The predictable

“I’m a dude that’s trapped in Eastern Europe,” writes Marvin, “due to divorce/child custody.” Hmmm. Sounds serious. But I didn’t ask. “I’ve enjoyed your blog for many years, and to be super honest, as I sit in this hell-hole, reading it each night along with your witty remarks makes me feel a little closer to home.”

But Marvin’s perplexed. How, he wonders, in the middle of a pandemic, could Canadians be so weird?

How is that housing in Ontario is still undergoing bidding wars?  A friend of mine is a RE agent in Ottawa, and last night I heard from her that she’d been ‘losing’ deals for the past two weeks, getting outbid even when coming in 80K over asking on residential homes in Ottawa?  This seems crazy.  Ottawa is a sleepy town inhabited by civil servants.  They may have relatively stable jobs, but they’re also not seeing massive increases in earnings year over year.  So what gives?  How the heck are people engaging in bidding wars at a time when the economy is taking a massive dump, unemployment is gargantuan, and everybody is already up to their ears in debt?  None of it seems to make any sense.  I’m somewhat concerned, as I’d like to come home in the next few years, and it seems like I’ll be walking into a situation where buying a home will cost an absurd amount of money (either in the GTA or Ottawa; my two preferred destinations).

It gets worse, M. The latest housing stats out of Toronto this week give the impression people are partying like its’s 2016 all over again. You remember that, of course. Multiple bids. Blind auctions. Drive-by viewings. Unconditional offers. Rockstar realtors. Bully buyers. Greedy vendors. Endless FOMO.

According to the continent’s largest real estate board, the only epidemic is among buyers infected with house lust. The better part of 9,000 properties changed hands in Toronto, an increase last month from May of 84%. Yes, eighty-four. Semis jumped in price by 22% year/year – meaning the average cost of half a house is now $1.3 million. The average property gained almost 12%, while prices of detached passed the $1.5 million market, an increase of 14%.

The realtors point especially to, “a resurgence in the higher-end market segments,” and forecast that by the time this strange year ends there will have been an increase in average prices, just like Covid never came.

Okay, so what gives? Marvin’s quite right in pointing out the obvious, even while he rots in the Old World. Canadian unemployment is in double-digits and will stay there all year. Eight million on pogey. A million mortgage deferrals. GDP hollowed out 12% in one month. Public finances shredded (more on that tomorrow). Empty downtown streets. Travel and border restrictions. Mandatory masks in Toronto. Social distancing. Emergency powers. Why were nine thousand people in one city confident enough to buy houses averaging a million bucks each? Are they not paying attention?

Nah. Of course not.

Regular addicts will have noted this is exactly what the pathetic blog told you would happen. During 100 days of viral terror, lockdowns, quarantines, bumwad-hoarding and non-stop panic from the Coronavirus Broadcasting Corporation real estate sales plunged and prices dipped. Showings stopped. Sellers retreated. The market croaked.

But that was followed by the unleashing of pent-up demand since, after all, Covid came right at the start of rutting season, when hormonal young couples paw the earth, flare their nostrils, bellow, rear back and thunder towards open houses. What normally happens in April this year juiced June. Meanwhile two more factors assured a big jump in prices as sales resumed. First, available listings have crashed – down year/year in Toronto by a third (and similarly in Ottawa, Vancouver and Montreal). More demand and less supply means a surge in values. Second, Covid caused central banks everywhere to crush interest rates and add stimulus to a collapsing economy. So now we have five-year fixed-rate mortgages at just a hair above 2%. Cheap financing means more borrowing, which escalates property costs.

This explains the current situation. What lies ahead?

Here’s what we know so far:

  • Mortgage deferrals will end. No way do the banks want to forego interest on $180 billion in home loans any longer than they much. This means hundreds of thousands of people who have made no payments must start again this autumn. But jobs are slow to return, suggesting many people may bail. More listings coming.
  • CERB can’t last forever. The feds cannot afford this level of support. It, too, will taper away as 2020 draws to a close. Less income support means more tough choices for households without employment. Expect an increase in listings.
  • The pandemic will ease as time passes. Slowly, albeit, but the outcome is known – a slowed rate of infection in Canada, better therapies, maybe a vaccine. Potential sellers will lose their fear of opening their homes to buyers. Yes, more listings.

CMHC and others think like Marvin. The negatives for housing are stronger than the positive (which is cheap money). After the deluge now, real estate will pause and dip until employment is restored. Maybe in 2022. That would mean this is an excellent time to (a) list your property and sell for big bucks to a greater fool then (b) use those funds to seriously trash debt.

Unless Covid taught you nothing.

179 comments ↓

#1 Andrewski on 07.07.20 at 3:48 pm

Sadly & yet again, financial illiteracy rears it’s fugly head!

#2 Russ on 07.07.20 at 3:49 pm

Want some popcorn?

This is as entertaining as a meltdown, assuming one already has a home and does not wish to participate in the madness.

I can tell you that the traffic on Vancouver Island is back to normal, pent-up demand indeed. Even Saturday & Sunday morning before 07:00 (10:00 EDT) is steady.

Cheers, R

#3 Blair on 07.07.20 at 3:53 pm

#112 NFN_NLN Yesterday I criticized the quality of the feedback for the column. Then the aforementioned reacted with an ad hominem attack on me. This is just the kind of bullying to which I referred. Is this sort of comment allowed to stand?

#4 Cheese on 07.07.20 at 3:56 pm

People are insane, it’s the only logical conclusion.

#5 Colin on 07.07.20 at 3:57 pm

Added to this frothy housing market, we have the looming threat of a liar and plagiarist south of the border “sneaking” into the office of POTUS and upending the stability of the housing market in the US & Canada. It’s no wonder I want to sell my house.

Check out this link: https://www.facebook.com/100004107652704/posts/2146649332148634/?d=n

#6 FreeBird on 07.07.20 at 3:58 pm

Coronavirus Broadcasting Corporation
——————
My laugh for the day.
Thank you.

#7 Thomas on 07.07.20 at 4:04 pm

Hey Marvin, why would you want to come back to Canada? If it happens that you’re ‘trapped’ in Romania or Bulgaria, you may stay and enjoy a flat personal tax of 9%!
A hectar of good, arable land is 6,000 EUR. You are at one day trucking distance to Germany, with no borders.
Just open you eyes and mind….

#8 Franco on 07.07.20 at 4:06 pm

Did anyone ever think that the people that lost their jobs are people that could not afford to buy a house anyway?

#9 zee on 07.07.20 at 4:07 pm

But Garth you did not explain how are buyers getting pass the stress test at the highest priced real estate in Canadian history.
It should not matter if rates are 2% and there is less inventory! You still need to pass the stress test at close to 5% at record price level.

#10 yorkville renter on 07.07.20 at 4:07 pm

patience, young grasshopper

#11 Brian Ripley on 07.07.20 at 4:09 pm

My Toronto Housing Chart is up with June data:
http://www.chpc.biz/toronto-housing.html

In June 2020 Toronto total residential housing sales zoomed M/M and are heading towards the most recent highs of last year but still well below the peak FOMO highs of 2016.

​Residential inventory rose as sellers responded to the sales excitement that produced a 62% absorption rate as buyers pushed prices back towards the highs.

​I assume that buyer’s balance sheets are cash flow pandemic proof.

#12 A J on 07.07.20 at 4:10 pm

I just talked to a co-worker today who I haven’t seen since mid March. She was back in the office after almost 4 months to clean out her desk. Her manager said she can work 100% from home going forward. She also mentioned this opened up the ability for her to move out of the city and buy a house in the ‘burbs. I have no doubt that thousands of people are eyeing this same reality. I know many who are sick of condo living and want more space when they work from home. The great exodus from the city will begin and suburban house prices will continually rise. For how long, who knows….

#13 Ace Goodheart on 07.07.20 at 4:10 pm

People in Canada now equate purchasing a house with renting said house from the bank.

When a person looks at a home, they try to figure out what their monthly payments will be. It is the same as renting an apartment or a condo. No one is interested in actually buying the house. No one with 1.3 million dollars in cash, would spend it on a 150 year old Toronto row house that has been “renovated” by various owners over the years.

This is what increasing the money supply does. Stuff that you can’t print (like houses) become more “valuable”, while incomes and savings do not increase.

This is textbook stagflation. A broken economy on life support. Low interest rates to keep people spending. Governments so far in the hock, that they cannot even borrow the money they want to spend (and they don’t have it, of course, everything is deficit financed).

The government, having exhausted all sources of borrowed cash, turns to money printing. Have your central bank “create” money and loan it to the government. Classic Argentinian style currency devaluation.

We are at a tipping point in Canada. Our salaries are not increasing. Our government can no longer even borrow the money it spends, let alone actually collect it in taxes. The Feds have resorted to money printing. That is literally all they have left in the tool box.

At this point I am trying to work out what pathetically low interest rate I get on any cash holdings, is in juxtaposition with the amount of money that the Feds are printing. For every new dollar created, our currency is devalued. The percentage of devaluation has to be looked at in harmony with the interest that cash savings generate.

If the government devalues our dollar by 10%, and you are getting 0.25% on your savings account, then you are losing 9.75% per year.

It’s weird when you have to calculate everything backwards like this. What are your holdings worth, stocks, bonds, ETFs, considering how little cash they hold and how much debt they have, because the more debt they have, and the less cash, the better off they are.

Ie, a company with a lot of cash holdings, is going to lose money. A company with a lot of debt, is going to make money, because they are devaluing the currency.

Like living in an alternative universe. They thought voodoo economics was bad.

Trudeaunomics is just scary stuff.

Had to wear my face mask most of yesterday. I was asked what I thought about the whole situation. I said that the mask is a symbol. I am not allowed to say what I feel about the whole situation. So my mouth is symbolically covered with a mask. If I speak, I must “virtue signal” by speaking only correct things. What I actually feel, cannot be spoken.

I am still allowed to think.

#14 CL on 07.07.20 at 4:11 pm

As I’ve said, there is no crisis. People really are richer than they think because this stupidity by “buyers” and banks and gov’t will NEVER end.

Party on. Nothing to see here.

#15 TalkingPie on 07.07.20 at 4:14 pm

Regarding CERB disappearing – which of course it eventually will have to – it’s my understanding that employees whose jobs disappeared due to Covid will qualify for EI after CERB runs out; ie: their EI payment clock starts only after CERB has been exhausted. Assuming I’m not misinformed, that means that the money-for-nothing party will run on for at least a few months past the fall.

(Presumably the price for chicks will remain at the market rate.)

#16 mitzerboyakaQueencitykidd on 07.07.20 at 4:18 pm

Even out here in the Sticks bidding wars for 100 year old houses
alot of buyers are taxpayer-funded employees working from home
covid what covid

#17 Raukas on 07.07.20 at 4:22 pm

Garth, what do you mean by your 2022 reference? Real estate dips in 2022 or does unemployment gets restored (somewhat) in 2022?

#18 YouKnowWho on 07.07.20 at 4:23 pm

People not able to touch each other – it is the reality of today’s virus world.

To continue our theme of songs about touch, for those that have had it up to HERE with this virus…I give you Touch Too Much, AC/DC!

https://www.youtube.com/watch?v=JGftIcp2SC0

#19 kingston boy on 07.07.20 at 4:32 pm

Marvin, you’re not alone.
Been asking myself this same question for a few years now. Who are these people buying slanty semis in leslieville for 1.7mil like theres no tomorrow? Asian investors? yuppies with funding from the bank of mom n’ dad?

#20 BoredBear on 07.07.20 at 4:33 pm

#3 Blair: “Yesterday I criticized the quality of the feedback for the column. Then the aforementioned reacted with an ad hominem attack on me. This is just the kind of bullying to which I referred. Is this sort of comment allowed to stand?”

Yes. You know how it is, free speech and all. The trolls love it.

#21 Sail Away on 07.07.20 at 4:45 pm

#3 Blair on 07.07.20 at 3:53 pm

#112 NFN_NLN Yesterday I criticized the quality of the feedback for the column. Then the aforementioned reacted with an ad hominem attack on me. This is just the kind of bullying to which I referred. Is this sort of comment allowed to stand?

————-

Garth is not a kindergarten teacher.

Suck it up, pal. You criticize comments that others have made, you get criticized in return.

See how that works in the real world? If you want to dish it out, be prepared to take it.

#22 Ferry Boy on 07.07.20 at 4:47 pm

I just walked along Lakeshore Road in Mississauga and passed a small store ..what I thought was a jewellery store. 1 customer in at a time and 4 men waiting outside. I thought it was a little strange, 4 guys waiting out in the hot sun and then I saw the “We buy gold” sign. Not a good sign I fear.

#23 looking up on 07.07.20 at 4:48 pm

Even with the current frenzy GTA sales were down from June of last year but prices are rising.

Could this be a blow off top similar to the Nasdaq 2000 correction, US housing market correction ie. higher prices with declining volume?

It reaaaaallllllyyyyy looks like it.

#24 S on 07.07.20 at 4:50 pm

#3 Blair on 07.07.20 at 3:53 pm
“#112 NFN_NLN Yesterday I criticized the quality of the feedback for the column. Then the aforementioned reacted with an ad hominem attack on me. This is just the kind of bullying to which I referred. Is this sort of comment allowed to stand?”

That was a joke, right? Cause if not then, dude, you just validated his comment. An anonymous guy you’ll never meet takes a gentle poke at ya and that’s called bullying these days? Wow. I must get back to my time machine…

#25 Don on 07.07.20 at 4:51 pm

It’s not just GTA, Ottawa, detached housing prize is rising everywhere i.e. London, Hamilton, Waterloo, it’s like TSLA stock prize, it’s gone up for the last 20 years, will continue the next 20 years if central bank keep printing money.

#26 Ponzius Pilatus on 07.07.20 at 4:51 pm

Charlie Danials just died.
Never heard of the guy.
Found out he had a song called “Redneck Paradise”
should be the official anthem of the comment section.

I like moonshine whiskey
I like home made wine
I don’t look for greener grass
Home grown suits me just fine
Welcome to my shanty
Drop by anytime
I bet you’ll like my Redneck Paradise
————-
All together now!

#27 Dead Cat Bounce on 07.07.20 at 4:52 pm

Fear not Marvin, this will be my last life, my last bounce if you will…

#28 Shirl Clarts on 07.07.20 at 4:52 pm

#20 BoredBear on 07.07.20 at 4:33 pm
#3 Blair: “Yesterday I criticized the quality of the feedback for the column. Then the aforementioned reacted with an ad hominem attack on me. This is just the kind of bullying to which I referred. Is this sort of comment allowed to stand?”

Yes. You know how it is, free speech and all. The trolls love it.

^^^^^^^^^^^^^^^^^^
Sorry Blair. No one is forcing you to read the comment section.

The comments don’t automatically appear, you have to manually click to get in.

Stick around. You’ll get thicker skin.

Having said that, try to remember that barely anyone reads the comments. It’s just filled with a bunch of opinionated know-it-all’s that are only right 50% of the time.

Now watch them attack me. :)

#29 Rdawg on 07.07.20 at 4:53 pm

We took advantage of the insanity and sold our house in Etobicoke last week:
– 39 showings over 5 days
– 6 offers
– 25% increase over prices from 2019
– Sold 10% over asking

Selling was easy. The hard part is convincing my wife to remain patient and buy only when we can capitalize on our gains.

Garth, I hope you’re right about the ‘pause and dip’ coming in the GTA housing market. Time will tell…

#30 baloney Sandwitch on 07.07.20 at 4:55 pm

If someone can give me 2.75 million for my house in Scarborough (it really only worth 1.5 mill) we have a deal. 4000 sq ft, pool, 3 car garage, about 35 year old, leafy street. No murders in the past year in the neighbourhood. Some asian, couple of black families, 70% white (i even saw one old guy wearing a manga cap). email offer and your best mandatory suckup to: [email protected].

#31 mattbg on 07.07.20 at 4:55 pm

Housing does seem insane, but it’s seemed insane for nearly two decades. I thought it was insane in 2005 when I bought my first house and hesitated because of it.

The only thing I have seen give pause to the housing market in the last two decades was the 2008 recession and the temporary uptick in interest rates in 2018.

I wonder how T2 feels about the housing affordability promises at this point.

#32 SeeB on 07.07.20 at 4:56 pm

#20 BoredBear on 07.07.20 at 4:33 pm
#3 Blair: “Yesterday I criticized the quality of the feedback for the column. Then the aforementioned reacted with an ad hominem attack on me. This is just the kind of bullying to which I referred. Is this sort of comment allowed to stand?”

Yes. You know how it is, free speech and all. The trolls love it.

—————————————————————

True that. Anonymous trolls are going to beat their chests and either go on personal attacks or cry victim at even a hint of disagreement. Don’t bother arguing. They have their own “facts” and have “done their research” (which they very rarely share) and there is nothing you can say or do to change their minds.

#33 Marco on 07.07.20 at 4:57 pm

Well, poor Marvin sitting in east European hell hole. Maybe few hours from Vienna or Prague or Budapest…. Ya, tough when you are accustomed to beauty of places like Cambridge, London (Ontario), Turdonto or richness of Ottawa…..

#34 Oracle of Ottawa on 07.07.20 at 4:58 pm

Reminds me of the bell curve in basic economics. I think we’re at the peak. As Alan Greenspan said in 1999 “irrational exuberance”.

#35 Flop... on 07.07.20 at 5:00 pm

What do I know about Toronto real estate?

Not much.

Beside the fact, that if I had some, I’d sell it and get the heck out of there…

M46BC

#36 Blair on 07.07.20 at 5:00 pm

#20 Bored Bear, #21 Sail Away Surely the point is to address the substance of the comment rather than to launch a personal attack. What good does badmouthing someone you don’t know do? Free speech implies responsibilities. I am declining your advice/observations.

#37 Westcdn on 07.07.20 at 5:01 pm

My late sister had quirks that always amused me. We fought over details all the time but were united at higher ideals.

My sister was in the boat with me at the Telegraph Cove Orca incident. She was terrified by the sound of their blow holes being all around us. It was the first time I heard the words “this will never happen again”. 50 years later, she would remind me of the incident.

She mentioned to me that one of her favorite activities was telling people what to do. It reminds me of local “authorities”.

I am in favor of Leslyn Lewis as the next Conservative Party leader. She can bring about change and breath new life for the party. She has much to learn about Parliament and power brokers so lets get at it. I think if she can get rudimentary French going, she will beat Justin.

Remember, it is the bureaucrats who remain after government change and their numbers are huge.

#38 Phil on 07.07.20 at 5:04 pm

Free money for all.
I thought buying votes was illegal.

https://www.stcatharinesstandard.ca/ts/business/2020/07/07/budget-officer-pegs-cost-of-basic-income-as-calls-for-it-grow-due-to-covid-19.html

#39 Ron Burgundy on 07.07.20 at 5:04 pm

Garth, you have effectively been calling for a slow melt/housing correction since the inception of this blog in 2008 for a multitude of different reasons. Although your arguments are convincing and logically make a lot of sense, if multiple stock market corrections/ recessions and now a pandemic haven’t yet been the catalyst for this to occur what is different this time? Won’t politicians and banks (with short to near term quarterly targets/outlooks) continue to bail out the homeowner indefinitely for the economic impacts of not doing so would be catastrophic?

#40 n1tro on 07.07.20 at 5:07 pm

#3 Blair on 07.07.20 at 3:53 pm
#112 NFN_NLN Yesterday I criticized the quality of the feedback for the column. Then the aforementioned reacted with an ad hominem attack on me. This is just the kind of bullying to which I referred. Is this sort of comment allowed to stand?
—————-
We’re all adults here so Garth isn’t needed to be a babysitter. If your feelings are hurt, you may want to find a safe space.

#41 yorkville renter on 07.07.20 at 5:07 pm

#8 Franco –

it’s not all cooks and servers that lost their jobs…

business owners who can’t open their business, landlords missing rent, suppliers with no one to sell to, equipment techs that aren’t fixing things.

The list goes on.

Lots of hurt to go around.

#42 Tim123 on 07.07.20 at 5:08 pm

Most people do not have a strong grasp of basic economics so they are rushing into buying overpriced housing. It does not matter to me if people are not smart enough to not throw their money away. The only bad part about this is that there is not an easy direct way of shorting the Canadian real estate markets. Canadian real estate is far too high based on incomes in Canada. An additional point that I should bring up is that property taxes are set to rise because a lot of income for cities is not coming in for example transit fees.

#43 Shirl Clarts on 07.07.20 at 5:09 pm

#33 Marco on 07.07.20 at 4:57 pm
Well, poor Marvin sitting in east European hell hole. Maybe few hours from Vienna or Prague or Budapest…. Ya, tough when you are accustomed to beauty of places like Cambridge, London (Ontario), Turdonto or richness of Ottawa…..

^^^^^^^^^^

Old Proverb – “The harvest is always more fruitful in another man’s fields”

#44 Sail Away on 07.07.20 at 5:11 pm

#28 Shirl Clarts on 07.07.20 at 4:52 pm

…..try to remember that barely anyone reads the comments. It’s just filled with a bunch of opinionated know-it-all’s that are only right 50% of the time.

Now watch them attack me. :)

—————

Way off, you rusty tie-rod. Single digits at best.

#45 TurnerNation on 07.07.20 at 5:12 pm

Taxes taxes taxes coming.

— Watch your travel rights/abilities. They cracking down. This is an opinion piece but given that all media is simply predictive-programming/softening us up you can bank on this. They told us day one with a global marketing campaign, #Stayhome.
Cottages were first to be attacked, naturally they will try and restrict that travel, whatever way is possible:

https://www.thestar.com/opinion/contributors/2020/07/07/road-tolls-on-the-gardiner-some-ways-queens-park-can-help-toronto-with-its-15b-pandemic-budget-crisis.html

“Tue., July 7, 2020timer3 min. read
Big number: $272 million, the estimated amount Toronto could raise each year by implementing a $4 per trip toll on the Gardiner and Don Valley Parkway. If Queen’s Park gave Toronto authority to issue tolls or taxes like this, city hall would be in a position to deal with budget pressures related to COVID-19.”

— I’ve been saying for a while that all those big giant tech companies are to rule our daily lives, they have more info than god on us anyway.
#stayhome and order online is the goal.

Uber getting into grocery delivery business in Canada
https://www.cbc.ca/news/business/uber-grocery-canada-1.5640187

#46 Reximus on 07.07.20 at 5:14 pm

I think many more TO homeowners would consider selling now, but selling a home is not like selling any other financial security…you dont have to find another stock just because you sell one. You DO have to find other shelter however and that’s not as easy as it sounds.

In our case we have always joked that if someone wanted to pay X for this place we’d take it and run! Well we’re at least at that X now, and yet moving seems too complicated. Would love to look for and find a place in NS for instance, but I dont even know if we could legally go out there and look…let alone find a truck to move there, etc

#47 yorkville renter on 07.07.20 at 5:19 pm

#23 – volume usually decline before prices do!

#48 Shirl Clarts on 07.07.20 at 5:19 pm

#22 Ferry Boy on 07.07.20 at 4:47 pm
I just walked along Lakeshore Road in Mississauga and passed a small store ..what I thought was a jewellery store. 1 customer in at a time and 4 men waiting outside. I thought it was a little strange, 4 guys waiting out in the hot sun and then I saw the “We buy gold” sign. Not a good sign I fear.

^^^^^^^^^^^^^^^^^^^^^^^^^

Not a solid enough harbinger. Pre-covid, those 4 guys were probably waiting inside the store.

#49 Flop... on 07.07.20 at 5:19 pm

I’m playing catch-up to the other prolific blathers on this blog.

I gave them a week head start, if they didn’t make hay, well, it’s on them now we’re keeping score.

Let’s play charades.

4th post today.

Second one off topic.

3rd attempt at being informative and entertaining, the other one I just mailed in.

4th one in the spirit of the blog, providing general subject matter, and not attacking anyone.

This blog has the wobbles.

Are we doing this thing, or not?

If I have to pull out my rally monkey, I will…

M46BC

Most Profitable Companies on the Fortune 500 for Every State.

The coronavirus continues to wreak havoc across the American economy. With unemployment approaching Depression Era levels at 13.3%, it pays to have an employer with a secure business model and fat profit margins. Here are the most profitable companies on the Fortune 500 headquartered in every state around the country.

*Berkshire Hathaway remains the most profitable company on the Fortune 500. Headquartered in Nebraska, Warren Buffett’s company generated an incredible $81.4B in profit in 2019.

*35 companies on our map saw more than $1B in profits last year. The average company made $9.4B.

*Almost every state in the country is home to at least one Fortune 500 company. The only exceptions are New Mexico, Wyoming, Montana, South Dakota, Alaska and West Virginia.

*The most profitable companies for every state from the Fortune 500 represent a variety of different industries, including insurance, oil, retail and banking.

To create our map, first we took every company on the Fortune 500 for the year 2020. Then, we figured out the most profitable company headquartered in each state, overlaying both their logos and a color-coded map of profitability. The result is a snapshot of the biggest winners in the American economy.

Top 10 Most Profitable Companies by State (2020)

1. Berkshire Hathaway – Nebraska: $81.4B
2. Apple – California: $55.3B
3. Microsoft – Washington: $39.2B
4. JPMorgan Chase – New York: $36.4B
5. Bank of America – North Carolina: $27.4B
6. Johnson & Johnson – New Jersey: $15.1B
7. Walmart – Arkansas: $14.9B
8. ExxonMobil – Texas: $14.3B
9. Fannie Mae – Washington, DC: $14.2B
10. UnitedHealth Group: Minnesota: $13.8B

https://howmuch.net/articles/the-most-profitable-company-in-each-state

#50 Reximus on 07.07.20 at 5:23 pm

#5 Colin on 07.07.20 at 3:57 pm

“we have the looming threat of a liar and plagiarist south of the border “sneaking” into the office of POTUS”

lol trumpist commenter finds a 1988 clip of Biden, is now worried a liar may take over the WH

#51 Sail Away on 07.07.20 at 5:24 pm

#36 Blair on 07.07.20 at 5:00 pm
#20 Bored Bear, #21 Sail Away Surely the point is to address the substance of the comment rather than to launch a personal attack. What good does badmouthing someone you don’t know do? Free speech implies responsibilities. I am declining your advice/observations.

————–

Well, I just have this to say:

your… “feedback is dreadful and not worth reading. It is often mean spirited, sometimes vicious, rarely rational or informed, and lacking in respect. In short, it epitomizes the low we have reached in civic discourse these days.”

Oh, sorry… that was your constructive substance from yesterday.

#52 Ponzius Pilatus on 07.07.20 at 5:28 pm

#22 Ferry Boy on 07.07.20 at 4:47 pm
I just walked along Lakeshore Road in Mississauga and passed a small store ..what I thought was a jewellery store. 1 customer in at a time and 4 men waiting outside. I thought it was a little strange, 4 guys waiting out in the hot sun and then I saw the “We buy gold” sign. Not a good sign I fear.
———–
That’s nothing.
You should see the line-ups of people lining up to return their empties at the local ReturnIT.
No binners.
F-150s with their trunk beds full of garbage bags with empties.

#53 n1tro on 07.07.20 at 5:30 pm

#36 Blair on 07.07.20 at 5:00 pm
#20 Bored Bear, #21 Sail Away Surely the point is to address the substance of the comment rather than to launch a personal attack. What good does badmouthing someone you don’t know do? Free speech implies responsibilities. I am declining your advice/observations.
——————-
Do you really believe what you wrote or is it to take the high road? Of course a response should address substance of the argument but reflect back on your own conduct on hot topics. Ever call someone a climate “denier” because the question the data, a “racist” because they think BLM is a sham, or anyone with a conservative opinion as being a “Trumptard”? If not, great…then you must be brand new to social media if this is your first time getting personal attacks and calling for banning of others.

#54 Dolce Vita on 07.07.20 at 5:33 pm

D614 —> G614

“D”is the original COVID-19.

Welcome to Revision 1 of COVID-19: “G”.

Apparently “G” is more virulent and has pretty much displaced good old “D” around the World. The Americans are blaming “G” for the resurgence in COVID-19 cases (and the EU for having sent it them…it’s always somebody else’s fault).

You see, the great unknown here is when will the next version come out?

They’ll probably call it, drum roll, E614.

If we learn from past 2nd wave pandemics, E614 will be virulent like its predecessor “G” and ought to kill a lot more effectively.

I mean look it all the opportunities G614 is being give to mutate in countries like the USA, Brazil, Peru, Russia, India, and the list goes on.

—————————

If ever there were an E614…time to sing Auld Lang Syne.

RE prices will be the least of our worries, for those that will be left alive to worry.

(and ya, prices will collapse as fewer left to buy)

-Debbie Downer

#55 Shirl Clarts on 07.07.20 at 5:34 pm

#44 Sail Away on 07.07.20 at 5:11 pm

…..try to remember that barely anyone reads the comments. It’s just filled with a bunch of opinionated know-it-all’s that are only right 50% of the time.

Now watch them attack me. :)

—————

Way off, you rusty tie-rod. Single digits at best.

^^^^^^^^^^^^^^^^^

LOL! That’s funny stuff.

Sail, you’ve been working on your like scores. Keep it up!

#56 Blair on 07.07.20 at 5:40 pm

#51 Sail Away Certainly you don’t have to agree with it, but tell me why. Tell me the parts you disagree with, in a dispassionate sensible manner, and I might take you seriously.

#57 Marvin on 07.07.20 at 5:44 pm

Well dude, you are free to live in Budapest, Vienna or wherever you’d like. Good luck with that. I’ve been doing this for a long time and it just isn’t my cup of tea for a good many reasons, not the least of which being the Eastern European way of thinking that was permanently altered by 50+ years of communism.
——————-
Well, poor Marvin sitting in east European hell hole. Maybe few hours from Vienna or Prague or Budapest…. Ya, tough when you are accustomed to beauty of places like Cambridge, London (Ontario), Turdonto or richness of Ottawa…..

#58 Apocalypse2020 on 07.07.20 at 5:49 pm

A new comet is heading towards Earth.

https://www.cnn.com/2020/07/07/weather/comet-neowise-2020-scn-trnd/index.html

YOU ARE ALL GOING TO DIE!

#59 Flop... on 07.07.20 at 5:53 pm

Thesecondcomingofjohngalt on 07.07.20 at 5:24 pm
I always found Flop’s comments/input to be the most informative, as it appears he goes to great lengths to collect/research data mainly focusing on the real estate market in Vancouver. One of the main reasons I read this blog pretty much every morning is to sift through the comment section to find thought provoking information that directly impacts our daily lives, keep up the good work Garth.

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

Well, will you look at that!

Someone said something positive.

I’m off to the dentist now.

It won’t be as painful as watching people moan about commentary on here that is totally an optional experience…

M46BC

#60 Blacksheep on 07.07.20 at 5:57 pm

Marv buddy, have you not been paying attention?
—————————
G – “But Marvin’s perplexed. How, he wonders, in the middle of a pandemic, could Canadians be so weird?”
—————————
M – “How is that housing in Ontario is still undergoing bidding wars? A friend of mine is a RE agent in Ottawa, and last night I heard from her that she’d been ‘losing’ deals for the past two weeks, getting outbid even when coming in 80K over asking on residential homes in Ottawa? This seems crazy. Ottawa is a sleepy town inhabited by civil servants. They may have relatively stable jobs, but they’re also not seeing massive increases in earnings year over year. So what gives? How the heck are people engaging in bidding wars at a time when the economy is taking a massive dump, unemployment is gargantuan, and everybody is already up to their ears in debt? None of it seems to make any sense. I’m somewhat concerned, as I’d like to come home in the next few years, and it seems like I’ll be walking into a situation where buying a home will cost an absurd amount of money (either in the GTA or Ottawa; my two preferred destinations).
It gets worse, M. The latest housing stats out of Toronto this week give the impression people are partying like its’s 2016 all over again. You remember that, of course. Multiple bids. Blind auctions. Drive-by viewings. Unconditional offers. Rockstar realtors. Bully buyers. Greedy vendors. Endless FOMO.”
———————–
G – “According to the continent’s largest real estate board, the only epidemic is among buyers infected with house lust. The better part of 9,000 properties changed hands in Toronto, an increase last month from May of 84%. Yes, eighty-four. Semis jumped in price by 22% year/year – meaning the average cost of half a house is now $1.3 million. The average property gained almost 12%, while prices of detached passed the $1.5 million market, an increase of 14%.”
———————–
Two things you need to remember to understand what’s happening:

1) This pandemic will pass, as Garth has repeatedly told us since the beginning. Since RE is a multi year holding for many, inflation and time, is on their side for $ gain.

2) With 70% ownership Canadian RE is just too big to fail, just like the US/CAN Indices. People have finally figured this out and are investing accordingly, because fundamentals clearly no longer apply.

#61 Damifino on 07.07.20 at 6:02 pm

#13 Ace Goodheart

No one is interested in actually buying the house. No one with 1.3 million dollars in cash, would spend it on a 150 year old Toronto row house…
———————————

Nor would they be likely to blow that much free cash on a detached Vancouver tear-down or even a slightly more than middling condo downtown. That would expose a colossal poverty of imagination and an almost criminal loss of opportunity.

I’ve told several people I know (who think I’m nuts to rent) that if I did have that kind of money in my pocket the very last thing I’d do with it is buy the apartment I currently rent. Incredulous blank stares.

Of course, I don’t have such funds in my pocket. Rather, I have them diversely invested with the proceeds paying much more than rent. Very few folks seem able to wrap their minds around that. It’s just wrong, somehow.

#62 Sail Away on 07.07.20 at 6:11 pm

#56 Blair on 07.07.20 at 5:40 pm
#51 Sail Away Certainly you don’t have to agree with it, but tell me why. Tell me the parts you disagree with, in a dispassionate sensible manner, and I might take you seriously.

————

Ok. If you choose to criticize others, you’re going to get flamed in return. Whining about tit for tat to the moderator indicates, in my opinion, immaturity and unwarranted self-importance.

You’re not going to get satisfaction by claiming to have been bullied. But you’ll definitely be ridiculed for using cancel culture terminology.

That’s all I have for you, Pumpjack.

#63 Asterix1 on 07.07.20 at 6:12 pm

The May to June 84% increase in sales is such a pointless stat to mention. Yes, RE agents love it, all this seasonally adjusted BS, it means nothing! May 2020 sales were horrendous!!

May 2019= 9989
May 2020= 4606

June 2019= 8860
June 2020= 8701

Let’s see how many of these deals fall through!

MSM are truly pathetic in their gobbling down of RE+Banks fluff pieces/stats/quotes.

Actual home prices are not going up in a recession. The months ahead will be brutal, starting next month. RE will try to cover this dirty pig with all the makeup they have, won’t be enough. You need to hose it down and let it dry for a long time!!!

#64 TurnerNation on 07.07.20 at 6:16 pm

If you remember only one thing it’s that everw “news” story on CV will be used to further control us and lead us toward more crack downs and lock downs. End of story.

#65 Stan Brooks on 07.07.20 at 6:19 pm

Calling any part of Europe a ‘hell hole’ after living in GTA is kind of bold.

Still interested in GTA real estate when you can get 5 times that in Europe, including a french castle with a vineyard for less than a small noisy glass condo with huge maintenance in GTA…

I highly doubt your story.

You are definitely at the wrong place. Too many of us on the beach here, go back please.

As for the housing market in GTA, it does not surprise me.

This place has lost any resemblance of normality loooooooong time ago.

Cheers,

#66 Moh on 07.07.20 at 6:31 pm

Garth you are absolutely correct

#67 Randolph on 07.07.20 at 6:38 pm

#58 Apocalypse2020 on 07.07.20 at 5:49 pm BLATHERED:

A new comet is heading towards Earth.
https://www.cnn.com/2020/07/07/weather/comet-neowise-2020-scn-trnd/index.html
YOU ARE ALL GOING TO DIE!
……………………..
From the CNN link:

“In case you wondered, the comet does not pose any danger to the planet and will pass by harmlessly.”

Can you actually READ?

Are you a Trump supporter too?

Sheesh!

#68 NoName on 07.07.20 at 6:39 pm

#52 Ponzius Pilatus on 07.07.20 at 5:28 pm
#22 Ferry Boy on 07.07.20 at 4:47 pm
I just walked along Lakeshore Road in Mississauga and passed a small store ..what I thought was a jewellery store. 1 customer in at a time and 4 men waiting outside. I thought it was a little strange, 4 guys waiting out in the hot sun and then I saw the “We buy gold” sign. Not a good sign I fear.
———–
That’s nothing.
You should see the line-ups of people lining up to return their empties at the local ReturnIT.
No binners.
F-150s with their trunk beds full of garbage bags with empties.

Just imagine if they are driving golf diesel with pressure washer in trunk, thay would have put all those emptys on rear seat…

#69 crowdedelevatorfartz on 07.07.20 at 6:40 pm

@#52 Ponzie Plot
“F-150s with their trunk beds full of garbage bags with empties.”

+++++

Those are the rednecks who listen to Charlie Daniels.

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

#70 Do we have all the facts on 07.07.20 at 6:41 pm

It is interesting that many contributors to this blog totally ignore the simple fact Canada does not have a sufficient number of households with the financial resources necessary to purchase 400,000 houses in 2020 unless average house prices decline by at least 15%.

In 2019 487,000 dwelling units were sold across Canada at an average price of $500,200.

Almost 50% of all purchases made in 2019 involved first time home buyers and 50% of all first time home buyers were millennial households between 24 and 35 years of age.

CMHC has done every thing they could possibly do to make home ownership easier for first time purchasers without creating future financial hardship. The results have been less than spectacular over the past 12 months for one obvious reason. The income level of the majority of millennial households is not sufficient to secure required mortgage financing. Mortgages are CMHC’s business and they are fully aware of how many Canadian households are in a position to secure mortgages at current price levels. This information related to household income is why CMHC confidently stated that average housing prices will decline in 2020.

All this silliness about bidding wars and strong demand will have a very short life. With significantly lower immigration and higher unemployment the number of households who can qualify for a mortgage at current price levels has been substantially reduced.

Even if the construction of new units declines by 10% in 2020 there is sufficient supply to meet projected demand for all housing types. The only was to increase demand to the point where 400,000 units can be sold in 2020 is to lower house prices. This is not a guess, this is a fact based on the gross household income required to qualify for a mortgage even when the interest rates are only 2.0%.

All this chatter cannot stimulate income driven demand out of thin air.

#71 BrockOutWest on 07.07.20 at 6:42 pm

I know you Stock Exchange types confuse Toronto with the center of the known universe. I mean, how could you not, with the exploding bags of gas running the province and the black hole at its center. But Toronto does not a real estate market make. Alberta, and I suspect most of the country, values are in the toilet, with the exception of acerages, which seem pretty secure bets right now.

I’ve been reading this blog for about 6 months now, and while educational, I find its myopic outlook at times a challenge for my firmly blue collar sensibilities.

Seems to ignore the rotten pilings under the dock while looking at the shiny ship at the end of the pier. Other than to glory in the schadenfreude that people struggling to stay middle class are going to have their legs cut from underneath them.

#72 Chris on 07.07.20 at 6:46 pm

It is nuts. My Neighbourhood in Kitchener, ON has had 2 homes listed and sold in $1M and another few just under a Mil.
This same neighbourhood has never had a house over $1M. it’s been tried every few years and starts over $1M and then gets reduced down to under.

#73 Investx on 07.07.20 at 6:47 pm

Looks like deferrals supposedly damaging credit scores has had no effect.

The deferrals have not even yet been registered. – Garth

#74 Shirl Clarts on 07.07.20 at 6:49 pm

#46 Reximus on 07.07.20 at 5:14 pm
I think many more TO homeowners would consider selling now, but selling a home is not like selling any other financial security…you dont have to find another stock just because you sell one. You DO have to find other shelter however and that’s not as easy as it sounds.

In our case we have always joked that if someone wanted to pay X for this place we’d take it and run! Well we’re at least at that X now, and yet moving seems too complicated. Would love to look for and find a place in NS for instance, but I dont even know if we could legally go out there and look…let alone find a truck to move there, etc

^^^^^^^^^^^^^^^

Those that hop the least, end up making the most.

Some might brag about how much they made, but fail to mention how many time they’ve moved. The fees are many.

#75 Penny Henny on 07.07.20 at 6:57 pm

#29 Rdawg on 07.07.20 at 4:53 pm
We took advantage of the insanity and sold our house in Etobicoke last week:
– 39 showings over 5 days
– 6 offers
– 25% increase over prices from 2019
– Sold 10% over asking

Selling was easy. The hard part is convincing my wife to remain patient and buy only when we can capitalize on our gains.

Garth, I hope you’re right about the ‘pause and dip’ coming in the GTA housing market. Time will tell…
////////////////

where in Etobicoke?
I was at Renforth and Bloor, sold in 2017.
Two months after peak :(

#76 Major Tom on 07.07.20 at 6:58 pm

#64 TurnerNation on 07.07.20 at 6:16 pm

If you remember only one thing it’s that everw “news” story on CV will be used to further control us and lead us toward more crack downs and lock downs. End of story.

Well it sure locked your brain in an endless rabbit hole of paranoia.. so you’re right about something.

#77 Reximus on 07.07.20 at 6:59 pm

#65 Stan Brooks on 07.07.20 at 6:19 pm

You again with the Europe is so cheap vs GTA thing…you’re obviously a complete clown who has never been to Europe

#78 ain't life rand on 07.07.20 at 7:00 pm

@ #71 BrockOutWest on 07.07.20 at 6:42 pm
I know you Stock Exchange types confuse Toronto with the center of the known universe. I mean, how could you not, with the exploding bags of gas running the province and the black hole at its center. But Toronto does not a real estate market make. Alberta, and I suspect most of the country, values are in the toilet, with the exception of acerages, which seem pretty secure bets right now.

I’ve been reading this blog for about 6 months now, and while educational, I find its myopic outlook at times a challenge for my firmly blue collar sensibilities.

Seems to ignore the rotten pilings under the dock while looking at the shiny ship at the end of the pier. Other than to glory in the schadenfreude that people struggling to stay middle class are going to have their legs cut from underneath them.
———–

cheer up brock.
things will get better for you eventually.

#79 Overheardyou on 07.07.20 at 7:02 pm

Would the new CMHC rules had an impact as well?

#80 Blair on 07.07.20 at 7:06 pm

#62 Sail Away I am sorry that you are unable to help me understand why my post yesterday was so unacceptable. If you do happen to come up with anything that addresses the substance of my argument, which is not addressed to speculation about my personality, do let me know. If you could explain to me what “cancel culture terminology” is, I would be most grateful. I will continue to read the comments and contribute to them as I see fit. Good luck and do take care. Blair

#81 The Future........ on 07.07.20 at 7:17 pm

“At what point will Western central banks and governments follow the Japanese model and take a deeper plunge into the economic pool? The Bank of Japan is already the biggest buyer of exchange-traded funds (ETFs) on the Tokyo bourse and is close to overtaking the state-run pension plans as the stock market’s top buyer of Japanese equities. Central banks in Europe and North America may have to make a similar move to preserve wealth.”

..

So if the banks buy all the ETF’s… should one just buy the banks?… eeee gad………

So we’re at 300 billion…. an a UBI would be another 100B for 6 months!!…. sure, well why the hell not.. the budget will balance itself…. no fears

#82 Colin on 07.07.20 at 7:20 pm

#50 Reximus on 07.07.20 at 5:23 pm

What bothers you more, the age of the 1988 Biden clip or the fact that this unscrupulous POTUS candidate has a long history of lying, plagiarizing and cheating constantly caught on film? Biden’s deep-seated character flaws have plagued this deceitful politician for 40 years and has translated into countless examples of political corruption, kick-backs and abuses of power.

I recommend you re-watch the video (and more recent videos capturing the same deficiencies of character) with an open mind and resist the temptation to deflect away from the objective facts.

#83 Axehead on 07.07.20 at 7:20 pm

DELETED

#84 Linda on 07.07.20 at 7:31 pm

‘CERB can’t last forever’. Well now, seems like our government is toying with the concept of universal basic income after all. The PBO has apparently done a cost analysis. As per the article I read today, the estimated cost of providing six months worth of UBI to ‘almost all’ Canadians is pegged between $47 (low) to $98 (high) billion. Said largesse to be handed over to all those aged 18-64 who qualify. Estimate based on average grant of $4,500 to $4,800 per Canadian. I presume that is over the six month period & not per month, so each recipient would get $750 – $800 per month. Part of the cost would be offset by eliminating some $15 billion in various government assistance under other programs. As I understand it, this is not meant to be a long term thing but simply a continuation of some financial assistance as Canadians continue to be impacted by Covid related job losses. Regardless, the PBO cautioned that UBI is not sustainable in the long term so it remains to be seen whether this fiscal disaster will be averted by the voice of reason.

#85 jess on 07.07.20 at 7:32 pm

G form and D form more infectious but that doesn’t mean more deadly

..”The G614 mutation can be neutralized by convalescent serum — the blood product taken from people who have recovered from a coronavirus infection, Saphire said. Her team tested blood donated by six coronavirus survivors in San Diego.

All the results agreed that the G form was three to nine times more infectious than the D form,” he added. “We now had experimental evidence that supported, in part, what Bette was seeing in her analysis of the sequences across the globe — the G form had a fitness advantage in terms of infectivity.”

#86 Cto on 07.07.20 at 7:38 pm

Garth, you were too logical back in 2009 and you’re too logical now…
Central bankers and politicians are all lunatics!
Neither you , nor I , could imagine the dose of moral hazzard they will pull out of their backsides this time around.
One thing that I am certain of,…the greater fools and debt junkies will somehow/some way be vindicated, and 99% of the hard working, prudent tax payers on this blog will feel cheated.

#87 Bytor the Snow Dog on 07.07.20 at 7:39 pm

In other news, Doug “I’m a Liberal” Ford is going to going for a naked power grab.

What has become of my country?

#88 jess on 07.07.20 at 7:40 pm

Qnon and the virus =avoid both

Former national security adviser Michael Flynn (third from left) and members of his family recite an oath that is affiliated with the QAnon conspiracy movement.
Washington (CNN)In a video posted online over the weekend, President Donald Trump’s first national security adviser, Michael Flynn, is seen using phrases and slogans that are hallmarks of the baseless QAnon conspiracy movement. He also tagged his post with a QAnon hashtag.
Followers of QAnon believe there is a “deep state” within the US government that is controlled by a cabal of Satan-worshipping pedophiles. According to the conspiracy, the cabal is largely run by Democratic politicians and liberal celebrities — and Trump is trying to take them down.
Flynn posted the 53-second clip to Twitter on Saturday, which was the July Fourth holiday. In the video, Flynn leads a small group in reciting a generic oath of office, the same oath taken by members of Congress. After finishing the oath, Flynn says, “Where we go one, we go all!”

https://www.ctvnews.ca/world/michael-flynn-takes-qanon-oath-in-fourth-of-july-video-1.5012437

#89 Trojan House on 07.07.20 at 7:44 pm

“Drive-by viewings.” I think that should be “drive-by appraisals.”

Nah, they appraise by postal code. – Garth

#90 Drill baby Drill on 07.07.20 at 8:03 pm

Morneau to announce approx $300B Deficit tomorrow that is up from $25B last Feb. Bloggers please take time to really think about this. Canada we are in trouble and no one seems to realise or care.

#91 BoredBear on 07.07.20 at 8:09 pm

#36 Blair, I hear you. I was just telling you how it is. It’s not my blog.

#92 Distracted on 07.07.20 at 8:09 pm

Who is buying these houses for tons of money ? CMHC revised rules took effect July 1st…will this impact prices (downward) moving forward ? Is the stampede of FOMO the last hoorah before parameters of qualifying for a mortgage take effect…like having a job that supports a mortgage and ensuring you can put food on the table and pay taxes. Completely distracted by a Canada I do not recognize anymore.

#93 Captain Uppa on 07.07.20 at 8:11 pm

#29 Rdawg on 07.07.20 at 4:53 pm
We took advantage of the insanity and sold our house in Etobicoke last week:
– 39 showings over 5 days
– 6 offers
– 25% increase over prices from 2019
– Sold 10% over asking

Selling was easy. The hard part is convincing my wife to remain patient and buy only when we can capitalize on our gains.

Garth, I hope you’re right about the ‘pause and dip’ coming in the GTA housing market. Time will tell

——————————————

I know three different couples who have tried that exact strategy over different time periods in GTA RE. All of them are kicking themselves that they sold and know there is no going back.

I’m not saying that will happen to you, but history is not on your side.

#94 TurnerNation on 07.07.20 at 8:12 pm

#13 Ace Goodheart excellent take. The truth is indeed scary. Last week I heard all this race war stuff is the distraction from real war: The Class War.
The CERB/UBI set then the others.

#95 Bytor the Snow Dog on 07.07.20 at 8:25 pm

DELETED

#96 Cdn Mom on 07.07.20 at 8:49 pm

Just signed to list our last remaining rental house late Sunday, here in “upper” northern Ontario. BOOM! 24 hours we have received an offer.

Apparently (according to our realtor) southern Ontario investors are quite interested in us up here right now. Why not? I hopped on ratehub, and a mortgage with only 5% down would give a mortgage payment of less than $500/month at full ask. Sure can’t rent a 3 bed apartment or house for that here.

Hope it goes through, fair deal for both sides.

#97 Blair on 07.07.20 at 8:49 pm

#40, #53 N1tro I stand by what I said yesterday. Would I be correct that you have been called out for some of your opinions, that you consider this unfair, and that you are angry about this? I did not call for the banning of anyone. Thank you for the recommendation, but I think I can survive without a “safe place”. But just because there are certain unpleasant realities about this or any other internet forum doesn’t mean that I have to accept them. Have a good evening and best wishes. Blair

#98 Sail Away on 07.07.20 at 8:52 pm

#80 Blair on 07.07.20 at 7:06 pm
#62 Sail Away I am sorry that you are unable to help me

————–

It’s ok, B. Sometimes the language barrier gets in the way.

#99 Stone on 07.07.20 at 8:52 pm

#67 Randolph on 07.07.20 at 6:38 pm
#58 Apocalypse2020 on 07.07.20 at 5:49 pm BLATHERED:

A new comet is heading towards Earth.
https://www.cnn.com/2020/07/07/weather/comet-neowise-2020-scn-trnd/index.html
YOU ARE ALL GOING TO DIE!
……………………..
From the CNN link:

“In case you wondered, the comet does not pose any danger to the planet and will pass by harmlessly.”

Can you actually READ?

Are you a Trump supporter too?

Sheesh!

———

Oh. I guess I should read further into the comments. How disappointing.

#100 Stone on 07.07.20 at 8:57 pm

#81 Colin on 07.07.20 at 7:20 pm
#50 Reximus on 07.07.20 at 5:23 pm

What bothers you more, the age of the 1988 Biden clip or the fact that this unscrupulous POTUS candidate has a long history of lying, plagiarizing and cheating constantly caught on film? Biden’s deep-seated character flaws have plagued this deceitful politician for 40 years and has translated into countless examples of political corruption, kick-backs and abuses of power.

I recommend you re-watch the video (and more recent videos capturing the same deficiencies of character) with an open mind and resist the temptation to deflect away from the objective facts.

———

Don’t understand your point. All politicians lie. Have you been living under a rock?

#101 crowdedelevatorfartz on 07.07.20 at 8:58 pm

@#80 Blair

Your petulant pedantic whining is becoming banal.

#102 Stone on 07.07.20 at 9:00 pm

#86 Bytor the Snow Dog on 07.07.20 at 7:39 pm
In other news, Doug “I’m a Liberal” Ford is going to going for a naked power grab.

What has become of my country?

———

You have a country? Wow! Is it called La La Land?

#103 McSteve on 07.07.20 at 9:01 pm

Been listening to various notable investment names, including Gordan Pape. Curious what you think Garth – are bonds (that yield almost 0%) a better defensive play than gold/silver ( which pay $0). Do we get inflation or deflation over the next 24 months?

#104 SoggyShorts on 07.07.20 at 9:16 pm

#80 Blair on 07.07.20 at 7:06 pm
#62 Sail Away I am sorry that you are unable to help me ……If you could explain to me what “cancel culture terminology” is, I would be most grateful.
*****************
Cancel culture is (as I understand it) the current trend where people who are offended appeal to an authority figure to try and get the offending party fired/banned/canceled rather than standing up for yourself or ignoring it.

#105 Ronaldo on 07.07.20 at 9:33 pm

#2 Russ on 07.07.20 at 3:49 pm
Want some popcorn?

This is as entertaining as a meltdown, assuming one already has a home and does not wish to participate in the madness.

I can tell you that the traffic on Vancouver Island is back to normal, pent-up demand indeed. Even Saturday & Sunday morning before 07:00 (10:00 EDT) is steady.

Cheers,
——————————————————
I will vouch for that. Has gone from a dead zone a month ago to bumper to bumper traffic. Big difference now that the ferries are running as well. Things seem to be getting back to normal at most businesses. The fear is wearing off. About time.

#106 REVERSE MORTGAGES AND UBI WILL SAVE CANADA! on 07.07.20 at 9:37 pm

Things will be just fine, don’t worry folks.

#107 crowdedelevatorfartz on 07.07.20 at 9:40 pm

Gee first Bolton now Trump’s niece publishing tell all books about….the worst president ever.

All while the USA lurches from covid crisis to covid crisis.

Well done Mr. President…wellllllll done.

#108 Programmer on 07.07.20 at 9:41 pm

I think the houses in a year will cost more than they go for now because:
– The prices go up very very fast (like in a month), but will go down very very slow, because nobody wants to sell low when there’s so much demand.
– Banks lend money now to the ones who have jobs. Considering the rest of the jobs are coming back (even slowly), then it means the ones who are employed get indebted, not the unemployed ones.
– The ending of mortgage deferrals won’t have a great impact. The ones who will be able, will hold and not sell (didn’t you teach us that? Don’t sell in a dip?). The others who won’t, will try to sell. But that still won’t outpace demand.
– The immigration stopped this year. That’s true. But the immigrants don’t come with money. They save for a down payment first. Consider that the ones who came to Toronto 4-6 years ago are buying now. So the impact of today’s closed immigration borders, will be felt in 4-6 years.
– Let’s not forget that there’s always the stress test we can tangle with. Nobody wants to lose equity, right? So why would anyone be interested in lowering the prices of the houses? The easier way to keep the prices is to lower the requirements for the stress test.
– Forget that the rates are going up. That won’t happen soon. It didn’t happen much from the last crisis, why would it happen now? Pff, low rates forever!
– The most important thing here is: the ones who bought on the peak of 2017 are laughing now. They are already making lots of money.

#109 Marco on 07.07.20 at 9:47 pm

#77 Reximus on 07.07.20 at 6:59 pm

Well, Stan Brooks is right. My apartment in Yorkville in
mighty Turdonto cost about same as apartment in Amsterdam. And, no I refuse to compare, because it is immoral to compare beauty and ugliness.

#110 Nothing Makes Sense on 07.07.20 at 9:48 pm

Canadian real estate confuses Marvin?

Dude look at the stock markets. NOTHING makes sense. No point in attempting to rationalize insanity in every market. If corporations who earn nothing or are bankrupt have multi billion dollar stock valuations then a semi can conceivably be worth $1.3 million in the GTA…like why not?

#111 Rdawg on 07.07.20 at 9:50 pm

#75 Penny Henny on 07.07.20 at 6:57 pm
We are just a few blocks north of Bloor/Renforth. I almost convinced my wife to sell in April 2017, but we weren’t quite ready. We sold for pretty close to the 2017 peak this year.

#92 Captain Uppa on 07.07.20 at 8:11 pm
Yeah, it’s a gamble either way. We were planning to move in the next year anyways, and couldn’t pass up the opportunity to cash in before inventory picked up again. The market seems more balanced in our target neighborhood, so we’ll buy if we can find some value, or rent for a while until we find the right place.

#112 Ponzius Pilatus on 07.07.20 at 9:55 pm

#100 crowdedelevatorfartz on 07.07.20 at 8:58 pm
@#80 Blair

Your petulant pedantic whining is becoming banal.
——–
Hey, CEF
This is the new comments section.
We are all nice to each other now.

#113 Blair on 07.07.20 at 10:01 pm

#100 crowdedeleveatorfartz Where did you get the name? it is so original and funny.

#114 Blair on 07.07.20 at 10:04 pm

#97 Sail Away Avoiding the issue also gets in the way.

#115 Axehead on 07.07.20 at 10:09 pm

OK Garth. Learned my lesson. I’ll play nice.

I disagree with prediction #4 in yesterday’s blog. I predict that President Trump will win a 2nd term, simply because the Democrates have gone too far left. Guess we’ll have to wait and see.

#116 kappa on 07.07.20 at 10:10 pm

Thanks for all the insight into markets (stock and real estate). After reading your blog for a few years now, the most important investment lesson learned is diversification. It’s good to have a house (both as investment but also as a lifestyle choice – if you can afford one) and investments in financial markets for retirement and rainy days. The 60/40 portfolio makes a lot of sense to me. Retirement is 20 years away around here. I can stomach easily even 80/20 based on my experience with the covid-19 stock market drop. The S&P 500 goes up over the long term. The inflation, as long as it’s in check, is the key to many government deficits problems. Inflation needs to go up and it will, that’s what central banks are promoting. Canadian stock markets is currently limited to financial institutions; I decided some years ago to shift towards S&P 500 and Nasdaq tech. Nasdaq tech is unbelievable strong – before and during covid-19. Now we all know why. I’m trying to read the blog every day either for the blog content or for the interesting comments posted. Very educational. Thank you.

#117 n1tro on 07.07.20 at 10:15 pm

#96 Blair on 07.07.20 at 8:49 pm
#40, #53 N1tro I stand by what I said yesterday. Would I be correct that you have been called out for some of your opinions, that you consider this unfair, and that you are angry about this? I did not call for the banning of anyone. Thank you for the recommendation, but I think I can survive without a “safe place”. But just because there are certain unpleasant realities about this or any other internet forum doesn’t mean that I have to accept them. Have a good evening and best wishes. Blair
————
No anger here Blair. People can say whatever they want about me or my opinions on subjects. I welcome it, gives me perspective and sometimes gets me to change my opinion. I’m just saying I find it surprising that given your stance, that this would be the first time you gotten reply that pokes at you rather than your point. Back in the day, “bullying” would be more than words but those days sadly are gone.

#118 Blair on 07.07.20 at 10:31 pm

#103 Soggy Shorts Thanks for the info, Soggy. All the best.

#119 Ace Goodheart on 07.07.20 at 10:32 pm

The boy wonder just got forced to disclose all of the “We” and “Me to We” contracts, correspondence and paperwork.

Oh dear.

I guess being a minority PM is not the same as being a majority one.

Me thinks Trudeau is done-zo.

Ie: as my toddler likes to say “GONE!”

I don’t think the teflon fancy socked one is going to survive this. They are going at this like the police go at a crime scene investigation, slow, methodical and with no fear of the perpetrator.

T2’s days are numbered.

#120 Colin on 07.07.20 at 10:36 pm

#99 Stone on 07.07.20 at 8:57 pm

Stone, go to my original point #5 in this stream (and watch the short 5 minute video link). The point is that Biden is not only an pathological liar and an intellectual lightweight but that the fake liberal media throw cover for this “empty suit” and dirty politician.

#121 Terry on 07.07.20 at 10:41 pm

A condo listing in London. $ 274,900. At least 9 showings this past weekend. Multiple offers on Monday night. The listing has disappeared. The unit has sold probably over $ 300,000. I personally know the building. We lived there for 23 years before we sold and bought a house in January. There is a serious lack of listings in London. Millennial’s and Gen-xers are desperate to get in on the property ladder. Limited supply with strong demand is still creating bidding wars. All Real Estate price appreciation is local is true. It’s happening in London right now.

#122 Tripp on 07.07.20 at 10:44 pm

Marvin, Eastern Europe is quite “big” when accounting for political situation (EU vs non-EU), environment, economy, social development, rights, culture, etc.

I would like to ask where are you precisely “trapped” and how much of your situation has to do with your life choices vs the local specific characteristics.

#123 Joseph R. on 07.07.20 at 10:48 pm

#99 Stone on 07.07.20 at 8:57 pm
#81 Colin on 07.07.20 at 7:20 pm
#50 Reximus on 07.07.20 at 5:23 pm

What bothers you more, the age of the 1988 Biden clip or the fact that this unscrupulous POTUS candidate has a long history of lying, plagiarizing and cheating constantly caught on film? Biden’s deep-seated character flaws have plagued this deceitful politician for 40 years and has translated into countless examples of political corruption, kick-backs and abuses of power.

I recommend you re-watch the video (and more recent videos capturing the same deficiencies of character) with an open mind and resist the temptation to deflect away from the objective facts.

———

Don’t understand your point. All politicians lie. Have you been living under a rock?

————————————————–

Haven’t you noticed we are all being trolled by Colin?

#124 meslippery on 07.07.20 at 11:02 pm

OK anyone know why German Shepherds on kijiji went from $900 to $3000 I love them and want one but this why??

#125 Ponzius Pilatus on 07.07.20 at 11:14 pm

#106 crowdedelevatorfartz on 07.07.20 at 9:40 pm
Gee first Bolton now Trump’s niece publishing tell all books about….the worst president ever.

All while the USA lurches from covid crisis to covid crisis.

Well done Mr. President…wellllllll done.
—————-
Well, apparently that book is a real beauty.
Allegedly, he had a guy named Joe Shapiro write his SATs for him.
Probably too late to charge him, but it’s gotta sting a guy who calls himself a genius.

#126 yvr_lurker on 07.07.20 at 11:21 pm

Forgiveable loans to large businesses to help save jobs. Seems ripe for abuse without oversight on accountability on how many jobs were saved. Garth is critical of the abuse of the CERB program; this other program aimed at wealthy businesses looks equally problematic. Looks more like corporate welfare if the funds are not directed as they were intended (to retain employees). No oversight means that there will likely be much corruption, with the money going to line the pockets of those at the top.

https://www.bbc.com/news/business-53324891

#127 Fritz Barker ESQ on 07.08.20 at 1:14 am

#33 Marco.

Exactly. Canadians who have chosen to stay and live with the 70% overall all in taxation , the whining, the pretentious politics, the rat lines, the conformity, the boredom, the sink hole currency , the play at acting out American crap, TDS nonsense etc etc etc. without getting anything in return…are a bit dumb in my humble opinion.

It’s a big world of interest, sunshine, culture, fun , all year around play. You’re a bit if a masochist to stay in Canada, to say the least. Bottom line, you only stay because you can’t afford to leave. But man, listen to the sniping, envy, jealousy, excuses and rat funk by the latter.

I live in Asia, luckily because I came here on business as a kid. The everyday sunshine, easy going culture, being comparably rich, playgrounds everywhere, super low cost of living, etc etc etc. You couldn’t drag me back. Sure I’m retired now, have been more than a decade. But GTA life….fuggetaboutit. No way.

And yes, there’s always the wiener who says Asian living white guys must be perverts, well hey, according to RCMP stats there’s more desperately poor hookers and ghastly child porn rings in Toronto than anywhere here.

Chasing RE in Canada, circling the bowl of life friend. Live, get out if Canada asap. Trudeau doesn’t have your best interests in mind.

#128 Bdog on 07.08.20 at 2:11 am

Nothing is going to change, you fools.

#129 Marvin on 07.08.20 at 4:12 am

It’s interesting how people who don’t know you can claim to ‘doubt’ your story. Yes, in certain parts of Europe, pieces of land can be had for a steal. But not anywhere near corporate work, and since I’m 20 years away from retirement, a castle with a vineyard is about as useful to me as a third leg.

Secondly, there are things like proximity to family, friends, the culture in which you grew up in, etc.

As I said to the other commenter, if you like the idea of living in Europe so much, go live it. Nobody is stopping you.

Lastly, A vineyard in France is not Eastern Europe, where the median income (in urban areas in the country in which I reside) is 20K CAD per year. If living here were such a grand dream, the net migration statistics wouldn’t show an aging population where the young people seek to move elsewhere (out of country).

————-
Calling any part of Europe a ‘hell hole’ after living in GTA is kind of bold.

Still interested in GTA real estate when you can get 5 times that in Europe, including a french castle with a vineyard for less than a small noisy glass condo with huge maintenance in GTA…

I highly doubt your story.

You are definitely at the wrong place. Too many of us on the beach here, go back please.

As for the housing market in GTA, it does not surprise me.

This place has lost any resemblance of normality loooooooong time ago.

Cheers,

#130 under the radar on 07.08.20 at 5:22 am

flipped my spec scarborough pick up in late may , 130 k profit. bought Jan closed April 30. Spent 10k putting lipstick on a pig.

Sold my cottage condtl until this friday , 1 million for a 50ft on lake Simcoe.

Looking for an estate home in Mulmur , Mono everything nice is 3 million or more.

#131 Needy and blathering on 07.08.20 at 6:21 am

#59 Flop… on 07.07.20 at 5:53 pm
Thesecondcomingofjohngalt on 07.07.20 at 5:24 pm
I always found Flop’s comments/input to be the most informative, as it appears he goes to great lengths to collect/research data mainly focusing on the real estate market in Vancouver. One of the main reasons I read this blog pretty much every morning is to sift through the comment section to find thought provoking information that directly impacts our daily lives, keep up the good work Garth.

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

Well, will you look at that!

Someone said something positive.

I’m off to the dentist now.

It won’t be as painful as watching people moan about commentary on here that is totally an optional experience…

M46BC

———-

Needy and blathering

#132 Bytor the Snow Dog on 07.08.20 at 6:54 am

#101 Stone on 07.07.20 at 9:00 pm attempts comedy, badly:

“#86 Bytor the Snow Dog on 07.07.20 at 7:39 pm
In other news, Doug “I’m a Liberal” Ford is going to going for a naked power grab.

What has become of my country?

———

You have a country? Wow! Is it called La La Land?”

—————————————————–
If this doesn’t concern you then you’re not as bright as I thought. I seem to remember quite the outrage when Trudeau tried to do the same. It was wrong then, and it’s wrong for Ford now.

#133 Howard on 07.08.20 at 6:56 am

#118 Ace Goodheart on 07.07.20 at 10:32 pm
The boy wonder just got forced to disclose all of the “We” and “Me to We” contracts, correspondence and paperwork.

Oh dear.

I guess being a minority PM is not the same as being a majority one.

Me thinks Trudeau is done-zo.

Ie: as my toddler likes to say “GONE!”

I don’t think the teflon fancy socked one is going to survive this. They are going at this like the police go at a crime scene investigation, slow, methodical and with no fear of the perpetrator.

T2’s days are numbered.

———————————————-

He’ll simply pull a Trump and refuse to disclose anything. What are they going to do? Impeach him? Trudeau cannot lose so long as the 1/2 of the country lacking a Y chromosome vote based on hair-do.

#134 Bytor the Snow Dog on 07.08.20 at 6:58 am

@Garth- why the “deleted”? Content? Too long?

I thought it outlined the scourge of runaway political correctness perfectly.

Clever, but crude. – Garth

#135 X RAY RAY on 07.08.20 at 7:12 am

Worst financial performance since the 1930’s ” has broad political support”.

https://www.bnnbloomberg.ca/justin-trudeau-s-gaping-deficit-begins-new-era-of-debt-for-canada-1.1462135

WTF is going on between your ears people? Yesterday a comment by the PBO didn’t make the front page. He said ” the Trudeau deficit will take more than a decade to get hold of and unprecedented tax hikes will be necessary.”.

So, let me get this straight, RE makes the headline and your brain turns to mush? Wow !! In the immortal words of Rapper Ice Cube, “Beatch, you be tripping”.

#136 Do we have all the facts on 07.08.20 at 7:35 am

#107 Programmer

It seems pretty clear that your view of immigration to Canada was cast many many years ago.

In 2019 321,000 immigrants arrived in Canada and 186,000 of these new arrivals qualified under one of several economic classifications. That means they arrived with money and the skills necessary to gain immediate employment.

In 2019 over 85,000 new arrivals in Canada were from India and a significant number were young tech workers and their families. The restrictive immigration policies imposed by the US has redirected thousands of well Qualified tech workers from India into Canada. This has resulted in expansion of the IT sector of the Canadian economy.

Well qualified workers from India and other countries bought quite a few homes in 2019. Do not underestimate the contribution of immigration to the continued escalation of house prices in Canada.

#137 Dharma Bum on 07.08.20 at 7:58 am

Starvin’ Marvin might be one of those dudes who suffers from bad decisionitis.

A common condition that sucks guys in to marrying broads from that particular region of the world (AKA “Eastern Europe”) that provides a host of exports to North America, like, um, exotic dancers an the like.

A lot of males with bad decisionitis are attracted to this type of female, and end up in deep doo doo.

As for Ottawa, it’s a very beautiful city, with a lot of culture and a vibrant community. Not everyone is a civil servant, but the civil service definitely gives the economy a lot of stability, which is why the housing market remains strong and growing.

It’s the only serious alternative in Ontario to Toronto. All the other so-called “cities” in Toronto are backwater redneck hick towns, essentially. Ottawa is a real city.

The coffee and restaurants there are also better than in Toronto. it’s a fun place to visit.

One of my kids bought a house there for about a third of the price that a similar GTA house would cost. It has already been valued at 20% higher than what it was purchased for 2 years ago.

Eastern Europe is a hell hole. It’s still the place to “escape” from.

#138 crowdedelevatorfartz on 07.08.20 at 8:03 am

@#58 Apocalypse
“A new comet is heading towards Earth…”
++++

God bless ya “Poxy”.
A ray of sunshine on an otherwise rainy Vancouver day…..

#139 crowdedelevatorfartz on 07.08.20 at 8:08 am

@#127 BarkingDog
“Nothing is going to change, you fools.”
++++

A “greater” fool I presume…..

#140 crowdedelevatorfartz on 07.08.20 at 8:09 am

@#112 &113 Blair

Now who’s the troll ?

#141 Dharma Bum on 07.08.20 at 8:09 am

#118 Ace Goodheart

I don’t think the teflon fancy socked one is going to survive this. They are going at this like the police go at a crime scene investigation, slow, methodical and with no fear of the perpetrator.

T2’s days are numbered.
——————————————————————-

That’s wishful thinking. I hear ya bro, and I also wish it were true.

Unfortunately, that slippery socialist is beloved by his base. You know, the hand-out hoarders, CERB snorfelers, welfare waifs, freebie freeloaders, debt dawgs, pogey pilers, and dole dolts. These are his fans and supporters.

He has them all wrapped around his little finger, bought and paid for.

Unfortunately, I think we’re stuck with him indefinitely.

#142 MF on 07.08.20 at 9:08 am

26 Fritz Barker ESQ on 07.08.20 at 1:14

Yeah nobody cares.

Every time there is some story about gta real estate these ex pat types pop up like gophers.

Here’s a thought for you: the rest of the world (including a heavy presence in the gta and Canada in general) is crawling with Asian ex pats who left for a variety of reasons. And we are lucky to have them.

All you need to do is dig a tad below the surface to see why people leave those societies.

Easy going culture? Umm no. Maybe in a gated retirement community, sure.

And lol and mentioning weather. Been gorgeous here in the gta for months already, like it is every summer. Yawn.

MF

#143 TurnerNation on 07.08.20 at 9:15 am

#76 Major Tom can I interest you in a tracking bracelet? Ontario government is testing those how, for us worker slaves:
https://stockhouse.com/news/press-releases/2020/07/02/facedrive-s-covid-19-tracescan-app-receives-support-of-ontario-government

How about a tracking app? The global tech overlords Apple, Google wasted no time rolling that into their latest update. This is a new global system my friend. Get used to it.

I’ve met people they TskTsk as they swallow the news stories – which are wholly predictive and used for compliance now – people ‘getting sick’ because they ‘did not follow the rules’. Moral superiority. This is a new global religion. Follow your daily/hourly CV cleansing rituals – provided by the governments/media OR you will be smited by the CV gods. This is really what it is. Global mind control.

#144 MF on 07.08.20 at 9:19 am

Do we have all the facts on 07.08.20 at

Not this guy again.

Oh wait…I agree fully with your comment. Took a while.

Yes you are correct. The Indians arriving here are educated and go straight into tech. It’s amazing. Tech is becoming big in Toronto but few people seem to have noticed.

Huge plus for the city and country.

MF

#145 Blair on 07.08.20 at 9:23 am

#138 crowdedelevatorfartz Gee, I don’t know. Might you be an elevator troll?

#146 crowdedelevatorfartz on 07.08.20 at 9:24 am

@#139 Dharma Bum
“Unfortunately, I think we’re stuck with him indefinitely.”

+++

Alas. You may be correct.
Until the Conservative “leadership” grows a spine and crawls out from under the rock they have been hibernating beneath…
Mr Moneybags will continue to make billion dollar “gift away” announcements from the cottage lawn……as the great multitudes of sheeple clap and cheer the easy life.
Sunny daze.

#147 Alex on 07.08.20 at 9:38 am

Quebec stats finally out! Montreal market showing signs of weakness. Let’s hope it is a start!

#148 MF surrender your laptop on 07.08.20 at 9:54 am

#142 #144 and hundreds of others MF on 07.08.20 at 9:08 am

Dude you are delusional idiot. Seriously Google, “mental institutions near me”, and check in asap.

One rubbish comment after another.

#149 NoName on 07.08.20 at 10:27 am

Here is a thing, how long you guys are trashing eastern europe is ok, but if anyone moves down to balkon states I’ll have no choice but to drag SM from retirement and we we unleesh verbal wrath and vengeance upon you misguided souls.

#150 Ace Goodheart on 07.08.20 at 10:34 am

RE: #88 Trojan House on 07.07.20 at 7:44 pm

“Drive-by viewings.” I think that should be “drive-by appraisals.”

Nah, they appraise by postal code. – Garth

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

In Toronto they appraise by school zone.

People go here (the holy grail of real estate purchase decision making):

https://www.tdsb.on.ca/Find-your/School/By-Address

Type in the street your chosen million dollar Toronto trophy semi is on, and see if you win the school zone lottery.

Hint: Often two houses located directly next to each other, or across the street, are in two different school zones.

Double hint: The schools are mostly full. So after you pay like a billion dollars for a falling down row house that used to be a crack house, so your kids can go to an elementary school with high EQAO scores, you get to find out that your kids will be bussed back up to the school in the neighbourhood you just moved out of.

#151 Ronaldo on 07.08.20 at 10:37 am

For what it’s worth, you decide.

https://www.youtube.com/watch?reload=9&v=eDSDdwN2Xcg&feature=youtu.be

#152 looking up on 07.08.20 at 10:56 am

Very Strange. Canadian REITS aren’t at all booming upwards like the Canadian Real Estate market is right now.

Large divergence between the REITS and Canadian Real Estate right now.

REITS own commercial, income-producing properties and are not subject to the speculative juices of residential buyers. – Garth

#153 Sail Away on 07.08.20 at 11:02 am

#150 NoName on 07.08.20 at 10:27 am

Here is a thing, how long you guys are trashing eastern europe is ok, but if anyone moves down to balkon states I’ll have no choice but to drag SM from retirement and we we unleesh verbal wrath and vengeance upon you misguided souls.

—————-

Hey, you and SM have my support. I have good friends in Europe. Crazy, but that makes it fun.

I’ll join your team while drinking slivovitza.

Nas drovia!

#154 looking up on 07.08.20 at 11:15 am

Very Strange. Canadian REITS aren’t at all booming upwards like the Canadian Real Estate market is right now.

Large divergence between the REITS and Canadian Real Estate right now.

REITS own commercial, income-producing properties and are not subject to the speculative juices of residential buyers. – Garth

—————

I figured as much which is why I used the word divergence. It ads credence to the argument that the residential market right now is complete speculation and probably not a great (ok awful) buying opportunity.

Zoocasa also reluctantly admitted that while residential detached prices are booming, condo prices are going down. Yet another divergence.

#155 Who do you serve.... on 07.08.20 at 11:23 am

#144 TurnerNation on 07.08.20 at 9:15 am
#76 Major Tom can I interest you in a tracking bracelet? Ontario government is testing those how, for us worker slaves:
https://stockhouse.com/news/press-releases/2020/07/02/facedrive-s-covid-19-tracescan-app-receives-support-of-ontario-government

How about a tracking app? The global tech overlords Apple, Google wasted no time rolling that into their latest update. This is a new global system my friend. Get used to it.

I’ve met people they TskTsk as they swallow the news stories – which are wholly predictive and used for compliance now – people ‘getting sick’ because they ‘did not follow the rules’. Moral superiority. This is a new global religion. Follow your daily/hourly CV cleansing rituals – provided by the governments/media OR you will be smited by the CV gods. This is really what it is. Global mind control.

But you’re gonna have to serve somebody, yes indeed

#156 45north on 07.08.20 at 11:27 am

How is that housing in Ontario is still undergoing bidding wars?  A friend of mine is a RE agent in Ottawa, and last night I heard from her that she’d been ‘losing’ deals for the past two weeks, getting outbid even when coming in 80K over asking on residential homes in Ottawa?  This seems crazy.  Ottawa is a sleepy town inhabited by civil servants.  They may have relatively stable jobs, but they’re also not seeing massive increases in earnings year over year.  So what gives?  How the heck are people engaging in bidding wars at a time when the economy is taking a massive dump, unemployment is gargantuan, and everybody is already up to their ears in debt?  None of it seems to make any sense.  I’m somewhat concerned, as I’d like to come home in the next few years, and it seems like I’ll be walking into a situation where buying a home will cost an absurd amount of money (either in the GTA or Ottawa; my two preferred destinations).

Marvin, you’re in Eastern Europe and you’re concerned about what the Ottawa housing market will be like in a couple of years. I’d say you’re okay.

I’m in Ottawa and I heard about the bidding wars here. It seems crazy. People think this is just a long summer holiday – somebody’s going to hit the reset button and everything will be back to normal. No it won’t. We’re going to wake up and find out a million households have deferred their mortgages, jobs and businesses are not coming back and the Liberals are going to tell us taxes are up. Winter is coming.

#157 Gonkman on 07.08.20 at 11:35 am

#90 Drill baby Drill on 07.07.20 at 8:03 pm
Morneau to announce approx $300B Deficit tomorrow that is up from $25B last Feb. Bloggers please take time to really think about this. Canada we are in trouble and no one seems to realise or care.

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

Scheer just gave a press conference this morning about this issue of the budget snapshot.

What did the Media ask him when he finished.

“Why didn’t you wear a mask at the airport yesterday. ”

LOL.. 300 Billion Dollar Deficit, WE Charity Investigation, Trudeau Skips the USMC meeting “Too busy” …etc..etc..etc..

They ask why he doesn’t wear a mask.

Trudeau could live stream himself drowning puppies and his followers/media would be like “This is fine”.

Can’t wait for UBI. I am quitting and commuting my pension and collecting $$$ while my investments grow.

This country has gone so far out of whack in 5 years its embarrassing.

#158 NoName on 07.08.20 at 11:57 am

#154 Sail Away on 07.08.20 at 11:02 am
#150 NoName on 07.08.20 at 10:27 am

Here is a thing, how long you guys are trashing eastern europe is ok, but if anyone moves down to balkon states I’ll have no choice but to drag SM from retirement and we we unleesh verbal wrath and vengeance upon you misguided souls.

—————-

Hey, you and SM have my support. I have good friends in Europe. Crazy, but that makes it fun.

I’ll join your team while drinking slivovitza.

Nas drovia!

Now i know how it feels when someone reads my english. LOL

#159 JB CONDOS R TOAST on 07.08.20 at 12:03 pm

#12 A J on 07.07.20 at 4:10 pm

I just talked to a co-worker today who I haven’t seen since mid March. She was back in the office after almost 4 months to clean out her desk. Her manager said she can work 100% from home going forward. She also mentioned this opened up the ability for her to move out of the city and buy a house in the ‘burbs. I have no doubt that thousands of people are eyeing this same reality. I know many who are sick of condo living and want more space when they work from home. The great exodus from the city will begin and suburban house prices will continually rise. For how long, who knows….
……………………………………………………………….
It was all over the radio this morning when I was having my morning coffee at the table. People are leaving condos as they see the writing on the wall. Nobody wants to live in a festering concrete cell block with disease and have to ride the lift everyday one or two people at a time (Social distancing). People have discovered a better life in the burbs with a real piece of property as they can work for home. No commute, no disease ridden chambers, not stuck on the twenty-fifth floor looking out a glass window. The bonus is no insanely unceasing condo insurance rates (that is if you can get a good rate), no skyrocketing fees that go into a black void for services you don’t need or for the future cleaning crews that will now become a staple in condos post covid-19. The future of Condos in the GTA looks bleak as the only options are going to be that they all turn into rentals. Yuck, property value for the owners left in condos will plummet and costs will rise.

#160 Bytor the Snow Dog on 07.08.20 at 12:04 pm

@158 Gonkman:

Are you my brother from another mother? :-)

#161 JB on 07.08.20 at 12:06 pm

#154 Sail Away on 07.08.20 at 11:02 am

#150 NoName on 07.08.20 at 10:27 am

Here is a thing, how long you guys are trashing eastern europe is ok, but if anyone moves down to balkon states I’ll have no choice but to drag SM from retirement and we we unleesh verbal wrath and vengeance upon you misguided souls.

—————-

Hey, you and SM have my support. I have good friends in Europe. Crazy, but that makes it fun.

I’ll join your team while drinking slivovitza.

Nas drovia!
…………………………………………………………………
Smoking Man is currently fighting the battle for his life. Don’t ask him to come out of retirement.

#162 kingston boy on 07.08.20 at 12:09 pm

@#151 Ace Goodheart on 07.08.20 at 10:34 am
RE: #88 Trojan House on 07.07.20 at 7:44 pm

“Drive-by viewings.” I think that should be “drive-by appraisals.”

Nah, they appraise by postal code. – Garth

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

In Toronto they appraise by school zone.

People go here (the holy grail of real estate purchase decision making):

https://www.tdsb.on.ca/Find-your/School/By-Address

Type in the street your chosen million dollar Toronto trophy semi is on, and see if you win the school zone lottery.

Hint: Often two houses located directly next to each other, or across the street, are in two different school zones.

Double hint: The schools are mostly full. So after you pay like a billion dollars for a falling down row house that used to be a crack house, so your kids can go to an elementary school with high EQAO scores, you get to find out that your kids will be bussed back up to the school in the neighbourhood you just moved out of.

—————————————–

strange decision making considering all the schools teach the same curriculum. lower EAQO scores usually due to a more ‘diverse’ student base.

#163 Caleb Camden on 07.08.20 at 12:13 pm

#12 AJ. Your co worker going to ‘WFH’? For how long? Why will companies pay Canadian salaries and benefits when the can hire over the internet and ‘employ’ contractors from anywhere else for a quarter the price?

I had to call a “Telecommunications Provider’ in Canada recently and asked to speak to the customer loyalty person. I was instantly connected to a bright happy young man in Guatemala.

Be careful what you wish for Canada. The WFH scheme might be the last time any Canadian office flunky ever sees employment ever again. Facebook is doing it. It’s even going to lower your salary because of it.

#164 dude on 07.08.20 at 12:15 pm

@#149 MF surrender your laptop on 07.08.20 at 9:54 am
#142 #144 and hundreds of others MF on 07.08.20 at 9:08 am

Dude you are delusional idiot. Seriously Google, “mental institutions near me”, and check in asap.

One rubbish comment after another.
—————

dude, both those comments were on point.
you may be the delusional idiot lol.

#165 MF on 07.08.20 at 12:23 pm

#149 MF surrender your laptop on 07.08.20 at 9:54 am
#142 #144 and hundreds of others MF on 07.08.20 at 9:08 am

Dude you are delusional idiot. Seriously Google, “mental institutions near me”, and check in asap.

One rubbish comment after another

-Lol

You can always tell when you speak truth by the reactions you get.

Sometimes the harsher the truth, the harsher the response.

I’ll try to be civil with this none user-name poster:

All societies have positive and negatives. Canada has way more positives than negatives. This is why there are people from all over the world here flourishing. The other poster disparaged Canada, but conveniently ignored that the same thing he is talking about is happening in reverse. I pointed that fact out.

Do you understand now?

MF

#166 Sail Away on 07.08.20 at 12:30 pm

#159 NoName on 07.08.20 at 11:57 am
#154 Sail Away on 07.08.20 at 11:02 am
#150 NoName on 07.08.20 at 10:27 am

Here is a thing, how long you guys are trashing eastern europe is ok, but if anyone moves down to balkon states I’ll have no choice but to drag SM from retirement and we we unleesh verbal wrath and vengeance upon you misguided souls.

—————-

Hey, you and SM have my support. I have good friends in Europe. Crazy, but that makes it fun.

I’ll join your team while drinking slivovitza.

Nas drovia!

————-

Now i know how it feels when someone reads my english. LOL

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Haha

#167 Love_The_Cottage on 07.08.20 at 12:37 pm

#144 TurnerNation on 07.08.20 at 9:15 am
#76 Major Tom can I interest you in a tracking bracelet? This is really what it is. Global mind control.
_____________
In additional to financial advise, Garth is working on a line of tinfoil hats that protect you from the government. That is the only logical explanation for letting you guys post here, so he has a market.

#168 MF on 07.08.20 at 12:44 pm

64 Caleb Camden on 07.08.20 at 12

You mean like this?

https://business.financialpost.com/news/economy/calling-home-rogers-brings-remaining-customer-service-jobs-back-to-canada

MF

#169 IHCTD9 on 07.08.20 at 12:48 pm

#134 Bytor the Snow Dog on 07.08.20 at 6:58 am
@Garth- why the “deleted”? Content? Too long?

I thought it outlined the scourge of runaway political correctness perfectly.

Clever, but crude. – Garth

—-

Bytor, let me guess, you were talking about golf again? :D

#170 Faron on 07.08.20 at 1:37 pm

#160 JB CONDOS R TOAST on 07.08.20 at 12:03 pm

“Yuck, property value for the owners left in condos will plummet and costs will rise.”

Q: When does the “buying when there’s blood in the streets” principle apply in this case? At the end of the day, cities will come back if they ever even fall out of favour. The virus will go away and people will want to live in Condos again. 1, 2, 5, or more years from now? But it will happen and anyone who scooped up one or more bargain basement priced condos may be glad they did. However, capital erosion through condo fees and property tax would be a thing. Thoughts?

#171 MF surrender your laptop on 07.08.20 at 1:38 pm

#165 dude on 07.08.20 at 12:15 pm
#166 MF on 07.08.20 at 12:23 pm

Nice try in changing your user name MF to pose as someone who actually agrees with your rhetoric. Man alive that was lame. Tell you what, send me your postal code and I will forward the Google search to your caregiver. I believe it to be an act of public service at this point. Straight jacket is on me.

#172 Alex on 07.08.20 at 1:59 pm

@ #172

Hey man how about a chill pill?

#173 SeeB on 07.08.20 at 2:25 pm

#82 Colin on 07.07.20 at 7:20 pm
#50 Reximus on 07.07.20 at 5:23 pm

What bothers you more, the age of the 1988 Biden clip or the fact that this unscrupulous POTUS candidate has a long history of lying, plagiarizing and cheating constantly caught on film? Biden’s deep-seated character flaws have plagued this deceitful politician for 40 years and has translated into countless examples of political corruption, kick-backs and abuses of power.

I recommend you re-watch the video (and more recent videos capturing the same deficiencies of character) with an open mind and resist the temptation to deflect away from the objective facts.

————————————————————

No one is doubting that Sleepy Joe has a checkered history with the truth. The point is when your only other real option has a very current and dangerous DISCONNECT from truth, then you take the lesser evil. This coming election is purely about whether Corporate and Main street America really wants another 4 years of erratic tweets wrecking havoc on the economy and on daily life.

With Covid still causing panic and worry, I don’t think there currently much appetite for more panic and worry.

It’ll take much MUCH more than a 1988 video of Biden to change anyone’s mind to think Trump is the more sane, more reliable option.

#174 Love_The_Cottage on 07.08.20 at 2:31 pm

#166 MF on 07.08.20 at 12:23 pm
…All societies have positive and negatives. Canada has way more positives than negatives…
________
Exactly. Same for our PM. He’s spending more money than I would like right now, but overall the tone and direction I support especially in comparison to other countries.

#175 Lee on 07.08.20 at 2:37 pm

Is it my imagination or is COVID-19 exploding out of control in the USA?

#176 BillyBob on 07.08.20 at 3:28 pm

I don’t know about Eastern Europe, but I’m looking forward to heading to Prague in a couple weeks. No more quarantine between UK and Czech Republic. I’d really like to know where Marvin is holed up. There are tons of beautiful places east of Czech Republic. Of course Westerners might not find themselves as welcome in them but having observed a lot of North American tourists in Europe it’s easy to see why that could be.

But if I decide to go to Canada, I have to quarantine for 2 weeks. And then if I travel from Canada back to the UK, same thing. When even the UK isn’t impressed by a country’s handling of Covid-19, well…

MF’s odd lashing out at expats is longstanding. I don’t think he’s ever been out of the GTA. I’m fairly certain he lives as close to his parents as he can afford. Statistically, most native-born Canadians don’t get out much. Alas it does become painfully evident.

#177 jess on 07.08.20 at 3:28 pm

tinfoil hat brands

Reminder: Carlson’s program is being propped up by My Pillow. As Stelter pointed out, Mike Lindell’s firm is advertising on Carlson’s show “nearly 10x more than the next-largest brand by spend,” according to iSpot.tv. Major advertisers have all but abandoned his program over the years…

#178 Yet the CAD rose! on 07.08.20 at 4:53 pm

In spite of all this obscene news, the CAD did not tank today – even starker, it rose against the USD. How to explain that??

#179 AACI Home-Dog on 07.08.20 at 8:00 pm

IN WW2 we spent a bundle, as well as wasted many young lives.
In 2020 we are spending a bundle & saving some (old mainly) lives.
Quite a paradox. Strange times indeed…