The fraud

Five years ago this pathetic blog prattled on about the Frankenumbers realtors were churning out. Monthly, for example, the Toronto cartel would quietly revise old stats to eliminate deals that didn’t close, without public disclosure. Realtors would double or triple-list a home (ie. on multiple boards) and sales stats would plump as a result. Published selling prices would sometimes be greater than the actual amount, thanks to agent misreporting. And FSBO (sale by owner) listings materialized in the summer of 2013, padding the numbers.

Of course, we also got the infamous HPI – Home Price Index abomination – designed to smooth out monthly fluctuations, masking market momentum. Meanwhile monthly reports have routinely been designed to give a false impression of current conditions. Like this one from a few days ago:

TREB President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 4,009 home sales through TREB’s MLS® in January 2019 – up by 0.6 per cent compared to January 2018. On a preliminary seasonally adjusted basis, sales were up by 3.4 per cent compared to December 2018.

“It is encouraging to see the slight increase in January transactions on a year-over-year basis, even with the inclement weather experienced in the GTA region during the last week of the month. The fact that the number of transactions edged upwards is in line with TREB’s forecast for higher sales in calendar year 2019,” said Mr. Bhaura.

The MLS® HPI Composite Benchmark price was up by 2.7 per cent compared to January 2018. The condominium apartment market segment continued to lead the way in terms of price growth. The average selling price was up by 1.7 per cent on a year-over-year basis.

But here’s the reality. As reported here ten days ago, the current average detached 416 price of $1.174 million is 13.3% lower than it was exactly 12 months ago. Someone needing to sell would have a loss of more than $180,000 plus $47,138 in land transfer tax (paid when they bought) and another $58,700 in commission. The total hit = $285,800, or 21%. The average detached house in the heart of the GTA is changing hands for 12% less than in the Spring of last year and a 25.6% below what it commanded the previous year.

 There may be more truthiness in a North Korean state TV broadcast than a Toronto Real Estate media release. Despite the fact Canadians have shoveled more money into residential real estate than any other asset, realtors routinely fudge, fabricate and lie. If they were selling a few hundred dollars’ worth ETFs or stocks instead of million-dollar properties, they’d be flamed, fined or barred.

Some boards have fessed up to their sad ways. For example, the one in Hamilton  published a mea culpa media release that begins: “The REALTORS® Association of Hamilton-Burlington has revised the 2018 year-end market data and reports. Inconsistencies were found within the 2017 data related to listings posted on multiple MLS® systems. These “double listings” resulted in the sales and listings figures being higher than what actually took place in 2017.”

One reason this admission happened was local disturber and former badboy realtor Ross Kay, who’s made exposing crap data his life’s work. Kay argues the industry’s deliberate attempts to inflate sales figures for the last five years materially gassed the housing bubble, led scores of people to buy in haste and pay too much, while polluting the very stats that are used by industry, analysts and governments to set housing policy.

This week, he adds, it happened again as CREA published national numbers for January. “Over 3.5 million families traded homes since May of 2013,” Kay says. “They made those trades using bad data and bad market intelligence. These inflated monthly sales stats are in effect a primary reason why Canada’s housing bubble had inflated as big as it had since 2013.”

“This means every housing chart in Canada posted by a bank, a ratings agency, an economist, a government or a realtor-blogger looking for attention was a lie.  The sales volumes governments relied upon to calculate their budgets were wrong.  The LTVs produced in bank quarterly reports were false.  The false narrative of the impact of B20 (stress test) is now debunked in that the national market turned in 2015 not 2018.”

And Kay adds this illuminating fact: “We are now into the 6th reporting week of 2019 and I can guarantee nationally home buyers have purchased fewer home each week as they did throughout all 52 weeks in 2018.”

Well, Mr. Kay’s voice is one the cartel would rather not hear. And yet the official admission of counting sales multiple times, plus the yawning divide between street prices and realtor stats gives him a growing cred. Dishonesty in data collection and dissemination is a big deal when the industry reports on itself. How many families were infected by realtor-induced FOMO, buying too fast or paying too much? How many sellers have kept prices high, based on a false narrative of the market? Are the regulators blind, or just incompetent? And how about the media outlets who print realtor states, word-for-word, as news?

There’s a special place in hell for those who trick and lead astray anyone who trusts. It will be a crowded house.

114 comments ↓

#1 For those about to flop... on 02.15.19 at 4:55 pm

Happy Friday Folks.

Recent sale report.

Condos topping out in Vancouver?

Seems to be more and more evidence each month of a plateau being formed at the least.

I saw a more high-end loss yesterday but I will show this more budget friendly case.

The details…

308-2268 w 12th Ave, Vancouver.

Paid 835k June 2017

Sold 830k February 2019

Asking 788k

Assessment 778k

So they started low and tried to get someone up but fell just short.

Only 5k between the numbers but after expenses we get within spitting distance of 50k.

Did this happen just because the previous person overpaid?

Perhaps, all I know that every month that goes by the cracks get bigger and bigger in the foundation of the attached market over 1 million.

Below this marker might get a temporary stay of execution for now.

When I looked the other day the much publicized Vancouver House had 38 listings on the market.

I saw some people make a decent return on their high-end Trump Tower flips,but a lot of the run of the mill units only made less than 5% after expenses, and there was a few Pink Draws from memory too.

Market has cooled considerably since then, but the condo market by far is still the hottest game to play right now…

M44BC

https://www.zolo.ca/vancouver-real-estate/2268-west-12th-avenue/308

#2 For those about to flop... on 02.15.19 at 4:56 pm

Recent sale report.

I guess I might as well show you the more dramatic high-end loss I referred to in the previous post within touching distance of Science World.

The details…

305-1678 Pullman Porter st,Vancouver.

Paid 2.91 June 2016

Sold 2.55 February 2019

Originally asking 2.98

Assessment 2.81

So these guys played the game and got a 500k punch in the philtrum for their troubles.

6 other units for sale in this building.

Push.

Pull.

Is the condo tower toppling over?

Has to at some stage, one would think.

It’s not science…

M44BC

https://www.zolo.ca/vancouver-real-estate/1678-pullman-porter-street/305

#3 not 1st on 02.15.19 at 5:02 pm

From Hill Times this afternoon;

The Conservatives appear to be chipping away at the Liberals’ chances of securing another majority in October, with Andrew Scheer’s party leading with 37 per cent in overall support among those surveyed, compared to the Grits at 32 per cent, a Campaign Research poll suggests. New Democrats, meanwhile, are still trailing considerably behind the other two parties at 14 per cent.

Your country will be saved now. Yer welcome.

#4 You know on 02.15.19 at 5:08 pm

Lock them up.
….lock them up….lock them up.

#5 Eco Capitalist on 02.15.19 at 5:16 pm

That special place in hell? It’s already full. I hear SNC Lavalin is bidding on the expansion project.

#6 Stan Brooks on 02.15.19 at 5:17 pm

Of course they lie. Everybody in a position of power/authority lies.

It is part of life in fluent/conformist societies where people refuse to face reality and live in imaginary world.

Now we are becoming hypocritical and are starting to condemn lies and corruption? How noble and futile.
And far too late.

Suck it up and move on people.
Enjoy the ever higher cost of living – housing, rents, property taxes, utilities, groceries, services, education, carbon taxes, … you name it and the enlightened charismatic and wise, mature leader who will lead us to new highs, glory and leadership in the world, including technology, artificial intelligence, .. and all those great words…. that are just that, words, disconnected from reality.

How delusional.

#7 yorkville renter on 02.15.19 at 5:18 pm

government oversight is the answer… yes, it actually is.

#8 Run For The Exits on 02.15.19 at 5:24 pm

Better get your move on real fast before the stampede at the exits gets started…. Just sayin’….

#9 Mapleridgeguy on 02.15.19 at 5:27 pm

So if a buyer was lied to by their realtor about market conditions when they were buying a house, would they have any recourse in the courts?

#10 NotLegalAdvice on 02.15.19 at 5:35 pm

#7 yorkville renter on 02.15.19 at 5:18 pm
government oversight is the answer… yes, it actually is.

___________________

Just curious to know which government oversight body would you give this power to?

I strongly believe more oversight is required….but which office is competent to handle this?

#11 Stan Brooks on 02.15.19 at 5:37 pm

#7 yorkville renter on 02.15.19 at 5:18 pm
government oversight is the answer… yes, it actually is

Weren’t they actually the main pumpers of this housing super bubble so far with their policies that mainly enriched their already wealthy friends at the banks?

Professional real estate con artists are small potatoes and amateurs when compared to the Big Kahunas/moral hazard politicos/big league bullshitters.

#12 not 1st on 02.15.19 at 5:37 pm

I guess the news isn’t getting down to the liberal US media yet;

https://thewalrus.ca/welcome-to-canlandia/

#13 Where's The Money Gree-d'ohs? on 02.15.19 at 5:41 pm

Just another notch in the lie that is gov’t.
Here’s some history:

Re: #114 Canada Line on 02.15.19 at 2:48 am
SNC built Vancouver’s Canada Line, a subway.

Hold on to your hats…

It was on budget. WHOA!!!

It was ahead of scedule. DOUBLE WHOA!!!

A corp worth protecting if you ask me. Trudeau was right.
+++++++++++++++++
https://thetyee.ca/Opinion/2017/04/10/BC-Liberal-Falsehoods-Scandals-Whole-List/
Like in typical BC Liberal fashion of teir (sic) tenure, this says it all. On budget to their renewed definition of the project. Just like their claim of “on budget” for the Convention Center in downtown Van that went almost double in price, Port Mann bridge that ballooned to more than $1 billion more than estimate.
You can’t forget the 2010 Olympics, that were supposedly going to cost $2 billion total but ballooned to $7+ billions all-in, but was on budget. Even that $7+ number is in dispute. Some say $11+B. That doesn’t include the Olympic Village giveaway to his insiders like Aquilini Group (Vancouver Canucks owner), Senator Larry Campbell who bought one of those suites for pennies on the dollar, all paid by taxpayers, another over $600 million hit.
https://biv.com/article/2016/08/olympic-village-details-emerge-tax-loss-sale
In fact EVERY project the BC Liberals attempted was “on budget”, each costed and timelined many times over the life of each project to suit their narrative.
Now it will cost at least twice the price to expand the Canada Line, which was severely under-built and was at capacity within the first year, because it doesn’t meld with the existing Skytrain line.
such LIES! So I don’t just throw trash at Liberals, the NDP might be just as rotten when all is said and done and I will report.
Now we are being fed the BS that the new Vancouver Skytrain Line from Arbutus to UBC , a distance of 8 km, will cost $7 billion-a billion a km! I guess SNC is pricing in the fines they are going to get from T2. So graft flows to ALL gov’t parties.
https://www.straight.com/article-215070/bc-liberals-claim-2billion-transit-project-onbudget-though-it-was-initally-pegged-15-17-billion
https://vancouversun.com/news/staff-blogs/canada-line-on-budget-how-do-they-do-it
—————————-‘
Re: #147 Fish on 02.15.19 at 11:41 am
news
Ford government aiming to slash size of public service through voluntary departures

Move comes as part of plan to address ‘fiscal challenges,’ says memo obtained by CBC News

CBC News · Posted: Dec 12, 2018 7:26 PM ET | Last Updated: December 12, 2018

https://www.cbc.ca/news/canada/toronto/public-service-voluntary-departures-ontario-1.4943754
+++++++++++++++++++++++++++++
Just like the BC Campbell plan to sell to their “private-PP3” buddies and then tie long term contracts at ridiculous costs to the taxpayers (Sea to Sky Highway. Port Mann Bridge all long term contracts; Sea to Sky 50 years of invisible tolls)
It’s just starting for you Ontario, Campbell has been there for less than a year. In the first year in BC he cost us BC Rail. BC Hydro tied to over $160 billion in debt. ICBC $5 billion.

Also Campbell inherited a balanced budget, to which he agreed, and then raped the province from then on.
I am so dismayed at all gov’ts turning into kleptocracies once in power, no matter the vows pre-election.

#14 Shawn Allen on 02.15.19 at 5:49 pm

Carbon emissions have been deemed harmful

#170 Barb on 02.15.19 at 5:03 pm
Carbon tax hits home when gas is $1.54/gigajoule and carbon tax is $1.73/gigajoule.

https://www.vernonmorningstar.com/news/fortis-customer-shocked-by-high-carbon-tax-on-gas-bill/

\\\888888888888888888888

So carbon tax higher than the gas. Is that because the carbon tax is high or because the gas is being almost given away?

$1.54 for one billion joules of energy! Each joule capable of raising the temperature of a cubic centimeter of water by one degree Celsius. That’s a lot of water heating even accounting for heat loses and inefficiency.

I find the carbon tax on gas to a modest amount of dollars many people get it back as a rebate. I am lucky enough not to qualify for the rebate.

I am glad to be able to compensate the world for my carbon use. And it gives me some incentive to conserve or add insulation etc. May the money be put to good use.

#15 Al on 02.15.19 at 5:51 pm

With the Ford Govt trying to save dimes by not renewing expired contracts for Adjudicators, landlords have to wait almost 6 months for a hearing on simple eviction matters. If the tenant asks for an adjournment or if there is insufficient time to hear the matter at the over-crowded hearing, the tenant gets to live rent free for nine months or more all at the landlord’s expense. What a disaster Ford has created in Ontario!

#16 Victoria Real Estate Update on 02.15.19 at 5:57 pm

@ Vampire studies

“Not sure whether either teranet or Case-Shiller considers income data. They seem to be built on “repeat sales” pricing.”

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

Lol now you’re accusing me of saying that the Teranet and Case-Shiller house price indices use income data. Please produce the exact quote to prove this is true.

You won’t be able to produce any such quote (it doesn’t exist).

That you obviously can’t understand a clearly written comment further discredits you.

You were completely discredited when you recently agreed with another commenter who claimed that Montreal house prices had been extremely artificially low in 2000. Most would think that “extremely artificially low (house price) levels” would indicate that a deep price correction or crash had taken place in Montreal right before 2000.

Here’s the quote from that commenter: “It’s a tripling, but it’s a tripling from extremely artificially low levels (in 2000).”

I proved this wrong with data from Teranet’s index which shows that Montreal’s housing market had posted steady and healthy price gains ( +8.3%) from 1995 to 2000.

That you agreed with that commenter‘s false claims completely discredited you.

I’m surprised you haven’t dropped your name and started posting under another. That’s what others who have been completely discredited on this blog have done. It’s comical.

Perhaps you are oblivious to the fact that you have been completely discredited.

And you haven’t proven that you aren’t a realtor (of course you’ll deny it).

I encourage you to keep posting. Just for fun. Nobody takes those who have been discredited seriously.

#17 crowdedelevatorfartz on 02.15.19 at 5:59 pm

Did someone say “crowded”?

#18 Kona on 02.15.19 at 6:00 pm

Ottawa Real Estate Board (OREB) is just as bad. Ottawa is just coming off 5 bad years of flat house sales, aka, some gains, mostly people lost, and is desperate for a good news story. Stories of the market being hot with low inventory abound. Bidding wars are becoming the norm apparently, with more and more listings having the infamous “Accepting offers only on XXXdate”

What happened in Jan? Sales were up an astounding 16% over last year. But, average price of residential homes were up a measly 1.5%. Not even keeping pace with inflation. And certainly nothing to blow a horn about. Seems very strange in a so-called hot market with limited listings and bidding wars.

So what did the OREB do right after they released Jan numbers? Well, according to the Ottawa Citizen, the OREB published a second set of numbers on the same day that showed the “benchmark” price of residential homes was up 7.3%.

This madness will never stop until we demand better.

#19 Dazed and CONfused on 02.15.19 at 6:02 pm

“….Are the regulators blind, or just incompetent?….”

No, just uber-lobbied.

Just follow any OREA press release from CEO (and former epic PC failure) Tim Hudak.

Every ‘self-regulated’ industry brings upon itself the hammer it so richly deserves (unless it’s governed by a vindictive, bought and paid for, silver spoon, Foghorn Leghorn premier with a grade 12 education).

#20 Alberta Ed on 02.15.19 at 6:07 pm

The CBC routinely regurgitates whatever press releases come across their desk, and calls it news. No fact checking. No second source consultation.

#21 Victoria Real Estate Update on 02.15.19 at 6:08 pm

It was, perhaps, within the last 10 years that Ross Kay also uncovered and revealed false reporting / inflated sales numbers by Edmonton’s R/E board.

#22 HogtownIndebted on 02.15.19 at 6:08 pm

It would be interesting to see, and IMHO a good thing, if some remorseful recent homeowners or pre-construction buyers got together with some savvy lawyers (Hey WUL, keep your cell phone charged!) and sued TREB, OREA and possibly some of the media ‘repeaters’ (i.e. not ‘reporters’) about the fraudulent promulgation of such data and the losses they have incurred or are about to.

Seems like a logical next step, especially if things start to accelerate downward. There needs to be accountability.

The fake news promoted by the realtor cartels must be punished proportionately.

The pathetic, uncritical repeating of news releases by our modern media must also be held to account.

Let’s have some lawsuits. Should be interesting.

#23 Where's The Money Greedos? on 02.15.19 at 6:11 pm

Re: “There’s a special place in hell for those who trick and lead stray anyone who trusts. It will be a crowded house.”

What we need is a constructive way for the very astute blog dogs to set up a plan to make these hell-ions accountable with criminal charges and substantial jail time.
SCN should not touch another taxpayer funded project ever and let the private industry deal with them, good luck with that. Do they have any private industry jobs? Who would hire these dirtbags? Let them fall on their swords and consequences, as criminal bodies should.
Would you hire someone, with so many black marks on their record, to build you a house, if anything? Their finished product may be good, but at a cost that anyone could produce that good a product.
I’m sure we have many legal dogs who, if we put our minds together, can formulate a plan to put this in motion. The present state fails miserably.
Would this ruffle too many feathers in the legal industry bonnet, who usually make out like bandits either way?
Garth, maybe there’s a way to hasten that departure?

Addendum to last post: I made a mistake on the start line for the new subway to UBC. It’s going from the VCC station to UBC not Arbutus, a distance of ~13 kms, so ~$500 million/km. We know that won’t be the final tally and how are the NDP going to deal with the UBC upper crust when they change it to cut and cover in their burg that happened with the Canada Line subway.
Ha ha ha, ho ho ho, hee hee hee.
My bets it won’t happen. Sub terrain all the way, screw the costs! The plebes will pay.

#24 JM on 02.15.19 at 6:11 pm

Misreporting? That would make them like most publicly traded companies, politicians, CEO’s, Unions, etc.

Nothing to see here…keep walking.

Please provide examples of statistical misreporting by Canadian corps or CEOs. – Garth

#25 S.Bby on 02.15.19 at 6:15 pm

#7 yorkville renter

government oversight is the answer… yes, it actually is.

That didn’t work for the money laundering in BC.

#26 Victoria Real Estate Update on 02.15.19 at 6:26 pm

Here’s a link to Ross Kay’s 2013 blog entry about Edmonton’s inflated sales numbers.

#27 Dolce Vita on 02.15.19 at 6:27 pm

Speaking of that special place in…

https://i.imgur.com/4smA8uI.png

La Divina Commedia: Inferno by Dante.

I wonder which Circle Justin is in right about now?

TREB is easy: 8th Circle.

9th after the Spring selling season (which will not happen).

Visited the setting of the 2nd Circle last month at Castello di Gradara, Le Marche, Italia (Re: Francesca & Paolo) and unlike Dante, I did not feint even when in Francesca’s bedroom.

I liked it that Lucrezia Borgia had a room and lived there too (my kind of woman, well ahead of her time).

#28 JM on 02.15.19 at 6:34 pm

Examples of misreporting.

Publicly Traded Companies preaching the gospel of RE.
CIBC – Benjamin Tal loves RE
Royal LePage aka Brookfield – loves RE

How about Nortel…that was too easy. LOL

Garth, “misreporting” maybe liable. I’ll redefine myself statement. They deflect and interpret definitions that are typically advantageous to their point of view.

Fail. – Garth

#29 You know on 02.15.19 at 6:50 pm

We wear brown vests I Canada.lol

#30 JD on 02.15.19 at 6:52 pm

Off topic…. But a relevant topic here is never to be had, alas.

Does anyone here have a recommendation for a few good small cap ETFs (both in CAD and USD)?

Thanks in advance.

#31 Typhoon on 02.15.19 at 6:54 pm

Come on guys, arguing “AVERAGE” numbers as evidence of price drops on the way down is no better than the realtors using “AVERAGE” numbers as evidence of price rises on the way up.
Real estate doesn’t go to zero so the number of high end house sales dominate the average. HPI was supposed to fix that. Not saying it’s perfect but it’s a lot better than using “AVERAGE”.

#32 Stone on 02.15.19 at 6:58 pm

There’s a special place in hell for those who trick and lead stray anyone who trusts. It will be a crowded house.

———

Is that special place by chance called heaven?

#33 Midnights on 02.15.19 at 7:02 pm

Great article as usual Mr Turner.

#34 Captain Downa on 02.15.19 at 7:03 pm

Downa, Downa, DOWNA?!?!

#35 Remembrancer on 02.15.19 at 7:03 pm

#20 Alberta Ed on 02.15.19 at 6:07 pm
The CBC routinely regurgitates whatever press releases come across their desk, and calls it news. No fact checking. No second source consultation.
———————————————————
Citation?

#36 For those about to flop... on 02.15.19 at 7:08 pm

Someone wanted me to get a HGTV show.

“Tonight on The Flop Files,here’s what we’re working on.

How much money was lost on 3656 Blenheim?

How low did the cheapo at 2760 Blanca go for?

Those details and more when Zolo finishes its Pro-D day.”

Stay tuned.

M44BC

#37 Dolce Vita on 02.15.19 at 7:12 pm

Well, little did I know that Dante’s Inferno has made quite the splash with Serious Internet users and adapted to their own druthers and dislikes:

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

I liked it where people who talk at the theater end up and the summary term used for the 8th and 9th Circles.

Dante must be rolling in his grave at this (or, pleasantly surprised he is still relevant 700 years later).

There you go Garth, a new set of levels and terms you can cite DELETIONS with. Grazie.

Buonanotte.

#38 Penny Henny on 02.15.19 at 7:12 pm

One reason this admission happened was local disturber and former badboy realtor Ross Kay, who’s made exposing crap data his life’s work.
///////////////

Ross. VREU. Flop. Get a life

#39 Penny Henny on 02.15.19 at 7:17 pm

There’s a special place in hell for those who trick and lead astray anyone who trusts.-GT
///////////////////

Personally I think this “special place in hell” comment has been way over used. It’s lost all meaning.

#40 Victoria Real Estate Update on 02.15.19 at 7:22 pm

# 31 Typhoon

Sure the average price is not a perfect price metric, but it is a useful and telling metric if reported honestly by real estate boards.

Your logic is faulty. What you apparently don’t understand is that real estate board who report the average price have a vested interest in keeping house prices high in their market. This means that if they do fudge the average price it can be safely assumed that they will always fudge it higher – not lower.

Falsely reporting the average price higher would make potential buyers feel pressured into buying now.

Falsely reporting the average price lower would perhaps make some potential buyers put their buying plans on hold to wait for lower prices.

Realtors need to make sales to get paid. Fudging prices higher helps with that. Falsely reporting the average price lower would result in fewer sales and less commission.

#41 AK on 02.15.19 at 7:23 pm

“And how about the media outlets who print realtor states, word-for-word, as news?”
=====================================

Indeed, It’s all “Fake News”.

#42 yorkville renter on 02.15.19 at 7:23 pm

#10 – I genuinely dont know…

Competition Bureau?
Industry Canada?

open to ideas

without the threat of financial penalties or jail, nothing will change.
I bet half of Canadians think RE Boards are actually government entities.

#43 yorkville renter on 02.15.19 at 7:27 pm

#25 – what government oversight of RE Boards in BC failed in regard to properly auditing RE sales metrics?

#44 JuliaS on 02.15.19 at 7:29 pm

#31 Typhoon

Price averages always increase prior to the real estate collapse, because the first folks to vanish are the 1st time buyers who bid on starter homes through credit. Speculators who own multiple properties or those who buy in cash go for more expensive units and the credit shock doesn’t reach them as quickly as those who barely qualify. So, when the cheap houses don’t sell as much as they used to, against the non CMHC-insured portion, it moves the averages upwards.

Smoke and mirrors.

#45 Arctic Gringo: Qalunaaq on 02.15.19 at 7:31 pm

2019 Pre-Budget consults: Report of the Standing Committee on Finance

Here: https://www.ourcommons.ca/Content/Committee/421/FINA/Reports/RP10260416/finarp27/finarp27-e.pdf

Recommendation #82
Consider a broad range of supports for seniors including:

a) Addressing unfunded pension liabilities;

b) Providing flexibility in mandatory Registered Retirement Income Fund
withdrawals either by increasing the age at which mandatory
withdrawal must occur or providing an optional reduced withdrawal
rate; and

c) Lowering the claw-back rate on the Guaranteed Income Supplement
and increasing the income exemption threshold to allow for our most
vulnerable seniors to access limited amounts of income.

#46 yvrguy on 02.15.19 at 7:39 pm

#30 JD on 02.15.19 at 6:52 pm
Off topic…. But a relevant topic here is never to be had, alas.

Does anyone here have a recommendation for a few good small cap ETFs (both in CAD and USD)?

———————————

PSCH is a beast. Small-cap healthcare & medical equipment USD ETF.

You’re welcome.

#47 Fruit Vendor on 02.15.19 at 7:39 pm

Well, I am so frustrated with the direction of our Canadian society and the criminals leading us in both the provincial and federal jurisdictions. My wife and I have worked hard all our lives, we live comfortably but we do not buy what we cannot afford. I think this used to be called the “lay away” program years ago when an article was put aside for you, you received the article when you paid for it. Today, in my opinion, credit abounds, people making poor long term financial decisions because they want everything now and do not seem to have the desire to understand the impact of credit nor investing into the future. Sad, so sad and then they expect government to rescue them or provide an avenue of less discomfort. Well, guess what, government is not interested in looking after you!!! Government today, sadly to say, is only interested in their own personal benefit. As of late, SNC, they are criminals in my mind!! Where will this go, billions of hard earned tax payer money going where? A similar situation with BBD, how many times have they been rescued with federal funds, many? Will the governments come to my rescue as a small busines, I don’t think so. The money laundering in Vancouver, articles in the newspaper, “knew this has been going on for years”. Well, what is the problem, why has this not been addressed? Is government at large or the individuals that form it benefiting from this illegal process. We are a corrupt northern nation, what can we do as an ordinary citizen? Do we watch and say nothing or do we organize and try to change the direction? I am lost for solutions but thoroughly frustrated, actually disgusted at this point in Canadian history.

#48 Pacific on 02.15.19 at 8:08 pm

That’s another reason why I hate Realtors. My main reason is that they use emotions to manipulate people for their own financial gain.

#49 Still in Cowtown on 02.15.19 at 8:10 pm

Wonder if the ‘come clean’ and revise past data downward isn’t steeped in the realization that coming off artificial tops makes the year over year data worse… so admit you made a mistake, revise last couple of years down and then the drop in 2019 won’t be nearly as precipitous?
Houses aren’t moving here… even when discounted on a (new) re-listing.

#50 Fish on 02.15.19 at 8:25 pm

Manitoba VIDEO Streamlining health care in Manitoba Posted: Jun 14, 2018 6:17 PM CT | Last Updated: February 6
https://www.cbc.ca/news/canada/manitoba/streamlining-health-care-in-manitoba-1.4707105

#51 not so liquid in calgary on 02.15.19 at 8:36 pm

Please provide examples of statistical misreporting by Canadian corps or CEOs. – Garth

————————————————————————

Ummm… Nortel?

Umm… 19 years ago? – Garth

#52 Reality is stark on 02.15.19 at 8:39 pm

No nonsense bosses.
No glamour, just work your ass off.
Why don’t we elect people like that?
The public service is a support structure that allows business to thrive. They are support workers much like an accounting staff. Support workers should not be making considerably more than minimum wage.
We have lost our way as a society.
Thriving by making risk averse choices?
Let’s get some mean no nonsense business leaders to run government.
When people choose to become teachers instead of doctors because the money works out to be close to the same in the long run, you have a problematic nation.
The country cannot thrive under the current public service burden. People retiring at 52 on full pension? If they live to 95 they are carried for 43 years by the taxpayer? They only worked for 30 years.
Our country cannot grow.
Educators stone their flock with no gluten, no dairy, and tons of social justice lunacy so the kids don’t see the elephant in the room. Taxpayer funded gold plated pensions. Keep them stupid voting for flakes.
A complete tragedy.

#53 Stick To What You Know on 02.15.19 at 8:42 pm

Garth, this one is for you, Mission the German Shepherd:

https://www.cbc.ca/news/canada/edmonton/edmonton-red-deer-german-shepherd-stray-captured-1.5021346

#54 We gave notice to the underground banks in BC on 02.15.19 at 8:44 pm

Twerking real estate numbers?

Pfff..petty crime.

I have a direct dial number in BC called the tip line.

You call it to get tipped of in advance of a raid of your underground bank in Richmonde. Take your stuff and leave a tip for the officials at the top in BC and Canada.

#55 freedom first on 02.15.19 at 9:01 pm

Penny Henny-

You
can’t handle the truth. Or you are just plain stupid.

Freedom First

#56 Vampire studies on 02.15.19 at 9:07 pm

16 Victoria – no, sorry, you are correct, but also confused. My comment was a response to “Montreal”
REU. who said:

“This means 2000 fairly and accurately represents Montreal’s long-term price to income ratio” and hence I assumed MREU had obtained that info from teranet, but I cannot find it on the house price index.

But I am also puzzled. I simply offered different perspectives and timeframes of the teranet data that
you yourself have also referred to. How does this discredit anyone? You sound angry and vindictive.

What happened to “cheers”?

And just a little background. No I am not a realtor. Why would you think that? Yes I do own a house. It’s paid for.

#57 robert james on 02.15.19 at 9:13 pm

Gordo screws up again.. He should just stay in BC with his Lib. cronies ..First a DUI in Hawaii and now this..

https://www.castanet.net/edition/news-story-249446-3-.htm#249446

#58 Russ on 02.15.19 at 9:18 pm

Barb on 02.15.19 at 5:03 pm, yesterday,

Carbon tax hits home when gas is $1.54/gigajoule and carbon tax is $1.73/gigajoule.

https://www.vernonmorningstar.com/news/fortis-customer-shocked-by-high-carbon-tax-on-gas-bill/
====================================

It gets worse Barb.

GST (tax) is added to the BC carbon tax. Making the tax hit almost 130% more than the commodity cost.

And for us there is no rebate program.

#59 Me on 02.15.19 at 9:31 pm

Above pic looks like Paul Teutul Sr. from Orange County Choppers.

#60 Shawn Allen on 02.15.19 at 9:32 pm

Carbon tax perspective…

from the linked article with the ourage

“But I sat down to look at this one and realized what it tallied up to… when I saw the carbon tax at $14.25 and my entire gas bill was $35, that is close to 40 per cent.””

Here some cheap SOB complains about a $35 gas bill in Alberta. Hilarious. Try looking up the heating bills for gas in Ontario or fuel oil heating in Nova Scotia. Or electric heating in either province.

You emit carbon you pay… Tax on a tax… cry me a river. In Alberta the only sales tax is the 5% GST.

Adults should be in favor of user pay and sales taxes.

#61 Moses71 on 02.15.19 at 9:36 pm

People believe what they want to believe…Liars believe liars

#62 Russ on 02.15.19 at 9:38 pm

Shawn Allen on 02.15.19 at 9:32 pm

Here some cheap SOB complains about a $35 gas bill in Alberta. Hilarious. Try looking up the heating bills for gas in Ontario or fuel oil heating in Nova Scotia. Or electric heating in either province.

You emit carbon you pay… Tax on a tax… cry me a river. In Alberta the only sales tax is the 5% GST.

Adults should be in favor of user pay and sales taxes.
=======================

Moron comment of the year.

Hey Shawn,

Are you in favour of paying 5% GST on your income tax amount?

In principal, that is what you are advocating.
Be an adult and volunteer this year to have it added to your tax payment.

#63 JD on 02.15.19 at 9:39 pm

#46 yvrguy on 02.15.19 at 7:39 pm

Thanks so much for the recommendation. Already put that on score card.

Any in CAD as well? A different sector?

#64 Popeye the Sailor Man on 02.15.19 at 9:39 pm

#49 Still in Cowtown on 02.15.19 at 8:10 pm
Wonder if the ‘come clean’ and revise past data downward isn’t steeped in the realization that coming off artificial tops makes the year over year data worse… so admit you made a mistake, revise last couple of years down and then the drop in 2019 won’t be nearly as precipitous?
Houses aren’t moving here… even when discounted on a (new) re-listing.

EXACTLY What I was thinking!

#65 AisA on 02.15.19 at 9:40 pm

https://www.greaterfool.ca/2019/02/15/the-fraud/#comment-637449

A refreshing and most adequate post regarding the prevailing market trend.

#66 akashic record on 02.15.19 at 9:42 pm

Are the real estate boards somehow involved conducting the actual sale, filing for the CRA, or just umbrella trade organizations of various, privately owned real estate firms?

If they are just umbrella organizations, they will probably never be regulated the same way as public companies are, taking their own shares, bonds to the market. The data RE boards volunteer to publish is not independently audited financial report, filed with the regulator. It is just interpreted data, offered for the public for free, “for entertainment purposes”, with the standard disclaimer: not a legal, medical, financial, etc. advice, “use at your own risk”. Legally OK, no matter how shady it might be morally.

#67 Shawn Allen on 02.15.19 at 9:45 pm

Amazon and corporate welfare

Is it not disgusting that Amazon which is about the second or so most valuable company in the world would accept much less seek out corporate welfare for its new headquarters?

You will never see Warren Buffett play that game. Of course Berkshire headquarters has all of about 27 employees and covers one floor of a little old office building down Warren’s Street (Farnem) that he moved into circa 1963. Would not be a bidding war for that headquarters.

Corporations engage in a race to the bottom looking for the lowest possible income tax rates. And maximum corporate welfare. Buffett supports higher taxes on the rich and on corporations. And no, of course he does not volunteer to pay a dime extra than the law requires. But he also does not use aggressive tax avoidance. Almost every insurance company transfers its profits to a captive reinsurance unit in a tax haven. I have never seen a mention that Buffett does not do that (At least to my knowledge, and I am a groupie).

#68 Ex-Cowtown on 02.15.19 at 9:54 pm

I’m working in the US of A today. Had an interesting chat with the cab driver, a big ole, red neck Trump lovin’ older gentleman from Tennessee. His view on fake news is that has done massive damage to the country in that Dems and Republicans have both been led astray by what CNN, MSNBC and Fox constantly peddle.

He said that news shows used to be like reading a newspaper; this happened, that happened, make up your own mind. Now they’re strictly entertainment, no news involved.

Interesting view. My wife and I noticed the same thing by flipping back and forth between the US stations “news” and CBC or CTV. Once you look for it you wonder why you never noticed before.

With all that in mind, there is little wonder that the Real Estate Cartel has screwed up the housing industry for their own gain; they are merely following the same business model of US “news” stations. Entertainment first, information….. meh…. not s0 much.

#69 Axehead on 02.15.19 at 9:56 pm

Remember, these guys are salesmen – er … Salespersons. They’re only motive is sales and commission. Not unlike used car salesmen or door to door rainbow vacume cleaner salsmen, er saleshumans or whatever.

#70 Ace Goodheart on 02.15.19 at 10:04 pm

So T2, rather than choosing the “toughen up, admit what you did, ask for forgiveness” method of handling the SNC scandal, has decided to succumb to the “death by a thousand cuts” slow drip water torture” method.

Over the next few weeks we will watch as he slowly loses all of his “face” and is destroyed by revelation after revelation.

This is NOT the right way to deal with this sort of crisis.

It would have been much better just to admit it outright, than to go through the painful process of being exposed as a liar over and over again.

Oh well….

#71 Ron Garles on 02.15.19 at 10:17 pm

Gas prices up nicely in Alberta. Nice high carbon taxes too. Feeling the pinch Canadians? I guess Global Warming means global ice age for Canada. Either ditch the Carbon Tax and heat your home and live or Keep the Carbon Tax and suffer from Tax Change or freeze.

#72 Charles Ramos on 02.15.19 at 10:26 pm

“Paul on 02.14.19 at 11:47 pm
So it’s 11:45 house is quite kids sleeping. Then a Amber alert comes on all the Cell phones and tv so loud shakes every one out of bed great just great.”

Must have been terrible for you, Paul

#73 young & foolish on 02.15.19 at 10:35 pm

I thought only the buyers paid Land Transfer Tax?

Anyway Blog Dogs, if you think housing is the only asset value set to drop, you are missing the other important asset largely affected by EZ debt. Yup, equities. Soon enough, earnings will begin to tell a different story.

We’ve had official low inflation rates for years, yet they sure don’t seem to match those experienced by average shoppers. Your debt grows bigger, your dollars buy less. Stagflation may be up ahead (if it’s not here already).

#74 Smart ass physicist on 02.15.19 at 10:40 pm

#14 Shawn Allen on 02.15.19 at 5:49 pm
” … Each joule capable of raising the temperature of a cubic centimeter of water by one degree Celsius.”

Not quite – the heat capacity of water is 4.186J/g K (very slightly temperature-dependent as a liquid, so is the density). A joule isn’t much energy.

#75 Victoria Real Estate Update on 02.15.19 at 10:51 pm

# 56 Vampire studies

I appreciate that you’ve given me an excuse to show repeatedly (with facts) just how overvalued Montreal’s housing market has become after its extreme price run-up since 2000. Prices there have tripled while incomes have barely moved in comparison.

Housing price gains (from 2000 to peak):

* Montreal…….( 2.9 x) … (almost tripled)
Phoenix………( 2.9 x)
Los Angeles…(2.8 x)
San Francisco…( 2.6 x)
Seattle…………( 2.6 x)
San Diego….….( 2.5 x)
Las Vegas…( 2.35 x)
Miami……..( 2.25 x)

Sources: Teranet’s Index, Case-Shiller Index

You’re obviously trying to confuse what you said. However it is clear. Let’s go over it again.

This link shows your comment # 50 where you agree with # 32 Howard.

Again, you were completely discredited when you agreed with # 32 Howard who claimed that Montreal house prices had been extremely artificially low in 2000. Most would think that “extremely artificially low (house price) levels” would indicate that a deep price correction or crash had taken place in Montreal right before 2000.

That quote from # 32 Howard was: “It’s a tripling, but it’s a tripling from extremely artificially low levels (in 2000).”

I proved this wrong with data from Teranet’s index which shows that Montreal’s housing market had posted steady and healthy price gains ( +8.3%) from 1995 to 2000.

That you agreed with # 32 Howard’s false claims completely discredited you.

Since you agreed with # 32 Howard that Montreal house prices were at “… extremely artificially low levels” in 2000 please tell us… how deep was Montreal’s price bottom in 2000? -60%? -80%?

Btw, I don’t mind this. :)

#76 acdel on 02.15.19 at 10:56 pm

#60 Shawn Allen

When are all of you that are constantly berating, ridiculing, insulting Albertans/Sask folks, going to realize that we are fighting for all of Canada.

Shawn, why the hell should you be paying $14.25 carbon tax? AND FOR WHAT??

When is anybody going to get what we Albertans/Sask are screaming, fighting about/for?? It is completely unfair and unjustified, hell, at least there are two Provinces that get it, our good neighbor in Saskatchewan and us in Alberta. God, it is amazing of how F!! naive the rest are!!

#77 Remembrancer on 02.15.19 at 11:12 pm

#43 yorkville renter on 02.15.19 at 7:27 pm
#25 – what government oversight of RE Boards in BC failed in regard to properly auditing RE sales metrics?
———————————————————
They are a self-regulated industry MARKETING boards not accounting firms. Any RE “news” quoting them should be treated as advertising…

#78 Jon on 02.15.19 at 11:14 pm

Lol at 51 about misreporting bybcompanies and ceos ever heard of bre-x just google class action lawsuits against corporations about misleading investors they come out all the time big names too amd nvidia etc etc may not be cdn but manybtimes they knowabshift in market and wait until the last second tomreport or dont report until after earnings.

As far as going after realtor for staing the stats i dont think you can they just report on the data sheet the realmestate board gives them , somif lawsuit go aftervthe reporters of the news. Ive never met a realtor that says not good time to buy, but many arent overly beducated and justvfollow the dribble from the estate board lettervthey get

#79 Remembrancer on 02.15.19 at 11:17 pm

#48 Pacific on 02.15.19 at 8:08 pm
That’s another reason why I hate Realtors. My main reason is that they use emotions to manipulate people for their own financial gain.
————————————————————
Pretty much the definition of anybody’s marketing and sales functions. None of these paid “news” stories include a guy holding a gun to a puppy’s head saying buy that $1.4M duplex a block away from work that you can’t afford or the dog gets it….

#80 NFN_NLN on 02.15.19 at 11:39 pm

Please provide examples of statistical misreporting by Canadian corps or CEOs. – Garth

————————————————————————

Ummm… Nortel?

Umm… 19 years ago? – Garth

Ummm… Canada still holds an international record with BRE-X. That scandal literally changed reporting rules, 43-101.

#81 acdel on 02.16.19 at 12:11 am

Completely off topic on purpose; wow, just wow, she was stunning.

https://www.dailymail.co.uk/femail/article-6708171/Candid-photos-Marilyn-Monroe-display-London-gallery.html#comments

#82 Peter on 02.16.19 at 12:17 am

House bubble, that word is driving me crazy. I am hearing same wowed since 2008 and nothing. Yes prices went down compared to last year but most of people bought houses in different years. I think we are the we are th stupidest country in the world.

#83 [email protected] on 02.16.19 at 12:23 am

We all knew Garth was right.

https://www.youtube.com/watch?v=DB4z492z2hg

#84 For those about to flop... on 02.16.19 at 1:41 am

Recent sale report.

Here’s a case I reported on a few times, they finally cut the cord and there is blood everywhere.

The details…

3536 Blenheim st,Vancouver.

Paid 2.38 May 2016

Sold 1.75 February 2019

Originally asking 2.68

Assessment 2.01

Percentage wise, it’s up towards the top of the losses I have seen the past couple of years at over 30%

750k washed away.

A house down the road at 5088 Blenheim is in a similar boat.

These guys wanted a scenic ocean cruise but ended up floating down a pink river.

M44BC

https://www.zolo.ca/vancouver-real-estate/3656-blenheim-street

#85 Where's The Money Greedo? on 02.16.19 at 1:48 am

Again on BC Liberal scams:
https://thetyee.ca/Analysis/2019/02/14/BC-Ratepayers-Report-Private-Energy-Rip-Off/

How is this not appropriate for lawsuits, charges and cancellation of contracts knowing the subterfuge and witting MSM to scam the public. How is this not different than SCN?
How can a gov’t get away with this. There must be a solution to make taxpayers whole again.
Also:
https://theprovince.com/news/local-news/report-former-b-c-premier-campbell-accused-of-sexual-assault-in-england/wcm/70b666c5-c36f-4d30-bb0f-b304eb758c10

#86 Sir Scamalot on 02.16.19 at 1:51 am

https://www.theglobeandmail.com/real-estate/mortgages-and-rates/has-your-home-been-fraudulently-overpriced/article23776938/#_=_

#87 For those about to flop... on 02.16.19 at 2:07 am

Recent sale report.

I mentioned these guys a couple of times when some houses in the Dunbar area went sub 2 million, unlike the last guys they didn’t need to get a certain number but took hardly any time to secure the minimum of what they wanted.

The details…

2760 Blanca st,Vancouver.

Sold 1.71 November 2018

Asking 1.69

Assessment 2.35

Sold in 3 days according to Zealty.

So it actually sold last November but is just coming through now.

I thought someone would have a nibble as it was one of the cheapest options on the market which is why I mentioned it.

Approaching 30% less than assessment on the bottom rung of the Westside.

Now there are houses on the market on the Westside for cheaper,even in fancied Kitsilano.

Probably 40 or 50 detached Westside houses have sold under 2 million in the last 6 months.

I should know, but I’ve drawn a Blanca…

M44BC

https://www.zolo.ca/vancouver-real-estate/2760-blanca-street

#88 NoName on 02.16.19 at 7:57 am

Now that we are on topic of fake, how face news came about, and interesting enough got nothing to do with dony.

“Is Fake News a Myth?” – Sharyl Attkisson
https://youtu.be/oa7QvcKYGZA?t=290

#89 not 1st on 02.16.19 at 8:02 am

We need strong employment opportunities for kids getting out of university and college….

so they don’t go into politics and kill jobs for the rest of us.

https://thehill.com/policy/technology/430050-ocasio-cortez-celebrates-amazon-cancelling-new-york-offices-anything-is

Good job progressives.

#90 Frances on 02.16.19 at 8:13 am

FYI Garth, the buyer pays land transfer tax, so the seller would keep that 47k ;)

Ownership involves buying (and paying LTT) and selling (paying commission). It’s all part of the cost. – Garth

#91 Steven Rowlandson on 02.16.19 at 8:32 am

“This means every housing chart in Canada posted by a bank, a ratings agency, an economist, a government or a realtor-blogger looking for attention was a lie. The sales volumes governments relied upon to calculate their budgets were wrong. The LTVs produced in bank quarterly reports were false. The false narrative of the impact of B20 (stress test) is now debunked in that the national market turned in 2015 not 2018.”

Market manipulation and lies indeed!
The lies being that a man without land is nothing and also that real estate is an investment or a means to get rich and not just a place to live priced on the basis of the price being equal to or less than 3 years pay on one income.

The market manipulation is done for the purpose of revenue enhancement for realtors, municipal governments, bankers and vote buying politicians who support capital gains tax exempt status for principle residences, government mortgage insurance and a general encouragement to investing in real estate.
When real estate really corrects government will be financially bitten in the ass by their scheme to insure mortgages. The banks will feel the pain also.
Without resorting to hyperinflation government won’t be able to paper over the mortgage or banking crisis that could or will occur. Government doesn’t have a savings account or a golden hoard, instead it has a huge debt…
Welcome to Wiemar-Canada everyone.

#92 crowdedelevatorfartz on 02.16.19 at 9:00 am

@#57 Russ
“Gordo screws up again.. He should just stay in BC with his Lib. cronies ..First a DUI in Hawaii and now this..”
++++

Yeah I saw that on the News. Seems the cops investigated at the time and decided not to proceed with charges.
Weird that its coming back now…..

#93 crowdedelevatorfartz on 02.16.19 at 9:03 am

@#59 Me
“Above pic looks like Paul Teutul Sr. from Orange County Choppers.”

++++

Agreed, only the dog has a larger vocabulary…

#94 KLNR on 02.16.19 at 9:08 am

@#22 HogtownIndebted on 02.15.19 at 6:08 pm
It would be interesting to see, and IMHO a good thing, if some remorseful recent homeowners or pre-construction buyers got together with some savvy lawyers (Hey WUL, keep your cell phone charged!) and sued TREB, OREA and possibly some of the media ‘repeaters’ (i.e. not ‘reporters’) about the fraudulent promulgation of such data and the losses they have incurred or are about to.

Seems like a logical next step, especially if things start to accelerate downward. There needs to be accountability.

The fake news promoted by the realtor cartels must be punished proportionately.

The pathetic, uncritical repeating of news releases by our modern media must also be held to account.

Let’s have some lawsuits. Should be interesting.
_________________________

A fool and his money are soon parted.

Maybe folks should just do there own due diligence
before they start thinking about lawyers

#95 dharma bum on 02.16.19 at 9:16 am

#9 Mapleridgeguy

So if a buyer was lied to by their realtor about market conditions when they were buying a house, would they have any recourse in the courts?
——————————————————————–

https://www.youtube.com/watch?v=mx2V-D-Xdq8

#96 Stone on 02.16.19 at 9:25 am

#61 Moses71 on 02.15.19 at 9:36 pm
People believe what they want to believe…Liars believe liars

———

Wow. That was deep and profound. It’s so true.

#97 Elcheapo on 02.16.19 at 9:44 am

Wait…2015 peak? You mean Mark was right all along?
Bahahahhahahahhaha…..

#98 dharma bum on 02.16.19 at 9:50 am

#90 Frances

FYI Garth, the buyer pays land transfer tax, so the seller would keep that 47k ;)

Ownership involves buying (and paying LTT) and selling (paying commission). It’s all part of the cost. – Garth
——————————————————————-

Haha.

Frances is trying to educate the master on who pays what in the real estate racket.

Gimme a break.

The point is, that when you buy residential real estate on FOMO and emotion and greed, you get soaked coming and going.

#99 not 1st on 02.16.19 at 10:13 am

Garth rumor has it Morneau and his socialist bandits are targeting capital gains inclusion rates and dividend income in the budget.

Doubtful. It’s an election year. – Garth

#100 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 02.16.19 at 10:26 am

Honest statistics are so important, agreed.

Like…. 0 Stanley Cups in 52 years.

Or,…… 0 World Series in 26 years.

But….still the most expensive hockey tickets

Math matters, Toronturds.

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

Meanwhile, more murder math erupts in Toronto:

https://torontosun.com/news/local-news/shot-woman-dies-becoming-t-o-s-fourth-murder-victim-in-a-week

Four murders in one week!

At this rate Toronto will have over 200 murders this year. How “World Class” of you all there. And Appalling.

Meanwhile, in the GTA news this week, a young girl went missing, then was sadly alleged to have been murdered by her father.

What did GTAholes do?

https://torontosun.com/news/local-news/disappointing-and-upsetting-peel-cops-shocked-after-amber-alert-for-missing-girl-draws-complaints

That’s right, they COMPLAINED to police and to their councillors that the Amber Alert trying to save that girl’s life was “annoying”. (What, were they trying to get extra sleep to go to real estate open houses the next day?)

OMG. Only in the GTA.

Such self-absorbed, uncaring, narcissistic attitudes simply do not exist out here in Real Canada.

More and more are realizing what a wasteland dump Toronto and the GTA is.

Enjoy that new awareness as your falsely reported and overestimated real estate values plummet.

You deserve it, GTAholes.

#101 Remembrancer on 02.16.19 at 10:36 am

#90 Frances on 02.16.19 at 8:13 am
FYI Garth, the buyer pays land transfer tax, so the seller would keep that 47k ;)

Ownership involves buying (and paying LTT) and selling (paying commission). It’s all part of the cost. – Garth
————————————————————–
A nice illustration of how uninformed people are about purchasing costs though – the industry has managed to separate “closing costs” ie a bunch of expenses they don’t get commission on from the “purchase price” which they do and then try to convince you a bunch of it is the seller’s problem not your’s. i.e. as the LLT, legal fees etc definitely should be considered as part of the full purchase price, that full 5% commission or whatever is coming out of the buyer’s wallet one way or another too – who the $$ go to after that is an accounting exercise…

#102 Shawn Allen on 02.16.19 at 10:47 am

Energy to heat water
Number 74
I stand corrected it is 4.186 joule to heat a cubic centimeter which is also one gram at standard conditions

My point stands that Energy where I live (Alberta) is incredibly cheap at about $3 for a billion joules including carbon tax.

No comparison to the cost in Ontario where many heat with electricity city. Could be roughly 10 times higher at times. What is natural gas selling for in Ontario?

#103 Vampire studies on 02.16.19 at 10:59 am

75 VREU – acknowledging Howard’s claim is not the same as saying it is absolutely correct. I did ask you review the data from a previous market top to see how it compared, but you remain fixated on the year 2000. Again, if you go back the 10 years previous you will see a very flat market in Montreal, with a shallow Nadir in 1996.

As far as it being overvalued now, the price to income ratio shows a 4.6, which is on the high side, but nowhere near the8+ of your bubbly home town. The funny thing is it is actually lower than the 5.2 in 2010.
perhaps just a local anomaly.

But we did find that incomes increased over the years. So here is a little predicament for someone
house hunting in Montreal. if the market flattens, like it did in the 90s, but your income goes up, affordability
improves. So do you buy now, and build equity, or buy later at probably higher interest rates? Or choose not to buy at all?

We only have an historical price to income ratio. Can we count on this same ratio going forward indefinitely?

#104 Remembrancer on 02.16.19 at 11:01 am

#15 Al on 02.15.19 at 5:51 pm
With the Ford Govt trying to save dimes by not renewing expired contracts for Adjudicators, landlords have to wait almost 6 months for a hearing on simple eviction matters.
—————————————————————
The example of the stupidity of broad, across the board expense cuts to appear like DOFO is doing something about a deficit that is real but always under/over stated by the pension plan Cirque-du-Soleil-class contortionist accounting interpretations of the ON Libs and Cons alike either trying to claim it as 100% asset or 100% liability at a particular point-in-time.

There was a promise of a line item-level review of government and instead we get a hamfisted approach of all programs cut by X% as made famous by the lesser lights of Corporate America and as cheered on by that insipid Pravda-like Ontario News Now and a backdrop of provincial cabinet ministers and their dutiful @FordNation retweets, all at our expense…

#105 Remembrancer on 02.16.19 at 11:11 am

#100 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 02.16.19 at 10:26 am

What is missing in the coverage of this tragic story more important than the anecdotes about some outraged GTA’ers losing their sleep, though maybe that’s amusing from a distance, is that the freaking amber alert system didn’t work ON province-wide. For instance not a peep from my 416-numbered cell phone…

#106 Trojan House on 02.16.19 at 11:14 am

#67 Shawn Allen on 02.15.19 at 9:45 pm

You do realize how much tax is being given up for years to come???!!! All the jobs HQ2 will bring will more than make up for any tax breaks Amazon may receive to locate there. NY has just lost a huge opportunity but of course the spin is corporations and rich people not paying their fair share.

Give your head a shake…

#107 For those about to flop... on 02.16.19 at 11:18 am

Pink Snow falling in Vancouver.

We just saw a heavy loss on a pre-sale condo, these guys who forked out big bucks on a near 30 year old one will be lucky to fair much better.

The details…

1100- 5850 Balsam st, Vancouver.

Paid 3.4 June 2016

Originally asking 3.38

Now Asking 2.99

Assessment 3.38

Even at 3.38 they would have taken a beating on expenses but now 500k could happen in a heartbeat.

These guys are gonna need to chill out and relax.

Can I recommend some balsam…

M44BC

https://www.zolo.ca/vancouver-real-estate/5850-balsam-street/1100

https://www.rew.ca/insights/88762/1100-5850-balsam-street-vancouver-bc

#108 TurnerNation on 02.16.19 at 11:19 am

As ever believe half of what you see and hear. Even the news.
Go with your gut. If you can carry 500-1.5m in mortgage balance then go for it.

https://www.theverge.com/tldr/2019/2/15/18226005/ai-generated-fake-people-portraits-thispersondoesnotexist-stylegan

“The ability of AI to generate fake visuals is not yet mainstream knowledge, but a new website — ThisPersonDoesNotExist.com — offers a quick and persuasive education.
The site is the creation of Philip Wang, a software engineer at Uber, and uses research released last year by chip designer Nvidia to create an endless stream of fake portraits.”

#109 Remembrancer on 02.16.19 at 12:05 pm

#102 Shawn Allen on 02.16.19 at 10:47 am
Energy to heat water
Number 74
I stand corrected it is 4.186 joule to heat a cubic centimeter which is also one gram at standard conditions
—————————————————————–
Here’s a data point for Enbridge Gas – GTA residental. I’ll leave you to work out joules for your amusement…

Based on recent monthly billing of about 330 m³…

The actual stuff that burns is averaging at about $0.1244 / m³ including seasonal adjusted for expansion/contraction compressor loss blah blah blah.

The rest of about $0.2142/ m³

(Valued) Customer Charge flat of $20 just for
being here + Delivery + Delivery to Enbridge +
seasonal adjustment

From Enbridge’s 2019 pricing pamphlet (assuming they supplied and you aren’t being strung along by some reseller with a multi-generational supply pricing stabilization contract that they palmed off on you at 35 cents /m³ along with a 100 year water heater, furnace, a/c and water softener rental package:

Supply
First 30 m³ 11.1317 ¢/m³
Next 55 m³ 10.5114 ¢/m³
Next 85 m³ 10.0257 ¢/m³
Over 170 m³ 9.6637 ¢/m³

Transportation
Enbridge 4.3355 ¢/m³
Gas Supply Charge 12.4364 ¢/m³

Cost Adjustment 1.6282 ¢/m³
Components
Gas Supply 0.6292 ¢/m³
Transportation 0.0591 ¢/m³
Delivery 0.9399 ¢/m³

You’re welcome.

#110 Shawn allen on 02.16.19 at 12:32 pm

amazon

tyrogam at 106, I made no comment or reference to New York apparently pulling out of amazon hq2. I asked at 67 if it was not disgusting for amazon to accept much less seek this corporate welfare. They don’t need it

Now that you bring it up it is logical for each city or area to pay corporate welfare. What is neeeded is an international treaty to ban corporate welfare. If one city plays that game then all must play. So just ban it.

But amazon should never have asked for it. Disgusting. Most people who don’t need handouts do not take them even if they could. They have self respect. Amazon apparently not.

#111 akashic record on 02.16.19 at 1:34 pm

#110 Shawn allen on 02.16.19 at 12:32 pm
amazon

It is the logical extension of the monetization of “job creation”.

#112 Gil on 02.16.19 at 3:43 pm

#30
IMHO wrong time to go for small caps. When everybody is expecting a correction and withing 12-18 months possibly recession small cap is too risky. More succeptible to credit and shocks they are the stock to have while exiting from recession

#113 maxx on 02.16.19 at 5:34 pm

@ #9

Where is Erin Brockovich when you need her? ;-)

#114 Frances on 02.17.19 at 9:35 am

#90 Frances on 02.16.19 at 8:13 am
FYI Garth, the buyer pays land transfer tax, so the seller would keep that 47k ;)

Ownership involves buying (and paying LTT) and selling (paying commission). It’s all part of the cost. – Garth
————————————————————–
If the original price of the home was lower (let’s say 500k), then the LTT at the time of purchase would have also been lower. Alternatively, if the original purchase price was in the two million range, the seller would have paid much more at the time of purchase. Either way, it’s misleading to say that the seller is now losing a profit of exactly 47k on the sale of a 1.174 million dollar home. We have no way of knowing how much or how little the seller paid for their house 5, 10, 20 years ago.

I clearly stated the loss over a one-year period. Hone your reading skills. – Garth