Losing it

Here’s Tom, from Windsor.

It’s interesting, that city. Two hundred thousand people living in the southernmost place in Canada corded to Detroit by the busiest border crossing in North America. The trouble is, the border’s largely closed – essential travel only. Thanks to Covid. The local economy is decidedly blue-collar. Cars rule. Chrysler is the big deal, but there’s doubt about its future. And the GTA is long ways off – fours away down the 401 Highway of Death.

Despite that, delusion. FOMO. Read Tom’s report.

Thought I’d let you know what was happening in real estate here. We bought a 2200 sq ft townhouse here 5 years ago for $279,000. My wife did an HGTV Reno on the place so all said and done we had around $480,000 in it which I didn’t ever think we would see again, but it was our retirement place so I didn’t worry too much about it. Anyway, we have three kids all grown who work in the cruise line industry and two of whom were furloughed and moved back home with us. As a result we thought perhaps we should look at a detached home with a bit more space.

Started looking in July and every place we saw (about 30 homes) all sold within days of being listed and every one of them sold by auction. The average listing price of the homes we looked at was $699,000 and the average overbid was between $120,000 and $135,000…nuts! You couldn’t put any conditions on the offer and they did an offer day in every sale. Many if the houses had kitek plumbing that needed repairs and still they sold over auction and these were places that would never have sold without prior repairs being done not sold as is in an overbid auction.

About 3 weeks ago we were door knocked and offered $800,000 for our townhouse. We gave it a lot of thought but rents have gone up here as well and we can’t replace our unit for $800,000 in this market. It’s crazy that this is happening in a town that has a major industry revolving around vehicle manufacturing that currently has no new product line announced for its major employer. If that place goes under, like Oshawa and GM, it’s over here for many years yet people still throw this kind of money at places. We have decided to not get involved in this market but rather watch from the sidelines.  Anyway, I’m sure it’s the same story in many other places but I’d thought I’d give you an update.

Well, should T have sold for eight large in a once-in-a-century pandemic boom and pocketed the tax-free windfall? Probably. But we don’t know anything of his circumstances. Except for two clingy, spongy adult children who can’t make it on their own.

What’s this note really about? Risk, of course. People overbidding for homes in a tertiary market with an uncertain economy in a volatile time. Buyers competing for houses with structural issues and doing so without protections in place. No conditions. No inspections. All hormonal.

What would cause this behavior? (a) The fantasy belief that prices will go up forever, so it really doesn’t matter how much something costs. And (b) the cheap loans which make overpaying possible. For now.

Okay, let’s not diss Windsor too much. But the place is gritty. The main drag for years has been littered with empty store fronts and marginal tenants. US wit Stephen Colbert once called it (on air) ‘Canada’s rectum.’ It’s currently a Stage 3 hotspot for the virus. Unemployment during the summer hit 16.7% – the highest in Canada (it’s recently dropped to about 13%). But there’s a killer view of the gleaming Detroit skyscrapers across the river.

Real estate? Sales this month are running 32% above last year’s level. Prices have surged 31%. So far in 2020 – the year of virus, lockdowns, economic glut and record joblessness – prices in Windsor are up 18.67%. And therein we have a cautionary tale about what is happening these days to our nation. We’ve lost it.

Windsor is not like, oh, Hamilton, Oshawa or Mississauga. There’s no commuting to the Big Smoke. No big population inflow. No looming employment opportunities. The average age is above that of Toronto, the GTA or Ontario. And no quick trips across the water now to catch a Tigers or Red Wings game.

But this is not about one city. It’s just emblematic of outlandish behavior everywhere, whether in Kamloops or Bedford. Even the head house-humper at Royal LePage is sounding an alarm. ““Prices right now are rising at an uncomfortable rate,” says Phil Soper. “The economy and the social data in Canada right now is not boom time.”

You bet. The jobless rate everywhere is awful. Governments are going dry for funds. Cities are in financial crisis. Westjet just pulled out of Atlantic Canada. Ontario and Quebec cannot control Covid. Four million people are on government pogey. We’re heading into winter with hotel occupancy at disastrous levels, tourism moribund and six in ten restaurants expected to fail.

Moreover, the interest rate tough has been hit, and it seems to this pathetic blog like the real estate peak has been passed. Numbers emerging over the next two months will show increasing bond yields, for example. Massive government stimulus plus an end to the US election uncertainty will bring a rise in rates – according to a second major US bank report (Citibank first, now Bank of America). Rates could be 1% higher by the end of next year, which would – yes – more than double the current level.

Pandemics are temporary. They end. Always. Recovery will bring modest inflation, higher rates and a repopulation of the major cities. Decisions people are making today – buying in places that were cheap for a reason and taking on inflated debt to do so – could look dodgy at best, lethal at worst, two years hence.

Tom’s house may be worth $480,000 again. Bummer. But at least the kids will be gone.

134 comments ↓

#1 Don Guillermo on 10.14.20 at 2:56 pm

#102 the Jaguar on 10.13.20 at 9:10 pm

@#121 Don Guillermo on 10.13.20 at 12:00 pm. Yes PV is the big draw for many in the West, and increasingly Bucerías and Rincon de Guayabitos. Now that Thanksgiving is over I think airline bookings south will pick up provided the flights are non stop to the destination. No one will want to go through Pearson. The ‘red eye’ to catch the sun destination flight out of Pearson will be unappetizing for more than the usual reasons. I have my escape all planned out. A slight delay while I await word on whether I can bypass the bureaucracy to enter the ‘Forbidden City’. Calling in all my markers as I can only handle one week at the beach. Hope you keep us posted from Mexico, amigo.
****************************************
Agreed, Bucerias is developing big time. I have one brother in law that lives there full time now and one that has a winter condo there. I haven’t been to Rincon for over a decade so not sure what’s going on there recently. We pretty much explored most all of the West, East and Gulf coast options before landing on Mazatlán. We originally started looking at Caribbean islands as we worked in the area for a couple of years and fell in love with a few places. We soon realized that Mexico made more sense for many reasons. It ticked most of the boxes as they say. Islands can get very small if you’re living there full time “and” not working. There are many interesting highland options in Mexico as well but being from Calgary, the ocean was a priority. If we move down permanent some day (it could happen) we would want a high altitude second place to get away from extreme hot and humid coastal summers. We have quite a few American and Canadian friends that do this. Places like Guanajuato, Puebla, Querétaro come to mind but I haven’t researched near enough yet to make the call.
Not sure what the “Forbidden City” is Jag but best of luck on your escape plan this year.
DG

#2 X on 10.14.20 at 3:02 pm

Funny how the papers all have titles of how hot the RE market is. My most recent home offer was for a property listed below market value, with-holding offers to try to get a bidding war. 2 of us made offers on the offer date. Neither was as much as the seller wanted so they pulled the listing. The seller thought he could get more, despite the market telling him no. These occurrences do not hit the papers, or get included in RE stats. It isn’t what it is made out to be.

#3 Ryan on 10.14.20 at 3:13 pm

Windsor expat living in Ottawa. With GM and Ford mostly pulled out of that city and the former brand new big van plant, literally unbolted and shipped to China in the early 2000’s, the minivan plant is the cities lifeline (and just lost the 3rd shift). $800K for Windsor, ON. WOW. Stephen Polez says all those cruise workers/ hotel staff and waiters are only 5% of economy, surely more?

#4 TurnerNation on 10.14.20 at 3:16 pm

Governments are doing a good job in controlling the spread of Capitalism.
….

– If Alberta Health is to outsource linen and cleaning keep an eye on K-Bro Linen KBL.TO


– Cineplex Cinema CEO speaking out against the Economic Lockdowns. But we already know the plan, close the Old System and move it all online to the New System globalist companies: Netflix, Disney, et al.

Gyms ordered closed but Peloton’s stock hits new highs ($135 USD). Which is why CBC ran a story about an ‘outbreak’ at Spinco spin classes. The competitor.

Small businesses closed but Uber Eats, Lyft food delivery, scores. They sold us hard last year on Ghost Kitchens. Now you know why; all these globalist companies I mentioned IPO’d for a reason, also last year

These guys are optimisitc even owning malls:
#yieldhound

“The Toronto Stock Exchange has approved RioCan Real Estate Investment Trust’s notice of intention to make a normal course issuer bid for a portion of its trust units as appropriate opportunities arise from time to time. RioCan’s normal course issuer bid will be made in accordance with the requirements of the Toronto Stock Exchange.
Pursuant to the notice, RioCan is authorized to acquire up to a maximum of 31,615,029 of its units, or approximately 10 per cent of the public float of 316,150,291 as of Oct. 8, 2020, over the next 12 months. “

#5 Cottagers STAY THE HELL AWAY! on 10.14.20 at 3:18 pm

‘Canada’s rectum’ is the GTA, where most of the inbred southern hillbilly cottagers come from.

Just.

Stay.

Home.

(Or feel free to go to Windsor or Sarnia instead.
Breathe in that air deeply when you get there)

#6 Ace Goodheart on 10.14.20 at 3:19 pm

Re: “Two hundred thousand people living in the southernmost place in Canada corded to Detroit by the busiest border crossing in North America. ”

Ahhh, the Ambassador bridge. Brings back fond memories.

One minute, you are in Canada, Windsor, a mostly depressing, but largely safe community of University students, retirees and border guards. The next minute, you are in Detroit. Which is basically like going from your mother’s womb into an active war zone.

Coming off that bridge was always quite the exciting event. Just stay on the highway, watch, watch where you are going. Don’t take any of the exits by accident. You will end up in a neighbourhood that the local police decided a decade ago was too unsafe to enter.

Never in all my travels have I been so intent on remaining on a main highway at all costs.

Detroit is scary.

#7 John on 10.14.20 at 3:21 pm

Unfortunately this is the new normal. When the money is cheap, nobody thinks about risk. Yes, the prices might go down after a while, but overall in the long run the houses always(!) go up. And after the governonr of BoC said that this policy is here to stay for at keast another 2 years, what do you think this will be doing to RE? Correct, inflate it further. Whiever bought in April will make a lot of $$$

#8 Dolce Vita on 10.14.20 at 3:26 pm

“We’ve lost it.”

Some people see the current mortgage rates as a once in a lifetime opportunity and buy (they do have a point, the last worldwide pandemic was 100 years ago). Others want to flee city congestion for the forest primeval suburbs, no matter where they are and the latter depending upon the size of their pocketbook (the smaller the pocketbook, the farther away).

There are probably at least a dozen other reasons for the Cdn RE phenomenon.

As you point out Garth, it all reeks of financial illiteracy and thumbing one’s nose at history (the illiteracy of that too).

One thing that is CERTAIN is that NO ONE is certain of what is to come. The Damn Virus has become a NORM rule breaker for humanity in so many ways.

It’s not just Canada Garth, it’s the whole World.

The pendulum has swung from 0 degrees to the opposite, 180 degrees where somewhere in the middle lies the truth and the path to stay.

Give it a few years…

#9 Captain Uppa on 10.14.20 at 3:28 pm

FOMO is running rampant with the young guys in my office. One just bought a condo and the bank is giving him some sort of cash-back mortgage.

Oh boy.

#10 3s on 10.14.20 at 3:32 pm

Could it be in a world where the cost of money is zero it means that the price of assets are limitless?

Wait that would be hyperinflation…when people flock to any store’s of value like gold and bitcoin, which you can neither eat nor live in!

But wait you ask – you could do all of those in a house. In fact it not only covers most of the basic hierarchy of needs but it’s starting to sound like it’s also starting to mimick what money was supposed to do before they debased it so bad that it is breaking a social contract.

I think house prices does not matter in the death throes of an currency or economy. The only thing matters is if you have one or not. Pay what anyone will allow you to borrow. Debt will have to be inflated away in future. THAT’S the only game in town.

#11 Cottage cheese stay a-whey. on 10.14.20 at 3:34 pm

US wit Stephen Colbert once called it (on air) ‘Canada’s rectum.’
==============

Probably and just above the U.S. of A.

#12 Basil Exposition on 10.14.20 at 3:36 pm

Part 3 of video dispatches by Zeihan on Geopolitics looks at the demographic time bomb ticking in countries like Canada. Some thoughts on what a cornavirus induced recession will do to countries reliant on an export lead economy. Garth has made this argument in prior posts, but coronavirus has moved the timeline forward. Short and to the point. Enjoy.

https://youtu.be/ZSjdl-mnq2M

#13 Tripp on 10.14.20 at 3:36 pm

“We can say with certainty, this is 3-6 times greater than it was on Oct. 6. It is functioning as a very reliable indicator of COVID”, MacKenzie said. “It’s something that tells us almost in real time what’s happening in the community”.

https://ottawa.ctvnews.ca/we-re-strapped-to-a-rocket-right-now-alarm-at-sky-high-covid-19-levels-in-ottawa-s-sewage-1.5145059

We are following the recommendations quite closely in Ottawa, and this could be extrapolated to the rest of the country, less the few exceptions. Masks, distance, disinfectant, tanked economy, etc.

Something went really wrong, either in the professional evaluation of the situation, or in the people’s response. We would like to know where we failed, and what are the next steps.

#14 yvr_lurker on 10.14.20 at 3:37 pm

smart move to just hold your position. It would be crazy to buy a bigger place with all the added debt as a backstop to house adult kids who are working in an industry killed off by Covid, likely for the next 3 years.
No need though to blame the kids (clingy?) for unfortunately being blind-sided by a bug originating from our dear trading partner (China) that has wiped out their livelihoods as. Hopefully, they will find a new path. It would be interesting to price out the global cost for the G7 in dealing with this virus versus the benefits over the past 16 years in having China as one of our closest trading partners. Risk versus reward will hopefully be seen in a new light when this is all over.

#15 Dolce Vita on 10.14.20 at 3:37 pm

“We’ve lost it II.”

So, the countries in the chart below went into LOCKDOWN during Wave 1. Nobody happy, scared dungless but it worked.

Queue Wave 2 and half measures/restrictions. Nobody happy, not as scared (there was learning?) and not working.

Israel went into its 2nd Lockdown a few weeks ago. The Netherlands “partial lockdown” today, Czechia I think either just started or will a full lockdown. I look at the peak numbers Wave 1 vs. Wave 2 and say, ya:

We’ve lost it.

Lockdown Panic –> Summer Fun Respite –> Half Measures/Restrictions –> Lockdown Again???

https://i.imgur.com/KcEuc95.png

I think it’s going to get very ugly everywhere if Lockdowns are reimposed…very ugly.

—————————

Garth, even with a vaccine the World economy is screwed well into 2021 I think.

#16 BillyBob on 10.14.20 at 3:43 pm

#148 Ponzius Pilatus on 10.14.20 at 10:59 am

—————
Better check with your insurance guy.
There’s no way you gonna get fire insurance with that contraption installed .

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

Building, and indeed city, is full of thousands of similar installations. It’s why the chimney is regularly professionally inspected and maintained. It’s a stone building with plaster walls, not some pressed-wood, gyprock faced disposable dwelling.

Insurance is not a problem, but thanks for the “helpful” input.

#17 Cottage cancer on 10.14.20 at 3:45 pm

#5, you’ve been at it for months now. Rather divert all that energy towards the US reelection of Trump. Jobs, higher incomes, lower taxes, border control, lower pharma, defunding the media, draining the swamp, higher markets, tolerance, diversity, inclusion, law and order, and much more. Let’s all just MAGA. Then we can come back to Canada and cottages in the country. Lol.

#18 Cto on 10.14.20 at 3:45 pm

Don’t worry,…
the candy-man will drop rates in to the negs, banks will let loose again, Trudeau will drop another $500,000,000,000 from the skys, and money printers will be – peddle to the metal!
Housing will be the “cant loose investment” until middle of decade at least.
This will last until every pension and rrsp is pulverized into dust!!!

#19 Kona on 10.14.20 at 3:48 pm

Way back in 2016 we were looking at bungalow towns in a gated community backing on a golf course in Windsor area. So 4 years ago these homes were selling for $225K. You had months to decide back then. No one wanted to live in Windsor. Unemployment was high and people were leaving. They started a huge marketing campaign to attract retirees from the house horny GTA and YVR and it worked. These same homes are now listed for $600k and sell on bids. My MIL bought a 2 bed condo in Windsor for $115k. Endured a special assessment of $25K and $3k in the 12 years she lived there prior to her death. The condo was sold for $113k in 2017. That was the typical Windsor real estate market just a couple of years ago. Did I mention that Windsor homeowners also enjoy some of the highest property taxes in all of ON?

#20 Ponzius Pilatus on 10.14.20 at 3:52 pm

About the fireplace debate.
For when you feel romantic with a glass (or more) of wine.
It’s either wood or nothing.
Gas does does not do it.
Even the fireplace on the TV is better.
At least it has the crackling sound.

#21 Miss Kevin on 10.14.20 at 3:58 pm

Hi peoples- seen a few comments about Kamloops on this amazing blog that Garth does.
I am from kamloops, and it’s true the market is definitely HOT pink!
Kisses,
Miss Kevin

https://infotel.ca/newsitem/record-setting-real-estate-sales-continue-in-kamloops/it77486

#22 IHCTD9 on 10.14.20 at 4:02 pm

Tom made two mistakes:

1. Not selling for 800K (could have moved to Oshawa – kind of like a futuristic Windsor)

2. Offering a generous “If that place goes under”. He meant to say **when**.

#23 jess on 10.14.20 at 4:02 pm

and how the president profited from his reinvented swamp.
An investigation by The Times found over 200 companies, special-interest groups and foreign governments that patronized Mr. Trump’s properties while reaping benefits from him and his administration. Nearly a quarter of those patrons have not been previously reported”

https://www.nytimes.com/interactive/2020/10/10/us/trump-properties-swamp.html

#24 JSS on 10.14.20 at 4:03 pm

Forget buying a house.
Buy shares of Riocan instead. Almost 10% yield, monthly distribution.
Income for life.
Less than $15, cheaper than a 24 toilet paper.

#25 Catalyst on 10.14.20 at 4:07 pm

Check out a recent TOlife article on a relocation from TO to Orangeville.

https://torontolife.com/real-estate/a-toronto-couple-wanted-to-ditch-the-city-so-they-bought-a-520000-stone-cottage-in-orangeville/

Working in TO and blissfully unaware of how far Orangeville actually is with traffic. They say ‘about an hour’ away. Well let me tell you it is closer to 2hrs than 1 and that is one-way.

#26 tbone on 10.14.20 at 4:08 pm

A 3 br bungalow not more than 1200 sq ft with single car garage just sold in central etobicoke W9 .
I figured 1150k based on what others sold for .
Realtor listed it for 999k to initiate a bid war .
Joint sold for 1350k in a week.

#27 S.Bby on 10.14.20 at 4:13 pm

Italy can borrow money for free:

https://www.cnn.com/2020/10/14/investing/italy-government-debt-coronavirus/index.html

The most indebted EU economy after Greece on Tuesday issued a three-year bond that pays zero interest. Investors won’t be paid anything until the bond matures in 2024.

#28 CL on 10.14.20 at 4:14 pm

what the hell is going on? This is just too stupid to watch anymore.

I said it before, people are delusional and incredibly arrogant and entitled. The only way to end such stupidity is if people really truly suffer and that has not happened yet. The only real trauma is people can’t go for dinner anymore.

When people line up in bread lines for a slice, then maybe the arrogance will end. Until then the party continues.

The incompetence of politicians at every single level of government is horrifying.

#29 Faron on 10.14.20 at 4:20 pm

Great post Garth.

This is happening all over North America and throughout the developed world. My sister in Oregon keeps an eye on real estate in the lesser known towns and things are just as nutty there. Granted, there are a lot of overlooked gems, but like Windsor they are overlooked because there is no industry. My dream retirement spot has had a population of 1200 for almost 100 years. Rarely more, rarely less.

The behaviour brings to mind a couple of things. One, themarketear.com frequently posts the cumulative dollars in money market funds citing the movement of that money as a potential major market driver. Currently 1.6T earning nothing-inflation. There has been a down-tick (200B) in those funds over the summer without a corresponding uptick in equity funds and I wonder if it’s pouring into the real estate market.

The other thing that comes to mind is the recurrence of manias in seemingly all asset markets this summer and how those manias seem to migrate quickly and what that tells us about asset psychology overall. There are the FAT-MANGs that we’ve talked about here. But there’s also green energy via the ETF TAN or ICLN. They have picked up where the FAT-MANGs left off. Gold had a run. Silver had a run. Nikola, zoom, shopify, peloton. So many manias.

I think the underlying psychology is the same and housing simply experiences a double dose of it — a skewed and naive form of flight to security. For non RE assets that “security” comes in the form of retail investors looking for ways to get rich quickly to bolster their savings or to build them out overall. If the funds being dumped into equities (or call options apparently) are directly from various versions of CERB or mortgage deferral, then the feeling of risk isn’t there for some part of the “investment”. All of the manias out there come with some sort of publicity that helps drive the idea that get-rich-quick is possible and happening amongst one’s peers. Tik-Tok stock pumpers, the gold bugs, the crypto geeks, the teslaheads etc. This is happening in Real Estate too as X notes with publicity in papers, online, word of mouth etc.

Currently in Vic, the number of listings keeps dropping and I gather that prices are still going up. I’ve been looking for signs of weakness in RE stats here since July and no luck. I’m very curious about the next two months.

#30 Joseph R. on 10.14.20 at 4:22 pm

“You will end up in a neighbourhood that the local police decided a decade ago was too unsafe to enter.

Never in all my travels have I been so intent on remaining on a main highway at all costs.

Detroit is scary.”

Lost have changed since last year in Detroit. Too Bad you live in fear. You are missing out! Belle Isle Park is right after the Border.

Top Ten most Dangerous cities in the USA:

1. Anchorage, Alaska
2. Albuquerque, New Mexico
3. Memphis, Tennessee
4. Wichita, Kansas
5. Lubbock, Texas
6. Detroit-Dearborn-Livonia, Michigan
7. Spokane-Spokane Valley, Washington
8. Shreveport-Bossier City, Louisiana
9. Corpus Christi, Texas
10. Mobile, Alabama

Source: SafeWise.com

If Detroit scares you, stay away from Alaska, Kansas, Tennesse, New Mexico, Texas.

Most dangerous cities are in Red States. I guess Red doesn’t just mean Republican, it’s also a warning. No worries because you would need to drive for a long time before reaching them if driving from Windsor.

#31 Alberta Ed on 10.14.20 at 4:24 pm

I thought Ottawa was Canada’s rectum, judging by what’s been coming out of Parliament.

#32 Brian Ripley on 10.14.20 at 4:32 pm

My detached house price momentum chart with September data is up for Vancouver, Calgary, Toronto Single Family Detached Prices and the TSX Real Estate Index

http://www.chpc.biz/housing-price-momentum.html

​In September Toronto Single Family Detached price momentum dropped from the last month’s near term high. Calgary turned down as well but in Vancouver, the moxie meter is still on.

Cash buyers represented by the TSX Real Estate Index are plotting a different story that is beginning to coil about the “extreme fear” level of 20% below the flat line; “get me out” is next.

Tom… for comparison my Vancouver MLS chart of housing shows average attached strata (townhouses) prices are $927,795 and condos (apartments) are $698,821
http://www.chpc.biz/vancouver-housing.html

I took a quick look at Zillow and here’s a new 2 storey 3600sf SFD with 6 bdrms and 6 baths for $720,000 on the market for last 60 days (Forest Glade area): https://www.zillow.com/homedetails/3824-Wildwood-Dr-Windsor-ON-N8R-0A9/2078226424_zpid/

and this 5 bdrm 4 baths 3965 (total sf) at $880,000, 42 days on market (east Riverside Area – walk to Lake St. Clair)… https://www.zillow.com/homedetails/541-Greenpark-Blvd-Windsor-ON-N8P-1J9/2077994113_zpid/

An $800k offer for your T-house sounds manic unless your unit is exceptional.

#33 dave on 10.14.20 at 4:36 pm

Real Estate is now a huge risk that keeps getting dangerously in the red zone.

Why doesnt the government increase the stress test levels?

#34 Rico on 10.14.20 at 4:41 pm

Speaking of Kamloops…
Kamloops is exempt from the BC speculation and vacancy tax.
Kelowna and West Kelowna are not, so we’re seeing higher end houses in Kamloops being bid up beyond Kelowna prices (!!!).

Kelowna is also being bid up by refugees from the Lower Mainland (both have the spec tax).

#35 Leftover on 10.14.20 at 4:43 pm

Banks are already tightening up on their commercial loans, capping, reducing or cancelling lines of credit. It’s the natural response to increased risk.

Mortgages don’t carry the same default risk, but are a cash cow that will be milked in lockstep with the bond market, which is now tilting towards increased yields. That can head up pretty quickly, and if Biden gets in that will accelerate especially if the Democrats gain control of the Senate.

Profligate borrowers will get caught very flat-footed.

#36 Elon Fanboy on 10.14.20 at 4:51 pm

So thoughts on applying for the new CRB cash as a Gig worker….

One of the eligibility criteria is “You were seeking work during the period, either as an employee or in self-employment”

Are they expecting to me basically shut down my Sole Prop business and take any minimum wage job?

#37 Don Guillermo on 10.14.20 at 4:54 pm

#34 Rico on 10.14.20 at 4:41 pm
Speaking of Kamloops…
Kamloops is exempt from the BC speculation and vacancy tax.
Kelowna and West Kelowna are not, so we’re seeing higher end houses in Kamloops being bid up beyond Kelowna prices (!!!).

Kelowna is also being bid up by refugees from the Lower Mainland (both have the spec tax)
****************************************

Kamloops is also a better city to live in than Kelowna.

#38 Doug in London on 10.14.20 at 5:00 pm

@JSS, post #24:
Good idea! I think I’ll scoop some up. Another bargain is ENB with a generous yield.

#39 willworkforpickles on 10.14.20 at 5:01 pm

“Pandemics are temporary. They end. Always.”

…so do low interest rates (as i’ve said here for months) and sooner rather than later.

I don’t know about Windsor – but the D rumbles on.

#40 Steerage on 10.14.20 at 5:08 pm

Retirement destination for the Flop… hey you made top ten!

Top Ten most Dangerous cities in the USA:
9. Corpus Christi, Texas

#41 crowdedelevatorfartz on 10.14.20 at 5:08 pm

@#24 Miss Kevin
“I am from kamloops, and it’s true the market is definitely HOT pink!”
+++

Nice try.

That “Hot Pink” color is the smog from the pulp mill…..

https://www.kamloopsthisweek.com/news/domtar-says-weather-to-blame-for-foul-odours-emanating-from-its-kamloops-pulp-mill-1.24164596

#42 Steerage class indeed on 10.14.20 at 5:15 pm

They do end… but can take a while… ah cruise ships of years gone by…….

“The Black Death was a devastating global epidemic of bubonic plague that struck Europe and Asia in the mid-1300s. The plague arrived in Europe in October 1347, when 12 ships from the Black Sea docked at the Sicilian port of Messina. People gathered on the docks were met with a horrifying surprise: Most sailors aboard the ships were dead, and those still alive were gravely ill and covered in black boils that oozed blood and pus. Sicilian authorities hastily ordered the fleet of “death ships” out of the harbor, but it was too late: Over the next five years, the Black Death would kill more than 20 million people in Europe—almost one-third of the continent’s population.”

#43 The Woosh on 10.14.20 at 5:17 pm

#31 Alberta Ed on 10.14.20 at 4:24 pm
I thought Ottawa was Canada’s rectum, judging by what’s been coming out of Parliament.

——————————————

Nope…it’s Windsor. The smell coming off the river aligns quite well with a rectum.

#44 Stone on 10.14.20 at 5:19 pm

But there’s a killer view of the gleaming Detroit skyscrapers across the river.

———

Only if you live on Riverside Drive and only if you live on the river side. That area was always much more costly to buy into. What I never understood was why people would even spend the money on real estate there when you consider the stench. It always smells unless the wind is blowing from the East.

#45 Stone on 10.14.20 at 5:28 pm

#13 Tripp on 10.14.20 at 3:36 pm
“We can say with certainty, this is 3-6 times greater than it was on Oct. 6. It is functioning as a very reliable indicator of COVID”, MacKenzie said. “It’s something that tells us almost in real time what’s happening in the community”.

https://ottawa.ctvnews.ca/we-re-strapped-to-a-rocket-right-now-alarm-at-sky-high-covid-19-levels-in-ottawa-s-sewage-1.5145059

We are following the recommendations quite closely in Ottawa, and this could be extrapolated to the rest of the country, less the few exceptions. Masks, distance, disinfectant, tanked economy, etc.

Something went really wrong, either in the professional evaluation of the situation, or in the people’s response. We would like to know where we failed, and what are the next steps.

———

They’re going about it backwards. Test the tap water going into people’s homes. They might be in for a bigger shock. I’d be interested to hear the results on that.

#46 Penny Henny on 10.14.20 at 5:30 pm

#20 Ponzius Pilatus on 10.14.20 at 3:52 pm
About the fireplace debate.
For when you feel romantic with a glass (or more) of wine.
It’s either wood or nothing.
Gas does does not do it.
Even the fireplace on the TV is better.
At least it has the crackling sound.
///////////////

Better remember that BillyBob in case you plan on inviting Ponzi over

#47 Steerage Joy on 10.14.20 at 5:36 pm

#41 crowdedelevatorfartz on 10.14.20 at 5:08 pm

@#24 Miss Kevin
“I am from kamloops, and it’s true the market is definitely HOT pink!”
+++

Nice try.

That “Hot Pink” color is the smog from the pulp mill……

…………..

Sounds like home sweet home for you dude! time to move!

Some descriptions KTW collected:

• “Pulpy mixed with a bad fart smell.”;

• “Pulpy, but that’s not helpful. Heavy, sulphuric. But it’s not only the smell — it’s the burning our eyes and throats, unless we close all the windows for the whole day. Not unlike the wildfire smoke.”;

• “Vile. Just vile. It make me gag at times.”

• “It’s different from the sweet-rot smell of the sewage lagoons, which is also vile, but doesn’t hurt.”;

• “Definitely rotten eggs.”

#48 crowdedelevatorfartz on 10.14.20 at 5:37 pm

@#44 Stone’
“What I never understood was why people would even spend the money on real estate there when you consider the stench. It always smells unless the wind is blowing from the East.”
+++

If its a western wind bringing the stench….the smell is coming from Detroit…or from me……

#49 Interstellar Old Yeller on 10.14.20 at 5:38 pm

I always appreciate your reminder that pandemics end. Some days it’s really helpful to hear it. Thanks, Garth.

#50 Penny Henny on 10.14.20 at 5:39 pm

#36 Elon Fanboy on 10.14.20 at 4:51 pm
So thoughts on applying for the new CRB cash as a Gig worker….

One of the eligibility criteria is “You were seeking work during the period, either as an employee or in self-employment”

Are they expecting to me basically shut down my Sole Prop business and take any minimum wage job?

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

No worries Fanboy.
Justin’s got your back!
Either means either, not both

#51 Steerage on 10.14.20 at 5:49 pm

So we have a tight running competition for the rectum of Canada between Windsor, Kamloops and Ottawa…

There must be more contenders than that! though Ottawa has an unfair advantage given current occupants.

#52 Long-Time Lurker on 10.14.20 at 5:50 pm

>Hopefully, Covid-19 (Wuhan Coronavirus/Wuhan-400) is mutating to become less lethal and will continue to mutate and become increasingly less lethal. With this scenario, life will return to normal at some point in the future.

As Virus Surges Anew, Milan Hospitals Under Pressure Again

Coronavirus infections are surging anew in the northern Italian region where the pandemic first took hold in Europe, putting pressure again on hospitals and health care workers.

By Associated Press, Wire Service Content Oct. 14, 2020, at 12:11 p.m.

BY COLLEEN BARRY, Associated Press

MILAN (AP) — Coronavirus infections are surging anew in the northern Italian region where the pandemic first took hold in Europe, putting pressure again on hospitals and health care workers.

At Milan’s San Paolo hospital, a ward dedicated to coronavirus patients and outfitted with breathing machines reopened this weekend, a sign that the city and the surrounding area is entering a new emergency phase of the pandemic.

For the medical personnel who fought the virus in Italy’s hardest-hit region of Lombardy in the spring, the long-predicted resurgence came too soon.

“On a psychological level, I have to say I still have not recovered,’’ said nurse Cristina Settembrese, referring to last March and April when Lombardy accounted for nearly half of the dead and one-third of the nation’s coronavirus cases.

“In the last five days, I am seeing many people who are hospitalized who need breathing support,” Settembrese said. “I am reliving the nightmare, with the difference that the virus is less lethal.”….

https://www.usnews.com/news/world/articles/2020-10-14/as-virus-surges-anew-milan-hospitals-under-pressure-again

#53 TurnerNation on 10.14.20 at 5:52 pm

Once again if the USA is slammed why’d they send away those two hospital ships, Comfort and Mercy? Was it all a stage prop for the telescreens?
Why not sent them up the St. Lawrence and help QC? Hospitals so overwhelmed right?

Of the HUNDREDS of billions of dollars the UN-backed and installed T2 regime handed out How many NEW hospitals did they announce?
I thought so.

Say didn’t they send in the Military? How’d that work out…economic lock downs achieved what?:
…..
2020-10-14 17:23 ET – News Release
Chartwell Retirement Residences Real Estate Investment Trust has issued the following statement related to the continuing COVID-19 pandemic.
As Canada’s largest owner and operator of seniors living residences with 196 residences and 29,300 suites under management, Chartwell plays a vital role for our residents, their families and our staff during these challenging times and our priority continues to be their safety and wellbeing. As case counts have increased this fall, our employees continue to stay focused and dedicated, demonstrating exceptional courage and commitment, working together to keep our residents, their families and each other safe.

#54 Nottawa Housing Bust on 10.14.20 at 5:57 pm

Just checked MLS for listings 800K+ in Windsor. The only places that come up are fully detached homes. I am not sure where you get that number from, but it seems a bit inflated.

As for POLOZ. His comments this week speak volumes. The central bank has reached the limits of its policy. Soooo basically no more bond buying lol.

Would have been nice if he was this prudent when he was in the seat. Now to get out of this debt mess without multiple credit downgrades.

And, if furloughed workers were only 5% of economy, why is the discussion regarding negative rates even had. We should be in boom times, raising rates.

This entire blog post reeks of horse hockey and FOMO. Lets be better than this.

#55 Long-Time Lurker on 10.14.20 at 6:03 pm

>(Snicker) Global warming/climate change, part 1.

COVID-19 lockdowns in China, Europe averted tens of thousands of premature deaths related to air pollution, study finds
by Jessica Sieff

October 14, 2020

Lockdowns initiated to curb the spread of the coronavirus in China and Europe at the beginning of the pandemic improved air quality, averting tens of thousands of deaths in regions where air pollution has a significant impact on mortality, a new study shows.

According to research published in The Lancet Planetary Health, scientists at the University of Notre Dame found that particulate matter concentrations in China dropped by an unprecedented 29.7 percent, and by 17.1 percent in parts of Europe, during lockdowns that took place between Feb. 1 and March 31 in China and Feb. 21 to May 17 in Europe. Particulate matter (PM2.5) — tiny airborne particles smaller than 1/10,000 of an inch in diameter — comes from various combustion-related sources including industrial emissions, transportation, wildfires and chemical reactions of pollutants in the atmosphere.

“We look on these lockdowns as the first global experiment of forced low-emission scenarios,” said Paola Crippa, assistant professor in the Department of Civil and Environmental Engineering and Earth Sciences at Notre Dame and corresponding author of the study. “This unique, real-world experiment shows us that strong improvements in severely polluted areas are achievable even in the short term, if strong measures are implemented.”….

https://news.nd.edu/news/covid-19-lockdowns-in-china-europe-averted-tens-of-thousands-of-premature-deaths-related-to-air-pollution-study-finds/

#56 Long-Time Lurker on 10.14.20 at 6:04 pm

>(Snicker) Global warming/climate change, part 2.

2020 May Be Earth’s Warmest Year On Record, Even Without an El Niño
By Jonathan Erdman
July 13, 2020

At a Glance
Three separate analyses found Earth is on pace for one of its two warmest years in 2020.

January-June temperatures were record warm in Asia and Europe, among other areas.

One analysis found June 2020 was a record-tying warm June globally.

Global temperatures in 2020 are on pace for one of the planet’s top two warmest years in 141 years of temperature records, according to separate new analyses.

NOAA’s State of the Climate report released Monday found that temperatures in the first six months of 2020 were second warmest of any January-June period, trailing only 2016 in records dating to 1880.

Based on this data, NOAA calculated a 36% chance 2020 will end up as the record warmest year….

https://weather.com/news/climate/news/2020-07-13-june-2020-global-temperatures-noaa-nasa-ecmwf

#57 Nonplused on 10.14.20 at 6:25 pm

Well, none of that is happening in Calgary. Properties are still selling but it takes months and the seller usually has to make concessions, particularly on price. And we have ski hills, which say they are opening in a month, although I don’t know how that is going to go. Mountains. Campgrounds. Wilderness. Banff. Reasonable commutes. Chinooks. 2 universities. More Costcos than you can shake a stick at. A huge, mostly empty airport. No jobs though, so there is that.

#58 Just a question ... on 10.14.20 at 6:36 pm

do properties “back east” have old underground oil tanks that need to be removed “properly”? Can add up to quite a lot out west here if they are found to have leaked. But I guess it just doesn’t matter … where is the brick wall?

#59 mj on 10.14.20 at 6:47 pm

last week the big banks 5 years mortgage was going for 1.94 and this week 1.89. I believe when you say rates will go higher, but I think they will come down a little more before they go up. The pandemic will end, but we could be months or years away. I can’t imagine BOC, or the liberals will let the bubble pop during the pandemic.

#60 zee on 10.14.20 at 6:56 pm

Garth you have been talking about rates going higher for decades but they keep lower and making new lows.

Poloz just said rates will remain low for Generations.

If the new higher rate when everything falls in place in the economy is just 1 % higher than no one is worried. That is there are no hiccups along the way and we all know there will be and down it goes!

#61 Nonplused on 10.14.20 at 6:57 pm

#20 Ponzius Pilatus on 10.14.20 at 3:52 pm
About the fireplace debate.
For when you feel romantic with a glass (or more) of wine.
It’s either wood or nothing.
Gas does does not do it.
Even the fireplace on the TV is better.
At least it has the crackling sound.

—————————–

I’ve got a gas “stove” and it sure does the trick. Plus I don’t have to acquire firewood which isn’t cheap unless you want to cut it yourself from tree to logs to split wood. Plus I like the “on/off” switch.

Even when we go camping now we bring along a propane “fire bowl”, because it seems like it is fire bans every season all season these days but the fire bowls are ok (no sparks). It uses a fierce amount of propane but is not more expensive than buying firewood at the campground and… no smoke! Plus when it’s time for bed you just shut it off.

However with all the Trudeau carbon taxes in the works, which will only go up until we elect someone with the good sense to eliminate them, getting a wood burning stove or fireplace or even a boiler and doing some part time forestry work might not be a bad idea. I don’t see how Trudeau is going to tax that. But remember to get your permit and only take dead trees. Oh wait, Trudeau will probably start taxing the permits.

(Here in Alberta the government uses wood permits to reduce forest fire risk by permitting people to take the dead trees out for firewood. But they tell you where and when you can cut. And don’t get caught cutting anything green.)

#62 AM in MN on 10.14.20 at 6:58 pm

I’ve raised this point before, but here’s another example.
Looking at the big picture, what if our society changes and no longer values private property rights?

In a marxist revolution, how much private property do you want to own, let alone have as your sole nest egg?

Check this one out from the Law School at Queens, once considered one of the better schools, now just another marxism factory. Wait until their graduates become Judges!

https://nationalpost.com/opinion/bruce-pardy-in-universities-the-revolution-is-now-complete

In the new world we are moving to, private property is considered a method of enhancing white supremacy, and must be abolished!

#63 crowdedelevatorfartz on 10.14.20 at 6:59 pm

@#55 Lurker
“…..particulate matter concentrations in China dropped by an unprecedented 29.7 percent, and by 17.1 percent in parts of Europe, during lockdowns that took place between Feb. 1 and March 31 in China…”

++++
Perhaps the people of China will realize what kind of fithy muck they are breathing now that the shut downs are over…..but they continue to build coal fired power plants at an alarming rate….

https://www.npr.org/2019/04/29/716347646/why-is-china-placing-a-global-bet-on-coal#:~:text=China%20is%20involved%20in%2015,Green%20Innovation%20and%20Development%20Centre.

We can ban plastic, oil, gas cars, recycle everything, grow our food in our poop……but until China gets on board…….this planet is doomed.

#64 TurnerNation on 10.14.20 at 7:00 pm

This is about ending our way of life (they h8 it) and especially travel. Lockdowns are simply training for this.
Lockdown is NOT about health.

https://greatreset.com/
The pause during lockdown created by the pandemic will result in a 7% decrease in global emissions in 2020. The UN states that we need a decrease of 7.6% every year until 2030 to avoid climate and ecological disaster. This means we need to maintain the same decrease every year as if we were living in lockdown.

The challenge is that as we emerge from the pandemic the pressure to go back to ‘Business As Usual’ will intensify. But people don’t want to go back. Only 23%* of the UK public believe following lockdown, advertising should encourage people to consume, shop and fly like before lockdown. 77%* believe it is the industry’s responsibility to encourage people to behave more sustainably like during lockdown.

———
From late March, from another weblog; this person had it nailed:

“We’re in an experiment. We’re now getting a glimpse of what a high tech, low carbon, limited mobility civilization looks like. The technocrats must be loving this – they’re going to have so much data to analyze after the experiment is over. Other major interest groups will use this experiment to further their agendas

#65 Nonplused on 10.14.20 at 7:04 pm

#45 Stone on 10.14.20 at 5:28 pm

They’re going about it backwards. Test the tap water going into people’s homes. They might be in for a bigger shock. I’d be interested to hear the results on that.

—————————–

Why would the tap water have covid? This isn’t Flint.

#66 SmallTownSteve on 10.14.20 at 7:09 pm

So why not pocket the 400k profit, invest it and use that money to pay his rent or a big chunk of it?

#67 Nonplused on 10.14.20 at 7:10 pm

#51 Steerage on 10.14.20 at 5:49 pm
So we have a tight running competition for the rectum of Canada between Windsor, Kamloops and Ottawa…

There must be more contenders than that! though Ottawa has an unfair advantage given current occupants.

—————————

Kamloops is smelly but the recreational opportunities in the area are amazing, if you are an outdoorsy type. No jobs though.

#68 Rectum Sne-Ny-Mo on 10.14.20 at 7:14 pm

#51 Steerage

You can add Nanaimo to your list. We have Harmac mill which smells like a bear’s ass. Fortunately we also have oceans, lakes, mountains, orcas, rivers and much more. But we aren’t taking more residents. Sorry. Lol.

#69 NSNG on 10.14.20 at 7:16 pm

#13 Tripp on 10.14.20 at 3:36 pm

Something went really wrong, either in the professional evaluation of the situation, or in the people’s response. We would like to know where we failed, and what are the next steps.

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

I wouldn’t put it past agents of whoever swabbing door handles

Similar to the situation that infected Trump where all the republicans got the symptoms but, miraculously, few democrats did.

I can’t rule it out.

#70 yorkville renter on 10.14.20 at 7:18 pm

#3 – 5% of the economy, but likely very over indexed to metro areas, with restaurants and other services

#71 Colbert's fake cousin on 10.14.20 at 7:21 pm

Don’t use Colbert to measure a city or anything else Garth. There are more objective sources. He may have used nastier words than Canada’s rectum when talking about himself in the mirror, T2, you, Trump and other people and places. He’s a comedian. He tries hard to get a smile, sometimes with idiotic jokes. He’s otherwise a good guy like many. He never set foot in Windsor. Because he knows I live in Windsor and heard about the crazy house market elsewhere in Canada, he wanted to keep me and Windsor out of it. Yes! Why should anyone know that the commute in Windsor is max 15 minutes, winter comes one month later than 90% of Canada and spring 3 weeks earlier, you can go shopping or have lunch in the Detroit’s suburbs in 30 minutes, safer and cheaper than Eaton’s. Or work there. And detached houses were averaging 200k just a few years ago before another article in your blog or whatever reasons made buyers from To flood Windsor to buy houses at good prices. The result today of all the craziness that is hard to explain is that these inflated prices made it to Windsor too. So yeah, don’t come here. Colbert has never been here but wants you to stay away from Windsor and enjoy the 1h commutes,1 mil houses and the long winter somewhere else.

#72 yorkville renter on 10.14.20 at 7:22 pm

#6 – Ace, I went to grad school in Windsor. Detroit was, and remains, the scariest place I have ever visited. I’ve been all over the world, even a few sketchy places, and nothing was like Detroit.

#73 Idiocy on 10.14.20 at 7:28 pm

Now you know why CMHC ‘s name was changed to “Housing Canada” and has become a branch of the Federal government.

Who else but a government would be so careless as to allow and then guarantee such risky lending – 5 % down on wildly overpriced priced houses – with the economic future so unclear.

It is their way of keeping economic activity going, consequences be damned.

Evan Siddal’s warning was to just panic the Feds into acting to avert the huge default wave he could see coming by claiming that house prices would fall dramatically.

He knew the Liberals would act (irresponsibly) , the bankers would agree and his legacy would be saved.
Win – Win – Win all around.

#74 Melania on 10.14.20 at 7:33 pm

Note to Tom: You screwed up big time, bro! Better to be a year early, than a day late. What’s the fascination with clinging to your modest pile of bricks and mortar? Never look a gift horse in the mouth. But human nature is that you hang on for one reason only: GREED. In your heart, you think prices will go up even higher, n’est ce pas?

I have absolutely ZERO sympathy for people like you. If you knew without a doubt that values would be cut in half next year, you would have been packed and gone. Instead of guaranteeing almost a half million dollars in tax free profits, there you are, not using your small brain.

Excuses about high rents are plain dumb. You can afford to live just about anywhere, so grow a pair, as Garth would advise ❤️
Final question for you: If you had to buy back the same townhouse you presently own, could you afford it at $800k? More importantly, would you even have considered that the value is justified?

End of sermon.

#75 crowdedelevatorfartz on 10.14.20 at 7:43 pm

@#61 Steerage
“….we have a tight running competition for the rectum of Canada between Windsor, Kamloops and Ottawa…”

++++
Apparently we dont have any blog dogs from Sydney Nova Scotia willing to step forward….possibly stuck in the tar pond……

#76 Ponzius Pilatus on 10.14.20 at 7:58 pm

#16 BillyBob on 10.14.20 at 3:43 pm
#148 Ponzius Pilatus on 10.14.20 at 10:59 am

—————
Better check with your insurance guy.
There’s no way you gonna get fire insurance with that contraption installed .

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

Building, and indeed city, is full of thousands of similar installations. It’s why the chimney is regularly professionally inspected and maintained. It’s a stone building with plaster walls, not some pressed-wood, gyprock faced disposable dwelling.

Insurance is not a problem, but thanks for the “helpful” input.
————
No problem, always here to “help” a fellow blog dog with
free advice, that you can’t get anywhere else.
You are allowed to burn wood in your apartment/house?

#77 DON on 10.14.20 at 8:02 pm

Like Dolce V pointed out the good news is harder and harder to find on the international scene.

It’s as if we fell gently into a slump cushioned by stimulus. The vaccine was touted as a definite…now we hunker down with so many unanswered questions.

We haven’t had any serious out breaks in schools or at least not on a wide scale. One would think that the germers would bring it home. This leads me to believe that it may have been in our schools pior to the lockdown. Parents and friends without kids mentioned how sick they were last winter (a bad sickness). I am expecting the flu in November via the germers.

@#33 dave

The Bank of Canada put the onus on the fed gov to tamp down the bubble and pointed to the effectiveness of the stress test. Hint hint they said.

@ leftover ….interesting, thanks for that info

@nonplused
Whistler has some restrictions. Not sure how they affect the skiing. no drop in? or need to have a hotel reservation?

#78 the Jaguar on 10.14.20 at 8:06 pm

@ BillyBob

I can barely light a gas BarBQ, but one thing to consider might be the trend towards municipalities banning wood burning due to emissions. I think the Okanagan/Kamloops areas have some restrictions around this, i.e. if you have a wood burning fireplace it is grandfathered, but otherwise ‘no’. This is due to the valley ‘inversion’ thing in the winter months. Air quality tanks, though it might also be related to controlled burns in their forests. I think they even come around knocking at your door asking ‘How many cords of wood do you have, Mr.”?. Didn’t the pizza/ bagel ovens in Montreal also face similar threats?
Maybe I dreamed it. And maybe Prague isn’t in a valley or the people are more tolerant. The BC peeps might know more about any stranglehold the government is trying on wood burning in residential homes. Just saying you don’t want to get all cozy on the couch in front of the fire and then Greta comes around banging on your door demanding you put the fire out..

#79 Useless on 10.14.20 at 8:23 pm

Hey Garth great post as usual. We renew in August 2021. I was convinced that I could get these rock bottom rates then but you re scaring me a bit. Should I hold off until August or jump on er now. Thanks

#80 TurnerNation on 10.14.20 at 8:30 pm

No idea who these guys/website are but how probable is this.

https://archive.is/YweFO

“The road map and aim was set out by the PMO and is as follows:
– Phase in secondary lock down restrictions on a rolling basis, starting with major metropolitan areas first and expanding outward. Expected by November 2020.
– Rush the acquisition of (or construction of) isolation facilities across every province and territory. Expected by December 2020.
– Daily new cases of COVID-19 will surge beyond capacity of testing, including increases in COVID related deaths following the same growth curves. Expected by end of November 2020.
– Complete and total secondary lock down (much stricter than the first and second rolling phase restrictions). Expected by end of December 2020 – early January 2021
– Reform and expansion of the unemployment program to be transitioned into the universal basic income program. Expected by Q1 2021.”

#81 Shaun G. Burns on 10.14.20 at 8:38 pm

Regarding. Ace Scaredheart’s piling on to the City of Detroit,
Starting in 1965 till 1974 my parents and I went on vacation each summer for a weekend to weekend home stand to see Detroit Tigers baseball games. Would see 8 or 9 games during this period at good old Briggs/Tiger Stadium.

We always stayed at the Tuller Hotel on Grand Circus Blvd just off Woodward Ave in the heart of downtown beside the upper crust Statler Hotel. Very close to 7 or 8 movie theaters, Jazz and great Blues Clubs, Wayne State U just north on Woodward, a 5 minutes walk south to many stores including the signature Hudson’s Department store.
One of the best art museums in the US not much further south.
A great small zoo, Ace tell me were else can to take your child or children, stand and look above you and see polar bears swimming by behind glass? Nowhere else in North America. No polar bears at Ripley’s in TO.

Dearborn Greenfield Village is home to one of the greatest transportation museums in North America.

Open air Eastern Market off Gratiot has more ethnic food offered than just about anywhere else I have visited. How about the Fort, D’etroit is actually pronounce with an accent, it is French.

Detroit has always had great music beyond my mention above. Great concert venues around the area including Pine Knob for rock, the many local and out of town Motown artists and the Motown museum on Grand River Blvd. The Michigan State Fair in August located on north Woodward Ave near Royal Oak which is a very funky arts area near the Zoo. Royal Oak maybe most well known for its August weekend Woodward Car Cruise which happens to be the largest in North America. 40,000 attendees annually!

Would you like me to continue?

Besides our vacation time in Detroit, we would drive to the big “D” for 2 or 3 Sunday doublehitters… remember those and another 2 or 3 Sundays each summer. We averaged approximately 16 or 17 ball games a summer, Legion and/or Army/Navy bus trips for the Wings as well. Add in over the last 35 years 4 to 8 games a summer with my son and my Yankee fan friend I estimate 300 plus games. Detroit is like my second home.

Here is my point. Never once in all those trips, times, experiences did I or my family run into any scary or unscary crime. Never happened walking to the ballgames or back to the hotel AT NIGHT. No carjackings, no break-ins at our middling to slightly lower end hotel. No murders or robberies. Even during the 1967 uprising and riots. The main area of the riots was only a few blocks north west of the ballpark Ace! Games started at 7pm, as the city put in a curfew for 10pm. Notta, zip crime or harm to any of us.

Instead of taking negative, angry, slagging generalizations about a person, place or think…
Of course Detroit has crime, every city in North America has crime, some high crime.

Think about it a wee bit. All of our Cdn cities have increased gun and drug related crime. It continues to increase year by year. Slag them all if you need to slag Detroit. The negative, angry, frustrated, whining, frivolous comments on this blog are disappointing. Live your life, enjoy it… as my father said, “we are all just passing through.”

Garth will know where I am from. His sister city 25kms or so down the road. Greenshields sponsored your annual investment presentation at Lloyd Drummund’s Victoria Inn.
Have followed you for 30 plus years. Your overhead transparencies on headline newspaper bad stories. Same stuff now as then. Emotional news that comes and goes. Will be the same stuff tomorrow, next week, next year.

Now lets see how many rip me on here. It will be my one and only comment since GF blog inception.

#82 crowdedelevatorfartz on 10.14.20 at 8:53 pm

Two Doctors with strikingly similar pronunciation styles

https://www.youtube.com/watch?v=Bh7bYNAHXxw

https://www.youtube.com/watch?v=kjWwb1XKloM

#83 Glengarry Girl on 10.14.20 at 8:54 pm

I am calling BS on the $800,000 Townhouse in Windsor story. Gross exaggeration of house values is a classic side effect of the “Euphoria” Stage of a Housing Bubble.

#84 Stone on 10.14.20 at 9:03 pm

#65 Nonplused on 10.14.20 at 7:04 pm
#45 Stone on 10.14.20 at 5:28 pm

They’re going about it backwards. Test the tap water going into people’s homes. They might be in for a bigger shock. I’d be interested to hear the results on that.

—————————–

Why would the tap water have covid? This isn’t Flint.

———

I’m going to laugh real hard when the MSM start reporting that covid is in the drinking water. That’s if I’m still alive, that is.

In regards to your question, when you don’t know, you check it out. Science is my religion. If you get it tested multiple times in various municipal systems and it comes back negative, great. Until then, …

I guess most people think that learning, growing, and questioning things stops after you graduate from school. No wonder the world is so full of dumb and ignorant people.

#85 Flop... on 10.14.20 at 9:06 pm

#40 Steerage on 10.14.20 at 5:08 pm
Retirement destination for the Flop… hey you made top ten!

Top Ten most Dangerous cities in the USA:
9. Corpus Christi, Texas.

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

#30 Joseph R. on 10.14.20 at 4:22 pm
Top Ten most Dangerous cities in the USA:

1. Anchorage, Alaska
2. Albuquerque, New Mexico
3. Memphis, Tennessee
4. Wichita, Kansas
5. Lubbock, Texas
6. Detroit-Dearborn-Livonia, Michigan
7. Spokane-Spokane Valley, Washington
8. Shreveport-Bossier City, Louisiana
9. Corpus Christi, Texas
10. Mobile, Alabama

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

On this list I have been to Albuquerque, Spokane and Corpus Christi.

Felt safe in all three.

Will probably do Memphis and Mobile in the next few years.

I have traveled in many countries and lived in 5 of them.

If you go looking for trouble you will find it.

Looking for drugs and sex gets a lot of people in trouble.

If you stay respectful with your wits , you could still find yourself in a situation, but you lessen the odds dramatically.

I live 6 kilometres from an infamous ghetto.

Vancouver Downtown Eastside is as out of control a neighborhood as I have seen in North America…

M46BC

#86 TurnerNation on 10.14.20 at 9:08 pm

Nothing to see here Citizen. Move along now and return to your home or place of business.

https://buyandsell.gc.ca/procurement-data/tender-notice/PW-ZL-105-38463
Service Provider(s) for Federal Quarantine / Isolation sites (6D112-202772/A)

#87 TurnerNation on 10.14.20 at 9:20 pm

Seen elsewhere. Good business or good planning?


Last week, the VIA Rail train from Halifax to Montreal was “indefinitely suspended”, as was the bus service between the Maritimes (NS, NB and PEI) and Quebec. If you want to get a bus from the Maritimes to Quebec and further on to the rest of Canada, you have to walk 118 kilometers from Edmunston, NB, to Riviere-de-Loup, Quebec, through what is essentially northern wilderness. The Maritime bus no longer meets up with the Quebec bus.

If you don’t drive (which I don’t) and can’t fly (which I can’t), the only way now to get from Halifax to Riviere-du-Loup (where you can catch a bus to Montreal) is to walk, cycle, or hitchhike. That’s a journey of about 784.2 kilometers from Halifax to Riviere-du-Loup.

I guess you could also paddle a canoe up the rivers. lol

The Maritimes have essentially been cut off from the rest of the country, not only by eliminating most public transit but also by mandating a 2-week isolation period for anyone entering the Maritimes. I believe that the cutting off of the Maritimes from the rest of the country is planned on purpose and that we’ll soon see why”

#88 jal on 10.14.20 at 9:25 pm

Problem:
Airline around the world a begging, threatening, to be given billions of dollars.
Tell the your gov. not to give them money.
Passengers traffic will not increase enough to save the travel industry.
Solution:
Give $2,000 travel vouchers to pensioners reporting less than $20,000 on their income tax.

#89 Drinking on 10.14.20 at 9:28 pm

Unfortunately it will get much worst over this winter, yeah, I am staying invested but as I stated many times before “Cash is King”, for those who do not get that then you should not be reading this blog, my opinion only!

Anyways, a little flashback to the Vancouver opening ceremony; I think we all need a little Cohen and K.D Lang right about now. https://www.youtube.com/watch?v=tcOQSk_cMO0

#90 Pete from St. Cesaire on 10.14.20 at 9:34 pm

#65 Nonplused on 10.14.20 at 7:04 pm
They’re going about it backwards. Test the tap water going into people’s homes. They might be in for a bigger shock. I’d be interested to hear the results on that.

Why would the tap water have covid? This isn’t Flint.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
For the same reason that pieces of fresh fruit in Tanzania tested positive.

#91 Michael Hunt on 10.14.20 at 9:36 pm

“Where’s Hunter?”

#92 DON on 10.14.20 at 9:37 pm

There is a article in the Toronto Sun about an increase in those seeking lawyers for divorces citing job losses and lockdowns (spending too much time together).

#93 Anonymous on 10.14.20 at 9:42 pm

“What would cause this behavior? (a) The fantasy belief that prices will go up forever, so it really doesn’t matter how much something costs. And (b) the cheap loans which make overpaying possible. For now.”

Or maybe (c) the belief, strengthened by the reality in the last 12 years, that governments will do whatever it takes to bail out businesses and individuals. If they won’t, I’ll vote for the guy who promises me a UBI and I don’t much care who pays for it or what the consequences are.

#94 Ponzius Pilatus on 10.14.20 at 9:55 pm

#58 Just a question … on 10.14.20 at 6:36 pm
do properties “back east” have old underground oil tanks that need to be removed “properly”? Can add up to quite a lot out west here if they are found to have leaked. But I guess it just doesn’t matter … where is the brick wall?
————–
You tell me.
When I put my 50 year old home on the market 6 years ago, the buyer’s house inspector found a buried oil tank on the property.
A contractor gave me an estimate from 15k to 110k, depending on how much oil had leaked.
Fortunately, very little oil had contaminated the soil, but I still was stuck with a considerable sum.

#95 Doug t on 10.14.20 at 9:59 pm

#63 fartz

Nailed it buddy – been in the recycling industry over 25 years and NOTHING will save us from becoming compost unless China and India change their ways we are definitely doomed

#96 Ponzius Pilatus on 10.14.20 at 10:06 pm

#67 Nonplused on 10.14.20 at 7:10 pm
#51 Steerage on 10.14.20 at 5:49 pm
So we have a tight running competition for the rectum of Canada between Windsor, Kamloops and Ottawa…

There must be more contenders than that! though Ottawa has an unfair advantage given current occupants.

—————————

Kamloops is smelly but the recreational opportunities in the area are amazing, if you are an outdoorsy type. No jobs though.
—————-
Kamloops is the sports tournament capital of the West.
If your kids are in competitive sports, chances are you gonna spent a lot of time there.

#97 TurnerNation on 10.14.20 at 10:35 pm

As suggested elsewhere is the US Border closed to keep them out or us IN?

#98 TurnerNation on 10.14.20 at 10:44 pm

Man this is moving fast. Here comes the news aka Predictive Programming. Your cell phone tracked.
No more travel until you get the Certificate of V ID

Never forget this is about control over our feeding, breeding and movement. As farm animals.

https://www.cp24.com/mobile/news/toronto-public-health-turning-to-cell-phone-data-to-determine-why-some-neighbourhoods-are-disproportionately-impacted-by-covid-19-1.5145299

#99 NoName on 10.14.20 at 10:48 pm

@ Ponzi

never heard of rika wood burning stoves made in Austria? you can pair them with Alexa… remember. burning wood is renewable source of energy acording to some in eu.

https://www.rika.eu/

#100 Barb on 10.14.20 at 11:13 pm

Tom, should’ve taken the $800K.

#101 AisA on 10.14.20 at 11:14 pm

Establish a rule such that people have to pay off their property before they can sell it and let me know if you ever hear of a bidding war again.

#102 Barb on 10.14.20 at 11:23 pm

A few looky loos.
But nobody’s pulled out their cheque book.

https://www.remax.ca/luxury/bc/coldstream-real-estate/7961-buchanan-road-wp_id271719977-lst

#103 Fortune500 on 10.14.20 at 11:24 pm

The frenzy might die down eventually but those prices will stay high now that a new baseline has been established. Prices are super sticky in Canada. At least they have been for 30 years other than Alberta.

Buy now or move to another country. Ottawa will not allow things to ever go down in any meaningful way.

#104 TurnerNation on 10.14.20 at 11:41 pm

The timelines for rollout of the New System – rolled out that weekend in March, moving super fast.
It’s just amazing how CV lines up lockstep with all the agendas. Public health you know.

There’s just playing with us with this news/predictive programming. It’s all there and will be rolled out on schedule. Recall what I said in Q1 this year that in the New System all compassion has been removed. It’s a prison system.

https://www.ctvnews.ca/business/boc-deputy-pandemic-means-central-banks-must-move-faster-on-digital-currency-plans-1.5144940

BoC deputy: pandemic means central banks must ‘move faster’ on digital currency plans
Jordan Press
Published Wednesday, October 14, 2020 1:13PM EDT
Last Updated Wednesday, October 14, 2020 4:38PM EDT

#105 Comrade on 10.14.20 at 11:58 pm

How I feel about real estate in Canada right now?
A few years from now, Apocalypse2020 was right, and we are in the middle of apocalyptic world, and all of us still come to this blog in disbelief that real estate in Canada still keeps going up, and people are having bidding wars. :)
It started with Conservative, 40year amortization, 0% down-payment, and its a gift that keeps on giving. I still can’t believe that it didn’t give in, even during these times.

#106 PVS on 10.15.20 at 12:42 am

“About 3 weeks ago we were door knocked and offered $800,000 for our townhouse.”

Here in the Windsor-Essex region, townhouses max out around $600K. If the offer stated was real, the owner could have added another 100K and purchased a small mansion on the outskirts of the city. A home with fresh air outside its doors along with trails and countless amenities nearby.

The Windsor area has its challenges but the quality of life for employed and resourceful people is very good.

#107 Ponzius Pilatus on 10.15.20 at 1:21 am

#85 Flop
You obviously like visiting the States.
By all accounts, you’ve travelled the world.
What’s your attraction to the US.
I’ve been to many places, but aside from New Orleans, San Francisco and San Diego I can’t see the attraction.
The language the same, the architecture the same, the food the same.
Not judging. Just curious.

#108 Jackie Cohen on 10.15.20 at 1:52 am

Winter in Windsor? Dreadful thought. But, even so, Trudeau-nomics are barely masking the reality of an inevitable melt down. 17% unemployment? Normally that would have brought out the muggers.

Trudeaus-Poloz plan creative taxation, but even daycares rely on full employment. Unemployed only need daycare during the hours they’re prostituting themselves. I reference the huge spike in hooking during a traditional recession.

So how long can Canada borrow from an already bare cupboard. After all, we are not a reserve currency. The would only buys dollars if the want to buy something in Canada. Energy, Resources, Maritime, the traditional big foreign exchange earners , all shuttered by Trudeau. So where’s the money coming from?

Trudeau can tax, but how long will that last. He can boost employment by putting entire Liberal constituencies on the civil service payroll, but that’s another ” self balancing budget” fantasy. Currently no one wants the Canadian dollar. Going forward as debt collapses the value of currency, as we saw before, several times, Canada has had to be bailed out.

But the bailouts came at a price, we had to pay back the IMF with energy revenue, Trudeau has killed those natural revenues. We could do what Thailand did in the 1960’s , build prostitution centers for the unemployed. Because even if Trudeau continues to create civil service jobs, where does that number top out.

We’re at 20% now, and at 20% U6 unemployment. Where’s the money coming from? Only taxation at 100% can stave off the inevitable and that would fail almost immediately. Pay Attention Mr /Trudeau/Butts !! Canada is not a reserve currency. Our dollar demand is currently zero.

Canada is not alone. Trudeau should be looking at what comes next. In SE Asia the middle class is collapsing, even in a low tax regions. What’s happening is exposing the fallacy of Canada’s social safety net, it’s not forever,candy what comes next is the inevitable. Watch and learn Justin.

https://www.bloomberg.com/news/articles/2020-10-14/millions-of-middle-class-southeast-asians-falling-into-poverty?srnd=premium-asia

Justin and his globalists are lazy thinkers. They think about buying off ” nationalism” with debt. They should be watching the rising level of poverty around the world. In countries that depended on energy Resources, like Africa, things are past national, the violence has gone tribal. Because of Trump? No !! Because of cancel culture drying up needed revenue.

Think none of this can happen in Canada? Think again.

#109 willworkforpickles on 10.15.20 at 3:00 am

#79 Useless
I soak up every piece of information from around the world that i can dig up particularly regarding what could affect rates in the US and Canada down the road/how soon.
Reading between the lines and not trusting the BoC or the Fed at their every word factors in to an extent in what i find.
Next August is short term in the scheme of things with regard to rising rates and waiting to renew then at these low rates still is a safe bet…Imo.
The danger zone of rising rates i can see coming…is 12 to 18 months out.

#110 Agent Dale Crapper on 10.15.20 at 3:36 am

Okay, let’s not diss Windsor too much. But the place is gritty.” -Garth

Hate to pile on here, but googled “Gritty and Windsor” and came up with the following article with choice quotes underneath.
https://www.vice.com/en/article/xd7bbd/windsor-ontario-residents-tell-us-why-its-not-the-worst-place-on-earth
“This City Near Detroit Might Be the ‘Worst Place on Earth'”
“Maybe it’s time to retire the “earth’s rectum” label. But probably not.”
“poor man’s Amsterdam”
“It’s like living in a real life David Lynch movie,”

I smell a Twin Peaks sequel here.

#111 BillyBob on 10.15.20 at 6:11 am

#76 Ponzius Pilatus on 10.14.20 at 7:58 pm

No problem, always here to “help” a fellow blog dog with
free advice, that you can’t get anywhere else.
You are allowed to burn wood in your apartment/house?

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

Um…in a fireplace or stove, yes. Did you think we were planning on building a bonfire in the livingroom? The apartment is in Prague. I thought you were of Austrian ancestry? Perhaps you might actually be aware of some similarities in architecture between places like Prague, Budapest, Vienna…something about the Austro-Hungarian empire…ringing any bells? Sheesh.

The historic buildings here are protected and permitted for wood or gas-burning stoves. New installs must meet modern emissions standards, but older households with original stoves are grandfathered. We could have kept the one that was here when we bought (wood), but wanted a more efficient design. The rooftops on these beautiful buildings look like a Mary Poppins movie. Chimneys required to be inspected and maintained under ordinance. No drama regarding installation or insurance. Sometimes the Canadian-ness of commenters makes my teeth hurt lol.

Anyhoo, enough off-topic drivel, just wanted a few opinions about gas versus wood and did get a couple good ones amongst the usual uninformed nonsense.

Now everyone back to charting The End Of The World™, Covid-19 edition.

#112 SOMETHINGS UP!! on 10.15.20 at 7:08 am

POP GOES THE WEASEL!

https://www.cnbc.com/2020/10/15/smead-nightmare-us-stock-valuations-driven-by-young-dumb-investors.html

#113 LP on 10.15.20 at 7:11 am

#72 yorkville renter on 10.14.20 at 7:22 pm
#6 – Ace, I went to grad school in Windsor. Detroit was, and remains, the scariest place I have ever visited. I’ve been all over the world, even a few sketchy places, and nothing was like Detroit.
************************************
When I was a little girl and then a teenager, lo these many decades ago, my dad’s oldest sister lived in Detroit – specifically on Pointziana (*sp?) Street. Aunt Mina was 20 years older than my dad and he practically worshipped the ground she walked on.

Two or 3 times a year dad would pile us in the car very early in the morning and we would drive the 5 hours to Michigan to spend what was left of the day at my aunt’s house. Then well after dinner back in the car we ‘d be for the long drive back home to Toronto.

Sometimes we would go there to meet my aunt and uncle at an ice cream parlour called Farrell’s. They sold outrageously humongous sundaes that, if you could eat all 2 dozen scoops of ice cream with huge puddles of sundae sauce, would be free. My dad tried once but gave up with 2 scoops remaining and had to pay a lot of money for the thing.

To me and my brother when we were youngsters Detroit was an exotic, foreign city. We envied them for having a place like Farrell’s, for the big department stores which names I forget now. The last time I was in Detroit was about 30 years ago and then it was simply to drive through going somewhere else. I don’t remember being “afraid” and if I had been, it would have been because of the unfamiliar streets and confusing road signs.

Some areas of Toronto and suburbs are acquiring the reputation for being like the Detroit some of you are dissing on this blog. Let him cast the first stone who…

#114 Love_The_Cottage on 10.15.20 at 7:53 am

#87 TurnerNation on 10.14.20 at 9:20 pm
…cutting off of the Maritimes from the rest of the country is planned on purpose and that we’ll soon see why
_______________
Wow, you are so right. The Maritimes are going to declare independence and Garth is going to be their new PM. It came clear to me in a dream last night!

#115 crowdedelevatorfartz on 10.15.20 at 8:16 am

@#107 Ponzie Pout
“What’s your attraction to the US.”

++++

You dont live there?

#116 Sunny South on 10.15.20 at 8:25 am

#83 – Glengarry Girl

http://stjudeestates.com/

Here’s a link to a new small subdivision of townhomes being built one block from where I live. It appears that the list prices have been reduced a bit as in September the 1850 sq ft model was listed at $$785K with the 2200 sq ft model originally over $800K. And that’s for a 2 bed-2 bath townhouse.
For full disclosure purposes, I moved to Windsor from the Aurora-Newmarket area north of the GTA in the late 80’s for love & work (or was it work & love?) and would never return. I’ll take a 6 KM commute to work over the 1.5 hours I commuted to the big smoke any day. The standard of living is way better, and the wineries on Lake Erie are fantastic.
Also, have to agree with Shaun G about Detroit. A great place to visit, and have never had any problems re: crime.
Stay safe y’all

#117 crowdedelevatorfartz on 10.15.20 at 8:28 am

@#87 TurnerNation
“I believe that the cutting off of the Maritimes from the rest of the country is planned on purpose and that we’ll soon see why””

++++

The Rest of Canada will become a Covid refugee camp for the rest of the world.
Trudeau will give all Covid refugees a universal basic income, 12 free visits to a massage therapist, gender identity language re education, and two tickets to the Hockey Hall of Fame ( its in covid central).
No need to thank the Canadian taxpayer….the Modern Monetary Machines will just keep printing day and night
500 Billion, 600 Billion, 700……..

#118 Dharma Bum on 10.15.20 at 8:45 am

Windsor.

Probably the most depressing place in Ontario.

It’s been a symbol of despair for as long as I can remember.

Unemployment, poverty, crime, drugs, culturally vacuous.

Even Tunnel BBQ closed down.

I used to travel there as part of my sales territory in the early nineties.

One of the customers I called on had a big sign in their front window that said: “CLOSED due to G.S.T.”

In Windsor, it doesn’t take much to knock you out of the game.

Tommy shoulda taken the $800 G’s.

#119 Guelph Guru on 10.15.20 at 8:48 am

The arguments presented on this blog are all logical. All the same, for the last 20 years real estate has consistently gone up. Various metrices are discussed e.g.:
1. Max price you should pay for a house is btwn 10 to 15 times the yearly rent.
2. Avg house price should be 3 times the yearly household gross earnings.
We have digressed from these norms a long time ago. Even a global pandemic and recession did not slow it down, instead it has fueled it.
We are indiscriminately borrowing from ourselves. Every country gets one chance to print oodles of money. Mr. Trudeau has used up this lifeline.
Central bankers can only control money supply. That’s only one miniscule part of the entire economy. The real drivers of prosperity are innovation and hard work. Liquidity is just supposed to support them.
The money circus has gone on for a long time. Hope we as Canada, realize the importance of the real drivers of economy and stop barking up the wrong tree.
Where did it all go wrong? Did we permit the wrong set of people to immigrate into our country? Did we select the wrong leaders? Are we not training the next gen properly?
God save Canada.

#120 Captain Uppa on 10.15.20 at 8:56 am

It’s mind boggling how people are wanting to leave city cores. I mean, they have needle disposal boxes in parks! What’s not to love?!

Source: https://www.blogto.com/city/2020/10/toronto-needle-drop-boxes-parks/

#121 Ron the Elder on 10.15.20 at 9:17 am

What we have here is the great Retiree Migration of 2020. Millions of old Canadians cashing out of cities for a variety of reasons, and moving to smaller towns and villages.

Arguably, this is the final economic gesture by the “Bulge in the Snake” aka “Baby Boomers”

The towns and villages will receive a short term boost that will hyper inflate the local property values. Then …. one by one the migrants will depart for the big festival in the sky, and property values will flatline, before drifting south.

Personally, I’ll pass on the small towns, with their wide roads and narrow minds. Habituated by Don Cherryesq, attitudes, Tim Hortons, and inter-generational grudges.

About The time the big city migrants figure out that they miss the energy, youth, and dynamic hassle, of Toronto, It will be too late to come back, “ you’ll be out of the blue and into the black”

#122 Glengarry Girl on 10.15.20 at 9:38 am

#115 Sunny South

A classic example of how a Housing Bubble grows and peaks and eventually will crash (very quickly and without warning) You will be most likely viewing the half built development for a decade after this correction. I stand by the Euphoria stage comment, or top of the bubble. There may be greater fools that buy at the top, but they will be locked in for a very long time and will have over paid and have the added burden of paying the taxes on that over inflated purchase for years. About 20% will go bankrupted as job losses follow and they must move for work. Also sadly, divorce is a big factor, as people loose their assets and financially are stressed with job relocation. I lived through and studied a typical house bubble in Seattle in 2008 to 2010. Many of my Friends and neighbors owned homes in a very desirable new area, they were executives that moved for Tech jobs at Microsoft, T Mobile, Costco, many HQ there with strong job growth. I rented an executive home, my Landlord went bankrupted by the time my one year lease was up, that’s a whole other experience. The houses were selling up 10% increases over the 5 years to the peak and the last home there was purchased by my Friend for 1.5. The builder was still half way through the project with a house across the street that sat half built once the bubble burst. Flash forward two years into the bursting bubble. Many had to sell to move for work in the Great recession. I was caring for 3 empty houses in that community for the 18 months that I was there. The owners had to leave for work and could not sell and did not want to rent. I left to another State and my one Friend ended up selling eventually for 1 Million with half a million loss (real money) NO one and I mean no ONE saw it coming. I did though, I read the Seattle Bubble religiously and prepared myself and our Family to prosper. I have seen this Canadian Housing Bubble growing and will eventually crash. Also, everyone up to the moment the Seattle bubble broke bragged about their house values, it was all anyone talked about.

#123 Sonny on 10.15.20 at 9:46 am

Bank of Canada Becoming ‘ATM for Trudeau,’ Conservatives Caution

https://www.bloomberg.com/news/articles/2020-10-15/bank-of-canada-becoming-atm-for-trudeau-conservatives-warn

#124 Stone on 10.15.20 at 10:07 am

#87 TurnerNation on 10.14.20 at 9:20 pm
Seen elsewhere. Good business or good planning?


Last week, the VIA Rail train from Halifax to Montreal was “indefinitely suspended”, as was the bus service between the Maritimes (NS, NB and PEI) and Quebec. If you want to get a bus from the Maritimes to Quebec and further on to the rest of Canada, you have to walk 118 kilometers from Edmunston, NB, to Riviere-de-Loup, Quebec, through what is essentially northern wilderness. The Maritime bus no longer meets up with the Quebec bus.

If you don’t drive (which I don’t) and can’t fly (which I can’t), the only way now to get from Halifax to Riviere-du-Loup (where you can catch a bus to Montreal) is to walk, cycle, or hitchhike. That’s a journey of about 784.2 kilometers from Halifax to Riviere-du-Loup.

I guess you could also paddle a canoe up the rivers. lol

The Maritimes have essentially been cut off from the rest of the country, not only by eliminating most public transit but also by mandating a 2-week isolation period for anyone entering the Maritimes. I believe that the cutting off of the Maritimes from the rest of the country is planned on purpose and that we’ll soon see why”

———

Can’t you ask your mom to drive you?

#125 Glengarry Girl on 10.15.20 at 10:07 am

#115 Sunny South

Also, to be clear, what I am calling BS on is specifically Tom’s townhouse that he paid high $200’s 5 years ago, renovated and is now valued at $800,000. The new subdivision of townhouses that you listed are not an apples to apples comparison, although still grossly overpriced. I am origianally from Windsor, loads of Family there, very familiar with the Pros and Cons. The area simply can not support those kind of house values for the kinds of jobs that are in that area long term. The urban myth of loads of retirement couples cashing out from GTA and buying properties in Windsor, I also think is very exaggerated. Certainly not enough to sustain the CRAZY increase in Valuations…just keeping it Real.

#126 crowdedelevatorfartz on 10.15.20 at 10:16 am

Gee, the news just keeps getting better.
7th straight month of job losses in Canada

https://ca.reuters.com/article/topNews/idCAKBN2701T7

But yet, it’s all sunshine and roses as far as the BC Real Estate industry is concerned.

https://bc.ctvnews.ca/vancouver-s-real-estate-market-sees-best-september-on-record-this-year-1.5130087

#127 Stan Brooks on 10.15.20 at 10:17 am


#122 Sonny on 10.15.20 at 9:46 am
Bank of Canada Becoming ‘ATM for Trudeau,’ Conservatives Caution

https://www.bloomberg.com/news/articles/2020-10-15/bank-of-canada-becoming-atm-for-trudeau-conservatives-warn

Even with extraordinary pandemic measures, the Bank of Canada isn’t projecting any major pick-up in consumer prices. Rather, it’s projecting inflation will remain below target over the next couple of years because the economy is operating with excess capacity, necessitating the monetary stimulus.

These guys are either exceptional liars or very incompetent, possibly combination of both.

I do not trust a single word that comes out of their mouth.

They say to be conservative and not to go into debt as in the same time they incentivize going into debt with every means possible through pointed policies. Like the drug dealer warning the adducta while selling them more and more drugs.

They command Zero credibility.

Cheers,

#128 Captain Uppa on 10.15.20 at 10:29 am

Well, it looks like you guys were a bit premature on Windsor’s demise.

Fiat going to invest 1.5B in the plant for electric platform. 2000 more jobs by 2024.

#129 Ponzius Pilatus on 10.15.20 at 11:07 am

#127 Captain Uppa on 10.15.20 at 10:29 am
Well, it looks like you guys were a bit premature on Windsor’s demise.

Fiat going to invest 1.5B in the plant for electric platform. 2000 more jobs by 2024.
——————-
Europe to the rescue.
Goodby America.

#130 Ponzius Pilatus on 10.15.20 at 11:16 am

BillyBob
Ever heard of Kachel Ofen.
Relatives in Austria have them.
Amazing stuff.

#131 David Hawke on 10.15.20 at 11:38 am

#97 TurnerNation on 10.14.20 at 10:35 pm
As suggested elsewhere is the US Border closed to keep them out or us IN?

Obviously, to keep the Canuckistanian Commies IN and separated from the thinking Y’alls (as opposed to the foolish tRumptards)!

Reading the comments here makes my decision a decade ago to retire to the tropics Spot-on, eh!

#132 Gio B on 10.15.20 at 1:26 pm

Some pretty far off comments on Windsor here. The crime rates is very low (go see any rankings)… maybe one murder every few years. Boring, yes, but so is most of Canada — how much difference with the GTA tundra ? So a retiree cashes house in GTA, moves to Windsor and lives off the winnings. Most older folks don’t want or avoid big city/ night life. And its warmer by a few degrees. Just don’t go to Detroit (as all locals avoid), except for the airport. The more that do it, the more businesses and restaurants start to flourish there again. Its all self correcting to the median.

#133 YVR Expat on 10.15.20 at 1:27 pm

#28 CL on 10.14.20 at 4:14 pm
what the hell is going on? This is just too stupid to watch anymore.

I said it before, people are delusional and incredibly arrogant and entitled. The only way to end such stupidity is if people really truly suffer and that has not happened yet. The only real trauma is people can’t go for dinner anymore.

When people line up in bread lines for a slice, then maybe the arrogance will end. Until then the party continues.

The incompetence of politicians at every single level of government is horrifying.

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

It’s almost like people are social creatures that can’t sit in a room alone with Netflix all day. Millennials and GenZ are staying single longer, they aren’t getting married, they can’t just stay home – they need to socialize. Long-term boredom increases your risk for a premature death.

#134 Paul B. on 10.16.20 at 10:17 am

I’m calling bullshit on this one. I’ve been looking at the Windsor market lately, and you can buy a lovely home in Riverside or Old Walkerville for 400K. Here’s what 800K-ish will get you. Granted, it’s ugly, but it’s certainly no townhouse.

https://www.realtor.ca/real-estate/22295166/8115-riverside-dr-e-windsor