Hicksville

Bank rate on hold as recovery 'slow and choppy': Link

Once there were cows. Then cookie-cutter little houses on treeless streets. Then the Home Depot came. Fat roads. Traffic and people. McMansions And now this.

Last month 360 detached houses sold in Mississauga (pop 800,000) for an average price of $1,307,832. That was $244,300 (or 23%) more than the same house fetched a year ago. The first time above $1.3 million. And it was forty grand more than similar homes were changing hands for across the line in west Toronto, and $100,000 above the price in the east end of the city. Only the traditional mid-town enclave of the wealthy saw sales at a higher level (by a million).

Hmm. What’s up?

The Virus Boom. It’s hard to imagine a global pandemic would have rendered the commutershed more valuable than the employment destination it fed. But it’s occurred. More evidence that these are not normal times. The question is whether or not they constitute the new normal.

It’ll be years before that question’s answered. However, the paleo thinking behind this blog is that until human nature is altered, things will revert to the way they were. Cities will restore and rejuvenate. Employers want workplace interaction, creativity and team thinking and people with aspirations will want to be there. After all careers and jobs are two different fish. Even in the gig economy. Once the world normalizes, a mess of newly-minted suburbanites will discover what commuting hell is, and why urban houses cost seven figures more.

Meanwhile, the best strategy at the moment is to sit on your hands, not falling victim to FOMO.

Look what financial markets have been saying recently. Volatility is building. Valuations are being second-guessed. Commodity prices deflating. After all, we’re still in a recession with scary levels of unemployment, record heaps of personal debt and hundreds of thousands of people not able to service their mortgages. Some companies aren’t coming back. Some are crippled. Look at Porter Airlines – no fights now until at least the middle of November, if ever. Retail is crushed. Restaurants entering a winter nightmare. Big corps trimming office space in advance of trimming workers.

Meanwhile the macroeconomics may start to suck soon. The American election is a slow-mo disaster. The virus is churning a second wave through parts of Europe, hitting India and leading to a 200,000 death toll to our south. Oil prices are forecasting a slower pace of global recovery. Central bankers, sitting on near-zero rates, are out of magic bullets. Government spending is off the charts.

Yet the average house in Mississauga now costs $1.307 million, up a quarter million since Covid came. Does this not define ‘risk’? It’s emotion, after all, not the economy which has caused a continent-wide real estate rush.

$     $     $

Speaking of emotion, time for a sort hop to Montreal.

“We recently migrated to Montreal from Vancouver,” says Alex. “Primarily due to the unattainable, and disgusting nature of the home ownership in BC. We thought we could get to Montreal in time to buy something at a modest price but alas, it seems as though house prices are moving faster than our wee toes can keep up.

“My wife and I are Both 36 and have a 1 year old. We have never owned a house, but we feel we need a home and don’t really know how much bullshit it is going to be. We have a huge down payment, and won’t need to borrow big to pay off a loan.

“I do not understand if we should be trying to buy now in a great area or wait until October when the mortgage deferrals stop and an influx of properties could hit the market and drive prices “18-20%” lower. Do I try to lock in a mortgage rate for 120 days now and wait until the axe falls? We are looking for a home for our family with the ability to service the debt without killing ourselves like everyone we know in Vancouver. What to do?”

Well, Alex, sales in Montreal last month were up over 30% and prices ahead 24%. Of course, compared to Van or the GTA (including Mississauga), it’s cheap. Average price under $450,000. Like in Alberta, big numbers of deferrals. Big Covid in Quebec, too. And the shuttered US border is having a significant impact.

Will houses cost less in November than in August? Probably. Will the deferral cliff have an impact? Yes, it will. Will mortgage rates go up by Christmas? Not a chance. The answer to your question – buy now (in a frenzy) or wait (until it passes) – should be obvious. The next query is why, when home loans are 1.5%, you’d throw all your cash at an asset that could prove unstable. Better to have a minimal downpayment, cheap financing and invest the rest for the long-term security of your family. Or, if you insist on using the cash, borrow against the place to invest and achieve a tax-deductible mortgage. Or just rent.

By the way, you didn’t need to move 4,500 km to afford a house. Drama queen, much?

203 comments ↓

#1 Dave on 09.08.20 at 4:43 pm

Lap dance in Vancouver cost $50….in Montreal $15

Adds up over time

#2 Mississauga Mel on 09.08.20 at 4:45 pm

Yet the average house in Mississauga now costs $1.307 million, up a quarter million since Covid came. Does this not define ‘risk’? It’s emotion, after all, not the economy which has caused a continent-wide real estate rush.
—————————————————————–

Aren’t I a genius for buying in Mississauga when prices were $1 million below the average selling price now:) A couple of buddies recently bailed and pocketed big coin and are now living in Prince Edward County. One bought an old church and is renovating it, the other bought in a retirement community. Both banked over a million capital gains free…

#3 Doug t on 09.08.20 at 4:47 pm

Its no wonder we are pooched – FEAR trumps common sense and the sh*t show continues as usual – wake up people and realize how ludicrous all of this is

#4 Clint Eastwood of Toronto on 09.08.20 at 4:49 pm

Toronto is a crime-infested city, filled with gangs, drugs, corrupt cops and lack of services. The suburbs are better to raise a family. Toronto’s infrastructure is declining while York and Peel Region have better transit.

Taken the Mississauga subway lately? – Garth

#5 Captain Uppa on 09.08.20 at 4:49 pm

“ Look at Porter Airlines – no fights now until at least the middle of November, if ever.”

———————————————-

Why “if ever” ? Porter has good financial standing. Are you suggesting people will not fly regionally again? I am confused as to your back to normal / not back to normal flip flop?

Airlines face an uncertain future, obviously. multiple delays are not a good omen. – Garth

#6 Bob in Hamilton on 09.08.20 at 4:49 pm

“Drama Queen, much?”

Ouch. Getting tired, Garth?

#7 The West on 09.08.20 at 4:52 pm

haha – the drama dogs.

Cheap money, even with an impending situation of oversupply. How much longer can they keep the weight from crashing down?

#8 looking up on 09.08.20 at 4:53 pm

The S&P and Nasdaq are logically correcting after a tremendous run up in a pandemic with record unemployment, closing businesses etc.

Yet the Canadian housing market keep on climbing during horrible economic conditions after an insane 20 year run.

Absolutely no logic whatsoever regardless of low interest rates.

#9 YouKnowWho on 09.08.20 at 5:00 pm

People who have no choice but to borrow get better interest rates than those who have cash and don’t need CMHC insurance.

Boonies cost more than city.

Clearly we live in the up-side-down backwards and sideways world.

Canada is heading for a disaster of biblical proportions. Dogs and Cats living together. Human Sacrifice! Mass Hysteria.

https://www.youtube.com/watch?v=-sED4fzIV0k

#10 Mississauga Mel on 09.08.20 at 5:00 pm

Taken the Mississauga subway lately? – Garth
——————————————————————

No but the Go Train leaves Port Credit every 20 minutes and gets you to Union Station in 20 minutes. More space than the subway and better views. The Dundas bus gets you to the Islington subway. To boot, we have a LRT that will go into operation in 2024. Hazel knew what she was doing!

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

#11 The real Kip (Ret) on 09.08.20 at 5:01 pm

Yea, it’s great isn’t it?

#12 akashic record on 09.08.20 at 5:03 pm

Taken the Mississauga subway lately? – Garth

Taken the Toronto subway on weekends lately?

#13 Moonshine on 09.08.20 at 5:04 pm

Welcome to Montréal Alex and the family. Look towards St-Lambert, a very bilingual suburb with excellent English schools and a very good quality of life

#14 BlogDog123 on 09.08.20 at 5:09 pm

#4 Clint Eastwood of Toronto on 09.08.20 at 4:49 pm
…are better to raise a family. Toronto’s infrastructure is declining while York and Peel Region have better transit.

Taken the Mississauga subway lately? – Garth

Mississauga has its Transitway, giving $3.10 rides to the airport from City Centre on a mostly dedicated bus line all day long… And the transitway is not busy because most everyone drives a car in Mississauga. Unlike Subways when a bus breaks down the other buses drive around it, not completely stop the subway like the TTC breakdowns.

#15 The Wet One on 09.08.20 at 5:12 pm

“By the way, you didn’t need to move 4,500 km to afford a house. Drama queen, much?”

OH SNAP!!!!

I like it.

I like it a lot.

:-)

#16 MF on 09.08.20 at 5:15 pm

8 looking up on 09.08.20 at 4:53

It is 100% tied to interest rates and nothing else.

Think back to 2018 when rates started to slowly rise worldwide, Canadian real estate started to wobble (along with stocks).

The bubble is the size of Jupiter. All it will take is a slight rise in interest rates and she’s going down. This goes for lots of markets not just Canadian real estate (the biggest bubble of all). Look at the hesitation of central banks around the world to either raise their overnight rate or slow down their weird bond buying schemes for clues. They are very cautious. Timid. Frightened. Because they know it will be painful.

MF

#17 YouKnowWho on 09.08.20 at 5:15 pm

Just FYI

On the Niagara River near Buffalo in Grand Island, NY.
4 bdrm, on nearly 1 acre. Just lovely all around.

$630K CAD – EASILY $2.63m on this side of the border, because….I don’t know why, second biggest country on the planet is out of the Queen’s stolen Native’s land to sell leaseholds to!

https://www.zillow.com/homedetails/1021-W-River-Rd-Grand-Island-NY-14072/30333570_zpid/

#18 YouKnowWho on 09.08.20 at 5:17 pm

Taken the Mississauga subway lately? – Garth

Taken the Toronto subway on weekends lately?

—-

Yes. Felt like a VIP, private car!

#19 You're All Suckers and Losers on 09.08.20 at 5:20 pm

Buying Canuck real estate now is so stupid. Buy a golf course in Florida like me.

Oh right. You’re not a multi-billionaire. So sad.

#20 Linda on 09.08.20 at 5:20 pm

So I’m wondering when mortgage deferrals no longer apply. Are people having to resume payments right now or do they still have a few weeks before their financial institution begins to agitate for payment to resume? Will JT & crew continue to fling $ into the ever needy hands of the financially pooched?

As for the markets, I’m more concerned about the lingering or ongoing effects of the virus on the economy than the upcoming USA election. From the sounds of things, the market will be happy with whoever ends up winning.

#21 Paablo on 09.08.20 at 5:23 pm

I have the same question, but Halifax instead of Montreal.

Market seems super heated. Temporary? Will it go back down? Is it different here?

#22 Dolce Vita on 09.08.20 at 5:23 pm

Garth’s Millennial basement dweller theory now fact (by Pew):

% of 18-to-29-year-olds in US living with a parent

1920 42%
1930 43%
1940 48%
1950 35%
1960 29%
1970 31%
1980 32%
1990 36%
2000 38%
2010 44%
2020 52% (this is too many)*

*actually, CREA would call it “pent up demand” instead.

#23 Stone on 09.08.20 at 5:26 pm

#2 Mississauga Mel on 09.08.20 at 4:45 pm
Yet the average house in Mississauga now costs $1.307 million, up a quarter million since Covid came. Does this not define ‘risk’? It’s emotion, after all, not the economy which has caused a continent-wide real estate rush.
—————————————————————–

Aren’t I a genius for buying in Mississauga when prices were $1 million below the average selling price now:) A couple of buddies recently bailed and pocketed big coin and are now living in Prince Edward County. One bought an old church and is renovating it, the other bought in a retirement community. Both banked over a million capital gains free…

———

I’ll gladly call you a genius if/when you actually sell the house at peak price, pocket the profits tax free and run. Until then…nothingburger.

#24 BilllyBob on 09.08.20 at 5:27 pm

#1 Dave on 09.08.20 at 4:43 pm
Lap dance in Vancouver cost $50….in Montreal $15

Adds up over time

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

And the “beer and ballet” establishments in Montreal are not only cheaper, but probably the best in N. America.

So I’ve heard. From a friend.

#25 joblo on 09.08.20 at 5:27 pm

“The virus is churning a second wave through parts of Europe, hitting India and leading to a 200,000 death toll to our south.”

Russia has a vaccine, Trump says by USA will have one by November, What’s The Lieberals got?
It’s over soon in places that matter.

#26 Leave it to Canadian Beaver on 09.08.20 at 5:30 pm

Mississauga Genius

That’s why we bumpkins strongly dislike (hate) anything GTA. Pimp out out country, destroy our children’s future and pollute rural Ontario with your striped shirts and unworldly taste buds. Been going on for years. We will swoop down one day and karma you.

#27 Rookie on 09.08.20 at 5:31 pm

In the same boat as the Montreal newcomer. Have lived in both MTL and Van – Montreal’s better.

I’m in Calgary and saving for a 20% downpayment to buy next year so that mortgage payments will be lower and I’ll have more every month to invest in my TFSA.

Thought you’d approve, Garth. Bad idea? Better to go in with a 10% downpayment because interest rates are so low?

#28 Captain Uppa on 09.08.20 at 5:33 pm

Airlines face an uncertain future, obviously. multiple delays are not a good omen. – Garth

———————————————

They certainly do, but I would be very surprised if Porter folded. They are one of the better managed airlines. But, anything is possible in this new Covid world.

#29 Inequity on 09.08.20 at 5:41 pm

#22 Dolce Vita
it looks to me like the way to lower the number of 18-29 y/o living with a parent is to send them to war… since the lower % seem to coincide with US involvement in a war.

#30 Reximus on 09.08.20 at 5:46 pm

#25 joblo on 09.08.20 at 5:27 pm

———-

“Russia has a vaccine, Trump says by USA will have one by November”

Russia vaccine is vodka; USA’s will be leftover Trump Vodka. And if you would actually use either for covid, you probably already have today

#31 Love_The_Cottage on 09.08.20 at 5:47 pm

Agreed that price for Mississauga is high and a bit surprising. Sure, my Mom lived on a farm in what is now Mississauga in the 1930’s/40’s. It’s 2020.

Not sure if it’s still true, but just a few years ago Mississauga had more people working here than living. 800,000? Yes, that’s a city on it’s own. Many of us don’t go to Toronto often, we’re fine here thanks. And as others pointed out the GO train is much better than a subway.

#32 Dolce Vita on 09.08.20 at 5:52 pm

More VIRUS PORN, Biker style.

FIRST, story by Fox and Sturgis Motorcycle Rally there (MAGA on display); thus, “authoritative”.

SECOND, the biker porn part:

“Sturgis Motorcycle Rally linked to 20% of US coronavirus cases in August: researchers. More than 460,000 people attended the 10-day rally”

THIRD, some awesome Contact Tracing:

“Nineteen percent of the 1.4 million new coronavirus cases in the U.S. between Aug. 2 and Sept. 2 can be traced back to the Sturgis Motorcycle Rally held in South Dakota, according to researchers from San Diego State University’s Center for Health Economics & Policy Studies.”

FOURTH, potential TRAVEL TIP for next year:

“We conclude that the Sturgis Motorcycle Rally generated public health costs of approximately $12.2 billion,” the researchers wrote in a paper. “This is enough to have paid each of the estimated 462,182 rally attendees $26,553.64 not to attend.”

…if they do decide to pay that much not to go, I’m going to South Dakota next year. Plenty money to pay for a return ticket from Italia + couple days hotel while waiting to collect from Uncle Sam.

https://www.foxnews.com/health/sturgis-motorcycle-rally-coronavirus-cases-south-dakota

——————————-

Americani. Trying to frighten each other, it seems to me, ALL the time.

My view is BIOLOGICAL.

If people want to test Mother Nature’s Natural Selection & Resolve, I say go for it.

She’ll let you know, red tooth and claw, if you belong in the HUMAN GENOME or NOT and whether she will let you PROMULGATE the species or NOT.

It’s simple to me.

No need for human vagaries, finger waving, mask shaming, etc. Mother Nature will let you know whether you fit into the Cosmic Scheme of Events or NOT.

#33 Ronaldo on 09.08.20 at 5:56 pm

#22 Dolce Vita on 09.08.20 at 5:23 pm
Garth’s Millennial basement dweller theory now fact (by Pew):

% of 18-to-29-year-olds in US living with a parent

1920 42%
1930 43%
1940 48%
1950 35%
1960 29%
1970 31%
1980 32%
1990 36%
2000 38%
2010 44%
2020 52% (this is too many)*

*actually, CREA would call it “pent up demand” instead.
—————————————————————
Wow, how times have changed. At 29 I was married with 2 children, 3 and 4 yrs old and managing a railway terminal and 10 years into my career.

#34 Ferry Boy on 09.08.20 at 5:58 pm

I missed the peak for sure .. sold in Nov 2019 and moved in January 2020. Worst thing is listening to my wife saying “I told you to wait to the spring” .. but I am happy. Pressure off maintaining 2 homes (on my income)

But I think back to when we bought the house in 1991. Paid over $100,000 (or 30% less) than the previous owners at the peak in 1989.. and prices did not rise for about 5 years after that

Maybe we are in for a repeat?

Also Garth, your former assistant/office mgr (initials AG) is a friend of ours ..gave me a copy of one of your books years back .. maybe coming true this time

#35 Mississauga Mel/Eddie Haskel on 09.08.20 at 6:00 pm

#26 Leave it to Canadian Beaver on 09.08.20 at 5:30 pm
Mississauga Genius

That’s why we bumpkins strongly dislike (hate) anything GTA. Pimp out out country, destroy our children’s future and pollute rural Ontario with your striped shirts and unworldly taste buds. Been going on for years. We will swoop down one day and karma you.
—————————————————————

I think it is yahoos like you that pollute rural Ontario cowboy. Last time I checked we could move anywhere we want in this great land and bring our millions with us:)

#36 Penny Henny on 09.08.20 at 6:01 pm

“I do not understand if we should be trying to buy now in a great area or wait until October when the mortgage deferrals stop and an influx of properties could hit the market and drive prices “18-20%” lower. Do I try to lock in a mortgage rate for 120 days now and wait until the axe falls?-Alex
//////////////////

Buy now or be prepared to pay more later.
Same was said about Toronto houses for years and years “prices have to drop” some said, but no they didn’t.
Montreal is very inexpensive, they have some catching up to do.

#37 Do we have all the facts on 09.08.20 at 6:04 pm

A little factual perspective on the current housing market seems to be required.

In 2019 a total of 292,200 homes were sold across Canada in the first seven months at an average of 41,740 sales per month.

Over the last five months of 2019 a total of 194,600 homes were sold at an average of 38,900 sales per month.

Based on the sale of 486,800 homes in 2019 the Canadian Real Estate Association (CREA) confidently predicted that 530,000 homes would be sold in 2020 at an average of 44,165 sales per month.

During the first seven months of 2020 a total of 262,100 home were sold across Canada at an average of 37,440 sales per month.

The first seven months of 2020 generated 30,100 fewer sales than in the first seven months of 2019 and 47,000 fewer sales than predicted by the CREA in January 2020.

The media gives the impression that the current housing market is red hot and that demand extremely strong across all price ranges. In fact the stronger demand in January, February, May, June and July was not sufficient to offset a substantial decline in home sales in March and April.

It seems clear that the increase in average houses prices being quoted in the media is being influenced by the purchase of higher priced single detached homes in major cities.

In spite of historically low interest rates the actual demand for all types of homes across Canada during the first seven months of 2020 was substantially lower than expectations prior to Covid 19.

In order to reach the total sales projected by the CREA for 2020 an average of 53,500 sales per month would have to occur over the final five months.

The trading up market is a limited market and will run its course. The housing market is driven by first time home buyers and statistics seem to indicate that demand within this sector of the market is much weaker than anticipated.

The impact of declining demand on average prices has yet to be determined!

#38 Mississauga Mel on 09.08.20 at 6:04 pm

#23 Stone on 09.08.20 at 5:26 pm

I’ll gladly call you a genius if/when you actually sell the house at peak price, pocket the profits tax free and run. Until then…nothingburger.
—————————————————————–

Like my genius buddies? Frankly, I don’t need to sell and my principal residence is only part of my net worth. I was being facetious. Seems to have gone over your head…

#39 Paul on 09.08.20 at 6:08 pm

#21 Paablo on 09.08.20 at 5:23 pm
I have the same question, but Halifax instead of Montreal.

Market seems super heated. Temporary? Will it go back down? Is it different here?
————————————————————————————————
Who will the seller be? Once people buy a house they are there for 3 to 5 years minimum. Longer now with Realtor,Leagal

#40 Mordecai Richler on 09.08.20 at 6:11 pm

#1 Dave on 09.08.20 at 4:43 pm
Lap dance in Vancouver cost $50….in Montreal $15

Adds up over time
——————————————————————
And the Montreal lap dancers are prettier. Le belle danseuse….

#41 dogwhistle on 09.08.20 at 6:16 pm

#13 Moonshine on 09.08.20 at 5:04 pm
“very bilingual suburb with excellent English schools”

——————————-

I thought that legally only people how have English ancestry IN Quebec are “allowed” to go to English schools?

Otherwise welcome to infrastructure that would shame Romania circa 1981, healthcare that’s a pure comedy show, taxes in true soviet abundance and ongoing racism towards anyone that doesn’t speak 16th century peasant ‘French’

Why would anyone want to go to Montreal????

#42 Jake on 09.08.20 at 6:22 pm

#13 Moonshine… reminder to Alex, bring a shovel too!

#43 Uncle Al Sinclair on 09.08.20 at 6:24 pm

#34 Ferry Boy on 09.08.20 at 5:58 pm
I missed the peak for sure .. sold in Nov 2019 and moved in January 2020. Worst thing is listening to my wife saying “I told you to wait to the spring” .. but I am happy. Pressure off maintaining 2 homes (on my income)

But I think back to when we bought the house in 1991. Paid over $100,000 (or 30% less) than the previous owners at the peak in 1989.. and prices did not rise for about 5 years after that.
Maybe we are in for a repeat?
————————————————————–

Buy your wife some roses and take her out for a nice dinner to make her forget you sold before things took off. Not sure where you bought but some factors have changed in the GTA since 1991. The biggest change has been the introduction of the world’s biggest greenbelt.

https://en.wikipedia.org/wiki/Greenbelt_(Golden_Horseshoe)

#44 Uncle Al Sinclair on 09.08.20 at 6:26 pm

#33 Ronaldo on 09.08.20 at 5:56 pm

Wow, how times have changed. At 29 I was married with 2 children, 3 and 4 yrs old and managing a railway terminal and 10 years into my career.
——————————————————————
Started you career at 19? What were you before that, a bum?:)

#45 TurnerNation on 09.08.20 at 6:27 pm

“hitting India and leading to a 200,000 death toll to our south.”

India’s population is a billion more than USA -1.353 billion (2018)
USA’s: 328.2 million (2019)

Therefore we should expect a toll of 2,000,000 in India, a much more crowded place too. Else, what’s up with those USA numbers?
And why the focus. Election year?

#46 Linda on 09.08.20 at 6:28 pm

#22 ‘Dolce’ – your numbers also correspond to societal mores. Used to be very common for multiple family generations to live together. For many immigrants, it was unheard of to leave home until marriage regardless of age. Point being, everything old is new again. Only problem being, in the good old days the stay at home children helped with household chores, paid their parents $ to assist with household expenses (in fact, in the old days stay at home children often handed over their entire salary to their parents) & took care of their parents when old age/infirmity struck. No shipping them off to an old age home. Nowadays many parents pay for all, the stay at home adult child isn’t even expected to pay $ towards the household expenses. Free lodging, food & laundry. No wonder the stay at home numbers keep going up.

#47 Reximus on 09.08.20 at 6:29 pm

Best real estate bargain in Canada is Yarmouth NS, a pretty and historic town with some lovely homes for sale. It has no air service for now, but the airport is ready for it…it’s just too remote to get much attention, but it will.

#48 Mississauga Mel on 09.08.20 at 6:30 pm

#31 Love_The_Cottage on 09.08.20 at 5:47 pm
Agreed that price for Mississauga is high and a bit surprising. Sure, my Mom lived on a farm in what is now Mississauga in the 1930’s/40’s. It’s 2020.
——————————————————————-

Mississauga was cottage country and farms in the good ol days. There are still some cottages left in the Gordon Woods (Hwy 10/QEW) but sadly they are being torn down and developed. Streetsville, Port Credit, Clarkson, Erindale, Meadowvale, Malton were all separate little villages in times past.

#49 Nonno Nicola on 09.08.20 at 6:34 pm

#22 Dolce Vita on 09.08.20 at 5:23 pm
Garth’s Millennial basement dweller theory now fact (by Pew):

% of 18-to-29-year-olds in US living with a parent
—————————————————————–

As someone who lives in Italy you should know that Italy is filled with adult children living with their parents. My cousins live in 4 generation homes. Here is a stat on Italy…

“More than 65 percent of Italians aged 18 to 34 live at home with their parents, and nearly three quarters of them are men, according to the latest data from Eurostat, the statistical arm of the European Commission. Italy has even coined a term for these men: “mammoni” or “mama’s boys.”

#50 Ponzius Pilatus on 09.08.20 at 6:35 pm

#39 Mordecai Richler on 09.08.20 at 6:11 pm
#1 Dave on 09.08.20 at 4:43 pm
Lap dance in Vancouver cost $50….in Montreal $15

Adds up over time
——————————————————————
And the Montreal lap dancers are prettier. Le belle danseuse….
——————-
Nightclubs closed again in BC.
Hope you guys had your fun.
TN what’s your take on this outrageous infringement on our civil rights?

#51 Hard to relate ... on 09.08.20 at 6:38 pm

to the Toronto burbs mentioned as have never been east of Lloydminster in Canada. One day though. Gonna do it. Out here in 604 it seems like there is a sweet price point that houses will sell at. Above that … crickets. On a different note … was in a Crappy tire store today and told the young girl helping at the self checkout that I will never enter the store again. Why she asked. Because there are no cashiers I answered. This is the first store I have seen go completely self checkout. Prices go up and service goes down. Will go to Amazon if stores will not hire real people. Free delivery to my door too. Or is everyone sitting at home on the dole?

#52 Stormin Norman Schwarzkopf on 09.08.20 at 6:39 pm

#29 Inequity on 09.08.20 at 5:41 pm
#22 Dolce Vita
it looks to me like the way to lower the number of 18-29 y/o living with a parent is to send them to war… since the lower % seem to coincide with US involvement in a war.
—————————————————————-

Great idea! Gulf War III would get those basement dwellers away from their video war games and into the real thing!

#53 Ponzius Pilatus on 09.08.20 at 6:40 pm

RE: Picture
Home depot might as well hire dogs.
Can’t be worse than the pensioners pretending to work there.

#54 In Garth, Not God We Trust on 09.08.20 at 6:44 pm

#9 YouKnowWho on 09.08.20 at 5:00 pm

“Canada is heading for a disaster of biblical proportions.”
——————————————————————

Which is why the bearded mystic sage, all knowing, all wise financial prophet who runs this end time blog was sent to this little blue dot. “Ye have been warned o people of this financial wasteland of Canada!”

#55 Steven Rowlandson on 09.08.20 at 6:44 pm

The insanity of Canada’s real estate market will only become obvious once the economy and society crashes and burns. Too many people think they are always right and that the next guy is made of money. This will not end well.

#56 Timberrr on 09.08.20 at 6:45 pm

Looks like we know which direction the markets will be taking tomorrow…

https://www.cnbc.com/2020/09/08/astrazeneca-shares-fall-after-coronavirus-vaccine-study-is-put-on-hold.html

“AstraZeneca shares fell more than 6% in after-hours trading Tuesday after the company said its late-stage trial for a potential coronavirus vaccine had been put on hold due to safety concerns. “

#57 Turner Nation's Psychiatrist on 09.08.20 at 6:46 pm

#48 Ponzius Pilatus on 09.08.20 at 6:35 pm
.
TN what’s your take on this outrageous infringement on our civil rights?
—————————————————————-

You have to ask what TN’s take is?? Seriously?? Here comes another one TN’s diatribes….thanks Ponzius!

#58 Garth's Son Drake on 09.08.20 at 6:46 pm

Bad move to Montreal, even though it is the #2 best investment for an SFD in Canada. I mean, do you speak French? Do you have family out East?

However, the #1 and obvious choice for broke millennials, which is way closer to Vancouver, is Calgary. And you want to talk about deals coming? The deferral cliff in Calgary is the biggest in the country. Big buying opportunities coming.

Lastly, a W is finally starting to emerge. Let’s see if markets complete it. Big short on SPX.

#59 akashic record on 09.08.20 at 6:48 pm

#18 YouKnowWho on 09.08.20 at 5:17 pm

Taken the Mississauga subway lately? – Garth

Taken the Toronto subway on weekends lately?

—-

Yes. Felt like a VIP, private car!

On the Yonge line, it must have felt like a VIP.
Pedestrian subway riders are regularly transported on buses on the weekends.

#60 BC F'd up on 09.08.20 at 6:52 pm

They dropped the ball. COVID is raging.

Weak re-opening plan.

Weak school plan.

Not even mandating basic measures like wearing a mask even though big companies like Walmart, Starbucks, SuperStore etc. are.

Part B of recession to kick in fast. Cases are skyrocketing in BC.

This is where the rubber hits the road. You either do it right or have the virus clean house. Either way is going to painfully cost, but never half ass it because not only is this a fail, the massive money spent lead to a fail.

You either go balls out like China or nothing at all like Sweden.

All heads leading this effort now need to roll. You tried, you failed, you are praying for a vaccine lifeline to save your butt.

#61 Dolce Vita on 09.08.20 at 6:52 pm

FWIW, Eurostat came out today with updates to EU GDP by country and overall:

https://i.imgur.com/leR9Rfd.png

and for Employment:

https://i.imgur.com/uliXNdi.png

Gov Italia today said the GDP will not be as bad as published above. They say probably -10% worst case.

Sad, grim times when Gov’s all excited that it’s not as negative. DAMN that VIRUS.

———————–

Sad, to me, side note about Sunday’s Regata Storica in Venezia that I forgot to mention.

I’ve also watched La Regata from the Accademia bridge over Canal Grande literally surrounded by 100’s of Chinese tourists. I cannot put into words how happy, gobsmacked, enjoying themselves smiling, pointing that they were and to me that was a sense of national pride and I was happy for them.

They were noticeably absent from Venezia on Sunday and they are missed by me. DAMN that VIRUS.

#62 Super Star Bonnie on 09.08.20 at 6:56 pm

Uh, uh, uh..hehe, getting a little nervous here. Those new case numbers look big. Legacy on the line. Touting how amazing of job a few months back.

Rookie mistake.

Millennial upended the plan. They want to party. Chill out. Work life balance.

Lessons learned: never pat on back for job well done before job is done and NEVER trust anyone under the age of 39.

#63 BC Renovator on 09.08.20 at 6:58 pm

#1 Dave on 09.08.20 at 4:43 pm
Lap dance in Vancouver cost $50….in Montreal $15

Adds up over time

———–

Hahah that is Fact

#64 Reximus on 09.08.20 at 7:01 pm

So Trumpy is pretending he will dig into his own wealth to fund his campaign…right after he learns that the Biden campaign broke the record for campaign donations….HAHAHA

#65 Just Supposing on 09.08.20 at 7:03 pm

Let’s suppose that we have two emerging classes, career minded (CM) and worker bees (WB). The CM class would want to be part of the mix, commuting into work and logically, they would be more involved in the creative and decision making part of their company’s activities. Worker bees hive, toiling away in safety, isolation, and quiet (assuming the kids have been shuttled off to school or are otherwise engaged). They prize order, routine, and predictability, particularly when it comes to paycheques, which we are learning are often spent before they even hit the bank accounts.

Anyone care to guess which class of jobs are more likely to fall into the automation abyss? Drones are predictable, they are routine, and the likelihood that this type of work can be codified and encapsulated in a software application of the AI variety are higher than the more complex and difficult work done by the CM class. In the office crowd, there will be more decision making, more control, and probably less chance of automation rearing its shiny metal head.

Of course, I am simplifying for effect. It is probably not as simple as the picture I paint but those who do this type of futurist thinking for a living tend to divide people into one of three classes: the technology master, the decision makers, and the (soon to be) working dead. Although I am retired, if I were still working today, in my 30s or 40s, I would not make the mistake that the oh-so-often Right and highly Honourable GT has so clearly illustrated, which is to take on household debt to live in some remote location, seeking to get away from the office. It could lead to a much earlier and unintended retirement.

#66 Grey winter & a second wave on 09.08.20 at 7:14 pm

The pandemic will pass, but we’re not going back to normal Garth. Remote work and flex work was steadily increasing before the pandemic kicked it into overdrive. If you only need to commute into work 2-3 times a week, why would you need to live right next to where you work? And if you’re working from home at least part of the time, you’ll put greater value on a comfortable home.

Beyond remote work, I think recent urban civil unrest (in the US), overvalued urban real-estate, and adoption of disruptive technologies (ordering kitty litter from your couch) may also be influencing housing choices.

#67 Nonplused on 09.08.20 at 7:19 pm

“By the way, you didn’t need to move 4,500 km to afford a house. Drama queen, much?”

Maybe they have a job opportunity in Montreal? There certainly aren’t any here in Alberta, which is usually the first stop for people fleeing the Socialist Republic of British Columbia. And even though house prices in Calgary haven’t really gone anywhere since 2008 (all the stock option money dried up, as did the $100,000/year rig hand jobs) they still aren’t cheap.

Alberta, Saskatewan, and the interior of BC (everything east of the Coastal Mountains) are going to see hard times until the US wants our oil again. I don’t see that happening anytime soon. We are looking at a localized depression that could last years.

And no, we aren’t going to suddenly become a green energy powerhouse. We already have a lot of wind turbines and solar, but the power gets used locally. We are too far away from major markets to export electricity. Especially solar, which only works during the day from March to September around here.

Nope. When the oil & gas jobs leave, all the associated jobs will leave with them, including the secondary and tertiary jobs, and Alberta is going to turn into a ghost town. This is what has happened to countless towns throughout history when the resources they were based on dried up. Oh sure there will still be farming and ranching, logging I suppose, but those office towers downtown are going to stay empty. They were already emptying them out well before covid.

We should probably put up some depression era signs beside the ones that say “Welcome to Alberta” that say “Job seekers keep going. We haven’t got enough for our own.”

Where goes Fort McMurray, so goes Alberta. But I think we are going to find in some years that where goes Alberta, so goes Canada.

I was in Fort McMurray last summer. It wasn’t the forest fires that are turning it into a ghost town. If you can, move to the US. Fort McMurray is a sign of things to come.

#68 Don Guillermo on 09.08.20 at 7:22 pm

#62 Just Supposing on 09.08.20 at 7:03 pm
Let’s suppose that we have two emerging classes, career minded (CM) and worker bees (WB). The CM class would want to be part of the mix, commuting into work and logically, they would be more involved in the creative and decision making part of their company’s activities. Worker bees hive, toiling away in safety, isolation …

**************************************
I like it. Makes it extremely easy to pick out the jobs to offshore.

#69 ElGatoNerodeYVR on 09.08.20 at 7:25 pm

I would recommend never buying a place until you’ve lived in a new city for at least 6 mo., ideally 1 year in your target neighbourhood .
Of course if you are sure this is your forever home(20 + years) it doesn’t really matter much when you buy as long as it’s affordable to you and the one you want.
Logic says that prices will correct soon however as others have pointed out on this blog nothing is sane and/or logical about Canadian RE.
Never been personally to Montreal so can’t comment on how does it feel to live there though I would definitely try to make it through a winter there ,especially coming from Vancouver.
I have had the “pleasure” of a week here,a week there of winters in English Canadian cities and would never ever want to live full time in any of those cities.
Make the decision you are comfortable with , weigh all the risks ( investing in the stock market has it’s own risks,especially now) mad never look back ,no regrets

#70 Dolce Vita on 09.08.20 at 7:31 pm

#47 Nonno Nicola

That’s part of the Italian culture, La Familia. You should know that and if not (deficiente).

Live at home with parents not a part of WASP culture last time I checked, so imagine my surprise.

At 21, new job, fresh out of University I left home for an apartment of my own, sin of sins, NOT married.

Well, that was WWIII in my family. Parents spread eagle across the door so as you cannot leave, tears, fake physical threats, food & wine inducements, what will they say at Church, who is going to do your laundry, cook and clean for you, etc.

Garth mentioned Drama Queen today…CANADESI, you KNOW NOTHING about Drama Queens.

Italian Nonni (like you) and Genitori wrote the book on that a very long time ago in Italia and have had millennia of practice at it.

————————-

From a practical point of view typically the oldest male will marry, have kids and live at home with the parents in Italia. Unwritten rule, he inherits but also it is expected he will take care of his parents when they are old.

Also, in Italia the mentality of the youth is to stay home, save their money and then buy a place of their own when THEY HAVE THE CASH so as not to go into debt as they do in many other countries like Canada.

Google the household debt to GDP % for Italia, compare to Canada and you will get my drift why that is not such a bad idea.

Also, if you have mortgage in Italia, it indicates you have little cash, are a lousy saver and not particularly good with money. I kid you not.

And yes, I took care of my parents to the bitter end even when not living at home, had one of them, the last one move in with me instead.

La Familia. La cultura Italiana.

#71 Jake on 09.08.20 at 7:35 pm

#63 Grey winter…”If you only need to commute into work 2-3 times a week, why would you need to live right next to where you work?”

This is only the start. If a company can operate with their employees working remotely what stops them from eventually replacing their workforce for cheaper manpower from around the globe. Work in your pj’s sounds cool now, but ultimately it gives the employer total control.

#72 YouKnowWho on 09.08.20 at 7:40 pm

#57 akashic record on 09.08.20 at 6:48 pm

On the Yonge line, it must have felt like a VIP.
Pedestrian subway riders are regularly transported on buses on the weekends.

——-

I’m all about that East/West – never North/South. I limit myself to between Kipling and Danforth, and yeah, when it’s running I’ll go south to Union. You’re right of course, line 1 signal updates are brutal and constant.

#73 Nonplused on 09.08.20 at 7:44 pm

Hmm and a follow on thought:

Trudeau is likely to propose massive income and other sorts of tax increases. That will harm the people of Alberta but it will never return total receipts to what it was when Albertans actually had some money. So then if he throws in some UBI, the transfer payment system may actually be fixed! Can’t transfer money from Alberta to Quebec that you can’t collect from Alberta! And since the transfer payment system isn’t really from one province to another, it is from Ottawa to the provinces, the system is migrating towards transfering Quebec’s own money to Quebec. But that is how socialism always works. Too bad it took a depression in Alberta to highlight the insanity of it. Once UBI comes in, the net cash might actually flow to Alberta! But I’d rather still be rich and supporting Quebec. Once the people of Ontario and Quebec realise that they are supporting the rest of the country you can bet your bottom dollar UBI and transfer payments are dead. And good riddance.

Sometimes it takes a good hangover to stress that you are drinking too much.

#74 TurnerNation on 09.08.20 at 7:47 pm

#48 Ponzius Pilatus they are setting the kids up, cute eh??:
https://pbs.twimg.com/media/EhbZyBbXgAED2KP?format=jpg&name=small

#75 David Portnoy on 09.08.20 at 7:48 pm

The protection built into a B+D portfolio was shining today and has been in previous days. XBAL, proxy for B+D, down a mere 0.45% while XEQT dropped 0.88% today. S&P gaffed almost 2.8% as the FA[T]-MANGs crumpled again under their own weight. YTD performance gap between the Dolly Parton-esque, tech-heavy S&P was 6% on September 2nd and is now 1.6%. Since ATH in Feb, difference is almost negligible at 0.54%. There’s much comfort there that helps in keeping panic at bay.

Energy continues to signal a rough ride ahead with the economy. XEG off almost 8%. VDE off almost 4% today. Perhaps XEG losses amplify as oil futures prices retreat from break-even points? US refinery activity is way down YoY as demand for fuels (proxy for economic activity) is anemic. XEG recrossed levels crossed upwards in late April. Ouch.

Meanwhile, the VIX isn’t shouting fear. At least not more fear. US COVID cases keep dropping yet a second wave looms in the wings. At least flu wont be a problem this year…

#76 Mississauga Mel on 09.08.20 at 7:52 pm

#49 Hard to relate … on 09.08.20 at 6:38 pm
to the Toronto burbs mentioned as have never been east of Lloydminster in Canada. One day though. Gonna do it.
——————————————————————
Well when you do come out East, I’ll buy you a beer at the local pub and even invite some other blog dogs for a real good time!

#77 In Garth, Not God We Trust on 09.08.20 at 7:54 pm

#72 David Portnoy on 09.08.20 at 7:48 pm
The protection built into a B+D portfolio was shining today and has been in previous days…
——————————————————————

Where was the thank you in your post to the all knowing, all wise, financial prognosticator and adviser without equal that runs this blog of end time warning to the financial illiterates of Canada?

#78 Mark the Carney, Carney on 09.08.20 at 7:57 pm

#70 Nonplused on 09.08.20 at 7:44 pm
… Once the people of Ontario and Quebec realise that they are supporting the rest of the country you can bet your bottom dollar UBI and transfer payments are dead. And good riddance.
——————————————————————We are one big Canadian family cowboy. Stop the divisive talk and embrace it. Still waiting for my answer on why the BOJ’s money printing hasn’t led to inflation but rather, a deflationary environment for the past 30 years…

#79 Learn2investkid.com on 09.08.20 at 7:59 pm

I don’t know why more working couples aren’t moving from Vancouver to Calgary. It makes financial sense if you own home in Vancouver. Sell, buy a house in Calgary with cash and invest the rest. Maybe only one person needs to work full-time.

#80 TurnerNation on 09.08.20 at 8:01 pm

This is really simple folks: this will continue into 2021; our lives will be ruled by those #s on the telescreens. Entire cities nay provinces will be subject to the collective punishment and humiliation (a key facet of communism I learned – ‘wear your mask at all times, even during…’)
Science? We don’t need that. Only numbers. There is a plan, a timelines and a defined outcome. As the saying goes: Marketing Without Metrics is Madness.
We are being sold this HARD.

Where’s the most valuable land in Kanada? VANCOUVER BC. And Granville street, those big old nightclubs. I bet overseas developers are lined up. For the 2nd Wave – of bankruptcies.
Fall is Harvest Season. The Crown Bankers using the Crown Virus to take back the Crown Land.

Out of interest I got this back in April…early on:

>#1 TurnerNation on 04.25.20 at 2:19 pm
As land/SFH defaults occur the Crown’s bankers will snap up the land. Already we are barred from all Crown land. Parks and National and Provincial parks are off limits.
Some people guess that even towns and cities are in the process of declaring bankruptcy but the courts are closed. We must Wait and see.

#81 the Jaguar on 09.08.20 at 8:03 pm

The German Shepherd dog is the most intelligent of the bunch with razor shop attentiveness. Look at those damn ears, for goodness sakes. Full attention. What a beauty.
Speaking of dogs, …….been awhile since Dorothy has provided a blog photo of the spirit dog posed, brushed, and looking on top of the world. Isn’t there a pile of fall leaves he can lie about on?

Since I have offered this blog nothing but Flotsam Jetsam recently, I am going to go out on a limb and see if a trade can be arranged. (Pretty sure I am only minutes from being either banned or deleted).

Dorothy: I am willing to trade this, my favourite song and favourite version of this song in exchange for a recent Bandit photo or other adventure:

https://www.youtube.com/watch?v=OqH7VwpSwBo

#82 Nonno Nicola on 09.08.20 at 8:11 pm

#67 Dolce Vita on 09.08.20 at 7:31 pm
#47 Nonno Nicola

That’s part of the Italian culture, La Familia. You should know that and if not (deficiente).
—————————————————————-

I know it well. I mentioned in my previous post that my cousins in Italy both live in homes with 4 generations. The current stats on adult American kids living at home more then ever before indicates the economic necessity of doing so. Italians do so not only for cultural reasons but also economic reasons. My cousins in Italy are in awe of our lifestyles and incomes in Canada. I took them to a farmer buddy of mine a couple years back and then were jaw dropped at his operation. Simply stunned. Kudos to you for taking care of your parents. Sei un bravo figlio. Are you aware of the Roseto Effect in sociology? If not here it is:

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

#83 Who Pulled The Plug on 09.08.20 at 8:13 pm

Financial crisis all over again.

Hook, line and sinker.

Millennials turn to be wiped out.

When will people ever learn?

#84 Uncle Al Sinclair on 09.08.20 at 8:15 pm

#66 ElGatoNerodeYVR on 09.08.20 at 7:25 pm

Never been personally to Montreal so can’t comment on how does it feel to live there though I would definitely try to make it through a winter there..
—————————————————————

Montreal is a gorgeous city and Old Montreal is like walking the streets of Paris. You have to make the trek out there.

#85 Stone on 09.08.20 at 8:18 pm

#37 Mississauga Mel on 09.08.20 at 6:04 pm
#23 Stone on 09.08.20 at 5:26 pm

I’ll gladly call you a genius if/when you actually sell the house at peak price, pocket the profits tax free and run. Until then…nothingburger.
—————————————————————–

Like my genius buddies? Frankly, I don’t need to sell and my principal residence is only part of my net worth. I was being facetious. Seems to have gone over your head…

———

Don’t worry. It didn’t go over my head. I’m waiting for housing to pull a September 8, 2020 Tesla moment (all in one day) and watch all the “imaginary genius” homeowners jaws unhinge who didn’t sell. Then we’ll talk about real net worth and imaginary net worth.

…because Tesla can never go down…like housing.

#86 Asterix1 on 09.08.20 at 8:19 pm

…..That was $244,300 (or 23%) more than the same house fetched a year ago.
__________________________________________

The “same house” in not going for 23% more yoy. That is RE propaganda. One must analyse sales mix to judge what is truly happening with prices.

A few ex: House Sigma has all the sold prices (and the truth)…..

99 Cordella Ave, Rockcliffe-Smythe – Toronto
Jun 2020= 830K
Aug 2020= 750K -10%

11 Graydon Cres, Bayview Hill – Richmond Hill
2017 = 4.288M
2020= 3.133 -27%

25 Lorne Ave, St. Clair – Hamilton
Mar 2020= 585K
Jul 2020 = 530K -10%

136 Avondale Crt, Shoreacres – Burlington
Nov 2018= 3.9M
Sep 2020= 3.1M -21%

#87 Nonplused on 09.08.20 at 8:20 pm

#68 Jake on 09.08.20 at 7:35 pm
#63 Grey winter…”If you only need to commute into work 2-3 times a week, why would you need to live right next to where you work?”

This is only the start. If a company can operate with their employees working remotely what stops them from eventually replacing their workforce for cheaper manpower from around the globe. Work in your pj’s sounds cool now, but ultimately it gives the employer total control.

————————————

Why would having to pay for office space make an employer less likely for them to outsource around the globe? The key to stopping that is for local employees to be better educated and more efficient. The educated part we got, and any well educated Indians, Pakistanis, Chinese, etc. are already trying to move to the US or here, so no worries on that front. So then we look at efficiency. Not having to pay for office space is an efficiency. It makes the locals more competitive than they were before.

Remember, folks, to keep a critical eye and mind on how you interpret the news. Last I checked there was not a massive wave of people trying to flee the US, Canada, or Europe for Asia or Africa. O’ Contraire! I think people might want to go to Japan but they won’t let anybody in.

#88 the Jaguar on 09.08.20 at 8:28 pm

#67 Dolce Vita on 09.08.20 at 7:31 pm
#47 Nonno Nicola

+++++

Am loving this. Please continue the dialogue. Mama mia! Too much fun for the mangia cakes!

#89 Uncle Al Sinclair on 09.08.20 at 8:30 pm

#63 Grey winter & a second wave on 09.08.20 at 7:14 pm
The pandemic will pass, but we’re not going back to normal Garth.
——————————————————————-
Human evolution is about change. Those who embrace it survive and thrive. Less cars on the road makes for a better environment.

#90 Tarot Card on 09.08.20 at 8:35 pm

Thanks for the blog Garth
Thanks for the thoughts on low mortgages, I renew next June but can lock in the rate January 15. Two banks offering Five year at 1.94
I have my fingers crossed they hold at this level.

#91 Mississauga Mel on 09.08.20 at 8:35 pm

#76 Learn2investkid.com on 09.08.20 at 7:59 pm
I don’t know why more working couples aren’t moving from Vancouver to Calgary.
—————————————————————–

That’s the million dollar question. I can tell you that I know a number of friends that have sold in Toronto, pocketed big buckeroos and moved to the wine country of Prince Edward County. Another cashed out and now lives on Lake Huron with the most gorgeous sunsets in the world. They retired mind you but with WFH, don’t see why more don’t…

#92 Nonplused on 09.08.20 at 8:36 pm

#75 Mark the Carney, Carney on 09.08.20 at 7:57 pm
#70 Nonplused on 09.08.20 at 7:44 pm
… Once the people of Ontario and Quebec realise that they are supporting the rest of the country you can bet your bottom dollar UBI and transfer payments are dead. And good riddance.
——————————————————————We are one big Canadian family cowboy. Stop the divisive talk and embrace it. Still waiting for my answer on why the BOJ’s money printing hasn’t led to inflation but rather, a deflationary environment for the past 30 years…

———————————————-

Canada is about as much of “one big Canadian family” as is the US. There is nothing similar between California and Montana, as is there is nothing similar between Alberta and Quebec.

As to the deflationary environment, where did you see that? CPI has been almost always up. And I think CPI is grossly understated, although it is directionally correct. The only things that go down in price are made in China, but then you need a monthly cable or cell phone service to run them and not only does it cost more per year than the device costs, but “the plan” only goes up. Sure, you can save a bit of money buying skis made in China, but then not only are you the laughing stock of the lift line, but look at what has happened to the price of lift tickets! 10% inflation at least. For many years. 30 at least.

I don’t see where you see your “30 years of deflation”. There is not one single thing I can think of that costs less today than it did 30 years ago. Not by a long shot. Not even when they used to be made here. Ok, computers are cheaper. But that is about it and as I said now you need cable internet to use it and that costs more in a year than the computer did. And it goes up every year.

#93 tccontrarian on 09.08.20 at 8:44 pm

Alex:

Just look at Tesla stock last few days. Only a week ago there were people applying ‘recency bias’ to an extreme level and forecasting higher prices, even though current levels were already obscenely out of touch with reality.

Forward ONE week later and ‘poof’, Tesla is 30% lower!
The same will happen to RE prices – they will revert back to the mean, as ALWAYS.
The psychology of investing is the same – whether we’re talking stocks or RE. People will always chase trends and will always buy ‘high’ and sell ‘low’.

Bottom line: wait it out as best as you can, build up your savings and buy when there’s ‘blood in the streets’ (naturally, less ‘red’ in Montreal than other cities like Torona or Vancouver).

Bubbles all deflate eventually and actually look remarkably similar – the common underlying parameter is human emotion. The RE absurdity has lasted longer than many expected but it WILL normalize again. Rates are not going lower and CERB et al. are not going to continure forever.

Patience is a virtue!

tcc

#94 Track and Trace T2 on 09.08.20 at 8:54 pm

Tis the season for treason

https://toronto.ctvnews.ca/ontario-forced-to-pause-reopening-plan-for-four-weeks-as-covid-19-cases-spike-1.5095876

#95 DON on 09.08.20 at 8:59 pm

“Big corps trimming office space in advance of trimming workers.”
**********************

I had this feeling since the begining of this COVID thingamagif. Never let a good crisis go to waste. An excuse to retool…and reduce payrolls in slower recessionary times.

Easier to lay off over zoom and no need for security escorts.

Everything that can be used for good can be used for bad.

#96 crowdedelevatorfartz on 09.08.20 at 9:00 pm

@#45 Reximus
“Best real estate bargain in Canada is Yarmouth NS….

++++
O…M…G.

Is “The Tank” bar still open?
Is the Ferry to Maine still closed?
Is the fog horn still the main musical entertainment?
Is english still a second language behind,
“Jay-zus! We’s havin’ Salt Caaaad, biled turn-ips and padadas fer dinner bye” ?

Yarmouth….. Gaaaaaaaaaa!

#97 Trojan House on 09.08.20 at 9:11 pm

Well, the opening in Ontario has stopped. According to Doug Ford, we’re not listening to his great wisdom, his rules and guidelines, therefore, cases are going up again. It has nothing to do with the virus just being a virus of course.

The weather has been unusually cool here in Ontario so excellent conditions for a virus to spread. I think if we keep going at this rate, we’ll be in full Melbourne lockdown soon, with police arresting anyone not wearing a mask or planning peaceful protests.

#98 DON on 09.08.20 at 9:12 pm

From bloomberg market news.

‘Stocks drop over vaccine concerns’

More like stupid valuations.

As for Trump, he is starting to float the idea of decoupling from China. Of course in the heads of Americans this implies more jobs. Some jobs for sure…medical supplies etc others will go to Africa, India etc. But it is all about perception.

Not a Trump fan…just watching the SHOW.

#99 Adee on 09.08.20 at 9:12 pm

Let’s face facts. No Canadian government is going to allow the housing market to siginfivantly correct. All government systems are designed to favor ownership. Capital gains exemptions, interest rates, OAS and GIS.

What the government should do is provide programs to help renters, who get no benefit. Perhaps make a portion of annual rent tax deductible …

#100 mark on 09.08.20 at 9:16 pm

I am trying to cross check my maximum drawdown of a portfolio, based on the PP of the market, not perfect but a guide at least.

Stingy asset mixer on there web page has no option for reits, but is not bad. Portfoliocharts, website has no option for Preferred’s.

Be nice to find one other free site for a cross reference if anyone knows of one, thanks in advance.

Portfolio visualizer is so so.

#101 akashic record on 09.08.20 at 9:18 pm

#69 YouKnowWho

Yeah, the East/West subway line was much better – at least like five years ago, when I was riding it the last time.

#102 crowdedelevatorfartz on 09.08.20 at 9:21 pm

@#51 Ponzie the Wal-Mart Greeter

“Home depot might as well hire dogs.
Can’t be worse than the pensioners pretending to work there.”

++++

The West coast forest fire smoke making ya a little grumpy Ponz?
Your were you smaked at the Home Depot interview?

#103 Wild Bill Hickok on 09.08.20 at 9:38 pm

#76 Learn2investkid.com on 09.08.20 at 7:59 pm
I don’t know why more working couples aren’t moving from Vancouver to Calgary. It makes financial sense if you own home in Vancouver. Sell, buy a house in Calgary with cash and invest the rest. Maybe only one person needs to work full-time.

—————————————————————-

You forgot to mention the other benefit of living in Calgary, front row seats at the Calgary Stampede and delicious Rocky Mountain Oysters grilled with hot tabasco sauce!

#104 Pete from St. Cesaire on 09.08.20 at 9:38 pm

Now that Labour Day is over you can expect the governments to start talking more B.S. about increases in cases and contemplating new lockdowns. The only reason that they ended lockdowns for the summer is because they knew that millions of people would ignore orders and go out to enjoy their summer anyways and one thing that governments never allow is for the people to openly defy them because that makes it apparent that it is the people that really have the power, so the government pretended to have wanted a lessening of the restrictions over the summer.

#105 DON on 09.08.20 at 9:38 pm

51 Ponzius Pilatus on 09.08.20 at 6:40 pm
RE: Picture
Home depot might as well hire dogs.
Can’t be worse than the pensioners pretending to work there.

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

They may even hire former accountants. If you ask nicely.

Just the other day i walked into one of the big do it yourself stores. I was looking for rats traps (my neighbours rats are getting into my tomatoe plants)

Anways, I asked one of those retirees where to find something in the big store. He dropped what he was doing and quickly walked me accross the store and made sure he provided good customer service even gave me work around on a sliding door repair. Saved money and headaches. Priceless service in a time of need.

I will look for him again, when I have questions.

#106 DON on 09.08.20 at 9:41 pm

51 Ponzius Pilatus on 09.08.20 at 6:40 pm
RE: Picture
Home depot might as well hire dogs.
Can’t be worse than the pensioners pretending to work there.

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

They may even hire former accountants. If you ask nicely.

Just the other day i walked into one of the big do it yourself stores. I was looking for rats traps (my neighbours rats are getting into my tomatoe plants)

Anways, I asked one of those retirees where to find something in the big store. He dropped what he was doing and quickly walked me accross the store and made sure he provided good customer service even gave me work around on a sliding door repair. Saved money and headaches. Priceless service in a time of need.

I will look for him again, when I have questions. Know

#107 Stoph on 09.08.20 at 9:44 pm

#115 crowdedelevatorfartz on 09.08.20 at 9:28 am
@#85 nonplused
“– Anything can be used as money. Weird things have.”

+++

I always admired the polynesians that hacked coins that weighed up to a ton out of rock , loaded them on a tippy skiffs, sailed hundreds of miles across open ocean, possibly drowning in the process, to make a deposit to their local chief…..

Now THATS money.

https://www.npr.org/sections/money/2011/02/15/131934618/the-island-of-stone-money

—————————————————————–

That was an interesting read. I liked how they agreed that the stone that sunk off the coast could continue to be used for payment – they’d just keep track of who was the current owner without the stone being physically moved or for that matter even being able to see the stone.

Your post led me on to one of npr’s money podcasts about John Law in 1700’s France where he introduced paper money – let’s just hope our bankers and politicians have learned something in the past 300 years and we don’t have a repeat.

https://www.npr.org/2020/09/04/909876702/the-murderer-the-boy-king-and-the-invention-of-modern-finance

#108 CalgaryCarGuy on 09.08.20 at 9:45 pm

Re #94 by Trojan House
The weather has been unusually cool here in Ontario
————————————————————-
Cool! Really. It was 29C on Saturday at my place here near Bragg Creek west of Calgary. I was splitting firewood because I knew what was coming. I heat partly with firewood. Temperature dropped on Sunday and I had snow on the ground Monday morning! About 4400 ft of altitude hear next to the mountains. Beautiful though.

#109 crowdedelevatorfartz on 09.08.20 at 9:46 pm

my my my.

Non lockdown Sweden performed a record amount of covid tests…… showing a DROP in covid cases……..

https://www.reuters.com/article/us-health-coronavirus-sweden-strategy/positive-covid-tests-in-no-lockdown-sweden-hit-lowest-rate-since-pandemic-began-idUSKBN25Z2TM

Perhaps the govt “State of Fear” is an over reaction?

#110 45north on 09.08.20 at 9:47 pm

By the way, you didn’t need to move 4,500 km to afford a house. Drama queen, much?

Garth’s Son Drake

Bad move to Montreal, even though it is the #2 best investment for an SFD in Canada. I mean, do you speak French? Do you have family out East?

yeah I think the move from Vancouver to Montreal was a bit crazy. Like Alex felt he had to play the housing market and the move to Montreal was the best way he could think of. Reminds me of Marge Simpson Homer, just because the circus comes to town, doesn’t mean you have to join it

#111 Uncle Al Sinclair on 09.08.20 at 9:52 pm

#93 crowdedelevatorfartz on 09.08.20 at 9:00 pm
@#45 Reximus
“Best real estate bargain in Canada is Yarmouth NS….

++++
O…M…G.

Is “The Tank” bar still open?
Is the Ferry to Maine still closed?
Is the fog horn still the main musical entertainment?
Is english still a second language behind,
“Jay-zus! We’s havin’ Salt Caaaad, biled turn-ips and padadas fer dinner bye” ?

Yarmouth….. Gaaaaaaaaaa!
—————————————————————

Fartzy you are a gas!! You need to enter a comedy contest somewhere! I handy ’bout died!

#112 Vanreal on 09.08.20 at 9:56 pm

I understand why they may have left for a place where they could afford a Sfh. That will never happen in Vancouver. But Montreal. Yikes. If they haven’t lived through a winter yet they should rent. I’ve never seen so much snow in my life and I group up in a snow belt town in ontaribble

#113 Drinking on 09.08.20 at 9:56 pm

Not sure about the rest of you besides Felix but the lab on the right hand side of the picture offered excellent advice and service; should be given a raise if I say so!

#114 Mordecai Richler on 09.08.20 at 9:57 pm

#110 45north on 09.08.20 at 9:47 pm

Bad move to Montreal, even though it is the #2 best investment for an SFD in Canada. I mean, do you speak French? Do you have family out East?
—————————————————————–
Do you like the Habs? Have you ever read The Apprenticeship of Duddy Kravitz or the film version?

#115 garyw. on 09.08.20 at 9:58 pm

Not liking what I have been seeing in markets. I started selling my holdings end of July and with the FAANG drop I will be dumping everything else this month.

I expect a fairly big drop but then a buying opportunity late December and another pop in 2021.

Good fortunes to you all.

#116 Stan Brooks on 09.08.20 at 10:01 pm

The melt down of the crappy currency continues accelerated.

The numbers does not matter when the measure is faulty and unstable.

The price hence is misleading. It shows the destruction of currency, not economic activity or ‘growth’.

1 million or soon to be 5 as a price for SFH, it does not matter from now on from value perspective as we are were at peak value for housing quite some time ago.

Now we are recording higher nominal prices solely due to the destruction of purchasing value of currency in which the pathetic labour of the pathetic sheeple is measured.

So people record imaginary gains and feel rich while being robbed by greedy idiotic pathetic incompetent elite.

One reaps what one sows.
An yes, the ‘inflation’ is sub 2 % with real cost of living already appreciating in low double digits.

Cheers cuckoos,

#117 Mark the Carney, Carney on 09.08.20 at 10:01 pm

#107 Stoph on 09.08.20 at 9:44 pm

Your post led me on to one of npr’s money podcasts about John Law in 1700’s France where he introduced paper money – let’s just hope our bankers and politicians have learned something in the past 300 years and we don’t have a repeat
————————————————————–

If you want the definitive book on the history of money, you need to read the great Canadian economist John Kenneth Galbraith’s great book Money: Whence it Came, Where it Went.

https://www.amazon.ca/Money-Whence-Came-Where-Went/dp/0691171661

#118 Felon Musk on 09.08.20 at 10:07 pm

#93 tccontrarian on 09.08.20 at 8:44 pm
Alex:

Just look at Tesla stock last few days. Only a week ago there were people applying ‘recency bias’ to an extreme level and forecasting higher prices, even though current levels were already obscenely out of touch with reality.

Forward ONE week later and ‘poof’, Tesla is 30% lower!
—————————————————————-

You mean a zombie company like Tesla with no profits was overvalued? Good thing Sail Away was banned or he would have you for supper…

#119 Mark the Carney, Carney on 09.08.20 at 10:14 pm

#92 Nonplused on 09.08.20 at 8:36 pm

“Canada is about as much of “one big Canadian family” as is the US. There is nothing similar between California and Montana, as is there is nothing similar between Alberta and Quebec.”

As to the deflationary environment, where did you see that?
—————————————————————

I have travelled this land from coast to coast and always felt like it was one big family. Sorry you and others don’t see it that way. As for Japan’s 30 year battle with deflation despite massive money printing here is an bedtime article you can read:

The Battle Against Deflation:
The Evolution of Monetary Policy and Japan’s Experience
Speech at Columbia University in New York
Haruhiko Kuroda
Governor of the Bank of Japan

https://www.boj.or.jp/en/announcements/press/koen_2016/data/ko160414a1.pdf

#120 crowdedelevatorfartz on 09.08.20 at 10:15 pm

@#108 CalgaryCar Guy
“Bragg Creek west of Calgary.”
+++++

Beauty country there.
Used to go camping in the foothills around there in 1980.
And the Spray Lakes campsites above Canmore before they ruined it with the ’88 Winter Olympic crap.

I think Pigeon Mountain is still a vacant ski lodge.
Lots a parties there.

See any Grizz around the Bragg Creek property?

#121 Stan Brooks on 09.08.20 at 10:17 pm

The facts:

Canada’s GDP dropped at annualized rate of 38.7% between April and June: StatCan

https://globalnews.ca/news/7303230/canada-gdp-q2-2020/

In Europe GDP shrank by 12.1 % at that time.

https://ec.europa.eu/eurostat/documents/2995521/11156775/2-31072020-BP-EN.pdf/cbe7522c-ebfa-ef08-be60-b1c9d1bd385b

All that despite a ‘stimulus’ that is 4-5 times more when compared to GDP than Europe does – their program of 750 billions Euros spawns many years while we are 343 billion ‘loonies’ in the red ink this year alone.

We are 38 millions, they – 447 millions.

And our home prices ‘grow’ and ‘the economy is strong’.

Cheers to all patients in the mental institution,

#122 Mississauga Mel on 09.08.20 at 10:23 pm

#86 Asterix1 on 09.08.20 at 8:19 pm
…..That was $244,300 (or 23%) more than the same house fetched a year ago.
__________________________________________

The “same house” in not going for 23% more yoy. That is RE propaganda. One must analyse sales mix to judge what is truly happening with prices.
—————————————————————–

I can tell you from recent sales that I know of personally, prices have indeed risen from last year. A home sold in south Etobicoke in August that had not been renovated since being built 30 years ago for $250k more than a totally renovated home, same size, same lot, same area that sold in 2018.

#123 A J on 09.08.20 at 10:25 pm

(If you pay a million dollars (plus) to live in the middle of nowhere, congrats, you’re the greater fool.)

I have heard multiple stories that people are being called by real estate agents saying “sell now, you’ll never get a better deal for your house.” To me, it’s people trying to level up and gain equity who are all selling their houses to one another. What happens though, when interest rates cannot go any lower? Everyone has shifted houses? And people realize their new house is bleeding them dry? How will prices continually go up then? Do people think millennials will be able to take on million dollar mortgages? This isn’t reality, because wages are not keeping up with house price demands. Something has to give. There’s no way things can continue like this. If your house is sh*t, sell now and bank the money. There’s no way this can end well. It’s the definition of insanity.

#124 Ponzius Pilatus on 09.08.20 at 10:33 pm

#109 crowdedelevatorfartz on 09.08.20 at 9:46 pm
my my my.

Non lockdown Sweden performed a record amount of covid tests…… showing a DROP in covid cases……..

https://www.reuters.com/article/us-health-coronavirus-sweden-strategy/positive-covid-tests-in-no-lockdown-sweden-hit-lowest-rate-since-pandemic-began-idUSKBN25Z2TM

Perhaps the govt “State of Fear” is an over reaction?
————–
The Swedes are not human.
They have ice in their veins.
Remember the tennis player called Icebjorg.
They used to air Participaction commercials where they claimed that the average 70 year old Swede was fitter than the average 30 year old Canuck.
Probably that’s still the case.

#125 cramar on 09.08.20 at 10:35 pm

Interesting, I have relatives in Niagara Falls and was just told that this area is becoming a housing hotspot. The GO train goes to Niagara now, so GTA house-horney buyers are looking there. It is a depressed area since COVID shuttered the tourist industry, so housing is cheap.

#126 Mississauga Mel on 09.08.20 at 10:36 pm

#85 Stone on 09.08.20 at 8:18 pm

Don’t worry. It didn’t go over my head. I’m waiting for housing to pull a September 8, 2020 Tesla moment (all in one day) and watch all the “imaginary genius” homeowners jaws unhinge who didn’t sell. Then we’ll talk about real net worth and imaginary net worth.

…because Tesla can never go down…like housing.
—————————————————————-

Glad to hear my comment didn’t go over your head. Unless you are leveraged to the hilt, who the hell cares about fluctuations in house prices. Housing is a long term investment. My first home in Toronto which is now one of my rentals, was bought in the housing boom of the late 80s and then saw a 7 year decline in prices. It is now worth 6 times what I paid for it. Same logic as Captain Garth preaches for long term investments in financial instruments.

#127 JoinEm on 09.08.20 at 10:37 pm

#27
I share this question.
I thought one would always be financially better off avoiding CMHC insurance fees. Is this no longer the case?

#128 In Garth, Not God We Trust on 09.08.20 at 10:40 pm

#81 the Jaguar on 09.08.20 at 8:03 pm

Since I have offered this blog nothing but Flotsam Jetsam recently, I am going to go out on a limb and see if a trade can be arranged. (Pretty sure I am only minutes from being either banned or deleted).
—————————————————————-

Actually it is even worse. You are minutes away from being zapped by a bolt of lightning by the all knowing, all seeing, all wise oracle from the east that runs this blog…

#129 cramar on 09.08.20 at 10:53 pm

97 Trojan House on 09.08.20 at 9:11 pm

The weather has been unusually cool here in Ontario so excellent conditions for a virus to spread.

———-

Huh? You in northern Ontario? It just dropped back to normal for this time of year in SW Ontario.

#130 Nonplused on 09.08.20 at 10:54 pm

#107 Stoph on 09.08.20 at 9:44 pm
#115 crowdedelevatorfartz on 09.08.20 at 9:28 am
@#85 nonplused
“– Anything can be used as money. Weird things have.”

Just to be clear I was paraphrasing Milton Friedman. I’m not taking credit for the research or the thought.

#131 Nonplused on 09.08.20 at 11:02 pm

#110 45north on 09.08.20 at 9:47 pm

“Reminds me of Marge Simpson Homer, just because the circus comes to town, doesn’t mean you have to join it”

Have you been to the Calgary Stampede? Oh ya, you join it. There was none of that this year though. The Saddle Dome was flooded out in 2013 and the show went on “come hell or high water”, but I guess you shouldn’t mock the Dogs.

#132 Nonplused on 09.08.20 at 11:13 pm

#122 YouKnowWho – from PTO on 09.08.20 at 10:36 am
#85 Nonplused

—————

WAIT A MINUTE!

Isn’t inflation in the first place a method of price fixing?

Isn’t price fixing absolutely illegal?

—————————–

I don’t think inflation is price fixing. It is a matter of supply and demand, the supply of money being greater than the demand. Price fixing is when the government says you can’t raise prices in response to inflation. Or that stuff that oligopolies do behind closed doors.

#133 Nonplused on 09.08.20 at 11:15 pm

#128 Dogman01 on 09.08.20 at 11:19 am

Yup.

#134 Prairieboy43 on 09.08.20 at 11:22 pm

Sounds like many Gypsies on your blog, moving from place to place with no community roots, community strength, just moving to lower cost of living, flipping homes. This doesn’t make Canada strong. What is Canada Producing? Exporting? People Hundred percent reliant on internet. What’s backup plan?
PB43

#135 Tom from Mississauga on 09.08.20 at 11:26 pm

BMO Investorline drastically cut the margin they allowed me for buying. They definitely think something is up.

#136 Ronaldo on 09.08.20 at 11:42 pm

#44 Uncle Al Sinclair on 09.08.20 at 6:26 pm
#33 Ronaldo on 09.08.20 at 5:56 pm

Wow, how times have changed. At 29 I was married with 2 children, 3 and 4 yrs old and managing a railway terminal and 10 years into my career.
——————————————————————
Started you career at 19? What were you before that, a bum?:)
————————————————————-
Good one Al, lol. Yes its true, started career at 19. 1 year after high school and after a year of jobs such as ditch digging, back hoe operating, chimney cleaning, painting, carpentry, tree planting, compassman, kael plotter, pricing and stocking shelves in uncle’s store. And still had time to chase the girls. Before that and while going to high school I worked in a hotel thru grades 11 and 12 working 45 hrs. per week. So, working full time since 17. Before that, from age 11 to 15, I worked in a restarurant as a chore boy, before school and after school every day of the month. I was able to earn enough money to clothe myself and purchase school supplies and plenty left for spending money. Like I said, how times have changed. And the millie’s think they have it so bad.

#137 Ronaldo on 09.08.20 at 11:56 pm

#84 Uncle Al Sinclair

Montreal is a gorgeous city and Old Montreal is like walking the streets of Paris. You have to make the trek out there.
—————————————————————–
Ain’t that the truth. Loved the place and Old Quebec City even better.

#138 Dogmatic on 09.09.20 at 12:19 am

#1 Dave on 09.08.20 at 4:43 pm
Lap dance in Vancouver cost $50….in Montreal $15

Adds up over time

————————————————————

Like anything else, you get what you pay for…

#139 the Jaguar on 09.09.20 at 12:49 am

@#105 DON on 09.08.20 at 9:38 pm

I am beside myself reading of ‘rats’ in Don’s tomato patch in his garden. This is more than any Albertan can be asked to envision or endure. Like Kryptonite in Superman’s garden. It’s a cruelty really. Never mention the possibility of such things (rats) to Albertans.

It might be time to suspend myself for awhile. Pretty sure I was seconds away from being banned due to frivolity anyway. Good time to retreat into the background and see if I can maybe locate Sail Away. Not sure why, but I suspect short haired german pointer dogs and the business of hunting things may be a clue to his current absence.

Seems like the perfect time to retreat to battlestations, take position and remember the words of Joe Petroni in Airport when he said ‘That’s one nice thing about the 707. It can do everything BUT read.’ Jaguar has this feeling that current events will unfold under this exact same premise…
Brace for landing.

#140 Tim123 on 09.09.20 at 1:23 am

The people who bought houses now and overpaid are going to be in a world of hurt when housing prices drop. I wonder what these people are thinking. Do they realize their is a global pandemic and double digit unemployment? Anyways, they did it to themselves so that’s what happens when you have a poor understanding of economics.

#141 Spaccone on 09.09.20 at 1:25 am

—————————————————————–

As someone who lives in Italy you should know that Italy is filled with adult children living with their parents. My cousins live in 4 generation homes. Here is a stat on Italy…

“More than 65 percent of Italians aged 18 to 34 live at home with their parents, and nearly three quarters of them are men, according to the latest data from Eurostat, the statistical arm of the European Commission. Italy has even coined a term for these men: “mammoni” or “mama’s boys.”

———————————————
———————————————
There is a worldwide gender imbalance but places like Italy along with E.E. (also a high percentage of men living at home) have it pretty bad.

There is not one town in Italy where single women outnumber single men. What’s the point of going out living alone for appearances? The alternative is finding someone from another EU country or more likely a poorer or “2nd-world” region.

The other angle is that people get married very late in Italy these days, very easily into their late 30s so that’s why you can have a high percentage of those living at home up to age 34.

#142 Jane24 on 09.09.20 at 1:52 am

Alex, Montreal is lovely, I lived there for many years but don’t buy yet. Live there for a year first. It can be hard as an English speaker to feel like a second class citizen all the time. Plus RE values ALWAYS go up and down but ALWAYS revert to the normal – which is down. In a down market it can be very hard to sell. I have had this experience.

#143 Transit A on 09.09.20 at 2:55 am

My mind is not forgetful mush. We should all remember the conversation of a year and two ago, and that virus has nothing to do with RE prices.

The fact that interest rates have gone down to create a wider gap in monthly payments is the sole reason that prices went up. In fact, all things measured equally, prices are the same from an affordability measure. When rates go back up, prices will fall by the same amount.

Monthly pmts based on borrowing rates also drive auto prices. In ten years years we’ve gone from asking the price to asking the monthly pmt. No one owns anything anymore. Its all and only about pmts. When BMW’s topped $60,000 they stopped advertising prices and only printed the monthly lease.

Why would any idiot move to Quebec. Its a foreign country. You have no guarantee that your rights will be respected. Its a state in flux. On its own likely a failed state. You may as well consider Dubai.
At least in Dubai they don’t hide the fact that ‘others’ are legally sub humans. English Canadians are second class citizens in Quebec by legislation now, can you imagine your rights after separation?

Ask yourself if the separation of rights and division of citizens in Canada isn’t a political wedge and not a ‘righteous tool to solve the systemic racism’ that in fact doesn’t exist.

Can’t happen you say? Look around the increasingly Balkanized world where globalists consider small fractured states easier to control. Canada is no exception. Canada is in play, there is no doubt. Quebec could be taken as a war prize and the people locked up. Consider the forces who drive the ‘color revolutions’ in eastern Europe.

Think it can’t happen here, in a weak country under weak leadership? Think again. If you have a poli-sci class under your belt you might begin to understand the bigger picture which and when it’s presented are as hard core as ‘climate change war’.

Pay attention. Wake up. All is not well in limbo land. When the CBC tries to force the new Conservative Leader to mouth the propaganda line by line, and he won’t, you know there’s trouble brewing.

#144 willworkforpickles on 09.09.20 at 2:57 am

#98
If the T decouples trade with China , China will retaliate by dumping US treasury bonds (debt)…
It already could be a foregone conclusion and carry through no matter who will be US president.
They want to go slow at first to let the rest of the world catch up.
Most of the rest of the world want to go along in a decisive effort to dump the dollar as the worlds foremost reserve currency if China and Europe will lead the way.
A number of smaller economies/countries are well on the road.
The painfully economic move is best served to happen in this current world wide state of economic upheaval. Getting it through over and done with is the eventual goal.
It will ultimately leave America in a complete economic shambles.

#145 Julian on 09.09.20 at 7:03 am

#16 MF on 09.08.20 at 5:15 pm
8 looking up on 09.08.20 at 4:53

It is 100% tied to interest rates and nothing else.

Think back to 2018 when rates started to slowly rise worldwide, Canadian real estate started to wobble (along with stocks).

The bubble is the size of Jupiter. All it will take is a slight rise in interest rates and she’s going down. This goes for lots of markets not just Canadian real estate (the biggest bubble of all). Look at the hesitation of central banks around the world to either raise their overnight rate or slow down their weird bond buying schemes for clues. They are very cautious. Timid. Frightened. Because they know it will be painful.

MF
——————————————-

What’s the impetus for rising rates, anytime soon?

No one really knows I guess but the only fact is that we remain in a ridiculously low interest rate environment 10+ years after the 08/09 financial crisis and they hadn’t exactly risen particularly high before being cut again because of the pandemic.

#146 Asterix1 on 09.09.20 at 7:16 am

#122 Mississauga Mel on 09.08.20 at 10:23 pm
I can tell you from recent sales that I know of personally, prices have indeed risen from last year.
————————————————————————-

I believe you! I’m sure it happens. I know personally ALL the sales that have happened. All sold prices for the last 15 years are on House Sigma (and other sites).

The Supreme Court of Canada told TREB to back off and let these sites publish the data. RE mob tried to stop people from getting this info for a reason. Power is in your hands when you have data.

That’s when you realize how funny, pointless and manipulative the average/benchmark stats are!

#147 paulo on 09.09.20 at 7:30 am

“Eurica” 5 associates in the aisle at the same time!

#148 Mark the Carney, Carney on 09.09.20 at 7:50 am

#144 willworkforpickles on 09.09.20 at 2:57 am
#98
If the T decouples trade with China , China will retaliate by dumping US treasury bonds (debt)…
It will ultimately leave America in a complete economic shambles.
—————————————————————–
It will leave China in a big economic mess for two reasons. Its US dollar holdings will be worth substantially less overnight and its currency will appreciate substantially which no exporting nation wants. Your hope of US economic shambles is wishful thinking. Ain’t happening cowboy…

#149 crowdedelevatorfartz on 09.09.20 at 7:52 am

@#124 Ponzie Plot
“The Swedes are not human.
They have ice in their veins.”

++++
True.
When told they would have to “self distance” up to 2 meters they were confused. A Swede asked me…..

“Why must I stand closer to people during a pandemic?”

#150 Roger Doucet on 09.09.20 at 7:56 am

#143 Transit A on 09.09.20 at 2:55 am
My mind is not forgetful mush…
—————————————————————-

I disagree. After your mindless tinfoil hat post filled with hate for the great people of Quebec, it is more than mush. It is downright rotten…

#151 crowdedelevatorfartz on 09.09.20 at 8:07 am

The latest Donald Trump “Thrown under the Bus” File victims.

https://www.reuters.com/article/us-usa-military-trump-army/after-trump-comments-top-army-general-defends-militarys-leaders-idUSKBN25Z2HG

Whoever Trumps re-election committee are this week….
They’re earning their pay.
Until they quit or are fired.

What a “shoot from the lip” disaster.

#152 The Exterminator on 09.09.20 at 8:19 am

#139 the Jaguar on 09.09.20 at 12:49 am
@#105 DON on 09.08.20 at 9:38 pm

I am beside myself reading of ‘rats’ in Don’s tomato patch in his garden…followed by a megalomaniacal rant.
—————————————————————–
First off, if my buddy Don wants to post on the rats in his garden, he has the right. Second the gracious host of this blog didn’t care so why should you? Third, the real rat on this blog is thou and it is time you get snapped shut in a rat trap…

#153 crowdedelevatorfartz on 09.09.20 at 8:24 am

@#143 Transit B

“Pay attention. Wake up. All is not well in limbo land. When the CBC tries to force the new Conservative Leader to mouth the propaganda line by line…”

++++

The CBC?!?!?
You are kidding.
People actually watch their politically correct drivel?

Last viewership stats I saw for Canuck tv….. The CBC was at the bottom 5% of viewers….. they had 140,000 viewers on the 6pm prime time news slot….for the entire country……. 140,000 viewers in all of Canada for the 6pm News…..pathetic.

No one…. NO ONE is watching the CBC

#154 Uncle Al Sinclair on 09.09.20 at 8:26 am

#137 Ronaldo on 09.08.20 at 11:56 pm
#84 Uncle Al Sinclair

Montreal is a gorgeous city and Old Montreal is like walking the streets of Paris. You have to make the trek out there.
—————————————————————–
Ain’t that the truth. Loved the place and Old Quebec City even better.
————————————————————–

Absolutely. Quebec City is a beautiful place. Stayed at the Hotel Chateau-Frontenac and just loved it. Also stayed at Château Mont-Sainte-Anne which is near by and a fabulous ski resort.

#155 Uncle Al Sinclair on 09.09.20 at 8:29 am

#136 Ronaldo on 09.08.20 at 11:42 pm
#44 Uncle Al Sinclair on 09.08.20 at 6:26 pm
#33 Ronaldo on 09.08.20 at 5:56 pm

Wow, how times have changed. At 29 I was married with 2 children, 3 and 4 yrs old and managing a railway terminal and 10 years into my career.
——————————————————————
Started you career at 19? What were you before that, a bum?:)
————————————————————-
Good one Al, lol. Yes its true, started career at 19. 1 year after high school and after a year of jobs such as ditch digging, back hoe operating, chimney cleaning, painting, carpentry, tree planting, compassman, kael plotter, pricing and stocking shelves in uncle’s store. And still had time to chase the girls. Before that and while going to high school I worked in a hotel thru grades 11 and 12 working 45 hrs. per week. So, working full time since 17. Before that, from age 11 to 15, I worked in a restarurant as a chore boy, before school and after school every day of the month. I was able to earn enough money to clothe myself and purchase school supplies and plenty left for spending money. Like I said, how times have changed. And the millie’s think they have it so bad.
—————————————————————
I tip my hat to you sir! As the saying goes, “they don’t make them like that anymore!” You can hold you head high mon ami. Well done!

#156 Mississauga Mel on 09.09.20 at 8:32 am

135 Tom from Mississauga on 09.08.20 at 11:26 pm
BMO Investorline drastically cut the margin they allowed me for buying. They definitely think something is up.
——————————————————————

They want you to buy a house Tommy! Didn’t you read the stats on Mississauga house prices?

#157 Uncle Al Sinclair on 09.09.20 at 8:37 am

#134 Prairieboy43 on 09.08.20 at 11:22 pm
Sounds like many Gypsies on your blog, moving from place to place with no community roots, community strength, just moving to lower cost of living, flipping homes. This doesn’t make Canada strong. What is Canada Producing? Exporting? People Hundred percent reliant on internet. What’s backup plan?
—————————————————————-
You need to get out more often and see all of this great land. Moving gives one less of a provincial perspective (play on words with provincial btw) and makes you realize that the good folks of Canada are decent people from coast to coast. Are you calling the esteemed host of this blog a gypsy for pulling up his stakes and moving to lovely Nova Scotia from Ontario?

#158 Mark the Carney, Carney on 09.09.20 at 8:44 am

#132 Nonplused on 09.08.20 at 11:13 pm
#122 YouKnowWho – from PTO on 09.08.20 at 10:36 am
#85 Nonplused

—————

WAIT A MINUTE!

Isn’t inflation in the first place a method of price fixing?

Isn’t price fixing absolutely illegal?

—————————–

I don’t think inflation is price fixing. It is a matter of supply and demand, the supply of money being greater than the demand.
—————————————————————-

When large corporations have the power to set their prices, you’re telling me that is not inflation? A good part of the inflation of the 70s was due to this and wages being jacked up 10% a year. Corporations passed the wage increases on to the consumer through their power to increase prices. Read the late great Canadian economist John Kenneth Galbraith’s books to learn what economics is all about and get away from Uncle Miltie’s views of the world. Lastly, where is all the demand going to come from in this debt laden world? Wages are stagnant and most folks are living paycheque to paycheque. Wherein lies the great demand??

#159 Mississauga Mel on 09.09.20 at 8:48 am

#129 cramar on 09.08.20 at 10:53 pm
97 Trojan House on 09.08.20 at 9:11 pm

The weather has been unusually cool here in Ontario so excellent conditions for a virus to spread.

———-

Huh? You in northern Ontario? It just dropped back to normal for this time of year in SW Ontario.
—————————————————————

It’s been cool in lovely Mississauga for a week now, so no, not northern Ontario.

QUOTA. – Garth

#160 Uncle Al Sinclair on 09.09.20 at 8:50 am

#125 cramar on 09.08.20 at 10:35 pm
Interesting, I have relatives in Niagara Falls and was just told that this area is becoming a housing hotspot. The GO train goes to Niagara now, so GTA house-horney buyers are looking there. It is a depressed area since COVID shuttered the tourist industry, so housing is cheap.
—————————————————————-

It is indeed becoming a hotspot. To boot, it is minutes away from beautiful Niagara On The Lake and wine country.

#161 Stan Brooks Psychiatrist on 09.09.20 at 8:55 am

121 Stan Brooks on 09.08.20 at 10:17 pm

Cheers to all patients in the mental institution,
—————————————————————–

How many times do I have to tell you Stanley that the other folks on this blog are not in your mental institution?? They are not confined to their rubber room like you. Please Stanley, take your meds and get some sleep…

#162 Wild Bill Hickok on 09.09.20 at 8:57 am

#120 crowdedelevatorfartz on 09.08.20 at 10:15 pm
@#108 CalgaryCar Guy
“Bragg Creek west of Calgary.”
+++++

Beauty country there.
Used to go camping in the foothills around there in 1980.
—————————————————————

Hey Fartzy, have you ever eaten Rocky Mountain Oysters?

#163 Q2 DUPLEX DRIVE on 09.09.20 at 9:01 am

Moving from Vancouver to Montreal. Montreal of all places! Montreal is a place place you move FROM, not TO. I left that benighted city – and province – almost thirty years ag and never regretted it.

#164 crowdedelevatorfartz on 09.09.20 at 9:07 am

@#162 Wild Bill
“Hey Fartzy, have you ever eaten Rocky Mountain Oysters?”

+++++
Knowingly? No.
When I eat a hotdog? Probably.

#165 Stan Brooks Psychiatrist on 09.09.20 at 9:11 am

#116 Stan Brooks on 09.08.20 at 10:01 pm
The melt down of the crappy currency continues accelerated.
The numbers does not matter when the measure is faulty and unstable.
The price hence is misleading. It shows the destruction of currency, not economic activity or ‘growth’.
————————————————————–

What currency meltdown Stanely? The Canadian dollar is .76 US. That’s a meltdown? Does your brain process the fact the a lower dollar is a boon for Canadian exporters? You know, companies and folks who actually work for a living and not like a failed and broke boomer like you who keeps bleating the same old crap in all his posts.

http://www.tradeready.ca/2016/trade-takeaways/low-loonie-is-a-boon-for-canadian-exporters/

#166 Amral Khan on 09.09.20 at 9:17 am

Great picture. I work for HD.

#167 JB on 09.09.20 at 9:20 am

#161 Stan Brooks Psychiatrist on 09.09.20 at 8:55 am

121 Stan Brooks on 09.08.20 at 10:17 pm

Cheers to all patients in the mental institution,
—————————————————————–

How many times do I have to tell you Stanley that the other folks on this blog are not in your mental institution?? They are not confined to their rubber room like you. Please Stanley, take your meds and get some sleep…
…………………………………………………………….
Have you seen smoking Man lately? Tell him I said hello from the other side.

#168 YouKnowWho on 09.09.20 at 9:23 am

#158 Mark the Carney, Carney on 09.09.20 at 8:44 am
#132 Nonplused on 09.08.20 at 11:13 pm
#122 YouKnowWho – from PTO on 09.08.20 at 10:36 am
#85 Nonplused

—————

WAIT A MINUTE!

Isn’t inflation in the first place a method of price fixing?

Isn’t price fixing absolutely illegal?

—————————–

According to Wiki:
Price fixing is an agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand.

The intent of price fixing may be to push the price of a product as high as possible, generally leading to profits for all sellers but may also have the goal to fix, peg, discount, or stabilize prices. The defining characteristic of price fixing is any agreement regarding price, whether expressed or implied.

>>>
I don’t know how that reads to you, but inflation itself is clearly aimed to achieve this. Sure, it is one level above corporations, meaning two or more companies are not in a price fixing agreement. However, they don’t need to be, because Government is doing the dirty work for them by driving policy toward price increases, are they not?

Isn’t inflation doing exactly this: ” The defining characteristic of price fixing is any agreement regarding price, whether expressed or implied.”

#169 JB on 09.09.20 at 9:24 am

#160 Uncle Al Sinclair on 09.09.20 at 8:50 am

#125 cramar on 09.08.20 at 10:35 pm
Interesting, I have relatives in Niagara Falls and was just told that this area is becoming a housing hotspot. The GO train goes to Niagara now, so GTA house-horney buyers are looking there. It is a depressed area since COVID shuttered the tourist industry, so housing is cheap.
—————————————————————-

It is indeed becoming a hotspot. To boot, it is minutes away from beautiful Niagara On The Lake and wine country.
……………………………………………………………
Wow, my wife and I went there for a wine tour and stayed at a nice hotel and I have to say I would move there in a heart beat! One of the most beautiful places in the country. The people are friendly and the close proximity of the US border is very convenient.
If she could only do the 1.5 hour GO train commute to the hospital for the next ten years we would be set. Prices are still very good. I would kiss the east side goodbye.

#170 JB on 09.09.20 at 9:26 am

#162 Wild Bill Hickok on 09.09.20 at 8:57 am

#120 crowdedelevatorfartz on 09.08.20 at 10:15 pm
@#108 CalgaryCar Guy
“Bragg Creek west of Calgary.”
+++++

Beauty country there.
Used to go camping in the foothills around there in 1980.
—————————————————————

Hey Fartzy, have you ever eaten Rocky Mountain Oysters?
…………………………………………………………
Disgusting but it is bison. Tastes like beef!

#171 YouKnowWho on 09.09.20 at 9:28 am

#158 Mark the Carney, Carney on 09.09.20 at 8:44 am
#132 Nonplused on 09.08.20 at 11:13 pm
#122 YouKnowWho – from PTO on 09.08.20 at 10:36 am
#85 Nonplused

—————

WAIT A MINUTE!

Isn’t inflation in the first place a method of price fixing?

Isn’t price fixing absolutely illegal?

—————————–

Proof: Pick any product you want. It cost more today than it did in the past. The cause? Inflation is increasing prices for the consumer, thus fixing the price.

Honestly, how is inflation not a conspiracy, a form of price fixing that is intended to charge consumers higher prices?

#172 JB on 09.09.20 at 9:29 am

#153 crowdedelevatorfartz on 09.09.20 at 8:24 am

@#143 Transit B

“Pay attention. Wake up. All is not well in limbo land. When the CBC tries to force the new Conservative Leader to mouth the propaganda line by line…”

++++

The CBC?!?!?
You are kidding.
People actually watch their politically correct drivel?

Last viewership stats I saw for Canuck tv….. The CBC was at the bottom 5% of viewers….. they had 140,000 viewers on the 6pm prime time news slot….for the entire country……. 140,000 viewers in all of Canada for the 6pm News…..pathetic.

No one…. NO ONE is watching the CBC
………………………………………………………………
I watch it when I accidentally hit the channel and I am usually too tied to move my finger again………then……….I……..fall…….asleep………….ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ

#173 Do we have all the facts on 09.09.20 at 9:34 am

I am running out of patience with the current obsession with the simple fact that the Covid 19 virus has infected 2.1% of Canadians tested for the virus.

Since the ‘pandemic’ arrived in Canada there have been a total of 9,153 deaths attributed to the Covid 19 virus. I say attributed because 96.8% of the 9,153 deaths involved citizens 60 years of age or older and 90.0% involved Citizens 70 years of age or older.

The average mortality rate of 6,700,000 Canadians 65 years of age or older is 34.5 deaths per 1000. There is an extremely high probability that the primary cause of death of a significant number of deaths attributed to the Covid 19 virus was another pre-existing health issue.

Even if 100% of the deaths of citizens 65 years or older that were attributed to the Covid 19 virus were to be included the mortality rate for this age group would only increase by 0.7 deaths per 1000 to 35.2 deaths per 1000. This does not meet the definition of a pandemic.

The mortality rate for the balance of the population would remain unchanged. In simple terms the risk of death from the Covid 19 virus for Canadian citizens between 0 and 60 years of age is negligible.

Please provide the most vulnerable citizens with the best masks available and focus of improving their access to immediate health care when required. Stress the need for the vulnerable, and those visiting the vulnerable, to practice social distancing.

Stop focussing on the total number of infections and shift focus to the rapid decline in hospitalization and deaths. We are creating a fear of infection when infection is only way the human body can establish immunity.

What is a vaccine other than a mild infection?

We have hard evidence indicating who must be protected from infection and yet we continue to impose restrictions on the general population and all but ignore the most vulnerable. I have yet to receive my N95 mask. How about others over 60 years of age. $350 billion and no top quality masks for the vulnerable. What gives?

The level of hypocrisy these days is getting difficult to stomach.

#174 David Pylyp on 09.09.20 at 10:00 am

How many deferrals at the big 6?

https://www.mortgagebrokernews.ca/news/canadians-have-more-than-500000-payment-deferrals-with-the-big-six-333123.aspx

Gonna be huge!

#175 TurnerNation on 09.09.20 at 10:13 am

On the psycholgical front, did you ever thing you’d be hearing the term “illegal gatherings?” used in our society? Once again I deeply regret my grandparents’ sacrifice in WW2. That was all rolled back. Illusion.

The pivot from protecting the old to indocterating the kids, another headlines (designed to get into our heads) is that young people are creating more ‘cases’
Halloween parties? I’m sure those will be illegal too.
Remember this: you no longer have the right to be sick; conversely you no longer have a method of proving your health. We’re 1/2 a year into this and they are not letting up. Your private medical records are front page news now. As I noted in March/April in the New System Individual rights are no longer. Quit being so selfish and just comply will you?

2nd wave of Bankruptcies coming soon..always two weeks right. Except that they are. Follow the closings here:
https://www.blogto.com/eat_drink/

https://www.thestar.com/news/city_hall/2020/09/08/tory-pleads-with-torontonians-to-avoid-illegal-gatherings-and-follow-rules-to-halt-covid-19-resurgence.html

#176 Dharma Bum on 09.09.20 at 10:22 am

The common thread of today’s post is:

Two of the Worst Places in Canada to Live – Mississauga and Montreal.

Ugggggh.

Dismal and depressing, both of them.

#177 TurnerNation on 09.09.20 at 10:22 am

#94 Track and Trace T2 isn’t 4 weeks just enough time for T2 and co. to drop the New Green Plan? This blog said it was to be late Sept I think. My take has always been that they must soften us up to accept this New System. Keeping us off balance. and FEARFUL.

How do you control a large herd of animals? Using fear: a few cowboys on imposing horses; a few collie dogs chasing them down; electric fences and cattle prods.
Today it’s just headlines (designed to get inside our heads). We the tax farm animals. All diseased that we must eat outside only like barnyard animals; too dangerous going inside! “Ya filthy animal”

#178 Mattl on 09.09.20 at 10:32 am

With money basically free, and homes still pretty cheap, why would you wait to buy in Montreal? Put the minimum down and you around 2500 a month mortgage to carry the home, mortgage free in 15 years. Invest the rest of the HUGE down payment. If you truly are committed to Montreal, hard to see how this can backfire.

And frankly the advice to wait it out hasn’t exactly played out that well over the past 15 years. I’m sure at some point there will be a major correction but money is so cheap that the rent vs buy calcs look pretty good. IF you are willing to stick in one place for a decade or more.

#179 Stan Brooks on 09.09.20 at 10:33 am

#165 Stan Brooks Psychiatrist on 09.09.20 at 9:11 am

You are contradicting yourself. Stating that the loonie is not depreciating, then quoting article that speaks about low loonie being good for exporters. Low currency has worked wonders apparently for Turkey and Venezuela as it ‘boosts their exports’. Sure.

And my medication is actually working pretty well, on Irish quality whiskey today. One needs some sanity after interacting with dummkopfs of your caliber.

Monetary inflation in Canada:

https://tradingeconomics.com/canada/money-supply-m2

M2 Money supply increasing 16 % + on a yearly bases.

Hint: It shows in the asset and food prices with some lag.

An no, it is not growth that drives this ‘appreciation’, it is the meltdown of a currency in which your labour is measured.

Cheers,

#180 willworkforpickles on 09.09.20 at 10:45 am

Carney…with regard to China selling off US treasuries, this is already happening but slowly. You missed the point. Re-read what i said. To dethrone the US dollar as the worlds reserve currency is what China Europe Russia and many many other countries want. They will do it slowly to mitigate the economic fallout and will succeed in doing so eventually.
I’ve yet to see a rodeo here in the D where i live and have been most of my life…cowboy.

#181 Lambchop on 09.09.20 at 10:50 am

#153 crowdedelevatorfartz on 09.09.20 at 8:24 am
@#143 Transit B

“Pay attention. Wake up. All is not well in limbo land. When the CBC tries to force the new Conservative Leader to mouth the propaganda line by line…”

++++

The CBC?!?!?
You are kidding.
People actually watch their politically correct drivel?

Last viewership stats I saw for Canuck tv….. The CBC was at the bottom 5% of viewers….. they had 140,000 viewers on the 6pm prime time news slot….for the entire country……. 140,000 viewers in all of Canada for the 6pm News…..pathetic.

No one…. NO ONE is watching the CBC

_________________

https://www.google.ca/amp/s/amp.thepostmillennial.com/cbc-has-a-real-conflict-of-interestin-covering-erin-otoole-will-they-do-trudeaus-bidding-again

#182 Stan Brooks Psychiatrist on 09.09.20 at 11:13 am

#179 Stan Brooks on 09.09.20 at 10:33 am
#165 Stan Brooks Psychiatrist on 09.09.20 at 9:11 am

You are contradicting yourself. Stating that the loonie is not depreciating, then quoting article that speaks about low loonie being good for exporters. Low currency has worked wonders apparently for Turkey and Venezuela as it ‘boosts their exports’. Sure.
————————————————————-

Ah Stanley. I am wasting my time arguing econmics with your ilk. Read any econcomic textbook (assuming you know how to read) and they will tell you a lower currency is a boon to exports like the article I posted. Canada is in the priviledged position to have one of the only 8 hard currencies in the world. A .76 US dollar Canadian dollar is hardly a collapsed currency and right in line where Canadian exporters like it. Now back to your booze and meds and take a nice nap.

#183 Keen Reader on 09.09.20 at 11:14 am

@143 Transit A

Having lived and worked in all but one of Canada’s provinces, let me assure you that Anglos are much better treated in Qc than Francos in most of the rest of Canada. Of course, prejudice can be found anywhere; how about minimizing it on this blog’s comments section??

#184 Nurse Ratchet on 09.09.20 at 11:16 am

#177 TurnerNation on 09.09.20 at 10:22 am
#94 Track and Trace T2 isn’t 4 weeks just enough time for T2 and co. to drop the New Green Plan? This blog said it was to be late Sept I think. My take has always been that they must soften us up to accept this New System. Keeping us off balance. and FEARFUL.

How do you control a large herd of animals?
————————————————————–

Better yet, how do you control bloggers with tinfoil hat conspiracy theories? Seems they have done a marvelous job with you.

#185 Mississauga Mel on 09.09.20 at 11:19 am

#176 Dharma Bum on 09.09.20 at 10:22 am
The common thread of today’s post is:

Two of the Worst Places in Canada to Live – Mississauga and Montreal.

Ugggggh.

Dismal and depressing, both of them.
————————————————————–

Montreal dismal? You have to be kidding me. As for Mississauga, I am going to get Hurricane Hazel to get you…

#186 Wild Bill Hickok on 09.09.20 at 11:24 am

#170 JB on 09.09.20 at 9:26 am

Hey Fartzy, have you ever eaten Rocky Mountain Oysters?
…………………………………………………………
Disgusting but it is bison. Tastes like beef!
—————————————————————-

You are a real cowboy JB!! Kudos to you. I don’t think some folks on this blog know what I am referring to when I say Rocky Mountain Oysters…:)

#187 YouKnowWho on 09.09.20 at 11:25 am

#158 Mark the Carney, Carney on 09.09.20 at 8:44 am
#132 Nonplused on 09.08.20 at 11:13 pm
#122 YouKnowWho – from PTO on 09.08.20 at 10:36 am

———-

I think what this all comes down to is one simple fact: There is no such thing as a free-market.

Between inflation driving prices upwards, interest rates, exchange rates, amount of money in the market, borrowing, debt levels, liability for debt being socialized, bank interests driving policy, etc. etc. etc. THE MARKET IS AS FIXED AS IT GETS! Any market. Every market. Free does not exist.

I have always accepted that I can be a bit slow on some points. It took me a while to get to this conclusion after digesting all the diversions, but I’ve arrived at the final stop on the Mississauga Subway line and the station name is: T.M.I.A.F.A.I.G!

#188 Uncle Al Sinclair on 09.09.20 at 11:28 am

#169 JB on 09.09.20 at 9:24 am

It is indeed becoming a hotspot. To boot, it is minutes away from beautiful Niagara On The Lake and wine country.
……………………………………………………………
Wow, my wife and I went there for a wine tour and stayed at a nice hotel and I have to say I would move there in a heart beat! One of the most beautiful places in the country. The people are friendly and the close proximity of the US border is very convenient.
If she could only do the 1.5 hour GO train commute to the hospital for the next ten years we would be set. Prices are still very good. I would kiss the east side goodbye.
————————————————————–
You got it! I go there often and love it. Been to almost every winery in the area. I have also been to several plays at the Shaw Theatre. A gem of a place.

#189 Sunnyways on 09.09.20 at 11:32 am

No one…. NO ONE is watching the CBC

————————————————————————

But we are all paying for it.

#190 Mark the Carney, Carney on 09.09.20 at 11:32 am

#168 YouKnowWho on 09.09.20 at 9:23 am

I don’t know how that reads to you, but inflation itself is clearly aimed to achieve this. Sure, it is one level above corporations, meaning two or more companies are not in a price fixing agreement. However, they don’t need to be, because Government is doing the dirty work for them by driving policy toward price increases, are they not?
————————————————————–

John Kenneth Galbraith, the late great Canadian economist made it very clear that large corporations have gained conrol over their prices and don’t need the government help to boost pricing. In fact, price controls by the governments in the 70s were aimed at reducing the power of the large MNCs. A large part of the inflation of the 70s were workers getting yearly increases of 10% and then the large MNCs passing these increased costs on to the consumer. Today, wages are stagnant…

#191 Stan Brooks Psychiatrist on 09.09.20 at 11:35 am

#167 JB on 09.09.20 at 9:20 am
#161 Stan Brooks Psychiatrist on 09.09.20 at 8:55 am

121 Stan Brooks on 09.08.20 at 10:17 pm

Cheers to all patients in the mental institution,
—————————————————————–

How many times do I have to tell you Stanley that the other folks on this blog are not in your mental institution?? They are not confined to their rubber room like you. Please Stanley, take your meds and get some sleep…
…………………………………………………………….
Have you seen smoking Man lately? Tell him I said hello from the other side.
—————————————————————–

Synchronocity or what? I have been thinking of Smokey. Hope he is still among the living. Just lost a buddy in his 60s to cancer…

#192 cto on 09.09.20 at 11:44 am

Garth, I’m sure you heard the BOC statement this morning.
They basically mirrored the fed…as always…
Rate is at 0.25%, and they don’t expect any movemnt until 2023.
Gee, thats a long time…but not surprising since they have been sitting around that level since 2008.
We bought our house in 2011, I thought we failed, but instead we won the lottery! I only failed in not listening to my wifes realtor sister, who said you should get another as investment!
Oh well, can’t complain for glass half full…
Garth,…give it up, zirp and QE will soon be around for 20 years.
That’s a permanent fixture…don’t you think?

Of course not. And the BoC did not give a 2023 commitment. Read the statement. – Garth

#193 PBrasseur on 09.09.20 at 11:46 am

Money printing as far as the eye can see!

https://financialpost.com/news/economy/bank-of-canada-holds-interest-rate-at-0-25/wcm/3a749a3a-16d9-41d6-9bbc-d9d551e03cf0/

We act like Argentina we’re going to fail like Argentina.

#194 YouKnowWho on 09.09.20 at 12:05 pm

#190 Mark the Carney, Carney on 09.09.20 at 11:32 am
#168 YouKnowWho on 09.09.20 at 9:23 am

I don’t know how that reads to you, but inflation itself is clearly aimed to achieve this. Sure, it is one level above corporations, meaning two or more companies are not in a price fixing agreement. However, they don’t need to be, because Government is doing the dirty work for them by driving policy toward price increases, are they not?
————————————————————–

John Kenneth Galbraith, the late great Canadian economist made it very clear that large corporations have gained conrol over their prices and don’t need the government help to boost pricing. In fact, price controls by the governments in the 70s were aimed at reducing the power of the large MNCs. A large part of the inflation of the 70s were workers getting yearly increases of 10% and then the large MNCs passing these increased costs on to the consumer. Today, wages are stagnant…

—————————-

Mark the Carney, Carney, I hear you. Obviously any corporation sets prices as they wish.

However, what I like to do is zoom out to ensure I’m at the last layer of control. And that last layer of control is the strong desire to have inflation stay positive and prices to increase. Such policy is in fact by definition a conspiracy to control prices. Actions are clear, and you can see that when inflation stalls, efforts are taken to move it in the desired range – again, manipulation leading to price increases.

So yes, as you say, large corporations have gained control over prices. However, the do so in an inflationary environment that doubles up the assurance that prices move in only one direction – up.

Interesting that this has not been brought as an argument to the courts of the land. Especially in the more litigious countries. Then again, THE MARKET IS AS FIXED AS IT GETS also applies to the highest courts – not like they are not manipulated via nominations, allegiances, etc.

#195 Wrk.dover on 09.09.20 at 12:19 pm

The only thing Yarmouth has going for it, is it is not Sydney. Plus it much is smaller and is separated from it by an all day drive.

#196 Is Stan Brooks for real? on 09.09.20 at 1:15 pm

Serious question. Does he/she believe the nonsense they spew?

#197 CalgaryCarGuy on 09.09.20 at 1:17 pm

Re #120 by crowdedelevatorfarts
See any Grizz around the Bragg Creek property?
—————————————————————
Yes, they come through here occasionally. A neighbor lost a horse to one a few weeks back. I run seven game cameras 24/7 here and have captured great pictures and videos of all kinds of Alberta foothills wildlife. Lots of cougars, moose, black bears, elk and grizzlies. Wolves are sometimes on the property as I find their tracks but I haven’t caught one on camera yet.

#198 Mark the Carney, Carney on 09.09.20 at 1:24 pm

#194 YouKnowWho on 09.09.20 at 12:05 pm

So yes, as you say, large corporations have gained control over prices. However, the do so in an inflationary environment that doubles up the assurance that prices move in only one direction – up.

Interesting that this has not been brought as an argument to the courts of the land. Especially in the more litigious countries. Then again, THE MARKET IS AS FIXED AS IT GETS also applies to the highest courts – not like they are not manipulated via nominations, allegiances, etc.
—————————————————————

I would not use the word manipulated or fixed but rather what the MNCs have done is escape the market and have gained control over their prices. They have been doing this for ages, it is nothing new. This is what Galbraith was all about. The Friedmanites of the world talked about the market as though it was a mechanism that applied equally to every participant. Well that is not the reality and never was. Large MNCs want to escape the market and gain control over their prices.
Classical economic principles only apply to invididuals and companies which has not escaped the market. On the inflation front, central banks target a 2-3% inflation rate. What they really fear is deflation and will do everything possible to stop that. Cue BOJ.

#199 Mark the Carney, Carney on 09.09.20 at 1:31 pm

#187 YouKnowWho on 09.09.20 at 11:25 am
#158 Mark the Carney, Carney on 09.09.20 at 8:44 am

I think what this all comes down to is one simple fact: There is no such thing as a free-market.
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At the risk of being repetitive, the free market DOES exist for the participants who have NOT escaped it. MNCs and individuals who have escaped it are not dealing with a free/competitive market. Take for instance government workers in Canada. They have gained control over their wages through their unions and collective bargaining. That is why teachers in the public sector make 50% more than what the private sector teachers make on average. One group has escaped the market, the other has not. Small contractors competing for a job have to face the market/competiton and hence reduce their profit margins. Large pharmaceuticals for example do not and hence make monster profit margins. See the difference?

#200 Uncle Al Sinclair on 09.09.20 at 1:34 pm

#197 CalgaryCarGuy on 09.09.20 at 1:17 pm
Re #120 by crowdedelevatorfarts
See any Grizz around the Bragg Creek property?
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Yes, they come through here occasionally. A neighbor lost a horse to one a few weeks back. I run seven game cameras 24/7 here and have captured great pictures and videos of all kinds of Alberta foothills wildlife. Lots of cougars, moose, black bears, elk and grizzlies. Wolves are sometimes on the property as I find their tracks but I haven’t caught one on camera yet.
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Sounds like you live in a nature lover’s dream. Lucky you!

#201 Stan Brooks Psychiatrist on 09.09.20 at 1:36 pm

#196 Is Stan Brooks for real? on 09.09.20 at 1:15 pm
Serious question. Does he/she believe the nonsense they spew?
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Sadly he does. I got him settled down with his meds and some stiff Irish whiskey. Stanley is sleeping like a baby in his rubber room. We try to keep him off the keyboard for most of the day…

#202 Francois Bleau on 09.09.20 at 11:04 pm

You can buy a SFD for 300k on the South Shore of Montreal, no reason it could go down with the stupid low interest rate. The recovery here is the strongest after Phoenix, the economy is diversified. You can live in English and send your kids to English school if you’ve been at one in Canada… with cheap Uni, car insurances, cell phone bill, daycare and beer in an international level city (4.2 m pop). Let’s also mention the actual possibility of your family becoming bilingual.

Lot’s of bad faith arguments in the comments, Montreal has changed and blossomed in something special and solid in the last 15-20 years.

#203 Transit A on 09.10.20 at 5:51 am

#182:Keen

and others. Thx for pov. However, it’s easy to see how deeply silent the Quiet Revolution still spins beneath the surface. Take heart, we are not fooled by the intent of Quebec is to drain Canada as build to a critical mass on the backs of taxpayers. The backers of Quebec Libre are not Canadians but the same bunch who are busy burning EU states and Democrat American cities.

https://en.m.wikipedia.org/wiki/Quiet_Revolution

Anglos are in fact second class citizens in Quebec legislation, take it up with them, it’s no secret. Try hanging an English sign on your business or flying a Canadian flag.

There is another religion ( that’s also what I think is at the core of Quebec separation, a crazy irrational cult.) But, to pretend Quebec is a willing partner in Canada is akin to the concept of Taquiyya, where a certain religious document encourages a person to lie in order to further the cause.

I referred to the balkanization of fractured countries attacked from outside with “color revolutions. Choose your colour, Quebec is one day away from violence. No one who watches the money flowing into Canada from radical social anarchists doubts that coordinated groups are already training to burn loot and ban in the name of globalism.