The grumpy spring

The pressure mounts. The market falters. Confusion reigns. Just another week in a drifting nation.

Real estate in Vancouver is in tough shape. Worse, even, than most locals understand. If they listen to the local real estate board, they have no true idea of what is causing this, or where a bottom may be.

First the facts: Sales down another 29%. The worst showing in a quarter century. Inventory is exploding. Up 16% from last month and 46% from last year. The message is finally getting out – sell now for less than you expected, or sell later for a helluva lot less. Average prices down close to 9%, and well into the double-digits for detached homes. Stories flow of high-end properties changing hands at a 30-50% discount from asking.

The reason realtors give is consistent and aimed at Ottawa’s stress test: “The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” says the local board. “Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”

In the GTA, it is also a grumpy spring.

Sales of new condos have plopped to a six-year low. The smallest number of new projects launched in the first three months of the year than at any time in a decade. Mortgage originations crashing, even as desperate lenders offer rates as low as 2%. Meanwhile the real estate board missed its Friday to report on April stats. Hmmm. Maybe the dog ate them.

In Victoria, sales slumped by 10% last month and prices also dipped below $750,000 for the first time in coon’s age. “Spring has been a non-traditional market,” says the realtor boss there. And guess what he blames? You bet: “Consumer purchasing power continues to be negatively impacted by the mortgage stress test, causing many buyers to step back while they save more money for a down payment.”

And Victoria owners are also staring to bail. Inventory has grown a substantial 27% in the city, and is elevated across all of Vancouver Island. The stress test, the board adds, is “wreaking havoc” across the entire region. “We’re seeing many sellers who want to list their homes at 2016 and 2017 prices, expecting to get the same amount of money their neighbour did two years ago, which isn’t realistic.”

You bet. And the real culprit is not the stress test, but a market bouncing a price ceiling, then running smack into a wall of new taxes. In Calgary, sales up 2% from a miserable April in 2018, but prices are down another 5%. In Ottawa, sales were flat in April but prices up, mostly because of condos. Realtors there note sellers are reluctant because of a drop in inventory (Ottawa is a unique market). “Add to this a stress test for buyers, that can limit purchasing capacity in a market where prices are accelerating, and it becomes a Catch 22”situation for the foreseeable future,” they say.

No numbers yet from Montreal or Halifax, both buoyant lately for sales but stable for prices. In Regina, a big pop (28%) for transactions last month, but the price of homes continues to cascade lower. “Despite the surge in sales in April, the benchmark price continued a general downward trend, indicating downward pressure on home prices due predominately to elevated supply levels and weakened demand,” say the locals. “Over the last five years, the benchmark price is down 12.8%.”

Notice a trend?

Markets everywhere are treading water or slowly sinking. Nobody who bought in the last few years has made money. After closing and selling costs, real estate’s a turkey. This will end up being the worst spring market in decades when you factor in a mortgage rate war and new home-buyer incentives, like the $70,000-per-couple RRSP gift. Buyers are retreating not just due to the stress test, but because FOMO no longer blinds them, leading to absurd and reckless buying decisions. And while it’s becoming clearer the worried T2 gang may yet gut B-20, it would be unwise to predict the kids will come rushing back in.

Prices are still too high in the major markets of Vancouver, Victoria, the Lower Mainland and the GTA. Incomes have barely budged. The carbon tax is draining cash flow. Debt is growing, not shrinking. The economy is slowing. And Jason Kenney wants to join the States. (Expect to see a vid of him soon, shirtless, astride a snorting stallion. Hide your daughters.)

Meanwhile stock markets have gained 13% in the last 12 months. Aren’t you happy you come here?

98 comments ↓

#1 Linda on 05.03.19 at 4:51 pm

A shirtless Jason Kenney. Thank you Garth for that nightmare image. Off to find the bleach.

#2 grumpy panda on 05.03.19 at 4:52 pm

Blow away U.S. Jobs this morning. Should put more upward pressure o interest rates.

#3 Highlander on 05.03.19 at 4:55 pm

“Meanwhile stock markets have gained 13% in the last 12 months. Aren’t you happy you come here?”

Amen

#4 Captain Uppa on 05.03.19 at 4:59 pm

Sorry Gartho, not what I’m seeing in my GTA neighbourhood. Houses still going and activity has actually increased. I will wager that YOY sales in April were up. Inventory continues to drop as well.

#5 Old gringo on 05.03.19 at 4:59 pm

Not to worried about my daughter, but starting to move the sheep from an upper pasture, down to the barn

#6 Big Bucks on 05.03.19 at 5:01 pm

Toronto Real Estate is insane and anybody buying should expect their kids and grand kids will absorb the mortgages—it happens in Europe.

#7 Dolce Vita on 05.03.19 at 5:04 pm

“…Hide your daughters.”

THAT, was good.

Still killing myself laughing at the imagery that preceded that priceless word NOIRE.

You’re 1 in a million Garth, never stop being you.

Ciao d'[*]Italia.

*Still killing myself laughing in formerly recesione tecnica Italia (still Canada, bring us your tourist $$$, just in case).

Besides, love to meet my fellow Canadians in the land of La Dolce Vita.

#8 Mike in Airdrie on 05.03.19 at 5:04 pm

Kenney does not want to join the States. He is saying what Albertans think that we are tired of being screwed by the Feds and BC.

We’d prefer to remain in confederation on a fair basis (i.e. no preferential deals for the province with the other official language).

News flash: you have no choice. – Garth

#9 Brian Ripley on 05.03.19 at 5:04 pm

My Calgary housing chart is up now with April data
http://www.chpc.biz/calgary-housing.html

Notice that SF Detached prices are supported in the mid-range of the last 5 year channel but strata prices are tumbling hard… condos down 25% from the peak and this in the province that has the highest household earnings in Canada by far: http://www.chpc.biz/earnings-employment.html

11% above Ontario
13% above the national Canadian average
18% above BC and
20% above Quebec (no typo)

If you have the income buy a detached dwelling.

#10 Shawn Allen on 05.03.19 at 5:05 pm

Stock Markets up?

Meanwhile stock markets have gained 13% in the last 12 months. Aren’t you happy you come here?

****************************
But our fearless leader has often pounced on people who use the S word (when they mean equities) to say that this blog never ever recommends investing in stocks?

Equity exposure through ETFs is the preferred course. They have delivered said returns. A balanced portfolio is ahead over 7% in the last four months. – Garth

#11 Irwin on 05.03.19 at 5:08 pm

“And Jason Kenney wants to join the States.”

You just made that up. Why?

I missed you. – Garth

#12 LP on 05.03.19 at 5:12 pm

#5 Old gringo on 05.03.19 at 4:59 pm
Not to worried about my daughter, but starting to move the sheep from an upper pasture, down to the barn
****************************

Oh, belly laugh!!!

#13 MF on 05.03.19 at 5:14 pm

“News flash: you have no choice. – Garth”

Lol harsh^

My opinion: give Alberta whatever it needs to get oil flowing again. It’s for the betterment of all of us.

MF

#14 The Wet One on 05.03.19 at 5:16 pm

Garth,

You should write the same kind of stuff but for stocks.

Perhaps even TV (BNN might hire you. :-) That said, I’m not sure you’ve got the kind of energy that Jim Cramer does on Mad Money.

Whaddya figure? Do you think you could swing that gig? Then again, as a former pol, you should have some of the skills down pat. I mean, I just have to read that first paragraph and I see a natural talent for it myself.

Too bad I can’t hire you for that role. You’d be perfect!

#15 The Wet One on 05.03.19 at 5:18 pm

Also…

You’re saying I should be glad my condo in E-town is sold, right?

Well, yes. Yes I am glad it has sold.

Yay me!

Now I can ignore the residential property market for a good long while (not that I will, it’s an interesting market to follow, just like others (oil, stocks, hogs, wheat, etc.)).

Let the good times roll!

#16 Oakville Sucks on 05.03.19 at 5:20 pm

Prices in Oakville up and sales down. Prices in London up 20% y/y….what cost 400k in 2015 is now 700k.

Latest Oakville stats: sales down 17%, median price down $47,500. The average London property costs $421,000, which explains a 7% sales increase. Exaggerate much? – Garth

#17 Kevin on 05.03.19 at 5:32 pm

@Linda to help complete the mental picture just Google “Randy Trailer Park Boys”. It’s Jason Kenney before he jumped into politics.

#18 Mattl on 05.03.19 at 5:33 pm

“Markets everywhere are treading water or slowly sinking. Nobody who bought in the last few years has made money. After closing and selling costs, real estate’s a turkey.”

No one who has bought and sold has made money. No one who has bought and held has lost money.

I wish you’d be more consistent when it comes to short term real estate fluctuations. You were adamant on the way up that no one makes money unless the sell, but your position on the way down is everyone that came in recently is a loser.

RE is held on average for 8 years so why does it matter that a house bought in 2016 is down 8%? Yes, if you have to sell you will take a bath but how is that different then any other asset that is held short term.

RE is meant to be lived in, it is not an investment. Long term it is almost always a good play, like a balanced portfolio. Together – balanced + house you can afford is a winning combo if held long term.

#19 Kip on 05.03.19 at 5:37 pm

Garth, don’t be jealous ’cause I’ve been chatting online with babes all day. Besides, we both know that I’m training to become a cage fighter.

#20 Victoria Real Estate Update on 05.03.19 at 5:39 pm

Today’s post – a general Canada-wide update on real estate – was informative. I’m sure many appreciate it.

Garth, removing the stress test would expose the banks and the economy to the dangers and threats that prompted the implementation of the stress test in January 2018. Those serious dangers that threatened the banks and the economy at that time – rooted in mortgage lending (debt, etc.) – remain today (and have perhaps worsened).

How is removing the stress test even an option when the dire consequences of doing so are well understood?

Has it really come to that for Canada – temporarily boosting the economy through the housing market (yet again) by removing the stress test, knowing that our country’s banks and economy will face dire consequences as a result?

Please do a post on this. Cheers.

#21 islander on 05.03.19 at 5:49 pm

https://www.livabl.com/2018/01/chart-greater-vancouver-prices-climbed-4-decades.html

Anyone who thinks housing market prices in Vancouver aren’t going back to 2014 or below, is delusional.

Time for the trusty old roller coaster video. For the ride of your life!
https://www.youtube.com/watch?v=hqOn5XEm86A

#22 Smoking Man on 05.03.19 at 6:03 pm

Anyone catch the USA jobs report today. Massive gains.

Trumponomics is working inspite of the globalist trying to crush it to get rid of the Orange Man.

Long on Equities bitches.

#23 smartypantz on 05.03.19 at 6:09 pm

Garth,

Wife and I changed our plans after reading this blog everyday since 2017, B&D portfolio up 10.93 YTD, 2018 was -4.32. Jan 1/18 to today up %9.93.

Thanks for your hard work, it has changed our financial future.

#24 Gogo on 05.03.19 at 6:12 pm

In my neighbourhood every house sells in 2 weeks for above asking. Markland wood. Go figure. Somebody is lying.

#25 Dolce Vita on 05.03.19 at 6:12 pm

Reductio ad absurdum.

This is the WORST example of Season Adjusting I have come across from StatCan and for Retail Trade (a.k.a., Consumer Spending). Retail Trade Sectors below the chart link with of course, some background information (and the link to the StatCan published data).

Judge for yourselves (also with a table of the last 6 months of Seasonal vs. Unadjusted numbers for comparison purposes):

https://i.imgur.com/MI5vSfm.png

StatCan Retail Trade Seasonal Adjusting conclusions:

-No one shops before Christmas more than any other month.
-No one cuts back on spending in January so as to pay off Christmas spending.
-No one spends money in May more than other months on Weddings (clothing, rings, gifts, reception, trips, etc.) nor on Appliances & Gardening.
-Canadians have no children; thus, do not spend money more than any other month in Fall before school starts NOR do they dress up for Halloween and go out and party.

StatCan Unadjusted conclusions (besides the antithesis of the above):

-Canadians are CHEAP SKATES

#26 tccontrarian on 05.03.19 at 6:15 pm

Oh the lessons we could learn by looking back at history and parallel events/situations along with the resulting consequences.

If we move a few of the dates around, and change the focus to Canadian RE, this will become relevant in the near future. It’d end with:

“In 2021-22 nobody was spared”.

/////

“The reason why the stock market must necessarily remain the same is that speculators don’t change; they can’t. Shrewd business men who wouldn’t sell absurdly overpriced securities would not buy, two years later, underpriced stocks and bonds. The same blindness to actual values was there, only that while the heavy black bandage was greed in the bull market, it was fear in the bear market. Reckless fools lost first because they deserved to lose, and careful wise men lost later because a world-wide earthquake doesn’t ask for personal references. Everybody who looked for easy money in 1928 or 1929 lost both dreams and cash in 1929 or 1930. In 1931 nobody was spared.”**

– Edwin LeFevre, Vanished Billions

https://en.wikipedia.org/wiki/Edwin_Lef%C3%A8vre

TCC

#27 Dolce Vita on 05.03.19 at 6:15 pm

*getting old, his Submit instead of finishing of my StatCan diatribe…

StatCan Unadjusted conclusions (besides the antithesis of the above):

-Canadians are CHEAP SKATES on Valentine’s Day.

As for the rest, draw you own conclusions but to me…StatCan Seasonal adjusting is STUPID and an INSULT to the intelligence of a rather well educated Canadian populace (best in the World).

StatCan are, in this case, a joke and should be ashamed of themselves.

#28 Smartalox on 05.03.19 at 6:20 pm

@islander#21: you should compare that chart that you linked published Dec 2017 with the one for April 2019 (published yesterday) on the last page of this link here: https://www.rebgv.org/content/dam/rebgv_org_content/pdfs/monthly-stats-packages/REBGV-Stats-Pkg-April-2019.pdf

You’ll see that the peak has come and gone (hence grumpy spring) and the market is in it’s ‘dead cat bounce’ phase.

I’ve been comparing the stats from the REBGV for over a year now, and Median prices have been trending downward since the beginning of the year – though the trends may not always be apparent, because in some regions there aren’t enough sales (i.e.: more than 20) to register statistical significance.

As it is, sales in April 2019 were up 20% in West Vancouver, compared to 2018, because six (6) more houses sold, for a total of 38. That’s still only half of the number of houses that were selling in the same area, at the same time in 2017.

#29 Dolce Vita on 05.03.19 at 6:26 pm

Forgive me fellow Commenters, data promised and missing from my prior Retail Trade diatribe and 2nd Mea Culpa (besides smoking like Smoking Man, that’s what happens after a Cuba Libre, or 2):

Retail Trade Sectors captured in the prior Comment Chart:

Motor vehicle and parts dealers
Furniture and home furnishings stores
Electronics and appliance stores
Building material and garden equipment and supplies dealers
Food and beverage stores
Health and personal care stores
Gasoline stations
Clothing and clothing accessories stores
Sporting goods, hobby, book and music stores
General merchandise stores
Miscellaneous store retailers
Motor vehicle and parts dealers

StatCan (a.k.a., we treat the most educated populace on Planet Earth like children) page data link:

https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=2010000801

Again, lean to Add/Remove data and Filter on your own.

#30 Smartalox on 05.03.19 at 6:30 pm

There’s an error in the REBGV press release:

The reason realtors give is consistent and aimed at Ottawa’s stress test: “The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” says the local board. “Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”

Should read:

“The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which means that local buyers should be prepared to accept offers at least 20% below what they thought they’d sell for in 2018″ says the local board. “ this harsh reality is making it harder for those laundering money through Vancouver Real Estate to convert properties to an equivalent amount of clean cash, after waiting the requisite one year to claim their properties as a ‘principal residence’ “ “Suppressing housing activity through government policy not only reduces home sales, it reduces commissions, it harms the job market because many Realtors are now moonlighting as wait staff to make ends meet, displacing higher-earning professional staff, economic growth as local Audi dealerships has curtail expansion plans, and creates pent-up demand for leads – any leads. Has anyone got any leads?.”

#31 yvr_lurker on 05.03.19 at 6:32 pm

Prices are still too high in the major markets of Vancouver, Victoria, the Lower Mainland and the GTA. Incomes have barely budged.

—————————-

Exactly. Bravo. Identified the problem with acuity. Still too high for local incomes, even for those starting out on careers with two professional salaries but with and no trust funds to backstop them. With the global and speculative forces setting the margins now on the sidelines due to the new taxes, I think we still have a way to go on our decline in YVR. Eventually the city will be more affordable for the next generation of locals, who can contribute to the vibrancy of their communities. Not good for those who bought at the peak with little down, but they should have listened to you and not over-leveraged.

#32 Receding Oceans on 05.03.19 at 6:32 pm

The Victoria market, much like all the other spillover markets (think Kelowna and Chilliwack), follows the Vancouver market.

Prices have increased 30-40% in the last three years on the Island and in the Interior and the Fraser Valley as priced out Vancouverites and those cashing out from those purchasing with ill gotten gains flooded these markets.

While having a modest impact, B20 is the not the major factor for Victoria’s growing woes.

The clamp down on foreign capital through the foreign buyers tax, spec tax, vacancy taxes, condo pre-sales registration, beneficial ownership legislation, and host of other measures, are deterring foreign ‘investment’ in Canadian homes thereby drying up the pool of potential buyers, changing local psychology, and dampening FOMO.

As foreign capital flees Vancouver, the number of people exiting the Greater Vancouver market and driving up prices in the surrounding communities dries up. And then sales collapse along with prices.

Even the number of foreign buyers is drying up – its was 0.6% in 2015 and then over 5% in 2017 during the peak run up in Victoria prices, and back down to less than 2% this year. Once the foreign buyers tax was applied in Greater Victoria in 2017, the very next month sales to foreign capital dropped 90%.

Victoria is merely 6 months behind Vancouver and awaits the same fate. Prices have similarly ballooned to the point where they do not match local incomes.

And please, lets not try to rehash the old and tired narrative that foreign capital has no impact.

Pick any federal agency – CHMC or Stats Canada – and they have all reluctantly admitted that they underestimated the impact of foreign capital.

Over 20% of new condos in 2016 and 2017 in Richmond, Burnaby and Vancouver were purchased by foreign capital. Over $75 billion of Metro Vancouver’s real estate is owned by foreign residents. And these studies fail to capture proxy buyers and buying through numbered companies, making the actual impact of foreign capital much larger.

If people think that B20 is the key factor, they should reflect on the fact that B20 has wiped out $15 billion in sales across ALL of Canada. This pails in comparison to the impact of foreign capital in a SINGLE market – Greater Vancouver – where $75 billion is owned by foreign capital.

https://www.burnabynow.com/news/non-residents-own-a-quarter-of-new-burnaby-condos-are-they-paying-their-taxes-1.23808252?utm_source=dlvr.it&utm_medium=twitter

https://vancouversun.com/news/local-news/dan-fumano-a-75-billion-snapshot-of-foreign-owned-vancouver-real-estate

#33 Dazed and CONfused on 05.03.19 at 6:35 pm

“…….And Jason Kenney wants to join the States. (Expect to see a vid of him soon, shirtless, astride a snorting stallion…….”

Heard he originally wanted to be rubberized astride a snorting Jet-ski, but another fake, evangelical (C)onservative hypocrite already beat him to that rodeo…..

https://www.gettyimages.co.uk/detail/news-photo/canadian-member-of-parliament-stockwell-day-arrives-at-a-news-photo/524689170

#34 dr talc on 05.03.19 at 6:47 pm

The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent
—-

many people want to access their home’s equity to invest,
but cant get at it because of b20, it’s serious

#35 Blog Bunny on 05.03.19 at 7:05 pm

After too much binge reading of this blog on sleepless nights for its pure entertainment value and dog porn, I have started considering selling our family home. The pro liquidity argument is slowly sinking in.

So the cons:
– Not many single family homes for rent in my area
– I got used to having a pool
– Pets will be limiting rental choices (we got some very horny bunnies who rule the house)
– Moving costs & hassle every few years
– Renters insurance that never gets mentionned here
– How the hell will I cram all my junk from a house into a rental condo ?

#36 old dinosaur on 05.03.19 at 7:08 pm

As they did in the housing crash in Alberta so many decades ago, banks have teams of actuarials scouring customer data to build the foreclosure lists….

Risk profiles are exploding and banks are moving into foreclosure list mode….

says my buddy at one of the large 5….

Auction houses will be gearing up soon enough…

USA 2008 here we come.

The interesting thing no one talks about is the private mortgage broker portfolios of broken dreams…. Many many brokers used private asset pools to fund mortgages…

The hunt for yield allowed them to hustle investors looking for yield….. You can bet mom and pop broker investor pool clients are crapping their pants

It’ll be interesting to see where this area goes…..

#37 Vision on 05.03.19 at 7:18 pm

Toronto Real Estate is insane and anybody buying should expect their kids and grand kids will absorb the mortgages—it happens in Europe.
……..
Unlike Europe, these Toronto homes are not built to last.

#38 Tony on 05.03.19 at 7:22 pm

Re: #2 grumpy panda on 05.03.19 at 4:52 pm

The U.S. dollar fell on the jobs report and gold and Bitcoin rose. Completely fake jobs numbers coming out of America.

#39 Flop... on 05.03.19 at 7:23 pm

#27 Dolce Vita on 05.03.19 at 6:15 pm
*getting old, his Submit instead of finishing of my StatCan diatribe…

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

Hey Dolce, as a washed up former professional blogger and most prolific poster on here in the last 5 years, I will offer you a pro-tip.

Write your comments first and then write your name just before you hit submit.

If you accidentally hit submit, but do not have your name or email completed, it will not go through and you can just continue.

For a brief period of time I once had one of the most popular real estate blogs in Vancouver, without getting out of first gear.

Now I have been reduced to this…

M44BC

#40 Tony on 05.03.19 at 7:29 pm

The investors/gamblers/people with money are watching the U.S. housing market and the Australian housing market. The rest of the people are frozen out due to high prices with or without the stress test.

#41 Dazed and CONfused on 05.03.19 at 7:31 pm

“…..Consumer purchasing power continues to be negatively impacted by the mortgage stress test, causing many buyers to step back while they save more money for a down payment……”

In other words, REALTURDS®’s everywhere are confirming the B20 is accomplishing exactly what it was designed to do: Prevent financially illiterate Canadians from blowing their FOMO brains out.

Perhaps CREA could take some federal lobbying pointers from SNC-Lavalin in their quest to advance their own self interests ahead of the interests of the average working Canadian.

#42 Dolce Vita on 05.03.19 at 7:32 pm

Good video on RE Investing vis-à-vis RE Cycles where Ken McElroy gives some US city examples of whether they are in a Recovery, Expansion, Hyper Supply or Recession phase (and within city examples as well).

He wrote a number of best selling books with over 500 million sales.

Video starts at the 2:33 mark, to cut out the intro and get to the meat of the matter, 8 min. total length:

https://youtu.be/S16GhejlE1c?t=153

Could not help but compare YVR & its surrounding areas to his “Recession” phase.

416 and its surrounding areas (e.g., Garth’s DT and Oakville numbers) probably at the cusp between Hyper Supply and Recession.

Helps to RECONCILE differences of opinion in some of the Comments.

Overall I’d say, supportive of Garth’s assertions.

———————————————–

Buonanotte

#43 When the Whip Comes Down on 05.03.19 at 7:34 pm

#32 receding oceans – agree all but on the timing and amount of correction. Vic is on an island and these islanders have their heads buried in the sand on a lot of things. As well the run up in Price’s was not as steep so I don’t feel the correction will line up with van. My call is any real correction is about a year behind the mainland.

#44 not 1st on 05.03.19 at 7:37 pm

I am bored with Toronto and Vancouver RE. Everyone knows its a ponzi.

I am more intrigued with the other news today on how trump created a 7 million job backlog along with 3.2% GDP, increase in wages, lowest UE since 1969. Amazing.

#45 DON on 05.03.19 at 7:48 pm

#13 MF on 05.03.19 at 5:14 pm

“News flash: you have no choice. – Garth”

Lol harsh^

My opinion: give Alberta whatever it needs to get oil flowing again. It’s for the betterment of all of us.

MF
**********

You mean sale orders, for bitumen oil to Asia? The US is our main competitor and they are experiencing a slight downturn after a boom which re-sparked their shale gas extraction.

We could build some more refineries and supply Canadians with cheap fuel and spur the economy that way. Sell the rest of the gas to Europe (if the US will allow us).

Alberta has a young, well trained, labour force that should be put to work diversifying the Provincial economy.

#46 Dutchy on 05.03.19 at 7:49 pm

A balanced portfolio is ahead over 7% in the last four months. – Garth

Are you not tilting it a little?

How little over the last 5 months ??

It’s May 3. – Garth

#47 Bob Dog on 05.03.19 at 7:49 pm

Perhaps realtors don’t understand the meaning of the word ‘Market’.

From Wikipedia.

It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and resource allocation in a society. Markets allow any trade-able item to be evaluated and priced.

#48 baloney Sandwitch on 05.03.19 at 8:00 pm

Yup – real estate sucks south of the border too – sales are tanking. Stock of Realogy (owner of realtors century 21, royal lepage, sothbys etc.) has halved ytd.
https://finance.yahoo.com/quote/RLGY?p=RLGY

#49 DON on 05.03.19 at 8:01 pm

#11 Irwin on 05.03.19 at 5:08 pm

“And Jason Kenney wants to join the States.”

You just made that up. Why?

I missed you. – Garth
*************
Irwin = Jason Kenny?

#50 DON on 05.03.19 at 8:03 pm

#12 LP on 05.03.19 at 5:12 pm

#5 Old gringo on 05.03.19 at 4:59 pm
Not to worried about my daughter, but starting to move the sheep from an upper pasture, down to the barn
****************************

Oh, belly laugh!!!
++++++++++

HA HA ha ha ah ha ha ha.

#51 Long-Time Lurker on 05.03.19 at 8:03 pm

#117 n1tro on 05.03.19 at 8:53 am
#64 Long-Time Lurker on 05.02.19 at 7:55 pm

Thanks for the input.

#52 DON on 05.03.19 at 8:11 pm

#18 Mattl on 05.03.19 at 5:33 pm

Not sure I understand your logic.

Real estate fluctuations? You mean up up up up up up up then down down, down down down due to price/local incomes with no FOMO in sight and sentiment changing?

#53 Flop... on 05.03.19 at 8:13 pm

Flop’s Deal of the week.

Should I tell you guys about the flipper that just lost 5 million?

Nah!

I’ll let the copycats on Twitter take care of that.

Instead I will focus on one of the side projects I had going on here and on Pink Snow, which was trying to help people find a little bit of value in the current market in the less than a million range.

I think these guys did alright.

This house in Richmond just sold for 975k and should keep a family of five and a pet goat happy with a spacious backyard.

The details…

10571 Seahaven Dr, Richmond.

Built in 1969.

2200 sq ft.

Just sold for 975k

Assessment 1.19

Someone not far from here bought a substantially inferior product for slightly more money.

Beauty……its in the eye…

M44BC

https://m.youtube.com/watch?v=6ViPMabuyDE

#54 crowdedelevatorfartz on 05.03.19 at 8:37 pm

@#46 Dutchy
“How little over the last 5 months ??
It’s May 3. – Garth”

*****
Respectfully
Methinks Dutchy was referring to the 5 months including the December drubbing and the ensuing 4 month recovery?

#55 Flop... on 05.03.19 at 8:37 pm

I have family in The Bay Area.

They too get the full West Coast Experience…

M44BC

“Do You Earn Enough to Afford a House in the Largest U.S. Metros?

Owning a home is one of the biggest financial milestones. Data from the U.S. Census Bureauindicates that the homeownership rate nationwide is 64.8%, slowly reversing a downward trend that started in 2004. Despite these recent gains, homeownership is still out of reach for many people. One of the main reasons for this is that wages haven’t kept pace with soaring home prices, and many people are priced out of the real estate market.

Fortunately, some parts of the U.S. are friendlier to potential homebuyers’ wallets than others. Our latest visualization illustrates the salary that a household needs to make in order to buy a median-priced home in the 50 largest metro areas in the U.S.”

The Top 5 Metro Areas With the Highest Salary Required for Buying a Home

1. San Jose, CA – $254,835.73
2. San Francisco,CA – $198,978.01
3. San Diego, CA – $131,640.79
4. Los Angeles, CA – $123,156.01
5. Boston, MA – $106,789.93

The Bottom 5 Metro Areas With the Lowest Salary Required for Buying a Home

1. Pittsburgh, PA – $37,659.86
2. Cleveland, OH – $40,437.72
3. Oklahoma City, OK – $41,335.41
4. Memphis, TN – $41,400.93
5. Indianapolis, IN – $42,288.92

https://howmuch.net/articles/salary-needed-to-buy-a-house-in-largest-us-metros

#56 AGuyInVancouver on 05.03.19 at 8:42 pm

#13 MF on 05.03.19 at 5:14 pm
“News flash: you have no choice. – Garth”

Lol harsh^

My opinion: give Alberta whatever it needs to get oil flowing again. It’s for the betterment of all of us.

MF
_ _ _
Well, sure, if you can ignore that whole”destroying the planet” thing.

#57 crowdedelevatorfartz on 05.03.19 at 8:44 pm

@#53 Flop

My god.
Almost a cool million for a house that has had no upgrades except paint since 1969.
Even the door handles were the 1970’s crappy faux brass.
door handles only good for tossing in a sack and then beating a realtor with to reduce the sales commission.
Another greaterfool proves they have more credit access than brains …..

#58 Flop... on 05.03.19 at 8:52 pm

Yeah, I’m grateful Stevie Harper signed off on my citizenship thingy but there is one thing on the test I don’t agree with.

Why do they call Newfoundland “The Rock”?

Yeah, I know why, but let’s get real.

You’ve gotta have rocks in your head to try and do what half of Vancouver and Toronto is trying to do.

Therefore, Toronto should be known as The Quarry.

Vancouver should be known as The Gravel Pit…

M44BC

#59 Christina on 05.03.19 at 9:12 pm

#35 Blog Bunny

I had to reply and reassure you that renting really isn’t all that traumatic. I love the freedom and lower cost of renting — and getting repairs done without any hassle. You just need to be a bit picky finding a really good landlord.

(As far as the bunnies go – how many do you actually have?)

Too much stuff: you can either rent a storage unit and/or do a major purge. That’s freeing, too. Too much stuff burdens us both physically and mentally. But it happens to all of us – in just a 2-bedroom apartment I feel like I’m always decluttering!

#60 ImGonnaBeSick on 05.03.19 at 9:18 pm

#7 Dolce Vita on 05.03.19 at 5:04 pm

I bet your could talk the hind legs off a donkey…

#61 Blog Bunny on 05.03.19 at 9:45 pm

2 buns and that is plentiful. They are not dog compatible.

Another consideration is that right now the cost of carrying a paid for house is pretty much the equivalent of the cost of a similar rental house.

Anyways, I feel like I’ve discovered America when the light bulb finally went on after reading way too much Garth. I told my accountant about my discovery and of course he knew. He told me right away what is the carrying cost of his house. He also told me that his clients who bought way to much house are tight despite double six figures salaries. It gave me a lot to ponder.

#62 the Jaguar on 05.03.19 at 10:03 pm

It would be deeply naive to think that the Big 5 would not do everything in their power to overcome the stress test rules.
Eye on the Prize will always rule. And whatever the ‘rules’ a scenario will be devised to push them aside or underground. Things below the surface are always the most troubling for those who seek a safe crossing over what appears to be calm waters.
A global outlook seems to make more and more sense.

#63 Mike on 05.03.19 at 10:14 pm

“News flash: you have no choice. – Garth”

I’m sure you’d say the same if it were Quebec? Truth is that countries and empires have risen, fallen, united and separated over the course of human history. Nothing will prevent it from continuing to happen.

When one thinks about it, the vast geographical and diametrically opposite needs of the East compared to the West makes separation of the country at some point in the future a near certainty.

The only thing keeping us united today is borders, what keeps us apart is the “heads I win, tails you lose” mentality of some.

The fact that some Canadians have been hoodwinked by foreign interests doesn’t mean we all have, or that we’ll sit idly by:

https://integratedwealthmanagement.ca/alberta-crossroads-2019-vivian-krause/

#64 Doug in Londinium on 05.03.19 at 10:22 pm

Look on the bright side. Potential buyers and governments have been bitching, whining, bellyaching, and complaining for many years about housing not being affordable. At long, long, long, long last prices are moving toward being affordable again. What’s the problem?

#65 Ponzius Pilatus on 05.03.19 at 10:36 pm

at 1:40 pm
#136 Neonelements

Scrooge McDuck was a great fiscal conservative. You are probably thinking of this one:

Tralla La
———-
As a kid I was a big fan of Scrooge McDuck.
Loved it when he dived into his pool filled with gold coins.
How come, I became a socialist?

#66 april on 05.03.19 at 10:52 pm

#35— expect people to buy their insanely priced homes so they can sell and invest… what a shame, poor dears…if they really needed to sell why didn’t they do it two yrs ago when they could have had top dollar but no they held out hoping to get more and now their loosing but still expect people to overpay

and the people complaining that B20 is keeping a
percentage of buyers out of the market… isn’t that the intention….these people don’t care about first time buyers, they only care about their own losses. Prices need to be slashed, then first time buyers can buy without strangling themselves in debt.

#67 april on 05.03.19 at 10:54 pm

Correction: #64 refers to #34 and not #35

#68 will on 05.03.19 at 11:17 pm

i love that dog. i want that dog.

#69 wallflower on 05.03.19 at 11:35 pm

#32 yes re your article link (see below)
I rented Markham unit ($2500 per month) paid to Hong Kong lady… she certainly wasn’t declaring any of that income nor was she observing any of the landlord legalities of Ontario. And how does one hold an offshore landlord to account? It is impossible.

– – – –
Usher said there is likely far more tax revenue being lost to non-resident owners who rent out their properties without paying the appropriate income tax. That’s because Canadian law does not require non-residents to report ownership at the point of acquisition.

“If there’s any place where there’s a huge leakage, it’s in the rental income from places owned by non-residents,” Usher said. “I’d be shocked that there’s not an awful lot of rent being collected that is not being properly reported to CRA.”

#70 Ronaldo on 05.03.19 at 11:42 pm

#27 Dolce Vita

StatCan are, in this case, a joke and should be ashamed of themselves.
—————————————————————
Exactly. And taxpayers pay for people to come up with this crap.

#71 Smoking Man on 05.04.19 at 12:34 am

JB on 05.03.19 at 1:19 pm
#193 Smoking Man on 05.02.19 at 3:52 pm
JB on 05.02.19 at 9:15 am
#121 Smoking Man on 05.02.19 at 1:49 am
Why I ran away from Canada.
DM was groving at Davos and I called him up on it.
The sooner he reads my book the longer he will have a job.
But I’m still unforgiven. Dont want to be. Free speech is everything
https://youtu.be/mTwjUE60HG4
…………………………………………………………………..
Your hyperarousal response to leaving Canada was if I recall due to a lack of a job and losing your home!
….
That was just James making up stories. I sold at peak real estate. You see 10 years worth of price growth in 2 months it was a no brainers to sell.
Always said on here when my dad passed away I was out of here. Now I make double and in USD what I would make in Canada and pay a fraction of the taxes.
…………………………………………………………………….

#30 Smoking Man on 04.30.17 at 8:31 pm

#18 All out panic on 04.30.17 at 7:42 pm
Realtors, mortgage brokers, greaterfools and sellers are in an all out panic. Mortgage fraud is now main stream and RE appreciation is finished and is now on a decline. A pause or decline = game over. People trying to sell with NO BUYERS. Buyers backing out of deal. Depositors pulling money out. Lenders becoming the subprime borrower (home capital 15-22% loan). The house of cards is falling apart.

Your insane laughing con. Only reason I’m selling is to buy a huge house. We are opening up a rehab center. How ironic.
My son who will run it knows my routine. Rule is I have to be off the property by 8pm.
He knows that Dr Smoking only comes out after 9pm.
Huge grouth industry. Phentonal kills and if you love your kid you will pay anything. You either get off it or you die.
Son being a former oxy addict who was saved by one of these places. Big thank you to Jim McKenney.
He went and got certified. He’s got the best track record for curing addiction in Canada. Why would I not put the house money to good use. Save some lives and make some loot.
I’m proud of him.
He’s come along way since that cell call standing on top of a bridge. Desperate and afraid. What we went through that night, I don’t even wish that on James.
………………………………………………………………….
#53 Smoking Man on 04.30.17 at 9:39 pm
Ok started early tonight.
Bay street wants me to take the stir stick out of my mouth while preforming myracals on the trade floor. They want me Stop salivating at big bobos in a low cut top.
They want me to wear a pink shirt on pick shirt day.
They want me to swallow climate change inspite of record population growth in polar bars.
They want me cut my rate down from 150 per hour to 85 wag my tail and settled for a head pat. They want me to diverse and keep my mouth shut about Saudi Arbia being on the woman human race councel.
Fk em.
My plan J rocks.
Enjoy your TFW. It was a lot easier screaming out JS now you have 25 sylibal names to deal with who are going to destroy my sheets.
But I’m not coming back a fourth time to help you suck up heathens.
Now let’s find an old western where real men don’t wear dresses.
…………………………………………………………….
Sure Smoking Man sure, we all know you lost your job first by pissing off someone at RBC capitol markets, couldn’t get a HELOC from the bank to extend your home payments, your pickup truck died & was impounded off the street and then you were investing in your Smart sons rehab business venture once you sold. What do you think we are stupid? Its all here buddy.
….

You do know when I drink my imagination is spectaculre. My predictive skills in tune with the UCC.
The question you should be asking is who is the real smoking man. Not suggesting you punt out my real name.
That’s like really rotten.

That would be easy. Rehab center was bust. Never closed the deal.

It was the time between when I sold my place but did not close yet. My buyers read this blog. Propaganda. On my part.

I’m out, and my loot is away from the communists and growing like a bitch in low tax environment.

Your real estate is getting its ass kicked. So I know where the resentment is coming from James.

#72 other guy in Vancouver on 05.04.19 at 12:43 am

RE values correcting to more realistic multiples of average annual income is the BEST not “worst spring market” and long overdue. Stay the course – keep B20 til YVR drops 80% from peak. Plenty won’t like it; it still has to happen. if housing is to be affordable, make it affordable.

#73 SoggyShorts on 05.04.19 at 12:52 am

#44 not 1st on 05.03.19 at 7:37 pm
I am more intrigued with the other news today on how trump created a 7 million job backlog along with 3.2% GDP, increase in wages, lowest UE since 1969. Amazing.

*************************
I’ll give you a trillion reasons why…

#74 Smoking Man on 05.04.19 at 1:37 am

The thing about things.
Its con job.

Love is everything. Hate makes you crazy.

#75 under the radar on 05.04.19 at 5:17 am

Meanwhile bidding wars in the 416 continue, 2 deals crossed my desk on Leaside properties , one was 120k over list , the other 175k over list. Another deal that came in was for an east end semi listed for 899k sold for 1.1. Spin however you like , those are facts.

#76 Sail Away on 05.04.19 at 6:36 am

#56 AGuyInVancouver on 05.03.19 at 8:42 pm
#13 MF on 05.03.19 at 5:14 pm
“News flash: you have no choice. – Garth”

Lol harsh^

My opinion: give Alberta whatever it needs to get oil flowing again. It’s for the betterment of all of us.

MF
_ _ _
Well, sure, if you can ignore that whole”destroying the planet” thing.

——————————————-

Such a self-important species we are. The planet doesn’t actually care about us. The planet will be just fine.

#77 Sail Away on 05.04.19 at 7:03 am

But on a self-interest note, which is what we’re actually concerned with: I just spent the week visiting my brother and family in rural South Dakota where he lives on 2.5 acres with a nice house that he bought for $33.5 all in. Beautiful area with rolling hills, rivers, lakes and wildlife everywhere.

Makes a guy wonder why, exactly, paying vastly inflated prices to live right on top of each other seems to make sense to so many?

Let’s see… scramble as hard as possible to make as much profit as possible to be able live right on top of each other, while paying handsomely for the privilege… or, move to an incredibly beautiful area with no need to work for money again? Hmmm… food for thought.

#78 Peter Z on 05.04.19 at 7:41 am

# 7 Dolce Vita

Hi Garth following your blog over a decade…

Hi D.V, How can we get in touch when when I am in N. Italy?

Many thanks both of you!

Peter

#79 PastThePeak on 05.04.19 at 7:54 am

I read a few places that the US deficit is closer to 1.2T when including items like military deployments (which are not included in the standard budget).

For a $20T economy, 3% growth would increase the economy by $600B. So at the federal level, they are adding 2x as much debt as the country generates in GDP.

Add in the other public debt, consumer/household, and corporate, and the total US debt is growing about 4x the GDP. This does NOT include the unfunded liabilities of social security and Medicare/Medicaid.

I am old fashioned, but that doesn’t seem sustainable to me.

(Canada is no better considering we have little growth, pretty high public debt across all levels, huge consumer/household debt, and are already taxed much more).

#80 FLHTK on 05.04.19 at 8:00 am

Yup, the economy will slow down. Was planning on moving to a bigger house for a growing family, yup not anymore screw that, staying put forever.

#81 Honest Realtor on 05.04.19 at 8:10 am

But of course you completely ignore the biggest factor Mr. Turner, and that has been the weather. Unusually cloudy, cool and rainy spring so far in the gta has made people delay listings and also reduced traffic at open houses. It just hasn’t felt like spring yet to get the buyers out. Wait for this to change the next few weeks. Things will be booming again. A late spring but a great spring lies ahead for sellers and buyers.

#82 not 1st on 05.04.19 at 8:37 am

#73 SoggyShorts on 05.04.19 at 12:52 am

*************************
I’ll give you a trillion reasons why…

—–

Hmm that’s interesting too, because $100B debt spent here in Canada bought us a recession.

#83 IHCTD9 on 05.04.19 at 8:59 am

#18 Mattl on 05.03.19 at 5:33 pm

Long term it is almost always a good play, like a balanced portfolio. Together – balanced + house you can afford is a winning combo if held long term.

———

It is almost impossible to make a real profit on a house held long term that was purchased via a mortgage.

Mortgage interest, taxes, insurance, maintenance, closing costs, Reno’s, and so on take everything you stood to gain, and then some.

The only exception is in a market where a dilapidated sh!thole can sell for a million, and there are only two places and one time in Canada where that was possible.

I agree an sfd that is affordable and still allows savings is a great place to be at, the holy grail really; but it’s getting to the point where that is pretty much impossible in our larger cities for the average working folks.

#84 Dolce Vita on 05.04.19 at 9:12 am

#78 Peter Z

Garth has my email, send to that address and sign yourself as Peter Z so I know who you are (and thanks in advance Garth).

I make a mean Venezia tour guide, not far from where I live.

#85 Dolce Vita on 05.04.19 at 9:20 am

#39 Flop…

Love you to Flop – trailblazer at truth telling. You have been copied by others taking up the mantle on Twitter like: KTmoney and Mortimer, of course, less your repartee.

As for the Submit button issue, it’s in the: Cuba Libre, Flop. I have to say I’m becoming more like Smoking Man…thank God Garth has infinite patience.

And to the rest taking my name in vain, you are all SO CORRECT.

#86 IHCTD9 on 05.04.19 at 9:27 am

#157 Remembrancer on 05.03.19 at 2:18 pm
#102 IHCTD9 on 05.02.19 at 11:56 pm
#81 Remembrancer on 05.02.19 at 9:42 pm
#69 Eco Capitalist on 05.02.19 at 8:24 pm

The moment we adopt MMT I’m becoming a prepper.
——————————————————–
Dude, that’s literally the opposite of what prepper means
——-

I think what Eco is saying is that the minute we adopt MMT, the economy, financial system, and currency is guaranteed burnt toast, so it’s time to start loading up on ammo and freeze dried food.
————————————————–
Have it your way and maybe too pedantic on use of tense, but in my mind, if you’re loading up when the SHTF , its too late – you’re not a prepper…
———

Well… if MMT happened today, SHTF would not happen tomorrow morning ya?

All Eco needs to do is get set up before the herd clues in and the shelves are empty. If MMT were to happen, I’d guess it would take at least a few years from that point before our currency is worth it’s weight in recycled paper (plastic?).

#87 I’m stupid on 05.04.19 at 9:39 am

#56 AGuyInVancouver

Well, sure, if you can ignore that whole”destroying the planet” thing.
———-

It’s funny that no one actually sits down and thinks about things. I’m not going to say I don’t care about the environment or that we shouldn’t collectively do things that preserve the environment for the benefit of all life on earth.

Think about this for a second; the loudest voices asking for us to be environmentally friendly destroy the environment more than anyone else.

https://www.google.ca/amp/s/beta.washingtonpost.com/business/economy/elon-musks-highflying-2018-what-150000-miles-in-a-private-jet-reveal-about-his-excruciating-year/2019/01/29/83b5604e-20ee-11e9-8b59-0a28f2191131_story.html%3foutputType=amp

What do think the gas bill was on that? He burned more gas in a year on his private plane than I could in 5 lifetimes. Yet he wants you to buy an electric car for the environment.

I used Musk because his primary business is electric vehicles and solar panels.

I know, two wrongs don’t make a right but if there was a ban on personal aircraft and private yachts world wide I bet it would make a huge dent in co2 emissions. Plus the ban on luxury cruise-liners. I can’t think of anything more moronic than driving around for a week on the water in a giant city running on diesel wasting 300000 litres per day. Just so a couple thousand people can take selfies on a island stricken with poverty and famine.

More tax is not the answer because it just raises the bar higher. Emissions might reduce because the bottom of the income scale can no longer afford to pay the price. If we’re talking about fairness why should the poor make the sacrifices when wealthier individuals have larger carbon footprints? Last I checked a 20000 sq foot home no matter how energy efficient it is, wastes more energy than a 900sq foot apartment.

#88 T.W. on 05.04.19 at 9:40 am

Hi Dolce, We will also be in Northern Italy next month. I will email Garth and hope to get your tour guide!

#89 MF on 05.04.19 at 10:00 am

Socialism in the US:

https://www.cbc.ca/news/world/despite-trump-s-scaremongering-socialism-is-gaining-a-foothold-in-america-1.5118810

Kinda flies in the face of the fake news spouted on here that US = capitalist and Canada isn’t.

Time to wake up. This problem is everywhere.

MF

#90 IHCTD9 on 05.04.19 at 10:02 am

#81 Honest Realtor on 05.04.19 at 8:10 am
But of course you completely ignore the biggest factor Mr. Turner, and that has been the weather. Unusually cloudy, cool and rainy spring so far in the gta has made people delay listings and also reduced traffic at open houses.
—————

Folks can’t brave 10 degree weather and a bit of rain to walk out to the car and drive to an open house?

I don’t think so. They’re all out there in the same weather doing all kinds of other things just fine. Every spring is cool/rainy.

They’ll show up later when they think the market will not fall much more – might be a while yet…

#91 Remembrancer on 05.04.19 at 11:00 am

#81 Honest Realtor on 05.04.19 at 8:10 am
Unusually cloudy, cool and rainy spring so far in the gta has made people delay listings and also reduced traffic at open houses. It just hasn’t felt like spring yet to get the buyers out.
———————————————-
So, would it be fair to say you are effectively stating that people are delaying what can be upwards of a $1M transaction, if not more, only b/c the weather makes them feel sad?

If so, that’s sad.

What happens when May bleeds into June and the summer vacation season slow down kicks in? Fall will be the new Spring?

#92 Vampire Studies (post grad) on 05.04.19 at 11:36 am

25/27 DV – not sure what you are on about. The blue line varies widely month-to-month and follows the busy Spring and Xmas season you mention with a drop in the new year. The cycle repeats itself at a slightly higher level each year reflecting a growing economy.

If the cycle repeated itself perfectly but at the same
levels, the red line would be straight but flat.

If the cycle repeated itself perfectly but at a consistently higher level each year the red line would
be straight but rising.

From the blue line, it looks like the cycle peaked in the spring of 2018, but xmas actually dropped from the year before. The red line flattens then drops.

What part isn’t making sense?

#93 millmech on 05.04.19 at 11:40 am

#18 Mattl
Please stop, I am heading up to Kelowna today to help spruce up friends place for another price reduction, after eight years and cash put in they will not break even.

#94 Beautiful day again on 05.04.19 at 11:54 am

#90 IHCTD9 on 05.04.19 at 10:02 am

#81 Honest Realtor on 05.04.19 at 8:10 am
But of course you completely ignore the biggest factor Mr. Turner, and that has been the weather. Unusually cloudy, cool and rainy spring so far in the gta has made people delay listings and also reduced traffic at open houses.
—————

Folks can’t brave 10 degree weather and a bit of rain to walk out to the car and drive to an open house?

I don’t think so. They’re all out there in the same weather doing all kinds of other things just fine. Every spring is cool/rainy.

They’ll show up later when they think the market will not fall much more – might be a while yet…

—–
It’s awfully nice out here on the west coast and not much is moving.

#95 Dissident on 05.04.19 at 11:55 am

“Meanwhile stock markets have gained 13% in the last 12 months.”

Guess where everyone’s putting their money? Not in real estate.

#96 Evangeline on 05.04.19 at 11:56 am

#59 Christina … “Too much stuff: you can either rent a storage unit and/or do a major purge. That’s freeing, too. Too much stuff burdens us both physically and mentally. But it happens to all of us – in just a 2-bedroom apartment I feel like I’m always decluttering!”

I used to think I had too much stuff until I started watching youtube videos about hobby and craft rooms.

I have never even imagined having so much stuff, but the handicrafts artists manage to arrange their supplies very well. How they organize their studios is a huge genre on youtube and fun to watch to learn how to ingeniously store stuff. :-)

The best part is that before watching those videos I used to feel like a hoarder, and I now feel like a minimalist. :-)

#97 Gravy Train on 05.04.19 at 4:25 pm

#76 Sail Away on 05.04.19 at 6:36 am
“Such a self-important species we are. The planet doesn’t actually care about us. The planet will be just fine.” You’re correct, of course, but I think you’re missing the point. While our 4.5 billion-year-old planet will continue to exist for billions of years to come, we want it to remain habitable for our species. :)

#98 Maya on 05.04.19 at 5:57 pm

35 Blog Bunny on 05.03.19 at 7:05 pm
After too much binge reading of this blog on sleepless nights for its pure entertainment value and dog porn, I have started considering selling our family home. The pro liquidity argument is slowly sinking in.

So the cons:
– Not many single family homes for rent in my area
– I got used to having a pool
– Pets will be limiting rental choices (we got some very horny bunnies who rule the house)
– Moving costs & hassle every few years
– Renters insurance that never gets mentionned here
– How the hell will I cram all my junk from a house into a rental condo ?

Blog bunny:
It’s time for you to Maria condo your junk. Watch her show in Netflix. It gave me a new perspective in junk and stuff. Hope will help you too.