Issues

Would you work in a warehouse in steamy Victoria for nineteen bucks an hour (plus benefits and a bonus for showing up routinely)? Yesterday on this blog Carson moaned he couldn’t find workers to do so, and that people would rather stay home on the CERB. Yes, it pays less. But the actual work involved is, well, zero.

Tara just wrote me. She has a candidate:

Will gladly sacrifice the mushroom in the basement, who has become a bit too comfy with the Trudeau re-election bribe money, to apply for this work. What’s the name of the Victoria warehouse looking for an employee? I’ve got one here. He offers expert-like finger dexterity, an uncommonly high degree of skill at commanding phantom war-like scenarios and can tolerate flashing light beams and loud blasting noises. As an added bonus, he comes with his own chair.

Thanks,
His Mother

As you may have heard, federal oppo parties (to their credit) have nixed Mr. Trudeau’s plan to extend the CERB payments. But this largesse is not over yet. In preparation, those with wealth should be stuffing their RRSPs and TFSAs, realizing tax-advantaged capital gains, setting up spousal loans and registered plans and considering a family trust. (More on this as we move towards the next federal budget.)

Now, let’s yak about the other pachyderm in the bathroom, which is mortgage deferrals. There’s growing consternation about exactly what happens when this payment holiday runs out.

The extent to which Canadians are pooched is in the stats: 8.5% of Americans during this pandemic crisis asked for their mortgages to be deferred. In Canada the latest rate is 17%, and still rising. That equates to over $180 billion in housing debt not being serviced by upwards of a million borrowers. All this money is accumulating interest, and missed obligations will be added to the outstanding principals. That’s issue #1.

As TD is warning its mortgage customers:

The deferral has increased your amortization period and the total amount of interest you will have to pay. The mortgage deferral offer is a pause on mortgage payments themselves, not a forgiveness of the mortgage payment obligation. Interest will continue to accumulate and be added to your debt. The interest will be compounded on each payment due date.

The bank offers mortgage deferral calculator to help people visualize the impact of not making payments for half a year. Good idea.

Now while overall debt will increase for those deferring their loan payments, the value of the asset being financed may drop. CMHC has famously said a decline of up to 18% in prices, nationally, could occur over the next year. Moody’s says 30%, maybe. National Bank estimates 10% which would be “sharper than any of the country’s last three recessions,” including the 2008-9 credit crisis.

The conclusion is that potentially 10% of the people now deferring mortgages could end up defaulting on their loans, especially those with a small amount of equity (which is apparently the majority of the deferrers). This would amount to 70,000 to 100,000 households. Says mortgage broker/blogger Rob McLister “That’s too big a problem for the government not to do something about.” So, this is issue #2.

Now, jobs. When are they coming back?

The latest news was good – 290,000 positions regained in May, compared to the previous month. But at the same time 490,000 more people started looking for work, so the jobless rate increased to almost 14% (it was barely over 5.5% in February). This is the worst it’s been since WW2, and Canada now has the lousiest jobs status among all major economies. Yuck. Of the jobs stolen by the virus, 10% at best have been replaced. Thus, 90% have yet to be reinstated. This will happen over time as the economy reopens (pandemics are by their nature temporary) but it will not occur in the next 90 days – when $180 billion in mortgage deferrals ends. Current estimates are for an unemployment rate of double-digits by Christmas.

But wait. There’s genuine skepticism over how valid last month’s employment stats may have been. “Whether or not you believe that Canada created about 290,000 jobs last month depends, critically, upon what fraction of those who worked no hours in May but said they were employed will ultimately return to their jobs,” says Bay Street economist Derek Holt. Three million people claimed to be ‘employed’ when they actually worked no hours last month. Figure that out.

How many now unable to pay their mortgage will still be struggling in November? We have no idea. But it’s logical to think the number will be significant enough to impact local markets as these folks decide the best solution is to list and sell. So, issue #3.

Finally, the Big Banks just gutted profit margins by setting aside $11 billion to cover bum loans, including those now being deferred. They’re not happy about this. Nor is this whetting the corporate appetite for risk. Just the opposite. Odds are the days of money-for-all mortgage approvals feeding a real estate FOMO frenzy are over.

So after you’ve told your lender the virus caused so much financial distress you couldn’ make payments for six months, do you really believe that will be forgotten? Unrecorded? Omitted from your file? Not a consideration when renewal or refinancing time comes along? Maybe the Tooth Faerie lives in your garage, too, and she can explain. It’s issue #4.

Free money to live on and mortgages without payments. What a country.

Next stop, reality. Bring your chair.

 

223 comments ↓

#1 YouKnowWho on 06.11.20 at 1:35 pm

Justin will find a way to trigger an election for this October.

And he’ll win a majority this time.

He’s been giving voters stuff like Christmas never ended.

#2 Bartman on 06.11.20 at 1:48 pm

Dictatorship; here it comes.

#3 Jerry on 06.11.20 at 1:56 pm

As a renter and tax paying citizen of Canada, you’re @$%#ing welcome. Enjoy that CERB $%#holes. When will Trudeau stop driving up home prices?

#4 FreeBird on 06.11.20 at 1:58 pm

Garth a public Zoom call w/you and PM and or Morneau about these issues would be interesting. Post on YT. Could be a few long pauses…

#5 no blog for old men on 06.11.20 at 1:58 pm

Interesting…

No transparency — In a stunning move, the Trump administration is signaling that it won’t disclose the recipients of more than $500 billion in bailout money delivered to 4.5 million businesses through the PPP. Mnuchin says it’s “proprietary” and “confidential” information. The GAO told POLITICO that the Small Business Administration is also withholding PPP loan data the agency requested as part of its oversight efforts.

https://www.politico.com/newsletters/morning-money/2020/06/11/mnuchin-ready-to-deal-on-new-economic-package-788431

#6 CERBMoney on 06.11.20 at 2:02 pm

If home prices go up, homeowners pay more in property tax. Home prices falling will save you money (unless you’re flipping houses)! Only person who is benefiting from this nonsense is Chad the Realtor.

#7 Joe Schmoe on 06.11.20 at 2:04 pm

that letter is hilarious…

My highschool grad present from my parents was luggage.

The older I get, the more I respect their “subtlety”

#8 Joe Schmoe on 06.11.20 at 2:07 pm

#6

Property taxes are smoke and mirrors…valuation goes up and down…so do tax rates…in 11 years at my current abode the max difference is ~11%….up and down…

#9 Dolce Vita on 06.11.20 at 2:10 pm

Good to read Bay Street economist Derek Holt ia dubious about the 290K job gain as am I.

X1000

Feb Labour Force = 20,323.2
May Labour Force = 19,093.7

‭1,229.5‬ unaccounted for, MIA (COVID didn’t kill them).

StatCan said that 210K of them are counted as Unemployed (side panel of the May Labour Force report). They also said that the rest, about 1 million, are probably “unemployed” but not meeting the semantic “Unemployed” definition that is enumerated by StatCan.

If you use those “side panel uncounted” numbers, the Unemployment rate is 19.1%.

3 million not counted per Holt, would not surprise me one bit.

——————————

Garth, put the Tooth Faerie in the bathroom with the toothpaste.

Move the pachyderm from the bathroom into the garage where you can at least use it to haul stuff around and give it a good shower every so often and a drink…with the garden hose or if you have a swimming pool, all the better (take its fertilizer byproduct & compost behind the garage or near the fence if you have an annoying neighbor).

Of course, I have no idea of what a Mahout would recommend, but that would be my starting point anyway (for the pachyderm, have no idea what the Mahout equivalent for the Tooth Faerie would be or what should be done to keep it happy).

——————————

“Thanks,
His Mother”

THAT was PRICELESS. Mom’s always know best.

#10 YouKnowWho on 06.11.20 at 2:11 pm

So 11B banks set aside is 6% of deferred 180B.

Say 20% of that 180B goes bad, that’s 36B.

Say RE drops 30% and say they have to resell those homes at a 30% loss – so that’s the 11B right there.

Wouldn’t current owners have to cover the difference between house they walked away from and owed amounts?

Say banks recover that in half cases or equity in the home covers the 30% loss in half cases. Banks look OK for now.

#11 Joe Schmoe on 06.11.20 at 2:11 pm

In other news: JT has declared systemic racism in Canada…even arguing with the RCMP about it.

He is not racist. The SYSTEM MADE him Blackface/brownface…he didn’t come out and say it, but you can see the thinly veiled spin.

What a great way to entirely diminish a opportunity to be more inclusive.

#12 Howard on 06.11.20 at 2:12 pm

#5 no blog for old men on 06.11.20 at 1:58 pm
Interesting…

No transparency — In a stunning move, the Trump administration is signaling that it won’t disclose the recipients of more than $500 billion in bailout money delivered to 4.5 million businesses through the PPP. Mnuchin says it’s “proprietary” and “confidential” information. The GAO told POLITICO that the Small Business Administration is also withholding PPP loan data the agency requested as part of its oversight efforts.

https://www.politico.com/newsletters/morning-money/2020/06/11/mnuchin-ready-to-deal-on-new-economic-package-788431

——————————————-

If the polls hold, and they’ve been consistent for the past 2-3 months (spare me the Hilary 2016 poll comments; the national polls largely got it right, a tiny fluky swing in the final week in 3 states gave it to Trump), Trump is facing a landslide defeat and the Republican Senate may go down with him. There will be massive pressure on President Biden and Majority Leader Schumer to investigate the ex-President’s dealings. Sweeping it under the carpet, as Obama did with George W. Bush, will not do in the current political climate.

#13 Eco Capitalist on 06.11.20 at 2:17 pm

I paid $130K for my first, small with a garage, detached house in Brampton in 1998. According to the Bank of Canada inflation calculator (https://www.bankofcanada.ca/rates/related/inflation-calculator/), I should pay $194K for that house now. When is that correction going to occur? Yeah, that’s what I thought…

#14 YouKnowWho on 06.11.20 at 2:17 pm

By the way, regarding that October election that will win Justin the majority…

He’ll be the only one on TV offering more handouts, while the other parties oppose. Who will the CERB masses of unemployed vote for? “Conservatives and NDP want to leave you without help!”

Justin says – remember you can’t be evicted for not paying your rent!

We have a majority winner! Landlords are outnumbered.

2020 – they year we become more divided than ever, when we need to come together and get to work to get shtuff done!

#15 Billy Boy on 06.11.20 at 2:18 pm

We all need stories to share daily yet we all should know the “New Reality” will not show it’s coulors until the CREB runs out.

Also be prepared for massive improvement numbers although we all should know just how low the numbers for various government numbers fell in the first place.

No matter what the next decade is going to be a world of pain for all…..the only reason we don’t have food lines like the 30’s is the amount of government subsidies for the unprepared….the USA population alone has 49% under some kind of government supprt program.

I wonder what it is here?

Stay safe, protected folks…it’s only just begun.

#16 Damifino on 06.11.20 at 2:22 pm

#1 YouKnowWho on 06.11.20 at 1:35 pm

Justin will find a way to trigger an election for this October. And he’ll win a majority this time.
——————————-

What a sad prospect. And yet, it makes political sense for him to try. His numbers are high. The NDP is superfluous and utterly irrelevant. The Conservatives don’t even have a leader yet. The Block will remain unchanged, but it won’t matter anyway.

#17 Felix on 06.11.20 at 2:25 pm

What is that mutt trying to do to that poor child?

What a dogawful species!

#18 the Jaguar on 06.11.20 at 2:28 pm

I think there might also be an ‘Issue #5’.

The current state of financial paralysis, courtesy of the government imposed lock down, is now going into stage two of clumsy government bungling. The ‘half measures’ for reopening restaurants and other small business are going to strangle them. ( i.e. limiting the number of tables that can be served in restaurants with distancing measures).
Many of these small enterprises have been hanging on by their fingernails praying for a miracle and if they survived and can now reopen they need full market access. No half measures please, it will be the final nail in the coffin if that’s the only life line they are being thrown. All the extra spray bottles, sanitizers, red tape on flooring and dog knows what else is already going to impact their bottom lines. Mercy. Get a grip people.
This is a fight for survival, otherwise all this talk about the ‘second wave’ is a self fulfilling prophecy, except it’s going to be a financial one.
And since I’m on a rant about government complicity in the ruin of economies, how about this nonsense of closing provincial borders? Talkin’ TOURISM here. Talkin’ bout ‘biting the hand that feeds you. Cottage country, BC Interior, PEI………..Hello? Anybody home behind those vacant fearful eyes? I won’t bring up some of the ugliness that has occurred to people with Alberta plates in BC because that is just the usual ‘double cross’ in plain sight year in and year out. News flash! Alberta has some pretty nice scenery, attractions such as Banff National Park, Waterton National Park, best Dinosaur Museum in the world, etc. etc.

Can’t even fathom why the maritime provinces would shut their borders so completely, but then that’s where Gerald Butts hails from. Maybe the term ‘Nervous Nellies’ was invented in that part of the country.

If we are going to be saved from this terrible place we find ourselves in as a nation we will need to summon the words of Admiral David Glasgow Farragut ” Damn the torpedoes, full speed ahead”. No accident that he was from the place where border collies come from. Amen.

#19 Dolce Vita on 06.11.20 at 2:43 pm

It would appear that Trudeau Jr. took to heart Dad’s definition of a “Just Society”.

And, his bad, Dad should have hidden his copy of “The Prince” inside the credenza at the PMO (instead of proudly displaying it on the credenza) and not let fragile minds, such as that of Junior, have a go at it.

Well Dad, THAT worked out well.

Still, good to read that the Blog Dogs here (the apple of any Taxman’s eye) have not lost their sense of humour yet and also, insist on publicizing their taxable gains, income and value of possessions for all to behold (including the Taxman).

Revenu Canada vous remercie.

Down-Low Blog Dogs.

#20 Victoria resident on 06.11.20 at 2:43 pm

Andrew Scheer and company would smile on this conservative nonsense that you espouse.

Paul Krugman agrees with Justin’s approach. You know the nobel prize winning economist – Paul Krugman.

Actually I espoused nothing. Feel free to correct any errors in the post. – Garth

#21 Howard on 06.11.20 at 2:44 pm

It’s called “deferral fatigue”. Is it setting in? How much longer until the banks just start rolling their eyes at the next deadbeat homeowner grovelling for an extension?

#22 Ace Goodheart on 06.11.20 at 2:52 pm

Here is what is going on in our neighbourhood. Conditional offers.

This, as I have pointed out before, is unheard of.

When a house comes up here, usually what happens is on open house day, you get BMWs and Audis lined up and down the street, people walk for blocks to get the chance to walk through. There is often a line.

There are then about 30 or so offers, and the house goes for hundreds of thousands over asking.

That is just not happening anymore, at all.

Here is an example:

https://www.bungol.ca/map/43.654925&-79.480119&16?listing=532-windermere-avenue-toronto-w4765420-4115447

Listed on May 20th. Sat until last week, when it got a conditional offer, with the expiry date being June 9th.

The seller then extended the expiry date to June 12th. Condition now expires tomorrow.

This thing is as prime as it gets. On a windy day, you could spit and hit Bloor Street. You can walk to Runnymede station. It takes about 5 minutes.

The fact that it has sat now for almost two months, and that they are working with one conditional offer, is just nuts. This does not happen here.

You can basically get into a tony Toronto neighbourhood right now, by wandering over to a house for sale, basically whenever you like (ignore the offer date, it doesn’t matter, there won’t be any offers), poke around, humm and haw about it, come back a few times (don’t worry, it will still be for sale), and then low ball the seller with a conditional offer, which the seller will gladly accept (they are just head over heels happy to finally find a buyer).

Then, when you can’t complete the condition on the expiry date, you can just wander back over, again at your leisure, and request an extension to the condition, which will be gladly granted, so you can try again.

Can you imagine trying to do that in 2017? You would have been laughed off the block. No real estate agent would ever agree to represent you. You would be left in the dust of Audis and BMWs speeding away from a successful bidding war on offer date.

Things have changed. It is a really, really, really good time to buy a house in Toronto right now. If you have the money. It is a buyer’s market.

#23 Inequity on 06.11.20 at 2:52 pm

#14 YouKnowWho

Unfortunately Canada is setup to be divided.
Its impossible to have a democracy where just two provinces can decide which party will run the country.
I thought maybe JT’s election reform would reorganize the senate giving each province/territory an equal number of seats… but that turned out to be a lie to get votes.

Then there are the minority groups that get special status treatment at the expense of the rest of Canadians…. its difficult to all come together when those groups are treated like the golden child and the rest of us are the red-headed step child.

#24 Apache indian. on 06.11.20 at 3:06 pm

The dow is down today.

#25 Ace Goodheart on 06.11.20 at 3:12 pm

RE: #13 Eco Capitalist on 06.11.20 at 2:17 pm

I paid $130K for my first, small with a garage, detached house in Brampton in 1998. According to the Bank of Canada inflation calculator (https://www.bankofcanada.ca/rates/related/inflation-calculator/), I should pay $194K for that house now. When is that correction going to occur? Yeah, that’s what I thought…

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

That situation is worrying.

It would appear to me that the great Canadian real estate boom is over.

I can see that inky darkness that took over the USA in 2008-2009, finally making its way over the border to us. There is fear in the air. You can smell it.

The thing that concerns me is that house prices have gotten so out of whack with fundamentals that ever getting them back in line again will require either massive inflation rates, or a hard crash not seen since the Great Depression.

Low interest rates are a sign of an economy on life support. We pretty much do not charge interest right now for borrowing money. Sometimes, the borrower is paid by the lender, rather than the other way around (negative rates).

#26 Dolce Vita on 06.11.20 at 3:13 pm

“…This will happen over time as the economy reopens (pandemics are by their nature temporary) but it will not occur in the next 90 days.)

Agree on the 90 days.

TRUE pandemics are temporary BUT comes in waves.

The last couple of weeks I’ve been reading on Twitter MSM articles from Planet Earth having an unusual fascination with the:

2nd Wave of COVID-19.

Headline today Garth from one of your least favorite Business news sources:

“Second U.S. virus wave emerges as cases top two million”

Not the only themed communique from Planet Earth.

…thoughts create.

——————————-

Well if any good can come out of it, CERB ensures Canadians remain hunkered down if the dreaded 2nd Wave cometh within 90 days, as in from now until mid-September (8.41 million of them as of June 4th).

These are unprecedented times. NEVER in my life did I think I would see anything as VILE and VENOMOUS to the human condition, made reality by that damn virus.

How it all ends, no one knows. V, W,U…X, L, Y????

——————————-

At least we have this Blog to come to, to take solace and share our woes of the times (and ponder what to do with house pachyderms and tooth faeries and lava in the living room).

#27 Timmy on 06.11.20 at 3:23 pm

Who in their right min would work in Victoria for $20/hr? Unless they wanted to share a bachelor apartment with a room mate. Decent one bedrooms rent for over 2K/month.

#28 Jeff Matthews on 06.11.20 at 3:24 pm

One thing that is being missed is the total value proposition for families.

Could you work in a warehouse for 19 an hour (just under 40K a year) and pay for certain things like child care (1K a month), gas (extra 150 month), other car fees etc.

Or stay home and almost have the same take home not paying those things and get CERB? Families will take the CERB every time.

It lasts 16 weeks. Get a grip. – Garth

#29 Shirl Clarts on 06.11.20 at 3:29 pm

#24 Apache indian. on 06.11.20 at 3:06 pm
The dow is down today.
^^^^^^^^^^^^^^^^^^^

Yup. Markets were oversold in recent weeks, as pandemic fears (and covid cases) dwindle, and become yesterday’s news.

Today’s pullback was coming, proof that you can’t time the markets.

I think the 50 day rally thought the old world was back.
But sadly, the old world is gone.

#30 Faron on 06.11.20 at 3:34 pm

A debt of gratitude to whomever posted the link to David Portnoy a few days ago. When dudes like that get noisy, it’s time to run. Sell your crypto lambos, load up yer Toyotas and head for the hills or to wherever your peaceful equivalent is.

Anyhow, if today’s carnage follows through with another couple downs it could get to be another good buy opportunity. Oh, down 6% today? Maybe time to buy already.

#31 John on 06.11.20 at 3:36 pm

Forget real estate! Markets are crashing again!!! This is bad. One step forward two steps back with these markets.

Up 44%. Down 8%. Relax. – Garth

#32 WillinSC on 06.11.20 at 3:37 pm

That dog looks uncannily like my x girlfriend and Felix #17 you guys have been smothering babies in their cribs for years.
I just ordered luggage for my kid, on Amazon. Thanks.
Stay B&D dogs. (and yes she was a bit backwards)

#33 Faron on 06.11.20 at 3:42 pm

#25 Ace Goodheart on 06.11.20 at 3:12 pm

“or a hard crash not seen since the Great Depression”

This part scares the bejesus out of me. Someone posted the stress test that CDN banks undergo way back at the beginning of this. Can that person repost the link?

Luckily for me, cooler heads prevail in my household. Including a docile old hound who snores like a trucker. Okay, maybe the hound isn’t cooler than I. He spooks himself when his collar clinks on his food bowl… Ha! Poor guy.

#34 Pete from St. Cesaire on 06.11.20 at 3:45 pm

New Zealand is returning to the ‘Old Normal’. We nee to follow. https://www.reuters.com/article/us-health-coronavirus-newzealand/new-zealand-says-coronavirus-eliminated-and-life-can-resume-without-restrictions-idUSKBN23F0B5?fbclid=IwAR3WY6EyDUp5Vjw3wIuN67kw-8m8SoFmgV-t0ifng5VRVviZV1JYEf3GVBc&utm_medium=Social&utm_source=Facebook

#35 Howard on 06.11.20 at 3:49 pm

#20 Victoria resident on 06.11.20 at 2:43 pm
Andrew Scheer and company would smile on this conservative nonsense that you espouse.

Paul Krugman agrees with Justin’s approach. You know the nobel prize winning economist – Paul Krugman.

————————————–

You mean this Paul Krugman?

“Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.” – P. Krugman, 2002

#36 Toronto_CA on 06.11.20 at 3:49 pm

I’ve been trying to tell people for weeks (months?) that the economy is going to be hit very, very, very bad and the recovery will take a very long time and destroy many industries on the way down that will not come back.

Commercial real estate and all the feeder industries to that are in for a very, very rough ride.

Finally the stock market seems to be “woke” to this, and my friends and colleagues who think I’ve been as wrong as the Imperial Model on the economy are starting to come around.

This is bad guys. Hunker down, don’t buy things unless you need them, and try like the devil to keep your job as long as possible. I think a depression is quite possible.

#37 Faron on 06.11.20 at 3:51 pm

Is there a damped oscillator model for index price crashes? Add a multi-frequency stochastical component with an upward trend and I bet you could fit recent history. I’m curious if the height and longevity of the upswing has anything to do with the extreme velocity of the downturn.

Think throwing a ball at the ground versus dropping it. The thrown ball will bounce higher and take longer to get to it’s crest before losing steam.

Anyhow, any such model would probably still fail to predict the future with any kind of certainty because chaos underlies market behaviour.

#38 not 1st on 06.11.20 at 3:53 pm

If only we could evict our closet mushroom PM and get our democracy started back up again.

And Krugman is a Marxist.

#39 Yukon Elvis on 06.11.20 at 3:53 pm

It lasts 16 weeks. Get a grip. – Garth
…………………………………..

I’ll bet u a bag of mice that it lasts longer than 16 weeks.

#40 Cash is King on 06.11.20 at 3:54 pm

Maybe the Tooth Faerie lives in your garage, too, and she can explain.

Actually, the Tooth Faerie lives in Ottawa and can be seen once per day standing alone in front of a podium.

Prime Minister Selfie will along with Comrade Singh will create an Obama-esque Home Affordable Mortgage Program that unlike Obama’s, will actually help young Canadians avoid foreclosure. While the other 90% of mortgage holders (AKA suckers) will not miss a payment and receive nothing more than a pat on the back.

#41 Lost...but not leased on 06.11.20 at 4:06 pm

Would you work in a warehouse in steamy Victoria for nineteen bucks an hour (plus benefits and a bonus for showing up routinely)?

Garth

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

Are you referring to BC Legislature and BC MLA’s…???

Talk about MIA…

#42 Scott Corier on 06.11.20 at 4:08 pm

Jeff Mattews, you will regret not having the opportunity working at that $19 an hour job because when you are left with a Canada that is a third world basket case, out of control corruption and corrupt government agencies, high poverty, high taxes, high crime rates, very high inflation and cost of living, currency Canadian peso worth almost nothing devalued to crap, no real freedom and restrictions worse than Corona virus, you will wish you could be complaining about the old Canada where it was not that bad. You would be begging for the old Canada to come back.

Justin Trudeau, Liberals, NDP, Green Party and the whole socialist, communist left is destroying your country Canada and your too fooled to even know it.

#43 Howard on 06.11.20 at 4:13 pm

https://business.financialpost.com/opinion/allan-lanthier-fraud-and-error-under-cerb-may-be-even-worse-than-we-thought

Fraud and error under CERB may be even worse than we thought

It appears two- to-three million claims were paid that do not appear attributable to COVID-19 job losses

#44 Nick on 06.11.20 at 4:20 pm

Myself and most folks I know in lower Brainland are on CERB, and enjoying our time.

When we are off CERB we will go back to work from our million dollar homes.

Leave us alone and let us watch House hunting episodes. This is between Trudeau and us. He give me CERB and keep my home price $1M+, I give him my vote. That’s what most folks do – business tax incentives, CERB, Child care payments, etc from govt and vote in return. Simple.

#45 Flop... on 06.11.20 at 4:33 pm

The globalist media must sit back and laugh some times how easy it is to manipulate us.

Fresh off of a faux pandemic, thats only good use was to show us not what to do, now we are being programmed to wipe hundreds of years of history of the face of the earth.

Columbus has lost his head already, Activists in Britain want 60 statutes that remind them of tougher times to be removed.

Australia, are you doing your part to erase your history?

Yes, Sir! On it immediately Mr Media.

Let’s get rid of everything associated with James Cook.

Council wants to vote on it, too bad, I’ve got some spray paint and a sledgehammer that registers my vote.

The sledgehammer is mightier than the pen…

M45BC

#46 Billy Boy on 06.11.20 at 4:35 pm

Healthy correction day or is the bounce over?

#47 Leftover on 06.11.20 at 4:38 pm

CERB phase 2 will be some sort of compromise, say $1000 a month maybe with tighter qualifying criteria. “Get back to work” in other words. Singh’s head will explode.

Mortgage deferrals phase 2 will also be a compromise (this is Canada after all). Something like interest-only for 6 months, as long as you sell your house in the meantime. A soft foreclosure without all the hassle.

Anyone with a brain and a house to sell is doing it now; there are 3 houses being listed for every one being sold in Vancouver at the moment, by autumn it could be 4 or 5 to 1, blood in the streets.

In the meantime, there were 170 overdose deaths in BC in May, compared to about 35 Covid-19 deaths. These were blamed on, “disruptions in the supply chain”.

#48 Learn2investkid.com on 06.11.20 at 4:41 pm

Garth for a future post can you please discuss blue chip stocks or ETF’s that have a history of increasing dividends? I know you don’t like talking about individual stocks but this could be very educational for many.

#49 YouKnowWho on 06.11.20 at 4:49 pm

#16 Damifino

I wonder how Liberals can trigger a non-confidence vote? I’m thinking the opposition will NOT want to be put in that position, but Liberals MUST.

Can Liberals trigger an election themselves? Without a non-confidence vote?

OH! Maybe because parliament is so crippled they can find a way to do it with a vastly reduced vote count somehow?

What’s the path to an election? What needs to be done? Garth – perhaps you have a strategy roadmap for the Libs?

#50 JSS on 06.11.20 at 4:53 pm

“…and considering a family trust. (More on this as we move towards the next federal budget.)”

i would be very interested in learning about what a family trust is all about. I always thought a family trust was something that rich families with a butler named Jeeves would have.

#51 Zero on 06.11.20 at 4:53 pm

wha de cervid 19 is hapnin? Just in fake doh is this 4 reel?

#52 YouKnowWho on 06.11.20 at 4:56 pm

#23 Inequity

There is a lot of weirdness going on now.

All cops are bad and racist.
Everyone is bad and racist.
Everyone should feel guilty for something.
Everyone should apologize to someone.
All man are bad.

The problem with humanity is simple. We swing hard one way, then we swing hard the other. We can’t find that middle ground. Each and every case, we push it hard one way, then it swings back hard the other way in response. This is what constantly undermines humanity. We do it to ourselves.

#53 R on 06.11.20 at 4:58 pm

Trump is lagging Biden in the polls. It is a big leap to assume Biden will win. Trump knows he will not win in a fair election. Solution ? Rig the elections . The republicans are doing everything they can to suppress voter participation, from “broken “ voting machines ( 8-10 hour line ups), to pre sealed voter election mail cards ( by unsealing, the vote card has been tampered with, therefor invalid) Do not underestimate Trumps ability to rig the election, because he knows a new law abiding President & AG will send him & Rudy to jail

#54 bob on 06.11.20 at 5:06 pm

Garth,
Your post from yesterday about people not wanting to work for $19 hour… must be false… according to Jagmeet Singh.

He said on national tv that CERB needed to be extended because people were up against tough times, and that if there were jobs and they were safe, they would GLADLY work.

Someone is lying.

#55 BlogDog123 on 06.11.20 at 5:08 pm

Justin Trudeau, taking a knee against Black racism: His 3x dressing in blackface isn’t racism he says, just a ‘blind spot’ easily forgivable because he’s a ‘Woke Liberal’ who means well.

Getting the clueless Singh to shut down parliament means T2 gets to enjoy his summer with an occasional photo op looking Prime Ministerial.

T2 knows that spending, spending, spending while having nice hair seems to have worked so far. Why mess with a good thing, he thinks? There’s an election to call and win…

#56 The Wet One on 06.11.20 at 5:08 pm

Why are people so dumb?

Anyone know?

#57 TheNecessaryDorsalMuscles on 06.11.20 at 5:22 pm

#11

“In other news: JT has declared systemic racism in Canada…even arguing with the RCMP about it.”

The only reason for having a debate about the existence of systemic racism in [Insert institution here] is to flush out anyone who thinks there isn’t so that they can be shamed, and then de-platformed/cancelled.

Remember the “climate change consensus”? Anyone who had questions about conclusions, methodologies or proposed responses could be simply dispensed with since “the truth” had already been established.

So, why have a witch hunt when you can just announce a free and open debate and get the witches to out themselves?

Of course the belief that it’s impossible for someone to disagree with you without being either stupid or evil is the mark of a juvenile mind.

Which brings us back to the current political and intellectual leadership in the west.

This coup is just beginning and it may only fail by means of some kind of civil war: By and by there will one or more additional groups of people who think they have the truth so firmly in hand that they can destroy anyone or anything they want.

Stay tuned

#58 Interstellar Old Yeller on 06.11.20 at 5:27 pm

#22 Ace Goodheart on 06.11.20 at 2:52 pm

It is a really, really, really good time to buy a house in Toronto right now. If you have the money. It is a buyer’s market.

The subway isn’t as attractive an amenity as it used to be (it might not be, for a while), and $1.7MM is a bunch of money. How much would you lowball to reflect the current, true value? 30% off?

I have a lot of decision fatigue these days and am happy to remain a dirty, lowly renter. Hearing how things are out there is interesting though. Thanks for reporting what’s going on in your neighborhood.

#59 greg on 06.11.20 at 5:40 pm

Those deferring mortgage payments will not care. If it simply extends the amortization period but their monthly payment remains the same that is all there concerned with not the future 20 years down the road when they will have to pay that additional interest.

#60 P.Ooched on 06.11.20 at 5:42 pm

re: #3 Mick on 06.09.20 at 3:43 pm

> We had a huge party here in TO of 10000 young people not social distancing and tens of thousands in the streets the past couple of weekends and we don’t seem to be spiking.

Covid-19(c19) has an incubation period of between 2 -14 days before symptoms start presenting. By 12 days after exposure, symptoms will have presented in > 97% of symptomatic cases.

The spike in case #’s that you will see from ‘the protests events’ held in {your city} should have fully presented in approximately 2+ weeks after the events take place.

The current(2020-06-09) 5 day moving average(5dMA) for new cases in Ontario is 334. (Keep In Mind(KiM) #1 – the majority of those cases are in the GTA, where the protests took place)

KiM #2 – This 5dMA has been trending downward. Results on the past 6 Tuedays starting with 2020-06-09 and going back to 2020-05-05 are ( 334, 369, 401, 378, 404, 425 )

So over the course of the last 6 weeks, while still under some significant restrictions, the province of Ontario has managed to shrink new case growth by approximately 21% or 3.5% per week.

Compare that 5dMA case count # to what your 5dMA # is on approx. 2020-06-23 which is the first Tuesday 14+ days after the ‘protest events’ and it could give you an indication of how much of an impact ‘the protest events’ had on new case count growth.

[*guesstimation*] Given the results Ontario has achieved over the the past 6 weeks, in another 2 weeks, your 5dMA should be at approx. 304.

Of course, your also in the process of ‘re-opening your economy’, so that’s likely to cause some case growth as well. It’s un likely that you will be able to accurately pin down what % of the new cases are from ‘re opening events’ and what % are from ‘the protest events’ without looking at the ‘contact tracing details’.

So lets consider some outcomes …

[ Worst Case Scenario (WCS)]

All it would take is 1 super spreader getting into the faces of a dozen or two fellow protestors enough to infect them, that could spark a covid torch that would light up your city with enough new cases that a shutdown# 2 would be required, perhaps even before the end of June

So, lets pour a glass of hopium and make a toast to #hopeIs #thatDidNotJustHappen

[ Best Case Scenario (BCS)]
The numbers continue to trend downward even given ‘the protest events’ and ‘the reopening’ actions.

hmmm, this would certainly be not only #theBest outcome, but could also prove to bet the #mostInteresting one, definitely worthy of another toast of hopium

[Likely Case Scenario LCS]

The downward trend in new case growth is stopped, case growth numbers start to climb back up but do not explode, health care systems continue to manage.

IMHO, because this represents the most likely outcome, there is no need to toast that it happens or that it does not

There is more work to do here because, depending upon how this plays out ‘epidemilogically’ in the province of , this will likely affect your financials ( portfolio’s, RE, assets, income ) in the country of

Do you think the recent TSX upward momentum is going to continue climbing IF the province has to shutdown again? That your GTA real estate values are still going to hold? That your tenants are still going to be able to make their rents?

The answer to IF and WHEN the province has to shut down again, lies within the case growth numbers and your provinces capability to manage them(the ‘actual cases’, not ‘the numbers’). Those are numbers that can be worked out.

Having to implement shutdown# 2 before wave 2 arrives, would be bad, really bad, so perhaps a toast or 3 to #hopeIs #thatWillNotHappen would be in order.

but the number you really want to know … is the breakpoint #?

IF your case count #’s begin to rise(they will), WHEN does {your government} hit the shutdown button?

– #stayTuned, #workToDo

# source – numbers: – https://covid-19incanada.com/provincial.html

# disclaimers – I am not an epidemiologist

#61 APB on 06.11.20 at 5:42 pm

What are profit taxes?

#62 Flop... on 06.11.20 at 5:46 pm

Mrs Flop is almost halfway through her 20 day mission, in a place we used to call a classroom.

Said that the Principals and Vice-Principals are having to do fill-in teaching.

Not all of the teachers wanted to come back to work.

That’s one side of the problem.

The other side?

Teachers-On-Call are not answering the call…

M45BC

#63 Chickenlipps on 06.11.20 at 5:50 pm

A seat belt and helmet would be excellent accessories for said chair .

#64 Freedom First on 06.11.20 at 5:54 pm

Most unfortunate, that many people are about to learn how severe reality can burn, despite the years Garth has been patiently guiding everyone through the minefields of financial hazards.

Freedom First

#65 D Ross on 06.11.20 at 5:56 pm

Not hard to explain recent “rise in employment”; many businesses took advantage of CEWS to bring back valued employees (at a net cost of 25 cents on the $1.00, or even just the cost of some benefits for those employers who just paid/are paying the 75% provided by CEWS). Large (Air Canada) and small employers have done this. Many of these employees were “furloughed”, that is, they were on the company payroll (not on the EI roll), but worked no hours.
This also explains CERB repayments; these same employees applied for CERB at its outset, but once returned to CEWS-subsidized payroll, they repaid the CERB so as not to be offside. Quite rash to presume everyone was trying to game the system.
However, once CEWS runs out, expect unemployment numbers to swell to true levels, unfortunately. I fear we have a long road ahead to undo the economic damage done so quickly. For sure a tough time for everyone – business owners, workers with tight household budgets and politicians (especially those who are troubled by the economic gravity of all this).

#66 crowdedelevatorfartz on 06.11.20 at 6:02 pm

@#56 The Wet One.
“Why are people so dumb?
Anyone know?”

++++
My personal situation?
Inbreeding.

#67 Do we have all the facts on 06.11.20 at 6:02 pm

On several occasions I have suggested that Canadians consider investing in joint ventures with entrepreneurs in underdeveloped countries. The Government of Canada could guarantee a reasonable rate of return on funds supporting these international joint ventures.

The logic behind this proposal is the fact that many countries will be desperate to rebuild their economies but may not have access to the capital or ethical expertise necessary to support viable initiatives.

Canada needs to redefine their role in the global market and providing investment capital and professional expertise to countries in need provides an alternative to the “Belt and Road” initiatives being offered by China.

Over time Canadian interest in the joint ventures could be phased out and the capital reinvested in other initiatives. We need to break away from total dependance on the USA
and one asset we have in spades is investment capital and our history of supporting international development.

Time to put our ethical values to work!!

#68 Don Guillermo on 06.11.20 at 6:03 pm

Had to repost as it fits in well here
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
#45 Flop… on 06.11.20 at 4:33 pm
The globalist media must sit back and laugh some times how easy it is to manipulate us.
Fresh off of a faux pandemic, thats only good use was to show us not what to do, now we are being programmed to wipe hundreds of years of history of the face of the earth.
Columbus has lost his head already, Activists in Britain want 60 statutes that remind them of tougher times to be removed.
Australia, are you doing your part to erase your history?
Yes, Sir! On it immediately Mr Media.
Let’s get rid of everything associated with James Cook.
Council wants to vote on it, too bad, I’ve got some spray paint and a sledgehammer that registers my vote.
The sledgehammer is mightier than the pen…
M45BC
***************************************
#234 Don Guillermo on 06.11.20 at 10:49 am
#215 Dharma Bum on 06.11.20 at 8:25 am
#80 Doug T
Read Sapiens by Yuval Harari – very interesting look at how we as humans got to where we are now and possibly where we are heading
****************************************
I’m afraid if the SJW crowd start reading intellectual books like these their little heads will explode trying to figure out which monuments to destroy first

#69 Democracy Is Mob Rule on 06.11.20 at 6:05 pm

#48 Learn2investkid.com on 06.11.20 at 4:41 pm
Garth for a future post can you please discuss blue chip stocks or ETF’s that have a history of increasing dividends? I know you don’t like talking about individual stocks but this could be very educational for many.
______________________________________________

Do a Google search on BTSX. His strategy is all about dividend investing.

BMO has ETFs with high dividend stocks using the covered call option strategy to increase the yield. Google BMO covered call ETF. As the stock prices drop, the yield increases (if they don’t cut the dividend).

#70 NightRider on 06.11.20 at 6:06 pm

Typical business, they like the free market till it hurts them. If you can’t find workers for what you’re offering you keep paying more until you find people, that’s what free market capitalism is.

So stop whining and pay more. You’ll get applicants.

I find it cute they companies think they can get away with paying just enough so someone can live in a basement and not starve.

#71 IHCTD9 on 06.11.20 at 6:09 pm

#260 Shirl Clarts on 06.11.20 at 1:43 pm

“No problem present?” – You are genuinely part of the problem.

“Lots of non whites doing great in Canada?” – Of course, fool. There are also lots of females with larger salaries than men, but that doesn’t mean pay inequality doesn’t exist.

“Most of them would probably tell you to take your bleeding SJW heart and shove it up your @ss.” – Actually, they would applaud seeing a bigot like you getting shut down.

Man, you are clueless! Stop talking before you embarrass yourself further. Actually, I’m pretty sure your ‘regard meter’ (and the others) with the other blog dogs took a big hit today.

—— —— –

You mad bro? Don’t blame me because you love insulting the intelligence of minorities. I’m afraid you’ll have to work on that without my help.

If you think my belief (and experience) that non whites can do great in this country makes me a bigot, well fill your boots. You’re not the first douchebag with his head rammed up his @ss to opine on this topic.

My “regard meter” here in the GF comments section is not something I worry too much about (but you do right?). However, if I had to guess – the majority of whites here think you’re half baked, and anyone who’s not white would probably love nothing more than to stuff a ball into your snout so we might hear them talk – instead of you.

#72 Steven Rowlandson on 06.11.20 at 6:10 pm

“Free money to live on and mortgages without payments. What a country.

Next stop, reality. Bring your chair.”

The reality check will be most unpleasant.
Debts and deficits do matter sooner or later.

#73 Ace Goodheart on 06.11.20 at 6:16 pm

RE: #58 Interstellar Old Yeller on 06.11.20 at 5:27 pm

“The subway isn’t as attractive an amenity as it used to be (it might not be, for a while), and $1.7MM is a bunch of money. How much would you lowball to reflect the current, true value? 30% off?”

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

They got one offer. With a condition. And they extended the condition period once already. If it doesn’t close, or they extend the condition again, I would say it’s vulture time. When this has happened previously, they have gone for about 150K to 200K under ask.

The weird thing is, the semis are selling like face masks at an over 50’s social night. This one, on the market for exactly one day, sold for 128% of list, in the usual bidding war. Same neighbourhood. Same school zone. Slightly further north:

https://www.bungol.ca/map/43.654677&-79.485033&16?listing=38-ardagh-street-toronto-w4784337-4132834

There seems to be a price barrier around 1.3 million or so. Anything higher, and it all dries up. No offers, no action, no bids. Eventually a conditional low ball that gets accepted.

Anything listed for around a million, will go over ask, with the price being predictably right around 1.3 million.

#74 Cto on 06.11.20 at 6:18 pm

well, here it comes, real estate machine gearing up again.
Garth says “bear trap”! Only 4 months! Then the day of reckoning !!!!
How much do you want to bet that the Canadian Government is going to foil that message with huge moral Hazzard.
They will put measures in place that are sure to destroy anything left in this country that resembles any prudence or savings. They will do ANYTHING to keep they housing machine going, even if it ruins people that did the right thing.

#75 Sail away on 06.11.20 at 6:19 pm

#53 R on 06.11.20 at 4:58 pm

Trump knows he will not win in a fair election. Solution? Rig the elections.

The republicans are doing everything they can to suppress voter participation, from “broken “ voting machines ( 8-10 hour line ups), to pre sealed voter election mail cards ( by unsealing, the vote card has been tampered with, therefor invalid)

Do not underestimate Trumps ability to rig the election, because he knows a new law abiding President & AG will send him & Rudy to jail

—————–

A bandolier of rubber bullets and tear gas grenades across his chest, carrying a bible in one hand and a smartphone in the other, Donald J. Trumposaurus rampages across the landscape, disrupting moneylenders, casting demons into swine, grinding objects of idolatry into dust.

Halted in his march by the mighty Mississippi, the Trumposaur activates the Army Corps of Engineers to build a floating bridge. Nothing can stop him! He’s going to the sea! No voting station is safe!

#76 FlourPower on 06.11.20 at 6:25 pm

#25 Ace Goodheart on 06.11.20 at 3:12 pm
#13 Eco Capitalist on 06.11.20 at 2:17 pm

Thanks for putting words to what I’ve been seeing and feeling, too.

I’m an expat from the US and thank Garth for giving me the courage to be a renter here in Canada, even though my spouse has wanted to buy. Before moving here, we’d watch Property Bros. and marvel at Canadian house prices–why the heck did these dumpy houses cost so much and, more importantly, how were all these Canadians affording them?

We have some friends who bought their house ~15 yrs. ago for a little over $150K. We’ve looked at similar houses in their neighborhood for $500K or more. Their house could easily fetch that now (or would have, pre-Covid).

Ultimately it’s more depressing than anything else, because it feels like there isn’t much room to be fiscally responsible. Nothing’s cheap here. Take on a load of debt and be saddled with it for years, thus diminishing your chances of saving, investing, and getting ahead. I was raised not to take on debt whenever possible. We’re debt-free now and will be staying that way, and personally I’ll be hoping for a major correction in house prices here and, honestly, in the US. I’ll buy one on each side of the border!

#77 Nonplused on 06.11.20 at 6:25 pm

“Next stop, reality. Bring your chair.”

Na, we can just use all the money we save after we defund the police.

I’m not sure how much Calgary and Edmonton will participate in the upcoming correction as those markets haven’t really gone anywhere since the stock option fueled boom of 2006. I guess we could go back to those levels but it would only take a 10% correction to get there. But if those prices don’t hold whew, boy, we are screwed. Still I think most of the bad news was already baked in for Alberta prior to covid.

http://www.chpc.biz/6-canadian-metros.html

I don’t know what to think of Vancouver and Toronto because I can’t identify any price support on the chart. Instead it looks to me like those markets have been testing resistance for the last 4 years.

#78 Democracy Is Mob Rule on 06.11.20 at 6:26 pm

#53 R on 06.11.20 at 4:58 pm
Trump is lagging Biden in the polls. It is a big leap to assume Biden will win.
______________________________________________

There is a theory that Google Trends is more accurate than opinion polls in predicting election outcomes. It predicted Donald Trump would beat Hillary.

It’s in the early stages now but so far Trump is ahead of Biden.

https://moderndiplomacy.eu/2020/04/02/can-these-6-worldwide-google-search-trends-predict-the-2020-us-presidential-election/

The same method put Biden ahead of Sanders.

https://trends.google.com/trends/story/US_cu_o_FMW2oBAACFKM_en

This method also predicted the Liberals would win a minority in 2019.

https://www.macleans.ca/politics/ottawa/google-predicted-the-2015-election-heres-what-it-says-about-election-2019/

#79 Reximus on 06.11.20 at 6:26 pm

#22 Ace

“Things have changed. It is a really, really, really good time to buy a house in Toronto right now. If you have the money. It is a buyer’s market.”

It is definitely NOT a buyers mkt in Toronto. Last week 43% of sales were over ask….1/3 of those 20% over. Maybe sellers are using the ol’ under-price strategy, but you dont list with an under-price strategy if there are no buyers to entice into a competition.

If your anectdotal property didnt sell…it just was not a good listing for the price.

#80 Wrk.dover on 06.11.20 at 6:26 pm

#18 the Jaguar on 06.11.20 at 2:28 pm

Can’t even fathom why the maritime provinces would shut their borders so completely, but then that’s where Gerald Butts hails from. Maybe the term ‘Nervous Nellies’ was invented in that part of the country.

——————————————–

Oldest population in Canada, everywhere I go, I am the youngest person in the room.

Garth showed up her to look like a kid again.

M66NS

#81 Wrk.dover on 06.11.20 at 6:27 pm

edit here

#82 Nonplused on 06.11.20 at 6:27 pm

PS thanks Brian for your website and your occasional comments on this one.

#83 YouKnowWho on 06.11.20 at 6:31 pm

#56 The Wet One on 06.11.20 at 5:08 pm

Why are people so dumb?

Anyone know?
——————————————

I’ll take a crack at this one.

Why ask why? Try Bud Dry!

https://m.youtube.com/watch?v=H35UsywkLr0

#84 RyYYZ on 06.11.20 at 6:33 pm

#36 Toronto_CA on 06.11.20 at 3:49 pm

This is bad guys. Hunker down, don’t buy things unless you need them, and try like the devil to keep your job as long as possible. I think a depression is quite possible.
================================

If everyone thinks like this, it’s quite likely. The good ol’ self-fulfilling prophecy.

#85 Nonplused on 06.11.20 at 6:34 pm

#3 Jerry on 06.11.20 at 1:56 pm
As a renter and tax paying citizen of Canada, you’re @$%#ing welcome. Enjoy that CERB $%#holes. When will Trudeau stop driving up home prices?

———————

No evidence from Brian’s chart that home prices have gone up in Canada for 3-4 years now.

http://www.chpc.biz/6-canadian-metros.html

#86 IHCTD9 on 06.11.20 at 6:38 pm

#43 Howard on 06.11.20 at 4:13 pm
https://business.financialpost.com/opinion/allan-lanthier-fraud-and-error-under-cerb-may-be-even-worse-than-we-thought

Fraud and error under CERB may be even worse than we thought

It appears two- to-three million claims were paid that do not appear attributable to COVID-19 job losses
——

What a shocker. Not a government run program was it?

I wonder how many cheques were sent to P.O. Boxes?

It’s gone for good…

#87 YouKnowWho on 06.11.20 at 6:41 pm

ONE STINKING MINUTE!!!

We can rename Dundas Street because some dude delayed end of slavery for 15 years but WE CAN’T give Canada back to the natives it was stolen from through laws of foreign land they were forced to abide by, and contracts they were forced to sign under duress in language that wasn’t theirs?

How far back are we going to undo the wrongs? Let’s go all the way! Why stop at a street name? Let fix real issues and real wrongs!

#88 Rowdie on 06.11.20 at 6:43 pm

If the USA reforms to the Democrats (look out) you bet Canada is in BIG trouble, economy wise. Dictatorship of both countries will destroy all what is left of what we believe in and our once democrat life style (not much left in Canada). Our PM is so out of it, I think he is enjoying the downfall of the economy, guess what that is what we call Communism. I think China is enjoying this, and really dislike Trump. They like T2, such a puppet….

#89 RyYYZ on 06.11.20 at 6:43 pm

To add to my previous comment, I just bought a new motorcycle. Not a really expensive one, a dual-purpose bike, but not one of those $2500 Chinesium things that will be scrap after a couple of years.

And I’m putting a new roof on my house. Probably need a new(er) car soon, too. What the hell. Life goes on. I’ve got savings, investments, skills. If things get that bad, we’re all in deep doo-doo.

#90 RyYYZ on 06.11.20 at 6:50 pm

One more:

Anyway, I figure a good dual-purpose bike will turn out to be a good investment if the zombie apocalypse does come.

#91 NSNG on 06.11.20 at 6:50 pm

It’s funny reading this blog and especially the comments section with a time delay. You can pinpoint the time when a big event happens like the market crashing or something like that. You get the raw emotional reaction preserved for all time.

The markets are down today like a MAGA hat wearing white guy at a black lives matter rally

#92 Billy Boy on 06.11.20 at 6:51 pm

Remember that stellar US jobs report?

The Department of Labor reported this morning that 29.5 million people were receiving state or federal unemployment insurance benefits (not seasonally adjusted).
The Bureau of Labor Statistics reported last Friday in a shock-and-awe data set that only 21 million people were unemployed based on household surveys, though it acknowledged a shock-and-awe systematic error and that without this error, it would have reported 25 million as unemployed.

So when we say that “over 30 million people” have lost their work and are still out of work, we’re in reasonable territory – and this is at least 10 million unemployed higher than the market-moving shock-and-awe-nonsense from the Bureau of Labor Statistics last Friday.

a 10 MILLION difference!

Nothing to see here…..buy the rumour, sell the news.

#93 J Peas on 06.11.20 at 6:55 pm

#20 Victoria resident on 06.11.20 at 2:43 pm

Krugman is a Marxist in ideology, but really is a socialist.

Of Krugmans other notable acheivements;

Predicted in Time magazine’s 100th anniversary edition in 1998 that, “The growth of the Internet will slow drastically… By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”

Told Fed Chairman Alan Greenspan “to create a housing bubble to replace the Nasdaq bubble.”

Praised the European economic model just weeks before the eurozone crisis began.

Argued before Argentina’s recent default that the country’s economy was a “remarkable success story.”

Called the U.S. “just a bystander” in global energy only months before America surpassed Russia to become the world’s biggest oil and gas producer.

2002: Krugman claimed the Enron scandal would have a greater impact on American life than 9/11

2013: Create a Trillion dollar coin to pay the deficit. An idea widely ridiculed, even on the left leaning Daily show Jon Stewart.

Oh and as for the oh so honorable nobel prize..

Same nobel prize given to known terrorist organizer Yassir Arrafat. Same prize for Obama for his work in doing…uh.. doing…hold on I lost the sheet..umm..?

Kofi Annan while he was investigated in 2004 for improperly steering Iraq arms-for-food program contracts to his son.

A long list awaits upon they Laurels for those that uphold the esteemed high standards to be bestowed upon the great and most boble prize…

And thou can be explored if you do a basic search on “Nobel prize controversies”.

JJ

#94 Politico on 06.11.20 at 6:56 pm

#12 Howard

President Biden? Rumor has it he wanted to go to Radio Shack to buy a rotary phone the other day….

If Biden does get elected who his vice-president is is all that matters. That person will be the dictator and likely the anti-Christ too. Biden is to frail to complete 4 years in office. He’s more like “A Weekend at Bernie’s” candidate. (Ha I just realized the coincidence.)

Just recently he was musing about using the military to evict Trump from the White House after the election. Only a senile person could be musing such things. First, Bernie (or whoever they replace him with) would have to win, second there is no evidence to support the idea Trump wouldn’t just leave like every other president has, and third they have plenty of other forces in Washington including the secret service who could easily carry out the eviction if it were necessary. This whole “Trump won’t leave” business is for children at best or a subliminal call for a military coup at worst.

You can chalk the whole “Trump won’t leave” meme up with all the other falsehoods the MSM uses to sell advertising to the fools that watch them. There is no mechanism by which Trump can stay if he loses other than perhaps if he himself leads a military coup but at present it doesn’t seem like the military is all that solidly behind him. They don’t like him trying to pull out of the middle east, they don’t like him reducing forces in Europe, and they really didn’t like the idea of using the regular army against the riots, preferring to defer to the national guard. There is no Trump coup coming. He doesn’t have enough friends to pull it off. If there is a coup, it will be to displace Trump if he wins in November.

#95 J Peas on 06.11.20 at 6:57 pm

#20 Victoria resident on 06.11.20 at 2:43 pm

Krugman is a Marxist in ideology, but really is a socialist.

Of Krugmans other notable acheivements;

Predicted in Time magazine’s 100th anniversary edition in 1998 that, “The growth of the Internet will slow drastically… By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.”

Told Fed Chairman Alan Greenspan “to create a housing bubble to replace the Nasdaq bubble.”

Praised the European economic model just weeks before the eurozone crisis began.

Argued before Argentina’s recent default that the country’s economy was a “remarkable success story.”

Called the U.S. “just a bystander” in global energy only months before America surpassed Russia to become the world’s biggest oil and gas producer.

2002: Krugman claimed the Enron scandal would have a greater impact on American life than 9/11

2013: Create a Trillion dollar coin to pay the deficit. An idea widely ridiculed, even on the left leaning Daily show Jon Stewart.

Oh and as for the oh so honorable nobel prize..

Same nobel prize given to known terrorist organizer Yassir Arrafat. Same prize for Obama for his work in doing…uh.. doing…hold on I lost the sheet..umm..?

Kofi Annan while he was investigated in 2004 for improperly steering Iraq arms-for-food program contracts to his son.

A long list awaits upon they Laurels for those that uphold the esteemed high standards to be bestowed upon the great and most boble prize…

And thou can be explored if you do a basic search on “Nobel prize controversies”.

JJ

#96 Gravy Train on 06.11.20 at 7:01 pm

#38 not 1st on 06.11.20 at 3:53 pm
“[…] And Krugman is a Marxist.” And a Nobel Prize-winning economist. :P

#97 Lost...but not leased on 06.11.20 at 7:02 pm

Re: Today’s dog(redundant) photo..

Surprised no one has called the police (given the canine is sitting on the human’s throat…)

PS will this result in massive protests against SPCA etc. ???

#98 Lost...but not leased on 06.11.20 at 7:09 pm

#43 Howard on 06.11.20 at 4:13 pm
https://business.financialpost.com/opinion/allan-lanthier-fraud-and-error-under-cerb-may-be-even-worse-than-we-thought

Fraud and error under CERB may be even worse than we thought

It appears two- to-three million claims were paid that do not appear attributable to COVID-19 job losses

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

Fraud????

Yawn…

Turdeau and fellow CO(mmunists) can threaten CRA investigation on all sorts of things,….. but once a critical mass is reached then there will have to be blanket amnesty as the courts are so backlogged ZERO other choice.

#99 DEFUND THE POLICE! on 06.11.20 at 7:10 pm

Not exactly a reliable news source, but….

https://thepoliticalinsider.com/seattle-antifa-create-autonomous-zone-immediately-leads-to-warlords-extortion-of-businesses-food-shortages/?utm_campaign=TPI06112020BR1&utm_source=criticalimpact&utm_medium=email&utm_content=ec80022cb85a1f1ebf4f362dd83f7e1a&source=TPICI

At least parts of the story can be confirmed:

https://www.cbc.ca/news/world/seattle-protests-autonomous-trump-1.5608606

https://www.forbes.com/sites/jackkelly/2020/06/11/the-autonomous-zone-in-seattle-is-a-harbinger-of-americas-future-if-politicians-dont-start-working-together/#46f1ff0b73f8

https://komonews.com/news/local/whats-true-false-about-the-protester-occupied-autonomous-zone

————————-

If I owned a business in the “zone” I’d close it. The fact is there are only 3 ways to run a business; under police protection, under mob protection, or under the protection of Smith & Weston. People are not that nice.

#100 TalkingPie on 06.11.20 at 7:10 pm

This is humbling to admit: I’d be happy to be able to pick up a job at $20/hr. I was laid off from The Big Airline the other week, don’t know when I’ll be called back.

Searching on Indeed, pickings are slim in my area west of Montreal, and of the things I’ve applied for, I have yet to score an interview, including as a part-time, temporary mail carrier. Contrary to the students making out like bandits on CERB, it’s paying me less than I normally would have gotten on EI after paying into it the last 12+ years (EI applications currently automatically default to CERB).

Trilingual, degree in management, technical diploma and experience, experienced in customer service and employee supervision, and so far I’m spending my time trimming trees, working on my deck, and taking flying lessons.

Actually, that isn’t so bad, but the savings will run out eventually.

#101 Toronto_CA on 06.11.20 at 7:20 pm

#84 RyYYZ on 06.11.20 at 6:33 pm
#36 Toronto_CA on 06.11.20 at 3:49 pm

This is bad guys. Hunker down, don’t buy things unless you need them, and try like the devil to keep your job as long as possible. I think a depression is quite possible.
================================

If everyone thinks like this, it’s quite likely. The good ol’ self-fulfilling prophecy.
_____________

It’s actually called the Paradox of Thrift:
https://en.wikipedia.org/wiki/Paradox_of_thrift

And it’s not really going to be what causes any economic hardship. What will cause problems is the destruction of demand and a deflationary spiral that results from that loss in demand.

Not because everyone wants to save money for a bad time ahead. We’ve proven from 2008/9 that economic crises do not make people save more in the future or afraid to spend.

Hopefully the drop in prices for most goods and services will keep demand up, and inflationary pressures from the stimulus in all economies (CERB, low inflation, QE, etc) will combat the deflation.

But I have a very bad feeling as I walk around and see boarded up shops and restaurants that are never coming back.

#102 Howard on 06.11.20 at 7:20 pm

#79 Reximus on 06.11.20 at 6:26 pm
#22 Ace

“Things have changed. It is a really, really, really good time to buy a house in Toronto right now. If you have the money. It is a buyer’s market.”

It is definitely NOT a buyers mkt in Toronto. Last week 43% of sales were over ask….1/3 of those 20% over. Maybe sellers are using the ol’ under-price strategy, but you dont list with an under-price strategy if there are no buyers to entice into a competition.

———————————-

I think he meant it’s a buyer’s market for a nicer, expensive detached homes. Not for all housing types generally.

#103 Nonplused on 06.11.20 at 7:22 pm

#90 RyYYZ on 06.11.20 at 6:50 pm
One more:

Anyway, I figure a good dual-purpose bike will turn out to be a good investment if the zombie apocalypse does come.

——————–

Always a good investment. A brand new KLX 250 can be had for $6,000 and you’ll never sell it for less than $3,000 even 10 years later, unless you thrash it. And they are tons of fun. Just don’t expect to get too many speeding tickets on the highway. And of course there are displacements and fanciness for all budgets.

The big problem with the dualsports is that the tires aren’t great if you ride primarily off road. But that can be fixed for a relatively modest amount of money. And you can keep your old tires for later use. Sure, they don’t have the power of a true off road bike, but neither do I need it at my age. Or you could buy a TX 200. You can probably run as fast as this thing will go but it is street legal and will go through anything, sand, mud, whatever.

So go buy one now while they are on sale.

#104 Dr V on 06.11.20 at 7:22 pm

27 Tim – you must have a very high standard of “decent”. Lots of one bedders under $1500 on usedvic and nice looking 2 bedders for 2k. Get a roomie and voila.…..life, but maybe not as you have known it….

#105 Daughter of Ponzi on 06.11.20 at 7:23 pm

There are then about 30 or so offers, and the house goes for hundreds of thousands over asking.

That is just not happening anymore, at all.

Here is an example:

https://www.bungol.ca/map/43.654925&-79.480119&16?listing=532-windermere-avenue-toronto-w4765420-4115447
——————————————————————–
How old is this piece of garbage? It looks rotten with fake interior. What a joke!

#106 Nonplused on 06.11.20 at 7:23 pm

*TW 200

#107 Ponzius Pilatus on 06.11.20 at 7:25 pm

#52 YouKnowWho on 06.11.20 at 4:56 pm
#23 Inequity

There is a lot of weirdness going on now.

All cops are bad and racist.
Everyone is bad and racist.
Everyone should feel guilty for something.
Everyone should apologize to someone.
All man are bad.

The problem with humanity is simple. We swing hard one way, then we swing hard the other. We can’t find that middle ground. Each and every case, we push it hard one way, then it swings back hard the other way in response. This is what constantly undermines humanity. We do it to ourselves.
————–
This is how we move forward as a society.
Google Hegelian Dialectic.
Thesis-Antithesis-Synthesis.

#108 Slim on 06.11.20 at 7:42 pm

Just think, without landlords you wouldn’t have a place to rent. Like the song goes; What goes around, comes around

#109 Lost...but not leased on 06.11.20 at 7:43 pm

Re Real Estate:

Have to recall that,….. at least in Metro Vancouver…property values literally doubled within a year or so a few years back.

Much of this was attributed to Money Laundering…(currently subject to major investigation)

So, if the property values drop 50% ???…100%???..it reverts more to the “olde” norm. This will be the “new ” terms of reference.

#110 OK, Doomer on 06.11.20 at 7:44 pm

#87 YouKnowWho on 06.11.20 at 6:41 pm
ONE STINKING MINUTE!!!

We can rename Dundas Street because some dude delayed end of slavery for 15 years but WE CAN’T give Canada back to the natives it was stolen from through laws of foreign land they were forced to abide by, and contracts they were forced to sign under duress in language that wasn’t theirs?

How far back are we going to undo the wrongs? Let’s go all the way! Why stop at a street name? Let fix real issues and real wrongs!
++++++++++++++++++++++++++++++++

I agree. My family oral history says that my ancestors were Vikings killed by natives in NF in the 11th Century. Is that far enough back? Can I get NF back?

Or maybe lets call cultural appropriation on the use of horses and guns and steel assign a value to the use of all the technology (including the internet) that were brought since the 15th century.

The point is that once you accept one of these issues, you have to accept all of them, no exceptions, from any and all aggreived parties, which means EVERYBODY!!!

I hate quoting Trudeau the Elder, but he nailed it when he said “A government has the obligation to be just in it’s own time”.

This means that PET understood the dangers of creating new and fresh injustices on unwronged parties to fix pervceived injustices on other unwronged parties. He understood that all we have is now and the past was written by biased parties, on all sides.

Face facts, this reparations stuff is all about monetization of victimhood, both modern and past. Nothing good can come of it.

I highly doubt that you want to pay $$ to me for the deaths of my Viking ancestors do you?

#111 CJohnC on 06.11.20 at 7:46 pm

The fact that the market is down a bit is nothing to worry about. The Fed will do whatever it takes to float Me Market.
Here is an interesting read from a reputable website:

https://wallstreetonparade.com/2020/06/blackrock-authored-the-bailout-plan-before-there-was-a-crisis-now-its-been-hired-by-three-central-banks-to-implement-the-plan/

Note: Canada has joined up to this plan

More relevant to today’s drop is this:

https://wallstreetonparade.com/2020/06/the-fed-just-pulled-off-another-backdoor-bailout-of-wall-street/

I think that many bond ETF’s are today’s 2008’s CDO’s

You can vet the website and authors (and any news or opinion site ) at: https://mediabiasfactcheck.com/

#112 dosouth on 06.11.20 at 7:53 pm

How do the banks lose? Either way they can use corporate deductions in their tax portfolio if they lose one single cent. They just have to park their billions (for now) in accounts paying them a lot more than we get.

If there are defaults CMHC (us taxpayers) bail them out. Again taxpayers are the suckers in either scenario.

You remind me why democracy’s a gamble. – Garth

#113 TurnerNation on 06.11.20 at 7:57 pm

Those quickly lowered interest rates this year should produce a bundle for the banks in IRD fees.
Don’t tell me thats not a viable revenue stream they are measuring.

Your banker will hold their thumb and forefinger together – like so. “Look at this. Come-a-closer. Closer. Whack. That’sa da spread youse be paying me.”
Banker, biker. Whatever.

#114 Ronaldo on 06.11.20 at 7:59 pm

#59 greg on 06.11.20 at 5:40 pm
Those deferring mortgage payments will not care. If it simply extends the amortization period but their monthly payment remains the same that is all there concerned with not the future 20 years down the road when they will have to pay that additional interest.
——————————————————————
Most will have sold and rebought other homes in that time period. In my day, people moved on average every 4 years or so. I never ever was concerned at paying off the mortgage knowing full well that I would not be staying in the current home for my lifetime plus with investing I knew that if I wanted to, I could pay it off at any time. Not a big deal. Always considered a mortgage as paying rent. If I sold and made a profit, a bonus. Homes were meant as a place to live in not something to trade like a stock.

#115 Ponzius Pilatus on 06.11.20 at 8:05 pm

#110

I think that many bond ETF’s are today’s 2008’s CDO’s
—————
Exactly what I was thinking when I heard that the FEDS are buying up Mortgage Backed Securities.

#116 Sail Away on 06.11.20 at 8:09 pm

#91 NSNG on 06.11.20 at 6:50 pm

The markets are down today like a MAGA hat wearing white guy at a black lives matter rally

——————–

That’s funny. You know why that’s funny? Because wearing a MAGA hat represents freedom of expression.

What would happen to someone wearing a BLM shirt at a Trump rally? That’s right: nothing.

Food for thought, no? Intolerance.

#117 TheDood on 06.11.20 at 8:10 pm

#76 FlourPower on 06.11.20 at 6:25 pm
#25 Ace Goodheart on 06.11.20 at 3:12 pm
#13 Eco Capitalist on 06.11.20 at 2:17 pm

….Ultimately it’s more depressing than anything else, because it feels like there isn’t much room to be fiscally responsible. Nothing’s cheap here. Take on a load of debt and be saddled with it for years……
____________________________________

It’s become the norm here in Canada and the majority don’t seem to know or care. The attitude amongst the voting majority seems to be ‘the government will never let that happen’, or the ‘government will send me money if the economy shuts down’, ‘the government will create a universal income for everyone, unicorns, fairies and rainbows everywhere you look!’.

I have co-workers who talk non-stop about their real-estate and how ‘the government will never let prices drop’, or ‘the government will keep interest rates low’ to keep prices rising.

At the end of the day, not a ringing endorsement of our public education system. Most don’t or can’t think for themselves because ‘the government will take care of everything’. Sadly, this is what we’ve allowed our country to become.

Thank god for this blog is all I say.

#118 RyYYZ on 06.11.20 at 8:12 pm

102 Nonplused on 06.11.20 at 7:22 pm

Always a good investment. A brand new KLX 250 can be had for $6,000 and you’ll never sell it for less than $3,000 even 10 years later, unless you thrash it. And they are tons of fun. Just don’t expect to get too many speeding tickets on the highway. And of course there are displacements and fanciness for all budgets.
===============

That’s exactly what I just bought, actually. Just waiting to take possession of it. I’ve got a big bike, an R1200RT, for longer rides.

#119 DEFUND THE POLICE! on 06.11.20 at 8:14 pm

John Cleese at his best:

https://www.youtube.com/watch?v=Qc7HmhrgTuQ

#120 slick on 06.11.20 at 8:15 pm

My son put in an offer yesterday on a house in th e country. Way too big, and I’m kinda thankful he didnt get it. Will try to post more details before the weekend is oooout.

My nephew was supposed to get married this summer way up northern ontario. We booked 5 flights with swoop, RT into Winterpeg, The wedding was cancelled a month ago, and swoop finally cancelled the flights yesterday. I am ‘eligible’ for the full amount in a credit that lasts 2 years. I doubt Swoop will be around in 2 years.

The point is that these airlines are nothing but a big Ponzie Scheme. Air Canada said that the main thing they are concerned about is preserving cash. They take the money months in advance, and use it to pay current expenses. We are likely to get stung here, because I’m not sure if there will be any more flights I’m interested in boarding.

And TINA, even the big airlines are giving credits instead of cash refunds. ///////////i guess this is the price consumers pay for low cost airlines.

#121 Ace Goodheart on 06.11.20 at 8:17 pm

#79 Reximus:

That is the weird thing about it.

All that is selling is garbage.

A nice, respectable place with four bedrooms that you can actually fit a bed in, parking for a couple of cars and some form of back yard, just sits.

However a million dollar semi detached dump, with no parking, bedrooms smaller than most closets and a back yard the size of a condo balcony, gets swarmed.

If you look at the stories about the sales, they’re all being bought by kids. There was one sold in the junction that made it into Blogto and the buyers were talking about putting in a pool. Couple of kids. Bought using their life savings, the bank of mom and dad and a huge mortgage .

Maybe it’s a kid thing. Back to nature or something. Yay the roof leaks and I just fell through the rotten balcony onto the weeds below. We cook outside over an open flame and sit on the floor because the P.O. took the kitchen when they moved out.

If you are buying an actual house in the 1.5 to 1.9 million range you are breathing rare air. Mount Everest kind of stuff. No one up there with you. No competition at all.

The kids all want the crap shack semis. And they’re the only ones buying.

#122 Deplorable Dude on 06.11.20 at 8:19 pm

#42 learntoinvestkid…”Garth for a future post can you please discuss blue chip stocks or ETF’s that have a history of increasing dividends?”

————-

Well I’m happy to share my dividend growth portfolio, based on the Tom Connolly (dividendgrowth.ca) methods.

All have at least 5-10 years of increasing dividends. Have a reasonable payout ratio around 50% and are in diverse non-cyclical industries.

Despite my portfolio value sew sawing like a tarts knickers since March….my dividend income hasn’t changed, in fact it’s gone up slightly due to a couple of Q1 increases.

None of my holdings have decreased dividends in 2020….so far…..

Currently yielding 5.45% on original overall cost. Original starting yield/cost was 4.2% 3 years ago. I have been dripping dividends.

TD, RY, NA, BNS, CM, BMO, AQN, CPX, FTS, EMA, ENB, GWO, BIP-UN, BCE, CU.

Enbridge is my only ‘sketchy’ play with a very high payout ratio.

#123 Sail Away on 06.11.20 at 8:19 pm

#96 Lost…but not leased on 06.11.20 at 7:02 pm

Re: Today’s dog(redundant) photo..

Surprised no one has called the police (given the canine is sitting on the human’s throat…)

—————–

Haha, if that’s the person’s throat, things are much worse for them than I thought!

#124 TRON on 06.11.20 at 8:22 pm

If I was declared King of the Kingdom of Canada tomorrow my first two declerations would be:

1. If it doesn’t hurt your neighbour it will be considered
2. If it hurts your feelings you’ll just need to grow up

#125 JUST LQQKING on 06.11.20 at 8:22 pm

I have to laugh when people post that they are, and always have been renters, then brag about being “debt-free” This is not a big accomplishment if you have any kind of income, and 0 assets.

#126 Mithan on 06.11.20 at 8:26 pm

I think a few things will be true this year and next:
-Trudeau will call an election this year.
-Taxes will go up in 2022, probably a good $1000-2000 on the average family, in different forms (PST/Property Tax/GST/Income Taxes).
-Home prices will dip in the 10-15% range, maybe up to 25% in some crazy over priced areas.
-Employment will come back, faster than people think.
-A good $200 Billion in stimulus will be announced at some point, timed in yearly tranches that helps the Liberals get re-elected in 2025 or so.
-Peter McKay will never be Prime Minister.
-Trump will (probably) be re-elected in the fall.
-The Covid19 second wave wont hit the way people fear and if it does, Governments will not re-act the same way because they don’t have another $300-500 billion to piss away.
-Rich People are going to get hosed.

#127 Deplorable Dude on 06.11.20 at 8:26 pm

DELETED

#128 Katherine on 06.11.20 at 8:28 pm

#119 Slick – Re Swoop flights

Call your credit card company and say you want to file a dispute. Ask for a chargeback….you paid for a service they couldn’t provide for you. I had an all-inclusive trip booked in March to Mexico with three others. We all got refunded. Can’t hurt to try.

#129 Shirl Clarts on 06.11.20 at 8:41 pm

DELETED

#130 Faron on 06.11.20 at 8:41 pm

#115 Sail Away on 06.11.20 at 8:09 pm

What would happen to someone wearing a BLM shirt at a Trump rally? That’s right: nothing

I just threw up in my mouth a little… Were you in the wilderness during ’16 when Trump encouraged violence against protesters at rallies? Are you that ignorant? Maybe under house arrest under Maduro? Don’t tell me there’s actually a trope out there claiming violence wasn’t encouraged at Trump rallies?

#131 yorkville renter on 06.11.20 at 8:45 pm

#22 – still too early to call it a buyer’s market… not enough listings or desperation yet… but, that specific hood had 5-7 new listings today, which may be the start of a buyer’s market.

I’m waiting until Spring… will genuinely try to retire my ‘yorkville renter’ persona.

#132 FlourPower on 06.11.20 at 8:54 pm

#116 TheDood on 06.11.20 at 8:10 pm

Thanks for your response.

I know a couple of people here who make sub $100K per year but, of course, are landlords. Some own multiple houses! When did owning more than one property become a middle-class hobby? Who even WANTS to be a landlord?

It’s been made to seem like the best path to riches is through real estate, no matter how much debt you have to take on to get there. It boggles my mind. I had parents who lived well below their means, eschewed debt their whole lives, saved, invested, and that has made them well-off. Not owning a bunch of houses.

#133 FlourPower on 06.11.20 at 8:59 pm

#124 JUST LQQKING on 06.11.20 at 8:22 pm

Not saying it’s a big accomplishment; saying it seems to be (somewhat?) uncommon these days in Canada and North America. Is there not a great deal of discussion on this very blog about how people are in other kinds of debt, beyond their mortgage? That is simply what I meant.

#134 Hot Tub indicator on 06.11.20 at 9:09 pm

I’ve been trying to buy a hot tub in Southern Ontario for several weeks now. Drove an hour and a half to get to a bigger city to find someone that has one in stock.

Nope. Nada. Nothing. Maybe late October delivery, perhaps. More likely January.

These are $15k tubs.

Sold out everywhere.

Times sure are tough.

#135 crowdedelevatorfartz on 06.11.20 at 9:19 pm

AHAHAHAHAHA

Political Science graduate and current Mayor of Vancouver Kennedy Stewrat has declared, “As a person of privilege ( he’s white) , I cannot sit on a council to determine whether the Vancouver City Police should be defunded…… I will leave it up to the Provincial Govt because they control city funding…..”

Spineless passing of the buck…..

The provincial NDP socialist apologists immediately….disagreed……

I enjoy the “Apologist Party’s” stabbing each other in the back to appear more socially aware……as the voters grow even more disgusted by the day.

Where’s Trudeau now that the opposition Party’s are saying ” No more CERB”?

#136 cramar on 06.11.20 at 9:23 pm

“Next stop, reality. Bring your chair.”

Finally! A dose of reality hit the stock market.

Bring your chair… and popcorn!

#137 Genesis II on 06.11.20 at 9:29 pm

#123 TRON on 06.11.20 at 8:22 pm

If I was declared King of the Kingdom of Canada tomorrow my first two declerations would be:

1. If it doesn’t hurt your neighbour it will be considered
2. If it hurts your feelings you’ll just need to grow up

And if I was declared Queen of the Kingdom (or Queendom) of Canada, I’d declare this:

1. I must be trans…
2. I am qualifed (if a drama teacher can do it, so can I!)

On the action of major markets today, was it the beginning of another serious leg down, or just a brief correction?

I’m now >30% in cash along with a few SPY &TSLA put options. Let’s see what tomorrow brings…

#138 Cici on 06.11.20 at 9:35 pm

Love Tara’s letter…what a gem ;-)

#139 crowdedelevatorfartz on 06.11.20 at 9:37 pm

@#124 Just Licking re renting
“This is not a big accomplishment if you have any kind of income, and 0 assets.”
++++

I rent and have zero debt, over $1 million invested, + considerable equity in my very successful business.

Several friends and relatives are retired with excellent pensions, renting, and worth several million dollars invested.
Renting doesnt equate with zero equity.
Some renters believe the housing market is going to tank…..that’s why they sold.

I guess you have to ask.
Is all YOUR money in real estate?

Good luck selling a falling knife next year as the markets chase the swirling mess going down the drain.

But, if you’re a Realtor, not to worry, you’ll still make a commish selling a bank forced sale……..

:)

#140 Re-Cowtown on 06.11.20 at 9:39 pm

#123 TRON on 06.11.20 at 8:22 pm
If I was declared King of the Kingdom of Canada tomorrow my first two declerations would be:

1. If it doesn’t hurt your neighbour it will be considered
2. If it hurts your feelings you’ll just need to grow up

/////

Works for me. All hail King Tron I !!!!

#141 crowdedelevatorfartz on 06.11.20 at 9:44 pm

hmmmm

Covid deaths in BC in March, April, May and the first week of June ….167

Fentynal deaths in BC in the month of May…… 170………

#142 Doug t on 06.11.20 at 9:46 pm

DELETED

#143 Ronaldo on 06.11.20 at 9:57 pm

#125 Faron

Likely paid protestors like these guys. There’s money in protesting. Protestors for hire. It’s not always as it appears. Need to be able to sort through all the bullsh*t that’s out there. Politics can be a dirty business at times.

https://www.latimes.com/business/la-fi-crowds-extortion-20181021-story.html

#144 VicPaul on 06.11.20 at 10:05 pm

#115 Sail Away on 06.11.20 at 8:09 pm
#91 NSNG on 06.11.20 at 6:50 pm

The markets are down today like a MAGA hat wearing white guy at a black lives matter rally

——————–

That’s funny. You know why that’s funny? Because wearing a MAGA hat represents freedom of expression.

What would happen to someone wearing a BLM shirt at a Trump rally? That’s right: nothing.

Food for thought, no? Intolerance.

*********

Nice.
You are one sharp and composed dude, Sail. Quick and quiet…nice.

M56BC

#145 joblo on 06.11.20 at 10:06 pm

The pic I’m feelin

me face down on the ground
T2’s the dog sittin on me head with that look & tongue hanging out

Help!

#146 YouKnowWho on 06.11.20 at 10:10 pm

#109 OK, Doomer

I have ancient Egyptian blood in my lineage. Dibs on Pyramid of Khafre!

I get your point, but if we’re going to start undoing wrongs, let’s get real about it. Otherwise, as you said, let the dead dog lie. Let’s focus on things we can change and improve now, in our lifetime.

…Although, there is little doubt that there is a valid case that many people’s lives are shaped by events of the past – so…

#147 HighParkRanger on 06.11.20 at 10:12 pm

Trudeau wants the election in October.

He will not do anything to piss of the peasants that he bribed.

* No spending will be audited (Libs resisted calls to open up the books, much like Mnuchin down south).

* CERB fraud will not be prosecuted (he already said that ‘honest mistakes’ will be forgiven).

* CERB will be extended (#extendCERB is already trending)

We will get Canuckistan, whether we want it or not.

#148 OK, Doomer on 06.11.20 at 10:21 pm

#95 Gravy Train on 06.11.20 at 7:01 pm
#38 not 1st on 06.11.20 at 3:53 pm
“[…] And Krugman is a Marxist.” And a Nobel Prize-winning economist. :P
++++++++++++++++++

True, but he still wasn’t right about anything. But he has good company, Al Gore and Obama both got Nobel Prizes for beingtotally wrong about the topics that they got the prize for.

And the latest Pulitzer Prize winning journalist had to admit that her story was a total fabrication, but got to keep the Pulitzer anyway.

Detect a pattern here? In military terms it’s called “Stolen Valour”. Democrats thrive on it. Republicans despise it.

How do you feel about Stolen Valour?

#149 Lee on 06.11.20 at 10:27 pm

When the heck is the NFL supposed to start?

#150 Alex S on 06.11.20 at 10:32 pm

You are going to like this reddit topic:

Seeking Real estate legal advise

Hey guys asking for a friend here for some advise

My friend purchased a house back in February. The closing date was June 7th.The owner of the house is renting to the place to a real estate agent. He was provided a 3 months notice back in February to move in. He did agree to moving out. On June 6th he refused to move out. So my friend is nice enough to delay the take over date with the owner for them to work it out with the tenant whom happened to be a realtor.

Today the realtor (tenant) called in stating if she pay them $40,000 they are willing to move out. I find it odd that the tenant is calling the new owner requesting for money. I would assume he probably asking the current owner that as well.

What should we do next step? Also is there a way to take down this tenant? As I feel like he’s abusing us power of knowledge as a realtor to make life a hassle for everyone.

#151 OK, Doomer on 06.11.20 at 10:35 pm

#145 YouKnowWho on 06.11.20 at 10:10 pm
#109 OK, Doomer

…Although, there is little doubt that there is a valid case that many people’s lives are shaped by events of the past – so…
////////////////////////

All peoples lives are shaped by the events of the past, and that is where things go off the rails.

The best that we can offer is a system where the past is left in the past and we acknowledge and own responsibility for our actions today. Blaming others for our own problems perpetuates failure.

Once we accept our achievements as a product of our own choices in how we live life, the past is interesting, but not a limiting factor.

I’ll bet that if you look at any successful person, you’ll find someone who didn’t let the past stop them. Meanwhile, unsuccessful people live in the past dredging and feeding old grudges and wanting to even the score with someone.

Victimhood is an ugly cloth to wrap one’s life in.

#152 TurnerNation on 06.11.20 at 10:42 pm

#102 Nonplused why go to trouble of earning Motorcycle license, buying a bike, high insurance rates and learning to ride?
I was behind an E-bike today, the one that looks like a real sport bike motorcycle – fairings, fat tires and all.

Only its e-bike fake rear license plate gave it away. It was going…70 km/h. Yes. As was I.

Fast enough for any city riding save motorways.
4/5 suspended dunk drivers recommend it…

#153 Ponzius Pilatus on 06.11.20 at 10:44 pm

#127 Katherine on 06.11.20 at 8:28 pm
#119 Slick – Re Swoop flights

Call your credit card company and say you want to file a dispute. Ask for a chargeback….you paid for a service they couldn’t provide for you. I had an all-inclusive trip booked in March to Mexico with three others. We all got refunded. Can’t hurt to try.
————
Get together with IHTC and start a class action lawsuit.

#154 SoggyShorts on 06.11.20 at 10:53 pm

#121 Deplorable Dude on 06.11.20 at 8:19 pm

Well I’m happy to share my dividend growth portfolio
**********************
How have the total returns been?

#155 conan on 06.11.20 at 11:01 pm

My guess is that the Mother is going to be waiting a long time for her son to get a job offer. Things are warming up to the recession that we had in the 90. Remember that one?
Electricians were working for minimum wage doing whatever maintenance work they could get.
Highly skilled workers were taking whatever, at whatever, because it was that bad.

Looks like we have ourselves a V.

#156 Stratovarious on 06.11.20 at 11:05 pm

One of the interesting things about rich people (who work in finance) is that they so openly find it offensive that poor people are paid money (CERB) to stay home.

The real hypocrisy is that rich people are making boat loads of money simply by owning “assets” such as equity and bonds. All of these assets have been bailed out by the CBs and federal governments, without much regard to antiquated concepts like earnings, profits, growth etc. Indeed, even bankrupt companies like Hertz are going up by>100% thanks to the Fed’s. So a rich guy can do very little, look like a genius, but somehow think he/she is master of the universe. In reality, if the government didn’t bail them out, things might not be so rosy.

So, let’s give the poor folk getting a few dollars to stay home some slake, and appreciate that EVERYONE is being paid to not work. When you have the Fed at your back, and absolutely every market (except energy of course), is going up in spite of >10% unemployment, it seems a little cruel to claim that those who wear suits are somehow more deserving than those who wear jeans.

#157 Lost...but not leased on 06.11.20 at 11:13 pm

#134 crowdedelevatorfartz on 06.11.20 at 9:19 pm
AHAHAHAHAHA

Political Science graduate and current Mayor of Vancouver Kennedy Stewrat has declared, “As a person of privilege ( he’s white) , I cannot sit on a council to determine whether the Vancouver City Police should be defunded…… I will leave it up to the Provincial Govt because they control city funding…..”

Spineless passing of the buck…..

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

Didn’t he also state that he was on “STOLEN” Indian/First Nations land ???

He…. Turdeau and other Libtards should rent a room and…well……

#158 palebird on 06.11.20 at 11:49 pm

#12 Howard

Ha ha that is funny…I will be laughing about that one for weeks…Trump suffering massive defeat..I don’t think so Tim

#159 Just in True dough on 06.11.20 at 11:54 pm

At this point we have to brainstorm how to get rid once and for all of this empty populist promises T2 airhead drama queen, otherwise the whole country will pay dearly while going down the toilet. Just my deflating 2 cents…

#160 Flop... on 06.12.20 at 12:12 am

Hey Smartie, I see you’re still house hunting.

I saw this listing and thought of you.

Take a look and give me some feedback.

Death trap back stairs but overall not bad for its age.

Also forgot to thank North Shore Mike for the shoutout the other day.

Glad you bought a house and are moving on to the next chapter of your life.

Happy for you, brother…

M45BC

https://www.zealty.ca/mls-R2464098/430-E-58TH-AVENUE-Vancouver-BC/@

#161 NSNG on 06.12.20 at 12:22 am

#115 Sail Away on 06.11.20 at 8:09 pm

That’s funny. You know why that’s funny? Because wearing a MAGA hat represents freedom of expression.

What would happen to someone wearing a BLM shirt at a Trump rally? That’s right: nothing.

Food for thought, no? Intolerance.

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

I agree.

Though at a Trump rally, the BLM guy would probably instantly be surrounded by 5 or 6 people who then…

…offer him a beer and constructive debate

#162 Dirty Dan on 06.12.20 at 12:54 am

DELETED

#163 Tim123 on 06.12.20 at 1:12 am

The difference between the number of mortgages that were deferred in Canada vs the US is because real estate corrected severely in the US during the Great Recession whereas in Canada there was only a slight drop in prices. I would not be surprised if the federal government bails out the real estate market by extending the deferred mortgage holiday until the end of the coronavirus virus in 2 to 5 years. I do not think it is right to keep inflating the real estate market where it is very difficult for the majority of people to buy a house. It is probable that a real estate market crash is coming later this year unless there is a bailout. The one thing Canadian banks are good at is making money so it would not surprise me if they do cut off their riskiest clients.

#164 Nonplused on 06.12.20 at 1:20 am

#117 RyYYZ

My big big is a V-Star 1300, liquid cooled and fuel injected. I can get speeding tickets on that one. But the KLX 250 is more fun all around. If you bought one, I don’t think you’ll regret it. Sure the new Yamahas and Hondas crank out a bit more power, but the KLX can hold it such that a little bit of not freaking out when the power is on is all you need. 2 extra horsepower doesn’t mean much if anything unless you are wide open. I only go wide open on the KLX when I am showing off.

#165 Robert Ash on 06.12.20 at 1:37 am

I reviewed 110’s Link to Wall Street on Parade, and it is a little disconcerting, the use of Bond ETF’s for cash management purposes…. I don’t know the veracity of this media, but the focus on a one strategy model of ZIRP is just not working. This decade long imbalance is the problem. It is like denying that GAAP are relevant. Once leaders abdicate the process of making tough decisions, it is all lost, and once the Electorate, realize they can vote in access to asset confiscation, with out conscious, the writing is on the wall…

#166 jane24 on 06.12.20 at 2:41 am

Re the TO house in the RE area of C4, just off Young St – wow TO prices have fallen. My brother sold a small semi a few roads over 2 years ago with no parking and an unfinished basement for $1,350,000. This house is soooo much better being about a third bigger, with a finished basement and parking and an actual garden for only $300 grand more!

My first thought was wow I can afford that house. I could live in C4 as a second home. My second was not wow but who wants to live in city and travel on the subway today with Covid 19 as a neighbour. I suspect a lot of other potential buyers would agree with me. $1.6 million buys the very best home in a small town Ontario.

#167 Howard on 06.12.20 at 3:26 am

https://www.kijiji.ca/v-condo-for-sale/city-of-toronto/east-united-studio-distressed-condo-assignment-435k/1505775657

ASSIGNMENT KINGS HAVE A SUPER HOT DEAL OF THE DAY!

Smart investors want studios! They rent very fast & They are very easy to sell!

They have the HIGHEST PSF COST IN THE BUILDING. THEY SELL FOR A PREMIUM DUE TO THE HIGH DEMAND.

PRICED TO MOVE FROM A MOTIVATED SELLER! SELLER NOT MAKING MUCH PROFIT!
A Studio ASSIGNMENT AT $1000PSF IS UNHEARD OF ANYMORE. THIS DEAL WON’T LAST LONG!
A RESALE STUDIO NEARBY SOLD FOR $1200 PSF WOW.

—————————

WOW!

Smart investors want studios, don’t forget!

Btw whatever happened to the Canadianism “Bachelor apartment”? 20 years ago they were never called studios.

#168 YouKnowWho on 06.12.20 at 6:27 am

#150 OK, Doomer

Again, I hear you. But let me be the devil’s advocate here. Certain past has more impact on some than others. Historical impact is not evenly distributed. Now what?

I often see human greed on display, and tend to say to myself “money IS the root of all evil.”

I honestly believe that racism is first and foremost an economic issue. And how did it become an economic issue but for history decisions?

#169 Howard on 06.12.20 at 6:45 am

#157 palebird on 06.11.20 at 11:49 pm
#12 Howard

Ha ha that is funny…I will be laughing about that one for weeks…Trump suffering massive defeat..I don’t think so Tim

——————————-

To be clear, I am not left-wing and I agree strongly with Trump’s perspective on immigration. On balance I’d prefer a Trump victory since Biden has largely bowed down to toxic progressive left wing of his party. I’m simply going by current polls. Biden is well ahead nationally and in every swing state – for months now. He’s even competitive in Texas and Georgia. It’s true that it’s only mid-June but unlike in 2016, the two candidates are known political quantities (Trump was obviously well-known in 2016, but not as a political figure). A former VP against a sitting President. People are ignoring Biden’s Ukraine and China connections just as they ignored Trump’s Russia connections. It would take significant and unforseen extraneous events to shift the numbers one way or another, in my opinion.

#170 Gravy Train on 06.12.20 at 7:33 am

#147 OK, Doomer on 06.11.20 at 10:21 pm
“True, but [Paul Krugman] still wasn’t right about anything.” A 2011 survey of economics professors named him their favorite living economist under the age of 60.
https://econjwatch.org/file_download/487/DavisMay2011.pdf

Have you even read any of his writing? Do you even know why he got the Nobel Prize? What are your credentials and qualifications? Are you a professional economist? Or just a redneck hillbilly? :P

“But he has good company, Al Gore and Obama both got Nobel Prizes for being totally wrong about the topics that they got the prize for.” Tell me this: What did they get wrong? Where do you get your indoctrination?

“And the latest Pulitzer Prize winning journalist had to admit that her story was a total fabrication, but got to keep the Pulitzer anyway.” Here’s a list of the 2020 Pulitzer Prize winners. Point out the one you’re referring to.
https://www.pulitzer.org/prize-winners-by-year/2020

“Detect a pattern here? […]” Yes. You’re a dumbass. A knuckleheaded knuckle-dragger. A fact-free bullshitter. :P

#171 TurnerNation on 06.12.20 at 7:35 am

One again, once you have your rights taken away you never ever get them back in the same form.
You might now be able to visit aged and dying relatives, BUT you must prove your innocence medically. You must take the test – and be assured that they are keeping your DNA on file, as they do with criminals.
Guilty until proved innocent. in only a few months’ time. Yep the Crown virus did that, worldwide take down.

You must be masked and muzzled too, see the Test you took means Nothing! It adds profits to the test companies only – it is only an exercise in Compliance. We are in the Compliance and re-training stage now.
Only one visit per week. What is the science there? None, even prisoners are afforded more visitors.
The new global order makes little sense, compassion has been stripped out of the system. The New System is about Compliance.

Globe says Sienna told “cautious restart” on visits
The Globe and Mail reports in its Friday edition that Ontario has announced a “cautious restart” to allowing visits to long-term care residents in facilities without COVID-19 outbreaks as long as visitors test negative for the virus. The Globe’s Laura Stone and Jill Mahoney write that Premier Doug Ford said Thursday the government will allow some visits at long-term care facilities, retirement homes and group homes to resume as of June 18, with conditions. Ontario paused “non-essential” visits to seniors’ facilities in mid-March, meaning family members were shut out from visiting loved ones, in a bid to contain the spread of the virus. As part of the rules announced Thursday, long-term care homes that are free of COVID-19 will allow a minimum of one visit per resident each week, with visits only allowed outdoors. Retirement homes may resume indoor visits as well, at the discretion of the home. In group homes and other residential-care settings, two people are allowed to visit, but only outside. All visitors must practice physical distancing and will have to have tested negative for COVID-19 within the past two weeks. They will also have to wear masks. Outdoor visits to long-term care residents can begin next week.

#172 TurnerNation on 06.12.20 at 7:42 am

^ to my last post. What do you do with barnyard animals? That’s right they are filthy, you keep them outside.
Even after testing negative, even 6 feet away, even wearing a mask you are still dirty and cannot visit your parents inside. It is not enough. Are are still not innocent. You must all stay outside in the barnyard.
Never forget our elite rulers despise us, we are animals to them.

The New System is going to get a lot worse…Milleapolis is already rolling out the new A.I-based policing system they announced. AI has zero compassion. And that is what they are training us to do

#173 Tater on 06.12.20 at 8:12 am

#151 TurnerNation on 06.11.20 at 10:42 pm
#102 Nonplused why go to trouble of earning Motorcycle license, buying a bike, high insurance rates and learning to ride?
I was behind an E-bike today, the one that looks like a real sport bike motorcycle – fairings, fat tires and all.

Only its e-bike fake rear license plate gave it away. It was going…70 km/h. Yes. As was I.

Fast enough for any city riding save motorways.
4/5 suspended dunk drivers recommend it…
———————————————————
Well, legally e-bikes are limited to 32 km/h, so if Tipsy McStagger is using it after DUI number 5, he’s going to be in a bit of trouble if he’s modified it.

#174 JUST LQQKING on 06.12.20 at 8:17 am

#138rowdedelevatorfartz on 06.11.20 at 9:37 pm
@#124 Just Licking re renting
I rent and have zero debt, over $1 million invested, + considerable equity in my very successful business

I wasn’t making a blanket statement that ALL renters are penniless..I’m well aware there are a lot of successful people that don’t own their own home (such as you profess to be)…for a variety of reasons…that is why I qualified it with “0 assets”…I notice you were quick to get off the subject of your own situation….. other than to say you have “considerable equity in my very successful business.”…and then quickly move on to tell us what successful friends you have…kind of a tell if you play poker:)
I actually like your posts, and enjoy reading them…but if you’re going to criticise someone…you should include the main point of the message you are taking issue with?

#175 TurnerNation on 06.12.20 at 8:20 am

Crowded, I took a look at the twitter feed of your city’s globalist sellout
Ask him where is the science behind this Inane communist-style rules. Comply comply comply.
Science or fiction? Only the government can keep us safe. We are not adults. We are little diseased children who know no better. Listen to the nanny state, collect Cerb and shop at the government head shop. Why not, they control our heads.

“My thanks to Council for unanimously passing my motion to increase capacity at our bars by 20%, safely bringing our rules into line with the rest of the Province.
Our nighttime economy is critical, and they’ve been asking for us to level the playing field for years.

#176 crowdedelevatorfartz on 06.12.20 at 8:21 am

@#157 Lost but not Leased
“Didn’t he also state that he was on “STOLEN” Indian/First Nations land ???”

++++
Aha . You are correct.
Never underestimate the hydra headed political animal.
Hail Hydra!
Willing to pander to everyone and impress no one but themselves.
I suspect Vancouver Mayor Stewrat has inflated delusions of grandeur every time he looks in the mirror wearing his Chain of Office …dreaming of the day he may be Premier or….dare we think it?
Prime Minister!

Narcissists shall rule the “selfie” earth.
God help us.

#177 crowdedelevatorfartz on 06.12.20 at 8:26 am

@#174 Just Liking
“you should include the main point of the message you are taking issue with?”
+++
Your comment124
I have to laugh when people post that they are, and always have been renters, then brag about being “debt-free” This is not a big accomplishment if you have any kind of income, and 0 assets.

++++
You seem to be mocking working renters with zero assets.

At least working renters with zero assets arent 1 million in debt “owning” a house. with 25 years of penury payments.

#178 crowdedelevatorfartz on 06.12.20 at 8:34 am

I wonder when the intolerant mobs will start burning books they find racist and offensive?

https://www.reuters.com/article/us-minneapolis-police-protests-britain/shameful-to-threaten-churchill-statue-says-uk-pm-johnson-idUSKBN23J1LO

https://www.bbc.com/news/entertainment-arts-52990714#:~:text=Gone%20with%20the%20Wind%20has,then%20and%20are%20wrong%20today%22.

https://www.cnn.com/2020/06/11/entertainment/lady-antebellum-name-change/index.html#:~:text=(CNN)%20Lady%20Antebellum%20is%20making,says%20fans%20have%20long%20used.

So much political correctness, so much time to rewrite history

#179 Trudeau's Brain Tickle on 06.12.20 at 8:48 am

Can anyone explain what “systemic racism” is? Trudeau told us it’s everywhere and that everyone has it, so it should be easy define.

Thanks in advance.

#180 Westcdn on 06.12.20 at 8:52 am

The house next door has a sold sticker on the for sale sign. I hope I get along with my new neighbours since they paid top dollar (I think), they are free to criticize my frugal ways. They did buy a good home and it looks like they put stiff conditions on the seller – more renovations.

I have had too many companies “suspend” dividends. I am closely looking at their declared cashflow – EBIDA be damned. It is like looking at government accounting for a balanced budget.

I am amazed that Seattle has a police free zone – not that I think all cops are good – but the crazy pills are being handed out – see Zoolander.

#181 IHCTD9 on 06.12.20 at 9:18 am

#105 Daughter of Ponzi on 06.11.20 at 7:23 pm
There are then about 30 or so offers, and the house goes for hundreds of thousands over asking.

That is just not happening anymore, at all.

Here is an example:

https://www.bungol.ca/map/43.654925&-79.480119&16?listing=532-windermere-avenue-toronto-w4765420-4115447
——————————————————————–
How old is this piece of garbage? It looks rotten with fake interior. What a joke!
— –

This place doesn’t look bad. Someone did a lot of work here. There might be a bit of a sag in the ridge, but looking at the pics, it seems decent.

But for 1.7 million? Property Taxes seem sky high for Toronto too. It would cost you about 8400.00/month to live in this place all in. Even with a 2.0% mortgage. Priced way too high IMHO, but I never underestimate the GTA peeps when it comes to paying too much for RE – so who knows? Still, it looks like a flip, and they’re fishing right now.

Out my way, if that place was on an acre, had a real yard and real garage – I might consider paying close to 400 for it.

#182 not 1st on 06.12.20 at 9:33 am

Why would someone create a trading app called robinhood that all the millennials use?

Do they think they are stealing from the rich by day trading?

But be my guest to try and bottom feed some more Hertz stock. The rebound isn’t happening in bankrupt stocks and penny trades. What a clueless group.

#183 SoggyShorts on 06.12.20 at 9:38 am

#156 Stratovarious on 06.11.20 at 11:05 pm
One of the interesting things about rich people (who work in finance) is that they so openly find it offensive that poor people are paid money (CERB) to stay home.

The real hypocrisy is that rich people are making boat loads of money simply by owning “assets” such as equity and bonds.
****************************
Those who “simply own assets” dont give a crap about who collects CERB. The super-rich and those born to wealth play in a different league.
But
Those who worked their asses off, sacrificed, and pay loads in taxes for years to earn assets” might be a little annoyed.

Personally, I’m not even annoyed at those taking CERB, but I am worried about the fallout.
I’m worried that the nest egg I worked so hard for is going to erode due to the fallout from all this debt.

I’m currently in the process of moving more assets over to USD despite all the problems down south because I think that Canada is pooched.

#184 JUST LQQKING on 06.12.20 at 9:41 am

177 crowdedelevatorfartz on 06.12.20 at 8:26 am
@#174 Just Liking
“you should include the main point of the message you are taking issue with?

You seem to be mocking working renters with zero assetsAt least working renters with zero assets arent 1 million in debt “owning” a house. with 25 years of penury payments

yes I suppose I was “mocking” anyone bragging about being debt-free (WITH 0 ASSETS) in a system where there are unlimited opportunities to accumulate assets, if you even put in minimal effort. Again…your argument about homebuyers paying a mortgage for 25 years of “penury payments”…since mortgage and rent payments are usually fairly similar …would you prefer to flush 25 years of rent…or own a house clear title?

#185 JB on 06.12.20 at 9:44 am

#167 Howard on 06.12.20 at 3:26 am

https://www.kijiji.ca/v-condo-for-sale/city-of-toronto/east-united-studio-distressed-condo-assignment-435k/1505775657

ASSIGNMENT KINGS HAVE A SUPER HOT DEAL OF THE DAY!

Smart investors want studios! They rent very fast & They are very easy to sell!

They have the HIGHEST PSF COST IN THE BUILDING. THEY SELL FOR A PREMIUM DUE TO THE HIGH DEMAND.

PRICED TO MOVE FROM A MOTIVATED SELLER! SELLER NOT MAKING MUCH PROFIT!
A Studio ASSIGNMENT AT $1000PSF IS UNHEARD OF ANYMORE. THIS DEAL WON’T LAST LONG!
A RESALE STUDIO NEARBY SOLD FOR $1200 PSF WOW.

—————————

WOW!

Smart investors want studios, don’t forget!

Btw whatever happened to the Canadianism “Bachelor apartment”? 20 years ago they were never called studios.
…………………………………………………………….
I was going to say this piece of garbage will sit on the market forever. Sadly pathetic moisters and boomers will take the chance at owning their own little personal concrete prison in the sky. Did they mention the strata fees and insurance cost. Distressed my ass. More like desperate to sell.

#186 SoggyShorts on 06.12.20 at 9:44 am

#161 NSNG on 06.12.20 at 12:22 am
#115 Sail Away on 06.11.20 at 8:09 pm
Though at a Trump rally, the BLM guy would probably instantly be surrounded by 5 or 6 people who then…

…offer him a beer and constructive debate
*****************************
I must admit, late-night shows and the MSM must have completely biased my mental image of those who attend Trump rallys.
Attendees certainly aren’t made to look like intelligent debtors.

#187 JB on 06.12.20 at 9:47 am

#181 IHCTD9 on 06.12.20 at 9:18 am

#105 Daughter of Ponzi on 06.11.20 at 7:23 pm
There are then about 30 or so offers, and the house goes for hundreds of thousands over asking.

That is just not happening anymore, at all.

Here is an example:

https://www.bungol.ca/map/43.654925&-79.480119&16?listing=532-windermere-avenue-toronto-w4765420-4115447
——————————————————————–
How old is this piece of garbage? It looks rotten with fake interior. What a joke!
— –

This place doesn’t look bad. Someone did a lot of work here. There might be a bit of a sag in the ridge, but looking at the pics, it seems decent.

But for 1.7 million? Property Taxes seem sky high for Toronto too. It would cost you about 8400.00/month to live in this place all in. Even with a 2.0% mortgage. Priced way too high IMHO, but I never underestimate the GTA peeps when it comes to paying too much for RE – so who knows? Still, it looks like a flip, and they’re fishing right now.

Out my way, if that place was on an acre, had a real yard and real garage – I might consider paying close to 400 for it.
……………………………………………………………..
Don’t think my F150 will fit in the garage or between the driveway.

#188 Headhunter on 06.12.20 at 9:54 am

Forward thinking Mr Market is being set up for painful correction. You have to show people and they have to see for themselves vs being told. Thats what is going on now.

There are no free markets and game is rigged.

The markets are full of corporate malfeasance. HFT, Madoff rule, Front running list is a mile long. Its going to get burned to the ground for sure.. All these companies going bust.. depression level un-employment, demand way low.. but stock market is booming? How can that be? AI trading with AI with $$$ that was created by the click of a keyboard.

Even “Joe Average” is talking bout the disconnect.

New system is a coming which will be more equitable and root out the scamming.

Not in this lifetime. – Garth

#189 SoggyShorts on 06.12.20 at 9:57 am

#185 SoggyShorts on 06.12.20 at 9:44 am
*debaters ffs

#190 IHCTD9 on 06.12.20 at 10:03 am

#187 JB on 06.12.20 at 9:47 am
#181 IHCTD9 on 06.12.20 at 9:18 am

#105 Daughter of Ponzi on 06.11.20 at 7:23 pm
There are then about 30 or so offers, and the house goes for hundreds of thousands over asking.

That is just not happening anymore, at all.

Here is an example:

https://www.bungol.ca/map/43.654925&-79.480119&16?listing=532-windermere-avenue-toronto-w4765420-4115447
——————————————————————–
How old is this piece of garbage? It looks rotten with fake interior. What a joke!
— –

This place doesn’t look bad. Someone did a lot of work here. There might be a bit of a sag in the ridge, but looking at the pics, it seems decent.

But for 1.7 million? Property Taxes seem sky high for Toronto too. It would cost you about 8400.00/month to live in this place all in. Even with a 2.0% mortgage. Priced way too high IMHO, but I never underestimate the GTA peeps when it comes to paying too much for RE – so who knows? Still, it looks like a flip, and they’re fishing right now.

Out my way, if that place was on an acre, had a real yard and real garage – I might consider paying close to 400 for it.
……………………………………………………………..
Don’t think my F150 will fit in the garage or between the driveway.
— –

Lol, I was thinking the same for my 2500HD, and even if it did squeeze through there, there’s no where to park the thing out back without hanging all over the neighbour’s half of the driveway. Forget about parking in the “garage”!

#191 not 1st on 06.12.20 at 10:12 am

#189 SoggyShorts on 06.12.20 at 9:57 am

There have been lots of MSM and interested parties go to MAGA rallies and there has never been a whiff of violence.
MAGA is inclusive.

CHAZ doesn’t seem very inclusive. Funny how the same group who wants to disarm you and open the borders quickly set up a border and armed themselves. What a farce the left are.

Tone it down. You’re becoming a joke on this site. – Garth

#192 JB on 06.12.20 at 10:15 am

#186 SoggyShorts on 06.12.20 at 9:44 am

#161 NSNG on 06.12.20 at 12:22 am
#115 Sail Away on 06.11.20 at 8:09 pm
Though at a Trump rally, the BLM guy would probably instantly be surrounded by 5 or 6 people who then…

…offer him a beer and constructive debate
*****************************
I must admit, late-night shows and the MSM must have completely biased my mental image of those who attend Trump rallys.
Attendees certainly aren’t made to look like intelligent debtors.
………………………………………………………………..
Have you ever looked at the attendees at these rallies? There is always the two blonde Lebensraum twin girls that scare the shit out of me. They look like they are from a horror movie. There is the token black guy with a Trump T-shirt, the married older women who wear knitted sweaters with either Puppies, kittens or I love Donald Trump on them. They all have that glazed look in their eyes. Then of course there are the blue-jean wearing red-necks always with the Red MAGA hats, because they were free. It is very much like what you would expect at a NASCAR race. Mind you at least NASCAR has read the memo for BLM. Oh if you attend one of his rallies to get the free hat beware of the COVID-19 form you will have to sign first to get in.

https://www.ecowatch.com/trump-rally-coronavirus-risk-2646170476.html

#193 joblo on 06.12.20 at 10:31 am

https://ca.finance.yahoo.com/news/china-scooping-canadian-miners-gold-135539144.html

From Kanada to Chinada

#194 no blog for old men on 06.12.20 at 10:34 am

@#191 not 1st on 06.12.20 at 10:12 am
#189 SoggyShorts on 06.12.20 at 9:57 am

There have been lots of MSM and interested parties go to MAGA rallies and there has never been a whiff of violence.
MAGA is inclusive.

CHAZ doesn’t seem very inclusive. Funny how the same group who wants to disarm you and open the borders quickly set up a border and armed themselves. What a farce the left are.

Tone it down. You’re becoming a joke on this site. – Garth
////////////////////////////////

Most already assume his commentary to be satire

#195 no blog for old men on 06.12.20 at 10:44 am

@#158 palebird on 06.11.20 at 11:49 pm
#12 Howard

Ha ha that is funny…I will be laughing about that one for weeks…Trump suffering massive defeat..I don’t think so Tim

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

meh, same was thought about hilary a few years back as well. not that i care one bit about yank politics but it does look like trumps taking a serious nose dive.

#196 SoggyShorts on 06.12.20 at 10:45 am

#191 not 1st on 06.12.20 at 10:12 am
#189 SoggyShorts on 06.12.20 at 9:57 am


There have been lots of MSM and interested parties go to MAGA rallies and there has never been a whiff of violence.
MAGA is inclusive.

**************************
Really? Not even a whiff?
Frazier, 29, got out of his truck and repeatedly punched a 61-year-old anti-Trump protester in the head outside a Trump rally in Cincinnati, Ohio, in August 2019. Cellphone video footage of the attack was posted online. Frazier, of Georgetown, Kentucky, was arrested and charged with assault.

It’s literally the first thing that pops up if you search “Violence at Trump rally”

If you want people to respect Trump/MAGA perhaps you (and POTUS) need to stop making statements that are objectively untrue with video evidence that proves it.

#197 no blog for old men on 06.12.20 at 10:54 am

doubling down.

BREAKING: Steven Mnuchin is now flat-out REFUSING to disclose the businesses receiving $500,000,000,000 in bailout funds, claiming the info is “confidential”

4.5 MILLION businesses received government funds. Zero transparency.

Unconscionable, jaw-dropping corruption.

#198 Lee on 06.12.20 at 10:58 am

The NYSE was created in 1792. It has been through a civil war, the Great Depression, two World Wars, Spanish Influenza, COVID, Rodney King, Boy George, WHAM, and so on. It’ll do just fine as the financial system of choice.

#199 Orange Man....Orange on 06.12.20 at 10:59 am

#194 no blog for old men on 06.12.20 at 10:34 am
@#191 not 1st on 06.12.20 at 10:12 am
#189 SoggyShorts on 06.12.20 at 9:57 am

There have been lots of MSM and interested parties go to MAGA rallies and there has never been a whiff of violence.
MAGA is inclusive.

CHAZ doesn’t seem very inclusive. Funny how the same group who wants to disarm you and open the borders quickly set up a border and armed themselves. What a farce the left are.

Tone it down. You’re becoming a joke on this site. – Garth
////////////////////////////////

Most already assume his commentary to be satire

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

No… not really, I think No 1st was making a valid point.

Recently thousands of pro-Trump people showed up to protest the lockdown. Some were armed, in compliance with the law. How many stores were looted? Zero. How many beatings? Zero. How many broken windows? Zero. How many buildings burned? Zero. How many police and protesters injured? Zero.

Sorry, NB4OM, but the numbers don’t support your assertion. I will stipulate that anti-Trumpers have gone into Trump rallies with the goal of picking fights and starting a riot, but they wer given the bum’s rush and ejected.

I just find it ironic that liberal people who claim to be “Inclusive” will be the first to trash you, ban books and movies, and physically assault you if they don’t like what you say.

Weird world.

#200 Flying Bird on 06.12.20 at 10:59 am

DELETED

#201 Yukon Elvis on 06.12.20 at 11:10 am

#151 OK, Doomer on 06.11.20 at 10:35 pm

All peoples lives are shaped by the events of the past, and that is where things go off the rails.
The best that we can offer is a system where the past is left in the past and we acknowledge and own responsibility for our actions today. Blaming others for our own problems perpetuates failure.
Once we accept our achievements as a product of our own choices in how we live life, the past is interesting, but not a limiting factor.
I’ll bet that if you look at any successful person, you’ll find someone who didn’t let the past stop them. Meanwhile, unsuccessful people live in the past dredging and feeding old grudges and wanting to even the score with someone.
Victimhood is an ugly cloth to wrap one’s life in.
…………………………………..

I wish that I could have expressed that as well as you did.

#202 Sail away on 06.12.20 at 11:18 am

for Gravy Train:

I’m considering a Tesla solar roof and powerwall in the next year or two. What’s the latest on your solar roof experience with power production? thanks

#203 Dharma Bum on 06.12.20 at 11:28 am

Next stop, reality. Bring your chair.
——————————————————————–

The day of reckoning is upon us.

Hallelujah!!

Praise Dog!

#204 Not 1st on 06.12.20 at 11:34 am

Looks like the pros are taking the Robinhood crowd to the woodshed

https://www.google.ca/amp/s/www.cnbc.com/amp/2020/06/12/cramer-thinks-wall-street-pros-may-be-playing-a-game-with-amateur-robinhood-traders.html

#205 Sail away on 06.12.20 at 11:35 am

#192 JB on 06.12.20 at 10:15 am
#186 SoggyShorts on 06.12.20 at 9:44 am

I must admit, late-night shows and the MSM must have completely biased my mental image of those who attend Trump rallys.

Attendees certainly aren’t made to look like intelligent debtors.

——————–

Have you ever looked at the attendees at these rallies? There is always the two blonde Lebensraum twin girls that scare the shit out of me. They look like they are from a horror movie. There is the token black guy with a Trump T-shirt, the married older women who wear knitted sweaters with either Puppies, kittens or I love Donald Trump on them. They all have that glazed look in their eyes. Then of course there are the blue-jean wearing red-necks always with the Red MAGA hats, because they were free. It is very much like what you would expect at a NASCAR race. Mind you at least NASCAR has read the memo for BLM. Oh if you attend one of his rallies to get the free hat beware of the COVID-19 form you will have to sign first to get in.

——————–

You must be aware the networks have hundreds and hundreds of hours of footage from which they carefully choose their 5 minute newsclips, right? Let’s just say making Trump rallies look good is not the top priority.

I mean, heck: the riots, when reported by MSM, seem to be peaceful affairs by intellectuals. Sure, there may be a conflagration and cacophony in the background, but let’s just say that’s not the focus. Think it would be possible to make the riots look bad instead of good?

#206 Wrk.dover on 06.12.20 at 11:53 am

#197 no blog for old men on 06.12.20 at 10:54 am
doubling down.

BREAKING: Steven Mnuchin is now flat-out REFUSING to disclose the businesses receiving $500,000,000,000 in bailout funds, claiming the info is “confidential”

4.5 MILLION businesses received government funds. Zero transparency.

Unconscionable, jaw-dropping corruption.

—————————

Paulson set the precident in 08

#207 maxx on 06.12.20 at 11:54 am

@ #37

Yup. Can’t stand the instability.

#208 kingston boy on 06.12.20 at 12:03 pm

what a fantastic idea.

https://www.dezeen.com/2020/06/11/banksy-edward-colston-statue-slave-trader/

#209 Attrition on 06.12.20 at 12:24 pm


#179 Trudeau’s Brain Tickle on 06.12.20 at 8:48 am

Can anyone explain what “systemic racism” is? Trudeau told us it’s everywhere and that everyone has it, so it should be easy define.

Thanks in advance.

Sure.

It’s when federal and provincial governments implement programs to ensure people from “underrepresented racialized” groups get preferential hiring based on their racial heritage.

Think back to in early 1990’s when RCMP recruitment drives famously announced “We are not currently accepting applications from Caucasian males”.

Or how Quebecers, while not a race by any traditional definition, get preferential hiring in the federal bureaucratic class in Canada, ensuring they are grossly over-represented, on a per capita basis, in the halls of (so-called) power in Canada.

See? There are plenty of examples of systemic racism in Khanukistan.

Who in their right mind wouldn’t want to see it abolished?

#210 Tater on 06.12.20 at 12:32 pm

#202 Sail away on 06.12.20 at 11:18 am
for Gravy Train:

I’m considering a Tesla solar roof and powerwall in the next year or two. What’s the latest on your solar roof experience with power production? thanks

————————————————————

Might not be in that business anymore, perhas more clarity after the Solarcity lawsuit is done.

https://electrek.co/2020/06/11/tesla-cancelling-solar-roof-orders-after-years-deposits/

#211 Daughter of Ponzi on 06.12.20 at 12:33 pm

Does anyone know what is the expected/average life span for these poorly constructed houses in Canada? Any good online resources on this?

#212 Sail away on 06.12.20 at 12:59 pm

#210 Tater on 06.12.20 at 12:32 pm
#202 Sail away on 06.12.20 at 11:18 am

for Gravy Train:
I’m considering a Tesla solar roof and powerwall in the next year or two. What’s the latest on your solar roof experience with power production? thanks

——————–

Might not be in that business anymore, perhas more clarity after the Solarcity lawsuit is done.

https://electrek.co/2020/06/11/tesla-cancelling-solar-roof-orders-after-years-deposits/

——————–

Thanks Tater! That link had a code for $250 rebate on the Tesla solar roof. Brewskies on me.

My buddy Al in San Diego- ironically, a senior systems engineer rocket scientist for Boeing (ironical because SpaceX has displaced Boeing)- has had the Solar Roof for a few years and has no complaints.

#213 Sail away on 06.12.20 at 1:06 pm

I get a kick out of interviewed protestors talking about ‘systematic’ racism.

Using words is like wearing tights: quite revealing, and definitely not for everyone.

#214 NEVER GIVE UP on 06.12.20 at 1:08 pm

#87 YouKnowWho on 06.11.20 at 6:41 pm
ONE STINKING MINUTE!!!

We can rename Dundas Street because some dude delayed end of slavery for 15 years but WE CAN’T give Canada back to the natives it was stolen from through laws of foreign land they were forced to abide by, and contracts they were forced to sign under duress in language that wasn’t theirs?

How far back are we going to undo the wrongs? Let’s go all the way! Why stop at a street name? Let fix real issues and real wrongs!
==================================

Native land claims are not realistic.
(In 1871 there was an enumeration of the indigenous population within the limits of Canada at the time, showing a total of only 102,358 individuals.[16] According to the 2011 Canadian Census, indigenous peoples (First Nations – 851,560, Inuit – 59,445 and Métis – 451,795) numbered at 1,400,685, or 4.3% of the country’s total population…Wiki)

Most were in small settlements close to rivers and lakes.

Just because someones Grandfather was the first to cast his eyes upon a vast valley does not mean he owns it.

Ownership is rightful when you use the land you need.

Native people are right to claim reasonable amounts of land that they use and have used historically but there are other people in the world and there needs to be a place for them as well.

In BC the land claims are 110% of the whole province including overlapping claims.

Apologists feel this is correct but it will never happen. It only inflames hard feelings of mistreatment and gives false hope. This is a vast country and there is ample room for all people.

No doubt people have been mistreated and restitution is due.

It has to be ended at some point so all of us can move on and build good lives together.

Natives do much better financially off reserves because banks will not and cannot lend for building on reserves as the land is not mortgagable. At least that is how I understand it.

If Natives on reserves could get access to credit there would be a great building boom on reserves.

I believe this could be a great way to balance the inequality.

#215 conan on 06.12.20 at 1:16 pm

No shortage of people who like Trump on this blog.
Trump seems to have jumped the shark. It is pretty serious when the messaging of the US armed forces is
” Don’t even think about it. We will not support you.”

Me, I think Trump is as dangerous AF. The Bolton book is coming out soon and that should be the Coup de grâce. Trump is a smart guy, he will figure out a way to stay in office until the election, but he will be at political war on two fronts. The GOP is going to wake up and smell the electoral obliteration coming their way.

#216 Sail away on 06.12.20 at 1:23 pm

#215 conan on 06.12.20 at 1:16 pm

Trump is a smart guy, he will figure out a way to stay in office until the election, but he will be at political war on two fronts. The GOP is going to wake up and smell the electoral obliteration coming their way.

——————

Conan, let’s just say your predictive success to do with Trump in the past has been right around… oh, zero. Something to do with hopium instead of realityum.

But even a blind squirrel, you know…

#217 Gravy Train on 06.12.20 at 1:28 pm

#202 Sail away on 06.12.20 at 11:18 am
“For Gravy Train: I’m considering a Tesla solar roof and powerwall in the next year or two. What’s the latest on your solar roof experience with power production? thanks.” Don’t let Trump find out you’re not using oil, gas and coal. (Just messing with you.)

I got my power bill on May 4. Due to my province’s State of Emergency directive, meter reading was suspended. My power company estimated my bill using the electricity usage from the same period last year, so I didn’t get any credit for my energy sales for the latest billing period.

If you don’t mind waiting till the company gets back to reading my meter, I’d be pleased to give you the results then. If you prefer, I can give you ten months of results now (pre-CoViD).

PS, my latitude is 44.6119° N. (Hope I haven’t given away too much info—if you know what I mean.) :P

#218 Westcdn on 06.12.20 at 1:40 pm

I just read GT’s comment he made his first million at 30. I am about 7 years younger and remember being severely underwater in 1984 but I kept a good job for the standard of the times – 15% wage increases and a further Cost of Living Adjustment (cola) of 10% midyear although that was earlier in the late 70’s and early 80’s.

Housing pricing was ugly. Jingle mail, yearlong squatting and dollar deals to keep ahead of bailiffs. It did end but I still wonder about being honest for the times. I stayed the course and it worked out okay with that character building stuff. I kept working, my wife found work and started a magical career. We got out of the hole although I wished influencers with money had showed up in my corner to make things easier. Life can be funny and annoying, eh.

#219 Sail away on 06.12.20 at 1:48 pm

#217 Gravy Train on 06.12.20 at 1:28 pm
#202 Sail away on 06.12.20 at 11:18 am

——————-

“For Gravy Train: I’m considering a Tesla solar roof and powerwall in the next year or two. What’s the latest on your solar roof experience with power production? thanks.”

——————-

Don’t let Trump find out you’re not using oil, gas and coal. (Just messing with you.)

I got my power bill on May 4. Due to my province’s State of Emergency directive, meter reading was suspended. My power company estimated my bill using the electricity usage from the same period last year, so I didn’t get any credit for my energy sales for the latest billing period.

If you don’t mind waiting till the company gets back to reading my meter, I’d be pleased to give you the results then. If you prefer, I can give you ten months of results now (pre-CoViD).

PS, my latitude is 44.6119° N. (Hope I haven’t given away too much info—if you know what I mean.) :P

——————-

Great- I’m definitely interested, thanks. And I’ve saved your past posts with your breakdowns. I’m near Vancouver at Lat 49, so it may or may not be feasible in the end…

#220 Rocket on 06.12.20 at 3:17 pm

#110 OK, Doomer on 06.11.20 at 7:44 pm
——————————————–
I agree. My family oral history says that my ancestors were Vikings killed by natives in NF in the 11th Century. Is that far enough back? Can I get NF back?
——————————————–
Your examples don’t make sense.

1) Why would you get back something (NF) that your ancestors have no claim to? They invaded, stayed a few years and left. The Vikings invaded NF from Greenland (which they had also invaded) and some of them were dispatched in skirmishes with the people who already lived there, the Beothuk. The Norse voyages to NF lasted only a few years after which their scant settlements were abandoned and they departed. If anyone could potentially lay claim to and ‘get NF back’ it would be the Beothuk, but they can’t because they are extinct. They were all killed off after waves of settlers displaced them from their land and brought disease.

2)”lets call cultural appropriation on the use of horses and guns and steel assign a value to the use of all the technology”. Cultural appropriation (the act of taking or using something especially in a way that is illegal or unfair) doesn’t fit your example. Horses and guns and steel were technologies freely introduced and traded by Europeans, not cultural artifacts. They were traded for other valuable local technologies like the canoe, pemmican, and anti-scurvy brews. A better example would be wearing a significant item from another culture that had not been properly awarded to you, like a feathered headdress or the Congressional Medal of Honor.

It’s difficult to have any meaningful discussions on these issues at all if people can’t take the time to properly research them and bring an informed opinion to the table.

#221 Gravy Train on 06.12.20 at 4:15 pm

#219 Sail away on 06.12.20 at 1:48 pm
“Great- I’m definitely interested, thanks. And I’ve saved your past posts with your breakdowns. I’m near Vancouver at Lat 49, so it may or may not be feasible in the end…” Here are the results for the ten months from:

Apr. 23, 2018 to Feb. 20, 2019: Bought (and consumed) 15,028 kWh of energy for $2,545.53 = $0.16939 per kWh.

Apr. 18, 2019 to Feb. 20, 2020: Bought 11,870 kWh. Sold 4,338 kWh. Net purchases are 7,532 kWh (=11,870 less 4,338). Produced 7,783 kWh. Consumed 15,315 kWh (=7,532 plus 7,783). Paid $1,355.53 for 15,315 kWh of energy = $0.08851 per kWh.

Savings are thus $0.08088* per kWh x 15,315 kWh = $1,238.67. Initial outlay = $14,925. After-tax nominal rate of return for 10 months = 8.3%. (I am guaranteed this kind of return for the next 25 years.)

How have you done in the stock market this year? Have you got me beat? :P

*($0.16939 less $0.08851) = $0.08088

#222 Sail away on 06.12.20 at 5:50 pm

#221 Gravy Train on 06.12.20 at 4:15 pm
#219 Sail away on 06.12.20 at 1:48 pm

“Great- I’m definitely interested, thanks. And I’ve saved your past posts with your breakdowns. I’m near Vancouver at Lat 49, so it may or may not be feasible in the end…”

—————-

Here are the results for the ten months from:

How have you done in the stock market this year? Have you got me beat? :P

*($0.16939 less $0.08851) = $0.08088

—————-

Good info. And sorry, but yes, this has been an unimaginably lucrative year for me in the markets which is one reason I’m exploring the SolarCity roof and powerwall.

#223 Old Yoda on 06.12.20 at 8:47 pm

@#35
Hi Howard,
Please do your homework: the Krugman quote your citing is inaccurate and incomplete.

Here’s the quote and a link to a site that provides some necessary context:

“For this reason, I will briefly intervene to point out that the people claiming Krugman called on Greenspan to create a housing bubble in 2002, like Bret Stephens in the Wall Street Journal today, are just making stuff up.

“The basis for this absurd claim was a 2002 column on the weak recovery following the 2001 recession… and attributes it to the fact that the 2001 recession was… brought about by the collapse of the stock bubble.

“Krugman then wrote:

‘To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

“It should have been pretty evident that this was sarcastic…. The last paragraph expresses Krugman’s pessimism about the recovery’s prospects:

‘But wishful thinking aside, I just don’t understand the grounds for optimism. Who, exactly, is about to start spending a lot more? At this point it’s a lot easier to tell a story about how the recovery will stall than about how it will speed up. And while I like movies with happy endings as much as the next guy, a movie isn’t realistic unless the story line makes sense.

* * *

Here’s a link to the site:

https://equitablegrowth.org/lunchtime-must-read-when-someone-says-paul-krugman-called-for-greenspan-to-create-a-housing-bubble-back-in-2002-they-are-trying-to-say-that-they-are-either-a-fool-or-a-liar-beat-the-press/

Best,
M