Kaput

Being a full-service blog, we don’t just titillate and split like a flirty beagle in heat. Nope, you also get follow-ups. Here are some things you should know…

Gerry Cotten did, in fact, croak. The sole guy in charge of storing the Bitcoin for 115,000 clients of his ill-fated Canadian-based Quadriga exchange was admitted to a hospital in Jaipur, India on December the 8th and passed the next evening. A sufferer of Crohn’s, he was in septic shock upon admission, had two heart attacks in the hospital and could not be revived after the second.

The evidence comes from a hospital disclosure, a funeral home statement of death and a death certificate from the Government of Rajasthan’s Directorate of Economics and Statistics. So much for all the comments posted here a few days ago about Mr. Cotton faking his demise and stealing $250 million worth of crypto and fiat (as a lot of people in the steerage section would apparently do).

As you know, all those coins were stored in a cold wallet (offline) on a laptop back in his home village outside Halifax. Only Gerry knew the password to get into the encrypted device. And without that PW, the coins are pffft. Gone.

His spouse, Jennifer Robertson, has sworn she doesn’t know the key, and this week the courts granted the exchange 30 days to try and recover the missing millions, which has resulted in a national accounting firm taking the laptop. They plan to torture it by typing in the Income Tax Act until it coughs up the crypto.

There’s more. Jilted clients will get no relief from regulators. The BC Securities Commission, for example, has refused to act. The Canadian Securities Administrators (they oversee all provincial bodies) says tough. The RCMP holds out no hope. And now that the NS Supreme Court has granted the 30-day creditor protection no BTC owners can sue.

So, kids… You wanted a cool asset totally devoid of government control, oversight, regulation and protection? Here you go. Enjoy.

      

It almost seems coordinated. This week both the Toronto and Vancouver real estate boards came out swinging against the T2 government and the OSFI mortgage stress test. In YVR head realtor Phil Moore piled on, saying: “It disqualifies people who can afford the payments, yet can’t buy a home that their family needs because of the harshness of the stress test requirements.” And he adds it makes the local housing situation worse by increasing competition at the low end of the market (condos).

In fact, this is the first time the industry has repeated exactly what a certain pathetic blog has been telling you for a year: government policies designed to ‘fix’ expensive markets ain’t working. In concert with BC’s insane anti-house taxes, it’s caused the price of cheap houses to go up and crashed the value of properties 99% of the population still can’t afford. Meanwhile sales in Van are dropping 40% a month and 93 of every 100 detached houses currently for sale, can’t sell.

Phil Moore should talk to Jason Kenney, who says the test is unfair to Alberta and it’s all Vancouver’s fault (plus Ottawa, of course). Meanwhile household debt continues to increase to a new record level, the national savings rate has cratered from a long-term average of 7% to just 0.8%, the BC savings rate is negative and Albertans have the most debt in Canada. How does that end well?

We’ve also lamented here for a few months that 30-year amortizations would be back on the table soon. Rumour has it the announcement will be in the spring (pre-election) budget. Big mistake.

Longer ams increase the amount of interest buyers have to fork out, but by spreading payments over three decades, monthly charges are lower – by about 10%. That’s equivalent to getting a lower mortgage rate, which allows buyers to spend more money. And that increases house prices by fostering greater demand.

So to bring back CMHC-insured, 30-year loans for 5%-down buyers would be a crass, regressive, paleo, dumbass, political move. It’s been seven long years since they were banned by the courageous elfin deity, F, who will be rolling in his grave if Chateau Bill makes the move.

But, as stated, 2019 is a year to vote. Winning trumps principles. Real estate is probably the biggest issue in the nation. How could we possibly expected common sense?

179 comments ↓

#1 For those about to flop... on 02.07.19 at 5:01 pm

Recent sale report.

Here is another half decent detached house on the Westside that went below 1.7 million.

It’s a Vancouver Special and once the new owner gets rid of the Ma and Pa furniture, and the putting green worthy carpet in the hallway, they can instantly take years off this puppy.

The details…

1545 w 63rd ave, Vancouver.

Sold 1.65 January 2019

Originally asking 1.68, incomplete price history,all I could find.

Assessment 1.87 down from 2.11

Who knows maybe the C.E.O that I tried to point in the right direction recently when they were complaining that there was nothing decent at a reasonable price in Vancouver, and their answer was to run back to Toronto, snapped it up.

Are hundreds and hundreds of houses on the Westside available for 1.6 million?

No, there is not.

Most people I know only buy one at a time, and you can do that now without much hassle because the competition is scared and the developers have pulled their horns in.

Things got more than a little nutty for a decade or so and now some sort of normalcy is returning to the market slowly.

After originally showing that people were in fact taking losses on Vancouver real estate purchases, and will continue to do so, I have now built up half of my folder to deal with price discovery on the way down.

It was meant to help out as many average earning and sounding citizens that write me each week.

For most people there is along way to go, if at all, but such is the dearth of true real estate information the void needed filling.

Whoever takes the information and runs with it, good for them.

Pink Snow, helping out one frustrated C.E.O at a time…

M44BC

https://www.zolo.ca/vancouver-real-estate/1545-west-63rd-avenue

#2 Jimmy on 02.07.19 at 5:06 pm

So, if I’m readin’ it right, you’re sayin’ buy bitcoin?

#3 eric chung on 02.07.19 at 5:07 pm

first

#4 SusanM on 02.07.19 at 5:09 pm

Andrew Coyne published an excellent column in the National Post last Tuesday: “There are lies, damn lies and
election campaigns” ~ Highly recommended reading as an informative piece for people planning to vote in the October Federal merry-go-round.

#5 TRON on 02.07.19 at 5:11 pm

So the government of BC has managed to hurt both the rich and the poor with their rules, laws and policies on B.C. real estate. This is proof positive that socialism is lousy for everyone except the government.

#6 NOTHING SURPRISES on 02.07.19 at 5:14 pm

How could we possibly expected common sense? – Garth.
……………………………………………………………………………
The government has no sense and no cents.
In both case were in negative territory.

#7 Mike on 02.07.19 at 5:15 pm

.
Quebec’s new government wants immigrants to have Quebec values.

Quebec values = Eat up $ 10 billion+ money from other provinces, especially Alberta, EVERY YEAR. Not sure if that should be qualification for new Quebec immigrants.

.
Meanwhile, Turdo government is coming to rescue Vancouver RE. They want to make sure homes are worth more this time next year. BUY NOW, OR MISS THE BUS!!!

#8 Ronster on 02.07.19 at 5:16 pm

I was just saying to the wife… “Hey, this picture looks like a Garth picture” , not realizing that in fact it was. Garth, you are becoming too predictable. I bet your wife tells you that all the time.

#9 J on 02.07.19 at 5:18 pm

The increase in competition for the lower end of the market (condos) was a short term effect of the stress test. Condo prices in Vancouver are now correcting as they should, and as SFH prices drop the point where they’re near par with condos, condos will drop further.

Garth, you’re implying that you’re not in favour of the stress test – which goes against what you say about people’s capacity to take on enormous debt loads.

#10 Victoria Real Estate Update on 02.07.19 at 5:22 pm

200 years of world housing bubble history proves that loosening lending standards at the peak of a housing bubble never prevents the inevitable – the major price decline that takes housing prices back to the long-term mean. And this never happens in a slow, controlled manner.

That Canada will lower lending standards again this year shouldn’t be surprising to anyone. It’s typical behavior of a government trying to prevent the major price correction – the event they’ve managed to prevent from happening so far since they first began implementing bubble-blowing lending standards in 2000 (see first chart).

Indeed 200 years of housing bubble history says no housing bubble has ever been permanently maintained and that every country that has had a bubble tired… and failed. Prices always revert back to the long-term mean. Every time. No exceptions.

It won’t be different in Canada.

#11 Josh on 02.07.19 at 5:22 pm

Let’s hope common sense prevails, a decade of historically low interest rates show what Canadians will do if given a path to gorge themselves on debt. 30 Year mortgages are just the rope that people need to hang their future net worth.

#12 dakkie on 02.07.19 at 5:23 pm

Kevin O’Leary: Canada is run by ‘terrible managers’

https://www.investmentwatchblog.com/kevin-oleary-canada-is-run-by-terrible-managers/

#13 MF on 02.07.19 at 5:24 pm

Is this for real?

I mean, their supposed demographic is young millennials who are shut out of the housing market. Why would that demographic want a return to climbing house prices?

If they actually enact this policy in their next budget, I could see it backfiring (like most of their policies have).

MF

#14 Drill Baby Drill on 02.07.19 at 5:26 pm

“would be a crass, regressive, paleo, dumbass, political move” so you can count on Selfie Boy doing it.

#15 Ex-Cowtown on 02.07.19 at 5:28 pm

In fact, this is the first time the industry has repeated exactly what a certain pathetic blog has been telling you for a year: government policies designed to ‘fix’ expensive markets ain’t working. – GT

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

The policies aren’t working….yet. It’s like getting an enema; for the first while there’s lots of gurgling and grumbling then things go slowly, then all at once.

If voters are patient the market will correct and prices will drop back to reality. Good for responsible adults of all ages; bad for attention-challenged adolescents of all ages.

#16 Andrew on 02.07.19 at 5:33 pm

There’s a saying in bitcoin. “Not your keys, not your coins”

Anyone who purchases bitcoin without understanding the gravity of holding sole possession of your private keys has bought too soon without doing the necessary learning.

Never leave bitcoin on an exchange for longer than it takes you to withdraw after purchasing.

#17 Matt on 02.07.19 at 5:37 pm

Of course the stress test doesn’t improve affordability – that’s implicitly the opposite of what it does! It was never meant to “fix” the market, only to cool it down from dangerous levels.

Regarding the BC rules related to second homes, foreign buyers, etc. you have a point. Call those all the names you want. Don’t conflate that with the stress test, which was necessary (you’ve said so yourself).

So what exactly is your position on the stress test? Is it a useful tool to damper the rampant over-leveraging and house horniness that has grown Canada’s personal debt levels to astronomical heights?

Or is it a failed, big, bad T2 policy that doesn’t work? You have posts that support both positions.

#18 Sebee on 02.07.19 at 5:40 pm

I read those comments yesterday Garth. Nice of you to follow up, but it seems a valid point to wonder if the boy would pull such a scam and take it to the grave with him. I know Karma is a heck of an equalizer, and it could have played out as we are told, but let us not be shocked if his associates are driving Lambos in some non-extradition country in 3 years after the heat cools.

I also don’t buy that this encrypted laptop can’t be force factored. What is it…256bit? Didn’t a bunch of university students force factor 768bit some 8 years back in a few days? I think I remember reading that and that Google went to 2048bit encryption few days after. They’re probably at 4096bit now…God forbid someone would hack their systems and find all the data they collect on us.

I say send that laptop to Russia and let’s see how long it remains encrypted! :-)

#19 yvrguy on 02.07.19 at 5:41 pm

A must listen by all Canadians, especially BC’ers. What a breath of fresh air.

Well worth the 90mins and then some.

https://www.thisisvancolour.com/blog/2019/2/6/30-mayor-brad-west

Can Brad West run for PM?

#20 Bitter&Twisted on 02.07.19 at 5:42 pm

“In YVR head realtor Phil Moore piled on, saying: “It disqualifies people who can afford the payments, yet can’t buy a home that their family needs because of the harshness of the stress test requirements.””

To Phil I say… 1.) Nobody “NEEDS” to BUY a home. They need to have a place to live. 2.) the stress test is there to protect the buyer from making a big boneheaded decision they will regret for the rest of their life when house prices tumble 3.) if you are cutting your financing that close such that the stress test disqualifies you, then maybe YVR is not for you and yours 4.) who would want to live in YVR anyway.. Every time I go thru there it is gloomy and doomy.. Overcast, overhyped and overpriced. Used to live there and it rained so much every day. I had to wait 10 days for the rain to stop so I could leave 5.) where will Phil be when the family loses their home. I’ll tell you. Selling it again and cashing his commission cheque.

#21 Lolo on 02.07.19 at 5:46 pm

@Flop,

I read ‘half of a decent detached house on the Westside that went below 1.7 million.’

But no, a whole house! Wow! LOL.

#22 Godth on 02.07.19 at 5:49 pm

#5 TRON
it’s far worse than that. the bc communist government has hurt people in toronto, melbourne, sydney, london, new york, san francisco, seattle, and all of guangdong with their policies.
disgusting.

#23 Carl Canadian on 02.07.19 at 5:51 pm

Hear ye, hear ye, all Canada bashers. NYTimes oped today calling Canada the moral leader of the world.

https://www.nytimes.com/2019/02/06/ophttps://www.consumeraffairs.com/health/mayo-clinic.htmlinion/canada-trudeau-saudi-arabia.html

#24 Yellow Vest on 02.07.19 at 5:52 pm

While the Quadriga event is real, I suspect it is an anomaly in the industry. That being said, Bitcoin is going to zero. When? Right after the Central Banks of the world hoover up all the great innovation over the last 10 years and implement it into sovereign crypto currencies for countries.

If you think that Govt will ever EVER allow crypto’s to replace money, I have a face on the planet Mars to sell you.

#25 A J on 02.07.19 at 5:53 pm

It’s amazing to me how much can change, and quickly. I’m young and still learning the ropes of finances. But, I never thought things could swing so wildly. Whether it be the economy, people’s perceptions, real estate prices, FOMO, etc. Thank you Garth for keeping me grounded. It’s easy to get caught up in what everyone thinks you SHOULD do. Especially when things are on the up and up. FOMO rages and people make very bad choices. When you invest in something with a lot of uncertainty and volatility, one shouldn’t be surprised when a CEO croaks and you lose your money. The economy can crash at any moment. So can the stock market. Real estate can become devalued. And if you decide to put all your eggs in one basket and that basket breaks, turning around and griping to the government about how unfair your loses are won’t bring your fortune back. Don’t live on the edge of your means! Have room to breathe so that you’re not like so much of the population on the brink of going broke. Thank you Garth for teaching me these lessons!

#26 PeterfromCalgary on 02.07.19 at 5:54 pm

They should keep a few backups of this laptop forever. They can’t crack it with today’s technology but in the future with quantum computers they might have a chance.

Unfortunately, by that time bit coin might be worthless. However, storage is cheap and on the small chance that everything will come together someday it is worth keeping a few backups of this laptop.

#27 Ian on 02.07.19 at 5:55 pm

#5 TRON on 02.07.19 at 5:11 pm
So the government of BC has managed to hurt both the rich and the poor with their rules, laws and policies on B.C. real estate. This is proof positive that socialism is lousy for everyone except the government.
—————————-

How do taxes = socialism?

#28 Godth on 02.07.19 at 5:55 pm

mike pompeo is going after hezbooha in venzlalu. go get ’em mikey, bomb the crap out of them. i want my cut venzelala!

i know where there are some lebanuse in communist alberta too mikey.

#29 Game on Spring 2019 on 02.07.19 at 5:58 pm

So it seems with the forthciming mortgage changes that once again, ‘real estate is too big to fail’ and ‘the government will never let it happen.’

For the past decade, countless posters have put this message forward and were mercilessly mocked and chastised for outlining what you have recently started to note – that the government will intervene to keep prices high and undo the negligible correction we have seen the last year.

Here we are into 2019, 11 years after the GFC and all the warnings about rising interest rates, crushing debt levels, and prices disconnected from fundamentals, are all about to become moot again, for the 11th year.

Its game on for the Spring market for the 11th year in a row – interest rates have halted and remain and emergency low levels; an election with measures to reinflate the market will emerge, changing buyer sentiment (just as it did in 2008); and employement remains high with people continuing their ability to service their ridiculous debt levels.

The winners for the past decade have been the armchair economists and those that listened to realtors as they have one in a lifetime capital gains; those on the sidelines renting that did the prudent thing will never catch up to those that took leveraged risks years ago while doomers crowed about risk.

So expect a boost in prices this year by at least 10% in the hot markets. And since prices are sticky on the way down, you can expect another 5 years of renting before prices soften to the point that you could have bought in 2017-2018.

Ouch, one could have paid off a mortgage in this time.

And you can cue the bears with this forthcoming change – ‘its not prudent,’ ‘I sure hope they don’t do it,’ and ‘that would be reckless – and yet deep down they have seen this show repeated numerous times and know that is coming.

#30 PeterfromCalgary on 02.07.19 at 6:07 pm

As a proud Calgarian I don’t blame Vancouver or Toronto for the stress test as that was Ottawa’s decision. However I still blame Vancouver for voting for a nut job who is obstructing pipelines.

Also unless prices really really crash (like pennies on the dollar) I will never ever invest in BC. What comrade Horgan did to Albertan’s unfortunate enough to own property in Canada’s Venezuela is unforgivable and unforgettable.

As for the GTA I am ok with them and hope Premier Ford can clean up the mess the Liberals left him.

#31 jim on 02.07.19 at 6:19 pm

“Meanwhile sales in Van are dropping 40% a month and 93 of every 100 detached houses currently for sale, can’t sell.”

L-O-W-E-R Y-O-U-R A-S-K-I-N-G P-R-I-C-E-S

#32 DQ on 02.07.19 at 6:26 pm

#1 For those about to flop (aka M44BC).

Thanks for all the information and keep up the great work! We really appreciate the insight into the local market that you provide, both in terms of people taking losses and price discovery on the way down. Thanks for all the time spent, it is appreciated.

#33 IM in C on 02.07.19 at 6:27 pm

They plan to torture it by typing in the Income Tax Act until it coughs up the crypto.

That line made me burst out laughing !!

#34 The real Kip (Ret) on 02.07.19 at 6:28 pm

As I read tonight’s blog I can’t help but view it from a different angle and that is, well done to all parties. Well done in BC. Well done at Queen’s Park. Well done in Ottawa.

The more they play around with it the more expensive and out of reach housing becomes and for the people who have no mortgage, well, we just chuckle at a job well done! Keep up the excellent work!

#35 JSS on 02.07.19 at 6:29 pm

BCE: + 5% dividend increase
Brookfield Property Partners: +4.8% dividend increase
Great West Life: + 6% dividend increase

#36 Ronster on 02.07.19 at 6:30 pm

@yvrguy #20. The answer is N-O. I will not waste 90 minutes of my life. The guy is 33 years old. Been on this earth just long enough to think he knows something but old enough to cause considerable damage to himself and those around them. Think T2 and repeat the following… “and the budget will balance itself”. See how far that gets you. The only thing he balanced was himself on a table. For heaven’s sake, he was a drama teacher, not a math teacher!

If you don’t agree with me… Wait 25 years. Sagacity is a virtue of the elderly. – – like. Garth. Read @A J #26.

#37 LL on 02.07.19 at 6:35 pm

Gerald Cotten – Hospital disclosure:

https://www.coindesk.com/quadrigacx-indian-hospital-releases-details-about-ceos-death

Looks like he died in hospital, India.

#38 tccontrarian on 02.07.19 at 6:37 pm

“But, as stated, 2019 is a year to vote. Winning trumps principles.” GT
——————————–

I know what’s going on here: you can’t you go one post without mentioning ‘Trump’ – but you’ve got him ‘winning’ this time! LOL
***

“Longer ams increase the amount of interest buyers have to fork out, but by spreading payments over three decades, monthly charges are lower – by about 10%. That’s equivalent to getting a lower mortgage rate, which allows buyers to spend more money. And that increases house prices by fostering greater demand.”

Yeah, but most ‘voters’ don’t know the cause-effect relationship; they ARE voters after all.

So back to your original point: it’s all about winning!

TCC

#39 Armpit on 02.07.19 at 6:39 pm

Regarding the Bitcoin Fiasco, I remember wanting to jump in and out quickly in bitcoin.

I went online and found numerous exchanges like Quadriga. All offered secureness, and anonymity if you purchase through them. It was easy to open an account and make the exchange. All easily explained on their webpage.

What I couldn’t easily find out… what how to sell your bitcoin.

Then I realized…this is too complicated for me and I stayed on the sidelines.

Regarding Gerry Cotton? Hmmm… In India???… hmmm…. Will written shortly before his death? Too much fake news in this world.

As Chretien once said…” show me the evidence”.

#40 Dazed and CONfused on 02.07.19 at 6:45 pm

“………Meanwhile household debt continues to increase to a new record level, the national savings rate has cratered from a long-term average of 7% to just 0.8%, the BC savings rate is negative and Albertans have the most debt in Canada…….”
————————————————-

Never underestimate the power of lobbying REALTURD®’s, Big 5 Banks, Jason Kenney types (or desperate incumbent federal governments for that matter) to advance their own self-interests over the interests and financial well-being of Canadians in general.

#41 Dave on 02.07.19 at 6:54 pm

DELETED

#42 Trading Naked on 02.07.19 at 7:07 pm

In June 2016, my hairdresser in Regina was talking to me about Bitcoin. She had some, ’cause her brother got her into it, and she asked me what I thought. I said that what made me the most nervous was liquidity. It doesn’t do anybody any good if BTC rockets to $10,000 but there’s no reliable way to unload it on somebody else at that price, within a reasonable time frame.

#43 LL on 02.07.19 at 7:09 pm

# 40
..”What I couldn’t easily find out… what how to sell your bitcoin”…

Exactly…it’s always “Buy..buy..buy” info., not much on how to sell.

#44 Dolce Vita on 02.07.19 at 7:11 pm

How can you tell it’s f***ing frigid, colder than a WITCHES TIT in Alberta?

Read Garth’s Comment section.

Funny Commenters from my home province of Alburda (ya, that’s how your supposed to pronounce it and how we can tell if your not from there):

#14 Drill Baby Drill [assuming an Albertan, if not, you ought to be with a handle like that]

…so you can count on Selfie Boy doing it.

[so true]

—————

#16 Ex-Cowtown [yes I know it says “Ex-“, close enough for Government work]

It’s like getting an enema; for the first while there’s lots of gurgling and grumbling then things go slowly, then all at once.

[better than WebMD]

—————

#31 PeterfromCalgary

…I still blame Vancouver for voting for a nut job who is obstructing pipelines.

[also, so true but which nut job? there’s 2 of them in charge…ohhh, both of them…OK, I get it now…”nut” was plural]

———————————-

Thanks “Drill, Ex- and Peter” for reminding me of what a crazy whacked out province I come from…and PROUD of it.

Good Blog today Garth. Totally agree with everything you wrote…some pretty good advice and commentary I’d say. Not bad for an Easterner.

A chilly 14 deg C here in NE Italia…brrrr. Heading for warmer S. Italia, beautiful Tropea, Calabria (their red onion’s are the sweetest on Planet Earth).

Buonanotte.

#45 Captain Uppa on 02.07.19 at 7:12 pm

30 year mortgage make prices in GTA go uppa, Uppa, UPPAAAAAAAAA!!!!

#46 Sideshow Rob on 02.07.19 at 7:15 pm

Chances are that laptop has already been cracked. All commercial encryption systems like Bitlocker have backdoor access built into them for situations exactly like this. The 3 letter companies can get in in 5 minutes. Now as far as the keys to the individual coins…I have no idea what’s involved there.

#47 ronh on 02.07.19 at 7:17 pm

Never thought of using the Income Tax Act for a passphrase. Brilliant!

#48 Blacksheep on 02.07.19 at 7:17 pm

Godth # 23,

#5 TRON

“it’s far worse than that. the bc communist government has hurt people in toronto, melbourne, sydney, london, new york, san francisco, seattle, and all of guangdong with their policies.
disgusting.”
—————————–
Been noticing your comments, as of late…

Good to see, you’ve finally come to your senses.

#49 Fiendish Thingy on 02.07.19 at 7:21 pm

Sorry Garth, you’re wrong about the B20 stress test; it is working beautifully, only the impatient, afflicted with FOMO, are feeling any distress over it. The rest of us are happy to wait patiently on the sidelines as it works it’s magic, as it is now bringing down prices in all housing categories in YVR.

If the Liberals cynically raise amortization limits to 30 years, it won’t make much difference, as the stress test is still measured at 25 years. Sure, the impatient will cause a boom in alt-lending business, but with sales down 40+%, there aren’t all that many impatient Greater Fools around to goose the market.

#50 JM Keynes on 02.07.19 at 7:27 pm

#100 Georgie Boy

“Get out of the dark ages and see the light of the new populist movement emanating across Canada. There are enlightened right-wing leaders being elected in Canada that can brighten your existence if only you but open your eyes.”

Let me preface my comment with the fact I own a business in the private sector. I know what capitalism is cowboy. You are the one in the dark ages. Get out your history books and read what happened in the Great Depression. Classical economics had its shining moment to show its stuff and failed miserably. The so called “invisible hand” became really invisible because it didn’t do what it was supposed to do, namely get the economy back on track. What followed was 95% DEFLATION because the every trick classical economics had up its sleeves DIDN’T work. A decade of trying. A friggin decade. What solved the Great Depression was Keynesian economics and Canada couldn’t get back fast enough from the Bretton Woods conference in which the great Keynes spelled out that governments had to get aggregate demand going. Canada became the first nation to go hog wild on Keynesian. The “invisible hand” fell flat smack on its face and couldn’t get up. Since then we have not had a depression. If 2008 happened without our Keynesian economy and the Keynesian measures that were taken, another Depression would have ensued. Even hard core American capitalists became Keynesians in 2008 as one article boldly stated, “We are all Keynesians Now.” You and some others on this blog don’t even understand the economic system in which you live.

#51 The Greater Cauliflower on 02.07.19 at 7:29 pm

He paid off the doctors in Rajasthan or wherever, 1/2 billion Indian Rupees, and is now living with Bre-X Geologist Mike de Guzman who supposedly “threw himself from an Alouette helicopter on March 19, 1997, while it was cruising 800 feet above the Indonesian jungle”

#52 Godth on 02.07.19 at 7:30 pm

#49 Blacksheep
i’m just so sick of all the parasites. by the time i’ve finished meeting all my lawyers, accountants, financial advisers, etc. (nudge, nudge, wink, wink) i’m still paying 10% tax. thieves. the government should be paying me to employ so many people and paying my employees to be employed by me.
i hate these leeches.

#53 akashic record on 02.07.19 at 7:33 pm

#17 Andrew on 02.07.19 at 5:33 pm

There’s a saying in bitcoin. “Not your keys, not your coins”

Anyone who purchases bitcoin without understanding the gravity of holding sole possession of your private keys has bought too soon without doing the necessary learning.

Never leave bitcoin on an exchange for longer than it takes you to withdraw after purchasing.

Amen.

#54 akashic record on 02.07.19 at 7:50 pm

#32 jim on 02.07.19 at 6:19 pm

“Meanwhile sales in Van are dropping 40% a month and 93 of every 100 detached houses currently for sale, can’t sell.”

L-O-W-E-R Y-O-U-R A-S-K-I-N-G P-R-I-C-E-S

Like dipping early into RRSP, or into principal.
Only when selling is a pressing necessity.

#55 crowdedelevatorfartz on 02.07.19 at 7:53 pm

Hmmmm.
I kinda wondered what was up when Attorney General Minister Jody Wilson Raybould was unceremoniously dumped from her position in cabinet….

https://www.reuters.com/article/us-canada-politics-trudeau/canada-pm-denies-pressuring-minister-to-be-lenient-with-snc-lavalin-idUSKCN1PW207

Seems like what ever SNC wants…..SNC gets?

Nothing to see here, move along, nothing to see…..

#56 Godth on 02.07.19 at 7:53 pm

#51 JM Keynes
i don’t know how you run your household but my cheque book balances every month and i expect the same from my government.

if you want to be like venezula then move there. we’ve just appointed a new president for them after their sham elections and mr. pompeo is going to bomb the crap out of hezbooya in venezlulu. move there and leave us alone commie!

#57 crowdedelevatorfartz on 02.07.19 at 7:57 pm

@#45 Dolce Vita
“A chilly 14 deg C here in NE Italia…brrrr. Heading for warmer S. Italia, beautiful Tropea, Calabria (their red onion’s are the sweetest on Planet Earth).”
++++

Nice. The crocuses are peeking through the snow in Burnaby but the cold wont last.
Just curious.
Do you prefer the Italian style of “the horn” when driving or do you prefer the Vancouver style of “guess what I’m doing next” style of driving?

#58 Sail Away on 02.07.19 at 8:04 pm

#51 JM Keynes

Government stimulus is one of Keynes’s ideas; another is that business and effective production create a country’s healthy economy. It feels like the current government is doing their best to shut down effective production while pushing a feel good, supposedly progressive, agenda. How much investment has fled our country in the last couple of years?

#59 crowdedelevatorfartz on 02.07.19 at 8:06 pm

@#3 Eric Chung
“first”

+++++

Ya gotta be waaaaaay faster than that Eric… :)

#60 akashic record on 02.07.19 at 8:14 pm

#53 Godth on 02.07.19 at 7:30 pm

#49 Blacksheep
i’m just so sick of all the parasites. by the time i’ve finished meeting all my lawyers, accountants, financial advisers, etc. (nudge, nudge, wink, wink) i’m still paying 10% tax. thieves. the government should be paying me to employ so many people and paying my employees to be employed by me.
i hate these leeches.

You must be doing something seriously wrong.

Have you exhausted all the provincial, federal, local government R&D, export, Cancon, employment, education, business development, etc. subsidy programs across a few corps, and wrapped carefully everything with non-profit and foundation?

#61 Andrew on 02.07.19 at 8:15 pm

Further about bitcoin:

Here’s a classic video from 2014 of the Canadian senate banking and commerce committee being open minded and learning about bitcoin.

https://youtu.be/GP_eT6E4os8

#62 dosouth on 02.07.19 at 8:15 pm

Real estate boards and most of my friends here in BC are still in denial that anything has changed and it’s all unicorns and rainbows….

Just this week we have even cancelled our new build as the builder, who in fact built our last a few years ago, has seen gold at the end of our rainbow along with all his subs and increased the build by approx 78%. Not likely and he still is trying to “readjust the pricing matrix” to maybe meet half way.

Alas it is quite disappointing being some 18k into drawings and design work but better than the debt load beyond reason and financing his new backhoe.

….moving on I guess.

#63 Not A Word on 02.07.19 at 8:22 pm

Whatever happened to his body or funeral of one Cotton or Cotten? The Funeral Director in NS received nothing of material substance in 3 days. It was nothing but a typed up form with no indication of the cause of death on it. Not enough hard evidence yet. Should I send the Funeral Director my typed up form, and how was it sent to him?

#64 Deplorable trolls on 02.07.19 at 8:43 pm

#53 Godth on 02.07.19 at 7:30 pm
#49 Blacksheep
i’m just so sick of all the parasites. by the time i’ve finished meeting all my lawyers, accountants, financial advisers, etc. (nudge, nudge, wink, wink) i’m still paying 10% tax. thieves. the government should be paying me to employ so many people and paying my employees to be employed by me.
i hate these leeches.
….

Need to up your troll game…..

#65 Unhinged Trader on 02.07.19 at 8:53 pm

The fact that NO ONE in the world can get past the encryption algorithms developed nearly 10 years ago by an anonymous individual or group of computer science and mathematics enthusiasts, shows the INTRINSIC value of Bitcoin and others.

And that’s why despite the campaign of fear, uncertainty and doom, it is still trading at several thousand percent higher than it was just a few years ago, and will likely be valued into the millions in a few years.

It’s not going away, just like housing prices are not becoming affordable again.

#66 crowdedelevatorfartz on 02.07.19 at 8:54 pm

Ok Millenials.
Listen up.

A new way to get back at your Boomer parents……

https://vancouverisland.ctvnews.ca/video?playlistId=1.4287383

#67 akashic record on 02.07.19 at 9:08 pm

Pelosi Mocks Ocasio-Cortez “Green New Deal”

https://www.zerohedge.com/news/2019-02-07/pelosi-mocks-ocasio-cortez-green-new-deal

By election time Pelosi and the old school (age and ideology-wise) democrats will be outlefted by the young radicals of the party.

Trump, with his teflon face will be the only hope for capitalism.

#68 acdel on 02.07.19 at 9:13 pm

#63 dosouth

I feel for you and completely understand both sides; meaning your contractor and yourselves. It is complete dog sh*t out there, I have been in the industry for a long time and never have seen it this crazy!

Good move, lay back, re-evaluate; if it ever becomes normal again then you have other choices.

Your out some dollars, it sucks, but you saved yourself a bundle. Smart!

#69 Reality is stark on 02.07.19 at 9:13 pm

If marriage got you into too much real estate and too much real estate got you into too much debt, you get to die in your own debtor’s prison.
Be careful what you wish for.
Death by 1,000 cuts is no party.
When the vultures circle ask not for whom the bell tolls…

#70 Nonplused on 02.07.19 at 9:14 pm

This idea of a “cold wallet” on a laptop kind of worries me. Anybody who has owned a computer for any length of time knows that hard drives fail and you have to back up and then back it up again. You need at least 2 backups, and that is just for your photos and videos. Anything worth money has to have multiple backups. You can’t park $250 million on a $100 hard drive that has a 7 year expected lifespan.

It’s also very worrying that this dude’s executor doesn’t have the password. Appoint a lawyer as executor, and give him the password in a sealed envelope. Lawyers can be crooked, but there is no point taking $250 million to the grave. In heaven, the only currencies allowed are silver and copper. In hell, it has to be gold. There are no paper or digital promises in the afterlife. The bible only recognizes gold, silver, and copper as currency. Nothing else.

It is a little, or a lottle, different if your assets are held by a trust company like a bank when you die. Your executor can get access to the funds even without the password, he/she/ze just has to be aware of them.

As for the housing bubble, nothing can fix it except collapse. Tweaks to lending won’t work anymore. Nobody has any money, at least not compared to these prices. What has happened to housing is not dissimilar to what has happened in autos. Does anybody remember when a car loan would be 3 years long? Now, they go as long as 8. It’s inflation all over the place, fueled by rates that are too low. We liked the “wealth effect” on the way up, but we aren’t going to like it at all on the way down. To put it in perspective, imagine you have a bunch of tulip bulbs just when that bubble burst. And it’s not like Holland doesn’t have tulips anymore, they have more than they ever did. Housing, at least in Canada, will be the same. We build it out of trees and rocks, and we have a lot of land, trees and rocks. The only reason there was ever a housing crisis lies in how it was funded and government regulations and taxes.

In Texas, really nice houses with swimming pools and outdoor kitchens don’t cost near as much as here. It has to do with regulation and taxes. The government is to blame. Every single thing they have done since 1980 has been not only wrong in some small way, but the exact opposite of right. The only solution is to sweep the system away entirely and let the free market rebuild a new system. Ya sure, we are all going to lose a lot of money, but that money wasn’t real, it was only what you assumed your house was worth. It was all a mark to market dream, as all mark to markets are.

#71 JM Keynes on 02.07.19 at 9:14 pm

#57 Godth

You are a total pathetic loser who can’t even carry a logical argument. So I will stop trying to educate a moron like you and engage in your type of response.
You are the one who hates our system. It is you, loser, that should move. Go south you moron and enjoy life in the US of A if you hate Canada so much. You won’t be missed moron.

#72 Ken semotiuk on 02.07.19 at 9:15 pm

The entire global economy is kaput, that includes real estate, stocks, bonds, ETF”s etc. The only thing that is going to save you’re ass is physical silver and gold God’s money, food, water, weapons to protect you’re self. The party is over snowflakes, let the games begin?

#73 crdt on 02.07.19 at 9:20 pm

Vancouver is a WORLD CLASS city, they are not making ANY MORE LAND, WEALTHY people are flocking to Vancouver, best place on earth, PRICES ONLY GO UP, FOMO… No worries folks, prices will shoot back up as soon as the secret gets out…

#74 Godth on 02.07.19 at 9:26 pm

#65 Deplorable trolls
tally sticks!
https://www.bbc.com/news/business-40189959
looser.

#75 Remembrancer on 02.07.19 at 9:30 pm

#66 Unhinged Trader on 02.07.19 at 8:53 pm

Sure, there’s got to be a floor for what a Bitcoin is worth, as long as its being used as a proxy exchange for containers of “stuff” being shipped back-and-forth across the Black Sea, through various ‘stans and points East and West…

Worth millions seems optimistic even assuming past performance is not a predictor of future returns, yada yada, yada. You run an exchange maybe?

#76 Remembrancer on 02.07.19 at 9:32 pm

About the photo…

No Vancouver RE market, we will not rub your belly. Now get off the couch…

#77 Nick B on 02.07.19 at 9:32 pm

I had some bitcoin on a Canadian exchange called Ezbtc and failed to get my fiat withdrawal out. I then transferred it to Quadriga thinking it was a better option. Again, the withdrawal date for my fiat came and went. Luckily I was able to send my coins in December to coinsquare and I actually got my money. I lost about $5k over the course of the 4 months it took as BTC kept falling. That market has some challenges but I still like the premise.

#78 Spia on 02.07.19 at 9:38 pm

Are we not just at the mercy of the usa iinterest rate. If our govt had left the rates high in 2008, people would be borrowing from usa banks. And our economy would have lost all exports. In the end it’s the fed bank that is the issue, which is controlled by private banks… not a fan of Morneau or Trudeau but they have little influence in the end…

#79 Rargary on 02.07.19 at 9:46 pm

So unless we have anything further to.go on, Gerald is dead as a door nail. Very uncanny karma for him.

What is with the 30 year amortization possibly coming back? Is the govt’s memory that short they think it’s in their or the voters’ best interests?

As for Vancouver’s freefall, it will never be affordable for the average family to own a home there. Waiting for the day Vancouver becomes a ghost town of just the super rich. Like Fort McMurray back in the day, will have to pay double to get someone to work at Timmy’s as the cost of living is so high.

#80 acdel on 02.07.19 at 9:49 pm

Ha,ha,ha! Yeah, ok! Think that I will BBQ a Rib Eye this evening!

https://www.dailymail.co.uk/news/article-6679905/Green-New-Deal-Electric-cars-ban-airplanes-farting-cows-4-6-TRILLION-infrastructure.html

#81 For those about to flop... on 02.07.19 at 10:01 pm

Recent sale report.

Here’s a case I’ve featured before and it appears to have come to a grisly conclusion.

The details…

3936 w 32nd ave,Vancouver.

Paid 3.55 April 2016

Sold 2.8 February 2019

Originally asking 3.29

Assessment 3.27

So they join Club 25 by losing over 25% after expenses.

I’ll mark it down as a 925k slap to the sock drawer…

M44BC

https://www.zolo.ca/vancouver-real-estate/3936-west-32nd-avenue

#82 Adam on 02.07.19 at 10:10 pm

“As you know, all those coins were stored in a cold wallet (offline)…”

As is reported by mainstream media. The bitcoin community has a belief that most of Quadriga’s coins were not in cold storage at all, but actually held on other exchanges (I’ve heard Kraken). Just whispers right now, but we’ll see.

#83 Bobby Bittman on 02.07.19 at 10:25 pm

#72 JM Keynes

Loser
Moron
Loser
Moron
Moron

In six brief sentences. Buy a thesaurus if you are going to “educate” us. Lol

#84 Generation Why on 02.07.19 at 10:26 pm

Last summer I got defrauded by a bitcoin Ponzi scheme that had a server based in Singapore. I got in 9 days before it collapsed. They started charging hostage fees, and then a couple days later poof. The server disappeared without recourse. I lost 1.4 bitcoin that I’d paid about $5,700 Cad a couple weeks earlier while setting it all up. I was warned in advance by some not to do it, and unfortunately I got roped in by someone I knew from the unscrupulous world of MLM whom I trusted. Needless to say, it was depressing to watch bitcoin surge that summer, and equally so to watch it collapse. It’s left a sour taste in my mouth, and yet I still hodl a small amount of what may or may not amount to something by 2030. Please spare me the I told you so Uncle Garth.

#85 For those about to flop... on 02.07.19 at 10:37 pm

Pink Snow falling in Surrey.

Let’s switch back over to what’s coming down the pipe.

Featured these guys not long ago with their on again/ off again battle with the market.

The details…

1310 129 st, Surrey.

Paid 1.49 June 2017

Originally asking 1.65

Now asking 1.29

Assessment 1.26 down from 1.46.

So I only featured them in late January when they re-entered the marketplace after going dormant.

One week later they take 50k off.

They got the message loud and clear and are at least being proactive.

It’s got the potential to be a 250k hit to someone that can ill afford it,and hopefully for them they can find that one person that loves the house and at least bridge the gap.

Another one that paid top dollar a year after the peak.

Leading people to the slaughterhouse like this is nothing to be proud of.

We all got bills to pay.

Don’t ruin someone’s life just to pay some bills…

M44BC

https://www.zolo.ca/surrey-real-estate/1310-129-street

https://www.rew.ca/insights/455873/1310-129th-street-surrey-bc

#86 Blacksheep on 02.07.19 at 10:43 pm

Godth # 53,

#49 Blacksheep

“i’m just so sick of all the parasites. by the time i’ve finished meeting all my lawyers, accountants, financial advisers, etc. (nudge, nudge, wink, wink) i’m still paying 10% tax. thieves. the government should be paying me to employ so many people and paying my employees to be employed by me.
i hate these leeches”
—————————-
Have you heard this ridiculous idea A.O.C. is promoting?

She’s calling for the Federal gov. to create a Green New Deal ala, F.D.R. What the hell are these people thinking? She’s one of those brainwashed fools that thinks the world is ending in 12 years.

Even Pelosi is ridiculing her naive plan.

#87 Yellow Vest on 02.07.19 at 10:56 pm

“Carl Canadian on 02.07.19 at 5:51 pm
Hear ye, hear ye, all Canada bashers. NYTimes oped today calling Canada the moral leader of the world.

https://www.nytimes.com/2019/02/06/ophttps://www.consumeraffairs.com/health/mayo-clinic.htmlinion/canada-trudeau-saudi-arabia.html

Really? The NY Times? Whose editor released a book called “Master of Truth” or something. A book full of lies and plagiarism. None of those NY rags have any credibility at all. They are in Democrat country after all.

Speaking of which, and this is very interesting, I told friends only two weeks ago “Just watch. Trump will not have to do a thing to win 2020. The Democrats are going to rip each other to shreds trying to “Out Virtue” one another.”

Yeah so. It’s only been two weeks and look what is going on in wacky left land. Good grief.

#88 Yuus bin Haad on 02.07.19 at 11:15 pm

Jim Flaherty had the courage to undo his own doing – no one today is as principled as he.

#89 For those about to flop... on 02.07.19 at 11:17 pm

Pink Snow falling in Vancouver.

These guys are just playing silly buggers by jacking the asking price up and letting it back down to where it was.

Probably trying to differentiate themselves from the other flippers that are going to take a beating on Blenheim also.

They want some attention so let’s give them some.

The details..

5088 Blenheim st,Vancouver.

Paid 3.45 February 2016

Originally asking 3.99

Now asking 2.99

Assessment 3.27

So if you look at my notes they originally tried to get 3.99 and take a profit approximately two years ago.

Still thinking its time to play games they came back on in the middle of January 2019 and proceeded to raise the price during what is probably the biggest correction in Vancouver real estate in maybe 30 years.

Makes sense.

These guys have been trying to outsmart Mr Market.

Mr Market doesn’t care, and has put on his size 19 boots and is about to deliver a punishing blow to the backside of these guys.

Commissions will be collected, but remember this, so will lifelong cuts and bruises by your clients…

M44BC

2017-02-02 : $3,990,000
2018-02-13 : $3,880,000
2018-10-09 : $3,680,000
2019-01-14 : $2,999,000
2019-01-25 : $3,163,800

Now 2.99

https://www.zolo.ca/vancouver-real-estate/5088-blenheim-street

#90 Bottoms_Up on 02.07.19 at 11:18 pm

People are living longer. Perhaps allowing 30 year mortgages is ok.

#91 Al on 02.07.19 at 11:26 pm

hospital disclosure, a funeral home statement of death

Our sweet, young and chiseled host is under the misconception that these can’t be purchased in some developing countries. TWO heart attacks you say…I guess they wanted to sound extra convincing. Surprised they didn’t add a falling piano for good measure and comedic effect. The ledger knows all.

#92 Corey J on 02.07.19 at 11:47 pm

Its nice to see an honest realtor every now and then, and a BC listing that is a reasonable price for millennials like me!

https://www.realtor.ca/real-estate/20278984/3-bedroom-single-family-house-3701-riverview-ave-ashcroft?

#93 mark on 02.07.19 at 11:52 pm

I heard he fell out of a helicopter over the Indonesian jungle.

#94 Robert B on 02.08.19 at 12:00 am

Do you know how many fake documents I can buy with $250 million? Especially from India?

I am just a laymen when it comes to cryptocurrency inner workings and not an expert. There will be more to this story.

Below is from Emin Gün Sirer, a Turkish-American computer scientist and professor at Cornell University and co-director of the Initiative for CryptoCurrencies and Contracts,

One thing about blockchain is “The one amazing thing about blockchains is that anyone can audit, in essence, any company.”

The argument that that’s what happened with Quadriga didn’t pass the smell test for many in the industry who are adept at scouring the anonymous ledgers that underpin the decentralized networks for evidence of where digital coins may be stored.

“The Quadriga story doesn’t make sense,” wrote in an email Wednesday.

“If the funds are frozen and the cold wallet is inaccessible, it should be possible for the exchange to provide the cold wallet addresses so their claims can be verified with the help of the blockchain,” Sirer said.

Stay tuned my friends

#95 dutch4505 on 02.08.19 at 12:17 am

best way to fix high prices……is high prices

#96 Rifles on 02.08.19 at 12:24 am

Why continually use the phrase, “end well”, as in ‘This won’t end well” etc? It never ends, well or otherwise. Better to adopt Marcus Aurelius’ dictum, “This too shall pass.” Good or bad, change is the only constant.

#97 Long-Time Lurker on 02.08.19 at 12:37 am

Just checking. Yep, the usual madness of the comments section. Garth, you’re running a free asylum.

#98 prairie person on 02.08.19 at 12:56 am

The Guardian says a million more young people living with their parents. So, it is not just Canada. Over the last forty years we have been seeing the beggaring of everyone but the filthy rich. At one time there were Lords and Ladies and everyone was a peasant living in a hovel and existing on gruel. You don’t want to know what gruel was, it was cruel. A lot of people were slaves. That is they were owned by someone else. Sort of like your dog except your dog is better fed and housed. Where my people come from we didn’t have slaves for the last few hundred years. We had indentured servants. The only difference from slaves was that they could change masters once a year. If they found a master who wanted them. The rich owned everything. The poor owned a blanket, a bowl, a spoon, the clothes they wore. They could take those with them when they changed masters. Debase the dollar. Make it worthless or close to it. Raise the cost of everything. Create poverty so that people will agree to working for a master. No shots fired. Eventually, tell people that this is t he way it is because God meant it to be. Oh, wait, eventually? I think I read somewhere that some people are publicly proclaiming that God chose Trump. Why wait?

#99 april on 02.08.19 at 1:01 am

#74 – silly billy!

#100 april on 02.08.19 at 1:10 am

For those who doubt Garth and what’s happening in Canadian/Vancouver real estate, here’s a bit more confirmation. Danielle Park, Howestreet.com – Realty Mean Reversion Started in Vancouver. Feb 7/19

#101 Smoking Man on 02.08.19 at 1:12 am

My attempt at drunken poetry

In your darkest hour you can’t see the flowers all around.
The sweet aroma of life to you smells like the summer armpit on a crowded subway car.

When you are on top of the world and you know you can’t lose. You lose on purpose to releave the bordome and loneleness of success.

What do you dogs think? Should I focus on poetry or stay the course to defeat a one world communist govt.

#102 David Driven on 02.08.19 at 1:28 am

Money laundering house buyers use bags of cash to pay property taxes in person across the counter at City Hall.

https://www.thestar.com/vancouver/2019/02/07/in-vancouver-a-haven-for-money-laundering-some-people-use-bags-of-cash-to-pay-their-property-taxes.html

How corrupt is this country anyway? Didn’t Trudeau just sack the Justice Minister for not giving SNC Lavalin a free pass on bribery charges? Didn’t the RCMP just forget to you nvestigate casino money laundering into the billions of dollars? Didn’t our civil service unions backstop the murderous dictator of Venezuela with Liberal support? Didn’t Power and Polirics bobble head just go to bat for Trudeau staying CBC can’t find fault in Trudeaus SNC fiddle. The idea that Trudeau will fix the next election with bribery and express migrant pandering is a given since Canadians don’t seem to care.

#103 paracho on 02.08.19 at 1:47 am

TREB just came out with their numbers . The real estate people have been creatively spinning it all to their advantage and using lines like “ up 0.9% from this time last year even with bad weather”.
They really do know how to spin things around !

#104 DON on 02.08.19 at 2:11 am

#25 Yellow Vest on 02.07.19 at 5:52 pm

While the Quadriga event is real, I suspect it is an anomaly in the industry. That being said, Bitcoin is going to zero. When? Right after the Central Banks of the world hoover up all the great innovation over the last 10 years and implement it into sovereign crypto currencies for countries.

If you think that Govt will ever EVER allow crypto’s to replace money, I have a face on the planet Mars to sell you.
**************

Does it have an indoor pool?

#105 DON on 02.08.19 at 2:28 am

#49 Blacksheep on 02.07.19 at 7:17 pm

Godth # 23,

#5 TRON

“it’s far worse than that. the bc communist government has hurt people in toronto, melbourne, sydney, london, new york, san francisco, seattle, and all of guangdong with their policies.
disgusting.”
—————————–
Been noticing your comments, as of late…

Good to see, you’ve finally come to your senses.
*******************
Ah ha ha ha ha ha ha ha ha…’no one is gonna steal your stuff Francis’

Did you guys coordinate that little pal gel moment?

#106 Anne Wilson on 02.08.19 at 2:46 am

Vancouver is a WORLD CLASS city, they are not making ANY MORE LAND, WEALTHY people are flocking to Vancouver, best place on earth, PRICES ONLY GO UP, FOMO… No worries folks, prices will shoot back up as soon as the secret gets out…

You are an idiot, but for sure an RE Agent or a money launderer, as nobody in this financial climate could say this to young people. I don’t give a damn as I’m middle aged but don’t spew your vomit to the young people starting out. They don’t deserve to read your shite.

#107 Anne Wilson on 02.08.19 at 2:51 am

#67 WTF?

#108 Howard on 02.08.19 at 3:47 am

DELETED

#109 Dolce Vita on 02.08.19 at 5:29 am

Speaking of KAPUT, headline today at RAI website:

“Industrial production collapses: -0.8% in December and -5.5% year. To the minimums since 2012.”

Italia headed for recession or more like, IN IT (apparently, mighty, do no wrong economically, make reliable but ugly sport cars, Germany rumored to be not far behind).

Italian’s do not sugar coat the news that’s for sure. Poor Italia.

If ever Italia needed those big tourist Kanuckistan $$$ to boost its GDP, now is the time Canada. Besides, our food’s better than the rest of the EU put together (and safer to eat, we ban GMO, steroids and antibacterials, to drop a horse, from our food chain…oh all right, we import ever so slightly RoundUp tainted grain from Canada, Italia your biggest EU grain importer Canada…so buck up, payback and visit).

Travel Tips:

-View YouTube 4K annotated walking tours as you walk a historic Italian sight or the streets of an Italian city rather than meandering about and looking for English translated signs or reading messed up Google/TripAdvisor Travel Tips from the “Don’t know shit from clay” crowd. And please, lose the half-nude GAP outfits and flip flops when you ply our neighborhoods (Tilley hats are OK).

-Swap your Cdn. Smartphone chip out with a cheaper one from an Italian service provider to stream at will – you’ll thank me (and shop around, lots of plans to cater to tourists).

—————-

To add insult to accident, 57% approval rating Di Maio (1of the 2 Italian Deputy PM’s) talks to Yellow Vest Parisian protesters and 23% approval rating Macron RECALLS the French Ambassador to Italy (Gallic arrogance at its best).

You can’t make this stuff up. One reason for living here, NEVER A DULL MOMENT in the European Union and Italia.

Canada for all its self-perceived/afflicted ills is down right sedate, comatose and safe by comparison (just a little too cold or wet for my liking at present).

Canada, you have NO IDEA how GOOD YOU HAVE IT even with “I did not push that woman MP, I did not fondle that woman Reporter and I did not brow beat that woman Justice Minister” PM in charge.

Daddy should never have let Junior read his credenza copy of “The Prince”, especially the “SPECULUM PRINCIPIS” parts.

Use Google Translate:

http://www.rainews.it/dl/rainews/articoli/crolla-produzione-industriale-istat-ai-minimi-dal-2012-c9da5b85-4632-424f-a7c5-d25a2b6e9538.html

In English, from Lefty American’s living and writing about news in Italia (eating their own kind in this article):

https://www.thelocal.it/20190128/italy-row-with-france-is-getting-personal

Or from Commie “Il Manifesto” today (they have the best headlines ever):

Teatro Eliseo

https://ilmanifesto.it/

#110 Stan Brooks on 02.08.19 at 5:43 am

Mortgaging the future of the unborn (who may never be born) who if born, will never have jobs in order to temporary boost an asset class that contributes to making the economy less robust and competitive for short term political gains.

Idiots.

#111 Stan Brooks on 02.08.19 at 5:54 am

Exactly steps like this (30 years amortizations, ‘insured by taxpayers’) , this endless irresponsible pimping (not pumping) of the housing market establishes the foundation for spectacular societal and economic crashes, that seemingly come out of nowhere when they happen.

The debt problem is not going to go away.
The incompetent idiots treat advanced stage of cancer with lipstick.

#112 Ace Goodheart on 02.08.19 at 7:14 am

While T2 tries to get re-elected by changing mortgage rules, he has some big problems coming towards him in the form of SNC-Lavalin.

Here’s the evidence so far:

SNC-Lavalin broke the law, big time, when they bribed Libyan officials. They were going to be convicted.

Enter lobbyists. Meeting with T2 officials about 50 times, following which T2’s government changes Canadian criminal law, to allow an exception which would permit SNC-Lavalin to pay fines an avoid a conviction.

If SNC-Lavalin is convicted, they cannot access government contracts, which are a huge revenue source for them, so this is really important to them (they needed to change criminal law, so they could get out of a conviction, and it looks like they managed to do just that).

Enter our former Justice minister. She says “no way”, will not allow this to happen. She gets challenged by some partners of a Toronto sister’s firm, they lose, and her decision stands.

T2 fires her from her position, moves her to another portfolio, and installs someone else as Justice Minister and attorney general. This person is expected to permit SCN-Lavalin to take the lesser punishment (which is possible after the criminal law was basically re-written for their benefit).

So this is like the tip of the iceberg. Why would our government be so hell bent on allowing a large company to get away with the criminal offence of bribing foreign officials, so they could keep getting government contracts in Ottawa?

Why would they care?

This is huge. This could sink T2 and it is happening in an election year.

#113 Tater on 02.08.19 at 7:42 am

#12 dakkie on 02.07.19 at 5:23 pm
Kevin O’Leary: Canada is run by ‘terrible managers’

https://www.investmentwatchblog.com/kevin-oleary-canada-is-run-by-terrible-managers/
——————————————————————

Finally, O’Leary speaks on a subject that he actually knows something about!

#114 crowdedelevatorfartz on 02.08.19 at 7:42 am

@#74 “maxed out my crdt card”

“Vancouver is a WORLD CLASS city, they are not making ANY MORE LAND, WEALTHY people are flocking to Vancouver, best place on earth, PRICES ONLY GO UP, FOMO… No worries folks, prices will shoot back up as soon as the secret gets out…”

+++++

ahahaha.
You left out “Best Place on Earth” Mr 2012

#115 maxx on 02.08.19 at 7:43 am

What a sublimely efficient device, being able to tap into and play with the frailties of the human condition.

Dangle anything that opens up the possibility of some kind of profit or advantage and the proletariat becomes malleable to gubbmint’s every pleasure.

Every single time.

Bending back to 30-year amorts just makes it seem as though gubbmint is fine-tuning the system for the people, when the true goal is to maintain tax revenue inflows. Not a superficially bad thing, apart from the fact that there is no evidence that gubbmint has any intention to heal and improve the economy at large. The grass roots, real economy is the nexus for that improvement and even before the increase in amortization kicks in, fools are 20 leagues and counting in debt.

Quelle underpinning for any national economy. And TPTB simply point the finger at other nations, blathering incessantly about being better off.

This country has very little margin, if any, to withstand significant economic shock. Austerity then becomes part of the fabric of society, accompanied by generous dollops of inter-generational angst and resentment. That too is unhealthy and distorting to the economy.

T’is the way of election cycles, this time with the momentum and knock-on effects of truly damaging macro-economic decisions, dating back to the early ’90s.

#116 James on 02.08.19 at 7:44 am

#102 Emasculated Smoking Loser

“What do you dogs think? Should I focus on poetry or stay the course to defeat a one world communist govt.”

Everything about you is so unoriginal, derivative, boring and sad.

You are mentally unstable and delusional.

Get help before it’s too late.

#117 Headhunter on 02.08.19 at 7:45 am

#49 Blacksheep
i’m just so sick of all the parasites. by the time i’ve finished meeting all my lawyers, accountants, financial advisers, etc. (nudge, nudge, wink, wink) i’m still paying 10% tax. thieves. the government should be paying me to employ so many people and paying my employees to be employed by me.
i hate these leeches.

_________________________________________

its not only you! BAAM very well said. The Gov’t just lets you be a “Manager” at your firm, but lets be clear here they really own it. Yes look at all the people you employ, directly and INDIRECTLY all the rules/regs, forms to fill out, collecting/remiting HST etc etc etc

30 year mortgage? may as well make it a 100. How is a kid in a “gig economy” going to get a 30 year mortgage? They dont even care!

I’ve said it a zillion times kids today are SMART.. they have eyes and ears. They know the whole “have to own a house”to be happy is a scam.

Why do you think most youth are talking side gigs and FIRE? “financially independent retire early”

They are “mentally checking out”.. no “checked out” look at Japan Herbivore men..mens employment participation in the west is an eye opener also.

#118 TurnerNation on 02.08.19 at 8:08 am

But how’s his Bit/Alt coin portfolio doing?

https://torontolife.com/real-estate/32-year-old-managed-accumulate-10-homes-toronto/

#119 Godth on 02.08.19 at 8:16 am

#87 Blacksheep
these are crazy times mister. ever since rovverfelt came up with that crazy new deal we’ve been trying to reverse it, and we’ve been succeeding. taxing the rich at over 90% (nominal), over 70% for decades! disgusting, all those look at me middle class types that have no right to that money, that’s our money! with this globalization, modern transportation, modern computing and technology we’ve got them by the short and curlies. no more union demands – bam! your job is in bangladesh, no more environmental regulations – bam! china will do your job. oh yeah, we’re almost done rolling back this madness rooverfelt started. all the money will be ours again and the natural order will be restored. God bless America!

#120 George on 02.08.19 at 8:17 am

#5 Tron

Right on!

That and Keynesian politicians with absolutely no common sense or business sense!

George
Towards more business and less S & K in Canada

#121 Barrie from Barrie on 02.08.19 at 8:21 am

Dolce Vita said:

Besides, our food’s better than the rest of the EU put together (and safer to eat, we ban GMO, steroids and antibacterials, to drop a horse, from our food chain…oh all right, we import ever so slightly RoundUp tainted grain from Canada, Italia your biggest EU grain importer Canada…so buck up, payback and visit).

—————————————————————

My, my, Dolce Vita, you are like so many other supporters of Italy, all too ready to overlook the sad underbelly of that place, the culture of criminality that should make us not trust much of anything from there.

Ever heard of the Sopranos? The Godfather? Those examples are compelling for a reason.

Of course not all Italians are criminals. But the culture is infested with way too much recent criminality to be trusted, at least with anything you put inside your body.

My family, for years, does not buy any Italian food. Too risky. Even the Canadian brand versions we cannot trust. So much fakery and fraud in the ingredients, too many producers always looking to cut corners.

Look at the ongoing fraud scam of “Italian Extra Virgin Olive Oil”. (‘Extra virgin’ does not refer to blog dog Mr. Freedom First, LOL!)

About 80% of Italian olive oil sold here is fake.

https://www.forbes.com/sites/ceciliarodriguez/2016/02/10/the-olive-oil-scam-if-80-is-fake-why-do-you-keep-buying-it/#59159d52639d

And just this week, the Canadian government has had to broaden the investigation.

https://www.cbc.ca/news/canada/ottawa/cfia-targets-fake-olive-oil-1.5007546

Italian processed food is not worth trusting your gut or health to, under any circumstances. I know people who’ve gotten sick consuming those products.

Kind of a 2nd world country trying hard to become 3rd world, jmho.

#122 dharma bum on 02.08.19 at 8:38 am

#91 Bottoms Up

People are living longer. Perhaps allowing 30 year mortgages is ok.
——————————————————————–

Sure. Why not prolong the agony.

I love the Catch-22 situation that the government and regulators are chasing their tails over.

We want to cool down the over heated housing market because houses are too expensive and prices need to come down, so we will create a stress test to decrease the number of people qualified to get mortgages, thereby decreasing demand, thereby decreasing prices, which works (yay) because now prices are falling, demand is less, sales are down, so prices should fall further, which is exactly what we set out to accomplish, but if prices come down further, that will ruin our one-trick-pony housing based economy, oh no, what are we gonna do, hey I know, let’s implement measures to re-inflate house prices by eliminating the stress test and bring back 30 year amortizations, yah, that’ll work, but wait, that will increase the prices of houses which will bring back the affordability crisis, but y’know, if that happens we can implement a stress test and reduce amortization periods, but wait….
Yossarian would love it.
“There was only one catch and that was Catch-22, which specified that a concern for one’s own safety in the face of dangers that were real and immediate was the process of a rational mind. Orr was crazy and could be grounded. All he had to do was ask; and as soon as he did, he would no longer be crazy and would have to fly more missions. Or would be crazy to fly more missions and sane if he didn’t, but if he was sane he had to fly them. If he flew them he was crazy and didn’t have to, but if he didn’t want to he was sane and had to. Yossarian was moved very deeply by the absolute simplicity of this clause of Catch-22 and let out a respectful whistle. ‘That’s some catch, that catch-22,’ he observed. ‘It’s the best there is,’ Doc Daneeka agreed.” – Joseph Heller, Catch-22, Ch. 5

#123 Ezzy on 02.08.19 at 8:39 am

#24 Carl Canadian

It’s the NYT. We should expect nothing less from an organization well known for its unbiased and balanced reporting, driven by what can only be described as a group of self-loathing Americans with an obsession for feeling guilty, and reminding everyone how much better they are than others for it.

Canada, for the most part, is a glass house, and largely irrelevant on the world stage.

#124 Godth on 02.08.19 at 8:42 am

#61 akashic record
the problem is the stand alone numbered llc i had to create for construction purposes, for obvious reasons. no way i wanted that one bleeding into my foundation so that’s where the leeches attach themselves. thieves.

#125 NoName on 02.08.19 at 9:14 am

#122 Barrie from Barrie on 02.08.19 at 8:21 am

Berrie…

There is a huge duferance in price and quality, between cold pressed virgin olive oil, and extra virgin olive oli. You know one tat retiel for 24cad and other for 7cad. I did posted two times before but here we go again.

Googel it food labels inacutacy, than venture in vitamins and food supplements labels…

Here is quick read about topic.

https://cspinet.org/news/gao-says-fda-fails-ensure-accuracy-and-truthfulness-food-labels-20081010

#126 Godth on 02.08.19 at 9:15 am

#72 JM Keynes
don’t be envious. everybody knows money is a commodity, banks lend deposits and government operates like a household. why are you still whining about the ’30’s? my family made a lot of gains during that time, everything was on sale! it was just part of the business cycle. you Keynesian commies lost, we won the cold war – get over it.

#87 Blacksheep
nancy is on our team, ever since bill clinton the dems. have seen the light. this aoc witch will be put in her place one way or another. productivity way up, wages down, record profits – life is good.
did you see the way morning joe handled tulsi? hahaha
the facts don’t matter except in the inverse, it’s all narrative and we’re the authors. baffle them with b.s. and frame it how we want and there’s no way they can break out of our narrative within the couple minutes we allow them. it’s so much fun to watch them squirm. like a cat playing with a mouse.

#127 Phylis on 02.08.19 at 9:24 am

#102 SM i would like to see a periscope of someone tilting at wind turbines

#128 Smoking Man on 02.08.19 at 9:46 am

Wow. 41k new jobs in Ontario. Nice Job Doug Ford.
I’m calling a .25 rate spike by BOC next meet up.

#129 Kev on 02.08.19 at 9:47 am

Phil Moore, oh yeah the guy who was an avid steroid monkey and fired from the VPD. Then married a super successful asian realtor and rode her coattail for years. Then becomes a cocaine binger and president of the Vancouver Real Estate Board. What can I say… Only in Vancouver

#130 Godth on 02.08.19 at 9:52 am

#127 Figure it Out
i’ll give you a hot investment tip youngster, in one short clip: Venezuelan military will realize Maduro’s time is up: Mike Pompeo
https://www.youtube.com/watch?v=EoHXWdwgH2c

venezulu is screaming under our pressure and it’s ready to pop.
hezbullalah –> venezalia —> hezbubu —->ayryan
ratheon, boeing, lockheed-martin, haliburtan, exxon-mobil…etc., etc.
never bet against the global hegemon son. you youngsters will be busy for a long time.

#131 IHCTD9 on 02.08.19 at 10:07 am

#111 Stan Brooks on 02.08.19 at 5:43 am
Mortgaging the future of the unborn (who may never be born) who if born, will never have jobs in order to temporary boost an asset class that contributes to making the economy less robust and competitive for short term political gains.

Idiots.
_____

I was having a little fun the other night with the kiddies while reviewing our latest hydro bill.

For those that don’t know, in Ontario; our hydro bills are being subsidized by taxpayer debt through a public corp. This was Wynne’s “fair hydro plan” which I refer to around the house as the “make the children pay hydro plan”.

Each bill shows in large red font what you “saved” that month, and also a running total of “savings” (LOL!)

I looked up at my two teens and thanked them for making my hydro costs so reasonable and fair. I also thanked my wife who voted for that air head twit goof Wynne, and so helped this fairness to happen.

My kids knew exactly what I was talking about.

Don’t worry about the future of born Canadians – they’ll be exceedingly few in number, and more than half of them will be raised by a single Mom and barely getting by. They will be benefit receivers, not system supporters.

Canada has placed all its eggs in the immigration basket. New Canadians will be paying the vast bulk of this pile back (or maybe not…).

#132 JM Keynes on 02.08.19 at 10:14 am

#129 Godth

You are great comic relief cowboy. If Keynesian lost moron, why is Canada a very Keynesian economy? Do you even think through your moronic statements or are you the resident clown on this blog who enjoys blathering mindless nonsense? Keep it up, I am having a great howl over your inane dribble.

#133 JM Keynes on 02.08.19 at 10:28 am

#129 Godth on 02.08.19 at 9:15 am
#72 JM Keynes
“don’t be envious. everybody knows money is a commodity, banks lend deposits and government operates like a household.”

Really? Does your household issue bonds, have taxation power, able to monetize debt? Wow! That’s quite the household you have there cowboy!

” why are you still whining about the ’30’s? my family made a lot of gains during that time, everything was on sale! it was just part of the business cycle.”

I am not whining you clown. Do you have an logical thought process in that puny little cranium of yours? I pointed out that classical economics tried every trick in it repertoire and FAILED MISERABLY. Keynesianism saved the day and Canada has not had a repeat of the Depression since.

” you Keynesian commies lost, we won the cold war – get over it.”

You need serious help cowboy. Do you enjoy displaying how stupid and moronic you are? You, moron, live in a Keynesian economy in Canada. Who won the war? Classical economics lost moron and Keynesianism is what is firmly in place in Canada. God you are stupid!

#134 Steven Rowlandson on 02.08.19 at 10:30 am

Based on last years income I could afford to pay $12,500 for one of those unsellable homes.

#135 Citizen on 02.08.19 at 10:53 am

Garth,

You really know how to rub it in…this is the best I told you so blog! Always good for a laugh!

115,000 GREATER FOOLS!

Keep the laughs coming….we need them..
There are dark days ahead indeed.

#136 russell on 02.08.19 at 10:54 am

Wow that is proof. You have no idea… India Gov cert of death… for $10,000 rupees you can make magic happen… you can get anything forged… until you see his body and dental ident… this guy is a question mark…

#137 Jim on 02.08.19 at 11:15 am

Well done Godth and u r bang on!

Why do I think that Keynes guy hates cowboys and old people?

#138 Godth on 02.08.19 at 11:20 am

#136 JM Keynes
that’s because canaduh is communist! when my strongman trump takes over canaduh we’ll see some real progress. first he needs to bomb the communists in bc and alberta back to the stone age as an example. then we can privatize all sorts of communism for profit. jails, medical, police, military, water, hydro, transportation and roads etc., etc.
there will be lots of money to be made.

#139 Stan Brooks on 02.08.19 at 11:31 am

#135 IHCTD9 on 02.08.19 at 10:07 am

Canada has placed all its eggs in the immigration basket. New Canadians will be paying the vast bulk of this pile back (or maybe not…).

Do the new immigrants know that?

Canada is sold to them as a social country.
So they expect benefits.

While we expect them to carry the heavy debt burden + pay 50 yearly before tax incomes for a cardboard particles home or 30 for a glass condo + maintenance and huge property taxes after that + never to retire + their kids will never ever have decent well paying jobs as there aren’t any.

The current ‘standard’ of living requires everything to be spent to live ever deteriorating in quality life while getting deeper in debt.

Good luck.

#140 entropy on 02.08.19 at 11:34 am

I remember in ’09 things were already “inflated” and my buddy was literally sick when he bought a home (because wife HAD to have one).
That sickness slowly lifted as this thing has just kept on trucking.
Its worth a lot on paper now. They don’t plan to sell to realize any gains. They have set up shop/have a family/ no plans to leave.

But it sure looks nice. The rest of us who tried to play it safe have missed out on potential life changing amts of gains. What a circus.

#141 Ronaldo on 02.08.19 at 11:38 am

#91 Bottoms_Up on 02.07.19 at 11:18 pm
People are living longer. Perhaps allowing 30 year mortgages is ok.
—————————————————————–
Just a temporary relief to monthly payments. Most people move within 10 years. It used to be that on average people moved every 4 years or so. Changing the amortization to 30 years will likely have little effect. It will be interesting though to see what kind of incentive they throw out there to get people back into the bubble. They do it every time. 60s, 70s, 80s, 90s. Home owner grants, subsidized mortgages, GST rebates if you built your own home, etc. etc.

#142 Ronaldo on 02.08.19 at 11:44 am

#93 Corey J on 02.07.19 at 11:47 pm
Its nice to see an honest realtor every now and then, and a BC listing that is a reasonable price for millennials like me!

https://www.realtor.ca/real-estate/20278984/3-bedroom-single-family-house-3701-riverview-ave-ashcroft?
————————————————————–
Yep, another couple hundred thousand and if you can do most of the work yourself you got yourself a place to live. What would you do in Spences Bridge for work?

#143 For those about to flop... on 02.08.19 at 11:45 am

Facts?

We don’t need no stinking facts…

M44BC

“Fact Check: The Best & Worst Presidents for Job Growth Since WWII

Imagine President Trump could directly control how many jobs the American economy produces. He would no doubt want to see tens of millions of more jobs before the next election, more than any other administration in American history.

To be sure, presidents control some parts of the job creation process. They can set tariffs on goods produced overseas, eliminate onerous regulations and generally give consumers confidence about the future. And they certainly campaign on the economy. President Trump kicked off his State of the Union by pointing to job creation numbers during his tenure.

U.S. presidents don’t really control how many jobs get created in the economy, and yet job creation is a constant campaign theme. Our analysis of data from the U.S. Bureau of Labor Statistics ranks each president since World War II, letting you see for yourself who has the best track record.

The economy under President Clinton created more jobs than any other administration, and FDR oversaw the highest percentage increase in the workforce.

Job growth boomed from the 1960s through the 1990s, before tapering off over the last 19 years.

We created a timeline of official numbers from the U.S. Bureau of Labor Statistics over the last several administrations, going all the way back to FDR in the Great Depression. Thanks to the researchers at The Balance for originally gathering the data. We plotted a series of bubbles indicating both the overall number created and the percentage change in job growth. This lets you easily and see how presidential track records compare against each other.

The overall number of jobs created is the easiest statistic to grasp, but there are a few things to keep in mind. For starters, the U.S. economy grew throughout the years represented on our timeline. The labor force is much, much bigger today than 30, 50 or 70 years ago. That means it’s more common to see millions of jobs created each year than before. The economy generated 304,000 new jobs just last month alone.

Our numbers also ignore recessions and depressions, when lots of people lose their jobs. President George Bush lost a lot of jobs after the 2001 recession, to say nothing of the Great Recession in late 2008 and 2009, which technically happened under Obama. Usually, there’s a surge of hiring in the years following an economic contraction, which typically makes up for any job losses and then some. That partly explains why so many jobs were created under FDR, to say nothing of the country’s focus in producing weapons for World War II.

The percentages tell a deeper story. For example, President Obama oversaw 8.9M in job creation, only 6.2% growth. FDR, on the other hand, oversaw 9.5M, an incredible 21.5% growth. Granted, FDR was in power longer than Obama, but the point still stands. President Reagan deserves special mention because he oversaw the best percentage job in the post-World War II era. Clinton came close at 15.6%, but Reagan was clearly the best.

Republican or Democrat, politicians like to take credit for things when it’s convenient. Job creation is difficult if not impossible for one person to directly control. As the 2020 campaign season gets underway, at least now you will have the real numbers to decide who’s right.”

https://howmuch.net/articles/jobs-created-by-president

#144 45north on 02.08.19 at 11:45 am

So to bring back CMHC-insured, 30-year loans for 5%-down buyers would be a crass, regressive, paleo, dumbass, political move. It’s been seven long years since they were banned by the courageous elfin deity, F, who will be rolling in his grave if Chateau Bill makes the move.
But, as stated, 2019 is a year to vote. Winning trumps principles. Real estate is probably the biggest issue in the nation. How could we possibly expected common sense?

Château Bill knows the Canadian financial industry. Somebody who lives in a wooden cabin probably doesn’t. He made the move to the stress test – it’s a good move. Good for the banks, good for Canada. But this is politics and there’s a certain amount of pain. In fact, the pain is becoming more certain. As I said before, this is Bill’s time. It’s time for him to defend his plan. Now, 30-year loans are not the same thing as the stress test but they are both part of the big picture which is we have to live within our means. This is Bill Morneau’s time.

#145 LP on 02.08.19 at 11:47 am

#137 JM Keynes on 02.08.19 at 10:28 am

If you were even half as intelligent as you seem to think you are, you’d realize that any argument is weakened by ad hominem attacks on an opponent.

#146 Godth on 02.08.19 at 11:54 am

#137 JM Keynes
i’ll never understand why you people don’t want less taxes, balanced budgets, more privatization and more profits. why are you so against business and so in love with poverty? get your head on straight son.

#147 MF on 02.08.19 at 11:55 am

143 Stan Brooks on 02.08

Once again this troll demonstrates how delusional he is. Do you know of any actual immigrants? Clearly not, for if you did you would see they are doing just fine. Many have homes and many have made tons of money off of them too.

Just because you failed at life and are bitter doesn’t mean everyone else has. Give it up already.

MF

#148 Ubul on 02.08.19 at 12:07 pm

#144 entropy on 02.08.19 at 11:34 am

I remember in ’09 things were already “inflated” and my buddy was literally sick when he bought a home (because wife HAD to have one).
That sickness slowly lifted as this thing has just kept on trucking.
Its worth a lot on paper now. They don’t plan to sell to realize any gains. They have set up shop/have a family/ no plans to leave.

But it sure looks nice. The rest of us who tried to play it safe have missed out on potential life changing amts of gains. What a circus.

If this was too risky for your investment profile, this opportunity was not meant to you. You didn’t miss anything, you got what you were ready to receive.

#149 MF on 02.08.19 at 12:07 pm

125 Ezzy on 02.08.19 at

Yeah right.

“The world stage” is an absolute joke, populated by 90% totalitarian regimes and banana republics that contribute zero to mankind.

There are only a few countries adding positives to the world, and Canada is one of them.

MF

#150 jess on 02.08.19 at 12:07 pm

cash principal

in ten years trump bought with cash 400m. worth of properties?
David Cay Johnston: Rudy Giuliani, The Dutch, and the Stolen $10 Billion
https://www.dcreport.org/

https://www.bloomberg.com/news/articles/2019-02-07/a-trump-tax-return-standoff-would-be-uncharted-territory
Neal has faced pressure from members of his own party, as well as outside groups, to make the request immediately. Billionaire Tom Steyer ran an ad during the Super Bowl, and is spending $109,000 more on advertisements in Neal’s district, urging him to act.

A Financial Times investigation picks through the murky path from the former mayor of Almaty to Trump Soho.
Kazakh Bank Suit Tied to Trump Soho May Turn on Emails
By Erik Larson
January 10, 2019, 12:00 AM EST Updated on January 10, 2019, 4:01 PM EST

Latest twist in Kazakhstan bank’s claims of plundered assets
Bank says Khrapunov tried to hide business deals from court
https://www.bloomberg.com/news/articles/2019-01-10/email-purge-alleged-in-money-laundering-suit-tied-to-trump-soho

City of Almaty v. Ablyazov, 1:15-cv-05345, U.S. District Court, Southern District of New York (Manhattan).

#151 Jonathan on 02.08.19 at 12:09 pm

FLOP:
Thank you for all the hard work in keeping track of these examples especially with price history – really appreciated and I always look forward to your pink posts!

#152 Bobby Bittman on 02.08.19 at 12:23 pm

#137 JM Keynes

I get the impression you think they are stupid,loser morons :-) Morninically moronious you might say… lol. I have included some suggestions help you diversify your expressions of indignation.

Moron –
synonyms: fool, oaf, nincompoop, clown, dunce, dolt, dullard, ignoramus, simpleton

#153 JB on 02.08.19 at 12:24 pm

Before Trudeau spent our money he should have thought this through more and brought these people in properly with a clear objective with a plan to integrate them. Obviously it isn’t working and now these uneducated people who have never worked will always feel that they are a burden. Another T2 blunder just not ready!

https://www.msn.com/en-ca/news/canada/settled-in-a-strange-land-what-life-is-like-in-canada-for-syrian-refugees/ar-BBTjW2u?li=AAggNb9

#154 Protea on 02.08.19 at 12:26 pm

Look at the comments !! is time to shut this blog down !!

#155 Shawn Allen on 02.08.19 at 12:31 pm

Why Are Houses so Expensive?

One reason would be the high cost of building a house in a typical suburb.

Houses are a manufactured product albeit site built. Where are the productivity improvements that should lower the cost of constructiona nd all of the materials?

Do we need more of a factory built approach?

What are all the costs that residential land developers face and can some of these come down? How does a building lot on the edge of Edmonton (where land is abundant) end up selling for $180k? and yet the developers don’t seem to make a huge profit and 30 years ago the lots were I recall more like $30k.

Is there a lack of competition in various aspects (land development, concrete work, the components, home building) that is keeping the prices too high? Are some of the contractors making a fortune?

#156 Godth on 02.08.19 at 12:32 pm

#149 LP
it’s because he’s using the gish gallop fallacy and i’m calling him out on it. these communist types all use the same tactics. God bless America! one world, one free market!

#157 Shawn Allen on 02.08.19 at 12:44 pm

What Does Long Term Mean, umm Mean?

Victoria Real Estate Update at 10 said:

Prices always revert back to the long-term mean. Every time. No exceptions.

**************************
When people say revert to the long term mean, I believe that should say revert to the long term mean growth rate?

So what is the starting point? What is the this long term growth rate? Inflation? Really? Houses should inflate at the same rate as the average CPI?

Is this long term growth rate a nominal growth or a real growth rate?

Does someone have unbiased data to show it? Can you get whatever number you want by choosing a starting year in a depression versus at a peak?

Really a house in a City should fall in value in real dollars as it depreciates and gets old and tired. But in a growing City the commute times from the ever-retreating suburb fringes grow and grows and the advantage of the older closer houses can grow for that reason.

Also can you compare the price of a new house to one from 50 years ago? At different points in time the typical new house was roomy or tiny depending on the era. Same for the lot size. Houses today can have a master closet the size of bedrooms. More bathrooms than bedrooms. How does all this factor into comparing today’s house price to 50 or 200 years ago?

To me, talk of a house should cost 3 times income or 4 times is nonsense since the affordability is vastly different than when interest rates were higher.

There is a standard debt service ratio of 32% or 40% all-in or whatever and that makes sense even as interest rates move hugely. Banks have never to my knowledge applied a times income test and such a standard ratio is mythical.

#158 Stan Brooks on 02.08.19 at 12:49 pm

#153 MF on 02.08.19 at 12:07 pm
125 Ezzy on 02.08.19 at

Yeah right.

“The world stage” is an absolute joke, populated by 90% totalitarian regimes and banana republics that contribute zero to mankind.

There are only a few countries adding positives to the world, and Canada is one of them.

MF

This is exactly what former communist countries were teaching just prior to their collapse.

It is so funny to watch brainwashed ignorant incompetents expressing attitude of superiority to other nations, absolutely amazing idiocy.

But very entertaining. Bravo.

I won’t discuss your IQ as you probably over-achieve considering what you are fed with/informationally and in terms of food quality.

#159 DON on 02.08.19 at 12:52 pm

#145 Ronaldo on 02.08.19 at 11:38 am

#91 Bottoms_Up on 02.07.19 at 11:18 pm
People are living longer. Perhaps allowing 30 year mortgages is ok.
—————————————————————–
Just a temporary relief to monthly payments. Most people move within 10 years. It used to be that on average people moved every 4 years or so. Changing the amortization to 30 years will likely have little effect. It will be interesting though to see what kind of incentive they throw out there to get people back into the bubble. They do it every time. 60s, 70s, 80s, 90s. Home owner grants, subsidized mortgages, GST rebates if you built your own home, etc. etc.
*************
Yup! Although this time prices are in the stratosphere and they are gonna try and goose the market. So things will be $50K cheaper until everyone piles in again and prices go back up to insane stupidity. All about the election and Trudeau’s coming minority if at all. (SNC)

By the way sorry to hear about the kids piling back into the market. You tried your best. I have managed to keep my younger sister/bil out of the market. They have time to wait it out. Less stress for them.

Meanwhile in North Columbia (previously British Columbia).

https://bc.ctvnews.ca/there-s-people-going-to-jail-b-c-speaker-chief-of-staff-allege-officials-broke-the-law-1.4287924

The most Corrupt Place on Earth.

You can’t make this stuff up.

#160 IHCTD9 on 02.08.19 at 12:54 pm

#143 Stan Brooks on 02.08.19 at 11:31 am

Do the new immigrants know that?
____

Looking at the number of new Canadians who end up bailing out back home within ten years of showing up – I’d say no they don’t. Looking at Canadian emigration numbers to the US vs. the immigration numbers from the US tells me the same thing.

These folks have a tough road ahead of them even without the extreme costs of living in the immigrant landing pads of Canada (ie GTA/YVR). They understand this much upon arrival. It is once they are here for a few years that they figure out just how much they’re left with at the end of the month and where many feel it’s not worth it. Many is between 30-40% depending on what you read.

It’ll only get worse in the near future too. Less and less domestic births. More and more social ills stemming from the hoards of single young Men with no prospects Canada has in the incubator. Armies of single young mothers wanting the government to be Daddy to their kids. A sea of elderly reaching their health care intensive years.

The only realistic remedy is more taxes. The only possible way to get said taxes paid is importing hoards of immigrants. Domestic Canadians are tapped out with a poor outlook, and this fact is very well established.

Not looking too enticing is it? Maybe that’s why StatsCan is also expecting future immigrants to come from absolute bottom of the barrels countries. That’ll be a losing battle IMHO – just no EROEI with folks who lived in grass huts and blown up cities last week, and expecting them to thrive is a 1st world economy next week. Not going to happen.

Where Ottawa goes after this plays out is anyone’s guess – my bet is somewhere other than finding efficiencies, making cuts, and reduction in size. At that point, you might want to get your assets somewhere safe…

#161 Don on 02.08.19 at 12:56 pm

#151 MF on 02.08.19 at 11:55 am

143 Stan Brooks on 02.08

Once again this troll demonstrates how delusional he is. Do you know of any actual immigrants? Clearly not, for if you did you would see they are doing just fine. Many have homes and many have made tons of money off of them too.

Just because you failed at life and are bitter doesn’t mean everyone else has. Give it up already.

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

MF

Just curious, how exactly is Stan delusional.

It takes a long time to figure out the world and how everything works. It’s a continuous learning cycle.
How is he a troll?

#162 Ezzy on 02.08.19 at 1:00 pm

#153 MF

That’s a slick way you’ve got of altering the intent of my message to suit your counter argument. But, better luck next time.

So let’s needle down to the difference between what I said and how you interpreted it.

“There are only a few countries adding positives to the world, and Canada is one of them.”

At no point did I suggest Canada doesn’t contribute positively to the world. I simply stated that we’re largely irrelevant to the world, which means so too are our contributions. Not something I find disagreeable as I’d rather we aren’t the center of attention anyway. Additionally, morality (in reference to the NYT article) is entirely subjective. And what we may consider to be perfectly moral behavior other peoples may view as utterly reprehensible. It is not only wrong but also racist and a bit imperialistic of us to impose our idea of morality on other nations and people.

Nevertheless, I’ll consider your counter to be hyperbole at best. Besides, there are plenty of other Western style nations that could easily be seen as providing net positive contributions to the world that exceed ours by a large margin.

#163 Will He Step Down? on 02.08.19 at 1:04 pm

Scheer is going for the jugular with an investigative committee. Did you know Canada has no Deputy PM anymore? Now if Trudeau is forced out, guess who could be running for the PM of Canada for the Liberal Party in the 2019 election? These are indeed interesting political times.

#164 n1tro on 02.08.19 at 1:20 pm

#43 Trading Naked on 02.07.19 at 7:07 pm
In June 2016, my hairdresser in Regina was talking to me about Bitcoin. She had some, ’cause her brother got her into it, and she asked me what I thought. I said that what made me the most nervous was liquidity. It doesn’t do anybody any good if BTC rockets to $10,000 but there’s no reliable way to unload it on somebody else at that price, within a reasonable time frame.

#44 LL on 02.07.19 at 7:09 pm
# 40
..”What I couldn’t easily find out… what how to sell your bitcoin”…

Exactly…it’s always “Buy..buy..buy” info., not much on how to sell.
—————————————
Geez Louise….the misinformation that is written here sometimes. It is easy to sell BTC. As easy as you can buy it, you can sell it. That’s how both sides of a bid/ask works!

The difficulty was cashing out the the funds from the exchange into your bank account in the past.

Today, depending on the exchange, you may have to wait a few days before the funds gets deposited but you will get it.

#165 What happened in here? on 02.08.19 at 1:27 pm

Garth?
Your comments section has been taken over
by the lunatic fringe.
It’s sad but highly entertaining.

#166 Godth on 02.08.19 at 1:34 pm

#153 MF
you’re thinking about this all wrong. the us supports over 70% of these dictatorships, for now. think about all the future profits toppling them in the future will yield. venezulala and iryian next and so many more to follow. everyone will see the light eventually. be patient young jedi, and profit.

#167 Long-Time Lurker on 02.08.19 at 1:35 pm

Far side of the moon pic.

https://gizmodo.com/chinese-satellite-snaps-rare-pic-of-lunar-far-side-and-1832392868

#168 Remembrancer on 02.08.19 at 1:58 pm

#168 Will He Step Down? on 02.08.19 at 1:04 pm
Scheer is going for the jugular with an investigative committee. Did you know Canada has no Deputy PM anymore? Now if Trudeau is forced out, guess who could be running for the PM of Canada for the Liberal Party in the 2019 election? These are indeed interesting political times.
————————————————————-
As Canada doesn’t have an order of succession like the US does, Deputy PM is more a first among equals milk bone treat payment for being there for question period and media scrums then a constitutional post.

The Liberal Party would appoint a new leader under their rules in your scenario and that person would be the Prime Minister – your question is a good one though, whether its an old time hack that the Liberal party tends to fall back to in time of trouble, a new up and comer PQ lieutenant or a more seasoned familiar face – in terms of visibility, Christia Freeland probably has as much visibility as any of them unless one of the cabinet ministers pulls a Al Haig boner and commits ritual political suicide by declaring themselves in charge to calm the people, lol.

There’s a long road between Andy calling for a meeting and a Liberal leadership convention though Step Down, I wouldn’t load up on the popcorn just yet. Nice distraction from US politics though, between this and the east coast dust up on just how that destroyer contract is getting awarded?

#169 Remembrancer on 02.08.19 at 2:09 pm

#171 Godth on 02.08.19 at 1:34 pm
#153 MF
you’re thinking about this all wrong. the us supports over 70% of these dictatorships, for now. think about all the future profits toppling them in the future will yield. venezulala and iryian next and so many more to follow. everyone will see the light eventually. be patient young jedi, and profit.
———————————————————
The apprentice you are, Cheney’s oil grab debacle in Iraq you forget. Blown away with the desert dust and sunk in the jungle’s swamps your profits and treasure will be…

Pretty sure US isn’t propping up Venezuela or Iran either BTW, I guess they are part of the 30%?

#170 Ubul on 02.08.19 at 2:20 pm

#170 What happened in here? on 02.08.19 at 1:27 pm

Garth?
Your comments section has been taken over
by the lunatic fringe.

You must be back from the Moon. The comment section is just reflection.

#171 MF on 02.08.19 at 2:31 pm

66 Don on 02.08.19 at

That’s easy.

Every post made by this individual is tinged by the same anti Canada negative bias. So much so, that the ideas this poster puts forward fly in the face of any and all evidence any normal non-biased well functioning individual in our society could see.

Moreover, this poster routinely throws new immigrants under the bus in his quest to berate Canada.

Finally it’s clear it’s personal. He is against Canada because he is unhappy, probably unsuccessful, and is now projecting to make himself feel better.

All around troll. There is never an ounce of positivity.

MF

#172 Godth on 02.08.19 at 2:35 pm

#175 Remembrancer
no profits, no proppy. the only super power on the planet calls the shots. a carpet of gold (for the chosen few) or a carpet of bombs. looking at you commies in bc and alberta too.

#174 Figure it Out
that’s exactly why we need to support a nato of sunni allies, as the great us is proposing, for the entire middle east. saudi arabia, the uae and all the other gulf emirates need to join forces as a beacon of democracy in the region, along with israel.

#173 MF on 02.08.19 at 2:36 pm

#167 Ezzy

So basically you agree.

Remember your use of Canada as a glass house. That has exactly what to do with the NYT?

MF

#174 Shawn Allen on 02.08.19 at 2:58 pm

Who could replace Trudeau?

Chrystia Freeland impresses me. She has been front and center on what seems to be the most important issues, NAFTA, Saudi Arabia and China. Actually, I can barely name another cabinet minister. There is Morneau but he has not impressed. Let’s see Ralph Goodale seems pretty good but is older and sort of yesterdays news. I’m not over the moon about Marc Garneau as action on Transport safety has been painfully slow. I just reviewed the full list of Cabinet ministers and did not even recognize most of the names even after seeing them.

Crhrystia Freeland might have a better chance than Trudeau if she got the leadership. She is articulate, smart, hardworking… and quite ballsy in my view.

#175 Lee on 02.08.19 at 3:36 pm

Steven Ambler in Financial Post says all’s well with consumer debt in Canada!! Yahoo. Start buying again.

#176 paul on 02.08.19 at 4:04 pm

#180 Shawn Allen on 02.08.19 at 2:58 pm

Who could replace Trudeau?

Chrystia Freeland impresses me. She has been front and center on what seems to be the most important issues, NAFTA, Saudi Arabia and China. Actually, I can barely name another cabinet minister. There is Morneau but he has not impressed. Let’s see Ralph Goodale seems pretty good but is older and sort of yesterdays news. I’m not over the moon about Marc Garneau as action on Transport safety has been painfully slow. I just reviewed the full list of Cabinet ministers and did not even recognize most of the names even after seeing them.

Crhrystia Freeland might have a better chance than Trudeau if she got the leadership. She is articulate, smart, hardworking… and quite ballsy in my view.
—————————————————————–
Omg. I can’t catch my breath.
People want Garth to run and you put Freeland’s name up. I’ll say it sorry Garth. lol

#177 expat on 02.08.19 at 4:15 pm

Why is I’m Keynes not banned Garth?

He provides no response – but hate.

He is a troll

#178 Russ on 02.08.19 at 4:27 pm

paul on 02.08.19 at 4:04 pm

#180 Shawn Allen on 02.08.19 at 2:58 pm

Who could replace Trudeau?

Chrystia Freeland impresses me…

Crhrystia Freeland might have a better chance than Trudeau if she got the leadership. She is articulate, smart, hardworking… and quite ballsy in my view.
—————————————————————–
Omg. I can’t catch my breath.
People want Garth to run and you put Freeland’s name up. I’ll say it sorry Garth. lol

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

Hey paul,

Big. Point. Missed.

I bet Garth is not interested in running for the Liberal Party leadership.

The man has pride and integrity.

#179 Leo Trollstoy on 02.08.19 at 4:40 pm

Everything Crhrystia Freeland touches turns to crap