Fear of FOMO

No cut for the Bank of Canada this week. But it looks like one’s certain the day before Hallowe’en. The Fed in the States is also expected to drop the price of money next month, then four more times by the US presidential election.

We’ll get to mortgage rates in a minute.

First, does this mean we’re pre-recessionary, that you need to convert your ETFs to cash, buy half-inch particle board for the windows, get a genset and lots of ammo? Well, extra rounds are always welcome, but this economic slowdown stuff is vastly overstated. Especially in Canada. That’s why our central bank is unlikely to follow the Fed this week, and may cut again only once in 2020. If it does, it will be insurance against the Americans, not a reaction to conditions here.

“A reckless US administration is blatantly protectionist and jeopardizing business plans to invest, hire and expand in a much more uncertain policy framework,” Scotiabank economists said on Monday. “The case for taking out insurance against such greater uncertainties by emphasizing a risk management approach that Poloz [Bank of Canada boss] constantly references is stronger than it was in 2015.” Back then, you’ll remember, the Ploz chopped twice to mitigate a drop in world oil prices.

A hefty reason our bankers don’t want to trim rates is housing. After years of trying to cool the market down, there’s big concern too-cheap money could ignite another orgiastic borrowing-buying cycle. Already home loans are scraping bottom, thanks to competition among lenders. A 5-year mortgage now is only 2.3% if you’re a penniless moister with 5% down and an insured high-ratio loan, or 2.5% if you have lots of money, tons of equity and take an uninsured conventional one. (Like that makes sense…)

This is a stunning drop of almost a full 1% in 2019, which even outpaces the plop in bond yields. If those bonds keep on shedding, it’s possible five-year mortgages could dip close to 2%. The last time anything close to that happened frenzied buyers were sitting in their cars outside while greedy sellers sorted through a pile of hot offers on the kitchen table. This, trust me, is not what the Bank of Canada, the regulators nor the politicians want repeated. It would set up a mama of a correction once the economy does reset.

Of course, if Trump does a China deal, then brings in a new tax cut to win the election, everything changes. Cuts becomes hikes. Don’t bet against it.

$     $     $

Hate realtors? Loathe showings, nosy neighbours, high selling commissions and people with nice hair driving Audis?

The revolution sweeping them away is already seeping into major US cities, propelled by the tech-driven Millennials and millions of people fed up with the current paleo way of purchasing and selling houses. It’s called iBuying. Changes everything, sort of.

The ground zero test city is Phoenix, where iBuying outfits OfferPad, Zillow Offers and Opendoor are doing about 1,000 monthly transactions – more than a toehold in the market. Here’s how it works:

If you want to sell your digs, you go on online with the iBuyer, fill out a form and hit Submit. Shortly thereafter an offer materializes, conditional upon an appraisal. You agree, the appraiser comes, then the iBuyer has the right to ask for whatever repairs are needed to justify the offered prices. You do the work and get the deal. Or you accept the deal, minus the value of the repairs, and close.

The advantages are clear: no strangers tromping through your house. No staging. No sprucing up the place before listing. No ridiculous 5% commission (plus HST). No unhappy closing date forced on you. No offers conditional upon home inspection, or financing. No buyer backing out at the 11th hour.

But in return iBuyers offer lower prices, insist on those repairs, and charge closing fees. Still, if you need to sell, it’s a sure thing. Real estate’s biggest headache – illiquidity – is wiped away. In Phoenix is looks like this is a hot development, with four in ten sellers actually initiating the process, and requesting an iBuyer offer.

And what about the poor realtors?

Looks like a bunch of them have shifted their business model, and now represent the seller to the iBuyer – getting competing iBuyer offers, giving advice, organizing repairs and coordinating the deal. That’s right. It’s hopeless.

103 comments ↓

#1 Stan Brooks on 09.02.19 at 4:17 pm

Rate cut?

Why when the economy is ‘on fire’ suddenly 1.75 % interest rates look too high?

A talking head from a big bank was awed by unexpected ‘GDP growth’, smoking hot economy….

Mores lies here, blaming lower rates on trade wars:

https://www.msn.com/en-ca/money/topstories/interest-rates-are-plunging-heres-what-that-means-for-canadians-lives/ar-AAGHrxg

But this is true:


Here are five ways Canadians’ lives are changing in the age of low interest rates:

More spending room to buy a house … until prices rise

Working longer, or saving more, to retire

Billions more for governments

Lowered expectations for investors

Business need to redefine ‘a good investment’

The truth is that we are witnessing in real time the incompetence of central bankers (look at putx and tell me he inspires confidence in you), limitations of artificial made up monetary policy and the destruction of currencies.

It becomes obvious what is coming…. even true brainwashed idiots can grasp it.. total destruction of quality of life to unimaginable degree of misery.

In addition I am hearing the winter is coming earlier this year.

Cheers with a sip of Jack.

#2 Lost...but not leased on 09.02.19 at 4:27 pm

Phyrrzzt !

Happy Labour Day !

#3 Flop... on 09.02.19 at 4:33 pm

So it’s sounds as though I’m supposed to walk around Little Rock, Arkansas for Spring Break yelling out,”Your husband on the Greaterfool blog says hello.”

Guess I’m gonna find out if Arkansas has nice jails…

M45BC

“Making Money, Moving Money: The World’s Financial Services Exports.

International trade has been in the news lately, with a growing standoff between not just the United States and China, but even the U.S. and Europe. The focus of these headlines is usually on trade in agriculture and physical goods, but trade in financial services matters too, and has its own looming issues.

Total global exports in financial services was $489.8 billion in 2018, up 5.6% from the prior year.

The United States and United Kingdom together make up 40% of the world’s financial services exports.

U.S. exports of financial services was at a record-high $113 billion.

The United Kingdom’s access to European Union financial markets after Brexit is uncertain.

In this post we look at the World Trade Organization (WTO)’s 2018 report on financial services exports. To find the data on the WTO dashboard, make sure to set “Type of trade” to “Trade in commercial services” and “Commodity/sector” to “financial services.” Each country is drawn to scale on the map based on the size of its financial services exports. A darker shade of green also indicates more financial exports.

Worlds Biggest Exporters of Financial Services

1. United States: $113.04 B (23.51%)
2. United Kingdom: $83.08 B (17.28%)
3. Luxembourg: $64.29 B (13.37%)
4. Singapore: $27.15 B (5.65%)
5. Germany: $24.40 B (5.07%)
6. Hong Kong, China: $23.73 B (4.93%)
7. Switzerland: $21.79 B (4.53%)
8. Ireland: $17.88 B (3.72%)
9. Japan: $11.47 B (2.39%)
10. France: $9.54 B (1.98%)

Together, the U.S. and the European Union (EU) make up almost exactly half of the world’s financial services exports. It’s an impressive statistic, but one that’s about to be made less so: the European Union figure includes the United Kingdom (UK), which at some point will be leaving the EU. Traditionally a banking and finance powerhouse, the UK makes up over 17% of the planet’s financial services exports. Recently, the UK financial sector has benefitted from easy exposure to European markets as part of the so-called European single market. With Brexit, the exact trading status between the UK and EU remains unclear, but the consensus is that this will negatively impact the UK financial sector. The consulting firm PricewaterhouseCoopers suggests that the UK financial market will lose between 7 and 12 billion British pounds due to Brexit in 2020.

The UK isn’t the only financial market bracing for hits in 2019: the yield curve for US Treasury bonds recently inverted — a traditional harbinger for recession. On top of that, the amount of negative-yielding debt now equals nearly a third of tradeable bonds worldwide, according to J.P. Morgan. These signs of a global slowdown are likely to accompany a reduced demand in financial services.”

https://howmuch.net/articles/financial-services-exports-around-the-world

#4 yorkville renter on 09.02.19 at 4:34 pm

my prediction: Trump gets desperate, inks a deal with Gyna, and the economy gets into overdrive causing a “big” jump in rates and crushing variable rate borrowers.

big is in quotes because it’ll be 2% jump but still remember remain historically quite low

#5 Alice Smith on 09.02.19 at 4:35 pm

The world population is growing, Canada is welcoming over 500,000 newcomers yearly by next year, Toronto is the best city in the world, and Metrolinx is connecting Toronto more than ever, which means a premium on LRT routes.

House prices in Toronto will remain on a steady increase every year due to these factors.

It will be common to be paying over $2,000 a month to rent a bachelor apartment in East York or Scarborough because of the downtown relief line and the LRT. It’s capitalism and demand.

House prices will increase.

Immigration is set at 330,000 in 2019 and 341,000 in 2020. Not 500,000. – Garth

#6 Linda on 09.02.19 at 4:39 pm

With our own upcoming election looming, how likely is it that our current government decides to loosen the rules in order to get re-elected?

As for iBuying, I imagine Canadian realtors are losing sleep over the impending changes to how housing is sold. It may only be in the USA right now, but it won’t take long before Canadian consumers will want the same service. The obliteration of having to have open houses in order to sell is sheer genius – I can see sellers stampeding to the new model for that benefit alone.

#7 Camille on 09.02.19 at 4:42 pm

All that and more. Why raise rates now. Why hurt the banks. Keep the schnitzel for later, after grandpa dies. Riddle me this. I’m no expert. Why are bond yields so low and the fed rate so high? Who’s following who?

#8 crowdedelevatorfartz on 09.02.19 at 4:50 pm

@#5 Alice
” Toronto is the best city in the world….”
++++

You forgot to mention
” …. and its the center of the universe…”

#9 Stan Brooks on 09.02.19 at 4:52 pm

#5 Alice Smith on 09.02.19 at 4:35 pm

You are absolutely correct in terms of prices. Due to the simple fact that our currency – ‘the loonie’ (what a name…) is quickly melting to worth close-to-nothing, I think what you predict on terms of prices will actually turn out to be pretty conservative.

Not that in real value houses and rents (with the idiots who pay for it) will rise, simply the crappy currency will keep losing value very, very fast.

As I said the only way to protect yourself is to run will with all your assets, and quick.

Toronto will keep being the greatest shit hole you can live in, extremely overpriced, no infrastructure, rotting services, crowds everywhere, nothing to do, no health care whatsoever, high taxes.

Poor schmucks who are tricked to pile in. Just looking ag that stupidity makes any life look far superior.

And no, it is not capitalism. It is an elitist oligopolies and bunch of ultra stupid sheeple, the perfect match for their short dick provincial masters.

#10 Andrewski on 09.02.19 at 4:53 pm

The iBuying real estate concept may have conventional real estate agents think twice about buying those $50 bottles of wine, Lol.

#11 GreaterFool on 09.02.19 at 4:53 pm

I hope all realtors burn in hell. Scammers!

#12 crowdedelevatorfartz on 09.02.19 at 4:58 pm

@#80 MF
“My commute in the GTA is about 20 minutes with public transport. If I drive, it would be half.”

++++
Whats it cost top park? $3/hr? $5?

I live and work in Burnaby. 15 minute drive to and fro.
However.
If I MUST go downtown I NEVER drive.
Skytrain station is a 5 minute walk from either my apt or my work.
15 mins later Im in the downtown core.
Easy peasy Lake Louisey .
$3 bucks for a ticket that good for 2 hours.
If I’m efficient I can return on the same ticket.
To drive would be 40 mins minimum. $6/hr parking and the stress,,,,oh the stress. Plus my gas…..

Nope.
Billybob is 100% on the money.
Rapid Transit is the way to go for city commutes.
Unfortunately where I live and where I work would force me to ride into Van on one line and back out on another.
So I drive and park at work for free.
:)

#13 crowdedelevatorfartz on 09.02.19 at 5:02 pm

@#6 Linda
” I imagine Canadian realtors are losing sleep over the impending changes to how housing is sold.”
++++

Nah.
They know CREA, TREA or any of the other provincial monopolies that deign to allow us to buy and sell our homes after paying them exorbitant commissions will file lawsuit after lawsuit, appeal after appeal to tie everything up in the lethargic, laughable, loathed Canadian “justice” system….

iBuying here?
20 years max.

#14 Yukon Elvis on 09.02.19 at 5:12 pm

Immigration is set at 330,000 in 2019 and 341,000 in 2020. Not 500,000. – Garth
……………….

Ensuring that real estate prices and rents will keep on rising. Lowering interest rates will be icing on comers the cake.

Most newcomers are not homebuyers. Check the stats. Average income in the $30k range. – Garth

#15 Tony on 09.02.19 at 5:18 pm

Re: #4 yorkville renter on 09.02.19 at 4:34 pm

China has Trump over a barrel and will wait ’til at least the middle of 2020. China will win the trade war hands down as Trump will sign anything to get re-elected. “We got the better of them this time around” will be one of Trump’s lines as China gets all the concessions in a new trade deal.

#16 Kostya on 09.02.19 at 5:19 pm

The iBuying service is amazing! I can preditc the buyers looking more into houses selled by this service than by the realtor+owner. At least you know what you’ll get, since they have to care about their reputation. Like buying an used car from auto salon. And that would mean if you buy a house you lose some money right away (like buying and selling to iBuying at the same time, you lose money). That should scare the speculators a bit and scare the realtors a lot! CREA should shit its pants.

#17 TG on 09.02.19 at 5:28 pm

What about Europe?

#18 Stan Brooks on 09.02.19 at 5:33 pm

Most newcomers are not homebuyers. Check the stats. Average income in the $30k range. – Garth

I think I see the answer to this problem:
100 year interest only multi-generation multi-family mortgages ‘insured’ by CHMC? (at negative nominal interest rates)

Why not? This sheeple is exceptionally stupid.

#19 Kelly on 09.02.19 at 5:38 pm

Is it possible for Scotiabank economists to issue a statement that doesn’t exude TDS?

The US administration is not “reckless “.
Such an irresponsible statement should not be allowed to emanate from a Canadian bank.

There is a world economic revolution happening on several fronts. Scotiabank economists have no clue.
They should be reassigned to revise ALL ECONOMIC TEXTBOOKS to outline the purpose and benefits of negative yielding bonds.

The next few months will make our heads spin … faster.

#20 Debtslavecreator on 09.02.19 at 5:42 pm

Real prices of average homes will trend down for years but nominal values should trend upward too with a sharp correction here and there. As I told a family member recently, divide the estimated value of your home annually and divide your groceries, property taxes, home insurance, gas, etc into it and you will see what’s happening or you can simply divide the Canadian dollar gold price by the home price and see the sane
It’s the greatest governance and monetary policy scam of all time and it’s about to go into overdrive. These psychos will not stop until everyone is in debt and those not in debt will have no choice but to borrow if they are lucky to borrow at reasonable cost to help pay for day to day bills as the debt counterfeiting operation artificially inflates nominal prices and rents / mortgage amounts and property taxes / home insurance prices when most wage / salary earners will be lucky to get 1-2% raises net of taxes /cpp/ei

If you think it’s bad now just wait 5 years
We’re heading into an era of dramatic swings to the right then left but more time likely spent under radical left govts

With most asset prices in the stratosphere in reaction to the crazy money printing and artificially low rates, govts will shock investors and savers with shock tax changes aimed at confiscating the imaginary gains by applying real cash taxes to them

It’s how it goes folks

#21 Penny Henny on 09.02.19 at 5:45 pm

#14 Yukon Elvis on 09.02.19 at 5:12 pm
Immigration is set at 330,000 in 2019 and 341,000 in 2020. Not 500,000. – Garth
……………….

Ensuring that real estate prices and rents will keep on rising. Lowering interest rates will be icing on comers the cake.

Most newcomers are not homebuyers. Check the stats. Average income in the $30k range. – Garth

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

That’s a great stat Garth but lets not forget the immigrants from 3, 4, 5 or 6 years ago who ARE buying houses.
Immigration is not something that just started.

#22 MF on 09.02.19 at 6:12 pm

Stan Brooks on 09.02.19 at

More indigested brown coloured material splattered on the page by “Stan”.

According to you (and your other thousand failed predictions) the loonie was supposed to be at 50 cents by now. I hope you didn’t bet the farm on that one. Probably did, which is why you still can’t afford anything in the GTA.

MF

#23 Yukon Elvis on 09.02.19 at 6:13 pm

Immigration is set at 330,000 in 2019 and 341,000 in 2020. Not 500,000. – Garth
……………….

Ensuring that real estate prices and rents will keep on rising. Lowering interest rates will be icing on the cake.

Most newcomers are not homebuyers. Check the stats. Average income in the $30k range. – Garth
……………..

Supply and demand. One percent population growth per year (ten per cent per decade)ensures strong demand, therefore rising real estate prices and higher rents. Room mates and group purchases if low incomes which will rise over time. Low interest rates are icing on the cake. Looking good for real estate.

#24 BobC on 09.02.19 at 6:17 pm

I cannot understand why everybody blows the trade tariffs out of proportion. Click bait?
The total tariffs come to $150 billion dollars a year with an economy of $20.5 trillion dollars.
Big deal. I haven’t seen anything go up in price. Now China is taxing its own people with tariffs after cutting their currency twice.
Am I missing something?

https://www.americanactionforum.org/research/the-total-cost-of-trumps-new-tariffs/

https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=US

#25 oh bouy on 09.02.19 at 6:17 pm

the ibuy through zillow has a 7% fee! sheesh.

https://www.youtube.com/watch?v=725JC0-GpiA

#26 Flop... on 09.02.19 at 6:27 pm

Paging Mr Bill Grable to the blog.

Mr Thor Turner should probably check it out too.

I will not be shamed by thy neighbor…

M45BC

https://mobile.twitter.com/judyrudin/status/1168235191011119104

#27 Long-Time Lurker on 09.02.19 at 6:35 pm

#3 Flop… on 09.02.19 at 4:33 pm

Worlds Biggest Exporters of Financial Services

6. Hong Kong, China: $23.73 B (4.93%)

>Martial law in Hong Kong is going to be a huge problem.

#28 MF on 09.02.19 at 6:38 pm

#8 crowdedelevatorfartz on 09.02.19 at 4:50 pm

If we are speaking in celesial terms, then gravitational pull is heavily influenced by size and density.

So in Canada, Toronto, with the biggest GDP and population, can actually be called the center of the universe :)

As an aside, I went to a music event the other day and ran into an old friend from high school. Early to mid 30’s and single (and loving it). He owns a condo downtown and works in tech. Salary is six figures. He was with a few others who all work in tech as well. A mutual friend I went to the party with works in tech as well.

Conclusion(s):

-Tech is booming in Toronto with zero signs of slowing down for years. Lots of young talent there.
-A lot of those condo towers are owned by young people who can easily manage their mortgage.
-This comment section is inaccurate and wrong on every level 99% of the time.

MF

#29 Dolce Vita on 09.02.19 at 6:39 pm

“does this mean we’re pre-recessionary…this economic slowdown stuff is vastly overstated.”

Agree from what the Cdn. MSM has been trumpeting as of late.

Is the economy booming? Is it a screaming hell?

June 2018–>June 2019 GDP increase = 1.5%
March 2018–>March 2019 GDP increase = 1.3%

The above is GDP growth over the past FIVE QUARTERS. It’s SLOW and that’s not an overstatement.

2 to 4% is normal.

Go here, click the “MAX” button under the chart and click “Column” under the chart type display button (latter easier on the eyes):

https://tradingeconomics.com/canada/gdp-growth-annual

Anyone can eyeball what’s normal…and it ain’t 1.3% or 1.5%.

#30 Flop... on 09.02.19 at 6:48 pm

#26 Long-Time Lurker on 09.02.19 at 6:35 pm
#3 Flop… on 09.02.19 at 4:33 pm

Worlds Biggest Exporters of Financial Services

6. Hong Kong, China: $23.73 B (4.93%)

>Martial law in Hong Kong is going to be a huge problem.

///////////

Hey Lurker, how you been?

Didn’t look at the Hong Kong numbers.

I was instead distracted by two other numbers with my ongoing attempts to start a trade war between The Netherlands and Canada, and to be paid out in beer.

The related numbers in that article.

Canada…8.3 billion

Netherlands 7.4 billion

Trump said trade wars are easy to win.

Where’s my beer…

M45BC

#31 Paul on 09.02.19 at 7:00 pm

Immigration is set at 330,000 in 2019 and 341,000 in 2020. Not 500,000. – Garth

Rent or buy
And they all need to sleep someplace.

#32 Dolce Vita on 09.02.19 at 7:02 pm

A little off topic but a personal beef with some of the Twitter feed from Justin et. al. about how Gov has put more money into the pockets of Canadians.

WHAT a BS artist.

For the hell of it and with time on my hands I went and looked at the “Current and capital accounts – Households, Canada, quarterly” report with numbers from Q2 2018 to Q2 2019.

It’s the report about Household Disposable Income and Household Net Saving (way, way, below is an image of the report so that people can add and subtract to get StatCan numbers – in the interim, I tirade).

My own Questions and Answers, per the above over the past 5 Quarters (%’s are vs. Household Disposable Income):

1. Did Gov put more money in your pocket in benefits or whatever?

No, not really. From “General Government” it increased a paltry 0.1% (17.7% to 17.8%).
——————-

2. Did Gov take more money out of your pocket in taxes?

A BIG Yes. From “To General Governments” taxes increased by 1.6% (30.9% to 31.5%). DOUBLE what they gave you – THIMBLERIG.
——————-

3. Are Canadians putting more money in their pockets?

No. The Household Saving Rate ranges from a mediocre 1.7% to a catatonic 0.9%.
——————-

4. Are Canadians buying more stuff and how are they paying for it?

Yes (not shown in my image below but about $172.5 billion Q2 2019). How are they paying for it all, see the last line in the image.

https://i.imgur.com/7wrDUmZ.jpg

Now all of you will be able to actually add & subtract on your own using the layout challenged report itself:

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

Still, good on StatCan they publish data like this. I bitch a lot about them but in the end, there is data.

—————————————————–

CONCLUSION about Justin et. al. Twitter “more money in your pocket” Tweets:

So full of dung, his eyes will be brown by October (if not sooner).

…pants on fire.

Ciao d’Italia where it’s still over bloody 30 deg C and it seems like it’s been like that forever. Mamma Mia che caldo!

#33 SunShowers on 09.02.19 at 7:18 pm

Happy Labor day everyone!

And speaking of Labor, it’s worth noting that liberal democracies such as the USA and Canada have been largely shaped through various forms of illegal civil disobedience against entrenched power structures.

As historical events in retrospect, we are we are taught to see this civil disobedience as justified, and the people committing it as heroes. However, each successive generation is asked to believe that any FURTHER civil disobedience would be unreasonable.

We see this not only with civil rights (you’d be hard pressed to find someone who wouldn’t call Rosa Parks or Viola Desmond heroes, and yet we are beset with red-faced yokels whose brains have been poisoned by Fox News throwing a tantrum over Colin Kaepernick), but with labor rights as well. How many times have you heard “unions used to be necessary but they’re not anymore”?

It’s nonsense. The reason things improved in the first place is BECAUSE of unions, and the decline in union membership and power, and the seizing of power by capital from labor over the past several decades seems to coincide with the stagnation of real median wages.

And to say that unions aren’t necessary anymore because labor’s problems were “solved” decades ago is complete ignorance that flies in the face of the facts before us.

How much did workers in 19th century Chicago need to worry about automation? What concern did workers in 1920s Winnipeg have about globalization and outsourcing? What did mid-1930s Minneapolis area workers have to fear of the app-based gig economy?

Those issues did not exist then, and yet present-day labor activists and unions are demonized as greedy for fighting those issues for the best interest of workers, literally no different from how they were demonized in the past for fighting for higher wages and lower hours.

To think that the labor movement “finished the job” decades to over a CENTURY ago, and no more work is needed despite the evolution of work, markets, and capital since then, is the height of nonsense. Just because we decided as a society that sending teenagers to die of black lung in coal mines was a bad idea doesn’t mean there isn’t more work to be done.

So in short, stop demonizing riots. Because if not for riots, we’d still be working 12 hours a day, 6 days a week, in unsafe conditions.

#34 Dolce Vita on 09.02.19 at 7:19 pm

Garth.

Permit me one last tirade about Justin et. al. Tweets and then ‘Outta Here.

Another subject that he Tweets about is how the Liberals are SO responsible for how well the economy is doing.

In fact, he had the gall to say GDP is growing at 3.7%.

Well, I Tweeted back:

1. An image from the BNN poll basically asking do you think that 3.7% number is BS? 80% of Canadians replied they did (1,150 respondents).

2. Reminded him that the last 5 Quarters of GDP growth have been between 1.3% and 1.5%, no screaming hell, if anything below average.

3. Reminded him the 3.7% number was StatCan taking the Q2 2019 GDP growth rate and multiplying by 4 to annualize it (they published 0.9% for the quarter, 0.9% x 4 does not equal 3.7%, but WTF, there it is).

4. I asked him if HE EVEN READS HIS OWN Gov Reports? ‘Cause if he did he’d know that he is:

SO full of dung that flies are hovering over and around him and I ended with my usual “liar, pants on fire”.

Funny thing, NO PUSH BACK from his devoted followers; though, I got lots of likes for my tirade…like I care.

There, I feel better now Garth. Sorry for the intrusion.

———————

Ciao d’Italia and yes, ‘Outta Here.

#35 The other brother Darryl on 09.02.19 at 7:19 pm

#3 Flop… on 09.02.19 at 4:33 pm

Flop, go back to my comment and read again…. carefully. Perhaps I was too subtle. Then, when the light comes on, you’ll thank me.

*** BTW, I rarely spend my time in steerage, so just amazing I even saw your response…. Since the Bearded Blogmeister chose NOT to allow commenters to receive notifications when their comments received replies.

#36 IsleofVanMan on 09.02.19 at 7:41 pm

Sure immigration is at 330000 but what is net pop growth after accounting for the negative birth rate and emigration of Canadians to other countries ? It’s probably a lot less

#37 Flop... on 09.02.19 at 8:08 pm

What will the final bill be for Hurricane Dorian?

Who knows.

Here’s what Hurricanes are capable of.

They blow…

M45BC

“Top Ten Most Expensive Natural Disasters since 1980

1. Hurricane Katrina: $163.8B in damages, ended in August 2005

2. Hurricane Harvey: $126.3B in damages, ended in August 2017

3. Hurricane Maria: $90.9B in damages, ended in September 2017

4. Hurricane Sandy: $71.5B in damages, ended in October 2012

5. Hurricane Irma: $50.5B in damages, ended in September 2017

6. Andrew: $48.6B in damages, ended in August 1992

7. U.S. Drought/ Heatwave: $43B in damages, ended in August 1988

8. Midwest Flooding: $36.7B in damages, ended in August 1993

9. Hurricane Ike: $35.4B in damages, ended in September 2008

10. U.S. Drought/ Heatwave: $33B in damages, ended in December 2012

#38 crowdedelevatorfartz on 09.02.19 at 8:12 pm

@#28 MF
“A lot of those condo towers are owned by young people who can easily manage their mortgage.
-This comment section is inaccurate and wrong on every level 99% of the time.”

+++++

Well your second statement is “correct” if you include your first statement as proof…

As for your first statement…
Either you “own” or you “pay a mortgage” ….. not both.
You dont “own” your condo until the last “Mortgage payment” is done…..and then there are those pesky maintenance fees……which never , ever, end….

P.S.
No matter how much your wish it.
Toronto isnt the “center of anything”……just ask anyone who lives in New York, Los Angeles, Beijing, etc etc etc…
No matter how many times you boorish, anonymous, North American, carbon copy, cookie cutter, city dwellers fantasize about your relevance….

and a one and a two and a ………

#39 akashic record on 09.02.19 at 8:27 pm

Continuous 1% immigration act like compaund interest.

It may take someone who immigrates today several years to enter the market, but those who immigrated several years ago, are ready, each year.

Then they are not immigrants, but Canadians. Like your family. – Garth

#40 joe on 09.02.19 at 8:30 pm

US economy doing too well…no way the fed is cutting like that…nonsense in my opinion.

#41 acdel on 09.02.19 at 8:30 pm

Interesting Blog today; thanks!

#42 acdel on 09.02.19 at 8:36 pm

#32 Dolce Vita

Good post; anybody that earns a paycheque knows very well on how bad it has become in the past four years. I am just baffled on how anybody can support this; has our lives become better because of it; hell “NO”! What a scam!! Just plain sheep out there! Bahhhhh!!

#43 Bytor the Snow Dog on 09.02.19 at 8:43 pm

@MF-

Rumour has it that if you drive/walk to the GTA borders you will not fall off the face of the earth.

Try it sometime.

#44 TO-KO on 09.02.19 at 9:09 pm

DELETED

#45 PastThePeak on 09.02.19 at 9:20 pm

The US Fed cuts 5 times, but Canada only twice?

I think you might be indulging in the new legal weed…

Both the Fed and BoC are headed for 0 in their overnight rates within 2 years. Europe is already negative, and going to dig a little deeper.

This insanity will have to play out to its logical conclusion…

#46 Yukon Elvis on 09.02.19 at 9:21 pm

Continuous 1% immigration act like compaund interest.

It may take someone who immigrates today several years to enter the market, but those who immigrated several years ago, are ready, each year.

Then they are not immigrants, but Canadians. Like your family. – Garth
……………….

He/she did not imply that they were not Canadians, only that they immigrated at some point. Virtue signalling again.

The implication with that poster, as with you, is evident to all. My family emigrated to here. So did Dorothy’s. Yours, too, I bet. Enough virtue for all of us. – Garth

#47 leebow on 09.02.19 at 9:42 pm

Garth is thinking some serious non-linear stuff. If risk is a function of investments, and fear is the derivative of risk, then fear of FOMO is the second derivative. A true market practitioner and a risk manager.

It’s very unfortunate that housing is designed to rely so much on the rates. The culprit, of course is the CMHC. Banks have a taxpayer-funded insurance, and are not exposed to the credit risk of the borrower. Moral hazard. Nassim Taleb could make a whole chapter out of it.

Unfortunately, it is a political suicide to reduce the CMHC protection too quickly. One scenario would be to reduce the max loan amount by a set value every month. Say, 5K. That would send a clear message and, at the same time, let the lenders and borrowers to adjust.

In fact, the CMHC limit is now set at 1 mm. The real loan amount is reduced every year by 20-30K due to inflation. So this is effectively implemented.

Another question is how this translates into house prices. Is this 1 mm going to be the crude benchmark value? If so, we are pretty much there, and further substantial house appreciation in the GTA is unlikely.

#48 flop... on 09.02.19 at 9:43 pm

Not what this North Vancouver condo flipper was hoping for…

Bought this 2 bedroom condo at pre-sale for $782,900 + taxes… $822,045 taxes incl.
Assessed $788K
Sold….. $660K

That’s potentially $200k lost in just 1 year!

M57BC

#49 Flop... on 09.02.19 at 10:04 pm

#48 flop… on 09.02.19 at 9:43 pm
Not what this North Vancouver condo flipper was hoping for…

Bought this 2 bedroom condo at pre-sale for $782,900 + taxes… $822,045 taxes incl.
Assessed $788K
Sold….. $660K

That’s potentially $200k lost in just 1 year!

M57BC

————

I don’t know buddy.

O.k, so you used your GAP Code to distinguish yourself, but as I warned you last time, it would be better if you got your own handle.

Also last time I tried to encourage you not to plagiarize people.

This is the author of your regurgitated information.

https://mobile.twitter.com/johnny_33/status/1167247843972632576

It’s o.k to share the information, but just don’t try and take credit for it.

Pick an original handle and show your sources and you are off to the races…

M45BC

#50 Yukon Elvis on 09.02.19 at 10:05 pm

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#51 akashic record on 09.02.19 at 10:11 pm

DELETED

#52 TO-KO on 09.02.19 at 10:19 pm

DELETED

#53 Not So New guy on 09.02.19 at 11:18 pm

“But in return iBuyers offer lower prices, insist on those repairs, and charge closing fees. Still, if you need to sell, it’s a sure thing.”

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

You forgot to add:

…and the bitcoin will be transferred to your account in a couple hours

ROTFL!

#54 Becky Wong on 09.02.19 at 11:35 pm

DELETED

Every anti-immigrant post will be deleted. So don’t bother. – Garth

#55 the ryguy on 09.03.19 at 12:08 am

“A reckless US administration is blatantly protectionist and jeopardizing business plans to invest, hire and expand in a much more uncertain policy framework”

Yawn..do these Trump bashers ever get tired of being hypocrites? Ever heard an economist blast Xi for devaluing the Yuan? Did this guy blast the EU during the Cyprus bail in? You think Chinas actions in hong kong are creating a ‘certain policy framework’?

Maybe this Scotia economist should worry about his own house..after all wasn’t it scotia that cut 1500 jobs a couple years back, so much for those people hoping to avoid uncertainty right?

Scotia has the most garbage customer service. I have the same account I’ve had since I was 15. I pay myself twice a year, once from each of my companies. Even though it’s been the exact same process for over 10 years the person at the till always has to call a manager over and have their little conversations..”sir we need to hold this cheque”.

Hypocrites, the whole lot of you, it’s annoying & beyond old.

#56 fishman on 09.03.19 at 12:33 am

DELETED

#57 the Jaguar on 09.03.19 at 12:37 am

“Of course, if Trump does a China deal, then brings in a new tax cut to win the election, everything changes. Cuts becomes hikes. Don’t bet against it.”

This seems highly plausible to me. But a little mayhem could occur before this happens. October is always a dangerous month. Anniversary of the People’s Republic of China and they may celebrate by reminding the Hong Kong rebellious who their daddy is…
October is also an earthquake month. Could be mother nature, or maybe financial markets. Those cursed with above average intuition have a feeling of foreboding. Fate is the hunter, but pulling up at the last second has worked before. Hmmm, now where was that UFO landing strip?

#58 wallflower on 09.03.19 at 12:40 am

The chief reason government keeps taking those immigration numbers up is because the immigrants are not staying. They are shopping. This didn’t happen pre 80s but since then many of them are returning to homebase or moving on. Canada doesn’t work for them. And nor do they work for Canada. The ones I talk to plan on a 5 or 10 year stint, remitting any funds beyond rent and food back to home country, then back they go as well.

#59 Ponzius Pilatus on 09.03.19 at 1:35 am

DELETED

#60 T on 09.03.19 at 2:36 am

Conclusion(s):

-Tech is booming in Toronto with zero signs of slowing down for years. Lots of young talent there.
-A lot of those condo towers are owned by young people who can easily manage their mortgage.
-This comment section is inaccurate and wrong on every level 99% of the time.

MF

—–

Conclusions

– You are in that 99% MF.

– Your anecdotes are meaningless.

– Being in your mid thirties, alone in an expensive condo, making $150k / year, isn’t anything to brag about and most would not call that successful.

– No one can tell you anything, you know it all.

#61 T on 09.03.19 at 2:56 am

#38 crowdedelevatorfartz on 09.02.19 at 8:12 pm

P.S.
No matter how much your wish it.
Toronto isnt the “center of anything”……just ask anyone who lives in New York, Los Angeles, Beijing, etc etc etc…
No matter how many times you boorish, anonymous, North American, carbon copy, cookie cutter, city dwellers fantasize about your relevance….

——

But Toronto is the biggest city in a country which in it’s entirely almost has the population of NY, LA, Beijing.

What a joke. One day people might actually get it. MF though, never, waste of time.

Toronto is a filthy, nasty, disgusting, soul rotting, time sinking, cold, ignorant, ugly place to live. I lived like a king for over a decade in Toronto and I would never do it again. In fact I wish I could go back and stop myself from moving to that disgusting ‘waterfront’ to begin with.

#62 Kool Aid on 09.03.19 at 3:11 am

Yes, that’s the ticket, no repairs, no paint, we’ll give you an offer “As Is, Where Is” …we’ll gauge and charge you for required repairs at later date, all this for only 5-7% of selling price?

Sounds like any other new service, or lack there of…wealthsimple is charging ZERO FEES, best to dump our brokerage, you know, to save on commissions.

“A 5-year mortgage now is only 2.3% if you’re a penniless moister with 5% down and an insured high-ratio loan, or 2.5% if you have lots of money, tons of equity and take an uninsured conventional one. (Like that makes sense…)”

If rates swing up a couple of percent in short order, the next Lehman event will be in our backyard.

Get ready for winter folks, gonna be a cold one.

#63 BillyBob on 09.03.19 at 6:18 am

#57 the Jaguar on 09.03.19 at 12:37 am
“Of course, if Trump does a China deal, then brings in a new tax cut to win the election, everything changes. Cuts becomes hikes. Don’t bet against it.”

This seems highly plausible to me. But a little mayhem could occur before this happens. October is always a dangerous month. Anniversary of the People’s Republic of China and they may celebrate by reminding the Hong Kong rebellious who their daddy is…
October is also an earthquake month. Could be mother nature, or maybe financial markets. Those cursed with above average intuition have a feeling of foreboding. Fate is the hunter, but pulling up at the last second has worked before. Hmmm, now where was that UFO landing strip?

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

Thank you for referencing one of the greatest aviation books ever written by one of its best authors. Wish I’d gotten up to visit Gann before he died, he retired in my neck of the woods in the San Juans WA.

As to MF, nice to see he’s still soiling the bed regularly in the comments about Toronto. Won’t even bother piling on, fartz and a few others have already set him on the straight and narrow lol.

#64 Dr. Human on 09.03.19 at 6:57 am

“I am worried about the birth rate, which you alluded to earlier. Most people think we have too many people on the planet. But actually this is an outdated view,” Musk said. “I think the biggest problem the world will face in 20 years is population collapse. Collapse, I want to emphasize this. The biggest issue in 20 years will be population collapse—not explosion, collapse.” – Elon Musk

https://qz.com/1697884/jack-ma-and-elon-musk-are-worried-about-a-population-collapse/

#65 expat on 09.03.19 at 7:22 am

As mortgages goes negative rate in a year or two.
Will the RE market explode?

From Japan’s and Europe’s perspective it doesn’t appear so…

However, it may depend on how many millenials the region has.

They will be the buyers.

It’ll be interesting to see how the buy, fix, sell reno specs last in this environment

#66 MF on 09.03.19 at 7:23 am

#60 T on 09.03.19 at 2:36 am

Hypcrosity in action^^^

“Your anecdotes are meaningless.”

Followed immediately by this fluffy antedote:

“Toronto is a filthy, nasty, disgusting, soul rotting, time sinking, cold, ignorant, ugly place to live.”

…….

Got any data to contest that Toronto has the biggest GDP and is the biggest population center of Canada?

I’ll wait T.

MF

#67 Dana on 09.03.19 at 8:14 am

Hey Garth,

This is a comment related to one of your previous posts: “What are we thinking?” posted on August 29, 2019. Comments are not longer available but needed to get this out….

RE: “Those FIRE weirdos who seek to stop working at age 40 (to do what?) need a pile so big it’ll last 50 years. Good luck with that.”

I wouldn’t be calling them “FIRE weirdos” as they are the ones that have figured out their finances and realized that working your entire life to keep up with the Jones’s is for SUCKERS only. I would think that you would applaud them for being smart and efficient with
their money instead of calling them names and stating that it’s impossible to be financially independent in you 40s and even 30s!

To prove you wrong, I would encourage you to check out http://www.modernfimily.com blog to open your eyes and mind to the concept of FIRE. The blog is run by a young couple out of Calgary who are on their way to reaching FIRE in their early 30s (with a young child), YES I said early 30s! Maybe your readers can benefit from reading their blog too which doesn’t only talk about money but also the things that are important in life (which does not include a new BMW every 3 years or $200 designer jeans, those things are for life long workers only).

#68 akashic record on 09.03.19 at 8:14 am

#39 akashic record on 09.02.19 at 8:27 pm
DELETED

#69 dharma bum on 09.03.19 at 8:59 am

#33 SunShowers

So in short, stop demonizing riots. Because if not for riots, we’d still be working 12 hours a day, 6 days a week, in unsafe conditions.
——————————————————————–

This is true.

Hey, I am no fan of unions and their disruptive, mafia style bullying and extortion tactics, but they do serve a purpose in tempering the abject maniacal greed of corporations that would otherwise go unfettered.

Don’t forget that our current way of life in the western world capitalist economy was founded on free labour. AKA slavery. That’s what gave the “free world” its start. That’s what built the basis and infrastructure of our entire system. If it had to paid for fairly, it would never have got off the ground.

Barely two centuries in, all capitalists and economists know that cheap (if not free) labour (and low costs in general) are vital for sustaining the perpetuity of profits.

I hate to admit it, but civil disobedience, protests, labour disputes and disruptions, riots, strikes, and the mass refusal to collectively take the unabated corporate abuse is the only thing, over the past several decades, that has somewhat mitigated the utter and total domination by venomous capitalists of the poorest powerless working people, and actually spawned the creation of a “middle class” that can afford to live.

The only reason we have a somewhat decent quality of life, for the most part, is because the unions keep the greed and sociopathic abuse of the corporate overlords in check.

The split is still 99% vs 1%, but it would be even worse, if you can imagine that.

I still hate unions and their representatives though. They are the evil, greedy, manipulative, criminal, slimy, corrupt counterparts to their enemies on the other side of the bargaining table. Different side of the same coin. They get their take, right out of the workers pockets.

Anyway, sure beats full on slavery.

#70 Q2 Class No. 6131 on 09.03.19 at 9:07 am

Hey Garth –

Yesterday I went for a short walk around my neighborhood – Young & Eligible in the Big Smoke. The number of condos announced, being excavated, a-building or almost done in this immediate area was almost ten. TEN! There are condos being excavated either side of my residence, which means at least another five years of dodging dump trucks and cement mixers. Cranes are cool though.

If the Bank cuts rates this could shift from FRENZY to MADNESS. Unfortunately, it’s the bond market that will make the decision, not the BOC, and the Masters of the Universe appear resigned to negative rates. This will not end well. I shall continue renting and saving my money. And reading your excellent blog. (MSU at the end)

#71 IHCTD9 on 09.03.19 at 9:34 am

#58 wallflower on 09.03.19 at 12:40 am

The chief reason government keeps taking those immigration numbers up is because the immigrants are not staying. They are shopping. This didn’t happen pre 80s but since then many of them are returning to homebase or moving on. Canada doesn’t work for them. And nor do they work for Canada. The ones I talk to plan on a 5 or 10 year stint, remitting any funds beyond rent and food back to home country, then back they go as well.
___

True – depending on which research you read, 35-40% of all immigrants leave Canada within 10 years of landing here. I’ve posted links to these numbers a couple times. Young Men are the #1 demographic leaving of these.

Add to the above the fact that International students are bailing in alarming numbers as well. The idea was to educate them here, and keep them here – but only about 25% stay. This group is the cream of the crop WRT immigrant stock, but navigating the system and poor job prospects in Canada chase them to greener pastures elsewhere.

Many fear the 300+K numbers we import every year as economic immigrants – IMHO, it’s not enough. We’re not keeping much more than 50% of these. Everything I’ve read says getting more economic class immigrants will only get tougher in the future, and the quality won’t be anywhere near as suitable as what we are getting right now.

The Wests’ fertility is toast the world over, and it won’t be too long before the best of the best young immigrants get to pick where they want to go, and us Western Nations will have to compete for them.

#72 Immigrant on 09.03.19 at 9:37 am

DELETED

#73 SunShowers on 09.03.19 at 9:43 am

Dang, a whole lot of bigots in the comments section today.

Seems like a good time to remind everyone that the capitalist class has always tried to disrupt unions and working class solidarity by fomenting unrest using racism and bigotry.

Capitalists and union busters have always tried to pit workers against each other, blaming black people in the American south, and Eastern European immigrants in the north and Canada for low wages.

Labor Day is a day for class solidarity, and remembering that unless you’re First Nations, you’re an immigrant to Canada, whether 1st generation, 2nd generation, or Stephen Harper’s “old stock Canadian.”

And we’re all in this together, trying to survive in an economy stacked against us by the capitalist class.

#74 James McGill on 09.03.19 at 10:12 am

Trudeau borrows but the bucket has too many holes. Canada is bleeding to death. How is the MSM hasn’t run a single story about how the job creators are fleeing in haste. Mining dying. Energy dying. Agriculture dying. And not a peep. Are we that stupid? My guess is, enough of us are. Garth, is it true there’s a magic hole in the ground behind the Parliament buildings?

http://www.bnnbloomberg.ca/the-30-billion-exodus-foreign-oil-firms-are-bailing-on-canada-1.1304966

Another media fail is the silence on the anniversary of the Beslin school massacre by the Chechen jihadi’s. Who, incidentally are the same ISIS killers on the fast track into Canada by Mr. Trudeau and Goodale.

#75 Sail Away on 09.03.19 at 10:31 am

#73 SunShowers on 09.03.19 at 9:43 am

Seems like a good time to remind everyone that the capitalist class has always tried to disrupt unions and working class solidarity by fomenting unrest using racism and bigotry.

And we’re all in this together, trying to survive in an economy stacked against us by the capitalist class.

——————————————

But… what if I’m part of the capitalist class? You know, the one who pays you money for your work. You seem a bit bigoted against me.

I have nothing against you. Heck, I need you to keep making my own $$$.

Can’t we just be friends?

#76 Jesse on 09.03.19 at 11:18 am

#17 TG on 09.02.19 at 5:28 pm
What about Europe?
***********************

Negative interest rates, no babies and a shrinking population, government entitlements increasing, pension crisis approaching, nationalism rising….my money is on the US to outperform. The EU experiment is over.

#77 Remembrancer on 09.03.19 at 11:24 am

#71 IHCTD9 on 09.03.19 at 9:34 am
Add to the above the fact that International students are bailing in alarming numbers as well. The idea was to educate them here, and keep them here – but only about 25% stay. This group is the cream of the crop WRT immigrant stock, but navigating the system and poor job prospects in Canada chase them to greener pastures elsewhere.
————————————-
Foreign students aren’t primary immigrant “stock”. Student Visa’s are for education, not immigration, and actually represent a hefty revenue stream for Canadian universities given the higher fee structure… The students are primarily here to benefit from the education and return home to reap the benefits. That is not to say some don’t decide to want to stay but that is not a primary stream IMHO…

You are right, its a competition, and we need to invest in R&D and recruiting in desired programs streams…

#78 Remembrancer on 09.03.19 at 11:32 am

#67 Dana on 09.03.19 at 8:14 am

Probably the only thing worse then envious FIRE-haters is sanctimonious FIRE-proponents who claim to be self-sufficient but who look to have their income supplemented by their “look-at-me” blog link click-through-rates…

#79 n1tro on 09.03.19 at 11:50 am

#73 SunShowers on 09.03.19 at 9:43 am
Dang, a whole lot of bigots in the comments section today.

Seems like a good time to remind everyone that the capitalist class has always tried to disrupt unions and working class solidarity by fomenting unrest using racism and bigotry.

Capitalists and union busters have always tried to pit workers against each other, blaming black people in the American south, and Eastern European immigrants in the north and Canada for low wages.

Labor Day is a day for class solidarity, and remembering that unless you’re First Nations, you’re an immigrant to Canada, whether 1st generation, 2nd generation, or Stephen Harper’s “old stock Canadian.”

And we’re all in this together, trying to survive in an economy stacked against us by the capitalist class.
———
A little dark for someone with “sunshine” in their handle. I can see your point if my mindset was that of a perpetual worker. I think you will have a different perspective if you ever run your own business and have to employ others to take your company to the next level. More often than not, you will see the laziness of employees with their demands for entitlements and salaries. With unions, the laziness and demands are magnified.

So what is an entrepreneur to do especially when there is free flow of resources (including people)?

I think the days of unions are done and for good reasons given the days of slave/child labor is gone in N. America.

#80 TorontoBull on 09.03.19 at 11:55 am

DELETED

#81 Bytor the Snow Dog on 09.03.19 at 11:58 am

@MF- Toronto having the biggest GDP of any city in Canada is like being the smartest kid in daycare.

Here’s your Participation Trophy.

#82 cramar on 09.03.19 at 12:30 pm

This iBuyer business mades no sense to me as written here. The potential buyer does not go through the home before putting in an offer? What buyer would do that?

If I want to buy a home in Phoenix or Lunenburg, then I want to see what is really available and what I am actually buying. That means tromping through many properties to find what I want. After all, this is the most expensive purchase in a person’s life, so who in their right mind buys online without boots on the ground? I can see selling on iBuyer, but it changes little for the buyer except dealing with a cyber agent.

#83 T on 09.03.19 at 12:43 pm

#66 MF on 09.03.19 at 7:23 am
#60 T on 09.03.19 at 2:36 am

Hypcrosity in action^^^

“Your anecdotes are meaningless.”

Followed immediately by this fluffy antedote:

“Toronto is a filthy, nasty, disgusting, soul rotting, time sinking, cold, ignorant, ugly place to live.”

…….

Got any data to contest that Toronto has the biggest GDP and is the biggest population center of Canada?

I’ll wait T.

MF

——-

You’re a lost cause, MF. You don’t even know the difference between an anecdote and an opinion.

As far as contesting Toronto having the highest population and GDP in Canada, absolutely not. That doesn’t make Toronto some great place to live, actually the exact opposite. It’s an overpopulated mess of people trading overpriced properties with each other.

#84 Sail away on 09.03.19 at 12:50 pm

#33 SunShowers on 09.02.19 at 7:18 pm

———————————————-

Regarding unions fighting against automation because it reduces the number of jobs:

Attempting to force industry to use a less-efficient method of production has never and will never work. It’s a protectionist idea that can only stifle progress and ultimate competitiveness. Much better to lose some workers now than to lose everyone when the company fails. You can’t make an omelet without cracking some eggs.

Also, riots are never acceptable. Protest, ok. Riots, no. Violence isn’t acceptable on either side.

#85 expat on 09.03.19 at 12:50 pm

3 SunShowers on 09.02.19 at 7:18 pm

Happy Labor day everyone!

And speaking of Labor, it’s worth noting that liberal democracies such as the USA and Canada have been largely shaped through various forms of illegal civil disobedience against entrenched power structures.
So in short, stop demonizing riots. Because if not for riots, we’d still be working 12 hours a day, 6 days a week, in unsafe conditions.

_____________________________________________

I don’t know where to begin.
You support violent action against people?

I suggest that violent riots like Antifa and it’s ilk are the true evil of our society

Because I don’t agree with you – you violently riot and hurt me and others for expressing our opinions?

All in the name of societal change? Give me a break.

No it’s about greed, self righteousness, and power. You people have no interest in moving our society forward so stop it.

You are about plant closures, big slaaries and benefits for little work, socialism, destruction of our economy and the desire to be part of the oligarchy.

Care to comment…

This is NOT THE DARK AGES! Unions are killing the taxpayers with 100K a nurses who should be making 50K,

We have 100K teachers who should be making 50K.

We have a health system comepletly broken.
A broke govt raises 5% in spending from debt and puts in health care and your unions chew it up with striike and wage increases…..

Unions are a huge part of the problem – they absolutely are not the solution….

#86 expat on 09.03.19 at 12:56 pm

#73 SunShowers on 09.03.19 at 9:43 am
Dang, a whole lot of bigots in the comments section today.

_______________________

Your weak evilminded response calling us bigots and why society needs to ensure we limit your power.

We are bigots because we provide another perspective?

This is exactly why unions and their slobbering knuckledraggers should never have power.

You abuse it and use violent behaviour if we disagree with you

We are not bigots
You are

#87 expat on 09.03.19 at 12:58 pm

How many people die in Toronto and Vancouver from guns and gangs?

Why would anyone live there?
Beats me

#88 Joseph H on 09.03.19 at 1:07 pm

I don’t understand all the Toronto hate on this blog? It’s objectively ranked one of the top cities in the world to live – year after year, by multiple publications.

I live in Toronto and absolutely love it. I’ve also travelled all over the world, and I feel it is absolutely a world class city.

On the flip side, I was in Hamilton yesterday for the first time for the Labour Day Classic, and my god…what a sh!thole. In all honesty, I couldn’t have been less impressed. Are people actually serious when they tout Hamilton as being a good alternative to Toronto to live and work in?

#89 IHCTD9 on 09.03.19 at 1:14 pm

#77 Remembrancer on 09.03.19 at 11:24 am

Foreign students aren’t primary immigrant “stock”. Student Visa’s are for education, not immigration, and actually represent a hefty revenue stream for Canadian universities given the higher fee structure… The students are primarily here to benefit from the education and return home to reap the benefits. That is not to say some don’t decide to want to stay but that is not a primary stream IMHO…

You are right, its a competition, and we need to invest in R&D and recruiting in desired programs streams…
___

That “cream of the crop” reference was actually paraphrasing Ahmed Hussen’s comments on how desirable international students are for future Canadians. The government’s express entry program includes extra points awarded to PR applicants who had studied in Canada – aimed right at international students. Plus, like 60+% of the IS themselves plan to stay after grad. It all makes perfect sense, and IS’s make walk in prospects to the Canadian job market unlike fob immigrants.

To me, everything I read says the Government absolutely sees these kids as primo economic “immigrant” stock – and I have to agree. They probably speak the language already, have a domestic degree/diploma, and likely already have some Canadian work experience to boot, and they are as young as it gets for entering the skilled/white collar workforce.

Oh, and I do not disagree for a second that these kids are an epic cash cow for the uni’s as well.

#90 joblo on 09.03.19 at 1:35 pm

Oh boy, Andy Sheer on my TV says he gonna lower my cost of livin.
He has a PLAN? wont say how or by how much, just that he gotta a PLan.
Kanata whatta dysfunktional hopeless kountry.

#91 yvr_lurker on 09.03.19 at 1:45 pm

#69 Dharma Bum

——–
Your well-articulated views parallel my own on this topic. If it wasn’t for some counter-weight (unions, workers rights, labour code etc…), there is no doubt that with the greed of corporations it would be a race to the bottom in terms of wages, and rights of workers.

#92 SoggyShorts on 09.03.19 at 2:11 pm

#78 Remembrancer on 09.03.19 at 11:32 am
#67 Dana on 09.03.19 at 8:14 am

Probably the only thing worse then envious FIRE-haters is sanctimonious FIRE-proponents who claim to be self-sufficient but who look to have their income supplemented by their “look-at-me” blog link click-through-rates…

****************************
Yeah, you need to have healthy skepticism when you read the more popular FIRE blogs as those sites are bringing in more revenue than their B&D porfolio.
Occasionally you can find a blog with zero ads like this:
https://ournextlife.com/2017/03/27/blogs-dont-tell-full-story/

Just like anything and especially on the internet, take all of the advice you can get and then tailor your own plan.
Just like (I assume) everyone does on this blog: I don’t agree with 100% of what Garth posts but it has been an absolutely fantastic source of information for the basics and many advanced strategies as well.

There are also different FIRE sub-categories as well. They aren’t clearly defined but go something like
♦Lean FIRE- Backpacking-frugal-coupon clipping-deal hunter for life
♦Fat FIRE- Live skinny until your portfolio is so big you crush those lean guys with your wallet
♦FIRN- Financial independence retire Never. Have a job you love and just be money smart so that you can work it on your own terms, never needing that next paycheck or taking a contract you don’t want.

Which one is best? Obviously it’s some sort of combination that suits you.

♦Lean FIRE is great because it’s the fastest to achieve, and you can travel at peak physical health/energy…but you’ll never enjoy some of the finer things in life (no 5-star hotels for you) and (I’m guessing) has the highest failure rate
♦Fat FIRE takes the longest so taken too far means spending much of your youth on a eat-sleep-work rotation.
♦FIRN is the hardest to find. That whole “Do what you love and the money will follow” isn’t very realistic especially when on a timeframe.

FIRN may, however, be more and more possible for mills and later generations since someone could be passionate about computer-related jobs that can be highly paid, mobile, and contract-based which checks all of the boxes for FI.

Personally, I’m 1-3 years from a “kinda chubby” FIRE at 40 depending on how long I can convince the wife to keep working. Also, it would be on the “lean” side if we weren’t using global arbitrage by moving to SE Asia. We’re very well paid but our work is hard and otherwise not rewarding at all so FIRN is out.

#93 n1tro on 09.03.19 at 2:22 pm

#90 joblo on 09.03.19 at 1:35 pm
Oh boy, Andy Sheer on my TV says he gonna lower my cost of livin.
He has a PLAN? wont say how or by how much, just that he gotta a PLan.
————-
Does it make you feel better that a politician spells out a plan and doesn’t do it? You are voting who lies to you better by people who mostly can’t balance their own cheque books (Garth being the exception), what do you expect?

#94 T on 09.03.19 at 2:24 pm

#87 expat on 09.03.19 at 12:58 pm
How many people die in Toronto and Vancouver from guns and gangs?

Why would anyone live there?
Beats me

——

This is true of any metropolitan area, and Toronto is still fairly safe in this regard. Crime is everywhere.

Toronto is a great place if you don’t mind the vast numbers of homeless and camh patients begging all over the city, the horrible weather 2/3 of the year, and the ridiculous traffic. There was a lot of potential in Toronto being a great liveable city until it was turned into a concrete jungle, led by those who are unwilling or unable to tackle the many problems; social, infrastructural, and environmental.

#95 Sail away on 09.03.19 at 2:24 pm

#91 yvr_lurker on 09.03.19 at 1:45 pm
#69 Dharma Bum
——–
Your well-articulated views parallel my own on this topic. If it wasn’t for some counter-weight (unions, workers rights, labour code etc…), there is no doubt that with the greed of corporations it would be a race to the bottom in terms of wages, and rights of workers.

—————————————–

What do either of you know about corporations? Are you owners of corporations, or are you parroting some narrative you heard elsewhere? What is this “no doubt” crap?

News flash: this isn’t the 1800s and workers’ rights are well-protected by labour codes.

Write about things you understand. Don’t echo victim mentality you’ve heard or read.

#96 jess on 09.03.19 at 2:33 pm

“Move slow and break things. ”

https://www.cnn.com/2019/09/03/weather/hurricane-dorian-bahamas-before-and-after-wxc-trnd/index.html

…Tech companies want to fix it

Algorithm-powered home-flipping platforms have sparked a race to become the one-stop shop for all things real estate

Zillow Wants to Flip Your House
A new breed of high-tech real estate flippers is using algorithms (and a healthy dose of Silicon Valley venture capital) to buy at massive scale.

Zillow Shares Fall After Forecasting Home-Flipping Losses

https://www.bnnbloomberg.ca/zillow-shares-fall-after-forecasting-home-flipping-losses-1.1298630

By Jeff Andrews Mar 21, 2019, 2:30pm EDT
Illustration by Alyssa Nassner / Curbed

#97 Oakville Rocks! on 09.03.19 at 4:06 pm

#88 Definition of a sore loser!

Talk about a hypocrite (or dumbass). Hamilton is not an alternative to Toronto, its miles better. Maybe next time you come to Hamilton, go someplace other than Ivor Wynne (Tim Hortons field).. but personally I think you are just a sore loser or perhaps just a loser.

Oskee we wee – go Cats go!

#98 expat on 09.03.19 at 4:24 pm

BTW Silver is going into a blow off top here. Dumb money is piling into this thing.

One can expect a very serious reversion to mean here.
Just warning everyone.

#99 yvr_lurker on 09.03.19 at 5:13 pm

#95 Sail Away
—————–

Why don’t you educate yourself a bit and watch Chomsky’s Requiem for the American Dream.

https://www.imdb.com/title/tt3270538/

It’s on Netflix…. and then you can just follow your namesake and just sail off…

#100 SunShowers on 09.03.19 at 5:15 pm

#84 Sail away on 09.03.19 at 12:50 pm

Regarding unions fighting against automation because it reduces the number of jobs:

————————–

I never said we should fight AGAINST automation! Heavens, no. Automation is great, and a form of progress. The problem arises when the benefits of that automation, or any other progress, accrue primarily to the wealthy and leave the workers behind.

That is why the benefits of automation need to be socialized instead of privatized, whether that be through higher wages, or higher business taxes that can be returned to a greater number of people through increased services. That’s the Keynesian way!

#101 Sail away on 09.03.19 at 5:50 pm

#99 yvr_lurker on 09.03.19 at 5:13 pm
#95 Sail Away
—————–
What do either of you know about corporations? Are you owners of corporations, or are you parroting some narrative you heard elsewhere?

———————————–

Why don’t you educate yourself a bit and watch Chomsky’s Requiem for the American Dream.
https://www.imdb.com/title/tt3270538/
It’s on Netflix…. and then you can just follow your namesake and just sail off…

————————————-

So… parroting Chomsky. And what do you think for yourself from your own experience?

#102 David Pylyp on 09.03.19 at 6:30 pm

iBuyer program.

Discounts for a prompt purchase are 5 – 25% for overal condition and marketability.

A HUGE further discount of 9% applies to Realtor fees and expenses to create the transaction;

ALL off the top when you receive your net proceeds.

This does not take into consideration that Toronto and Ontario have additional Land Transfer Taxes that quickly add to another 4% to the Purchase expense.

I don’t see a majic bullet there.

Realtors need to prove the value they bring to the transaction. I am always seeking ways to be more useful and enhance my marketing / presentation.

Video, 3D Matterport Tours like this https://my.matterport.com/show/?m=PFb6vShTnvt Attract Buyers. That makes for stronger offers.

David Pylyp
Toronto

#103 PoorEngineer on 09.04.19 at 1:08 pm

#102 David Pylyp on 09.03.19 at 6:30 pm

——————————————————

Why are you here? Shouldn’t you be busy scamming people of their hard earned money?
I can’t wait until you all are extinct.
I hope your wrists are ok as the burgers ain’t gonna flip themselves..