The big deal

By gelding the mortgage stress test the feds just doled out a giant gift. No, it’s not to the kids who can now borrow more, swallow additional debt and offer a premium for inflated houses. Instead, it’s to the real estate-industrial complex. The lenders. The insurers. The reno guys. The appraisers. And, above all, the realtors. Sorry, that should be Realtors®.

As you know, the Trudeau guys – the ones who surrendered on Thursday to the lawless aboriginal protestors – dropped the stress test hurdle this week by about a third of a point. By changing the formula, the qualifying rate fell from 5.19% to 4.89%. It’s a big deal. The first meaningful drop since the thing was created. And it comes at a weird time – when nobody needed to step on the gas.

Here are a few of the reasons this sucks…

First, it’s spring, almost. At least there are cherry blossoms in Vancouver and hormones everywhere. This period – March through May – is the strongest of the year for residential real estate sales. Prices always peak before settling back a bit for the summer. The nesting instinct grows irresistible as the green shoots erect. Otherwise reasonable people turn into goey masses of residential desire, stumbling through open houses muttering, “Where do I sign?”

Second, major markets are toasty, verging on boiling. Prices have been snaking higher in Toronto, southern Ontario, Ottawa, Montreal, Halifax and even in YVR and Victoria. Not only has the impact of the stress test faded in the last two years, but mortgage rates have plopped to near-historic lows while listings have shriveled along with them. More demand and less supply is a formula for price pressure. Homeowners watching property values inflate have concluded they can’t afford to move, may not pass the test if in need of more financing, or just want to bank bigger gains before bailing out. In any case, they ain’t going to market.

Third, the ‘housing crisis’ that every government has been trying to address comes down to one word. Affordability. The average family can’t afford the average house in these places, given the asset inflation that’s occurred since central banks trashed rates back in 2009. So how will reducing the stress test and giving buyers more borrowing power improve affordability? Right. It won’t. Things just get worse.

Fourth, making mortgages fatter by allowing buyers to qualify for greater amounts means more debt. Sheesh. Already we’re at record debt-to-income levels. A majority of buyers in the GTA, for example, have ratios of 450% or more. The savings rate is down. Four in ten people have trouble servicing existing debts. Mortgage totals now exceed $2 trillion. Is it remotely responsible for the government to signal that borrowing should increase?

And, as a result, you can kiss off any further Bank of Canada rate cuts. At least for a while. Seems the central bank is the only adult left in the room these days, worrying about the steaming mountain of borrowing and the potential negative impact that could have on the entire economy – which is two-thirds made of consumer spending.

Meanwhile the national mortgage association says the stress test is still too high, “especially given our current economic climate and general expectations of future interest rates. Uncoupling the stress test from the Bank of Canada rate is the right public policy move but a reduction in the percentage test itself is also needed.”

Yeah, right. And everybody gets a pony.

On Thursday I spent time with a couple who emigrated here (from Cuba) a dozen years ago. Nice people. One kid. Rent in the GTA where he’s an engineer. At 50 years of age, they’ve managed to save about $250,000, which is a true accomplishment after starting with nothing – including no English.

Mars wants to invest this money since they have no pensions. Venus wants a house. “All of our friends say they’re making so much money and that we’re throwing it away on rent. The bank says we can afford a house worth about $750,000.”

Said Garth: buying would erase your savings, give you a half-million mortgage debt, double monthly living costs, impact saving for your kid and in ten years you’d have to sell and hope for enough of a gain – after fees, expenses and elevated monthly costs – to fund retirement. What a gamble. After scratching your way this far, why take the risk?

“But did you hear?” she said. “They just dropped the mortgage rules!”

I give up.

140 comments ↓

#1 chico on 02.20.20 at 3:59 pm

hi Garth, do u think is possible to get a lot/land under 37k/yr out of Vancouver where we live? i am thinking to invest in a piece of land to build in 10 yrs from now on. or we should keep buying silver? thank u sir.

#2 mitzerboyakaQueencitykidd on 02.20.20 at 4:00 pm

i think it’s time I headed back into the woods.
2 unleash the hounds and let the ponies run.

#3 Mr Happy on 02.20.20 at 4:08 pm

“hi Garth, do u think is possible to get a lot/land under 37k/yr out of Vancouver where we live? i am thinking to invest in a piece of land to build in 10 yrs from now on. or we should keep buying silver? thank u sir.”

Uh…do you even READ Garth’s posts?????

#4 Arctic Gringo: Qalunaaq on 02.20.20 at 4:14 pm

The fruit bank is offering a 10-er for under 3% nation-wide while core inflation is at 2.4%. Spreads are narrowing, risk-off. A nation with cheap money will continue until implosion, and the small REIT position I hold is enough to live rent-free.

#5 Yukon Elvis on 02.20.20 at 4:16 pm

#1 chico on 02.20.20 at 3:59 pm
hi Garth, do u think is possible to get a lot/land under 37k/yr out of Vancouver where we live? i am thinking to invest in a piece of land to build in 10 yrs from now on. or we should keep buying silver? thank u sir.
…………………..

I think you should keep on smoking pot.

#6 JB on 02.20.20 at 4:23 pm

All the psychotic spring house horny rutters will be out soon. They are delusional as sell high buy high. Now is not the time to sell. Actually most of these idiots who want to move never consider the cost of moving and how much they actually lose in the sale. My though is always to stay put keep your roots going and stay the course. Who needs a bigger fancier place with an automatic garage door and a dish washer. That’s what my children are for. They know that dish washers are for the wealthy!

#7 Peter on 02.20.20 at 4:24 pm

#1 chico on 02.20.20 at 3:59 pm
Nah, I’d keep buying the silver/sarc

#8 Piano_Man87 on 02.20.20 at 4:26 pm

In a rational world, the mortgage stress test being clipped wouldn’t matter. It only matters if you are buying the maximum a lender says you can afford. You know. Becoming house poor. If you are buying something well within your means, this has absolutely no effect on you.

#9 Sail Away on 02.20.20 at 4:28 pm

#5 Yukon Elvis on 02.20.20 at 4:16 pm
#1 chico on 02.20.20 at 3:59 pm
hi Garth, do u think is possible to get a lot/land under 37k/yr out of Vancouver where we live? i am thinking to invest in a piece of land to build in 10 yrs from now on. or we should keep buying silver? thank u sir.

—————-

I think you should keep on smoking pot.

—————-

And buy uranium. Keep it in your pockets.

#10 Ronaldo on 02.20.20 at 4:28 pm

#3 Mr Happy on 02.20.20 at 4:08 pm
“hi Garth, do u think is possible to get a lot/land under 37k/yr out of Vancouver where we live? i am thinking to invest in a piece of land to build in 10 yrs from now on. or we should keep buying silver? thank u sir.”

Uh…do you even READ Garth’s posts?????
—————————————————————–
Best to ignore this one. Cannot be for real. Troll.

#11 Not Drinking on 02.20.20 at 4:42 pm

Just getting to know this guy but I like what he has said so far in his campaign! An option to consider!

https://nationalpost.com/news/politics/otoole-says-he-would-criminalize-blocking-critical-infrastructure-allow-police-to-clear-blockades-without-an-injunction?video_autoplay=true

#12 jess on 02.20.20 at 4:43 pm

The official government report on the financial crisis, the Financial Crisis Inquiry Commission Report, writes this about who was issuing all of this subprime debt:

“Subprime was dominated by a narrowing field of ever-larger firms; the marginal players from the past decade had merged or vanished. By 2003, the top 25 subprime lenders made 93% of all subprime loans, up from 47% in 1996. There were now three main kinds of companies in the subprime origination and securitization business: commercial banks and thrifts, Wall Street investment banks, and independent mortgage lenders. Some of the biggest banks and thrifts—Citigroup, National City Bank, HSBC, and Washington Mutual [all regulated, federally-insured banks] —spent billions on boosting subprime lending by creating new units, acquiring firms, or offering financing to other mortgage originators….”

http://fcic.law.stanford.edu/report
https://wallstreetonparade.com/2020/02/paul-krugman-returns-to-perpetuating-the-big-lie-for-wall-street/
====================
Hum…
Assauge is claiming that he was “pressured by the trump administration” to say that Russia was not involved in leaking DNC committee emails during the 2016 election.He resisted and then “the order was given to demand the extradition of Julian Assange”.
============
“….the claim was made at Westminster magistrates court before the opening next week of Assange’s legal battle to block attempts to extradite him to the US, where he faces charges for publishing hacked documents. The allegation was denied by the former Republican congressman named by the Assange legal team as a key witness.
https://www.theguardian.com/media/2020/feb/19/donald-trump-offered-julian-assange-pardon-russia-hack-wikileaks
===========
Rather than paying social media influencers 2500/mo could one just use AI generated people and pay 0
From wall street on parade:
$61.5 billion net worth – the bulk of which came from leasing data terminals to Wall Street banks’ trading floors around the globe. (Curiously, the chat rooms on those Bloomberg terminals were the venue of choice for Wall Street traders engaged in rigging markets.) On Monday we reported on the questionable ways that Bloomberg is using his cash to tip the scales in his favor. (See Bloomberg Has Built a Star Wars Machine to Try to Steal the Democratic Nomination.) On Wednesday, the Wall Street Journal reported that Bloomberg was paying hundreds of social-media influencers $2500 per month to “post regularly on their personal social-media accounts in support of the candidate and send text messages to their friends about him.”

Siwei Lyu, a professor of computer science at the State University of New York at Albany, reviewed the picture of “Jessica.” Lyu has built a system to detect manipulated and synthetic images. It determined with “high confidence” that the picture of “Jessica” had been created using AI. (There is, as of yet, no single system to detect faked images like this with 100% accuracy.)

#13 BlogDog123 on 02.20.20 at 4:43 pm

Yes, you must use the term Realtors® with that little registered symbol or face the wrath of those who control the MLS® system.

#14 Islandgirl on 02.20.20 at 4:55 pm

Chatting to another homeowner in our neighbourhood that bought when we did about a house that recently sold down the street for double what we each paid. They mentioned they thought about buying the house and then doing a slow flip to make more. Except if you buy a house for $550 and you put $100 into it, you need to sell for well over $650 to even make your money back. How is that even worth considering? We’re still planning on refinancing to finish some renos but we’re going to keep it reasonable. It’s a forever home (yes it ticks so many boxes) so I don’t mind putting the money in and we’re not going to max ourselves out. Even after the refinance it’s cheaper than renting.

#15 Shirl Clarts on 02.20.20 at 4:58 pm

This is what my MIL keeps saying…
“1. Houses always goes up in value, never down.”
“2. Rent is like throwing money away.”
“3. The Stock Market is gambling; you could lose it all if it crashes.”

Yes, there are actually 2 Venus’ in your solar system, if you include the MIL.

The worst part is, the MSM constantly reinforces that the above 3 are true. Hard to argue she’s wrong.

“WTF is an ETF?!!”
“Allow me to sound like a nut job as I explain terms such as balance, diversification, MER’s, and dividends. I have just 2 minutes before you fall asleep.”

And don’t even try to explain how Bonds offset risk!!

The above 3 mantras are ingrained in society, and are passed down to future generations.

Can’t win, Garth. If Venus wants to buy and Mars doesn’t let her… well that’s one grumpy Venus (or two) you gotta live with.

#16 Niagara Region on 02.20.20 at 5:06 pm

Interesting article on Airbnb’s contribution to the rental crisis in Toronto:

https://www.thestar.com/news/gta/2020/02/20/if-entire-home-airbnbs-went-back-on-the-rental-market-toronto-could-near-a-healthy-vacancy-rate-fairbnb-report-says.html

#17 Boombust on 02.20.20 at 5:08 pm

Hmm, not quite sure where you’re getting your info Garth, but prices in Greater Vancouver are still dropping across the board. And, there is no apparent end in sight.

The condo market is seizing up (thanks to the insurance mess rearing its head) and detached continue to drop their prices from the toney high end areas of Vancouver’s West side all the way to the far-flung suburbs.

This is without a full-blown recession and without any possible effects of the Covid-19 outbreak.

#18 JacqueShellacque on 02.20.20 at 5:10 pm

Finances don’t matter Garth, it’s a house. Every realtor and person who’s bought in the last dozen years knows that. Property taxes, maintenance, mortgage interest, and DP opportunity cost don’t count, just like those cupcakes in the lunch room at work.

#19 BobC on 02.20.20 at 5:14 pm

After what, 5 years of obama type leadership causing increasing homelessness, high taxes, declining “free” healthcare and cost of living increasing faster then inflation do to the high taxes and expensive liberal corporate rules, are ready to vote in a Trump of your own?

#20 100% Oakville Owner on 02.20.20 at 5:15 pm

The mortgage is paid off……time to accumulate some additional “dry powder” for when this market fueled by debt explodes!!

Looking forward to vulch on the remains!

#21 I had a small dog ... on 02.20.20 at 5:23 pm

that I gave a BIG bone to out in the back yard one day. He had a heck of a time but finally got it dragged up the back stairs. He then tried for all he was worth, but just couldn’t get it through the doggie door. Miss him …

#22 Rainman on 02.20.20 at 5:27 pm

At the end of the day people have to be adults, such why I don’t agree with the stress test. People should be able to make there own decisions and the banks should be responsible for their own loans. People will always be house horny, which means in today’s world not diversified and gambling… the show still has much steam ahead…

#23 Shawn Allen on 02.20.20 at 5:30 pm

10 year Mortgage at 3% you say?

#4 Arctic Gringo: Qalunaaq on 02.20.20 at 4:14 pm said:

The fruit bank is offering a 10-er for under 3% nation-wide while core inflation is at 2.4%. Spreads are narrowing, risk-off. A nation with cheap money will continue until implosion, and the small REIT position I hold is enough to live rent-free.

*************************************
Well that is fantastic. People can lock in a low rate for ten years. There should be no stress test here. (But I believe it does still apply.)

I see no reason to be against this whatsoever.

It’s not likely to impact home prices since most mortgages will remain ten years.

The ability to offer this may have something to so with I believe with new developments in the mortgage backed securities market.

10 years at 3% is a god send for those who want to avoid the risk of higher rates in five years. Grab it. And you said UNDER 3%!

#24 Sovavia on 02.20.20 at 5:30 pm

(1) The stress test is a blatant attempt to manipulate the mortgage markets.

(2) However, this will fail to raise prices in the spring (especially in Toronto and Vancouver, but maybe not in Montreal), and the gullible who accept these bribes are guaranteed losses (no tax advantage).

(3) The basic rule since the last election is to listen to what the current federal government says, and then believe the exact opposite, whether it be housing, the economy or climate change.

#25 Sold Out on 02.20.20 at 5:39 pm

Further to my doctor rant:

Canada doesn’t have a doctor shortage; we have an artificial scarcity of medicos due to billing number restrictions demanded by the doc’s own provincial negotiating bodies. These same negotiators set compensation levels for each specialty and procedure.

There are hundreds of Canadians with a international school MD designation who can’t find a residency here because foreign students in Canadian schools get priority access to residencies in Canada. Whether these foreign students actually stay here after their residency is anyone’s guess.

The panels who negotiate fees for docs have heavily favoured advanced specialties over family practice, creating a significant compensation gap.

It’s not taxes driving docs out of Canada, it’s their own governing bodies. If we want more doctors, we need to take control over training and compensation away from those who serve their self-interests above the system’s health.

#26 Dumb Wealth on 02.20.20 at 5:46 pm

Age 50 is when you should be trying to get out of debt. Do they ever plan on retiring?

Also, on an unlevered basis housing wasn’t the best investment from 2008-2018: https://dumbwealth.com/toronto-homes-not-best-investment-2008-2018/

#27 Bob Dog on 02.20.20 at 5:57 pm

DELETED

#28 SusanM on 02.20.20 at 5:58 pm

A few weeks ago (or so) a high school teacher wanted to know “where to start” in teaching some financial literacy in his math class. I hope the teacher revisits the blog frequently ~

It was a wonderful idea, that high school is the place for a financial literacy class… however, as today’s blog post so effectively illustrates, all the financial literacy learning is *irrelevant* if there’s no critical thinking to go with it.

#29 Everything is better in USA! USA! on 02.20.20 at 6:00 pm

I pity the poor Canucks. They pay like over $800k for shacks. If any of you come and see my house in U.S (Thank God), you will faint. For an average Canadian it will be too much of handle and I paid just over $600k for that. You guys pay waaaaaay tooo much for essential items, car insurance, dining and everything else in between. When I compare the salaries of Canadians, it blows my mind to see how anyone can even brethe let alone pay for these expenses. No wonder I see so many Canadians wearing cheap walmart clothing, worn out shoes, dull faces yet looking for 1 million dollar homes they can’t afford. Hat’s off to you guys. Garth is bang on. Most Canadians are financially illetrate.

P.S: I know quite a few Canadians living in U.S and their standard of life, savings, investments and overall situation is 100 time better than it is for people back home. Great weather is icing on the cake.

#30 G man on 02.20.20 at 6:04 pm

There needs to be a hole new government in power that gives a dame about the middle class. T2 not working needs to go these people that buy up all the houses in the lower mainland needs to stop bought with drug money or illegal money that won’t happen why Cuz its a cash cow for the government we need to change it ASAP. Going on about the pipeline the chiefs approved it all the protesters that are creating these problems with blocking railroad and streets during rush hour they don’t have to go to work if all of them are on welfare treat it like a student loan your on it for a little bit and then you PAY IT BACK get a job like the rest of us. Good job for ROLL OUT clearing the blockade on the tracks we need more people like that keep Canada moving forward Trudump the cops don’t wanna do anything people losing there jobs what a joke this government has become WE NEED REAL CHANGE NOW

#31 david on 02.20.20 at 6:08 pm

and if the new benchmark rate turns out to be the same as the old benchmark rate in 3 months, does this concern just get flushed away. the rates today would seem to be irrelevant.

#32 Figmund Sreud on 02.20.20 at 6:10 pm

Meanwhile the national mortgage association says the stress test is still too high…
________________________

Yes. Look, the national mortgage association’s purpose here in only to help! It’s true, …

The vast majority of demand isn’t for a pressing need for shelter, it’s for euphoric aspirational display, purchase intended to make the buyer larger than they really are, in their own self-image and in the image they present to the crowd that surrounds them. For many we met – while searching for a truly needed shelter (special needs) – the address of the residency is more important than the price, … qualifying for mortgage is more important than the price. It all boils down to confidence and certainty, … a sense of certainty anchored by a belief that their economic world is essentially without any risk whatsoever – like the stock market, but, digress grossly. Forgive me, …

Best,

F.S. – Calgary, Alberta.

#33 Herkunft on 02.20.20 at 6:13 pm

Could the recent easing of Stress Test be a harbinger of something bigger that the Feds are contemplating? Like imposing capital gain taxes on primary residences?

#34 Paul on 02.20.20 at 6:15 pm

Is it time to lock the teachers out!!!

Just asking for Jonny?

#35 Sam on 02.20.20 at 6:21 pm

“But did you hear?” she said. “They just dropped the mortgage rules!”

I give up.

…………….

RIP Canada

#36 Ace on 02.20.20 at 6:28 pm

I sensed you were about to give up a few blog posts ago.

#37 Steven Rowlandson on 02.20.20 at 6:29 pm

“As you know, the Trudeau guys – the ones who surrendered on Thursday to the lawless aboriginal protesters”

Who exactly is the real government of Canada?

#38 Everything is better in USA! USA! on 02.20.20 at 6:31 pm

I heard people in Canada are bad tippers or no tippers. Is it because you have no money left after paying your mortgages or are you just cheap skates?

#39 Sail away on 02.20.20 at 6:33 pm

#29 Everything is better in USA! USA! on 02.20.20 at 6:00 pm

…I know quite a few Canadians living in U.S and their standard of life, savings, investments and overall situation is 100 time (sic) better than it is for people back home.

——————–

100 times! That’s a lot. Can you quantify that?

If I have 1 orange, would a US American have 100? How about cats? If I have one cat, would a US American have 100? If I have one day of happiness a week, would a US American have 100 days of happiness a week?

So cryptic…

#40 re., Everything is better in USA! USA! on 02.20.20 at 6:35 pm

trolling? par for the course with that IQ

#41 the Jaguar on 02.20.20 at 6:37 pm

Why should we be surprised to find ourselves in the clutches of the real estate industrial complex?
We hollowed out the manufacturing industry with globalization, are presently doing everything imaginable to kill the resources industry with no real plan on how to replace the world’s energy engine to continue that same globalization, retail of any sort is on the wane due to over supply and zealous demand for ‘cheap goods’ that don’t support local economies or initiatives, which is another job killer, and Fishman can tell us how we screwed up the forestry and fishing industry as I consider him to be a subject matter expert in that area. ( p.s. Fishman, exactly where on the Columbia Riverway” Crawford Bay or Riondel? Can you be more specific? ).
So, our only real industry in Canada, which is fed by the increased numbers of immigrants ( not complaining, just explaining), is the cartel. Everything related to the housing industry, fed by the insatiable, the greedy, the misguided, and of course the delusional masses.
Oh, I think I forgot the media, some who sold their souls to pay their own mortgages, others just lying bastards.
The truth is often harsh but cannot hidden from bright sunlight.

#42 the Jaguar on 02.20.20 at 6:42 pm

I also wanted to take a swing at OSFI who can only be described as a ‘PAPER TIGER.’ Solve the real problem OSFI. Go after the rental income and make CRA your partner. You’ll be the new Batman and Robin.

#43 Blackdog on 02.20.20 at 6:43 pm

@#29 Everything is Better in USA! USA!

re: ” Most Canadians are financially illetrate.”

And we cant rite or spell neithers.

#44 Don Guillermo on 02.20.20 at 6:48 pm

#37 Steven Rowlandson on 02.20.20 at 6:29 pm
“As you know, the Trudeau guys – the ones who surrendered on Thursday to the lawless aboriginal protesters”
Who exactly is the real government of Canada?

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

The Canadian government is a joke and anyone that voted Green, Orange or Red need to own this! This country is self destructing!!

#45 Yukon Elvis on 02.20.20 at 6:48 pm

Another rail blockade started this morning on Neskonlith land, as a group called the Secwépemc Sacred Fire have joined in nation-wide demonstrations in support of the Wet’suwet’en hereditary chiefs.
Set up on Canadian Pacific tracks across from the Neskonlith Hall (just west of Chase), the blockade is a sign of solidarity with the Wet’suwet’en First Nation; they’ve been fighting to keep Coastal GasLink from building a pipeline through their territory in Northern B.C.

https://www.castanet.net/news/Salmon-Arm/277552/Rail-blockade-set-up-outside-Chase-B-C#277552

#46 Blackdog on 02.20.20 at 6:49 pm

@#38 Everything is better in USA! USA!

re: ” I heard people in Canada are bad tippers or no tippers. Is it because you have no money left after paying your mortgages or are you just cheap skates?”

Why don’t you vacation here and find out for yourself? I mean, you have money right? Cause you live where everything is better, so why not share that with your downtrodden northern neighbours in the land of the “cheap” and “illetrate”. At least we have weed.

#47 Figmund Sreud on 02.20.20 at 6:56 pm

… the lawless aboriginal protestors
_________________

… speaking of: … a bit of sense of ha-hafrom The Beaverton Beaver:

Frustrated CN execs complain blockades have delayed dozens of oil tanker derailments

https://www.thebeaverton.com/2020/02/frustrated-cn-execs-complain-blockades-have-delayed-dozens-of-oil-tanker-derailments/

“SASKATOON – Executives at CN have demanded the federal government take immediate action against protesters so it can resume derailing oil tankers. […]

Emergency response personnel who specialize in derailments, chemical spills, and other hazardous material containment remain idle with nothing to do. […]

Canada’s largest railway also said that delays have also been preventing planned spills of grain, potash, coal, and anything else a freight train can carry.” …

F.S.

#48 Yanniel on 02.20.20 at 6:57 pm

Pareja Cubana, from one Cuban immigrant/engineer to another: Listen to Garth on this one.

#49 Leo Trollstoy on 02.20.20 at 6:59 pm

#40 re., Everything is better in USA! USA! on 02.20.20 at 6:35 pm
trolling?

Except for healthcare, they’re not wrong

#50 SimplyPut7 on 02.20.20 at 7:01 pm

Let the frenzy play out, every novice speculator wants to be a landlord. There are so many people dying to owe their bank $500k or more.

Let’s see how long that idea last when all of the condos start hitting the market in Canada.

#51 Sail Away on 02.20.20 at 7:02 pm

Hey, look! Tesla solar roofs are taking off. Some say this market may be bigger than their cars.

Tater, remember you said the roofs would never happen? Isn’t it about time for you to be right about something? You have quite the opposite streak going.

#52 Drinking on 02.20.20 at 7:23 pm

To those that enjoy paying a carbon tax; thinking that it will make one iota of a difference (poor Greta,Suzuki,Gore) but which are making a very good (probably not investing in ETF); or maybe they are; could never get a sincere answer out of any of them. Before you quit Garth at least post this one last link; I guess SUV’s; industrial revolution was a big factor back then,lol! https://www.dailymail.co.uk/sciencetech/article-8025979/NASA-image-reveals-remains-ancient-lake-stretched-Sahara-7-000-years-ago.html

I would give up to, but as a Westerner, it is not in our DNA.

#53 not 1st on 02.20.20 at 7:35 pm

Who in their right mid would get a Morneau mortgage when the country is about to go into secular recession.

Q4 GDP coming in at paltry 0.3%. And thats before the covid19 virus and the CN blockages. Don’t people in GTA and Vancouver ever turn on something other than CBC?

There will be a 2.5% 5 year mortgage on offer before the year is out. I would wait for that.

#54 Everything is better in USA! USA! on 02.20.20 at 7:41 pm

#43 Blackdog – I feel your pain and frustration. I too would be like you if I were in your shoes (God forbid).

#55 Nonplused on 02.20.20 at 7:43 pm

#12 jess

Assange has been saying in no uncertain terms that neither Russia nor any other state actor was the source. Why would Trump offer him asylum for what he has already repeatedly publicly said? If Trump did offer a “quid pro quo” here it must have been for Assange to reveal who the source was, not to say it wasn’t Russia which Assange has already done publicly several times.

We have to be very skeptical of things we see on CNN folks. They rely on our credulity.

Anyone with a mediocre computer skill set can see by the time stamps that DNC files left via a thumb drive, not via the internet. Some conspiracy theorists speculate it was done by Seth Rich, a DNC staffer who happened to turn up dead not long after, although there is no strong evidence that even if he was the leaker it was related to his murder. But conspiracy theories depend on coincidences to survive.

Assange is refusing to say, at least up to this point, who exactly the leaker was, because wikileaks must protect their sources or they will cease to exist and put a lot of people in danger. But Assange has made it clear who it wasn’t; Russia or any other state actor.

Anyway I don’t know what the big deal is. We didn’t learn anything from the DNC hack that we probably couldn’t have guessed.

#56 Quebec Is Great on 02.20.20 at 7:46 pm

just posting a NOTICE for readers that may be holding a gold etf. George Gammon posted a YouTube video yesterday (Feb 19) outlining that HSBC is in trouble and apparently they back a gold etf. just saying, be careful out there.

#57 Nonplused on 02.20.20 at 7:52 pm

#38 Everything is better in USA! USA!

Three things to consider when looking at Canadian tipping practices: First, most people tip 10-20% on things like wait staff and cab drivers, which is considerable when you consider that most of the cost is in the food or the car. Second, minimum wage laws in Canada are on their way to $15/hour, meaning the staff aren’t really living on their tips in the same way they do in some states in the US. Third, yes, we are broke. Most of us anyway. The government here is taxing everyone to death.

#58 Loonie Doctor on 02.20.20 at 7:55 pm

#25 Sold Out

Your rant has a mixture of truths and myths. I say this as someone intimately involved and not speculating.

1) Residency positions are determined by governments. Not our associations. At all. They have been cut by governments much to our dismay multiple times over the years.

2) There is a high bar for foreign trained doctors to jump over. It is there for a reason. Not medical training is equal. Could it be a bit lower? Maybe. Again, that is not controlled by our associations. It is government.

The governmental thesis is that by having fewer doctors, there are less tests/procedures done and therefore less cost. The assumption is that physicians generate cost on their own rather than responding to patient needs. Look up Barer-Stoddart report for an example. Do you not thing medical associations would rather have more dues paying members? They are largely bureaucratic self-preserving entities. For example, the OMA’s biggest achievement each time they negotiate a contract is that they reaffirm themselves as the official negotiators for Ontario doctors and can collect mandatory dues. Major conflict of interest to accede to government demands to maintain that at the cost of representing members. The source of much discord lately.

3) Our associations have had problems as mentioned above. The other problems is of pay equity. There are some specialities that make a disproportionate amount more than others. Even within family medicine or different specialties there are different pay systems – some are a decent deal (and have been frozen or clawed back) and others are brutal. Improvement has been slow, but I don’t think this is driving people to the U.S. I actually don’t think many currently practicing physicians will leave. We have attachments to our patients and our communities that are too important. It is the upcoming physicians that haven’t grown roots that I think are more mobile and at risk.
-LD

#59 Shawn Allen on 02.20.20 at 7:59 pm

Criminally low Interest Rates?

Money was invented around 7000 years ago and lending probably soon after. For the next 6990 or so years people everywhere complained constantly about the high interest rates to borrow money.

The word Usury was invented and meant charging an unreasonably high interest rates. There are laws in most countries around maximum interest rates.

But in the last decade or so and increasingly in the last few years a strange new phenomenon arose.

People started to complain about unreasonably low interest rates. It was destructive they said to allow people to borrow money at excessively LOW interest rates. It drove up house and other asset values and led to over-borrowing.

This strange new complaint is so new that no word has yet been invented to describe it.

Strange Days indeed.

#60 Nonplused on 02.20.20 at 8:02 pm

#38 Everything is better in USA! USA!

Oh and PS, I have been to the US many many times and I can assure you not everything is better in the US. The US has more violent crime, more obvious poverty, much more expensive health care, and the things that used to be cheaper like beer and cigarettes are all migrating towards what we pay in Canada, only you have to use US dollars so they are actually considerably more.

Also there are some unique “cultural” things to observe in the US that you don’t see in Canada. For example I went to a Jets game in New York a few years back (my first NFL game) and I was shocked to see police armed with assault riffles near every entrance. “What is this, Mexico?” I thought. The police in Canada are armed too, but they don’t put on a show like that. Not for a sporting event in any case.

#61 MF on 02.20.20 at 8:05 pm

7 Nonplused on 02.20.20 at 7:52

I’m not broke. Many people aren’t. Either I’m really good, or the statistics aren’t quite telling the whole story.

I don’t know.

Also, I was a server for many years. Tips were surprisingly good. The job requires social skills, organizational skills, tact, and charm. Not everyone has that so tip % will vary.

Also lol at your 15$/hour minimum wage comment. Maybe you’ve never worked in a restaurant. It’s 14/hour, and server salaries are lower (around 12/hour). Yeah your really killing at that rate /sarcasm.

MF

#62 crazyfox on 02.20.20 at 8:08 pm

As you know, the Trudeau guys – the ones who surrendered on Thursday to the lawless aboriginal protestors – dropped the stress test hurdle this week by about a third of a point. By changing the formula, the qualifying rate fell from 5.19% to 4.89%. It’s a big deal. The first meaningful drop since the thing was created. And it comes at a weird time – when nobody needed to step on the gas. – Garth

I suppose, if one says it enough times, “T2 is letting natives go on the warpath, can’t get exports to market”, we say it enough times we’ll believe it but the law tells another story. Once again, its up to the provinces to enforce the law. The provinces chose to do so either through providing a police force of their own or pass down the responsibility to municipalities, or, they can contract out the RCMP to do so. Just because the RCMP are federal employees does not relinquish the province’s authority to enforce the law and lets be clear, amendments to the RCMP act post Oka do not allow the Fed to allow the RCMP to enforce the law on the federal government’s behalf as Sheer claims can be done. Read the RCMP Act for yourselves, its what it is.

The Feds enforce the law at the border, while the provinces enforce the law within each province. The provinces have several choices in how to do it, but it’s their jurisdiction. Otherwise, the only way the Feds can step in and enforce the law within the provinces is if the federal government is invited to do so (as it was with Oka) or through the war measures act which can be strongly argued as an over reach of federal power in ending native protests that breach the law that the provinces have not even remotely begun to try to enforce themselves. In other words, its not something that any federal government should invoke as a first response:

https://www.thecanadianencyclopedia.ca/en/article/war-measures-act

As for the rest of what you say Garth, I agree. On the surface, there is no justification for lowing the stress test .3%. Unless there is a serious domestic or global economic slowdown we are unaware of, (Hagibis, Corona, unjustified oil embargoes leading to trade wars) but that’s just it, Asian economies are wobbled right now and as such, global risk is building. I don’t like it if the move is unjustified obviously but I really don’t like it because of what that means if it is justified. It would be better if the Libs merely laid an egg considering the alternative.

https://www.reuters.com/article/us-china-health-idUSKBN20E0AM

#63 Everything is better in USA! USA! on 02.20.20 at 8:12 pm

#57 Nonplused. you are honest. I was once in florida chatting with a waitress. The couple next to my table was from Canada. After they left the waitress seemed a bit upset. I probed and it turned out she got stiffed by them. She told me this is a norm and most of her friends hate waiting tables during the snow bird season. Canucks. I left her with 30% to make up for her loss. What a Shame.
Do you know what the difference between a canoe and a Canadian? The canoe tips. lol
excuse my typos. damn cellphone.

#64 Nonplused on 02.20.20 at 8:13 pm

#45 Yukon Elvis

The Wet’suwet’en First Nation is not behind the blockades. It is a small group of trouble makers calling themselves “hereditary chiefs”. So far as I know the title “chief” was never hereditary in native culture and it certainly isn’t now. They elect their chiefs and may have always done so.

According to this government website

https://www.aadnc-aandc.gc.ca/eng/1357840941858/1360161283867

The Wet’suwet’en First Nation has 234 registered members and only about half live on the reserve. But I’ve also read they actually have about 4,000 members. With a group that small, pretty much every member can trace their linage back to a chief if they go far enough back.

#65 crowdedelevatorfartz on 02.20.20 at 8:13 pm

@#38 Everything is better in the USA
“I heard people in Canada are bad tippers or no tippers. Is it because you have no money left after paying your mortgages or are you just cheap skates?”
+++

You are absolutely correct.
Dont come here even to visit, you’ll be very disappointed.
Stay home.

#66 crowdedelevatorfartz on 02.20.20 at 8:20 pm

@#181 crazyfox

blah blah blah, scroll…..scroll…..scroll….blah,blah blah,….scroll…..scroll……scroll……blah blah blah…..scroll…scroll….scroll,….the end.

******

Sometimes.
less = more.

#67 some guy on 02.20.20 at 8:22 pm

It is amazing we pass policies the benefit the exploitive and predatory real-estate industry.

Its an industry that offers nothing to society. Just leaches off of Canadians and milks us dry, preventing us from putting money into institutions that actually benefit us.

#68 Yuus bin Haad on 02.20.20 at 8:24 pm

CREA compliance here to remind you that it’s ALL CAPS and registration mark in superscript (please and thank-you)

#69 Blackdog on 02.20.20 at 8:24 pm

@#54, You mean you are also a Canadian cursed to have been born in the USA?

#70 S.Bby on 02.20.20 at 8:29 pm

This place sold for an even one million on January 20 this is the lowest detached sale I’ve seen yet in my area. An old house but a decent sized lot.

https://www.bcassessment.ca/Property/Info/QTAwMDAzWDEzUg==

#71 Shawn Allen on 02.20.20 at 8:33 pm

Nonplused on tipping at 57.

Nonplused, can you explain why the standard tipping percent has not gone down when the minimum wage was sharply increased? I believe Alberta is at $15 per hour and Ontario $14.

#72 akashic record on 02.20.20 at 8:39 pm

Interesting take about Tesla on Kevin O’Leary’s YouTube blog (starting around 10 minutes) and how he arrives to his conclusion.

https://www.youtube.com/watch?v=zSkdWqs2zAg

#73 Capt. Serious on 02.20.20 at 8:49 pm

#57 Nonplussed

Be more specific. Taxing people over a certain income level to death. Low income with 3 kids? Forgettaboutit, no tax for you! Enjoy. Maybe some people don’t need savings because they’re suckling on the system forever.

#74 Drinking on 02.20.20 at 8:51 pm

Those of us who remember Nortel, won or lost, interesting story. Almost as good as Brexe!

https://www.dailymail.co.uk/sciencetech/article-8025979/NASA-image-reveals-remains-ancient-lake-stretched-Sahara-7-000-years-ago.html

Of course it all ties into Garth’s blogs, investing smartly; if possible!

Sad for Canada!

#75 Drinking on 02.20.20 at 8:52 pm

Sorry wrong link to my previous post of Nortel!

https://nationalpost.com/news/exclusive-did-huawei-bring-down-nortel-corporate-espionage-theft-and-the-parallel-rise-and-fall-of-two-telecom-giants

#76 just snootin' on 02.20.20 at 8:52 pm

#1 chico on 02.20.20 at 3:59 pm
hi Garth, do u think is possible to get a lot/land under 37k/yr out of Vancouver where we live?

If I understand, you are looking for a lot “outside” of Vancouver? For that money, you will be looking north of 108 Mile and east of Shuswap, but it can be done with some ground searching. A buddy just picked up 5 acres for 25k on a private rush sale out in the bush. You have to know people, though.

#77 Loonie Doctor on 02.20.20 at 8:55 pm

#43 Blackdog on 02.20.20 at 6:43 pm
@#29 Everything is Better in USA! USA!
re: ” Most Canadians are financially illetrate.”
And we cant rite or spell neithers.
——————————————————————–
That was rill gud. I licked it alot.
-LD

#78 Ronaldo on 02.20.20 at 9:21 pm

#26 Dumb Wealth on 02.20.20 at 5:46 pm
Age 50 is when you should be trying to get out of debt. Do they ever plan on retiring?

Also, on an unlevered basis housing wasn’t the best investment from 2008-2018: https://dumbwealth.com/toronto-homes-not-best-investment-2008-2018/
——————————————————————
In my day age 50 would be 5 years after the kids left home and the mortgage was paid off and you had 20 years to pack it away for retirement.

#79 Sold Out on 02.20.20 at 9:25 pm

#58 Loonie Doctor on 02.20.20 at 7:55 pm
#25 Sold Out

Your rant has a mixture of truths and myths. I say this as someone intimately involved and not speculating.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Thank you for your insight. I intended no disrespect to the profession, but Garth’s implying our GP shortage is due to taxation was simplistic, incorrect and served only to justify the day’s post.

#80 joblo on 02.20.20 at 9:29 pm

Hey Kanada, you laws don’t matter.
Have at er, break the law all ya want, dialogue away, no arrests, no jail, just don’t “disqualifed” yourself.
Just talk away until resolution.

#81 Mike on 02.20.20 at 9:34 pm

https://www.youtube.com/watch?v=t8iRwrz1bY4

buffalodeclaration.ca

#82 DOn on 02.20.20 at 9:36 pm

Three banks not meeting expectations, rough fourth quarter and one factor was an unexpected (?) Increase in bad loans.

Walmart and Loblaws are experiencing retail declines.

Consumers clashing with affordability.

And according to another financial post article Victoria real estate is still vulnerable to headwinds.

The US is also seeing a decrease in consumer spending.

Repo market still needing a cash infusion, corporate stock buy backs, slower global growth. Lower interest rates have created more debt.

BOOMERANG….INCOMING!

#83 Steven Rowlandson on 02.20.20 at 9:41 pm

On Thursday I spent time with a couple who emigrated here (from Cuba) a dozen years ago. Nice people. One kid. Rent in the GTA where he’s an engineer. At 50 years of age, they’ve managed to save about $250,000, which is a true accomplishment after starting with nothing – including no English.

Mars wants to invest this money since they have no pensions. Venus wants a house. “All of our friends say they’re making so much money and that we’re throwing it away on rent. The bank says we can afford a house worth about $750,000.”
————————————————————–

The bank is looking at the wrong numbers. The bank should be looking at his single income only , not his wife’s income if any and not his savings. Mortgage lending standards need to be tightened up and not be made more slutty where anyone who can fog a mirror could borrow a million or what ever.

#84 oh bouy on 02.20.20 at 9:59 pm

@#78 Ronaldo on 02.20.20 at 9:21 pm
#26 Dumb Wealth on 02.20.20 at 5:46 pm

——————————————————————
In my day age 50 would be 5 years after the kids left home and the mortgage was paid off and you had 20 years to pack it away for retirement.
_____________________________________

i’m a few years away from 50.
this sounds about right, other than the kids.

#85 Pablo on 02.20.20 at 10:04 pm

@#44 Don Guillermo on 02.20.20 at 6:48 pm
#37 Steven Rowlandson on 02.20.20 at 6:29 pm
“As you know, the Trudeau guys – the ones who surrendered on Thursday to the lawless aboriginal protesters”
Who exactly is the real government of Canada?

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

The Canadian government is a joke and anyone that voted Green, Orange or Red need to own this! This country is self destructing!!
_________________________________

lol, now you’re just being hysterical.

#86 Slowly Boiling Frogs on 02.20.20 at 10:06 pm

So why can’t the stress test just be based on Postal Codes like property taxes and property insurance?

It could be higher in GVA and GTA, a bit lower in Montreal and Victoria and much lower in most of the rest of Canada.

It just seems logical to apply it where it is really needed and not make it a national test that isn’t needed in most of the country.

#87 Slowly Boiling Frogs on 02.20.20 at 10:10 pm

#79 Sold Out on 02.20.20 at 9:25 pm

Thank you for your insight. I intended no disrespect to the profession, but Garth’s implying our GP shortage is due to taxation was simplistic, incorrect and served only to justify the day’s post.

—————————————————–

Actually, there is some truth to Garth’s assertion. My family doctor’s clinic shut down for an extra 2 weeks last year during the summer. It has 5 MDs in the partnership. They voted to take extra vacation time with their families rather than work those usual two weeks and get zinged by a higher marginal tax rate.

Who knows? It might explain the longer wait times in Ontario emergency rooms last year after a few years of slowly falling wait times.

#88 Slowly Boiling Frogs on 02.20.20 at 10:12 pm

It should have read …… It might ALSO explain the longer wait times…

#89 S.Bby on 02.20.20 at 10:15 pm

#1 Chico needs to buy some land to bury his silver hoard.

#90 n1tro on 02.20.20 at 10:32 pm

https://www.theglobeandmail.com/business/article-canadian-home-prices-edge-higher-in-january-led-by-hamilton-and/

Go Hamilton and Montreal!

#91 Mil on 02.20.20 at 11:15 pm

Would be interested in hearing what the gov is going to do on the supply side? Won’t hold my breath..

#92 Herb on 02.20.20 at 11:20 pm

Don’t be surprised at T2 caving to the Finance, Insurance, and Real Estate (FIRE) industry. So did his predecessors – it’s in the nature of politics. The suspicion that ‘money rules’ is supported by evidence, in this study, for instance.

“… [O]ur analyses suggest that majorities of the American public actually have little influence over the policies our government adopts.”

“… [P]olicymaking is dominated by powerful business organizations and a small number of affluent Americans …”

[Substitute your choice of nationality in the above.]

https://scholar.princeton.edu/sites/default/files/mgilens/files/gilens_and_page_2014_-testing_theories_of_american_politics.doc.pdf

#93 SoggyShorts on 02.20.20 at 11:40 pm

#163 Eks dee Siple on 02.20.20 at 1:59 pm
#158 G… so you feel your anecdotal evidence is better than mine. K. Look at the overall picture. Health has not improved in 100 years or more. Autism 1 in 10, 1 in 3 with diabetes, 1 in 2 with heart and stroke, close to 50% cancer rates, highest MS/ALS in the world, most die from WRONG prescriptions/dosing
*********”
Is that sarcasm or the dumbest post we’ve seen on this blog?
10% have autism?!?!
Overall Health hasn’t improved in 100 years?!

What are you smoking?

#94 fishman on 02.20.20 at 11:44 pm

Yes jaguar, I could talk about the B.C. Commercial fishing industry. I could also invite everyone to a life insurance actuaries convention. Their more similar than you think.
Take north pacific halibut. The first commercial treaty that Westminster let Canada sign on its own (1927). This is run by the IPHC, International Pacific Halibut Commission. The commission consists of 2 reps from the States, 2 reps from Canada & a chairman traditionally Canadian. We use one “biomass model” to determine harvest rates for the entire west coast of North America. The halibut biomass model is the longest running, most successful, most complicated biomass model in the world. Believe me, the life insurance convention looks pretty exciting after a bout with halibut fish scientists.
Now take our domestic fisheries run from 3000 miles away. Overlay DFO fish scientist & their biomass models with necessity to first conform to political re-election & more recently, political correctness. See what I mean. No more Atlantic salmon. No more Atlantic cod. No more B.C. Pacific salmon.
Last year the Lower 48 & Alaska had real good salmon seasons for their commercials & we in B.C. had the worst in recorded history. Its so complicated I don’t know where to start so I won’t.

#95 Loonie Doctor on 02.20.20 at 11:54 pm

#79 Sold Out

Doctor supply/demand is complicated. There is a constant tension created by our system where infinite demand (based on a mix of need and expectations) is coupled to finite resources. I agree that tax is only one piece of it. However, I do agree with Garth that it does not help. How many physicians we license is one lever. The other lever is how much we incentivize them to work. Most actually love medicine (myself included), but I also love my family and the other parts of my life/community. With only so much time to go around there is a weighing of how to spend it. All humans do this – except maybe martyrs. I never paid much attention to taxes until my marginal rate was passing 50%. I also pay a 5-7.5% progressive tithe to our University to fund our teaching/research department. That plus the 5% Wynne clawback had me making 34 cents on the dollar partway through the year. I still may not have noticed (since I still make an excellent living and have a fulfilling job) but the constant media-bashing of docs as overpaid also weighed on me. It was an eye-opener when I actually paused to examine how much I brought home after tax/tithe. I could whine or act on the info. I have decided to act and cut back. Makes sense. Ok – I did whine a little too (I am human). Perhaps the answer is way more docs all working less each. Very aggressive progressive taxation encourages that. Better life balance for docs for sure. That does require having way more docs though and the government has kept that lever in check.
-LD

#96 Yukon Elvis on 02.21.20 at 12:49 am

Mars wants to invest this money since they have no pensions. Venus wants a house.
…………………

Hey Mars. When you go to the bank to apply for a mortgage mention my name. They will throw you out.

#97 Carman Gaia on 02.21.20 at 1:45 am

Rates? What a crude distraction. Big US banks like City and Goldman’s are trading at 8x’s . This is deep Buffet bargain territory.

The yahoos calling for a recession are the TDS crazies “hoping” for a dump to blame Trump. Not going to happen. Stay the course profiteers.

Unless you didn’t notice, nobody gives a unicorn fart about what Trudy is doing. Or what the blue hairs are about. That’s why stocks are going up not down. What’s bad for Mainstreet is great for equities. Total distraction. Stocks are rocking.

#98 Shirl Clarts on 02.21.20 at 2:42 am

#70 S.Bby on 02.20.20 at 8:29 pm
This place sold for an even one million on January 20 this is the lowest detached sale I’ve seen yet in my area. An old house but a decent sized lot.

https://www.bcassessment.ca/Property/Info/QTAwMDAzWDEzUg==
^^^^^^^^^^^^^^^^^^
Amazing what goes for a million bucks. Such a tiny house. Surely you could rent something cheaper, even with the low rental stock. Maybe it’s pride and they ‘need’ home ownership. Maybe they downsized from Van, and are now mortgage free.

I was curious and hit the “Sample Sold”. Almost all recent sales (Oct 2019 to Jan 2020) sold over assessed value. Except for 2 on Humphries.

This is evidence of low supply, and high demand. FOSC meets FOMO. The perfect storm.

It helps explain why buyers continue to pay more than assessment. But sellers also know it’s a very confusing time to buy property, so asking prices are not challenged because… who really knows what it’s worth. Clearly not BC Assessment.

A realtor told me that December was unusually busy. Perhaps buyers on the sidelines were trying to get in before Rutting season. They remember the disappointment in 2017 with bids over asking yet still losing to an even higher bid.

#99 Howard on 02.21.20 at 4:39 am

#22 Rainman on 02.20.20 at 5:27 pm
At the end of the day people have to be adults, such why I don’t agree with the stress test. People should be able to make there own decisions and the banks should be responsible for their own loans. People will always be house horny, which means in today’s world not diversified and gambling… the show still has much steam ahead…

———————————————

Do you know anything wbout how Canada’s banking and mortgage system works? The CMHC (i.e. TAXPAYERS) are backstopping these loans. That’s why the stress rate was put in place, to safeguard bank solvency and mitigate risk to taxpayers.

If we abolished the CMHC then I’d be all in favour of abolishing the stress test. But in these times it is irresponsible to have one without the other.

#100 Gerald Mack on 02.21.20 at 7:12 am

Trudeau’s insane backers are just as destructive elsewhere. And just as insane. Over the past few weeks Trudeau has been promising oil and gas exploitation in African countries in exchange for votes on the Junior non Voting vanity project…as well as Canadian mining expertise. Full blown exploitation in Africa with Canadian tax payer money.

https://www.zerohedge.com/geopolitical/europes-anti-science-plague-descends-africa

All the while Trudeau is pushing ahead supporting the insane posse who are trying to kill Canada’s industry but want Africans to starve. Makes no sense.

#101 crowdedelevatorfartz on 02.21.20 at 8:17 am

@#93 fishman
“Now take our domestic fisheries run from 3000 miles away. Overlay DFO fish scientist & their biomass models with necessity to first conform to political re-election…”
++++

yep.
Never let science get in the way of gutless political decisions….
As John Crosbie once said to enraged fishermen protesters after the East Coast Cod fishery was shut down due to the collapse of the industry due to years of overfishing allowed by consecutive govts that ignored DFO warnings.,
” Dont blame me. I didn’t take all the goddamn fish!”

#102 crowdedelevatorfartz on 02.21.20 at 8:33 am

@#82 Don.
“Repo market still needing a cash infusion, corporate stock buy backs, slower global growth. Lower interest rates have created more debt.”
++++

I’m wondering if we’re heading towards a Japan type recession a la the early 90’s.
Ridiculous housing prices and speculation and then boom…. the bottom fell out…they’re still dealing with it.
There could be a lot of very unhappy mortgage holders in the next few years.

#103 Phylis on 02.21.20 at 8:38 am

Even if we inflated the gas bag to the moon, let it pop and bankrupt many people, as some people only learn thru experience, and then throw in a little shaming saying i told you so, they still would not get it. Party on Garth. I try to help people that have an interest in helping themselves. Maybe a little harsh but, they need to be ready to receive help else you waste both’s time.

#104 Julian on 02.21.20 at 8:47 am

What’s the best source of unbiased information regarding the supply and demand dynamics for
housing in the GTA?

For example, when I watch a typical guest on some news segment, it is typically the oft repeated notion that there is a fundamental issue of supply not meeting demand and the implication is usually that demand is genuinely due to population growth in the GTA. Commentators will typically quote the oft repeated bit about strong immigration to the GTA (typically without any qualification of ability of immigrants to buy at these high pieces). Conversely, I know I have read arguments in the past about it being fundamentally a speculation issue because the increase in supply is sufficient for the the rate of household formation. Obviously there are constraints to this argument in specific areas because they aren’t exactly building new low-rise housing in the heart of Toronto, but there are lots of developments in the suburbs. It just seems like there is a lot of noise and
repeat commentary and we may be in a situation where people just repeat what they hear without questioning.

#105 not 1st on 02.21.20 at 9:13 am

I for one support the protests. Its the only way to wake people up. There are hundred of billions of dollars of unmoved goods sitting idle now and they aint Canada Goose jackets.

Canada is built on our resources. They are the only thing of value we trade with the rest of the world. There isn’t a Silicon valley here, nor will there ever be. Our housing bubble is just a GDP recycle program, its not real, nor is it healthy. Only govt would put people $2T in illiquid speculative debt and call it an investment.

The protests are illegal, and being carried out by a tiny segment of society taking acting in their own self-interest. In doing so they have stripped paycheques from a few thousand families. Nobody has the right. – Garth

#106 FreeBird on 02.21.20 at 9:19 am

#104 Phylis on 02.21.20 at 8:38 am
. I try to help people that have an interest in helping themselves. Maybe a little harsh but, they need to be ready to receive help else you waste both’s time.
——————-
Just said the same. Can’t or won’t help themselves. Not always a clear or easy answer. If the excuses outweigh the effort I go with the first.

#107 JB on 02.21.20 at 9:26 am

#50 SimplyPut7 on 02.20.20 at 7:01 pm

Let the frenzy play out, every novice speculator wants to be a landlord. There are so many people dying to owe their bank $500k or more.

Let’s see how long that idea last when all of the condos start hitting the market in Canada.
………………………………………………………………..
BUY A CONDO AND GET POOR QUICKLY.
Oh don’t forget the massive insurance rates hike across the board for Condos last year and their outrageous deductibles of $10,000 to $100,000 who in their right mind would invest in a condo. My deductible for my home is $1000? This year the rates are set to skyrocket again for the few companies that even want to insure these high-rise risk buildings. So if you have $100,000 damage its coming out of your pocket. Good way to wipe out your savings. It appears that insurance companies see the risk in high-rise condos and don’t want any part of them unless they can make money. Oh and the fact that their value is going to crater! Good luck when you try to unload this place.

#108 crowdedelevatorfartz on 02.21.20 at 9:29 am

@#104 Phylis
“…..and then throw in a little shaming saying i told you so, they still would not get it….. ”

++++

It wont matter if current whinging is any indication.

Mortgage defaults/ bankruptcies will, of course, be the Boomers fault…… but pointless, fruitless, blaming everyone but themselves……. still wont get Greaterfools out of debt to the banksters….. :)

#109 Jeffery Wong on 02.21.20 at 9:44 am

https://nationalpost.com/news/exclusive-did-huawei-bring-down-nortel-corporate-espionage-theft-and-the-parallel-rise-and-fall-of-two-telecom-giants

Bad mouthing Nortel for being a bad company? Maybe it was a good company rotten with inside saboteurs and the industrial espionage tactics of the PRC.

Maybe there’s a few Nortel insiders who should be in jail. Maybe , if they roll on their Chinese handlers the losses could be recovered by seizing Chinese assets by the courts.

#110 not 1st on 02.21.20 at 9:55 am

The protests are illegal, and being carried out by a tiny segment of society taking action in their own self-interest. In doing so they have stripped paycheques from a few thousand families. Nobody has the right. – Garth

—-

Well 200,000 people lost their jobs in Ab due directly to Trudeaus policies. I didn’t hear much indignation from the rest of Canada then. Trudeau (and Horgan) blockaded western Canadian resources and people applauded him for it.

Some equal pain across the country is what it will take for people to wake up and see what this govt really is.

Coastal Gas is currently laying off their entire indigenous workforce. Good one protestors. They will probably be sent back for more consultations and then launch a lawsuit on the feds. That’s just $7B for the pipeline. The $40B LNG plant is the next step alone with all the infrastructure in NE BC to gather all that gas.

But for people paying attention, watch for the AB firewall to be put in place by the end of this year. Fair deal panel is done and its a slam dunk idea. CPP program is insolvent without AB in it. Pain isn’t done yet.

FN goofs. Wexit wackos. You’re both unhinged. – Garth

#111 YVR Expat on 02.21.20 at 9:59 am

#37 Steven Rowlandson on 02.20.20 at 6:29 pm
“As you know, the Trudeau guys – the ones who surrendered on Thursday to the lawless aboriginal protesters”
Who exactly is the real government of Canada?

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

Let’s be honest, Trudeau wants the protests, he thinks this will help him somehow. He got his climate activist buddy, Gerald Butts (he used to head the Tar Sands Action campaign), to set this whole thing up. Watch and Learn.

It’s all Manufactured Outrage.

#112 Phylis on 02.21.20 at 10:17 am

Out for the grocery run… uh oh observation. 8 homes in a 10 minute drive, all hanging SOLD. I dont recall the rutting to have started this early.

Side note, SM didnt chime in on Seth. He must not be feeling well.

#113 Shawn Allen on 02.21.20 at 11:06 am

Real Estate Industry Bashing

#67 some guy on 02.20.20 at 8:22 pm said:

It is amazing we pass policies the benefit the exploitive and predatory real-estate industry.

Its an industry that offers nothing to society. Just leaches off of Canadians and milks us dry, preventing us from putting money into institutions that actually benefit us.

*************************************
What an awful and wrong and divisive comment.

What part of the real estate industry offers nothing to society? The part that develops land and builds houses and other homes so that people have a comfortable and warm place to live (and idle their time away on the internet)?

The part that facilitates people buying and selling homes from and to each other so that we can have mobility including labour mobility?

The part involved in lending so that people can buy (and sell) homes?

And what makes you think you are part of some giant “us Canadians” that somehow excludes the real estate industry and its participants?

In another life I would have been a teacher and taught economics and finance and would have given your comment a badly failing grade.

#114 DON on 02.21.20 at 11:10 am

#113 Phylis on 02.21.20 at 10:17 am

Out for the grocery run… uh oh observation. 8 homes in a 10 minute drive, all hanging SOLD. I dont recall the rutting to have started this early.

Side note, SM didnt chime in on Seth. He must not be feeling well.
******************

I see most sold signs on condo’s and townhouses. Driving by a one year old condo complex yesterday and my co-pilot points out the Van that says ‘water damage restoration’. We just went through the January moonsoons – poured everyday. But people are still buying condo’s in light of the pending condo insurance rate hikes…

If you want SM to show up…just whistle like the Friendy Giant and he will appear.

#115 Quintilian on 02.21.20 at 11:12 am

“Instead, it’s to the real estate-industrial complex. The lenders. The insurers. The reno guys. The appraisers. And, above all, the realtors.”

These are powerful groups to fear by a government who has a fragile hold on power. It is definitely politically astute, and it will be economically damaging, however the damage will be delayed.

However, administering steroids to the housing market at this point, can be said, without being accused of hyperbole, that it is downright irresponsible and unethical.

It rivals the 40-year mortgage with 0 down introduced by the Harper government.

#116 DON on 02.21.20 at 11:14 am

#103 crowdedelevatorfartz on 02.21.20 at 8:33 am

@#82 Don.
“Repo market still needing a cash infusion, corporate stock buy backs, slower global growth. Lower interest rates have created more debt.”
++++

I’m wondering if we’re heading towards a Japan type recession a la the early 90’s.
Ridiculous housing prices and speculation and then boom…. the bottom fell out…they’re still dealing with it.
There could be a lot of very unhappy mortgage holders in the next few years.
************
Not looking good on the horizon. ‘But it’s different this time’.

#117 Yukon Elvis on 02.21.20 at 11:14 am

The protests are illegal, and being carried out by a tiny segment of society taking acting in their own self-interest. In doing so they have stripped paycheques from a few thousand families. Nobody has the right. – Garth
……………………………

So what exactly is the solution? Have them forcibly removed and incarcerated if necessary? Can you say it ?

#118 G on 02.21.20 at 11:43 am

For another view an option piece. A comment on Government systems, there and here for the most part.

Tucker: America is being sold to China
Fox News Feb 18 11min
https://www.youtube.com/watch?v=rfzzn2mj1Qc

#119 Shawn Allen on 02.21.20 at 11:46 am

Rate Reset Preferred Shares…

Are actually mostly up a little in the past two months even as the 5 year Canada bond yield (that sets the reset dividends) has declined quite a bit.

See CPD which I understand is mostly rate resets…

Possibly the market has decided that even if these reset slightly lower than had been expected two months ago it will still generally be over 5% and that’s just not a bad rate in the the current interest rate environment.

Watch for some new issues at low rates as banks take advantage.

#120 SimplyPut7 on 02.21.20 at 11:57 am

#108 JB on 02.21.20 at 9:26 am

A fool and his money are soon parted

Canada is a land of middle-class and poor people, nothing wrong with that. But our politicians, real estate industry and speculators are not ready to hear that most poor people cannot afford to maintain a condo. There’s a reason condo maintenance fees are in the thousands in larger cities in the US for the same priced place in Toronto or Vancouver.

Buildings fall apart, repairs are expensive. I don’t know many people that own townhouses or detached homes in Canada spending $12,000 or more on home repairs every year. Yet $1000+ maintenance fees are common in older condos in Toronto.

We need more homes with backyards so our cities will be less dense and home prices will not go through the roof, causing insurance companies to have to charge high premiums and deductible for common repairs. The second largest country in the world is not running out of land to build detached houses.

We’re not ready to have that conversation yet, so let the frenzy continue. At some point there won’t be enough money to pay for all of the repairs, insurance premiums, maintenance fees and new condos being completed.

I’m sure Warren Buffett will be happy to help our financial institutions again when that day happens.

#121 G on 02.21.20 at 11:59 am

Not sure what reliability rating this source has?

‘Weak Start To The Year’ – Maersk Warns Paralyzed Chinese Factories To Damage Global Economy Feb21
https://www.zerohedge.com/markets/maersk-warns-chinese-factories-paralyzed-will-damage-global-economy

#122 Shawn Allen on 02.21.20 at 12:02 pm

China Buys America?

#119 G on 02.21.20 at 11:43 am
For another view an option piece. A comment on Government systems, there and here for the most part.

Tucker: America is being sold to China

**********************************
Well, Buffett wrote about the trade deficit maybe 15 years ago (and several times since) and said it results in America force-feeding U.S. currency to places like China. And to the extent there is a trade deficit, China piles up dollars which can basically only be used to buy U.S. treasuries or to buy U.S. corporations, buildings and land including via the stock market.

Buffett said, don’t blame China, America caused this.

Buffett proposed a solution which was ignored.

Watch for Buffett’s latest annujal letter tomorrow and remember to always assume that Buffett is correct. (He’s not always right but its the way to be since he usually is.)

#123 Don Guillermo on 02.21.20 at 12:06 pm

#118 Yukon Elvis on 02.21.20 at 11:14 am
The protests are illegal, and being carried out by a tiny segment of society taking acting in their own self-interest. In doing so they have stripped paycheques from a few thousand families. Nobody has the right. – Garth
……………………………
So what exactly is the solution? Have them forcibly removed and incarcerated if necessary? Can you say it ?
*******************************************
Simple. Will and political support.

https://www.huffingtonpost.ca/entry/cn-rail-edmonton-blockade_ca_5e4ddb91c5b6a8bbccb85baf

#124 JB on 02.21.20 at 12:22 pm

#115 DON on 02.21.20 at 11:10 am

#113 Phylis on 02.21.20 at 10:17 am

Out for the grocery run… uh oh observation. 8 homes in a 10 minute drive, all hanging SOLD. I dont recall the rutting to have started this early.

Side note, SM didnt chime in on Seth. He must not be feeling well.
******************

I see most sold signs on condo’s and townhouses. Driving by a one year old condo complex yesterday and my co-pilot points out the Van that says ‘water damage restoration’. We just went through the January moonsoons – poured everyday. But people are still buying condo’s in light of the pending condo insurance rate hikes…

If you want SM to show up…just whistle like the Friendy Giant and he will appear.
……………………………………………………………….
Yes super weird with Smoking guy, he hasn’t cranked out anything outrageous for over two months in my recollection. I miss the freak show it was always entertaining especially his Trump USA Love Guru thingy.

Re pending condo insurance rate hike. A friend unloaded his condo on Bloor & Riverview and the new owner is pissed at the jacked up insurance rate he did not expect. The new owners realtor contacted his realtor to ask what rate he paid and our friend obliged by offering his company name and rate. I am seriously thinking of investing a little in insurance companies as this Condo Insurance Scam is going to be a money maker for those companies who stay in the business of insuring condos. Too bad the condo owners will get wiped out.

#125 YVR Expat on 02.21.20 at 12:27 pm

#118 Yukon Elvis on 02.21.20 at 11:14 am
The protests are illegal, and being carried out by a tiny segment of society taking acting in their own self-interest. In doing so they have stripped paycheques from a few thousand families. Nobody has the right. – Garth
……………………………

So what exactly is the solution? Have them forcibly removed and incarcerated if necessary? Can you say it ?

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

If you break the law, you face the consequences. That’s how it works. Why do these protesters get so much love and privilege from Trudeau?

#126 Sail away on 02.21.20 at 12:33 pm

#121 SimplyPut7 on 02.21.20 at 11:57 am

At some point there won’t be enough money to pay for all of the repairs, insurance premiums, maintenance fees and new condos being completed.

I’m sure Warren Buffett will be happy to help our financial institutions again when that day happens.

———————————–

Wrong.

Buffett steps in when he sees artificially low valuation giving room for profit.

Buffett propped up Home Capital due to mispricing caused by short-seller attack and quickly doubled his money.

Socialistic charity is not his thing. I wouldn’t own Berkshire if it was.

#127 G on 02.21.20 at 12:51 pm

(Getting closer and closer to 1984 IMO.)
Op-ed, RT, Feb 21

Facebook’s Oversight Board will be Zuckerberg’s patsy censors, giving him cover as he aims to control all global information (and to censor your free speech)
https://www.rt.com/op-ed/481295-overight-board-control-facebook-zuckerberg/

“The demand for more speech and content regulation on the internet by Facebook might seem like turkeys voting for Christmas, but it’s a cunning plot designed to protect and advance the power of Facebook’s unaccountable monopoly.”

#128 Sold Out on 02.21.20 at 12:54 pm

#95 Loonie Doctor on 02.20.20 at 11:54 pm
#79 Sold Out

Doctor supply/demand is complicated. There is a constant tension created by our system where infinite demand (based on a mix of need and expectations) is coupled to finite resources. I agree that tax is only one piece of it. However, I do agree with Garth that it does not help. How many physicians we license is one lever. The other lever is how much we incentivize them to work….

xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

I agree that doctor’s compensation should reflect the significant costs of their education, and the demanding conditions of practicing medicine in our system.

However, the notion that we can keep upping compensation, or reducing taxes, to incentivize doctors is unsustainable. You mention work/life balance, which is a fairly recent addition to the list of cultural impediments to attaching patients to GPs. Increasing administrative demands are also frequently cited as a deterrent to working in the traditional, solo practice model. BC is doing a decent job of addressing these cultural changes with innovations such as the new, multi-disciplinary Urgent Care clinics.

I believe we should be considering further incentives to increase GP capacity, whether that means re-distributing existing funding by evaluating the fee for service model, and the advantages some specialties enjoy due to technological innovation (I’m looking at you, opthalmologists).

I don’t need to tell you that there are no simple fixes for the problems plaguing the health care system. It just frosts my koozie when someone suggests that more money for participants will solve them. Healthcare costs are killing provincial budgets, with no improvement in access to primary care. This leads to over-reliance on the most expensive entry-point to care, the emergency department.

Working in emergency pre-hospital care was tremendously rewarding, and challenging on many levels, but when I was ready to pull the plug, more money wouldn’t have made me stay.

Healthcare careers pay extraordinarily well compared to almost any other sector. Constant demands for more compensation from a finite budget because “working inhealthcare is stressful” is actually counterproductive, as it just reduces the ability to fill more direct care positions, creating more work for fewer providers.

It may be time to consider front-line healthcare positions as having a built in expiry date. My coworkers who managed to stay in direct care positions for a 30 year career were all too often burnt out, disengaged, chronically complaining people who brought little to the job and were just counting pensionable time. There is no amount of compensation that would make them better. Maybe some GPs have reached the same point, and need to plan for a career transition. Not an easy decision to make when you consider the sunk time, expense, and status involved.

The expectations, demands and stresses of providing care have been steadily ramped up on virtually every frontline healthcare role; perhaps the sensible course is for people to quit thinking they’re indispensable, and move on before they reach the stage of compassion fatigue. There’s always someone else who will want your job. Unfortunately, people get addicted to a standard of living, long past the point of actually enjoying and contributing to the job that provides it.

I guess that what I’m taking a lot of space to say is, maybe healthcare providers(like patients) need to change their expectations, rather than the system.

Thanks for chat, LD.

#129 jess on 02.21.20 at 1:00 pm

“The role of professionals in organizing offshore tax evasion was a key focus of the J5.
The ATO already has a close focus on the role of domestic lawyers and accountants, both as advisers and as potential tax dodgers in their own right.

He and York would not provide any more details about the institution against which the J5 took action last month, apart from saying that the allegations being investigated involved the abuse of correspondent banking arrangements.
ATO and global tax fraud investigators target offshore accountants and lawyers
The J5 tax enforcement group from five countries, including Australia, are focusing on professionals organising tax evasion structures
Revenue authorities from the UK, US, Australia, the Netherlands and Canada have joined forces to target offshore accountants and lawyers who help criminals and wealthy elites hide their money in tax havens

https://bit.ly/2SXaT7i via @guardian
https://www.theguardian.com/australia-news/2020/feb/20/ato-and-global-tax-investigators-target-offshore-accountants-and-lawyers

U.S. poised to celebrate its first Panama Papers tax conviction
https://www.icij.org/investigations/panama-papers/u-s-poised-to-celebrate-its-first-panama-papers-tax-conviction/

NEW: Africa’s richest woman claims to be a self-made billionaire. Today, we reveal the inside story of how she made her fortune while leaving
Angola one of the poorest countries on earth.

Read #LuandaLeaks: https://bit.ly/2TG528b

#130 Figure it Out on 02.21.20 at 1:33 pm

“Getting closer and closer to 1984 IMO.)
Op-ed, RT”

An RT op-ed complaining about facebook is essentially Eastasia’s Ministry of Truth complaining about Oceania’s Ministry of Truth.

#131 Loonie Doctor on 02.21.20 at 1:44 pm

#129 Sold Out on 02.21.20 at 12:54 pm

I actually think we are largely saying the same thing from a different angle. I don’t think incentives need to be continually increased – I do think we need to be careful about making more disincentives. That could be financial, bureaucratic, or media/public demoralization. Much of it is more psychological than logical.

Changing our expectations to make less, but also work less or better on a per person basis is probably not a bad thing given our start-point is often on the workaholic end of the spectrum. People do get addicted to spending and the return on happiness per additional dollar spent plateaus out at a much lower income than many realize. Probably one of the biggest points I make when speaking with my colleagues about finance. It is a problem and is driven by social/cultural expectations. Doctors do much of that to themselves. I also agree quality of work-life is key. There are many ways to approach that by making better use of all healthcare providers. Medicine also provides a pretty good degree of ability to shift around into different areas of practice which can also make us more resilient to burn-out. I call it breaking from the doctor script and wrote about here amongst other places:

https://www.looniedoctor.ca/2019/06/28/career-balance/

Thank you also for the dialogue. Has been good to share perspectives with each other.
-LD

#132 DON on 02.21.20 at 1:50 pm

#125 JB on 02.21.20 at 12:22 pm

Re pending condo insurance rate hike. A friend unloaded his condo on Bloor & Riverview and the new owner is pissed at the jacked up insurance rate he did not expect. The new owners realtor contacted his realtor to ask what rate he paid and our friend obliged by offering his company name and rate. I am seriously thinking of investing a little in insurance companies as this Condo Insurance Scam is going to be a money maker for those companies who stay in the business of insuring condos. Too bad the condo owners will get wiped out.
*************

That’s a nasty surprise. And one of the reasons quoted was AIRBNB rentals, others were lack of regular maintenance by strata boards and shoddy building construction (leaky, windows etc). This insurance problem is slowly gaining national attention and the politicos are slowing pointing fingers. This could be a black swan event that cascades. Condo prices are also out of reach in those demand areas and are still a stretch in terms of affordability for most people.

How can you get comfortably numb in a place you can’t comfortably pay for?

Smoky has posted briefly in the last couple of weeks. I take it, he is outside enjoying the warmer weather. I suspect he is waiting for the grand finale blog post in terms of the housing market and will be back when Garth’s last post says “I TOLD YOU SO”

#133 Sold Out on 02.21.20 at 2:25 pm

Maybe we should re-examine the economic case for LNG extraction. As world prices currently stand, Coastal Gas link won’t be profitable even with the subsidy provided with cheap electricity from the Site C dam.

There’s also the little-mentioned future transformation from an LNG pipeline to a dilbit pipeline that is never brought up when discussing consent and support for the project.

Happily, the overseers of BC pension investment have given this project a wide berth. I don’t think they would have the luxury of avoiding investment on ideological grounds, so presumably their decision is based on solid economics.

We have a long history in BC of being sold a bill of goods wrt LNG, none of which has yet proven to be realistic.

https://www.straight.com/news/1361961/who-will-be-hook-if-largest-private-sector-investment-project-canadian-history-hits

#134 G on 02.21.20 at 2:27 pm

Another 1984 Ministry of Truth coming soon to a tweet near you.

‘This should go well’: Trolling and worry as Twitter reveals plan to flag ‘lies & misinformation’ RT Feb20
https://www.rt.com/usa/481322-twitter-tool-misleading-information/

#135 Sold Out on 02.21.20 at 2:45 pm

#132 Loonie Doctor on 02.21.20 at 1:44 pm
#129 Sold Out on 02.21.20 at 12:54 pm

Thank you also for the dialogue. Has been good to share perspectives with each other.
-LD

xxxxxxxxxxxxxxxxxxxxxxxxxxxxx

I forgot to include my admiration for your site. Impressive that you can balance your medical practice with a non-compensatory side gig.

I also think it benefits patients and practitioners when we all understand our limitations and recognize that none of are special, entitled, or superhuman because of what we do for living.

#136 G on 02.21.20 at 3:01 pm

Hi #131 Figure it Out,

Any ‘Ministry of Truth’ does not lead to usable helpful information. And in the case of the CCP is going to hurt the world more.

This should solve the problem and help get actual numbers(of sick and dead in China)??? see below.

on the MedCram – Medical Lectures Explained CLEARLY (I’ve link to the Dr. in past days) Feb 21 update#23)

@4:22
The Party boss of Wuhan, Wang Zhonglin, has ordered a citywide sweep to find all remaining cases of…

***At the same time, he issued a warning to local Party Cadres: If one more case were to be found in a household, he said that district’s Party Secretary would be held accountable.***

(Do you think this is going to end well for the people there, or the World for that mater?? Sounds a bit like what happened to the first Dr. asking the world for help when it started.)

#137 DON on 02.21.20 at 3:09 pm

#126 YVR Expat on 02.21.20 at 12:27 pm

#118 Yukon Elvis on 02.21.20 at 11:14 am
The protests are illegal, and being carried out by a tiny segment of society taking acting in their own self-interest. In doing so they have stripped paycheques from a few thousand families. Nobody has the right. – Garth
……………………………

So what exactly is the solution? Have them forcibly removed and incarcerated if necessary? Can you say it ?

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

If you break the law, you face the consequences. That’s how it works. Why do these protesters get so much love and privilege from Trudeau?
++++++++++++++++++++++

I think all sides should stand down and chat honestly – egos seem to be in the way and people should get their narratives straight…Let’s peel back the onion here. I would like to hear from the communities affected by the pipelines first.

But don’t impact our economy as it affects all of us.

Rushing right to rail blockages was not an appropriate response.

Who stands to benefit from this stand off in the short term…other energy companies in other countries who are currently ramping up exports for market control, especially oil and gas.

#138 Phylis on 02.21.20 at 4:08 pm

Smoky has posted briefly in the last couple of weeks. I take it, he is outside enjoying the warmer weather. I suspect he is waiting for the grand finale blog post in terms of the housing market and will be back when Garth’s last post says “I TOLD YOU SO”

Or maybe his ai forex macro will post a response for him. Not to give him any ideas for coding or anything.

#139 Sail away on 02.21.20 at 5:33 pm

#136 Sold Out on 02.21.20 at 2:45 pm

I also think it benefits patients and practitioners when we all understand our limitations and recognize that none of are special, entitled, or superhuman because of what we do for living.

————————————

Speak for yourself, Sold, rather than the royal ‘we’. What’s your day job?

#140 VVIP on 02.21.20 at 9:46 pm

Just VIP?? But I want an ULTRA VVIP invitation!!

I’m not entirely convinced by the excellent use of adding, subtracting and underlining of numbers….maybe if you could show me a profit chart with an arrow shooting up into the sky?