Unintended consequences

Welcome to the Friday edition of the not-a-virus, real estate, investing, macroeconomics, canines, babes (can I say that?) & balanced portfolio blog. Even if you’re not quite sure about your pronouns, we’re here to help. And the price is right.  Worth every damn cent.

First a follow on yesterday’s head-scratcher about how real estate values and sales can be rising when unemployment’s rampant, we’re in a recession and Covid lurks. Multiple offers are the norm again. Sadly. There’s nothing more irritating to buyers than blind auctions in which the seller’s agent holds all the cards. The practice has exactly the result intended – price inflation. And this is a bizarre outcome when a global pandemic continues to sweep through society. But it’s here. 2017 again. FOMO all over the place, from Halifax to Leslieville to Maple Ridge.

Pent-up demand is strong after everyone spent April in sweats on the couch watching Space Force. Inventories are low since sellers didn’t want germy showings and spit everywhere. But the real reason is the eternal one – cheap money. As interest rates drop, real estate lust rises, since Canadians long ago swallowed their fear of debt. This week the Bank of Canada boss, Tiffer, said rates will stay low for three years. And he specifically mentioned ‘mortgages’ in this fateful sentence. “If you’ve got a mortgage, or you’re considering to make a major purchase,” he said (unwisely), “you can be confident that interest rates will be low for a long time.”

CIBC is the latest to bite. A five-year, fixed-rate loan is now available for less than 2.4%. And there are even better deals from smaller outfits (but be careful). Bank mortgage departments are humming again after a year of misery and lenders are keen for new business, since close to a million clients aren’t making monthly payments – and won’t until the end of 2020.

Now people in the biz – mortgage brokers as well as realtors – are speculating Tiff Macklem is opening the floodgates to speculation and unbridled investor friskiness. This seems to fly in the face of recent attempts by CMHC to tighten up credit, and that agency’s warning house prices are unsustainable over the next year. The big question is what happens when (a) people have to start paying their mortgages again in a few months, (b) it’s evident economic recovery will take years, not months, (c) the jobless rate stays in double digits until Christmas and (d) the CERB cash river dries up. “Then we will see the true health of household balance sheets,” says an economist at RBC.

The inevitable, reasonable, rational, no-realtor-crap conclusion: this is a temporary phenom. Buy now with a little down payment and be prepared for negative equity next winter. That’ll be fun, especially if we get a second wave.

Now, on the issue of mortgage deferrals we told you that every week another few thousand people tell their lenders they can’t pay. Many can, of course. They just don’t want to. They think the money can be ‘saved’ for something better. And they believe this can be done with no consequence.

Better rethink that, says blog dog Darrell, after looking at his recent bank report.

“Proof on my personal account today that Trans Union is flagging and tracking accounts that have deferred payments,” he reports. “This is a Trans Union service offered to RBC clients. The “new” statement went up within the last few days.” And you can see – a deferred payment is now clearly part of the credit bureau summary.

So what? Time will tell how the banks choose to use information that a client has welched on his/her payments. Obviously a person who cannot pay because of a job loss is less creditworthy and can expect to have their file flagged when it comes time to renew, refinance or look for a new mortgage. The advice stands. Never, ever, ever defer unless the option is eating bugs.

Finally, about that CERB. The feds are throwing $82 billion into the virus small-biz wage subsidy program, basically as an incentive to wean people off the $55 billion money-for-nothing scheme that has been giving two grand a month to more than eight million little beavers. This, in turn, is all part of the $343 billion in deficit spending for 2020 that will make paying taxes so much fun for the next three decades.

The CERB was a lifeline for people whose income was sucked away by Covid. But it has engendered many problems due to the lack of supervision and qualification. More than $11 billion has gone to children who never worked a regular job and live with their parents, many of whom are also collecting. Many folks in BC think giving money to people just because they have a SIN and a bank account has resulted in record opioid use and deaths in that province.  And small businesses are definitely feeling a CERB backlash.

A survey of business owners just done by an industry group had a shocking result: 62% of workers said they’d rather stay on the pogey than come back to the job. Almost half said they don’t want to work (and would rather stay on the CERB) because they fear for their health. Says the Canadian Federation of Independent Business:

“It is clear that CERB has created a disincentive to return to work for some staff, especially in industries like hospitality and personal services. CERB was created as emergency support for workers who had lost their job due to the pandemic, not to fund a summer break. This is why it is critical that all parties support the government’s proposed change to end CERB benefits when an employer asks a worker to return to work.”

T2 extended the benefit, as you know, out to September. Maybe it will be forever. Work is such an outdated concept. Let’s just print money.

About the picture: No Corgis were sacrificed in the making of this blog post.

 

165 comments ↓

#1 Howard on 07.17.20 at 3:59 pm

Ace Goodheart:

In yesterday’s blog post you mentioned impending zoning changes in Toronto that will flood wealthy detached home neighbourhoods with higher density housing.

Funny thing, Donald Trump was ranting about just that very issue yesterday! Somehow suburban zoning rules have become an issue in the presidential race.

https://edition.cnn.com/2020/07/16/politics/donald-trump-white-suburbs/index.html

“Your home will go down in value and crime rates will rapidly rise,” he said. “Joe Biden and his bosses from the radical left want to significantly multiply what they’re doing now and what will be the end result is you will totally destroy the beautiful suburbs. Suburbia will be no longer as we know it.”

#2 Joe Someone on 07.17.20 at 3:59 pm

first first first… finally I am first

#3 Millennial Investor on 07.17.20 at 3:59 pm

I personally can’t blame low level workers who don’t want to endanger themselves for poverty level wages.

#4 Doug t on 07.17.20 at 4:05 pm

UBI, MMT = lazy, uninspired and unproductive citizens. I guess this is what people want.

#5 Millennial905er on 07.17.20 at 4:12 pm

I think things are slowing down now, at least in the 905. Lots of overpriced houses just sitting on the market for the past month +. I mean, a 4 bedder with almost no back yard for 1.2M? Give me a break.

At this point, if you are lucky enough to be earning money, and can work from home, might be worthwhile just moving out of suburbia entirely. I’d rather have more dirt, in Garth parlance.

#6 Andrewski on 07.17.20 at 4:14 pm

Nice pop and the Dye & Durham IPO today. Who saw that coming?

#7 crowdedelevatorfartz on 07.17.20 at 4:15 pm

@#4 DougT
“UBI, MMT = lazy, uninspired and unproductive citizens. I guess this is what people want.”
+++

Yep.
CERB by another name.

#8 Andrewski on 07.17.20 at 4:17 pm

DELETED

#9 JB on 07.17.20 at 4:17 pm

This machine will just keep on going. Spenders will spend. The home buying craze will flourish in the city proper for a long time. Too many people and too little homes. That is why so many were forced into condensed hi-rise petri dishes.

#10 aW on 07.17.20 at 4:20 pm

What’s up with grocery prices? They’ve always been higher up here, I know (Google some grocery delivery places in the States, we pay well over Whole Foods prices when shopping at No Frills) but it’s getting outrageous. $2 per chicken thigh at Safeway. $2 ! Per thigh ! That’s almost $20 per pound, for CHICKEN!

#11 ElGatoNerodeYVR on 07.17.20 at 4:25 pm

It seems my little rant yesterday upset a few people so let’s bring some numbers back to the table since today’s topic is CERB or life after it.
Living wage in the Greater Vancouver and Victoria for that matter is 19.50 /hr . Of course if your reference is Flin Flon MB or Swift Current SK or Peace River AB the math is different.
So a family of 4 needs each parent to work full time for a minimum of 19.50 / hr in order to make the month.
Forget about all of the high level implications or ideological beliefs, this is the number people will use to make a decision, regardless if anyone think that it is right or wrong. A bit of a back of a paper napkin math tells you that for a single person that numer is 16.50 . Again full time work at 40 weekly ( 2080 yearly for the curious minds) .
As an SMB owner this is the bare minimum of what you need to compete against if you want employees to come work for you .If all you offer is seasonal and/or part time work in the middle of the most deadliest pandemic (as per media which clearly people believe) you need to pay a premium.
Again ,forget about your own thoughts on the matter, what is important is the potential’s employee perspective.
CERB works out to 11.53/hr at full time work.
I humbly suggested a 5-10 $/hr on top of minimum wage so 17.50 to 22.50 and guarantee the FT hours if one is to convince people to work and would like to point out that the living wage is right in the middle of the range I suggested.
What CERB does is that it puts a floor below minimum wage and it should force a lot of business to self-reflect if they still have a place in this new world.
It doesn’t matter if you ideologically disagree with it, as a business owner hou need

#12 The West on 07.17.20 at 4:25 pm

I was worried about that Corgi…Thank Dog he’ll recover.

Our economy though….let’s just all fold our businesses and stick our hand out!

Good Weekend All!

#13 Ponzius Pilatus on 07.17.20 at 4:26 pm

Tip of the day:

Before acting, always ask yourself: What would Fauci do?

#14 wkg on 07.17.20 at 4:27 pm

Shocker, the generation that elected the imbecile trudeau would rather collect pogey than work

#15 Ace Goodheart on 07.17.20 at 4:27 pm

RE: “Space Force.”

Best. Show. Ever.

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

Re: #1 Howard on 07.17.20 at 3:59 pm

Ace Goodheart:

In yesterday’s blog post you mentioned impending zoning changes in Toronto that will flood wealthy detached home neighbourhoods with higher density housing.

Funny thing, Donald Trump was ranting about just that very issue yesterday! Somehow suburban zoning rules have become an issue in the presidential race.

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

I don’t agree with it. I just watch it happen.

Try to get a permit to build a 20 unit apartment building on Durie Street in Bloor West Village and watch who shows up to the variance hearing. Big guns on display. Stay out of our school zone. Build your rental unit somewhere else.

#16 ElGatoNerodeYVR on 07.17.20 at 4:27 pm

Hit sent to early. To end my previous post.
As a business owner one needs to deal with reality not wishful thinking or ideal world ,or whatever one believes is “The right thing” .

#17 Stoph on 07.17.20 at 4:28 pm

The FIRE crowd (at least some of them) are happy enough to live off of $40k/year as a couple after having worked years to save the $1M needed to spew off the $40k/year. This amount though is less than the $4k a month a couple can receive with CERB.

It’s no wonder people don’t want to go back to work. CERB is giving people a taste of UBI, which would mean early retirement for a lot of people.

#18 Dave on 07.17.20 at 4:29 pm

There is a common belief that Real Estate / Developers employ too many people. Backbone of our economy so too big to fail.

If real estate can survive and thrive in covid then perhaps Garth is wrong about real estate. Has been wrong for 15 years.

#19 Leftover on 07.17.20 at 4:33 pm

If you’re a nurse, real estate agent (for now) or delivery truck driver, you’re busy. The rest of the economy is in limbo and functioning at about 60%. People aren’t inspired to work, whether they’re scared, lazy, or just want to enjoy the summer.

Come fall this all changes. Deferrals expire, CERB will peter out, and landlords will be able to evict tenants for missing their rent. Then on November 3rd Trump goes away. Might even have a vaccine by Christmas according to Fauci.

But it won’t be “normal”. Unemployment will still be 10% and we’ll have to deal with a $350 billion deficit. The BoC will try to print money for as long as it can, but that’ll be determined by the bond market once the USA raises taxes/cuts military spending to deal with its own budget hole.

We’ll get what we deserve.

#20 Ace Goodheart on 07.17.20 at 4:35 pm

#1 Howard on 07.17.20 at 3:59 pm

Ace Goodheart:

In yesterday’s blog post you mentioned impending zoning changes in Toronto that will flood wealthy detached home neighbourhoods with higher density housing.

Funny thing, Donald Trump was ranting about just that very issue yesterday! Somehow suburban zoning rules have become an issue in the presidential race.

The ridiculous thing is, rentals in these Tony neighbourhoods are gold plated platinum with unobtainium underneath, wrapped in ermine and silk.

If you can somehow get around the neighbourhood associations and actually build a rental building on one of these streets, your income stream will be ridiculous.

A single piece of land, upon which sits a multi million dollar, slanty floored falling down dump, could house a large, multi unit dwelling, paying the owner lots of money in rent every month.

But you can’t build them. They won’t let you. The battle you get into is epic.

#21 mitzerboyakaQueencitykidd on 07.17.20 at 4:35 pm

Monday you can hold your head
Tuesday, Wednesday, stay in bed
Or Thursday watch the walls instead
It’s Friday, I’m in love

the cure
Have a good weekend all you doggies

#22 SunShowers on 07.17.20 at 4:36 pm

Sounds like “hospitality and personal services” need to offer some kind of hazard pay as an incentive.

Jobs that require face to face interaction with hundreds of different people every day are significantly more dangerous during a pandemic.

#23 jess on 07.17.20 at 4:44 pm

non profits in the usa via cnn
deferrals …kicking the can?

maximum lending capacity of $600 billion.
As of Wednesday, the Fed had purchased just $12 million of loans from the Main Street facility. That compares with more than $11 billion of corporate bonds and ETFs purchased by separate Fed programs that have successfully propped up the corporate debt market.

The Fed said nonprofits seeking loans through the Main Street program must have been operation for at least five years, have at least 10 employees and an endowment of no more than $3 billion. (For context, Harvard University recently reported a $40 billion endowment, while Princeton University’s stood at about $26 billion.)
Nonprofits also must borrow at least $250,000 and cannot be too overleveraged. Their ratio of cash, investments and other resources to debt must be greater than 55%.
Under the terms of the loans, interest payments aren’t owed for one year and principal is deferred for two years.
https://www.cnn.com/2020/07/17/business/fed-main-street-nonprofits-hospitals-colleges/index.html

#24 credit on 07.17.20 at 4:53 pm

Even if you have excellent credit and pay all your loan payments on time, banks can still destroy your credit. RBC has flagged several loans and credit cards as “Payment Deferral”, even those who have never applied for payment deferral. My credit report shows “Payment Deferral” even though I had never applied for one. I had made all loan and credit card payments on time. I have not even missed one payment. When I call the RBC customer service, they say this has happened to several clients and I am not the first person.

#25 Cottagers STAY THE HELL AWAY! on 07.17.20 at 4:53 pm

Turn off the car in your Oakville driveway.

Turn on the a/c .

Just.

Stay.

Home.

#26 Marco on 07.17.20 at 4:54 pm

A survey of business owners just done by an industry group had a shocking result: 62% of workers said they’d rather stay on the pogey than come back to the job.
————————————————————–
And that says nothing about employers. Of course, they create jobs. In which 62 percent of workers are obviously happy and healthy.
Canadian concept of capitalism sucks, because only dignified job is a government job.

#27 The Woosh on 07.17.20 at 4:58 pm

The inevitable, reasonable, rational, no-realtor-crap conclusion: this is a temporary phenom. Buy now with a little down payment and be prepared for negative equity next winter. That’ll be fun, especially if we get a second wave.

——————————————

What’s inevitable should already have happened. Reasonable and rational are so 2017. A year or two from now we’ll be kicking ourselves for holding off on purchasing that house! It shouldn’t be this way but looks like it’ll happen anyway. A second wave will just make a single detached that much more expensive! Think about it.

#28 Steven Nicolle on 07.17.20 at 5:09 pm

This is how the CERB could have been handled. If an employee was called back to work after getting CERB if he/she refused then employer should have been able to notify CRA that person was called back but refused. At that point his CERB should have ended. But then with no jobs out there they would have had to go back to work at their former job at lower pay now hopefully on the path to self discovery and improving their lot in life. The question that springs up is it took a pandemic for them to realize they could do something different to improve their outlook. It’s funny but you always see the most applicants for the minimum wage jobs.

#29 FreeBird on 07.17.20 at 5:14 pm

Fear of virus (endangerment) is being used as factor for why many collecting CERB (future UBI?) and choosing to stay home vs working. Extensive study reviews incl multiple countries and demographics are still showing majority of those infected are older adults (60+) and most who needing ICU care have pre-existing health issues (who may die w/virus vs of it but the distinction reportedly isn’t being made in stats or in cause of death…yet). So it seems except for a low percentage of age outliers and certain countries (ie Italy) in Canada most on CERB even IF infected by SarsCov2/COVID will experience only mild-moderate flu like symptoms and probably not contagious if asymptomatic. Because I’m high risk I ran this by my family MD who agreed to date this is what the best data on balance shows and supports caution if needed not fear. We’ve had trades in (so have neighbors) and I’m not worried at this point. My other half is 60+ had symptoms but tested neg (as did vast majority in Peterborough w/92 pos of ~20K tested and no community spread.) I was sick early on but denied testing and fully recovered.

“ ‘I’m just not comfortable.’ That, in and of itself, is not enough for someone to refuse to come to work. They need to put a reason to it.” (I’m JT will fix this loophole)

https://www.terracestandard.com/news/turning-down-work-cerb-causing-issues-for-some-b-c-restaurants/

#30 Asterix1 on 07.17.20 at 5:16 pm

Don’t think there is an actual FOMO going on. Sales are not exploding and prices are falling.

Anyone accepting to bid in a blind auction deserves to get fleeced. This will get ugly fast. It already started.

Low rates mean nothing in this environment. Won’t kick start this dead horse…

#31 FreeBird on 07.17.20 at 5:25 pm

I think Garth covered CRA’s ability to clawback CERB (JT will prob fix this too w/future tax $$ he and Mr Morneau will pay little of by various legal means).

https://www.google.ca/amp/s/ca.finance.yahoo.com/amphtml/news/watch-cra-back-2-000-121627740.html

#32 crowdedelevatorfartz on 07.17.20 at 5:27 pm

@#24 Cottagers Stay the Hell Away

Well,

You are persistent.
I’ll give you that.

#33 FreeBird on 07.17.20 at 5:30 pm

Oops missed link for study on virus study review for anyone to read if they want. Time for dinner and wising we lived by the water like in Lunenberg or Italy.

https://www.nature.com/articles/s41591-020-0962-9

#34 DrC on 07.17.20 at 5:32 pm

As said before, the huge amount of available credit + the low inventory of houses will keep this market up forever. Tye ones who had the balls to overextend and take a huge amount of debt now are millionaires. Sucks to be me since I thought I was smarter and didn’t take a mortgage when I could…

#35 Robbie on 07.17.20 at 5:40 pm

#29 Asterix1 You don’t mention where you are located so I can’t comment on Real Estate in your location but in mine (I am a Realtor on Vancouver Island and Gulf Islands) I took Buyers to a reasonably priced home on Vancouver Island (there was a good “comparable” in a property across the street that had sold about 9 months earlier so the asking price was realistic, based on that comparable sale) and there were so many Buyers that the Realtor had to ask for about 4 days before Offers could be reviewed and there were at least 10 (!) offers. Home sold for about 7% over asking. Definitely FOMO and quickly rising prices here!

#36 the Jaguar on 07.17.20 at 5:48 pm

That fat corgi lying on its back is likely rolling in something dead. Dogs love to do that. Ugh.
If our new Gov of the BOC McTiff makes an ‘official statement’ on low rates for the foreseeable future, and the head of CMHC forecasts declining house values due to economic fallout from Covid, one has to wonder at the sudden real estate buying frenzy. A sensible person would exercise patience, knowing better days and deals lay ahead. But patience is indeed a virtue and that characteristic is elusive these days. It’s disappearing from our world faster than a fart in a windstorm. We have an entire generation of people who fashion their every move as though they were ‘big game hunters’ bagging their real estate prey. “Call me Bwana”. I’m confident many are too obtuse to get the reference. When that venue was shut down to them briefly they were ‘bagging’ flatscreens at Costco with their CERB handouts. Contempt doesn’t begin to capture it. Especially entire families stealing from the public purse. There are no words. If only there were handcuffs. Keys to be found at the bottom of the St. Lawrence Seaway.
Many who have purchased real estate in recent years ( especially those playing the game of multiple investment properties) have no experience with significant market decline and its fallout. The last time the fecal matter really hit the fan was was in the early 1990’s. Thirty years ago. Both Toronto and Vancouver were impacted. Alberta went through ‘jingle mail’ during the oil bust of the early 1980’s. A entire generation of peeps who stupidly think that bad things happen only to other people and real estate only goes up are gambling with their future.

#37 Don Guillermo on 07.17.20 at 5:54 pm

#222 SoggyShorts on 07.17.20 at 4:29 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.
*****************
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
*************************************
Now just imagine if they were white women. The terms Karen and white would have been littered though out the story. CBC would have pushed Trump off their lead story to lecture all of us horrible white people.

#38 DON on 07.17.20 at 5:55 pm

@crowded

I believe they are even cutting the Fentanyl as imports from china slowed due to the virus.

cutting the filler with more toxic crap.

#39 Billy Buoy on 07.17.20 at 5:59 pm

A lot of well intended decisions were made in haste. Try putting the Genie back in the bottle…

JT major problem is he tries to please EVERYONE.

As well all know, when you try that, no one gets satisfied.

As Mr. Turner said “Keep printing.”

Got GOLD? I do and we are hitting the peak season for GOLD til Mid October.

That horrible out of date piece of rock that is loving the all the world’s Central banks. THANK YOU!

#40 KNOW IT ALL on 07.17.20 at 6:08 pm

I wouldn’t have a PROBLEM GOING TO WORK if I could make my own hours and people would stop telling me what to do when I get there.

CERB IT IS!!

#41 Billy Buoy on 07.17.20 at 6:08 pm

Just off the phone with the Nice Lady at the Credit card company after inquiring why I received an overpayment check for $24.98 from the today…

(I was hacked once, thus mail in my payments by cheque and usually throw in an extra $25 once in a while especially in summer if I forget to check balances, etcc..)

She told me ” We do this as after 2 months, it shows a debit balance, we return it. And hey, you may need the cash.”

I replied “Gee, you are the first business ever to return an overage that was voluntarily sent. By any chance as a bank who makes money on credit balances, you kinda hope it doesn’t get paid so you can charge interest and other fees.?”

Banks are so concerned with our financial being. HAHAHA

#42 Nonplused on 07.17.20 at 6:17 pm

The CERB is perhaps the worst of the monsters covid let out of Pandora’s box. There are nothing but problems with it.

First, it is unaffordable. We cannot collectively through the government afford things that as a sum of individuals we cannot. The government doesn’t have any money save that which the tax or borrow. So all they are doing is putting it on our tab for future repayment.

Second it is unfairly distributed. Folks who worked in a pub got a paid vacation while folks who worked in a liquor store had to show up for their shifts.

Third, as discussed today it has greatly disincentivized people to work. Why would you apply for a job at McDonald’s when you can make as much money developing your Minecraft environment?

Fourth, it is going to cause inflation. Because so many people are not working, and labor being the source of wealth (goods and services), all this borrowed money is chasing fewer goods and services without the corresponding production of goods and services.

Fifth, it has probably permanently changed the political landscape in Canada. Many people are going to assume that if the government managed to do it once they should be able to do it permanently. They will vote accordingly.

Sixth, for many people it will permanently divide the relationship between labor and earnings in their minds. This relationship is key to the function of any economy, whether “free” or “socialist”. Even in the Soviet Union if you wanted to eat you had to show up at the factory you were assigned to.

Covid may pass but the effects will be permanent.

#43 Billy Buoy on 07.17.20 at 6:22 pm

Any chance the Blog Dogs can have the next reunion up north at:

Cottagers STAY THE HELL AWAY place?

I got the Cream Soda and Cheesy’s covered.

What is everyone else bringing?

#44 Steven Rowlandson on 07.17.20 at 6:24 pm

“A survey of business owners just done by an industry group had a shocking result: 62% of workers said they’d rather stay on the pogey than come back to the job. Almost half said they don’t want to work (and would rather stay on the CERB) because they fear for their health. Says the Canadian Federation of Independent Business:”

Probably make more on CERB than working….When work pays and delivers the goods you will get more of it.

#45 kingston boy on 07.17.20 at 6:25 pm

@#31 crowdedelevatorfartz on 07.17.20 at 5:27 pm
@#24 Cottagers Stay the Hell Away

Well,

You are persistent.
I’ll give you that.
———

easy to be persistent when you’re a retired curmudgeon.

#46 Overheardyou on 07.17.20 at 6:31 pm

I really can’t wait to see who’s left holding this hot potato…

#47 jal on 07.17.20 at 6:32 pm

#27 Steven Nicolle
“But then with no jobs out there they would have had to go back to work at their former job at lower pay”
—-
With happy working employees making less than living wages maybe, maybe, it will generate more customers that will result in enough sales to cover costs.

#48 TurnerNation on 07.17.20 at 6:34 pm

I found out more what’s the state of this world today.
It it Incrementalism.
A puppy does not just become bird dog or police dog. No you use small steps, and build on them.
First establish you are its’ master. Then Sit, Come. And so on.

For example after Sept 11 they used a single news story to require shoe removal.
Next came a liquid ban. One story (a ‘plot’)
Finally the nude scans.

Today first it was vague stuff like Flatten curve.
Then #stayhome.
Now the media is actually telling us what to wear.
Who is our master? Well who enforces all this stuff?
Start small: first the corporations sent you home from work.
Then they censor all online opinion.
Now, those corps dictate whether you may transact commerce.

A big box stock has mimimim 6 signs to this effect on their front window. A dozen is the norm.
First it was Stay (apart).
Then Sit (on the mark on the floor).
Then Come (arrows on the floor).
Now we have a Collar. A mask tied around head.
Corporations enforce all of this. Our new rulers in this New System.

What’s next? We are in the Compliance phase after all
Just get your damn needle? Just get the damn chip? We’ll see what Phase 2, the Second Wave of rules, brings.

#49 Everything is better in USA! USA! on 07.17.20 at 6:37 pm

Give up garth. Not gonna happen. I pity the canadian fools. I wish we could have some of your people U.S. I will make a few bucks. They will fall flat once they see the quality of living, housing and prices in USA! USA!

#50 crossbordershopper on 07.17.20 at 6:37 pm

If the majority of people are happy with $2K a month forever and use this is a floor per say we are basically there in Canada.
A retired guy who just turns 65, depending on province benefits of provincial credits or carbon rebate differences is about $1800 per month per retired single for nothing, just existing and lived in Canada.
so $2K month just expands that to the less than 65 crowd, the reality is for mot Canadians, there expectations in life are low, they just want a fridge full of food, the lights to always be on, the heat working in the winter, a reliable car, not fancy just a vehicle , a few treats like a dog once a week
and here you are, really weird, people living in million dollar homes paid for but don’t have $20 bucks in the pocket, weirdest place in the world.
I see the old guy getting the mail across street when I go visit my parents in Guelph, retired widow, never worked like I never saw him work , he raised his kids, wife died, he is alone in the pretty big house worth Idk 800 or so, never worked a day in his life, like I always saw that he never had a job as a kid, and there he is still in his house, never worked a day. he is probably worth a million with his house,
and I see people up and down the highway, going to work etc, and having nothing in the end, while this guy never worked and here he is waiting for the month end government cheques.
his kids I here are ok, moved away and have there own family now, its just that when the topic of UBI and CERB etc come up, I think of this guy. Canada has been very very good to him,

#51 jess on 07.17.20 at 6:43 pm

india’s experience…he who shouts the loudest…what no cook no maid ?

In the online game “Survive Covid,” players assume the role of a housemaid who must make it through a 21-day lockdown, while feeding her family without running out of money — or getting coronavirus.
Agarwal, the Chennai-based NGO founder, designed the game, with technology firm XR Labs, to give her peers empathy for the challenges facing poor families in the pandemic. So far, more than 200,000 people have played.
Decisions that have to be made include: should I use the finite water supply to clean the dishes instead of regularly washing my hands and increasing the risk of infection? Should I spend money on a Covid-19 test for a sick relative and deplete my savings, leaving my children at risk of going hungry?
“It was about giving them a voice and amplifying a voice that was not being heard,” Agarwal said, adding that these are choices faced every day by the poor and marginalized.
She said that people don’t think about “what if a fan broke in this house, how would they survive the summer?” During the pandemic, while the private schools had capacity to switch to online learning, Agarwal said government schools struggled to provide basic schooling. Many families couldn’t afford the technology for online learning, with some not having reliable access to the internet, or even electricity…

https://www.cnn.com/2020/07/16/asia/india-wealth-gap-coronavirus-intl-hnk/index.html

#52 Nonplused on 07.17.20 at 6:43 pm

#11 ElGatoNerodeYVR

It doesn’t really matter what you set the minimum wage to, it doesn’t improve the lives of the masses of people working for those wages. Why? Because the people working for minimum wage also have to pay those wages when they buy goods and services. So if the co-op has to raise wages they also have to raise the price of bread. The money has to come from somewhere.

Remember, money isn’t real, it is just a measure of the relative value of things. If you artificially raise the price of one thing (labor in this case), the invisible hand adjusts everything else until the relative values of things are restored.

All one has to do is look at what the unions did to the US auto industry. They made Toyota the largest car builder on the planet while Chrysler and GM went bankrupt while Ford only escaped that fate because they got the same bailout money before they went tits-up.

You simply can’t “force” the market. If someone is only worth $10/hour, then they will make $10 an hour or they will be replaced by a machine or a factory in Japan or now China. If you force the wage to $20/hour eventually the price of everything doubles and then you are right back where you started. I know it is hard for people who are only “worth” $10/hour to admit it but anybody can push a broom or flip burgers. And these are entry level jobs. My cousin started out in the restaurant industry at minimum wage but eventually he was managing the store at much higher wages. When I started out as an engineer in training the salary was not much more than minimum wage is today (although it was double minimum wage at the time) but that changed quickly as I became more useful and could take on additional responsibility due to experience.

So to sum it up if you want more money make yourself more valuable. We can’t pay you more to sit around being passive-aggressive because it isn’t producing anything of value.

#53 Axehead on 07.17.20 at 6:49 pm

Hmm, if work is such an outdated concept, how can the socialists (Libs and especially NDP) bring about a workers socialist soviet paradise?

Garth, keep the alarm bells ringing.

#54 DON on 07.17.20 at 6:50 pm

@41 Nonplused

Telling it like it is.

#5…Who knows maybe it will be Utopia. Or just repeating the long lost history of human nature.

Friend just told me he had relatives boasting to him about pooling cerb funds to buy a boat. i take it none of them qualified for the cerb but took it. My friend said it was disgusting.

#55 Stay away from my Costco! on 07.17.20 at 6:52 pm

#24 Cottagers STAY THE HELL AWAY!

Two can play at that game if I see you in my Costco. STAY THE HELL AWAY!

#56 Dolce Vita on 07.17.20 at 6:56 pm

BC crowing how they “crushed it” in the news about COVID (serological test results).

Here’s how:

“Count no evil” (bottom right):

https://experience.arcgis.com/experience/a6f23959a8b14bfa989e3cda29297ded

Italian test rate over 100K per million.
Ontario, roughly 3X the population of BC, has done 1.8 million tests. Quebec, 1.7X the population of BC, 1.02 million tests. BC total tests:

226,147

PS BC:

Serological test results are all over the map Worldwide. In fact if you tested Northern BC, well you’d get about 0%.

Many ways to creatively report numbers, don’t count or count selectively or give credit to the rarified air and the Orca’s (Mother Nature agrees).

—————————

Wholesale Trade edged up in May vs. April by 5.7% (StatCan The Daily). Which is good. Better than going down.

The bad is that May 2020 is down about 18% from May 2019:

https://www150.statcan.gc.ca/n1/daily-quotidien/200717/t001a-eng.htm

Oh well, another hole to dig out from under.

When CERB ends, it will be a mess as are the public books.

#57 Shawn on 07.17.20 at 6:59 pm

The CERB and other businesses subsidy programs acted to support real estate prices similar to the way the FED and central bank stimulus acted to support equity asset prices.

Why do you have a problem with one buy not the other?

#58 Bytor the Snow Dog on 07.17.20 at 7:01 pm

#212 SoggyShorts on 07.17.20 at 2:21 pm still hasn’t figured it our because he’s a hypocrite snorts:

“#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?”
—————————————————————–
My wife’s an essential worker. If she tests positive she has to quarantine for 14 days. So do I because I live with her.

Hypocrite.

#59 Sail Away on 07.17.20 at 7:05 pm

#32 FreeBird on 07.17.20 at 5:30 pm

Oops missed link for study on virus study review for anyone to read if they want. Time for dinner and wising we lived by the water like in Lunenberg or Italy.

——————

Or BC. Summer is great. Heading to the estuary in a minute with the dog pack for one of our favourite activities: walking, wading, swimming down the winding channels with high grass and cottonwoods on each side, so it feels very remote even though close to town. Me with mask and mesh bag to catch crabs that hide under seaweed, dogs with enthusiasm. Hot sun, warm water, trout, crabs, sculpins, otters, ducks, geese, mink.

So good. Crab boil tonight!

#60 Zippy on 07.17.20 at 7:18 pm

When I hear employers say that their employees would rather stay home on CERB than go back to their job, the question I ask myself is not “why are they so lazy” it’s “what about that job is so terrible that they would rather take a government handout”?

Some of the so called job creators need to take a good hard look in the mirror and ask themselves if they are creating valuable employment opportunities or running sweatshops.

#61 Ace Goodheart on 07.17.20 at 7:18 pm

RE: #24 Cottagers STAY THE HELL AWAY! on 07.17.20 at 4:53 pm
Turn off the car in your Oakville driveway.

Turn on the a/c .

Just.

Stay.

Home.

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

No one is listening to you, Karen.

#62 crowdedelevatorfartz on 07.17.20 at 7:18 pm

@#37 DON
“cutting the filler with more toxic crap.”

++++

I didn’t realize drugs could be cut with political correctness.

#63 Cdn Mom on 07.17.20 at 7:19 pm

“CIBC is the latest to bite. A five-year, fixed-rate loan is now available for less than 2.4%.”

Last week Scotia gave us 2.31% on a refi for a substantial addition. Mortgage payment still under a grand.

#64 crowdedelevatorfartz on 07.17.20 at 7:22 pm

@#42 Billy Bouy
“I got the Cream Soda and Cheesy’s covered.
What is everyone else bringing?”

++++
No elevators in Cottage country, whwere’s the fun in that…?
Count me out.

#65 Nonplused on 07.17.20 at 7:23 pm

Ok, I am over quota today but traffic is light so I will indulge myself particularly in response to the “Cottagers” Karen.

So BC is welcoming Albertans back to their hotels and golf courses, but probably nobody remembers my family prefers to vacation in BC with our RV and boat. BC Parks is not allowing any reservations from out of province and there was a date (when the policy changed) that if you made a reservation they just cancelled it and refunded the money but now after that date they are cancelling the reservation and keeping the money. “Too bad for you” they say “read the terms and conditions”.

Civility is breaking down on all levels. I mean I can understand “stay safe, social distance, wear a mask” but cancel camping and keep the money? Nope I don’t think that is right. If you must cancel camping you return the money.

Anyway I must quota out now and 5:01 is underway.

#66 Dolce Vita on 07.17.20 at 7:23 pm

Off topic but at least interesting…

Speaking of “Unintended Consequences” or “Looking for Love in all the Wrong Places” today from my favorite COVID Doc UKs Dr. John Campbell.

He reports about the Australian Melbourne COVID outbreak and its cause (it may not load right away or show error, patience it loads in a few seconds):

https://www.youtube.com/watch?v=IKfWR_QmPe0&feature=youtu.be&t=1541

Ooohhh OZ, you Tasmanian Devil you.

Tough finding companionship if you are a Melbourne Security Officer?

#67 Bytor the Snow Dog on 07.17.20 at 7:24 pm

How do all of you mask vigilantes square this one:

https://nationalpost.com/news/canada/more-than-80-of-cross-border-travellers-are-exempt-from-covid-19-quarantine-rules-government-says/wcm/25fc1306-3233-4c13-9ec8-6c6ee7a8a515/

#68 crowdedelevatorfartz on 07.17.20 at 7:24 pm

@#45 Overheard U
“I really can’t wait to see who’s left holding this hot potato…”
++++

Taxpayers.

#69 Idiocy on 07.17.20 at 7:33 pm

Canadians can’t come to grips with reality, so reality will have to come to grips with Canadians.

Money will be printed and distributed or credit extended as necessary – at least until after the election is won.

#70 Lead Paint on 07.17.20 at 7:34 pm

#11 ElGatoNerodeYVR on 07.17.20 at 4:25 pm

You certainly expressed your viewpoint much better today than yesterday, or at least you’re less inflammatory, I guess we are getting Dr. Jekyll tonight.

#51 summarised pretty much what I think, but I’d add a couple points.

A) you seem to assume that minimum wage needs to be at a level to support a family of 4. Why is that the case? Is there not an hourly wage that teenagers or people new to the workforce can earn that not only provides hourly compensation, but let’s them alsoearn work experience and resume padding, to build themselves towards to a higher paying job?

B) You are not accounting for all the thousands of dollars this family of 4 receives from the government for having kids, so you need to adjust your math accordingly. More kids, more free money.

The owner of a seasonal painting business is not getting their just deserts because they have underpaid their student staff in the past, the summer students are getting free money (and no work experience) from the government. This is a lose-lose-lose situation. Instead of learning about working, earning money and building confidence, these young Canadians are getting paid to sit around playing video games, smoking pot and catching up on sleep because… who wouldn’t at that age?

I’ll say it’s interesting that you know how to run a small business better than the painting business owner that has done it successfully for many years, please explain how one raises their staff compensation by 50% while not increasing the price to consumers (who may earn minimum wage) or just bankrupting themselves. And if you say ‘raise what they charge to customers and all their competitors will as well’, you’ll see a whole lot less of houses being painted… welcome to socialism.

And show me the owner of a small seasonal painting business that is stinking rich… dream on.

#71 Ponzius Pilatus on 07.17.20 at 7:37 pm

#14 wkg on 07.17.20 at 4:27 pm
Shocker, the generation that elected the imbecile trudeau would rather collect pogey than work
—————————-
Be careful who you call imbecile.
He’s probably twice as smart as you.

#72 Lead Paint on 07.17.20 at 7:37 pm

#59 Zippy on 07.17.20 at 7:18 pm

Please enlighten us with details of the jobs you have created that people prefer over a comparable amount of free money with no work or commitment involved.

Are you paying people to hug puppies and and clean their toilets? Can you share your awesome business model?!??!

#73 Bytor the Snow Dog on 07.17.20 at 7:39 pm

Hey Gravy Train, is this the one you’ve got hooked up at your place?

https://nationalpost.com/news/canadians-claiming-new-high-tech-wind-turbines-as-worlds-most-energy-efficient-power-source-charged-with-fraud-in-u-s/wcm/b35b3962-f81d-49da-a407-2827ce17e311/

#74 Dolce Vita on 07.17.20 at 7:39 pm

#58 Sail Away

Make sure that your Fête is not by Victoria Harbor where you know what comes floating by, on a regular basis.

Sit back and enjoy your decidedly NOT Blue Flag beach and water. Oh look, not a clean beach in BC (where you can X-Ray yourself if you stand close enough to a film after your swim):

https://www.theswimguide.org/2020/06/10/discover-blue-flag-beaches-in-canada/

Count them (< 30 in all of Canada). 0 clean beaches and water in BC…over 300 in Italia.

Poor Orca's.

Enjoy your fish, make sure it's been boiled for a LONG TIME…and for the Love of God, keep the dog(s) out of the water. As for the humans, let Natural Selection prevail.

#75 dogman01 on 07.17.20 at 7:42 pm

Chinese government-owned firm wins $6.8M contract to supply security equipment to Canada’s embassies

https://nationalpost.com/news/politics/liberals-reviewing-deal-with-chinese-state-owned-firm-to-provide-security-equipment-to-canadian-embassies/wcm/10f29c6d-f1e0-44bc-87d6-26ce9379b48b/

“The former ambassador said he recalls a conversation with an ex-CEO of Bombardier, who said he could compete with Chinese companies in China but not in Boston or Chicago, where they would submit subsidized bids up to 40 per cent lower than Western companies.
The Chinese strategy overseas is to win market share and, once dominant, dictate prices, Saint-Jacques said. “There are long-term implications for Western economies,” he said.”
Gob smacked…..
Canada has lost all will and self-esteem as a state, truly becoming simply a “Post National” legal jurisdiction and nothing else.

#76 crowdedelevatorfartz on 07.17.20 at 7:43 pm

Amateur hour in the Prime Ministers Office….

https://nationalpost.com/news/politics/we-organization-under-scrutiny-for-not-registering-as-lobbyist-before-pitching-proposals-to-trudeau-liberals

#77 Idiocy on 07.17.20 at 7:45 pm

I believe that the CV19 government spending is just re-inforcing the common belief that there will be no economic reckoning coming.

I mean, given the horrific facts on the ground, would any rational and informed person be taking on huge debts ?

Average person looks around, talks with friends and family – every one is giddy with the “free money” and freely spending.

If they ain’t worried and ‘tightening their belts’ , then why should I ? – seems to be the mood today.

And with the Liberals leading the drunken sailor spending party, they may be right – for a time.

#78 Ponzius Pilatus on 07.17.20 at 7:46 pm

#37 DON on 07.17.20 at 5:55 pm
@crowded

I believe they are even cutting the Fentanyl as imports from china slowed due to the virus.

cutting the filler with more toxic crap.
————–
You two know far too much about illegal drugs to be just casual users.

#79 Dougie on 07.17.20 at 7:46 pm

# 42 Billy Buoy

re. COTTAGERS STAY AWAY etc.

I can find a two four. Have you got the address?

#80 Blue Angel on 07.17.20 at 7:48 pm

Welcome to the Friday edition of the not-a-virus, real estate, investing, macroeconomics, canines, babes (can I say that?)
Yes 50 years ago…
https://youtu.be/UyOg0mt2R2k

#81 Lead Paint on 07.17.20 at 7:49 pm

With all due respect, and at the risk of being censored, I would wager that all the commenters suggesting that employers are to blame for not creating “valuable employment opportunities” for them were born in Canada.

People that immigrate to this country for opportunity and to make something of themselves don’t express whiny entitled excretion like this.

And if you are wondering, yes, Human resources (HR) officers are able to perceive these attitudes and pass over those who expect job creators to cater to their lifestyle desires, instead of delivering value to the employer. If you want a successful career, and life, change your attitudes.

What’s magical about Canada is that you can become an employer if you really want to and will work hard and sacrifice. Otherwise, enjoy CERB and GAI (or UBI) if/when it comes.

#82 Ponzius Pilatus on 07.17.20 at 7:50 pm

#48 Everything is better in USA! USA! on 07.17.20 at 6:37 pm
Give up garth. Not gonna happen. I pity the canadian fools. I wish we could have some of your people U.S. I will make a few bucks. They will fall flat once they see the quality of living, housing and prices in USA! USA!
———–
Wow, under what rock are you living?

#83 Idiocy on 07.17.20 at 7:54 pm

My best guess is that post the deferral cliff, any potential house price weakness will be negated by demand created by even lower mortgage rates and even easier credit access.

Provided that the easier credit comes from a permissive CMHC policy or outright government garantee.

#84 Blue Angel on 07.17.20 at 8:02 pm

4 Doug t on 07.17.20 at 4:05 pm

UBI, MMT = lazy, uninspired and unproductive citizens. I guess this is what people want.

Not people, but Justin Trudeau

#85 Bytor the Snow Dog on 07.17.20 at 8:09 pm

.

A tragic covid death of someone in their 20s.

https://www.fox35orlando.com/news/fox-35-investigates-questions-raised-after-fatal-motorcycle-crash-listed-as-covid-19-death

Or not.

#86 Pete on 07.17.20 at 8:12 pm

#17 Stoph on 07.17.20 at 4:28 pm
The FIRE crowd (at least some of them) are happy enough to live off of $40k/year as a couple after having worked years to save the $1M needed to spew off the $40k/year. This amount though is less than the $4k a month a couple can receive with CERB.

It’s no wonder people don’t want to go back to work. CERB is giving people a taste of UBI, which would mean early retirement for a lot of people.

+++

Yup, I’m one of them. I’m almost FI and UBI would mean that I don’t need as much and could fully retire immediately.

#87 Bill Grable on 07.17.20 at 8:19 pm

*This was a FIRST – put the coffee down.
I passed the check across the desk and past the Barrier to the Bank teller.
After using his gloved hand to move the check through the scanner and he refused to handle my id….and asked me to enter the Bank Card, myself.
THEN – I got a chill. Why?
I asked for the much needed cash in $50.00 bills. This young gent peered over his glasses and mask, behind the plexi-glass and leaned forward and said, with slightly nervous eyes – “Uh, we can’t get any Fifty dollar bills, for the last few weeks. We are just about out of Hundreds…” He looked really edgy.
I asked him what’s up? He said very nervously, ” I am not allowed to discuss that”.
OK.
Vancouver Bank. One of the Big Three. They can’t get Fifties and Hundreds….?
I wonder what this means…?

#88 DON on 07.17.20 at 8:20 pm

@crowded

like boric acid, creatine, laundry detergent…ad the fentynal shipment from china have slowed.

Politically correct! i try to stay away as politics often gets in the way of common sense decision making.

#89 T on 07.17.20 at 8:27 pm

#11 ElGatoNerodeYVR on 07.17.20 at 4:25 pm
It seems my little rant yesterday upset a few people so let’s bring some numbers back to the table since today’s topic is CERB or life after it.
As a business owner one needs to deal with reality not wishful thinking or ideal world ,or whatever one believes is “The right thing” .

———

You are just lost. Give up. You’ve never run a business in your life, it’s obvious. Go run one and get back to us.

About CERB; the intentions were good but the execution was very poor. It’s starting to create more challenges than it was designed to solve. We can’t have businesses competing against free money for labour, that’s not good for the country. Regardless of how you feel, it doesn’t make economic sense.

One thing CERB is doing, as all the polls are showing lately, is UBI would be a complete disaster as 1/2 the country wouldn’t participate in the workforce. Fail.

#90 T on 07.17.20 at 8:41 pm

#85 Pete on 07.17.20 at 8:12 pm
#17 Stoph on 07.17.20 at 4:28 pm
The FIRE crowd (at least some of them) are happy enough to live off of $40k/year as a couple after having worked years to save the $1M needed to spew off the $40k/year. This amount though is less than the $4k a month a couple can receive with CERB.

It’s no wonder people don’t want to go back to work. CERB is giving people a taste of UBI, which would mean early retirement for a lot of people.

+++

Yup, I’m one of them. I’m almost FI and UBI would mean that I don’t need as much and could fully retire immediately.

—————

It’s actually the exact opposite of what you think.

Everything you buy will be more expensive. Everything you have saved will have less real value.

The real cost of UBI will be massive and sudden inflation.

#91 Millennial 1%er on 07.17.20 at 8:41 pm

I’ve got two kinds of friends:
– gamers living in their mom’s basements collecting CERB
– remote tech workers who can afford their own dingy apartments thanks to their triple digit incomes

Regardless, everyone’s can afford to buy the latest and greatest vidya games. Hell yeah.

#92 jal on 07.17.20 at 8:45 pm

About CERB ….

I did not read any better alternative proposals.

(Doing nothing would mean that the system would have crashed by now and we would be in the survival of the virus/fittest.)

#93 binky barnes on 07.17.20 at 8:51 pm

Mr. Trudeau has this all under control my friends, so there is no need to be concerned.

BB

#94 willworkforpickles on 07.17.20 at 8:53 pm

And years of low low interest rates going forward could/would ? …..NO – would ! … usher in a system that will make back all those $$ the banks won’t rake in over the next 2 to 3 years but in a matter of months switching to cashless and going into negative interest rates and mercilessly so at that.
Few care or care what they wish for so here it comes at any rate.

#95 Idiocy on 07.17.20 at 8:55 pm

to comment # 86 Bill Grable

Maybe a lot of people are withdrawing their CERB money in cash ?

To spend in an untracked manner – paying other people who are collecting CERB but working “under the table”.

#96 Ballingsford on 07.17.20 at 9:06 pm

I really dont understand why home prices have risen so fast here in Ottawa the last while.
I make a good wage and spouse does not too bad, but the prices are crazy.
We could get a mortgage, but that would eat up all our disposable income.

How the heck are people able to afford these places. No wonder millenials are pissed. They’d be.lucky to find a place to even rent now.

#97 What Next? on 07.17.20 at 9:08 pm

The reason I like to look back and give thanks for all the rotten jobs I had when I was starting out was that each rotten job was a great motivator to stay in school and get a better job. Ultimately, I think the people that are choosing to stay on the CERB are hurting themselves as they are not going to get very far ahead becoming dependent. And while I never actually got a thank you letter from the CRA, I am sure they appreciated all the additional tax revenue they got out of my pockets as I began to earn more.

It would be really interesting to see a few scenarios from our most esteemed, all seeing, all knowing blog host (he of the 2019 copyright), as to what our future would look like, say about five to seven years out. Let’s assume that dividends are taxed more as are capital gains. Income taxes will increase as as will any sales taxes. I think it is safe to say that capital gains on principal residences will not come to be as it would just aggravate too many home owners.

#98 crowdedelevatorfartz on 07.17.20 at 9:09 pm

@#77 Ponzie Pablum
“You two know far too much about illegal drugs to be just casual users.”

++++

Ahhahahahaha
Ponzie sed a funny!

#99 Idiocy on 07.17.20 at 9:14 pm

to comment # 70 Pretentious Pilate

You’ve proved yourself a Liberal and Trudeau apologist, yet again. (Or maybe you are just delusional.)

“Be careful who you call imbecile. He’s probably twice as smart as you.”

Unlikely the case , the poster “wkg” displays a level of intellect much higher than Trudeau by simply making that observation.

Too bad you are too ‘woke’ to see it yourself.

#100 Idiocy on 07.17.20 at 9:22 pm

to comment # 77 Pretentious Pilates

You are making quite an uncalled for and snide accusation / suggestion there – back off.

Knowing / discussing details about drugs doesn’t mean that you are a user or worse.

Get off you self righteous high horse dude.

#101 ain't life rand on 07.17.20 at 9:24 pm

@#86 Bill Grable on 07.17.20 at 8:19 pm
*This was a FIRST – put the coffee down.
I passed the check across the desk and past the Barrier to the Bank teller.
After using his gloved hand to move the check through the scanner and he refused to handle my id….and asked me to enter the Bank Card, myself.
THEN – I got a chill. Why?
I asked for the much needed cash in $50.00 bills. This young gent peered over his glasses and mask, behind the plexi-glass and leaned forward and said, with slightly nervous eyes – “Uh, we can’t get any Fifty dollar bills, for the last few weeks. We are just about out of Hundreds…” He looked really edgy.
I asked him what’s up? He said very nervously, ” I am not allowed to discuss that”.
OK.
Vancouver Bank. One of the Big Three. They can’t get Fifties and Hundreds….?
I wonder what this means…?

lol, i just took out a bunch of 50/100s from SB.
some folks are so desperate for a conspiracy

#102 Howard on 07.17.20 at 9:27 pm

#15 Ace Goodheart on 07.17.20 at 4:27 pm

I don’t agree with it. I just watch it happen.

Try to get a permit to build a 20 unit apartment building on Durie Street in Bloor West Village and watch who shows up to the variance hearing.

—————————————————

Who shows up? I’m guessing mostly birth lottery people born between 1946 and 1964 entitled to their entitlements, along with some 40-something women who look like this:

https://cdn.vox-cdn.com/uploads/chorus_asset/file/19684156/The_Id_Like_Can_I_Speak_To_The_Manager_Meme.jpg

But you stated yesterday that the army of Karen NIMBYs is starting to lose ground.

#103 Wrk.dover on 07.17.20 at 9:30 pm

#40 Billy Buoy on 07.17.20 at 6:08 pm
Just off the phone with the Nice Lady at the Credit card company after inquiring why I received an overpayment check for $24.98 from the today…

(I was hacked once, thus mail in my payments by cheque and usually throw in an extra $25 once in a while especially in summer if I forget to check balances, etcc..)

She told me ” We do this as after 2 months, it shows a debit balance, we return it. And hey, you may need the cash.”

———————————————-

Just yesterday I read the paperwork with a fresh new re-issue card; if we issue you a credit by cheque because you don’t spend a balance on your card after a period of (I forget), the charge for issuing the cheque is $20.00

———————————–

Also petty, I know of a dentist being pressured by his regional peers to charge a flat rate PPE surcharge of $32.00 per visit.

They were given govt money upfront for the plexi-glass etc, and they already had and wore PPE pre-virus.

Someone comes back to get the bite adjusted due to poor worksmanship, $32.00 more again it seems.

#104 J. Canuck on 07.17.20 at 9:33 pm

Two thousand samollions to hang around the house and chill sure beats working for minimum wage as a car wash attendant, painter or hospitality worker. Is it any wonder that people are reluctant to return to these crummy jobs?

#105 n1tro on 07.17.20 at 9:34 pm

Speaking of unintended consequences. How about getting regular city workers to do traffic stops?

https://www.foxnews.com/politics/berkeley-california-moves-to-stop-police-from-conducting-traffic-stops-use-civilian-city-workers-instead

The lucky city worker that gets shot and survives will have quite a hell of a negligence lawsuit against the city.

#106 45north on 07.17.20 at 9:42 pm

Axehead if work is such an outdated concept, how can there be a workers paradise?

pretty funny

#107 Sail Away on 07.17.20 at 9:52 pm

#73 Dolce Vita on 07.17.20 at 7:39 pm

Enjoy your fish, make sure it’s been boiled for a LONG TIME…

——————-

Only Italians boil fish. Barbarians.

#108 Dr V on 07.17.20 at 9:58 pm

73 Dolce – from the link

“When you visit a beach or marina with a Blue Flag, you know that it is being managed sustainably, that it is accessible and inclusive for all, that it has high-quality services and safety procedures, and that it actively monitors water quality.”

So it’s basically a procedural thing and has very little to do with local small swimming holes or secluded spots
throughout our neck of the woods in BC.

We don’t want the blue flag. It would just attract sweaty people from Toronto…..

#109 1000s on lockdown in Kelowna on 07.17.20 at 10:12 pm

Summer travelers have proven to launch a serious situation in Kelowna.

The health chiefs came into Kelowna on Friday to determine what do do in what looks to be a massive outbreak now infecting staffers at the hospital and running rampant.

A lot of seniors live in Kelowna and are at high risk.

Relaxing measures combined with travel within the province by younger people has proven to defeat public policy.

The horse is out of the barn.

Meanwhile airport head Sam wants Trudeau to open up travel restrictions and party on.

You watch this development taking place. The community is unprepared and the amount of senior homes makes for a grave situation.

#110 Linda on 07.17.20 at 10:12 pm

I can understand someone not wanting to return to work if there isn’t a plan to minimize risk. However as I understand matters business must have plans in place & are subject to penalties if they try to open without putting in the mandated measures. Which is why we now line up to get into the grocery store, sanitize our hands before entering, wear a mask, follow the arrows & stay six feet apart while waiting for the next available checkout to open up. Rinse & repeat for other businesses one might patronize. So I’m not really buying the ‘I fear for my health’ as being a valid reason to refuse to go back to work. Are those self same people refusing to leave their home for any reason? Are they shopping for groceries, maybe getting their hair cut, attending medical appointments, visiting family/friends? No? Then as far as I’m concerned, refusing to return to work should lead to immediate termination of CERB or any other unemployment benefit. In the unlikely event the employer isn’t following the rules regarding public health & safety including employee H&S, not difficult to call it in & have that employer face the music. ‘But I’ll be fired’? Well heck honey, not like you are working now so what difference would that make?

#111 Sail Away on 07.17.20 at 10:22 pm

Ivanka, Donald, Goya- hahaha.

Heads are exploding.

#112 Canuck on 07.17.20 at 10:23 pm

Just bought a home and CIBC has the mortgage. 2.45% used to be the rate. We were notified yesterday that a 5 year fixed is 1.97% and a 5 year variable flex is 1.98%

Doubtful. – Garth

#113 westsider on 07.17.20 at 10:26 pm

I just figured out that a couple on Cerb would be getting $48K per year. My wife and I are seniors who have paid into the system for 40 years saved and have to live on less than that. Yikes!! I was born too soon!!

#114 Ignorance Is Bliss on 07.17.20 at 10:43 pm

Business owners need to smarten up. If they’re so desperate they should be advertising PART TIME jobs at $900/month (Since CERB recipients can earn up to $1000/month and still keep the benefit). Then offer the best employees full time hours once CERB is over. Problem solved.

Once they start thinking about things from an employee’s perspective, they’ll be much better off.

#115 Flop... on 07.17.20 at 10:52 pm

#223 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 was curious to what all the moaning was in Australia, so did some research in the below post to see what I would be eligible for.

https://www.greaterfool.ca/2020/07/12/the-thin-line/#comment-724193

Apparently in Australia, if I was unemployed due to COVID-19, I would be receiving $2120 a month, which, of course, is more than CERB.

You can get even more with children and care status.

Look at this chart…

M46BC

https://www.servicesaustralia.gov.au/individuals/services/centrelink/jobseeker-payment/how-much-you-can-get

#116 whiplash on 07.17.20 at 10:58 pm

#75 dogman01
Chinese government-owned firm wins $6.8 M contract to supply security equipment to Canada’s embassies.

Another win-win for the CCP! What’s next on the security give away from Ottawa?

#117 april on 07.17.20 at 11:09 pm

#96 – Are you sure prices have risen? I guess so if one believes CRA.

#118 april on 07.17.20 at 11:15 pm

#96 – Are you sure prices are up? I guess so if you believe CRA.

#119 SoggyShorts on 07.17.20 at 11:18 pm

#37 Don Guillermo on 07.17.20 at 5:54 pm
#222 SoggyShorts on 07.17.20 at 4:29 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.
*****************
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
*************************************
Now just imagine if they were white women. The terms Karen and white would have been littered though out the story. CBC would have pushed Trump off their lead story to lecture all of us horrible white people.
***********************************
I don’t really watch or read CBC stuff- if everyone involved in a story is the same race, do they really still throw around race in the story? If so, that sounds like a problem CBC might have, and it’s not the term Karen.

#120 the Jaguar on 07.17.20 at 11:24 pm

@#87 Bill Grable on 07.17.20 at 8:19 pm

Mr. Grable, sir:

Bank and Credit Union branches would normally wish to minimize their cash holdings to the level required for normal business requirements. It’s part of the way they run their day to day operations, i.e. not holding excess cash. Likely the limitations placed on number of staff, hours of business, some branches closed, etc. due to Covid may mean they are not keeping the usual cash supplies on hand. Traffic volumes are down considerably in all financial institution offices. The employee was probably also not at ‘liberty’ to discuss those internal procedures. It could also be security related issues. Pretty sure they would be happy to explain it to a valued customer such as yourself if you called them.

#121 SoggyShorts on 07.17.20 at 11:29 pm

#67 Bytor the Snow Dog on 07.17.20 at 7:24 pm
How do all of you mask vigilantes square this one:

https://nationalpost.com/news/canada/more-than-80-of-cross-border-travellers-are-exempt-from-covid-19-quarantine-rules-government-says/wcm/25fc1306-3233-4c13-9ec8-6c6ee7a8a515/

************************
Keep on throwing random insults if you like, but the inaccuracy just makes you look even more foolish.
Wearing a mask and saying others should too is not vigilantism.

As for that article, what’s there to say? Truckers delivering goods from the USA can’t really do 14 day quarantines, can they? Maybe some sort of no-contact un-hitching and driver switching could be done at the border, but that probably doesn’t scale very well.
Pilots and flight attendants could do a 1 day on 14-day off schedule I suppose?

I did my 14 days upon return to Canada and other than my work (which is essential) I’m still doing it a month later.

So… did you have a point, or did you just link a random article? I’m not seeing a connection to masks anywhere either so maybe I’m just missing something.

Ah well, I’m pretty sure we’ll have a cure for covid before we find one to cure what you’re suffering from. Good luck, maybe better than a mask would be a helmet for you.

#122 Deplorable Dude on 07.17.20 at 11:42 pm

#92 Jal…” About CERB ….

I did not read any better alternative proposals”

——————

Should have been an interest free loan repayable over 5 or 10 years.

#123 T on 07.17.20 at 11:42 pm

#92 jal on 07.17.20 at 8:45 pm
About CERB ….

I did not read any better alternative proposals.

(Doing nothing would mean that the system would have crashed by now and we would be in the survival of the virus/fittest.)

————

EI

#124 Reality is stark on 07.17.20 at 11:48 pm

Most times deferrals are dumb.
But if you chose to do a major renovation in the last 4 months doing a lot of work yourself and managing the project on your principal residence you made out like a bandit again.
I know a newly retired guy just finishing his off and will clear $400,000 in 6 months. Sale is already a done deal.
He bought supplies instead of paying his mortgage.
It seemed like a dice roll to me at the time but I guess $400,000 tax free in 6 months wasn’t a bad haul.
Bought his house for $300,000 (remortgaged a couple times) and sells it for 2.3 million he’s moving to Halifax and he doesn’t give a rat’s ass about his credit rating.
The whole thing is stupid.
I guess we wait to see if this indeed is the ultimate greater fool moment.

#125 Ronaldo on 07.17.20 at 11:51 pm

#87 Bill Grable

Vancouver Bank. One of the Big Three. They can’t get Fifties and Hundreds….?
I wonder what this means…?
—————————————————————-
People are now hoarding cash insted of toilet paper.

#126 TW on 07.18.20 at 12:28 am

The BOC is just as incompetent in 2020 as they were in 2008-2019 …. they have no more knobs to twiddle now we’re near zero. Who are they telling to buy buy buy ? Only good credit under scrutiny gets a mortgage. Let the dust settle for 6 months we will see.

#127 Kat on 07.18.20 at 12:29 am

Housing is inflated in almost every country due to many factors like Airbnb, foreign interest and super low rates. This bubble is simply not going to go away anywhere, too many people are too heavily invested in every way. It would be great if it did and everything pointed to the fact it would however it has passed everyone’s expectations and is here to stay for awhile yet.

#128 Al on 07.18.20 at 12:29 am

Dolce Vita: “Sit back and enjoy your decidedly NOT Blue Flag beach and water. Oh look, not a clean beach in BC (where you can X-Ray yourself if you stand close enough to a film after your swim)”

It seems you’re equating blue flag with clean water when water quality is just one factor, out of many, for the ” blue flag ” certification (if we can call it that). The water quality may be fine and yet the beach may still not qualify as blue flag. With regards to fish quality/cleanliness, the Mediterranean, really??

#129 Cdn Mom on 07.18.20 at 1:29 am

Here we go, boys and girls. Buckle up.

CMHC pays UBC to research federal home equity tax meant to ‘level playing field between renters and owners’

https://nationalpost.com/news/national/cmhc-spending-a-quarter-million-on-federal-home-equity-tax-research/wcm/4d0ce195-34f8-4544-9110-ee6294156471/

#130 Lolo on 07.18.20 at 1:35 am

TU is packaging up their data to offer a product to FIs to help them identify ‘vulnerable’ customers. So while they say that the credit score is not affected by deferrals, this proxy for a score (they call it an index…same diff) does consider deferrals. And of course banks can use it how they see fit to manage risk.

#131 Faron on 07.18.20 at 3:05 am

#112 Flop… on 07.16.20 at 8:30 pm

Thanks for the reminder about SA. Not surprising that he went after you in that scenario. Life’s too short to embroil one’s self with those who fear vulnerability or, worse, who lash out or go in for attack when they see it. And anyone, myself included, who is posting here multiple times daily and with smug superiority or malice needs to consider what the void is that they are using this comments section to fill. I think about that frequently.

#132 Faron on 07.18.20 at 3:25 am

#150 crowdedelevatorfartz on 07.16.20 at 10:51 pm

@#127 Faron
” I have family in Oregon who purchased nice little homes for $250k within easy commute of hot hot hot Portland.”
+++

I have a friend who moved to Portland ( he was a refrigeration mechanic, she was a nurse).
They had jobs immediately.
He used to torture us with photos of his pay cheque with the almost non existent tax deductions as he tee’d off on a Friday nooner game.
They love it there.
As BillyBob has implied, Dont get stuck in the home country if other opportunities exist elsewhere.
Especially if you’re young.
You can always move back.

As for purchasing NOW in Victoria……..?
Why not wait 6 months.
You’ll be glad you did.

Yeah, the Willamette Valley is great and it would be nice to be close to family here esp. if kids are in the picture. It’s on the list but my partner would have to get a work permit to make it happen and that’s out of the question with COVID.

Considering interior BC and I could easily live in Halifax/Dartmouth. Excellent surf and I’d love to cut my teeth on some North Atlantic sailing.

I gather you find Vancouver pretty hollow. I did too when I lived there. Bummer because the landscape is a win. Happens to any town that loses its affordability.

#133 Sky on 07.18.20 at 4:46 am

SoggyShorts on 07.17.20 at 10:34 am

“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.”

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

I posted the Vietnam clinical trial as a warning to others.

I really wish you hadn’t put your own demented spin onto this valuable scientific research by turning it into an ass over teakettle sideshow of masks vs no masks and whether masks protect the users or those around them.

This was not a difficult research paper to understand. Did you even read it?

Simply put: Cloth masks allow 97% penetration. Cloth masks are not a one way street. If they allow 97% of contagious particulate IN… then they are also going to allow the contagious elements of whatever you sneeze or cough OUT of your mask. Let me repeat that. Cloth masks leak infection at a 97% rate. So they offer no protection for those around you.

In addition, the study showed cloth masks may in fact be dangerous in terms of INCREASING your own risk of infection.

If you need to use a mask for medical reasons then use a medical grade mask. And use it properly. Correct fitting. No constant fiddling, adjusting, touching. No on-off for food or hydration. Frequent changes.

“A new study finds the proportion of Canadian COVID-19 deaths that have occurred in long-term care facilities is about twice the average of rates from other developed nations.”

https://globalnews.ca/news/7106098/canada-coronavirus-seniors-homes-report/

Dear Leader sent Canada’s medical masks over to China leaving many of our healthcare workers to fend for themselves. How many of them were left no other choice than to wear useless cloth masks? And how many of our nursing home deaths are attributable to this sad situation?

Yet Nancy Pelosi loves to parade her various cloth face coverings. Take a look at this picture of covid czar, Anthony Fauci, sporting his red cloth Washington Nationals mask.

https://www.sfgate.com/news/article/Don-t-be-a-sheep-Sheriffs-rebel-against-new-15368271.php

Cloth masks are being promoted by the powers that be and since they’re next to worthless this tells you that wearing them has nothing to do with safety. And everything to do with a political agenda.

Apolitical veterinarians should have been put in charge so we could reap the benefits of intelligence – skill and smarts injected into this whole coronavirus debacle. But we’ve been thrown to the wolves instead. We’re at the mercy of incompetent and self-serving bureaucrats and politicians.

Cowardly bungling and junk science has led to precious little in terms of coronavirus public health. But these poor results called for a counterbalance of excellent results elsewhere. So bold and dynamic actions were deployed in order to run up the debt and annihilate our economy. Who would argue that our resulting economic destruction isn’t outstanding? Spectacular. A perfect bureaucratic balance.

#134 Gravy Train on 07.18.20 at 6:04 am

#73 Bytor the Snow Dog on 07.17.20 at 7:39 pm
“Hey Gravy Train, is this the one you’ve got hooked up at your place?” First, I have solar panels, not wind turbines, you dumbass! Second, are you alleging I’ve been defrauded? My solar panels have already produced a year’s worth of expected cost savings, and will continue to do so for the next fifty years, you dumbass! Third, I did try to refrain from insulting you, as I was taught not to make fun of the weak-minded! :P

#135 Gravy Train on 07.18.20 at 6:06 am

#111 Sail Away on 07.17.20 at 10:22 pm
“Ivanka, Donald, Goya- hahaha. Heads are exploding.” The explosions are at the other end! :P

#136 Howard on 07.18.20 at 8:24 am

Trump spokesperson on border closure: “Not sure why you’d want to go to Canada“

Valid question.

I’m going to miss these one-liners from the Trump team when he loses in November. Not a preference, just a prediction.

#137 Linda on 07.18.20 at 8:41 am

#129 ‘Canadian’ – lets hope that when they are doing the research to ‘level the playing field’ that they factor in items such as 1) property taxes; 2) home maintenance; 3) land transfer tax if applicable; 4) mortgage insurance costs; 5) mortgage interest costs; 6) home insurance. There may be other costs that pertain to home ownership that tenants are not likely to be charged for as part of their rent but I think I’ve covered the most likely suspects. After all, we want that study to be ‘fair’ & ‘equitable’:)

#138 ain't life rand on 07.18.20 at 8:42 am

@#132 Faron on 07.18.20 at 3:25 am
#150 crowdedelevatorfartz on 07.16.20 at 10:51 pm

Considering interior BC and I could easily live in Halifax/Dartmouth. Excellent surf and I’d love to cut my teeth on some North Atlantic sailing.

I gather you find Vancouver pretty hollow. I did too when I lived there. Bummer because the landscape is a win. Happens to any town that loses its affordability.
——-

If you’re a longtime westcoaster, Nova Scotia weather may take awhile getting used to. Hali isn’t particularly affordable anymore.

#139 Bytor the Snow Dog on 07.18.20 at 8:47 am

@121 Soggy Mask-

The point my dear fellow is that we’re letting possible disease spreaders into the country unfiltered on a daily basis. If this disease is so bad that we all have to wear masks or we’re all gonna die then why are we allowing 3 million travelers through our “closed border” since March, the majority of which are “exempt” from the 14 day quarantine. Yes, I realize that these are likely not all unique people but repeat travelers but the point still remains we are letting possible infections in without screening. Seems like we’re speaking with forked tongues here. Draconian restrictions for thee but not for me so to speak.

(Just so we’re clear, I am in favour of NO involuntary restrictions. On anything or anyone.)

PS- If you demand that others wear masks then you are indeed a mask viligante. You’ve and others like you have decided what’s good for you is good for everyone else. If I’m misreading you and you go about your day as just a mask advocate and if you see someone without a mask you ignore it and go about your day then I may reconsider that stance.

PPS- If you’re past your 14 day quarantine period and have no symptoms you aren’t “infected” with the “live” virus anymore. You don’t become a covid spreader for the rest of your life because of one positive test. You did have a positive test didn’t you? Or did you just assume?

I’m done on this topic now before Garth makes Bandit lick me to death or something.

#140 fact on 07.18.20 at 8:52 am

@#131 Faron on 07.18.20 at 3:05 am
#112 Flop… on 07.16.20 at 8:30 pm

Thanks for the reminder about SA. Not surprising that he went after you in that scenario. Life’s too short to embroil one’s self with those who fear vulnerability or, worse, who lash out or go in for attack when they see it. And anyone, myself included, who is posting here multiple times daily and with smug superiority or malice needs to consider what the void is that they are using this comments section to fill. I think about that frequently.
—————————–

no doubt a lot of these frequent posters are in a dark place in life.

#141 MF on 07.18.20 at 9:02 am

133 Sky on 07.18.20 at 4:46 am

Public health policies are meant to be effective at reaching the maximum amount of people, sometimes at the expense of accuracy. This is because, in aggregate, having more people do something is better than having them do nothing.

Take exercise recommendations as an example. Of course athletes who workout often and intensely enjoy large health benefits. But you can’t tell the general population to go workout 5x a week with high intensity for hours. People will ignore the advice since it’s hard to follow. So the recommendation is something easier to follow like “workout 20 minutes a day of brisk walking”.

Same with masks.

Of course having everyone walk around with a respirator would give 100% protection, but it’s not feasible. Not even recommending n95’s is. People won’t understand and will just ignore. We also don’t have enough of them. Therefore the recommendations are “any mask”. And it’s working. People are wearing any mask they can. The virus penetrates these masks yes, but even a 97% penetration rate (your statistic, with no link posted of course) mean 3% protection…x2 if both people wear a mask.

Moreover you completely ignore the psychological element. These days, the masks make people “feel” safer. The psychological element is actually even more important than anything else is we are to have society return to normal, quicker.

So yes, masks are important. The policy is effective. Stop whining, stop blaming everyone else, and suck it for a while while we try to get back to normal -like the rest of us are doing.

MF

#142 Do we have all the facts on 07.18.20 at 9:03 am

In 2019 there were 486,800 home sales across Canada, an average of 40,565/month. Approximately 50% of all sales across Canada in 2019 involved first time home buyers.

In December 2019 the average home price in Canada was $520,000 and the average home purchased by a first time homebuyers in most markets was a minimum of $50,000 below the average price in their market area.

Before the Covid 19 virus arrived the CREA confidently predicted 540,000 home sales, 45,000/month, in 2020.

In February 2020 38,161 homes were sold in Canada at an average price of $540,000. Everyone expected a great year!

In March 2020 Covid 19 arrived and the number of home sales declined to 32,704 and the average price remained at $540,000.

In April 2020, impact of Covid 19 was felt and the number of home sales declined to 20,630 and the average price declined to $488,000.

In May 2020 the number of sales increased to 32,370 and the average price increased to $495,500.

In June 2020 the number of home sales increased to 41,630 and the average price returned to the $540,000 level reported in February 2020.

On further examination however the average number of sales per month declined from 40,565/month in 2019 to only 33,000/month for the first half of 2020. Total home sales for the first half of 2020 are 95,000 sales lower than the 270,000 originally predicted for the first six months of 2020 by the CREA last December.

The lower number of sales In 2020 reflects the simple fact that a significant number of first time homebuyers have not been able to enter the market at current price levels. The majority of potential home buyers with adequate incomes have taken advantage of low interest rates and kept the average home price stable at $540,000.

The next six months will indicate whether first time homebuyers are able to enter the market at current price levels or whether the average home prices will have to be reduced.

It is important to remember that a minimum of 200,000 home sales in Canada in 2020 will be made by first time homebuyers.

The average income of Canadian households who do not already own a home indicates that a reduction in the average price of houses across Canada will be necessary in 2020 to generate a minimum of 235,000 home sales over the next six months.

Once the flurry of purchases by qualified buyers subsides the true impact of high unemployment/underemployment will become evident.

CMHC had the facts and informed Canada of the probable results. Ignoring reality comes at a price!

#143 Stone on 07.18.20 at 9:22 am

#87 Bill Grable on 07.17.20 at 8:19 pm
*This was a FIRST – put the coffee down.
I passed the check across the desk and past the Barrier to the Bank teller.
After using his gloved hand to move the check through the scanner and he refused to handle my id….and asked me to enter the Bank Card, myself.
THEN – I got a chill. Why?
I asked for the much needed cash in $50.00 bills. This young gent peered over his glasses and mask, behind the plexi-glass and leaned forward and said, with slightly nervous eyes – “Uh, we can’t get any Fifty dollar bills, for the last few weeks. We are just about out of Hundreds…” He looked really edgy.
I asked him what’s up? He said very nervously, ” I am not allowed to discuss that”.
OK.
Vancouver Bank. One of the Big Three. They can’t get Fifties and Hundreds….?
I wonder what this means…?

———

It means nothing. It’s just that their photocopier is on the fritz and they’re waiting for the technician to come and fix it. Lol

#144 Phylis on 07.18.20 at 9:57 am

#125 Ronaldo on 07.17.20 at 11:51 pm
#87 Bill Grable

Vancouver Bank. One of the Big Three. They can’t get Fifties and Hundreds….?
I wonder what this means…?
—————————————————————-
People are now hoarding cash insted of toilet paper.

—————————-
Maybe the hockey bags have finally stopped showing up at the casinos (pandemic or otherwise) and has delayed the bulk return to the banks.

#145 Sky on 07.18.20 at 10:03 am

# 141 MF

Here’s your link. Redundant, because I posted it the other day. It was an admittedly limited study in that it only compared the efficacy of medical masks with cloth masks. There was no control group of UNMASKED healthcare workers to compare infection rates with.

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4420971/

And by all means wear a useless cloth mask if it floats your boat and makes you “feel” safer. You’re an adult and entitled to your own poor choices. But for pity’s sake spare your children if you have any.

When you see the politically powerful and the DOCTOR in charge of coronavirus info donning CLOTH masks and acting like this is supposed to protect us from coronavirus when they damn well know better… well then you can just smell the deception and the agenda. It disgusts me. As it should any rational person.

#146 Sail Away on 07.18.20 at 10:56 am

#140 fact on 07.18.20 at 8:52 am
@#131 Faron on 07.18.20 at 3:05 am
#112 Flop… on 07.16.20 at 8:30 pm

Thanks for the reminder about SA. Not surprising that he went after you in that scenario. Life’s too short to embroil one’s self with those who fear vulnerability or, worse, who lash out or go in for attack when they see it. And anyone, myself included, who is posting here multiple times daily and with smug superiority or malice needs to consider what the void is that they are using this comments section to fill. I think about that frequently.

—————–

no doubt a lot of these frequent posters are in a dark place in life.

—————–

Hmmmm.. Uh- huh, yes, what I hear you saying is….

May I respectfully suggest group therapy (no hugs!)?

Goya snacks at breaks.

#147 Ted on 07.18.20 at 11:08 am

Ponzius Pilatus
Every comment,every blog, tells me you talk the most amazing comments and definitely are King of the Steerage section. Congratulations on been King BS.

#148 David Greene on 07.18.20 at 11:56 am

https://www.thestar.com/life/homes/opinion/2020/07/17/were-working-together-to-clear-hurdles-to-home-ownership.html

#149 T on 07.18.20 at 1:06 pm

#145 Sky on 07.18.20 at 10:03 am
# 141 MF

Here’s your link. Redundant, because I posted it the other day. It was an admittedly limited study in that it only compared the efficacy of medical masks with cloth masks. There was no control group of UNMASKED healthcare workers to compare infection rates with.

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4420971/

And by all means wear a useless cloth mask if it floats your boat and makes you “feel” safer. You’re an adult and entitled to your own poor choices. But for pity’s sake spare your children if you have any.

When you see the politically powerful and the DOCTOR in charge of coronavirus info donning CLOTH masks and acting like this is supposed to protect us from coronavirus when they damn well know better… well then you can just smell the deception and the agenda. It disgusts me. As it should any rational person.

————

It must be very hard to understand the point of wearing masks is to stop the spread of a virus / infection.

This is why doctors wear masks, so they don’t infect others with something they have whether it be a virus or bacteria. Just the same as frequent hand washing and gloves. Take a look back in medical history and you will find infection and death rates of patients drastically declined after doctors started washing up and dawning masks before procedures.

This is not a difficult concept to understand, but so many people are unable to wrap their heads around it.

#150 Karen on 07.18.20 at 1:25 pm

SA honey, you are the one with the mental issues. Try to keep up.

#151 Sail Away on 07.18.20 at 1:48 pm

#150 Karen on 07.18.20 at 1:25 pm

SA honey, you are the one with the mental issues. Try to keep up.

——————

Oh, ok. Thanks.

#152 Faron on 07.18.20 at 3:31 pm

#138 ain’t life rand on 07.18.20 at 8:42 am

If you’re a longtime westcoaster, Nova Scotia weather may take awhile getting used to. Hali isn’t particularly affordable anymore.

Yeah. East coast weather is another animal compared to west. I’ve visited in Feb and got lots of 90kph slush storms then rain then snow.
Surfed a couple sessions of excellent surf.As a weather geek, i liked it. Granted a week is a far cry from a full winter. The humid summer is what would get me.

#153 Faron on 07.18.20 at 3:45 pm

#146 Sail Away on 07.18.20 at 10:56 am

May I respectfully suggest group therapy (no hugs!)?

I’m done with your high school, macho BS. If, at 50 odd years, you haven’t learned that taking comfort and getting strength and support from fellow humans through all means including therapy is of massive value, may your omnicient squirrel and your rolls of cash help you. A materialistic, gun loving, mask hating, internet trolling, wealth boasting, science selective, therapy denigrating world is a callous one. I’ve made the mistake of participating in that world here, but it’s one to avoid. Far far deadlier than COVID.

Here come the trolls…

#154 Faron on 07.18.20 at 3:53 pm

#144 Phylis on 07.18.20 at 9:57 am

#125 Ronaldo on 07.17.20 at 11:51 pm
#87 Bill Grable

Maybe the hockey bags have finally stopped showing up at the casinos (pandemic or otherwise) and has delayed the bulk return to the banks

Ha, i bet that isn’t far from the truth. Between casinos and RE, i have to wonder what percentage of Canada’s money laundering happens in the Fraser Valley? Some time in the future a winter crash on the Coquihalla will emit a plume of hundred dollar bills into a snowy night.

#155 Sail Away on 07.18.20 at 4:10 pm

#153 Faron on 07.18.20 at 3:45 pm
#146 Sail Away on 07.18.20 at 10:56 am

May I respectfully suggest group therapy (no hugs!)?

—————

I’m done with your high school, macho BS. If, at 50 odd years, you haven’t learned that taking comfort and getting strength and support from fellow humans through all means including therapy is of massive value, may your omnicient squirrel and your rolls of cash help you. A materialistic, gun loving, mask hating, internet trolling, wealth boasting, science selective, therapy denigrating world is a callous one. I’ve made the mistake of participating in that world here, but it’s one to avoid. Far far deadlier than COVID.

—————

Such rage. So uncivilized.

You should stick around, though; I might let you win the next one.

But I’d expect a bit more decorum. Schoolyard insults are so… left. Whoops, I meant ’emotional’.

#156 Marco on 07.18.20 at 4:21 pm

Faron, someone hacked your account or you have just verbal diarrhea? Anyway, stop harassing zero, because zero is still a number.

#157 Sail Away on 07.18.20 at 4:48 pm

#150 Karen on 07.18.20 at 1:25 pm

SA honey, you are the one with the mental issues. Try to keep up.

—————

But… I’m so happy. This is wrong somehow?

#158 Karen on 07.18.20 at 4:58 pm

Oh SA, you can’t help it that you are sociopathic. You are what you are. YOUR happiness is not the problem.

#159 Karen on 07.18.20 at 5:03 pm

SA, I’m curious. Do you unleash your true, anti-social nature only anonymously (on GT’s blog) or are there unfortunate souls in your daily life that are also subject to your games?

#160 Sail Away on 07.18.20 at 5:06 pm

#158 Karen on 07.18.20 at 4:58 pm

Oh SA, you can’t help it that you are sociopathic. You are what you are. YOUR happiness is not the problem.

—————-

Oh, ok. Cool.

#161 Nottawa Housing Bust on 07.18.20 at 5:46 pm

Call me old fashioned… the complaints I am hearing regarding a capital gains tax on residences seems ridiculously selfish.

We ask the GOC to do everything in its power to mitigate damages from COVID 19, but when the bill comes due we wine and cry like little children.

People forget that income tax came about from WW1 and the debts incurred from that. I guess we are all in this together only applies to cheering and handwashing.

Canadians look in the mirror, we spent too much. Time to help.balance books.

#162 Dharma Bum on 07.19.20 at 9:48 am

Many folks in BC think giving money to people just because they have a SIN and a bank account has resulted in record opioid use and deaths in that province. – Garth
——————————————————————–

Opioid Dealers Lives Matter

#163 crowdedelevatorfartz on 07.19.20 at 10:56 am

@#128, 129 easily offended Karen

Do you fixate on just one person at a time that you don’t like or agree with ?
Or do you save some vitriol for the rest of us?

#164 crazyfox on 07.19.20 at 2:14 pm

#149 T on 07.18.20 at 1:06 pm
#145 Sky on 07.18.20 at 10:03 am
# 141 MF

Naturally, cloth is an inferior material to use for a mask compared to masks designed for filtration, there’s no debating this. The greater question however, is the viral load and what the percentage of viral load would be with cloth compared to nothing at all (where the majority of us still are, nothing at all). I can’t stress how important viral load comes into play here. Its not just the chance of getting a virus we are talking about, its the viral load. These are the numbers I want to see and as yet, we don’t have them.

N-95’s are the mask of choice, there is no disputing this. Anyone who’s worn an N-100 or P-100 will tell you that this material is restrictive, too restrictive to breathe in AND out so the mask needs to be vented, which does nothing to protect the outside world from the individual wearing the mask. N-95’s don’t offer the same filtration as 100’s, but they are the best choice to be universally worn in a pandemic with a virus sized like this one since they breath easy (don’t need ventilators) and offer reasonable protection to you and everyone around you.

N-95’s are great, but where are they? Most masks out of Amazon are 2 months away from China and they aren’t N-95’s. The usual places that sell N-95’s pre-pandemic still can’t get them. This is nothing short of egregious. I could give a rat’s ass that the world is in short supply. Still. We live in the first world here, or we are supposed to. The science of manufacturing an N-95 mask shouldn’t be that complicated. We’ve got a government that will spend 300+ Billion with a B on this pandemic and there is still no access to N-95 masks for what I think would be the majority of the population in Canada still. That’s mind bending.

So, what is the choice of the general public? Cloth. And its pathetic. There’s no way to sugar coat this. The messaging around masks has been abysmal and the efforts by governments world wide concerning the manufacturing of masks has been a disaster. It reeks of complete and total incompetence and/or corruption. We’ve known that the WH has been in denial over the seriousness of this pandemic since the beginning and still is. We’ve known in Canada that its up to us to fend for ourselves, we’ve known it. So why haven’t we done it? One should be able to fast track clone a mask factory anywhere in the world by and with existing manufacturers within 6 months. We’re witnessing a leadership vacuum and the clock is ticking.

In critical aspects of policy, I see this government only too willing to follow the U.S. lead. There is no dialogue whatsoever for example, concerning addressing nutritional deficiencies in the food supply (Zinc & Vitamin D are at the top of the list, directly related to immune system health) and yet, outside of masks & the use of heat guns (no dialogue there either), nutrition is the one thing we can control quickly and no one is talking about it because the food manufacturing giants that write the rules for the U.S. government that in turn strong arms the world in trade policy, doesn’t want us to talk about it! (it might cost them) Doesn’t it already show? 40% obesity in North American adults. Sugar disease i.e. diabetes is approaching double digits. Addictive sugar is in 75% of the some 600,000 products on North American shelves. Readers, this is what corruption and brain dead leadership looks like.

And here, Canadians sit with a 343 billion projected deficit with no end in sight. Here we sit with the need for some of us to wear cloth as opposed to the alternative with no real plan and its once again, egregious. Canada is following the lead of a rudderless U.S. . Doesn’t it show? We take whatever the U.S. decides to feed and loan us as though we were just another U.S. state. .

I’ve been a long time Liberal (vocally anyway, never carried a card, never voted, no point, our riding has gone Con by less than 60 points once in the last 30 years) supporter but these days, with the way Canada has handled this pandemic not just financially but with policy, I’m looking for something different. Even so, I have to check myself. With a right wing government in there, would we have gone the way of pandemic denialist U.S. and Brazil? Would it have looked much different?

$55 billion for example, was a direct bailout to homeowners and banks through delaying payments. Would this have been different under Conservative leadership? Was there truly a better alternative, I think not, would the Cons have chosen this path? I doubt that we would have have seen 2 grand a month in the pockets of the unemployed with Conservatives in power, or 40G business loans, is this what we needed, scale that back, I believe so, absolutely. Harsh, but needed. How many of us would recognize it though, or support it?

The noise of Liberal deficits up to 2020 didn’t worry me but this year, it really is scary. We’ve got bigger fish to fry than a pandemic, always have. Climate change, thee #1 problem, will not go away and I would have thought that the Libs would have seen that, having branded themselves to the issue. We have far greater future problems to deal with than Covid-19. I ask myself why this federal government wouldn’t just allow Canadians to take their lumps financially, take the hit and bite the bullet or at least have the discussion and lay it on the table. It’s still not to late to talk about this, the pandemic hasn’t gone away. What we are sure to face now is a hit in currency. At some point, it has to. Not just us, but the U.S. dollar and it will hamstring future borrowing against in your face disasters when we need it most.

Japan was mentioned as a nation with scary public debt. The difference with Japan is they owe mostly themselves. Their government bonds are owned mostly by their own people (not so many years ago, some 85%). With the U.S., slightly more than 50% of their debt is foreign owned. And, they own our debt. Our currency future is tied to the U.S. whether we like it or not and contrary to public opinion, they are not too big to fail. A climate changed permanently flooded NYC icon financial hub of the world is all it would take to change this perception.

So yeah, it matters whether or not their presidency is run by someone with a mental health condition (like NPD among other disorders). As witnessed, adversarial nations are only too willing to support such leaders in elections because they know the chaos it unleashes… as it has. It’s the reason why we debate something as silly as N-95 vs cloth vs nothing at all. (we still don’t have N-95’s)

#165 Karen on 07.19.20 at 4:02 pm

#163, CEF Dude, what are you on?