Chill

Lately I’ve been stuck in Lunenburg, on the south shore of Nova Scotia because leaving here (even for my pad in the Big Smoke) means a 14-day quarantine upon return. It’s called the Atlantic Bubble. Anyway, here are three observations.

First, the annual hurricane arrived today. Teddy. Nature is still in charge, apparently. It’s exhilarating.

Second, no virus here. Virtually nobody in the province (or the one next door) has it.  No hospitalizations. Been that way for a while now. No wonder there’s a bubble.

Third, real estate is as stupid in a town of 2,200 souls on the edge of the sea as it is in Leaside or Kits. Used to be that a $500,000 listing was top-end and took a year to sell. Now such a property goes in a couple of days, and prices have risen a third in eight months. But the really interesting point is none of the new buyers are local. And few of them have set foot in the properties (quarantine, remember?). The Upper Canadian refugees are clearly on their way, thanks to FaceTime.

As this pathetic blog recently pointed out, the Covid Boom’s everywhere. Virtually all major regions in North America have seen people panic-buying houses they think will protect them in areas they feel are safe. Condos bad, detached good. Downtowns germy, suburbia clean. This has led to a price hike nationally of 18% year/year, and a new explosion in housing debt. Despite a recession, joblessness and massive uncertainty, families have been taking the plunge. It’s weird. Emotional. Probably dangerous.

CHMC still thinks so. The federal housing agency said it again this week. “When I look at the housing market there are a tremendous number of risks,” warns chief economist Bob Dugan. “I’m not convinced that we have a sustainable basis for housing demand in the economic disturbance that’s going on related to COVID-19. That’s why I say I stand by the forecasts.”

The forecast is for a drop in real estate values of between 9% and 18% within the next few months. Of course, as prices snake higher that becomes way less scary for people. Besides, nobody’s paying attention. The virus in general has created far more demand for real estate than there is supply. In places like Toronto these days the inventory of resale homes has dropped from months to days.

The rocket fuel behind all of this is the cost of money. And behind that is the central bank.

The Bank of Canada is acting in an extraordinary fashion to artificially depress interest rates in order to (a) encourage borrowing and economic activity and (b) allow the federal government access to oodles of cheap cash to finance an historic spending binge. The results are predictable. Savers are being crushed. Borrowers are snorfling almost-free loans. And asset values are rising as the multiple bids come rushing in.

Look at the chart below. Our central bank now owns a third of the entire Government of Canada bond and T-bill market, which is double the amount of national debt that the US Fed has purchased. This bond-buying orgy has pushed yields lower, resulting in 1.5% mortgages. It means, in effect, folks can finance houses which are appreciating at nine times the rate of inflation with 20 times leverage using loans that get easier to pay as the economy reopens. The last time we saw similar conditions?

Right. Never.

Source: Bloomberg, RateSpy, Turner Investments. Scale is in billions of dollars.

The burning question is how long this will last. Rising home values mean buyers carry a lot more debt, which low rates make possible. But the virus, double-digit unemployment, recession, deflation and economic mayhem will not last forever. Vaccines and therapies will come. Social distancing will end. Elevators will no longer be toxic petri dishes. People will have showers, put their pants on and go back to work.

As the economy revives, so will inflation. In fact it might roar as companies increase costs to survive and workers try to catch-up on lost incomes. With inflation and GDP growth will come higher rates. Central banks will turn from buyers of bonds to sellers, since they never intended to hold so much sovereign debt. The rate manipulation will stop when the economy no longer needs the crack cocaine of cheap money. This is not conjecture. It’s monetary fact.

When?

Three years maybe. At most. It means people taking five-year terms now will not be renewing at the same level. Not even close.

So CMHC may be eventually right. Some people will regret their hasty emotionalism in the midst of a pandemic fog.

Others, though, will live quaintly in paradise. Down the street from me.

207 comments ↓

#1 Andrewski on 09.22.20 at 2:56 pm

Calm waters for those who have planned well, while the financial storm ahead of us has yet to rear it’s ugly head.

#2 Habitt on 09.22.20 at 2:57 pm

Sure as the sun rises

#3 Alberta Boy on 09.22.20 at 2:57 pm

I would love to live out there in Lunenburg Garth. I have passed you a couple of times in the Halifax Airport going to and from the Stadacona Naval base. I love that shore and hope to someday help solve the mystery of the Curse of Oak Island haha! The problem is I also love Vancouver Island and it is closer to my Redneck kin in Alberta. I can see why RE prices in both of these places keep going up. A lot of people with the funds hope to end up there. Thanks again for your blog….been my go to nightly entertainment for probably almost 3000 days in a row now.

#4 Captain Uppa on 09.22.20 at 2:59 pm

An extended family member of mine just got her walking papers from CIBC head office. 20 years of service. She is not alone, let’s put it that way.

Lots of job losses yet to come, I suspect. Still the house lust rages on. Low rates are one thing, but you still have to be approved.

#5 TurnerNation on 09.22.20 at 3:05 pm

And country-risk. They are clear. You will not get your freedoms back until you get you Certificate of Vax ID (COV-ID)
Just think, Unlimited power, unlimited control over change they have now! Clear sailing into full UN territory.
Just like that, one week in March; the New System came into being. Decades of planning.
The Feds are only able to buy hotels/motels as they made everyone scared. The Long Game.

The world fell in WW3. The enemy? Us. Supposedly bio weapons.

– See the winners? This article is all about public sector unions.
-They will follow orders. Of course, mortgages have to be paid. Predicative Programming right here, sell job.

https://www.blogto.com/city/2020/09/toronto-dedicated-police-officers-covid-19-enforcement/

“Life has changed and all of us have to act like it, but I fear that on some level, too many of us are unwilling to make the changes we need to make to keep everyone safe and limit the spread of COVID-19,” said Dr. Eileen de Villa.

“We have to choose to live differently, at least for now. COVID-19 is here until there’s a vaccine and we have to act differently until we get it.”

#6 Catalyst on 09.22.20 at 3:07 pm

Firstly, on CMHC – they predicted 18% decline before the 18% increase so they need one helluva decline now to be ‘right’. And, as I’ve said for years on this blog, interest rates are the only thing with potential to move markets down and we’ve been given a 3 year pass so I just don’t see how house prices will ever correct that much.

Secondly, I respectfully disagree with your inflation call. There has been no (recorded) inflation for decades. Yes there is real inflation but they adjust out those numbers. The only thing I believe the inflation figures capture are the weak wage growth we’ve seen for 2 decades and with record unemployment, wages aren’t going to increase any time soon.

Thirdly, and supporting my low inflation/disinflation call, is technology is the mother of all disinflationary factors. It destroys jobs quicker than governments can react. There has been abysmal regulation on technology and if you’ve ever watched the senate/house committees grill the tech companies they expose how little they actually know and how far they are from real regulation. Amazon is market maker and competes with their customers by making knock off goods and no regulation at all!

Lastly, I’m increasing my USD holdings. I fear CDN is veering hard left and no one will take my loonies in the next few years. Our plan to economic recovery always seems to be to destroy our dollar ‘to make us more competitive’. LOL!!

#7 Howard on 09.22.20 at 3:10 pm

#160 Stoph on 09.22.20 at 2:28 pm

Good to know that you don’t think that all labour should be compensated equally.

Your argument rests on the idea of one class of people getting an unfair financial break that unavailable to another class. I would disagree and say that a person’s housing situation is their choice (renter or owner) that’s available to everyone, though limited by their financial situation – just like many other things in life such as people’s career choice.

If we’re going to ‘level the playing field’ when it comes to owning vs. renting a home, why stop there? Why not ‘level the playing field’ to all other aspects of life including people pay? If we seek to make everything ‘fair’ for everyone, we’ll eventually get to this point.

I suppose the question to be answered is ‘How far is it appropriate/fair for government to make things ‘fair’?’

————————————

Slippery slope arguments are lazy and barely worth responding to.

Why stop there? Well, because there is no moral case to be made that someone whose strategy is to rent and invest in financial markets should pay up in full while another person whose strategy is to go all-in on a PR gets to pay nothing. We have a trillion debt and incomes taxes are already some of the highest in the world, so what shall we do? Tax productive work EVEN MORE while homeowners continue to get a pass? That would only make Canada even more reliant on housing as everyone sees that the only way to make and keep money is to sell houses to eachother, thereby making Canada even more vulnerable to an exogenous shock that not even the BoC can paper over.

Your analogy to equalizing income is utterly ridiculous. Income levels are determined by supply and demand. People can level up in terms of education and skills, especially these days with inexpensive (or free!) online courses. Civil service largesse somewhat waters it down but the principle of supply and demand in the labour market still mostly holds. Preferential treatment of homeowners over renters, by contrast, was imposed by government diktat and can, and should, be modernized.

#8 Ponzius Pilatus on 09.22.20 at 3:14 pm

Again, it proves that RE is local.
Here, in my part of the Lower Mainland, we had a frenzy after they opened up.
But now it’s gone quiet.
One listing went up in the neighborhood 2 weeks ago.
Taken down yesterday.
The spring market should be interesting.
I’m settled in. Go for a power walk every morning. Eat well. Prepare for the second wave.

#9 Apocalypse2020 on 09.22.20 at 3:15 pm

GET IN THE BUNKER, GARTH!!

https://www.halifaxtoday.ca/local-news/hurricane-teddy-to-deliver-a-one-two-punch-to-atlantic-canada-2731890

This is just a rehearsal for what comes after November 3, everyone.

PREPARE

#10 Howard on 09.22.20 at 3:19 pm

Some serious incentives being offered by purpose-built rental buildings in Toronto. They are aggressively competing with mom & pop landlords for tenants. I wonder who will win?

Brand new “luxury” (aren’t they all) rental building at Yonge & Eglinton offering 2 months free rent + $1500 move-in incentive.

https://www.myrental.ca/communities/condo-rentals-yonge-eglinton-18erskine

#11 Dolce Vita on 09.22.20 at 3:25 pm

“First, the annual *hurricane arrived today. Teddy.”

*Tropical Storm. Teddy.

Still, packs a punch.

https://www.wunderground.com/hurricane/atlantic/2020/hurricane-teddy

—————————

And yes, I wanted to make sure you were going to live thru Teddy.

As this moment it is Cat 2. Maybe you can’t see that far from Italy. – Garth

#12 Catalyst on 09.22.20 at 3:27 pm

Sorry, forgot to mention one more thing…

I watched powel/mnuchin today in front of the house committee. Super scary stuff. They basically testify they used all their bullets, zero rates, asset purchases, free loans and they need the help of fiscal policy now. An open ended plea for the politicians to do SOMETHING. The reply was madening, house members on both sides demanding monetary policy do more to help those in need. Talib decrying that the fed isnt doing enough to stop complete economic collapse. Mnuchin saying they arent doing ABL but rather a cash flow loan on pre covid ebitda expecting many writeoffs. Total takeup of the $75Bn program to date has been $2Bn due to narrow qualification parameters.

The stalemate in the US until at least January is frightening if we truly get a second wave. There is no plan right now and the timing of the election has made no deal a certainty. The senate is now solely focused on scotus appointment in the 12 sitting days they have left this year.

#13 Toronto_CA on 09.22.20 at 3:28 pm

Our return to office plan phase 1.0 that started Sept 14th just got turfed and now we are required to work from home until further notice.

If working from home is the normal for a year (6 months to go), do you really think we are going to be required to come to the office 5 days a week again?

As I’ve said, the death of the office as we knew it pre-covid is real. I used to think 3 days a week in would be normal, now I think 3-5 days a month is going to be normal.

Let’s see what history tells us in a few years!

#14 Diamond Dog on 09.22.20 at 3:33 pm

People seem to think that just because the fed rate could stay near zero for years, suddenly means that mortgage rates will stay somewhere between 2 and 3% in perpetuity. The market can’t handle rate hikes so they won’t happen, the masses say with their inner voice.

“Not so”, says Diamond Dog. Banks make money on the spreads between their own cost of borrowing and what they loan out to borrowers. These spreads will widen in an era of higher bankruptcies and mortgage defaults.

Can’t happen? In a pandemic era of double digit unemployment and bankruptcies sure to follow, you bet it can. Spreads will definitely widen as bank lending costs go up, as well as to mitigate risk. This is just one aspect of it but right now, its the main one I see going forward. Unemployment is high, in some sectors, structural from Covid19 and if we look at the daily new cases in Canada chart:

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

It can get worse!

#15 John on 09.22.20 at 3:33 pm

Let’s say that in 3 years the central banks raise the rates… considering the indebtness of the population this will whipe off the economic growth and will reduce the velocity of the money even more. What do you think the central banks will do? Correct! Will keep them low until this goes away. I recon that in 5 years the mortgages won’t cost much more than they do today, and generally the credit will be cheap until the indebtness slides down. And that will take much more than 5 years. As a simple example, let’s take a look at the previous economic cicle from 2008 until March 2020. Rates never went up to the previous levels.

Low rates bring more debt, not less. Not a chance rates stay low for longer than currently indicated, unless the economy tanks. Then you have a lot more to worry about. – Garth

#16 Editrix on 09.22.20 at 3:34 pm

Re: #10 Howard:

That building is on Roehampton. Isn’t that where the neighbourhood is currently having the problem with the homeless shelter there?

#17 conan on 09.22.20 at 3:36 pm

A lot of this migration is due to high speed internet and zoom. There will come a time when it is prudent to sell the rural digs and flock back to the city.
When will that be? Probably as soon as the vaccines seem to be working, but not yet universally accepted/implemented.

Some people are destined to make money leaving the big city , and then make more money , moving back again.

#18 Millennial Realist on 09.22.20 at 3:36 pm

This will be BIG, everyone!

**Breaking News – Trudeau has just announced a special television broadcast for tomorrow night.**

Just hours after the Throne Speech.

Huge change is coming, though it may seem to start small.

Be part of the change.

Or be run over by it.

(Paleos might want to load up on adult diapers for tomorrow)

#19 crowdedelevatorfartz on 09.22.20 at 3:45 pm

@#18 Millenial Delusionist
“(Paleos might want to load up on adult diapers for tomorrow)”

+++

Nah, I’d rather leave ANOTHER mess for you to clean up…… :)

#20 John on 09.22.20 at 3:46 pm

Low rates bring more debt, not less.
Agree, but raising rates could:
a. Default a lot of borrowers and that will bring the spending down
b. Take most of the borrower’s income which again will bring the spending down.

Both these options will slower the economic activity and this will force the central banks to keep the rates low.

To be totally clear, I am not saying the rates won’t go up. I am saying that until the indebtness is high they won’t go up by much. Probably a 2.2-2.8% mortgage will become the new normal until the end of 2030, imho.

#21 FreeBird on 09.22.20 at 3:47 pm

I have nothing constructive to add but I do want that picture for my fridge.

#22 Linda on 09.22.20 at 3:47 pm

I’m not sure housing anywhere will suffer a decline even years from now. In fact, attractive, well placed small towns are like catnip to those looking to keep many of their big city amenities while reducing or eliminating some of the drawbacks. Add in the potential to live large for less, maybe even be mortgage free AND have some $ left over to play with? I think the big city exodus will continue for a while yet with many wondering why they didn’t make the jump sooner.

#23 Dolce Vita on 09.22.20 at 3:47 pm

The Eastern Provinces did the right thing to preserve their health and economy by restricting travel to/from high risk regions like PQ and ON + 14 day quarantine.

It worked in Italia and is still working.

Partial lockdowns do not work as long as there’s travel between high and low risk areas. Just ask France and Spain how that went including only a 7 day quarantine.

And unlike Spain and France, Italia did not encourage international tourism.

Keep your borders closed Canada even between Provinces if necessary – Italia did that during the height of the pandemic and it was enforced.

Sept. 22 Provincial Rt numbers + Cases/100K (note Atlantic Canada in the Green and the 4 wealthiest Provinces not doing well):

https://twitter.com/imgrund/status/1308384415077347338/photo/1

PS:

What happens with Int’l travel even in NS:

https://atlantic.ctvnews.ca/new-travel-related-case-of-covid-19-identified-in-nova-scotia-s-western-zone-1.5115172

#24 Howard on 09.22.20 at 3:51 pm

#16 Editrix on 09.22.20 at 3:34 pm
Re: #10 Howard:

That building is on Roehampton. Isn’t that where the neighbourhood is currently having the problem with the homeless shelter there?

———————–

It’s on Erskine. Roehampton is two blocks south. I don’t know re: homeless shelter, but this is prime Yonge & Eglinton. If the shelter has always been there it doesn’t seem to have hampered growth in the area.

#25 AM in MN on 09.22.20 at 3:51 pm

When (not if) the big inflation comes, govt. employee unions will be first in line demanding raises to compensate for the higher cost of living.

Will the left wing govts. be able to say NO?

Thus the big 70’s show starts again.

If the BoC (& Fed) were able to tighten the supply and let the debts get paid down over years, there might be a chance for the grandchildren to avoid debt slavery.

My bet is still the Argentina solution…

My personal belief regarding fairness, assuming one believes in central bank stimulus, is that the governments keep the market distorting interest rates higher and send cash directly to individuals, especially small business owners. A good way to do this would be some formula based on the difference between earnings from 2019 to 2020.

The well paid govt. workers don’t need any more handouts.

#26 Buy? Curious? on 09.22.20 at 3:51 pm

Garth, are you seriously asking why property prices have gone up in Lululemonbeg after you’ve been banging on about how great is on the most popular financial/dog/troll acknowledgment (RIP SmokeyMan)blog in all of Canada?

One more question, do you secretly write for Schitt’s Creek? Man, that show is funny considering how it caters to the Boomer demographic.

#27 3s on 09.22.20 at 3:56 pm

That’s what they’ve been saying for the last 20 years, can’t go on like this, the end is 3 years away….whatever.

Too big to fail buddy – rates will never rise.

#28 Pinglow on 09.22.20 at 3:57 pm

Halifax is a RE market that isn’t this used to going nuts like this. I’m in the market for a house in the burbs… do I try to wait or do I buy soon?

#29 earthboundmisfit on 09.22.20 at 4:01 pm

Dude … entirely your bad for extolling the joy and beauty of Lunenburg, ON SOCIAL MEDIA fer crissakes. Some secrets are best kept just that.

#30 JB on 09.22.20 at 4:04 pm

14 Diamond Dog on 09.22.20 at 3:33 pm

People seem to think that just because the fed rate could stay near zero for years, suddenly means that mortgage rates will stay somewhere between 2 and 3% in perpetuity. The market can’t handle rate hikes so they won’t happen, the masses say with their inner voice.

“Not so”, says Diamond Dog. Banks make money on the spreads between their own cost of borrowing and what they loan out to borrowers. These spreads will widen in an era of higher bankruptcies and mortgage defaults.

Can’t happen? In a pandemic era of double digit unemployment and bankruptcies sure to follow, you bet it can. Spreads will definitely widen as bank lending costs go up, as well as to mitigate risk. This is just one aspect of it but right now, its the main one I see going forward. Unemployment is high, in some sectors, structural from Covid19 and if we look at the daily new cases in Canada chart:

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

It can get worse!
…………………………………………………………………..
Yes it can.
https://www.worldometers.info/coronavirus/country/us/

#31 Classical Liberal Millennial on 09.22.20 at 4:09 pm

Live quietly among the masses. Even in Southern Ontario, you can do that and enjoy life in a quiet town near the water!

#32 Dolce Vita on 09.22.20 at 4:10 pm

Grain of Salt Canada about Cases/100K:

https://twitter.com/imgrund/status/1308384415077347338/photo/1

This a few days ago, Cases/100K from the European CDC put into map form (in Italian but I think you can all read numbers, well some of you):

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

Thus:

N’est panicker pas Canada (Franglais), yet. Still, have a care with the vigilance.

The Canadian economy needs a healthy (and alive) workforce to dig out from under what the DAMN VIRUS has done.

——————————

Agree on the RE with what you say Garth. A lot of nervous Custer’s Last Stand Evangeline’s driving the market.

When done with the DAMN VIRUS, Evangeline A Tale of Acadie forest primeval will have lost its cachet…Gabriel was DT all along social distancing, washing his hands frequently, wearing a mask and observing the 2 m rule.

#33 Yukon Elvis on 09.22.20 at 4:11 pm

#18 Millennial Realist on 09.22.20 at 3:36 pm
This will be BIG, everyone!

**Breaking News – Trudeau has just announced a special television broadcast for tomorrow night.**
Just hours after the Throne Speech.
…………………

Feels like Christmas Eve. So excited. Tomorrow we get our ponies.

#34 Ponzius Pilatus on 09.22.20 at 4:12 pm

Fear of death, even irrational, is the most powerful emotion.
In times of crises (real or imagined) we revert to our basic animal fight or flight instinct.
Usually, we fight when there is immediate danger and no way out.
Therefore, it is not surprising that people are not too concerned right now about the deficit, because that something we have to deal with in the future.
The focus is to keep yourself and your family save from the virus.
So, were fleeing to safe havens, either to a new cave or fortify the existing one.
Therefore, it’s no surprise that caves in perceived safe areas are now commanding a premium.
Time to study Sociology, Anthropology and Zoology rather than Economics.

#35 Dolce Vita on 09.22.20 at 4:19 pm

“As this moment it is Cat 2. Maybe you can’t see that far from Italy. – Garth”

I passed TOEFL hands down and can read a weather map.

Again, My Liege the PREDICTION and time track (bright green circle = Tropical Storm per the Legend):

https://www.wunderground.com/hurricane/atlantic/2020/hurricane-teddy

And here, read “TEDDY EXPECTED TO HIT AS POST-TROPICAL STORM”:

https://atlantic.ctvnews.ca/teddy-brings-heavy-rain-pounding-waves-to-the-maritimes-as-hurricane-approaches-1.5114821?cache=piqndqvkh

Above within the LAST HOUR.

‘Been in a Tropical Storm, no laughing matter. Cannot fathom a hurricane.

HOPE they are correct Garth or better, that it weakens more.

#36 not 1st on 09.22.20 at 4:21 pm

If ontario and quebec are any indication, Trudeau and the premiers are going to attempt a semi lock down again.

Trudeau is on TV tomorrow to lay that scenario and give people another good scare.

Inflation is the least of our concerns.

#37 Mean Gene on 09.22.20 at 4:22 pm

So is it different this time??? Lol

I am on your side Mr Turner.

#38 Guelph Guru on 09.22.20 at 4:22 pm

The recovery from the pandemic will trigger inflation and higher rates will follow. That sounds reasonable. The question form a real estate perspective is, will the income increments keep up to pay the mortgage. This is where leverage can hurt.
Assuming a 500k mtg. Current 2% monthly is around 2117. If the rate more than doubles to 5, the monthly would be 2908. So if the family after tax income increases by an extra 700$ per month, then housing prices need not correct. And people who are buying today would turn out to be the smart ones. For this to happen, a rough 20% salary increment would be required. I guess people are factoring in this salary increase while buying today.
Another factor is the increase in money supply. Without an increase in productivity(which is what happens when invested in a house) would result in an equivalent devaluation of currency. So it all depends on how much money we are printing today.
In other words, too many variables and it’s impossible to predict the outcome accurately.
My 2 cents: Be free of the shackles of debt. Live long and prosper.

#39 not 1st on 09.22.20 at 4:26 pm

#30 JB on 09.22.20 at 4:02 pm

Lets correct that nonsense right here and now that Trump has the blood of 200k americans on his hands. Get a grip and park your drama.

The CDC and Oxford University have stated that 6% and 8% of deaths are directly due to the virus itself. Every one else had 2 or more serious comorbidities that were the likely cause of death.

That means only 10,000 people in the US died from covid and 190,000 died with covid. Big difference.

Being a mouth piece for the MSM isnt a good look.

I am sure 190,000 families feel much better now. Incredible. – Garth

#40 Millennial Surrealist on 09.22.20 at 4:28 pm

#19 crowdedelevatorfartz on 09.22.20 at 3:45 pm

@#18 Millenial Delusionist
“(Paleos might want to load up on adult diapers for tomorrow)”

+++

Nah, I’d rather leave ANOTHER mess for you to clean up…… :)
…..

Fartz dude for the win!

#41 The Woosh on 09.22.20 at 4:31 pm

#19 crowdedelevatorfartz on 09.22.20 at 3:45 pm
@#18 Millenial Delusionist
“(Paleos might want to load up on adult diapers for tomorrow)”

+++

Nah, I’d rather leave ANOTHER mess for you to clean up…… :)

————————————————

Thanks for that one! That was a good laugh!!

#42 Steerage on 09.22.20 at 4:33 pm

#40 not 1st on 09.22.20 at 4:26 pm

#30 JB on 09.22.20 at 4:02 pm

Lets correct that nonsense right here and now that Trump has the blood of 200k americans on his hands. Get a grip and park your drama.

The CDC and Oxford University have stated that 6% and 8% of deaths are directly due to the virus itself. Every one else had 2 or more serious comorbidities that were the likely cause of death.

That means only 10,000 people in the US died from covid and 190,000 died with covid. Big difference.

Being a mouth piece for the MSM isnt a good look.

I am sure 190,000 families feel much better now. Incredible. – Garth

Eh dude, when you are elderly nearly everyone has a comorbidity… so irrelevant.. we all got it comin kid……..

#43 cramar on 09.22.20 at 4:36 pm

Got a chuckle out of the U.S. media yesterday. Talking about how low interest rates are fueling the housing market in the U.S. Reporter said “with rates in the upper 2s, lower 3s…” Chuckle! Thought…you haven’t seen Canadian rates!

Then again Americans can lock in longer mortgages. With a U.S. 15-year fixed at 2.6% and a 30-year at 3%, 10 years from now they might be very happy with their rates.

#44 Penny Henny on 09.22.20 at 4:38 pm

#8 Ponzius Pilatus on 09.22.20 at 3:14 pm
Again, it proves that RE is local.
Here, in my part of the Lower Mainland, we had a frenzy after they opened up.
But now it’s gone quiet.
//////////////

I’m observing the same thing in Etobicoke (Toronto west)

#45 Kilt on 09.22.20 at 4:41 pm

Mortgage renewal is coming up in a few months.

Rate less than 2% is a given at this point.
My question: would you refinance and tack on $100K to stuff into an ultra-conservative portfolio in case of emergency, kids education, new windows for the home…
I’m not keen on debt and am currently accelerating payments. With rates so low, seems reasonable to take advantage of margin and equity in the home. I could always liquidate portions of the portfolio each year to pay down the mortgage if needed.

My rate would increase just above 2%, but my monthly would still be below what I am currently paying. While it would cost me a few more dollars in interest, I would get 5 times that back in monthly income from the portfolio.

Open to feedback

Kilt.

#46 Dolce Vita on 09.22.20 at 4:41 pm

“I am sure 190,000 families feel much better now. Incredible. – Garth”

Well said.

There is though, some truth in what #40 not 1st says to do with “from” and “with” counting.

Well known here in Europe that Germany does “from” counting with COVID-19 deaths; whereas, the rest of Europe adopted Italia’s “with” counting (recall, we were the first to get hit and the rest of Europe followed suit about 2 weeks later with what Italia was doing, e.g., full lockdown, no regional travel, closed borders, etc.).

Why the German death count is so low and everyone else’s in Europe is much higher. And the data of 10,000:190,000 ratio confirms that.

Having said that, I see the German logic in that they wanted to isolate the effect of the disease ALONE and not muddle it with co-morbidity factors as is common with the elderly.

———————————

GARTH. Will stay up later here in Italia.

Give us a POST to someone’s Comment or whatever HOW IT’S GOING FOR YOU in Lunenburg with Teddy.

I know I’m not your Mom and you are all grown up now without having received any help from me, STILL, it would be nice to know you came out of it just fine.

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

#47 S.O on 09.22.20 at 4:50 pm

Inflation is a calculation on how wealthy people are doing.

#48 Steerage on 09.22.20 at 4:51 pm

#47 Dolce Vita on 09.22.20 at 4:41 pm

“I am sure 190,000 families feel much better now. Incredible. – Garth”

Well said.

There is though, some truth in what #40 not 1st says to do with “from” and “with” counting.

Well known here in Europe that Germany does “from” counting with COVID-19 deaths; whereas, the rest of Europe adopted Italia’s “with” counting (recall, we were the first to get hit and the rest of Europe followed suit about 2 weeks later with what Italia was doing, e.g., full lockdown, no regional travel, closed borders, etc.).

Why the German death count is so low and everyone else’s in Europe is much higher. And the data of 10,000:190,000 ratio confirms that.

Having said that, I see the German logic in that they wanted to isolate the effect of the disease ALONE and not muddle it with co-morbidity factors as is common with the elderly.

———————————

GARTH. Will stay up later here in Italia.

Give us a POST to someone’s Comment or whatever HOW IT’S GOING FOR YOU in Lunenburg with Teddy.

I know I’m not your Mom and you are all grown up now without having received any help from me, STILL, it would be nice to know you came out of it just fine.

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

With Bandit at your side and the ghost of smoking man looking over you…….

Stan Rogers would be proud…

https://www.youtube.com/watch?v=ZIwzRkjn86w

#49 Dolce Vita on 09.22.20 at 4:52 pm

“I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth”

David Farragut, good.

Captain Ahab, bad.

I love your panache Garth.

And your prose reminded me of this by your namesake:

https://www.tate.org.uk/art/research-publications/jmw-turner/joseph-mallord-william-turner-a-steamer-and-a-sailing-ship-off-the-coast-in-a-storm-r1184473

-All the best.

#50 LG on 09.22.20 at 4:53 pm

Nobody knows how things will be in 6 months, or 1 year from now. We only know that it will be different than what we previously knew, and different from today. It has always been this way.
What is different is that people are more reactive vs. having thoughtful responses. (caused by algorithms and AI re-wiring brains?)

With time, there will be inventions that change the COVID19 situation. Maybe this will one of them?

Japanese firm launches world’s first UV lamp that safely kills coronavirus.
https://www.japantimes.co.jp/news/2020/09/22/national/japan-first-uv-lamp-kills-coronavirus/

#51 Steerage Tugs on 09.22.20 at 4:54 pm

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

Rise and rise again!

https://www.youtube.com/watch?v=rGRP3jxwD_A

#52 TurnerNation on 09.22.20 at 4:58 pm

Schlock Pickers and Yield Hounds, PREPARE:

Interactive Brokers:
“As you’ve likely observed, elevated option implied volatilities indicate that the markets will be confronting elevated volatility both before and after the November 2020 election.

Consequently, to protect IBKR and its customers, IBKR will increase margin requirements by as much as 35% above normal margin requirements leading up to the November U.S. election. To illustrate, consider a Reg. T margin account with stock XYZ having an Initial Margin requirement of 50% and a Maintenance Margin requirement of 25%. With the increase fully implemented, the new requirements would be 67.5% Initial and 33.75% Maintenance.

This will be implemented gradually each day, increasing Initial margin requirements from normal levels starting September 28th to a rate that will be 35% higher by October 23rd.”

#53 DownToFinance on 09.22.20 at 5:00 pm

Seriously doubt interest rates would be rising in 3 years back to where they were earlier this year when they never hit their policy rate target after 10 years subsequent to the 2008 debacle. The country and it’s people are even more steeped in debt this time too. Growth will be slower and target inflation will not be met more often than not.

#54 Dolce Vita on 09.22.20 at 5:01 pm

#49 Steerage

Good one.

Not sure that Teddy is Privateering weather, but hey I grew up on the Prairie…defer to the Mariners on that.

#55 Leftover on 09.22.20 at 5:01 pm

At the retail level I agree with #10 Catalyst, that banks will tighten credit and ratchet up rates in the short/medium term. Doesn’t really matter what the CB rate is.

Wholesale depends on Asia. China and Japan each hold over US$1 trillion in T-Bills, basically to support their biggest customer. That could get dicey fast. In that case they’ll bid down T-Bills and opt for EUR, to the extent that they want to grow foreign sovereign debt holdings at all.

Not doomsday for CAD but not good either. The BoC is a pip in the market and won’t have any control over FX or rates, especially going into 2021 if we can’t put the brakes on.

If I was Trudeau I’d call an election ASAP.

#56 MF on 09.22.20 at 5:11 pm

#25 AM in MN on 09.22.20 at 3:51

You know what the biggest expense to the government is?

Benefits, most of which are paid out to seniors. Seniors, as you know, are a growing part of our population.

Not some nurse making 60k/year, like you implied.

Lol at your Argentina reference though. Hyperbole is fun.

MF

#57 PastThePeak on 09.22.20 at 5:11 pm

#40 not 1st on 09.22.20 at 4:26 pm
#30 JB on 09.22.20 at 4:02 pm

Lets correct that nonsense right here and now that Trump has the blood of 200k americans on his hands. Get a grip and park your drama.

The CDC and Oxford University have stated that 6% and 8% of deaths are directly due to the virus itself. Every one else had 2 or more serious comorbidities that were the likely cause of death.

That means only 10,000 people in the US died from covid and 190,000 died with covid. Big difference.

Being a mouth piece for the MSM isnt a good look.

I am sure 190,000 families feel much better now. Incredible. – Garth
+++++++++++++++++++++++++++++

That is the problem with reading “headlines that you want to hear” and actually looking at the data itself.

What the CDC did is review what other ailments patients had at death, in addition to COVID. This isn’t about comorbidities (there is no data on what patients had when they arrived), nor what the underlying cause of death was.

A majority of the cases had “pneumonia” as another ailment. No where might that have come from?

It is simply a coding a what ailments the patients had, with inputs like “respiratory illness”, “cardiac arrest”, etc.

Your spin has no basis in reality.

#58 PastThePeak on 09.22.20 at 5:18 pm

Seems unlikely that western central banks will be able to raise rates. In the last go around, the US Fed got to 2.25% (late 2018) until the ship started to roll over. Canada’s BoC didn’t get that high.

Debt of all kinds has vastly increased since then, and will increase even further in the next 3 years.

I doubt CBs could raise rates 1% off the zero bound before the financial markets would crash…and the rates would come down again.

Now, “market” interest rates might make a return anyways, but the CBs themselves will not raise rates.

It is called a “trap” for a reason, and there is no non-destructive way out. Either the economy is trashed, or the currency (with economy after that).

#59 the Jaguar on 09.22.20 at 5:23 pm

I love storms. Especially with a good bottle of wine.

We’ll never get a Cat 2 hurricane here in Dog’s Country, but we get the occasional thunderstorm where the thunder shakes the house and pets melt down in front of their owners eyes. It’s awesome. Covid statistics for Nova Scotia seemed dated per their website ( July 24th?). 1087 cumulative cases, 61% have been female. 65 deaths. Tests performed appears to be about 89,546. Population approx. 971,395. Hmmm.

No other province has out-tested Alberta, but with our smarts and work ethic nothing less could be expected. A review of the various provincial websites shows some real ‘caginess’ in complete lockstep with the stereotypical characteristics of the provincial population. ( i.e. Albertans who like to brag about their effectiveness ).
I would like to visit Lunenburg some day. Maybe get a ride on a Ranger Tugboat. Smell the Atlantic Ocean. Slip over to Ferryland, Newfoundland and watch the magical icebergs float by. O.K. blog dogs…let’s make it a date. June, 2021. We’ll raise a glass to Smoking Man.
No trolls are invited. You know who you are….

#60 Millennial Realist on 09.22.20 at 5:24 pm

Garth, Justin is speaking at 6:30 pm tomorrow.

I suggest you delay tomorrow’s blog entry until after he finishes. It would be interesting to hear your initial take on what is said.

Hope you don’t meet George Clooney on your tug boat – stay safe!

#61 Howard on 09.22.20 at 5:28 pm

#27 3s on 09.22.20 at 3:56 pm
That’s what they’ve been saying for the last 20 years, can’t go on like this, the end is 3 years away….whatever.

Too big to fail buddy – rates will never rise.

—————————–

If core inflation rises in earnest, the BoC won’t have a choice in the matter. Rates will have to rise or you risk a currency crisis.

#62 Rainman on 09.22.20 at 5:30 pm

Back in 2002 we bought our first house and the 5 year rate was 4.5%. Everyone at the time was going on about how rates would never be this low again and what a deal we were getting. I somewhat agree with you Garth that rates will go up at some point, but not anytime soon. Worst case in 5 years it will still be sub 3% and who knows, maybe we will get into those negative interest rates. We don’t know what we don’t.

#63 Dingo on 09.22.20 at 5:30 pm

Received email from credit union – rates down again 0.1%. Like clockwork, expect lower mortgage rates within 2 weeks.

#64 RL on 09.22.20 at 5:31 pm

Recently renewed a mortgage just under 2%, variable. Although your recent advice has been to lock in at a fixed rate with the delta between fixed/variable being so small, given the tone of the BoC over the last weeks, seems like that step could be delayed several months?

#65 Asterix1 on 09.22.20 at 5:32 pm

« This has led to a price hike nationally of 18% year/year, and a new explosion in housing debt »
——————————-

Prices have not gone up 18%yoy! No need to push this RE cartel nonsense.

Most homes are selling for the same or less than last year. Canada is in a complete mess since no stats can be trusted, it’s all manipulative and disguised numbers.

Take a look at House Sigma, good luck finding those +18% yoy sales around the country!

CREA stats. – Garth

#66 Sara on 09.22.20 at 5:34 pm

Can someone explain to why the lottery like capital gains from home ownership should not be taxed like all other forms of capital gains? Oh and please keep emotion out of it, just present your logical arguments supporting the continuation of such special status.

#67 Yukon Elvis on 09.22.20 at 5:34 pm

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth
………………..

Like Thelma and Louise. See ya…… say hi to Smoky for us.

#68 45north on 09.22.20 at 5:41 pm

As this pathetic blog recently pointed out, the Covid Boom’s everywhere. Virtually all major regions in North America have seen people panic-buying houses they think will protect them in areas they feel are safe. Condos bad, detached good. Downtowns germy, suburbia clean. This has led to a price hike nationally of 18% year/year, and a new explosion in housing debt. Despite a recession, joblessness and massive uncertainty, families have been taking the plunge. It’s weird. Emotional. Probably dangerous.

the national price hike is 18% but as you say it’s a lot more in places like Lunenburg NS. CMHC and the Bank of Canada say this price hike cannot be sustained. And it’s not like this is the cost of tomatoes. Houses cost multiples of annual income. They are purchased with 95% leverage.

I said before that substantial portions of the middle class could be wiped out. This is looking like the biggest financial disaster ever. Worse than the Great Financial Crisis in 2008. Worse than the depression in the 1930s.

Garth you have done everything in your power to warn people. So have I.

#69 Stan Brooks on 09.22.20 at 5:41 pm

The monetary fact is that the sh..ty currency is melting right before our eyes. It is increasingly worth close to nothing.

1/100th of a brick in a crack shack or 5 square centimeters of ‘land’ in the middle of f…ing nowhere

Cheers savers and retirees. Remember you are the one chosen to pay the price for this credit madness. It is always the responsible who pay for it.

You have very limited time to cut your loses by moving all your money/asset out of the socialist vacuum cleaner who will suck it all up.

Cheers,

#70 Michael in Cowtown on 09.22.20 at 5:42 pm

I’m sure it’s a stupid question but here goes…Why doesn’t the increase in house prices qualify as “inflation” as far as the Central Bank is concerned?

#71 Chris on 09.22.20 at 5:46 pm

#67 Sara

Government lotteries pay out a percentage of what they take in. I know the odds are bad. I have heard its around 70%. If that is the % that is held back to go back to the government, you are already taxed 30 cents for every dollar.

If you have to pay tax on lottery winnings, like in the states, you should be able to claim lottery losses. The current system seems to be fair from a government lottery perspective.

If you look at Hospital lotteries and other non-government lotteries, you might have a better argument for taxing them. I wonder if being taxed, would mean less ticket sales though and even less money for the charity they are raising funds for.

#72 Cdn Mom on 09.22.20 at 5:46 pm

#10 Howard on 09.22.20 at 3:19 pm
Some serious incentives being offered by purpose-built rental buildings in Toronto. They are aggressively competing with mom & pop landlords for tenants. I wonder who will win?
Brand new “luxury” (aren’t they all) rental building at Yonge & Eglinton offering 2 months free rent + $1500 move-in incentive.
https://www.myrental.ca/communities/condo-rentals-yonge-eglinton-18erskine

…………..
Nothing new. Moved into best friend’s purpose-built rental apartment in Toronto in 1992. His two bedroom on Sherbourne, just south of Bloor, had been $1,200 a month. Right before I moved in they slashed the 2 bedrooms by a third to $800 a month, to keep tenants.

#73 Prairieboy43 on 09.22.20 at 5:48 pm

Take your Spinach Popeye…..
I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

PB43

#74 not 1st on 09.22.20 at 5:48 pm

Its high time the truth, facts and not emotion drove our decisions. I have had enough of the scaremongering and pointing fingers.

People with comorbidities die from all sorts of things not related to their primary disease. Flu, pneumonia, sepsis, etc. I didnt see anyone locked down and wearing a mask when sars mers, h1n1, bird flu, west nile, zika and hanta virus were identified in the population.

And yes any death is unfortunate, but we would have been better off handing out heart meds and vitamin D to the general population than trying to hide ourselves in the closet.

If you want to stop death, then some of those trillions we just dumped into a black hole could have gone to curing cancer once and for all.

$400B spent, did anyone hear any new hospitals being announced? Thats enough money to put up 10000 hospitals in the country.

The myopia in the general populace is astounding.

#75 Stan Brooks on 09.22.20 at 5:48 pm

#59 PastThePeak on 09.22.20 at 5:18 pm

The rates can not and will not be increased.

The currencies will crash and we will witness one hell of inflation (for sure double digits, it is actually already there but lied about), the worse is that every indication out of Europe is of severe deterioration of economic conditions this fall and winter due to the second wave of the virus that will absolutely decimate north America due to dependency on credit and complete lack of savings.

I will stick with Europe for now.

Cheers,

#76 Bill on 09.22.20 at 6:06 pm

Love that one. Its going on the fridge! Freeeeedom

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

#77 Reximus on 09.22.20 at 6:08 pm

#67 Sara on 09.22.20 at 5:34 pm

you really wonder why your dwelling/residence is not seen as a normal financial investment, tax-wise?

1. If you lose on disposition, you have no cap-gain tax deduction. unless they change the act.

2. If it was the govt plan to tax a gain on principal RE, then you could deduct every expense you made over ownership, a bureaucratic nightmare.

#78 joblo on 09.22.20 at 6:09 pm

“Central banks will turn from buyers of bonds to sellers, since they never intended to hold so much sovereign debt.”

Interest go up, bond prices are down, who eats the loss?

#79 UtterlyConfusedCanadian on 09.22.20 at 6:11 pm

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

Garth don’t do it. The coming JT tax hike isn’t worth it…..

Turn that tug in the opposite direction, go with the storm, down the Saint Lawrence straight to Ottawa….you know what to fix…

#80 Turnip Nayiyion on 09.22.20 at 6:16 pm

Others, though, will live quaintly in paradise. Down the street from me.
————-
Is nova scotia is where lobster catchers get their traps messed with?

#81 joblo on 09.22.20 at 6:17 pm

#18 Millennial Realist on 09.22.20 at 3:36 pm

This will be BIG, everyone!

**Breaking News – Trudeau has just announced a special television broadcast for tomorrow night.**

nobody cares

#82 Ed on 09.22.20 at 6:18 pm

I’m pretty sure if Covid cases paid 14k USD in Canada we would have over 25k deaths due to Covid.
It is sad that hospitals down south game the numbers for profit…it is what it is.

#83 Penny Henny on 09.22.20 at 6:21 pm

#27 3s on 09.22.20 at 3:56 pm
That’s what they’ve been saying for the last 20 years, can’t go on like this, the end is 3 years away….whatever.

Too big to fail buddy – rates will never rise.
//////////

Reminds me of the beginning of the pandemic.
‘Just two more weeks’

#84 El Presidente on 09.22.20 at 6:25 pm

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth


Everyone has a bit of Trump and SM in them.. full steam ahead

#85 dr talc on 09.22.20 at 6:26 pm

#67 Sara on 09.22.20 at 5:34 pm

Can someone explain to why the lottery like capital gains from home ownership should not be taxed like all other forms of capital gains?


The amount of interest generated by the amortization schedule, especially in the first 5 years of a 25 yr schedule is very high. But the schedule also guarantees very high inflation on those assets. Some call it profit but it’s not. For profit there has to a possibility of loss, with CRA there is no loss allowed on real estate. USA allows folks to deduct their mortgage interest from their personal tax, but no exemption on PR when sold. Most countries tax it if you hold less than 5 years. Many sales are business ventures or second or seasonal homes and taxed

#86 baloney Sandwitch on 09.22.20 at 6:26 pm

Great time to buy cannabis stock. In 3 years the industry will sort it self out and will be raking in the cash when inflation rises. Government will want tax dollars. It will be sold everywhere as they will want to compete with the illegal stuff.
People will smoke pot and bliss out on CBD gummy bears.

#87 Northshore guy on 09.22.20 at 6:28 pm

So is CMHC still forecasting 18% drop from the new peak or pre-covid peak?

#88 baloney Sandwitch on 09.22.20 at 6:31 pm

#67 Sara – Lottery – its not capital gains, it luck. Its not business or income, its a game of chance.

#89 Bil on 09.22.20 at 6:32 pm

The puppets coming out to spill his nonsense.. He’s just a repeater
As i said months ago enjoy your debt downgrades.
We are just getting rolling on issues.
Scare the crap out of everyone then you can have your way.
Nothing new here.

#90 Peter Kook on 09.22.20 at 6:37 pm

It is time to introduce psychology as a main subject for all economical studies and institutions who teach professional economists, analysts and forecasters.

Then, and only then, those analysts-psychologists will produce much more credible forecasts.

Both, RE and Stocks are driven by human psycho, not by any ‘economical’ reasons.
There is no surprise for me, why it is as it is.

#91 belly rubs on 09.22.20 at 6:37 pm

“As the economy revives…”

People have not clue one as to what will occur down south if Biden wins.

“If we win, you won’t be going back to brunch, hehe” -AOC after press conference alongside Schumer on Supreme Court vote.

Education, consumption, transportation, taxation, healthcare, land use, infrastructure will all do a 180° in accordance with global social and climate initiatives.

The US will veer left bureaucratically, mainly through statutes and regulation. That will include trade, and politically, Trudeau will complement the initiatives with Canadian equivalents. Read: micromanaged economy with legions of regulatory inspectors.

In the backdrop, a fractured tribal state filled with political vendettas, and all desperately seeking immunity. I have caught a bad case of FOJI, fear of jumping in.

#92 Whitey on 09.22.20 at 6:38 pm

Just a thought. Interest rates have been low since 2006ish. Even then, prior to the bigger drop to near zero, the rate was 4%-4.5%. 14 years later we are still hanging low, climbing back to 1.75% prior to COVID. We’ve been stuck in an economic emergency since ‘08.

#93 Ace Goodheart on 09.22.20 at 6:41 pm

So back in March I told people about vitamin D and COVID.

Man, the flames were hot. I was even accused of threatening people’s health, as apparently it is possible to take enough vitamin D to hurt yourself (you have to take a lot, like more than 1/2 the bottle at once).

Anyway……….:

https://www.healthing.ca/diseases-and-conditions/coronavirus/vitamin-d-may-play-a-protective-role-in-covid-19

#94 akashic record on 09.22.20 at 6:43 pm

#18 Millennial Realist on 09.22.20 at 3:36 pm
This will be BIG, everyone!

**Breaking News – Trudeau has just announced a special television broadcast for tomorrow night.**
Just hours after the Throne Speech.

Like a true leader, he will take the first shot of the experimental programmable mRNA (discovered by DARPA funded Canadian scientist, Derek Ross) vaccine, from Moderna, administered by Bill and Melinda, on live television.

https://www.zerohedge.com/medical/darpa-funded-implantable-biochip-detect-covid-19-could-hit-markets-2021

#95 Dogman01 on 09.22.20 at 6:46 pm

Calgary looks like a RE Disaster

Calgary’s housing inventory reaches near historic levels as younger demographic shrinks

https://www.cbc.ca/news/canada/calgary/calgary-housing-prices-data-cmhc-statscan-1.5732754

Starting to worry of being trapped, RE in rest of country skyrockets and equity value in Cowtown shrinks. New Detroit.

#96 YouKnowWho on 09.22.20 at 6:56 pm

#4 Captain Uppa

100%. We ain’t seen nothing yet baby. Did you see those ADP monthly revisions?

>
Employment in Canada decreased by 226,700 jobs in April

(In May published report, the April total of jobs lost was revised from -226,700 to -2,361,700)

Employment in Canada increased by 208,400 jobs in May.
(In June published report, the May total of jobs added was revised from 208,400 to -2,951,400)

Employment in Canada increased by 1,042,900 jobs in June.
(In July published report, the June total of jobs added was revised from 1,042,900 to -1,764,600 )

Employment in Canada increased by 1,149.800 jobs in July.
(In August published report, the July total of jobs added was revised from 1,149,800 to -523,000)

Employment in Canada decreased by 205,400 jobs in August
(In September published report, the August total of jobs added was revised from -205,400 to TBD)

—————-
#6 Catalyst

I also don’t see just don’t see how CAD doesn’t take a beating. If you really think about it, it’s lost half of its buying power over past decade easily already. With the unprecedented moves now…well, what is there to say.

#97 YouKnowWho on 09.22.20 at 6:59 pm

And yes, I wanted to make sure you were going to live thru Teddy.

As this moment it is Cat 2. Maybe you can’t see that far from Italy. – Garth

————–

I know what Garth is doing!
I know what Garth is doing!

He’s putting the safe in his building to good use today. Others have asked, but Garth notified everyone that he’s planning a romantic Ocean’s Eleven evening with Dorthy.
He’s planing to make out like a Bandit…from the safe!

#98 Wrk.dover on 09.22.20 at 7:05 pm

Tonight Teddy intense, tomorrow Teddy past tense.

Don’t make me fire up the generator.

M67NS

#99 Kat on 09.22.20 at 7:05 pm

So happy to hear that every area is now going to be out of reach for the average person soon.

#100 GRG on 09.22.20 at 7:10 pm

#18 Millennial Realist on 09.22.20 at 3:36 pm
This will be BIG, everyone!
**Breaking News – Trudeau has just announced a special television broadcast for tomorrow night.**
Just hours after the Throne Speech.
Huge change is coming, though it may seem to start small.
Be part of the change.
Or be run over by it.
(Paleos might want to load up on adult diapers for tomorrow)
********************************************

LOL.

Is there ANYTHING about this country that T2 and Liberals DON’T think is regressive, disgusting, racist and therefore needs to be a) apologized for, and b) made over (even though the Liberals have held power and ruled this country for far more years than any other)?

The recent talk has been all about “build back better”.
So what exactly was so wrong with the pre-COVID economy we had in January?

Seems Canadians are finally starting to wake up to some of the overdramatised nonsense emanating from Rideau Cottage. Latest IPSOS/Global poll:

“Canadians want throne speech to focus on current problems, not ‘big picture’ ideas”

Top concerns of Canadians? Make over the whole economy in some grand new carbon free scheme? Not a chance:
1. Health measures to fight pandemic;
2. Getting Canadians back to work;
3. Plan to reduce the deficit;

“Supporting a green economic recovery”? Number 9

There’s an old adage…the more things change, the more they stay the same.

#101 Dave on 09.22.20 at 7:11 pm

DELETED

#102 crowdedelevatorfartz on 09.22.20 at 7:12 pm

@#8 Ponzie Preamble
“I’m settled in. Go for a power walk every morning. Eat well.”

+++

I guess we could say your comments are Ponzie’s post Porridge and Prunes preamble predictions?

#103 Nonplused on 09.22.20 at 7:13 pm

“prices have risen a third in eight months”

Wow. Not happening in the ‘burbs around Calgary, that’s for sure.

#104 GRG on 09.22.20 at 7:15 pm

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth
*******************************************

Garth, I doubt the storm will be all that big a problem. But I’d watch out if Kevin O’Leary is sharing the Grand Banks with you and your tug.

#105 Shirl Clarts on 09.22.20 at 7:21 pm

#67 Sara on 09.22.20 at 5:34 pm
Can someone explain to why the lottery like capital gains from home ownership should not be taxed like all other forms of capital gains? Oh and please keep emotion out of it, just present your logical arguments supporting the continuation of such special status.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I would argue Home owners are already paying more than your typical stock investment.

Some households are genuinely selling, and not trying to flip for profit, so they are already forking over taxes and other transaction costs – commissions, lawyer/notary, moving costs, PPT. These taxes and costs are based on the sales price, not the ‘gain’ part of the investment.

Let’s say I sold some investments and made 100K profit. I would pay CG tax on half of the gain: .38% * 50K = 19K

Now let’s say I sell my house and I make 100K profit on a 600K sale price. Even without a CG tax, I would pay: 31.5K

– Commission: 20K
– PPT: 8K (on original purchase price)
– Lawyer: 2K
– Moving expenses: 1.5K

Again, commission and PPT is calculated on the FULL amount, not the gain.

Not to mention, while you lived in the house, you had to pay for maintenance, property tax, utilities, mortgage interest, insurance, and utilities (fire, police, water, garbage).

There are also penalties for cancelling a fixed term mortgage.

Plus, when you move into the next place, you pay another PPT on the full purchase price.

20% of the GDP comes from Housing transactions of some kind – sales, commissions, renovations. The system might be too big to fail.

Applying CG tax on houses would calm down speculation, but in turn would have a domino effect on the economy — Rona, Jobs (realtors, trades workers).

Any proud homeowner will tell you they made money, but they always forget to mention the true cost.

Bottom line:
Interest rates are the main culprit. Whenever rates are slashed, you always see housing prices and sales jump almost everywhere. But in particular Vancouver and Toronto see the most increases where higher salaries naturally can service more debt.

#106 Nonplused on 09.22.20 at 7:23 pm

#7 Howard on 09.22.20 at 3:10 pm

“Preferential treatment of homeowners over renters, by contrast, was imposed by government diktat and can, and should, be modernized.”

Modernized to what? If the government wants a slice of any capital gains on the house then by rights they have to allow mortgage interest and maintenance deductions. That is how every single business that is exposed to capital gains taxes is treated, including rental properties. It’s hard to see how they would come out ahead. It would be a lot of paperwork for nothing.

Also I don’t agree with your assessment that homeowners get “preferential treatment”. The only way to make money on the home you live in is to sell it and downsize or move to the boonies. Until you do that, there is no money there. It is a house, not a pile of cash. It’s sticks and particle board, not a stack of gold coins. There is no money there until you sell no matter what the municipal appraisal says.

#107 Howard on 09.22.20 at 7:24 pm

#73 Cdn Mom on 09.22.20 at 5:46 pm
#10 Howard on 09.22.20 at 3:19 pm
Some serious incentives being offered by purpose-built rental buildings in Toronto. They are aggressively competing with mom & pop landlords for tenants. I wonder who will win?
Brand new “luxury” (aren’t they all) rental building at Yonge & Eglinton offering 2 months free rent + $1500 move-in incentive.
https://www.myrental.ca/communities/condo-rentals-yonge-eglinton-18erskine

…………..
Nothing new. Moved into best friend’s purpose-built rental apartment in Toronto in 1992. His two bedroom on Sherbourne, just south of Bloor, had been $1,200 a month. Right before I moved in they slashed the 2 bedrooms by a third to $800 a month, to keep tenants.

——————————

$1200 for a 2-bdrm in 1992?? That’s very high for the time, in that area.

Coincidentally I also lived on Sherbourne between Bloor and Wellesley but in 2004 and was paying, with my roommate, $1125 total for a 2-bedroom. The area was pretty sketchy in 2004, particularly as you headed east into St. Jamestown. It was likely even worse when you lived there.

#108 Flop... on 09.22.20 at 7:26 pm

After reading that 3600 Australian millionaires applied for their version of CERB, and hearing guys at work talk about every man and his dog they know abusing the system, it’s time we put and end to this with a no-nonsense slogan to get everyone back to work.

Canada and Australia, We’re Open For Abuse.

Small typo.

Ahem, I’ll try again.

Canada and Australia, We’re Open For Business…

M46BC

#109 Lottery Winner on 09.22.20 at 7:28 pm

#67 Sara

Can someone explain to why the lottery like capital gains from home ownership should not be taxed like all other forms of capital gains? Oh and please keep emotion out of it, just present your logical arguments supporting the continuation of such special status.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

This is a red herring.

While USA lottery winnings are taxable, Uncle Sam’s generous, too. Gambling losses can be written off against gambling winnings on federal income-tax returns. Just not more losses than winnings. Check the IRS website.

https://www.irs.gov/taxtopics/tc419

Of course many players are probably too disorganized to employ this deduction, but there it is.

Canada could bring that as taxable income here, but the demand to write off losses also would moot that point.

#110 TurnerNation on 09.22.20 at 7:32 pm

That snap election in BC. Why? To cement power or give us more democracy (ha-ha).
It must fit in with the time line of rolling out the New Green Deal so we’ll see.
Ontariowe’s Taliban-inspired regime must be taking notes.

#111 Nonplused on 09.22.20 at 7:48 pm

#30 JB on 09.22.20 at 4:02 pm

“Over two hundred thousand deaths compared to Canada per capita the USA is out of control. He knew it, he didn’t do anything quickly and decisively to mitigate this pandemic.”

—————————-

Just exactly what was Trump supposed to do, that is within his jurisdiction, that he did not? He shut down international travel and immigration pretty quickly and was called a racist for doing so. He wrote a lot of checks to a lot of people. But he does not have the authority to impose nationwide lockdowns or mask mandates. The powers of the president are limited.

It must be remembered that the nuts and bolts of pandemic responses (and other health issues) are handled and the state and municipal level just like they are in Canada (well provincial level in Canada).

#112 Sail Away on 09.22.20 at 7:49 pm

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

—————

Icarus? Is that you, my son?

#113 Yuus bin Haad on 09.22.20 at 7:50 pm

Being on the coast when a storm comes in? Priceless!

#114 Ponzius Pilatus on 09.22.20 at 7:52 pm

#117 crowdedelevatorfartz on 09.22.20 at 8:13 am
@#99 Ponzie Pouting
“Yeah, fewer politicians.
But still too many political parties.
Nothing gets ever done…”

+++

Now now Ponzie. Dont be such a Negative Nelly.
The ink is barely dry on the referndum and you expect results. Lets give our paisanos a chance.
—————–
Grew up in Austria. 10 km from the Italian border.
Had 5 years mandatory Italian language and history studies in Highschool. Spent one summer in Rome as exchange student.
Love Itali and the Italians.
I believe I can call myself knowledgeable in things Italian.
Can you?

#115 TurnerNation on 09.22.20 at 7:55 pm

PS here’s hoping Turner Investments rolls out
Flip Flop day annually. All employees wear flip flops that day, in Smoking Man’s memory. Post it on social media. Group photo. Perhaps a donation drive for orgs which help those affected by the brain C.
Serious idea

#116 fishman on 09.22.20 at 7:58 pm

We got our 50 knots in on the outside tonite & tomorrow morning. I told the boys to bring her home late fri. 71 hours nonstop to the nest. Time to tie her up. Going to be one sou’easter after another from here on in. Cat 2 at 85 knots on the east coast or 50 knots in hecate straights with that godawful tide. Money comes hard in the short fall & winter days for the North Pacific & North Atlantic seafarer. For now the fishermen & tugboaters are all in harbour. Isolated & covid free with pockets full of gold. Can’t find anyplace open with lots of girls to spend it, but life is still damn good.

#117 PastThePeak on 09.22.20 at 8:12 pm

#67 Sara on 09.22.20 at 5:34 pm
Can someone explain to why the lottery like capital gains from home ownership should not be taxed like all other forms of capital gains? Oh and please keep emotion out of it, just present your logical arguments supporting the continuation of such special status.
++++++++++++++++++++++++

There have been dozens of posts over the last few days providing reasons. There is nothing more to add to those. Perhaps a re-read is in order…

#118 cuke and tomato picker on 09.22.20 at 8:13 pm

I live in Central Saanich on Vancouver Island and I walk in the early morning then do my yard work etc. The housing market in my area has been very hot in this rural
residential area. About a dozen have sold recently at a low of $743,000.00 to $989,000.00. according to the gossip on the street.

#119 tbone on 09.22.20 at 8:27 pm

I second that vitamin D suggestion .
I take 2000 IU daily , as my doctor advised years ago .
He says most people are vitamin D deficient and dont know it.

#120 Sara on 09.22.20 at 8:31 pm

#78 #67 Sara on 09.22.20 at 5:34 pm

you really wonder why your dwelling/residence is not seen as a normal financial investment, tax-wise?
==================

No, that’s not quite what I am asking, but thanks for the response.

#121 Westcdn on 09.22.20 at 8:33 pm

Lots of things I don’t know. I do know that people place questionable values on things. History does matter. Something to be considered because some things don’t change if you allow it to be.

#122 Barb on 09.22.20 at 8:40 pm

A great website called Windy.
Weather all over the world.
Let’s hope Teddy veers NE, away from southern NS.

https://www.windy.com/?50.945,-111.248,5

#123 YouKnowWho on 09.22.20 at 8:50 pm

Comments are being updated slowly.

What’s the excuse? Dog chewed through the cable? Oh…sure…a hurricane. Yeah right. And what else? You traded in the dog for a cat? :-)

#124 Billy Buoy on 09.22.20 at 8:52 pm

Demographics Mr. T.

8 years to raise rates, not 3.

#125 AM in MN on 09.22.20 at 8:57 pm

#76 Stan Brooks on 09.22.20 at 5:48 pm
#59 PastThePeak on 09.22.20 at 5:18 pm

The rates can not and will not be increased.

The currencies will crash and we will witness one hell of inflation (for sure double digits, it is actually already there but lied about), the worse is that every indication out of Europe is of severe deterioration of economic conditions this fall and winter due to the second wave of the virus that will absolutely decimate north America due to dependency on credit and complete lack of savings.

I will stick with Europe for now.

———————————————————–

The old models need to be changed because the economy is changing….not necessarily for the worse.

I buy a lot of industrial equipment out of Germany, delivery times have shrunk because everyone is at work, no where to go for vacation, even if you have 6 weeks of it…

In the US & Canada spending has switched from travel and entertainment to durable goods. Try and get your house renovated or buy a boat. Farmers are doing well as the crops are plentiful and the world needs to eat. Basic minerals are still in demand from the miners, look at trucking rates…

Over time, things will either adjust to the new normal or go back the way they were. If you work in airlines or hotels it may be time to consider construction?

No market crash, no mass unemployment. People who are out of work or business are in non-essential businesses. They may come back over time, but people will find ways to adjust and make productive use of their time, as long as the govt. doesn’t pay them not to do anything.

The market will ultimately set interest rates. Why the spending cuts in the 90’s if the BoC just could have kept printing?

No one with Covid who needed a hospital bed has gone without a hospital bed in either Canada or the US, and no one will this winter. No market crash. For the 99%+ of working people without it, they will continue.

Not to be unfeeling, but in any given year just under 1% of the population dies of something. That’s over a quarter M in Canada and about 2.8M in the US…every year. An extra 300,000 or so in a year won’t tank the economy or the market.

#126 Genesis II on 09.22.20 at 9:36 pm

Where I work, the owner REQUIRES customers to REMOVE their masks – for SECURITY reasons, even if only for a few seconds.

We appreciate knowing who we’re dealing with.

#127 Canadarm2 on 09.22.20 at 9:39 pm

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

Ah, wonderful! Channeling your inner “Lieutenant Dan”! Niiiiiicccce!! ;) — “You call this a STORM????”

https://www.youtube.com/watch?v=oyjR0foanYU

#128 the Jaguar on 09.22.20 at 9:47 pm

Re #116 fishman on 09.22.20 at 7:58 pm
‘Can’t find anyplace open with lots of girls to spend it, but life is still damn good.’

I think you meant to say ‘babes’ in place of ‘girls’, didn’t you?

#129 DON on 09.22.20 at 10:02 pm

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

******** right on…full throttle. What would be the choice of music?

#130 DON on 09.22.20 at 10:11 pm

It’s the Night before Xmas.

I can’t wait for tomorrow’s presents…

#131 Moses71 on 09.22.20 at 10:18 pm

#95-Calgary real estate “ slower population growth, as fewer people in their 20s and 30s — a key demographic for purchasing real estate — are making Calgary ”
That’s strange as the average 1st time buyer is closer to mid-30s. Can’t be the reason. Calgary needs to reinvent itself to instil confidence in buying. Millennial loon on here should move to Calgary to finally afford a house instead of penis envy lol

#132 Sara on 09.22.20 at 10:30 pm

#117 PastThePeak on 09.22.20 at 8:12 pm
#67 Sara on 09.22.20 at 5:34 pm
Can someone explain to why the lottery like capital gains from home ownership should not be taxed like all other forms of capital gains? Oh and please keep emotion out of it, just present your logical arguments supporting the continuation of such special status.
++++++++++++++++++++++++

There have been dozens of posts over the last few days providing reasons. There is nothing more to add to those. Perhaps a re-read is in order…

———————————————
In other words, you can’t come up with any.

#133 Trojan House on 09.22.20 at 10:32 pm

The “Atlantic bubble” is unconstitutional. Freedom of movement is guaranteed in the Constitution, however, governments have found a way to set it aside.

#134 Bill on 09.22.20 at 11:01 pm

#67 Sara on 09.22.20 at 5:34 pm
Omg
They taxe the hell out if houses. Build a new one in Van and see what it costs.
What happened to the basic human rights to food and shelter?..You know why houses cost so much in Canadas big desirable cities?
I do believe an ignorant question Sara.
Its coming anyway….cause da govs broke 9 times over.

#135 zoey on 09.22.20 at 11:06 pm

The BoC didn’t have the brains to raise interests rates 10 years after lowering them for much less of an issue in Canada, you think they will raise them in 3 years after this catastrophe ? Not a chance …saver will continue to be crushed and debt wins ….until it all crashes.

#136 Ace Goodheart on 09.22.20 at 11:08 pm

That massive blip on the chart has to be sold out.

The habit of central banks, holding their own debt, is like an addiction. You can stay high for so long, but sooner or later you have to come down from it.

All of that debt has to be sold to someone.

The only other option is to print it out. Lots and lots of new money. Otherwise it can’t sit on the books like that.

We are not going to increase our GDP to pay all that off, if it is sold to someone.

So this is a currency crisis. Our dollar has just been devalued. That big blip has to be sold down, or printed out. One way or another, we are going to have to reduce the value of our dollar, or we have to produce enough, and sell internationally, to balance that out.

I don’t think this is going to end well.

T2 and Co. will try to virtue signal their way out of this.

The world is not really all that good at responding positively to virtue signalling. This is a North American thing. The rest of the planet is a cold, hard, nasty place where human life has little value and cash is King.

No one will care about Canadian virtue signalling. And no one is going to pay for it.

#137 Barb on 09.22.20 at 11:08 pm

#119 tbone
I second that vitamin D suggestion .
I take 2000 IU daily , as my doctor advised years ago .
He says most people are vitamin D deficient and dont know it.
—————————-
Heard it’s supposed to be D3.

#138 april on 09.22.20 at 11:15 pm

#6 – According to Ross Kay house prices have not gone up… “during a recession” “impossible”. The data proves it. The “stats lie”. Real Estate industry is corrupt and most people fall for it.

#139 Nonplused on 09.22.20 at 11:20 pm

#34 Yukon Elvis on 09.22.20 at 4:11 pm
#18 Millennial Realist on 09.22.20 at 3:36 pm
This will be BIG, everyone!

**Breaking News – Trudeau has just announced a special television broadcast for tomorrow night.**
Just hours after the Throne Speech.
…………………

Feels like Christmas Eve. So excited. Tomorrow we get our ponies.

————————————–

Na, I think Michelle is right that it is just a brilliant move by Trudeau to divert the news cycle:

https://www.youtube.com/watch?v=S8oblqLQcxs

We shall see I guess.

#140 april on 09.22.20 at 11:22 pm

#88 – Eitel Anylists… also see a 9% to 18% drop over the next yr.

#141 Nonplused on 09.22.20 at 11:23 pm

“I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth”

Reminds me of a scene from Forrest Gump….

#142 Nonplused on 09.22.20 at 11:32 pm

#72 Chris on 09.22.20 at 5:46 pm
#67 Sara

Government lotteries pay out a percentage of what they take in. I know the odds are bad. I have heard its around 70%. If that is the % that is held back to go back to the government, you are already taxed 30 cents for every dollar.

If you have to pay tax on lottery winnings, like in the states, you should be able to claim lottery losses. The current system seems to be fair from a government lottery perspective.

If you look at Hospital lotteries and other non-government lotteries, you might have a better argument for taxing them. I wonder if being taxed, would mean less ticket sales though and even less money for the charity they are raising funds for.

————————————-

Lotto max pays out 48%.

Charity lotteries are not taxed because, well, they are charities.

I do not believe there is any “for profit” gambling permitted in Canada except for on the reserves. Of course there is bingo but they have to go to great lengths to look like they are hiring people who are there fundraising for nonprofits.

#143 april on 09.22.20 at 11:45 pm

#83 – Misinformation. Presumptuous.
It seems reasonable that hospitals get paid more for patients on ventilators since these very sick people need more intensive care…which involves more knowledgable and skilled medics.

#144 Westcdn on 09.23.20 at 12:30 am

I am sure many are tired of me. A flaw I have is being too modest but I will be a force when called. Being raised poor can do that to you never mind people who want to keep you in place. It has been a struggle to realize I am quite good. My confidence grows – too bad I am old but will teach the younger if they listen. Babes are no longer in my life.

I am out hunting after yesterday’s debacle. Gold/silver are showing up my radar again – pharma is not. I still want more preferreds. I am waiting to see how Just Energy works out for me – I gambled but small again.

#145 Stan Brooks on 09.23.20 at 12:54 am

#71 Michael in Cowtown on 09.22.20 at 5:42 pm
I’m sure it’s a stupid question but here goes…Why doesn’t the increase in house prices qualify as “inflation” as far as the Central Bank is concerned?

Because their job is to lie while printing currency at will?

CPI is not ‘the inflation’.

Here is what inflation is:

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

It translates into goods inflation with time.

The real inflation as measured by M2 yearly increase:

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

15 % yearly.

The rest is lies, smoke and mirrors in the greatest robbery and theft of our lives.

No amount of sophisticated lairs in suites will change the facts that people experience with their wallets and expenses – the true cost of living.

That is right – from every dollar in the bank 15 % is lost in the last year due to loss of purchasing power while interest rates are stuck at zero by the thieves.

Cheers,

#146 Stan Brooks on 09.23.20 at 1:03 am

#125 AM in MN on 09.22.20 at 8:57 pm

We just jumped 10 years into the jobless future.
These jobs are not coming back no matter the amount of spending supported by crazy money printing.
UBI will drive even higher inflation and will be meaningless as it can not generate economic activity out of strapped and indebted consumers.

Prices of essentials and cost of living can easily double while nominal ‘growth’ will be measured in small increase in nominal GDP.

You can’t live on fumes and credit for a very long time and pay for that by continuing the same policy supported by even lower rates and crazier money printing.

The topic of the next forum in Davos: The great reset.
We ain’t see nothing yet.

Cheers,

#147 Damifino on 09.23.20 at 1:14 am

#110 TurnerNation

That snap election in BC. Why?
—————————–

So Horgan can strike while the iron is hot and get out from under the thumb of those three pesky Greens currently keeping him in office.

I suppose it could backfire on him, but I doubt it. The BC Liberals haven’t shown much promise over the last three years. BTW, for you folks out east, in BC, a Liberal is a Conservative. Yep. You wouldn’t understand.

It’s BC. Just accept it.

#148 morrey on 09.23.20 at 1:53 am

Very enjoyable reading up to this point.

#149 mousey on 09.23.20 at 3:23 am

#18 M. Realist – Not sure where you are coming from. Why is your thesis so black and white? So us and them…or rather you and who?….the older people? Also, I’m not sure what JT is up for tomorrow, but it’s a throne speech, seriously…just a throne speech.

#150 maxx on 09.23.20 at 7:06 am

Agree 100%.

Planning ahead combined with value buying was and continues to be the business of our family. I started saving at the age of 15 and never looked back. Low rate environments are just a bump in the road: retailers just get smacked a little harder with zero compromise on price. There’s always another one who’ll sell at your price. Always.

I don’t dislike retailers, just their profit margins. With a wee bit of work, anyone can discover those margins. I regularly can insurance companies and move to the best value on offer to maintain price stability. I refuse to pay more than an increase pegged to the rate of inflation because “oh, it’s because of the flooding last year” or “the average person has more car accidents” so everyone pays more. Red flag.

Our savings rate never changes. Ever. So when the SHTF, stability rules and it’s a beautiful environment at home. Zero debt.

Operating your wallet is absolutely no different from running a business. Businesses are structured along military lines to conquer that precious wallet and “consumers” need to fully absorb that and don an identical attitude.

Gets to be second nature with time, almost like being on autopilot.

Savers getting “crushed” is true inasmuch as time may be a limiting factor on someone’s total pile, but the bottom line is, cash rules. Always.

I find it tragic that so many allow external influences such as CBs, banks and others to devalue liquid to the extent that they become convinced there’s no point in saving and that money’s worth nothing. Nothing could be further from the truth.

People who overpay for stuff by borrowing aren’t rich.

Until the debt’s paid off, they need to tap “value” from all of their debt by bragging. I know people like this and they are $hit scared of the idea of retirement.

I hear that lotto ticket sales are some people’s idea of retirement planning. Yeah.

#151 Asterix1 on 09.23.20 at 7:25 am

#66 Asterix1 on 09.22.20 at 5:32 pm
« This has led to a price hike nationally of 18% year/year, and a new explosion in housing debt »
——————————-

#66 Asterix1 on 09.22.20 at 5:32 pm
« This has led to a price hike nationally of 18% year/year, and a new explosion in housing debt »
——————————-

Prices have not gone up 18%yoy! No need to push this RE cartel nonsense.

Most homes are selling for the same or less than last year. Canada is in a complete mess since no stats can be trusted, it’s all manipulative and disguised numbers.

Take a look at House Sigma, good luck finding those +18% yoy sales around the country
————————————
CREA stats. – Garth
————————————

Garth, I’m aware it’s CREA stat. The stat is correct when you come up with the average. Yet, it’s completely useless. Sales mix not taken into account. Shift in buying categories.

It’s misleading from the RE cartel to publish this crap. Prices have not went up 18%yoy (that is an an actual “real” home selling today vs last year).

#152 Masks on on 09.23.20 at 7:28 am

I plan on driving my tug, full bore, diesel fumes belching, wind screaming, into the eye of that sucker tonight. No mask. – Garth

Wear a mask Silly.

#153 Phylis on 09.23.20 at 7:51 am

#138 april on 09.22.20 at 11:15 pm
#6 – According to Ross Kay house prices have not gone up… “during a recession” “impossible”. The data proves it. The “stats lie”. Real Estate industry is corrupt and most people fall for it.

I’ve noticed condo sales are down. Maybe it’s the sales mix. Oh Mark, your big moment is here. Mark? Mark?

#154 Apocalypse2020 on 09.23.20 at 7:59 am

TEDDY IS BEAR-ING DOWN ON LUNENBURG!

GO WEST GARTH!

https://www.youtube.com/watch?v=7NZ04BG7TfA&list=RD7NZ04BG7TfA&start_radio=1&t=49

It was a breezy nothingburger. What a disappointment. – Garth

#155 crowdedelevatorfartz on 09.23.20 at 8:06 am

@#114 Ponzi’s Perfection Personified
“I believe I can call myself knowledgeable in things Italian.”

+++

Silly me. I thought you were knowledgeable in ALL things.

#156 crowdedelevatorfartz on 09.23.20 at 8:12 am

@#147 Damfino
“BTW, for you folks out east, in BC, a Liberal is a Conservative. Yep. You wouldn’t understand.”

+++++

Yeah the pro business, ultra conservative, BC Liberals.
With the worst choice of Leader possible.

https://bc.ctvnews.ca/bc-liberal-leader-slams-snap-election-calls-decision-cynical-1.5114337

Andrew Wilkinson
A cadaver at a wake has more curb appeal.

#157 crowdedelevatorfartz on 09.23.20 at 8:21 am

@#142 Nonplused
“I do not believe there is any “for profit” gambling permitted in Canada ”

++++

Who needs profits when over $1 billion dollars a year of cash was laundered through BC Casinos..
The BC “Lootery” wanted to keep info from the Cullen Commission on money laundering.

https://www.cbc.ca/news/canada/british-columbia/b-c-lottery-corp-relents-after-9-year-battle-to-keep-money-laundering-records-secret-1.5456012

All while the BC Liberals in power turned a blind eye.

#158 crowdedelevatorfartz on 09.23.20 at 8:28 am

Teddy should be knocking on your door right about now Garth…. and high tide isnt for another 3 hours

#159 Penny Henny on 09.23.20 at 8:44 am

#72 Chris on 09.22.20 at 5:46 pm
#67 Sara

Government lotteries pay out a percentage of what they take in. I know the odds are bad. I have heard its around 70%.
////////////////

I remember reading 17% for lotto 649.
70% would be close for the ponies though.

#160 Penny Henny on 09.23.20 at 8:46 am

That 17% is for prize money.
They have other expenses of course.

#161 Love_The_Cottage on 09.23.20 at 8:59 am

An article for those here who say Canada is terrible and everyone should move out:

https://www.wired.com/story/immigrant-tech-workers-american-dream-canada/

#162 Chester in Fall. on 09.23.20 at 9:02 am

The Labrador current saves you again….

No hurricanes.

No earthquakes.

No locust.

No covid.

No communists.

Safest place on the planet

Your next dog should be a Labrador retriever.

Paradise indeed.

#163 Dharma Bum on 09.23.20 at 9:22 am

I’ll be taking my first flight since March.

Heading to the best part of Canada next week: Alberta.

I’m interested to see what the insane protocol is for flying in the age of covid. I haven’t been on an Air Canada flight that wasn’t jammed like a sardine can. We’ll see if the greedy bastards at Air Canada will social distance their passengers.

I can’t wait to order off the paid menu.

Mmmmm…stale sandwichhhhh….

#164 Do we have all the facts on 09.23.20 at 9:31 am

Total home sales in the first eight months of 2020 are well below pre Covid 19 estimates as a direct result of higher unemployment.

As noted there seems to be a market for selling homes in higher price market areas and buying in lower price market areas but 50% of the total demand for homes across Canada remains dependant on first time buyers.

CREA acknowledged that when the Toronto and Vancouver markets are excluded the average price of homes in Canada declined by $122,000, from $586,000 to
$464,000. Clearly home sales within two market areas seems to be distorting what might be occurring in the balance of the country.

CMHC has access to a wide range of housing related data, including the impact of Covid 19 on the supply of first time homebuyers, and is convinced that a reduction in the average price of homes across Canada is inevitable.

Conveying this information to potential home buyers is a responsible action that should be taken into consideration. The income levels of the entry level market have been reduced by Covid 19 and ignoring the possible consequences of lower demand from this sector is not prudent.

#165 AM in MN on 09.23.20 at 9:42 am

#136 Ace Goodheart on 09.22.20 at 11:08 pm

“So this is a currency crisis. Our dollar has just been devalued. That big blip has to be sold down, or printed out. One way or another, we are going to have to reduce the value of our dollar, or we have to produce enough, and sell internationally, to balance that out.”

————————————————-

As long as the markets stay free, the currency will balance out. Perhaps a bit lower, but that then affects trade.

Canada produces a lot of what the US needs, and could export more to the world if it tried hard enough. Think minerals, food, lumber. The big one though is water exports. What would Lake Melville in Labrador be worth to some Islands or new cities in the Sahara?

The bond and currency markets know that if things got bad enough, (and they certainly aren’t now) then people would accept some industrial development.

Another big source is foreign investment in real estate. Garth thinks this is tiny, but no one in Vancouver does. Dirty money or not, it raises the value of the currency when it comes. The govt. can decide how much of it is allowed. Too much and it raises the price of real estate too much, i.e. Vancouver.

Lots of money has been printed all over the world, and some of it can and will come to Canada to invest (or be a parking space) in real estate.

Note; if you wanted one of the $20M penthouses that now sit on top of the food court at Oakridge Mall, you had to go to HK to visit the sales office!

#166 Sara on 09.23.20 at 9:49 am

#134 Bill on 09.22.20 at 11:01 pm
#67 Sara on 09.22.20 at 5:34 pm
Omg
They taxe the hell out if houses. Build a new one in Van and see what it costs.
What happened to the basic human rights to food and shelter?..You know why houses cost so much in Canadas big desirable cities?
I do believe an ignorant question Sara.
Its coming anyway….cause da govs broke 9 times over.
——————————-
What an articulate argument promoting the continuation of treating houses as exempt from capital gains taxation! You’ve convinced me the status quo should not be changed. Bravo.

#167 TurnerNation on 09.23.20 at 9:51 am

It’s certainly looking as if the world was shut down for the rollout of “UN Agenda 21” Oooh a conspiracy – which came true.
As hinted at in comments tonight how many new hospitals were built with T2’s spending during this ‘public health crisis’? Exactly.
And why are long line ups at your local “testing centres” but not at your walk-in doctor clinics?

Anyway the reason the Feds are spending 1B in 6 months buying up hotels and motels (likely part of the planned strategy in getting them shut down/empty, the Long Game) is for EQUALITY.
Get to know that term.
Equality means that if you earn $100,000 and there are two others homeless – unwilling or unable to work – that you are taxed $50,000 and each of them receive a UBI of $25,000.

This is exactly what’s happening . Slowly. Incrementalism. Housing & money for all, you needn’t work for it. Or at all. The rich can give a little bit more right? Our streets are kept flooded with legal and illegal drugs. New Pot Shops taking over empty high streets.
That war on drugs…how long now?
Take everything our elite global rulers say, and flip it 180 degrees to make sense.
War OF Drugs. INequality for us too.
Open air tax farm camp; some useful animals work; the dis-used ones all day laze in the streets and opium dens (everything old is new again)

#168 twofatcats on 09.23.20 at 10:06 am

https://financialpost.com/real-estate/mortgages/toronto-condo-dwellers-flock-to-exurbs-creating-domino-effect-across-southern-ontario-real-estate

#169 kc on 09.23.20 at 10:24 am

163 Dharma Bum on 09.23.20 at 9:22 am

I’ll be taking my first flight since March.

Heading to the best part of Canada next week: Alberta.

I’m interested to see what the insane protocol is for flying in the age of covid. I haven’t been on an Air Canada flight that wasn’t jammed like a sardine can. We’ll see if the greedy bastards at Air Canada will social distance their passengers.

I can’t wait to order off the paid menu.

Mmmmm…stale sandwichhhhh….

XXXXXXXXXXXXXXXXXXXXXX

Shouldn’t be any probs. stand in line for a temp test, board plane and put on your face diaper…..

I was on 6 airplanes and didn’t have any probs last couple weeks….

cheers

#170 Vitamin D on 09.23.20 at 10:33 am

Yes you should take Vitamin D for general good health.
Some Statistics point to milder symptoms of COVID
And since you were wondering
Balanced portfolio gives you a good night sleep
Walking is good for longer life
Sex for men prevents prostate cancer
Red wine is good for the heart
Chocolate is good for everything but some say praying is also good I bet allot of you were praying when the market hit bottom and look it worked.

On the point of deaths by COVID, I agree with one point the government should have separated into two categories death by COVID and death by Xxxxx and COVID.
On BC elections
Kinda hypocritical telling everyone hold the line do your part social distance blah blah blah, then hold an election in the middle of COVID with cases rising.
Many people I have talk to say the will not vote NDP just because of calling an election.
But we all agree the more money you give out the better of getting elected. Imagine!

To the post above if Liberal in BC means conservative what does conservative represent?

To the person flying AC read the latest, six recent flights had COVID. And Ac does not allow N95 masks with filters which is the only thing between you and death. Good luck with the food, they only give you bottled water.

To the Newfoundlander, you forgot ice bergs in June.

On interest rates, lots of guesses, I think the key in all of this is when the central banks stop buying bonds. Opps Garth already said that

I am not adding any more comments on Garth and his eye in the storm

And that’s the way it is on Wednesday September 23, 2020 and if you can name the person who signed off saying that phrase, you win a prize.

Thanks again Garth for the blog!

#171 Ronaldo on 09.23.20 at 10:58 am

DELETED

#172 kc on 09.23.20 at 10:59 am

170 Vitamin D on 09.23.20 at 10:33 am

To the person flying AC read the latest, six recent flights had COVID. And Ac does not allow N95 masks with filters which is the only thing between you and death.

XXXXXXXXXXXXXXXXXXXXXXXX

Do your homework. any mask will not protect you from any covid … the virus is too small to be trapped in the fibers. air and exhaust escapes all around the mask any way.

the masks with filters drip water from them. hence why they are 100% useless.

Masking up is a form of submission… you are all sheep

#173 Franki Mudslinger on 09.23.20 at 11:21 am

Trudeau’s vote buying CERB didn’t just jerk off the housing market, it’s literally killed the entire economy. But Mr Socks and Gassy Butts still think the Virus is an “opportunity”.

The artificial juiced economy is an inevitable failure. The Kids though, they’ve been spoiled, and you know how loud spoiled kids scream when you tell them that you’re out of ice cream . Trudeau has been suckered into a no win hate fest. When he pulls the punch bowl away, the shit will hit the fan. Wednesday will be a disaster. I can’t wait.

#174 Captain Uppa on 09.23.20 at 11:28 am

It was a breezy nothingburger. What a disappointment. – Garth

————————————-

Well of course it was benign, the name of it was “Teddy”. Doesn’t get much cuter than that.

#175 Shirl Clarts on 09.23.20 at 11:29 am

#172 kc on 09.23.20 at 10:59 am
^^^^^^^^^^^^^^^^^^^^^
If the meteorologist says it’s going to be cold outside, that’s my decision to put on a jacket.

#176 Ponzius Pilatus on 09.23.20 at 11:30 am

#163 Dharma Bum on 09.23.20 at 9:22 am
I’ll be taking my first flight since March.

Heading to the best part of Canada next week: Alberta.

I’m interested to see what the insane protocol is for flying in the age of covid. I haven’t been on an Air Canada flight that wasn’t jammed like a sardine can. We’ll see if the greedy bastards at Air Canada will social distance their passengers.

I can’t wait to order off the paid menu.

Mmmmm…stale sandwichhhhh….
—————
Enjoy the free entertainment:
Fights between mask users and non users.
If it’s a tie, the Captain calls the winner.

#177 Sara on 09.23.20 at 11:35 am

#172 KC “Do your homework. any mask will not protect you from any covid … the virus is too small to be trapped in the fibers. air and exhaust escapes all around the mask any way.

the masks with filters drip water from them. hence why they are 100% useless.

Masking up is a form of submission… you are all sheep”
—————————–

Does the term “viral load” mean anything to you?

#178 El presidente on 09.23.20 at 11:44 am

#172 kc on 09.23.20 at 10:59 am
170 Vitamin D on 09.23.20 at 10:33 am

To the person flying AC read the latest, six recent flights had COVID. And Ac does not allow N95 masks with filters which is the only thing between you and death.

XXXXXXXXXXXXXXXXXXXXXXXX

Do your homework. any mask will not protect you from any covid … the virus is too small to be trapped in the fibers. air and exhaust escapes all around the mask any way.

the masks with filters drip water from them. hence why they are 100% useless.

Masking up is a form of submission… you are all sheep

Zinc, vitamin D, HCQ, and mainline a shot Clorox…. it’s all ya need… trust me I’m a stable genius… max wearing causes shrinkage fellow deplorables… full steam ahead

#179 Bill on 09.23.20 at 12:01 pm

#166 Sara on 09.23.20 at 9:49 am

Obviously you have much more time on your hands than I.
Anyone voting for more taxes shoukd give their head a shake.
Let me guess….you dont own a house?
Last pilar of what was a Canadian institution.

#180 Piano_Man87 on 09.23.20 at 12:07 pm

Wages haven’t kept pace with inflation for decades – this exerts downward pressure on inflation.

Canadians have historic levels of debt – this exerts downward pressure on inflation since they have less loose cash to spend.

Rising house prices exerts downward pressure on inflation, since Canadians (for better or worse) believe housing is a good investment due to recent previous performance, and will spend more money there.

Globalized economy means consumer prices are very competitive since local workers wages and local products are competing with lower priced districts outside Canada. This exerts downward pressure on inflation.

Massive public and personal debt means there is downward pressure on interest rates to keep debt serviceable.

Capitalism is dependent on growth to stay afloat, so the stock market must grow even if it means further government stimulus (monetary or fiscal). Further bond buying or bailouts adds to debt / exerts downward pressure on interest rates.

At the end of the longest bull market in what, 100 years? (2009 – 2020), the BoC overnight lending rate never even touched 2%. So recent history tells us that a booming economy isn’t enough to get interest rates up all that much.

Factors that cause upward pressure on inflation: food insecurity due to hyperexploitation of resources and climate change. Trade wars that make previously cheap imports more expensive.

All of this buy you think rates are going back up to the historic “norm” of 4-6%, Garth?

#181 TLDR on 09.23.20 at 12:17 pm

TLDR – Liberal governments 3 pillar plan

] by BNN news @ bnnbloomberg.com

[what]
a preview of whats in the liberal governments throne speech to be delivered 2020-09-23 13:30 EST, followed by a confidence vote

[why]
the liberal government prorogued the previous parlamentary session on 2020-08-18 and returns with a new plan to address the current health and economic conditions affecting Canadians, seeking parlamentary approval

[where]
a senior gov ‘official’ speaking on the condition of anonymity revealed details of the forthcoming plan – a 3 pillar approach that includes …

[how]
1] coronavirus/covid-19 response,

2] continued (medium term) financial supports for affected Canadians,

3] resiliency agency – to spur economic recovery / reconstruction

[example]
1] vaccines, COVID-19 testing and support to localize outbreaks

2] revamped EI system, focus on shifting people back into workforce,

3] a pledge to help foster green investments, ] resolve major health issues such as long-term care for seniors and ] bolster support systems for the most vulnerable, like low-income women and minorities. ”

[conclusions]
1] it appears the gov has dialed back / are pivoting away from their initial go big, go green economy / recovery mantra ,

2] they have focused on the covid-19 battlefront, our healthcare needs and

3] continued financial supports for Canadians.

4] Financial details to be forthcoming later this year

#182 RE_Investor on 09.23.20 at 12:18 pm

#122 Barb on 09.22.20 at 8:40 pm

Nice website. When the wind shifts to a strong Southerly flow, dozens of Kiteboarders hit the waves at Marie Curtis Park. Always an amazing site.

#183 Damifino on 09.23.20 at 12:19 pm

#170 Vitamin D

To the post above if Liberal in BC means conservative what does conservative represent?
——————————–

Thanks for asking. I didn’t imagine there was anyone east of the Rockies who cared.

A ‘capital C’ Conservative in BC is a fossilized species that died out a century ago. The last time they held office was 1928. Most of the time from the first World War to about 1950, BC was run by Liberals. Real ones.

In 1952 under the infamous WAC Bennett, the Social Credit party usurped the Liberals. Although the name ‘Social Credit’ sounds a bit pinkish, they were basically conservatives, not socialists. They held power until 1991 (except for one brief scandal-plagued NDP term from 1972 to 1975).

Then for the decade for 1991 to 2001 the NDP were back at the helm wielding their typical mix of socialist shenanigans and questionable accounting practices, much to the chagrin of a seething Social Credit party.

At that time there was a still vestige of a true Liberal Party headed by Gordon Wilson that held a few seats. (Note: to maximize chances of political success in BC, one’s full name must contain a ‘Gordon’, ‘Clark’ or ‘Campbell’)

By 1991 a coalition of used car dealers and other honest businessmen came to the conclusion that ‘Social Credit’ was an extremely poor party name with which to enter the 21st century.

Former Vancouver Mayor Gordon Campbell (nomine perfectus) united the former Socreds. But rather than create a new party for whom no one would vote, he consumed Gordon Wilson’s Liberals and thus, the Liberal (‘small-c’ conservative) party was born.

They remained in power until the scandalous government of the (cleverly named) Christy Clark were brought down by John Horgan’s NDP by the slimmest of margins with the critical help of a few flaky greens.

That’s the situation John Horgan hopes to correct. Although I’m definitely not NDP, part of me wishes him luck. At least he has some principles and a spine. The kind of guy you’d want for a next door neighbor.

#184 Felix on 09.23.20 at 12:21 pm

Sad photo today – a dog aspiring to be a piece of furniture.

If only canines could be that useful…….

#185 NSNG on 09.23.20 at 12:45 pm

To the post above if Liberal in BC means conservative what does conservative represent?

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

I’ll ask you a question.

If Liberal represents left wing on the federal level, what does the NDP represent?

Lib/con on the BC level are two flavors of the same wing. The right has had a few power splits over the years (like they have had at the federal level [cons/reform/PC]). This is what these two parties grew out of with the Liberals becoming dominant because they were able to drag more voters into their tent.

#186 Ronaldo on 09.23.20 at 12:59 pm

#172 KC

Do your homework. any mask will not protect you from any covid … the virus is too small to be trapped in the fibers. air and exhaust escapes all around the mask any way.
——————————————————————
Yep. 100 million virus particles will fit on a pinhead.

https://www.arctic.com/aam/en/news/questions-related-to-corona-sars-cov2-covid-19 Check it out.

#187 YouKnowWho on 09.23.20 at 1:15 pm

#184 Felix

DUDE! You’re crushing it. I’m howling.

#188 SoggyShorts on 09.23.20 at 1:30 pm

#187 Ronaldo on 09.23.20 at 12:59 pm
Yep. 100 million virus particles will fit on a pinhead.
***************************
Viruses can’t fly though…

#189 NSNG on 09.23.20 at 1:31 pm

#187 Ronaldo on 09.23.20 at 12:59 pm

Yep. 100 million virus particles will fit on a pinhead.

https://www.arctic.com/aam/en/news/questions-related-to-corona-sars-cov2-covid-19 Check it out.

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

Good point. There are a LOT of pinheads in this country.

#190 Looking up on 09.23.20 at 1:34 pm

#172 KC

Do your homework. any mask will not protect you from any covid … the virus is too small to be trapped in the fibers. air and exhaust escapes all around the mask any way.
——————————————————————
Yep. 100 million virus particles will fit on a pinhead.

https://www.arctic.com/aam/en/news/questions-related-to-corona-sars-cov2-covid-19 Check it out.

————-

The real benefit of masks is that they prevent transmission to a large degree. So if everyone wears them the Covid risk is greatly reduced.

Why do you think surgeons and nurses have been wearing masks for years. They wouldn’t be wearing them if they weren’t effective.

#191 Barb on 09.23.20 at 1:39 pm

“If Liberal represents left wing on the federal level, what does the NDP represent?”

—————————–
Libs are NDPers in suits.

#192 Quintilian on 09.23.20 at 1:48 pm

Something doesn’t add up; if people are fleeing from the Covid infested cities, into the rural communities, and driving up prices in those places; why are prices in the cities not dropping?

I think ,that once again, the RE cartel is proving that you can fool all of the people some of the time.

#193 Damifino on 09.23.20 at 1:49 pm

#186 NSNG

If Liberal represents left wing on the federal level, what does the NDP represent?
———————

Desperation.

#194 Tbone on 09.23.20 at 1:50 pm

Barb # 137

Yes you are correct , vitamin D3 is the sunshine vitamin .
Just checked , l take D3 .

#195 NSNG on 09.23.20 at 2:35 pm

Most vit D you get from store shelves is vitamin D3. It is so common that it is usually just called vit D

#196 PetertheSeparatistfromCalgary on 09.23.20 at 2:51 pm

Doctor Anthony Fauci has competently been at his job since 1984 the same year it was discovered that HIV caused AIDs. He says their is “growing optimism” that a safe and effective virus will be discovered by the end of the year or early 2021. He also said the U.S. should have 700 million vaccine doses by April.

Regardless of what you think of his current boss in the White House you must admit Mr. Fauci who has worked for six different Presidents is credible.

https://www.cnbc.com/2020/09/23/coronavirus-vaccine-fauci-tells-congress-it-may-take-time.html

https://www.niaid.nih.gov/about/anthony-s-fauci-md-bio

#197 Ron the Obscure on 09.23.20 at 2:57 pm

NDP are Liberals in a hurry.

#198 Millenial Surrealist on 09.23.20 at 3:15 pm

“This is no time for austerity”

..

I just went to heaven.. let er rip…………boomers, start paying yer fair share….finally.

#199 Millennial Realist on 09.23.20 at 3:19 pm

3:19 PM EDT

“…….will tax extreme wealth inequality…….”

I’m liking where this speech is going!

Be part of the change.

Or be run over by it.

#200 Jay on 09.23.20 at 3:22 pm

The Throne speech so far sounds like it was copied directly from the USSR and translated to English (and French). Welcome to communism everyone!

#201 Shirl Clarts on 09.23.20 at 3:24 pm

#189 SoggyShorts on 09.23.20 at 1:30 pm
#187 Ronaldo on 09.23.20 at 12:59 pm
Yep. 100 million virus particles will fit on a pinhead.
***************************
Viruses can’t fly though…
^^^^^^^^^^^^^^^^^^^^^^
You’re right. They float.

Hand washing is less important, because you can decide NOT to touch your face. You can’t decide not to BREATHE while you shop for groceries.

The mask is the way to go. Takes 2 seconds to put on. Just put the thing on already!

#202 KLNR on 09.23.20 at 3:33 pm

@#193 Quintilian on 09.23.20 at 1:48 pm
Something doesn’t add up; if people are fleeing from the Covid infested cities, into the rural communities, and driving up prices in those places; why are prices in the cities not dropping?

I think ,that once again, the RE cartel is proving that you can fool all of the people some of the time.

folks aren’t fleeing the cities, just buying second homes in the country

#203 KLNR on 09.23.20 at 3:40 pm

@#177 Sara on 09.23.20 at 11:35 am
#172 KC “Do your homework. any mask will not protect you from any covid … the virus is too small to be trapped in the fibers. air and exhaust escapes all around the mask any way.

the masks with filters drip water from them. hence why they are 100% useless.

Masking up is a form of submission… you are all sheep”
—————————–

Does the term “viral load” mean anything to you?

doubt he’s done his homework

#204 Russ on 09.23.20 at 3:55 pm

Hey Vitamin D,
======================

I am not adding any more comments on Garth and his eye in the storm

And that’s the way it is on Wednesday September 23, 2020 and if you can name the person who signed off saying that phrase, you win a prize.

Thanks again Garth for the blog!
========================

It looks like nobody read your comment to the end.

What do I get for naming Walter Cronkite?

Cheers, R

#205 westcdn on 09.24.20 at 7:18 am

I like Albertans being from BC. I like their spirit despite a few nut cases. I am in it for the long haul regardless of the climate. I tell visitors to realize we Calgarians live at the edge. Sea level climates don’t exist – we are a mile high city and in a dry zone.

I will elect an Albertan to cover my back.

#206 westcdn on 09.24.20 at 7:43 am

I should have mentioned I have major respect for Saskies. These are people I could trust my life and they are not stupid.

#207 Kirk S on 09.24.20 at 4:01 pm

Garth, there is a small town up in the middle of the province,”New Ross” north of Lunenburg Town , but still we are within the county. I am sure you have heard of it, if not already been here. Shocked to have seen prices rise even in this area, particularly cottages on lakes. It used to be a niche timbuktoo where you could always find huge plots of land , often Xmas tree farms attached, for the price of a Halifax bathroom. It seems only yesterday it once was just a time-out place to observe events from afar, that is, far away places like the South shore or in Chester /Lunenburg town ! Kind of the same way Nova Scotia in general looked upon GTA I guess , with a kind of remote indifference. People “were out of touch” (meaning they were too busy working there a$$ off carving out there own lifestyle within the spruce) . It will be interesting how those new property owners from away make out with there newfound properties. I feel they are in for a change of heart once they visit out here in the bush.
Indeed, the emotional currents pushing the recent RE surge,with everyone reaching for the boonies ….seems to have repercussions everywhere, and that is saying something when it even includes New Ross!