In praise of urbanity

Breaking: Bill Morneau quits after Trudeau spat

Lots of people, many of them young, think like Dave.

“Maybe the pandemic just brought what was coming down the road to our front doors now,” he says, musing on where cities are headed.” He sends me this article about a New Yorker who gave up on NYC.

“Do you think NYC is a model that could be repeated in other cities; Chicago, SF, LA, Toronto, Vancouver, etc.? It’s no secret many sectors discovered by the pandemic shutdown that work tasks could and are being done well remotely, aka home. And both employer and employee like it. Large shopping malls have been like the walking dead. Just no one told them to fall down.”

The core-is-dead, flee-the city meme has legs these days, after almost six months of Covid, social distancing, Zooming, shuttered offices and now universal masks. Real estate investment trust values have been whacked (unfairly), cottage-area and rural property sales have exploded, urban rents are declining and condo listings have been stacking up fast, especially as Airbnb operators give up and bail out.

The latest numbers paint quite a story: rental listings in Toronto, for example, grew 82% last month year/year, pushing rental rates down. In fact there were almost twice as many vacant apartments/condos hitting the market (8,346) as there were people singing leases (4,400). This is a big departure from years past.

And, yes, you can blame Covid. Students are staying home from uni. Tourism has tanked so short-term vacation rentals are being dumped. Immigration’s been curtailed. And thousands and thousands of units are being occupied by people who stopped paying rent months ago. They’ll soon be punted, adding to the rental supply.

As for condo sales, more tough news. The number changing hands in Toronto in the second quarter of the year tumbled 51%. “The condominium apartment market experienced a dip in sales and new listings,” says the real estate board, “as many potential buyers moved to the sidelines as a result of public health measures taken to combat COVID-19 and the resulting economic downturn.” In the last three weeks, realtors report, listings have jumped, big time. As of today, buyers have more than 5,500 choices

Meanwhile the bejesus big Bay Street office tower housing my Toronto office is still essentially shut. All 68 stories. Ditto for the miles of stores, eateries and services in the underground city which lies beneath Toronto’s downtown streets. The major banks have said staff won’t be returning to the financial core until some time in 2021. Up the street major stores and the Eaton Centre are open, but you can drive a herd of F-150s through and not hit anyone. The subway is running at 20% passenger capacity and at the airport traffic is down 92%. The last reported unemployment rate for the country’s biggest metro area was 13.6%.

So is the city pooched? Will malls never open again? Transit lines be abandoned? Condos and offices stay vacant? Will dramatically higher taxes and user fees – required by a bankrupt city – be the death blow to real estate in a place where crappy houses trade for $1.6 million?

Recency bias says yes. This explains some of the above. What people see now is what they expect will always be the case. It’s why we always buy high and sell low. Vision never was a strong suit of the masses. As you age, you learn this. Normal is normal for a reason.

So time for a reality check.

While this blog correctly forecast this urban mini-exodus and falling per-foot condo valuations, thanks to the way the virus has infected our brains, this is not a permanent thing. People flock to cities for a reason. The best jobs are there. The highest incomes. Culture’s concentrated in urban settings. Art galleries. Clubs. Live music. Public institutions like museums, the Zoo and Drake’s ridiculous house. Sports arenas. Convention centres. And urban infrastructure – public transit, airports, expressways, parks – none of that will ever be replicated elsewhere.

People want to live with other people, in proximity to work, shopping, entertainment, schools, universities, medical services and in an environment where they can expect to see a cop, a paramedic or a firefighter in mere minutes. Many eschew cars and the huge costs associated with them. They want bicycle commuting, or the ability to summon a cab or Uber. Families need daycare services. Oldies need social services. Lots of folks still go to banks, or grocery stores, coffee shops and want a vet within a few blocks of home.

Cities developed for reasons. For thousands of years they’ve been humanity’s preference and the absolute cradles of civilized society. A virus which so far has infected less than 1% of the population and from which 95% recover, lasting six months (and counting) is not going to change any of the above. Sure, a bunch of people will flee to Huntsville, Hope or Ladysmith, but there is no mass exodus underway. This is a social media fling, picked up by the lazy MSM and propelled by blogs which (unlike this ethically pure and virginally transparent, selfless site) are written by people justifying their own myopic actions.

So why not take advantage of this meme as it barrels along, gaining traction? More on that soon.

%      %      %

Did you catch the rate news on the weekend? Yup, this is getting ridiculous. Money is next to free. Competition among lenders desperate for market share has produced some numbers that a year ago would have seemed like fiction.

For example, the micro-aggressive dudes at HSBC have dropped a few more basis points, and now offer a high-ratio, five-year fixed-rate home loan for just 1.76%. Scotia’s weird eHome mortgage is available at just 1.73% (also for insured loans) while BeeMo  has the lowest advertised rate among the big banks at 2.07%. Tangerine’s fixed-five is at 1.99%, and some brokers are beating all of this by a few points.

Conclusion: if you’re borrowing, lock in. The space between variable and fixed is gone. The central bank has indicated rates have bottomed. This damn pandemic will eventually pass, growth will resume, absurd government spending will help breed inflation and rates will have to edge up to deal with that. By the time 2025 comes you will wonder how 2020 ever happened. And why you did not act.

About the picture: Bandit at repose in the lobby of the King Edward Hotel, downtown Toronto. What? Go to the country and break a nail?

 

204 comments ↓

#1 NRI13 on 08.17.20 at 3:31 pm

Garth – Thank you for all you do. A request for detail on the 40% of bond allocation in a 60/40 portfolio as in how much % to Long term bonds, short term bonds vs corporate debt please? Thanks

#2 YouKnowWho on 08.17.20 at 3:33 pm

What is going on with this debt game?

How much more can we consume?

How is the solution to too much debt…more debt?!

#3 Chester in summer on 08.17.20 at 3:38 pm

That sure looks like Andrew S on the left. Is he checking in, or is he checking out?

#4 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 08.17.20 at 3:40 pm

IN PRAISE OF THE GREATEST URBANITY ANYWHERE!

AMAZING NEWS!

THE TORONTHOLE ARGHHH! HOES! WILL BE UNBEATEN IN 2020!

https://www.ctvnews.ca/sports/cfl-cancels-2020-season-during-pandemic-1.5067468

WHAT A PERFECT SEASON FOR A CITY OF LOSERS!

GREY CUP CELEBRATION SET FOR NOVEMBER!

BRING YOUR WEAPONS AND GET READY TO STUNT DRIVE, ALL YOU CONSIDERATE TORONTURDS AND GTAHOLES!

#5 Sail Away on 08.17.20 at 3:40 pm

Good God, somebody shave that dog! Or wear a parka so you’re both experiencing the same.

#6 Faron on 08.17.20 at 3:42 pm

There are a ton of listings in Victoria right now. SFD and condos both, but especially condos. Some list prices are dropping but perhaps that’s just bid bait. I do wonder if the summer RE spike is also a function of road tripping and good weather and it will ebb as quickly as it flooded.

Partner and I are considering either fleeing to a mountain town where RE prices are sane or buying a cheapo 1980s 2 bedder condo here in Vic. Either way we live with three figure monthly mortgage giving a lot more flexibility in the event of any job issues the pandemic brings. Plus can sock away the difference between the $2300 in rent that we pay now and the $900 mortgage for rainy days/the golden years. We already sock more socks than socks himself, so this would give some nice padding.

I’m hearing anecdotes from those in my life who have changed lifestyle during the pandemic that their decisions were a bit rash. I bet the snap back to urban living will happen in a rush that will be sped along as condos bottom and prices begin to rise quickly.

Question, as ever, is where that bottom (in urban condos) lies. Regardless, Finding a path to low monthly expenses is possible and probably a good choice in the uncertain state of the planet at the moment. Expect the best, plan for the worst etc.

#7 PetertheSeparatistfromCalgary on 08.17.20 at 3:44 pm

Russia already approved a Vaccine it is called Sputnik V. Putin’s daughter has been immunized with it already.

We need to put aside our differences and work with Russia to produce this vaccine quickly. If our patriotic grandparents could work with Stalin to defeat Hitler we can work with Putin to defeat COVID-19.

#8 Thomas on 08.17.20 at 3:45 pm

Why lock-in now? You can have even lower rates after the 2nd wave of COVID. At that point in time the central banks, FED included, will go negative rates… Wait for the new year….

#9 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 08.17.20 at 3:45 pm

IN PRAISE OF THE GREATEST URBANITY ANYWHERE!

AMAZING NEWS!

THE TORONTHOLE ARGHHH! HOES! WILL BE UNBEATEN IN 2020!

https://www.ctvnews.ca/sports/cfl-cancels-2020-season-during-pandemic-1.5067468

WHAT A PERFECT SEASON FOR A CITY OF LOSERS!

FORGET ABOUT THE MAKE BELIEVES!

GREY CUP CELEBRATION SET FOR NOVEMBER!

BRING YOUR WEAPONS AND GET READY TO STUNT DRIVE, ALL YOU CONSIDERATE TORONTURDS AND GTAHOLES!

TORONTHOLE WILL BE NUMBER ONE FOREVER!

JUST CANCEL EVERYTHING!

#10 Faron on 08.17.20 at 3:49 pm

#138 TurnerNation on 08.17.20 at 3:05 pm

#129 Faron reading the transcripts. When it really is happening it seems odd to ignore it.
CC is a meme.
I know I know one should not pick up their enemy’s weapons.:
https://en.wikipedia.org/wiki/Memetic_warfare

Yep, CC is a thing, but it’s a rapidly evolving thing in its definition and application. More than anything it represents the collapse of nuance in public discourse these days. But, as the phrase evolves it begins to just sound like calling people a poo poo head. Yet another cudgel that we swing at one another.

Anyhow, you seem to pride yourself in being ahead of the curve, so fully adhering to that curve doesn’t fit that image in my mind’s eye.

PS: good you are reading the transcripts vs. listening to the audio. I find the nasally, liberal whine of the hosts of that podcast hard to bear and I’m a line toe-ing liberal!

Good afternoon

#11 FreeBird on 08.17.20 at 3:50 pm

Both dog and hotel have lived a long good life and still going. If only all dogs could be as well cared for.

#12 Deplorable Dude on 08.17.20 at 3:52 pm

The pandemic in Canada is essentially over. What we have now is a ‘Casedemic’.

If we weren’t testing would we even know?

Encouraging research popping up indicating herd immunity may be around only 20%. Which maybe related to many of having a possible inherent immunity thanks to dealing with the common cold for so long.

#13 CanadianOne on 08.17.20 at 3:56 pm

Good afternoon Garth,

Before the pandemic hit and made life as it is now… there was talk of difficulties in insuring high density residential properties like condos and apartments. Do you think/know/or have a word or two with regards to it being a real prevalent thing or was it anecdotal? If it is/was true how does the pandemic change that?

On a different note, word is the Fed is going to alter it’s inflation targeting language in it’s upcoming meeting. In your opinion, does a future scenario of higher rates and higher inflation co-exist?

Thanks for this awesome blog!

#14 JB CONDO DEATH on 08.17.20 at 4:02 pm

About the picture: Bandit at repose in the lobby of the King Edward Hotel, downtown Toronto. What? Go to the country and break a nail?
………………………………………………………………
Didn’t he used to live in Caledon out in the middle of know-where?

#15 Kevin on 08.17.20 at 4:04 pm

Hi Garth, your thoughts about REITs and city life make sense. Can you recommend some REITs us moist millennials please?

#16 DJ Hash Brown on 08.17.20 at 4:04 pm

#1

#17 YouKnowWho on 08.17.20 at 4:05 pm

I’m going to take this on…one by one. Your points are valid, but the other side of the coin is…

The best jobs are there.
(But shrinking, and SMB – OMG! The bankruptcies have not yet started really because of CERB, loans, desperate parking spot patios.)

The highest incomes.
(Will also be impacted)

Culture’s concentrated in urban settings. Art galleries. Clubs. Live music. Public institutions like museums, the Zoo and Drake’s ridiculous house. Sports arenas. Convention centres.
(All of these things are not accessible right now. We’re learning to live without. We’re learning that COOTIES aren’t worth looking at art. All that art is on Google Images anyway! Pro-spots – is doing just fine without the fans in the stands it appears. Oh look, sports are really a TV thing after all!)

And urban infrastructure – public transit, airports, expressways, parks – none of that will ever be replicated elsewhere.
(Empty. Empty. Empty. I got a flat tire on my bike ride the other day, took the streetcar back – what a depressing sight. Oh and by the way, like 2 people wore a mask on the entire 501 and I was one of the two – just trying to be courteous. Parks? Come on Garth – you want nature and greenery you get the heck out of the city. Like you did.)

People want to live with other people, in proximity to work, shopping, entertainment, schools, universities, medical services and in an environment where they can expect to see a cop, a paramedic or a firefighter in mere minutes.
(NO! People don’t want to be anywhere near other people now. Everyone is a germaphobe. Worse then ever! Work is closer than ever – at home. Shopping is delivered – we’re learning more about that, at the price of retail space. School is online. So is University. Medical services come to your home, or you got to them if needed. How often do you need an MRI? When firefighters are a reason, you know we’re reaching. :-)

Many eschew cars and the huge costs associated with them. They want bicycle commuting, or the ability to summon a cab or Uber.
(NO WAY, people want cars now. Private transportation. Bicycles are only good for now, while it is nice. Not when its’ 4C or -14C. Ever bike in snow? Fun, eh? Who will want to be on public transit during SECOND WAVE or flu season now?)

This thing won’t get sorted for another 2 years probably, if ever. Pin hopes onto a vaccine – sure. I noted here a bunch of times that we’ve never been able to develop one for a coronavirus. Let’s not even talk 2 years out, let’s talk 1 year out. By then the battlefield will be full of casualties. Cities are likely to be one.

Will it reverse? Maybe? Eventually. But it will take time. I guess low risk young people can be lured back in, if cities become cheap.

How will people’s finances look by then?
How will city budgets look by then?
How will deficits and country debt?

It’s right about now that I should bring up unicorns, and pixies! OH LOOK, a rainbow!

#18 JB CONDO DEATH on 08.17.20 at 4:06 pm

As for condo sales, more tough news. The number changing hands in Toronto in the second quarter of the year tumbled 51%. “The condominium apartment market experienced a dip in sales and new listings,” says the real estate board, “as many potential buyers moved to the sidelines as a result of public health measures taken to combat COVID-19 and the resulting economic downturn.” In the last three weeks, realtors report, listings have jumped, big time. As of today, buyers have more than 5,500 choices.
………………………………………………………………………
The writing was always on the wall. Now the epidemic is here and your CONDO investment is worth dirt. People are not stupid and they are unloading them. There is going to be a glutton on the market. Good luck investors. This will last for years. If you buy now your investment will only plunge. Been there done that, never again would I set foot in a CONDO. Oh and lets see how the strata fees are handled? Uppa, uppa…..

#19 Classical Liberal Millennial on 08.17.20 at 4:07 pm

I might get early renewal offers as early as next spring. Should I roll a secured LOC with a 3% rate into the renewal?
Mortgage will be 180 with 15 years remaining.
LOC will have a balance of about $75k.

#20 Dolce Vita on 08.17.20 at 4:09 pm

Herd.

What we do.

Before we learned to walk, talk and break a nail.

#21 Mehdi on 08.17.20 at 4:16 pm

How old is bandit ?
Beautiful dog…

He’s 15 this October. Each day now is a gift. – Garth

#22 Leftover on 08.17.20 at 4:19 pm

That linked article by the guy from NYC is interesting and a bit depressing. But he makes some good points about the exodus from New York.

New York is not Toronto (even though Torontonians want you to think it is). Toronto is far more livable, at least for now. But the blogger’s references to homelessness, taxes and violent protest might be a harbinger of things to come.

I’m more worried about Canada’s other cities. When you layer irrational living costs over homelessness and taxes then something has to give, especially since incomes in places like Vancouver and Montreal don’t make up for the hardship.

We’ve lived in a small town for more than a decade. Kids went away for college, which is a good thing, and I relied on the internet to make a living. Went to big cities to attend concerts. We already had family here and have made some good friends. But the community has grown and changed, not necessarily for the better.

Just be careful what you wish for.

#23 Toronto_CA on 08.17.20 at 4:20 pm

“People flock to cities for a reason. The best jobs are there. The highest incomes.”

While this has always been true, my experience in London with big firms like Schroeders and Freshfields is that the days of people coming into the office 5 days a week are behind us.

While to get the big jobs in the big cities one will need to be able to come in (likely 1 day a week); this opens up a huge number of places that are too long a commute to do every work day but not too long to do once every 7 days.

I’m Head of Tax for a top 10 City firm and my senior partners have already confirmed they want to reduce our 9 figure annual rent bills; and to do that they are going to move to hot desking and asking people to continue working from home.

Previously, I wanted to buy within a 25 minute commute to the office maximum, as I believe the studies that say a long commute is toxic for one’s happiness. Covid has thrown that equation out the window and now it’s going to be about maximizing space with a garden, sunlight, and plenty of home office space.

Recentism? Likely so, but we’re 6 months in to this pandemic and no end in sight. A second wave will keep this up for a year, and it only takes 21 days to make a habit.

Anyway, I’ve bought a house on the coast a 55 minute train journey into London. So maybe I’m biased myself and trying to justify it, but hell..I got a 1.74% mortgage locked in.

#24 Linda on 08.17.20 at 4:25 pm

As usual, Bandit looks both debonair & tres chic!

‘this damn pandemic will eventually pass’. Yes, it will. However I do expect some of the Covid related changes to last even post pandemic. Specifically more people working from home, because that is just too good a perk to give up. Some employers will want to keep their staff at home, if for no other reason than the reduced cost of providing office space. They may wish to continue to have one, but if they can reduce overhead while maintaining business productivity I’d say it is a win-win situation.

#25 Grunt on 08.17.20 at 4:29 pm

Best keep the office snottys away all the road repairs the cities got going on. No sense rushing down here in the luxury brand. Stay home stuck-up pipsqueaks.

#26 ImGonnaBeSick on 08.17.20 at 4:34 pm

#10 Kevin on 08.17.20 at 4:04 pm
Hi Garth, your thoughts about REITs and city life make sense. Can you recommend some REITs us moist millennials please?

—-

XRE, ZRE or VRE…

#27 cramar on 08.17.20 at 4:35 pm

Yup, time for a reality check.

Depression era rates! Depression era unemployment (a lot of these jobs are not going to return for a long time if ever—’new reality’). Depression era business activity in the areas of travel, tourism, restaurants, etc.

And everyone holding their collective breath about the little darlings returning to school. And about a second wave. What will happen?

Asked a school administrator what will happen when kids get sick come flu and winter cold season. She said it is typical to have 20% of kids off for sickness in winter, and everyone will panic wondering if it is COVID. She said they may contemplating shutting down schools then, fearing lawsuits from parents if some kid catches the real thing.

And on top of this mess is the soaring stock market! Now one tech stock—Apple—has more market cap than Canada’s GDP!! Insanity!

Maybe only 1% of the population has been infected and 95% of those recover, but that is not the issue. The issue is the far-reaching systematic changes to society this little beggar hath wrought. Talk about leverage!

Time for a reality check indeed!

#28 Northshore guy on 08.17.20 at 4:36 pm

I don’t know about Toronto but Vancouver downtown has the best views, close to ocean and has tons of things to do within 10 km radius. People will always want to buy condos here. If this exodus meme lasts few more months and prices come down a bit, this will be a buying opportunity.
Although there will be no crash, BC’s unemployment rate is now 10% and will be I single digit by end of the year. On top of that rates have crashed and deferrals will be extended. If prices go down by 10% it will be time to buy.
Detached bottomed out in 2019, it will keep going up until they raise interest rate again by 1.5%
That will take another decade lol

#29 Andrewski on 08.17.20 at 4:39 pm

Friend works at an RV dealer and “they’re going nuts” & “can’t keep up with both buyers and renters volume”!!

#30 Leigh on 08.17.20 at 4:42 pm

“Proximity to high-paying jobs” trumps all other urban infrastructures advantages. However, I believe without possible governments interference many companies will choose to keep their employees on flexible work from home option for a long time unless they come to realize their productivity is falling but not before many years of trying it out.

#31 the Jaguar on 08.17.20 at 4:47 pm

‘About the picture: Bandit at repose in the lobby of the King Edward Hotel, downtown Toronto.’ ———–

Yes, I remember this photo. I believe it was a Turner anniversary. I envy Bandit on the cool marble of the hotel lobby. It’s +33 degrees on the fabled frozen prairies landscape with no let up forecast for days…..

I agree that cities are not toast. For many they are the only place to live be it for the amenities, living in a particular area where other like minded people dwell, or just being uncomfortable with those funny looking lights in the night sky called ‘stars’.
Seems likely however that they will transition in some way, and the ‘new economy’ will show the way.
Canada was already ‘over retailed’, and many won’t survive the current malaise. Stopped by a local Hudson’s Bay location the other day and it was like being in the movie Home Alone.
Those who have continued to work from home during the ‘crisis’ have demonstrated the redundancy of high office towers concentrated in one area of a city to themselves and their employers. Kind of a gift to companies that have been itching to consolidate their real estate holdings or lease agreements.

I also agree with the musings of people like Victor Davis Hanson who thinks many are getting tired of the decay occurring in many of the bigger cities. Seems only to be getting worse. I think it was Damnfino who posted the other day about the Strathcona Park debacle in Vancouver. Many other cities with the same kinds of ‘issues’. Why hang back with the brutes? Especially if you like those little lights in the night sky.

Here is a link to the Hanson podcast. The entire podcast is interesting, but he has some thoughts about big cities starting at about minute 27:00 into the podcast……………….

https://www.nationalreview.com/podcasts/the-victor-davis-hanson-podcast/episode-28-cultural-ieds-blowing-up/

#32 Goodbye City on 08.17.20 at 4:52 pm

Oh yes I like the guy who said “My favorite park is Madison Square Park. About a month ago a 19-year-old girl was shot and killed across the street.”

Well I guess NYC was not a violent city when John Lennon was shot dead, Ronald Reagan was shot is NYC. NYC Policeman used broom stick on someone they arrested….

#33 Dolce Vita on 08.17.20 at 4:53 pm

“A virus which so far has infected less than 1% of the population.”

That’s up for debate.

Serological testing in many countries now show the number is much greater than 1%:

-Spain at 5% (60,000 sample size),
-Italy at 2.5% (65,000 sample size),
-Delhi at 22.86% (21,387 sample size),
-USA CDC ranges are from 1.9% SFO to 6.9% NYC (sample size 16,000, CDC Director estimates actual vs. reported is 10X)
-Quebec at 2.23% (7691 sample size)…the rest of Canada are estimates with no serology (AB, BC, ON) thus HAVEN’T A CLUE but with soap box, will pontificate regardless.

So, it’s not 1% even in rarified air Canada (unless its sans La Belle Province, which is doubtful).

Heck even rarified air, Orca’s will save us BC experiencing their 2nd wave (BC “Reported” Cases chart bottom centre):

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

—————————–

So ya, it’s WAY MORE THAN 1% at least DOUBLE that depending where you are on Planet Earth.

Speaking of Planet Earth, new cases flattening but Deaths increasing in the shape of a 2nd wave (Daily Deaths histogram):

https://www.worldometers.info/coronavirus/#countries

—————————–

I agree with you Garth, save the 1%, we’re a herd animal and we will return to that when it is safe to do so (same as other historical pandemics) the question is:

How long does humanity wait to herd again before it’s safe?

#34 AM in MN on 08.17.20 at 5:00 pm

Vancouver is different than Toronto, and many other cities. People also like to be by the water and get the fresh breeze, and beaches and parks. Due to geography, the city is also closer to the airport.

Also, the RE market, including condos, is waiting for the big wave from HK. Construction is still busy for everyone involved. The only unemployment is for people on CERB waiting for the summer to end.

The big US cities dominated by Democrats are a different story. NYC is returning to the ’70’s because of political choices. It may start turning around in 5-10yrs., and then take 30 more to get there. All of the advantages mean nothing if there is no physical safety or basic cleanliness, and that is a purely political decision.

It’s not a given that it turns around if certain people don’t come back, look at Detroit…once the world’s manufacturing and technology hub. Elections have consequences, even at the local level!

#35 CRA HACKER on 08.17.20 at 5:01 pm

Mr Turner,

FYI, our team has hacked the accounts of all the commenters here.

Without exception, they are all a bunch of losers and liars when it comes to income and investments.

Average age = 64

Average household income = $38,000

Average household TFSA/RRSP investments = $8,235

Percentage currently on CERB = 98.6%

Percentage under investigation for improper deducting of costs for erectile dysfunction meds = 82%

Percentage living as dependents in their 80something parents’ basements = 73%

Percentage making inadmissible deduction claims
for gender reassignment surgery and meds = 61%

We’ll let you know what else we find out about your deplorables.

Yuck.

#36 YouKnowWho on 08.17.20 at 5:07 pm

#7 PetertheSeparatistfromCalgary on 08.17.20 at 3:44 pm
Russia already approved a Vaccine it is called Sputnik V. Putin’s daughter has been immunized with it already.

__________

Do you think it works?
Do you want it injected into you?

Maybe it’s from that amazing Chernobyl fungus?

https://nypost.com/2020/08/03/chernobyl-fungus-could-protect-astronauts-from-radiation-on-deep-space-missions/

#37 Steerage on 08.17.20 at 5:10 pm

Well im sure bandit gets some fine lobster in looniburg…

#38 Habitt on 08.17.20 at 5:10 pm

Great post again Garth. Ignore the whiners. Congratulations to you Bandit. Wow 15 years.

#39 Sean Melvin on 08.17.20 at 5:11 pm

Right now most of the young people I know are taking the summer off, but quietly shitting their pants over what their future will be like. Eventually, they will go to where the jobs and potential mating activities are located. Following the money and hormones are what the young do best. Where will the old people go? I assume most will down size and like Garth head to quieter areas of our country. What or where you live may never again be important to young successful Canadians. Most I know are uninterested in having children. Young children are very expensive and are susceptible to the taunts of “your parents suck because mine own a fancy home, cars, toys, etc”

#40 Henry on 08.17.20 at 5:11 pm

Israeli Immunologist calls worldwide Lockdowns “Outrageous”

History will judge the hysteria

Israel National News
(henrymakow.com)

“Prof. Udi Qimron, left, will soon head the Department of Clinical Microbiology and Immunology at Tel Aviv University.

http://www.israelnationalnews.com/News/News.aspx/285341

#41 MF on 08.17.20 at 5:14 pm

“ So why not take advantage of this meme as it barrels along, gaining traction? More on that soon.“

-Well my interest is piqued.

Will we see lower condo prices? Should be buy?

Hmm

MF

#42 YouKnowWho on 08.17.20 at 5:15 pm

Well well well, that didn’t take long.

Aug 10th Universities got back in business in US, and already Covid is eating them for lunch with clusters. What will the liabilities be like if a Prof. dies? Maybe the young slave labour assistants can uphold the other side of the contract for the Universities so that they can collect their TV rights money…I mean tuition.

Universities are going online in no time. Make the most of September students.

https://www.theglobeandmail.com/world/article-virus-clusters-erupt-at-us-universities-as-semester-begins/

Universities without the parties? Without “experimentation”? What’s the point?

Hey, anyone know if Brass Rail had to shut down following that 550 customer exposure to Covid?

Google says Brass Rail is open for business, but is it really? I guess I’ll have to do a drive-by.

If it is open, will schools be as resilient? I doubt it.

#43 Bill on 08.17.20 at 5:16 pm

Great timing on this piece. You forgot Powell River.
By far the nicest place period. I spent my carrier traveling…unless you hate the ocean lots of recreation and mega clean lakes. All my dirt just jumped. My bro just sold 2 lots at his development so. $200,000 for 1/2 an acre with ocean views. Its a no brainier.
I don’t even notice covid restriction here. There’s soooooo much space…more than 6 ft…lol

https://www.westerninvestor.com/news/british-columbia/powell-river-sees-highest-home-price-hike-in-b-c-1.24186460

#44 Fly on the wall on 08.17.20 at 5:19 pm

Psssst……

Trudeau in urgent private meeting with Morneau, as of 5:05 EDT.

Change by midnight….tick tock.

Got your resume ready Mark?

Garth?

#45 Fly on the wall on 08.17.20 at 5:21 pm

Psssst……

Trudeau in urgent private meeting with Morneau, as of 5:05 pm EDT.

https://www.bnnbloomberg.ca/trudeau-morneau-set-to-meet-monday-as-tensions-build-1.1481016

Change by midnight….tick tock.

Got your resume ready Mark?

Garth?

#46 Dolce Vita on 08.17.20 at 5:22 pm

#12 Deplorable Dude

Go to John Hopkins, see Canada’s Daily Cases histogram = cusp of a 2nd wave, for fun click on Italia (that’s an “it’s over” histogram when 40-60% of new cases are of foreign origin).

Note the Provinces with Rt values >1 means its spreading in 7/10 Provinces:

https://twitter.com/imgrund/status/1295348812509306882/photo/3

BC experiencing a 2nd wave, bottom left histogram:

https://twitter.com/imgrund/status/1295348812509306882/photo/3

————————–

Essentially over huh? In Unicorn, Faerie Dust and Leprechaun Land.

————————–
As for the 20% natural immunity lunacy circulating*, much like the begats section of Genesis commencing with Adam & Eve…

WebMd said it best:

Do some people have greater immunity to COVID-19 and why?

ANSWER
Given that we’ve known about this virus for only a few months, we don’t fully understand the immune response to the virus.

————

*source of the 20% lunacy is the NYT article (take note of the “suggested”, “perhaps”, “may be”, “predicted”, “could be” littered throughout this garbage article):

https://www.nytimes.com/2020/08/17/health/coronavirus-herd-immunity.html

We will know the precise number if a vaccine is developed and its outfall, and not before. Medical community so far is saying anywhere from 70-95%.

Research on how to calculate that number, the formula & stats, and it will become painfully obvious why it is difficult to estimate.

Why that NYT article is pure fantasy.

#47 WTF on 08.17.20 at 5:24 pm

Curious

With the 10yr Mortgage rates at idiotic levels. If one was to lock in. Suppose some life event required one to sell before the magical 5 yr get out of jail clause.

Would the mortgage be assumable? If yes, Would the vendor be on the hook for the remaining term?

Assuming Prices are close to original purchase this would be another reason to lock in as the vendor and purchaser would both win if rates subsequently rose higher.

#48 The West on 08.17.20 at 5:24 pm

“It’s why we always buy high and sell low. Vision never was a strong suit of the masses. As you age, you learn this. Normal is normal for a reason.”

This was a great read today – here’s hoping there is some kind of future.

Can I recommend an editorial piece guessing the conversation of Trudeau, Morneau and Freeland’s “behind the curtain” pow wow this afternoon.

Is this about the WE scandal or, is there finally concrete evidence our bureaucracy is, in fact, insolvent?

Thanks for your work, Garth! This is better public service than we get from Canada’s Versaille.

#49 Dave on 08.17.20 at 5:26 pm

Vancouver rents have dropped a whopping 3 percent. Wow! Greedy landlords, poor planning, lack of government built rentals, marketing to wealthy offshore investors, millionaire foreign students–whom Trudeau is given $2k/month to– are why rents are ridiculous.

#50 Statsfreak on 08.17.20 at 5:31 pm

Just curious, how many hours a day does it take to groom The B Man and how does that duty get divided up between you and Dorothy ?

(Btw, He looks gorgeous as ever!!)

:D

#51 Robert B on 08.17.20 at 5:33 pm

I guess we forgot to mention the record setting month ever for real estate sales in Canada for July.
https://www.ctvnews.ca/business/more-canadian-homes-sold-in-july-than-any-other-month-in-past-40-years-1.5067203

I think people are scared for the future….They are putting their money in tangibles…real estate , bitcoin and gold stocks( thanks Buffet)

Money is cheap and people have no discipline. That’s a better explanation. – Garth

#52 Felix on 08.17.20 at 5:36 pm

Cats are far more suited for urban locations, making cities even better without pooping on sidewalks everywhere. That is how they contribute so much to human existence, and why we must honour them not just on special days like today, but every day.

https://www.8newsnow.com/news/local-news/august-17-is-national-black-cat-appreciation-day/

But what the hell is going on with dogawful mutts?

https://alltimelists.com/11-weird-things-dogs-do/

Every day is Cat Day.

#53 Frank on 08.17.20 at 5:40 pm

2.5 years into a 5 year fixed @2.94 400k mortgage.
Do I break and lock in for another 5 at 2% Or less? Appreciate insight

Do the math. – Garth

#54 Bill on 08.17.20 at 5:40 pm

#45 Fly on the wall

Damage control for T2 and his ship of fools. lol
Looks good on him.

#55 PetertheSeparatistfromCalgary on 08.17.20 at 5:43 pm

https://www.greaterfool.ca/2020/08/17/in-praise-of-urbanity/#comment-730991

#36 YouKnowWho
Do you think it works?
Do you want it injected into you?

I’d inject it today if I could.

#56 Joe on 08.17.20 at 5:47 pm

Is it just me or were you not saying a few blogs ago that office towers will stay empty and nobody will want to live in condos. The demise of the city as we know it.

I never talk in extremes, since life is lived in the middle. High0rise condos will be most affected and take longest to recover. But they will not go empty. – Garth

#57 YouKnowWho on 08.17.20 at 5:52 pm

#55 PetertheSeparatistfromCalgary

I have had incredibly pleasant experiences with Russian sellers of products. I won’t go into the details, but Nixie tube clocks, computer hardware, etc. Russian sellers are totally awesome.

Why am I pointing this out? Surely there will be a black market for Sputnik V. Buy yourself a few, inject away!

#58 MF on 08.17.20 at 5:53 pm

“Money is cheap and people have no discipline. That’s a better explanation. – Garth”

Any yet interest rates are kept zero bound, despite the tons of evidence of what you say being the case.

Are we just hearing lip service from the central banks when they warn about debt levels at this point?

MF

#59 Dee on 08.17.20 at 5:55 pm

It’s so Nice to read some realistic perspective and much needed common sense! Great article! Thank you for taking the time to share it with all of us readers! I still wished you were running our country!

#60 CALEDONDAVE on 08.17.20 at 5:56 pm

About the picture: Bandit at repose in the lobby of the King Edward Hotel, downtown Toronto. What? Go to the country and break a nail?
………………………………………………………………
Didn’t he used to live in Caledon out in the middle of know-where?
………………………………………………………
I’ll have you know that Caledon is not in the middle of nowhere. It sits above Turdonto and on a clear and quiet night we can see the gunshot flashes as well as all those flashing lights and I ain’t talking about the CN Tower. We can see that smelly overcrowded city from afar and reminisce about the City in the 80’s. It has since (sorry Bandit) gone to the dogs.

#61 Long-Time Lurker on 08.17.20 at 5:56 pm

>Louie Gohmert, last update. I think he did really well — from what I’ve seen. That’s 18 days from start to finish.

Louie Gohmert is COVID-19-free, and he credits hydroxychloroquine
by Susan Ferrechio, Chief Congressional Correspondent
August 15, 2020 06:30 AM

Rep. Louie Gohmert has recovered from the coronavirus and plans to donate plasma in the coming days, he told the Washington Examiner.

“I’m feeling really well, really great, actually,” the Texas Republican said.

Gohmert tested positive for the coronavirus on July 29 after taking a test at the White House ahead of a planned trip with President Trump.

Gohmert drove to Texas to self-quarantine and suffered several days of mild symptoms, including fatigue, but is now free of the virus, he said.

He tested negative for the virus and positive for the coronavirus antibodies this week. Gohmert said that he will donate plasma “as often as I am allowed” to help others recover from the virus.

Gohmert, who turns 67 next week, told the Washington Examiner he believes his recovery was aided by the use of vitamin supplements and hydroxychloroquine, the drug touted by Trump and some medical doctors that is not endorsed by the Food and Drug Administration for use in treating the coronavirus.

“I had a couple of bad days, but I started taking hydroxychloroquine, [Zithromax], and zinc, along with vitamins D3 and C,” he said. “And I took a steroid nebulizer for a few days to help coat the alveoli in the lungs and protect them somewhat from the COVID virus attack.”

He added, “I feel sorry for patients whose doctors are not even allowed to consider the hydroxychloroquine regimen. That’s a real shame.”….

https://www.washingtonexaminer.com/news/congress/louie-gohmert-is-covid-19-free-and-he-credits-hydroxychloroquine

#62 Faron on 08.17.20 at 6:06 pm

#51 Robert B on 08.17.20 at 5:33 pm

…tangibles… bitcoin…

I love me the silky smooth touch of Bitcoin. Put ’em on the mantle when friends come by then later fondle them in an old crown royal bag my grandpappy gave me. On rainy days I cuddle up with my Bitcoin and drink liquid helium and stroke Schrodinger’s cat. Looking forward to fall…

#63 tbone on 08.17.20 at 6:11 pm

Almost back to normal for shoppers at Sherway Gardens
yesterday . Place was busy yesterday afternoon.
Everybody was wearing masks.
Didnt look like a pandemic was affecting the place too much.
Nordstroms wasnt too busy selling their $300.00 jeans though. Who buys those ?

#64 Penny Henny on 08.17.20 at 6:12 pm

#21 Mehdi on 08.17.20 at 4:16 pm
How old is bandit ?
Beautiful dog…

He’s 15 this October. Each day now is a gift. – Garth
///////////

What kind of food do you feed him?
Is it a RAW diet?

No domesticated animal should eat raw. – Garth

#65 Billy Buoy on 08.17.20 at 6:17 pm

Can’t wait til those interest rates start to climb in 5-10 years..

Think debt is bad and about to explode now? Think this Covid crisis has been a problem?

Imagine the explosion we just sadly witnessed in Beirut times about 1 million.

The USA is borrowing more now than they are taking in at record low rates…imagine them and central banks handling the debt repayments at even 3%? Think about it.

Play taps….it will be over and out, down for the count, hasta la vista baby.

Got gold? Silver?

#66 Ponzius Pilatus on 08.17.20 at 6:26 pm

#21 Mehdi on 08.17.20 at 4:16 pm
How old is bandit ?
Beautiful dog…

He’s 15 this October. Each day now is a gift. – Garth
———-
Wow, this is over 100 in people years.
I hope, I’ll look that good when I’m 65.

#67 G on 08.17.20 at 6:35 pm

That’s a very nice picture of Bandit looking like a well behaved king.

#68 Nonplused on 08.17.20 at 6:38 pm

“People flock to cities for a reason. The best jobs are there. The highest incomes. Culture’s concentrated in urban settings. Art galleries. Clubs. Live music. Public institutions like museums, the Zoo and Drake’s ridiculous house. Sports arenas. Convention centres. And urban infrastructure – public transit, airports, expressways, parks – none of that will ever be replicated elsewhere.”

These are compelling reasons to live in the city and it is hard to argue with any of them. But there is a growing number of people who want to eschew all that and raise potatoes and chickens. So I think the exodus for the burbs and especially the x-urbs will be long term, especially with work from home, but the extent of it is probably highly exaggerated. And businesses will follow the people out. Think of small towns that actually have local businesses on main street again. A barber maybe. An ice cream store. A pub. Groceries.

Where I live is out of the city limits but we’ve already recently got a Tim’s, Centex, and a high end restaurant within walking distance. Oh and a Remax office, can’t forget them. More shops are planned. So it’s becoming a bit of a small town center. But if what I want can’t be found there, I’m 10 minutes from the LRT and can be chauffeured thus right to the Saddledome or McMahon. But actually I don’t miss all the hubbub and expense of going to games. Concerts that don’t end until 1 am and then I’ve still got to get home? No thanks.

But for the younger more social crowd, downtown is still where you want to be. A young single person probably doesn’t want to spend Saturday afternoon mowing the lawn and then hanging out by himself on his deck. It is, in my opinion, for the “married with children” stage of life. And until some of the big properties are subdivided, there are only so many places to go. There is, unbelievably, still fields growing hay even closer to the city limit than I am. When that land does finally hit the planning council it will be pretty high density though so no chickens, just bigger houses and a place to park your RV.

And of course, the subdivision proposals are the biggest issue of every council election. Don’t just buy 140 acres and then assume you can subdivide it, even if it is surrounded by subdivisions and zoned accordingly. NIMBY runs strong with these ones.

#69 will on 08.17.20 at 6:38 pm

“People flock to cities for a reason…People want to live with other people…Cities developed for reasons.”

yes, Yes, YES! A big YES to today’s post.

#70 Penny Henny on 08.17.20 at 6:39 pm

#42 YouKnowWho on 08.17.20 at 5:15 pm

Hey, anyone know if Brass Rail had to shut down following that 550 customer exposure to Covid?

Google says Brass Rail is open for business, but is it really? I guess I’ll have to do a drive-by.

If it is open, will schools be as resilient? I doubt it.
///////////////

Covid is not the worst thing you can catch at the Brass Rail

#71 DoctoRon on 08.17.20 at 6:40 pm

#7 PetertheSeparatistfromCalgary on 08.17.20 at 3:44 pm

Russia already approved a Vaccine it is called Sputnik V. Putin’s daughter has been immunized with it already.

We need to put aside our differences and work with Russia to produce this vaccine quickly. If our patriotic grandparents could work with Stalin to defeat Hitler we can work with Putin to defeat COVID-19.

————————————————————

Peter, I’ve also developed a vaccine in my garage last night. It prevents silly people from making even sillier comments online. All you have to do is stop reading and believing articles on the internet! And voila, you’re cured!

I’ll even give you the first one for free!

#72 Drinking on 08.17.20 at 6:45 pm

#52 Felix

Bandit representing the “Knight” or some poor Feline representing (??); I chose Bandit!

Regarding to today’s blog; a link to Financial Post: https://financialpost.com/real-estate/canada-home-sales-continue-surge-rising-26-to-record-in-july

Sure, money is cheap now but with all the recent news of millions unemployed, highest debt in history, we are missing something here, there is no way (we were led to believe by sorts) in a normal economy that this could happen!

#73 Bill Grable on 08.17.20 at 6:51 pm

I spoke with an Epidemiologist this afternoon. This lady has a lot of experience – and so I asked her a number of questions about Covid-19.

I mentioned people that hold ‘Open Houses’ – and she said that this was dangerous for the health of anyone who comes into a strange home – and step out of their “regular pod” – the droplets hang in the air and infect surfaces for hours.
Telling – she would ONLY take stairs – no elevators and she will not go into restaurants, to see concerts – nada.

There is a large uptick in Vancouver. My heart sank when she told me that after being in my apartment (except for the odd food run, or walk with Julie….) for 5 months – gulp – I can count on many more months of the same behaviour.

I thought your readership would like to hear what an expert had to say.

#74 Sonny on 08.17.20 at 6:52 pm

Morneau press conference at 4 p.m. Eastern today.

#75 Cto on 08.17.20 at 6:53 pm

Rates are going up! rates are going up! all this will breed inflation!
All those who have heard this before, please raise your hand!!!

Garth, don’t you think that if there is inflation, which we have already seen the last few years, the BOC will just find a new set of bogus numbers based. Maybe Intagrate chess and checkers games as staples.
They will try any stupid trick to say there is no inflation…

When was the last time the government ran a $350 billion annual deficit when interest rates were near zero. Right. Never. We only get out of this with inflation. The alternative is depression. – Garth

#76 Nonplused on 08.17.20 at 6:56 pm

Oh and I forgot the other thing that is going to be driving a lot of relocations in the coming years is taxes. California, New York, New Jersey, Illinois, BC, it is already a factor. With all this talk of wealth taxes it will only get worse. The wealthy already pay most of the taxes!

Even Elon Musk says he’s headed for Texas. Capital always goes where it is treated best. Frankly I am only confused as to why it took him so long, and how far behind Bezos will be.

Anyway wealth taxes would be a complete mess, impossible to administer or collect on:

https://www.zerohedge.com/markets/california-set-pass-nations-first-wealth-tax-targeting-ultra-rich

#77 TurnerNation on 08.17.20 at 7:02 pm

CMHC’s statement without precedence: that the banks are taking on too risky borrowers. Banks showing no signs of heed. Logical next step, force banks into de-risking — that is selling off their highest risk mortgages? Packaging them into the subprime slime marketplace?
Are they setting us up for another USA-2008 experience? Crown bankers taking back Crown land?
These low rates smell bad. A trap, of some tripe.

Banks hypocritical: several openly advertised Mortgage Payment Vacations. No penalty unlike the deferrals. Ho ho hold the payments.

#78 crowdedelevatorfartz on 08.17.20 at 7:05 pm

@#66 Puttering Ponzie
“I hope, I’ll look that good when I’m 65.”

++++
Gee, and here I thought after all your Grumpy Stumpy comments I had you pegged at 75.
Silly moi.

#79 under the radar on 08.17.20 at 7:09 pm

#68 “Don’t just buy 140 acres and then assume you can subdivide it, even if it is surrounded by subdivisions and zoned accordingly.”

I bought 50 acres and will never sever/subdivide and made sure towns historical preference is anti -development, and pro agricultural/rural residential. My new place is on a gravel road with nothing but farms and people hiding out in the rolling hills.

#80 crowdedelevatorfartz on 08.17.20 at 7:11 pm

I lost 4lbs today!
My lard was melting in the heat!
Two days in a row of 30 cel heat.
I dont know how you folks back east stand the sweaty, humid, stinky, sticky 35’s and 40’s.
But it does melt the lard.
I’m gonna drink 15 beer to celebrate.

#81 Rob on 08.17.20 at 7:12 pm

“ No domesticated animal should eat raw. – Garth”

Sorry to disagree.

Our dog spent 8 months in an out of vets and specialist vet hospitals. Biopsies, drugs, steroids etc etc. Lost 7kgs in weight from 24 kgs. Endless diarrhea. What ever food went in the front…. 2 hours later came out the back under high pressure.

We tried every dry, wet food that existed. Nothing worked…. the vets wanted to put him down.

We bought some raw food. 1 day and he was right as rain and lived a happy 7 more years.

Most these dry and processed let foods are made of the cheapest sh!t€ known to man. Some dogs react badly to it.

#82 Nonplused on 08.17.20 at 7:15 pm

#29 Andrewski on 08.17.20 at 4:39 pm
Friend works at an RV dealer and “they’re going nuts” & “can’t keep up with both buyers and renters volume”!!

—————

Yes but try reserving a site this summer. You can maybe get Sunday to Thursday, select locations only. It’s all booked up and has been since the airlines stopped flying. And the government sites are being really snooty about out-of-province visitors, although private sites not so much.

Problem was there wasn’t enough sites before covid. Vast numbers of people were already dry camping on government land, along with the inherent destruction. (The roads aren’t paved and the sites aren’t graveled so there is a lot of ensuing soil erosion you don’t get in a developed site. Plus there are no fire pits so who knows what that can lead to. No washrooms either and we know what that leads to.)

So I am predicting a big crash in the RV market once covid goes away, as people realise that they have to pay to store the thing and there aren’t enough reservable sites. Everyone who bought one now when they didn’t want one before because of covid is going to be wondering why they have $30,000 tied up in this thing when there is no where to go. It’ll be similar to Garth’s subject today of why the cities will rebound.

I’ve been RV’ing for 20 years in a progression from a popup to now a fifth, and over that time getting a site has been progressively worse and worse. This year it is a mad scramble and I think it will be the first year I don’t bother.

#83 crowdedelevatorfartz on 08.17.20 at 7:18 pm

@#80 under the radar
“I bought 50 acres and will never sever/subdivide and made sure towns historical preference is anti -development, and pro agricultural/rural residential.”
++++

I’m looking at the same thing.
Wanna get back to my inner Hillbillie AND avoid physical contact with idiots…..my mirror is the exception to that rule.

Dare I ask, what Province?

I find a lot of agricultural farm land has been dumping fertilizer and pesticides on their acreage for generations and most families are dying of “rare” cancers( rare for farms but not for heavy industry) while they drink the well water and scratch their heads in utter denial.
I’m looking for forest near a farm land area that has a fighting chance at clean water.

#84 IHCTD9 on 08.17.20 at 7:20 pm

The good aspects of urban centres are best enjoyed from afar.

Ms. IH and I hit Toronto 1-2 times per year for various attractions, but the practice has waned throughout our 40’s. These days a local craft beer festival seems almost as good as a performance by the TSO.

We’ve always enjoyed the attractions, concerts, arts, and sports in Toronto, but we have enjoyed the lifestyle and huge financial advantages of living in our small village even more.

Small centre life comes with its own unique delights too, that you just can’t get in the gta. But, the best of them is the ability own a house, a few acres, raise kids, own toys, AND still retire in great shape – and do so without feeling like you’re dangling off a cliff every day.

Just yesterday I had the guitar out with the head set at 100 watts, and the master volume clocked to 7. That’s loud enough to have to play from a different room.

Played for an hour.

Slayer.

No problem.

#85 Bezengy on 08.17.20 at 7:22 pm

5 years ago kiddo sends me a beautiful pic of her and Bill smiling away, both so hopeful of a better future for all.
Sad to see things end this way for Bill, but from the start this government made promises that they could never have kept. Things are just starting to fall apart. I’m sure I’ll be explaining to the grandkids that once we had a balanced budget, but we demanded more than we could afford, and now they will need to pay for our collective naivety.

#86 joblo on 08.17.20 at 7:22 pm

https://nationalpost.com/news/politics/morneau-to-resign-as-finance-minister-mp-after-breakdown-in-relations-with-trudeau-covid-policy-we-scandal/wcm/26d28f7f-4974-4f26-aa5d-79cd87fb5e2e/

#87 George S on 08.17.20 at 7:22 pm

Another good blog post.

People seem to always want to believe that the current situation is not going to change, especially if it concerns their investments and real estate. Once a vaccine is developed or we reach even slightly close to herd immunity everyone is going to want to get back into the city, especially once winter occurs in 95% of the country.
There is an entirely different way of life in the small towns. Medical care can be a long way away in both time and distance. Schools may not be up to the standards that you are used to in the big city. Police are generally nowhere to be seen. Local governments can be, well, interesting. The museums and art galleries and restaurants and night clubs are not generally up to city standards. Why do you think there are all those country and western songs about people “putting the pedal to the metal” and not looking back the day after high school graduation.
I think people are going to regret jumping on the bandwagon and unloading their currently undesirable properties and buying something currently desirable for an inflated price.

There was one commentator from Powell River, BC saying how wonderful it is there. I agree that is very nice but you have to accept that you are two ferry rides and quite a bit of driving away from anything even resembling a city, definitely not for everyone. One time I asked a person from Secret Cove, one ferry closer to Vancouver than Powell River, what it was like living in one of the most beautiful places that I had ever seen. He said it was nice but it was hard in the winter, especially for the women because of the lack of sunlight. He was a writer and was able to work from home. There were essentially no actual local jobs there that paid more than minimum wage.

The reason I am commenting about being aware of the lack of services out in the country is that for years we have been trying to figure out what to do in an emergency situation at our recreational property. The only thing we can conclude is to be careful and be prepared as much as possible. When EMTs and Police are about a 40 minute high speed drive away from you, you have about zero chance of surviving a true emergency. In the city, in an emergency the police, ambulance, and firefighters are all there within 6 minutes of placing your call, all ready to help and save your life. Once you are stabilized the hospital is at most 10 minutes away and it is a good hospital with the latest, best emergency equipment and specialists.
Something to think about when you are thinking about leaving the city.

#88 Drinking on 08.17.20 at 7:24 pm

#73 Bill Grable

My belief, and I will not speak on others who believe differently, to each their own, but I do appreciate posts like yours that give a better hindsight as to what the silent professionals are saying.

I have said it many times (mostly to speaking to the silent professionals); this winter is the one to watch and prepare for.

Absolutely listen to Garth’s professionalism in economics/politics/real estate but at the same time pay attention to those little stories in the back pages of medical professionals in the fields that have years of knowledge and make your own conclusions! Just be safe everyone!

#89 akashic record on 08.17.20 at 7:40 pm

TO is turning to sh!thole without covid.

Intentionally screwed up traffic, where one can’t catch green at the next traffic light if driving at max speed limit. Slowest subway in the world, that shuts down every weekend, with brainwashing political slogans everywhere. Daily shooting, never a word who these criminals are, how many of them are put in jail. Public school system is useless taxpayers money pit. Parks, public spaces are encouraged to be filled up with tents. City by-law officers not enforcing by-laws. City officials, including the mayor, acting like their counterparts in the US, where business districts are boarded up, even if they are in Manhattan. Their social engineering is ruining neighborhoods, the latest is Yonge & Eglington.

No amount of museums, sport arenas can compensate for any of this. Even if the same city leadership that ruins the city wouldn’t keep raising property tax to pay for their political agenda.

#90 willworkforpickles on 08.17.20 at 7:45 pm

There isn’t much in the way of inner city movement
outside the limits of the GTA in Ontario.
Qualified buyers are and will thin out over the next few months.

#91 IMALWAYSRIGHT on 08.17.20 at 7:50 pm

News out…appears Morneau resigned. One this severance will be more than $41, 000. Hogs at the trough.

What an incredibly small comment to make. The man already has more money than you can imagine, does not need this sum and (like me) will likely donate his pension. Now run along. – Garth

#92 Vanreal on 08.17.20 at 7:54 pm

Great post Garth. I’ve lived in small town Ontario and big city BC. I couldn’t wait to get out of the small town. People have this overly romantic view of small town life and then quickly become disenchanted when they experience the reality. I agree with previous posters that the city of Vancouver is different since it’s the closest part of the lower mainland to the ocean. This means beautiful views and a much better climate than the rest of the lower mainland. Vancouver will always be desirable

#93 DownToFinance on 08.17.20 at 7:54 pm

Morneau just resigned. Another MP thrown under the bus for Justin to keep driving.

#94 Nonplused on 08.17.20 at 7:55 pm

#80 under the radar on 08.17.20 at 7:09 pm
#68 “Don’t just buy 140 acres and then assume you can subdivide it, even if it is surrounded by subdivisions and zoned accordingly.”

I bought 50 acres and will never sever/subdivide and made sure towns historical preference is anti -development, and pro agricultural/rural residential. My new place is on a gravel road with nothing but farms and people hiding out in the rolling hills.

————————

OK, so two things:

If you have 50 acres you are on a severed/subdivided lot. They came in 640’s originally.

Second, I have no beef with you keeping your 50 acres intack so long as you choose. But what gives you the right to tell your neighbors what they can and can’t do with their own land?

A lot of people are like that. They move to a small town or rural setting and then they are like, “ok, I am in, now shut the door on everyone else!” Cochrane was like that for a long time. Mayors got elected on a platform of “no more development”. Well it didn’t last and it looks like Okotoks now. Approaching Airdrie.

Ok, 3 things;

If you have kids they will subdivide it, once you take your final hike up the mountain. They won’t really have a choice, they will have to sell off 25% of it to pay the capital gains. Then if they want to keep the rest a subdivision is better than joint ownership.

If you don’t have kids well then I don’t know what heirs you have, but expect them to act in their own best interest.

Even if you deed the property to the Scouts, they will do what they are doing now with all the land they have been deeded and can’t use, and sell it off so they can improve the facilities they do use. I don’t think the Scouts care who they sell it to or what they do with it.

(The Scouts is an interesting example of this sort of charity giving. They have been given a large amount of land that is either too far away or not interesting enough to use, while declining enrollment means they don’t have the funds to maintain the facilities that are in use while maintaining their mandate that the program should be affordable for all. They are looking to sell a whole crapload of land. It still makes sense though as a donation, because the money will be put to good use and once the prime facilities are restored enrollment might go up. But they really do have a lot of land that has been deeded to them that they can’t use. It might be as much as 75% of what they own.)

#95 Ballingsford on 08.17.20 at 7:59 pm

Bandit, what a magnificent looking animal! Sure doesn’t look his age.

#96 Barb on 08.17.20 at 8:00 pm

Little petulant PM, Trudeau has thrown Morneau under the bus.

…as though T2 isn’t complicit.
Typical behaviour from the trust fund child.

#97 Lefty on 08.17.20 at 8:01 pm

T2 seems to be h*ll bent on getting rid of everyone in his cabinet who ever held a real job. I rather liked Morneau.

#98 Barb on 08.17.20 at 8:04 pm

So mad at T2 that I forgot to state how regal Bandit looks in that magnificent lobby.

Bandit is a Prince.

#99 Mithan on 08.17.20 at 8:07 pm

What Garth said is my take. In two years, this will be history and nobody will care. (probably two quarters). Some will lose, some will win, most people will move on and forget about it, like 2008, dot com, etc etc.

The doomers don’t get it and never will. Friend at work has about $400k invested in gold. All he watches is gold. All he talks about is the end of the world, and gold. He has been at gold and “collapse” for 35 years and retires in a month (I’ve known him for 15).

Guy is 150 lbs over weight, will probably die first.

#100 IHCTD9 on 08.17.20 at 8:09 pm

#84 crowdedelevatorfartz on 08.17.20 at 7:18 pm
@#80 under the radar
“I bought 50 acres and will never sever/subdivide and made sure towns historical preference is anti -development, and pro agricultural/rural residential.”
++++

I’m looking at the same thing.
Wanna get back to my inner Hillbillie AND avoid physical contact with idiots…..my mirror is the exception to that rule.

Dare I ask, what Province?

I find a lot of agricultural farm land has been dumping fertilizer and pesticides on their acreage for generations and most families are dying of “rare” cancers( rare for farms but not for heavy industry) while they drink the well water and scratch their heads in utter denial.
I’m looking for forest near a farm land area that has a fighting chance at clean water.

Somewhere near the Canadian Shield would suit you. Even just a couple hours north of here it’s already rock and bog country, any farming left up there is for a hobby or to support a small collection of animals. Never would there have been big commercial farming in this area.

If you can get a place located in an unorganized township, even better. That’s some pretty free living in those places – but pretty remote.

Here’s a sneak peak of your retirement! (Maybe)

https://www.youtube.com/watch?v=AxM9FYSs8V4

Everything this guy did was done in an unorganized township north of the gta.

#101 crowdedelevatorfartz on 08.17.20 at 8:14 pm

@#97 Barb
“Typical behaviour from the trust fund child.”

+++

Which one?
They both receive trust funds

#102 Steerage on 08.17.20 at 8:16 pm

Well someone had to take the fall for WE and it sure wasn’t gonna be T2…. hey now T2 can really open the fiscal taps…. he was being held back….yikes….look out… the budget will balance itself…

#103 Righty on 08.17.20 at 8:26 pm

#98 Lefty on 08.17.20 at 8:01 pm

T2 seems to be h*ll bent on getting rid of everyone in his cabinet who ever held a real job. I rather liked Morneau.

——————————————————————

Huh? WTFork? Real job? He was born into money and married into the rest. So you like a guy who is a fraud and a cheat (with your money) as he has been proven to be, scandal after scandal after scandal? And those are just the ones we became aware of.

I think you typed in the wrong URL and unfortunately landed here.

#104 Sail Away on 08.17.20 at 8:37 pm

#84 crowdedelevatorfartz on 08.17.20 at 7:18 pm

I’m looking for forest near a farm land area that has a fighting chance at clean water.

—————

Clinton and Cache Creek await you. I’ll donate the cowboy hat and belt buckle when the housewarming invite arrives.

#105 crowdedelevatorfartz on 08.17.20 at 8:40 pm

Morneau jumps on his sword.
The worst kept secret in the PMO’s office.

Why in God’s name would Carney join the Bonfire of the Economy?
How long will he last in the Liberal circus maximus before being fed to the lions?

#106 crowdedelevatorfartz on 08.17.20 at 8:47 pm

Say Bye Bye to the CFL…

https://nationalpost.com/news/canada/canadian-football-league-cancels-2020-season-amid-covid-19-outbreak/wcm/ec52b2ee-d44b-4a2b-82d7-6b61d07797d1/

#107 Ronaldo on 08.17.20 at 8:47 pm

#63 tbone on 08.17.20 at 6:11 pm
Almost back to normal for shoppers at Sherway Gardens
yesterday . Place was busy yesterday afternoon.
Everybody was wearing masks.
Didnt look like a pandemic was affecting the place too much.
Nordstroms wasnt too busy selling their $300.00 jeans though. Who buys those ?
—————————————————————-
Teenagers living at home and collecting Cerb.

#108 april on 08.17.20 at 8:52 pm

#28 – says you…..

#109 the Jaguar on 08.17.20 at 8:56 pm

A few days ago many of us expressed our admiration for Mark Carney. But if he steps into Bill Morneau’s job I can tell you every positive comment I made about him is withdrawn. He will be ‘toast’. It’s one thing to provide guidance to a sitting government during a financial crisis. It’s quite another to join a corrupt and morally reprehensible government in any capacity, but especially in the replacement of yet another Cabinet Minister thrown under the bus by the most our current PM who is unfit. Unfit for any office.
He is the lowest of the low. To accept any job in his administration is going to reflect poorly on Carney whatever his credentials. No one will care about any ‘Liberal strategy ploy’ to eventually replace the unfit PM with Carney. It’s just not ‘on’. The cold blooded action of public humiliation and sacrificing Morneau to save Trudeau’s own guilty ass will never be forgotten. If Carney has any sense he will stand well back from the scene of the accident.
What a national embarrassment. All of them. Blanchette who cares nothing about the national interest, Singh whose bias is always on display and is unqualified to operate the takeout window at McDonalds, and especially everyone who voted Liberal in the last election. Non-plused nailed it:

‘Um, America has already taken Alberta, except for the taxes part. If I were you I would not expect those 2 tiny railroads and that single lane highway to keep it that way for long.’

We live in interesting times. Things that seemed impossible a short time ago have become a reality. Maybe more of that on the horizon.

#110 april on 08.17.20 at 9:00 pm

#51 Also, people are easily deceived by deceptive realtor and you might want to listen to a few of Ross Kay’s talks on Howestreet.com

#111 Axehead on 08.17.20 at 9:11 pm

So Morneau takes the fall and Silicon Justin slips outta yet another scandal. Only in Canada.

#112 slick on 08.17.20 at 9:18 pm

Morneau resigns.
I predicted on [July 29, #127 Deeper-Deeper] that morneau would be the sacrificial lamb. I know that shouldn’t be enough, but it will likely stand.
Trudeau pushes everyone under the bus instead of facing the blame himself.
Butts is insane. He runs JT like a puppet. I expect that the long hair covers an earpiece.
I think everyone knows the long game but doesn’t want to say it,, They were padding the WE charities for themselves to gorge in after the political charade was over. Speaking tours, board seats, etc. all with the money scammed from the Chinavirus trickery. It was all gonna be waiting there for their greedy snouts in the trough.

I pray the cons can muster a leader that has the balls to call out this crap. I thought Scheer would pull the trigger, but he turtled up, and let the Liberals have the election. Someone must have a video of him with a sheep.

#113 Your Buddy on 08.17.20 at 9:21 pm

#9 50 Year…blah, blah, blah

We all know it’s you IHCDT9 using a different moniker. Guess it rankles you to no end that GTA prices are so high. What a sad sack you are. Keep enjoying your CERB till it runs out and I’ll make sure to toss you a toonie when I see you begging for handouts at the highway exit to your pastoral hideout. What a loser you are….

#114 Bill + Mourne + Owe on 08.17.20 at 9:27 pm

The Bill will make us Mourne and Owe.

That is the future of Canada. Unless we have a chalet to retreat to.

Better to look at the coming financial disaster from a distance than from Ottawa.

Get ready to pay.

#115 Frank on 08.17.20 at 9:32 pm

#77 Smart Alec on 08.17.20 at 7:00 pm
#53 Frank on 08.17.20 at 5:40 pm
2.5 years into a 5 year fixed @2.94 400k mortgage.
Do I break and lock in for another 5 at 2% Or less? Appreciate insight

Do the math. – Garth

————————————————————–

Frank, since you didn’t provide the amortization period, can’t provide you with actual dollar savings. That being said, you would be reducing your interest payments significantly. ~35%. You would therefore come ahead over the term of this mortgage, despite your closing costs.

Thanks smart Alec
19 years remaining 25 year amortization.

#116 Justin S on 08.17.20 at 9:35 pm

Not a dog person, but great pic and caption of Bandit LOL

Also some hilarious comments on here ! Thank you all for the entertainment.

#117 NSNG on 08.17.20 at 9:40 pm

Morneau resigns.

This proves two things beyond a doubt.

There is a God and he answers prayer. LOL!

#118 Jim the Oakvillian on 08.17.20 at 9:46 pm

#85 IHCDT9

“…retire in great shape and not feel like you’re dangling off a clifff each day.”
———————–

Hmmm….worked in Toronto all my career and retired in fabulous shape. Have buddies who are centimillionaires and have exotic car collections that would make Jay Leno jealous. Your stereotyping of inhabitants of the 3rd largest metropolis in North America is laughable. The average home price in my neighbourhood is north of $3 million and most sit on very large lots.

#119 MF on 08.17.20 at 9:48 pm

#110 the Jaguar on 08.17.20 at 8

Yeah. Sure.

Think our problems are bad? You must not have been paying attention to what’s been happening down south.

You are right. Lots of crazy stuff. You just got the country wrong.

MF

#120 april on 08.17.20 at 9:51 pm

#93 – Vancouver real estate has ups and downs like most other places. It’s not immune.

#121 Morty on 08.17.20 at 9:53 pm

#100 Mithan

Gold bug at work is about 150 pounds overweight and will die first.
—————————

Think of the gold casket he will be buried in!

#122 Bill on 08.17.20 at 9:55 pm

#99 Barb on 08.17.20 at 8:04 pm

These people belong nowhere NEAR the treasurey or anything else that resembles a country or a buisiness.
They are treat us like we are a banana republic…
Good thing their on the other side of the country id lose my Sh!t
I started washing dishes now we are very well off….
Im very intent on helping people that need real help
No trust fund for me T2 you piece of garbage.

#123 Chi on 08.17.20 at 9:56 pm

How can we take advantage of the low rates if we don’t plan on buying a house but keep buying ETFs?

#124 Sail Away on 08.17.20 at 9:59 pm

#120 MF on 08.17.20

Think our problems are bad? You must not have been paying attention to what’s been happening down south.

You are right. Lots of crazy stuff. You just got the country wrong.

—————

Don’t believe everything the tv says.

It’s not so bad. One of my son’s UBC buddies in computer engineering in his last semester was just offered the following by Microsoft in Redmond, WA:

$110.5k starting salary + annual bonus
$25k signing bonus
$120k stock vesting over time
$18k relocation

All USD.

#125 Captain Uppa on 08.17.20 at 10:03 pm

While the points made about cities regaining their glory are fair, you did not touch upon the negatives.

Homelessness, drug addiction and crime are all on the rise in major city cores. Just look at the midtown Toronto protests over the weekend. San Francisco is awash in homelessness and public defecation. Los Angeles and NYC both seeing high crime levels not see for decades.

Covid has been gasoline to the exodus fire that was already burning.

Hollowed out cores? No. But the trend is clear.

#126 Deplorable Dude on 08.17.20 at 10:05 pm

#46 Dolce Vita.

It’s over in Canada, no one is dying.

https://www.worldometers.info/coronavirus/country/canada/

We’re protecting those at risk.

We wouldn’t even be aware of a 2nd wave without all this testing of asymptomatic folks. C19 is the only virus we test for with no symptoms, weird huh?

I’ll leave the herd immunity final conclusion to experts but I’ve seen several studies now that indicate a much lower expected herd immunity.

#127 Blacksheep on 08.17.20 at 10:07 pm

#13,

“On a different note, word is the Fed is going to alter it’s inflation targeting language in it’s upcoming meeting.”
———————–
Told ya so…

#128 45north on 08.17.20 at 10:10 pm

Jaguar

I also agree with the musings of people like Victor Davis Hanson who thinks many are getting tired of the decay occurring in many of the bigger cities.

https://www.nationalreview.com/podcasts/the-victor-davis-hanson-podcast/episode-28-cultural-ieds-blowing-up/

You’re soft pedalling the message. New York City is being hit by the perfect storm
COVID
technology
revolution

“people are fleeing the policies of smug, white elites”

#129 Bill on 08.17.20 at 10:10 pm

Why can T2 cintinue to lie steal and cheat and theres no consequences?
Are Canadiains that stupid Garth? No wondeder they need finacial help…are we worse that US of A
God i hope not…

#130 april on 08.17.20 at 10:13 pm

#61 – No scientific evidence shows hydroxychloroquine cures covid. It many help some and cause life threatening reactions in others. That man took several remedies …. hard to tell what helped beat covid or was it basically his own immune system.

#131 Northshore guy on 08.17.20 at 10:16 pm

#121 yes Vancouver is not different and will have ups and downs. But for properties under 2 million it will be defined by interest rates. Bring interest rates to 5% and it will crash…
What are the odds of that happening?

Market over 3 million is different game, if you look at West Vancouver there are several examples of people losing millions after buying in 2016. Never buy residential real estate for more than 3 million because the universe of buyers is so little, 1 year you might make a million and the next you are bankrupt.

#132 45north on 08.17.20 at 10:19 pm

Finance Minister Bill Morneau resigns

The Liberal Cabinet gave the WE organization extra-ordinary access to government. There’s no space between Morneau and Trudeau.

#133 kingston boy on 08.17.20 at 10:21 pm

@#119 Jim the Oakvillian on 08.17.20 at 9:46 pm
#85 IHCDT9

“…retire in great shape and not feel like you’re dangling off a clifff each day.”
———————–

Hmmm….worked in Toronto all my career and retired in fabulous shape. Have buddies who are centimillionaires and have exotic car collections that would make Jay Leno jealous. Your stereotyping of inhabitants of the 3rd largest metropolis in North America is laughable. The average home price in my neighbourhood is north of $3 million and most sit on very large lots.

he’s probably referring to the youngsters trying to getstarted/ahead, not the old established money.

#134 Dog Walkers Vancouver on 08.17.20 at 10:22 pm

#82 Rob

“ No domesticated animal should eat raw. – Garth”

Sorry to disagree.

Our dog spent 8 months in an out of vets and specialist vet hospitals. Biopsies, drugs, steroids etc etc. Lost 7kgs in weight from 24 kgs. Endless diarrhea. What ever food went in the front…. 2 hours later came out the back under high pressure.

We tried every dry, wet food that existed. Nothing worked…. the vets wanted to put him down.

We bought some raw food. 1 day and he was right as rain and lived a happy 7 more years.

Most these dry and processed let foods are made of the cheapest sh!t€ known to man. Some dogs react badly to it.

—————————————

100% agree Rob. We’ve seen a huge difference using raw with many dogs. Our last girl lived a great life to almost 17, primarily on a raw diet (85 pound black lab mix), and our current rescue has never had a single day with diarrhea or any illness in almost 6 years since getting her from Cali.

The key though is raw with supplementation. Organ meats are also good to cycle in.

Having said that, if people prefer to feed their dogs a kibble diet, or cook their own food for them, that’s 100% their call. With my own dogs though, I would never feed them anything but a raw diet (unless they for some reason didn’t like it. It does happen sometimes).

P.S. Garth, our girl (staffi mix) would absolutely LOVE Bandit! :)

#135 the Jaguar on 08.17.20 at 10:23 pm

#120 MF on 08.17.20 at 9:48 pm
#110 the Jaguar on 08.17.20 at 8

Yeah. Sure.

Are you kidding? “Yeah. Sure”. Is that supposed to be an intelligent rebuttal? No wonder Billy Bob and others have been unable to resist taking you down so many times.
You haven’t got a clue what people are thinking outside of your sanctimonious GTA borders.
As for what other regions of the country might favour,
‘Better to rule in hell than serve in heaven’, especially if inhabited by the likes of you.

#136 kingston boy on 08.17.20 at 10:28 pm

@#114 Your Buddy on 08.17.20 at 9:21 pm
#9 50 Year…blah, blah, blah

We all know it’s you IHCDT9 using a different moniker. Guess it rankles you to no end that GTA prices are so high. What a sad sack you are. Keep enjoying your CERB till it runs out and I’ll make sure to toss you a toonie when I see you begging for handouts at the highway exit to your pastoral hideout. What a loser you are….
————————–

no way.
50YEARS…
HAPPY HOUSING CRASH…
STAY AWAY COTTAGERS…
and probably stan brooks are the same guy.
Don’t think IHCDT9 would stoop that low.

#137 Bill on 08.17.20 at 10:29 pm

Bill resigns…big deal.
T2 the piece of crap and is the problem. Scape goat.
Yup prolly got a huge hidden cheque to bedaddle.
I tried to contact Mark C today for my support.
You ignorant canucks get what you deserve. Wake the hell up this was predictable. Cabanada republic.

#138 Selina Robinson on 08.17.20 at 10:41 pm

First off, I love 30-something year old males that fit.

Anyways, the big news in the West right now is Covy cases exploding in BC.

Just surpassed the previous peak. This is brutal!!!!!!!!!!!!

But the meme is let er rip. So basically fill up the ICUs and let’s test out the system, which really didn’t get tested the first time around in BC.

Ball has now been dropped. Numbers in BC about to go gangbusters.

Feds have calculated a risk benefit on the fact a vaccine is coming.

If I was a school teacher I would be quitting right now.

No thanks.

#139 IHCTD9 on 08.17.20 at 10:44 pm

#119 Jim the Oakvillian on 08.17.20 at 9:46 pm
#85 IHCDT9

“…retire in great shape and not feel like you’re dangling off a clifff each day.”
———————–

Hmmm….worked in Toronto all my career and retired in fabulous shape. Have buddies who are centimillionaires and have exotic car collections that would make Jay Leno jealous. Your stereotyping of inhabitants of the 3rd largest metropolis in North America is laughable. The average home price in my neighbourhood is north of $3 million and most sit on very large lots.
——

Toronto is the single most unhappy city in the entire country:

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

Is that because everyone has hundreds of millions of dollars?

Oh look, it’s because of the the yawning ever widening gap between the rich and poor. I think about .001% of the gta can identify with you and your buddies with multi million dollar houses and hundreds of millions more in the bank.

No doubt. Living in Toronto is great if you’re rich, but it pretty much sucks for everyone else. There’s only about six hundred thousand articles on the web talking about how expensive living in Toronto is.

C’mon buddy…

#140 Paul Krugman on 08.17.20 at 10:45 pm

Bill my friend. Dolla, dolla Bill…my friend.

#141 Ace Goodheart on 08.17.20 at 10:56 pm

As predicted yesterday, Morneau is out.

Trudeau continues his free fall.

I had predicted that Trudeau would resign by the end of August 2020.

I might actually be pretty close on this one.

Look for a big name to take over Morneau’s place. I am guessing they will put Mark Carney in through some by election somewhere there is an empty seat or someone wants to step aside.

If that happens, Trudeau’s days are numbered. He becomes the second most powerful person in his own government, which is just fatal.

#142 Jane24 on 08.17.20 at 10:58 pm

Have to disagree Garth – cities will never come back to what they were. The virus has just speeded up the changes in the Western work world that was already happening. My kids don’t want to start commuting into London with millions of other humans 5 days a week ever again. They are happy in their home offices and shopping and supporting their own local communities, which also have growing culture and buzz. Rather than commuting back and forth like zoo animals from a bedroom community, they are for the first time meeting local new friends and building a new life in smaller towns they have actually lived in for years.

Boris Johnson appealed for London commuters to be patriotic and go back to the tube and office towers to support inner city businesses. My kids and their 30 -40 year old friends laughed in his face. They are now supporting their own local businesses.

On the dog food front my Griffon is an ex-Crufts champion. He and his doggie relatives all eat natural food – raw meat. The commercial stuff is just shite and chemicals. Read the pack sometimes. Crufts dogs all eat a natural diet.

#143 Gregor Samsa on 08.17.20 at 11:52 pm

#118 NSNG

Hate to break it to you but Morneau was the smartest one of the bunch. Part of the reason he quit was because he didn’t agree with the rampant pace of over-spending and Trudeau’s demands for even more of it. It doesn’t take a genius to see the long term results of that. Maybe he’d rather spend time in his French Villa than be on the history books as the finance minister that ruined Canada?

Trudeau will put in some yes-man (or likely a yes-woman) who will blindly drive us to the point of no return. Bad news for Canada.

#144 Federinko Nabokov on 08.18.20 at 1:14 am

DELETED

#145 yvr_lurker on 08.18.20 at 1:37 am

For those sheeple who on faith believe that many who are collecting CERB do not want to work, you are being played by hidden forces who have an agenda

https://thetyee.ca/Analysis/2020/08/17/COVID-Support-Cash-Does-Not-Make-Workers-Lazy/

#146 dosouth on 08.18.20 at 2:30 am

Rex Murphy wrote an oped this week saying “The bus approaches Bill Morneau,” regarding, you know, being thrown under…..gotta appreciate real journalism.

Poor multimillionaire who will take a pension, the memory of all those free trips and knowing Morneau-Shepell will keep him well healed for life. Glad to see he is so humble in his exit.

Fall election in the air…..

#147 It's time for more FAKE NEWS! on 08.18.20 at 2:37 am

The USPS scandal is great. Not only do they lose billions per year when they are supposed to be self funding, but they also have to deal with the fact that the number of letters they deliver has been declining since email and the number of packages they have to deliver has been increasing since ebay. But suddenly this is a new problem to Orange Man Bad. The reason they are taking out the old broken letter sorters is because there are no more letters, and they need the space to sort packages. Get a grip, people!

#148 Howard on 08.18.20 at 3:55 am

#68 Nonplused on 08.17.20 at 6:38 pm

But for the younger more social crowd, downtown is still where you want to be. A young single person probably doesn’t want to spend Saturday afternoon mowing the lawn and then hanging out by himself on his deck.

—————————————-

Toronto’s crime wave is spiraling out of control. Even young people will find downtown less desirable.

Why do you think young Boomers didn’t pile into city centres in the 1970s?

#149 Howard on 08.18.20 at 3:57 am

What an incredibly small comment to make. The man already has more money than you can imagine, does not need this sum and (like me) will likely donate his pension. Now run along. – Garth

————————————-

So what if he doesn’t need it?

I was told many years ago by a buddy born to immense privilege, in these exact words : “It’s not about NEEDING, it’s about GETTING”

#150 under the radar on 08.18.20 at 5:40 am

#95 ‘If you have 50 acres you are on a severed/subdivided lot. They came in 640’s originally.
Second, I have no beef with you keeping your 50 acres intack so long as you choose. But what gives you the right to tell your neighbors what they can and can’t do with their own land?”

Concession Lots in Ontario were 200 acres. I have a quarter, so your right it was divided. Zoning and land use policies dictate future use so for now and the 150 years before , its agricultural and rural residential only . From what i see people buying these acreages have no aspirations for future development except to build a home for themselves. I have children, when I am gone they do what they want.

101 – In Ontario, north west of 416 Mono- Mulmur – did not buy a working farm nor was it so far as i can determine. About 28 acres of managed forest which is quite something, the balance of 22 rolling acres flanks both sides of the house so well padded .

#151 Will he get it? on 08.18.20 at 6:52 am

#92 IMALWAYSRIGHT on 08.17.20 at 7:50 pm
News out…appears Morneau resigned. One this severance will be more than $41, 000. Hogs at the trough.

What an incredibly small comment to make. The man already has more money than you can imagine, does not need this sum and (like me) will likely donate his pension. Now run along. – Garth

******

I thought you needed 6 years of service for the pension.

#152 John in 416 on 08.18.20 at 7:51 am

#88 George S on 08.17.20 at 7:22 pm

Nailed it. Well said.

#153 MF on 08.18.20 at 8:09 am

36 the Jaguar on 08.17.20 at 10:23

Must have hit a nerve here. Looks like a meltdown of some sort going on in this little post.

Same old saying applies though. You know you speak truth when some idiots get upset. If you’d rather just sit here and complain about everything, that’s your problem boyo…not Canada’s.

MF

#154 unbalanced on 08.18.20 at 8:13 am

How come my comments don’t get posted? Its the truth.

Go away. – Garth

#155 crowdedelevatorfartz on 08.18.20 at 8:26 am

….and Trudeau supports Morneau’s wish to become the head of OECD ( Organization of Economic Co-Operative Development) in France.

Which is ironic since they two of them cant cooperate on how the economic devastation of Canada.

I suspect Trudeau hopes France is just about far enough away from the Canadian press for the dirty laundry to remain buried before the next election.

Cry not for Bill Morneau.
He will be able to sleep in his Chateau in the south of France supping on wine and eating expensive cheese.

I wonder if 10 years from now the Trudeau’s and Klienburg’s will have a great laugh at Canada’s expense at Bill’s palace in France……

#156 crowdedelevatorfartz on 08.18.20 at 8:31 am

@#151 under the radar
“About 28 acres of managed forest which is quite something, the balance of 22 rolling acres flanks both sides of the house so well padded”

++++
Nice.
I’ve talked to a few farm owners that have gone organic and they have their well water tested regularly and it seems that after about 5 years of no fertilizer or pesticides…..the water table cleans itself up.
Enjoy the peace and quite.

#157 Captain Uppa on 08.18.20 at 8:38 am

Sorry Carney, it’s Freeland time.

I’m looking forward to the blog post from Garth on what the country will look like with Finance Minister Freeland.

#158 TurnerNation on 08.18.20 at 8:41 am

#73 Bill Grable
Reading your post I was struck that each month spent living in isolation and fear like that will easily shave the same time off one’s lifespan overall. I mean you might as well be smoking 3 packs a day. Same net effect on lifespan, imo.

Did you ask the Doc about regular winter cold and flu season – whereby 5-10% of the population at any given time is quite sick, clogging up Walk-in clinics and ERs?
As opposed to now whereby everyone is totally healthy…well except for on TV.

From Ontario, twitter, here are Before and After photos of somebody’s aging parent – after being locked in isolation in a ‘care’ home this year. Shocking how fast it went.
Before: https://pbs.twimg.com/media/EfQ35EEXkAAcOLG?format=jpg&name=240×240
Three months later after lockdown:
https://pbs.twimg.com/media/EfQ31S_XYAIeqDU?format=jpg&name=240×240

#159 Stan Brooks on 08.18.20 at 8:45 am

The trend in the world is for people to exit the big cities.

It has been a reality in the last 5-10 years for the biggest US cities.

Big cities were magnet for workers and labour in the past due to job opportunities.
Now these jobs are fast disappearing. Try living in GTA if you are not caught in the rat race/not working.
You will get bored to death in a month.

For the majority of people working there the cost of living is unbearable.

Rich people live in small communities.
The former finance minister has French villa in southern France, not Vaughan or Mississauga.

The idea that a big city will give you better medical care is well, wrong, I can go with a stronger word here.

These are mass-health hospitals with average doctors. long waiting times, crowded and busy.

How many times a year does the average Torontonian go to cultural or sports events? What is wrong in commuting for those few occasions?

I can guarantee you that for the average new grad doctor GTA is one of the worst places in the world to be in in terms of standard of living, opportunity to grow. Same for a new grad engineer.

I understand that the canucks have had their heads in the behind for quite some time, maybe is time to take it out. The world is moving ahead with social distancing, flight out of the big cities, remote working, it is time to stop being retarded/including the housing sector and move to a better, balanced, non-debt-slaves life.

Cheers,

#160 crowdedelevatorfartz on 08.18.20 at 8:45 am

@#144 Gregor Samsa
“Trudeau will put in some yes-man (or likely a yes-woman) who will blindly drive us to the point of no return. ”

++++

One can only hope it’s Chrystia Freeland.
A pugnacious intellectual with the approachable charisma of an angry pitbull locked in a hot car …….

#161 TurnerNation on 08.18.20 at 8:52 am

A.I. at work – is this like a put option being sold to you? 5% premium. This can’t end well…the gamefication of homes. Is there anything CV cannot do?

“FP says Properly working with CIBC pitching home sales
2020-08-18 08:15 ET – In the News
The Financial Post reports in its Tuesday edition that Properly is working with Canadian Imperial Bank of Commerce making a pandemic-driven pitch: sell your home without having to let prospective buyers roam your corridors by getting a guaranteed price that lets you shop for and move into a new house. The Post’s Barbara Shecter writes that Properly is launching the product in Toronto and will also be rolling it out in Ottawa. Chief executive officer Anshul Ruparell says, “The pandemic has made an already stressful home buying and selling process even more volatile.” The tech firm compares itself to a traditional real estate agent, with the usual 5 per cent commission fee, but machine learning is used to determine the price a home is likely to fetch on the open market and the firm guarantees that backup offer if it does not sell within 90 days. Instead of going the traditional route of buying a new home and then selling the old one, the seller can use the guaranteed floor price to buy and move into a new home, and the old home can be listed once they have moved out. Mr. Ruparell says this allows them to “substantially reduce risk” when managing what is often the biggest transaction of their lives.
© 2020 Canjex Publishing Ltd. All rights reserved.”

#162 Sail Away on 08.18.20 at 8:56 am

#139 Selina Robinson on 08.17.20 at 10:41 pm

Anyways, the big news in the West right now is Covy cases exploding in BC.

Just surpassed the previous peak. This is brutal!!!!!!!!!!!!

But the meme is let er rip. So basically fill up the ICUs and let’s test out the system, which really didn’t get tested the first time around in BC.

—————–

Headlines do not equal logic. Covid cases do not equal danger.

Relax. It’s not dangerous. And even if it were, you were never going to live forever anyway.

#163 TurnerNation on 08.18.20 at 9:01 am

Dock your T2-branded vape pens, saddle your somas.
Is there anything CV cannot do? Look at how it is being used. New System, full steam ahead.
Goal is drugged out, scared, passive non-breeding animals/sheeple penned into a farm. (A typical farm really (antibiotics and growth hormones in meat).
A farmer controls the breeding, feeding and movement. So does our new global government – acting via local reps. I mean they are all in lock step at this point yes? Same harsh new rules and non-sensical, humiliating directives.

“A Daily Telegraph dispatch to the Post reports that ClEAR president Peter Reynolds says times have changed. Legalizing marijuana has come to be seen as a political inevitability in the tax revenue-hungry era of COVID-19.
…They argue the virus could accelerate the move toward legalization in the U.K. as the government scrambles to plug a yawning hole in its budget. Only 12 such licences have been awarded in the U.K. The government could make up to $4.6-billion (U.S.) in tax revenues from the legal sale of cannabis, a 2018 study found.
© 2020 Canjex Publishing Ltd. All rights reserved.”

#164 Chrystia Freeland Rocks! on 08.18.20 at 9:02 am

Welcome to our new Finance Minister!

Everything will be just fine.

As forecast here last month. – Garth

#165 Stan Brooks on 08.18.20 at 9:07 am

#157 crowdedelevatorfartz on 08.18.20 at 8:31 am

10 + years of no artificial fertilizers and no pesticides is preferable, 5 years it to pass the organic certification.

It is not just the well water, but also the soil.

enjoying an organic farm, small scale vineyard, I remember with ‘nostalgia’ the gmo-crap, glucose-fructose syrup rich bread and drinks, antibiotic and growth hormones rich ‘meat’, food full of preservatives, tomatoes and peaches that ‘last’ 2 weeks at the grocery store, looking good on the outside while rotten on the inside, with plastic taste, while real farm grown tomatoes and peaches hardly last 1-2 days outside of the fridge and have very, very different taste. Taste of real stuff, not franken-food.

Same for meat, yogurt, cheese, veggies, fruits, olive oil,…

Real food/some of the Whole Foods and Costco produce and products is not suitable to the pockets of the poor working slaves.

Cheers,

#166 YouKnowWho on 08.18.20 at 9:19 am

Brass Rail is really open. I can confirm through verification with doorman as I biked by yesterday.

I guess some front line employees are just more essential than others.

#167 Bytor the Snow Dog on 08.18.20 at 9:29 am

@#151 under the radar-

Sounds like heaven to me.

@All those giggling with glee about remote work, aka working from home, aka telework:

Be careful what you wish for. You just might get it.

#168 NSNG on 08.18.20 at 9:29 am

#144 Gregor Samsa on 08.17.20 at 11:52 pm

Hate to break it to you but Morneau was the smartest one of the bunch. Part of the reason he quit was because he didn’t agree with the rampant pace of over-spending and Trudeau’s demands for even more of it.

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

So he didn’t have a problem stealing 30B a year from Canada’s kids but thought it was a tad immoral stealing 300B. LOL! If he thought it was so bad why didn’t he call a news conference and say so instead of running away like the coward he is after he lit the house on fire?

#169 Victor V on 08.18.20 at 9:37 am

Deputy Prime Minister Freeland to replace Bill Morneau as Finance Minister

https://www.theglobeandmail.com/politics/article-deputy-prime-minister-freeland-to-replace-morneau-as-finance-minister/

#170 ImGonnaBeSick on 08.18.20 at 9:42 am

Wow Mr. T, you called this one! Freeland is our Finance Minister…

So now we have a journalist as our finance minister, a graphic designer as our health minister, a bus driver in charge of natural resources, an professional protester as our heritage minister, and a substitute teacher as our pm to top it all off…

What a country…

#171 Fly on the wall on 08.18.20 at 9:52 am

My sources tell me that Carney was offered the position and a chance to run for office, but said no.

He obviously is thinking, as you suggested, Garth, that he would prefer a higher position than finance minister.

So Mark will be waiting for Justin to leave the scene.

How soon will that be?

Months, probably.

#172 Do we have all the facts on 08.18.20 at 9:57 am

The escalation of property values in larger cities like Toronto and Vancouver has enabled municipal politicians to keep increases in residential property taxes at a minimum level.

In 2020 the owner of a home assessed at $1,000,000 in the City of Toronto pays only $6,000 in property taxes. This lower tax rate is possible because total taxation revenues from all sources is sufficient to meet projected expenditures.

In Vancouver the owner of a home assessed at $1,000,000 would be required to pay less than $3,000 in property taxes.

Smaller cities and towns often lack the commercial and industrial development of larger centres and as a result property taxes are significantly higher. In Peterborough where I live a home assessed at $500,000 would be required to pay $7,000 in property taxes.

Since stress tests for mortgage qualification include projected property taxes and prospective buyers are able to qualify for a more expensive house in larger cities like Toronto and Vancouver.

The intrinsic value of identical houses in Toronto, Vancouver and Peterborough may be the same but the extrinsic value will definitely be higher in Toronto and Vancouver as a result of significantly lower property taxes and other factors

The combination of access to a larger number of employment opportunities, more amenities and lower property taxes has inflated average house prices in Toronto and Vancouver.

From a monthly carrying charge perspective a difference between paying $14.00/$1000 of assessed value in Peterborough and $3.00/$1,000 of assessed value in Vancouver is very significant.

The lower property taxes in larger cities has not gone unnoticed by prospective home buyers but has not resulted in an appropriate adjustment in stress tests for potential home purchases in smaller centres.

#173 CJ on 08.18.20 at 9:57 am

Just got back to Calgary after a week at the Shuswap.
If overpriced goods, bad WiFi, lack of opportunities for kids and shitty customer service are your thing, move to the lake!
I’ll take the city any day.

#174 crowdedelevatorfartz on 08.18.20 at 10:01 am

Soooo.

If Chrystia is the first female Finance Minister shouldn’t we refer to her as Finance Mistress?

Or is that sexist and gender profiling in the new liberal world order?

#175 kingston boy on 08.18.20 at 10:29 am

big fan of freeland.
like to see her take over the PM role at some point.

#176 Trex on 08.18.20 at 10:30 am

Remember back in the day the internal Liberal knifefight between the Martinites and the Chretienites?

Watch for the subtle backstabbing to begin between the Trudeau clan and the Freelandites.

Et Tu Brutus

Chrystia has ambitions!

#177 kingston boy on 08.18.20 at 10:36 am

@#139 Selina Robinson on 08.17.20 at 10:41 pm
First off, I love 30-something year old males that fit.

Anyways, the big news in the West right now is Covy cases exploding in BC.

If I was a school teacher I would be quitting right now.

No thanks.

and give up that free ride?
sure you would lol.

#178 kingston boy on 08.18.20 at 10:38 am

@#140 IHCTD9 on 08.17.20 at 10:44 pm
#119 Jim the Oakvillian on 08.17.20 at 9:46 pm
#85 IHCDT9

“…retire in great shape and not feel like you’re dangling off a clifff each day.”
———————–

Hmmm….worked in Toronto all my career and retired in fabulous shape. Have buddies who are centimillionaires and have exotic car collections that would make Jay Leno jealous. Your stereotyping of inhabitants of the 3rd largest metropolis in North America is laughable. The average home price in my neighbourhood is north of $3 million and most sit on very large lots.
——

Toronto is the single most unhappy city in the entire country:

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

you going to start quoting the buffalo chronicle next?

#179 Vanreal on 08.18.20 at 10:38 am

#175
Your comment is just sexist and in poor taste.

#180 IHCTD9 on 08.18.20 at 11:04 am

#173 Do we have all the facts on 08.18.20 at 9:57 am
The escalation of property values in larger cities like Toronto and Vancouver has enabled municipal politicians to keep increases in residential property taxes at a minimum level.
___

Not hard to find a small town subdivision guy that is shelling out 10K /yr for water+sewer+taxes.

This is the flip side. It creeps non-stop and effects everyone within city limits. I work with a Woman who just got her July water/Sewer bill and it was triple her hydro bill – something is definitely wrong with that scenario.

#181 IHCTD9 on 08.18.20 at 11:18 am

#179 kingston boy on 08.18.20 at 10:38 am

Toronto is the single most unhappy city in the entire country:

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

you going to start quoting the buffalo chronicle next?
__________________________

The report was penned by these folks:

https://torontofoundation.ca/about-us/

Regarding the 2019 Vital signs report cited on the link I provided:

“This report has more than 600 footnotes, references more than 294 unique reports and data sources and received contributions from more than 100 individuals.”

Here is the extensive 144 page report itself:

https://torontofoundation.ca/wp-content/uploads/2019/10/VitalSigns2019.pdf

Let me know if you still think they’re a bunch of Yahoos…

#182 NotLegalAdvice on 08.18.20 at 11:37 am

TREB has shut down http://www.bungol.ca – clearly they don’t want transparency and are trying to create chaos and FOMO in the market. Garth, I think we need a blog on this :p THANKS!

#183 Steerage on 08.18.20 at 11:42 am

Shouldn’t the finance monster have a buisness background! It might help……

#184 Deplorable Dude on 08.18.20 at 11:50 am

#139 Selena Robinson…” Anyways, the big news in the West right now is Covy cases exploding in BC.

Just surpassed the previous peak. This is brutal!!!!!!!!!!!!”

——————

No one is dying……the hospitals are empty of C19 patients, and we’re well past the ‘just wait 2 more weeks’ for a peak.

The pandemic is over. What we have now is a ‘casedemic’.

#185 JB CONDO DEATH on 08.18.20 at 11:54 am

#56 Joe on 08.17.20 at 5:47 pm

Is it just me or were you not saying a few blogs ago that office towers will stay empty and nobody will want to live in condos. The demise of the city as we know it.

I never talk in extremes, since life is lived in the middle. High0rise condos will be most affected and take longest to recover. But they will not go empty. – Garth
…………………………………………………………………..
Garth is correct they will be filled with renters getting a very subsidized rate complements to the owners. They will be paying for their loses for years. Eventually the fees and strata insurance will catch up, then poof.

#186 IHCTD9 on 08.18.20 at 11:55 am

Hey Oakville Jim – look at all the rich folks loving Toronto life in 3 million dollar houses and 100’s of Millions in the bank! :

“Over time, we can also see that the city [Toronto] is becoming more segregated based on income. Income segregation increased 56% between 1990 and 2015, with middle-income neighbourhoods beginning to disappear, small amounts of growth in high-income neighbourhoods, and a huge amount of growth in the number of low-income neighbourhoods. This pattern is part of a trend of increasing income inequality in Toronto…”

Toronto is getting POORER Jimmie. It’s going to be a landing pad for new immigrants with vast expanses of the low income folks, pathetic middle class, and a few rich old folks camped out in gated communities. It’s obvious too – you can see it happening right before your eyes.

Sounds great! A city jammed with poor folks born outside of Canada and a bunch of old people with money. Exciting, cosmopolitan, world class. Can’t wait to buy me a piece of that action…

Right. Actually, Toronto bites the big one unless you’re loaded.

#187 BillyBob on 08.18.20 at 11:55 am

#136 the Jaguar on 08.17.20 at 10:23 pm
#120 MF on 08.17.20 at 9:48 pm
#110 the Jaguar on 08.17.20 at 8

——————————

Don’t sweat it Jag. I kind of admire MF for his lack of embarrassment about constantly displaying his ignorance about all kinds of subjects he has no experience with.

Expats, the US, other provinces, anywhere outside the GTA, etc. “Never been but I read the Internets and met a guy from there once”.

Just do as I do and have a chuckle when he posts. Lots of people make an ass of themselves from time to time (myself included) but it’s rare to find someone so lacking in self-awareness they feel no shame in doing it over and over lol.

#188 joblo on 08.18.20 at 12:00 pm

Lieberal entertainment value.
https://www.nationalobserver.com/2020/08/18/news/trudeau-set-move-freeland-finance-and-prorogue-parliament

Shuts down all investigations?

Love your Kanada comrades

#189 JB CONDO DEATH on 08.18.20 at 12:06 pm

#171 ImGonnaBeSick on 08.18.20 at 9:42 am

Wow Mr. T, you called this one! Freeland is our Finance Minister…

So now we have a journalist as our finance minister, a graphic designer as our health minister, a bus driver in charge of natural resources, an professional protester as our heritage minister, and a substitute teacher as our pm to top it all off…

What a country…
…………………………………………………………………
I thought our PM was just a bad actor who tried to teach drama.

#190 Sail Away on 08.18.20 at 12:06 pm

#184 Steerage on 08.18.20 at 11:42 am

Shouldn’t the finance monster have a buisness background! It might help……

————

Unnecessary. She meets all the criteria:

Well spoken- check
Untainted by scandal- check
Not male- check
Solid background- check
Still riding the bus- check

Actually, quite similar to those other appointees. Jane and Jody or something? With the tire marks?

#191 april on 08.18.20 at 12:14 pm

#132 – somewhat disagree but not worth arguing about.

#192 Mattl on 08.18.20 at 12:17 pm

#111 april on 08.17.20 at 9:00 pm
#51 Also, people are easily deceived by deceptive realtor and you might want to listen to a few of Ross Kay’s talks on Howestreet.com

————————————————————–

Ya Ross sure has been knocking it out of the park the last decade on RE. How can some one be so consistently wrong, and still be seen as an expert? You would have made an absolute fortune betting against him.

I am sure he will be right at some point, in the same way the Dow 30K guy is bound to be right. But calling for a serious correction in 2009 and it finally happening in 2023 – maybe – is not solid analysis.

#193 unbalanced on 08.18.20 at 12:49 pm

DELETED

#194 Howard on 08.18.20 at 12:53 pm

#183 NotLegalAdvice on 08.18.20 at 11:37 am
TREB has shut down http://www.bungol.ca – clearly they don’t want transparency and are trying to create chaos and FOMO in the market. Garth, I think we need a blog on this :p THANKS!

——————————-

Bungol isn’t the only site showing listings and sold data.

The reason I think it was targeted is two-fold:

1) It is the most popular Toronto RE search vehicle, as its interface is clean and user-friendly.

2) It shows, in crystal clear detail, all the RELISTINGS for a given home or rental unit and displays all the price drops which are particularly noticeable (and devastating to negative yield landlords) among condo rentals downtown.

This use of mafia-like power to prevent the truth and the FULL truth (price drops and relistings) from reaching the general public needs more publicity and surely cannot be allowed to stand.

#195 MF on 08.18.20 at 1:11 pm

182 IHCTD9 on 08.18.20 at 11:18

I remember you posting that before.

I remember reading it as well.

If this is the same report (and I believe it is) the story is more about rising inequality than it is about anything else. Rising inequality is affecting every large city earth with similar issues.

Therefore that study does not mean:

People in Toronto are unhappy.

It means:

Poorer people are unhappy.

This is obvious, and not Toronto specific. Although in Canada the only real big city is toronto, meaning it’s the only city that will have big city problems.

Don’t try to twist it!

MF

#196 Faron on 08.18.20 at 1:12 pm

#185 Deplorable Dude on 08.18.20 at 11:50 am

The pandemic is over. What we have now is a
‘casedemic’.

When you use that word it makes me want to go put a tortilla on the cast iron, smother it with cheese, fold it in half and fry it for 4 min. Mmmm. Quesademic-alicious.

#197 Jenna on 08.18.20 at 1:13 pm

#195 Howard
____________

What other sites shows listings and sold data.

#198 MF on 08.18.20 at 1:13 pm

5 Howard on 08.18.20 at 12:53

Couldn’t they have used a different name than Bungol lol

Something to do with why they are being shut down? Lol.

MF

#199 Looking up on 08.18.20 at 1:16 pm

Surely Morneau’s resignation will be Garth’s topic today

Please, Please, Please.

#200 Deplorable Dude on 08.18.20 at 2:00 pm

#197 Faron…” When you use that word it makes me want to go put a tortilla on the cast iron, smother it with cheese, fold it in half and fry it for 4 min. Mmmm. Quesademic-alicious.”

Hmmmm i need lunch now.

Anyway I do question exactly what governments are trying to achieve here?

Seems to me they trying to do the equivalent of eliminating the common cold by keeping us in perpetual semi lockdown.

#201 IHCTD9 on 08.18.20 at 2:38 pm

#196 MF on 08.18.20 at 1:11 pm
182 IHCTD9 on 08.18.20 at 11:18

Therefore that study does not mean:

People in Toronto are unhappy.

It means:

Poorer people are unhappy.

Don’t try to twist it!

MF
___

If you’ve read the report, then you already know the report looked at 10 areas of living life in Toronto. It’s all there – wealth is just 1/10th of the equation.

I think the folks contributing to that 100+ page report would be fairly shocked to learn all they really had to look at was money. More money = more happy right? Could have saved a lot of paper.

The connection between money and happiness has long been debunked. Any dollars earned past attaining “comfort and security” do not further increase happiness.

Go read that whole paper – yes it’s a bit lefty and doomy, but you get the gist of the situation. Rising inequality, inability to achieve standard issue life goals, challenges with quality jobs. There’s a whole buffet of things to choose from in that report other than low wages that would seriously wreck your quality of life.

#202 Katherine on 08.18.20 at 3:00 pm

#198 Jenna

House Sigma shows listings, price drops and sold prices

#203 Ron on 08.18.20 at 3:35 pm

You don’t need a fancy study to tell you that people in Toronto are unhappy. You can see it on their faces. #sad

#204 Fabio on 08.19.20 at 11:39 am

We have a flu vaccine. Has that eradicated the flu?

You think a vaccine will eradicate covid-19?

Eat healthy and exercise to build your immune system. Your best bet.