Really?

The head fake continues.

This week – perhaps tomorrow – real estate boards will start reporting July stats. They will be, at least in Toronto (and perhaps Montreal, Van and Victoria) wholly detached from reality. Buyer activity will not reflect millions of people on the dole, a 13.6% local unemployment rate, close to a million mortgage deferrals, empty downtown office towers or planes grounded at the island airport (Porter Airlines now says no flights until October… or maybe never).

Against this backdrop of economic slaughter, get this: Toronto realtors this week will report last month was the best July ever. Sales were up 23% from the same period last year, when we weren’t wearing masks or leaping off the sidewalks. The number of deals was a third higher than the 5-year average and 32% beyond the ten-year norm. “Seemingly unbelievable,” says Re/Max dude Robert Ebe, who has fashioned this chart:

July madness: record sales in a dangerous time

Click image to enlarge.

So why did the better part of 11,000 buyers take the plunge in the last four weeks, pushing prices ahead by double-digit amounts in a flurry of blind auctions and bully bids? Don’t they watch the news on the Corona Broadcasting Corp, or look south and see the bug ripping through more than three dozen states, keeping the border closed for months and months more to come? How can real estate in the GTA hit new record pricing in the midst of a global pandemic with Depression-era joblessness and government benefits running out? Huh?

Ebe asks three things. Is the market in a dead cat bounce? (You throw a deceased feline out the window… it bounces… but it’s still dead.) Is this just normal coming-back? Or are we into a new era of currency devaluation and big inflation now that the government has blown everything on Covid and printed more money than God has?

Well, the reasons for July were stated here a few months ago (we told you it was coming). Pent-up demand from house-horny people who couldn’t buy in the spring (lockdown), combined with scant inventory (sellers too scared to sell) in an era of 2% mortgages (because of the virus). Boom. Up she goes.

The real question is what comes next. Was July possibly the worst month ever to spend $1.8 million on a slanty semi in a hip hood, or are all the scary times over?

Realistically, the odds are growing (sadly) that politicians may drop the hammer again with little provocation if the polling persists. Have you noticed how they kinda like states of emergency, with no legislatures sitting, no opposition leaders squawking, no question periods and lots of shiny new powers? This benevolent dictatorship is now wholly supported by a majority of Canadians. Over 80% want the key US-Canada border shut for a long, long time. A survey out Tuesday found 73% support for another wholesale economic shutdown in the event of a second wave of Covid. “Even with the economic uncertainty, Canadians are quite receptive to a shutdown of the economy again if there was a resurgence,” says pollster Nik Nanos.

Meanwhile, guess what? A second wave emerging. In Australia, Britain, Germany, California, Japan. With luck, common sense and soap we’ll avoid that here. But if clusters of cases emerge in the GTA, there’s little doubt the mayor and the premier will drop the hammer. Business and restaurants shut. Stores closed. And way more people losing their jobs – just as the CERB ends and four million are shunted onto EI benefits.

Meanwhile, the lenders – after months and months of reduced mortgage revenues – are struggling to maintain profitability, control risk and deal with bum business and consumer loans (more than $11 billion was set aside for this). Do you think they’ll be more selective about lending in a renewed pandemic? Duh.

As for employers, the last few months have sent many businesses into survival mode. If the pandemic shows signs of lasting, oh, two years, then it’s a safe bet they’ll be shedding overhead, and workers. Many economists fear structural unemployment coming out of this mess. They’re right.

And the government cannot continue to shield us all from virus reality. To date, pollster Nanos says, “there hasn’t really been a connection between businesses closing and major disruptions to the economy and Canadians’ day-to-day ability to pay bills because their government has been there to support them through the CERB. The economic stimulus for Canadian individuals has been generous, so many working-class Canadians haven’t really felt a major economic pinch as a result of the pandemic.”

It’s clear this program – which costs well over $20 billion per month – is unsustainable. Public finances are being shredded. The only long-term solution is less spending and increased taxes. That will include increased tax on land transfers, home ownership and possibly sale proceeds.

Now, let’s be clear. Pandemics are temporary. They all pass. This is not the end of normal. If you do reasonable things, the outcome will be fine. Is buying a house at a historically high price in a bidding war during a public health crisis in the middle of the worst recession since the 1930s with millions out of work and just prior to another potential economic lockdown one of those things?

You must ask?

175 comments ↓

#1 YouKnowWho on 08.04.20 at 3:24 pm

You guys recall how Garth talked about what a 2nd wave lockdown would do to real estate few days back?

Well, 70% of Canadians may own houses, but 70% also would support a new lockdown when the 2nd wave arrives.

I’m thinking they are assuming more CERB and more mortgage deferrals of course. Either that or it is the other 30% who are paying the mortgages on the 70% home ownership ratio.

https://www.theglobeandmail.com/politics/article-strong-majority-of-canadians-signal-support-for-new-lockdown-if-covid/

Notice I said when, not if 2nd wave cometh.

How do I know for sure? First, my tea leaves told me so. Second, not that I’m bragging, but I’ve been right about many assessments on this virus, including some cold hard truths news media refuses to report – like the fact that we’ve become less active, less healthy with our ever deteriorating fool quality, and generally easier to pick off. SO MUCH SCREEN TIME! My goodness…

Reminds me of that Joe Rogan bit where he talks about the ideal solution to obesity, diabetes, laziness is loose tigers on the streets. You don’t see obese gazelles, do you?

Although I may have been wrong when I called it the BladeRunner Flu. It’s more of a Logan’s Run Flu.

Sandmen set the clock at 30. The virus seems to be more lenient and sets the clock at 60. Run Logan, Run!

DYK that the crude death rate of US is higher than Canada (9 vs. 8)? Wonder why? Are the Americans ahead of us on obesity and diabetes by chance?

#1 cause of dying is living. Crude death rate alone is projected to take out 60m humans in 2020 and increase from current 7.7 per 1000 to 11.1 per thousand by end of century – a stunning 45% increase projection.

Covid? A mere 1% of the projected crude rate for 2020. Maybe with American determination and can-do attitude America can push it to 2%?

That would still mean that 98% of humanity died of other causes, like substance abuse, depression, stress, missed treatments the virus prevented them from getting for example. But who cares about the 98%, right? Let us put our entire focus on the 2%….or less.

#2 TheDood on 08.04.20 at 3:30 pm

“Is buying a house at a historically high price in a bidding war during a public health crisis in the middle of the worst recession since the 1930s with millions out of work and just prior to another potential economic lockdown one of those things?”

Of course not, but this is Canada!

#3 YouKnowWho on 08.04.20 at 3:33 pm

I still don’t get it.

2bdrm condo in Toronto going for about $600-700K (unless you count 1bdrm plus DEN as a windowless 2bdrm)
You’ll have about $2500-3000 taxes. $700-1000 monthly maintenance fee.

$3000-3500 mortgage and $1000 in taxes/fees. You end up at $4000-4500 a month.

I could easily rent a nice 2bdrm for $2000-2200 – 1/2 of that.

Can someone explain to me like a 5 year old why I would pay 2x to “OWN” something I can rent for 1/2 the price?

I mean, $2000-$2500 a month is not something an average person finds on the sidewalk?

WHY would I pay 2x or more for the 2 bdrm to pretend I OWN IT?

#4 Ace Goodheart on 08.04.20 at 3:33 pm

Latest from the WHO (if anyone believes them anymore – we live in weird times) is that COVID-19 is not going to have a permanent, fix-all, silver bullet vaccine.

They are predicting that a vaccine will work for at the most a few months, before vaccinated people become vulnerable again.

The problem? As many wise folks on this comments section have been saying for a while, it’s a corona virus. They cause the common cold. You can catch the same corona virus over, and over, and over again. They are made out of RNA, which mutates constantly and is terrible at making copies of itself.

COVID’s worst feature, virus wise, is also its best defense against humans trying to beat it. It is terrible at copying itself, makes many, many errors and it pumps out mutated, error filled virus copies every time it infects someone.

This thing is going to be around for a while in humans. I believe the estimate is in the millions of years, until it finally mutates itself out of existence.

This is a huge, huge problem for us. As anyone who has lived in more than one country knows, when you move to a new location, far from where you used to live, the first thing that happens is you get sick. You catch all the bugs that you caught already, because mutated versions of them are in your new location, and you have no immunity to them.

With COVID, that means whenever we travel, we are going to bring mutated versions of this virus with us, and we are going to catch mutated versions in the place where we go.

Most people will just get a cold. But its kill rate and its massively successful infection rate, means that there will continue to be outbreaks for years and years to come.

This thing could literally kill off air travel for the next ten years or more, and destroy the travel industry, like you have never seen in your lifetime.

You may end up having to get vaccinated against all the current known strains of the virus, before you go anywhere, with your vaccination expiring in a couple of months, having to be renewed with more vaccination.

This is going to fundamentally change our way of life here on this planet of ours.

You might want to call up Elon and book that ticket to Mars. I hear you can buy an acre of land on Ebay.

#5 Useless on 08.04.20 at 3:35 pm

The last paragraph is genius

#6 Sail Away on 08.04.20 at 3:35 pm

When I hear something is detached from reality, I examine the data.

A person’s reality is often their viewpoint.

#7 Alex on 08.04.20 at 3:37 pm

I don’t know Garth… the work from home crowd has income and access to 2% mortgage. Everybody going gangbusters around here (Montreal) and renting is hard (good luck visiting a place)…
Real estate is so depressing…. But at least we are not T.O. or Van.

#8 Overheardyou on 08.04.20 at 3:39 pm

Perhaps the recent buyers comfortably disregard any negative price forecasts as they postulate from the last drop circa 2018. Prices always recover and pretty quickly too (maybe recency bias). Before their 5 year mortgage is even up for renewal.

#9 Abc123 on 08.04.20 at 3:40 pm

“Is buying a house at a historically high price in a bidding war during a public health crisis in the middle of the worst recession since the 1930s with millions out of work and just prior to another potential economic lockdown one of those things?“
————-

The answer to the above question , as evidence has suggested so far at least for the GTA , is a resounding yes.

As for predicting the future , as useless an effort that is, further erosion of the value of money , coupled with a possibility of resurgent inflation , near forever low interest rates for the foreseeable future and the never abating hormones and horniness for RE in the GTA, prices will continue to rise ad infinitum.

Buy that RE people . Da price only going Uppa.

#10 YouKnowWho on 08.04.20 at 3:42 pm

On another note, I was on a Farley Mowat rabbit hole yesterday. Surely you met the man, right Garth?

Writer. Public figure. Trying to tell people how it is. Teach them about nature and truth found in it. Although his efforts were more dreamer based and less likely to succeed…at least yours stand a small chance, right?

Anyhow, a few parallels with you, no?

Writer. Lived in Ontario. Moved to N.S. Left his N.S. land to a nature trust.

Will you leave your N.S. land as well? Just wondering since after all, this blog is about planing for later.

Dog Trust perhaps? Hon. Garth Turner Off-Leash Nature Park – Poop’n’scoop OPTIONAL! :-).

#11 Howard on 08.04.20 at 3:45 pm

The rental listings tsunami in Toronto continues. They seemed to be stabilizing throughout July but today, fresh off the August long weekend, listings have spiked on condos.ca. There are now over 6000 condos for rent in downtown Toronto, first time I’ve seen that number breached. That’s only counting condo rentals; purpose-built rentals are in addition.

Toronto city council better get to work passing its AirBnb landlord bailout scheme : https://twitter.com/anabailaoTO/status/1288120906498191362

#12 Paul on 08.04.20 at 3:48 pm

Short of listings lots of buyer.
Presented Two offers last week one house had 9 offers the other 18. Something is not right no sense at all.

#13 Dolce Vita on 08.04.20 at 3:53 pm

It is about HOPE.

That life will get better.

These buyers, they see the future and in it there is light at the end of the tunnel.

Good on them I say. Good for all of us.

#14 Sail away on 08.04.20 at 3:59 pm

#4 Ace Goodheart on 08.04.20 at 3:33 pm

This is a huge, huge problem for us. As anyone who has lived in more than one country knows, when you move to a new location, far from where you used to live, the first thing that happens is you get sick. You catch all the bugs that you caught already, because mutated versions of them are in your new location, and you have no immunity to them.

With COVID, that means whenever we travel, we are going to bring mutated versions of this virus with us, and we are going to catch mutated versions in the place where we go.

Most people will just get a cold.

————

Yo, Ace.

Take a deep breath. Step away from the panic button.

Read the last sentence of yours I’ve copied above. Good. Read it again.

#15 Happy Housing Crash Everyone! on 08.04.20 at 4:04 pm

This crash is gonna be EPIC!

Enjoy it, all you SHYSTERS!

#16 Bill on 08.04.20 at 4:04 pm

BBB.V Paaaa POW up 27% today, massive gains in the miners…
What Garth Said!
And this dude…no housing for me, the ones I have are paid off we will wait for the sale to add. I hate crowds.
https://www.howestreet.com/2020/07/cmhc-ponzi-scheme-real-estate-equity-negative-mortgages-ross-kay/

#17 ImGonnaBeSick on 08.04.20 at 4:06 pm

#132 Greg Frankiln on 08.04.20 at 2:35 pm

I love these stories, I think that the discipline is the defining factor here, and your coworker had it in spades.

I still think, had your coworker placed the $25,000 in a margin or cash investment account while he was making minimum wage he would have been better off. He would still be able to invest in the ETFs (or mutual funds in the 80s) and receive the gains.

In 10 years, that $25,000 would have grown to $46,500 (10yrs, 6.25%). The $4000 RSP rebate would have grown to $7500. Say your coworker is now making $65,000/yr. His marginal tax rate would now be 29.65%. He would pay $15,600 in taxes. He could take that initial $25,000 (assuming the RSP room had accumulated to that amount) from his personal investment account as return of capital and place it into his RSP. He would receive $6882 in RSP tax savings, a refund of around $3754 for a total of $10,636. His marginal tax rate would have dropped to 20.05%.

The $25,000 would continue to grow normally until retirement and he would also still have $21,000 in personal margin account (to do it again the next year), and would have been able to use his entire after-tax income of $56,244 that year. With the $10,636 rebate, your coworker would have paid zero taxes. Maybe a small amount in capital gains.

Regardless, he’s a success story and an example of prudent saving and investing. He just could have ended up with a bit more I feel.

#18 truefacts on 08.04.20 at 4:07 pm

If you visit a doctor because of a splinter in your hand, and he cuts your hand off – he’s solved the problem…but isn’t the cure worse than the original problem?

In Ontario, we’ve had almost 23,000 “cases” with around 1,900 deaths. OMG – almost 10% death rate!!! We’re all gonna die!!! (page 5)

https://www.publichealthontario.ca/-/media/documents/ncov/epi/2020/06/covid19-epi-case-identification-age-only-template.pdf?la=en

BUT…almost half the “cases” have been in people under 50 with only… 25 deaths. The VAST majority of deaths are in people over 80 (1,332 deaths). Covid is NOT A SERIOUS ISSUE for younger healthy people.

Let’s go back to normal and allow older people to protect themselves and have health protocols for long-term care facilities. Debating about masks and distancing for kids at school, keeping businesses closed, going to banks looking like you’re going to rob them, etc is making a cure worse than the disease…

#19 QAnon on 08.04.20 at 4:14 pm

There’s something special about Toronto. Independent women, overpaid police, and a provincial and federal government who pander to social justice causes. Toronto Police would mistreat someone accused of offending a Twitter SJW than someone who detonated the World Trade Centre. Heck, even the PM gave a convicted child soldier 10 million dollars.
Canada is a weird country.

#20 Dolce Vita on 08.04.20 at 4:14 pm

You are correct about Europe. Not looking good.

Is this the 2nd wave or brush fires from the 1st wave flaring up, who knows?

New cases today (*2 day total):

Spain 8532* (doubled since their last report, #’s at Worldometer a day behind)
France no #’s as of 2200 CET (again, Worldometer a day behind).
Ukraine 990
UK 928
Germany 858 (a good day for them, they’ve been kicking around 900-1100)
Romania 823
Sweden 590
Poland 575
Belgium 465
Netherlands 372

etc.

Italia 159 (Feriae Augusti) – still keeping it low vs. ↑ them.

——————————

Some good news:

Cheap Champagne coming to a store near you Canada, soon. Personally Prosecco from the Valdobbiadene area of Italia better…but hey, you’re Canadians…you love paying more for the cachet of it all when in fact, you know nothing like the Americani (but think you do).

And if Morneau reads this Blog from his villa in France…ya, I said that and Bill, come to Italia to learn how to eat and drink (Hint: we gave the French their cuisine and their vineyards, merci Medici sisters and SPQR).

https://www.reuters.com/article/us-france-champagne/champagne-sales-fall-flat-on-french-economic-gloom-idUSBRE9BN0G520131224

#21 Paul on 08.04.20 at 4:15 pm

#15 Happy Housing Crash Everyone! on 08.04.20 at 4:04 pm
This crash is gonna be EPIC!

Enjoy it, all you SHYSTERS!
————————————————————————————————
I thought you were going to be right at one point. You have been at this crash rant for so long.I think properties have increased 40% since and now going higher.

#22 ImGonnaBeSick on 08.04.20 at 4:22 pm

#132 Greg Frankiln on 08.04.20 at 2:35 pm

Just a quick addendum;

Had your coworker accumulated enough room to transfer the entire personal margin account to RSP (10yr, $4600 RSP room/yer) he would have been quite a bit better.

Remember the initial RSP rebate would have grown to $7500, so he would have missed out on that, but;

Employment Income of $65,000
Capital Gains of $21,500
RSP deduction of $46,500
Source deductions of $15,638

would result in;
Total income of $86,500
After-tax income of $80,049
RSP tax savings of [b] $12,525 [/b]
Total refund of $12,942 to be used in his TFSA or next years RSP.

So $12,525 – $7500 = $5,025 for the better for doing essentially nothing except waiting on RSP contributions.

#23 Doug t on 08.04.20 at 4:22 pm

Sh*t meet fan

I never thought in my lifetime I would experience anything like what we are going through right now- the world is truly going bat sh*t crazy and I don’t see an end to it sadly – prepare for the worse and hope for the best people – extra canned food added weekly to cupboard etc. until we see a light at the end of the tunnel

#24 Billy on 08.04.20 at 4:29 pm

Housing and equity markets have probably recovered to the extent they have because people hope/believe the pandemic will be behind us relatively soon. So, what happens if governments and central banks can’t sustain their current level of support if ‘temporary’ turns into years versus months…. https://ca.news.yahoo.com/coronavirus-covid19-canada-latest-updates-190048955.html

#25 Alberta Ed on 08.04.20 at 4:30 pm

Maybe Morneau could explain to Trudeau the hazards of getting involved in risky real estate deals… oh, wait.

#26 Laughing Hyena on 08.04.20 at 4:35 pm

#75 Sail Away on 08.03.20 at 7:39 pm
#59 crossbordershopper on 08.03.20 at 5:55 pm

i guess when you talk to millionaires every day you think everyone is one. and you talk what people with money talk about, money, taxes etc, when you talk to little people you talk about sports and girls and cars and work. Thats basically what i have observed.

————–

I can confirm your observations as true. I surround myself with privileged and affluent people. Our conversations are 90% money and taxes, 10% cars and women.

I like to brag about my lifestyle and cars. I come here to do that. My millionaire friends just aren’t easily impressed.

I wonder if they are even my friends. Maybe they are just acquaintances. I suppose we are all just acquaintances in life, aren’t we?

At least I have my Tesla. Time to go for a drive. I need to pickup more organic water

———————————————————–

We’re laughing at you! …. Not with you.

https://youtu.be/PLxPAwIeL0w

#27 Keep Your Rent on 08.04.20 at 4:38 pm

Tenants keep your rent.

Landlords keep your distance.

https://twitter.com/KeepYourRent

#28 binky barnes on 08.04.20 at 4:38 pm

Plan(s)?

What does our government have in the works to try and keep the economy from collapsing? Throwing money at things a second time is obviously not feasible, so what is its plan(s)?

BB

#29 mike from mtl on 08.04.20 at 4:40 pm

#14 Sail away on 08.04.20 at 3:59 pm
#4 Ace Goodheart on 08.04.20 at 3:33 pm
…..
Most people will just get a cold.

————

Yo, Ace.

Take a deep breath. Step away from the panic button.
//////////////////////////////////////////////////////////////////////

Ace is right, this whole debacle (to use polite wording) is thinly about actual public health, the entire world government response has been one giant political free for all.

Six months in, knowing more now, I think we can agree this is not even close to being a catastrophe as originally portrayed and is manageable.

However the point was the uncertainty of government response to almost illogical metrics that is frightening. How can you plan a future or run a business when the whole show can shutdown at any time?

Look at Melbourne, stats no worse than QC but they shut it down again? Like why, that won’t change the end result.

Plus here they’re already softening us up for round 2 with indistinguishable Influenza season in around the corner.

#30 Nick on 08.04.20 at 4:41 pm

.

Multiple offers on homes in Lower Brainlab BC. Siddall??

I told Warren Buffet to buy homes in Lower Brainland but he missed the opportunity of higher than stock returns. Oh well….

#31 Billy Buoy on 08.04.20 at 4:42 pm

All I am seeing in my area is sales, sales, sales and fast.

Basically a lack of supply locally for the pent up demand and low interest rates.

Until people start dropping like flies or those extended MUST sell, I cannot see the trend slowing down.

Maybe 2021?

#32 Dolce Vita on 08.04.20 at 4:43 pm

Little known fact (if you rely on the Cdn MSM) that China vaccinated its military in late May with their COVID-19 vaccine.

Promising results they said, 105 “participants” (if you can believe them).

Talk that high doses work in a test tube (good to know if you’re a test tube that has COVID-19), encouraging they say etc.

“…recipients showing either a T-cell response – cells that target the virus – or the development of a neutralising antibody after 28 days.”

“…63 volunteers, including 27 out of the 36 given a high dose, developed neutralising antibodies that could destroy the live coronavirus virus in a test tube.”

“…adverse reactions among the recipients, the most common being a fever, which was reported in 50 cases. Fatigue was recorded in 47 participants, 42 suffered headaches and 18 reported muscle pain.2

They go on to say:

“…results of the first 28 days after vaccination and it is not yet known how long the antibodies can last.”

AND THE KICKER, DRUM ROLL:

“The study also cannot show whether the vaccine can cause antibody-dependent enhancement, which makes the infection worse by assisting the virus’s entrance into the host cells.

This phenomenon is a major concern for scientists developing Covid-19 vaccines as this has been observed with other coronaviruses.”

——————————-

Ya, “their” vaccine can make it EASIER for COVID-19, great if you are a test tube and back to the drawing board.

Above from Hong Kong’s South Morning China Post, their Beijing correspondent who writes carefully…with good reason:

https://www.scmp.com/news/china/science/article/3085796/chinese-military-scientists-record-promising-results-coronavirus

#33 CL on 08.04.20 at 4:44 pm

I really don’t understand how or why there are so many dumb people in this country. Do you think it is because there is zero need for accountability and responsibility? I mean I said this for years that the government would reward bad behavior with bailouts and that’s exactly what happened. So, why would people panic about debt?

you say banks will defer payments again. Ok, great. So, borrow money without having to pay it back because the banks…i.e. SAVERS….will eat the cost for them. What a great country Canazuela is and will be.

The real pandemic will be the disease on society for decades to come called debt.

#34 Millennial Investor on 08.04.20 at 4:50 pm

Hey Garth… just read your take on the housing market … https://torontolife.com/real-estate/whats-the-short-term-future-of-residential-real-estate-we-asked-seven-market-experts/

You were supposed to be the voice of reason to balance out the real estate fanboys and yet, your 0/10 crash risk rating was very disappointing. I think that now is a time for caution and yet, you’re implying that everything is dandy.

Hardly. But no 416 crash is coming in the short-term, which was the focus of the article. – Garth

#35 cramar on 08.04.20 at 4:51 pm

“Is buying a house at a historically high price in a bidding war during a public health crisis in the middle of the worst recession since the 1930s with millions out of work and just prior to another potential economic lockdown one of those things?”

—————

Everything said about an insane housing market detached from reality can also be said of the stock market.

Nope. Apples and oranges. – Garth

#36 Captain Uppa on 08.04.20 at 4:53 pm

RE is being overshadowed by the army of people telling me about gold everyday. Now that it hit 2K in price, everyone is acting like they are financial geniuses who saw it coming.

#37 Learn2investkid.com on 08.04.20 at 4:53 pm

I won’t recommend anyone starting a major renovation project. Hard to find & keep skilled labour and material costs are really going up. Check out lumber prices. Get quotes now and wait until October to see if prices change.

#38 AM in MN on 08.04.20 at 5:02 pm

There’s no recession in Vancouver.

Try and hire someone. Buddy employs about 50 selling to the condo market. Booked with orders for the next year at least. Tried to hire a few factory workers for light industrial work over the last few weeks, no one applied. Finally got one 68 yr. old guy who applied and was hired on the spot.

Can’t get a parking space at the beach either, any day of the week. Word of some restaurants distancing the tables more than necessary because they can’t get staff and don’t want people getting bad service.

Of the 8 towers going up at Oakridge Mall (yes, that means building a 30 story tower on top of the food court), the penthouses went for about C$20M each, but to get one you had to go to the sales office in HK.

Canada is basically selling it’s property rights and relative political stability as a commodity. Many investors waiting for the surge of 250k folks out of HK once travel gets back to normal.

#39 KNOW IT ALL on 08.04.20 at 5:02 pm

DEFINE TEMPORARY?

1 year, 10, 50, 100??

Like Dr. Fauci has stated “the virus will decide when it’s through with us”.

#40 Masks really do make some people more attractive on 08.04.20 at 5:02 pm

#14 Sail away on 08.04.20 at 3:59 pm
#4 Ace Goodheart on 08.04.20 at 3:33 pm

This is a huge, huge problem for us. As anyone who has lived in more than one country knows, when you move to a new location, far from where you used to live, the first thing that happens is you get sick. You catch all the bugs that you caught already, because mutated versions of them are in your new location, and you have no immunity to them.

With COVID, that means whenever we travel, we are going to bring mutated versions of this virus with us, and we are going to catch mutated versions in the place where we go.

Most people will just get a cold.

————

Yo, Ace.

Take a deep breath. Step away from the panic button.

Read the last sentence of yours I’ve copied above. Good. Read it again.

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

Actually, science tells us that ‘most’ people will have cardiac abnormalities that persist for an as yet undetermined period after recovery from acute infection. Despite what the uninformed might think.

Reality=viewpoint only works when you quit considering your own opinion as equal to that of an actual expert.

https://www.forbes.com/sites/brucelee/2020/07/29/study-how-covid-19-coronavirus-may-affect-your-heart/#3011a35e1b89

#41 Stan Brooks on 08.04.20 at 5:03 pm

Lock-down to continue for 2-3 more years…

https://ca.yahoo.com/news/coronavirus-covid19-canada-latest-updates-190048955.html

Velocity of money down to historical low.

If the current monetary policies continue for 2-3 more years, once it is over and we are back to normal and velocity of money stabilizes I would expect around 200-300 % spike in cumulative inflation in just a few years.

How does 30 % yearly inflation for a few years with rates capped at zero sound?

BTW the topic of the Davos economic forum next year/2021 is ‘The Great Reset’. That is not a joke.

And no, your benefits will not be indexed with the inflation.It is somehow strange that this reset happens at the same time as the virus, I am sure it is either pure coincidence or the virus is the cause for the reset.

Shack in GTA for 5, maybe even 10 millions seems fair. Oh, how would I enjoy the unraveling of it.

Cheers.

#42 Tulips on 08.04.20 at 5:04 pm

There have been reasonable reasons to not buy at every point along the past 12+ years. And yet, every time has been better opportunity than the next. It’s reasonable to buy in this pandemic, for the reason that everyone else will reason that it’s good to buy, and that will only push prices onward and upward. That’s the reason I’m shopping now. Reasonable?

#43 Don Guillermo on 08.04.20 at 5:06 pm

Dolce Vita

Just discovered a Netflix series filmed in Rome you may enjoy – maybe you’ve already seen it. It’s called SUBURRA Blood on Rome. Apparently Suburra was the neighborhood that Julius Caesar was born and raised in.

#44 YouKnowWho on 08.04.20 at 5:07 pm

Nope. Apples and oranges. – Garth

So…both FRUITY?

FROTHY such a close sounding word :-)

#45 YouKnowWho on 08.04.20 at 5:11 pm

Mr. Farley Mowat, are you indicting capitalism?

>
https://www.youtube.com/watch?v=wPoFvoSzvZg

Go ahead Comment Gallery, tell us Farley isn’t telling it as it is in above short 3min clip.

#46 Paul S on 08.04.20 at 5:16 pm

#18. “BUT…almost half the “cases” have been in people under 50 with only… 25 deaths. The VAST majority of deaths are in people over 80 (1,332 deaths). Covid is NOT A SERIOUS ISSUE for younger healthy people.”

You may want to provide a more recent report as your finding is dated by over 2 months. Numbers have increased on both ends of the age spectrum.

#47 Sail Away on 08.04.20 at 5:19 pm

Every now and then I sit back with a cold glass of organic water and contemplate how I did so well. I think of the impeccable decisions I’ve made through life, unencumbered by friends, and drift off into a state of pure bliss.

Lately I have been thinking now is the time to make friends. So I come here to brag in hopes some of you will appreciate me for who I am, and hopefully one day meet and become real true offline friends.

If you don’t like me, you’ll at least love my car. I know I do.

#48 Stan Brooks on 08.04.20 at 5:21 pm

#42 Tulips on 08.04.20 at 5:04 pm
Reasonable?

Reason means nothing in a mental institution.

Cheers,

#49 Dolce Vita on 08.04.20 at 5:22 pm

#29 mike from mtl

“we can agree this is not even close to being a catastrophe as originally portrayed and is manageable.”

Are you serious?

It’s pushing its way into the TOP 15 EPIDEMICS OF ALL TIME.

Start with John Hopkins:
Cases = 18,373,514
Deaths = 696,389

Underreported. 2 examples, serological studies looking for COVID-19 antibodies (the “infected”):

India, New Delhi, 28%, 22 million, 6 million infected in that city alone, India CRF = 2%, therefore 120,000 deaths. They report: 1,855,745 cases, 38,938 deaths.

Iran yesterday, 451,024 cases, 42,000 deaths, leaked by their Health Gov, “officially” reported: 278,827 cases and 14,405 – numbers deliberately changed (BBC, Al Jazeera and others).

So if you take New Delhi and Iran, you get about 150,000 more deaths or so bringing COVID-19’s death toll to:

850,000.

Eurostat says the Russians are lying thru their teeth, Iranians lying, India probably because of their health system, America has per their own people at least another 100,000 deaths to contribute…

It will push past 1,000,000 deaths in no time, in the next 2 months for sure…probably already has (I mean you know, India does have about 1.35 billion, do the above math on that number).

Go here, sort the “Death toll” column, count rows (hi to low):

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

Ya, 15th tied with the Naples Plague…probably higher.

——————————-

So, one of the TOP 15 EPIDEMICS OF ALL TIME…no biggie, it’s all good, right?

Pretty sure if nations stop lying and/or count properly, The Little Pandemic that Could will brush aside other million deaths or so epidemics into the TOP 10.

Hope that it stops there and that it isn’t an overachiever ‘lookin for a TOP 5 finish.

#50 Sail away on 08.04.20 at 5:27 pm

#26 Laughing Hyena on 08.04.20 at 4:35 pm

Re: Tesla

We’re laughing at you! …. Not with you.

————-

That’s a pretty good video.

I watched it twice, though, and couldn’t find the part about TSLA stock compounding and compounding and compounding?

Maybe he would say something like, “…if only I knew Tesla stock increasing to 20x my investment would make me pay way more tax.” He totally missed this slam!

#51 I’m stupid on 08.04.20 at 5:32 pm

My Doctor today was saying that the Covid shut down was a huge mistake. He said that he’s never in his career sent so many to CAMH. The psychological impact of the virus coupled with being locked down is breaking a lot of people mentally.

I hate to quote Trump but is the cure worst than the disease?

#52 Dolce Vita on 08.04.20 at 5:34 pm

#47 Sail Away

Agree, Tesla is one hell of car.

Green with envy (I don’t drive) but bring it to Italia and give me a spin, plenty of charging stations in Italia and Europe.

If you’re nice, I might even take you to Valdobbiadene.

PS: there is an area within that which has even better Prosecco – but I will not tell you Canadians as you will all run out and tell you friends to mimic savoir faire, since you have none, and push my prices here in Italia up…no, that secret dies with me…well, unless you come to Il Bel Paese…recall, we need the cash, BAD.

Not kidding on pushing the prices up. Used to get Armani, Dolce & Gabbana, etc. sent to me by my Italian relatives or buy when there in the early 80’s…of course, the bloody AMERICANI figure it out and UP WENT THE PRICES even in Italia.

Sometimes it better to keep the unwashed masses, well, unwashed.

That Prosecco hidden area within Valdobbiadene secret dies with me.

#53 Do we have all the facts on 08.04.20 at 5:35 pm

I am not aware of the sources of the chart included in the latest blog but I have been closely following the number of home sales in the Greater Toronto Area reported every month by the Toronto Regional Real Estate Board.

In 2019 the TRREB reported a total of 87,825 home sales in the Greater Toronto Area at an average of 7,320 sales per month.

In the first six months of 2020 the TRREB reported a total of 32,193 home sales in the Greater Toronto Area at an average of 5,365 sales per month.

If the 11,000 home sales reported by Garth for July are correct the average number of sales in the first seven months of 2020 would approach 6,025 sales.

Given the average price of sales recorded to date and the average income of Canadian households who do not already own a home is seems unlikely that total sales in the Greater Toronto Area will exceed a total of 75,000 sales in 2020.

No doubt that average prices in the GTA increased over the first six or seven months but there is less certainty that prices will continue to increase once the inventory of higher priced homes is gradually depleted.

We should also remember that the Toronto and Vancouver markets do not represent the total housing market in Canada and that unemployment rates of more than 8.0% will not support the purchase of 250,000 homes by first time home buyers across Canada as predicted in January 2020.

Patience is still a virtue!

#54 Sail away on 08.04.20 at 5:36 pm

#47 Sail Away on 08.04.20 at 5:19 pm

Every now and then I sit back with a cold glass of organic water and contemplate how I did so well. I think of the impeccable decisions I’ve made through life, unencumbered by friends, and drift off into a state of pure bliss.

Lately I have been thinking now is the time to make friends. So I come here to brag in hopes some of you will appreciate me for who I am, and hopefully one day meet and become real true offline friends.

If you don’t like me, you’ll at least love my car. I know I do.

————-

All true, pseudo-Sail, all true.

One small modification, if I may?

“So I come here to brag in hopes some of you will appreciate me for who I am, and hopefully [we can have a good online friend relationship.]”

Thanks!

#55 Ponzius Pilatus on 08.04.20 at 5:47 pm

#4 Ace Goodheart on 08.04.20 at 3:33 pm
Latest from the WHO (if anyone believes them anymore – we live in weird times) is that COVID-19 is not going to have a permanent, fix-all, silver bullet vaccine.

They are predicting that a vaccine will work for at the most a few months, before vaccinated people become vulnerable again.

The problem? As many wise folks on this comments section have been saying for a while, it’s a corona virus. They cause the common cold. You can catch the same corona virus over, and over, and over again. They are made out of RNA, which mutates constantly and is terrible at making copies of itself.
This is going to fundamentally change our way of life here on this planet of ours.
You might want to call up Elon and book that ticket to Mars. I hear you can buy an acre of land on Ebay.
—————
First of all, stop listening to the WHO.
FAUCI, and other respected scientists said about a month ago, that there probably will have to be a booster shot about 3 to 4 months later.
Secondly, this being a Corona virus like the common cold, is actually a good thing.
The new vaccine will also work against the common cold.
Killing two birds with one stone. No more excuses for not showing up for work amymore. Productivity will go through the roof.
Sell your stocks in cold medicine producers.
And cancel your flight to Mars. Melon is a modern day snake oil sales man.
 

#56 Garth Meter on 08.04.20 at 5:50 pm

I don’t know Garth. My Garth meter is going off.

I tripled my money since March in the Nasdaq unicorns.

I bought a house when gov. whacked the market.

I have also been buying gold.

All winners.

Bitcoin was the only bit of a flop lately. Gone nowhere. Thought it was going up. It came down quick again.

The COVID Vaccine is here. The dip is over. Economy is going to roar. High unemployment or not. 87% of working class still rolling.

Only regret this year is not going balls in where I would be up 900k on the year in markets instead of only 60k. But a 60k advance is not bad not really having to work for it.

Then I flip that risk and stack the balanced portfolio, which is basically my bottom line moving forward.

Oh and it looks like my house value is up 12% on the year. Love having my own yard.

#57 10 more days on 08.04.20 at 5:54 pm

Russia releases rona vaccine to their own population in 10 days.

Bop, bop, bop, plop and a bang.

#58 Dolce Vita on 08.04.20 at 5:57 pm

#43 Don Guillermo

Ya, I saw it. One of the few decent Netflix series of Italia. Curon wasn’t bad either for sort of horror.

Personally I prefer Netflix series from:

Spain (muy caliente stuff, imaginative, they rock!)
FRANCE (as muy caliente as the Spanish and detective stuff, they absolutely rock!)
Germany (conspiracy, detective stuff, selling drugs online and Dark)
Poland (detective shows, Internet conspiracy)
UK (royalty stuff but good, Victoria, The Crown, The King)
Norway (Norse stuff, nordic noir, and VERY large trolls in their interior – Trolljegeren or Trollhunter)

And neither of the above give a damn about nudity (not even the Nordics that come to Italian beaches that way).

American shows are boring compared to some of the stuff coming out of Europe. You know its American if something blows up in CGI within the first 10 seconds since it would appear they have ADD.

#59 akashic record on 08.04.20 at 6:00 pm

#4 Ace Goodheart on 08.04.20 at 3:33 pm

Latest from the WHO (if anyone believes them anymore – we live in weird times) is that COVID-19 is not going to have a permanent, fix-all, silver bullet vaccine.

They are predicting that a vaccine will work for at the most a few months, before vaccinated people become vulnerable again.

Vaccines will be developed based on the Microsoft software and Monsanto licensing model. Rent the mandatory vaccine, pay your licensing fees on time.

#60 MF on 08.04.20 at 6:11 pm

” A survey out Tuesday found 73% support for another wholesale economic shutdown in the event of a second wave of Covid. “Even with the economic uncertainty, Canadians are quite receptive to a shutdown of the economy again if there was a resurgence,” says pollster Nik Nanos”

-Is this true?

I visited their website:

https://www.nanos.co/reports-2/

According to the website, that question was asked in this survey title:

-A very strong majority of Canadians are good with requiring everyone to wear a mask in indoor public places (Globe/Nanos)

The question was: “Would you support, somewhat support, somewhat oppose or oppose closing all but essential businesses, and asking people to self-isolate at home if there is a resurgence of COVID-19?”

50% said they would support, 25% somewhat/a little, and 25% were either no/kinda no/I donno.

That question is murky. What do they qualify as a “resurgence”? 6000 cases/day? 20,000? 200? I don’t think anyone would argue that 15000 cases/day would require more serious action than 200.

Also, the results can flipped and interpreted as saying 50% of Canadians are either being cautious and playing wait-and-see, or, are against the idea entirely (that’s where I sit).

Everyone I have spoken to is happy to be back to work. Nobody called me (of course, they never do). But I think another lockdown in its previous form is not coming. Too politically dangerous.

I wouldn’t put too much water in that survey. Online surveys are pretty unreliable. The response rate was actually reported at 9%. Perhaps those who responded were more motivated? Bored because they are at home on CERB? Scared of a abstract “resurgence” that wasn’t defined? Who knows. Can’t really conclude anything. Moving on.

MF

#61 Asterix1 on 08.04.20 at 6:18 pm

Prices are dropping all over the board. Sales mix is now mostly higher priced properties. First time buyers took a huge hit, less of them.

Of course the average goes up, yet, its all going down price wise. Remove first time buyers, its the end of the party. Machine grinds to a halt….

These RE compulsive liars will always find a way to distort the truth.

#62 YouKnowWho on 08.04.20 at 6:19 pm

#49 Dolce Vita

I noted that based on current case numbers there are about 200,000 deaths missing from US.

No doubt that we’ll get to 1M deaths soon. BUT…

– That’s still 1.7% of Crude Death rate for 2020.

– Old Folks have to leave this earth sometime, and a lot of old age deaths are being accelerated slightly by Covid, but they have lived 60 or 70 years let’s not forget.

– Many seriously health compromised individuals are being impacted

– There have been many choices humanity made last decade alone that have not helped our herd health – including diet, sugar, weed, alcohol, other recreational drugs, laziness, Amazon, streaming TV.

I mean…remember the days when you had to WALK to a video store to get a movie, and then back to return it?

You don’t think those walks were good for you? You don’t think Netflix is bad for your health? Add a bag of chips to that movie you’ll stream from Amazon or Netflix and what have you got? Easy pickings for a virus, that’s what.

Finally, biggest population on the world ever, so % impact will mean larger numbers. I think it’s more accurate to compare data on percentage of population at the time pandemic occurred basis, not number of deaths.

#63 looking up on 08.04.20 at 6:22 pm

I can confirm your observations as true. I surround myself with privileged and affluent people. Our conversations are 90% money and taxes, 10% cars and women.

I like to brag about my lifestyle and cars. I come here to do that. My millionaire friends just aren’t easily impressed.

I wonder if they are even my friends. Maybe they are just acquaintances. I suppose we are all just acquaintances in life, aren’t we?

At least I have my Tesla. Time to go for a drive. I need to pickup more organic water

—————-

You seem like an unbearable jerk that no one would want to spend a second of their life with and furthermore… Hey wait, wasn’t I married to you once?

#64 Stone on 08.04.20 at 6:31 pm

I love my balanced & diversified ETF portfolio. Even with all the craziness out there, it continues to provide me such a wonderful cashflow. So simple yet so many can’t be bothered to do it for themselves. +3.25% YTD.

#65 Nonplused on 08.04.20 at 6:32 pm

The only thing I can think is that maybe people think they are getting a covid inspired deal? I’m sure the realtors are telling them they are.

And I don’t know about this “pent up demand” theory. I thought 70% of us already had a house? Taking the number much higher seems impossible as there will always be a portion of the population that rents for one reason or another.

Anyway, QOTD:

“Labor is prior to and independent of capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.” — State of the Union Address: Abraham Lincoln (December 3, 1861)

Contemplation of ramifications of that quote (which is in line with Adam Smith’s theory of capital) quickly leads to the reason CERB and UBI cannot work long term: The labor associated with the spending power simply isn’t being done. Printing money and mailing it out does not create wealth save that it inspires labor. So paying people not to work has a double-whammy effect on the economy; not only does it cause inflation but it reduces actual GDP.

Back to Adam Smith, labor is the source of all wealth creation (besides raw materials) and capital represents “saved up labor” beyond the amount needed to survive which is put towards improving future productivity. So a barn is capital to a farmer, but labor must be employed to erect it. With CERB, the farmer has to pay for the barn through future taxes but he gets no barn. This is the real reason socialism always fails every single time they try it. There is no such thing as a free lunch.

And don’t tell me about Norway. They have a disproportionately large amount of oil for such a small country and that is the secret to their so called “economic miracle”. Quebec and Europe pays for their social security system through oil purchases. It’s the same as how the US pays for Canada’s social security system through oil and gas purchases. Or did, until recently. Seen on a bumper sticker in Calgary in the ’80’s: “Lord please let there be another oil boom. I promise not to piss it all away this time.”

As for raising taxes, I agree that they may try it, but I stand by my theory that it won’t work. Taxes are necessary to a certain extent but beyond a point they also have the effect of starving the economy of capital. There are only so many dollars out there, however many they print, so every dollar the government removes from the economy is a dollar that will not be spent somewhere else. At some point squeezing the golden goose in an effort to get more eggs will kill it.

So all said we are in a heck of a pickle. This will take a long time to resolve. And we haven’t even talked about what happens when the moratorium on evictions expires and the renters find out that it wasn’t a rent moratorium so now they gotta come up with the back rent or work out some sort of plan. Many of them are gonna walk, leaving the landlords in financial distress.

What a mess.

#66 Bill on 08.04.20 at 6:34 pm

What if…
…the virus does what it will do despite our nonpharmaceutical interventions (NPI), and then burns out on its own once enough people have been infected and it cannot proceed effectively?
That’s what the data sure seem to be telling us.
Lockdown or no, masks or no, the virus has its way with people and societies.
Mobility data yields no obvious relationship between stay-at-home orders and health outcomes.
Masks are worn religiously in Hawaii, which is 2000 miles away from its closest neighbor, and its case count has gone up 700% in 30 days. Meanwhile, Scandinavia, where COVID is essentially over, hardly wears masks at all.
(The number of “cases” is meaningless anyway, so don’t worry about Hawaii, which will be fine.)

#67 Trojan House on 08.04.20 at 6:38 pm

Well, Kim Jong Dan in Melbourne, Australia is the first to introduce a “show me your papers, please” edict. Can it be far behind anywhere else?

https://www.news.com.au/lifestyle/health/health-problems/coronavirus-victoria-daniel-andrews-to-announce-permit-system-for-melbourne/news-story/98df111af6f7d04a0f49e8f05a775ee8

#68 Nonplused on 08.04.20 at 6:41 pm

#75 Sail Away on 08.03.20 at 7:39 pm
#59 crossbordershopper on 08.03.20 at 5:55 pm

“I need to pickup more organic water”

Hahahaha it took me until today to get that one. But it is funny.

#69 Ace Goodheart on 08.04.20 at 6:41 pm

Interesting responses.

COVID is a brand new virus that our bodies have no experience with.

So people are right, we don’t know what it will do to us.

Does it cause cold symptoms for most people in the short term, and then some form of cancer in the long term? A lot of viruses are cancer causing.

Does it cause long term heart problems? Lung deterioration?

No one knows. It hasn’t been around long enough.

My approach to COVID has been to not get it. Take whatever precautions necessary to ensure this thing never takes root in my body.

I just don’t know enough about it to write it off as harmless.

#70 YouKnowWho on 08.04.20 at 6:59 pm

#69 Ace Goodheart

Depends on your individual situation.

What age are you? Older age obviously is subject to higher risk, with any virus or disease really.

Any pre-existing conditions? More and more data is coming out and indicates this virus feasts on obese and diabetic. Countries with low obesity and diabetic rates seem to have a much lower death rates for example.

Add laziness, lack of activity, recreational drugs, smoking, drinking, and it all adds a few % of risk.

I wonder how much harm we are doing to young people’s immune systems from not letting them face this, and adding disinfectant and removing human contact as well. Cleanliness is a contributing factor to weakness of immune systems. We know this.

#71 Cash is King on 08.04.20 at 7:00 pm

Does this mean if my employer becomes bankrupt and closes it doors, I do not receive the 10 paid sick days Comrade Singh promised?

#72 Bytor the Snow Dog on 08.04.20 at 7:08 pm

@#29 mike from mtl on 08.04.20 at 4:40 pm:
———————————————————–
No worries man. Covid has totally eradicated influenza.

#73 Linda on 08.04.20 at 7:22 pm

Border closure makes sense while our neighbors to the south continue to deny that a virus might be worth 1) wearing a mask for; 2) being immunized should a viable vaccine make an appearance. Not that Canadians are necessarily ready to roll up their sleeves come the day. Plenty of antivax rhetoric abounds in Canada too. However, whatever one may think the fact remains that the virus is far from being contained down south. As for a second wave, not quite sure how Americans will be able to tell if the first wave is over. Just say its so, I guess.

As for a resurgence here, I for one will be less than impressed if we blow this. Millions out of work, shops shut forever, epic deficits which we all of us will pay for & we blow it? Epic fail & don’t even try to claim intelligence.

#74 dolcevito on 08.04.20 at 7:22 pm

#23 Doug t

“Bat sh*t” seems to be what got us here :-)

#75 VicPaul on 08.04.20 at 7:26 pm

#47 Sail Away on 08.04.20 at 5:19 pm
Every now and then I sit back with a cold glass of organic water and contemplate how I did so well. I think of the impeccable decisions I’ve made through life, unencumbered by friends, and drift off into a state of pure bliss.

Lately I have been thinking now is the time to make friends. So I come here to brag in hopes some of you will appreciate me for who I am, and hopefully one day meet and become real true offline friends.

If you don’t like me, you’ll at least love my car. I know I do.
*********

Ok, now you just sound high…
and the Porsche Taycan S is faster off the line and to 100/kph than the Tesla, any Tesla…but I don’t have one yet, so – you win.

M56BC

#76 parti sans voile on 08.04.20 at 7:27 pm

#47 Sail Away

Thanks to your corporate CERB no doubt.

#77 WAKEUP on 08.04.20 at 7:32 pm

Americans are buying up loads of RE.
This way they are free to leave the US.
Told to me by a RE agent on Vancouver island that’s had his biggest year so far, by far.

#78 Ponzius Pilatus on 08.04.20 at 7:34 pm

#66 Bill on 08.04.20 at 6:34 pm
What if…
…the virus does what it will do despite our nonpharmaceutical interventions (NPI), and then burns out on its own once enough people have been infected and it cannot proceed effectively?
That’s what the data sure seem to be telling us.
Lockdown or no, masks or no, the virus has its way with people and societies.
Mobility data yields no obvious relationship between stay-at-home orders and health outcomes.
Masks are worn religiously in Hawaii, which is 2000 miles away from its closest neighbor, and its case count has gone up 700% in 30 days. Meanwhile, Scandinavia, where COVID is essentially over, hardly wears masks at all.
(The number of “cases” is meaningless anyway, so don’t worry about Hawaii, which will be fine.)
————–
Richmond,BC. Pop. 120k.
60% ethnic Chinese.
Religious mask wearers.
102 cases, no deaths.
“Wear the damn mask”

#79 Don Guillermo on 08.04.20 at 7:35 pm

#58 Dolce Vita on 08.04.20 at 5:57 pm
#43 Don Guillermo

Ya, I saw it. One of the few decent Netflix series of Italia. Curon wasn’t bad either for sort of horror.

Personally I prefer Netflix series from:

Spain (muy caliente stuff, imaginative, they rock!)
FRANCE (as muy caliente as the Spanish and detective stuff, they absolutely rock!)
Germany (conspiracy, detective stuff, selling drugs online and Dark)
Poland (detective shows, Internet conspiracy)
UK (royalty stuff but good, Victoria, The Crown, The King)
Norway (Norse stuff, nordic noir, and VERY large trolls in their interior – Trolljegeren or Trollhunter)

And neither of the above give a damn about nudity (not even the Nordics that come to Italian beaches that way).

American shows are boring compared to some of the stuff coming out of Europe. You know its American if something blows up in CGI within the first 10 seconds since it would appear they have ADD
***************************************

Have to agree, I mostly watch foreign content. Some American exceptions I can think of are Breaking Bad and Better Call Saul. I tend to lean more to the Spanish series’ to help improve my Spanish. A big favorite of mine though is Fauda (Israeli).

#80 Blog Dog du Jour on 08.04.20 at 7:43 pm

I asked someone to borrow their bicycle pump today. The reply – “have you been tested”?

Pretty much sums up the insane state of public perception and government and media idiocy.

Maybe we deserve the idiotic culture we have permitted?

#81 tccontrarian on 08.04.20 at 7:46 pm

“The real question is what comes next. Was July possibly the worst month ever to spend $1.8 million on a slanty semi in a hip hood, or are all the scary times over?”

Most likely the answer is ‘yes’ – and maybe it’s also time to rename the blog “Ultimate Fool” rather than Greaterfool, to honour those who bought in July 2020. And maybe a trophy?

tcc

#82 Sail Away on 08.04.20 at 7:46 pm

#63 looking up on 08.04.20 at 6:22 pm

You seem like an unbearable jerk that no one would want to spend a second of their life with and furthermore… Hey wait, wasn’t I married to you once?

————–

Maybe. Are you a car?

I’ve always loved my cars but they haven’t always loved me back.

Especially the 1979 slant 6 Plymouth Volare we tried cross country-ing with as youths- eventually crashed it into an old farm foundation and it’s likely still there. Was that you?

#83 Do we have all the facts on 08.04.20 at 7:49 pm

The media has ignored the fact that the percentage of Canadians who test positive for the Covid 19 virus has steadily declined over the past two months.

I remember when we were told that a lockdown was required to ‘flatten the curve’ and avoid the over crowding of our hospitals.

We were told that there was a serious shortage of ventilators essential for the treatments of tens of thousands of anticipated patients.

We were fed a steady diet of Covid 19 deaths in hot spots around the world until the increase in deaths began to slow down and our attention was directed to the rapid increase in the number of infections.

We now have a situation where 97.4% of Canadians tested since March have not been infected by the Covid 19 virus and over 99% of those tested in the last 30 days were virus free. At what point will we consider the curve “flattened”?

Now the media is highlighting the possibility that the Covid 19 virus might mutate, that it might reoccur in a new form at regular intervals and that it might cause serious health problems to healthy individuals in the future. Where and when will this paranoia end, if ever?

Millions of Canadians have had their livelihoods permanently threatened and our economy is in shambles.
Surely it is time to reassess the actual risks associated with the Covid 19 virus in Canada before the quality of our lives follows the fate of our economy.

Just one mans opinion for what it’s worth!

#84 Stan Brooks Psychiatrist on 08.04.20 at 7:53 pm

#48 Stan Brooks on 08.04.20 at 5:21 pm
#42 Tulips on 08.04.20 at 5:04 pm
Reasonable?

Reason means nothing in a mental institution.

Cheers,
———————————————————–

Yes, sadly, Stanley is confined to his room in the asylum for most of the day. We put inflation charts on the rubber walls to make him happy. His shock treatments help him forget that he, a boomer has nothing to show for it while other boomers have millions… Once sedated, we let him type his daily rant for this blog. Ok, Stanley, put down the keyboard. It’s beddy bye bye time…

#85 Leftover on 08.04.20 at 7:55 pm

Real estate makes up over 75% of Canadian wealth and it will be that wealth that pays for all this. Government won’t have any choice once they have to actually sell bonds to the market, likely by next year.

Yes, really.

#86 San on 08.04.20 at 7:57 pm

The hot market is due to condo owners competing for a diminishing supply of houses. They want out and are fearful of others buying them first, so it’s FOMO all over again.

#87 Georgie Burns on 08.04.20 at 7:58 pm

#63 looking up on 08.04.20 at 6:22 pm

“You seem like an unbearable jerk that no one would want to spend a second of their life with and furthermore… Hey wait, wasn’t I married to you once?”
—————————————————————–

The best line of the day! A real howler! Well done!

#88 Flop... on 08.04.20 at 7:59 pm

I need all you guys.

There, I said it.

Don’t want people walking off in haste. (Jaguar.)

Don’t want people being impersonated, so we lose the natural flow of dialogue. ( Sail Away.)

Not saying he doesn’t deserve some ribbing but not under his name, he claimed it, it’s his to write what he wants under it.

If you can’t think of an original name, you probably shouldn’t type anything else.

Guys I dont share many views with, I still want to hear what they have to say.( Faron and MF)

I want people to feel like a community on here that looks forward to posting, sharing ideas and links to help each other out.

I need all the help I can get, but like with Garth’s update post yesterday,we can only write the same type of post do many ways, I want and need it to be done in an entertaining way.

He does that daily with all his heart and soul.

I want as many regulars to stick around, can’t make them post, but we can make them feel welcome.

It’s not 2016 anymore, heaps of turnover, heaps of people feeling like the comments section is a waste of time.

It’s not a waste of time, its financial information in a fun setting that makes a blue collar bum like me check in every night.

During my real estate projects, people refereed me to other sources, I observe occasionally to see what going on but never comment.

The other day someone called Garth a derogatory name, well a few actually, I thought about putting it up on here to see how lucky we have it on here.

Night after night, on some of these blogs they start off o.k, and without doubt descend into filth.

I am no angel, but I’ve never said anything on here I wouldn’t say to someone’s face including Garth.

People say it’s anonymous, yes there is as much anonymity as you want.

I have a screen name but Garth knows my real name and my wife’s as I have tried to hold my self accountable for my actions.

Don’t want this blog shutdown, don’t want Garth to threaten to shut it down in disgust.

It’s better to have a natural reset, where we try and do better and drive the conversation forward…

If that time isn’t now, then it’s close enough…

M46BC

#89 In Garth, Not God We Trust on 08.04.20 at 8:00 pm

#64 Stone on 08.04.20 at 6:31 pm
“I love my balanced & diversified ETF portfolio. Even with all the craziness out there, it continues to provide me such a wonderful cashflow. So simple yet so many can’t be bothered to do it for themselves. +3.25% YTD.”
—————————————————————– And no thank you to the bearded mystic financial oracle that runs this blog and gives out free advice to wealth creation? Sheesh!

#90 Arto on 08.04.20 at 8:01 pm

Hey Garth, Pasalis dissing you again big time on Twitter. He called you the ultimate “Greater Fool” for getting the RE market wrong all these years. Are just going to take it?

Being dissed by a media-hungry tweeting realtor who wasn’t asked his opinion on the market by the major local magazine is something I am immensely proud of. – Garth

#91 Don Guillermo on 08.04.20 at 8:02 pm

#75 VicPaul on 08.04.20 at 7:26 pm
#47 Sail Away on 08.04.20 at 5:19 pm
Every now and then I sit back with a cold glass of organic water and contemplate how I did so well. I think of the impeccable decisions I’ve made through life, unencumbered by friends, and drift off into a state of pure bliss.

Lately I have been thinking now is the time to make friends. So I come here to brag in hopes some of you will appreciate me for who I am, and hopefully one day meet and become real true offline friends.

If you don’t like me, you’ll at least love my car. I know I do.
*********

Ok, now you just sound high…
and the Porsche Taycan S is faster off the line and to 100/kph than the Tesla, any Tesla…but I don’t have one yet, so – you win.

M56BC
************************************
Porsche is historically the gold standard

#92 In Garth, Not God We Trust on 08.04.20 at 8:04 pm

#56 Garth Meter on 08.04.20 at 5:50 pm
———————————————————–

Well done on your great year!! Captain Garth has produced many successful investors in this great land. The Order of Canada is in order for the right honourable Garth Turner!

#93 Flop... on 08.04.20 at 8:08 pm

Oh yeah, another thing.

I want my Washed Up Lawyer back…

M46BC

#94 Chasicakes on 08.04.20 at 8:08 pm

I find looking at the Corona virus stats in the states interesting.

Florida cases = 497k
Florida deaths= 7.4 K

California cases = 523k
California deaths = 9.5k

Canada cases =118k
Canada deaths. = 9.1k

The numbers essentially show that in many states you are ~5 times more likely to die of coronavirus in Canada. States like NY and NJ who sent Covid victims to nursing homes skew the US numbers. Why are the bribers closed again?

#95 Millennial 1%er on 08.04.20 at 8:16 pm

grug buy real estate. grug bid high. grug get 5% down and pay mortgage insurance. price go up, have million dollar. grug vote for more debt. grug sell home and retire

#96 Attrition on 08.04.20 at 8:34 pm

Real estate is real. End of story.

Now, I have a serious question about masks. This question is for the rationalists and logisticas among us; the free thinkers and the ponderers; the skeptics and the ruminators, the freedom lovers.

Alarmists, Maskists, neoMarxists, Pinkos, and those who think their fears and beliefs should define the lives of others and control them, should probably skip this question.

Ok, enough foreplay (said my wife never).

Here’s the question:

If we the people tell our government to:

1. Make masks mandatory everywhere starting say Sept 1st,
2. In return, any and all restrictions also end on that date
3. We accept modest fines for not donning a mask
4. But make masks freely availableand paid for by our taxes,
5. And we include a built-in expiry date for the law that creates the mask wearing mandate…

…wouldn’t the pandemic simply end Sept 1st?

I’d agree to being forced to wear a mask, under those circumstances, in return for–at the stroke of a pen–the economy returning to the old normal but with less ugly faces everywhere (see, another mask benefit we rarely speak of).

Aight, fire away…

#97 kingston boy on 08.04.20 at 8:36 pm

@#88 Flop… on 08.04.20 at 7:59 pm
I need all you guys.

There, I said it.

Don’t want people walking off in haste. (Jaguar.)

Don’t want people being impersonated, so we lose the natural flow of dialogue. ( Sail Away.)

Not saying he doesn’t deserve some ribbing but not under his name, he claimed it, it’s his to write what he wants under it.

If you can’t think of an original name, you probably shouldn’t type anything else.

Guys I dont share many views with, I still want to hear what they have to say.( Faron and MF)
————-

you’re a strangely passive aggressive dude lol

#98 Stone on 08.04.20 at 8:47 pm

#89 In Garth, Not God We Trust on 08.04.20 at 8:00 pm
#64 Stone on 08.04.20 at 6:31 pm
“I love my balanced & diversified ETF portfolio. Even with all the craziness out there, it continues to provide me such a wonderful cashflow. So simple yet so many can’t be bothered to do it for themselves. +3.25% YTD.”
—————————————————————– And no thank you to the bearded mystic financial oracle that runs this blog and gives out free advice to wealth creation? Sheesh!

———

He got some credit yesterday. If I did that every day, that would be obscene. His head would explode. How would that help Garth?

#99 truefacts on 08.04.20 at 8:55 pm

#46 Paul S…Here’s the most recent stats I could find (page 8).

https://files.ontario.ca/moh-covid-19-report-en-2020-08-04.pdf

Covid deaths of people under 19 have rocketed from 0 to…1!

Covid deaths of people 20-39 have soared from 8 to…11!

I still pose the question, with over 14,000,000 people, was the “cure” of totally shutting down worth the price? Cannot we not just protect the vulnerable and get on with our lives???

#100 Cici on 08.04.20 at 8:56 pm

#27 Keep Your Rent

Nice try, but what happens when your landlord defaults cause s/he can’t cover the monthly?

Answer: The bank repoes and your sorry a$$ is kicked to the curb. Meanwhile, don’t count on the landlord for a good reference, so better look forward to living under a bridge in a cardboard box with the rest of the trolls.

#101 Flop... on 08.04.20 at 8:59 pm

Small potatoes.

I don’t know when, I could look, but it doesn’t matter, but someone on here a couple of years ago kept making the case that gold was the best value right now.

I’d never really bothered with the stuff, but after looking around and seeing we had all the other bases covered, I thought why not.

My wife had been asked what she should do for that years contribution, I gave her the fund name and told her to stick 6k in a precious metals fund for her TFSA.

That 6k grew to ten, Garth wrote a post the other day saying if you benefited from the run up you know to do.

I instructed her to trim it back to 5k, harvest the gain, and not exit the class totally in case it continues to go up.

My wife is unemployed during the summer due to school closure, she asked me if it needed to be done, I asked her does she know anyone else coming around to give her a 5k cheque.

Like I said small potatoes, but makes a big difference, that money is now in something else that was unloved a bit and we’ll see how that goes.

Someone on here put my wife in a better financial position this summer, takes a while for her to save 5k.

I break a lot of Garth’s investment rules, but hey, we’ve gotta give him someone to do occasional case studies on.

It wasn’t textbook, it never will be, but we’ll do it our own way without blaming anyone for our shortcomings…

M46BC

#102 Damifino on 08.04.20 at 9:03 pm

#3 YouKnowWho

WHY would I pay 2x or more for the 2 bdrm to pretend I OWN IT?
———————————–

We covered this ground a few days back. For many, the stigma of renting and ‘paying someone else’s mortgage’ is simply too much shame to bear.

Males believe they have no chance of attracting a mate as lowly renters. (Maybe they have a point). I’d hazard a guess that, with all else being equal, a potential spouse would rather date an owner than a renter.

So you see, YKW, at the lowest level it’s really all about sex and evolution. Alpha males with real estate (even if they can only pretend to own it) generally triumph over those who don’t. Even when they’re dumber than a bag of nails.

I wish it were different… but it ain’t. But it’s well worth it to seek out a partner who sees beyond empty posturing.

#103 Blog Dog du Jour on 08.04.20 at 9:16 pm

#94 you have it perfectly backwards. In the US you are five times more likely to be labelled positive and therefore five times less likely to die of it than in Canada.

Florida cases = 497k
Florida deaths= 7.4 K

California cases = 523k
California deaths = 9.5k

Canada cases =118k
Canada deaths. = 9.1k

#104 Dr. WUL, FRCPC (Epid'y) on 08.04.20 at 9:25 pm

#93 Flop… on 08.04.20 at 8:08 pm

Hey Floppy,

I been real busy. I challenged the med school exams, the need to serve a residency and the exams to become a Fellow of the Royal College of Physicians of Canada with a specialty in epidemiology.

All due to what I learned by reading the comment section here!!

Anyhoo, great to hear from you.

I’m off to the Northern Lights Regional Health Centre in Fort Mac to treat the 2 hospitalized COVID 19 patients.

Dr. WUL, FRCPC (Epid’y)

#105 DON on 08.04.20 at 9:29 pm

@ACE

I backpacked through Egypt and got a nasty fever and the rest. It felt like i ran out out water and everything seized up…thankfully I was able to get back to Israel and air conditioning. Lost a lot of weight in a couple of days. Had a big apetite until the food was placed in front of me. And i had all the necessary shots prior to leaving Canada.

Yah…mutation is right.

#106 Sara on 08.04.20 at 9:31 pm

I suspect we may see some type of wealth tax(es) on home equity in the near future, purpose being both to pay the massive debt and to lessen the divide between the ‘haves’ (home owners) and ‘have nots’ (renters).

#107 Blutterfy on 08.04.20 at 9:33 pm

I’m predicting CERB won’t end until after the election next year. Because JT has a minority government right now.

#108 Where's My Money Going Gweedeau? To Pay Greedo Scampbell's Salary!! on 08.04.20 at 9:34 pm

re: #12 Paul on 08.04.20 at 3:48 pm
Short of listings lots of buyer.
Presented Two offers last week one house had 9 offers the other 18. Something is not right no sense at all.
+++++++++++++++++++++++++++++++
All that gov’t CERB money is used to buy dope, so dealers have to put the coin somewhere, since the casinos are closed.
Remember Gordon Campbell was hired by another former dope dealer, the “Honorable” Drug Ford, to set up the casinos, so maybe Greedo set up the RE market as a bonus for hiring him.
You know what Greedo and his predecessor Crusty Clark did to BC RE right?

#109 Polecat on 08.04.20 at 9:46 pm

#106 sara

CMHC has already commissioned a study on taxing the equity in your home on sale price.

#110 Captain Uppa on 08.04.20 at 9:48 pm

I’d like to see Turner vs. Pasalis in the octagon.

Failing that, how about a good ol’ fashioned live debate?

#111 Looking up on 08.04.20 at 9:55 pm

#63 looking up on 08.04.20 at 6:22 pm

You seem like an unbearable jerk that no one would want to spend a second of their life with and furthermore… Hey wait, wasn’t I married to you once?

————–

Maybe. Are you a car?

I’ve always loved my cars but they haven’t always loved me back.

Especially the 1979 slant 6 Plymouth Volare we tried cross country-ing with as youths- eventually crashed it into an old farm foundation and it’s likely still there. Was that you?

————-

Funny, my best friend in high school had a Plymouth Volare. Of course, he let me drive it once in a while.

I looooooved that car. Cruising down Yonge st. (That’s what was cool at the time)

Ah the memories.

#112 DON on 08.04.20 at 10:08 pm

@#55 Ponzius Pilatus

Seriously?

If so…how’s the sand down there?

#113 crowdedelevatorfartz on 08.04.20 at 10:08 pm

@#90 Arto
“Pasalis dissing you again big time on Twitter.”
+++

Please.
What else would you expect a realtor to do?
Admit the truth?
Deflect, divert, diss.

Its the Realtor way.

#114 DrC on 08.04.20 at 10:09 pm

There are lots of money ready to be invested and not too many places to invest into. As long as the rates will stay down (and they will, because it’s better to get a 0.5% than nothing), the people won’t think, they will buy. Actually, did you notice how people don’t think at all? Just going by the flow. The logic won’t stop the herd from buying houses, but the lack of financing will. Now the question is, when all this madness of 2% morgages will end? if we’ll have 1% or 0.5% mortages (because nothing is shocking me anymore) then expect the houses to go even more up. The bungalow you could buy with 700k in 2015 will cost 2000k in 2025.

#115 crowdedelevatorfartz on 08.04.20 at 10:14 pm

@#111 Looking Up.
“I looooooved that car.”

++++

Then you’ll really love THIS!

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

#116 45north on 08.04.20 at 10:14 pm

Now, let’s be clear. Pandemics are temporary. They all pass. This is not the end of normal. If you do reasonable things, the outcome will be fine. Is buying a house at a historically high price in a bidding war during a public health crisis in the middle of the worst recession since the 1930s with millions out of work and just prior to another potential economic lockdown one of those things?

No, buying a house at a historically high price, during a public health crisis in the middle of the worst recession since the 1930s, is not a reasonable thing. Looking at the chart, it looks like there’s going to be 20,000 unreasonable sales this year, where the outcome is not going to be fine. That’s just considering Toronto.

The corollary to all this stimulus is the government is committed to raising taxes. Whether it wants to or not. Another way of saying the same thing, is the government is committed to reducing discretionary income.

So there is an inherent conflict. The 20,000 households have committed their discretionary income to buying a house but the government has also committed the same discretionary income to pay for the stimulus.

You can spend it one way or the other, but not both.

#117 GRG on 08.04.20 at 10:18 pm

“It’s clear this program – which costs well over $20 billion per month – is unsustainable. Public finances are being shredded. The only long-term solution is less spending and increased taxes. That will include increased tax on land transfers, home ownership and possibly sale proceeds.”

********************************************
Does anybody really believe the PM or the Finance Minister think $20 B a month is “unsustainable”? I’ve never seen any evidence either have a clue what most Canadians experience just to get through their day.

No disagreement all manner of taxes are going up. That will be the argument put forth by the PM and the FM to make the CERB (or whatever it morphs into) “sustainable”.

The longer this program goes on the more difficult it will be to wean Canadians from one of the most popular entitlements ever. Sort of like the Central Banks and QE…difficult to permanently remove either now.

#118 Snowbird on 08.04.20 at 10:20 pm

Over 80% want the key US-Canada border shut for a long, long time.

Wait what! time to sell my sunbelt real estate?

#119 Don Guillermo on 08.04.20 at 10:29 pm

#100 Cici on 08.04.20 at 8:56 pm
#27 Keep Your Rent

Nice try, but what happens when your landlord defaults cause s/he can’t cover the monthly?

Answer: The bank repoes and your sorry a$$ is kicked to the curb. Meanwhile, don’t count on the landlord for a good reference, so better look forward to living under a bridge in a cardboard box with the rest of the trolls
*****************************************

Actually there are some very nice parks on Van Island they can live. Beacon Hill Victoria is especially awesome. Living under bridges is so 2010.

#120 YouKnowWho on 08.04.20 at 10:34 pm

#102 Damifino

I heard you. I still don’t get it.

What do you “own” with that Condo? It’s exactly the same experience as a rental. Worse actually, because you have fix everything yourself in your suite, where as a renter calls a number to have their toilet plunged by the “lord of the land.” Burned out light-bulb in your unit? Call maintenance. I’ve moved into a unit that had new windows, balconies, well renovated. I paid no special assessment ever for that stuff being done like you would in a condo.

If you’re going to give me a mate as an excuse for needing ownership, I say – WHAT A GREAT FILTER! Girl wants you to own – so long, bye bye!

And your reason, while valid is not on the point I feel. It’s probably the legal claims to the asset after common-law rules kick in that makes it an attractive proposition for mates.

As for sex as a reason – by good friend rents a nice condo, is single, is saving and investing instead. I wish I was kidding about how much tail he’s plowing in this pandemic. It’s him not me, so I’m not bragging for myself. Other day he joked he’s the “cobweb removal serviceman for the ladies.”

So…I still don’t get it Damifino.

#121 TW on 08.04.20 at 10:35 pm

Tesla’s basically a fancy golf cart for people that can’t drive a 5 speed. Very very boring.

#122 YouKnowWho on 08.04.20 at 10:46 pm

#102 Damifino

Paying $2500 more a month to buy a 2bdrm condo vs renting a nice luxury 2 bdrm is $30,000 a year thrown out. About $150K over the 5 year mortgage window. NUTS!

That 3bdrm we talked about…that was INSANE! $8000 a month difference to “OWN” a 1381 sqft condo vs renting it. $96,000 a year. Come on man…$100K a year. That’s a AMAZING 10K budget each month to save, invest, travel…WHO pay that? To “OWN” a condo?!?! Literally HALF A MILLION in first 5 years of the mortgage. I mean…come on man, where and how does that make sense?

#123 Chasicakes on 08.04.20 at 10:52 pm

#103 Blog Dog du Jour on 08.04.20 at 9:16 pm
#94 you have it perfectly backwards. In the US you are five times more likely to be labelled positive and therefore five times less likely to die of it than in Canada.

Florida cases = 497k
Florida deaths= 7.4 K

California cases = 523k
California deaths = 9.5k

Canada cases =118k
Canada deaths. = 9.1k

#103 I think you may have missed the sarcasm. Mortality rates are almost identical when you take New York and New Jersey out of the picture. California has similar population with similar mortality rate, but more positivity due to increased testing. California borders still open last time I looked.

#124 Steven Nicolle on 08.04.20 at 11:01 pm

The resurgence or second wave in Europe started once they reopened their borders. If we want to avoid the big second wave the same time as the flu we have to keep our borders air tight. With the States it will take at least a year or two before they can reverse their direction. If you have winter residence there I would say sure you can go but if you catch the virus you better have lots of health insurance because you went at your own risk. Don’t bring it here. Citizen or not.
This will not go away so learn to do things locally and wear a mask. Don’t be like those stupid Americans! There is going to be a lot of pain for airlines etc. but government cannot keep bailing everyone out.

#125 mike from mtl on 08.04.20 at 11:22 pm

#96 Attrition on 08.04.20 at 8:34 pm

…..
I’d agree to being forced to wear a mask, under those circumstances, in return for–at the stroke of a pen–the economy returning to the old normal but with less ugly faces everywhere (see, another mask benefit we rarely speak of).

Aight, fire away…

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

I have no issue wearing a mask in public (and do so), especially if everyone else does so, it is really not a big deal. Thankfully here apparently a piece of cloth carries less partisan weight to our American friends – and I do say so with greatest respect to our neighbours.

Last I checked, something of a reduction is better than nothing. East Asia can carry on, so can I.

Though science and logic have no place between a political numbers game and image. Thing is all these stats are not comparable, LTC on east coast where disasters early on, higher testing means more ‘cases’ but not more real issues. Fictional and selective testing also means garbage incomparable information.

Do I believe one Government action handled this ‘pandemic’ better than another, no. Do I believe that certain Governments did certain actions that are self-serving and have more to do with ‘image’, absolutely yes.

Now for sure we should take this seriously + realistic measures to keep our centuries’ world alive, yes. Though that middle-ground apparently absent in today’s world.

#126 DON on 08.04.20 at 11:37 pm

@ nicely put Flop!

@attrition…seems reasonable based on what we know to be true at this moment in time. Can’t hurt…if it is implemented properly. They thought it would be different this time based on improvements in health care since the last large pendemic. How long was the last pendemic. Have they confirmed how and only how this virus is being spread. The virus is definitely spreading fear and couple that fear or dread with the coming flu season…more fear. People are giving that look again (sorry but you may have the plague).

#127 NSNG on 08.04.20 at 11:46 pm

This….could be problematic

It’s Now Virtually Impossible To Get A Bank Loan As Lending Standards Soar

https://www.zerohedge.com/markets/its-now-virtually-impossible-get-bank-loan-lending-standards-soar

#128 Sail Away on 08.04.20 at 11:48 pm

#111 Looking up on 08.04.20 at 9:55 pm

Funny, my best friend in high school had a Plymouth Volare. Of course, he let me drive it once in a while.

I looooooved that car. Cruising down Yonge st. (That’s what was cool at the time)

Ah the memories.

—————-

What coincidence! Mike? Was I your best friend?

Do you remember the following:

-Installing the gas tank in the trunk
-Repainting it multicoloured and writing ‘Baggin’ Wagon’ on both sides
-Receiving a stern talking-to from the sheriff when parked in front of the downtown hardware store
-Four by fouring everywhere and anywhere? When the brake line ripped off that was ok since a tiny bit of braking was still possible by flooring the pedal
-Sinking it in the beaver dam, hiking / hitching for hours to get a come-along, then spending all day draining fluids and getting it restarted
-Getting two flats deep in the grouse woods and deciding to hunt first, then cutting the sidewalls and packing them with moss, sticks, rags, etc. before driving out 15 miles to the secondhand tire shop?
-Finally, sadly, endo-ing into the old foundation when showing off with the girls and recognizing this was the end of a wonderful interlude?

But this was in Alaska, not Yonge. Maybe it wasn’t you.

#129 NSNG on 08.05.20 at 12:09 am

I’ll bet a lot of these buyers are government workers who go around all day watering flower pots and think their ‘secure government job’ will never go away….

#130 Larry Laffer on 08.05.20 at 12:12 am

#18/99 truefacts

The VAST majority of deaths are in people over 80 (1,332 deaths). Covid is NOT A SERIOUS ISSUE for younger healthy people.

Geez, you need to look beyond the death rate, it falls short from telling the whole story. Like one in five patients developing serious health condition.

This virus can attack the host’s heart (myocarditis) and can turn their immune system against themselves. Some patients caught it multiple times. Some previously healthy young people ended up with permanently reduced cardiac or pulmonary capacity.
This is not a flu, nor should it be dismissed as a normal seasonal cold that will fade over time, it’s really nasty stuff.

Governments around the world would not have shut down their whole economy if the threat to our health wasn’t serious, even if some conspiracy theorist or wannabe physicians love telling us otherwise. Why study medecine over nearly a decade when you can educate yourself on youtube, ain’t it?

Hopefully, real doctors and scientists will find more effective treatments (I’m not hoping for a vaccine, the antibody response doesn’t seem to last more than a few months), which will allow to gradually resume our economic activity.

In the meantime, stay safe.

#131 Stan Brooks on 08.05.20 at 12:15 am

#56 Garth Meter on 08.04.20 at 5:50 pm

What you are seeing is not assets going up in real value but the actual measure they are compared against/measured in/ destabilizing. A house is a house. The notion that it increases in real value because everybody wants to live here out of all places on earth, that economy is great etc. is just a delusion.

We have one of the lowest growth rates combined with the highest credit increase rates despite the debt saturation in the world. Combined with zero interest rates and skyrocketing cost of living.

Precisely nothing to show for, the typical small dick syndrome where you invent imaginary measures in order to brag about how it is bigger now.

How is that either crappy old rotten wooden house or cornflakes new ‘home’ with no yard or noisy cold dark small condo with high maintenance and property taxes in a place with no economy, infrastructure and super high cost of living providing you with more value?

Of course it does not, it is classical ‘feel rich’ delusion that has to be defended at any cost by failed economic and monetary polices, greedy oligopolies, incompetent governments and the desperate sheeple that can not resist the peer bragging pressure carefully cultivated by the elites.

Remember folks, you are selling your life and future for substandard super expensive living in a place with no future.

It also speaks volumes about the intellectual capabilities of the sheeple/the quality of the herd here.
In the whole world real estate is declining massively. Except the hyper-inflationary Venezuela.

But this place is ‘special’. You need no hyperinflation in order to get very poor.

Enjoying the freak show from the sidelines. What amuses me most is the constant pathetic bragging.

Cheers,

#132 Flop... on 08.05.20 at 12:20 am

WULLY on 08.04.20 at 9:25 pm
#93 Flop… on 08.04.20 at 8:08 pm

Hey Floppy,

I been real busy. I challenged the med school exams, the need to serve a residency and the exams to become a Fellow of the Royal College of Physicians of Canada with a specialty in epidemiology.

All due to what I learned by reading the comment section here!!

Anyhoo, great to hear from you.

I’m off to the Northern Lights Regional Health Centre in Fort Mac to treat the 2 hospitalized COVID 19 patients.

Dr. WUL, FRCPC (Epid’y)

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

Hey WULLY, I knew you were peacefully lurking.

I’m try to clean up the Exxon Valdez oil spill with one bottle of Pamolive Dish Soap.

Not going too well.

Do me a favour, try and find 5 minutes every week or two to do a report on what’s happening in the Mighty Mac.

I like hearing what’s going on in places like that.

I would be indebted…

M46BC

P.S, now that you’re in medicine, do you think you can fix my foot?

Maybe practice on my hernia.

Same procedure, I’m sure…

#133 Tim123 on 08.05.20 at 1:09 am

The only possible reason for a housing boom right now is because the financial knowledge of most people is quite poor. This reason makes more sense than people wanting to throw away money although that is what they are doing. Anyways that’s their problem as no one forced them to buy a house at over inflated prices during a pandemic.

#134 NSNG on 08.05.20 at 1:23 am

One final comment:

You notice the government ‘experts’ only talk about pharmaceutical solutions but never talk about vitamin C, Vitamin D, and zinc. These things can’t possibly hurt and will most assuredly help yet the ‘doctors’ seem blind to them.

#135 Al on 08.05.20 at 2:02 am

The only reason “they” support another lockdown is because they’re getting paid and not working or are still working as the consumers are still spending the newly printed money. If it stops the now jobless and also the currently working will feel the effects and reconsider their position obviously.

#136 majik on 08.05.20 at 2:09 am

#100 Cici on 08.04.20 at 8:56 pm

Answer: The bank repoes and your sorry a$$ is kicked to the curb.
————————–

Tenancies continue regardless of ownership. If the bank repos the property and sells it, then it is up to the new owner to issue a notice to vacate. The only grounds on which that can be done for are for personal use or if they plan to do such drastic renovations that the property needs to be vacant. So a bank would not be in a position to issue these kinds of notices. In most provinces these notices require anywhere from two to four months notice period. Tenants are heavily protected, nobodies ass is getting kicked to the curb.

#137 El presidente on 08.05.20 at 2:27 am

My god trump has got to be the greatest jackass the world has ever known.

#138 Bdwy on 08.05.20 at 3:53 am

#78 Ponzius Pilatus on 08.04.20 at 7:34 pm

#Richmond,BC. Pop. 120k.
60% ethnic Chinese.
Religious mask wearers.
102 cases, no deaths.
“Wear the damn mask”

——–
Using ditchmond as an example, dont you mean ” DON’T wear the damn mask”?

The wear the mask the most but have a substantially higher infection rate than the general bc pop.
Run the numbers. Math rules.

#139 Bdwy on 08.05.20 at 4:23 am

Also… open the damn borders! I’m gonna go broke paying for cdn smokes and gas!!!
New to me Yukon has 100l tank.

But seriously, what about the many property owners straddling the line and the coming winter and sub zero temps. It was spring when the border closed. Plumbing lines valves tanks tools were full. They will freeze and rupture, flooding houses and more.

Open borders now!
And visit cottage country and pay your landlord while you’re at it!
…..
And the one kid in Ontario who was a “covid death” , had the covid, but it seems died from something entirely different. So kids are still more likely to be killed by lightning

#140 Chris Duval on 08.05.20 at 7:43 am

Hey Garth,

Whens the correction going to happen? You’ve been saying it forever now… GREED has kept it going… and in Halifax people are getting into bidding wars on homes. 8-10 offers on one home.

Now the deficit is doubled, unemployment up and everything is slow going, yet housing?

Is it gonna take 13 years before something happens?

#141 Stan Brooks on 08.05.20 at 7:52 am

#114 DrC on 08.04.20 at 10:09 pm
There are lots of money ready to be invested and not too many places to invest into. As long as the rates will stay down (and they will, because it’s better to get a 0.5% than nothing), the people won’t think, they will buy. Actually, did you notice how people don’t think at all? Just going by the flow. The logic won’t stop the herd from buying houses, but the lack of financing will. Now the question is, when all this madness of 2% morgages will end? if we’ll have 1% or 0.5% mortages (because nothing is shocking me anymore) then expect the houses to go even more up. The bungalow you could buy with 700k in 2015 will cost 2000k in 2025.

Absolutely, such prices are possible, but measured in a crappy currency.

And no, there is not a lot of money to be invested, there is a lot of credit to be paid back. And if there were lots of money to be invested one of the last places to put it in will be GTA.

The ‘good’ news is that the wages will not increase even measured in that fast depreciating currency so lenders and rulers have to invent all sort of incentives in order to make the Ponzi scheme running – ‘insurance’, ‘guarantees’, NIRP in order to ‘improve affordability for Canadians’ and all that bullshit.

Of course the economy is in the toilet and nothing else except housing ‘works’ so every attempt will be made to continue the freak show.

In the meantime savers and retirees who ‘trust in the system’ will get it hardest.
The BOC governor ‘statement’ that there is ‘plenty of stimulus’ coming is very, very worrying. They basically buy all the bonds that government is issued , i.e. this is classical money printing/aka ‘MMT’, M2 is increasing on logarithmic scale, there is no economic activity to support that money supply increase and once velocity of money reverts to the mean we will be flooded with inflation tsunami while nominal rate are stuck at zero .

Inflation at 2 % (impluying it is much less than that), I am not sure what this guy is smoking but he is obviously delirious. Cost of living in places like GTA has been increasing by 6-8 % + in the last 5-6 year. So high has been inflation of assets as well considering the obvious lack of ‘growth’.

Cheers

#142 Looking up on 08.05.20 at 8:39 am

#128 Sail Away on 08.04.20 at 11:48 pm

Alaska? That must have been awesome.

#143 Captain Uppa on 08.05.20 at 8:44 am

#133 Tim123 on 08.05.20 at 1:09 am
The only possible reason for a housing boom right now is because the financial knowledge of most people is quite poor. This reason makes more sense than people wanting to throw away money although that is what they are doing. Anyways that’s their problem as no one forced them to buy a house at over inflated prices during a pandemic.
————————————————————–

That is very dismissive. Plenty of homeowners are quite well versed on financial matters.

People love housing because it as the most visceral and useful asset class there is. You can’t come home from work and relax in your stock portfolio. Gold is just a four letter word with a price and percentage beside it on your computer screen.

Most citizens want to own their home and property. This was the way in the past, it is the way now and it will be the way in the future.

#144 Hamish42 on 08.05.20 at 8:52 am

Second wave- I don’t think so.
I have been following this very closely in the UK, deaths and hospital admissions are now at very low numbers, the curve has flattened right down and shows no sign of going up again. So to keep the panic going the media now focuses on cases, which go up as more testing occurs and some people are tested multiple times. One town had 47 cases due to people meeting in a pub- so lockdown the town……

#145 MF on 08.05.20 at 8:52 am

9 NSNG on 08.05.20 at 12:09 am

Got anything to base that assertion on? Or is that you just talking out of your behind? Probably the latter.

MF

#146 MF on 08.05.20 at 8:54 am

135 Al on 08.05.20 at 2:02 am

See my post number 60.

“They” don’t really support anything yet.

MF

#147 Stone on 08.05.20 at 9:13 am

#120 YouKnowWho on 08.04.20 at 10:34 pm
#102 Damifino

I heard you. I still don’t get it.

What do you “own” with that Condo? It’s exactly the same experience as a rental. Worse actually, because you have fix everything yourself in your suite, where as a renter calls a number to have their toilet plunged by the “lord of the land.” Burned out light-bulb in your unit? Call maintenance. I’ve moved into a unit that had new windows, balconies, well renovated. I paid no special assessment ever for that stuff being done like you would in a condo.

If you’re going to give me a mate as an excuse for needing ownership, I say – WHAT A GREAT FILTER! Girl wants you to own – so long, bye bye!

And your reason, while valid is not on the point I feel. It’s probably the legal claims to the asset after common-law rules kick in that makes it an attractive proposition for mates.

As for sex as a reason – by good friend rents a nice condo, is single, is saving and investing instead. I wish I was kidding about how much tail he’s plowing in this pandemic. It’s him not me, so I’m not bragging for myself. Other day he joked he’s the “cobweb removal serviceman for the ladies.”

So…I still don’t get it Damifino.

———

I can relate to your cobweb removal serviceman. It’s all about Location! Location! Location! It has nothing to with owning or renting.

Ooooh, you live in Yorkville! Ooooh, you have a 900 sq ft 2 bed 2 bath condo! So much space! What do you use the 2nd bathroom for? Ooooh, what a great view! Ooooh, everything is so close nearby and convenient! Ding! Ding! Ding! Ding!

Above everything else is that 2nd bathroom. That is the most important piece of the pie. The female readership will completely understand why. No further explanation required.

Good times. Lol

#148 TurnerNation on 08.05.20 at 9:24 am

There you have it. Kanada’s heath fuhrer said they will be playing pandemic for another 2-3 years. That’s the timeline. They just gave it to you.
See rolling out the new global system will take time. Incrementalism – of privatizing profits and socializing losses.

Compliance is key. The government dictates to cover your face (NO smiling tax slave) and stand on your mark 6-6-6 feet apart as obedient dogs if you wish to be fed/buy food. Who you can hang around with. Travel rights are biggie. They likely will not return well unless you get the chip or whatever. The new Caste system: those which get the mark and can afford travel; vs. those who are UNCLEAN.
And to think people came to this country to get away from Caste systems.

I’ve posted before that this will run till 2022 and maybe that’s when Bank of Canada drops the new E-currency. Depends how must they destroy the US this September
Tune into your Telescreens for the updates on how government is Keeping You Safe. Only they can do it.

Toll cameras being planned for GTA highways too–you are free to leave at any time but #Stayhome right?

Some say they will make is hate our local leaders so much that we well demand and welcome the new global government coming . Seems likely

#149 Dharma Bum on 08.05.20 at 9:24 am

#70 You Know Who

Cleanliness is a contributing factor to weakness of immune systems. We know this.
——————————————————————–

Then why do the filthiest people and places on earth have such high rates of disease, sickness, and death?

https://www.theguardian.com/society/2019/jun/25/too-much-cleanliness-not-bad-for-health-report-on-hygiene-says

Cleanliness is next to dogliness.

Time for a shower.

#150 Do we have all the facts on 08.05.20 at 9:30 am

In many ways housing markets are viewed by Canadian households in a similar fashion to investing in stock markets. The advantage of investing in a housing market, as opposed to a stock market, is that the Government of Canada encourages the purchase of a primary residence on margin and allows all capital gains realized to be retained without exposure to taxation.

The ability to invest as little as 5% of the market value of a dwelling as a down payment and to borrow 95% of the value through a mortgage backed by the Government of Canada certainly increased the demand for housing across Canada.

The increase in demand was quickly followed by an increase in average house prices which was quickly followed by increased demand as the rates of return on initial investment in housing markets increased.

Housing markets began to be viewed as a quick way to increase net worth with minimum risk and by 2019 close to 70% of Canadian households had invested in ownership of their primary residence.

Once 70% of the electorate became invested in a housing market the Government of Canada had little choice but to find ways to keep extrinsic values they help create within housing markets increasing each year.

So here we are in 2020 with interest rates below 2.0% and extrinsic values beyond the reach many Canadian households looking to purchase their first home.

The Government of Canada has run out of ways to stimulate demand while becoming exposed to considerable risk if extrinsic values within housing markets move toward intrinsic values too quickly.

A “bubble” is defined by situations where the extrinsic value of assets becomes significantly higher than the intrinsic value of the same assets. In the case of housing markets the intrinsic value is determined by the appropriate share of disposable household income that can be devoted to the acquisition of a primary residence by Canadian households that are not already invested in home ownership. If extrinsic values exceed intrinsic values by too large a margin a “bubble” becomes difficult to maintain.

As the potential rates of return from investment in housing markets fall the extrinsic value of assets within the markets must be adjusted to assure a positive rate of return on investment for future investors. If demand for assets within any market declines it results in an adjustment of extrinsic values towards intrinsic values. This is how all Open markets work.

The current “bubble” that exists in the Toronto housing market may not burst but there is little doubt that extrinsic values will eventually by adjusted to provide access by first time investors who are limited by their ability to secure a mortgage.

In an economy plagued with high unemployment rates the ability of many potential first time home buyers to secure a mortgage will impact current extrinsic values within all housing markets.

Once again this is how all open markets function.

#151 Lambchop on 08.05.20 at 9:40 am

#135 Al on 08.05.20 at 2:02 am
The only reason “they” support another lockdown is because they’re getting paid and not working or are still working as the consumers are still spending the newly printed money. If it stops the now jobless and also the currently working will feel the effects and reconsider their position obviously.
_______________

Exactly this. There has not been any/sufficient financial pain yet because of all the free money.

I haven’t missed a day of work since this started and am not in support of lockdowns or economic suicide for a coronavirus. Remember SARS? Me neither.

I see my neighbours, not working, buying RVs, doing massive home renovations, new boats, new motorbikes, new cara. It’s insanity.

#152 Sail Away on 08.05.20 at 10:06 am

#142 Looking up on 08.05.20 at 8:39 am
#128 Sail Away on 08.04.20 at 11:48 pm

Alaska? That must have been awesome.

————–

Yep. BC and Alberta are also awesome. Actually, many, many places around the world are awesome. I find Custer, South Dakota amazing. Vast tracts of wilderness are key.

#153 Don Guillermo on 08.05.20 at 10:45 am

Interesting short video explaining the draconian lock down put in place in Melbourne recently. Are we next?

https://www.youtube.com/watch?time_continue=7&v=hTS6BDy7j_M&feature=emb_logo

#154 NSNG on 08.05.20 at 10:56 am

#145 MF on 08.05.20 at 8:52 am

9 NSNG on 08.05.20 at 12:09 am

Got anything to base that assertion on?

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

I’m just a really good guesser

#155 Don Guillermo on 08.05.20 at 11:05 am

#152 Sail Away on 08.05.20 at 10:06 am
#142 Looking up on 08.05.20 at 8:39 am
#128 Sail Away on 08.04.20 at 11:48 pm

Alaska? That must have been awesome.

————–

Yep. BC and Alberta are also awesome. Actually, many, many places around the world are awesome. I find Custer, South Dakota amazing. Vast tracts of wilderness are key.
******************************************

The Yukon is often overlooked but is one of my favorite destinations.

#156 FingerMix on 08.05.20 at 11:13 am

Hi Garth,

Thank you for your post about current weightings in your 60/40 portfolio (Garthfolio?) I have been trying my best to follow the past few years and it has really been helpful.

I noticed language around “min. vol.” has entirely disappeared, with “growth” taking it’s place for Canadian holdings, and talk of adding small cap U.S. ETF into the U.S. equity holdings. I believe I read in one of the honorable guest poster Mr. Rowat’s blog posts that the idea was you would hold min. vol. until it looks like the major volatility is over, then shift gears to catch the upside on the other end.

Should an obedient blog dog take this as the time to transition away from minimum volatility for all holdings targeting only growth in the Canadian ETF (i.e. XCG,), plus small cap and mid-cap mixed in with the typical SPY alotment for the U.S.?

Thank you, again, for sharing. Were it not for this blog, my savings would likely be sitting in some barren 5-year ladder TFSA GIC.

– f.m.

#157 TurnerNation on 08.05.20 at 11:36 am

#144 Hamish42 that’s always it, people only get cases (they must be tested to know they are sick) doing fun stuff. Pubs, beaches and so on. Been posting for months that all fun has been removed in the New System. Cancel culture.
There will be no ‘cases’ in the tent cites and homeless camps in my city parks, no cases in box box or liquor stores or when renewing your drivers licences.

I never gave any creedence to things like the ‘beast’ system but that is where we are at. Is anyone really believing that our so called leaders like TT, T2 wake up i the morning and hope we are in good health, that we exercise, eat well and stop smoking? Or is their job to sell us on Compliance compliance compliance?
The New System is like prison:
Any shred of freedoms, commerce, travel etc will be based upon your compliance to a long long list o invasive rules and de-humanizing procedures. Only selfish people would think otherwise, Smile behind that mask I dare ya to. . Freedom isn’t free right?
Thank god they care about us enough to Keep Us Safe.

#158 Sail Away on 08.05.20 at 11:37 am

#76 parti sans voile on 08.04.20 at 7:27 pm
#47 Sail Away

Thanks to your corporate CERB no doubt.

————-

Is this meant to be disparagement?

Yes, as mentioned, my firm is receiving gov’t wage subsidy. We use this subsidy to keep employees employed, exactly as it’s intended, otherwise we’d dismiss them and they’d be on CERB.

So… either we take the subsidy and distribute it to staff or the government distributes CERB directly. Six in one, half dozen in the other.

Now, being ever opportunistic, my firm will hopefully benefit greatly since we’ve taken on several pro bono projects just to keep staff working; this should result in great goodwill as the economy restarts.

#159 YouKnowWho on 08.05.20 at 12:16 pm

#149 Dharma Bum on 08.05.20 at 9:24 am

———–

Look, there is a limit to everything. But if you for example look at people who live in the slums of India, their immune systems are in such tip-top shape…if you were to walk into that environment for a week, you’d be levelled compared to what they tolerate.

Of course there are extremes, and as all things – it’s about balance. The point is, that we’re heading in the other extreme here with all this extreme disinfecting and cleaning. We were already germaphobes, and now this is going to an extreme that is going to even further create an environment that’s too darn clean. Cleaner than it used to be. This will make our immune systems lazy.

Look at the allergies – was this a big problem back in the day say 70 years ago? Look at it today, as we use more lysol, bleaches, disinfectants.

I’ll give you one example I remember clearly. There was a detailed study that showed that homes that hand washed dishes vs. using dish washer that boiled away the bacteria had 4x lower rate of asthma in children.

4X LOWER! Just because they hand washed dishes vs. used dishwasher. Google it, I’m sure the studies are out there. See what cleanliness does for you? Just one example. Go eat some soil!

#160 Guelph Guru on 08.05.20 at 12:21 pm

CERB has been a resounding success. Justin’s popularity is off the charts. The vacation paid by Govt of Canada was enjoyed by many. It should have blossomed into universal min pay. Oh well, Justin will do it after his re-election. The best part is the bill will be paid by someone else. The answer is simple. Depreciate the dollar and inflate the problem away.
Did I hear the libs call out for $100 per hour min wage to sustain the mortgages?

#161 it cant happen here! on 08.05.20 at 12:40 pm

They use Australia as a test area, they got the carbon tax first.
Recap- the Who lowered the criteria (#of deaths) for definition of ‘pandemic’
The Who never declared a pandemic for covid19, just said it had ‘characteristics of’ a pandemic
All MSM said Who ‘declared’ pandemic
Who never denied the MSM claim

All governments have abdicated their power, constitutions, charters of rights etc to the UN
Conclusion, we’re toast

#162 TurnerNation on 08.05.20 at 12:50 pm

* Some evidence to my statement that all fun has been removed leaving only work & compliance. Driving into Toronto via 401, in Whitby, south side there is a very tall lit LED sign board with some CV propaganda.
It says something like:
“This is really hard
But you are doing well”

Oh great what is this kindergarten and we get a pat on the head for trying to tie our shoelaces? The elites locked down the world and imposed Prison rules. Gee thanks. New System patronage.

#163 Eco Capitalist on 08.05.20 at 1:29 pm

@#158 Sail Away

So… either we take the subsidy and distribute it to staff or the government distributes CERB directly. Six in one, half dozen in the other.

Now, being ever opportunistic, my firm will hopefully benefit greatly since we’ve taken on several pro bono projects just to keep staff working; this should result in great goodwill as the economy restarts.

Now that’s a smart move! I wonder how many other businesses could have done the same and chose not to?

#164 Damifino on 08.05.20 at 1:44 pm

#120 YouKnowWho on 08.04.20 at 10:34 pm

So…I still don’t get it Damifino.
———————————-

To be perfectly honest, I don’t really ‘get it’ either. But not getting it shouldn’t interfere with the ability to recognize (and perhaps even capitalize upon) the illogical motivations resident in the human psyche.

For example, I don’t get tattoos. I think they’re utter madness. Yet all around me I see young people (mostly females) covered in permanent ink. Sometimes it’s really ugly stuff too. I’ve seen so many young women who look like they’ve let their 10-year-old brother use their legs as a doodle pad. Even the pro stuff eventually migrates into a shapeless blur in a few decades.

Why? Because it’s simply what is done. Who wants to be left out when one’s peers are defacing their bodies in the name of fashion? Here’s a useful quote from Frank Zappa:

“It’s not getting any smarter out there folks. It’s time to get stupidity working for you.”

#165 greyhound on 08.05.20 at 1:59 pm

Yet another reason to love dogs —

https://theconversation.com/amp/these-dogs-are-trained-to-sniff-out-the-coronavirus-most-have-a-100-success-rate-143756

#166 TurnerNation on 08.05.20 at 2:01 pm

If I can sneak one more post in ..
#161 it cant happen here! Makes sense. Iceland was used as a nice isolated, homogenous test bed for the 2008 GFC, it might be said. Then it got rolled worldwide.

In the Northern Hemisphere some say Seattle will be the seat. Of course the first autonomous zone was rolled out there. When everyone was locked down. How’d that happen?
If you want to go a bit deeper…some say that the RBC bank logo – the lion – actually has a tongue of a Serpent/Snake.
Did you see the new hockey team for Seattle (again what timing, during a ‘pandemic’.) Its logo has a little red serpent tongue. In fact the logo appears overall even like a coiled snake.
What is that old saying…be wise as ____?

#167 Dan Swanson on 08.05.20 at 2:21 pm

Why is nobody talking about why China’s interest rates more specifically 7 to 30 year bonds are 3.0% to 3.70%.

It seems to me if they push down their interest rates even more from the highs back in 2018, around 4.6% to 4.9%, the yuan China’s currency will crash much more than what they want it to.

U.S. current 7 to 30 years bonds 0.39% to 1.22%. This is a big difference and seems to me that China’s economy is in far worse shape than many want to think or talk about. China’s debts from local to all governments and agencies are not even known or fully reported and this could be a big blowup in coming months and maybe within 2021.

#168 Sail Away on 08.05.20 at 2:34 pm

#163 Eco Capitalist on 08.05.20 at 1:29 pm
@#158 Sail Away

So… either we take the subsidy and distribute it to staff or the government distributes CERB directly. Six in one, half dozen in the other.

Now, being ever opportunistic, my firm will hopefully benefit greatly since we’ve taken on several pro bono projects just to keep staff working; this should result in great goodwill as the economy restarts.

————-

Now that’s a smart move! I wonder how many other businesses could have done the same and chose not to?

————-

I am greatly blessed with competition who would never, ever, ever think about trying anything new.

#169 Not convinced on 08.05.20 at 2:52 pm

Re: dolce vista, I used to enjoy your comments before you got recruited by the CBC, 8 Billion people on this earth ,less then a 1 million apparantly died with covid present but most likely not the true cause. More people die of hunger per day then covid related, let alone in 6 months but yet in the west we still throw food every day…you are a smart dude, quit the CBC fear mongering, mathematics is your friend.

#170 MF on 08.05.20 at 3:14 pm

154 NSNG on 08.05.20 at 10:56

So no proof other than some hopes and dreams. Basically nothing.

Got it.

MF

#171 Abc123 on 08.05.20 at 3:29 pm

143.Captain Uppa on 08.05.20 at 8:44 am
#133 Tim123 on 08.05.20 at 1:09 am
The only possible reason for a housing boom right now is because the financial knowledge of most people is quite poor. This reason makes more sense than people wanting to throw away money although that is what they are doing. Anyways that’s their problem as no one forced them to buy a house at over inflated prices during a pandemic.
————————————————————–

That is very dismissive. Plenty of homeowners are quite well versed on financial matters.

People love housing because it as the most visceral and useful asset class there is. You can’t come home from work and relax in your stock portfolio. Gold is just a four letter word with a price and percentage beside it on your computer screen.

Most citizens want to own their home and property. This was the way in the past, it is the way now and it will be the way in the future.
———-

Absolutely bang on and is the reason why RE will continue to appreciate in the GTA , the house horniest epicentre if the planet.

No financial portfolio of paper assets will ever hold the same cache .

#172 Abc123 on 08.05.20 at 3:43 pm

John pasallis calling you a ‘clown’ Garth On Twitter is rightfully overblown and unnecessarily insulting ,but your lack of response on your blog In defence is somewhat worriesome for you, especially viewed in the context of what seems to be an about face in your opinion of RE in the GTA.

Isn’t a strong rebuttal due ?

(a) I’ve said repeatedly 416 will not crash. (b) The realtor attack was childish and ad hominem. Unworthy of debate. – Garth

#173 Midnights on 08.05.20 at 7:55 pm

A little out of control, maybe?
https://www.fr24news.com/a/2020/08/councils-can-demolish-contaminated-buildings-under-new-powers-to-stop-second-wave-of-coronavirus.html

#174 Mask? Whose rights? on 08.06.20 at 1:33 am

Masks are so you don’t infect other people
N95 masks are for those who fear catching the virus.
ask up yourself …..
Are you 100 percent sure you don’t have the virus?
Are you 100 percent sure you are not asymptomatic?
Have you been tested every day to prove you do not have the virus? Because every day it changes.
Are you 100 percent sure you have not come into contact with someone who has the virus or is asymptomatic?
Asymptomatic is the key.
How are you sure because statistically it’s small?
Being struck by lightening is statically small but do you use common sense and carry a lightening rod?
Wining the lottery is statistically small? But you buy tickets.

The problem is and always has been we just don’t know who has the virus. Yes I agree the chances are small, But how small?
Ask the 1,000 people in BC who were 100 percent sure they did not come into contact with anyone who had the virus.
So whose rights are now violated?
They are now forced against their freedoms to self isolate. That’s 1,000 people lost their rights because of one ignorant person who screams I have the right not to wear a mask passed the virus to 1,000 people. Personally that does not make sense to me does it to you?

There was a great article on CBC And it’s sounds stupid but think about it!
It goes like this
I have the right to drive my car with my eyes closed there is no law against it. I don’t care if I cause an accident or kill anyone, because it’s my right to keep my eyes closed.
Sound familiar?

I do not agree with public shaming or anything like that but I hope my message helps you understand other people have rights as well.

Let me repeat we all have rights but this virus has caused more anger in people and a more divided nation. But ask yourself what are my rights if you don’t wear a mask and I get infected? The same as the person who closes their eyes and drives their car.

No fear here just common sense. Are you using yours?
This is an open discussion not directed at anyone person we all opinions i respect opposite opinions, I just hope my opinion shows you another side of the discussion.

Cheers everyone be safe!

#175 DON on 08.06.20 at 9:41 am

@ABC123

What happens when house prices rise to high pricing out first time home buyers? The ball is still in play and the realtors are scared that is why that realtor is lashing out.