The blip

Let’s leave our usual agenda of relationship counselling, canine management, race-baiting, Trump-watching and religious confusion to review the housing market, especially in the hipster havens of 416 and Van. After all, what happens there has a big influence on all of the extended GTA/Ont and the LM/Island. In one way or another, this impacts almost half the national population.

By the way, the real estate boards representing these two regions alone contain more than 65,000 real estate agents and brokers. Over the past decade we’ve let housing eclipse manufacturing in terms of the Canadian economy. In fact you can throw in the oil& gas sector, and real estate still wins. All based on  hormones, house lust, flipping, specking and the bank of Mom. Scary.

But here we are in the final months of 2019. The economy’s okay. Financial markets are okay. Corporate profits and job creation are okay. House prices have touched 2016 levels. The stress test is wearing off. There’s a big federal election in a few weeks. And mortgage rates have skidded uncontrollably lower.

Given that, real estate should be on fire. But, at best, it’s smouldering.

Yesterday we quickly reviewed the latest stats form the Land of House-wrecking Dippers, a.k.a BC. Prices there have declined for 15 months running. But sales have been rising. More on that in a moment.

As for the giant six-million-person GTA market, where life probably began with the first condo sale 3,000 years ago in the fertile Humber Valley, the signals are decidedly mixed. Last month sales were ahead of those a year ago (13%), but took a big dump from July levels  (-10%). Significant. As for price, the realtors made noise about a 3.6% year/year increase (not so hot when inflation is 2%+). But at $792,600 the average house was actually $15,000 cheaper the previous month. Meanwhile the number of available listings also fell – by 3%.

This means in a month when mortgage rates plopped and supply tightened both sales and prices fell. That, comrades, is why headlines are misleading. You can trust the Audi Brigade to always bury the real news (current market trends) when it’s less favourable that the eternal message (FOMO). As stated above, to have this level of equivocation in the market when a $500,000 mortgage carries for just $2,200 a month is telling.

Have we reached peak house, with 70% ownership rates and an unrepayable, steaming, growing mountain of household debt? Are people simply unaware of just how cheap money has become? Has this pathetic blog’s warning about a one-horse financial strategy finally resonated with the masses? Did the stress test peel off 20% of all the buyers?

Well, Vancouver-based housing guru and technical analyst Dane Eitel has some thoughts on that. That stress test (the rate’s currently 5.19%) benched a ton of moister buyers, he rightly says, and that helped push prices lower. (BC has seen a far more significant plop than Ford Nation.) Now with lower prices and the stress test waning a bit, some of those buyers are back. But, he adds, it will not last. It’s a trap.

“We at Eitel Insights believe sellers should take advantage of this temporary market. We have been stating for the last quarter that this stress test mitigation would come, now that it is in play, we feel obligated to warn that this is a blip in the markets evolution lower. Before you know it the average sales prices will officially break the ten year uptrend and the market will be sent lower with a significant test of $1.4 million likely in 2020.”

Van’s price plop de-stresses Millennials

So the recent pop in sales is an aberration, and there’s likely more increased activity to come this autumn, says the analyst, “as old sellers hop back on the bandwagon believing the market has turned.

“This will again cause a further imbalance between buyers and sellers. Once the sidelined buyers have purchased there is no pent up demand following them and prices will indeed head lower while inventory grows.”

In other words, a time to sell. No time to buy – unless you believe the current mortgage rate bargains will end.

And what are the odds of that?

Higher than you think. The world is not deflating. Money is not going to zero. There is no recession lurking off the coast. The bond market may well have gotten its panties in a twist anticipating economic slowdown, panicked central banks and oodles of stimulus.

But check out what’s happening. The Hong Kong thing looks far better now and it’s likely Beijing won’t smash the shining city. The US and China will be talking in Washington in a few weeks. Crazy Boris in Britain has just had his butt handed to him. No hard Brexit. Maybe no Brexit at all. The Bank of Canada didn’t drop its rate this week, for good reason. Stock markets are rapidly retracing, on the way to new highs.

Remember – Trump’s a political animal. He won’t throw the 2020 election by having it occur in the middle of a job-sucking recession. He consistently uses the stock market as a proxy for his presidency. Just this week he said it would be 10,000 points higher (40%) without the trade war – and this is a war he’s planning on ending.

Why would central banks eviscerate rates, throw gas on the fire and blow their ammo (to mix a few metaphors) when fiscal and trade policy will do the job for them?

Nah, I’m not buyin’ it. And neither should you.

About the photo...

“I read your blog daily and have for a very long time,” says Rick. “My daughter came back from Switzerland last week . She had been on a holiday in Greece about three weeks ago. Couldn’t resist sending them on to you.”

 

65 comments ↓

#1 Dana Smith on 09.05.19 at 4:13 pm

How can bond yields go lower if the Dow Jones would be 10,000 points higher, 37,000?

#2 Billy on 09.05.19 at 4:13 pm

Agree it’s obvious that Trump should be motivated to end the Trade war in advance of the 2020 election – but then again you would think he’d know where Alabama is on the map too.

#3 Camille on 09.05.19 at 4:25 pm

A good day for the bulls. This is why I own stocks to balance out my bonds. You should read Ray Dalio’s comments on being careful of “fast talkers”.

#4 David Pylyp on 09.05.19 at 4:30 pm

Interesting times

#5 Stan Brooks on 09.05.19 at 4:37 pm

#1 Dana Smith on 09.05.19 at 4:13 pm
How can bond yields go lower if the Dow Jones would be 10,000 points higher, 37,000?

0-0.5 %?

With long term trend of negative – (minus) 0.5 – 1 %? On 10 years bonds? With inflation of necessities 6-8 %? Absolutely. It is coming.

When the measure is shitty, valuations do not matter, look at our housing market. Put’z post stamps with expiration date, folks. It is not worth even a single peach or a tomato.

#6 Flop... on 09.05.19 at 4:38 pm

Garth and Ace Goodheart had a little disagreement the other day.

I wrote a of post sticking up for Ace, not that I agreed with what he wrote, just that he wasn’t the worst kind of poster on here and can at least write an original post without attacking anyone most of the time.

Garth decided not to post it.

Fair enough.

After thinking about it, I decided to write him off blog, not so much because of the earlier message, more to do with what I would call the Trumpification of the blog in the past few years.

My message was simple and partly contained this sentence.

“I just think sometimes we need to try and celebrate the different opinions and characters on the blog, rather than trying to vilify each other every day.”

Today I choose, and have chosen to cherish and celebrate a past friend on here.

Boom died today 3 years ago today and made an impact on my outlook on life, and my decision to do certain things like Pink Snow Project and try to help as many people out on the blog keep up-to-date, even if it means cracking a corny joke then running a Howmuch article.

I have written before my posts are written in a juvenile wrapper, but to my knowledge all the information inside is good.

I never got to say goodbye.

I owed it to Boom…

M45BC

M64WI

#7 Brian Ripley on 09.05.19 at 4:42 pm

My Toronto housing chart is up (Aug Data):
http://www.chpc.biz/toronto-housing.html

Total Res-Listings down 30% from MAY 2013 high
Total Res-Sales down 39% from JUN 2016 high

Current Monthly Absorption Rate = 49%
Current Months of Inventory = 2

Toronto SF Detached Price
Down 19.4% from MAR 2017 Peak
Up 104% in last 10 years

Toronto Town-House Price
Down 9.3% from MAR 2017 Peak
T-Houses are priced at 65% of SFDs
or 1 SFD = 1.5 Townhouses

Toronto Condo Price
Down 2.7% from MAY 2017 Peak
Condos are priced at 59% of SFDs
or 1 SFD = 1.7 Condos

#8 Taternuts on 09.05.19 at 4:47 pm

In other words, a time to sell. No time to buy – unless you believe the current mortgage rate bargains will end.
——————————-

If you think mortgage rates are going higher, you definitely shouldn’t be buying. If the housing market can’t rally with rates falling, any uptick in rates means prices will fall.

#9 Unhinged Trader on 09.05.19 at 4:57 pm

I’m financially ruined..

#10 Linda on 09.05.19 at 5:05 pm

Loan rates may be lower than a snake’s belly, but I think the main reasons why folks aren’t taking advantage is 1) because they’ve already taken on more debt than they can handle & 2) they’ve already bought whatever it is they wanted to buy.

#11 Sail away on 09.05.19 at 5:09 pm

#6 Flop… on 09.05.19 at 4:38 pm

After thinking about it, I decided to write him off blog.. to do with what I would call the Trumpification of the blog in the past few years.

My message was simple and partly contained this sentence.

“I just think sometimes we need to try and celebrate the different opinions and characters on the blog, rather than trying to vilify each other every day.”

————————————————–

Agreed, it would be nice if folks were more tolerant of posters who don’t believe Trump is the boogeyman.

The vilification of those who post the slightest possible Trump approval is insensitive and sometimes borders on hurtful, to say the least.

I’m glad you brought this up, Flop.

#12 LP on 09.05.19 at 5:24 pm

Re #6

I’ll raise a glass to Boom, and to those on here just like him.

F72ON

#13 Eating quinoa in Vancouver on 09.05.19 at 5:37 pm

We had a recent water leak in our bare land strata house. Caught quickly but ruined a floor which entailed removal of built-ins, replacing flooring etc. 3 months later, we’re back to normal., but insurance premium was raised as was deductible, from $2000 to $5000.
Mentioned it to a customer who happened to be in the insurance business. She said condo owners are looking at 40% to 60% increases this year due to extremely costly water damage claims.
Article in today’s Province states the same: “Condo Smarts: Big increase hits strata insurance customers, deductibles rise”

#14 oh bouy on 09.05.19 at 5:39 pm

everyone see trumps map?
hilarious. that guy is the gift that keeps on giving – comedy wise at least.

#15 RE_Investor on 09.05.19 at 5:48 pm

It’s amazing some of the renters I have now.
One family of four has bad credit ratings, but are able to make rent every month.
They have high rate car loans and credit card debt.
They have better furnishing and cars than I do.
They still go on vacations.
I wonder if they think about their future and retirement years, or just keep putting it off until it’s possibly too late.

I really don’t understand their financial thinking, but if I were in their shoes I would be so worried about my future. Or would this worry be just over-rated and just the MSM injection into our minds. Who knows, but for me and my family, we will continue to invest in RE, bonds, and GICs and get the positive cash flow we need to further invest into RE. I’ll just keep getting renters that need a place to live out their wonderful happy lives.

#16 north shore on 09.05.19 at 5:49 pm

#9 Unhinged Trader on 09.05.19 at 4:57 pm
I’m financially ruined..

How so? Too much trading?

#17 slam on 09.05.19 at 6:05 pm

#9 Unhinged Trader on 09.05.19 at 4:57 pm
I’m financially ruined..

Did you short the market???

#18 north shore on 09.05.19 at 6:08 pm

#15 RE_Investor

Maybe you can help them out and show them a way to owning real estate just as yourself

Or point them to this blog where they will learn that real estate is not the holy grail… Wait a second, have you been reading this blog?

#19 In a wagon rut? on 09.05.19 at 6:15 pm

#10 Linda on 09.05.19 at 5:05 pm
Loan rates may be lower than a snake’s belly

#20 Rargary on 09.05.19 at 6:15 pm

Agreed #11 Sail away… no more debbie downers. Trump says lots of outlandish things, but he also has the [email protected] to get certain things done that other presidents didn’t. As Killary said years b4 Trump ran for president, is that he would make a good president as he can’t be bought like many others!

#21 Cowtown Cowboy on 09.05.19 at 6:19 pm

Wow, 3yrs already since Boom left…time certainly waits for no man…now that I’ve just hit 50 it has never felt more poignant

#22 Pepito on 09.05.19 at 6:23 pm

Pic is Santorini.

#23 Dolce Vita on 09.05.19 at 6:55 pm

Oh yea of little faith.

So much BS about the YVR and 416 RE markets correcting. No dung Sherlock.

Again my usual 416 Average Home Price chart, FIND ME A CORRECTION THAT BOUNCED BACK SINCE 1969 (because there isn’t one):

https://i.imgur.com/dux4775.png

There was also one in the 50’s and it didn’t miraculously bounce back either.

It could be said that Eittel’s very recent chart (2005 and forward) is a Technical Analysts wet dream come true with all the too and fro pretty and colored lines but at the end of the day it just says:

“We’re in a correction.”

Wow. Just wow.

These things take 7-10 years to play out. As mentioned by me before, this is Year 2 for YVR and 416.

Enough said.

#24 S.Bby on 09.05.19 at 6:58 pm

#15 RE_Investor

Credit ratings mean nothing (as you have now discovered) for determining a tenant’s ability to make the rent.

Same with references, which are easy to fake.

#25 Dolce Vita on 09.05.19 at 7:09 pm

Hello Rick and good your daughter went to Santorini where:

You don’t need to ever use a blow dryer while there – the winds will take care of that for you. Just stick your head out the window and you’re good to go. Lethbridge and its winds are amateur hour when compared to Santorini. I’m surprised those Photoshopped dogs in the image are still standing.

————————–

Ciao d’Italia*

*Where the Anti-Establishment M5S just traded in the Center-Right for the Establishment Center-Left PD Party to save its skin politically and form a new coalition Gov (M5S hated and campaigned against Establishment parties like the PD in the last election, strange bedfellows indeed).

Only in Italy…Government by Revolving Door (I’d have liked to have said Gov by Chinese Fire Drill, then again, Garth would have gotten upset with me).

————————–

By the way Garth, a lot of “snake eyes” dice roll economic predictions today. Hope you’re correct.

45 days to the election.

#26 palebird on 09.05.19 at 7:16 pm

Boris is not crazy, he is very clever and Brexit is going to happen despite all the squealing and hand wringing. Best thing that could possibly happen. Jeremy Corbyn is crazy…you do not want to see that madman in power

Apart from the fact Brexit is economic lunacy with Millennials paying the most, Boris has been a disaster thus far as a politician. The shortest-serving PM ever? – Garth

#27 Bytor the Snow Dog on 09.05.19 at 7:19 pm

@Flop- Check your T. You’re way too overly emotional.

#28 BobC on 09.05.19 at 7:28 pm

I’m sure Trump sat up all night to draw a phony map on his laptop and make up a lie to tell.
Some people are gullible enough to believe anything. Sad

#29 NJGeezer on 09.05.19 at 7:33 pm

Here’s to BOOM! (M64WI)

He is missed by many of us.

Thank you Flop.

and our Gracious host, Garth.

#30 Raging Ranter on 09.05.19 at 8:30 pm

#15 Re_Investor, what kind of a rental market are you in where you are forced to take such high risk tenants? Or is the place you’re renting out a total dump and those are the only takers you could find? They sound like they are one small crisis away from bouncing a rent cheque. Have fun when that happens. I’d suggest you get better at this landlording thing before investing in more RE. I’d have screened those losers out as soon as I became aware of their debt loads. You did check their credit first didn’t you?

#31 crowdedelevatorfartz on 09.05.19 at 8:43 pm

@#6 Flop

Glass held high.
Cheer’s(single malt) to Boom.

M58BC

#32 crowdedelevatorfartz on 09.05.19 at 8:47 pm

The shortest-serving PM ever? – Garth

********

Hopefully,with any luck …..otherwise come Oct.31st….
It wont just be Guy Fawkes that brings down Parliament and burns in effigy in Nov…….

#33 J on 09.05.19 at 8:51 pm

DELETED

#34 Stone on 09.05.19 at 8:59 pm

#20 Rargary on 09.05.19 at 6:15 pm
Agreed #11 Sail away… no more debbie downers. Trump says lots of outlandish things, but he also has the [email protected] to get certain things done that other presidents didn’t. As Killary said years b4 Trump ran for president, is that he would make a good president as he can’t be bought like many others!

———

Really? What has he actually accomplished/gotten done other than mouth off? For some reason, I’m not coming up with anything. Anything at all. Strange that.

Has he put the wool over your eyes? Looks like it to me.

#35 Flop... on 09.05.19 at 9:25 pm

Crowdie
@#6 Flop

Glass held high.
Cheer’s(single malt) to Boom.

M58BC

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

Hey Crowdie, here is an old post from Boom that might be right up your alley…

M45BC

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

#72 BOOM! on 03.31.16 at 8:09 pm

Tonight the home phone rang, caller ID showed an 800 number….my son grabs the phone, answering it “Aardvark Farts”… silence for a moment, before a young lady inquires if we were planning to vote for Trump, Cruz, or Katich…

My son says, “None of the above”…

The young lady, “Well, may I tell you some facts about Ted Cruz?”

My son, “Only if you want to waste my time.”

She says, “No, … thanks for answering the phone.”

Political Season… when listing on the “Do NOT call list is over ruled. (sigh)

usually I just ignore the phone whether I know the number, or not. That’s why the answering machine.

#36 BobC on 09.05.19 at 9:34 pm

#34Stone
I’m a compromising type. Let’s agree he’s a loud mouth buffoon. Lets say half of these are real accomplishments.
Still far far better then the last 2.

https://www.washingtonexaminer.com/washington-secrets/trumps-list-289-accomplishments-in-just-20-months-relentless-promise-keeping

#37 Sail Away on 09.05.19 at 9:42 pm

#34 Stone on 09.05.19 at 8:59 pm
#20 Rargary on 09.05.19 at 6:15 pm

Agreed #11 Sail away… no more debbie downers.

———

Really? What has he actually accomplished/gotten done other than mouth off?

Has he put the wool over your eyes? Looks like it to me.

—————————————

The point is to be able accept that others can have a different opinion than you without disparaging them. You know, sort of a mutual courtesy thing.

#38 Ustabe on 09.05.19 at 9:53 pm

As I drove home earlier today I passed a dental office and a new sign caught my eye. It offered to both accept new clients and that emergency services were offered to anyone. Now sitting on my deck reading the local paper I see ads for two separate medical clinics announcing that they too are accepting new patients.

Three brand new rental apartment complexes have come online in the past few months and a 70 unit retirement residence that is still at the foundation stage just changed their sign to indicate 70% sold.

My adult sons and I just last week looked over both sides of a duplex built in the mid 80’s on offer for a tic over $500,000, both sides. We passed only because zoning won’t allow a basement suite below any owner occupied side.

All depends on where you live I suppose, but no one I talk with is anywhere near the doom and gloom stage that a significant percentage posting here seem to be. I have mentioned this here before but I speak often with a high end custom builder and he is fully booked out for the next year plus.

Last point: My brother and I ran rental real estate in Calgary for 30 plus years and I’ll bet my left testicle that we had tenant issues maybe 10 times. All depends on how you run your business. We returned the December rent to anyone who was with us 5 years or better and that perk hovered around +/- 50% .

I suppose a lot depends on time and place but mostly it’s you and some here really should seek solutions.

#39 Capt. Serious on 09.05.19 at 10:20 pm

I have no idea what is going to happen, but I embrace my lack of clairvoyance and try to set and forget my portfolio.
The one thing many people seem certain about is rates cannot go higher, and usually that is a set-up for fear and loathing. We’ll see.

#40 John in Mtl on 09.05.19 at 10:51 pm

Quote:
<<< #26 palebird on 09.05.19 at 7:16 pm

Boris is not crazy, he is very clever and Brexit is going to happen despite all the squealing and hand wringing. Best thing that could possibly happen. Jeremy Corbyn is crazy…you do not want to see that madman in power

Apart from the fact Brexit is economic lunacy with Millennials paying the most, Boris has been a disaster thus far as a politician. The shortest-serving PM ever? – Garth >>>

Oh where is Nigel Farage when you need him…

#41 Flop... on 09.05.19 at 11:10 pm

Just re-listed in White Rock… this 2 bedroom 2 bath condo in a 6 year old (looks older ) building.

Listed $550K
Previously listed as high as $688,888
Assessed $688K
Purchased Sept 2017 $623,800

If it sells at list, that’s a $100K+ loss incl transaction costs

https://twitter.com/johnny_33/status/1169736939383078912

M56BC

#42 Nonplused on 09.05.19 at 11:15 pm

And an additional fact for those who think that Trump might be the next Hitler:

So far the number of people that have died as a result of American aggression under the Trump administration is not zero, but it is far lower than any of Obama, Bush Jr, Clinton, Bush Sr, and probably also Reagan. And we could keep going back. Millions of civilians have died at the wrong end of American military actions around the world and so far Trump hasn’t ordered or supported one of them. The Hitler comparison is absurd. A comparison to Chamberlain would be more appropriate, at least so far.

#43 the Jaguar on 09.06.19 at 12:26 am

This is very funny:

#25 Dolce Vita on 09.05.19 at 7:09 pm
Hello Rick and good your daughter went to Santorini where:

You don’t need to ever use a blow dryer while there – the winds will take care of that for you. Just stick your head out the window and you’re good to go. Lethbridge and its winds are amateur hour when compared to Santorini. I’m surprised those Photoshopped dogs in the image are still standing.

I also totally agree with Dolce Vita’s comment:
These things take 7-10 years to play out. As mentioned by me before, this is Year 2 for YVR and 416.

If only I could get him to weigh in on hot or mild pancetta for the perfect carbonara. With what pasta type and number?

#44 Boffo Sam on 09.06.19 at 2:28 am

#3 Camille. Owning bonds is a drag on your equity returns. Seriously, why settle for zero? Absolute safety? Ridiculous notion , doesn’t exist. Even cash has a risk component.

Look at a little known company, Thompson Reuters. A balance sheet junkies dream stock.

https://www.google.ca/search?ei=fvZxXeySCIrbz7sPydyvqA8&q=tri+stock+quote+tsx&oq=tri+stock+quote+tsx&gs_l=mobile-gws-wiz-serp.1.0.0i22i30.12970.15290..17053…0.0..0.364.850.0j3j0j1……0….1………33i160.FN9SrBZHNwo

No brainer that caught passive buyers with thier pants down when the company reorganized. It was a classic . Held in every index, but only a stock picker could zero in and gorge like fat wolf.

The company rose from $30’s to over $100.00. But passive income investors would see nothing of the because this rise because it was buried in an index of nearly 300 other issues that went sideways to down.

There are five pillars that represent the economy as a whole. Buy good stocks and be in line for the first class caviar while other make do with nasty economy herring roe. This is not gambling. It’s academic.

#45 DON on 09.06.19 at 3:05 am

#26 palebird on 09.05.19 at 7:16 pm

Boris is not crazy, he is very clever and Brexit is going to happen despite all the squealing and hand wringing. Best thing that could possibly happen. Jeremy Corbyn is crazy…you do not want to see that madman in power

Apart from the fact Brexit is economic lunacy with Millennials paying the most, Boris has been a disaster thus far as a politician. The shortest-serving PM ever? – Garth
((((((((((((((

His own brother is turning his back.

#46 DON on 09.06.19 at 3:08 am

#12 LP on 09.05.19 at 5:24 pm

Re #6

I’ll raise a glass to Boom, and to those on here just like him.

F72ON
************
Cheers!

#47 DON on 09.06.19 at 3:14 am

@Smoking Man

Why the change to the Liberals in the fed election. Scheer not providing. Looking like the possibility of a minority gov?

#48 under the radar on 09.06.19 at 5:25 am

#30 I deal with tenants and borrowers every day , most are getting by , but are financially insecure. The ones that have a good income and buy toys and live large seem to me to be the minority . This is why they need this blog. In my world your either paying rent or interest or collecting it.

#49 Howard on 09.06.19 at 5:43 am

No Brexit? Hmm, ok. Prepare for civil war then.

There is a limit to which rootless globalists can thwart the will of the people.

BoJo wants to call a snap election and settle this once and for all. Corbyn has been yammering about an election for 2 years and now that it’s at his doorstep, he’s slinking back. Such a coward – he knows he can’t win.

Another Brexit referendum today would fail. Correctly. Corbyn knows that. – Garth

#50 I Canada I weep for you on 09.06.19 at 7:44 am

Can you believe our PM ? While Canada suffers he’s laid out singing Puff the Magic Dragon.

https://calgaryherald.com/opinion/columnists/smith-i-almost-felt-sorry-for-trudeau-until-i-came-to-my-senses

#51 Howard on 09.06.19 at 7:46 am

#41 Flop… on 09.05.19 at 11:10 pm
Just re-listed in White Rock… this 2 bedroom 2 bath condo in a 6 year old (looks older ) building.

Listed $550K
Previously listed as high as $688,888
Assessed $688K
Purchased Sept 2017 $623,800

If it sells at list, that’s a $100K+ loss incl transaction costs

https://twitter.com/johnny_33/status/1169736939383078912

M56BC

———————————–

Would love it if you provided more condo examples on your otherwise awesome Twitter feed. With condos in Vancouver down nearly 10% from peak, there must be some nice examples to rile up the permabulls.

#52 Drama on 09.06.19 at 8:12 am

#27 Bytor the Snow Dog on 09.05.19 at 7:19 pm
@Flop- Check your T. You’re way too overly emotional.

Hear hear.

#53 MF on 09.06.19 at 8:21 am

Another Brexit referendum today would fail. Correctly. Corbyn knows that. – Garth

-According to who? Polls? We know how predictive they are lol.

Corbyn should worry about more important things, like how he and his party have become radicalized and unpalatable.

Brexit will ultimately be the right move. But there will be short term pain. It’s similar to how interest rates need to rise, but doing so will generate some pain in the short term.

MF

#54 RE_Investor on 09.06.19 at 8:26 am

#30 Raging Ranter
I’ve only lost 1 month’s rent after being a RE investor in the GTA over 28 years, where the bulk of my properties are in the 6ix. Not bad. I use the LTB effectively, and that helps a bit. We only need the Ontario GOVT to allow landlords to collect one month security deposit to let tenants know they must leave the rental in the ‘same state’ they 1st received it. When screening tenants, I collect everything I am able to (within LTB rules) and won’t allow anyone to rent my home if something is not produced. Solid screening in my view, and my record shows. I also request and get recent credit / score reports and cross reference all that data to other forms I get. It’s all about the data, then of course, getting to know the prospective tenant.

RE investing produces solid cash flow, and really, that’s what it’s all about. Sure price appreciation is great, but that’s just a bonus, not really the goal. It’s amazing when all those e-Transfers hit my account on the 1st of the month. Just like watching the income flow into my brokerage accounts monthly. It’s a slow and steady wealth grower, but for me, it’s safe.

#55 dharma bum on 09.06.19 at 8:29 am

Apart from the fact Brexit is economic lunacy with Millennials paying the most, Boris has been a disaster thus far as a politician. The shortest-serving PM ever? – Garth
——————————————————————–

Boris.

You cannot sustain a political career outside of Russia with a name like that.

More importantly, no leader will take you seriously with a lid like that.

http://wilfulwilf.tumblr.com/post/54455991499/lesbowie-gerrybaboona-this-is-the-most

What is that nut thinking?

#56 n1tro on 09.06.19 at 9:05 am

#42 Nonplused on 09.05.19 at 11:15 pm

So far the number of people that have died as a result of American aggression under the Trump administration is not zero, but it is far lower than any of Obama, Bush Jr, Clinton, Bush Sr, and probably also Reagan.
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Not dead people….pffffft! Count the people with hurt feelings.

#57 Flop... on 09.06.19 at 9:48 am

Howard on 09.06.19 at 7:46 am
#41 Flop… on 09.05.19 at 11:10 pm
Just re-listed in White Rock… this 2 bedroom 2 bath condo in a 6 year old (looks older ) building.

Listed $550K
Previously listed as high as $688,888
Assessed $688K
Purchased Sept 2017 $623,800

If it sells at list, that’s a $100K+ loss incl transaction costs

https://twitter.com/johnny_33/status/1169736939383078912

M56BC

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Would love it if you provided more condo examples on your otherwise awesome Twitter feed. With condos in Vancouver down nearly 10% from peak, there must be some nice examples to rile up the permabulls.

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Howard, I did not write this post.

This is an imposter that I have been trying to convince to pick an original handle.

Note the different GAP code.

I thought that we had turned the page but obviously not.

The fact that they did it on the anniversary of Booms passing shows they are not right in the head.

I guess it’s meant to be some sort of tribute.

If I wanna see a tribute act, I will just go to the casino…

M45BC

#58 Maggie Dawson on 09.06.19 at 10:57 am

MF, I agree but the pain needed for interest rates should rise but will not come close to how much money savers and fixed interest rate investors lost over the last 20 years.

Central banks and governments purposely understate inflation numbers by a wide margin, 2.5% to 3.5% a year at least so that alone over the last 20 years is at least 70% to 100% in lost future value. It is all done on purpose and people know it. Good luck to the future generation, it is all rigged.

Let’s see if this post gets put through.

#59 Jerry Stein on 09.06.19 at 11:22 am

Stan Brooks, you actually think investors are buying these low and negative yield bonds. If the U.S. Federal Reserve, ECB and other central banks can print money out of thin air and buy bonds then what stops them from printing money out if thin air and giving that money to banks, pension funds, mutual funds etc.

I can buy all the negative and low interest rate bonds if someone else gives their money. It is all a scam and everyone knows it. What do you expect when you have one central authority using socialistic tactics for money.

In Canada, U.S. Europe etc. never had a true capitalism economy and money system because we reward bad behaviour and punish good behaviour. I don’t know why they want high consumer spending when they can just buy up everything themselves. It is all B.S. and people are going to learn the hard way. If my post gets deleted I will not be surprised. Too much truth is bad for the economy right according to the globalists and elite.

#60 Sail away on 09.06.19 at 11:26 am

#6 Flop… on 09.05.19 at 4:38 pm

I just think sometimes we need to try and celebrate the different opinions and characters on the blog, rather than trying to vilify each other every day.

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#81 Flop… on 09.05.19 at 11:40 am

“Mattel
Besides being a constant dick and try to mislead people, what did you do?”

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Hey- is that celebration? It doesn’t sound like celebration! It almost sounds like vilification.

Must have been one of those ‘do as I say not as I do” moments

#61 FLOP... on 09.06.19 at 11:39 am

As in all things, life is what you make it. Stick to the basics and enjoy the ride. Have a plan and don’t deviate. Patience is all.

Things to be done, ooh la la – Faces

M45BC

#62 Flop... on 09.06.19 at 11:50 am

#60 FLOP… on 09.06.19 at 11:39 am
As in all things, life is what you make it. Stick to the basics and enjoy the ride. Have a plan and don’t deviate. Patience is all.

Things to be done, ooh la la – Faces

M45BC

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Nope.

Didn’t write that one either…

M45BC

#63 oh bouy on 09.06.19 at 12:09 pm

@#49 Howard on 09.06.19 at 5:43 am
No Brexit? Hmm, ok. Prepare for civil war then.

Another Brexit referendum today would fail. Correctly. Corbyn knows that. – Garth
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LOL civil war.
referendum could be close – still a lot of ignorant folks there.

#64 Raging Ranter on 09.06.19 at 12:52 pm

#53 RE_Investor, you’re in the GTA – the tightest rental market on the continent…. and you accepted tenants who sound like they are one missed paycheque away from insolvency?? You checked their credit, found it was bad, then signed them to a lease anyway??????? Then you go on to brag about the money that’s been rolling in for the past 28 years.

I’ll just leave that right there. :)

#65 Smoking Man on 09.07.19 at 2:23 am

To garths wife.

https://youtu.be/CjRas1yOWvo