Hopium

“I am stunned by the number of agents who think things will return to normal by year end,” says a grizzled old GTA realtor who risks it all by reading this blog. “Condo rentals are everywhere. Some estimates as high as 10,000 for the entire GTA. Needless to say rents are dropping.”

Buyers in retreat. Airbnb collapsed. Covid cooties lurking in elevators. Lenders tightening credit. The jobless rate at 13%. CMHC in a funk. Eight million on the dole. A million mortgage deferrals. How can we be surprised?

“The real estate board has a massive online meeting Thursday,” he continues. “They will vote to defer the annual dues from June 30 until September 30. The brokers are worried many agents will not renew their membership.” By the way, there are 56,000 realtors in Toronto, representing 70% of that entire species in Ontario.

Meanwhile the latest official Frankenumber stats from the nation’s largest house-flogging organization are just peachy. Pandemic? What damn pandemic? “On a month-over-month basis, actual and seasonally adjusted May sales were up substantially compared to April,” says the real estate board. “Actual May 2020 sales increased by 55.2% compared to April 2020.” And here’s the report on values: “The average selling price for all home types combined was up by three per cent compared to May 2019 to $863,599. On a seasonally adjusted basis, the average selling price was up by 4.6% month-over-month compared April 2020.”

There you go. Sales up 55%. Prices up 4.6%. The market’s torrid, baby! And look, the media just fell for it…

Now the facts. Last month 4,606 sales took place in the GTA. This time last year there were 9,042. Hmm. That appears to be a decline of 4,436, or 49%. As for prices, it’s worth remembering the average detached house in 416 – now worth $1.42 million – is selling for $149,000 less than it was three years ago. In fact when you add land transfer cost to the price of a house purchase, then deduct the standard realtor commission for selling, the loss on a SFH in urban Toronto comes to $280, 400, or 17%, over a three-year ownership period. If you bought with 10% down in 2017, then sold in 2020, you’d have to bring a cheque on closing day.

Oh, and add in the property taxes, maintenance, financing charges, insurance and reno bills along the way. Clearly owning a home in Toronto – the premier real estate market in this house-lusty land – was a losing proposition over the last few years, compared to renting. In contrast, a balanced financial portfolio has gained (even with the virus attack and the late-2018 market plop) 16% since 2017. Hmm.

But enough of the immediate past. What about the future? The next year or two? Are all those realtors correct in thinking things will be normal by Christmas? Or are they stoned on hopium?

Economists worried about real estate values have been lining up for a few weeks. This week RBC’s Robert Hogue joined CIBC, Moody’s, CMHC, Scotia and others in forecasting a tough autumn for house values. Benny Tal at the Commerce says the unemployment rate will be at “recessionary levels” for years. In fact, watch the stats on Friday when US jobless numbers could reach for 20%. We will follow.

Additionally, remember the deferral cliff that federal housing boss Evan Siddall is vexing over. About a million Canadians stopped making payments on $180 billion in residential mortgages in the last 60 days. How are they going to resume when many lack stable income? When the CERB’s gone? Meantime CMHC is lobbying the Trudeau cabinet to double the minimum down payment for insured financing to 10%. Imagine the impact.

So here’s the prediction: as the lockdown loosens and life creeps back to normal sales volumes will increase. Given low inventory, this will raise prices in June, July and August. The real estate board will have an orgasm, media will trumpet a new housing boom and industry pundits will label Evan Siddall bilious. But it won’t last. The Main Street economy’s just too hobbled for a sustained real estate recovery to take place.

Too many jobs have been lost. Too many families owe too much with too little in reserve. Too many small businesses have been hollowed. In our post-pandemic world credit will be harder to get, borrowers more scrutinized and lending requirements more stringent. Down payments will likely increase, and so will property taxes and transaction costs. Now that the banks have seen almost a fifth of their borrowers opt out of payments after only two months of income stress, you can be sure lessons were learned.

Of course, that won’t stop people from being idiots. But if it did, this blog would end.

171 comments ↓

#1 TurnerNation on 06.03.20 at 2:53 pm

Travel and the Economy.
As evidenced the New System being dictated by the UN worldwide is one of low travel, low carbon and soon high taxes.

So you want your travel rights back do you? It says here the United Nations now controls these worldwide. We are under global UN rule now. The curtain lifted in March. Did your democratic governments vote on this?
You think your protests and votes will change the new global government? They are out of sight.
As the saying goes, the Truth is no longer hidden; people are hiding from the truth.

Moving on, your fellow humans are SO dangerous that you must wear masks around them at all times in the airport.
Not enough. No you must also remain 2 meters apart. Except while flying in a confined space.
The UN got us lined up in a global open air prison:

“The Globe and Mail reports in its Wednesday edition that new global guidelines featuring physical distancing to restart aviation safely during the COVID-19 pandemic could add up to two hours of predeparture time for passengers at some airports during peak hours, the head of an international airports’ group said on Tuesday. A Reuters dispatch to The Globe quotes Angela Gittens, director-general of Airports Council International, saying: “A large airport with low volume, they should not need much more time for the passenger to come to the airport to keep the physical distancing. At a smaller airport or an airport that has peaking, I would say that it is going to be another hour or even two hours.” A United Nations aviation agency-led task force has published guidance for airlines, airports and countries to achieve a uniform approach to flying safely during the pandemic. The guidance, which was adopted by the International Civil Aviation Organization’s governing council on Monday, includes having travellers wear masks and stand at least a metre apart at airports. The guidelines, backed by industry, address the current hodgepodge of rules put in place recently that make flying different in almost every country.”

**********
By the way why is the US-Canada border remaining closed, extended…to allow the US riots? Box ’em in and let them have at it? “You are free to leave at any time you want.”
Americans better believe that any “Wall” will be the one which keeps them inside.

#2 jsto on 06.03.20 at 3:03 pm

Garth, what is your prediction on Pre-sales?

#3 TraderX on 06.03.20 at 3:17 pm

So Garth, do we just pay off the mortgage and be debt free… or hang onto that cash?

#4 renter in Surrey on 06.03.20 at 3:24 pm

Beef was $13/kg in Superstore.
Last week I purchased it at $19/kg.
Today I went to buy some – price tag was $26/kg, so I bought chicken instead.

What are official inflation numbers?
Money printer goes brrrrrrrrrr.

But RE prices will decline, sure.

#5 FreeBird on 06.03.20 at 3:27 pm

Off topic but avoid masks if you have existing breathing issues ie COPD and for kids 2 yrs or younger and N95 for non medical use. If wearing for long periods on job get fresh air when you can to avoid possible headaches or light headeness.

https://www.snopes.com/fact-check/masks-dangerous-health/

On masks in general:

https://www.google.ca/amp/s/amp.theguardian.com/world/2020/may/04/scientists-disagree-over-face-masks-effect-on-covid-19

Health PSA done.

#6 not 1st on 06.03.20 at 3:31 pm

Imagine how long Justins stunned silence will be when he realized the economy doesn’t run on rainbows and unicorns.

Trump will have the US economy ripping while Justin will still be trying to figure out how to do Parliament question period split screen with his 60+ day super Mario game.

#7 Joseph R. on 06.03.20 at 3:36 pm

#287 RyYYZ on 06.03.20 at 2:14 pm
#81 Ed on 06.02.20 at 5:30 pm
My daughters Filipino nanny quit to go work for another family willing to pay her under the table while she collects CERB then UI.
==================================

Does this sort of thing not make you angry? Does it not make everyone angry. This sort of thing, multiplied many times over, adds up to serious money. Money that will come out of the pockets of the rest of us.

————————————————————-

In internet terms, you were “triggered”. The mention of the race by OP is a dead giveaway.

hook, sink and line

Watch out for trolls on message boards!

#8 Angie on 06.03.20 at 3:37 pm

Thanks for the dose of reality, Garth. The media makes me feel like I’m living in an altered universe.

“Pandemic. What pandemic?” – Exactly!

#9 Captain Uppa on 06.03.20 at 3:39 pm

Here’s my prediction:

GT is wrong again.

I say that with all due respect as I enjoy your blog, but do not agree with everything you say.

Imagine that these days.

#10 Ejy on 06.03.20 at 3:42 pm

“Of course, that won’t stop people from being idiots. But if it did, this blog would end.”
——————————————–

It would also end 90% of the comments on this blog.

#11 Freedom First on 06.03.20 at 3:46 pm

Garth, so glad to hear your much appreciated blog will not be ending anytime soon!

Freedom First

#12 The real Kip (Ret) on 06.03.20 at 3:46 pm

The predictions on June, July and August will be about as accurate as the predictions for March, April and May were last February.

#13 James on 06.03.20 at 3:48 pm

It is a weird market right now. I know friends who just listed a smallish condo in a boring part of the GTA, no major renos or anything special about it. Two offers on the very first day, sight unseen. Three more offers in the next two days, all close to or slightly above asking.

For a condo! In these germy times!

This has got to be just pent up demand. Wait til September, maybe August, for a reality check.

But sellers are happy, like Garth suggested.

#14 Auntie Fah on 06.03.20 at 3:53 pm

rents in Toronto have not dropped at all.
yet.

Actually they have, according to the folks who track this. Down 2.7%. Your source? – Garth

#15 Faron on 06.03.20 at 3:55 pm

#278 Toronto_CA on 06.03.20 at 1:07 pm

@ #220 Howard on 06.03.20 at 6:37 am

“Look, if you can’t see that a consumption tax is regressive without massive state intervention you don’t deserve my response. It is self evidently regressive.”

TO said it best. I sassed ya because I made my case in my first post and you either didn’t read, or dont care that GST is punatively regressive. GST places a tax on income spent that is largest for those making the least and becomes vanishingly small as income rises. By that standard, a flat income tax is better (even though a flat income tax is also garbage).

Howard and VicPaul

You seem to think that intelligence and strength and morals are well correlated with wealth. Is that correct? I also heard “evolution” in there which smacks of eugenic thinking. Nice.

Anyhow, all good. Lets wage your IQ against mine (even though IQ is a poor proxy for intelligence). Winner takes the other’s net worth. Or lets take a walk into your local low middle class housing neighbourhood and stand on the corner. I’ll video tape you as you express your archaic views about morality and intelligence and laziness to any passersby.

#16 Coho on 06.03.20 at 3:56 pm

Canada has a population of 37.5 million.
Ages 15 to 65 (working age group) comprise 25 million. 8 million on the dole which is almost one third of the 15 to 65 demographic. Estimated jobless rate is 13%? It doesn’t square. Wondering what fuzzy numbers/equation variables are being used to arrive at 13%.

#17 Marco on 06.03.20 at 3:59 pm

Why this blog would end? It is witty, it is educational and in society in which every information is on sale, it is generous. Real estate is just part of the game. Just level of literacy on this blog is exciting so why to end something of real value? I understand you are not charity, noble Sir, but ….

#18 Brian Ripley on 06.03.20 at 4:15 pm

My Vancouver Housing sales and price data charts are up for May 2020:

http://www.chpc.biz/vancouver-housing.html

SF Detached Prices are sliding but Strata prices are sticky. Sales remain near the low while listings tick up.

Using TOTALS of all sales and inventory in Vancouver at month end:
Current Monthly Absorption Rate = 15%
Current Months of Inventory = 7

My chart of Employment & Average Earnings including Overtime seasonally adjusted, for all employees (2 months lag) is also up (BC, ON, NB and PEI are all up to new earnings highs):

http://www.chpc.biz/earnings-employment.html

#19 JohnAB on 06.03.20 at 4:17 pm

1. The FOMO and house lust will always be there. The few sales during the quarantine showed that people want houses no matter what.
2. Speaking with some of my colleagues (through zoom weekly drinking parties several weeks in a row), nobody seemed scared of the virus or that the houses might go down. Two of them even made offers of 1.5M+ on houses that have a much better price now than 3 months ago. The people were speaking of houses like nothing is different now than 3 months ago.
3. Again speaking about my colleagues… the ones who own condos are a little worried, but they don’t care much. Because eventually (in 10 years?) the houses will start going up again. This is what they think.
4. Most of the buyers I know, are looking more at the record-low rates than at the other signs of the market.
5. AirBnb will eventually come back. People start getting tired of staying in the houses and go out. They look at other places like Sweden or Wuhan where the economies are open again and they just go out, no matter what. Look at the waterfront lately. More people than before the lockdown. Imagine now the amount of people wanting to go on vacations. So AirBnb will come back.
6. Let’s wait until September, but I doubt there’s gonna be much change. Considering how the government is giving away money so easy, what will prevent them to “help” the ones who can’t pay? They’re gonna give them more time, or even give them free loans for a longer period of time, just to keep the bubble going. No party wants this bubble to burst during their government time. The show must go on!

#20 Stone on 06.03.20 at 4:18 pm

Yesterday, my balanced and diversified portfolio was at -0.85% YTD. Today, it is +0.49% YTD which means I’m back in the black for 2020. It took a few days over 3 months to go negative YTD and then recover from a -16.31% plunge. Oooooh yeah!!!

I love ETFs and I love the power of rebalancing. It’s not just realtors having an orgasm today! Only problem is that theirs is fake while mine is real. Oooooh yeah!!!

#21 Auntie Fah on 06.03.20 at 4:19 pm

@#6 Auntie Fah on 06.03.20 at 3:53 pm
rents in Toronto have not dropped at all.
yet.

Actually they have, according to the folks who track this. Down 2.7%. Your source? – Garth

anecdotal, but the needle doesn’t appear to be moving much down town. yet

#22 Jay Currie on 06.03.20 at 4:24 pm

At a guess it will be September before we have a firm sense of what the real estate and stock markets are going to do. It is going to take a while, even as COVID ends, for the damage to the economy to manifest. It might be relatively minor, but it is more likely to be a wave of bankruptcies – personal and corporate – as the money runs out. Every time a business dies it takes out its owners, employees and hurts suppliers. Do that too many times and you have a full scale depression.

There are going to be a lot of reality checks over the summer. People close to retirement deciding not to re-open their businesses, people with a 10% equity stake in their house and no job deciding to beat the rush and list early.

The other thing people are going to realize is that government is just about out of bullets. While you can hand out free money that is not actually an economy. Economies produce goods and services which, in turn, lead to money but are benefits in themselves. Just handing out the money misses the point.

As with most things, if we are going to get out of this mess we are going to have to do it ourselves.

#23 Yukon Elvis on 06.03.20 at 4:30 pm

#4 renter in Surrey on 06.03.20 at 3:24 pm
Beef was $13/kg in Superstore.
Last week I purchased it at $19/kg.
Today I went to buy some – price tag was $26/kg, so I bought chicken instead.

What are official inflation numbers?
Money printer goes brrrrrrrrrr.

But RE prices will decline, sure.
…………………………………………….

Bought twenty top sirloin steaks today at Superstore Kelowna for $15.17/ kg. Good deal, about three bucks less than last weekend.

#24 yorkville renter on 06.03.20 at 4:43 pm

The issue is that most people have a 5-second attention span in a 24-hour news cycle… When TSHTF people will wonder “how did we not see this coming”?

#25 Linda on 06.03.20 at 4:44 pm

I’d say property tax increases are guaranteed. Obviously local circumstances will dictate by how much, but most headlines I’ve read regarding Calgary, Edmonton & Vancouver have guesstimated weekly losses of revenue due to Covid shutdowns at $15 million beaver bucks per week. Throw in the loss of who knows how many businesses & that leaves residential property owners the only ones left standing to cover the smoking municipal budgetary hole. Now, many municipalities have also deferred the payment of property taxes for the current year in the hopes that by September business will be back & employees will be working again so bills can be paid, but based on news reports it looks like that expectation is not going to reflect reality. I’m predicting double digit residential property tax increases for 2021.

#26 Damifino on 06.03.20 at 4:45 pm

S&P 500 is now more than 100 points above the 200 day moving average. It now looks very much like a V-shaped recovery. A U-shape didn’t happen. If it turns we have a W-shaped recovery after all, it will be disheartening for a while. Could happen though, I suppose.

#27 YouKnowWho on 06.03.20 at 4:49 pm

Hopium. Damn it. How did I never hear this one before?! It

#28 SeeB on 06.03.20 at 4:51 pm

#6 not 1st on 06.03.20 at 3:31 pm
Imagine how long Justins stunned silence will be when he realized the economy doesn’t run on rainbows and unicorns.

Trump will have the US economy ripping while Justin will still be trying to figure out how to do Parliament question period split screen with his 60+ day super Mario game.
——————————————————–

Trump will certainly say the economy is in tip top shape come November, and his loyal followers will believe him, but it won’t be true. Not that that matters much these days…

#29 akashic record on 06.03.20 at 4:57 pm

#3 TraderX on 06.03.20 at 3:17 pm

So Garth, do we just pay off the mortgage and be debt free… or hang onto that cash?

If you are hanging on to cash, your wish is an other crash.

If you are not fully invested, this is an awesome time now to trade with 50% of your cash. You can gain in this crazy market much more profit than you would save by living debt free. In case if a sudden crash comes, your 50% cash is there to pull you out of the ditch and some.

It is also much more exciting than news, Netflix and commenting all day, especially during the semi-house arrest, imposed by the government.

#30 TurnerNation on 06.03.20 at 5:04 pm

In order to buy and sell you will require the Mark.
Very likely this will be your Credit Score #.

Those defaulting on their rent payments; deferring mortgages; defrauding CERB. All that might hit the credit reporting. Add those to the actual mortgage and car lease, toy lease, small business defaults to follow.

With the tight rental supply most condo ads in Toronto had stated: Credit score over Xxx required.
Now that tenants may quit paying rent and squat this still make sense. Why: Past behavior is best predictor of future behavior. A person with 850 credit score will not risk this over monthly rent.

Now the dance begins: those who may get credit, those who cannot. The next five years. Those with the Mark of good credit can vultch

#31 Andrewski on 06.03.20 at 5:06 pm

Neighbours who bought a home with no conditions, on the recommendation of their realtor “friend” have had to lower their asking price on the home they’re selling. They paid over assessed value on their new place & now values are falling further, affecting their ability to get top dollar for the home they’re selling. Saving grace is that they’re mortgage-free.

#32 Bob on 06.03.20 at 5:07 pm

Actually they have, according to the folks who track this. Down 2.7%. Your source? – Garth

It might help to clarify that down 2.7% does not mean rents are down 2.7% across the board. Actually, I’m not even sure what this number means.

Does it include all rental units or just those available for rent? If it’s just those available, then it will depend on exactly which units are available.

#33 Camille on 06.03.20 at 5:12 pm

Maybe people seeing markets and real estate surge, will wonder what is going on, and start calling their bosses about when they can go back to work?

#34 Fatigued Calgary Gen Xer on 06.03.20 at 5:12 pm

Is this Turner Nation guy for real?

Can’t you just set him up with a Youtube channel, a Rowdy Roddy Piper uniform, and some Dr. Pepper Big Gulps and let him live out his head-injured 12-year-old-boy-with something-to-say-personae there?

If he ever gets to the point where he says something original, I’ll reward him with a paper route.

You’re too smart for people like him, Garth.

#35 Auntie Fah on 06.03.20 at 5:15 pm

beauty day out there.
took the doggo for walk, most folks looking pretty lax about the covid rules n’ regs. I bet even the finger-waggers and hand-ringers are bending a bit.

#36 Handsome Ned on 06.03.20 at 5:16 pm

It will be interesting on what transpires here in Greater Vancouver. Will people from Hong Kong flock here in large numbers or instead liquidate their lower mainland properties. The Chinese have a saying that “the rabbit needs many holes” . Pick your poison, real estate collapse and a depression or population boom with higher housing costs, terminal gridlock and the loss of “the best place on earth ” sobriquet.

#37 Sail away on 06.03.20 at 5:17 pm

#17 Marco on 06.03.20 at 3:59 pm

Why this blog would end? It is witty, it is educational and in society in which every information is on sale, it is generous. Real estate is just part of the game. Just level of literacy on this blog is exciting so why to end something of real value?

————-

Well, usually when somebody works hundreds of hours a year providing something of real value to thousands of people, they get some pretty good compensation.

Beyond that… no reason. Thanks Garth!

#38 Wrk.dover on 06.03.20 at 5:19 pm

#34 Fatigued Calgary Gen Xer on 06.03.20 at 5:12 pm
Is this Turner Nation guy for real?

—————————————-

It is all based on reality. You missed the past good times.

#39 not 1st on 06.03.20 at 5:25 pm

Boy anybody sitting on the sidelines waiting for a second shoe to drop in the markets must be hating it right now.

#40 not 1st on 06.03.20 at 5:28 pm

#34 Fatigued Calgary Gen Xer on 06.03.20 at 5:12 pm
—-

Have you been to China? They have a system just like that. Social credit score enforced with AI surveillance and digital currency.

Why not add in immunity and financial worthiness into the rating?

A great tool for keeping the masses inline.

#41 Millennial Realist on 06.03.20 at 5:31 pm

The term “Boomer Remover” has been tossed around, sometimes in a nasty way, with regard to the effects of the virus. I wish no health harms to Boomers, but I do think this will be a big, non-fatal effect.

Some interesting numbers to ponder:

About 30-40% of government workers across Canada are now within 5 years of retirement age. (This varies from City of Calgary to Province of Ontario to Government of Canada etc…of course)

Contacts of mine who work in government have been telling me for weeks that at all levels there are serious discussions underway for buyout packages to push such people, mostly Boomers, out of the workplaces.

This will cut longer term costs significantly. It will also mean reduced staffing levels and restricted hiring for years to come. (Yeah, thanks Boomers.)

Many of the people offered such packages may also seize the moment to sell their homes and liquidate. That is common with retirees that I have known.

Let’s see what the weeks ahead foretell for government workers like these, and if this spills over to the private sector.

#42 not 1st on 06.03.20 at 5:32 pm

The protestors and woke MSM and their enablers are going off on racial equity while the economic inequities have increased 100 fold since the pandemic. Richest people actually gained even more wealth during this chapter.

I mean talk about getting distracted and down in the weeds on an issue. There is now going to be a 100% racially equal economic underclass to the 1%.

#43 Barb on 06.03.20 at 5:36 pm

Someone from Alberta posted their property taxes took a 10% jump.
Mine went up $200 (+3.8%), and the notice stated that no penalty for late payment would accrue until October 1st to assist with COVID issues. But property owners “who can pay…are asked to pay by July 3rd.”

I will pay on July 2nd.

#44 Always Lurk'n'n'n on 06.03.20 at 5:37 pm

Ain’t no virus cuz ain’t no planet X coming cuz ain’t no space cuz ain’t not globe earth. Ya dig???

#45 Leftover on 06.03.20 at 5:39 pm

Pay attention to Mr. Macklem, who has been dealt a very different hand than his predecessor. Where Poloz had a robust economy and room on his balance sheet when the penny dropped, not so with Tiff.

He’ll have to reign in money supply and household debt, and there’s only one sure way to do that > up go rates. If that happens then look out below, but with the alternative being hyperinflation/collapsed CAD he might not have any choice.

#46 cto on 06.03.20 at 5:43 pm

Prediction, house prices will go down slightly and then hold, not because they shouldn’t, but because the government will pull some genius move to put a floor in this bubble market. There are 20,000,000 people in this country that have come to truly believe that the government will save them and they’re housing investment.
It’s been decades of moral hazard, and there is no way out now.
Because of flawed government housing policy, the money has flowed out of every job generator except the real estate market.
Factories are smashed to the ground to build condos, industrial careers are abandoned to become real eastate agents, or mortgage brokers.
Government prostitutes itself to try to immigrate people with money made elsewhere instead of building wealth for Canada within, (the hard way). Usually those people keep their offshore citizenship because that where they make their money.

One final note, I worry for my kids future in this country.

#47 cto on 06.03.20 at 5:47 pm

note to Evan Siddal

Please do not retire from CMHC.

Good people here need you and not some yes man that will be appointed to your position.

#48 jess on 06.03.20 at 5:54 pm

the effect of remote work on rentals in s.fran

Georgiades says that these rent drops may be even higher than the company’s published data, “since some landlords conceal price drops in ‘lease specials’ like six weeks of free rent to move in.”
http://housingbubble.blog/?p=3463

#49 The Mandrake Mechanism on 06.03.20 at 5:59 pm

That’s really the question – what is the future? I say have a poopy Christmas – as also pointed out in Mr Turner’s requiem for a financial paperweight. It’s not a “V” recovery it’s a W” recovery….with that last part of the letter not reaching as high as the first part….does that make sense? We’ll never get back to normal. But then again, we will. The banks just made a projected huge profit in 2021 when they collect mortgage payments after the 6 month deferrals end. There will be no defaults – they will “re-negotiate” your paper and bleed you dry slowly over the new 5 year term you will happily sign. “Taking on a renter” doesn’t seem as ugly as it used to does it?

Watch property taxes – unusually ugly in my hometown of Winnipeg, for example. They’ll go even higher when they put in new plumbing for the entire city. And you want to keep the house? How about the Covid tax that us entitled sniff at when mentioned. I sold a Wpg townhouse last year where the monthly maintenance fees were $500 a month. Highrises in TO and Vcr boast $700 to $1100 a month. New York relics built in the 50’s boasting 25 stories or more? Fuggedaboutit (spelling?).

The system has been, and will continue to be propped up by Mr and Mrs Taxpayer. Remember when a loaf of bread was a dollar…now it’s three. A steak was $7…now it’s $20 at the grocers. Yes I know…blame the lack of oil refineries in Canada. Whatever. Gouge!

There are millions of Canadians thinking about their future? They’re doing the math…the projections….when the handouts will end and the worrying begins. Remember…the smart ones buy low…the sharks buy even lower.

Boy George is just a slogan – forgotten by tomorrow. But you may want to consider who are supplying the bullies – the tough guys who kneel down to create solidarity with the marching crowds they face – the same knee they’ll use on YOUR neck….trouble is coming.

NSDQ – DGLY – Feb 14th (0.89 USD), June 1st (1.97)
NSDQ – WRTC – Feb 14th (6.75 USD), June 1st (9.36)
NSDQ – AOBC – Feb 14th (10.26USD), June 1st (14.99)

#50 Do we have all the facts on 06.03.20 at 6:08 pm

Now that immigration has been postponed for a while here are a few facts to consider.

Without immigration the population of a Canada would increase by only 105,000 persons in 2020.

The average household density in Canada is 2.5 persons per household.

New household formations in 2020 will generate a natural demand for 42,000 new units across Canada.

In January 2020 there were 270,000 new housing units under construction with an estimated 200,000 additional starts scheduled for construction in 2020.

In January 2020 an estimated 1,600,00O dwelling units across Canada were either vacant or occupied for less than six months in the previous year. This situation has not improved in recent months.

In 2019 when times were a lot rosier close to 490,000 dwelling units were sold across Canada as new households were formed, or households moved from rental accommodation to ownership, or households moved from one owner-occupied unit to another, or new Canadians purchased a home, or foreign buyers purchased units, or investors purchased units for rental.

The CREA has predicted that home sales in 2020 will increase to 530,000 units and that the average price will increase by an average of 2.3%. This increase in projected sales and average price was based on their belief that demand for housing will outstrip supply in 2020.

Does that prediction seem probable when millions of Canadians are unemployed or in need of financial assistance to meet their mortgage situation. Come on now!!

I will let actual facts determine if the optimism of the CREA has any merit.

#51 Dolce Vita on 06.03.20 at 6:08 pm

#16 Coho

13% unemployment, probably 17.8% (read Infographic 1) the latter closer to the truth, I got 19%.

https://www150.statcan.gc.ca/n1/daily-quotidien/200508/dq200508a-eng.htm

CERB Numbers, went up from yesterday’s 15.18 million applicants:

https://www.canada.ca/en/services/benefits/ei/claims-report.html

18.6 million in labour force, April.
2.42 million unemployed (13%), April
15.32 applications processed, today
8.37 million unique applications (an individual, approved), today
$43.18B paid, today.

The numbers square fine.

Means about 10.8 million Canadian jobs affected, unemployed (2.42 million) or a Canadian resident over 15 years of age who has been forced to stop working because of the pandemic (8.37 million, and counting per the applications being processed).

EI, CERB mutually exclusive (“If I am already receiving EI regular benefits, should I reapply for the CERB?” = No. https://www.canada.ca/en/services/benefits/ei/cerb-application/questions.html).

—————————

What happens when an economy closed due to a pandemic, other than essential services, with very little economic reopening in Canada to date.

About 60% of the April workforce sidelined one way or the other.

Go here and estimate which class of worker is in an essential service to arrive at the other 40%:

https://www150.statcan.gc.ca/n1/daily-quotidien/200508/t002a-eng.htm

—————————

The streets were not empty because everyone was still working.

1/3 of businesses will not reopen (interesting Cdn stat by Garth since in early March, Italian Gov and Private think tanks estimates were the exact same number – the air is no more rarified in Canada).

From the above numbers RE is doomed for some time. If you think not, layoff the Ganja and ride your unicorn into the sunset.

#52 Steven Rowlandson on 06.03.20 at 6:09 pm

Hopium addiction is indeed a problem especially when it comes to real estate since there is no affordable real estate in Canada and therefore no cause for an optimistic future unless zeroes are added to wage rates or subtracted from prices and rents. Until then the boycott continues.

#53 Darren on 06.03.20 at 6:21 pm

The Niagara Region Real Estate board reports in May an 11% year-over-year increase in prices, yet every city on the report shows a decrease. How could this be?

https://www.niagararealtor.ca/sites/default/files/files/Media%20Release%20%28Complete%29%20%281%29.pdf

#54 OK, Doomer on 06.03.20 at 6:25 pm

#9 Captain Uppa on 06.03.20 at 3:39 pm
Here’s my prediction:

GT is wrong again.

I say that with all due respect as I enjoy your blog, but do not agree with everything you say.

+++++++++++++++++++++++++

The only people who think you have to agree with everything they say are the Antifa, Democrats and Hollywood. And they will beat you like a drum until you agree with them.

Last time I looked Garth didn’t appear to be a crowbar chuckin’, Biden totin’ A-Lister.

In other words please feel free to form your own opinion. It might be a bit of a challenge, but here’s a system to see if your view of the world matches reality:

Two movies are playing on the same screen. In Movie One, Trump is working like crazy trying to save the economy and stop a bunch of spoiled brat poseurs from burning New York to the ground.

In Movie two, he’s an actual Nazi and looking to send his opponents to concentration camps.

The test is which movie predicts the future better.

If 6 months from now, Trump wins re-election in a landslide, the US economy is on the mend and Antifa rioting has stopped, then movie one wins, and Trump is a gutsy leader, doing the right stuff to pull the country back from the brink.

Or in six months if Trump loses the election, refuses to step down and Pelosi, Schiff, Nadler and Comey are in a labour camp north of Fairbanks, then Movie Two is correct and Trump is an actual Hitler.

Which scenario sounds more realistic? My bet is on Movie One. Also Movie One says the stock market.

#55 baloney Sandwitch on 06.03.20 at 6:25 pm

The 1918 pandemic came in 3 waves, the 2nd was the worst. We may hopium now, but likely will be poopium in the fall. Enjoy your summer brothers and sisters. Be glad we not living in the kleptocracy to the south goose stepping its way to the Aryan nation of Gideon.

#56 Dolce Vita on 06.03.20 at 6:25 pm

The 1 forecast that is frightening, Garth has said it, Gov Italia has said it, is this:

1/3 of businesses will not reopen after the pandemic.

Simple Math based on that forecast along with current data:

8.37 million forced to stop working because of the pandemic (and counting)
X
33.3%
=
2.8 million Canadians will become unemployed
+
2.4 million April Unemployed
=
5.2 million unemployed, or

28% of the April Labour Force (18.6 million).

Still, RE is just going to sell like gangbusters, prices are going to go way up…

Unicorn. Sunset. Ganja.

#57 Faron on 06.03.20 at 6:30 pm

Victoria RE

Median SFD up 4.9% MoM
Median Condo down 4.9% MoM, down 9.1%YoY
Median Townhome down 4.1 % MoM and down 5.3 %YoY

Total units sold down 46.1 % YoY but a bit higher than April

Sales to listing up to about 21%

Anecdotally have heard talk of work from homers moving to BC from Ont especially Toronto. Time will tell, but rather than a more local hollowing out of cities, we could see migration over greater distances.

#58 Reality is stark on 06.03.20 at 6:31 pm

On the big rock candy mountains all the jails are made of tin and you can walk right out again as soon as you are in.
On the big rock candy mountains all the railway bulls are blind…
No one lost money on real estate in Vancouver except for perhaps a million here or there which is virtually nothing.
Vancouver may be broke but that won’t cost homeowner’s anything. Business as usual as they say.
Property taxes will stay even Steven.
You all live under a rock.
A 20% unemployment rock.

#59 TurnerNation on 06.03.20 at 6:36 pm

More info on the New System. If you don’t believe that Individual rights are to be removed in favour of Group, Global rights…would you ever have expected to read this in your lifetime, below? This must be giving him a ton of cash.

– Something happened to one person in USA.
– A Group of people in Montreal rioted.
– An Individual’s store was attacked. He’s like, super cool with this.

No worries, all that matters is Group Rights! Teach your kids.
(*How long until insurance companies stop insuring the storefronts, we know the goal is no small business allowed*. My prediction)
—————–

‘They’re guitars, not human lives’: Montreal store owner says getting looted was worth it to fight racism

https://montreal.ctvnews.ca/they-re-guitars-not-human-lives-montreal-merchant-says-getting-looted-was-worth-it-to-fight-racism-1.4966339

—————-
Full. Blown. Communism. Is the New System. Not as bad as you thought eh John in Mtl?

#60 Dolce Vita on 06.03.20 at 6:42 pm

One last item of detail for that 1/3 of businesses will not reopen after the pandemic.

Gov Italia and the Private think tanks, this is for Italia, put timing to the forecasts:

1/3 will not reopen if the pandemic persists to July.

1/2 will not reopen if the pandemic persists to December.

————————–

Why it is essential Cdn economies be reopened once the damn virus has subsided. And what a difference a day makes, ON a few days ago doing fine with their Rt numbers, migrant farm workers blamed (who knows?) but Rt numbers back up again in ON:

https://twitter.com/imgrund/status/1268172885245509632

Clearly, the damn virus has not been beaten back nor subdued. What a mess economically, as in businesses not reopening, if the damn virus persists past July in ON and in Canada.

————————–

Italia fully open and today Region to Region travel reopened as well as International. No one dropping like flies in Italia to date. If we do, I’ll let you all know.

BTW Serie A first games June 20th, with spectators…for me, that’s when the damn virus will be:

“gone, gone”.

#61 Ponzius Pilatus on 06.03.20 at 6:48 pm

#4 renter in Surrey on 06.03.20 at 3:24 pm
Beef was $13/kg in Superstore.
Last week I purchased it at $19/kg.
Today I went to buy some – price tag was $26/kg, so I bought chicken instead.
—————————-
Never buy meat a Superstore or Walmart.
Full of growth hormones, antibiotics and other nasty stuff.
Costco has good quality meat, costing about the same.
Also, cut back on meats and eat more fruits and vegetable.

#62 Spenshi on 06.03.20 at 6:53 pm

#43 Barb on 06.03.20 at 5:36 pm
Someone from Alberta posted their property taxes took a 10% jump.
Mine went up $200 (+3.8%), and the notice stated that no penalty for late payment would accrue until October 1st to assist with COVID issues. But property owners “who can pay…are asked to pay by July 3rd.”

I will pay on July 2nd.

Mine went up 22%… you’re welcome

#63 Ponzius Pilatus on 06.03.20 at 7:00 pm

There are 3 cars with Alberta license plates parked in my hood.
All coming to the land of milk and honey, where rentals are plenty and rents are dropping.

#64 Asterix1 on 06.03.20 at 7:02 pm

Prices did not go up. These RE numbers are a complete joke, nonsense RE “Benchmarks”, “Seasonally adjusted”, always looking to manipulate stats.

Comparing Apple to apples, I predict that “real” prices will get falling each month for the next 1.5+ years. And yes, rents will keep falling all over GTA. They were already too high to begin with.

“If you seasonally adjust me, I’m George Clooney.”
— Mark Vitner, Senior Economist @ Wells Fargo

#65 RE Uppa on 06.03.20 at 7:06 pm

Doesn’t half of this country work for the untouchable civil service? Who cares what unemployment is if they were all the dirty plebs who could never afford to buy anyway?

I think Suzy from the CRA call center is going to pick up a third rental property and keep the gasbag real estate market chugging along.

The government is a mafia seizing the capital of this nation, one union contract negotiation at a time.

#66 Howard on 06.03.20 at 7:09 pm

#15 Faron on 06.03.20 at 3:55 pm

I’m not sure what more to say to someone who doesn’t know the difference between income and wealth.

What I was opposing in the context of our discussion was yet MORE punitive taxation of employment income on people who, by the standard of cost of living in large Canadian cities, are usually not rich, and who already shoulder a heavy tax burden while simultaneously means-tested out of many of the programs for which they pay.

If you want to talk wealth taxes, especially on wealth that is unearned, have at it. Has Trudeau increased taxes on trust fund distributions yet?

#67 Daughter of Ponzi on 06.03.20 at 7:15 pm

How old are you Dolce Vita and what exactly are you doing in Italy? You sound like a typical boomer.

#68 Yukon Elvis on 06.03.20 at 7:15 pm

#54 OK, Doomer on 06.03.20 at 6:25 pm

Two movies are playing on the same screen. In Movie One, Trump is working like crazy trying to save the economy and stop a bunch of spoiled brat poseurs from burning New York to the ground.

In Movie two, he’s an actual Nazi and looking to send his opponents to concentration camps.

The test is which movie predicts the future better.

If 6 months from now, Trump wins re-election in a landslide, the US economy is on the mend and Antifa rioting has stopped, then movie one wins, and Trump is a gutsy leader, doing the right stuff to pull the country back from the brink.

Or in six months if Trump loses the election, refuses to step down and Pelosi, Schiff, Nadler and Comey are in a labour camp north of Fairbanks, then Movie Two is correct and Trump is an actual Hitler.

Which scenario sounds more realistic? My bet is on Movie One. Also Movie One says the stock market.
……………………………………..

I would go with movie #3 where they postpone the election until they find a vaccine for the systemic racism.

#69 Stone on 06.03.20 at 7:28 pm

#46 cto on 06.03.20 at 5:43 pm
Prediction, house prices will go down slightly and then hold, not because they shouldn’t, but because the government will pull some genius move to put a floor in this bubble market. There are 20,000,000 people in this country that have come to truly believe that the government will save them and they’re housing investment.
It’s been decades of moral hazard, and there is no way out now.
Because of flawed government housing policy, the money has flowed out of every job generator except the real estate market.
Factories are smashed to the ground to build condos, industrial careers are abandoned to become real eastate agents, or mortgage brokers.
Government prostitutes itself to try to immigrate people with money made elsewhere instead of building wealth for Canada within, (the hard way). Usually those people keep their offshore citizenship because that where they make their money.

One final note, I worry for my kids future in this country.

———

Worrying for your kids is nice but meaningless without a plan. If you have no plan, you’re doing them a disservice. What’s the plan to improve their lot in life?

#70 Ace Goodheart on 06.03.20 at 7:32 pm

#1 TurnerNation on 06.03.20 at 2:53 pm

Dinosaurs managed to survive 185 million years on the planet. From about 250 million years’ ago, all the way to 65 million years’ ago, when they were all suddenly made extinct. Scientists think that a celestial body, perhaps an asteroid, hit the planet and killed them all. They found a big crater in Mexico.

Humans have managed 2 million years, and they have not been good years. Many times, we almost vanished. The last 200 years have been the best. We found oil and learned how to use it. As a result, our population has soared, all supported by a river of oil constantly pumped out of the innards of the planet.

How did all that oil get there? Well, 65 million years’ ago, something hit the planet and killed everything…..

When folks refer to something as a “dinosaur” I always like to point out that this is quite the compliment. And one that we are likely never going to earn. Dinosaurs managed 185 million years to our 2 million. So we have another 183 million to go before we match their record.

Think we’ll make it?

I don’t either.

#71 Rich on CERB on 06.03.20 at 7:38 pm

Garth, isn’t CERB only maxed at 8000 a year? What happens after? Does this transfer to EI which is slightly lower? How will Mr. Goldstein get his rent? Do I have to pretend that I am LGBT to get a room, like what Jack Tripper did to get rent from Mr. Roper?

#72 Dave on 06.03.20 at 7:39 pm

In regards to protests/riots in the States…look back in history when India stood up against British Rule. Masses of Peaceful protests…the British army stopped hitting because they did not want to hit anymore. Perhaps a evolution of this type of protest will work??

Violence will never work…especially inUSA

#73 Oracle of Ottawa on 06.03.20 at 7:41 pm

I agree with most of what you said about real estate. However, I’m an investor. And what I see going on with the market is a bit of a head scratcher. The money that’s being pumped into the economy is simply to maintain some level of ordinance. But more people will be working from home which is not good to the oil industry. Many small businesses will go belly up and with it jobs. Things are not going back to where they were before covid. 10% jobless rate will be the new normal.

#74 Anthony on 06.03.20 at 7:43 pm

“Pandemic? What damn pandemic?” – Garth

Stock markets within 10% of all time highs. It’s all absurd Garth, not just real estate. Be honest now, it has nothing to do with “Mr. Market” seeing recovery.

#75 Anthony on 06.03.20 at 7:45 pm

Not 1st should move to the US and take advantage of this “ripping” economy he predicts. So unbelievably stupid.

#76 Anthony on 06.03.20 at 7:52 pm

#20-Stone-“I love ETFs and I love the power of rebalancing. It’s not just realtors having an orgasm today! Only problem is that theirs is fake while mine is real. Oooooh yeah!!!”

“Pandemic? What damn pandemic?”-Garth

Absolutely delusional.

#77 Ronaldo on 06.03.20 at 7:53 pm

#42 not 1st on 06.03.20 at 5:32 pm
The protestors and woke MSM and their enablers are going off on racial equity while the economic inequities have increased 100 fold since the pandemic.
——————————————————————–
What pandemic?

#78 Flop... on 06.03.20 at 8:08 pm

What value does a human life have?

$20 apparently.

Way past time to make it illegal for police officers to arrest people by taking them to the ground…

M45BC

#79 Upenuff on 06.03.20 at 8:17 pm

WoW! Talk about:

Wall Street does not Care about Main Street!

and this week’s events.

The market went on a lift off ride today……

#80 Tim123 on 06.03.20 at 8:17 pm

I have a feeling that many people are underestimating how scared people are to catch coronavirus. Many people think that everything will revert to normal. I have to agree with Garth and the economists that unemployment rates will be high even when things re-open because people will be more cautious and will not freely spend like before.
I say this because the health officials and politicians pounded it into many people’s heads that some caution is warranted. The people who are buying houses now are going to regret it, in my opinion because I think there will be a recession until a vaccine is found, manufactured and distributed which could be several years. Time will tell, who is right.

#81 Cto on 06.03.20 at 8:24 pm

69 Stone

“Whats the plan?

Ummm, move to Costa Rica?

#82 Cto on 06.03.20 at 8:26 pm

69 stone

Seriously, do you have any ideas?
Because the future worries me very much…

#83 Billion Dollar Whale on 06.03.20 at 8:44 pm

Garth, ‘The Covid-19 recession is over,’ says economist Zandi as May job losses not as bad as feared.

This is the greatest 50-day rally in the history of the S&P 500.

Money is flowing. Lots missed the Covid bottom.

#84 NoName on 06.03.20 at 8:51 pm

#30 TurnerNation on 06.03.20 at 5:04 pm

850cs won’t risk it. They don’t have to risk anything.

That doest make sense most people that hold 800+cs are 60+ yrs old age group, they are most likely very well established, or preparing for retirement or retired already. Credit utilization for 800+cs is very low.

How do I k ow this I bought my hous with cs of 550, imagine that…

#85 Doug t on 06.03.20 at 9:10 pm

It’s ALL a game – from the day your born till the day you die – the system controls you and forms you for better or worse – and when your dead you no longer exist in any form, stardust. BUT omg while we exist let’s worry some more about EVERYTHING, real estate, markets, retirement, pandemic, racism, debt, Enviroment yada yada yada

#86 Ydnew on 06.03.20 at 9:11 pm

One friend listed their house two weeks ago. It sold for over asking in 4 days. He’s crossing his fingers that it closes smoothly. Two others are listing this week. All want to get out before the end of summer. All plan on renting.

#87 TW on 06.03.20 at 9:13 pm

Agree , RE will be a dead cat bounce for a couple of months. Meow.

#88 rknusa on 06.03.20 at 9:21 pm

re: The Main Street economy’s just too hobbled for a sustained real estate recovery to take place.

any recovery will be hobbled also by lower immigration unless there is a rush from Hong Kong

#89 not 1st on 06.03.20 at 9:25 pm

#75 Anthony on 06.03.20 at 7:45 pm
Not 1st should move to the US and take advantage of this “ripping” economy he predicts. So unbelievably stupid.
—-

My liquid assets are already there friendo. Just positioned for the next phase of the rock out.

My accountant is busy squirreling away my Canadian assets from the Marxists.

But you can put your faith in Justin if you want. Ha Good luck.

#90 Gordo on 06.03.20 at 9:27 pm

Of course, that won’t stop people from being idiots. But if it did, this blog would end.

“Say it aint so Garth. Say it aint so” Even though you hate silver & gold rocks Garth I can still find it in my heart to love you. You’re the best, and with talented laid-back sarcasm that comes with maturity, and responding to so many ‘Idiots’. Yes, I still love you. I would go down to Nova Scotia and give you a big hug. But I can’t afford the $800 fine.

#91 Sail Away on 06.03.20 at 9:28 pm

#70 Ace Goodheart on 06.03.20 at 7:32 pm

Dinosaurs managed to survive 185 million years on the planet. From about 250 million years’ ago, all the way to 65 million years’ ago, when they were all suddenly made extinct. Scientists think that a celestial body, perhaps an asteroid, hit the planet and killed them all. They found a big crater in Mexico.

—————

Oh, you didn’t hear? The latest study commissioned by the Dems proved beyond all doubt that an asteroid didn’t kill the dinosaurs, but instead the previously undiscovered mind-controlling Trumposaurus caused all their heads to explode.

It appears the species has evolved to its current form as proven by recent head explosions.

#92 Lost...but not leased on 06.03.20 at 9:28 pm

#78 Flop… on 06.03.20 at 8:08 pm
What value does a human life have?

$20 apparently.

Way past time to make it illegal for police officers to arrest people by taking them to the ground…

M45BC

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

Really…???
You actually believe the MSM version ???

I really thought you were much brighter than that.

Regardless..even if the event actually happened, this does NOT justify the violence and devastation innocent parties are experiencing.

Anarchy has been given free rein….in essence endorsed by Gubermint which is playing all sides as fools.

Remember…these are the same parties that just yesterday convinced their citizens the yearly flu was gong to kill millions…now the script is racism is as rampant as scamdemic.

What’s next ?? yaaawwwnnnnn

Anyway,there is good news…many average Joe and Janes are fighting back and kicking @ss…check YouTube

#93 the Jaguar on 06.03.20 at 9:36 pm

@#288 45north on 06.03.20 at 2:15 pm

Understood. I can relate as most can if your family roots in western Canada go back prior to the current age of ‘excess and consumer enlightenment’. My great grandmother arrived to the southern Alberta prairie in a coal train car in 1886 with seven children in tow and lived in a prairie dugout in the coulees until a modest home could be built to house her growing family. Pretty sure she wasn’t dwelling on her white privilege while she tried to keep her family finances and health afloat. Mercy+.
These are troubled times. I’m going to retreat down my rabbit hole and make notes in my personal diary for the time being. I’m writing my memoirs. Marches, platitudes, demands for justice. All very noble sounding, but exactly what is the plan? Will there be a public accounting going forward and more importantly a forensic study on what went wrong and why, with all parties opening up their ledgers and accepting responsibility? That’s the only way forward as far as I can see it. March and protest till the cows come home, but real change demands more. That won’t happen until responsibility is taken on all sides, not just on one. Anybody have an update on the multiple police investigations in racism against the Canadian Chinese community recently? Where are the demonstrations and public marches? Where is the outcry? Oh dear, maybe I didn’t get the ‘memo’. Oh well, the security and sanity of my rabbit hole beckons. Over and out. Be back when the grenades aren’t being thrown overhead.

#94 Drinking on 06.03.20 at 9:59 pm

What I am most stunned about is how many idiots thinks that Covid just magically disapeared; think this is bad, just wait until next winter; sigh!!

#95 Bob Dog on 06.03.20 at 10:00 pm

DELETED

#96 John in Mtl on 06.03.20 at 10:08 pm

@#59 TurnerNation on 06.03.20 at 6:36 pm

One line: “It don’t mean nothin’ “

#97 Flop... on 06.03.20 at 10:09 pm

#92 Lost…but not leased on 06.03.20 at 9:28 pm
#78 Flop… on 06.03.20 at 8:08 pm
What value does a human life have?

$20 apparently.

Way past time to make it illegal for police officers to arrest people by taking them to the ground…

M45BC

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

Really…???
You actually believe the MSM version ???

I really thought you were much brighter than that.

Regardless..even if the event actually happened, this does NOT justify the violence and devastation innocent parties are experiencing.

Anarchy has been given free rein….in essence endorsed by Gubermint which is playing all sides as fools.

Remember…these are the same parties that just yesterday convinced their citizens the yearly flu was gong to kill millions…now the script is racism is as rampant as scamdemic.

What’s next ?? yaaawwwnnnnn

Anyway,there is good news…many average Joe and Janes are fighting back and kicking @ss…check YouTube

////://////////

You let me off lightly, only attacking my lack of intelligence.

I have been going about my business, including going to work every day through this faux pandemic.

Smash all the windows you want, there is no need to arrest a person of any colour on the ground.

Some people will turn around and be cuffed, some people will resist and hit the ground.

Two guys pick them up by the elbows, one slap the cuffs on.

No grounding by law enforcement enforcement.

People always talk on here about people moaning without bringing solutions.

I brought a solution, you obviously didn’t like it, but I’ll live on.

Here is some light reading for you.

That police department was already having troubles apparently.

https://en.m.wikipedia.org/wiki/Shooting_of_Justine_Damond

Could have been worse.

You could have paired me up with Crowdie again…

M45BC

#98 Anthony on 06.03.20 at 10:11 pm

#89-Not 1st-“My liquid assets are already there friendo. Just positioned for the next phase of the rock out.”

Off you go then, escape “Marxist Canada” for that paradise on earth the USA. We’ll help you pack.

#99 PBrasseur on 06.03.20 at 10:55 pm

In the previous normal money was worthless, with the new normal money will become even more worthless.

Not excessively difficult to grasp is it?

The US and Eurozone are relatively protected from a crisis by their sizes, Canada is not.

#100 Ace Goodheart on 06.03.20 at 11:07 pm

RE: #91 Sail Away on 06.03.20 at 9:28 pm

“Oh, you didn’t hear? The latest study commissioned by the Dems proved beyond all doubt that an asteroid didn’t kill the dinosaurs, but instead the previously undiscovered mind-controlling Trumposaurus caused all their heads to explode.”

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

Watching Mr. Trump these past years has been like watching a slow moving train wreck.

It is like watching a baby put together a lego set. Sometimes it is funny, sometimes it is dangerous, sometimes it is just sad. At the end nothing useful gets built, the baby gets very angry and you have to clean it all up afterwards.

#101 N on 06.03.20 at 11:10 pm

The pandemic isn’t finished with the U.S. labor market, threatening a second wave of job cuts—this time among white-collar workers.
Close to 6 million jobs are potentially on the line, according to Bloomberg Economics. That includes higher-paid supervisors in sectors where frontline workers were hit first, such as restaurants and hotels. It also includes the knock on-effects to connected industries such as professional services, finance and real estate.
https://www.bloomberg.com/graphics/2020-how-many-more-jobs-will-be-lost/

#102 Long-Time Lurker on 06.03.20 at 11:17 pm

>The results are in from Scandinavia… By the way, all these mass gatherings in the U.S. (and Vancouver, regretfully) could well spur more outbreaks.

Scientist defends Sweden’s hotly debated virus strategy
By DAVID KEYTON and JAN M. OLSEN

…Sweden has stood out among European nations and the world for the way it has handled the pandemic, not shutting down the country or the economy like other nations but relying on citizens’ sense of civic duty. Swedish authorities have advised people to practice social distancing, but schools, bars and restaurants have been kept open the entire time. Only gatherings of more than 50 people have been banned…

…According to the national health agency, Sweden, a nation of 10.2 million people, has seen 4,542 deaths linked to COVID-19, which is far more than its Nordic neighbors and one of the highest per capita death rates in the world. Denmark has had 580 coronavirus deaths, Finland has seen 320 and Norway has had 237, according to a tally by Johns Hopkins University….

https://apnews.com/9598f7ad95967e4d6f507d526dce0c68

#103 JUST LQQKING on 06.03.20 at 11:23 pm

there is a lot of apprehension toward buying a home …lately more so than usual…being a recently retired builder I have built hundreds of homes over the last 50 plus years….the most recent one was sold to a middle age couple for $850,000…but they just sold the home they had owned for several years previous for $1,100,000…and that seems to be kind of the norm in SFD’s…people move across in the same market…I may have, but offhand can’t remember selling a house to a first time buyer…at least not in the last 5 years or so.. but previous to that I built some that were in the $350,000-400,000 range…and a lot of those went to young families…people like to buy their own home because it is the most important thing they will ever acquire …and gives a family a sense of peace and comfort…and land is the only thing of value on this planet. I seems to me that a lot of the renters I have met over the years “regretted” missing the market, and were waiting for a crash to get in…similar to what’s happening now… but I’ve never really seen land go “down” in value…sure you can get a deal on a foreclosure, or 100 acres with a trailer 30 miles out of Prince George…but a nice house on a lot in a good neighbourhood…close to everything…people will not part with something like that unless something really beyond their control happens…and that kind of property won’t usually fire sale…and all 18 of those houses are now worth around $750,000

#104 Future Central Banker on 06.03.20 at 11:30 pm

Ben TaL is also the second quasi insider who’s mentioned the CERB being extended. Another sign of capitulation? With fall comes “the second wave” its inevitable.

Canada still has plenty people dying from Covid, the second spike will tear the rug out from under any recovery and the heart out of any hopeful CERBISTA. Especially true in Quebec and Ontario where the peak is nowhere in sight. Funny how the national media won’t report in Quebec?

Sweden “Trudeau-like” Covid killer admits he was wrong, oh golly gosh. Between them 16,000 dead and counting. Maybe in the future we isolate the Liberals and call out the army first?

Isn’t the legal definition of murder having aforethought that death would occur and you did it anyway? Third degree murder doesn’t apply. I think Trudeau is deluded not depraved. But I do think manslaughter could be proved.

#105 Ponzius Pilatus on 06.03.20 at 11:45 pm

#92 Lost…but not leased on 06.03.20 at 9:28 pm
#78 Flop… on 06.03.20 at 8:08 pm
What value does a human life have?

$20 apparently.

Way past time to make it illegal for police officers to arrest people by taking them to the ground…

M45BC

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

Really…???
You actually believe the MSM version ???

I really thought you were much brighter than that.

Regardless..even if the event actually happened, this does NOT justify the violence and devastation innocent parties are experiencing.

Anarchy has been given free rein….in essence endorsed by Gubermint which is playing all sides as fools.

Remember…these are the same parties that just yesterday convinced their citizens the yearly flu was gong to kill millions…now the script is racism is as rampant as scamdemic.

What’s next ?? yaaawwwnnnnn

Anyway,there is good news…many average Joe and Janes are fighting back and kicking @ss…check YouTube
————–
Usually, I just scroll past Lost’s post.
But seems he’s lost his mind.
Someone please call the guys with the white coats and the straight jacket.

#106 Don Guillermo on 06.04.20 at 12:12 am

#63 Ponzius Pilatus on 06.03.20 at 7:00 pm
There are 3 cars with Alberta license plates parked in my hood.
All coming to the land of milk and honey, where rentals are plenty and rents are dropping.
*******************************

3 AB cars … wowzers! I just saw 6 BC cars today walking through Marda Loop. Milk and honey? That’s really funny. This country is so effed.

#107 pete biro on 06.04.20 at 12:33 am

darren Re niagara prices

the reason they report an increase of 11% is due to incorrect analysis! analysis should be on the difference values WITHIN each region, not the average across regions in one year compared to another.

stats 101

#108 PLANDEMIC I SAY on 06.04.20 at 1:31 am

“Pandemic. What pandemic?” – Exactly!

NO, wrong terminology, PLANDEMIC as we will soon realize too late.

#109 burnaby guy on 06.04.20 at 1:34 am

Clearly owning a home in Toronto – the premier real estate market in this house-lusty land – was a losing proposition over the last few years, compared to renting. In contrast, a balanced financial portfolio has gained (even with the virus attack and the late-2018 market plop) 16% since 2017.

Garth – You said many many times before it’s not a contest. How come you keep doing it (comparing RE to B&E portfolio) yourself over and over again?

#110 Ponzius Pilatus on 06.04.20 at 2:39 am

Now that Stockwell Day has a lot of time on his hand, he could resurrect the Social Credit Party and take on Trudeau.
I’m sure a lot of blog-dogs would vote for him.

#111 Robert Ash on 06.04.20 at 3:55 am

Interesting quote by Howard Marks of Oaktree Financial the Debt clean up guru fame…. “Capitalism, without Bankruptcies is like Catholicism without Hell”… Sadly this meme will gain some traction, in the future. The Equities market will enjoy some exuberance until the Cliff approaches and the Earnings to Purchase rationale, has to be internalized…. Or there is just no other place for Capital to flow into… I suspect all the Bubbles, will be under a lot more pressure in several months. Sadly the poor, and lower income earners, will bear the brunt of this sea change of realities on the Horizon.

#112 Sky on 06.04.20 at 4:47 am

# 72 Dave :

“In regards to protests/riots in the States…look back in history when India stood up against British Rule. Masses of Peaceful protests…the British army stopped hitting because they did not want to hit anymore. Perhaps a evolution of this type of protest will work??”

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

Never going to happen with these “peaceful protesting” savages. Once you sink to the level they’re at, there can be no redemption.

Watch the first 7 seven minutes of the video link. I am so upset right now. Especially the dog abuse. Tucker’s program isn’t normally this graphic. He hit me off guard. But I know why he showed us this. It’s because he loves dogs and is sharing his anger & pain. Like I am.

Tucker’s the very last of the MSM that I watch. Last honest journalist. Unscripted. Writes his own powerful monologues. Nonpartisan (but detests the left and the rot they’ve created). Rips into Hailey, Trump, Kushner and Pence on Monday’s show. Oh, and he actually lets his guests talk. His show isn’t about him. It’s about US.

https://www.youtube.com/watch?v=sWVELNccW3E

Police are getting stabbed and shot now by the rioters. Sad, but it’s a dangerous job and the politicians have rendered them defenceless. And it’s horrible the way shop owners are getting hurt trying to defend their property.

As for the ‘protestors’ – I do not give an infinitesimal damn anymore who gets hurt or shot. By now they know exactly what they’re getting into. And they have a choice whether or not to be there. Unlike that poor dog. What a great life he’ll have :-(

Tuesday’s show (for those who are interested):

” How Long Before No One Will Serve As A Cop?”

Civil Rights activist, Woodson, @ 22:00

https://www.youtube.com/watch?v=6hzQVVV6vLQ

http://woodsoncenter.org/team_members/robert-l-woodson-sr/

#113 Wrk.dover on 06.04.20 at 7:11 am

Too many people spell two words wrong posting to this blog, repeatedly.

You’re going to have to learn your lesson.

See what I just did there?

#114 Steven Rowlandson on 06.04.20 at 7:18 am

If police officers have to practice social distancing they can not do their job when it comes to arresting people. If they do their job they make hash out of equality before the law. Laws that have exceptions or need to be amended are by definition not laws at all.

#115 BillyBob on 06.04.20 at 7:19 am

#30 TurnerNation on 06.03.20 at 5:04 pm
In order to buy and sell you will require the Mark.
Very likely this will be your Credit Score #.

Those defaulting on their rent payments; deferring mortgages; defrauding CERB. All that might hit the credit reporting. Add those to the actual mortgage and car lease, toy lease, small business defaults to follow.

With the tight rental supply most condo ads in Toronto had stated: Credit score over Xxx required.
Now that tenants may quit paying rent and squat this still make sense. Why: Past behavior is best predictor of future behavior. A person with 850 credit score will not risk this over monthly rent.

Now the dance begins: those who may get credit, those who cannot. The next five years. Those with the Mark of good credit can vultch

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

Hmm. My Canadian credit score is 829 (of 900, Transunion). UK one is 981 (of 999, Experian). When I moved to the UK it was 570. No history. Funny how just paying your bills every month will raise your score quickly. Who knew.

I can’t get them much higher, the one factor held against me is that I don’t have a mortgage. We bought our home without one, so getting a mortgage to improve my credit score so that we can get a better rate on a mortgage seemed a bit…unnecessary.

I guess under TN’s system I can rent something but I don’t get to be the Antichrist.

Darn. Another dream dies.

#116 BrianT on 06.04.20 at 7:30 am

MSM laugh of the day-Main headline on 680 news (Toronto)-AUTOPSY REPORT SHOWS GEORGE FLOYD HAD TESTED POSITIVE FOR CORONAVIRUS-the MSM every day reads more and more like THE ONION. I guess this means the psycho cop walks-only the virus can kill.

#117 Former Navy Chief on 06.04.20 at 7:56 am

Re: #294 akashic record on 06.03.20 at 3:21 pm

I concede that you have a valid point, but from experience a dollar saved by the government yesterday never equates to a dollar saved on my income tax today.

Additionally, the government felt entitled to raid the Public Service Pension Fund surplus about 20 years ago, and was backed by the Supreme Court (https://www.thestar.com/news/canada/2012/12/19/public_service_unions_not_entitled_to_28b_pension_surplus_says_supreme_court.html). I wonder who the government will steal from next time…

There are just too many piggies gorging themselves at the trough.

At this rate I will never be able to retire.

#118 Nottawa Housing Bust on 06.04.20 at 8:01 am

I am beginning to legitimately fear a bank going bust. There is far too much spin in the RE industry regarding price increases, and pusuong bidding ware. People think the worst is over. Of that were true then why were banks forced to set aside 11 billion for loan loss provisions. I understand it is a formula, but of things are essentially back to where they were, why didn’t banks do this before. Something doesn’t add up????

https://www.google.com/amp/s/www.cbc.ca/amp/1.5587926

Mortgage portfolios are insured. Cry for the taxpayers, not the banks. – Garth

#119 TurnerNation on 06.04.20 at 8:04 am

Some media sources are already predicting protests/riots in Toronto this weekend. As always the role of media is predictive programming.
I imagine the people are already bussed in and staying in local hotels.

Look at this. From 1928 book. They knew this about us almost 100 years ago! Now we have ‘social media influencers’. I’ve always called out the current war as being for our minds. The own the land already, we just rent it – and they are hiking property taxes 10% yes?

The purpose of a Headline is…to get into your head.
Read this and realize they won the propaganda war 100 years ago. Don’t fight it, call it out:

““The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. …We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of. This is a logical result of the way in which our democratic society is organized. Vast numbers of human beings must cooperate in this manner if they are to live together as a smoothly functioning society. …In almost every act of our daily lives, whether in the sphere of politics or business, in our social conduct or our ethical thinking, we are dominated by the relatively small number of persons…who understand the mental processes and social patterns of the masses. It is they who pull the wires which control the public mind.”
― Edward Bernays, Propaganda”

#120 TurnerNation on 06.04.20 at 8:10 am

What they are rolling out in our cities and especially now in USA is nothing new. I always say check your history books. I did. Another attack on bricks and mortar.
This ain’t a pretty read but it’s here again:

https://en.wikipedia.org/wiki/Kristallnacht

Kristallnacht (German pronunciation: [kʁɪsˈtalnaχt] or the Night of Broken Glass, also called the November Pogrom(s),[1][2] was a pogrom against Jews carried out by SA paramilitary forces and civilians throughout N__i Germany on 9–10 November 1938. The German authorities looked on without intervening.[3] The name Kristallnacht (“Crystal Night”) comes from the shards of broken glass that littered the streets after the windows of Jewish-owned stores, buildings and synagogues were smashed.

#121 Sky on 06.04.20 at 8:10 am

Stream of Consciousness :

Was writing a post on how censorship played a big role in the scamdemic/lockdown/economic devastation. But I gave up. Dog abuse is jamming my brain and I really need to just ramble.

Husband’s of no help at the moment. System overload, ready to blow a gasket at what he’s seeing. Me? I stay away from those violent riot vids. See one and you’ve seen them all. Got blindsided by Tucker though.

Adults inflicting violence on other adults has become so banal that I’ve grown numb to it. Does this mean I’m jaded? Maybe. But I still get my hackles up when it comes to abusing innocent children or animals. Believe me, my neighbors know all about this! It’s genetic, I think.

I’ll share a story about my father and dog abuse with you guys. He’s on a job site (ran a construction business and an acreage at the same time), along with one of my brothers. I think he was in his 60’s at the time. Hears those high pitched, heart piercing shrieks of pain. You know what I’m talking about. We’ve all heard them. Looks over and sees what’s happening.

Some guy is kicking, punching, and choke-dragging his German Shepherd in his yard. A loud yell of only the type my father was capable of inflicting (trust me on this) stops the guy in his tracks. My dad rushes over, physically gets the dog away from the guy and hands the dog over to my brother. Now comes the fun part.

Once the dog is safe, my dad goes ballistic on the guy. Verbally. I won’t even attempt a description. You had to be on the scary receiving end or to witness it to understand. Mano-a-mano though. My brothers, if they got out of line. Wife and daughters subjected only to love, respect and PROTECTION.

Anyway, by the end of the tirade, my dad had reduced the guy nearly to tears and apologizing for what he’d done to the dog. Oh, and one more thing. The dog abuser? He was a cop.

My brother told me all about this in vivid detail when it happened (I’ve left a lot out). He was really proud of our father that day. And REALLY impressed that he took on a cop. My dad never spoke about it other than to confirm it happened. He brushed it off. To him, it was no big deal. Just taking care of business. What happened to people like him? Where are they?

Grew up in a house full of love, laughter, yelling, passions, hard work, amazing food, conversations, books and animals. Countless beloved dogs and cats. All of them strays or castoffs and their offspring.

The animals ruled. And they knew it. If the roughhousing got out of hand or you accidentally stepped on a tail or a paw and then got bit or clawed – there was zero sympathy. It was always YOUR OWN fault. As it should be. But there were these 2 psycho cats who…

Castoff friends of my brothers and sisters also camped out in that house. All were welcome. For however long they needed to stay. Sometimes houses aren’t just real estate. They are HOMES. And I am blessed to have grown up in the one that I did.

Thanks, Garth. I needed to do this.

#122 crowdedelevatorfartz on 06.04.20 at 8:35 am

@#36 Handsome ned
” Will people from Hong Kong flock here in large numbers or instead liquidate their lower mainland properties. The Chinese have a saying that “the rabbit needs many holes” “”””””

Nah. All the dual citizenship people will return to a country they have nothing in common with and continue to protest the communist chinese govt in HK.
Canada will foot the bill and China wins again.

A communist crackdown was inevitable in Hong Kong.
I’m amazed it took 23 years after the handover in 1997.
The last vestige of a “free” society in China.
Politicians the world over will stomp their feet and wag their fingers and poo poo Winnie the Poos actions in HK ……….and China will ignore them.
Because they can.
Aiiii Yaaaa.

#123 crowdedelevatorfartz on 06.04.20 at 8:46 am

@#97 Floppie
“Could have been worse.

You could have paired me up with Crowdie again…
++++

Just when I thought we had something going here…..

#124 crowdedelevatorfartz on 06.04.20 at 8:51 am

@#110 Pontificating Putz
“Now that Stockwell Day has a lot of time on his hand, he could resurrect the Social Credit Party and take on Trudeau.
I’m sure a lot of blog-dogs would vote for him.”

+++++

As opposed to the stuttering, politically correct, deficit debauched Prime Minister we currently have?

I’d vote for any non populist weenie that crawled out of the gutter IF they promised not to run up a deficit of 300 BILLION in one year….

Why are you still here typing?
Isnt there a crayon with your name on it?

#125 Yuus bin Haad on 06.04.20 at 8:53 am

We had a big BBQ picnic in the park the other day and the snitch police didn’t bother us. The secret? We made it look like a big protest gathering!

#126 PBrasseur on 06.04.20 at 9:03 am

It used to be that flight to safety meant buying government bonds, in other words sovereign debt. Now it seems the stock market is playing that role as the market trusts businesses value more than government managed money. Strange times.

#127 IHCTD9 on 06.04.20 at 9:10 am

#125 Yuus bin Haad on 06.04.20 at 8:53 am
We had a big BBQ picnic in the park the other day and the snitch police didn’t bother us. The secret? We made it look like a big protest gathering!
——

Excellent, this would have allowed you to loot the local stores too – consequence free!

#128 Wrk.dover on 06.04.20 at 9:13 am

https://www.dailymail.co.uk/news/article-8387665/Moment-landslide-sweeps-eight-buildings-sea-Norway-chunk-coast-vanishes-underwater.html

Looks just like home for Garth and I!

Do stone bank buildings float though?

Another reason not to have all the eggs in one RE basket. DIVERSIFY!

#129 M from Ont on 06.04.20 at 9:16 am

Having a dual Canadian-European citizenship never felt so good. My condolences to all land locked Canadians stuck in this mess. The country is run by lunatics.

#130 BrianT on 06.04.20 at 9:17 am

DELETED. Time for you to leave this blog. – Garth

#131 IHCTD9 on 06.04.20 at 9:24 am

#121 Sky on 06.04.20 at 8:10 am

Mano-a-mano though. My brothers, if they got out of line. Wife and daughters subjected only to love, respect and PROTECTION.
——

Psychological advantage. My Dad was the same, 5’-8” 160 lbs with 24’-11”, 860lbs worth of kids in the house. He could produce fear. He probably needed to. Quiet all around guy, but old school fire and brimstone when the chips were down. I admit, he had a tough job on his hands back then.

Both our Dads would likely do jail time in this day and age.

#132 IHCTD9 on 06.04.20 at 9:31 am

#113 Wrk.dover on 06.04.20 at 7:11 am
Too many people spell two words wrong posting to this blog, repeatedly.

You’re going to have to learn your lesson.

See what I just did there?

I checked two times, even had Ms IH check too, we can’t seem to see what you did there.

#133 VicPaul on 06.04.20 at 9:31 am

#15 Faron on 06.03.20 at 3:55 pm

Howard and VicPaul

You seem to think that intelligence and strength and morals are well correlated with wealth. Is that correct? I also heard “evolution” in there which smacks of eugenic thinking. Nice.

Anyhow, all good. Lets wage your IQ against mine (even though IQ is a poor proxy for intelligence). Winner takes the other’s net worth. Or lets take a walk into your local low middle class housing neighbourhood and stand on the corner. I’ll video tape you as you express your archaic views about morality and intelligence and laziness to any passersby.

*********

Are you high…or kidding? I stated that competence, commitment to task is an avenue to carving a contributing, successful (you can earn your keep) niche in life.
But you did what all more-virtuous-than-thou Lefty’s do – you changed my words (lied) to fit your narrative – from where you can comfortably (marinating in your arrogance) criticize those who disagree with your worldview.
My mentioning evolution, in the context of strengthening the human gene pool – set you off on a accusation of eugenics – again, rather tired, pathetic Lefty projection….but you guys have to keep telling yourself that “you’re better” than others – all the while criticizing everyone else.
Oh, the irony of your smugness.

M56BC

#134 Alex on 06.04.20 at 9:41 am

I’m last to comment on your blog, no time to read when having two toddlers and wife!.

I sold my condo on Jan 31, funny that people think I sold it on purpose, but honestly no one was talking corona back then. Also I had listed for a year so it was long overdue….

All this to say that I met my realtor yesterday ( the one that helped me sell my condo)… She’s trying. To rent that same condo and haven’t been able to. I asked her point blank about what does she think about me getting into a another property, and she said everything will go down, realtors expect housing to go down this year and next year, also that don’t expect that things will go up at all. Told me to wait until mid next year to see where things are, but to be ready to jump in if the opportunity arises.

So I think realtors know the truth they just don’t want to announce it and play that game that housing will recover now.

Last note, your blog is the best. I love reading it before going to bed at night…. But most of the time I pass out (it’s not boring, I’m just always dead tired, and then I have to re read in the morning).

Following your advice, man, I’m so happy. I’ve had the exact opposite effect on this pandemic. My new company is moving forward, and I can now cherry pick high quality engineers that got laid of, for my projects. My cash is all on TFSAs and although I don’t have much exposures to ETF, and I only have high dividends stocks in health care and few other things that is actually making money. I have a little extra on the side for the ETFs, but I’m waiting for the next wave of corona.

#135 Flop... on 06.04.20 at 9:44 am

Crowdie
@#97 Floppie
“Could have been worse.

You could have paired me up with Crowdie again…
++++

Just when I thought we had something going here…..

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

Morning Crowdie,

Did you see what happened the other day when I asked them what is the problem they have with us?

Silencio…

#136 Phylis on 06.04.20 at 9:52 am

#132 IHCTD9 on 06.04.20 at 9:31 am I see what you did there. ;)

#137 RyYyZ on 06.04.20 at 9:56 am

#102 Long-Time Lurker on 06.03.20 at 11:17 pm
>The results are in from Scandinavia… By the way, all these mass gatherings in the U.S. (and Vancouver, regretfully) could well spur more outbreaks.
================================

Roughly twice Canada’s per-capita death rate, even with our terrible performance in LTC homes.

#138 Alex on 06.04.20 at 9:57 am

I forgot to say that i bought at the lowest point so far this year. Not lying, I had done my plots and was waiting for DOW to go lower than 19000. But I also used that analysis from Ryan he posted one weekend about the S&P P/E to ratio, that analysis plus mine combined triggered all my buys into blue chips high dividends (>5%).

You should have more analysis like those ones on the weekend. To have a different perspective on things.

Thanks Garth for everything. Stay safe.

#139 IHCTD9 on 06.04.20 at 10:00 am

#112 Sky on 06.04.20 at 4:47 am

I recall when Sammy Yatim was shot in Toronto, I was OUTRAGED. Around that time, a lot of white guy/cop shoots black guy stories were hitting the headlines.

As time progressed, the BLM protests started degenerating towards what we have today.

As these protests started turning into city torching parties, I started feeling more and more sympathy for the cops.
The last straw for me was comments made by Toronto BLM activist Yusra Khogali a few years back. That was it, the last ounce of empathy I felt for the BLM Movement evaporated right then and there.

Now, if I hear about a cop shooting a black dude on the radio – I just turn it off. I’d rather listen to Trudeau making a 4 hour speech than a BLM activist.

#140 Sail Away on 06.04.20 at 10:25 am

It sure is nice to see Trump condemning the rioters instead of pandering. Thumbs up!

#141 Sky on 06.04.20 at 10:27 am

@ IHCTD9

“Both our Dads would likely do jail time in this day and age”

***********

Hairdressers who open up their shops too soon get dragged off to jail in Texas now. Our fathers would probably have been executed.

You do get a pass for looting, shooting, and arson though. And dog abuse. Those types of activities earn nothing but respect from the MSM. And some of the police chiefs. Who are now taking a knee.

#142 Sail Away on 06.04.20 at 10:36 am

Here is the roadmap to economic success. Bet on:

Trump
Elon
Buffett
Such necessities of modern life as financials, utilities, power generation, shipping and telecom

Then take a nap. Your work is done. Easy peasy.

#143 Sam Denbury on 06.04.20 at 10:40 am

Why are college students and sundry losers so easily trained to be used as political pawns. This article explains how disorientation works as a brainwashing tool.

How do bsmt dwelling dweebs go from video games in Moms house to Antifa in a few weekend training sessions? The organization behind this is pervasive, organized and financed.

Arrests of the black clad robotic ‘rioters’ revealed the interesting truth. That they were given detailed rally drops, pick up points, bus numbers, instructions, pay stubs, lunches, coded orders, training manuals, escape routes, battle plans, slogans etc. The rioters have been getting organized for a long time. Those matching uniforms are a dead giveaway.

https://ceasefiremagazine.co.uk/in-theory-5-autonomism/

The “resistance” first pronounced Trumps impeachment on CNN 19 minutes after the inauguration . Sound spontaneous to you?

#144 not 1st on 06.04.20 at 10:49 am

So let me digest this. Stockwell Day makes a gaff about racism and is forced to step down from boards and is fired from CBC.

Our PM wore a racist outfit on multiple occasions and was re-elected.

Talk about living in an alternative universe.

#145 Gerald B on 06.04.20 at 10:52 am

The only systemic racism (i.e. enforced by the state) that exist in Canada is the so-called “positive discrimination” and whites are the ones subjected to it.

#146 Sail away on 06.04.20 at 11:05 am

#63 Ponzius Pilatus on 06.03.20 at 7:00 pm

There are 3 cars with Alberta license plates parked in my hood.

All coming to the land of milk and honey, where rentals are plenty and rents are dropping.

—————

There’s an Austrian immigrant family in my neighbourhood. We talked about Ferlach. And dirndls, of course. Always dirndls.

#147 Sky on 06.04.20 at 11:10 am

IHCTD9 # 139 :

“The last straw for me was comments made by Toronto BLM activist Yusra Khogali a few years back. That was it, the last ounce of empathy I felt for the BLM Movement evaporated right then and there. ”

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

I hear you. They don’t give a damn about violent black deaths. Stirring the pot and power. That’s what it’s all about.

Here’s someone who actually DOES care. Watch her take on the virtue signalling SJWS by herself. Beautiful!

‘Black Lives Matter Is a Joke’: Black D.C. Resident Tells Far-Left Group ‘Go to Chicago’

https://www.breitbart.com/social-justice/2020/06/01/watch-black-lives-matter-is-a-joke-black-d-c-resident-tells-far-left-group-go-to-chicago/

#148 Stan Brooks on 06.04.20 at 11:15 am

https://ca.finance.yahoo.com/news/former-bank-canada-governor-stephen-131742048.html

The revolving door between government bureaucrats and the private sector. Couldn’t even wait for his CERB benefits that would fit his mental capacity much better than a fat paid ‘corporate’ job.

#149 Wrk.dover on 06.04.20 at 11:15 am

#132 IHCTD9 on 06.04.20 at 9:31 am
#113 Wrk.dover on 06.04.20 at 7:11 am
Too many people spell two words wrong posting to this blog, repeatedly.

You’re going to have to learn your lesson.

See what I just did there?

I checked two times, even had Ms IH check too, we can’t seem to see what you did there.

—————————–

Too, two, to, your, you’re slipping.

#150 jess on 06.04.20 at 11:20 am

when the trackor is tracked by the trackee

https://www.vice.com/en_us/article/y3zd9g/whole-foods-just-fired-an-employee-who-kept-track-of-coronavirus-cases

#151 Phylis on 06.04.20 at 11:20 am

#143 Sam Denbury on 06.04.20 at 10:40 am Reminds me of when McDonalds was accused for targeting small children in their advertising. For that matter, also big tobacco. Interest groups are smart too. Marketing 101.

#152 Sail away on 06.04.20 at 11:20 am

Dog training tip:

The best training is always when dogs train themselves, or are trained by other dogs.

If you want a pup that heels/gives to a lead automatically, tie a 4′ cord (non-slip! no strangling) around their neck at 6 weeks and leave it there for a year. Never will they fight/pull/drag on lead. Magical. And no pack-a-day gasping choke chain training garbage.

Also, when they get too wild, just immediately tie them to the refrigerator or island or tree or anything, anywhere you are. No need for irritation, and the pup holds no grudge. The rope’s part of life; may as well rage against the wind.

#153 Sail away on 06.04.20 at 11:48 am

It might be a good time for a thoughtful, well-reasoned, unemotional discussion about Trump as a leader. Thoughts?

Rarely has there been a leader with so many powerful detractors arrayed so vehemently against him who continually comes out on top, proceeds with his agenda and creates such a loyal team. This doesn’t just happen by random chance. He’s a wily old bird.

#154 Deplorable Dude on 06.04.20 at 12:04 pm

So a week ago being outside was enough to kill someone’s grandma…but now in the US I’m watching medical staff outside clapping hordes of ‘protestors’….

Lol…..what’s the next shiny thing gonna be? We haven’t had aliens yet……

#155 Sask to AB on 06.04.20 at 12:06 pm

re #103 JUST LQQKING on 06.03.20 at 11:23 pm

Thanks for your post. Appreciate your insight.

F57AB

#156 Yukon Elvis on 06.04.20 at 12:13 pm

#153 Sail away on 06.04.20 at 11:48 am
It might be a good time for a thoughtful, well-reasoned, unemotional discussion about Trump as a leader. Thoughts?

Rarely has there been a leader with so many powerful detractors arrayed so vehemently against him who continually comes out on top, proceeds with his agenda and creates such a loyal team. This doesn’t just happen by random chance. He’s a wily old bird.
……………………………………

A choice between Trump and Biden. Very sad. Are these two the best America has to offer ? Apathy here.

#157 Tater on 06.04.20 at 12:32 pm

Interesting tweet from @RateSpy:

DEVELOPING STORY: According to sources:
@CMHC_ca
will announce lower debt ratio limits and higher credit score minimums for its insured mortgages, and ban borrowed down payments. If our sources are correct, this news could drop soon. The Spy will give you the scoop once it does.

Yup. The Evan Siddall hammer is coming! – Garth

#158 Michael in-north-york on 06.04.20 at 12:34 pm

Trump and the violent left need each other.

Trump’s antics prompt the mainstream media to go very soft on the vandals, as the media don’t want to look like Trumps’ friends.

And for Trump: the rioters trigger the centrist voters. Many of those voters despise both Trump and antifa, but quite a few will vote for Trump as they see him as a lesser problem.

In fact, people of certain demographics may be playing on both teams. Young + white + uneducated + redneck mentality. Smash the windows for the antifa, then vote for Trump when the time comes. Win-win, sort of.

#159 Michael in-nothr-york on 06.04.20 at 12:46 pm

#153 Sail away on 06.04.20 at 11:48 am

It might be a good time for a thoughtful, well-reasoned, unemotional discussion about Trump as a leader. Thoughts?


Trump is a bad leader, who has no strategy and no ability to work with competent aides and advisors. Scores of them have left. He can’t solve any problem that requires both intelligence and resolve; see North Korea, Iran, now the domestic riots.

But he is a cunning manipulator and a good talker, and that might still earn him the 2-nd term despite the Covid setbacks.

#160 IHCTD9 on 06.04.20 at 12:51 pm

#91 Sail Away on 06.03.20 at 9:28 pm
#70 Ace Goodheart on 06.03.20 at 7:32 pm

Dinosaurs managed to survive 185 million years on the planet. From about 250 million years’ ago, all the way to 65 million years’ ago, when they were all suddenly made extinct. Scientists think that a celestial body, perhaps an asteroid, hit the planet and killed them all. They found a big crater in Mexico.

—————

Oh, you didn’t hear? The latest study commissioned by the Dems proved beyond all doubt that an asteroid didn’t kill the dinosaurs, but instead the previously undiscovered mind-controlling Trumposaurus caused all their heads to explode.

It appears the species has evolved to its current form as proven by recent head explosions
— –

Trumposaurus Rex eyes its prey from the cover of giant prehistoric ferns in the humid Cretaceous jungle. The herd of Democratiplodicus munches contentedly on leafy foliage plucked from the low hanging branches, completely unaware of the danger.

Slowly, Trumposaurus Rex reaches for its smartphone and executes a well practiced login to Twitter. A message is carried on the breeze, directly into the nostrils of the herd.

Suddenly, an alarm sounded by the alpha Demicratiplodicus pierces the tranquility! Sniffing the air the herd becomes aware of their offended security and clamour to form a defensive circle.

But it is too late! The salvo has already been fired, the seed planted. The Demicratiplodicus become confused, frantic, tossing their heads, and breaking into a stampede.

Watching the from the shadows, Trumposaurus Rex patiently waits. An enameled gleam is seen in the dense undergrowth, like a Cheshire Cat; as the heard loses its mental faculties.

Soon, the moment the Trumposaur has been waiting for arrives. The herd, now in a lathered gallop ascends into a frenzy of squealing and lowing, and without warning, one by one; their heads begin to explode.

30 minutes later, the herd lays motionless on the damp earth of the forest floor. Blowflies appear, and set upon the corpses.

A large, toothy predator steps into view…

#161 akashic record on 06.04.20 at 12:57 pm

#158 Michael in-north-york on 06.04.20 at 12:34 pm

Young + white + uneducated + redneck mentality. Smash the windows for the antifa, then vote for Trump when the time comes.

Uneducated young “redneck mentality” people don’t speak the left academic lingo of Antifa.

Not to mention that Antifa has an elaborate screening procedure.

https://www.zerohedge.com/political/project-veritas-infiltrates-clandestine-meeting-violent-antifa-cell

#162 Faron on 06.04.20 at 1:01 pm

#133 VicPaul on 06.04.20 at 9:31 am

“by nature of the vagaries of life/genetics/evolution, are less competent – either intellectually, physically or morally (they don’t give a whit about self-sacrifice/delayed gratification, self-improvement)”

And today:

“Are you high…or kidding? I stated that competence, commitment to task is an avenue to carving a contributing, successful (you can earn your keep) niche in life.”

These are very different statements. What sounds like superiority is just holding you to your own standards and y’all getting whiny when that gets uncomfortable for you.

It’s like Trump and hydroxychloroquine. Now that it’s out of favour (study after study shows no benefit or worse) he pretends his words never left his mouth.

And I’m clean, but thanks for revealing *your* stereotypes.

The point of all this was to discuss GST as a regressive tax. I wasn’t the one who started accusing any group of being lazy or morally deficient.

#163 IHCTD9 on 06.04.20 at 1:03 pm

#149 Wrk.dover on 06.04.20 at 11:15 am
#132 IHCTD9 on 06.04.20 at 9:31 am
#113 Wrk.dover on 06.04.20 at 7:11 am
Too many people spell two words wrong posting to this blog, repeatedly.

You’re going to have to learn your lesson.

See what I just did there?

I checked two times, even had Ms IH check too, we can’t seem to see what you did there.

—————————–

Too, two, to, your, you’re slipping
——-

Am I?

Read my post again, slowly…

#164 Sail away on 06.04.20 at 1:06 pm

#160 IHCTD9 on 06.04.20 at 12:51 pm

—————-

Excellent! As close to perfect as possible. I can think of only a single additional species identifier:

‘Slowly, Trumposaurus Rex reaches for its smartphone [, with its tiny hands,] and executes a well practiced login to Twitter.’

#165 IHCTD9 on 06.04.20 at 1:11 pm

#136 Phylis on 06.04.20 at 9:52 am
#132 IHCTD9 on 06.04.20 at 9:31 am

I see what you did there. ;)
——

Bonus points for you – others missed it!

#166 Deplorable Dude on 06.04.20 at 1:11 pm

#153 Sail Away “Rarely has there been a leader with so many powerful detractors arrayed so vehemently against him who continually comes out on top, proceeds with his agenda and creates such a loyal team. This doesn’t just happen by random chance. He’s a wily old bird”

———

To quote George Carling….”It’s a big club and you ain’t in it”

Trump ain’t part of the DC club and his interests (i.e. Main St) are polar opposite of the Elites interest (Wall St). Hence the constant insane vitriol against him by the Elite and their narrative support apparatus (Liberal MSN).

The latest shiny thing of ‘protests’ aka violent rioting and looting has put the Libs in the difficult position.

Only happening in Dem controlled cities. All these liberal small business owners suddenly realising why the 2nd amendment exists…and…that their politicians abandoned law and order to support the latest narrative.

Anyway Comrades…the Ministry of Pandemic Truth instructs you to redirect your current virtual signalling of clapping health care workers to now taking the knee outside in large groups. That will be all.

#167 not 1st on 06.04.20 at 1:14 pm

Yup. The Evan Siddall hammer is coming! – Garth

So those 10,000 vacant condos in TO might have renters after all now with no other choices. Except leave the city and move someplace sane.

What about those shared equity boondoggles the govt was pushing?

Going to be quite an stagnant recovery without oil or FIRE.

#168 IHCTD9 on 06.04.20 at 1:43 pm

#164 Sail away on 06.04.20 at 1:06 pm
#160 IHCTD9 on 06.04.20 at 12:51 pm

—————-

Excellent! As close to perfect as possible. I can think of only a single additional species identifier:

‘Slowly, Trumposaurus Rex reaches for its smartphone [, with its tiny hands,] and executes a well practiced login to Twitter.’
—-

Damn! I can’t believe I missed that opportunity!

#169 Gravy Train on 06.04.20 at 2:21 pm

#130 BrianT on 06.04.20 at 9:17 am
DELETED. Time for you to leave this blog. – Garth

Don’t let the door hit your bum on the way out! :P

#170 BillinBC on 06.04.20 at 2:28 pm

#132 IHCTD9 on 06.04.20 at 9:31 am
#113 Wrk.dover on 06.04.20 at 7:11 am
Too many people spell two words wrong posting to this blog, repeatedly.

You’re going to have to learn your lesson.

See what I just did there?

I checked two times, even had Ms IH check too, we can’t seem to see what you did there.

—————————–

Too, two, to, your, you’re slipping.

———————–
Now, if we could only “teach” the high school drop-outs the difference between LESS and FEWER, we grammar cops would be happy. :-)

#171 Phylis on 06.04.20 at 6:55 pm

#170 BillinBC on 06.04.20 at 2:28 pm….Now, if we could only “teach” the high school drop-outs the difference between LESS and FEWER, we grammar cops would be happy. :-)

——————-
Imagine how much fun we could have with proper pronunciation of “t”, “tee”, and “tea”.