Huh?

It’s, like, eleven feet wide. Midtown Toronto. No parking. Asked $1.5 million. On the market one day. Multiple offers, sold for $1.8 million. With land transfer tax and closing costs, add another $90,000. So, yes, almost $2 million.

While this transaction was happening, Toronto mega-mayor John Tory was moaning the city faces a $2 billion Covid hit. The subway is 80% less travelled than before. Ten thousand civic workers laid off. Property taxes, he says, may have to rise 60% for the place to survive.

The downtown core is hollowed out. You can rise a bicycle along the Gardiner Expressway without being squashed instantly. GTA unemployment was 5% in December. In May it was 11.5%. Last month that exploded to 13.6%.

Whoa. What’s happening? In June house sales in Toronto rose 83% above those in May (similar story in Montreal – 75% – as well as in Vancouver, London, Ottawa and Fraser Valley). Prices have popped, too. The gain in the GTA was 12% year/year.

But wait. Were in the middle of a pandemic. People living in 416 can’t even get their hair cut. Masks everywhere. Empty streetcars. No schools or child care. Desolate downtown. No immigration. It’s a recession. With an absolutely withering rate of joblessness. How can we have a real estate/housing boom and wall-to-wall, 2016-style FOMO when the economic conditions are such? Are people just crazy? Is this bug now causing mental defects?

Well, this blog told you it was coming. Pent-up demand (as there was no spring market) has slammed right into low inventory (because owners don’t want to list in a pandemic) combined with historic low rates (since the economy is staggering). The result: panic buying. And oh, so much risk.

The federal housing agency, CMHC, is convinced this won’t last. Prices, it says, could fall by 18% over the next year. On a $2 million property, that’s $360,000. Ouch.  TD Bank economists are worried, too: “”In our view, as long as unemployment is elevated, population growth slows, and CMHC measures remain in place, growth in home sales and prices is likely to be subdued after this initial burst.” And it’s interesting to hear the view of a career mortgage broker, Rob McLister:

We’re in one of the most punishing recessions ever. Stock prices and home prices are not supposed to approach record highs amid record unemployment, say the textbooks. But while history is a guide, it’s also led many astray. Markets like the GTA are breaking records just two months after the biggest month-over-month selloff ever in April. When markets don’t do what you think they’re going to do, you’re either really early or really wrong. What normally happens with double-digit unemployment… What the CMHC says is going to happen to home prices… What cursory logic dictates should happen in a recession… is not happening. Buyers are realizing they’re not the only ones looking to buy the dip. If prices surge when they’re “not supposed to,” that’s when buyers on the sidelines throw in the towel and pay over asking price for fear of chasing the market higher.

So if you need to buy a house, especially in a desirable real estate market, shut out the noise, take a long-term view and buy quality property that you can afford. Timing the market is risky at the best of times, let alone times of thin supply and unpredictable market psychology.

Good advice. The same’s been said here for a long time. Buy when you need real estate. Purchase what you can afford. Don’t gut your finances or imperil your family in doing so. And today, above all, realize you’re gambling. Realtors will tell you to rush in. Economists are aghast. Both cannot be correct.

So what can go wrong?

Lots, as it turns out.

Government largesse, now underpinning the Canadian economy, will end. It has to. Toronto (and other cities) cannot run massive deficits. Hence the mayor’s warning about that incredible tax hike. And sooner or later Ottawa must pay the bills, which could bring higher income taxes or a hike in HST, as well as a reduction in payrolls. Meanwhile, banks – with more than $180 billion in mortgages not currently being serviced – are expected to tighter credit as they seek to rebuild profitability and trim risk. Hospitality, travel and tourism, key drivers of a metropolitan economies, aren’t coming back for years. And immigration has been halted. That could last a long time until Covid’s gone from regions around the world where it now flourishes.

The Bank of Canada says a normal life won’t come back for at least two years. Unemployment of 13% is unlikely to drop again to 5% by that time. Downtown hotels are a 1-5% occupancy levels. Pearson airport traffic has fallen 97%. Millions are still living on the CERB, and that mortgage deferral cliff looms ahead.

Conclusion: same as before. If you need it, can afford it and can swallow the risk, go ahead. Pay too much. Just don’t call this an investment.

Finally, a word from Rod, in Victoria. How much have we distorted the real economy? This much…

Just wanted to add my two cents to the ongoing debate about the effects of the CERB program. I own a painting company in Victoria, BC. At this time of year we would be well into the heart of our schedule with up to 30 employees. Painting is a seasonal trade with more than half the work being completed in the late-Spring and Summer period. One problem in 2020 – no one to hire. After months of advertising in multiple formats, putting the word out, and literally approaching people on the street, we have only hired 2 inexperienced people so far this summer; down from the much needed 15 or so. Quite a dilemma; more work than any time in the past 20 years, but no one to do it. Summer students are non-existent, and most experienced people have disappeared. Where to? A rejuvenated underground economy where $2000 from the Gov’t of Canada acts as the crux to cash jobs. One of our paint suppliers pointed to a major drop in contractor paint purchases and a tremendous increase in homeowner paint purchases. But who’s doing their work? Homeowners generally dont buy 5-gallon buckets of paint. Anecdotally, we hear that many other tradesmen (builders, tilers, carpenters, etc.) are doing the same. What started as our most promising year yet will likely see a 33% drop in income, not because of COVID shutdowns, but because of a dearth of employees. We turn down a dozen jobs per week and are trying to maintain our existing clientele. Did not see this coming or know where it ends up…

Thanks for your advice over the years. It has been indispensable.

223 comments ↓

#1 TurnerNation on 07.16.20 at 2:27 pm

Toronto Wow. Here is comes. Not even hiding it now.
How many times have I posted here that we will be herded into the UN Smart cities.

Here it comes. The A.I. cameras can ID us even wearing masks. Hence the global push; how much longer may people remain in denial that this reset is ‘for our health’?

https://www.thestar.com/business/2020/07/16/if-toronto-hopes-to-build-a-smart-city-it-needs-to-learn-from-covid-19-and-failed-sidewalk-labs-venture.html

All of Toronto will soon be a ‘smart city’ riddled with sensors, experts say — but who will control the data?

#2 Steerage CERBs on 07.16.20 at 2:38 pm

House taxes up 26% already… utility bill up 22%…… someone has got to pay those CERBs living in their parents basement!

#3 ElGatoNerodeYVR on 07.16.20 at 2:40 pm

It is nice to see that this blog is going back to the basics. Don’t be a greaterfool, buy what you can afford and look at it as a place to live in.
As for Rod, sorry to say but he, like countless other small business owners are collecting what they planted. For years they have gone by with paying slave wages to their seasonal staff so no wonder nobody wants to work for them anymore.CERB is actually the right thing to do socially and we would have collapsed as a country without it.
Now as for the solution, simple ,pay a COVID bonus of 8-10 dollars per hour on top of the minimum wage he used to pay, guarantee 40 hrs/week and see people wanting to work. Yeah, maybe this year he won’t get another Porsche SUV ,but he can keep the business opened and clients loyal so next year he can go back to being a …. let’s call him nicely “Typical SMB owner”. Sheesh ,not rocking science ,if nobody wants to work for you then you do not have a viable business. And let’s remember that CERB is the bare minimum one needs to survive decently here in BC. Why are we wanting and justifying modern day slavery (minimum wage jobs with no prospects for advancement) it is beyond me.

#4 TurnerNation on 07.16.20 at 2:42 pm

Get out of Toronto? I do not suspect there’s an escape. Been saying for a while here that rural governments might be cut or go BK. Once first responder services are cut or no longer sustainable then Insurance companies will back away from covering.

Media…is all predictive programming now. In the New System we have NO individual rights.
COVID = New System. From the Star article:

“Six months ago I think all privacy activists, all technology activists would have said ‘that’s crazy, I don’t want all my movements tracked,’ ” Lackman says. “But because of COVID I can say ‘I do want that benefit.’ ”

#5 Oakville Sucks on 07.16.20 at 2:43 pm

Today ADP released the following:
ADP Canada National Employment Report: Employment in Canada Increased by 1,042,900 Jobs in June 2020

The key takeaway from the report:
“the May total of jobs added was revised from 208,400 to -2,951,400.”

No Joke!

#6 TheDood on 07.16.20 at 2:43 pm

It’s, like, eleven feet wide. Midtown Toronto. No parking. Asked $1.5 million. On the market one day. Multiple offers, sold for $1.8 million. With land transfer tax and closing costs, add another $90,000. So, yes, almost $2 million.

….If prices surge when they’re “not supposed to,” that’s when buyers on the sidelines throw in the towel and pay over asking price for fear of chasing the market higher……
____________________________________

If it was someone with money to burn, paid cash, and not a care what it costs, good for him.

If bought by someone affected by FOMO, what an idiot.

#7 Doug in London on 07.16.20 at 2:44 pm

This panic buying looks a lot like the panic buying of tech stocks like Nortel 20 years ago. Say, has anyone here heard that brand new tune Wake up to the sun by Limblifter?

#8 Leftover on 07.16.20 at 2:53 pm

Bought a small generator yesterday at my local dirt bike/personal watercraft dealer. Sales guy told me they are run off their feet, setting records since March.

Reason? Buyers are gloating about “spending their CERB” and working under the table in the meantime. Amazing what people will admit to their dirt bike salesman.

This needs to end quickly. Trudeau took a step in the right direction when he announced that employee wage subsidies will be extended while staying mum on the CERB. Free money leads to unintended consequences.

#9 Canadian ExPat on 07.16.20 at 3:02 pm

Any thoughts on why Preferred Shares are doing so well today? CPD and PFF? Especially given the likelihood of low rates in the future.

Thanks as always!

#10 Sail Away on 07.16.20 at 3:03 pm

For Rod,

We had our son home from uni, so cancelled our postponed painting contract, rented scaffolding and hired him to do the job. Took a long time, but it turned out great in the end and also far cheaper (since, obviously, we pay slave wages for such an arrangement). Hopefully he learned a thing or two as well…

#11 BlogDog123 on 07.16.20 at 3:07 pm

20-something college kid thoughts…

Trudeau and the liberal gang have been very generous to me with the CERB.

Now I can sit in my parent’s basement, play video games all day and all night, yell at the folks periodically: “There’s no jobs out there, COVID pandemic, remember!??”

Me, go out there and apply for a job painting? See all those pesky payroll deductions? Climbing ladders, sweating, getting paint on my fingers, sanding drywall and cleaning up after the job? Not for me this summer!
I’m hunkering down for some online gaming!

Afterwards, if I’m ever motivated… me and my friends may go camping… bring some liquor we stole from my parent’s cabinet…

What a great summer !

#12 David Colquhoun on 07.16.20 at 3:09 pm

As a general aside, specifically directed to Garth for sharing his wisdom over the years, i recently sold two properties, one house, one vacant land to two respective corporations. I am a small timer and this is small time stuff but it is odd. Thanks.

#13 Trojan House on 07.16.20 at 3:10 pm

“What started as our most promising year yet will likely see a 33% drop in income, not because of COVID shutdowns, but because of a dearth of employees.”

It’s exactly because of the Covid shutdowns. No shutdowns, no loss of jobs, no CERB, nobody staying home and/or working cash jobs under the table. You have the governments to thank for this.

#14 Doug t on 07.16.20 at 3:10 pm

We are painting ourselves into a corner !

#15 Faron on 07.16.20 at 3:11 pm

5/2

#145 Sold Out on 07.16.20 at 2:51 pm

#141 Faron on 07.16.20 at 2:07 pm
4/2

#132 Sail Away on 07.16.20 at 12:48 pm

Thanks Sold Out, I really appreciate hearing that.

Garth, I apologize for souring the tone here and for claiming excesses of your time by posting my rambles earlier today.

Cheers

#16 T on 07.16.20 at 3:14 pm

#3 ElGatoNerodeYVR on 07.16.20 at 2:40 pm
It is nice to see that this blog is going back to the basics. Don’t be a greaterfool, buy what you can afford and look at it as a place to live in.
As for Rod, sorry to say but he, like countless other small business owners are collecting what they planted. For years they have gone by with paying slave wages to their seasonal staff so no wonder nobody wants to work for them anymore.CERB is actually the right thing to do socially and we would have collapsed as a country without it.
Now as for the solution, simple ,pay a COVID bonus of 8-10 dollars per hour on top of the minimum wage he used to pay, guarantee 40 hrs/week and see people wanting to work. Yeah, maybe this year he won’t get another Porsche SUV ,but he can keep the business opened and clients loyal so next year he can go back to being a …. let’s call him nicely “Typical SMB owner”. Sheesh ,not rocking science ,if nobody wants to work for you then you do not have a viable business. And let’s remember that CERB is the bare minimum one needs to survive decently here in BC. Why are we wanting and justifying modern day slavery (minimum wage jobs with no prospects for advancement) it is beyond me.

—————

Maybe you don’t understand the underlying issues being presented.

Let’s say the business owner has to pay $10 more an hour to each employee, the increased cost of that labour would translate into higher costs for the service. It is impossible for a business to compete in this scenario, homeowners are incentivized to go with the much less expensive cash service.

Now, those providing services for cash are even more competitive as they don’t need to make a large wage at this time as those providing the service are also collecting CERB as they are not reporting their cash earnings. So anything they are making is basically a bonus on top of CERB. Effectively, the government is subsidizing and incentivizing the cash businesses.

This is where CERB (and UBI) fall apart, even though the intentions are noble.

And I haven’t even touched on the fact there is no tax being collected from these cash deals; HST, EHT, CPP, income tax, +++.

#17 Rico on 07.16.20 at 3:18 pm

“Well, this blog told you it was coming. ”

You also say that you’re not predicting a crash in housing prices (whatever that means) yet you continue to post other predictions of precipitous drops in RE.

How about making a call instead of saying / not saying?

I give you info. You come to conclusions. Man up. – Garth

#18 Andrewski on 07.16.20 at 3:18 pm

Some businesses are flourishing while others languish with hiring issues. Could there be a wage discrepancy?

#19 Nottawa Housing Bust on 07.16.20 at 3:19 pm

FOMO is a powerful thing. What surprises we is how many people think that their job is bulletproof. Cities will be laying off workers soon. There may be teacher layoffs in coming years as we transition to online learning.

Construction sector is slowing. Oil and gas is in a rut. If you want to really understand the market just look at West Van RE, and BC in general. A lot of properties selling under apprised value, and with a 20% cut to purchase price.

All housing corrections start west and move east. Stockton California. Vancouver in late 80’s. Garth is 100% correct, there will be a burst then come Oct-Dec a real slowdown. Mixed in with a stock market crash and calls for the next great depression. If you can wait do so.

#20 Linda on 07.16.20 at 3:20 pm

A 60% property tax increase makes the 40% estimated increase for where I live look – nope, still not pretty. Still likely to transform mild mannered Canucks into pitchfork bearing, torch waving mobs. Higher unemployment plus the demand by creditors that payments resume isn’t going to help.

As for the crazy sales stories, I’m going with Garth’s theory that Covid may produce mental side effects of a financially detrimental nature.

Also, about that ‘under the table’ stuff. What a surprise. Not. The presumed silver lining being that money will still end up fueling the economy locally, so at least the CERB funds won’t have been a total waste. Who knows? Maybe some of the under the table crowd are setting the funds aside (in a tin can, natch) so that they can pony up when the increased tax bills arrive.

#21 Ace Goodheart on 07.16.20 at 3:23 pm

Well, while telling my tenants that they don’t need to pay me anymore (they still do anyway, we get along), the City of Toronto quietly hiked taxes and fees on all of my rental properties. The hike appears to be about 30%. I pay now an average of $500.00 more per year in property taxes, and my solid waste, water and sewage has gone up.

It appears that the plans are now to raise my home property taxes by about $1000.00 this year.

All done very quietly, they just send you the new bill “hey, remember when we told your tenants not to pay you rent anymore, well, here’s a property tax increase. Have a nice day!”

The junk that is getting dumped on the RE market and bid on by drooling young couples with babies in arm, is getting epic.

I just watched as a house, known to have a bad foundation, sold for $350,000 over asking. Total price was a hair under 1.6 million dollars. And the neighbours all knew the foundation was toast.

In Toronto, back hundreds of years’ ago when people built houses to last a decade, there was a trend of building the foundation out of regular kiln fired red bricks. This house had one of those. The outer layer was known to have mostly deteriorated, meaning the house was for the most part sitting on the inner layer, which was also crumbling somewhat.

The owner had supported the house from underneath by putting the floors on steel pilings and then bolting them to the basement floor. This resulted in the basement looking like a forest of steel tubes.

The owner also painted the rotting, leaky basement walls white.

Toss in an IKEA kitchen, some nice staging, and one Saturday later they walk away with 1.6 mil, while the “winner” of the house has taken over an expensive and probably impossible to fix problem.

But the street the house is on, is famous for its porch parties. I guess people are really lonely during the pandemic. I wonder what happens if, as with most wealthy enclaves, the clique system prevails. After you have paid your 1.6 mil, you then sit and wait to get invited to mount some storied porch and sip a home made cocktail, put together by some neighbourhood diva.

What if you don’t get invited? Is it still worth it to live there? If the mom cliques decide your kid is weird and she/he gets left out of all of the neighbourhood backyard kid parties?

If the Dad cliques don’t like your hobbies and decide they can do without you on Friday pub nights?

What do you do?

Oh well. Fools and their money are soon parted.

#22 Dominoes Lining Up on 07.16.20 at 3:24 pm

Look at this photo today. This is what is about to become of the Toronto real estate/condo market. (Garth, you might want to use this for an upcoming blog)

https://www.thestar.com/news/gta/2020/07/16/crane-hits-building-in-toronto-forcing-evacuations-and-road-closures.html

#23 Bob on 07.16.20 at 3:29 pm

Garth, what do you think about the long term risk of inflation? This article was posted on CBC a few days ago:

https://www.cbc.ca/news/business/inflation-fears-pittis-economcis-1.5645404

What disturbs me is this bit at the end:

Rising interest rates would have disruptive effects on heavily indebted businesses and consumers. If governments are forced to renew existing debt at higher rates, the so-called “rollover risk,” high rates could also make borrowing costs on large debt untenable.
“It may eventually have to be dealt with through austerity, default or inflation,” said the Blackrock investment outlook. “Inflation could be seen as the most politically palatable solution.”

This has the ring of truth. Our government is unwilling to seriously intervene in the housing market since it would mean destroying the “wealth” of large numbers of voters. They similarly seem incapable of substantially raising taxes, which you say is necessary to deal with all this new debt. Letting inflation run wild seems like an easy out to both problems. Is this a risk?

#24 cto on 07.16.20 at 3:32 pm

As i said already,…
The housing market in Canada, specifically Toronto and Van is DIFFERENT now and will not follow logical fundamentals. Its been different since 2010.
At some point back then, it appears that the BOC and Feds came to terms with the reality that Canada had lost an unrecoverable amount of its productive economy (like manufacturing and resources) due to inefficiencies, that they had to over stimulate/manipulate the Housing and debt sector.
They will destroy the remaining productive economy and all those that have worked hard and saved carefully just to keep the housing market elevated. They have no interest in the petty issues of moral hazard, hurting the people who made Canada a country worth immigrating to or investing in. The people on this blog, myself included will feel really cheated in the end…
There definitely will not be any meaningful price discovery,… ever.

#25 Trudeau’s Magic Money Machine on 07.16.20 at 3:33 pm

There’s no problem. I can make more money to cover the debt.

Money is just a concept anyway.

#26 3s on 07.16.20 at 3:33 pm

60 Casual jobs advertised on indeed Vancouver – boom times right.

Forget it if you are a professional, the word is that interviews abound but good luck finding an actual intent of appointment…

#27 crowdedelevatorfartz on 07.16.20 at 3:35 pm

Speaking of records…..
Another record month for overdose deaths in the Lower Brainland.
175 dead in June.

https://www.cbc.ca/news/canada/british-columbia/overdose-deaths-b-c-june-2020-1.5652311

#28 Stone on 07.16.20 at 3:35 pm

While this transaction was happening, Toronto mega-mayor John Tory was moaning the city faces a $2 billion Covid hit. The subway is 80% less travelled than before. Ten thousand civic workers laid off. Property taxes, he says, may have to rise 60% for the place to survive.

———

John Tory should stop whining and simply raise the property tax by 60%.

Just get it done.

#29 B Randon on 07.16.20 at 3:37 pm

Sorry to derail – anybody currently holding a self-directed RRSP mortgage?

And if yes – thoughts/recos on lenders that set it up?
Looking to take some market funds off the table – interweb not overly helpful.

Thanks gang.

#30 Bob "can't believe it" on 07.16.20 at 3:38 pm

When you take away all the methods that allow an inflated asset to drop in value you end with the housing mess in Canada.
The government through CMHC insurance guarantees that no bank will ever lose a dime handing out mortgages to consumers. Repeat, you will never lose a dime on mortgages. Sure the banks are still advertising mortgages constantly.
Canadians are by and large financially illiterate and can’t do financial math. I have owned my home for 23 years in the GTA. My annual return over that period is 5%. Sure the dollar figure looks impressive to the average Joe, but the percentage is terrible. Consider that the S&P 500 has returned 10% on average over the last 90 years. Think your house is still a great investment?
Now the government is in on the action as part owner of your home and an equity partner if you need more money.
We don’t need government help, it is hurting, not helping the situation. Canadian house prices have grown 29 times faster than US house prices since 2005. If you think that’s reasonable buy now.
I will be waiting until there is “blood in the streets” before I buy a another house. Until then: “I’m out!”

#31 Dolce Vita on 07.16.20 at 3:39 pm

People look around. No one hurting. Thanks CERB.

As long as CERB around, house lust continues.

Like early 80’s Calgary. Home buying parties even when a recession called. When unemployment soared:

it was like the lights got turned off overnight. RE crashed.

Not much has changed other than CERB the proverbial can being kicked down the road until the misery comes…and it will.

#32 FreeBird on 07.16.20 at 3:40 pm

#4 TurnerNation on 07.16.20 at 2:42 pm

Media…is all predictive programming now. In the New System we have NO individual rights.
COVID = New System. From the Star article:
—————-
There’s a view it has been for a long time. Short video on media manufacturing consent (animated if it helps short attn spans).

https://youtu.be/tTBWfkE7BXU

You might also find a video on YT called ‘The Mind’s of Men’ interesting. At 2.5+M views it’s popular but controversial. Not promoting the creators or their videos just one that’s seemed well researched if a bit long. Anyone who watches has a right to their opinion. So far, unless or until we forget what that right means.

#33 forgotmyusername on 07.16.20 at 3:42 pm

Re: #3 ElGatoNerodeYVR on 07.16.20 at 2:40 pm

Anyone who feels this way has clearly never built and run a small business.

If it’s so easy, and the blood-sucking small business owners all get to drive Porsche SUVs, why don’t the employees go start their own painting business and laugh all the way to the bank?

I dunno….maybe running a business is…. actual work with real risk?

Oh, and good luck putting in the winning bid, if you have to pay your employees the premium bonus (plus 40 hours guaranteed work) suggested.

Small business may be harder than it looks, O ye who have never tilled that soil.

So much ignorance, envy and victimhood!

#34 Keith on 07.16.20 at 3:59 pm

#11 T
#28 forgotmyusername

The “underground” economy hurts legitimate businesses and legitimate workers alike. It flourishes because the middle class has been slowly shrinking since the eighties under a beggar my neighbor mindset. Goodbye pensions, then benefits, then a living wage for far too many workers. No wonder CERB, plus a thousand a month earned for a few hours per week of casual labour beats 40 hours a week – even in the low twenties per hour less taxes and payroll deductions.

If you want respect for the risk that business owners take, and appreciation for the income tax burden of higher income earners, you need an inclusive economy. Back in the seventies, workers understood the progressive income taxes when they worked a bunch of overtime at a union gig and saw their pay stub. Eye opening stuff. Now we have 40% of the population not paying income tax – nor earning a living wage.

You want people to vote for common sense economic policies, economic growth and fiscal discipline – invite them to join the club of meaningful participation in and contribution to society. People are going outlaw, working for cash, not filing tax returns because legitimate employment has turned into a suckers game for far too many occupations and far too many workers.

#35 Sail Away on 07.16.20 at 4:03 pm

#11 BlogDog123 on 07.16.20 at 3:07 pm

20-something college kid thoughts…

Trudeau and the liberal gang have been very generous to me with the CERB.

Now I can sit in my parent’s basement, play video games all day and all night, yell at the folks periodically: “There’s no jobs out there, COVID pandemic, remember!??”

Me, go out there and apply for a job painting? See all those pesky payroll deductions? Climbing ladders, sweating, getting paint on my fingers, sanding drywall and cleaning up after the job? Not for me this summer!
I’m hunkering down for some online gaming!

Afterwards, if I’m ever motivated… me and my friends may go camping… bring some liquor we stole from my parent’s cabinet…

What a great summer !

————

Ian? Son of mine? Wow, I didn’t even know you read this blog.

Please, do go camping and give your mum and me some privacy. Have the liquor with my blessing if that’s what it takes.

#36 cramar on 07.16.20 at 4:07 pm

Huh? is right! Toronto is insane! $1.8 million for what!?

In Kingsville, for less money ($1.4m), you can get a R-E-A-L 5-bedroom house on 5.5 landscaped acres with even a 6000 sq ft, workshop on the property for your RV and boat. The money you save, can pay for the boat and RV, plus a truck to tow them. Work from home.

https://www.realtor.ca/real-estate/21957636/829-road-2-west-kingsville

#37 Chimingin on 07.16.20 at 4:08 pm

Re#3ElGato – You know nothing. Neither does anyone who agrees with you on your ridiculous opinion about small businesses.

I have a small business with my husband, have had for ten years, once in awhile have to cover cash flow in the dips with our own money. Enough for groceries if we do everything right and don’t have an a**hole to deal with on a project.

Porsches? Slave wages? What a laugh. I drive a second-hand Hyundai, and we pay better than average wages and benefits in an industry that doesn’t require post-secondary education. So please shut up. You’re embarrassing yourself.

PS – Toronto can suck it. Their property taxes are ludicrously low for the value of their homes. I live outside the GTA and pay significantly more than they do.

#38 Trojan House on 07.16.20 at 4:09 pm

#21 Ace Goodheart on 07.16.20 at 3:23 pm

The 1.6 mill they paid is just for the land. Who ever bought it will be tearing down the old and putting up a McMansion. Just wait and see…

#39 Alberta Boy on 07.16.20 at 4:10 pm

I was talking to a paramedic friend of mine who gets calls to a native reservation (she is First Nations herself). She said overdose calls have gone up substantially due to CERB. Another sad consequence but who could have honestly predicted that?

#40 G on 07.16.20 at 4:11 pm

Some may be interested.
MedCram 13min

Coronavirus Pandemic Update 97: Vitamin D & COVID-19 Immunity, The Endothelium, & Deficiencies
https://www.youtube.com/watch?v=Mdc7T2UTHBI

#41 Moh on 07.16.20 at 4:13 pm

My new build purchase last year is looking better and better! I’m seeing people flipping assignments for $150,000 more in one year and that’s just for dirt! All listings of assignments have agents commenting that the property will go up another $150,000 when the property is built next spring. Makes you wonder where this money is coming from and who creates these prices.

#42 Wally Wing Nut on 07.16.20 at 4:13 pm

Stock Market Crash 2020: Welcome to the End game.

“If this chart doesn’t make you think the crash is coming soon, then probably nothing will”

Yes, it is Forbes, so I ask, validity?

https://flip.it/X85N6A

Of course the Nasdaq is overvalued. – Garth

#43 whiplash on 07.16.20 at 4:18 pm

#1 TurnerNation

Who will control the data?

In China the police departments card data base provides photos for the 1.2 B they currently have on file. The one area missing in this equation is 5G cause 4g cannot handle the amount of data that is generated by these machines. Let’s see how far down the rabbit hole Trudeau is going to take this country, Huawei in or out?

#44 Timmy on 07.16.20 at 4:20 pm

So which advice are you giving? Buy now if you can afford to or wait for a correction?

#45 jal on 07.16.20 at 4:24 pm

Adapt

“The big question remains – what happens when the $2,000.00 bonuses stop flowing?”

Businesses getting the consumers to spend the $2,000.00 are going to suffer.
Got to try to save the local businesses.

Buy local, pay more with less money.
Due to shortages of supplies, pay more.
Due to extra fees on supplies and services pay more.
AND
Due to less money, use the black markets.
Quit drinking, smoking up, due to lack of discretionary income.
Put off getting new glasses, teeth, hearing aids, medication, car.
Get a room mate or move into basement.

Volunteer at food bank.

#46 Shiny1 on 07.16.20 at 4:44 pm

Preferreds up again! Gotta love it, but why? Check out prefblog.com, could be some recent changes to OFSI regs regarding Banks‘ tools to raise capital. Or maybe a flight to “quality”.

#47 Blacksheep on 07.16.20 at 4:46 pm

“Conclusion: same as before. If you need it, can afford it and can swallow the risk, go ahead. Pay too much. Just don’t call this an investment.”
———————————
Indices or Real Estate, it matters not.

Both, have full $ backing (J.T.) from the sovereign in control.

I know this cause a wise man once told me, “pandemics are temporary”…

#48 Sail Away on 07.16.20 at 4:51 pm

#39 Alberta Boy on 07.16.20 at 4:10 pm

I was talking to a paramedic friend of mine …

She said overdose calls have gone up substantially due to CERB. Another sad consequence but who could have honestly predicted that?

————

Gooch. Gooch could have predicted it. This is like Christmas to him and his HA’s- all the homeless junkies get $500/week to feed their habit.

Win-win.

Good luck clawing back those fraudulent CERB payments, haha.

#49 Barb on 07.16.20 at 4:58 pm

Last week a roofing truck with website URL and phone numbers splashed all over the side/back pulled in our driveway. The driver said he noticed our shop roof needs replacing. I hummed and hawed a bit, and he said he’d be back in an hour with a written quote.

He returned, and produced a hand-written note with a very very reasonable price, marked C A S H only.

Banks will soon be demanding to know what the cash withdrawal will be used for. “Discretionary”.

#50 yvr_lurker on 07.16.20 at 5:00 pm

“One of our paint suppliers pointed to a major drop in contractor paint purchases and a tremendous increase in homeowner paint purchases. But who’s doing their work? Homeowners generally dont buy 5-gallon buckets of paint. ”

I did precisely that last month. Painted the entire upper level of our place. Saved a lot of $$, and although it was a considerable effort, it came out well. Next up in August is redoing the back deck after re-sanding. Have done several other repair jobs, and have been working with and paying my 15 year old to show him the ropes, as he was unable to find a job. With all the $$ saved by becoming more adventurous with home meals, I don’t think that our family has ever spent less in recent years than in the past 4 months. It is easy to be frugal if you put your mind to it.

“Stock prices and home prices are not supposed to approach record highs amid record unemployment, say the textbooks.”

The rest of the discussion that followed this described the huge risk in joining those bidding up house prices in a pandemic. This is clear to me; however, what is not clear is what invisible and tenuous forces are supporting a market that seems oblivious to the widescale economic carnage that exists in many sectors. I have kept my DC pension plan and other assets relatively unchanged as it is for the long haul and have followed Garth’s advice, but bailed a month ago with my kids RESP when it recovered to within 2.5% of its high mark. He will need the funds in 2 years, and I fully expect a large downward correction by Christmas unless the Feds have identified some hidden money tree in the backyard to add further stimulus.

#51 Inequity on 07.16.20 at 5:08 pm

#42 whiplash

Why not let Huawei in to Canada? Since much of their 5G technology is built on Nortel IP.

#52 Doug Portier on 07.16.20 at 5:12 pm

John Tory should live in the real world and cut services by 60%. The parasites have gotten to much free stuff and freebies for too long. He already raised property taxes by 50% over 4 years. Garbage up over 200% over 4 years and water rates are up 25% over 4 years.

#53 Sail Away on 07.16.20 at 5:20 pm

#44 jal on 07.16.20 at 4:24 pm

Adapt

“The big question remains – what happens when the $2,000.00 bonuses stop flowing?”

Buy local, pay more with less money.
Due to shortages of supplies, pay more.
Due to extra fees on supplies and services pay more.
AND
Due to less money, use the black markets.
Quit drinking, smoking up, due to lack of discretionary income.
Put off getting new glasses, teeth, hearing aids, medication, car.
Get a room mate or move into basement.

Volunteer at food bank.

————-

What about eating at the food bank? Lots of good food available, and the price is right. Fantastic breakfasts.

If you see a shifty guy with an old blue Echo that needs a muffler, though, tell him to rattle off somewhere else, since I have it on good authority he owns a sailboat and probably doesn’t need to vultch free food.

#54 Catalyst on 07.16.20 at 5:21 pm

This is old school thinking Garth – man you need to get with the times. In a rational world, we would tighten the belt, increase taxes to pay back debt or cut civil servants. This is not the world we live in. These people are the core of the liberal party and they wont be harmed at all costs.

Politics aside, all governments will print whatever money is deemed necessary to get through this. Purchased by their own central banks. Can be deleted with a single key stroke. I really liked the chart one of your porche driving partners posted about the correlation between financial asset prices and fed printing. We have been in an artificial bubble for at least 10 years and the only game left is to keep blowing.

My action plan, get as much debt as a lender will give you and buy assets because there will be alot of digital currency floating around and a limited supply of assets to buy.

#55 Triplenet on 07.16.20 at 5:23 pm

This conflicted market will settle down once we all run out of other people’s money.
In less than one year from now reality will set in and then the pain will begin to be realized.
For those who have never experienced a full market cycle… be careful.
Historically I’ve witnessed CMHC and the varied mortgage lenders control the residential real estate market with court ordered sales – to the extent they impacted the market with a 25-30% of all listings and sales.
For 3+ years ( more than once) the downward value trend was inescapable…for everyone.
Look for ~10% valuation loss, compounding for 2 1/2 years – 4 years starting this August. This will be well manifested by early spring 2021.
Then….the real pain begins.
Unless you’ve been paying attention to the real world.

#56 crowdedelevatorfartz on 07.16.20 at 5:33 pm

@#47 Sail Away

Wait til we have Universal Basic Income……

Good luck getting anyone to show up to work when they can buy pot and live in …….Blissville.

#57 GrumpyPanda on 07.16.20 at 5:36 pm

Toronto politicians promise to keep property tax increases at the rate of inflation to remain elected. Any attempt to raise beyond will be met with cries of poverty by owners who want six figure tax free increases in value. Additional costs for services are to be passed on to jealous people living elsewhere. There’s more than one reason for the old Hogtown nickname.

#58 willworkforpickles on 07.16.20 at 5:37 pm

It’s happening now like i said it here it would be 3 months ago. An ever decreasing pool of qualified buyers and those rushing in to buy before the bank moves to disqualify borrowers deemed too high a risk where we’ll see a summer spike in RE purchases and prices.
The end of that frenzied madness now looms ahead.

#59 RyYYZ on 07.16.20 at 5:38 pm

Seems to me like maybe Toronto property tax rates are overdue to go up. From what I can tell, rates there, given the level of services and amenities the city provides, seem absurdly low. Of course, I live in Hamilton, home of high property taxes and moonscaped road surfaces. I’m not sure where my property taxes go, ’cause they sure AF don’t seem to be spending them around where I live.

#60 ElGatoNerodeYVR on 07.16.20 at 5:40 pm

T on 07.16.20 at 3:14 pm
#3 ElGatoNerodeYVR on 07.16.20 at 2:40 pm
—————
Maybe you don’t understand the underlying issues being presented.
‐—————–
Oh,I totally get the issue and I agree that they will move to cash only no taxes.
However my take is that the cash economy will exist forever ,it does now and the SMB’s who cannot compete with it do not deserve to survive.
They had a business and making good profit on the backs of poor people who didn’t have another choice. I worked for quite a few of them when I had no other option and have zero sympathy for them.
And I have actually lived in a place with jobs guaranteed and I can tell you that there are enough people who want more than the minimum and will work a lot more to get it. Those that don’t want more then the minimum are just a drag on productivity and better left to enjoy life their way. I will gladly pay more taxes to not have to deal with them in the workplace.

#61 T on 07.16.20 at 5:44 pm

#43 Timmy on 07.16.20 at 4:20 pm
So which advice are you giving? Buy now if you can afford to or wait for a correction?

————

It still blows my mind how so many people aren’t capable of understanding the information presented and want to be spoon fed. Make your own decisions and own them.

The advice here has always been to live within your means, invest for the future, and mitigate risk. What this means is different to everyone.

#62 Deano on 07.16.20 at 5:46 pm

CERB.
Recently it was reported the overdose deaths without an all-time high. I wonder why? Easy, drug dealers are getting their clients to apply online because all you need is a bank account and you’re SIN. Think about that one everyone. Drug dealers love JT.
Secondly, a friend has two daughters 19 and 20 both used to work part time as waitresses. They made their money usually through tips as their main salary was no more than for 500 a month. Both live at home , The boss called to see if they wanted to go back to work they said forget it. Why would anyone go back to work when you’re getting 2K a month. Thanks Justin Trudeau brilliant idea. Unlike Russia, at least Putin thought it out and only pays What the salary was that people where getting from their normal net pay. No more, no less. Gee I wonder which one which country will be better off in the long run.

#63 Asterix1 on 07.16.20 at 5:47 pm

Nothing happened between May and June sales in GTA! That 83% rise in between is only because May 2020 number sales were half what they were in May 2019!

It’s all RE spin! Prices are also not going up, compare apples to apples, its heading down. Remember, your Average price can go up, yet all properties are actually heading down. It’s all about the sales mix. Less starter homes/condos sold vs other more expensive categories.

These Days on Market stats are also pure lies. Quick look at House Sigma and you see properties are getting relisted numerous times, and sitting.

#64 T on 07.16.20 at 5:50 pm

#60 ElGatoNerodeYVR on 07.16.20 at 5:40 pm
T on 07.16.20 at 3:14 pm
#3 ElGatoNerodeYVR on 07.16.20 at 2:40 pm
—————
Maybe you don’t understand the underlying issues being presented.
‐—————–
Oh,I totally get the issue and I agree that they will move to cash only no taxes.
However my take is that the cash economy will exist forever ,it does now and the SMB’s who cannot compete with it do not deserve to survive.
They had a business and making good profit on the backs of poor people who didn’t have another choice. I worked for quite a few of them when I had no other option and have zero sympathy for them.
And I have actually lived in a place with jobs guaranteed and I can tell you that there are enough people who want more than the minimum and will work a lot more to get it. Those that don’t want more then the minimum are just a drag on productivity and better left to enjoy life their way. I will gladly pay more taxes to not have to deal with them in the workplace.

————

You are still missing the overarching point of CERB being incentivizing negative behaviours on a grand scale.

This has nothing to do with minimum wage. Though I appreciate your rant, you are makings assumptions and projecting your feelings with no actual knowledge of what the employer pays their employees.

So no, you don’t ‘get it’.

#65 Sail Away on 07.16.20 at 5:51 pm

#29 B Randon on 07.16.20 at 3:37 pm

Sorry to derail – anybody currently holding a self-directed RRSP mortgage?

And if yes – thoughts/recos on lenders that set it up?
Looking to take some market funds off the table – interweb not overly helpful.

————–

The only reason I could see an RRSP mortgage making sense is if you want to free up cash for investment, since the interest would be deductible. In which case, the cash would flow directly back into market funds.

If not that, what is the benefit you see from this type of arrangement?

#66 Damifino on 07.16.20 at 5:58 pm

Last night I ran into a fellow who lives in my building as he was coming home from work. He runs a construction & renovation company in Vancouver.

He says that when the pandemic hit his business became insanely busy. He’s got way more work than he can handle and not nearly enough people to do it all.

I asked about the masses of unemployed, those with no savings and the plethora of desperate souls struggling to meet their mortgages and monthly expenses.

He advised me to stop watching the news. He assured me there’s mountains of money flying around this town and thousands who are anxious to spend it.

He sees no end in sight to that. So it goes…

#67 willworkforpickles on 07.16.20 at 6:02 pm

Markets on the other hand will not be let down as of yet as a new round of US stimulus is expected and as i said here 4 months back, will be done under the guise once again of gov support payments to the needy who in the end will receive a pittance of that to what gets funneled into the markets unabated. As i said then, will use the same phony baloney platform again and again oblivious to or just not caring about the ruinous end that this out of control debt creation will eventually bring to the United States of America and ultimately… It can’t happen here – Canada .

#68 Deano on 07.16.20 at 6:14 pm

No fear, Comrade Hogan and Princess Bonnie Henry will save the day in BC.
Justin Trudeau (Mr. socks or Mr. whiskers) you have blood on your hands. When I see the fake, woke tears well up in his eyes over all the overdose deaths he only has to look in the mirror at himself.
Shame on you comrade Hogan and Princess Bonnie Henry. If you would’ve put as much effort into the opioid crisis as you did COVID-19 we may have got somewhere with dealing with this opioid catastrophe. But you can I’ll patch yourselves on the back and feel good about saving 70,80, 90 year old people. And you really didn’t do a good job at that either, but to your credit no the country did. Now that the opioid crisis is even worse I want to watch a wonderful Dr. Bonnie Henrys plan is for that?

#69 joblo on 07.16.20 at 6:14 pm

Need a balcony door replaced.
5 glass companies got the same call & email with pics.
week gone bye ….crickets

#70 Howard on 07.16.20 at 6:14 pm

#21 Ace Goodheart on 07.16.20 at 3:23 pm

“After you have paid your 1.6 mil, you then sit and wait to get invited to mount some storied porch and sip a home made cocktail, put together by some neighbourhood diva.”

———————————

I’m imagining a latter-day Gertrude Stein of High Park holding court in her parlour room.

Something tells me the conversation among ditzy Torontonians in 2020 would be rather less stimulating than in Stein’s Paris salon a hundred a years ago.

When people are permitted to borrow well beyond their means, it seems to leave them with the impression that they’re more interesting than they really are.

#71 Nonplused on 07.16.20 at 6:17 pm

I can confirm Rod’s observations here in Calgary. I called 3 arborists looking for a quote and only one returned my call and he’s booked 7 weeks out solid. And he ain’t cheap either. Why would he be when he has more work than he can handle? I calculate he is charging out at about $50/hour for the labour but some of that will be overhead of course so the arborists themselves must be getting around $30/hour. That’s about $60,000/year for trimming bushes! But I bet that is what you have to pay to compete with CERB. A search on the internets says they make $24/hour but that data would be from last year.

#72 the Jaguar on 07.16.20 at 6:23 pm

‘Pent-up demand (as there was no spring market) has slammed right into low inventory’. G.Turner. There’s also this:
‘While the individual man is an insoluble puzzle, in the aggregate he becomes a mathematical certainty.’ —William Winwood Reade ( thank you Eitel).

I suppose like minded people are free to congregate and pour gas on the fire of their choosing, though one might presume they would be able to use critical thinking to examine the likely result. The ones that worry me more are those who see blinding bright light in a train tunnel and haven’t the good sense to get out of the way. Those who already own real estate, owe too much money against that gas bag of an asset, and are currently experiencing job loss with no guarantee of future employment. Sharp people anticipate trouble and then do what is necessary to resolve a present or future problem. Those who are not wired that way often end up as road kill. What is unfortunate is that many people ( o.k., the ‘Mills ), are not highly skilled in problem solving because somebody else ( o.k., mom ) always handled those problems or made them go away. Guess we’ll see how that turns out in the next 12-24 months. My advice: Don’t hang back with the brutes waiting for the Cavalry to ride in. CERB will end.

On that other subject that -#27 crowdedelevatorfartz on 07.16.20 at 3:35 pm mentioned,
Many headlines like this one recently ‘Canada’s police chiefs are calling for decriminalization of personal possession of illicit drugs as the best way to battle substance abuse and addiction.’

Who can blame them? Everywhere they are being lectured, blamed, threatened with being ‘defunded’ or generally held up as villians of the day. It’s a wonder anybody wants the job. They put their lives on the line everyday, try to enforce the laws on the books and keep me safe in my home. Guess we’ll see how things are improved if the emergency calls go out to social workers or social justice types when somebody keels over from an overdose. I only know that Blue Lives Matter, and they always will. With borders closed, air travel more restricted, and greater scrutiny of goods coming into the country it’s likely the ‘supply chains’ of Cartels without the words ‘real estate’ in front of their name are being squeezed. Turf wars another unfortunate result of lockdown. Mercy.

#73 Nonplused on 07.16.20 at 6:23 pm

#3 ElGatoNerodeYVR

Ok, but you do realise that to pay more Rod will have to raise his prices right? There is no free lunch. That means if you need Rod to do some painting for you you will foot the bill for his higher labor costs. There just isn’t any other way to do it.

#74 Piano_Man87 on 07.16.20 at 6:23 pm

Only buy real estate if you need it?

I think that’s the heart of the problem. No one knows what “need” means, Garth. Everyone rationalizes their wants into needs. Maybe you should provide some guidance to people on when people actually do “need” to buy.

Otherwise, I am left thinking those who don’t have children to stack in bunkbeds like cases of Bubly have zero argument to buy.

#75 Long-Time Lurker on 07.16.20 at 6:23 pm

>Jair Bolsonaro, update 2: live interview.

>He definitely looks ill but he’s moving around quite well. No evidence of a cough or shortness of breath from the video. He might have a low grade fever.

Coronavirus: Brazil President Bolsonaro tests positive for COVID-19 a 2nd time
432 views•Jul 16, 2020

Global News

Brazilian President Jair Bolsonaro revealed on Wednesday evening that he’s tested positive for COVID-19 for a second time, suggesting he has yet to recover from the infection which was first diagnosed earlier in July.

Bolsonaro, a former army captain, first announced his diagnosis on July 7 after dismissing the severity of the COVID-19, even as Brazil’s outbreak became the worst in the world outside the United States.

The president said he’s in good health and plans to resume his normal work schedule as soon as he tests negative for the virus.

“I hope that in the coming days I will do another test and, God willing, everything will be all right to return soon to activity,” he said.

He also claimed to be taking the anti-malarial drug Hydroxychloroquine, an unproven treatment that both he and U.S. President Donald Trump have touted a remedy for symptoms of the coronavirus.

https://www.youtube.com/watch?v=9Gc9UsTatWg

#76 Wrk.dover on 07.16.20 at 6:23 pm

Near zero interest rates for a decade, have compounded more problems than the normal interest rates that should have been in place would have done over the same period.

Can’t have normal anything without normal interest rates. The further we go without them, the worse everything will become. Just sit back and watch.

#77 Franco on 07.16.20 at 6:30 pm

once this is over, austerity will not be pretty.

#78 Damifino on 07.16.20 at 6:32 pm

#68 Deano

Bonnie Henry should be the very last person on any list of diss-able people.

The Prime Minister? Go ahead. Have at ’em. Even John Horgan if you must (although I don’t think he would deserve it, and I’m not NDP).

But leave Dr. Henry alone until you’ve detailed for all of us your contributions to the public good during this miserable pandemic.

Comment posts on greaterfool don’t count.

#79 Nonplused on 07.16.20 at 6:36 pm

#20 Linda on 07.16.20 at 3:20 pm
A 60% property tax increase makes the 40% estimated increase for where I live look – nope, still not pretty.

——————-

There hasn’t been any talk of property tax increases where I live but then the county isn’t dependant on things like transit revenue or renting out hockey rinks. Heck if the schools don’t open in September maybe their costs will drop! Anyway yet one more reason to flee the city if you can.

#80 Smartalox on 07.16.20 at 6:37 pm

All the CERB does is put a ‘floor’ in for wages. At 40hrs/wk, it’s the equivalent of $12.50/hr. People who would normally make $15 to $20 an hour can work a ‘cash job’ for $10/hr to $15/hr and still feel like they’re coming out ahead because they’re avoiding income taxes on that ‘cash job’ income.

They’ll still pay taxes – on their CERB income (minimal) and their earnings before CERB, but a lot less than they would if they were working normally.

Maybe though, if the law of unintended consequences truly goes both ways, workers will ‘become accustomed to’* the higher incomes, and when the CERB is no longer available, they will want jobs that pay more – and be prepared to work for them.

*Note: by the term ‘become accustomed to’ I really mean (run up debts that require a greater income to service).

#81 Steve ( former liberal) on 07.16.20 at 6:43 pm

I once believed that people working under the table was stealing from your neighbors. The more tax you evaded, meant that others needed to take up the slack. This is stealing by having your neighbors pay more. However, when our leaders give tax dollars to a charity and that charity goes on to pay our leader’s mother 300,000 dollars. If the leader is scamming us, only fools follow the rules. So we are turning into Greece where tax evasion is the sport. We are ruining this country with every election by voting in cheaters. Hopefully we turn this around, but in the meantime I filling up the CERB application.

#82 zee on 07.16.20 at 6:45 pm

As i keep saying, it does not matter about Interest Rates, FOMO, supply/demand,etc, because everyone need to pass the stress test at close to 5%

People 2 years ago could not pass the stress test and that was the case last year, that is why Mortgage brokers and Realtors kept saying to get rid of it.

But now everyone is passing the stress test at the highest price that RE has been in the GTA. How does this make sense. Some thing does not add up,

#83 Homer on 07.16.20 at 6:45 pm

“#41 Moh on 07.16.20 at 4:13 pm
My new build purchase last year is looking better and better! I’m seeing people flipping assignments for $150,000 more in one year and that’s just for dirt! All listings of assignments have agents commenting that the property will go up another $150,000 when the property is built next spring. Makes you wonder where this money is coming from and who creates these prices.”

Dude, YOU ARE FULL OF IT! Go get a job. Oh right, you’re on Cerb.

#84 Smartalox on 07.16.20 at 6:57 pm

@ Deano #68:

Overdoses spiked when the US border was closed. Stopped smuggling much more effectively than other efforts. Makes one wonder how much was actually getting though.

Supply lines got cut, and people got desperate. Is that desperation being exploited by pushers and dealers? Sure. Stringing people along for their CERB? These are tragedies – but people are dying because the drugs that are available are bad drugs.

You want to stop people dying, provide access to clean drugs, from well-regulated sources. This solution would also prevent pushers and dealers exploiting people for their CERB cheques. If you end desperation, you end exploitation.

Would you be comfortable with that plan, or do you just want to ‘blame the government’ for everything?

#85 Gravy Train on 07.16.20 at 7:05 pm

It’s, like, eleven feet wide. Midtown Toronto. No parking. Asked $1.5 million. On the market one day. Multiple offers, sold for $1.8 million. With land transfer tax and closing costs, add another $90,000. So, yes, almost $2 million. — Garth

In my suburb, Garth, this homeowner could have bought at least seven 4-bed, 2-bath, 15-year-old houses for that price. Why don’t young couples move from high- to low-cost Canadian cities? I just don’t get it—even after CEF explained it to me! :P

#86 akashic record on 07.16.20 at 7:12 pm

#86 Gravy Train on 07.16.20 at 7:05 pm
Why don’t young couples move from high- to low-cost Canadian cities?

Jobs? Opportunities? In what occupations?

Ah, aren’t we all working from home now? – Garth

#87 YouKnowWho on 07.16.20 at 7:14 pm

#23 Bob

Our government is unwilling to seriously intervene in the housing market since it would mean destroying the “wealth” of large numbers of voters.

——

Didn’t the government create this gasbag in the first place with their policies and sweet zero risk for banks thanks to CMHC?

$2M for 11 feet wide no parking? Let me guess 7×9 feet “master” bedroom? In the second biggest country in the world, with one of the lowest population densities, where the Queen owns your land by the way?

Hilarious!

#88 Sail away on 07.16.20 at 7:15 pm

#85 Smartalox on 07.16.20 at 6:57 pm

Overdoses spiked when the US border was closed.

Supply lines got cut, and people got desperate.

…people are dying because the drugs that are available are bad drugs.

You want to stop people dying, provide access to clean drugs, from well-regulated sources. This solution…

—————-

Here’s another solution, although, admittedly, one that is very complex and difficult:

Don’t take drugs, or if you are taking them… STOP.

Otherwise you might die. Not my problem.

#89 Squire on 07.16.20 at 7:21 pm

#11 BlogDog123 on 07.16.20 at 3:07 pm
20-something college kid thoughts…

Trudeau and the liberal gang have been very generous to me with the CERB.

Now I can sit in my parent’s basement, play video games all day and all night, yell at the folks periodically: “There’s no jobs out there, COVID pandemic, remember!??”

Me, go out there and apply for a job painting? See all those pesky payroll deductions? Climbing ladders, sweating, getting paint on my fingers, sanding drywall and cleaning up after the job? Not for me this summer!
I’m hunkering down for some online gaming!

Afterwards, if I’m ever motivated… me and my friends may go camping… bring some liquor we stole from my parent’s cabinet…

What a great summer !
—————————

i’m assuming this isn’t sarcasm. If so, you’re a real winner. You are only hurting yourself not anyone else. A few years from now you’ll wake up realizing you’re unemployable loser. Sorry to be harsh, well, not really. But, sad to say it will likely play out like that. Btw, I got news for you with the video games. It’s not a turn on for the ladies.

Good luck, you will need it. LOL

#90 Mark on 07.16.20 at 7:25 pm

“Buyers are realizing they’re not the only ones looking to buy the dip. If prices surge when they’re “not supposed to,” that’s when buyers on the sidelines throw in the towel and pay over asking price for fear of chasing the market higher.

So if you need to buy a house, especially in a desirable real estate market, shut out the noise, take a long-term view and buy quality property that you can afford. ”

Is it just me or does this quote not make any sense?
(1) what dip? prices were at record highs in most areas in January.
(2) FOMO and bidding wars, if you buy right now you need to chase the market higher and will likely overpay, so..
(3) what does ‘buy a quality property at a price you can afford’ mean, given (2)? He is telling everyone to throw in the towel and chase the market?

How can you tell when a Realtor is full of sh**? Their mouth is flapping…

#91 willworkforpickles on 07.16.20 at 7:28 pm

Aside from qualified buyers and non qualified buyers, there is a lot of money out there held by the richer 20 percent of the population. Half of those don’t need or want more real estate at these prices. The other half of that 20 percent wait with cautious optimism (in no dire need) for the coming downturn in prices many of whom likely got to where they are buying low selling high waiting for the dips in prices to come.
Those with money to spread around independent of the banks don’t generally sprout from your every day garden variety greater fool patch.
Now with immigration on hold indefinitely around the globe, the pools of eligible greater fools and town cabbages with the head for it are starting to shrink…

#92 Steven Nicolle on 07.16.20 at 7:35 pm

Why house lust and overpaying for a house is what Canadians do I cannot figure it out. They know little of buy low sell high. As for the small business owner you didn’t think you’d get rich did you? Your days are long, you worry incessantly, everything you make goes right back into the business, then if you get busy you have to hire more people and pay them, then they quit on you or don’t show up, then you taxes despite your deductions, you end up paying yourself a meagre income, drive an old car, advertise, constantly network, stay up late cause you cannot sleep, think about that last vacation you had wondering when the next one will be. Now the Cerb and pandemic wearing a mask physically distancing. I don’t know how much more you can take? Hang in, my thoughts are with you.

#93 Billy Buoy on 07.16.20 at 7:38 pm

The Summer of CERB will be thought of with smiles in the future, like the Summer of Love was to people of Garth’s generation…..

I imagine the free sex was a better benefit though.

It’s funny though the number of clueless people I hear saying it’s “free money.”

Like 1 person earlier said, ‘If our PM can do it, the 1% get their stimulus, why not?”

What’s good for goose is good for the gander and if you play the game properly as given, you won’t be paying any tax at all.

Looking forward to see what the new tax ramifications will be….and yes property taxes will be target #1.

#94 Moh on 07.16.20 at 7:42 pm

#84 Homer on 07.16.20 at 6:45 pm
“#41 Moh on 07.16.20 at 4:13 pm
My new build purchase last year is looking better and better! I’m seeing people flipping assignments for $150,000 more in one year and that’s just for dirt! All listings of assignments have agents commenting that the property will go up another $150,000 when the property is built next spring. Makes you wonder where this money is coming from and who creates these prices.”

Dude, YOU ARE FULL OF IT! Go get a job. Oh right, you’re on Cerb.

Not lying and have never been on CERB or any type of employment insurance. Your just mad that some people made money on real estate. Blame yourself and not me if you missed out.

The day I bought 400 people showed up for 100 houses. Last year March and April was an amazing time to buy. Compare the sold prices in April 2019 till now on zoolo for the same type of houses in neighbourhoods you will see a massive increase.

#95 Drew on 07.16.20 at 7:47 pm

#44 Timmy on 07.16.20 at 4:20 pm
So which advice are you giving? Buy now if you can afford to or wait for a correction?

Timmy, are you smoking the 4:20? Garth’s advice for the past 10 years has always been, to only buy if you can afford it.

#96 Ponzius Pilatus on 07.16.20 at 7:50 pm

#27 crowdedelevatorfartz on 07.16.20 at 3:35 pm
Speaking of records…..
Another record month for overdose deaths in the Lower Brainland.
175 dead in June.
—————–
In 2019, there were 71,000 overdose deaths in the USA.
No new numbers yet, but I’m sure they have spiked too, because of Covid.
This is a curse that affects everyone, everywhere.
And Brainland is getting a little tiresome, you can do better

#97 Flop... on 07.16.20 at 7:55 pm

We still doing real estate on here?

I put this one up yesterday amongst all the virus blather.

The house is only 963sq ft.

The mansions I work on have bigger saunas…

M46BC

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

#94 Flop… on 07.15.20 at 10:49 pm

Race to a million.

Hardly.

Skinny house in the Dunbar area for 1.44 will make someone happy.

Too narrow to be able to have any friends over during a pandemic, though…

M46BC

https://www.estateblock.com/vancouver-real-estate/3508-w-18th-ave-vancouver-bc-v6s-1b1-mls-r2475498-1

#98 Rvanzo on 07.16.20 at 7:58 pm

The unemployment rate does not matter for the real estate market in the GTA. It matter for rent, but not for sales. The people who lost their jobs mostly work on professions that do not pay enough to own real estate in the GTA anyway, so they were never in the market anyway. The prices are jumping because the ones that can buy did not lost their jobs (they are working from home) and now want to move up the house ladder. The sales that did not happen in the last 3 months will happen now, pushing prices up. Plus, the professional workers (lawyers, doctors, accountants) want to live in bigger houses now that they may be working from forever. As for the immigrants, only a small portion of them come here with money, and those ones are probably the ones still making in to Canada. The others are poor and were never on the sales market (only rent).

#99 SoggyShorts on 07.16.20 at 8:00 pm

#105 Sky on 07.16.20 at 3:41 am
The mask debate :
2015 – Vietnam – 1600 hospital healthcare workers – cloth masks vs medical masks
***************
Are people still not understanding who the mask is for?

Sick people(contagious) should wear a mask to contain their illness and not spread it.
People can be sick (contagious)without knowing it.
So everyone wears a mask and everyone is safer.

Get it?

#100 Ponzius Pilatus on 07.16.20 at 8:00 pm

DELETED

#101 akashic record on 07.16.20 at 8:06 pm

#87 akashic record on 07.16.20 at 7:12 pm

#86 Gravy Train on 07.16.20 at 7:05 pm
Why don’t young couples move from high- to low-cost Canadian cities?

Jobs? Opportunities? In what occupations?

Ah, aren’t we all working from home now? – Garth

Ah, doesn’t it depend on the industry, occupation, carrier path and time frame?

#102 Drake on 07.16.20 at 8:08 pm

Victoria paint company can’t find enough employees? Busiest in 20 years? Sounds like a boom not a recession.

Meanwhile Okanagan occupancy rates in hotels are 95+% full.

I guess if you are in the right spot where everyone wants to go house lust and price increases will never end.

I am sure there are some good deals in the prairies right now though.

#103 Stoph on 07.16.20 at 8:09 pm

#89 Sail away on 07.16.20 at 7:15 pm
#85 Smartalox on 07.16.20 at 6:57 pm

Overdoses spiked when the US border was closed.

Supply lines got cut, and people got desperate.

…people are dying because the drugs that are available are bad drugs.

You want to stop people dying, provide access to clean drugs, from well-regulated sources. This solution…

—————-

Here’s another solution, although, admittedly, one that is very complex and difficult:

Don’t take drugs, or if you are taking them… STOP.

Otherwise you might die. Not my problem

—————————————————————-

Sadly, I bet it is a problem for someone in your community – a client’s family member or an employee’s close friend perhaps.

#104 Crystal Ball Ganster on 07.16.20 at 8:11 pm

You know what they say about real estate: location! location! location!

Translation: GTA, Lower Mainland, Victoria and Kelowna.

#105 Ponzius Pilatus on 07.16.20 at 8:14 pm

#79 Damifino on 07.16.20 at 6:32 pm
#68 Deano

Bonnie Henry should be the very last person on any list of diss-able people.

The Prime Minister? Go ahead. Have at ’em. Even John Horgan if you must (although I don’t think he would deserve it, and I’m not NDP).

But leave Dr. Henry alone until you’ve detailed for all of us your contributions to the public good during this miserable pandemic.

Comment posts on greaterfool don’t count.
————–
Agree.
Deano misspelled his handle. It should be Draino.

#106 Ronaldo on 07.16.20 at 8:14 pm

#71 Nonplused on 07.16.20 at 6:17 pm
I can confirm Rod’s observations here in Calgary. I called 3 arborists looking for a quote and only one returned my call and he’s booked 7 weeks out solid. And he ain’t cheap either. Why would he be when he has more work than he can handle? I calculate he is charging out at about $50/hour for the labour but some of that will be overhead of course so the arborists themselves must be getting around $30/hour. That’s about $60,000/year for trimming bushes! But I bet that is what you have to pay to compete with CERB. A search on the internets says they make $24/hour but that data would be from last year.
—————————————————————-
Your pretty much right on at $30.00 for an arborist, the Labourer beginning would be around $18 to 22 for more experienced. Keep in mind that this is seasonal work up there so they may only work 7 months per year.

#107 Yukon Elvis on 07.16.20 at 8:15 pm

Tourist season in full swing in Kelowna now. Come visit.

The number of COVID-19 cases connected to multiple exposure events in downtown Kelowna and the Mission area over two weeks in late June and early July continue to rise, hitting 27 as of Thursday. This increase is more than double the 13 cases Interior Health said had been identified as of Wednesday.

https://www.castanet.net/news/Kelowna/305509/COVID-19-cases-linked-to-Kelowna-cluster-increases-to-27#305509

#108 baloney Sandwitch on 07.16.20 at 8:21 pm

Good note today. I found yesterday’s a tad “pollyannish”. I can believe the Real estate is going to get demolished. Funny, countries may be competing for high-quality immigrants in the next few years. Take that Donald. No one wants to be “coming to America”.

#109 dogman01 on 07.16.20 at 8:22 pm

#34 Keith on 07.16.20 at 3:59 pm

“You want people to vote for common sense economic policies, economic growth and fiscal discipline – invite them to join the club of meaningful participation in and contribution to society. People are going outlaw, working for cash, not filing tax returns because legitimate employment has turned into a suckers game for far too many occupations and far too many workers.”

Keith nailed it here, this is the macro society phenomena.

I would argue largely caused by globalization.

The disciples of Globalization are seeing the flaw.
https://foreignpolicy.com/2019/10/22/economists-globalization-trade-paul-krugman-china/

This is why the US got Trump.

James Goldsmith 1994 described it all.
http://www.youtube.com/watch?v=4PQrz8F0dBI

Covid will accelerate it, unless we pull away from Globalization rapidly…but I doubt it as our elite make too much money as they suck the lifeblood out of the nation.

#110 Do we have all the facts on 07.16.20 at 8:26 pm

Banks have a pretty good handle on the number of households in Canada who do not currently own a home and whose income qualifies to purchase their first home.

CMHC have even a better handle on the number of households in a Canada who might qualify to purchase their first home in 2020.

When those in the know are predicting a decline in average house prices in 2020 it is worth paying attention.
The current flurry of activity cannot be maintained without involving first time homebuyers are who are constrained by their ability to qualify for a mortgage.

Far to early to start the chorus of “I told you nothing would ever change”

#111 Flop... on 07.16.20 at 8:30 pm

Faron, I told you before, don’t waste your time with Scurvy.

The guy went after my mentor and best friend on here who died nearly 4 years ago as a way to try and get under my skin, after not being on the blog for that long.

Plenty of other people to saw information and converse with.

Don’t waste another minute on that one.

Lost cause…

M46BC

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

#59 Sail Away on 11.29.19 at 8:31 pm

————————————–

That’s nice, Flop. Helpful, pleasant and inviting as well.

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

Not this dude again.

I thought I told you I didn’t want anything to do with you after you mocked Boom’s death.

Obviously, didn’t make myself clear enough.

Don’t bother with me, I won’t bother with you.

I am pretty easy going guy, at least I think so.

I have a couple of blog rules I try to adhere to

Respect the dead, leave people’s spouses and children out of it as well.

I walk the walk as well.

Someone went after my wife, so I shut my blog down in a matter of hours. Too bad for all the readers, but if people can’t have a little bit of respect, ah well.

Overall, I enjoy my time on here…

M45BC

#37 Sail Away on 08.16.19 at 9:40 pm

“The Boom is dead! Long live The Boom!”

#112 crowdedelevatorfartz on 07.16.20 at 8:32 pm

@#85 Smartalox
“but people are dying because the drugs that are available are bad drugs…..

++++
“Bad” drugs?????
You can die from drinking too much fresh water.
The fresh water dilutes the saline in your blood, eventually, your brain cant function.
But I digress.

Most of the OD’s are due to Fentynal.
A synthetic form of heroin thats way more powerful.
Chinese labs are pumping it out by the tonne.

Payback for the Brits getting their entire country hooked on opium 150 years ago?
Who knows……..

Personally, I think the spike in fentynal deaths are due to isolation and people sitting at home alone with cash……CERB or otherwise……and nothing to do.

The majority of deaths are men. Mostly blue collar workers. from 20 to 40 ……OD’ing alone.

Were they long term addicts or newbies experimenting?
Who knows.
They’re dead.

I dont think we’ve seen anything yet.
This is Summer.
Wait until Covid round two kicks in about Nov. , Dec of this year and rampages through the population.
More lay-offs, more hording, more rain……..buy your T/P now or wipe your bum with Canadian Tire flyers………

#113 crowdedelevatorfartz on 07.16.20 at 8:33 pm

@#105 Chrystal Ball Ganster ( Gangster?)

Well, its good to know that the requirements for “Realtor School” haven’t improved

#114 crowdedelevatorfartz on 07.16.20 at 8:41 pm

@#97 Ponzie Pretention
“And Brainland is getting a little tiresome, you can do better.”

++++
I agree but it takes soooo much longer to say “Vacuous Vancouver”, Brainless Burnaby”, Numb Skull North Van, Witless West Van, Surrey, Cretinous Coquitlam, Pathetic Port Moody, Nauseating New West, etc etc etc.

“Lower Brain Land” pretty much encompasses the stupidity of the vacuous, pretentious, insipid, mirror gazing, grotesquely overly tattoo’ed, iced latte sucking wannabees that live here surrounding me.

#115 TurnerNation on 07.16.20 at 8:41 pm

Re. Smart cities. The same predictive media already floated the idea of charging tolls (taxes) on the Toronto highways. Notice the huge increase in bike lanes rolled out as planned this year. To the detriment of local business/parking. Very hard getting around the city now.
Travel rights? Let’s see now, tolls would mean Cameras. Which means A.I. Which means once your licence plate gets flagged you ain’t leaving this city. Lock down.

Smart cities and the UN wasteland planned, unfortunately called it years ago:

#40 TurnerNation on 04.10.19 at 7:00 pm
Bigger issues. A glimpse of life in de-industrialized post national state controlled by our new gods, the Techno elite. In Amazon, Tesla and google we trust. They are building Toronto’s “Smart” city as we speak.

– Toronto and everywhere mulling crippling property tax hikes, so that we all may be poor? Called it in Jan :-(
Our elite rulers are so predictable. Flip their statements 180 deg to make sense.
Last year ON Premier said “We are open for business”. Wanted to make it the licence plate slogan. This week his press releases state ” Re-opening the province”. Yup he shut it down good. Global mandate. He told us the opposite last year.

“#6 TurnerNation on 01.12.20 at 2:20 pm
Things will speed up SO fast in 2020-2021 to roll out the plans. Nobody will come to your door and take away your property no. They’ll just take 5-10% of its value away in Tax each year, and empty home tax, land transfer tax, capital gains on sales taxes (stay tuned!), carbon taxes. In a down market this would prove fatal.”

#116 Idiocy on 07.16.20 at 8:42 pm

The generosity, near universality and consequence free (no fraud enforcement) aspects of the CERB scheme were intentional and deliberate.

CERB was intended to;

1) provide direct stimulus to the economy as the Liberals knew spendthrift Canadians would spend it

2) make the recipients feel good long enough to vote in their benefactors.

3) lay the political foundation for UBI acceptance

4) instill confidence in the current Liberal government

It would appear to be a clever and successful plan – tailored perfectly for the financially illiterate audience.

#117 Tim123 on 07.16.20 at 9:05 pm

I think it is a mistake to be buying real estate right now unless you don’t mind throwing away hundreds of thousands of dollars. It is not that difficult to think about what happens to real estate prices when there is double digit unemployment. Anyways, that’s their problem, I’ve got my own problems with trying to figure out the equity markets. There are definitely going to be tax increases across the board for 2021.

#118 BlogDog123 on 07.16.20 at 9:13 pm

re: #90 Squire on 07.16.20 at 7:21 pm

of course it’s sarcasm. I’m not a 20-something person. I’m fully employed 40-something, working long hours, own my home and am debt-free.

But try thinking like a 20-something with any easy $2000/mo. Where’s the incentive to take any unpleasant job? The CERB has gotta go!

#119 Looking up on 07.16.20 at 9:18 pm

#21 Ace Goodheart on 07.16.20 at 3:23 pm

Ace, you seem pretty in tune with real estate. What’s your prediction on the fate of Toronto real estate over the next year or so?

#120 DON on 07.16.20 at 9:21 pm

I know of many instances of people in the trades doing cash jobs while on CERB on the Island.

#121 The joys of steerage on 07.16.20 at 9:29 pm

#116 TurnerNation on 07.16.20 at 8:41 pm

You been popping too many HCQ happy pills dude… they own your brain.

#122 Ponzius Pilatus on 07.16.20 at 9:34 pm

#117 Idiocy on 07.16.20 at 8:42 pm
The generosity, near universality and consequence free (no fraud enforcement) aspects of the CERB scheme were intentional and deliberate.

CERB was intended to;

1) provide direct stimulus to the economy as the Liberals knew spendthrift Canadians would spend it

2) make the recipients feel good long enough to vote in their benefactors.

3) lay the political foundation for UBI acceptance

4) instill confidence in the current Liberal government

It would appear to be a clever and successful plan – tailored perfectly for the financially illiterate audience.
——————–
About all developed countries had/have some form of CERB. They are left, right, centre, blue, green and what not.
That’s what you do when people get laid off by the millions. Or did you want them to wait months before EI kicks in?

#123 Sail Away on 07.16.20 at 9:44 pm

#112 Flop… on 07.16.20 at 8:30 pm

And yet here you are bothering me.

No matter how many times you whinge, Flop, you don’t get to push your agenda by standing on someone’s grave. Totally unacceptable.

#124 it cant happen here! on 07.16.20 at 9:51 pm

the thought police

https://www.youtube.com/watch?v=-lxopdvUSl8

#125 MF on 07.16.20 at 9:51 pm

American social media forums are starting to light up with people had Covid and have recuperated. The average age range I would say is 20-40. Mostly athletes. The illness itself seems to effect some people really bad for no rhyme or reason. The acute phase will knock you out and keep you in bed for weeks, which most people assume. The real tough thing is the chronic effects that last months.

A lot of complaints about complete fatigue and discomfort that never seem to go away. Difficulty breathing. Weird lingering psychological effects like inability to focus. Difficulty exercising and going for walks. A lot of them are frustrated they can’t play their sport or workout. Some can’t even work due to the continued brain fog.

Stay safe everyone. The economy must open yes, but take precautions. Ignore the idiots (in any form they may come in).

MF

#126 Marco on 07.16.20 at 9:52 pm

Call an arborist here in Calgary…..
How many days a year without snow in that?
An arborist…….

#127 Looking up on 07.16.20 at 9:54 pm

#91 Mark on 07.16.20 at 7:25 pm
“Buyers are realizing they’re not the only ones looking to buy the dip. If prices surge when they’re “not supposed to,” that’s when buyers on the sidelines throw in the towel and pay over asking price for fear of chasing the market higher.

So if you need to buy a house, especially in a desirable real estate market, shut out the noise, take a long-term view and buy quality property that you can afford. ”

Is it just me or does this quote not make any sense?
(1) what dip? prices were at record highs in most areas in January.
(2) FOMO and bidding wars, if you buy right now you need to chase the market higher and will likely overpay, so..
(3) what does ‘buy a quality property at a price you can afford’ mean, given (2)? He is telling everyone to throw in the towel and chase the market?

How can you tell when a Realtor is full of sh*

———————

I had the exact same thought. This quote makes absolutely no sense. Is he saying is it a good time to buy or not a good time to buy? Absolutely no idea what he’s trying to say.

#128 Steerage on 07.16.20 at 9:55 pm

#115 crowdedelevatorfartz on 07.16.20 at 8:41 pm

@#97 Ponzie Pretention
“And Brainland is getting a little tiresome, you can do better.”

++++
I agree but it takes soooo much longer to say “Vacuous Vancouver”, Brainless Burnaby”, Numb Skull North Van, Witless West Van, Surrey, Cretinous Coquitlam, Pathetic Port Moody, Nauseating New West, etc etc etc.

“Lower Brain Land” pretty much encompasses the stupidity of the vacuous, pretentious, insipid, mirror gazing, grotesquely overly tattoo’ed, iced latte sucking wannabees that live here surrounding me.
..
Well you live there.. so it’s a match! who lowers who?

#129 whiplash on 07.16.20 at 10:01 pm

#51 Inequity
Why not let Huawei in to Canada? Since much of their 5G technology is built on Nortel IP.

It does get complicated because of the existing communication equipment that exists, however, the security risks are too great to allow vendors such as ZTE and Huawei which by the way are subservient to the CCP to gain a greater foothold in commercial and government networks. The potential for backdoors in hardware/software/remote access really comes down to national security. China is not our friend, they have a clear mission and that is to dominate all aspects of the global economy any way they can. We look at the next quarter, China looks at the next decade!

#130 Dr V on 07.16.20 at 10:05 pm

Nonplused – Is an arborist actually needed for this
work? is there a bylaw requirement or a permit for tree
trimming or removal? $60k/yr sounds really cheap for
an arborist.

#131 wallflower on 07.16.20 at 10:16 pm

The pic pooch is looking at the mink, “Am I next?”

https://www.bbc.com/news/world-europe-53439263

#132 crowdedelevatorfartz on 07.16.20 at 10:17 pm

@#129 Steerage
“Well you live there.. so it’s a match! who lowers who?”
++++

True.
But at least I’m willing to accept that I’m a brainless, flatulent vulgarian as opposed to the vapid, mindless tattoo’ed, politically correct, slogan spewing, regurgitative sheeple that infest every level of the ‘Lower Brain Land”
But I digress.

Stop bothering me.
I have kale to eat…

#133 Deano on 07.16.20 at 10:35 pm

#106 * Ponzius Pratt

Read the facts and you can even look at pictures (chart)

https://www.cbc.ca/news/canada/british-columbia/overdose-deaths-b-c-june-2020-1.5652311

#134 well ok then on 07.16.20 at 10:35 pm

@#126 MF on 07.16.20 at 9:51 pm
American social media forums are starting to light up with people had Covid and have recuperated. The average age range I would say is 20-40. Mostly athletes. The illness itself seems to effect some people really bad for no rhyme or reason. The acute phase will knock you out and keep you in bed for weeks, which most people assume. The real tough thing is the chronic effects that last months.

A lot of complaints about complete fatigue and discomfort that never seem to go away. Difficulty breathing. Weird lingering psychological effects like inability to focus. Difficulty exercising and going for walks. A lot of them are frustrated they can’t play their sport or workout. Some can’t even work due to the continued brain fog.

Stay safe everyone. The economy must open yes, but take precautions. Ignore the idiots (in any form they may come in).

MF

So you have figured out how to ignore yourself.

#135 DON on 07.16.20 at 10:50 pm

@crowded

I was reading a news blurb on the lack of ‘good’ drugs due to border shut downs. In short they are cutting the good drugs with more bad filler.

#136 Ace Goodheart on 07.16.20 at 10:52 pm

#120 Looking up on 07.16.20 at 9:18 pm
#21 Ace Goodheart on 07.16.20 at 3:23 pm

Ace, you seem pretty in tune with real estate. What’s your prediction on the fate of Toronto real estate over the next year or so?

Depends what you are buying.

I can’t see Toronto condos holding their value.

Commercial stuff also has to go down in price. Not as many uses now, higher commercial taxes and a lot of dodgy tenants.

Residential rentals, where you own the dirt underneath, are gold and will continue to be. Just make sure you keep up with the yearly rent increases, or you can find yourself underwater.

Detached and semi (and the infamous Toronto row house) are the big what if?

I have always seen the Toronto real estate situation as a case of delayed currency devaluation. Ie, low interest rates are a sign of a sick, dying economy, kept on life support by means of cheap, readily available money. The true price of anything, does not matter, because you never have to pay for it anyway. You just borrow, at next to nothing interest, and then as long as you can make the monthly payments, the item is yours.

Eventually, the government is forced to raise interest rates, and print money in order to pay off the debt, thus devaluing the currency.

But houses, which are hard assets and which cannot be printed, have already greatly increased in dollar value, in popular locations such as Toronto, because there is a lot of demand, and due to interest rates being very low, everyone can afford them.

So if I am right, when they finally do decide to just clean out the pipe, jack up interest rates and money-print their way out of the situation, Toronto houses will maintain their lofty dollar values (but with a devalued dollar).

This is however not a good thing. Maintaining an inflated price, when currency is devalued, does not mean the asset is worth any more. I expect that there will not be any great increase in value of a Toronto house, during a period of currency devaluation. You can actually expect the values to go down (because interest rates will go up, and people will not be able to borrow as much).

In a healthy economy, the Toronto house would not be worth that much. It is artificially overpriced due to very low interest rates, and demand.

There is also another interesting thing that is soon going to happen in Toronto.

To understand this thing, you have to understand Toronto neighbourhoods and how they work.

Have a look at a school zone map for Toronto. You will see interesting patterns. Schools with high EQAO scores, have catchment areas where only detached and semi detached houses exist. The borders are strict. No apartment buildings are included. Often, the border lines are drawn AROUND apartments, as if by intention.

This is not a fluke or something that happened by accident. This is being done on purpose. Toronto school zones are defended by Toronto neighbourhood associations. These well financed organisations use top shelf lawyers to ensure that no changes to school boundaries take place, and that no apartments or multi unit dwellings are allowed in their school zone. They litigate everything. You can’t even rent a basement apartment in most of these neighbourhoods (they have made them illegal).

These are the “prime” neighbourhoods with the ultra pricey houses.

This fortress of wealth, solitude and arrogance is about to come crashing down. They are changing the rules. It is complex to explain, but basically the process the neighbourhood associations have used for decades to control who lives in their school zones, is being changed.

These neighbourhoods are going to be welcoming a lot more people. Low income people. Renters. Apartment dwellers. And this is going to crash the value of the houses (ever hear the phrase “there goes the neighbourhood”?)

This is going to happen in a couple of years. It is being done right now. You can expect this to make these prime neighbourhoods less desirable. This will lower house prices (which are entirely based on demand).

It is still possible to purchase a detached house in Toronto for a very reasonable price, if you don’t care where you live. Soon, it won’t matter where you live. That is going to really change things, real estate wise.

In summary, I would not be buying a Toronto house right now, really anywhere.

#137 DrC on 07.16.20 at 10:54 pm

The question is will the prices go down to the leves we had during April and May, or is that history as well?

#138 BenGrahamWannabe on 07.16.20 at 11:01 pm

So I’m not going to invest in Canadian banks if they can’t even make money off their mortgage business because no one has to pay anymore.

How much longer is that going to go on for? Is it indefinite?

#139 CERBian on 07.16.20 at 11:02 pm

Why not just extend CERB forever? Problem solved. No one has to work ever again!

#140 T on 07.16.20 at 11:37 pm

#124 Sail Away on 07.16.20 at 9:44 pm
#112 Flop… on 07.16.20 at 8:30 pm

And yet here you are bothering me.

No matter how many times you whinge, Flop, you don’t get to push your agenda by standing on someone’s grave. Totally unacceptable.

————

You are a very disrespectful person and need to go sail away.

#141 SoggyShorts on 07.16.20 at 11:49 pm

#112 Flop… on 07.16.20 at 8:30 pm
Faron, I told you before, don’t waste your time with Scurvy.

The guy went after my mentor and best friend on here…
*********************
Nope. I remember that exchange and that’s not how it went. You tried to justify and assert your position using your dead friend whom many of us liked and respected. It was you who shamed his memory, not Sail Away.

#142 Flop... on 07.17.20 at 12:04 am

You don’t mind if I just remeasure where the beer fridge is gonna go, do you…

M46BC

“Regional real estate agents are screening prospective buyers from Melbourne amid concerns some are using property inspections as an excuse to escape lockdown.

Citywide isolation measures, which also cover residents of Mitchell Shire to the city’s north, allow residents to travel for private inspections of homes — but not for open for inspections.

Maryborough Ballarat Real Estate’s Kate Ashton said she had encountered prospective buyers who appeared to be using inspections as something to do, or with only vague plans to buy in six months time.”

https://www.realestate.com.au/news/coronavirus-melbourne-buyers-screened-in-regional-victoria/?rsf=syn:news:nca:hs:article

#143 millmech on 07.17.20 at 12:06 am

#27,#48
Wow 728 ODs and 189 covid deaths in 6 months and the great response is to decriminalize drugs, all the while criminalizing people for socializing and not wearing masks.
Seems like the priorities are wrong, should we not be more worried about the drugs killing our citizens at three times the rate than the pandemic flu is. This means there have been close to 30,000 drug overdose deaths in Canada this year and not a peep from anybody, just keep wearing that mask and everything will be alright!
Sail Away is right about Gooch and friends as they love CERB, best year for business ever as they are signing up all the addicts for CERB. The dealers are all too happy to drive them to the bank to get their cash on CERB day.
If one ODs their bank card is passed onto another of their friends to milk the account, kind of like a ponzi scheme, no need to go into the branch anymore.
What is CRA going to do when they catch the ones left standing after this scourge annihilates their numbers? Garnish their dope?
We are becoming such a backward country.

#144 Flop... on 07.17.20 at 12:17 am

Good evening folks, this is your Captain Billybob speaking, currently about to break out the swag…

M46BC

“Forget toothbrushes, ear plugs, cosy socks, or bespoke moisturisers, the next time you fly your complimentary amenity kit could look very different.

Airlines around the world are ditching their standard – or luxury – amenity kits and replacing them with personal hygiene kits in an effort to prevent the spread of COVID-19.

On board Emirates flights, all passengers are required to wear a face mask at all times (except when eating or drinking), so it makes sense that one is included in the airline’s new complimentary hygiene kit along with gloves, antibacterial wipes, and hand sanitiser.

“We are all aware that we have to adapt to different practices during this pandemic in our day to day activities,” says Emirates’ chief operating officer, Adel Al Redha.”

https://www.escape.com.au/news/airlines-are-replacing-amenity-kits-with-personal-hygiene-packs/news-story/4d993dfe54d9c6f6763a61cb6f3e6b78

#145 Sail Away on 07.17.20 at 12:49 am

Here’s a true fact that most people don’t know: anti-personnel landmines do not ‘click’ when stepped on and explode when released. No. That’s Hollywood. They actually go boom immediately.

#146 the Jaguar on 07.17.20 at 12:53 am

Having a quick read of some blog comments after viewing the one hour of television I am allowed each day. Jeepers. Some people are really getting nasty. Reads like the streets of Minneapolis. It might be impolitic to say it’s coming from “the usual suspects”, but it would also be more or less true.
It seems the ‘multiple posters’ are unable to resist baiting each other, trading insults, or generally acting like audience hecklers at a comedy lounge act. What an incredible bore.
That, mixed with boasting about everything from what stock they support ( the Tesla cult), how ‘big’ their recreational toys are ( what would Freud have to say about ‘that’ one wonders…), or just generally displaying full ‘Blowhard’ credentials. It’s singularly unimpressive. People with real wealth, whatever that measurement might be, always display their assets and intellect with sensitivity and humour. No need to brag or ‘hard sell’ your ideas by belittling others. Respectful disagreement by way of offering an opposing view without resorting to ‘name calling’ seems more civilized.
Even Felix knows how to trash dogs and elevate the profile of cats with humour that never fails to make me smile. I am not fooled. A person that loves animals cares for the welfare of all animals, even though they might favour one over another. How many cats does Felix one wonders? What are their names? Monty, Merlin, Babycakes, Bandit or maybe even Felix (?)Enquiring minds would love to know.

#147 Another Ex Pat on 07.17.20 at 1:25 am

#9 CDN EX-PAT.

Re: Pref

Investing in the future of Pref Shares says they’ve bottomed and likely on sale now as rates will rise next year or beyond, but have hit bottom. Getting paid to wait now. Sweet ditch . Lay low, get rich slowly. Risk off.

Rotation: What to do when all else looks tippy? Rotate to value across the trough. Sweet spot at least until year end. Safe as houses? Safer imho, trillions in cash sitting it out. Will that money go risk on? Doubt it.

#148 Westcdn on 07.17.20 at 4:35 am

I have been noticing “distributions” from Reits appear to be a return of capital as they are not classified as dividends. Call me old fashioned but I think dividends should be paid from profit. I won’t know for sure until I get my T3’s. I am looking at selling them and buying Preferreds but I am no genius. I don’t get to decide what something is worth.

I get a kick from millenniums as they grow. I listen to radio and they come on when the regular host (boomer) takes a break. I had to laugh when two of them described T2 going back into cottage to get warmer clothing for the Tent of Commons.

Huff, huff – I can do this. Yeah, I think T2 is a method actor.

#149 BillyBob on 07.17.20 at 6:01 am

2 million Canuck Bux. Got me idly thinking of what that would get you in my city. That’s about 34,000,000 Czech crowns so I idly filtered for properties in Prague between 30 and 34 million CZK.

https://www.sreality.cz/en/search/for-sale/apartments?region=municipality%20Prague&status=very-good-condition&min-price=30000000&max-price=34000000&region-id=3468&region-type=municipality

Yes, yes I know MF, Canada the greatest, Toronto the best, all expats are bitter, good riddance etc etc *yawn*. And of course not everyone can move to another country, or even another city in Canada. (Especially when, like, they don’t want to. Because, y’know, *reasons*.)

But it’s not the worst idea in the world to look around and help decide if you’re getting value in your own market by seeing what the same money gets you in others. Both the property and the ground it sits on as described by Garth sound horrendous.

Oh and former colleague of mine from Emirates took advantage of the reduced air traffic to get permission from air traffic control to fly a rented Cessna 172 over Prague for some aerial photos. The bank of the Vltava river has to be one of the nicest places in the world to enjoy a Pilsner on a summer day…

https://www.sreality.cz/en/search/for-sale/apartments?region=municipality%20Prague&status=very-good-condition&min-price=30000000&max-price=34000000&region-id=3468&region-type=municipality

The 3rd pic of the 9 is where my flat is located and where I plan to ride out the pandemic in leisure.

#150 BillyBob on 07.17.20 at 6:04 am

Whoops clipboard didn’t copy the second link so pasted the 1st one twice.

Aerial photos here:

https://www.novinky.cz/cestovani/clanek/fotograf-poridil-diky-koronaviru-unikatni-letecke-snimky-prahy-40330426#

#151 Stan Brooks on 07.17.20 at 7:15 am

‘3rd world country’ soon will be a complement for this place.

2 millions for a small lot shack in a scheisse, jobless, high tax, low wage city. Sure.
In currency called ‘the loonie’ .

The free fall of a place with no economic activities whatsoever (Europe is much more open at the moment), that produces nothing, has everything imported, including most of the food continues unabated.

Let’s how deep we can go.

Looking from outside: it looks surreal.

Keep doing what you are doing folks, it is highly entertaining.

Cheers,

#152 Stan Brooks on 07.17.20 at 7:22 am

137 Ace Goodheart on 07.16.20 at 10:52 pm

Spot on.

The ’empire’ former model with class warfare is well and alive here. Not anywhere in the world these days, not even in UK, but here.

It speaks volumes of the impotence and incompetence of our ruling kleptocracy.

Led by the most pathetic ‘elite’/the likes of the french villa guy and socks boy, it makes you really wonder what kind of idiots would come here and for what.

The model is really simple: lie to people from around the world to come here, put them in the credit pit and then beat the crap out of them with high cost of living, high taxes, wage suppression.

It is failing miserably folks,

Cheers,

#153 AnotherGuy on 07.17.20 at 7:27 am

FYI 416 daycares are actually open. Haven’t been asked to sign a death waiver yet.

#154 Bytor the Snow Dog on 07.17.20 at 7:49 am

#100 SoggyShorts on 07.16.20 at 8:00 pm sez:

“#105 Sky on 07.16.20 at 3:41 am
The mask debate :
2015 – Vietnam – 1600 hospital healthcare workers – cloth masks vs medical masks
***************
Are people still not understanding who the mask is for?

Sick people(contagious) should wear a mask to contain their illness and not spread it.
People can be sick (contagious)without knowing it.
So everyone wears a mask and everyone is safer.

Get it?”
———————————————————-
This is a fine example of what passes for logic in the Karen set. That facts is that a tiny minority of Canadians are “infected” and a tiny subset of those are “carriers”.

#155 Bytor the Snow Dog on 07.17.20 at 8:03 am

“Carriers” should be “contagious”. And by the way, the chances of getting “infected” from casual contact are extremely low.

PS- What’s with the thin white line through the top of some of the comboxes?

#156 Do we have all the facts on 07.17.20 at 8:16 am

Although I am not a believer in promoting the accumulation of additional debt I am curious why the Federal and Provincial governments didn’t put their heads together and base CERB on basic social assistance rates or basic EI benefits plus a supplement that would be amortized and repaid without interest once a CERB recipient returned to work.

For workers with income below a certain level in a certain year the annual repayment could be forgiven. As annual income increased the annual repayment set by the CRA would also increase at reasonable rates until the debt was repaid in full.

As a Canadian who worked without interruption for 58 years and never collected one penny of social assistance or one nickel of employment insurance I fail to see Canadian citizens over the age of 65 who are very vulnerable to the Covid 19 virus received a one time grant of $300 when foreign students are receiving a grant of $2,000 per month. Surely there must be some form of reciprocal agreement between all governments to cover this situation.

The CRA certainly has the ability to calculate the total spread between basic social assistance or EI benefits and the total amount of CERB, plus other income collected, and to determine the total amount of supplement to be repaid over 10 or 15 years.

All a recipient of social assistance had to do to collect $2,000 per month in CERB was to claim income in the previous year. Each Province would then determine the amount of total income that a social assistance recipient could retain and the amount that has to be repaid. Why not apply this logic to all recipients of CERB.

The decision to place a future financial burden on Canadian citizens whose income was not affected by the a Covid 19 virus in 2020 was made in haste and without appropriate consultation.

I fail to see why future Canadian taxpayers should pay for this mistake.

#157 crowdedelevatorfartz on 07.17.20 at 8:19 am

@#136 Don
“In short they are cutting the good drugs with more bad filler.”
+++
Yes.
Cutting the drugs with predominantly Fentynal.
From China.

#158 Bytor the Snow Dog on 07.17.20 at 8:22 am

Looks like vote buying to me.

https://financialpost.com/opinion/young-people-living-with-their-parents-could-receive-11-8-billion-from-cerb

#159 crowdedelevatorfartz on 07.17.20 at 8:24 am

@#146 Sail Away
“anti-personnel landmines do not ‘click’ when stepped on and explode when released. No. That’s Hollywood. They actually go boom immediately.”

+++

Whew! Thanks.
Next time I go for an evening stroll in the Afghan steppes I’ll be sure to take a Hurt Locker with me.

#160 crowdedelevatorfartz on 07.17.20 at 8:31 am

@#149 West Cdn
“Huff, huff – I can do this. Yeah, I think T2 is a method actor.”

+++
yup.
I noticed “wheezy” was looking a tad disheveled yesterday on the podium announcing another $19 BILLION dollar give away.
(Taxes goin uppa uppa uppa)
Hair askew, wild eyed, scruffy beard, gripping the podium like a 1st time parachutist at the open door….
He’d give Trump a run for his money….Crazy personified.

#161 Sky on 07.17.20 at 8:33 am

# 100 Soggy Shorts:

“Sick people(contagious) should wear a mask to contain their illness and not spread it.
People can be sick (contagious)without knowing it.
So everyone wears a mask and everyone is safer.”

“Get it?”
***************

The Vietnam healthcare workers wore the masks to protect themselves. Not others. The study showed that cloth masks were crap.

Just saw some surveys that said 70-80% of Canadians were in favor of mandatory masks and on board with police arrests for those refusing to wear them. But I see hardly anyone wearing masks unless compelled to. Does this mean 80% of Canadians are liars?

Yesterday :

ICBC – renewed my licence and not one person with a mask in the long, socially distanced lineup. None of the govt staff wore a mask.

London Drugs – 2 of the staff wore masks. Black. None of the customers were wearing them.

Superstore – Very busy. Nobody following the floor arrows. No maskers other than a group of 3 millennial girls. Black masks again. Is this becoming a fashion statement?

The Grateful Dead are donating their unused concert T-shirts (concerts cancelled because of covid ) so they can be used to sew useless cloth masks. No end to this junk science insanity.

#162 Karen on 07.17.20 at 8:33 am

Notice it’s only the flying monkey types who support SailAway. The guy is a sociopathic troll.

#163 Felix on 07.17.20 at 8:44 am

Today’s photo may appear to some as clickbait for those of higher intelligence, like all felines, who know just how, um, challenged, dogs can be.

Let’s not deride the obviously low IQ of today’s mutt, but instead celebrate the wondrous complexity of the world that he is so incapable of grasping.

Go fetch, boy.

It’s all right, you can run away, the cats are in control anyway.

#164 Sail Away on 07.17.20 at 8:58 am

#163 Karen on 07.17.20 at 8:33 am

Notice it’s only the flying monkey types who support SailAway. The guy is a sociopathic troll.

—————–

Tough to say. My employees and bird dogs are big fans. I wake up to adoration every morning.

#165 JB on 07.17.20 at 9:06 am

#137 Ace Goodheart on 07.16.20 at 10:52 pm

#120 Looking up on 07.16.20 at 9:18 pm
#21 Ace Goodheart on 07.16.20 at 3:23 pm

Ace, you seem pretty in tune with real estate. What’s your prediction on the fate of Toronto real estate over the next year or so?

Depends what you are buying.

I can’t see Toronto condos holding their value.

Commercial stuff also has to go down in price. Not as many uses now, higher commercial taxes and a lot of dodgy tenants.

Residential rentals, where you own the dirt underneath, are gold and will continue to be. Just make sure you keep up with the yearly rent increases, or you can find yourself underwater.

Detached and semi (and the infamous Toronto row house) are the big what if?

I have always seen the Toronto real estate situation as a case of delayed currency devaluation. Ie, low interest rates are a sign of a sick, dying economy, kept on life support by means of cheap, readily available money. The true price of anything, does not matter, because you never have to pay for it anyway. You just borrow, at next to nothing interest, and then as long as you can make the monthly payments, the item is yours.

Eventually, the government is forced to raise interest rates, and print money in order to pay off the debt, thus devaluing the currency.

But houses, which are hard assets and which cannot be printed, have already greatly increased in dollar value, in popular locations such as Toronto, because there is a lot of demand, and due to interest rates being very low, everyone can afford them.

So if I am right, when they finally do decide to just clean out the pipe, jack up interest rates and money-print their way out of the situation, Toronto houses will maintain their lofty dollar values (but with a devalued dollar).

This is however not a good thing. Maintaining an inflated price, when currency is devalued, does not mean the asset is worth any more. I expect that there will not be any great increase in value of a Toronto house, during a period of currency devaluation. You can actually expect the values to go down (because interest rates will go up, and people will not be able to borrow as much).

In a healthy economy, the Toronto house would not be worth that much. It is artificially overpriced due to very low interest rates, and demand.

There is also another interesting thing that is soon going to happen in Toronto.

To understand this thing, you have to understand Toronto neighbourhoods and how they work.

Have a look at a school zone map for Toronto. You will see interesting patterns. Schools with high EQAO scores, have catchment areas where only detached and semi detached houses exist. The borders are strict. No apartment buildings are included. Often, the border lines are drawn AROUND apartments, as if by intention.

This is not a fluke or something that happened by accident. This is being done on purpose. Toronto school zones are defended by Toronto neighbourhood associations. These well financed organisations use top shelf lawyers to ensure that no changes to school boundaries take place, and that no apartments or multi unit dwellings are allowed in their school zone. They litigate everything. You can’t even rent a basement apartment in most of these neighbourhoods (they have made them illegal).

These are the “prime” neighbourhoods with the ultra pricey houses.

This fortress of wealth, solitude and arrogance is about to come crashing down. They are changing the rules. It is complex to explain, but basically the process the neighbourhood associations have used for decades to control who lives in their school zones, is being changed.

These neighbourhoods are going to be welcoming a lot more people. Low income people. Renters. Apartment dwellers. And this is going to crash the value of the houses (ever hear the phrase “there goes the neighbourhood”?)

This is going to happen in a couple of years. It is being done right now. You can expect this to make these prime neighbourhoods less desirable. This will lower house prices (which are entirely based on demand).

It is still possible to purchase a detached house in Toronto for a very reasonable price, if you don’t care where you live. Soon, it won’t matter where you live. That is going to really change things, real estate wise.

In summary, I would not be buying a Toronto house right now, really anywhere.
………………………………………………………………..
I would agree with most of what Ace says. My philosophy is there are four types of people in the real-estate pool.
Those with little or no money who become renters.

Those with little to some money that currently rent and will become first time buyers.

Those who own but are in a situation where they could become distressed.

Those who own and are debt free.

Out of all of them we would all like to be in the Owned and debt free category. These are the ones sitting pretty in the drivers seat.

#166 Q2 DUPLEX DRIVE on 07.17.20 at 9:17 am

Garth –

Tiff MacKlem capitulated on Wednesday. ‘Rates are going to be very low for a long time’. By specifically mentioning mortgages in the BOC release, he made it clear that RE buyers should go ahead and BUY. Much to my surprise, frankly, there may be a house price boom in the offing. Courtesy of the Bank of Canada. Who knew?

Low rates are a sign of a sick economy. Buy at your peril. – Garth

#167 JB on 07.17.20 at 9:20 am

Two homes on our street sold last week. Both owners that I know are heading to the suburbs with their children for a bigger home and less congestion. The new owners are a just married couple with no children (professionals) and the other I was told is a single older woman again a professional. I see this as a trend in my part of the city where the families are looking for more space and fresh air. I would venture that Covid has had a weird impact on housing trends.

#168 Dharma Bum on 07.17.20 at 9:29 am

#11 BlogDog123

Afterwards, if I’m ever motivated… me and my friends may go camping… bring some liquor we stole from my parent’s cabinet…

What a great summer !
——————————————————————-

Man, THOSE were the DAYS!!!

#169 crowdedelevatorfartz on 07.17.20 at 9:36 am

@#163 Easily offended Karen

“Notice it’s only the flying monkey types who support SailAway.”
+++

Nah.
I do it for the cool leather outfit i get to wear….

https://www.google.com/search?rlz=1C1PRFC_enCA753CA753&sxsrf=ALeKk03sq4P6Ozej61GekVGfjlxG8-yxoQ:1594992916169&source=univ&tbm=isch&q=flying+monkeys+wizard+of+oz&sa=X&ved=2ahUKEwi0zb_Rs9TqAhUMGTQIHSgqCWgQ7Al6BAgHEEo

#170 Dharma Bum on 07.17.20 at 9:45 am

#28 Stone

John Tory should stop whining and simply raise the property tax by 60%.
——————————————————————–

I guarantee you that he doesn’t have the stones, Stone.

That guy is a big phoney. All talk. Loves photo ops.

He’s Mr. Do-Nothing.

Zero toughness.

Scared.

#171 TurnerNation on 07.17.20 at 9:51 am

#126 MF did you forget already, when this lockdown hit they had Celebrities all over social media happily tweeting their newfound sickness. Nobody you or I know is sick nor did they spread to others.
Only celebs got it at the start of this campaign. Paid influencers. All are of course totally ok. It was all a ruse to sell us on the lock down.
Look they knew this almost 100 years ago in 1928, a book:
….
Propaganda by Edward L. Bernays
We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of. This is a logical result of the way in which our democratic society is organized. Vast numbers of human beings must cooperate in this manner if they are to live together as a smoothly functioning society. …In almost every act of our daily lives, whether in the sphere of politics or business, in our social conduct or our ethical thinking, we are dominated by the relatively small number of persons…who understand the mental processes and social patterns of the masses. It is they who pull the wires which control the public mind.”
― Edward Bernays, Propaganda

#172 JB on 07.17.20 at 9:52 am

#167 Q2 DUPLEX DRIVE on 07.17.20 at 9:17 am

Garth –

Tiff MacKlem capitulated on Wednesday. ‘Rates are going to be very low for a long time’. By specifically mentioning mortgages in the BOC release, he made it clear that RE buyers should go ahead and BUY. Much to my surprise, frankly, there may be a house price boom in the offing. Courtesy of the Bank of Canada. Who knew?

Low rates are a sign of a sick economy. Buy at your peril. – Garth
…………………………………………………………………..
Sick economy or not the homes in the city sell for ridiculous amounts of money. They just keep selling and for more $$. Low rates are here for a very long time. It will be selfie boys last hurrah to keep us buying for the next five years.

#173 looking up on 07.17.20 at 9:56 am

#137 Ace Goodheart on 07.16.20 at 10:52 pm

Ace, very interesting insight. Thanks.

#174 Flop... on 07.17.20 at 10:07 am

#142 SoggyShorts on 07.16.20 at 11:49 pm
#112 Flop… on 07.16.20 at 8:30 pm
Faron, I told you before, don’t waste your time with Scurvy.

The guy went after my mentor and best friend on here…
*********************
Nope. I remember that exchange and that’s not how it went. You tried to justify and assert your position using your dead friend whom many of us liked and respected. It was you who shamed his memory, not Sail Away.

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

I will react as camly as possible to this statement.

If you are going to comment, I suggest you go back to the archives of the middle of August last year.

I was getting ready for Boom Days in early September, digging out a few posts to keep his memory alive on the blog, in case his wife and son check in again, to keep my promise to them.

I put up a post early, the guy you are defending must have been extra bored that day and decided to try and mug me.

I will walk down the middle of the road, with my head held high.

I won’t allow you guys to drag me into the gutters…

M46BC

#175 Jenna on 07.17.20 at 10:08 am

#83 Zee

As i keep saying, it does not matter about Interest Rates, FOMO, supply/demand,etc, because everyone need to pass the stress test at close to 5%

People 2 years ago could not pass the stress test and that was the case last year, that is why Mortgage brokers and Realtors kept saying to get rid of it.

But now everyone is passing the stress test at the highest price that RE has been in the GTA. How does this make sense. Some thing does not add up.

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

Hello Zee, exactly ! What is probably happening is money laundering on steroids and on a small scale…lost souls (households) that are drinking the Kool Aid and risking everything because of desperation.

Interesting that Trudeau and Morneau are quiet about the exploding housing prices.

This is not 2008…same economic tactics (tricks) of exploiting housing…is not going to work for long. The tires have been cut and hot air is escaping at super speeds.

#176 Sail Away on 07.17.20 at 10:10 am

#150 BillyBob on 07.17.20 at 6:01 am

2 million Canuck Bux. Got me idly thinking of what that would get you in my city. That’s about 34,000,000 Czech crowns so I idly filtered for properties in Prague between 30 and 34 million CZK.

——————-

How did you get there? Your airline insider connections? We had a pre-booked August flight to Prague that was officially canceled by the airline yesterday.

Otherwise I’d be knocking on your door with a bottle of Slivovitz.

#177 N on 07.17.20 at 10:16 am

CMHC is spending $250,000 researching a first-ever federal home equity tax. Organizers of the research project earlier likened homeowners to lottery winners whose residences were tax shelters: “The objective is to identify solutions that could level the playing field between renters and owners.”
https://www.blacklocks.ca/feds-eye-home-equity-tax/

#178 Karen on 07.17.20 at 10:19 am

#165 “My employees and bird dogs are big fans. I wake up to adoration every morning. ”

No doubt SA has many in his life fooled. But here on Garth’s blog, the real SA can ‘express’ himself without fear of meaningful repercussions

#179 kanuckistan on 07.17.20 at 10:32 am

Used to live in Toronto in the late 80’s. It was a s**thole even then. Now it is a very expensive s**thole. Once you leave, you realize that life is elsewhere.

#180 SoggyShorts on 07.17.20 at 10:34 am

#162 Sky on 07.17.20 at 8:33 am
# 100 Soggy Shorts:

“Sick people(contagious) should wear a mask to contain their illness and not spread it.
People can be sick (contagious)without knowing it.
So everyone wears a mask and everyone is safer.”

“Get it?”
***************

The Vietnam healthcare workers wore the masks to protect themselves. Not others. The study showed that cloth masks were crap.
***********************
Did you really miss the point of masks again? cloth masks do not protect the wearer they protect others, so if everyone wears one they will work.
Maybe an example will help?

I’m actually infected but I feel fine.
I wear a simple cloth mask anyways.
I have a surprise cough or sneeze while in public.
My mask blocks most of my cough/sneeze.
You’re welcome.

#181 Idealistic Pursuit on 07.17.20 at 10:45 am

#122 The joys of steerage on 07.16.20 at 9:29 pm

You been popping too many HCQ happy pills dude… they own your brain.

—————————-

Back off TN. He consistently tries to help us become aware to the possible bigger picture and does very well with not going into dark conspiracies.

I would say it sounds like YOUR brain is owned but you’re probably just scared of the truth. It’s scary! That’s where our friends like TN are essential messengers. Better to be aware of all possibilities ahead of time than to wake up to them completely unprepared.

Why is this so hard for millennials to understand? Oohhh it’s because you think you know it all. Useless generation.

Oh, and it’s ’You have been popping…’. You’re welcome.

Thank you Turnernation. I appreciate you.

#182 MF on 07.17.20 at 10:48 am

135 well ok then on 07.16.20 at 10:35 pm

Oh look another none-user name with a none-response. That’s new.

172 TurnerNation on 07.17.20 at 9:51

These aren’t celebrities they are normal people. The virus seems to effect everyone different. It’s a crapshoot.

No I don’t believe anyone is a paid actor.

No I don’t believe in some book from 1928’s message.

No I’m a not paranoid, I am not cynical, and I am definitely not trying to connect the dots when there are no dots to connect. Face it. The world is complex and there are a million different things going on at any one time. Sometimes there is no order in chaos. There is just chaos. Understand?

MF

#183 Howard on 07.17.20 at 10:49 am

#150 BillyBob on 07.17.20 at 6:01 am

Prague is stunning but overrun by tourists (well, not currently).

I prefer Krakov. A bit grittier than Prague. Still has great nightlife and tons of charm but hasn’t turned into a prime getaway destination for drunk British teenagers.

#184 SoggyShorts on 07.17.20 at 10:50 am

#155 Bytor the Snow Dog on 07.17.20 at 7:49 am
#100 SoggyShorts on 07.16.20 at 8:00 pm sez:

“#105 Sky on 07.16.20 at 3:41 am
The mask debate :
2015 – Vietnam – 1600 hospital healthcare workers – cloth masks vs medical masks
***************
Are people still not understanding who the mask is for?

Sick people(contagious) should wear a mask to contain their illness and not spread it.
People can be sick (contagious)without knowing it.
So everyone wears a mask and everyone is safer.

Get it?”
———————————————————-
This is a fine example of what passes for logic in the Karen set. That facts is that a tiny minority of Canadians are “infected” and a tiny subset of those are “carriers”.

***********************
Wrong use of meme boomer. The Karen in this situation would be the entitled, self-important complainer who thinks her comfort is more important than the saftey of others.

Why can’t we all just stop spreading the virus for a couple of weeks and drop down to zero cases?
Why is that impossible? For us I mean, other countries have succesfully done it.

People with your mindset are the reason STDs spread. A minority of people have STDs, but it’s still a good idea to use a condom, and if everyone did, after a couple of years and testing, many diseases would be gone forever. But no, “I don’t wanna wear one because reasons”

#185 MF on 07.17.20 at 10:57 am

182 Idealistic Pursuit on 07.17.20 at 10:45

All conspiracies are dark by their general nature. They don’t appear dark, but they are. Beware where they ultimately lead. Paranoia, fear, cynicism. Is that the world you want to live in? Not me.

Why don’t we hear about positive conspiracy theories?

75 years since ww2 and life on earth is better than its ever been for human beings. If there is some conspiracy they are doing a bad job don’t you think?

And,

Herp derp millennials. We choose not to believe that drivel because we aren’t stupid, or easily brainwashed. It’s the opposite of what you said, actually.

MF

#186 Howard on 07.17.20 at 11:00 am

#137 Ace Goodheart on 07.16.20 at 10:52 pm

Have a look at a school zone map for Toronto. You will see interesting patterns. Schools with high EQAO scores, have catchment areas where only detached and semi detached houses exist. The borders are strict. No apartment buildings are included. Often, the border lines are drawn AROUND apartments, as if by intention.

This is not a fluke or something that happened by accident. This is being done on purpose. Toronto school zones are defended by Toronto neighbourhood associations. These well financed organisations use top shelf lawyers to ensure that no changes to school boundaries take place, and that no apartments or multi unit dwellings are allowed in their school zone. They litigate everything. You can’t even rent a basement apartment in most of these neighbourhoods (they have made them illegal).

These are the “prime” neighbourhoods with the ultra pricey houses.

This fortress of wealth, solitude and arrogance is about to come crashing down. They are changing the rules. It is complex to explain, but basically the process the neighbourhood associations have used for decades to control who lives in their school zones, is being changed.

These neighbourhoods are going to be welcoming a lot more people. Low income people. Renters. Apartment dwellers. And this is going to crash the value of the houses (ever hear the phrase “there goes the neighbourhood”?)

This is going to happen in a couple of years. It is being done right now. You can expect this to make these prime neighbourhoods less desirable. This will lower house prices (which are entirely based on demand).

———————————–

This is very interesting. Zoning rules will definitely be changed, to what extent remains to be seen. Baby Boomers will have to adapt or leave Toronto (same advice Garth tells young people protesting the high house prices – shut up or leave).

Hard to imagine the sleepy, leafy middle-class neighbourhood in North York where I grew up, and where my parents still live, having a big purpose-built apartment building plunked down in the middle of it. But it might well be the way of the future.

#187 Yukon Elvis on 07.17.20 at 11:03 am

#146 Sail Away on 07.17.20 at 12:49 am
Here’s a true fact that most people don’t know: anti-personnel landmines do not ‘click’ when stepped on and explode when released. No. That’s Hollywood. They actually go boom immediately.
………………………………………….

Bounding mines like the bouncing betty do not go boom right away. When triggered they pop up out of the ground to a height of about 3-5 feet then go boom. Best bet is to prone out right away when u hear it release.

#188 Sail Away on 07.17.20 at 11:14 am

#179 Karen on 07.17.20 at 10:19 am

#165 “My employees and bird dogs are big fans. I wake up to adoration every morning. ”

—————-

No doubt SA has many in his life fooled. But here on Garth’s blog, the real SA can ‘express’ himself without fear of meaningful repercussions

—————-

Crushing.

The emotional spectrum is interesting, though. Soon your anger may turn into love admiration, and devotion… and you’ll be welcomed with open arms.

Looking forward to it, K!

#189 unbalanced on 07.17.20 at 11:25 am

Whats the bantering with Flop & Sail Away? Could someone tell me the date when Flop mentioned Boom? I kinda remember the conversation but forget! Thanks in advance!!!!

#190 Dumb and dummer on 07.17.20 at 11:54 am

Sometimes I am truly amazed at the news,
Trump proclaims he brought back the Incandesce light bulb. I truly do not understand his clean water statement. A spokesperson for the white house on closing the border with Canada says we live in the greatest nation who wants to go to Canada.
we have a women in California who was refused to be served for not wearing a mask, goes into a rage belittles the server with pictures on Facebook. Then people rally behind the server and go fund and raise 100,000 for the server, now the women is going to sue the server for half the amount. We have a man shot in Ontario, I wonder if he’s white! Have not heard any comments from orange guy about if his skin was a different colour it would have been worst.
Is the world going crazy?
So I come to this blog and I am amazed at assumptions people make. A painter claims all his workers are working for cash and painting houses and sites increased paint sales to homeowners. Maybe your right, but think of all the people at home with nothing to do who painted there house. I painted?
So everyone please stop making assumptions and support comments with facts.
And stop going on and on about Covid and all these assumptions, go out and enjoy life follow protocols and stop whining and please stop predicting a second wave, it happens it happens, nothings going to change the future.
Hot tip of the day remember oil at minus 40 well the cruise industry is selling 13 cruise ships, bargain of the century.
Ker Ching!

#191 millmech on 07.17.20 at 11:57 am

Is Garth correct?
https://www.blacklocks.ca/feds-eye-home-equity-tax/

#192 Idealistic Realist on 07.17.20 at 11:59 am

#186 MF on 07.17.20 at 10:57 am

Ooohh I’ve engaged MF. Quite honoured actually. I always enjoy your posts even if we have differing viewpoints.

You are absolutely correct. Conspiracies are dark by their nature. Wikipedia defines Conspiracy as:

“In criminal law, a conspiracy is an agreement between two or more persons to commit a crime at some time in the future.”

Do you honestly think that the powers that be are the human adult version of the Get Along Gang?

Life is better now? Wow, ignorance really is bliss, eh? I prefer to live by ‘Knowledge is power’.

Herp derp made me laugh more than I wanted to. Thanks millenial, always good for a giggle.

Gen X FTW!

#193 IHCTD9 on 07.17.20 at 12:01 pm

#83 zee on 07.16.20 at 6:45 pm
As i keep saying, it does not matter about Interest Rates, FOMO, supply/demand,etc, because everyone need to pass the stress test at close to 5%

People 2 years ago could not pass the stress test and that was the case last year, that is why Mortgage brokers and Realtors kept saying to get rid of it.

But now everyone is passing the stress test at the highest price that RE has been in the GTA. How does this make sense. Some thing does not add up
— —

There are likely a lot of move up buyers who earn at least decent incomes. Sell the old paid for (or mostly paid off) condo/sfd for a huge tax free profit and move to a better ‘hood and/or house.

These folks could pass the stress easily because of a small mortgage requirement and decent income.

Eventually, these folks will age out of the market while being replaced by those who did not get a “cheap” house and a free ride up the equity ladder. This will slowly erode the pool of buyers for 7 figure homes over time. This assumes a decent sfd won’t cost 4 million in 20 years. If so, a new group of free riders will be created and the process will repeat.

FWIW, pretty much all my re owning gen X peers are in this position right now no matter where they live. For us, we bought 19 years ago for 123k. We could move into a 1 Mil house, and would stress test at 2900.00/mo. for the mortgage required – perfectly doable. Older Mils would be in the same position, but maybe via a “just soon enough” condo purchase. Older Mils hitting their mid 30’s who find themselves getting married likely have TWO condos to flog, or one condo plus a pile of cash.

I would not be one bit surprised to learn the bulk of re price gains in the gta are driven solely by move up buyers with a big down payment at the ready.

PS, a massive property tax increase like Tory is suggesting and a CG tax on PR’s would kill a lot of these re gains by killing off the purchasing power of the move up’ers – it would not take much pain before a guy who already owns a house to just say the heck with it, I’m staying put (and just do a Reno).

#194 BillyBob on 07.17.20 at 12:11 pm

#177 Sail Away on 07.17.20 at 10:10 am
#150 BillyBob on 07.17.20 at 6:01 am

2 million Canuck Bux. Got me idly thinking of what that would get you in my city. That’s about 34,000,000 Czech crowns so I idly filtered for properties in Prague between 30 and 34 million CZK.

——————-

How did you get there? Your airline insider connections? We had a pre-booked August flight to Prague that was officially canceled by the airline yesterday.

Otherwise I’d be knocking on your door with a bottle of Slivovitz.

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

Make it Becherovka and we’ll talk. ;-)

EasyJet starts Gatwick to Prague July 24 and I can’t wait to get out London. First a visit there for a few weeks, a couple months in Canada to pick up my CERB cheques (kidding,,,wish?), and then back to CR. Being unemployed does give a certain flexibility lol.

———————————————————————————-

#184 Howard on 07.17.20 at 10:49 am
#150 BillyBob on 07.17.20 at 6:01 am

Prague is stunning but overrun by tourists (well, not currently).

I prefer Krakov. A bit grittier than Prague. Still has great nightlife and tons of charm but hasn’t turned into a prime getaway destination for drunk British teenagers.

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

Krakov is cool, but nowhere near as beautiful as Prague and I find Polish culture to be tough to figure sometimes. Dunno if it’s residual trauma from the past or what but it’s an odd vibe sometimes.

And you’re right about the Brit tourists, fortunately they’ve cracked down a great deal in the really popular areas in Prague, increased fines and signage etc. Now they’re heading to even cheaper places to get stupidly drunk like Croatia, etc. Good riddance. People give the Yanks a hard time as tourists but seriously…

Oh yeah…right…Canada. 11ft 2 million dollar houses. Sorry for the drift…

#195 Don Guillermo on 07.17.20 at 12:13 pm

#185 SoggyShorts on 07.17.20 at 10:50 am

***********************
Wrong use of meme boomer. The Karen in this situation would be the entitled, self-important complainer who thinks her comfort is more important than the saftey of others
**************************************
Using the Meme Karen/Ken in any circumstance is rude. It it’s popular with the PC left white crowd that believes belittling other whites is cool and makes them “progressive”. Even our so called right wing press (Sun media) uses it recklessly. When the crazy ladies went wild in a Florida airport the other day were they labelled as Latifa’s? Of course not. The backlash would have been enormous. When we have FN people going off the rails (and we do) do they report them as Geronimos or Pocahontas? Of course not. This should be common sense.

“Karen is a pejorative slang term for an obnoxious, angry, entitled, and often racist middle-aged white woman who uses her privilege to get her way”

#196 Dan Mason on 07.17.20 at 12:21 pm

MF life is better compared to what death and poverty. It is much of a standard to beat. People are sick and tired of paying and paying and always being called the bad person just people they were prudent, responsible and planning ahead for their future.

Then what happens, all the parasites when some and use every excuse to steal it from you.

#197 Smith Mitchell on 07.17.20 at 12:44 pm

One thing I’ve found is that having that well stocked emergency fund removes a lot of the worries that other people presumably have. We don’t have to worry about how to pay the bills or buy food etc if for whatever reason I stop getting paid, and it means we can remain calmer and not as stressed about the situation, financially at least.

#198 IHCTD9 on 07.17.20 at 12:45 pm

#86 Gravy Train on 07.16.20 at 7:05 pm
It’s, like, eleven feet wide. Midtown Toronto. No parking. Asked $1.5 million. On the market one day. Multiple offers, sold for $1.8 million. With land transfer tax and closing costs, add another $90,000. So, yes, almost $2 million. — Garth

In my suburb, Garth, this homeowner could have bought at least seven 4-bed, 2-bath, 15-year-old houses for that price. Why don’t young couples move from high- to low-cost Canadian cities? I just don’t get it—even after CEF explained it to me! :P
——-

Yep. 600k gets you a beautiful brand new house on an acre out here. Not a “cheapie” basic one either. That’s 2300.00/mo. with 50k down and a 2% mortgage.

The answer will be the usual jobs/opportunities restaurants etc… I’m always amazed at how much time, money, and effort is expended on a big education to become a doctor, lawyer etc… only to end up at 40 living a nothing special lifestyle in an unremarkable gta home still buried in debt. Plus they get all the joys of living in an over crowded hell hole dump metropolis as icing on the cake

Lawyers and dentists seem to be ubiquitous and make less and less every year save for a small fraction of them. All of these professions are being eroded by immigration just like the technical/management jobs before them.

Out in small town Ontario, I know many Mils who are winning. A millwright who married an RN. An LEO married to a teacher. A couple dudes who build new houses to sell – one at a time. A property management company owner married to a charity employee. An engineer married to a social worker. I even know a young Doctor who quit the medical profession to start a landscaping company.

6 figure household incomes all over the place, affordable RE, low cost of living, low regulation living, low stress lifestyle.

Toronto is the least happiest city in Canada for good reason…

“According to the Toronto Foundation’s annual Toronto’s Vital Signs report released this week, our city “despite strong physical health … is by several measures the least happy city in the country, with our young people the least happy of all.”

https://torontostoreys.com/unhappy-toronto/

#199 SoggyShorts on 07.17.20 at 12:50 pm

#196 Don Guillermo on 07.17.20 at 12:13 pm
#185 SoggyShorts on 07.17.20 at 10:50 am
Using the Meme Karen/Ken in any circumstance is rude.
*******************
“Karen is a pejorative slang term for an obnoxious, angry, entitled, and often racist middle-aged white woman who uses her privilege to get her way”

Attaching race to the term Karen is a silly thing that some right nutters did to try and jump on the offended wagon that the left has a near-monopoly on.

If a black/FN/Asain/Latino lady orders a well-done steak and yells at the waitress when it comes out well-done and insists on speaking to the manager it’s perfectly OK to refer to her as a Karen.

Karenish behaviour might be more prevailent among white women due to it being more likely when coming from certain socio-economic demographics that overlap, but that’s not racism, that’s just statistics.

#200 Bytor the Snow Dog on 07.17.20 at 12:54 pm

@ #175 Flop… on 07.17.20 at 10:07 am:
———————————————————

My Gawd man, it’s just words on an internet forum. If you’re so hyper-sensitive maybe you should get off the internet and stick to watching Little House on the Prairie or something.

#201 Bytor the Snow Dog on 07.17.20 at 1:03 pm

#185 SoggyShorts on 07.17.20 at 10:50 am gets it wrong again, opwhining:

“#155 Bytor the Snow Dog on 07.17.20 at 7:49 am

———————————————————-
This is a fine example of what passes for logic in the Karen set. That facts is that a tiny minority of Canadians are “infected” and a tiny subset of those are “carriers”.
***********************
Wrong use of meme boomer. The Karen in this situation would be the entitled, self-important complainer who thinks her comfort is more important than the saftey of others.

Why can’t we all just stop spreading the virus for a couple of weeks and drop down to zero cases?
Why is that impossible? For us I mean, other countries have succesfully done it.

People with your mindset are the reason STDs spread. A minority of people have STDs, but it’s still a good idea to use a condom, and if everyone did, after a couple of years and testing, many diseases would be gone forever. But no, “I don’t wanna wear one because reasons”.
—————————————————————
No Karen, I got it exactly right, You wanna control what other people do. And like I said (and you ignored) a very small minority of everyone you see walking around have the virus in the contagious phase. So “we” can’t stop spreading anything because we already aren’t.

#202 Bytor the Snow Dog on 07.17.20 at 1:14 pm

#181 SoggyShorts on 07.17.20 at 10:34 am confesses:

“Maybe an example will help?

I’m actually infected but I feel fine.
I wear a simple cloth mask anyways.
I have a surprise cough or sneeze while in public.
My mask blocks most of my cough/sneeze.
You’re welcome.”
————————————————-
Wow. Hypocrite much? Talk about entitled.
How irresponsible of you to be walking around in public mask or no mask. Why aren’t you spending 14 days in quarantine?

#203 Don Guillermo on 07.17.20 at 1:24 pm

#200 SoggyShorts on 07.17.20 at 12:50 pm
#196 Don Guillermo on 07.17.20 at 12:13 pm
#185 SoggyShorts on 07.17.20 at 10:50 am
Using the Meme Karen/Ken in any circumstance is rude.
*******************
“Karen is a pejorative slang term for an obnoxious, angry, entitled, and often racist middle-aged white woman who uses her privilege to get her way”

Attaching race to the term Karen is a silly thing that some right nutters did to try and jump on the offended wagon that the left has a near-monopoly on.

If a black/FN/Asain/Latino lady orders a well-done steak and yells at the waitress when it comes out well-done and insists on speaking to the manager it’s perfectly OK to refer to her as a Karen.

Karenish behaviour might be more prevailent among white women due to it being more likely when coming from certain socio-economic demographics that overlap, but that’s not racism, that’s just statistics.
***********************************

You can argue this around in circles all you want. You know exactly how it’s being used. Constantly racializing these stories will do nothing to reduce tensions … quite the opposite. You honestly believe that white women are more likely to display bad behavior than others?

#204 Karen on 07.17.20 at 1:25 pm

#201 Bytor, At least SA has brains going for him. You are a boring garden variety type of troll.

#205 Guelph Guru on 07.17.20 at 1:26 pm

Guelph market up up and away.

Lot of people are enjoying Govt benevolence. It’s better to get 2k than working and getting min wage. People are demanding lower hours to qualify for Govt benefits. The govt may have a noble goal in mind, to help those who cannot survive. But the smart people of Canada have turned it into a joke.

So what lies ahead?
1. Raise money by increasing taxation: Yikes does not sound good.
2. Devaluate the CAD. (To put it simply: Print money out of thin air)

Option 2 sounds better. The savers are screwed. But who cares about paying off the debt? For Justin, it’s the next PMs problem. Why should he care?

It’s different this time … .

#206 Sail Away on 07.17.20 at 1:44 pm

#190 unbalanced on 07.17.20 at 11:25 am

Whats the bantering with Flop & Sail Away? Could someone tell me the date when Flop mentioned Boom? I kinda remember the conversation but forget! Thanks in advance!!!!

—————-

Can’t quite remember, maybe August 2019? It was a small blip on my screen, but clearly looms large to Flop.

General summary is that Flop appointed himself arbiter, decision-maker, enforcer and agent for the blogname “Boom”, to the point of demanding posters NOT use the name EVER, because a previous blogdog had historically used Boom, before that blogdog passing away.

Following my natural inclinations, I of course ribbed Flop about overstepping his non-authority. Another poster, maybe the one who had used the “Boom” handle started posting under “Flop”, which created a great gnashing of teeth and butt-hurtness.

At regular intervals since then, Flop continues to reuse and recycle his angst about this, but seems to have missed the most important: Reduce. Time to reduce, Floop.

#207 Jenna on 07.17.20 at 1:47 pm

#194 IHCTD9 in response to #83 Zee

There are likely a lot of move up buyers who earn at least decent incomes. Sell the old paid for (or mostly paid off) condo/sfd for a huge tax free profit and move to a better ‘hood and/or house.

These folks could pass the stress easily because of a small mortgage requirement and decent income.

Eventually, these folks will age out of the market while being replaced by those who did not get a “cheap” house and a free ride up the equity ladder. This will slowly erode the pool of buyers for 7 figure homes over time. This assumes a decent sfd won’t cost 4 million in 20 years. If so, a new group of free riders will be created and the process will repeat.

FWIW, pretty much all my re owning gen X peers are in this position right now no matter where they live. For us, we bought 19 years ago for 123k. We could move into a 1 Mil house, and would stress test at 2900.00/mo. for the mortgage required – perfectly doable. Older Mils would be in the same position, but maybe via a “just soon enough” condo purchase. Older Mils hitting their mid 30’s who find themselves getting married likely have TWO condos to flog, or one condo plus a pile of cash.

I would not be one bit surprised to learn the bulk of re price gains in the gta are driven solely by move up buyers with a big down payment at the ready.

PS, a massive property tax increase like Tory is suggesting and a CG tax on PR’s would kill a lot of these re gains by killing off the purchasing power of the move up’ers – it would not take much pain before a guy who already owns a house to just say the heck with it, I’m staying put (and just do a Reno).

———————————————————

I’m a Gen X….never would I trade in my mortgage free home for the privilege of $2,900/monthly mortgage along with the inflated taxes. No Thanks ! In speaking with my peers…same response.

As far as Older Mills….lots of debt (carrying costs) and fumes for cash.

You must be a real estate agent.

#208 Bytor the Snow Dog on 07.17.20 at 1:51 pm

#205 Karen on 07.17.20 at 1:25 pm snorts:

“#201 Bytor, At least SA has brains going for him. You are a boring garden variety type of troll.”
————————————————-
Hi Karen!

#209 Can you handle the truth? Then don’t read on 07.17.20 at 2:05 pm

I am not going to apologize for saying the truth
Do not read any further if you cannot handle the truth.
Full disclosure I support our police, I support knee to the neck to restrain violet offenders, I am against 9 minutes knee to the neck. I am against defunding the police.
This mess was caused by all past governments for defunding social services.
The police have the most difficult job on the planet and have to make split second decisions every day. Sometimes they end badly but statistically I am sure the police are well above 95 percent success rate in defusing a situation, but when they do Defuse a situation like Rideau hall we have a political guy saying ya but, instead of saying thank you officers.

So a black man is killed, do you remember his name? and I agree a terrible tragedy.
Then we have thousands marching, riots in the streets and people screaming black lives matter.
So now in Ontario.
While we do not have all the facts a white man is shot and killed. Maybe he had a gun, we don’t know, sadly a tragedy for everyone involved.
So where are all the screaming protesters?
My point is all lives matter. But because he was white there are no sounds in the forest.
it’s the truth.
So go hug a police officer today and say thank you for holding the line.

#210 Love_The_Cottage on 07.17.20 at 2:17 pm

I loved this quote from Ron Pearlman via twitter:

“Sure, wearing a mask is about 60% likely to protect you from contracting the virus but it’s 100% certain to prevent you from being an a**hole.”

#211 SoggyShorts on 07.17.20 at 2:21 pm

#203 Bytor the Snow Dog on 07.17.20 at 1:14 pm
#181 SoggyShorts on 07.17.20 at 10:34 am confesses:

“Maybe an example will help?

I’m actually infected but I feel fine.
I wear a simple cloth mask anyways.
I have a surprise cough or sneeze while in public.
My mask blocks most of my cough/sneeze.
You’re welcome.”
————————————————-
Wow. Hypocrite much? Talk about entitled.
How irresponsible of you to be walking around in public mask or no mask. Why aren’t you spending 14 days in quarantine?

*******
Essential worker dumb dumb. What’s your excuse again?

#212 Howard on 07.17.20 at 2:36 pm

#195 BillyBob on 07.17.20 at 12:11 pm

Krakov is cool, but nowhere near as beautiful as Prague and I find Polish culture to be tough to figure sometimes. Dunno if it’s residual trauma from the past or what but it’s an odd vibe sometimes.

And you’re right about the Brit tourists, fortunately they’ve cracked down a great deal in the really popular areas in Prague, increased fines and signage etc. Now they’re heading to even cheaper places to get stupidly drunk like Croatia, etc. Good riddance. People give the Yanks a hard time as tourists but seriously…

Oh yeah…right…Canada. 11ft 2 million dollar houses. Sorry for the drift…

——————————-

Yes Krakow (I misspelled it earlier, mea culpa) is a bit quirky, as you say. I don’t mind that personally. It’s a fascinating place, with the historical Jewish component as well.

Do Americans have a bad reputation as tourists? I don’t get that impression at all. Speaking as a Canadian living in Europe, I find American tourists very polite and fun. Sometimes a bit ignorant of European customs or geography, and with a weird obsession with air conditioning, but nearly always pleasant. It’s the Brits who have a bad reputation, deservedly so.

I will say that whenever I see a Canadian backpacker with one of those smug little flags stitched to the bag, I avoid.

#213 SoggyShorts on 07.17.20 at 2:52 pm

#204 Don Guillermo on 07.17.20 at 1:24 pm
#200 SoggyShorts on 07.17.20 at 12:50 pm
#196 Don Guillermo on 07.17.20 at 12:13 pm
#185 SoggyShorts on 07.17.20 at 10:50 am

You can argue this around in circles all you want. You know exactly how it’s being used. Constantly racializing these stories will do nothing to reduce tensions … quite the opposite. You honestly believe that white women are more likely to display bad behavior than others?

***********************
The “I want to talk to the manager” specific kind of bad behaviour that is a “Karen”?
Yes.
Upper middle class people are more likely to engage in that specific kind of behaviour.
White women are over represented in the upper middle class, ergo white women are more likely to commit this specific bad behaviour.

Again though, even if it is more likely to be a white woman, it doesn’t matter what race you actually are, if you pull a Karen you can be called a Karen.

#214 SoggyShorts on 07.17.20 at 2:56 pm

#202 Bytor the Snow Dog on 07.17.20 at 1:03 pm
#185 SoggyShorts on 07.17.20 at 10:50 am gets it wrong again, opwhining:

“#155 Bytor the Snow Dog on 07.17.20 at 7:49 am

No Karen, I got it exactly right, You wanna control what other people do.

*************************
Nope, Karens complain and think they are above the rules and deserve special treatment.
Seriously dude try 5 seconds of google and see all of the “Karen videos” of people refusing to wear a mask.
———————————
And like I said (and you ignored) a very small minority of everyone you see walking around have the virus in the contagious phase. So “we” can’t stop spreading anything because we already aren’t.
***********************
1. I didn’t ignore it, I explained how stupid it was with the example that a very small minority of people have STDs too.
2. If no one is spreading it…how is it spreading?

#215 jess on 07.17.20 at 3:13 pm

vaccine : optimistic

interesting : Why we fail to prepare for disaster

journalist and host of the “Cautionary Tales” podcast Tim Harford

update on D and G strains
https://www.scientificamerican.com/article/second-coronavirus-strain-may-be-more-infectious-but-some-scientists-are-skeptical/

#216 Don Guillermo on 07.17.20 at 3:25 pm

#213 Howard on 07.17.20 at 2:36 pm

I used to work 2 hours east of Krakow and enjoyed visiting on off days. Great little bars and restaurants in the underground cisterns.
******************************************
I will say that whenever I see a Canadian backpacker with one of those smug little flags stitched to the bag, I avoid

****************************************
I find this very annoying as well. Maybe had some usefulness back in the Vietnam wars days but as you say “smug” is fitting now.

#217 JB on 07.17.20 at 3:37 pm

#216 jess on 07.17.20 at 3:13 pm

vaccine : optimistic

interesting : Why we fail to prepare for disaster

journalist and host of the “Cautionary Tales” podcast Tim Harford

update on D and G strains
https://www.scientificamerican.com/article/second-coronavirus-strain-may-be-more-infectious-but-some-scientists-are-skeptical/
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I’m very optimistic about a vaccine being ready in the one year frame. Tons of printed Benjamin’s being circulated in the pharma industry. We will be OK.

#218 Don Guillermo on 07.17.20 at 3:46 pm

#214 SoggyShorts on 07.17.20 at 2:52 pm
#204 Don Guillermo on 07.17.20 at 1:24 pm
#200 SoggyShorts on 07.17.20 at 12:50 pm
#196 Don Guillermo on 07.17.20 at 12:13 pm
#185 SoggyShorts on 07.17.20 at 10:50 am

You can argue this around in circles all you want. You know exactly how it’s being used. Constantly racializing these stories will do nothing to reduce tensions … quite the opposite. You honestly believe that white women are more likely to display bad behavior than others?
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The “I want to talk to the manager” specific kind of bad behaviour that is a “Karen”?
Yes.
Upper middle class people are more likely to engage in that specific kind of behaviour.
White women are over represented in the upper middle class, ergo white women are more likely to commit this specific bad behaviour.

Again though, even if it is more likely to be a white woman, it doesn’t matter what race you actually are, if you pull a Karen you can be called a Karen.
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No mention of Karen in reporting on these lovely ladies. Not even a mention of race … which is how these stories should be reported.

https://torontosun.com/news/world/completely-unacceptable-women-brawl-with-airline-staff-at-florida-airport-over-delay

#219 ImGonnaBeSick on 07.17.20 at 3:48 pm

#175 Flop… on 07.17.20 at 10:07 am

Shrug it off Flop. You’re a good friend. Keep doing what you’re doing. We should all be so lucky as to have one true friend.

#220 SoggyShorts on 07.17.20 at 4:24 pm

#219 Don Guillermo on 07.17.20 at 3:46 pm
#214 SoggyShorts on 07.17.20 at 2:52 pm
#204 Don Guillermo on 07.17.20 at 1:24 pm
#200 SoggyShorts on 07.17.20 at 12:50 pm
#196 Don Guillermo on 07.17.20 at 12:13 pm
#185 SoggyShorts on 07.17.20 at 10:50 am
No mention of Karen in reporting on these lovely ladies. Not even a mention of race … which is how these stories should be reported.

https://torontosun.com/news/world/completely-unacceptable-women-brawl-with-airline-staff-at-florida-airport-over-delay

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Getting physical is not part of the Karen meme.
Generally Karen’s don’t even reach the level of commiting a crime, and certainly not assault.

Had it simply been a woman yelling at the employee and demanding to speak to the manager, then it would be a Karen incident.

#221 SoggyShorts on 07.17.20 at 4:29 pm

#221 SoggyShorts on 07.17.20 at 4:24 pm
#219 Don Guillermo on 07.17.20 at 3:46 pm
#214 SoggyShorts on 07.17.20 at 2:52 pm
#204 Don Guillermo on 07.17.20 at 1:24 pm
#200 SoggyShorts on 07.17.20 at 12:50 pm
#196 Don Guillermo on 07.17.20 at 12:13 pm
#185 SoggyShorts on 07.17.20 at 10:50 am
Not even a mention of race … which is how these stories should be reported.
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I agree that serious news stories should avoid race when it’s immaterial and should always avoid “Karen” since it still falls under name-calling and proffessional reporters should be above that.

#222 Idiocy on 07.17.20 at 8:07 pm

to comment # 123 Pont Pilate

Really ?
Name some countries and their respective “CERB like” benefits.
None are as overly generous nor as encompassing as Canada’s.
Not even close.
I live in a European country and am very aware of EU country policies.
And you ?
Just an apologist for your beloved Liberal benefactors I’d wager.

#223 Dog Breath on 07.18.20 at 9:00 am

“Property taxes, (Mayor Tory) says, may have to rise 60% for the place to survive.”
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The chickens are coming home to roust for all the champagne socialists in Toronto with their five million dollar houses who love to virtue signal by voting in Marxist/Socialist politicians and turning Toronto into a sanctuary city. Add in covid and you have a financial disaster. Let them pay the bill. The rest of Canada shouldn’t have to!