The stretch

“Thought you might get a kick out of this Garth,” says Tom, in Toronto. “Condo pre-con at University/Dundas asking for over $1,750/sq.ft.  280 square foot studio closet for $500k. Ha!”

It’s true, believe it or not. You, too, can live in a garden shed-sized concrete box in downtown Toronto for $489,900 plus closing costs, property taxes and monthly condo fees. With 20% down (about $100,000) that little one-soul coffin would carry for roughly $2,800. Add in the opportunity cost of the downpayment, and it comes to $3,300. To afford that, you should earn about $120,000. And be braindead.

Pre-build Toronto condo sells for $1,755/ft

No wonder RBC says condo ownership is a b-a-d idea, at least compared to renting. Thanks to the stress test (plus mortgage rate hikes) the bank echoes what this blog’s been saying for ages – government policies have shoved demand down into ‘cheaper’ real estate, creating a frenzy and jacking prices. “An increasing number of buyers have been shut out of the higher-priced single-family home categories and turned their focus toward lower-priced options—mainly condos. Trouble is, this stronger demand for condos resulted in sharper price gains and affordability erosion.” And, thus, renters are winning.

Real estate in general, the bank’s latest report affirms, is pooched. Yes, the stress test and Dipper taxes in BC have crashed sales and dropped prices, helping make a house slightly more affordable but, sheesh, it’s mostly bad news. In Toronto: “Owning a home – especially a single-family home – is still a huge stretch for many buyers. So don’t expect the market to reverse its two-year, 31% sales decline anytime soon. If the early months of 2019 are any indication, there’s even further downside risk.”

What about Vancouver? “The market is in full-blown correction mode. Home resales have plummeted 58% since the peak in early 2016 with no sign of a turnaround so far in 2019. While various policy measures triggered and sustained the correction, Vancouver’s ongoing affordability crisis explains most its magnitude. The demand-supply balance now favours buyers and prices are falling.”

So, here’s the damage. Below is a city-by-city comparison of the median pre-tax income a family needs to devote to owning a home (mortgages, taxes & utilities) – and that’s after they’ve found enough cash to make a 25% downpayment. You can see the income requirement is 51% for the nation as a whole, and insane for YVR. (By the way, the acceptable GDS ratio in Canada – housing costs as a percentage of income – is just 40%. How is this not a disaster?)

% of pre-tax income needed to carry a house in…

Source: RBC, Pathetic Blog

Note that this is pre-tax. So, obviously, nobody can afford to live in Vancouver unless they’ve been climbing the property ladder with tons of equity, or are Bill-Morneau-style rich. No wonder the BC savings rate is negative.

As for that rent-vs-own question moisters are always posing, the bank says there’s no longer any contest. The premium for owning a condo in Toronto over the past three years has surged 140%. In Vancouver it’s 119% and in sleepy Victoria, 102%. Sure, rents are higher, but there’s no valid financial argument for purchasing. “This means that buying a condo is a bigger step up from renting than it’s ever been in these and other cities,” the bank concludes.

What next?

Mortgage rates will decline a little as conditions cool and central banks recoil. That should bring the stress test limbo bar down at least a quarter point – but still stuck around 5%. Not much help. Meanwhile the economic slowdown is poor news if you’re looking for a raise, a better job or to buy a house with real dirt. So, competition should remain stiff for condos, regardless of what stats the bank or anyone else trots out. Real estate reigns as our national mania, the creator and then destroyer of wealth.

Just pity the kid who walks into outsized debt to buy a 279-foot tiny home in a Toronto tower.

The good news? It makes sense, the banks says, to own in Regina! And Halifax is “hot”. So there ya go. Death by debt in 416. Or boredom in the flatlands and boonies.

Easy choice.

 

117 comments ↓

#1 renter in Surrey on 03.29.19 at 4:27 pm

What about Vancouver? “The market is in full-blown correction mode. Home resales have plummeted 58% since the peak in early 2016 with no sign of a turnaround so far in 2019.

———————————————————————————————————-

Why RE in the Valley is not going down? Will it ever?

#2 Oakville Sucks on 03.29.19 at 4:32 pm

As a bonus for purchasing these condo’s, owners get 24/7 exposure to EMF radiation from the roof cell phone towers adjacent to the condo.

Have a look at why this is a “great” idea…

A Sprint cell phone tower will be removed from a California elementary school after four students and three teachers were diagnosed with cancer.

https://www.zerohedge.com/news/2019-03-26/cancer-cluster-california-elementary-school-results-removal-sprint-cell-phone-tower

#3 patty twinkle toes on 03.29.19 at 4:34 pm

Go Halifax!!….and first!

#4 Hans on 03.29.19 at 4:40 pm

I do feel bad for renters. I get the rent vs own argument, and understand the nuance quite well thanks to you Garth. A part of me still feels bad for renters as rents have gone through the roof. How do rents come down in a market that’s gone bonkers? Investors have purchased at elevated prices so expectations for rates of return have popped as well. Sure, the govt can impose more restrictions, but the damage is done. $2500 for a 1 bdrm in Toronto proper? Yikes. The only way I see out of this mess is to over build, allow development to build as many houses as the market will bear and at some point there will be equilibrium. Will developers actually drop prices? Unlikely after listening to the CEO’s of Canada’s largest builder talk on BNN. More towns and condos in the burbs and outskirts are coming. So maybe the answer is that expectations for housing needs to change. No longer will a $800K new build in North Oshawa (Poshawa) work as a first time home. Maybe it’ll be further away or smaller than you want or maybe your expectations for access to the latest and greater restaurants and bars are the problem? Or maybe I’m just becoming a wrinkly.

Thanks for all that you do Garth!

#5 The Real Mark on 03.29.19 at 4:48 pm

I absolutely agree, the choice is easy. It’s time to leave the comfort of my parents basement.

#6 The Real Mark on 03.29.19 at 4:51 pm

One unit that is sold either to a related entity as a form of market manipulation, or alternatively to someone with money and a mental disability does not define a housing market.

I wouldn’t read too much into the latest bit of propaganda coming from the failing Canadian RE sector. Prices are finally falling after so many years of stagnation.

The Bank of Canada will be forced to cut rates by the end of the year. Even one of Trump’s top economic advisors, Kudlow, is calling for immediate Fed rate cuts. Which is kind of extraordinary when you think that just a few months ago, at the height of economic delusion, some of these very same people were “to the moon” with respect to their views on the economy.

Of course mortgage rates won’t go down as the banks themselves will ask for a higher premium to cover the falling prices and decreasing credit-worthiness amongst RE-backed borrowers. Now that RE is in significant physical oversupply.

#7 The Real Mark on 03.29.19 at 4:53 pm

“#5 The Real Mark on 03.29.19 at 4:48 pm “

^^^^ IMPOSTER ALERT ^^^^

#8 Unhinged Trader on 03.29.19 at 5:08 pm

I’m buying a 1,300 sq. ft. apartment in a 19th century building in a quick developing city in Poland.

$100k all in, German manufacturing from the late 19th century, masonry and craftsmanship that no longer exists in this age. No need for a car, street cars and wide promenades will take you everywhere, well defined pedestrian city core and strong cyclist culture.

I value quality of life in the cities of North America at around $40-60K in terms of real estate prices.

#9 Freebird on 03.29.19 at 5:10 pm

Similar debate about housing and immigration in Australia…
https://youtu.be/niQMmARwHyo

#10 Wheresthemath on 03.29.19 at 5:11 pm

416 isn’t the flatlands?
Crippling debt and having to live in Toronto! That I’ll never understand.

#11 Yellow Vest Canada on 03.29.19 at 5:25 pm

DELETED

#12 Darts on 03.29.19 at 5:29 pm

1bdr condos establish the market floor. Those who bought before 2016, have the equity to potentially move up to a larger property. As long as 1bdr prices hold th, semis, and detached can only correct so far……. question is how long will these condos hold?

Buildings taken possession of in 2017 were 48% investor owned. 44% of whom where cash flow negative. These would have been pre sold sometime between 2012-2015.

We had record setting pre-con sales yoy from 2015-mid 2018 at ever increasing prices. By 2017 pre-con was going well above similar resale prices. The bulk of this supply hasn’t even hit the market yet. The bulk of these pre-sale buyers signed up prior to the first rate hikes and the introduction of b-20.

Sales are now declining across all property types. Record supply at record prices on its way in the condo sector. Foreign buyers gone, CRA stepping up its focus on tax cheats, growing public awareness and outcry over money laundering……….. If you own one of those 500 sq feet of construction material boxes in the sky now might be a great time to trade up to a detached bungalow with dirt. You can sell for 500-550 and buy for about 700 right now. I sold my house in 2017 and have been renting since……… I think we are almost out of greater fools

#13 Figure it Out on 03.29.19 at 5:32 pm

Just wait ’till the Toronto board releases data next week. With condo sales down vs. last year and SFH sales flat, they’ll be trumpeting the increase in average sales price, with no explanation of the sales mix change which caused it. Just you watch.

#14 All Equity Cowboy on 03.29.19 at 5:32 pm

With 20% down (about $100,000) that little one-soul coffin would carry for roughly $2,800.

——————————-

For only slightly more ($100 per night) I often stay in an Airbnb rental twice that size in Toronto’s financial district. And I often have plenty of choice for which skybox to choose from, always from some kid in their late 20s. Why would I stay in a hotel ($350 per night for the Hyatt on King West – no thanks). I have my own consulting business and save when I can.

And soul crushing is one way to describe these places. I once stayed on the 51st floor of the Ice Tower on York and it takes forever to get an elevator. The wind howls through those elevator shafts. Watching the people come and go is like looking at the walking dead. No feeling of community. Half the people – like me – coming and going with their suitcase trying to figure out how to find their ‘short-term rental’. We are instructed not to talk to the concierge or incur a penalty.

Strange times. The economics are so out of whack – and the living spaces are so absurd I am grateful to only be a visitor to the Big Smoke, despite its charms (and it has a few).

#15 Captain Uppa on 03.29.19 at 5:38 pm

I love Halifax! I wouldn’t consider it “the boonies” by any means. Fantastic city.

I live in GTA and do wonder sometimes if I should just pack up and head east.

But for all its issues and high cost, GTA is still a great place too.

#16 BlogDog123 on 03.29.19 at 5:45 pm

For those watching Doug Ford in Ontario, he has all the solutions to housing affordability, as follows…

!! screech… time to change the channel… !!

Spin the wheel Douggie with the distraction of the day. You have so many choices from the ones below!

1) Buck-a-beer (always pivot here when you need to change the channel)

2) Gravy Train long winded speeches, no specifics

3) Subways, subways, subways (or just talking about them not actually shelling out the cash or expediting any building permits). A way to shiv your former Toronto councillors yet again.

4) Beer for sale in corner stores (what do you mean $100M breach of who-signed-that-contract with the Beer Store?)

5) Education curriculum (rehashing the sex ed curriculum to distract from the bigger issues)

6) Health care (gut the bloated LHINs)

7) Hey how can we stick it to Patrick Brown as Brampton Mayor? Oh, so many ways, just wait and see!

8) Re-hash the Hydro One fat-cat debacle yet again.

Important issues and real debt reduction, boring! Spin the wheel and change the conversation and get nothing done…

#17 dakkie on 03.29.19 at 5:49 pm

Most Debt EVER Causing Crisis in U.S. and It’s WAY WORSE in Canada!

https://www.investmentwatchblog.com/most-debt-ever-causing-crisis-in-u-s-and-its-way-worse-in-canada/

#18 yorkville renter on 03.29.19 at 5:51 pm

279 sq ft? I guess people buy coffins, but not in the sky

#19 Nonplused on 03.29.19 at 6:01 pm

One of the little understood characteristics of a “hyper” inflation is that nobody has any money. It doesn’t seem intuitive because prices are so high. And while I wouldn’t say Canada has had a hyper-inflationary period over all, the housing market has been insane, especially in YVR and YYZ. It boggles the mind to think that housing can cost +80% of pre-tax income. 80%???? With marginal tax rates in BC up around 46%, there is no way the numbers work. But yet there it is. What I don’t get is why the banks would underwrite any mortgages in YVR, unless they are under the impression that if they stop the portfolio will blow up.

#20 Asterix1 on 03.29.19 at 6:02 pm

Pre-tax income % means nothing! Lets look at the post-tax income numbers.

Its probably close to 100% of your income for Toronto/Vancouver after the gov’t took their chunk of your hard earned cash.

#21 not 1st on 03.29.19 at 6:04 pm

I am a woke millennial progressive hiptster…must live in Toronto. Even if it kills me.

#22 Dutchy on 03.29.19 at 6:13 pm

There is such a simple -one word- answer to all the concern in GTA and LM about the price of housing.
As the diagram indicates:———-MOVE———–
and enjoy a high quality life mostly anywhere else in our fabulous country without risking your health.

#23 Doghouse Dweller on 03.29.19 at 6:15 pm

The Stench

Speaking of 280 sq ft concrete boxes listen to whats seeping out of the Laurentian Elites septic tank.

Listen to the Jody Wilson-Raybould’s conversation with Wernick

https://www.cbc.ca/news/politics/wilson-raybould-justice-committee-documents-audio-1.5076563

#24 Howard on 03.29.19 at 6:17 pm

Btw Garth, re: your constant refrain that the Vancouver correction has only hit the high end. Not true anymore. Vancouver condos are now correcting big time.

#25 david on 03.29.19 at 6:24 pm

so if a segment of buyers have been forced out of the SFH market into the condo market, which you argue has pushed condo prices up, then why hasn’t the prices of the SFH’s fallen. Demand and supply go both ways, right? And the supply of new condo’s is greater than the supply of new SFH in Toronto, no? For me, this story about government policy pushing up prices of Condo’s is complete fiction.

#26 not 1st on 03.29.19 at 6:28 pm

And right on cue, here comes the Marxist socialists to the party.

Federal NDP wants to expand capital-gains tax

https://www.msn.com/en-ca/news/politics/federal-ndp-wants-to-expand-capital-gains-tax/ar-BBVoFbE?ocid=spartanntp

#27 Long-Time Lurker on 03.29.19 at 6:29 pm

Hard Brexit? The MPs still haven’t agreed on anything. I heard there’s a travel advisory warning for going to the UK because of possible public unrest.

#28 The Real Mark on 03.29.19 at 6:35 pm

“#17 dakkie on 03.29.19 at 5:49 pm
Most Debt EVER Causing Crisis in U.S. and It’s WAY WORSE in Canada!”

Yup, far more embedded deflation in Canada than in the US.

Should be good for the CAD$/USD$ pair. In favour of the CAD$.

#29 Smoking Man on 03.29.19 at 6:53 pm

To bad this is not an April fools joke.

https://business.financialpost.com/opinion/and-heres-your-very-small-carbon-bill-canada

This one going to hurt at the worced posable time. It’s almost like the libs want to kill the Canadian economy on purpose.

#30 Todd Stephens on 03.29.19 at 6:53 pm

Take your deflation on Monday, April Fools…..April 1st-2019, Liberal Carbon Tax, 10 cents a liter increase in gasoline or about 7% to 10% increase depending where you live in Canada.

This is not even including C.P.P, E.I. and other provincial tax increases from gasoline to other fees etc.

Wake up people inflation is everywhere from higher property taxes, food prices, car and auto insurance rates, gasoline, diesel prices, home prices etc. etc.

#31 KLNR on 03.29.19 at 6:55 pm

@#15 Captain Uppa on 03.29.19 at 5:38 pm
I love Halifax! I wouldn’t consider it “the boonies” by any means. Fantastic city.

I live in GTA and do wonder sometimes if I should just pack up and head east.

But for all its issues and high cost, GTA is still a great place too.
__________________________________

often ponder the same thing.
Toronto is a fantastic city though.

#32 yorkville renter on 03.29.19 at 6:56 pm

#25 – house prices definitely down in Toronto proper

#33 Retired and Retreaded on 03.29.19 at 6:57 pm

“The good news? It makes sense, the banks says, to own in Regina! And Halifax is “hot”. So there ya go. Death by debt in 416. Or boredom in the flatlands and boonies.”

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

Whoa! For a minute there, I thought you were suggesting “living” in Regina or Halifax. But alas, upon reflection,it clearly states “owning” … not “living”. If I actually had to live there, that would outweigh any benefits of owning property there.

#34 earthboundmisfit on 03.29.19 at 6:57 pm

Betcha that truck’s got an Easy Rider Rifle Rack.

#35 n1tro on 03.29.19 at 6:57 pm

I guess I can never be a life long bureaucrat like Michael Wernick. Requires to much lying and ass kissing. Two things I can’t and won’t do. When testifying about his phone call with JWR, he “couldn’t recall” the conversation content to comment on what was said or if the context of it had any “pressure”.

Well Mike, you sack of crap, listen to your own words in the recordings as you try to push Trudeau’s agenda through. Refreshes your memory now?!

https://beta.ctvnews.ca/national/politics/2019/3/29/1_4357644.html

#36 Penny Henny on 03.29.19 at 7:04 pm

For those who are interested in deploying some short term cash ( in Ontario). #
3% interest paid until Jan 2020

https://www.duca.com/

#37 -=jwk=- on 03.29.19 at 7:05 pm

Buildings taken possession of in 2017 were 48% investor owned

We like to crow about our great banking system, but this is just insane. No american bank would lend into that situation. They require the status certificate that lists the owners addresses. Without at least 80% owner occupancy you can’t get a loan to buy in that building…keeps communities together an values within range of people who want to actually live there.

#38 Penny Henny on 03.29.19 at 7:13 pm

Did you see the updated SNC saga today.
#sorry Justin there has been an erosion of trust
#sorry Justin we have experienced the last 4 years differently
Wernick sounds like a liar??

#39 Penny Henny on 03.29.19 at 7:14 pm

The good news? It makes sense, the banks says, to own in Regina! And Halifax is “hot”. So there ya go. Death by debt in 416. Or boredom in the flatlands and boonies.

Easy choice.-GT

?????????????

WELLAND!!!

It’s all Welland good.

#40 Moisters buying Vancouver real estate on 03.29.19 at 7:15 pm

DELETED

#41 Dolce Vita on 03.29.19 at 7:22 pm

“…the economic slowdown is poor news…”

As expected, the plucky Canadian economy pulls a + Jan. 2019 GDP out of the bag and in StatCan’s words:

“Real gross domestic product expanded 0.3% in January, fully offsetting the declines in November and December 2018. The rise was widespread as 18 of 20 industrial sectors were up.”

Although, I have to wonder as they Seasonally Adjust the data. On the GDP report page (link follows) scroll down and read “Note to Readers” where STATISTICAL ditties such as:

-annually chained Fisher volume indexes
-chaining a fixed-weight Laspeyres volume index to the prior period

were used to Seasonally Adjust.

I am dubious of the voracity of the +0.3% increase since you read no news about the economy doing that well and I do try to seek it out. There just is none.

I think Jan. 2019 was the 1 month wonder of 1st Qtr 2019 that I figured would happen helped by some statistical elbow grease.

https://www150.statcan.gc.ca/n1/daily-quotidien/190329/dq190329a-eng.htm

#42 Nonplused on 03.29.19 at 7:34 pm

#29 Smoking Man

The worst thing about the carbon tax is that it is really a “poll tax”, you have to pay it whether you have any money or not. Either that or turn off the furnace and the lights. They may as well tax water. Oh wait…. they do.

I can see the argument that by taxing energy ruthlessly people will chose to conserve. But they already do! Sure, there are a few people who drive monster trucks and great big boats who could probably downsize, but farm equipment and tractor-trailers are not big by choice. They need to be. They are already conserving all the fuel they can. And when you add a tax to that, everyone who needs to eat pays more.

#43 acdel on 03.29.19 at 7:35 pm

#29 Smoking Man
#30 Todd Stephens

Over the fifty plus years that I have lived in this country I have never experienced such an inept municipal,provincial and federal governments in my life.

We have almost everything that the world needs but we allow to be dictated by the most absent minded people in history. We could have such an easy life, helping those that need it but as Smokie said it is like the Libs want us to suffer and burn. I just do not understand (why) perhaps people do not understand on what we could be, are we really that worn down and could care less any longer?

I am glad that I am close to retirement and I will not let the door hit me in the ass when I get out! What a shame!

Paying 500K for a closet; what the hell is wrong with people?? Wake up!!

#44 PeterfromCalgary on 03.29.19 at 7:39 pm

This lady figured out an affordable way to live in Vancouver. She is in a van.

https://www.youtube.com/watch?v=Cy4erT5I6dQ

#45 Mike on 03.29.19 at 7:41 pm

“#29 Smoking Man on 03.29.19 at 6:53 pm
To bad this is not an April fools joke.

https://business.financialpost.com/opinion/and-heres-your-very-small-carbon-bill-canada

This one going to hurt at the worced posable time. It’s almost like the libs want to kill the Canadian economy on purpose.”

*Too, worst, possible*

Have one for me Smokey.

#46 n1tro on 03.29.19 at 7:47 pm

#41 Dolce Vita on 03.29.19 at 7:22 pm

I am dubious of the voracity of the +0.3% increase since you read no news about the economy doing that well and I do try to seek it out. There just is none.
—–
Don’t worry. It will be revised down to -0.1% in 2 months when we are distracted by something else.

#47 not 1st on 03.29.19 at 7:49 pm

Move further east? That’s the wrong direction.

https://www.msn.com/en-ca/money/topstories/north-americas-most-affordable-major-housing-market-is-calgary/ar-BBVlSSt?ocid=spartandhp

#48 theoryAndPractice on 03.29.19 at 7:50 pm

There is no way, I can believe anyone would even consider to get a $500K shoe box. It does absolutely makes no sense even you have gazillions (without questioning the source of money ! , pay little more and go get an island around Italy instead..)

Let’s say in metrics, 279 sqft =25 m^2 ~ 5m X 5m. ~7 steps on edges and max ~10 steps diagonally

Perhaps this $500K is in Zimbabwe dollars or I’m missing the big picture…

#49 I see debt people on 03.29.19 at 7:51 pm

#30 Todd Stephens

Taxation and inflation are not the same thing. Taxation can actually be deflationary, because it removes so much money from the consumer that they are forced to buy less. But the real problem is that few people can actually afford to pay their taxes, there are so many, so they are all going deep into dept.

The government is a debt man walking. But through increased taxes of every imaginable type the government is infecting the population with the disease of debt. The debt just don’t have the money to pay it, or they wouldn’t have debted.

All governments eventually debt. Their solution is always to print currency in the amount they debt, furthering the disease, until they finally succumb. It isn’t different this time. Infecting the population with the disease does not make the government immune. It only means we all debt together.

The ancients were correct to ban usury. We will find out again, sooner or later, why this was correct. Same as we are finding out that adultery, murder, false witness, theft, and coveting were all also banned.

I read once an article where the government was trying to figure out the value of the “volunteer” economy and how they could tax it. Yes, they were actually trying to figure out the value of volunteer soccer coaches and such and how to tax that value. It’s insane.

But somehow the government has convinced the debt to dig their own graves and get taxed on the value of the digging.

#50 Linda on 03.29.19 at 7:57 pm

Setting aside the insane amount being asked for such a small space, I did a bit of research. I found a serviced lot for sale in Mississauga for $390,000 CAD. Then I went to the Wheelhaus site. The Wedge prefab is a compact 400 square foot for $93,500 USD or not quite $125,000 CAD. I’m presuming delivery is extra & a foundation with utility hookups will have to be constructed. Up to the buyer as to whether they just want a foundation or a proper basement. I’m guessing the cost of the foundation plus delivery of the prefab would be another $125,000 CAD when all was said & done. However, the point is one could get a SFH (albeit a small one) on a serviced lot within the GTA (oh, the horror – living in Mississauga) for less than $700K CAD. Brand new, SFH on a serviced lot for approximately $1,725 per sq ft & no condo fees. It might even be less, depending on whether the cost of the foundation plus delivery was lower than the estimated $125K.

I picked Wheelhaus because I like their smart, space efficient designs. Plus unless I am completely misreading the literature, one can add another module if necessary. Of course, it will cost more to do it later but at least the option is available.

I realize the above scenario is still very expensive, but the point is that if someone really wants a place of their own that is affordable in places like the GTA or Vancouver they will have to think outside the box & be realistic as to what will give them the best bang for the buck. A tiny little box that is likely to depreciate in value as newer condos are built is not a good deal.

#51 acdel on 03.29.19 at 8:13 pm

To add to my previous post. The Brits are in disarray, democracy is a farce, none of my business really but when one calls for the public to vote and they vote a certain way then it should be honored. It is called democracy!

Meanwhile the people in caucus are posing for selfies; remind you of anyone?? This world has gone mad!

https://www.dailymail.co.uk/news/article-6866385/STEPHEN-GLOVER-Blind-reason-Never-cursed-incompetent-MPs.html

#52 Lost...but not leased on 03.29.19 at 8:17 pm

From Ross Kay YouTube interview with Jim Goddard March 25, 2019.

*****HIGHLY RECOMMENDED*****Kay’s analysis is always great contrarian opinion.

….Calgary home prices are 10% LESS (after adjustment for inflation) than prices in 2008.

….Homes in Vancouver are selling for 50% below value of their 2016 assessment.

…In Toronto…homes are selling for 35% LESS than 2017 assessment.

T2’s home purchase vote bribe is NOT firm policy…the details will be public Sept.19 (coincidentally just before election…)

#53 lawnchair surfer on 03.29.19 at 8:21 pm

For perspective, a shipping container is 320 sqft.
My backyard is 155k sqft.
I can fit 484 shipping containers in my backyard, but I left it natural with a little creek for the deer.
Greetings from Canada.

#54 Rargary on 03.29.19 at 8:29 pm

Hi Garthster. Happy weekend! Is having notifications when someone responds to for instance, my comment on your blog, on the horizon, perhaps?

#55 45north on 03.29.19 at 8:29 pm

Nonplused: What I don’t get is why the banks would underwrite any mortgages in YVR, unless they are under the impression that if they stop the portfolio will blow up.

I’m looking at Wolf Richter’s chart that compares Vancouver to San Francisco.

https://www.howestreet.com/2019/03/16/the-most-splendid-housing-bubbles-in-canada-deflate/

what I see is catastrophic collapse. I think the big banks see the same thing. They put the brakes on, two years ago. On property worth more than $1 million, they want to see 30% down and big income. That gives them quite a cushion. Others will be hurtin’ pretty bad before they take a hit.

#56 westsider on 03.29.19 at 8:32 pm

Hate to flog a dead horse..but this is an interesting view of foreign house buyers in Vancouver https://www.scmp.com/comment/blogs/article/1876140/why-non-anglicised-chinese-names-matter-vancouvers-housing-market-no

#57 Winterpeg on 03.29.19 at 8:35 pm

I know you’re just trying to get a rise out of us prairie folk (and the east coasters), Garth.
Boring is in the mind (and the eye) of the beholder.
But you’d probably be the first to admit that.
One can have a great life on a smaller more affordable city. All you need is a dog, curling, and if you are too poor to go out there is always netflix.
And if your dog runs away in Saskatchewan, you can still see it running for 3 days

#58 Condo Purchase on 03.29.19 at 8:40 pm

Anyone who fears being taken after the fact, just take your case to the Justice Committee of 1984 for a ruling, and see what happens next.

#59 Lost...but not leased on 03.29.19 at 8:52 pm

QUESTION

WHERE are the all crucial first time buyers(FTB’s) going to come from ?

IMHO…the RE market is seriously out of whack from historical norms….the supply of FTB was seriously eroded,pillaged and cannibalized for years and for several RE cycles into the future.

#60 Smoking Man on 03.29.19 at 8:54 pm

Why is T2 not in prison

https://www.msn.com/en-ca/news/politics/jwr-recorded-call-she-feared-inappropriate/ar-BBVoWkR?ocid=mmx&PC=EMMX20#page=2

#61 mitzerboyakaQueencitykidd on 03.29.19 at 8:56 pm

its not boring out here…
but it sure is
1 horse
2 bit
with a semi-pro football team

#62 Linda on 03.29.19 at 8:58 pm

Update to costs for buying a serviced lot in Mississauga plus the Wedge model by Wheelhaus. Turns out shipping would be about $12K USD or $16K CAD. IF the land transfer tax applies would be about $12K CAD presuming one pays both Ontario & Toronto land taxes and as per the 2019 costs for foundations I found the cost for an actual basement would be $18 CAD per sq ft so so about $7,200 CAD for a 400 sq ft basement. So the revised figure for a serviced lot plus a 400 sq ft modular unit plus S&H, land transfer tax (if applicable) and basement would be roughly $550K CAD. Depending on budget, might be worth sizing up. Alternatively, spend the ‘savings’ on landscaping, a garage if needed & anything else that might be considered necessary before moving into the new digs.

#63 PeterfromCalgary on 03.29.19 at 9:03 pm

Canadian politics are no longer boring. Check out the made in Canada Watergate tapes.

https://www.theglobeandmail.com/canada/video-listen-to-the-call-between-jody-wilson-raybould-and-michael-wernick/

#64 Stan Brooks on 03.29.19 at 9:10 pm

#8 Unhinged Trader on 03.29.19 at 5:08 pm

I value the lack of quality of life in the cities of North America at around $40-60K in terms of real estate prices.

Fixed it for you.

It could be less than that if you factor in the carry prices, i.e. maintenance, property taxes.

In Poland these are close to zero.

But of course you can’t compare European quality buildings that last centuries with corn-flake homes, glass condos that get old 15 years after the construction (kitchen cabinets last 2-5 years in new condos).

And that ‘quality’ in GTA is truly amazing, paying huge money for the ‘privilege’ to live in an overcrowded, unlivable city.

The price for that studio of 20 k CAD per square meter considering the ‘official’ CPI disinformation is nothing short of one time 1000 % hyperinflation missed somewhere in the official scam/sorry stats Canada reporting.

Housing in Canada it seems finally reached its final state of a true mental disorder.

Don’t I miss those bidding wars with idiots sleeping in cars in orders to mortgage their future (not that of their kids as they won’t have any/can’t afford it with over 70 % of pre-tax income needed for housing you need to survive on vegetation and go deeper in debt just for the house), ‘insured’ by other idiots fir the profit of the banks and oligopolies.

It is amazing how this sheeple has survived that long the slaughter.

#65 Millmech on 03.29.19 at 9:13 pm

#4 Hans
Don’t feel sorry for us renters, I will be doing an overtime shift tomorrow to pay my rent for April,one shift a month covers all my housing expenses.
Most homeowners pay more in maintenance and taxes than I pay in rent,will continue to be a lowly well off renter for the time being.

#66 joblo on 03.29.19 at 9:18 pm

Rule of law in Kanada?
SNC/Trudeau, Wernick, PMO, Lieberal…..
Listen this former Judge and Law Prof

https://www.youtube.com/watch?v=yhEVbXrja9o

#67 Stan Brooks on 03.29.19 at 9:22 pm

#49 I see debt people on 03.29.19 at 7:51 pm

Taxing volunteering economy…

Carrying for kids and babies taxed at marginal rate…

The perceived pleasure from smoking pot and listening to the great leader or the horse face french villa guy should be taxed…

Absolutely fantastic proposition.

This stupid sheeple should be eradicated from the face of the earth for the normal people to stand a chance.

#68 Craig Bernstein on 03.29.19 at 9:26 pm

My TFSA’s and RRSP’s, $1.5 million all put in place, 3.75%, 4.0415% because of compound interest by maturity, $303,149 in 5 years. All deposit insured.

I have no house, no mortgage, no debts at all. Rent for $2,000 a month here in the city. I can’t stand the swings of up and down with my money.

#69 mike from mtl on 03.29.19 at 9:32 pm

So, you’re basically backing up with figures that it’s barely liveable here (renting or not) in this frozen land areas that have any sort of paying jobs?

“Canada: few cities surround by vast useless tundra.”

Where is the surprise in this? Been going on for two decades at least. No different to the rest of the “developed” world.

#70 The Bell Tolls For Thee on 03.29.19 at 9:41 pm

The PM must consider the greater good for the Liberal Party at hand. The Bell Tolls loud and clear for him to resign, and to step away at this time. His vision of Utopia is coming crashing down around us all, and for the sake of the country its time to fold.

#71 ImGonnaBeSick on 03.29.19 at 9:48 pm

#50 Linda on 03.29.19 at 7:57 pm

Linda … You could literally build a 400sqft Wheelhaus double wide for $32,000, fully finished, top of the line everyrhing, in a couple weekends. It’s essentially a fancy shed…

It’s awful that people have accepted GTA contractor pricings as real costs… $80/sqft if you do some of the work yourself and act as your own general contractor for the rest…

#72 Drill Baby Drill on 03.29.19 at 9:56 pm

My butlers bathroom is 279 sq feet

#73 Drill Baby Drill on 03.29.19 at 9:58 pm

After listening to the JWR/ Wernick taped phone call tonight Selfie Boy is going to have to move on. There will be a Leadership review in the LPC by June.

#74 gfd on 03.29.19 at 10:09 pm

Listen to this: https://www.huffingtonpost.ca/2019/03/29/jody-wilson-rayboulds-snc-lavalin-michael-wernick_a_23702706/?utm_hp_ref=ca-homepage

#75 Bologna on 03.29.19 at 10:29 pm

The big short Steve Eisman bets against canadas housing market
https://smallcaps.com.au/the-big-short-steve-eisman-gfc-canada-housing-market-australia-next/

#76 Rexx Rock on 03.29.19 at 10:51 pm

Its insane what Canadians are paying for rent and to buy just to own in this crazy winterland.Victoria is crazy,I know wages are high but there is still lots of people making under $35,000 a year.Living hand to mouth is pretty much a way of life in those three cities Garth mentioned above.Sad times for Canadians.With my EU passport I may buy and in live in a much affordable place in Europe.Malaga Spain,Bordeaux France and Lake Garda Italy.You can get a 1 bd for $100,000 cad.Did I say rent is also less than half! Need I say more!

#77 Ms. Fool on 03.29.19 at 11:23 pm

@ #7 the Real Mark

Don’t worry about it. I think the regulars of this blog can recognize who the real Real Mark is. By the way, I appreciate the fact you (and also other blog dogs) take the time to answer some of the questions others post here. I may not agree with some of your views but it’s good to see the diversity of opinion.

#78 jeffreson on 03.29.19 at 11:47 pm

re: feel sorry for renters in GTA

Sorry to sound like a broken record, but again: I rent a brand new, end unit 3 br townhouse in Queensville ON, near Newmarket for $1750. It’s an entire house that I live in by myself. I commute an easy 30 minutes to my job in North York/ Mid Toronto.

No noisy neighbours, nice little backyard, can hear the birds chirping, no smelly restaurant below me.

My friend rents a brand new detached with her boyfriend in Sharon for $1700. They split rent and are laughing.

The houses would be about 700k – 1m to buy, um no thanks, not that I could even be approved.

(oh for everyone else in Canada: this is considered a good amount to pay in rent here for a decent place, I know pathetic)

Any other East Coast RE news lately Garth? Would like to see some numbers from cities like St. john’s, and others…thanks for all you do, noticed your comment zingers were hilarious lately….

#79 Vancouver Sales on 03.29.19 at 11:50 pm

Vancouver – 1700 sales? The average sales for March from 1997 to 2018 (22 years) is 3133 sales, with a standard deviation of 891. 1700 sales is 1.6 standard deviations below the mean.

#80 DON on 03.30.19 at 12:10 am

@38 Penny Henny

Good one!

@Nonplused

Seems that a lot of establishments benefited from the proceeds of money laundering in BC. We just found out that are former BC Minister of Finance personally intervened to raise betting levels from 10K – 100K at BC Casinos in the past. Sam Cooper is the investigative reporter. They make movies about this stuff.

@acdel
A bucket of Cold hard reality will wake people up.

@n1tro

Venezuelaaa could be the next distraction. Russia is now involved and Putin has been quiet and seemingly out of the spotlights for a while.

@Dolce

Hmmm!

We seemed to have reach the peak of the roller coaster and are wavering back and forth, back and forth. As you check to see if the bar is tight…

#81 Paul on 03.30.19 at 12:11 am

#72 Drill Baby Drill on 03.29.19 at 9:56 pm
My butlers bathroom is 279 sq feet
————————————————————————————————
What are you doing in your Butlers house. Lol

#82 Mikeshouse on 03.30.19 at 12:13 am

Is it just me? I don’t think I ever remember a politician Liberal, Conservative, NDP or any other voting concern, who were pandering for the vote purposely bring in a massive tax during their election run. I mean, the arrogance..You might as well sand the finger tips of my voting hand with Fifty Grit.

#83 Dolce Vita on 03.30.19 at 1:25 am

#46 n1tro

THAT was good.

Short & sweet, to the point (unlike me most of the time unless I’m in Twitter).

Ciao d'[*]Italia.

*recessione tecnica.

#84 Smoking Man on 03.30.19 at 1:36 am

75 Bologna on 03.29.19 at 10:29 pm
The big short Steve Eisman bets against canadas housing market
https://smallcaps.com.au/the-big-short-steve-eisman-gfc-canada-housing-market-australia-next/

Shorting 5 monopolistic banks in Canada is an insane bet.
They get hit by mortgages they will at the same time up charge 5 bucks for an email money transfer. Back to record profits.

Steve is an idiot who does not know Hetdonomics. He got lucky once.

#85 Dolce Vita on 03.30.19 at 1:53 am

#74 gfd

Thank you for that link on:

“Listen to the call between Jody Wilson-Raybould and Michael Wernick”.

Was Jody ever GOOD as the AG.

After listening intently to Wernick she explains CLEARLY to him that he is interfering politically with a legal decision that has already been made by the Chief Prosecutor (and WHY) and then he goes on to say “…as not a lawyer” thinks his admonitions are not interference and continues to natter on about SNC job losses and the DPA.

What an arrogant prat Wernick was on this and an unwitting minion of Trudeau (the latter skulking around in the background darkness to be sure). Good ridden to his departure.

I would have hung up on him when he persisted at the 5 minute mark of the 17 minute conversation which went like this:

Political Interference.
Inappropriate and why.
Political Interference.
Inappropriate and why.

Repeat.

Even a “Common Man”, like me, understands this.

Trudeau needs to RESIGN.

Scheer was correct (even though I thought a few weeks ago that was heavy handed).

#86 Not So New guy on 03.30.19 at 2:01 am

All this debt that everyone owes gives us savers one small sliver of benefit. It is not much but it still helps. In order for these people to service their debt, they need to demand higher wages. They also need to charge more for their services. Since we live in a non-discrimination country, employers and contractors have to pay the same to debtors and non-debtors. That means that non-debtors get an automatic debtor wage premium thanks to our fellow profligates.

As I said, it is a sliver of benefit but it is still a benefit. Consider it a wage dividend

#87 under the radar on 03.30.19 at 4:22 am

I manage an older purpose built rental building in midtown 416 , 100 suites. Smart renters do with less amenities and get more space for less money and proper management (generally) when they choose a purpose built rental over a new condo unit owned by a hipster driving a BMW who wears sunglasses at night and wants the rent in cash.

#88 Hamsterwheelie on 03.30.19 at 6:33 am

The condo thing has just never made any sense to me and is getting even further out of whack – I mean you can get double or more the square footage in a Hamilton condo but….you can also still buy great houses here for that price. A house has at least the square footage to share with friends or rent out a basement to help pay the bills – at one point there were 6 of us sharing a rowhouse in downtown TO, we had a great garden and everyone got along just fine – the owner eventually sold and moved to Costa Rica with the profits – smart guy.
I think the cult of individualism and privacy is reaching some epic levels and causing epic debt – start thinking about cohousing, building a proper suite into your parents house (and taking care of them so they can age in place) or move to anywhere outside the GTA if you’ve also considered work that allows you to be flexible/work remotely etc. Some of those smaller cities – like Hamilton, Kitchener, Port Hope have decent rental income if you buy a house and duplex it – so many ways to own a house and get some leveraged equity going – condos, with pre build incentives on a new condo building going up every 5 minutes is NOT the way!

#89 jane24 on 03.30.19 at 6:39 am

I was a Toronto RE agent in the last late 1980s RE crash. As prices for RE cratered, folk found that studio and one bedder condos were unsalable at any price as all potential condo buyer could now easily afford a two bed unit.

It will happen again. It always does. Avoid small condos.

#90 Gordon on 03.30.19 at 6:54 am

STILL BANNED

#91 LP on 03.30.19 at 8:36 am

from today’s Oxford English dictionary “Word of the Day” entry:

kakistocracy

government by the least suitable or competent citizens of a state

#92 Gravy Train on 03.30.19 at 8:42 am

#84 Smoking Man on 03.30.19 at 1:36 am
“Shorting 5 monopolistic banks in Canada is an insane bet.” Did you mean to say ‘oligopolistic banks’? Monopoly = one seller. Oligopoly = a few sellers. Or were you referring to monopolistic competition? Do you even know? :)
https://en.m.wikipedia.org/wiki/Monopolistic_competition

“They get hit by mortgages they will at the same time up charge 5 bucks for an email money transfer. Back to record profits.” Are you familiar with the term ‘substitution effects’? :)
https://en.m.wikipedia.org/wiki/Substitution_effect

“Steve is an idiot who does not know Herdonomics. He got lucky once.” Let’s see now: Who’s the idiot? Steve Eisman or Smokey? It’s not even close! :)

#93 n1tro on 03.30.19 at 9:22 am

#82 Mikeshouse on 03.30.19 at 12:13 am
Is it just me? I don’t think I ever remember a politician Liberal, Conservative, NDP or any other voting concern, who were pandering for the vote purposely bring in a massive tax during their election run. I mean, the arrogance..You might as well sand the finger tips of my voting hand with Fifty Grit.
———–
Do you remember Brian Mulroney? He gave us the GST during a period of recession. Also took a $250K cash bribe near the end of his tenure. One good thing he did was resign and have us our first female prime minister Kim Campbell before the party for decimated in the election.

Trudeau’s only hope is to resign, put in Philpot as leader since JWR is a bit too conniving and may lose her law license soon so that Canadians have a decent alternative to the other clowns running.

Mulroney took no bribe. Falsehood. – Garth

#94 dharma bum on 03.30.19 at 9:33 am

Here is the Blog message summary:

“Low on liquid assets? Rent House Good. Buy House Bad.”

“Flush in balanced and diversified liquid assets? Good.
Then OK to buy house if you can afford, and still maintain sufficient ratio of balanced and diversified liquid assets.”

“Otherwise, by house bad.”

For more detailed information, check here:

https://www.youtube.com/watch?v=w7BO_hqe_q0

#95 Dissident on 03.30.19 at 9:46 am

Mar 26 post – “Second, bank notes offer privacy for your transactions. You can use them without giving anyone your personal or your banking information.”

– – – – – –

…Wait, cash money is the new bitcoin! Full circle! LOL XD

But seriously, I don’t carry cash on me, except a few quarters in case I’m stuck in the subway and need to make a call and don’t want to go above ground for reception, and sometimes I carry a 20 dollar bill for snacks if they don’t accept plastic…

It makes you stop and think about all the people on the street begging for money…they would be better off replacing their cup with a debiting machine, cause nobody carries cash anymore. It’s really putting them out of business.

#96 Gordon on 03.30.19 at 10:12 am

BANNED

#97 Phylis on 03.30.19 at 10:15 am

My thought on Wernick…. but but but…. it was not pressure, i do this all the time. Wait a sec. i better quit while i’m ahead, i think…

#98 Bobby Bittman on 03.30.19 at 10:16 am

#92 Gravy Train

It’s likely most readers knew what #84 Smoking Man meant, considered the counter arguments and then moved on to #85’s comment.

If the terminology used in comments is unfamiliar, I just google it like you did.

#99 crowdedelevatorfartz on 03.30.19 at 10:22 am

@#72 DrillBabyDrill
“My butlers bathroom is 279 sq feet”
*****
Good one :)

@#85 Dolce Vita
“What an arrogant prat Wernick was on this….”

+++++

Total agreement.
The arrogance and self entitlement goes right to the top….
Wernick is just one of many idiots that lost their job.
Many more to come…
Trudeau is an anchor dragging the party down to defeat in Nov.
A one hit wonder who’s politically correct song is skipping, endlessly repeating, until the voters cant stand listening to it any more.
Quite a feat for a 1st term PM.
It took his father 4 terms in office to annoy the voting public enough to vote him out…

“Anyone but Trudeau.”

#100 crowdedelevatorfartz on 03.30.19 at 10:30 am

@#89 jane24
“I was a Toronto RE agent….”
+++++

We try not to hold that against you.

How’s the preparations for Brexit coming?
Got your canuck Passport updated?
Got your EU passport updated?
One final medical check-up before armageddon?
Is the Villa in Italia stocked with British Tea and Crumpets to resell on the black market to ex-pats?
Is the Flat in Londinium stocked to the rafters with medical supplies, cash, tinned food, and toilet paper?

We jealous colonials living our boring lives vicariously through you …..want to know.

#101 crowdedelevatorfartz on 03.30.19 at 10:40 am

@#79 Vancouver Sales

“Vancouver – 1700 sales? The average sales for March from 1997 to 2018 (22 years) is 3133 sales…”

*****

Anyone that is buying right now is an idiot.
Anyone willing to pay almost $500k for a 279 sq ft “studio” is an even bigger idiot.

Happy housing CRASH realtors…

#102 Damifino on 03.30.19 at 10:51 am

#87 under the radar

Truer words never spoken, yet, so few paying heed.

#103 Kothar on 03.30.19 at 11:07 am

Just got back.from having to go to Toronto fri. Today looking in paper I am seeing houses for sale in Eglinton rd west area going for $1million+. Most are small old ramshackle looking places. Eglinton most be the worst supposed paved road in all of Ontario. Never have I seen such a poor conditioned road with meandering construction mess..no semblance of lanes or where crosswalks are. Hold ups with buses and people going which way…ruts potholes to destroy your cars suspension. I vowed after going through there never ever as long as I live to travel that area again. How houses of any kind can cost what they do there is amazement on my part. I would not pay even 10% of going cost to live there.

#104 Linda on 03.30.19 at 11:10 am

#71 ‘Sick’ – an excellent point regarding the cost savings to be had if one is handy or can hire someone who knows how to handle tools safely & can accurately read a set of blueprints. Plus you’d know how it was built & the quality (or lack thereof) of materials used. Using your number, the total cost of the new build could easily be under $460K CAD – the big expense being the lot at $390K. Of course, that is the asking price – maybe they’d accept a lower bid. Note: I included all costs including the price of the lot in my cost per sq ft. If the total cost did ring in at $460K the cost per sq ft using 400 sq ft would be $1,150. Bigger space, no condo fees, actual land to call your own & no neighbours just a thin wall away. Food for thought.

#105 young & foolish on 03.30.19 at 11:42 am

The old adage still applies: “If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.”

The bond market has spoken. Get used to low (and maybe future negative) rates … too much money in the system, not enough demand (growth). Higher rates in the developed world would just crash the system, unless there was a major restructuring of sorts (think MMT). If that proves politically unthinkable, then say hello to Japan and goodbye to 6% returns.

#106 Gravy Train on 03.30.19 at 12:08 pm

#98 Bobby Bittman on 03.30.19 at 10:16 am
“If the terminology used in comments is unfamiliar, I just google it like you did.” The points I was making went right over your head, Bobby! Time for your nap! :)

#107 Penny Henny on 03.30.19 at 12:17 pm

#62 Linda on 03.29.19 at 8:58 pm
Update to costs for buying a serviced lot in Mississauga plus the Wedge model by Wheelhaus. Turns out shipping would be about $12K USD or $16K CAD. IF the land transfer tax applies would be about $12K CAD presuming one pays both Ontario & Toronto land taxes
//////////////

Mississauga does not have their own LTT……yet

#108 The Real Mark on 03.30.19 at 12:35 pm

#77 Ms. Fool on 03.29.19 at 11:23 pm
@ #7 the Real Mark

Don’t worry about it. I think the regulars of this blog can recognize who the real Real Mark is. By the way, I appreciate the fact you (and also other blog dogs) take the time to answer some of the questions others post here. I may not agree with some of your views but it’s good to see the diversity of opinion.

Thank you, it’s good to be valued. Even if some don’t appreciate my (correct) observations on peak real estate in 2013 and current and future deflation, it’s good to know others do.

I am here as a prophet, for-telling the future of all markets. Deflation is real, 2013 was the peak of real estate values across the country, and I love Ross Kay’s podcasts (a lot).

#109 Steven Rowlandson on 03.30.19 at 1:11 pm

That bar chart tells me that it is time for rolling back the prices to some thing consistant with equal to or less than three years pay on one income. The creditors and speculators will just have to eat the loss in price levels
and find some other way to gain a profit without screwing over the country and its underpaid people…
Monopoly games are for the kitchen table; not the real world.

#110 not 1st on 03.30.19 at 2:28 pm

Trump does more for Canada in 30 seconds than the entire liberal govt does in 4 yrs.

Trump issues new permit for stalled Keystone XL pipeline

https://www.msn.com/en-ca/money/topstories/trump-issues-new-permit-for-stalled-keystone-xl-pipeline/ar-BBVoPGI?ocid=spartanntp

#111 not 1st on 03.30.19 at 2:33 pm

What is our current Liberal govt? People are still trying to figure it out. I can tell you its not the party of Chretien, far from it.

Let me break it down. What we have elected here is a socialist Marxist construct. The socialist wing strong arms institutions and buys off the media, the Marxist wing guts industry and redistributes wealth. But that is still a narrow base in the western world so they basically virtue signal to draw in the rest. Its an abomination and should be put out of its misery as quickly as possible.

#112 Asterix1 on 03.30.19 at 2:50 pm

103 Kothar on 03.30.19 at 11:07 am

They are building a subway under that street, hence the traffic mess, bad road and expensive homes.

#113 Greg Dillon on 03.30.19 at 3:10 pm

I am still afraid that most Canadian banks, financials will drag down the TSX and other Canadian stock markets.

I am hearing 20% to 25% drop is a real possibility over the next 8 to 12 months.

#114 Tony on 03.30.19 at 4:24 pm

Re: #93 n1tro on 03.30.19 at 9:22 am

Don’t forget all the quote “victims of war” in Canada who watched tv and ate good during both wars to the tune of $19,000 a head. Thanks Brian you could have bought their votes for a lot less than that.

#115 Remembrancer on 03.30.19 at 5:06 pm

#110 not 1st on 03.30.19 at 2:28 pm
Trump does more for Canada in 30 seconds than the entire liberal govt does in 4 yrs.

Trump issues new permit for stalled Keystone XL pipeline

https://www.msn.com/en-ca/money/topstories/trump-issues-new-permit-for-stalled-keystone-xl-pipeline/ar-BBVoPGI?ocid=spartanntp
—————————————-
Great. Before High 5-ing, its Day 302 of the fake national security risk Trump Tariffs on Aluminum and Steel, got anything to say about that?

#116 Alex Kolno on 03.31.19 at 2:14 pm

DELETED

#117 Harold on 03.31.19 at 2:32 pm

The so-called “downside risk” per RBC is clearly referencing sales, not prices and is pure conjecture.

Charlatan.

As opposed to your expert realtor opinion? – Garth