:03 pm

I do not mind paying more for Canadian milk. It is hormone free. Mr. Dressup needs to let go of the milk subsidies.
Auto jobs are more important to the economy.
Please make a deal.
Mr. Dressup and Freeland are messing up Canada big time.
The debt is building up and the economy is unravelling.

#89 Parksville senior on 09.26.18 at 11:05 pm

Garth – you are far too kind.

And here I thought you were a plain speaking, pull no punches kind of a straight shooter—-but you waffle on this!

Loved it!

#90 Millennial905er on 09.26.18 at 11:07 pm

@Jungle – look again, it says ‘Sold’

#91 Mrs. Fool on 09.26.18 at 11:08 pm

As a canine model and social media influencer he brings in more than I do. – Garth
————————
This is priceless! That’s why I come to this site every night… the financial advice is just a bonus.

#92 Remembrancer on 09.26.18 at 11:11 pm

#84 Stan Brooks on 09.26.18 at 10:40 pm
Ontario is doomed. Why do you think the provincial government just (exactly at this time) announced putting on hold the planned minimum wage increase for the next year?
——————————————————————

Umm, hate to break the flow of impending doom and desperate last minute attempts to stave off economic TEOTWAWKI but while he was light on details overall, actually DoFo campaigned with the understanding the increase to $15 would not go forward months ago… Its one of those small “c” conservative small business platform thingees that have been kinda lost in the spanking Toronto city council, threatening to suspend Charter rights, attacking legitimacy of an independent judiciary and handing out Costco 30 cent hotdogs to Nazi cosplayers news coverage cycles…

#93 John on 09.26.18 at 11:15 pm

Stan

We all know you are dumber than a rock.. so let’s move on. Nafta is a jerk off. We want no part of it. Like go play in the freeway or something.

#94 El presidente dumpster on 09.26.18 at 11:19 pm

#78 crowdedelevatorfartz on 09.26.18 at 10:03 pm

@#71 El Presidente
” I love the smell of tarrifs in the morning. Smells like winning…..”
++++

If yer gonna plagerize one of the best lines in Hollywood….get it right.

“Smells like …..victory…..”

I always appreciate a line involving ofaculatory observations…
….

https://www.youtube.com/watch?v=FWBUl7oT9sA

#95 John on 09.26.18 at 11:19 pm

SMOKING MAN

Poor reading comprehension? YOUR call on Amazon H2 to Toronto… guaranteed… lol…

#96 IHCTD9 on 09.26.18 at 11:21 pm

I’d like to bring the comments section around to focus on a more pressing question. Sure economics, real estate prices, and investing is important stuff, but there are other serious questions in life that need answers too.

One of these life obliterating questions is: Will YAMAHA (a moment of reverence please) put their new 850 twin in the 2020 Grizzly?

The 2018 Wolverine X4 sxs got it. The 2019 Wolverine X2 sxs is getting it. Will the bloody 2020 Grizzly get this sweet 69 HP twin?

The guys at work say no way, YAMAHA will keep running that tired old 700 single until the end of time. I say YAMAHA knows they’ve been outgunned for a decade now, and they know Grizzly owners won’t be content just to haul their buddies’ broken Polaris’s and CanAm’s out of the bush forever. Us faithful Grizzly owners would like to kick some A on occasion too.

Now, my 2014 Grizzly 700 SE is a FINE machine. Indestructible, goes anywhere, and with enough power to bring up the front end with throttle alone. Never let me down unlike that ****box Honda I owned before it.

But, I sometimes get frustrated when my pals who ride 1000cc 90+ hp Polaris and CanAm twins leave me in the dust on straightaways. Even after a mile or two, when I inevitably pull up to my pal’s overheated CanAm bealching coolant all over the place, or when buddy’s Polaris smokes another belt and he’s standing there looking at me with a tow strap in his hands, I still feel a little bummed.

I think it’s high time to give us Griz owners enough power to keep up with those belt blowing, rad exploding American and Canadian tow strap exercisers.

I know this same question is burning in the minds of all our posters here too, so let me know what you think.

#97 Victor V on 09.26.18 at 11:22 pm

#79 Smoking Man on 09.26.18 at 10:08 pm
John on 09.26.18 at 8:45 pm
SMOKING MAN

“Move into USD asset classes. Dump Ontario real estate Now!!!!!”

What? You said it was guaranteed Amazon was coming to Toronto…… Another prediction that hits the skids????
….

They’re all coming for the endless supply of TFW. USA is tightening up the H1B program.

Microsoft is opening a centre in Toronto.

A few thousand tech workers underpaid by USA standards will not save the housing market if Trump goes all in a ditches NAFTA.

T2 will not back down on dairy.

Bet Accordingly

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

Because of that press conference T2 may not get NAFTA but he just guaranteed himself another majority.

T2 will get re-elected.

Bet accordingly.

#98 John on 09.26.18 at 11:23 pm

Slowly Boiling Frogs

Soooo… people in their 80’s, 90’s taking out mortgages on their houses to finance living expenses. So this is a bad thing???????? At least at that ripe old age they still have assets to draw from. Be hope
ful you have the same!

#99 TalkingPie on 09.26.18 at 11:25 pm

#77 georgist

“Properties in Montreal in a very good neighborhood are *not* selling. I’m seeing reductions.”

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

Which neighbourhood is that? Having just bought a couple of months ago myself and being in contact with numerous friends and coworkers who’ve done the same, the West Island is rising like crazy. We’re talking about bidding wars bringing $350k houses to $50k over asking. Multiple offers come in within hours of a listingIt’s not Toronto- or Vancouver-crazy by a long shot, but there’s action. Downtown condos seem to be doing alright, as well – way more expensive than I was willing to spend.

Going off the island still gets you a tamer market for sure.

#100 Myra Andrews on 09.26.18 at 11:50 pm

Stats for Greater Vancouver from realtor Paul Boenisch

Sept 26 New 236 Sold 78 TI:13,724
Sept 25 New 270 Sold 127 TI:13,649
Sept 24 New 288 Sold 142 TI:13,586

Sept 21 New 171 Sold 63 TI:13,574
Sept 20 New 218 Sold 81 TI:13,538
Sept 19 New 227 Sold 99 TI:13,472
Sept 18 New 266 Sold 99 TI:13,418
Sept 17 New 360 Sold 93 TI:13,339

Sept 14 New 143 Sold 85 TI:13,239
Sept 13 New 225 Sold 58 TI:13,240
Sept 12 New 268 Sold 90 TI:13,147
Sept 11 New 325 Sold 77 TI:13,057
Sept 10 New 487 Sold 87 TI:12,916

Sept 7 New 197 Sold 87 TI:12,681
Sept 5-6 New 609 Sold 195 TI: 12,653
Sept 4 New 498 Sold 53 TI:12,439

Inventory at the end of August was 12,510

#101 Where's The Money Greedo? on 09.27.18 at 12:30 am

Re: #87 TurnerNation on 09.26.18 at 8:21 am
Yes King Ford’s job is one of stripping assets away from Ontariowe and in to the hands of elites. Blog dogs noted all the pot companies getting top brass (former police chiefs and so on) into plum positions.

Wynn (like the casino family) already sold off Hydro One.
Ford is to sell the Toronto Transit, sell public lands to casinos , and then the LCBO.

Stand in line at the LCBO after a days work paying .45 cents of every dollar in taxes, then pick up a product taxes at 80%…and the clerk ask: $5 donation to the way that’s United charity -or something?

How stupid do they take Kanadians. Look around your city. It’s run with drug dealers and violently ill homeless people – free to commit crimes and impinge upon your freedoms. What charity could change this.
Charities exist as slush funds for admin and managers. I defy anyone to show me someone helped by them. All 10,000 charities soaking up tax deductions.
+++++++++++++++++++++++++++++++
“Charities exist as slush funds for admin and managers.”
Those $2.00 donations at end of transactions at the kiosk of Superstore, gone to Weston’s private bank in Barbados where Canada Revenue is trying to claw back $437 millions in taxes owed.
And silly me thinking it was the bread fixing money, how naive!
There’s money in those charity hills boy, and lots of it.
I went into the Superstore about a year ago after watching Marketplace’s show on the scam of charities and asked the manager to show me the breakdown of the money distribution that Marketplace said ALL charities have to show you and he wouldn’t produce.
Sold me right there.
Look at the Clinton’s Charity, set up for Haiti earthquake, got over $2 billion. Where is it sitting? Switzerland. You can count on one hand the houses built.

#102 Greg on 09.27.18 at 12:43 am

I received an offer from BMO today for a personal line of credit.

$10,000 at 7.23%! 7.23%!!!!

I have impeccable credit and have had Personal lines and Homeowner lines with BMO over the last 15 years between 3-5%. (all paid off now thankfully).

7.23%! times are a-changing! The zero debt thing is helpful.

#103 Still Learning on 09.27.18 at 12:55 am

Talked to a friend today who is leaving for Montreal on Sunday to move (with his wife and soon to be kid). They can rent a 2 bedroom apartment there for $350 less than the studio they are paying for here in Van. He’s young, smart and creative and so is his wife.

On another note, the building next to us which was supposed to be demolished this spring and rebuilt is still standing. Most of its tenants are gone and it’s becoming a major eyesore… there’s some kind of delay.

And the townhouses that we’re built quite a while ago still have a sign out front saying – “Only 2 left”… noticed new real estate agents on the sign.

I think Van’s gonna be in for a rough ride.

#104 Bob Dog on 09.27.18 at 12:59 am

Why are Canadians even contemplating this nonsense? The issue at hand is government corruption. This is the second biggest habitable landmass in the known universe, yet we are forced to live in cages barely fit for human habitation.

The government of Canada is a corrupt puppet regime. Who is pulling the strings?

My money is on the criminal banking cartel

#105 Mousey on 09.27.18 at 1:02 am

IMBY-new name, old idea. Remember that fabulous race horse Secretariat? They syndicated ownership of that lovely beast because he was simply too expensive to own and operate (that is basically true of every horse by the way.) Also, there have been businesses selling shares in companies buying houses in the Lower Mainland for years. The main distinction with this new venture is that there is apparently an app. Probably already been happening in Britain, Australia or other places with speculative housing markets.

Also, about the great dog pic. Is that a Saluki in the back row far right? And is that a Hungarian Vizsla with the smooth copper coat mid row on the right?

#106 Where's The Money Greedo? on 09.27.18 at 1:04 am

Re: #37 When the Whip Comes Down on 09.26.18 at 6:29 pm
What does the bc securities commission say about this type of scheme? Anyone know? I am curious but lazy to research the answer myself.
++++++++++++++++++++++++++
BC “Securities” Commission…
Have you read anything about how much they “penalize” scams in BC”?
https://vancouversun.com/business/local-business/hundreds-of-millions-of-penalties-issued-by-b-c-securities-commission-going-unpaid
https://vancouversun.com/business/local-business/condo-case-shows-difficulty-b-c-securities-commission-has-collecting-fines
https://www.timescolonist.com/business/regulator-quietly-stays-35-million-in-fines-1.23185698

It’s as bad as when Vancouver had the VSE that was finally closed down due to “chicanery”.
In 1989, Forbes magazine labelled the VSE the “scam capital of the world.”[3] In 1991, it listed some 2,300 stocks. Some local figures[citation needed] stated that the majority of these stocks were either total failures or frauds. A 1994 report by James Matkin (Vancouver Stock Exchange & Securities Regulation Commission) made reference to “shams, swindles and market manipulations” within the VSE.[4] Regardless, it had roughly C$4 billion in annual trading in 1991.
https://en.wikipedia.org/wiki/Vancouver_Stock_Exchange
In the land of beggars, tramps and thieves…..and realtors

#107 Newcomer on 09.27.18 at 1:37 am

#45 David Gratton on 09.26.18 at 6:51 pm
Hi, I’m David.

Full disclosure. I work at IMBY as the Chief Marketing Officer. I’m also renter in North Vancouver. I’ve followed Garth’s blog for years. I will – should Garth permit – answer any questions.
——-

David, I think the idea is elegant, and it’s nice to think that ordinary Vancouverites could find a way to benefit from appreciation in the housing market. That said, it seems unlikely there will be appreciation in the housing market for a long while. You say that you have followed Garth’s blog for years. Have you simply been unconvinced by the case that he has been making all this time to the effect that YVR RE is toast? If Garth is right and economic fundamentals can impact prices, would not the investment you are marketing be a very poor one?

#108 Smoking Man on 09.27.18 at 1:44 am

Diversity is a code word for Globalism.
Brought too you by the architects of building 7 free fall speed.

Mueller appointed head of FBI one week before 911.

Judge Kavavagh is going to take them all down. Won’t touch abortion.

I can’t believe Soros has not fleed yet.. Guess he figures his army of basement dwelling thin armed masked thugs will save his ass.

I give a perfect example of full blown dementia.

Q

#109 Looney Baloney on 09.27.18 at 2:13 am

Wow, this is surreal. Someone literally stole my idea from a year ago and ran with it. Can I sue? Ambulance chasers amongst us please raise your hands. Mr. G, I’m still a dink, FYI.

https://www.greaterfool.ca/2017/05/16/how-to-buy-4/#comment-516706

#110 thesecondcomingofjohngalt on 09.27.18 at 2:56 am

What a great picture! How on earth did the photographer get all those dogs to pose like that together? Love your blog Garth, I don’t necessarily agree with some of your opinions, but at least you offer some common sense options for financial planning, keep up the good work/advice.

#111 Oft deleted much maligned stock picker on 09.27.18 at 4:06 am

DELETED

#112 Stan Brooks on 09.27.18 at 5:03 am

CORRECTED:

#35 MF on 09.26.18 at 6:21 pm
#122 IHCTD9 on 09.26.18 at 1:33 pm

MF,

Of course life feels good, when one spends somebody else’s money from a seamlessly bottomless credit card courtesy of the ruling idiots and thieves.

Once it has to be paid back (which is like now) things change.

As for enjoying life, many people just pretend. In GTA with the crowds everywhere and crumbling infrastructure what is to enjoy:
– the crowded malls
– the truly horrible traffic
– the always crowded public places
– the expensive everything/cost of living
– the weather
– the expensive always busy bars and restaurants
– the few open patio coffee shops that are always overcrowded?

What do you do in the evenings and on the weekend if/when you have a free time?

Going to a raptors or leafs game ($200+ average ticket) or to Harbour Sixty Steakhouse or Canoe?

I have been to most of these places with a single steak and bottle of french wine each starting in the $ 100-160 ranges and I have seen only old money/top corporate parties.

To live well in Toronto and enjoy life as you describe it you need at least 8-10 millions plus + paid off house.
and will spend 2/3 of time outside of the city/jet around as you will be bored to death otherwise.

#113 Ron Turcotte on 09.27.18 at 5:53 am

#104 Mousey

“IMBY-new name, old idea. Remember that fabulous race horse Secretariat?”

More than fabulous, the greatest race horse that ever graced a track. Secretariat’s still holds the record for ALL THREE triple crown races he won in 1973. His 1973 Belmont is the greatest single race in horse racing’s storied history. Every winner of the Belmont since then including such gems as American Pharaoh would look like a mule against the incomparable Secretariat.

#114 Gravy Train on 09.27.18 at 6:45 am

#108 Smoking Man on 09.27.18 at 1:44 am
“Diversity is a code word for Globalism.”

Hey, Smokey. How many years—or maybe months—do you think it will take for Trump to replace freedom and democracy with your beloved tyranny and fascism? You must be all agog over your long-awaited ‘destruction’ of Canada! :)

#115 Ian on 09.27.18 at 7:55 am

There are so many problems with that business model I’m sure it will attract all kinds of excited investors.

I love the ‘we get paid 648k first’ part.

Will be perfect for the Vancouver Exchange. They used to have bunk mining stories, now this.

#116 Incubus on 09.27.18 at 8:14 am

Garth, what do you think of this?

https://cardonecapital.com/

#117 Remembrancer on 09.27.18 at 8:19 am

#73 David Gratton on 09.26.18 at 9:33 pm

David, interesting idea. Hey, when is the city’s ruling on confirmation of Character Retention scheduled for?

#118 Stan Brooks on 09.27.18 at 8:21 am

#93 John on 09.26.18 at 11:15 pm
Stan

We all know you are dumber than a rock.. so let’s move on. Nafta is a jerk off. We want no part of it. Like go play in the freeway or something.

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

You need to go south more frequently, it helps unfreeze that brain so you can use all the 2 cells more efficiently.

You don’t need NAFTA, that is great, so you don’t mind losing your job or 30 % of your purchasing power at the store?

No worries, you will have every opportunity to pay for that stand. Stock on Vaseline while is cheap, just saying.

#119 dharma bum on 09.27.18 at 8:27 am

This type of large group real estate investing scam has been going on for decades, in one form or another.
The idiotic crowdfunding app, or whatever it’s called, is just a new twist on an old con.
Any money “invested” so far is lost. Guaranteed.

Stupid people.

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

#120 Evangeline on 09.27.18 at 8:28 am

#113 Ron Turcotte

“SECRETARIAT” Greatest Race Horse of All Time – Kentucky Derby Preakness Belmont Stakes 1973

https://www.youtube.com/watch?v=LlzHv-Kv8aU

#121 crowdedelevatorfartz on 09.27.18 at 8:36 am

@#106 Where’s the Money
“In 1989, Forbes magazine labelled the VSE the “scam capital of the world….”

+++++

Ahhh the good old days of the VSE and their penny stocks.

I remember one prime time interview on Good Morning America when Debra Norville was interviewing The Editor of Barrons Magazine and when she asked him about the VSE ( after another huge stock scam imploded).
His reply was, ” If someone from the VSE calls about an investment opportunity, my best advice is…..hang up.”

I’d say most of the traders of the early 80’s VSE became grizzled veterans of the local Real Estate industry.
Sales are sales after all.

#122 Howard on 09.27.18 at 8:58 am

Pay attention to Australia. It is further along in its housing cycle than Canada.

https://www.smh.com.au/business/the-economy/australian-property-prices-facing-longest-downturn-in-decades-says-ubs-20180926-p5060e.html

Australian home prices have fallen for 11 consecutive months, and will likely decline again in September

Yet the predictions are for a measly 5-12% reduction in prices over several years. Really??

#123 Ian on 09.27.18 at 9:02 am

Freeland and The Snowboarder are literally about to implode our auto sector because they won’t let go of supply management.

We are on the precipice of a major disaster here thanks to the Liberals.

#124 Kilt on 09.27.18 at 9:14 am

I’m not sure this scam is directed at the kids, but rather their parents. I hear these adds on the radio. How many kids listen to the radio nowadays.

Kilt.

#125 NoName on 09.27.18 at 9:16 am

Now that Kentakie Derbie is mentioned.

https://www.businessinsider.com/kentucky-derby-expensive-mint-julep-cocktail-jennifer-lawrence-charity-2018-5

#126 Smoking Man on 09.27.18 at 9:51 am

114 Gravy Train on 09.27.18 at 6:45 am
#108 Smoking Man on 09.27.18 at 1:44 am
“Diversity is a code word for Globalism.”

Hey, Smokey. How many years—or maybe months—do you think it will take for Trump to replace freedom and democracy with your beloved tyranny and fascism? You must be all agog over your long-awaited ‘destruction’ of Canada! :)
……..
If you can’t see it’s T2 following the Soros agenda who is going to destroy Canada, I can’t help you.

Do you know what Agenda 2030 is?

Trying to pin Canadas immanent doom on me is shallow and spitfull.
Have you sold your home yet. Why not?

The USA has got a 3% plus GDP and because of T2 we will miss out on getting the crumbs of that, which is huge.$$$$$

You socialists don’t understand business and money flow. But experts at gender flow and man made climate change.

Dr Smoking Man
PhD Herdonomics

#127 Ron Turcotte on 09.27.18 at 10:24 am

#120 Evangeline

Yes, great video of the one and only Secretariat. The 73 Belmont gives me goosebumps every time I view it. The realization that this is the single greatest race ever run by a horse. Just compare the times of every other winner of the Belmont in its 151 year history and you will then get a feel for what a staggeringly fast race Secretariat ran…

#128 Evangeline on 09.27.18 at 10:48 am

#84 “Knowing well the Japanese PM ….”

You know him personally?

Japan loved Trump from the very start of his campaign; lots of Japanese kids made supercute videos supporting him.

#129 Caveat Emptor on 09.27.18 at 10:51 am

Condo buyers beware!

https://www.thestar.com/news/investigations/2018/09/27/this-condo-developer-collected-millions-in-deposits-and-hasnt-built-anything.html

#130 Howard on 09.27.18 at 10:59 am

#22 jerry on 09.26.18 at 5:08 pm

“So what do you get when you combine a moister thirst for real estate”

I don’t think the moisters are the ones who are salivating for real estate any longer. It looks as though the boomers have gone on a buying spree and the moisters are no longer playing their game.
“The biggest declines in mortgage originations were among the younger generations, with a year-over-year decline of more than 22% among Gen Z and 19% among Millennials.”

————————————-

To date, from my recollection, Garth has presented no evidence that the runup in condo prices is primarily due to Millennials despite repeating this claim several times a week.

I don’t believe it is. I believe it is mostly Boomer and Gen-X downsizers and investors, not to mention offshore cash.

Sure, all those old people moving from big houses into 600-foot lofts with concrete ceilings and bicycle elevators. You nailed it. – Garth

#131 Evangeline on 09.27.18 at 11:04 am

#127 Ron Turcotte

“The 73 Belmont gives me goosebumps every time I view it.”

Me too and sometimes it even brings tears to my eyes to be witnessing something so amazing.

Are you the real Ron Turcotte? If so, I’m honoured to be posting to you. And it was Canada’s great honour for that amazing horse to have a Canadian rider guiding the horse to its full potential.

At the Preakness the announcer says that the rider behind Secretariat is applying the whip, and that Mr. Turcotte didn’t use the whip on Secretariat.

#132 Howard on 09.27.18 at 11:05 am

#6 Leo Trollstoy on 09.26.18 at 3:53 pm

Toronto is the epicentre of the tech boom!

“Toronto added more tech jobs in the past five years than anywhere else in North America”

https://www.thestar.com/business/technology/2018/09/25/as-silicon-valley-eyes-toronto-some-worry-tech-boom-could-hurt-canada.html

———————————————

Well of course it is. Canada is now a cheap labour country. Salaries a tiny fraction of those in Silicon Valley or New York. I suppose tech firms see it as a good compromise between ultra-cheap 3rd world programmers with questionable education and the high salary or benefits requirements in the US, Europe, and Australia.

#133 Blackdog on 09.27.18 at 11:08 am

Wow! Kavanaugh picked the wrong girl. Dr. Ford’s hearing is riveting. Kavanaugh is done. Cue the anti-MeToo losers.

#134 n1tro on 09.27.18 at 11:14 am

#109 Looney Baloney on 09.27.18 at 2:13 am
Wow, this is surreal. Someone literally stole my idea from a year ago and ran with it. Can I sue? Ambulance chasers amongst us please raise your hands. Mr. G, I’m still a dink, FYI.

https://www.greaterfool.ca/2017/05/16/how-to-buy-4/#comment-516706
———————————-
Bad ideas are plentiful. Having yours executed in real life is surreal but I don’t think you can sue for it because it isn’t patent’able. Imagine, having the patent on ways to lose money…almost as good as Microsoft’s patent on touch screen on phones which all phone manufacturers have to pay before selling their phones.

#135 YVR Renter on 09.27.18 at 11:32 am

I hear their ads on radio here in Vancouver, they are also promising 6% interest on your money while you wait for that minimum 35% return.

#136 Ron Turcotte on 09.27.18 at 11:40 am

#131 Evangeline

“Are you the real Ron Turcotte? If so, I’m honoured to be posting to you. And it was Canada’s great honour for that amazing horse to have a Canadian rider guiding the horse to its full potential.”

Sorry Evangeline, I am not the real Ron Turcotte but I did have the pleasure of meeting him years ago through some connections in the racing industry. Yes, a real tribute to Canadian jockeys that he was ridden by the great Ron Turcotte and also that Secretariat’s last race was at Woodbine.

https://www.youtube.com/watch?v=Ow2LcVdijt8

#137 Victor V on 09.27.18 at 11:45 am

Personal finance expert Kelley Keehn talks about how interest rate increases will affect debt in Canada and why helping your kids buy a house may be risky

https://business.financialpost.com/personal-finance/debt/how-millennials-are-helping-their-baby-boomer-parents-get-deeper-into-debt

#138 Oft deleted much maligned stock.picker on 09.27.18 at 11:47 am

As much as I hate to be the bearer of bad news….lol…..if you’ve got EU ETFs you’re going to wanna read this…..it’s a shocker. So…..you know the socialist global dreamers have their panties in a knot over the Trump takedown if their sordid little scheme to rip the heart out of western civilization and replace it with with high tax low production mush. bwahahahsh…..has Trump ever thrown the poon into that Tang…..and the bureaucrats are freaking….including the gang that handles our Liberal Party from South of the border.

https://www.express.co.uk/news/world/1023598/us-trade-war-germany-finance-automotive-sector-major-recession-europe-new-economic-report

Well….just like my call for a recession in Canada within months because the books are being cooked and the fats in the fire …completely unsustainable non economy. Which is why they’re pushing the pot file to misdirect the news.

Now call me Mr Negative if you choose…..but if I had anything in EU ETFs I would run for the hills because the same lies have been told in Europe and the truth is boiling over. They might have kept the party going if Trump hadn’t shut the exports down but without the US cooperation on the globalist push the whole thing is falling apart. …….and I’m loving it.

However….I am buying….what I’m not allowed to say….but….the dividends are solid and over 6%…..easy money….

#139 Victor V on 09.27.18 at 12:11 pm

[INVESTIGATIONS] This condo developer collected millions in deposits — and hasn’t built anything

https://www.thestar.com/news/investigations/2018/09/27/this-condo-developer-collected-millions-in-deposits-and-hasnt-built-anything.html

#140 yvrguy on 09.27.18 at 12:23 pm

U.S. central bank chief issues warning on Canadian housing without even realizing it: Don Pittis

https://www.cbc.ca/news/business/fed-interest-rates-1.4839094

What say you now RE bulls and SHYSTERS? lol!

#141 Gravy Train on 09.27.18 at 12:34 pm

#126 Smoking Man on 09.27.18 at 9:51 am
“If you can’t see it’s T2 following the Soros agenda who is going to destroy Canada, I can’t help you.” Are you saying that it’s Soros, not Trump, who’s threatening to impose the 25% auto tariffs and to tear up NAFTA? When did Soros become POTUS? :)

“Do you know what Agenda 2030 is?” Yes.

“Trying to pin Canada’s imm[i]nent doom on me is shallow and spit[e]ful.” What rubbish! I merely stated that you’ve been gleefully longing for Canada’s ‘destruction’ for a long time now. Trump may now just happen to be your wish fulfillment, but I’m betting that he’ll fail to bring down the Canadian economy.

“Have you sold your home yet. Why not?” In 2012 I bought my three-bedroom, two-bathroom home—built in 2004—for less than two-hundred grand. There’s just over one-hundred grand left on the mortgage—which I can easily pay off at any time. Why would I sell?

“The USA has got a 3% plus GDP and because of T2 we will miss out on getting the crumbs of that, which is huge.$$$$$” I’d argue that Trump is far more of an existential threat to Canada than Trudeau.

“You socialists don’t understand business and money flow.[…]” I am a capitalist, not a socialist; unlike you, though, I am not a fascist. :)

#142 Remembrancer on 09.27.18 at 12:42 pm

#139 Victor V on 09.27.18 at 12:11 pm
[INVESTIGATIONS] This condo developer collected millions in deposits — and hasn’t built anything
—————————————————————-

And probably didn’t even need blockchain or an app…

#143 Marco on 09.27.18 at 12:57 pm

And who is going to protect so called elites when police and army recruiting base is among deplorables?
This is strange how weak people imagine a conflict.
So strange.

#144 TurnerNation on 09.27.18 at 1:07 pm

Guido/Greedo another police chief getting plum with a weed co. Do as I say not as I do elites.

https://www.cbc.ca/news/canada/british-columbia/elsner-marijuana-consulting-1.4128497

Smoking man the CFL had a Calgary game on
teevee with coaches tshirts and the banner stating: Diversity is our strength.

Hilarious NewSpeak when the players themselves, and the crowd, clearly weren’t.
Humans do specialization well. It’s how we advance.

#145 X on 09.27.18 at 1:15 pm

re#129-another reason of why to only buy what is built.

#146 Blacksheep on 09.27.18 at 1:17 pm

Blackdog # 133,

“Wow! Kavanaugh picked the wrong girl. Dr. Ford’s hearing is riveting. Kavanaugh is done. Cue the anti-MeToo losers.”
——————————–
Kavanaugh is already in…this is just a bit of theatre, before they confirm him via a controlled vote.

Remember, it is a Republican mandate Trump is following.

Either way, I will be utterly shocked if they squander the opportunity to place their man or an alternate right leaning judge, on the supreme court, before the coming midterms.

#147 Mattl on 09.27.18 at 1:21 pm

Sure, all those old people moving from big houses into 600-foot lofts with concrete ceilings and bicycle elevators. You nailed it. – Garth

More like all those boomers pulling money out of their houses to spec on condos. The people in the condo’s are moisters the people that own them are boomers. Whether through loans to their kids or gobbling up properties leveraged through home equity make no mistake the generation driving RE values through the roof is yours.

#148 Bytor the Snow Dog on 09.27.18 at 1:26 pm

#133 Blackdog on 09.27.18 at 11:08 am sez:

“Wow! Kavanaugh picked the wrong girl. Dr. Ford’s hearing is riveting. Kavanaugh is done. Cue the anti-MeToo losers.”
————————————————————
Yes, I’m sure her performance is divine. When she comes up with some physical proof that actual laws were broken let me know.

As for the “anti-metoo losers”, anyone with half a brain should be righteously concerned about what is going on here. Lynch mobs of the court of public opinion merely based on someone’s words because we must “believe her” decades later. Convictions with no trials. Punishments with no crime committed.

It’s ok because those mean men deserve it for having all the power for so long, right White Cat”? It’s ok, that is, because you know they’ll never come for you…

#149 IHCTD9 on 09.27.18 at 1:34 pm

#112 Stan Brooks on 09.27.18 at 5:03 am
CORRECTED:
#35 MF on 09.26.18 at 6:21 pm
#122 IHCTD9 on 09.26.18 at 1:33 pm

_____

Just ask the right questions:

Is the international globalization of labour and products going to stop anytime soon?

Are born Canadians going to start producing 3 or more kids per Woman on average sometime soon?

Are we planning on halting the progress of robotic and AI technologies very soon?

Are we going to dismantle the big ethnic enclaves in the GTA and forcibly spread newcomers all over the country?

If the answer is no to all of the above, then we can confidently assert that:

1. Immigration into Canada will continue and only increase over time as our population becomes older and even less fertile than it already is.

2. A big slice of these newcomers will choose to live in the GTA as they traditionally have (beside their own countrymen within an enclave).

3. Full time job losses will continue alongside outsourcing efforts and the adoption of new technologies.

4. Competition in an ever dwindling job market will keep increasing, and the wages thereof will keep decreasing.

I don’t know a better line of logic, and don’t see a more likely destination.

#150 David Paquette on 09.27.18 at 1:50 pm

Russian jokes –
Bureaucrat: Give me a medical example of perestroika (https://en.wikipedia.org/wiki/Perestroika)
Taxpayer : (thinks) How about menopause?

The ghost of Joseph Stalin visits Putin one night and gives two pieces of advice. Kill all your political enemies and paint the Kremlin blue. Putin: Why blue?

I read somewhere that the incoming Mexican President (I want to say elmo) will decree that no public servant will earn more than him and he will reduce the current salary paid to be president. This has led to Mexican public servants leaving in droves to join the private sector. I suspect influence peddling which is too common. It is time to consider merit over influence. Little do the pampered ones realize they will be expected to deliver results rather than talk.

Bambi meet Godzilla – https://www.bing.com/videos/search?q=Bambi+Meets+Godzilla+My+Version&&view=detail&mid=71139C37C490248D4F5D71139C37C490248D4F5D&&FORM=VRDGAR

Although the Mexicans sold us out on Nafta, I like their new president’s initiative. I think we been thrown under the bus. Nafta biggest benefit was to prevent tariffs. Well, forget that under the Don. Yes, I can respect his position but don’t expect me to be a toady. My first priority is to build a nation but to be cash cow (Albertan) weighs on me. My loyalty depends on first nations and Quebec (Toronto and Vancouver are universe unto their own –f em).

Who would have thought my car could become a profit center? All I have to do is drive and wait for others to hit me and get the cash settlement. My Hyundai Sonata is 12 years old and waiting for the grave much like my last cat I liked a lot. I have no idea why I still around but I have lots of opinions to share which are not sjw approved.

#151 james on 09.27.18 at 1:56 pm

DELETED

#152 James on 09.27.18 at 1:59 pm

#41 Smoking Man on 09.26.18 at 6:46 pm
#BREAKING: President Trump rejected one-on-one meeting with Canadian Prime Minister Justin Trudeau
“Yeah, I did. … His tariffs are too high and he doesn’t seem to want to move and I told him forget about it.”
……….
Move into USD asset classes. Dump Ontario real estate Now!!!!!
________________________________________
Get your facts straight old man. As much as I dislike T2 he did not ask for a one on one meeting. It has been verified already! No wonder conspiracy idiots like you abound on this planet. Please pack your cigarettes and leave for your home world.

#153 Leo Trollstoy on 09.27.18 at 2:03 pm

#110 thesecondcomingofjohngalt on 09.27.18 at 2:56 am
What a great picture! How on earth did the photographer get all those dogs to pose like that together?

Photoshop ;)

#154 jerry on 09.27.18 at 2:22 pm

“To date, from my recollection, Garth has presented no evidence that the runup in condo prices is primarily due to Millennials despite repeating this claim several times a week.”

The only evidence I have seen garth bring forward are surveys saying millennials want to become home owners. I can tell you the mass majority of open houses for homes and condos I have been to on the west coast here are grey haired people either downgrading or looking for investment properties. It is silly thinking Millennials are buying these 1 million dollar homes or 600k condos. Boomers are solely responsible for the run up in prices. First time buyers are competing with boomers with equity going on real estate spending sprees which is driving the prices way up.

Hey, the Chinese thing turned out to be a bust. So why not blame the gray hairs for high prices? Couldn’t possibly be you… – Garth

#155 Michael (in qc) on 09.27.18 at 3:01 pm

#152 James

https://www.bloomberg.com/news/articles/2018-09-27/trump-is-said-to-have-avoided-trudeau-more-than-once-at-un

could it be trudeau’s team is trying to save face and… gasp… lying?

#156 Where's The Money Greedo? on 09.27.18 at 3:25 pm

Re: #104 Bob Dog on 09.27.18 at 12:59 am
Why are Canadians even contemplating this nonsense? The issue at hand is government corruption. This is the second biggest habitable landmass in the known universe, yet we are forced to live in cages barely fit for human habitation.

The government of Canada is a corrupt puppet regime. Who is pulling the strings?

My money is on the criminal banking cartel
+++++++++++++++++++++++++++++++++++++++++
Someone else called it right, that we are a material supply colony of the US, nothing else
Look into Power Financial-Paul Desmarais familia
https://medium.com/@christopherrichardwadedettling/the-corrupt-legacy-of-paul-desmarais-2c30cab0cf36

#157 Joe Smith on 09.27.18 at 3:29 pm

David answered one softball question and gone. Great rep for the company…

#158 jerry on 09.27.18 at 3:55 pm

“Hey, the Chinese thing turned out to be a bust. So why not blame the gray hairs for high prices? Couldn’t possibly be you… ”

So far I have actually shown evidence that boomers are largely responsible for the housing crisis. The mortgage numbers show that younger generation are rapidly decelerating in mortgage spending while the old generation are rapidly expanding their spending. I can also throw some real numbers at you. In Victoria almost a quarter of all homes purchased in 2017 were bought from local buyers who were buying a second, third or fourth homes as some form of an investment property or speculation on prices going higher. That number is larger than what first time buyers made up in sales that year. Can you name any other cities in the world besides in BC and maybe Ontario where people buying multiple homes outnumber first time buyers. Do you honestly believe that a Millennial can afford 2 or 3 homes. Come on Garth you have to start getting real with what the stats are showing us….. And no I never blamed foreign buyers for what is happening at least in my town. Vancouver they had an impact but there as well locals contributed in much larger numbers to speculation

#159 jess on 09.27.18 at 4:01 pm

“Diversity is a code word for Globalism.” ???

yes , indeed it is a “global” issue . BIO diversity …are you not a biological being smoking man?

Biodiversity boosts ecosystem productivity where each species, no matter how small, all have an important role to play. For example, A larger number of plant species means a greater variety of crops. Greater species diversity ensures natural sustainability for all life forms.
Why Is Biodiversity Important? Who Cares? — Global Issues
http://www.globalissues.org/article/170/why-is-biodiversity-important-who-cares

#160 Where's The Money Greedo? on 09.27.18 at 4:04 pm

Re: #123 Ian on 09.27.18 at 9:02 am
Freeland and The Snowboarder are literally about to implode our auto sector because they won’t let go of supply management.

We are on the precipice of a major disaster here thanks to the Liberals.
++++++++
All in the plan to sell Trans Mountain for pennies on the dollar, because of the imploding economy, to Sox’s dad’s best buddy, the Aga Khan.
Don’t want to rock the ‘boat’, and keep those trips to the Caribbean in the winter, also at our expense.

#161 IHCTD9 on 09.27.18 at 5:13 pm

#148 Bytor the Snow Dog on 09.27.18 at 1:26 pm
#133 Blackdog on 09.27.18 at 11:08 am sez:

“Wow! Kavanaugh picked the wrong girl. Dr. Ford’s hearing is riveting. Kavanaugh is done. Cue the anti-MeToo losers.”
————————————————————
Yes, I’m sure her performance is divine. When she comes up with some physical proof that actual laws were broken let me know.

As for the “anti-metoo losers”, anyone with half a brain should be righteously concerned about what is going on here. Lynch mobs of the court of public opinion merely based on someone’s words because we must “believe her” decades later. Convictions with no trials. Punishments with no crime committed.

It’s ok because those mean men deserve it for having all the power for so long, right White Cat”? It’s ok, that is, because you know they’ll never come for you…
———-

100%, A+

Credibility goes right out the window when it takes 30+ years to come forward, and it always seems to coincide with some political election or appointment.

“The purpose and effect of statutes of limitations are to protect defendants. There are three reasons for their enactment:

A plaintiff with a valid cause of action should pursue it with reasonable diligence.

By the time a stale claim is litigated, a defendant might have lost evidence necessary to disprove the claim.

Litigation of a long-dormant claim may result in more cruelty than justice.”

https://en.m.wikipedia.org/wiki/Statute_of_limitations

#162 Evangeline on 09.27.18 at 5:39 pm

#136 Ron Turcotte on 09.27.18 at 11:40 am

That was a fantastic video!!!! Thanks

#163 bdwy sktrn on 09.27.18 at 6:42 pm

easily the most riveting thing i seen in a long time. what a show.
——–
dems played it very badly re timing.
he likes beer
was probably just trying to cop a feel , virgin 16yo choirboy type would grope, not likely rape

he seems not so bright compared to the senators. kinda dopey for a judge.
they (the senators – cruz now) are good – both sides.

drinking is his kryptonite – he just loses it when mentioned.

only one accusation has credibility – the other obvious smears only will give him leeway.

never seen a man quite so blubbery.

finestein viciously screwed over both sides by sitting on this so long. by her messing it up, he gets sympathy from R’s and voted through whether he did it or not.

#164 David Gratton on 09.28.18 at 11:47 am

#83
Hi Anyone remember League REIT,
Said:
#45 David Gratton – assuming this wasn’t a fake post, do you remember the League REIT and Adam Gant? Good at marketing and they made a small fortune. (Out of their investors large fortune lol).
……

Sorry I missed this, Unfortunately. I don’t. It’s important to note what we presently offer is not a REIT. It’s crowdfunding that’s closer to an LP (without the exorbident minimum investment), if you wanted a comparison.

I know the thread has gone down the typical community’s “stream of consciousness” ;) now, but I was hoping there would be more questions, because what we are trying to do is make real estate more equitable wether prices go up or down. It’s a more prudent way of owning Real Estate and approaching it this way, makes “Garth’s Rule of 90” accessible to people with smaller portfolios. https://www.greaterfool.ca/2015/03/20/rule-of-90/

lastly, I wanted to address Garth’s important point that this project needs an experienced developer behind it:
…….
Garth Said:
4. Additionally, the founders have zero experience as buyers, developers or builders, according to the Securities Commission filing
…….

He is dead right and this (IMO) is the key issue. We need to find a development partner that can build the envisioned units at or near the cost estimates disclosed. This took some time, as most developers wanted to take the whole project because having only part was too small for them to consider. Fortunately, we found a great development partner that is disclosed on the website:
https://vancouver.imbyx.com/properties/KYkS2X

They are Take Root Real Estate. They are reputable and community focused. You can see them here: http://tkrt.com

Feel free to contact me through the http://imbyx.com website, and I’d be happy to continue the conversation. (Would love to chat with you, Garth if you have time.)