Oh boy

Deep in the concrete wilds of north-central Mississauga, on a street with towering 8-foot-high trees, driveways teeming with minivans and endless vistas of same-brick mass-built houses, she sits.

This attached rowhouse (20 feet wide) was listed recently for $785,000 – slightly under market (the previous high on the street being a few weeks ago – $825,000). There was no open house, of course, since apparently there’s some kind of virus going around and that kind of thing is verboten. Nonetheless, the vendors received seventy offers. Yeah – 70.

The sale price: $966,000, or $177,000 over asking. And it represents a 17% price escalation on this street in two months. With land transfer tax ($16,000) plus closing and moving costs this is essentially a $1 million purchase. In Mississauga. On a soulless street. No stores to walk to. Nearest cultural centre: Wal-Mart. Here it is…

“Logic and prudence has been long thrown out of the window in GTA,” says blog dog Nav. “I tend to follow the market to see what’s going on and what I’m witnessing right now is just…insane.”

He references this average run-of-the-mill townhouse as well as a detached house even further away from the urban core (a nice kamikaze 90-minute drive in normal traffic) in Milton. That place sold for a hefty $890,000 in June (seven months ago). It was listed days ago for $1.159 million, and just sold for $1,165,000. That’s a price escalation of $275,000, or 31%, in half a year – and no improvements were apparently made. Here it is…

“You remember creating a blog post a few months ago on how an average detached home costs a million dollars in Mississauga now?” Nav says.  “I think you’ll have to create one for townhouses now. Cheap money and FOMO has completely distorted the market. It’ll be interesting to see how long this lasts and what the consequences are.”

We’ve seen this movie before. It last ran in late 2016 and early 2017 when local politicians freaked over a 32% annual increase in house prices. Now that looks quaint, since this is the age of 62% annualized bloats. Back then the Ontario government brought in a raft of measures to try and curb speculation and cool things off. Those remain. Since then the province instituted an anti-spec, anti-foreigners tax covering the whole ‘golden horseshoe’ region, encompassing all of the GTA. Nope. No effect. That’s failed too.

The difference now is that there’ll be no new anti-FOMO laws enacted. Ontario – like every other province – is too consumed with Covid, an overwhelmed health care system, the tragedy happening in LTC homes and the daunting task of vaccinating entire populations. Not only that, but lockdowns, quarantines and restrictions have elevated unemployment, chewed up the economy, crushed small businesses, created a WFH frenzy and destroyed whole sectors, like travel, hospitality, tourism, food and personal service.

There is no appetite to stop what’s happening in Mississauga, Milton, Barrie, Burlington, Niagara or beyond in Brantford, London. Peterborough and even Windsor.

Why are we seeing people lose their minds, swept into a house-lusty frenzy and clearly over-paying for hinterland properties with the personality of cargo containers?

Because they think they’re going higher. And, collectively, we’ve entered a whole new stage of stupid.

RBC’s latest real estate poll tells the tale. Only 18% believe the economy’s okay, but 45% are convinced real estate will stay smokin’. The bank found 56% are keen to buy a house at the moment, with 51% wanting a detached place – even though most folks (59%) are priced out (and have been for a while). About half of all potential buyers admit they’ll have to move to a place like Milton, bedding down with the coyotes and bears in order to nab a property.

Here’s the kicker: “Even though 60 per cent said homes in their area are overvalued, 80 per cent said real estate is a good investment and 52 per cent expect prices to only go up in the immediate future.”

How do you fight this FOMO? What do you say to keep people from swallowing massive debt, spending every dollar they have and rushing into a risky one-asset financial strategy? Do they not understand the pandemic will end? That WFH will stop being a thing and the burbs fade in appeal? That 1.5% mortgages cannot last and prices always drop as rates rise? That a crash in immigration will help quell demand? That when a particle-board row house in cul-de-sacland is commanding $1 million the universe of potential buyers shrinks fast?

Nope. Hopeless. And it’s only mid-January. In a lockdown.

This will just have to play itself out. No room for logic now. And as no politician has the guts to address a cascading affordability crisis, it will only augment.

Let’s remember it’s the sellers who are reaping the windfall of a pandemic. May God have mercy on the buyers.

204 comments ↓

#1 hwy_str on 01.14.21 at 1:34 pm

Looks like people collectively lost their minds… But did they ever have it?

#2 bdwy on 01.14.21 at 1:37 pm

Whomever was the smartass that mentioned gm and a honda collaboration a few days ago, thank you.
i was on the fence and leaning on gm stock(new battery plant larger than gigafactory) and your mention helped push me over.
it’s really gaining some traction with smearing the ev/tsla stink on the company/stock. flying caddilac anyone?

since last friday close

tsla 880–>850 -3.4%
gm 43–>51.50 +19.7%
sp/dow – flat

wowza.

gm SHOULD be worth more than tesla in any financial measure.

gm is currently 10% of tsla market cap, produces 18x the number of cars, and now has a better battery.

like the tesla boys did, i guess i owe them a new caddy or vette purchase already. saileraway you may want to take some of your elonbucks and diversify a bit. the elonbubble is epic but dont sell it all!

——————
also added cdn o&g etf as another dawg suggested. nice.

#3 Faron on 01.14.21 at 1:37 pm

Garth:

And, collectively, we’ve entered a whole new stage of stupid.

Why is it that RE, bitcoin and TSLA manias all seem to go hand in hand? 2017 was the previous boom year in RE and BTC while TSLA doubled that year. Is it because manias beget manias, or is it the same crowd involved in all three? Bitcoin is a pretty easy place to launder money and apparently RE in BC is too. TSLA just the spill over? Extremely speculative, but something is fishy IMO. Where do the $$$ come from?

#4 Dave on 01.14.21 at 1:37 pm

Real estate agent from my region sent this out in an email blast yesterday, just crazy

Southern Georgian Bay Western Region rounds out 2020 with a jaw-dropping 45.6% year on year increase!!: The Average Residential selling price in the Western Region for December 2020 was $853,220, up 45.6% compared to December 2019. Breaking the region down further: Collingwood saw increases of 37.3% year on year (with an average selling price of $858,393 in December 2020), Blue Mountains 28.1% (average selling price $913,577) Clearview 67.3% (average selling price $1,083,467) & Meaford 128.5% (average selling price $861,306).

#5 Honest Realtor on 01.14.21 at 1:41 pm

I sympathize with your bewilderment, Garth.

But it has been the reality of RE in the GTA for my whole life and career, minus a few years of levelling out in the 1990s.

This will continue, hard to see otherwise. RE will continue to be a terrific back up ‘investment’ for people who don’t know enough about fine services like yours.

I am in my late 60s now and have no illusions that I will make it past another decade or so to see what might happen a generation out. Stuff happens.

In that timeframe, this just is not going to change. Bet on it. RE will continue to be the best buy for Canadians.
Nothing else will come close.

#6 Neo on 01.14.21 at 1:42 pm

Garth,

I looked up that detached house. It last sold in 2016 for $670,000. So 4 years later it sold for 32% more at $890,000.

In 6 months it basically sold for the same amount that took 4 years to do previously.

Yes, this is beyond a bubble at this point.

#7 Doug t on 01.14.21 at 1:55 pm

EVERYTHING is crazy
We are living in a CRAZY world
Forget the past “normal” world – we have officially entered the Twighlight Zone and there is no going back
Even so called “experts” shake their heads and throw up their hands
Whether its housing, the dollar, stock market, crypto, NOTHING makes any sense

#8 Blacksheep on 01.14.21 at 1:56 pm

I’m surprised no one has mentioned this.

The US government had months of notice to prep for the expected large volume of people attending this rally, do to the fact online, Jan/6/21 was planned as a huge protest date.

Instead of being proactive and installing fixed 8′ high fencing that would have successfully kept protesters out, the System chose shitty little 3′ high portable fences that parted like the red sea as soon as the Capitol Police Dept realized, they lacked both the physical barriers or manpower (pitifully understaffed considering what was coming) to stop protesters from broaching the Capitol building.

Full blown drama ensued…

So when its all said and done we are expected to believe, ALL of theses 17 intelligence communities were just to inept to see this long planned protest day coming and warn the US government to take measures to secure the Capitol Building, the one known world wide as the bastion of democracy?

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

How long until the new: “Your neighbor might be a domestic terrorist” legislation is passed?

Trump walked right into this one, destroying both his and his families name forever and has got no one to blame but his own bloated ego for not seeing this setup coming….

#9 45north on 01.14.21 at 2:05 pm

Why are we seeing people lose their minds, swept into a house-lusty frenzy and clearly over-paying for hinterland properties with the personality of cargo containers?

Because they think they’re going higher. And, collectively, we’ve entered a whole new stage of stupid.

Martin Armstrong: As we head into 2022, it looks like sheer chaos.

Danielle Park: Crypto-Mania: Sign of Berserk Times (spelling corrected)

As Dorothy says “we’re no longer in Kansas, Toto”. She enters the land of Oz and sees that her house has crushed the Evil Witch of the East.

Me, I pray the Rosary.

#10 bdwy on 01.14.21 at 2:07 pm

for sale – 48’lot in prime east van location.
2.188M. add 50k to remove old shack.

this is high water mark from 2017 peak.

i’m guessing it goes 2.25.

four new untis WILL sell EASY and FAST for 1.4 each, even if they are junk, even if the market ‘crashes’ (up to 1.6 if nice)

that is near 5.5 m after selling costs. if you can build for under 2m, gross profit near is 1.5m. in one year.

as steady as the rain falling. This has been going here for 25 years. the same lot next door was one of the early ones , sold for 340k back in the day.

i went into the wrong business!

#11 VAX IT on 01.14.21 at 2:10 pm

COVID-19 – Knows EXACTLY where all the Long Term Care homes are. It’s like it is sent there by FedEx or something. Like it has a little virus iPhone with Google MAPS.

VACCINE – Lost in the woods! Like no one knows how to put 100 doses into a car and drive it in any direction up to 200km to get to a LTC Home and administer to those who need it most and are clearly most at risk. Why do this? TOO COMPLICATED! Keep them in storage!

As I made this comment yesterday to a friend, I started laughing…in disgust really. But this is no laughing matter. The incompetence around this simple task is STAGGERING! Canada Post could deliver McDonald’s coupons quicker!

Other day I heard on the news that Government has secured AMAZING 1.6m doses…(by end of February!). Divide by 2, as each patient needs 2, 800K people. Don’t hold your breath for the vaccine coming to the rescue.

#12 FriedEggs on 01.14.21 at 2:11 pm

$966,000 with a single driveway, still have to jockey the cars around and cant park on-street (blvd space too narrow)
No mature trees, hardly any front yard and backyard can’t be much better.
Probably has 8-10 people living inside.

#13 Northumbrian Nomad on 01.14.21 at 2:12 pm

DELETED

#14 Penny Henny on 01.14.21 at 2:13 pm

#164 Sail Away on 01.14.21 at 12:04 pm
Re: SoggyShorts and rebalancing

Rebalancing is the secret sauce of success and straightforward when holding all broad-market, or broad-sector ETFs, which I think might be the case for you.

It gets a little more complicated with individual stocks, since a common action is often to take profits on a super-winner while hanging onto poor performers. And… unless something fundamental has changed with the winning stocks, this approach can drive a portfolio to mediocrity.
////////////

I was just reading more about that strategy in Howard Mark’s latest memo

https://www.oaktreecapital.com/docs/default-source/memos/something-of-value.pdf

#15 mj on 01.14.21 at 2:13 pm

the only solution to cool down the housing market is to lower the amortization. Change it from 25 years, to 20 years, or even 15 years. It will control the prices from inflating too much, and will also save people thousands of dollars in the long run. I personally think that is the best solution, but should have been done before mortgage rates dropped.

#16 Alex on 01.14.21 at 2:23 pm

Obviously going crazy and hockey sticking, so I am not advocating for these crazy prices, but it does jive with all the mentions of inflation on this blog… People have all this money lying around, literally, and the cost of financing is so low… It brings this disaster.
Now, as soon as rates normalize, people will have regrets. But the government is intent on creating inflation, so here it is…

#17 Mike in Cowton on 01.14.21 at 2:24 pm

At the risk of asking a stupid question here goes…

Why is residential real estate excluded from CPI? If this was part of inflation would Tiff have to step in and increase interest rates to slow this down?

Cheap money and tax-free gains have inflated this bubble. It doesn’t look like unemployment or lack of foreign buyers is going to pop it.

#18 kommykim on 01.14.21 at 2:31 pm

RE:#8 Blacksheep on 01.14.21 at 1:56 pm
I’m surprised no one has mentioned this.

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

It was mentioned on Jan 7th by the same MSM that Trumpers always like to diss:

“Three days before supporters of President Donald Trump rioted at the Capitol, the Pentagon asked the U.S Capitol Police if it needed National Guard manpower. And as the mob descended on the building Wednesday, Justice Department leaders reached out to offer up FBI agents. The police turned them down both times, according to senior defense officials and two people familiar with the matter.” -AP

#19 Sail Away on 01.14.21 at 2:33 pm

Haha

…or you can buy this for real value:

https://www.landwatch.com/custer-county-south-dakota-recreational-property-for-sale/pid/408818734

As an added bonus, you’ll also get the Sail Away clan as neighbours. We can trade off luxury home visits, and there’s an awesome mountain bike skills track/xc ski path on my 64 acres bordering park land.

Elk, bison, mule deer, antelope, trout, no masks, solitude. Very friendly regulatory environment for keeping your own $ in your own pocket. It is, quite simply, heaven on earth… or Utopia, if you will.

#20 bdwy on 01.14.21 at 2:37 pm

B.C. is seeking legal advice on limiting interprovincial travel, Horgan says

VICTORIA
THE CANADIAN PRESS
PUBLISHED JANUARY 14, 2021

#21 Chris in Edm on 01.14.21 at 2:49 pm

These buyers in Ontario are absolute fools, as are many of the 700+ Ontario Suncor employees that are being gifted amazing relocation packages and jobs in Calgary. From what I’m hearing (I have a family member working locally for Suncor), not many are going to relocate. If they currently own in Ontario, they could sell and get the same house in Calgary for 1/3 of the price, AND have ample opportunity to move up in the Company since there’s clearly going to be a lot of openings soon. They’ve won the lottery and are saying “no” to it.

#22 Flop... on 01.14.21 at 2:55 pm

#10 bdwy on 01.14.21 at 2:07 pm
for sale – 48’lot in prime east van location.
2.188M. add 50k to remove old shack.

this is high water mark from 2017 peak.

i’m guessing it goes 2.25.

four new untis WILL sell EASY and FAST for 1.4 each, even if they are junk, even if the market ‘crashes’ (up to 1.6 if nice.)

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

Hey Broadway, how have you been brother?

If you held a gun to my head and told me to choose from an East Van four-plex, or this detached coach house in Kitsilano for 1.5million, I would answer quickly before you pulled the trigger.

I’m going for the Glorified Garage…

M46BC

https://www.rew.ca/properties/3059432/1848-w-14th-avenue-vancouver-bc

#23 SoggyShorts on 01.14.21 at 2:56 pm

#163 Faron on 01.14.21 at 11:57 am
#136 SoggyShorts on 01.14.21 at 4:09 am
#29 Faron on 01.13.21 at 3:15 pm
#13 SoggyShorts on 01.13.21 at 2:14 pm

Glad what I said was helpful, but please do not rely on my advice.
*************
It wasn’t so much “advice” I took away from your post, more a reminder of the fundamentals:
♦Stick to the plan
♦Don’t make emotional decisions
————————–
#164 Sail Away on 01.14.21 at 12:04 pm
Re: SoggyShorts and rebalancing

Rebalancing is the secret sauce of success and straightforward when holding all broad-market, or broad-sector ETFs, which I think might be the case for you.

****************
Indeed that is my case, just a couple of big ETFs.
I’m finally getting why people make so many mistakes and need a competent advisor: Everyone knows the mantra of
♦”buy low, sell high”
but it’s counter-intuitive to
♦reduce “winners” and increase “losers”
then again it makes sense to
♦sell what’s over-priced and buy what’s on-sale

Basically, you can talk yourself into anything so the right answer is math, statistics, and history, not word-play.
As far as I can find basically every chart and graph shows that rebalancing is better than not.
Even you and Faron are in agreement on this, so that’s something.
Granted, “history doesn’t guarantee anything”, but I guess the counter-word-play is “I’m not special, it’s not different this time”, right?
———————————–
———————————–
Really the bottom line is that I did it and I feel relief that doing the “right thing” took the decision out of my hands. There will always exist choices with better outcomes in hindsight, but this one will let me sleep better.

#24 IHCTD9 on 01.14.21 at 2:56 pm

#174 Faron on 01.14.21 at 1:04 pm
#159 IHCTD9 on 01.14.21 at 11:33 am

#148 Ponzius Pilatus on 01.14.21 at 10:27 am
#110 IHCTD9 on 01.13.21 at 10:22 pm

We’re only just starting to discover the USA for vacations, but initial forays have the whole family wanting to return.

Dude, it would be a long haul for you, but get ye to Utah, Idaho, Wyoming, CO, NV. Eastern Oregon. Take a few weeks, bring your quads etc. Fall/late fall. Canada doesn’t hold a candle to the landscape diversity of the US, especially the west.
___

Wyoming is on the list for sure, it looks just beautiful. That pretty much goes for the entire PNW.

The quads however, will be headed for West Virginia.

#25 Blacksheep on 01.14.21 at 2:58 pm

KK # 18,

“The police turned them down both times, ”
————————–
Read that sentence back to yourself a few times, let it stew a while….

Does this seem like something, a rational National Police Department charged with securing the US Capitol Building, the worlds biggest symbol of democracy, would actually do? The FBI offers manpower, as the Capitol is being overrun, but C.P.D. declines help?

Of course not…so the question you really want the answer to is: Why did / how could, it happen at all?

Thanks for making my point.

#26 Don Guillermo on 01.14.21 at 2:58 pm

#19 Sail Away on 01.14.21 at 2:33 pm
Haha

…or you can buy this for real value:
*******************************************
…or this for $6,200,000 MXN all furnished (just under $400K CAD – they’d probably take $360K). Check out the solar heated pool. Good location but the wife says it’s just too damn big.

https://www.point2homes.com/MX/Home-For-Sale/Sinaloa/Mazatlan-Municipality/Mazatlan/Playa-Sur/Prolongacion-Aquiles-Sedn-244-Playa-Sur/97481806.html

#27 Love_The_Cottage on 01.14.21 at 2:59 pm

#17 Mike in Cowton on 01.14.21 at 2:24 pm
Why is residential real estate excluded from CPI?
_________
What makes you think it is excluded?

https://inflationcalculator.ca/cpi-basket/

#28 Comments! on 01.14.21 at 3:01 pm

Everything is hyper and dangerously overvalued. We cannot just point out real estate. Stocks, zombie corporations, Bitcoin, gold, oil at $53 when there is zero demand from airlines and commuters.

This what happens when central banks print money at zero interest like there’s no tomorrow and there is market manipulation everywhere. Will all end in tears.

#29 Howard on 01.14.21 at 3:01 pm

Housing in Canada is transitioning from Too Big To Fail to Too Big To Save, i.e. even the criminal government and central bank pulling every anti-capitalist interventionist lever in the book won’t be able to prevent it from crashing.

In the spring 2017 York Region bubble, unrenovated 1960s dumpy Newmarket bungalows were going for $900k. The following year they were selling for 200-300k less. This current mania is far broader in scope and encompasses the whole of the GTA aside from downtown bachelor and 1-bed condos.

Either way I’m watching the mayhem from an ocean away, and here I shall remain.

#30 Tipler on 01.14.21 at 3:05 pm

Hey Garth, love the daily blog!

Now in your financial professional opinion is there a possibility of interest rates returning above 5 % or like in the 1980’s to a double digits?

With current deficits around the world and the money printing press in overdrive at what point will bankers start asking for higher interest or will we devalue our currency into infinity?

#31 it's obvious on 01.14.21 at 3:07 pm

house prices are going up for the same reason stocks are going up .. you know… trillions of newly printed currency world wide… used to purchase government spending … and negative real interest rates.

you can’t complain about house prices going through the roof, and not complain about stock prices going vertical in a frenzy of mass speculation.

massive and unprecedented QE and money supply growth, as well as renewed fiscal activism, and artificially low interest rates are all drivers of what’s happening to both stocks and real estate.

the inflationary consequences are far larger than ever. distortions, misallocations, propping up of zombie companies, and bigger and bigger gaps between rich and poor.

have you seen grain prices?

#32 Sail Away on 01.14.21 at 3:11 pm

#14 Penny Henny on 01.14.21 at 2:13 pm

I was just reading more about that strategy in Howard Mark’s latest memo

https://www.oaktreecapital.com/docs/default-source/memos/something-of-value.pdf

———–

Thanks! That’s one for the library.

#33 bdwy on 01.14.21 at 3:15 pm

flop – the kits place looks nice.

over here, not 4 plex – but 2 duplexes . with a yard(even if tiny) and you don’t have to live in the alley or with cars.

like this on a bigger lot 33/2, but i watched them build this one and i wouldn’t buy it.
https://www.realtor.ca/real-estate/22717970/2126-charles-street-vancouver

#34 N on 01.14.21 at 3:18 pm

Reading comments on twitter…. Kind of makes sense for the current world we exist in…

War is peace. Freedom is slavery. Ignorance is strength. Imbalances are stability. Wealth inequality is prosperity. Negative rates are income. Censorship is Speech. Debt is wealth. Lies is truth. Amen and Awomen.

#35 meslippery on 01.14.21 at 3:19 pm

#19 Sail Away
Nice place that’s $693 000 CAD
Travel 490 miles straight north to Estevan and for
$574 000 you get this.
Includes health Insurance.

https://www.realtor.ca/real-estate/22000080/300-18-hwy-w-estevan

#36 Sail Away on 01.14.21 at 3:23 pm

#27 Don Guillermo on 01.14.21 at 2:58 pm

…or this for $6,200,000 MXN all furnished (just under $400K CAD – they’d probably take $360K). Check out the solar heated pool. Good location but the wife says it’s just too damn big.

https://www.point2homes.com/MX/Home-For-Sale/Sinaloa/Mazatlan-Municipality/Mazatlan/Playa-Sur/Prolongacion-Aquiles-Sedn-244-Playa-Sur/97481806.html

————–

Wow! Let’s just buy it and rent it as a vacation getaway to Canadians/US residents for $5k/month. Not really kidding…

#37 Millennial 1%er on 01.14.21 at 3:26 pm

Who knew that market manipulation could have adverse effects

#38 Stuck on Stupid on 01.14.21 at 3:35 pm

Ya gotta love idiots – all the way to the bank!

#39 Flop... on 01.14.21 at 3:35 pm

#34 bdwy on 01.14.21 at 3:15 pm

flop – the kits place looks nice.

over here, not 4 plex – but 2 duplexes . with a yard(even if tiny) and you don’t have to live in the alley or with cars.

like this on a bigger lot 33/2, but i watched them build this one and i wouldn’t buy it.
https://www.realtor.ca/real-estate/22717970/2126-charles-street-vancouver

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

Gotcha.

The knockdown an old Bungy and put up a duplex thing has had solid results and numbers, which goes back to our discussion a few months ago about move-up condo buyers wanting turn key, and fixer-uppers being shunned.

A place that needed a lot of work near my place just went well below ask for around 1.03, there’s just no competition for these types of places.

I had a look at the pictures you provided, and it looks all nice and new, but I spotted a problem that I have spoken on here about before.

Putting the washer and dryer in the upstairs closet is just a really bad idea.

You only have to mess up once with the washer and you are into big dollars to fix it, just for the convenience of not having to shlep down a few stairs…

M46BC

#40 Nixter on 01.14.21 at 3:37 pm

True or False
Can’t disagree with last paragraph sounds like something Klaus schwabby and certainly what Turner Nation has been commenting on.

He has lived in China on and off since 2002 and owns a home and company there. While he has been shut out of the country since the start of the crisis, he is frequently in touch with people there and has a good idea what it is like right now.

Some politicians and journalists like to hold China up as a success story of the handling of the coronavirus crisis. They point to its low reported deaths, its almost non-existent cases and the impression that life is seemingly back to normal.

That is an incomplete picture. Life in China is not normal and the fight against Covid is not over by a long way.

The reality is that life in China has changed dramatically since the start of the coronavirus crisis, in three very significant ways.

1. Surveillance. Prior to the crisis, the population could move around freely without restriction. Now, you cannot enter most major public places like a station, an airport, a mall or any government building, without scanning a tracking app on your phone that clears you for entry with a green smiley face. Most residential compounds also require scanning to enter. So after you leave your home, you need to pass a scan to come back in.

This surveillance has been added to the financial surveillance that has been in place for the last few years. Every money transaction takes place with one of the two giant payment platforms, WePay or Alipay, and is linked to your ID number which the government tracks.

So the surveillance of the population is now total and absolute. The government knows everything that everyone is doing.

2. Face masks. Contrary to beliefs in the west, prior to the coronavirus crisis face masks were virtually non-existent. The few people that did wear them might have done so on bad pollution days and even then it would have been a rare sight. Masks are now ubiquitous. There is supposedly no coronavirus in China but you need to wear a mask in airports, stations, malls, large public gatherings, taxis and all government buildings.

3. Closed borders. China has for all intents and purposes shut its borders and closed itself from the world indefinitely. Permits to enter China are hard to obtain. For those who obtain one, on arrival they must pass a quarantine of three weeks in isolation in a government assigned hotel room.

Like every nation that has opted for a Zero Covid approach, China’s fight against Covid isn’t over by reaching zero cases. With coronavirus continuing to spread to hundreds of millions around the world, China’s fight to keep the virus away is ongoing, relentless and, in the absence of a vaccine that provides 100% immunity, permanent.

Even with closed borders, strict entry protocols and the most far-reaching surveillance on the planet, outbreaks occur from time to time at which point entire cities are severely locked down, and their entire populations forced to pass a test.

So when politicians fantasise about Zero Covid and try to promote it pointing to China’s success they should be clear, honest and open about what it would really mean.

It would mean closing borders indefinitely, putting in place a system of surveillance of the population and executing severe targeted lockdowns and compulsory testing at the first sign of an infection in the community. It would also probably mean on-going wearing of masks in numerous settings like public transport or any large gatherings of crowds.

Zero Covid is not a strategy for eliminating Covid, it is a plan to reorganise society permanently in the image created by the Chinese Communist Party.

#41 mark on 01.14.21 at 3:40 pm

#32 it’s obvious on 01.14.21 at 3:07 pm
house prices are going up for the same reason stocks are going up .. you know… trillions of newly printed currency world wide… used to purchase government spending … and negative real interest rates.

you can’t complain about house prices going through the roof, and not complain about stock prices going vertical in a frenzy of mass speculation.

massive and unprecedented QE and money supply growth, as well as renewed fiscal activism, and artificially low interest rates are all drivers of what’s happening to both stocks and real estate.

the inflationary consequences are far larger than ever. distortions, misallocations, propping up of zombie companies, and bigger and bigger gaps between rich and poor.

have you seen grain prices?
********************************************

House of cards, and a rigged game. Why people are putting a dime into stocks or real-estate beyond me, fools simply fools, ends in tears and retirement gutted. Any one close to retirement not taking profits does so at there peril, prepare for Armageddon, go visit a Japan stock market chart HELLO, their still underwater from 2 Decades ago!!

#42 Dolce Vita on 01.14.21 at 3:44 pm

Ya, it’s a Cdn disease you can’t vaccinate against.

But, it’s about the only show in town of any size to keep GDP from tanking into a serious recession.

Scan the far right column to find any positive October 2019 to October 2020 growth rate numbers of size…few, save Real estate, and rental and leasing, Finance and insurance & Wholesale/Retail trade (> $100B, IT comes close):

https://www150.statcan.gc.ca/n1/daily-quotidien/201223/t001a-eng.htm

I suspect those 4 go near hand in hand.

Give these FOMO people a medal for bravery for single handedly keeping the Cdn Economy afloat in the middle of a global pandemic and shackling themselves to 25 years of debt servitude.

——————–

Yup, be grateful they are keeping the economy barely ticking over…an economy that in Oct. 2020 is still -3.5% lower than it was in Oct. 2019.

Thank you brave FOMO people.

#43 C V on 01.14.21 at 3:48 pm

Is anyone surprised by massive increases in housing “costs” with all this money printing going on? It’s just a combination of stupidity and inflation and the result is “staggering” prices. A million bucks 40 years ago costs 3 million now AND money is free now too, so I don’t understand the shock and awe

#44 Daveyboy on 01.14.21 at 3:51 pm

The insanity! So glad I left.

Moved to the u.s. 4 years ago. How night and day it is. My old neighbour who rented at the time, is the ceo of sam’s club. They purchased a home this year and I don’t think it was even as much as the milton home. Mind you, it is Arkansas, however there is 5 fortune 500 companies in the area, and plenty of work. The local government is handing out 10 k to people who are moving there!

#45 Catalyst on 01.14.21 at 3:53 pm

At least it’s close to the hospital when they new owners realize what they’ve done.

#46 Leftover on 01.14.21 at 3:54 pm

The current real estate market is just distortion layered over distortion – artificially low interest rates chasing untaxed assets. Why wouldn’t houses keep going up under these circumstances?

This won’t change until capital gains tax applies to primary residences.

#47 cramar on 01.14.21 at 3:55 pm

There seems to be insane bubbles in a lot of things these days. The worst being Canadian RE. This cannot go on much longer. The tulip mania has to burst! As Garth was wont to say, “THIS WILL NOT END WELL!”

Biden wants a $1.5T-$2.0T spending bill. Boom times ahead!

#48 "NUTS!" on 01.14.21 at 3:58 pm

The answer to the insatiable Real Estate debacle is primarily down to one economic force, interest rates. They have been artificially near zero for so long that it has created a generation of buyers who have no recollection of higher rates. So, naturally, there is a sense of security that the current rates will endure. And why not hold this belief? The fundamental principles that have historically affected the rates have been punted to the curb in favour of artificially keeping the rates low to give the illusion of a stimulated economy. Like Crack, we are addicted, and find no ease way out of this addiction without harming the host.

#49 SoggyShorts on 01.14.21 at 3:58 pm

#27 Don Guillermo on 01.14.21 at 2:58 pm

…or this for $6,200,000 MXN all furnished (just under $400K CAD – they’d probably take $360K). Check out the solar heated pool. Good location but the wife says it’s just too damn big.

************************
“Good location” with bars on every window behind a 10′ high fence?

#50 IHCTD9 on 01.14.21 at 3:59 pm

#12 FriedEggs on 01.14.21 at 2:11 pm

Probably has 8-10 people living inside.
___

6-7 full time Walmart/Tim’s employees would likely be enough.

#51 Ponzius Pilatus on 01.14.21 at 4:00 pm

#19 Sail Away on 01.14.21 at 2:33 pm
Haha

…or you can buy this for real value:

https://www.landwatch.com/custer-county-south-dakota-recreational-property-for-sale/pid/408818734

As an added bonus, you’ll also get the Sail Away clan as neighbours. We can trade off luxury home visits, and there’s an awesome mountain bike skills track/xc ski path on my 64 acres bordering park land.

Elk, bison, mule deer, antelope, trout, no masks, solitude. Very friendly regulatory environment for keeping your own $ in your own pocket. It is, quite simply, heaven on earth… or Utopia, if you will.
———————
Thanks for the tip.
But it’s not for me.
Don’t wanna have to put on my school crossing guard outfit every time I go for a walk, just in case someone does mistake me for a deer.
USA is not longer a country for this Austrian.

#52 yvr_lurker on 01.14.21 at 4:00 pm

Many people I’m sure are making their decisions based on whether they can swing the monthly payment.

For a 700K 25 year mortgage with a 5 year fixed term having an interest rate of say 1.9% as opposed to 3.8%, the savings are roughly 600 per month and you are paying roughly 2950 per month + of course property taxes etc…. This is not so onerous for a family of two high income earners (with Covid proof jobs)….

The interest rate set by the BofC is the main driver in this latest run-up. If the interest rate reverts to some more normal level, it will be a disaster to pay off the huge Gov’t covid debt. This problem exists for so many countries running up huge tabs to fend off Covid. There will be a global push to keep interest rates low for some time I think.

Just wondering if the wall tiger fellow knows of the Gov’t address in China where countries can send their Covid bills.

#53 Hawk on 01.14.21 at 4:01 pm

Like everything else it’s what happens when the government interferes incessantly in the market place, (in this case with absurdly low interest rates).

No matter how cheap the carrying cost of interest, piling on large amounts of debt will eventually be unsustainable for the average Joe (……..well unless we literally go into negative nominal rates, and now nothing would surprise me anymore)………and will result in a major default crisis, or a decade or two of total stagnation, while incomes catchup with levered money.

Basically it’s a bleak future either way.

#54 Don Guillermo on 01.14.21 at 4:03 pm

#37 Sail Away on 01.14.21 at 3:23 pm
#27 Don Guillermo on 01.14.21 at 2:58 pm

…or this for $6,200,000 MXN all furnished (just under $400K CAD – they’d probably take $360K). Check out the solar heated pool. Good location but the wife says it’s just too damn big.

https://www.point2homes.com/MX/Home-For-Sale/Sinaloa/Mazatlan-Municipality/Mazatlan/Playa-Sur/Prolongacion-Aquiles-Sedn-244-Playa-Sur/97481806.html

————–

Wow! Let’s just buy it and rent it as a vacation getaway to Canadians/US residents for $5k/month. Not really kidding…

*******************************************
The property taxes are the killer – approx $300 us/year ;>)

We’re actually going to do a walk through Saturday afternoon.

#55 R on 01.14.21 at 4:03 pm

2021 will be the year Tesla breaks out. It will be 3X current price by this time 2022. GM will go bankrupt by 2025. Large trends in play.

#56 Slim on 01.14.21 at 4:04 pm

Value of typical Calgary home drops $10,000 as property assessments fall $4B –CBC

In Kenney country, you could buy two houses for the price of one in the GTA.

#57 Dolce Vita on 01.14.21 at 4:04 pm

#11 VAX IT

I agree, lost completely, cannot see the forest for the trees lost.

One problem is Canada (and others) have hitched their horses to the Pfizer cryo freezer and Moderna deep freezer storage bandwagons.

Both companies do not want you moving the vaccines around after their final destination like you say (and it ought to be, don’t get me wrong). Why in the US now they’re creating Vax super centers.

The people have to go where the cryo and deep freezers are, not the other way around.

Only vax, so far, you can do that with is AstraZeneca (nurse on wheels, cooler, ice, vax, lollipops, etc. jab everyone, anyone in sight). No approval or large usage yet other than in the UK which is in dire straits in terms of infections.

And it’s VERY BAD so far in Canada for vax’ng.

24M, 15 yrs or older to be vax’d, as of TODAY, people and not doses (X2 for doses):

Trudeau end of Sept 100% Goal, about:

• 1.4M behind schedule

End of 2021 100% Goal, about:

• 1M behind schedule

I’ll update with more complete numbers in my little VAX Scorecard on Sunday for the end of Week 2, 2021.

—————————–

Why do I bother?

“Optimism the economy will quickly accelerate once the pace of vaccinations picks up.”

#58 Ponzius Pilatus on 01.14.21 at 4:06 pm

Hey Dolce
No comments on the Italian coalition government breaking up again?
About for the 121st time.
Former prime ministers have a nasty habit of coming back and causing trouble.

#59 Ponzius Pilatus on 01.14.21 at 4:09 pm

#41
Sounds like Britain.
Surveillance cameras everywhere.

#60 Tim on 01.14.21 at 4:09 pm

Amazing the money people will pay to live somewhere with such shitty weather.

#61 Paul on 01.14.21 at 4:12 pm

#47 Leftover on 01.14.21 at 3:54 pm
The current real estate market is just distortion layered over distortion – artificially low interest rates chasing untaxed assets. Why wouldn’t houses keep going up under these circumstances
This won’t change until capital gains tax applies to primary residences.
————————————————————————————————
Political suicide, over 70 percent give or take home ownership in Canada. All of which are voting age.Go ahead make my day!

#62 macduff on 01.14.21 at 4:13 pm

Maybe it’s because of my rapid approach towards retirement or my not being astute to the emotion of FOMO, but for this kind of coin, I would be looking at a villa in Spain, within walking distance to the Mediterranean sea…….no snow and world class wine. Somehow a rowhouse in Mississauga doesn’t rate.

#63 S.Bby on 01.14.21 at 4:15 pm

https://www.marketwatch.com/articles/get-ready-for-higher-mortgage-rates-heres-why-51610657544?mod=mw_latestnews

get the popcorn ready …

#64 Dolce Vita on 01.14.21 at 4:17 pm

#48 cramar

You nailed it.

Garth as seer and yup, up will go mortgage rates if this session jump any indication:

https://cms.zerohedge.com/s3/files/inline-images/10Y%20yield%201.14%202_0.jpg?itok=51oBYdyW

Bond traders hearts a flutter. One speech. One guy. Is about to cost mortgage holders a lot of cash.

#65 O caNnABis! on 01.14.21 at 4:20 pm

420 ROcks, no wORRIEs

#66 Stone on 01.14.21 at 4:20 pm

So obsessed with crappy and souless suburban real estate. I don’t get it. B&D is not throwing off those type of percentages as for glue and woodchip houses but I’m still a happy camper. 3.65% YTD for my B&D. Happy I have a bit of energy/pipelines in my mix.

#67 TunerNation on 01.14.21 at 4:24 pm

Great news for the big industry players? PCL, Bird Construction (BDT.TO), SNC, EllisDon et al?

Not go good for the little guy with a backhoe or doing side jobs. This dovetails nicely with the apparent plan to eliminate cash transactions. Hence Bank of Canada e-currency.
Yep CV did that. and ever other global agenda being unleased upon us.

https://torontostoreys.com/ontario-new-covid-19-measures-ontario-construction-industry/

#68 Faron on 01.14.21 at 4:33 pm

#178 BillyBob on 01.14.21 at 2:29 pm

#177 Ustabe on 01.14.21 at 1:42 pm
#121 the Jaguar…er, sorry, @#121 the Jaguar:

If a simple book recommendation requires a lengthy paragraph of demands as to how to approach the book, how not to approach the person recommending the book and who might be interested in the book….maybe its not quite an Oprah Book of the Month Club contender, eh?

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

#178 BillyBob on 01.14.21 at 2:29 pm

#177 Ustabe on 01.14.21 at 1:42 pm
#121 the Jaguar…er, sorry, @#121 the Jaguar:

If a simple book recommendation requires a lengthy paragraph of demands as to how to approach the book, how not to approach the person recommending the book and who might be interested in the book….maybe its not quite an Oprah Book of the Month Club contender, eh?

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

…fend off useless potshots…room…


Those are excellent guidelines Ustabe.

BillyBob, she certainly wasn’t above lobbing a couple of her own. And way to keep to the discussion of ideas and out of the bickering Bill. Unlikely that she needs someone to defend her regardless.

To the point of Ngo’s book. When a person who is aligned with one terrorist organization (PB) writes a book depicting another violent org (AntiFa), I’m not sure if there’s much ethical high ground left for Ngo to stand on, frankly. He does know how to line his pockets thought by inciting The Jaguar’s fears and BillyBob’s and Sail Away’s sence of law and order justice.

I just perused Ngo’s twitter feed and see that the full extent of his reporting for the better part of a week has been complaining that Powell’s Books wont sell his book in its store because it doesn’t want to tussel with protesters. He’ll claim that he’s being banned/censured while anyone can buy his book from Powells. Online. in a pandemic. Classic Ngo agit prop. Maybe if he keeps at it, he’ll get picked up by RT. Ha!

#69 Howard on 01.14.21 at 4:46 pm

#49 Paul on 01.14.21 at 4:12 pm
#47 Leftover on 01.14.21 at 3:54 pm
The current real estate market is just distortion layered over distortion – artificially low interest rates chasing untaxed assets. Why wouldn’t houses keep going up under these circumstances
This won’t change until capital gains tax applies to primary residences.
————————————————————————————————
Political suicide, over 70 percent give or take home ownership in Canada. All of which are voting age.Go ahead make my day!

——————————————————

As mentioned umpteen times, it would surely be enacted on a sliding scale based on length of residence in the home so that most owners either wouldn’t pay any tax or would pay only a minimal amount. The aim would be to tax house flippers that abuse the current exemption.

If Millennials ever wake up and start voting for their generation’s interests and forcing change (just as Boomers have always done), this will become a reality. I give it 50/50 odds of ever coming to pass.

#70 Howard on 01.14.21 at 4:52 pm

#56 R on 01.14.21 at 4:03 pm
2021 will be the year Tesla breaks out. It will be 3X current price by this time 2022. GM will go bankrupt by 2025. Large trends in play.

——————————————-

Well that’s a relief. Good to know that TSLA will finally get its day in the sun after languishing at a paltry 1700 P/E.

#71 Flop... on 01.14.21 at 4:54 pm

Trackie, I have some unsolicited travel advice for you.

If you are going to do it, do it properly.

I spent over 2 months going to Yellowstone and back.

Same for Yosemite, and the Yukon.

I recommend treating these trips like they are once in a lifetime, never going to do again.

My buddy Boom, had stated on here though he had seen and done a lot of things, that one of his biggest regrets was that he never got to tour out west, I was prepared to lend him my rig, never happened unfortunately.

Do it when convenient as possible for the family, these are truly special trips.

Looking back, the 2 months feels like 2 weeks but you need the time to relax in between the main parts of the trip and the smallest forest camps can be just as wonderful as the big National Park excursions.

If you fancy Wyoming, I would suggest starting in Montana at the Canadian border, Waterton/Glacier National park straddles the border, they have a road called “Going to the sun” which I believe is over 10,000 ft above sea level.

After that head south to Wyoming to check out Yellowstone, and The Grand Tetons is just south of that is top notch scenery, as well.

Anyway, not a travel blog, but it’s what I fantasize spending my money on…

M46BC

#72 PetertheSeparatistfromCalgary on 01.14.21 at 5:07 pm

History tells us that young people who graduate during a recession have worse lives and lower life time income.

This Covid induced recession is a bad one and the next generation is not going to be able to afford these GTA houses.

https://siepr.stanford.edu/research/publications/recession-graduates-effects-unlucky

#73 Unbelievable Focus on Real Estate on 01.14.21 at 5:11 pm

Using GT’s recommendation for what proportion of my net worth should be in real estate considering my age, my wife and I chose to sell about two years ago and this was entirely the right thing to do. We had a healthy portfolio before the sale but now, we are pretty much set for life, with more than enough reserve to cover all costs (long term care for example) and to live a good life really wanting for nothing.

At the point, about 30 years ago, when we were formulating plans and laying the foundations of our portfolio, we started with lower prices all round and planned to pay off a property as soon as possible and to maintain a good balance between reduction of debt and contributions to our portfolio. Made lots of mistakes, tried not to do so twice, and lo and behold, we made it.

I cannot stress enough how foolish and how very unlikely our present state of good financial health would have been if we had followed the practices we see today: one asset strategy, insane amounts of debt principal, and wholly unreasonable assumptions of future earnings and job security. This lust for real estate will be the financial ruin for many people.

#74 Sail Away on 01.14.21 at 5:15 pm

#36 meslippery on 01.14.21 at 3:19 pm
#19 Sail Away

Travel 490 miles straight north to Estevan and for
$574 000 you get this.
Includes health Insurance.

—————–

Saskatchewan? Um… thanks?

For some strange reason Saskatchewan has never, ever even entered my mind as a golden years destination. Not even once.

Let me run it by the wife. I’ll mention the health insurance.

#75 Prince Polo on 01.14.21 at 5:17 pm

When are we getting 50yr amortizations? Of course, with the contractual stipulation that the signer agrees to have at least one offspring to take over the back half of the payments. Whomever from the BoC is reading this, I am being sarcastic!

Tick-tock….getting closer to exiting the GTA real estate insanity for lower cost of living. I wonder if MF will label me a failure for escaping such a “paradise”?

#76 Guelph Guru on 01.14.21 at 5:21 pm

Totally made up:
Dont worry folks. The Govt is working on the housing affordability solution. Helicopter money. The Govt would soon start HERB. Housing Emergency Relief Benefit to pay for the mortgage payments. Worry not. Only need to vote for the Libs.

#77 Old fellow on 01.14.21 at 5:25 pm

#47 Leftover on 01.14.21 at 3:54 pm

The current real estate market is just distortion layered over distortion – artificially low interest rates chasing untaxed assets. Why wouldn’t houses keep going up under these circumstances?

This won’t change until capital gains tax applies to primary residences.

Leftover, I imagine you rent.

#78 bdwy on 01.14.21 at 5:26 pm

#71 Howard on 01.14.21 at 4:52 pm
#56 R on 01.14.21 at 4:03 pm
2021 will be the year Tesla breaks out. It will be 3X current price by this time 2022. GM will go bankrupt by 2025. Large trends in play.

——————————————-

Well that’s a relief. Good to know that TSLA will finally get its day in the sun after languishing at a paltry 1700 P/E.

——————
what, 5000 p/e is too rich for you?

gm to double before tsla hits 1000. perhaps even 900. maybe it will be 600 by then. (p/e still 1000+)

btc and tsla are done for now. take profits!

#79 Rainman on 01.14.21 at 5:34 pm

It’s insane – my house assessment went up 200K in one year in stinky old Squamish the Walmart and Home depot parking lot.

#80 KLNR on 01.14.21 at 5:34 pm

folks have been calling for a housing crash since I started buying houses in TO almost 18 years ago. Now is as good a time as any I guess. who knows lol.

#81 IHCTD9 on 01.14.21 at 5:37 pm

#72 Flop… on 01.14.21 at 4:54 pm
Trackie, I have some unsolicited travel advice for you.

If you are going to do it, do it properly.

I spent over 2 months going to Yellowstone and back.

Same for Yosemite, and the Yukon.

I recommend treating these trips like they are once in a lifetime, never going to do again.
— ———

I should have got into construction so I could afford a sabbatical for a big trip :)

It’ll be a while before I can do something like that, but it sure sounds good. My in-laws do long trips into the US, and they are the source of the good reviews.

It’ll probably have to wait till retirement, but we’ll do the 1-2 week trips till then.

Plus, I want to see Yellowstone before it blows sky high per Apocalypse 2021…

#82 Ponzius Pilatus on 01.14.21 at 5:42 pm

1.9 Trillion relief package coming courtesy of Biden.
Let’s see if Mr. Market likes it.

#83 Ponzius Pilatus on 01.14.21 at 5:46 pm

In the olden days of this blog, posters were blaming the Chinese for the high house prices.
Garth did not buy it.
Now, that they are all fenced in, who’s the culprit now?

#84 KLNR on 01.14.21 at 5:46 pm

@#76 Prince Polo on 01.14.21 at 5:17 pm

Tick-tock….getting closer to exiting the GTA real estate insanity for lower cost of living. I wonder if MF will label me a failure for escaping such a “paradise”?

go for it.
If you don’t have to work there, why bother paying the stipend to live there?

#85 Steve French on 01.14.21 at 5:52 pm

#4 walltiger from yesterday:

You can tell us again how amazing China is once the Chinese Communist Parties stop kidnapping Canadian citizens.

Until then- stay off my lawn.

Free the 2 Michaels.

– Steve

#86 MF on 01.14.21 at 5:52 pm

5 Honest Realtor on 01.14.21 at 1:41 pm

Really? My parents are slightly older than you and have lived in the gta their whole life (and bought multiple houses). We’ve had decade long down turns. Did you just forget?

Both our gta family homes were bought in downturns (82’ and 92’). Each time sellers were desperate.

Real estate is 100% tied to interest rates, and they have been falling (or manipulated downward now) for the past 30 years. We are nearing zero now. The end of this cycle. Timed almost perfectly for your generation to cash out, i might add. Grrreat. Do you have children? Grandkids? It will be our mess to clean up..and messy it will be (depressed economy, debt crisis, inequality and so on).

So,

None of this is sustainable or healthy. The BoC is buying bonds like crazy to desperately keep the economy from completely imploding. Predictikg more of the same for the next ten or thirty years for our sick real estate market is simply being disingenous, at best.

MF

#87 Ponzius Pilatus on 01.14.21 at 5:52 pm

#71 Howard on 01.14.21 at 4:52 pm
#56 R on 01.14.21 at 4:03 pm
2021 will be the year Tesla breaks out. It will be 3X current price by this time 2022. GM will go bankrupt by 2025. Large trends in play.

——————————————-

Well that’s a relief. Good to know that TSLA will finally get its day in the sun after languishing at a paltry 1700 P/E.
—————-
Tesla is recalling 125,000.
With no cash-flow, who will pay for the repairs?
Musk himself?

#88 Dups on 01.14.21 at 5:52 pm

Lockdown is not working in London ON. Today I saw my non essential woker neighbours leave the house by car 3 times. I doubt it they had to get groceries. Also the previous day they were 11 people gathered on their back patio, no one wearing a mask. This guy is a highschool teacher! Wow this is how these pseudo teachers working 4 hrs a day are protecting the kids now days? This is the type of person that builds a 30x20ft ice rink on their front lawn too. Holy s. They are really pushing it in this nice neighbourhood. I peraonally feel that Doug Ford should impose tougher restrictions and encourage the police to ticket these people all day long from endangering others.

#89 Wait There on 01.14.21 at 5:58 pm

Ok more vaccine news

https://www.theglobeandmail.com/canada/article-ramp-up-of-vaccine-delivery-in-canada-not-expected-until-april-fortin-2/

A million doses a week!!! WOW

OK folks that sounds like a lot at a million doses a week.
How many weeks between April and October? That is 27 weeks or 27 million doses.

Wait we need TWO doses per person. That means less than15 million people will be protected BEFORE the start of the THIRD WAVE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

We have 37.6 million people here plus others here on visas. At this rate less than HALF of the residing population will have been vaccinated. Maybe they expect the other half to have been infected by then so they may not need it.

We should demand better than this.

Folks wonder why Trudeau wants an election before people realize the folly that he pursued with CanSino.

#90 kommykim on 01.14.21 at 6:02 pm

RE: #26 Blacksheep on 01.14.21 at 2:58 pm
KK # 18,

“The police turned them down both times, ”
————————–
Read that sentence back to yourself a few times, let it stew a while….

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

Sure. Same conclusion. Which is why I disagree with your post (#8 Blacksheep on 01.14.21 at 1:56 pm) especially where you stated,
“So when its all said and done we are expected to believe, ALL of theses 17 intelligence communities were just to inept to see this long planned protest day coming and warn the US government to take measures to secure the Capitol Building”

The only ones who were inept, were the Capital Police. Plenty of others saw this coming and tried to warn them. This is not some far ranging conspiracy at all. Maybe the Capitol Police Chief Steven Sund, was just another Trumper who refused to see the facts right before him.

#91 Faron on 01.14.21 at 6:04 pm

#72 Flop… on 01.14.21 at 4:54 pm

That’s good advice. I’d recommend not trying to do too much in one go and to take deep dives into either the parks or the surrounding federal lands that can be 95% as gorgeous but 5% as crowded.

One of the best trips I ever did was a 10 day float down the Green River into and through Canyonlands. Class 1 water and unimagineable scenery. And if you get a good guidebook, you can day hike to numerous petrographs and ruins and springs and arches pot holes and eventually The Maze as made famous by Edward Abbey in The Monkeywrench Gang.

Obviously, I’m itching to get back to the states and to the desert especially.

#92 Linda on 01.14.21 at 6:04 pm

Today’s dog pic is one fluffy pup! Illustrative of the desire to own dirt, however remote & despite one ‘fluffy’ price? Or maybe it is that combination of a fluffy mind plus fluffy price escalation…..

At any rate, bigger is better. Everyone wants their own fluffy, though if I had to pick between two fluffs I’d pick today’s pup! Much more affordable & easier to cuddle too.

#93 Stone on 01.14.21 at 6:05 pm

Read “The Unincorporated Man” a few years back. Good book and great series. Pure science fiction however as we should all know, science fiction becomes science fact eventually.

I notice that the “Pennies” are already science fact.

#94 crowdedelevatorfartz on 01.14.21 at 6:07 pm

@#149 Ponzie Panda
“Must be hard hating the Chinese and living in Vancouver.”

+++
Who said I hate Chinese?
You?
Because I take umbrage at an arrogant ex pat bragging about his money and then calling Canadians arrogant?
Ironic . Dont you think?
And you, another expat, dogpile on?
Classy.
And you moved to Canada why?
For a better life perhaps?
Then dont tell the country that welcomed you with open arms that its arrogant.

Some of the people that live here might take offence.
I can only imagine the outrage if I lived in China or Austria and told them of my plans to move “home” after 40 years…..and then called those local people arrogant.

I dont hate living in the Lowerbrainland unless, of course…… I’m driving.

#95 RE_Investor on 01.14.21 at 6:11 pm

2018 bidding wars update on the sold listings. I listed 6 houses I was interested in Didn’t get any of them, but I did offer on 2 of them. Out of the 6 houses that sold, 2 houses were sold later for more. https://www.greaterfool.ca/2018/03/04/sunk/#comment-578860

54 Decarie Circ. Sold: $830k on Feb 2018. Next door, 52 Decarie Circ, Sold Dec 9, 2020 $1.15MIL.
59 Warren Cres, Toronto; Sold: 950k on Mar 2018, Sold $1.062 MIL Apr 15, 2019
42 Sellmar Rd, Toronto; Sold: $1.12mil Feb 2018, SOLD $1.255MIL Nov 29, 2020

I bought a semi in 2016 (Toronto) which I rent out. This property doubled in value, while I collected full rent all these years.
Another I bought in 2018 in Mississauga is up 40% while collecting rent all these months.

Positive cash flow is the only way to really grow your wealth. Plan accordingly and manage risk when looking to buy any assets.

#96 kubie on 01.14.21 at 6:34 pm

Is there any data on how many people are cashing out in places like Toronto and Vancouver and rushing to cheaper cities with that money? I’m worried a city like Calgary might eventually turn into an unaffordable place to live. People will sell their million dollar homes, come buy in YYC and push prices up here too. How are those trying to save up for a down payment supposed to keep up with this madness?

#97 enthalpy on 01.14.21 at 6:47 pm

prices have actually been quite high in Milton for the better part of a decade…..but thats just insane to see that kind of appreciation in such short order.

#98 Tron Light on 01.14.21 at 6:51 pm

The FOMO we have been having in real estate for many years now explains the hysteria we see with Covid and lockdowns. The human mind operates in a single, linear fashion. Any deviation from that straight line and we lose all ability to think rationally. So in housing that means people will buy no matter the price regardless of future consequences. For Covid, it means we can’t deviate from a course (lockdowns) because we’ve tricked ourselves into thinking it’s the best course of action even though it may not be.

#99 Don Guillermo on 01.14.21 at 6:55 pm

#50 SoggyShorts on 01.14.21 at 3:58 pm

“Good location” with bars on every window behind a 10′ high fence?
************************************
Don’t worry Soggy. Stay close to home and we’ll make sure those bad Mexicans don’t get you. Just check your closet and under your bed before you get tucked in. Night … night

#100 the Jaguar on 01.14.21 at 7:01 pm

There is so much I could say about the dreary little townhouse in the photo. And it wouldn’t just be “Hell, it isn’t even an end unit!”. In another life I lived in Mississauga. Maybe even near this townhouse with its ugly on ugly faux brick facade. I hear the neighbourhood has changed.
If you want to understand why this kind of real estate madness occurs it helps if you look at the demographic that drives it. Not to pin the tail on any particular donkey, but it can be said that some cultures value real estate more than other assets. You can find this phenomena in both the GVA and the GTA. Not that it doesn’t exist elsewhere before you wag a finger at my analysis, but I would bet the farm that statistics would bear out higher numbers of rentals held by individuals in both those metropolitan areas. Owning 5-10 rentals very normal.
Cause real estate only goes up and some renter can pay the mortgage, don’t cha know? There is also no sleep lost if bylaws are ignored and the property is packed to the gills with mortgage paying renters. Being law abiding is for other people. Peel Region. I sure don’t miss it.

#101 Nonplused on 01.14.21 at 7:02 pm

According to the assessment just completed prices in Calgary are down across the board. Of course taxes won’t be going down they just adjust the mil rate.

I heard it on the radio so working from memory it was

houses -2%
retail -6%
offices -10%
hotels -21%
Costco +50% (ok I made that one up)

Garth is correct real estate truly is local.

#102 Cus on 01.14.21 at 7:03 pm

Is Amazon, Tesla, Facebook, REIT’s, Bitcoin, Gold, etc. really worth what they are priced at?

That property in Mississauga is worth as much as someone is willing to pay. Full stop.

Garth, you’re starting to sound like the David Rosenberg of RE.

#103 efficientsense on 01.14.21 at 7:03 pm

I have come to the conclusion that everyone is rich.

#104 Cowtown Cowboy on 01.14.21 at 7:13 pm

Ah yes, Ontario..land of the liberal…pretty much tells you all you need to know about the level of intelligence there..

#105 Hilroy on 01.14.21 at 7:18 pm

A million dollar mortgage needs $200K down payment and a $175K yearly income.
May God have mercy on the underwriters.

#106 the Jaguar on 01.14.21 at 7:26 pm

@#178 BillyBob on 01.14.21 at 2:29 pm
#177 Ustabe on 01.14.21 at 1:42 pm
#121 the Jaguar…er, sorry, @#121 the Jaguar:

If a simple book recommendation requires a lengthy paragraph of demands as to how to approach the book, how not to approach the person recommending the book and who might be interested in the book….maybe its not quite an Oprah Book of the Month Club contender, eh?

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

Or maybe just an attempt to proactively fend off useless potshots. Guess it didn’t work in your case.

But it does show that Jag knows how to read the room.

_________________________

Honestly, I don’t get it. I knew Andy Ngo gets under his skin because he and his sidekick the S-girl are Antifa sympathizers, but that’s why I asked him not to return any comments in my direction. I practically pleaded, but ended with “Now just wait”, because I knew he would live up to my expectations. Doesn’t seem to get it. What a creepy guy. Wish he would just trade barbs with his cohorts that seem to enjoy it. I thought Sail Away might like to know about that book based on some supportive comments he had made about Andy Ngo. I’ll just say it one more time. Please keep your distance. Don’t bother commenting on my comments, pray don’t even read them. Don’t get mad, just go away.

#107 Squire on 01.14.21 at 7:28 pm

“In Mississaugs. On a soulless street. No stores to walk to. Nearest cultural centre: Wal-Mart. Here it is…”

Garth, so true are those words. It’s just epic or is the real epic still to come.
Mississauga sucks. Grew up there. I can’t for the life of me understand how people feel it is a positive place to live.

#108 the Jaguar on 01.14.21 at 7:29 pm

Same with you, Ustabe. Just move along. Nothing to see here. Go read one of Oprah’s book club books.

#109 Faron on 01.14.21 at 7:32 pm

#88 Ponzius Pilatus on 01.14.21 at 5:52 pm

#71 Howard on 01.14.21 at 4:52 pm
#56 R on 01.14.21 at 4:03 pm

Musk himself?

Nope. One thing I learned in my wealth circumambulations with Nonplused is that Elon is very cash poor. He holds a ton of Tesla stock and lives his day-to-day life off of loans collateralized by said stock. He can’t sell said stock because it could put him at risk of a hostile take-over. So, Tesla will pay for it like it pays for everything else — borrowing.

There’s a not small crowd that thinks Tesla is a productive, yet fraudulent scam. Admittedly, a lot of that crowd has probably burned many dollars trying to short TSLA over the years. But, that Elon relies on borrowing against share value gives him a strong personal incentive to keep the share price propped. Who knows at what share price the loans are collateralized at, but it is conceivable that should the price drop enough, Elon would be cleaned out and forced to borrow in some other way or sell shares. (seems unlikely given the rise in the share price in the past year).

TeslaQ.org for some questions about Tesla and
https://twitter.com/TESLAcharts
https://twitter.com/ConsumerReports/status/1349846278197432322

However, like any media, it’s easy to silo one’s self into thinking along a chosen narrative.

#110 steve on 01.14.21 at 7:36 pm

Is there any data on how many people are cashing out in places like Toronto and Vancouver and rushing to cheaper cities with that money? I’m worried a city like Calgary might eventually turn into an unaffordable place to live. People will sell their million dollar homes, come buy in YYC and push prices up here too. How are those trying to save up for a down payment supposed to keep up with this madness?

————————————————————–

Don’t worry, no one wants to move to Calgary. Might as well be Regina.

#111 Flop... on 01.14.21 at 7:37 pm

#82 IHCTD9 on 01.14.21 at 5:37 pm
#72 Flop… on 01.14.21 at 4:54 pm
Trackie, I have some unsolicited travel advice for you.

If you are going to do it, do it properly.

I spent over 2 months going to Yellowstone and back.

Same for Yosemite, and the Yukon.

I recommend treating these trips like they are once in a lifetime, never going to do again.
— ———

I should have got into construction so I could afford a sabbatical for a big trip :)

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

When I first moved here I missed Europe badly.

For a while we would go for a month or so in the Spring.

Then my wife changed jobs and started working for the school board, meaning she got the summer off.

She is not salaried so when we can’t do anything in the summer she tutors and such.

Myself growing up 13,000 miles away near Antarctica, never thought I’d get to see places like Yellowstone, so after a summer or two of doing the local camp thing, I decided to go big and see some world-class scenery that people pay big bucks to fly in from all over the world, but do it on the cheap.

Even the simple things like a giant sequoia tree in California are a sight to behold.

All these trips, I never think of the lost wages, just grateful that I took the time to pause in life and look at the wonder of it all.

One of your original points was that you now like camping in the U.S more than Canada, that caught my eye because I’ve been saying that for a while on here too.

Kananaskis, Banff, Jasper is great but that is over a 1000 kilometres away, and once again I tried to take my time and do it properly.

Washington State is just so compact compared to B.C

Couple of hundred kilometres and I’m in my go-to spot on the eastern flank of Mt Rainer, camping is less than 20 bucks a night CAD, some of the nicest scenery you’re ever likely to see.

Hardly any crowd, Monday through Friday.

I must admit since I have been on the blog I have a harder time relaxing down there.

I keep envisioning Garth coming out from behind a tree with cowboy boots trying to stick it to me.

Yelling “Boy, what are you doing relaxing, when you should be at work saving for retirement.”

Then I tell him to grab a beer and sit down and listen to the rush of the water beside camp for 15 minutes.

He then calls me an idiot, but then proceeds to tell me he’s proud that I’m his idiot…

M46BC

#112 Nonplused on 01.14.21 at 7:51 pm

#47 Leftover on 01.14.21 at 3:54 pm
The current real estate market is just distortion layered over distortion – artificially low interest rates chasing untaxed assets. Why wouldn’t houses keep going up under these circumstances
This won’t change until capital gains tax applies to primary residences.

——————————

One of the problems with taxing primary residences is that it is hard to tell what is an actual profit and what is just inflation. With things like stocks it is more straightforward because in theory the stock price rises as earnings grow so you really do have more company that you own (Tesla excepted). But houses are not money, and if you have to relocate for work or some reason and have to buy another one then a house is just a house and you are trading one house for another, the money is just an exchange mechanism, and no profit has been made.

Nobody makes any money on their house until they sell for good or downsize. And even then after inflation and mortgage interest I would wager that nobody makes money on their primary residence. It is an expense, not an asset.

The other problem would be how to treat expenses if the house is “capital” and gains are taxed. Can you deduct mortgage interest? What about expenses like a new furnace or roof? A landlord can do that.

Many savvy homeowners would likely buy their house through a numbered company and rent it to themselves so they could enjoy all the deductions a landlord receives. Why not if the tax treatment is the same? So now the CRA has to police all that activity too. And the net result would be no additional tax revenue but a whole lot more work.

And what happens if people start losing money on their houses as is happening in Calgary right now? Do you get to write that off against your gains in Tesla?

If they go the simple route and just tax capital gains on houses with no other changes to the tax code, moving would be impossible for most people. How would you get the money to pay the tax? For example if you sell your house for $1,000,000 and buy another one for $1,000,000 but the government declares you own them $100,000 in capital gains taxes, where do you get the money? Well, from the bank most likely. You’d have to increase your mortgage by whatever the government decides you owe.

So it is a complicated issue. And for the most part the money isn’t really there. Houses are not money.

#113 TurnerNation on 01.14.21 at 7:51 pm

Wars are fought over LAND. Ontariowe banning most private construction activities means you effectively are kicked off your land. It is not yours to use.
All those empty, shuttered businesses in the big cities? LAND – for the developers. This is the biggest land grab since 2008 GFC in USA.
They want us off the land. Why ON closed its ski hills. Why parks, playground were closed last year. Why pleasure trips and driving are newly banned here. #stayhome while our elite rulers and bankers re-set the system, ok?
Each week plunges more further onto the welfare and EI rolls. The march toward UBI…no longer may be ignored.

By the way why are they not building these vaulted ‘field hospitals’? Because the one thing, the one thing they hold over our heads and control us, is the Hospital Capacity.
And it’s the one thing you may not on your own verify or not. That’s why field hospitals are not being built in plain sight. You’d see them.

Ask yourself why the medical ships ‘Mercy’, and ‘Comfort’ were sent away from that NY harbour? Sure made for good TV.

— LAND…evict then take over. NYC seems like the crown jewel in this war:

“New York City Renters Owe More Than $1 Billion in Unpaid Rent, Survey (wsj.com)”

#114 Wait There on 01.14.21 at 7:57 pm

#108
“Mississauga sucks. Grew up there. I can’t for the life of me understand how people feel it is a positive place to live.”

I did not grow up there but I moved from the West Coast to Toronto too long ago and it did not take to me.

However, when you immigrate from another poor country ( AKA as a sh_th_le) . Mississauga is now your paradise. It’s all relative.

I know and I ask myself when does this madness end?
All those who are Biden lovers should now move to the states and thereby increase the supply of home and maybe prices will get back to realistic levels. Maybe it is the Trumpsters moving here now and bidding high. Who knows?

#115 Nonplused on 01.14.21 at 7:58 pm

And this just in…..

Lady Gaga is going to be singing the national anthem at Biden’s inauguration. It looks like Apocalypse2020 was right all along.

#116 twofatcats on 01.14.21 at 7:59 pm

#97 Kubie

No hard data, but here is an article published in our local newspaper on the price inflation caused by GTA baby boomer real estate millionaires:

https://www.niagarathisweek.com/opinion-story/10294370-dear-santa-please-fix-niagara-s-busted-housing-market/

#117 Ustabe on 01.14.21 at 8:08 pm

Flop, IHCTD9, fellow travelers:

Make the journey as important as the destination.
I try to never get somewhere that I have to leave on some sort of artificial inflicted schedule.

While we are more accustomed to coastal Washington, Oregon for US camping I’d love to get into eastern Oregon having watched a few videos of that desert terrain this winter.

Folks sometimes take us to task for traveling far and long with a simple Teardrop trailer but it keeps old people camping, allows us to sleep warm and off the ground without cancelling out the listen to the stream part.

I long for the day both the Yukon and NWT can allow us back in. I really enjoy the desolate beauty. Meanwhile I have to console myself with the hundreds of lakes or coastal hidey holes available to me on northern Vancouver Island.

#118 meslippery on 01.14.21 at 8:10 pm

Sail Away
36, 19, 75
For some strange reason Saskatchewan has never, ever even entered my mind as a golden years destination. Not even once.
———-
Haven’t been to either but when you Google “South Dakota” you get.

South Dakota is an expansive, sparsely populated midwestern U.S. state.

Sounds a lot like Saskatchewan to me.

#119 crowdedelevatorfartz on 01.14.21 at 8:11 pm

Oh the irony.
This weeks edition of The Economist list one of it’s recommended novels

The World Turned Upside Down by Yang Jisheng
Published : Farrar, Straus and Giroux

It’s about the Cultural Revolution of 1966 -76.

And I quote,
“When frenzied mobs unleashed by Mao Zedong ran amok across China, killing and torturing , ransacking homes, destroying religious sites, and erasing much of the tangible heritage of one of the worlds greatest civilizations.”

Author Yang Jisheng wrote an excellent book ( which was, and still is BANNED in China) called “Tombstone” which I read several years ago.
I highly recommend picking it up for an incredibly concise documentation of the Chinese Communist Party’s folly which ended up causing the deaths of 10’s of millions of it’s citizens
It was about the failed policies of the communist party in the late 1950’s and early 1960’s that caused the death of 10’s of millions of Chinese by starvation.

What is even more amazing about ‘Tombstone” and Yang Jisheng’s latest book is….. he still lives in China.
His books are banned there and he hasnt been jailed ….yet.

The Cultural Revolution….where todays Chinese President Xi Jinping…..as a young man…was force to .denounce his own father… a govt official who fell out of favor with the ruling cadres……

Mao ….who’s belief in Marxism could be summed up in one sentence….”To rebel is justified.”

Lets see how China’s authoritarians embrace THAT explosive idea moving forward.

Makes me feel all warm and cuddly.

#120 Nonplused on 01.14.21 at 8:12 pm

#110 Faron on 01.14.21 at 7:32 pm
#88 Ponzius Pilatus on 01.14.21 at 5:52 pm

#71 Howard on 01.14.21 at 4:52 pm
#56 R on 01.14.21 at 4:03 pm

Musk himself?

Nope. One thing I learned in my wealth circumambulations with Nonplused is that Elon is very cash poor.

———————–

Hmm. I did not expect that. Ok I suppose we agree on at least one thing now.

Tesla shorts have “taken it in the shorts” for a long time, and badly. But it makes no sense to me. Any auto manufacturer can build an electric car. And if there ever comes a time when people actually want to buy them, they will make them. Heck Ford already has a limited production all electric Mustang in the works. Gonna be as fast as a Tesla but cheaper.

But to me electric motorcycles make more sense, because it is within physics to charge them at home using a regular 110 volt outlet overnight. But many motorcycles already get crazy good mileage, so the gain there isn’t huge.

#121 crowdedelevatorfartz on 01.14.21 at 8:13 pm

@#116 Nonplused
“Lady Gaga is going to be singing the national anthem at Biden’s inauguration. It looks like Apocalypse2020 was right all along.”

+++++

Hilarious.

#122 Ustabe on 01.14.21 at 8:18 pm

#109 the Jaguar on 01.14.21 at 7:29 pm

Same with you, Ustabe. Just move along. Nothing to see here. Go read one of Oprah’s book club books.

Does this mean that if I exercise my Garth given right to post my opinion you will, once again, petition Garth as to how to remove me?

Sturdy conservative woman becomes a delicate snowflake rather easily, no?

#123 jess on 01.14.21 at 8:21 pm

ah common mitchy and the rest of you! these are more than jaywalkers!

Audio and chat logs reveal that at least two insurrectionists who broke into the Capitol on 6 January used Zello, a social media walkie-talkie app that critics say has largely ignored a growing far-right user base.
According to the Southern Poverty Law Center, Oath Keepers are “one of the largest radical anti-government groups in the US today”, claiming to have tens of thousands of current and former law enforcement and military personnel in its ranks.

The user’s Zello messages also bear strong resemblance to posts on Watkin’s Parler profile, according to our research: “Yeah. We stormed the Capitol today. Teargassed, the whole, 9,” she wrote on Parler. “Pushed our way into the rotunda. Made it into the Senate even.”“We have a good group: 30 to 40 of us. We’re sticking together and sticking to the plan,” the female voice is heard saying on Zello as they were walking toward the Capitol. “The police are doing nothing. They’re not even trying to stop us.”

The Ohio Capital Journal also identified Watkins as one of a line of Oath Keepers pushing their way through the crowd on the steps of the Capitol toward the east entrance of the building. She can be seen toward the back of the line in livestream footage taken at the deadly event wearing battle rattle. Moments later a stream of pro-Trump insurrectionists poured inside.s she narrated her march toward and into the Capitol, others in the Zello channel cheered on the insurrection and called for the kidnapping of politicians.

“You are executing citizen’s arrest,” said “1% Watchdog”, the creator of the channel, evoking the viral image of a man carrying zip ties in the Senate chamber. “
https://www.theguardian.com/us-news/2021/jan/13/zello-app-us-capitol-attack-far-right

#124 Nonplused on 01.14.21 at 8:24 pm

And more craziness:

“Actor Macaulay Culkin Boosts Movement To Edit Trump Out Of ‘Home Alone 2′”

Does Culkin not realize that nobody watches this movie?

#125 Cici on 01.14.21 at 8:29 pm

#58 Dolce Vita

You’ve nailed it on the head. Not enough vaccines here yet but too many vaccine promises coming from our feds.

So what to do? In my province, they’ve just decided to scrap with the second dose for the time being in order to roll out as many first doses to as many people as possible so that when the second doses arrive they can get more people innoculated faster.

However, the steerage section of my city’s online MSM rag is going ballistic blaming the provincial government for the shortages and claiming the second doses will be useless if they don’t arrive and aren’t administered within the manufacturer’s recommended timeframe.

I have no idea what the best course of action is, but I sure am glad I’m not a politician right now. The herd is angry as heck and getting very stir-crazy.

#126 Cheese on 01.14.21 at 8:31 pm

That milton house appreciated more, than the entire value of my portfolio ive been building over the last 15 years.

I want to die.

#127 Left GTA on 01.14.21 at 8:39 pm

The housing market is insane.

https://www.realtor.ca/real-estate/22711288/5-brier-place-brantford

I can’t figure out why this house would be listed for this much.

#128 crowdedelevatorfartz on 01.14.21 at 8:40 pm

@#118 Ustabe
“Meanwhile I have to console myself with the hundreds of lakes or coastal hidey holes available to me on northern Vancouver Island.”

++++
Mile ‘0″ on the Trans Canada Hwy.
Ahhh the hike in to San Josef Bay or the drive to Bamfield…..
Is the military radar station still functioning up there?

#129 Barr for presidente on 01.14.21 at 8:42 pm

#116 Nonplused on 01.14.21 at 7:58 pm
And this just in…..

Lady Gaga is going to be singing the national anthem at Biden’s inauguration. It looks like Apocalypse2020 was right all along.

No one will ever top Roseanne …. an original deplorable before they were fashionable

#130 Spiltbongwater on 01.14.21 at 8:48 pm

https://www.bcassessment.ca//Property/Info/QTAwMDA1VzRYVg==

https://www.realtor.ca/real-estate/22720085/22031-cochrane-drive-richmond

House sold on Nov 19,2020, now looking for $90,000+ profit less than 2 months later.

#131 Flemington Park Millionaire on 01.14.21 at 8:51 pm

Cheers Garth and some real good travel advice , thanks for the link to value investing memo . Thanks Italian dude for the vax info , only news we get here is the interviewing of clueless people shopping at Walmart . All is quiet here in the covid epicenter. Hasn’t been a a gunshot victem since around last September, in 2019 had about a dozen a month during the summer . Prices of Condos in the hood have flatlined since August when I sold . Two bedroom 450k and $530 for 3 bedroom .

#132 KNOW IT ALL on 01.14.21 at 8:56 pm

Can’t wait to sell my detached this fall.

BRING ON THE GREATER FOOLS!!!

#133 Steve French on 01.14.21 at 8:59 pm

#41 Nixter:

“Zero Covid is not a strategy for eliminating Covid, it is a plan to reorganise society permanently in the image created by the Chinese Communist Party.”

—-

Good lord you’re an idiot.

New Zealand has eliminated Covid. Many states in Australia have eliminated Covid. Taiwan has eliminated Covid.

You don’t see the Red CCP hammer & sickle flying over those countries, do you.

Try to be less stupid.

Steve

#134 NOTHING SURPRISES on 01.14.21 at 9:12 pm

Having lived over 75 years I have learned a number of things.

One high on the list “You Can’t Fix Stupid”!

#135 Steven Nicolle on 01.14.21 at 9:20 pm

People need to give their head a shake. I wouldn’t buy that row townhouse with your money. Ugly, Orwellian-looking, and so not any space. Buy low sell high apparently is reverse in Canada. Seems people like to brag about how much they spent rather than saved here. So backward.

#136 Stone on 01.14.21 at 9:20 pm

#84 Ponzius Pilatus on 01.14.21 at 5:46 pm
In the olden days of this blog, posters were blaming the Chinese for the high house prices.
Garth did not buy it.
Now, that they are all fenced in, who’s the culprit now?

———

LMAO! It’s 2021. Have you not heard of this wonderful thing called e-signature? And really, do you think beneficial ownership structures are not as rampant as before? Soooo naive.

Fenced in? Ha! Looks like you’re the one who’s fenced himself in. 傻傻子

#137 Tyberius on 01.14.21 at 9:22 pm

How do you fight this FOMO? What do you say to keep people from swallowing massive debt, spending every dollar they have and rushing into a risky one-asset financial strategy?

Well, in short…you don’t!

And here we all thought that Covid19 attacked the respiratory system. This ‘new’ strain has mutated to include the brain.

I had a mortgage of $175,000 in 1999 (at 6.5%), and I thought that was a big deal!

Mercy!

#138 British Gammon on 01.14.21 at 9:32 pm

Hi Garth – serious question – do you think one reason for high property prices in Canada is the lack of other places to invest tax free? Have lived here for 7 years (grew up here also) but can’t believe how tiny the RRSP and TFSA limits are compared to the UK. RRSP is about 25% of what you can invest in the UK, TFSA is about 12% of UK max… cheers – BG

#139 kubie on 01.14.21 at 9:37 pm

#117 twofatcats

Thanks for sharing! I can’t imagine how tough it is out there for those who really want to buy a home.

#140 crowdedelevatorfartz on 01.14.21 at 9:43 pm

Aaaaaand as our intrepid new Canadians brag about the wonderful benefits of moving back to the motherland because, apparently, its benefits far out weight it’s deficits….

We have the pathetic spectacle of the Ham Fisted authorities rounding up dissenters…..

https://www.cbc.ca/news/world/hong-kong-arrest-lawyer-1.5872634

#141 Faron on 01.14.21 at 9:58 pm

#101 the Jaguar on 01.14.21 at 7:01 pm

…look at the demographic that drives it. Not to pin the tail on any particular donkey, but it can be said that some cultures…

That’s a straight up dogwhistle. Nice!

W/re Andy Ngo, I think I made it pretty clear I wasn’t addressing you in those comments. I know as much or far less about you than you know about me. Your words here represent a persona, The Jaguar, and I, as the persona of Faron, disagree with most-but-not-all of the ideas of The Jaguar as expressed here. That’s it. There’s a near infinite digital distance between us and likely an extremely large physical distance. Your order to stay away is needlessly shrill makes zero sense.

Anyhow, I’m sure BillyBob will come to your side and Sara mine and we’ll each envision our own versions of heteronormative triumph. Huzzah!

#142 Doug t on 01.14.21 at 10:08 pm

125 nopulse

Seriously? Lol it is a hugely watched classic

#143 Faron on 01.14.21 at 10:10 pm

#122 crowdedelevatorfartz on 01.14.21 at 8:13 pm

@#116 Nonplused
“Lady Gaga is going to be singing the national anthem at Biden’s inauguration. It looks like Apocalypse2020 was right all along.”

+++++

Hilarious.

Good one. But, don’t forget that she has serious chops. Before she was Gaga:

https://www.youtube.com/watch?v=NM51qOpwcIM

She’s got a long ways to go yet.

#144 Doug t on 01.14.21 at 10:15 pm

The CCP – our “frenz”

https://nationalpost.com/news/canada/significant-and-clear-threat-what-canadas-spy-chief-says-about-china-behind-closed-doors

#145 Comments! on 01.14.21 at 10:21 pm

#134 Steve French on 01.14.21 at 8:59 pm
#41 Nixter:

“Zero Covid is not a strategy for eliminating Covid, it is a plan to reorganise society permanently in the image created by the Chinese Communist Party.”

—-

Good lord you’re an idiot.

New Zealand has eliminated Covid. Many states in Australia have eliminated Covid. Taiwan has eliminated Covid.

You don’t see the Red CCP hammer & sickle flying over those countries, do you.

Try to be less stupid.

Steve

——————————–

Respectfully Steve, you may want yo do some research and see how the citizens were treated in these democratic nations by police and public officials as they “eliminated Covid”. Terrifying to say the least.

#146 Dong Bu Xie on 01.14.21 at 10:22 pm

DELETED

#147 the Jaguar on 01.14.21 at 10:29 pm

@#123 Ustabe on 01.14.21 at 8:18 pm
#109 the Jaguar on 01.14.21 at 7:29 pm
Same with you, Ustabe. Just move along. Nothing to see here. Go read one of Oprah’s book club books.
Does this mean that if I exercise my Garth given right to post my opinion you will, once again, petition Garth as to how to remove me?
Sturdy conservative woman becomes a delicate snowflake rather easily, no?
+++++++++++++++

Below is what I actually wrote: From January 6th. Go back and read it. Post # 182. I never asked Garth to ‘Ban” anyone. I asked if someone could be ‘voted off” the blog similar to the wildly popular television show ” Survivor”, which was supposed to be mildly humourous.

That was after many days of a certain person ( who was banned until he apologized to Garth at one point earlier in the year ) incessantly badgering numerous people on the blog, especially NonPlused. I wouldn’t be alone in wanting a muzzle put on it. You can read Garth’s response below.

“Garth: can you please advise on what would be needed to organize and vote someone off the blog..? Similar to voting someone off the island on the old tv show Survivor?
Name and shame. If there is support, he/she will be thrown overboard. – Garth”.

Sturdy conservative woman, huh? I never knew you had such a big crush on me. Nobody that knows me would ever describe me as a snowflake.

#148 Ponzius Pilatus on 01.14.21 at 10:46 pm

CEF
Obviously, you feel very strongly about your cause.
But remember this is an RE and finance blog.
I suggest you bring your protest to the Chinese Embassy in Vancouver.
There are always other protesters outside, mostly Falun Gong, so you’ll have some company.
Tell them Ponzie sent you.

#149 KLNR on 01.14.21 at 10:47 pm

@ #133 KNOW IT ALL on 01.14.21 at 8:56 pm
Can’t wait to sell my detached this fall.

BRING ON THE GREATER FOOLS!!!

You probably shouldn’t wait.
House of cards n’ all.

#150 Russ on 01.14.21 at 10:51 pm

NOTHING SURPRISES on 01.14.21 at 9:12 pm

Having lived over 75 years I have learned a number of things.

One high on the list “You Can’t Fix Stupid”!
===============================

Right you are!

But duct tape will muffle the sound.

Cheers, R

#151 Kat on 01.14.21 at 10:59 pm

@sailaway.
Been to Estevan and would near go back. Same as living in Yorkton, smelly dumpy town.

#152 IHCTD9 on 01.14.21 at 11:05 pm

#112 Flop… on 01.14.21 at 7:37 pm
#82 IHCTD9 on 01.14.21 at 5:37 pm
#72 Flop… on 01.14.21 at 4:54 pm
Trackie, I have some unsolicited travel advice for you.

If you are going to do it, do it properly.

I spent over 2 months going to Yellowstone and back.

Same for Yosemite, and the Yukon.

I recommend treating these trips like they are once in a lifetime, never going to do again.
— ———

I should have got into construction so I could afford a sabbatical for a big trip :)

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

When I first moved here I missed Europe badly.
— ——

To be honest, I’ve never had much of a travelling bug. The reason we started camping in the Lake Placid NY area is because it’s not too far away, the camping in southern Ontario started sucking 4-5 years ago, and both our kids reached the age for passports. Since then, I’ve been listening to the in-laws’ stories and thinking more about heading south, and west for vacations.

I can see you like some of the same things about camping in the US. It’s cheap, easy, and not a crowded loonie bin like local camping has become. The last (pre-Covid) local camping trip we did saw us waiting in a line for over an hour to have a shower, and that being the good fortune of jut barely booking a site the day reservations opened up. Camping in upstate NY was just so much easier, the scenery was mint, great people, and cheap booze, shockingly cheap.

There’s a lot of Canada I want to see yet, and thankfully most of that is far from southern Ontario. I have a few northern destinations in mind involving a fishing rod, a bush plane, a couple buds, and umpteen thousands of dollars too!

#153 Lead Paint on 01.14.21 at 11:14 pm

#19 Sail Away on 01.14.21 at 2:33 pm

Looks like there’s half a million in lumber alone in the house construction. Compare that to Mississauga chipboard!

#154 millmech on 01.14.21 at 11:20 pm

Why is everyone freaking out, natural selection is already showing us the way, more and more people have immunity from this virus and it will soon be gone
http://www.msn.com/en-ca/news/us/he-unknowingly-had-covid-19-now-his-blood-contains-rare-antibodies/ar-BB1cKgFN?ocid=msedgntp

#155 Sara on 01.14.21 at 11:25 pm

“I took part in a pro-Trump attack on the US Capitol and now I have to face consequences? That’s tyranny!”

https://www.chicagotribune.com/columns/rex-huppke/ct-trump-capitol-mob-fbi-arrests-cumulus-election-biden-huppke-20210112-zmxfbai4djcxncuhbcpgjdoixi-story.html?utm_source=taboola&utm_medium=exchange&tblci=GiCaegUA5wCZDAAgiJAJOzn56QidovA95YX1YToUXPvBECCP3z8ogPjd1a2upIdg#tblciGiCaegUA5wCZDAAgiJAJOzn56QidovA95YX1YToUXPvBECCP3z8ogPjd1a2upIdg

#156 fark on 01.14.21 at 11:28 pm

no offense but I hope some readers of this blog can recognize they are in an echo chamber

it’s going to be another decade of prophesizing rate increases and housing crashes on this site that won’t happen

10 years from now rates will be lower than they are now and housing prices will be much higher than they are right now

it’s unfortunate and absurd but it’s the new reality we live every day in this country

#157 Buford Wilson on 01.14.21 at 11:47 pm

The politicians can’t solve this Garth.
But our old friend the market can.

#158 IHCTD9 on 01.14.21 at 11:47 pm

Flop, one of the things I like for a day trip, is visiting old historical sites that constitute “Canadiana”. Local places that are part of the birth of this country, and my interest is mostly the early Canadian (upper Canada) industry in the early 1800’s. The area where I live is rife with 100-200 year old remnants of our birth as a nation.

Here is a good documentary on the iron industry from start to finish in Marmora Ontario, complete with a great soundtrack by James Gordon. There are still relics of this era to be found out there. I’ve been thru Marmora many a time, but never knew the history until recently.

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

#159 Presidential Detox on 01.15.21 at 12:09 am

$500k is not nearly enough to wash the orange stain away…. he oozes into everything

https://nationalpost.com/news/biden-plans-half-million-dollar-scrub-down-of-white-house-before-moving-in

#160 Sail Away on 01.15.21 at 12:18 am

#119 meslippery on 01.14.21 at 8:10 pm
Sail Away

For some strange reason Saskatchewan has never, ever even entered my mind as a golden years destination. Not even once.

————-

Haven’t been to either but when you Google “South Dakota” you get.

South Dakota is an expansive, sparsely populated midwestern U.S. state.

Sounds a lot like Saskatchewan to me.

————-

That’s cool. South Dakota’s state drink is milk.

#161 Gerry Stickler on 01.15.21 at 12:35 am

DELETED

#162 Nonplused on 01.15.21 at 1:10 am

#118 Ustabe on 01.14.21 at 8:08 pm

“Folks sometimes take us to task for traveling far and long with a simple Teardrop trailer but it keeps old people camping, allows us to sleep warm and off the ground without cancelling out the listen to the stream part.”

Why would they do that?

#163 Linda on 01.15.21 at 2:26 am

The increase in property values or the price folks will pay hasn’t necessarily increased everywhere. In Calgary Alberta news the assessed value of properties dropped from the previous year. Average value of a detached house is now $445K, down from $455K as per the local news. Not a big drop, yet a drop none the less. Be interesting to see if property values in Edmonton drop as well.

Apparently Covid restrictions are being relaxed in Alberta. Hair salons & tattoo parlors can have clientele by appointment only starting next week. Also people will be permitted to socialize with someone they don’t actually live with. The Alberta Minister of Health claims this is not a politically based decision but reflects a downward trend in infections/deaths. Except the reported rates are as high as ever, so I’m thinking the further drop in popularity values for the UCP government just might have something to do with the announced relaxations.

#164 Sky on 01.15.21 at 6:13 am

@ Nixter # 41:

Wonderful & informative post. Thanks for the update on China.

@ elevatorfartz :

Sigh, you too. Your posts yesterday, listing some of the current and past atrocities of the CCP, were excellent. With links and everything … Wow.

It’s obvious you’re passionate on this subject. It’s a pity that you’re not as passionate about the abuses taking place in CANADA right now.

@walltiger (yesterday) :

You say you came from China to Canada with your parents in 1982. I wonder why?

People’s Republic of China was birthed in 1949. Why would your parents have ever left China if 30 years of life under communist rule was so wonderful? Why didn’t they stay?

Another question for you, walltiger – since you’re now part of the 1%. How much of your wealth do you attribute to real estate? And, have you sold your properties? … or are you hanging on to them when you move to China to retire?

Something tells me you’re hanging onto all your Canadian property because in China individual people CANNOT OWN LAND. The state or collectives own the land & the peoples lease residential land for 20-70 years at enormous upfront costs.

Chinese citizens can ONLY own the crumbling & depreciating residential housing unit which sits atop COMMUNIST owned land.

From Danica Mai’s post (She’s a tax advisor who lives in Guangzhou) :

“In China, the construction cost of buildings usually will be only around CNY3,000–4,000 per square meter, and the sale price maybe will CNY20,000 (in small cities) or CNY30,000–100,000( in big cities). And the property developers can’t make much net profit. so most of the sale price is for the land rental fee or taxes.

Now maybe you will consider that: OK I can still have my property forever if I renew the rental for another 70/50/40 years each time. It Is Silly! In China, the designed service life of the property is 50 years ( for apartment and house), which means usually you need to abandon your property before the expiry date of the land rental. At that moment, you have nothing left in hand.

So can the Chinese own property? Nominally Yes. Actually No.”

Another post by Joseph Wang (Hong Kong) solves the mystery of China’s ghost cities :

[ LURs refers to Land Use Right ]

“One thing about LUR’s which explains “ghost cities” is that one way you can lose a LUR is if you don’t use it. If you get a land use right from the government, you must build a building on that land within two years, and if you don’t the right returns to the government. This is why there are ghost cities and ghost malls. If you think that the land is going to be valuable someday, it’s in your interest to build an empty building on top of it.”

https://www.quora.com/Is-it-true-that-in-China-you-cannot-buy-property-but-only-lease-it-from-the-government-for-70-years

#165 Alpha on 01.15.21 at 7:59 am

Dear all mighty Garth with a chiseled pecks and jaw line.

The house prices are absolute nuts and you clearly demonstrated. Please shade some light on,
Government quantitative easing measures,
Asset(Bonds) buying in billions by CB, and
Money printing by CB.

Why we are different from Japan(controlling its own lending rates)?

#166 maxx on 01.15.21 at 8:04 am

Looks like asset diversification has completely gone out the window.

Seems like a horrible game of musical chairs.

#167 crowdedelevatorfartz on 01.15.21 at 8:08 am

@#149 Ponzie’s Panda
“Tell them Ponzie sent you.”

++++
I will.
I’ll just bring a huge Panda bear toy with a “Ponzie” name tag and a nose plug….that way you can be there with me in spirit.

#168 Q2 DUPLEX DRIVE on 01.15.21 at 8:44 am

Thank God I’m renting. And saving. And investing.

The fools will get their comeuppance eventually.

#169 Ustabe on 01.15.21 at 8:45 am

#163 Nonplused on 01.15.21 at 1:10 am

#118 Ustabe on 01.14.21 at 8:08 pm

“Folks sometimes take us to task for traveling far and long with a simple Teardrop trailer but it keeps old people camping, allows us to sleep warm and off the ground without cancelling out the listen to the stream part.”

Why would they do that?

I think some feel I should have a big RV of some sort. Whereas I view that as traveling around in a box made up of sticks and spit while sitting on a tank of your own waste.

Others are simply unable to comprehend that we would willingly spend road trip time in such a manner. 3 months across Canada and back is the longest but we regularly spend a month on a camping road trip. If I’m going to pay in excess of $100 to get off the Island and another $100 plus to get back on we are not just going out for the weekend.

#170 Arse on 01.15.21 at 8:47 am

2021 is going to end in a bang.

#171 Sky on 01.15.21 at 8:48 am

1982 was … an interesting year… for real estate in China. This was the year in which the following took place:

“…the Party did not abolish private ownership of urban land when it took power in 1949, it gradually restricted the rights of owners over the years. In 1982, the law finally caught up with reality when China formally nationalized all urban land. ”

In 1982, urban real estate in China would have been a ramshackle conglomeration of dwellings that would make Vancouver crack shacks seem like palaces. The communist govt certainly didn’t want that crap. So, the Communist Party STOLE the only thing with enduring value – the land.

If you knew ahead of time that this was going to happen… would you have cashed in? Sure you would have.

How many family members & friends of the Communist Party sold their property to some poor sucker who was not privy to this information? Consequently, the poor sucker got stuck with a dilapidated chunk of real estate that soon afterwards was stripped of all land rights. A Chinese greater fool – through no fault of his own.

And how many communist insiders took this money and ran for greener pastures with free hold property rights?

The Land Use Rights (LURs) in China are a complete fustercluck.

“But although most Chinese residential leaseholds won’t expire for a few more decades, dark clouds of uncertainty are already visible on the horizon. With the clock ticking ever downward, Chinese homebuyers are already starting to think about whether they will ultimately have anything left to pass on.”

https://foreignpolicy.com/2017/01/19/the-paradox-at-the-heart-of-chinas-property-regime-wenzhou-lease-renewal-problems/

#172 KLNR on 01.15.21 at 9:09 am

@#156 Sara on 01.14.21 at 11:25 pm
“I took part in a pro-Trump attack on the US Capitol and now I have to face consequences? That’s tyranny!”

https://www.chicagotribune.com/columns/rex-huppke/ct-trump-capitol-mob-fbi-arrests-cumulus-election-biden-huppke-20210112-zmxfbai4djcxncuhbcpgjdoixi-story.html?utm_source=taboola&utm_medium=exchange&tblci=GiCaegUA5wCZDAAgiJAJOzn56QidovA95YX1YToUXPvBECCP3z8ogPjd1a2upIdg#tblciGiCaegUA5wCZDAAgiJAJOzn56QidovA95YX1YToUXPvBECCP3z8ogPjd1a2upIdg

LOL that was a good read.
poignant even.

#173 Tom from Mississauga on 01.15.21 at 9:10 am

Are mortgage lenders screening for people on CEWS?

#174 crowdedelevatorfartz on 01.15.21 at 9:19 am

Well.
Another Trump milestone.

The USA will lead the world in Covid deaths by a huge marging.
Today will see the 400,000th death in the USA

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

All while Trump rants and raves about his “stolen” election.

Insiders are stating he is very worried about pending trials and is refusing to pay Lawyer Rudy Giuliani’s legal bills.

I think the only person Trump has shown any loyalty to stares back at him from the mirror

He deserves his fate.

#175 Penny Henny on 01.15.21 at 9:31 am

“Over a 12-month period ending July 1, 2020, and overlapping with the first wave of the pandemic, the metropolitan area of Toronto saw a net intraprovincial outflow of 50,375 people, according to Statistics Canada figures released Thursday. That means 50,375 more people left the Toronto area for other parts of Ontario than moved in – a record high according to data going back almost two decades.”

Comments MF?

https://www.theglobeandmail.com/business/article-toronto-montreal-see-exodus-pick-up-pace-aggravated-by-covid-19/

#176 walltiger on 01.15.21 at 9:33 am

#53
No, I do not know, but when I find out, I will let you know.

#86
I will make that request to Xi and you can do me a favor and ask Trudeau to free Meng first.

#165

“People’s Republic of China was birthed in 1949. Why would your parents have ever left China if 30 years of life under communist rule was so wonderful? Why didn’t they stay?”

Well, I guess you can ask that same question to the 300000 or so immigrants coming to Canada every year.

The reason we decide to live our retirement life in China is because we have RVed all North Ameriaca in the past 10 years. So we will do the same and explore China and Asia in a RV. 30% of our net worth is in Real Estate. 20% here in Richmond Hill, and 10% in Hangzhou, China. You are correct, the condo we own in Hangzhou only has a 70 years lease from the government, but the lease will be renewed after its expiry date. Now there is strong voice among the public to have the this regulation changed so that people can own the land outright and the government is making progress on this. This only applies to city properties. In the rural landscape of China, villagers do own their own land.

We have not sold our property yet because we can not put our plan in motion because of Covid.

China is far from perfect, but what I am saying is that China under the current government is not what the West portrayed it to be. What I see in China is a country of vibrancy, joyous, peaceful and full of hope. I can love China living in Canada and love Canada living in China. There is no conflict. Americans can MAGA, Canadians can MCGA and Chinese can Make China Great Again.

#177 Millennial 1%er on 01.15.21 at 9:41 am

#177 walltiger
ccp shill walltiger makes canadian boomers seethe with one simple trick: being pro CCP

#178 crowdedelevatorfartz on 01.15.21 at 9:44 am

@#177 wall tiger

“I will make that request to Xi and you can do me a favor and ask Trudeau to free Meng first.”

++++

Sorry.
Apples vs Oranges

Our leaders must abide by the law….as Donald Trump will soon realize.

After Meng’s extradition case winds through the Canadian Courts…..she’ll be deported to the USA where she will face charges of criminal fraud.
If she is found guilty there….she will face 20 years to life.
Perhaps that is why she wants her security detail removed.
Facing a long stretch in a US prison would motivate the even the most law abiding multi millionaire to “skip bail” and run.
But I’m sure she’s innocent of all charges and won’t run.

Dictator Xi can release anyone he wants at any time because….well, he’s a dictator.

#179 Dharma Bum on 01.15.21 at 9:48 am

#72 Flop

If you are going to do it, do it properly.

I spent over 2 months going to Yellowstone and back.

Same for Yosemite, and the Yukon.

I recommend treating these trips like they are once in a lifetime, never going to do again.
——————————————————————–

Great advice!

10 years before I retired, I took 14 months off (a self imposed sabbatical) and went on some epic trips.

Months long road trips through the areas you describe above, as well as long haul motorcycle trips to Arizona, Utah, New Mexico, Texas, California, Colorado, etc.

The best scenery and driving in North America.

Also went down to Australia and New Zealand, rented a camper van in each country, and roamed around for 3 months.

Since full time retirement, we’ve been doing more of the same – mostly all around the US and Canada, but managed to squeeze in Chile (including Patagonia and the Terra del Fuego region).

I arrived back home on March 13th, 2020.

Until I set foot back in Canada, I hadn’t heard about this thing called COVID.

I’ve been shut down ever since.

Waiting patiently until we can get back out there.

At least I took thousands of pictures.

#180 walltiger on 01.15.21 at 9:59 am

Every year, bus loads of tourist from China go visit Huntsville where Dr. Norman Bethune was born. He is a hero figure in China and every grade school children learn about the contribution and ultimate sacrifice he made helping China fighting the war against Japan. When our family first landed in Canada, we lived in Elmvale, a small town just north of Barrie. I remember the first thing my dad did after we settled in was to ask our neighbor to drive us to Huntsville.

China wants nothing but friendship and trade deals with Canada. It did not cause the current stalemate and cold diplomatic environment. Meng’s case will be either thrown out or Biden will scrap the extradition. In any case, I feel sorry for the two Michaels but they are caught in a political vortex started by Trump and collaborated by our sanctimonious, hypocritic T2.

#181 ts on 01.15.21 at 10:02 am

Garth, you always say “don’t bet against America”. With the social unrest, political upheaval and now censoring even people like Ron Paul, I’m not so sure.

#182 Dharma Bum on 01.15.21 at 10:06 am

What comes next?

2024 ticket:

Trump
______

O.J.

The Final Idiocracy

#183 walltiger on 01.15.21 at 10:06 am

#179
your statement is not correct.
under the Canadian extradition law, the Minister of Justice can, at any time, stop the extradition.

#184 IHCTD9 on 01.15.21 at 10:14 am

#176 Penny Henny on 01.15.21 at 9:31 am
“Over a 12-month period ending July 1, 2020, and overlapping with the first wave of the pandemic, the metropolitan area of Toronto saw a net intraprovincial outflow of 50,375 people, according to Statistics Canada figures released Thursday. That means 50,375 more people left the Toronto area for other parts of Ontario than moved in – a record high according to data going back almost two decades.”

Comments MF?

https://www.theglobeandmail.com/business/article-toronto-montreal-see-exodus-pick-up-pace-aggravated-by-covid-19/
___

Don’t start with MF on intraprovincial migration numbers, it’s just gonna “whoosh”.

Out here in the humid marshlands of rural Ontario, I don’t even need StatsCan to tell me this is happening anymore. It’s pretty obvious.

#185 IHCTD9 on 01.15.21 at 10:20 am

#170 Ustabe on 01.15.21 at 8:45 am
#163 Nonplused on 01.15.21 at 1:10 am

#118 Ustabe on 01.14.21 at 8:08 pm

“Folks sometimes take us to task for traveling far and long with a simple Teardrop trailer but it keeps old people camping, allows us to sleep warm and off the ground without cancelling out the listen to the stream part.”

Why would they do that?

I think some feel I should have a big RV of some sort. Whereas I view that as traveling around in a box made up of sticks and spit while sitting on a tank of your own waste.

Others are simply unable to comprehend that we would willingly spend road trip time in such a manner. 3 months across Canada and back is the longest but we regularly spend a month on a camping road trip. If I’m going to pay in excess of $100 to get off the Island and another $100 plus to get back on we are not just going out for the weekend.
___

I think if we ever did months long road trips, we’d rent a small RV. Like a diesel sprinter van type.

#186 Moller on 01.15.21 at 10:34 am

Not surprised. Next to stocks & bonds, real estate has become a way to preserve wealth while the BoC is prints money like crazy.

#187 Sail Away on 01.15.21 at 10:52 am

#169 Q2 DUPLEX DRIVE on 01.15.21 at 8:44 am

Thank God I’m renting. And saving. And investing.

The fools will get their comeuppance eventually.

————-

Who will be the greatest and who will be the goat? Hard to say while the game’s in play.

#188 BillyBob on 01.15.21 at 11:08 am

#153 IHCTD9 on 01.14.21 at 11:05 pm

There’s a lot of Canada I want to see yet, and thankfully most of that is far from southern Ontario. I have a few northern destinations in mind involving a fishing rod, a bush plane, a couple buds, and umpteen thousands of dollars too!

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

*tap tap*

Did someone say off-strip work?

Yes please! Give me a Turbo Beaver on amphib floats and some drums of Jet-A stashed strategically around BC and I’ll happily burn the costume with the epaulets. Such things are the antidote to the abomination of such things as Mississauga and suburbs and Canadian RE and greasy little Uvic socialist pseudo-intellectuals.

Jag, you put an explicit trigger warning on your post and the kiddies STILL couldn’t resist from spewing. Even Ustabe took a break from bragging about his slumlord empires to take a crack. Pavlov and his dogs. It’s actually pretty amusing, a weird sort of flattery.

I made it clear myself I’m open to some riveting anecdotes about Victoria, like maybe the recycling schedule in Oak Bay or something, but even that has set the bar too high it appears.

*sigh*

All you can do is try.

#189 Ustabe on 01.15.21 at 12:01 pm

Ad hominem attacks are the domain of the intellectually specious.

#190 Sky on 01.15.21 at 12:01 pm

@ walltiger

One of the questions I posed to walltiger was :

“People’s Republic of China was birthed in 1949. Why would your parents have ever left China if 30 years of life under communist rule was so wonderful? Why didn’t they stay?”
*********************************

walltiger replied :

“Well, I guess you can ask that same question to the 300000 or so immigrants coming to Canada every year.”

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

No. That’s only a question I would ask an immigrant IF they posted a long treatise praising a genocidal Communist Party. Which is what you did.

There are better ways to advance a society economically without a govt campaign of murder directed at a specific group of people – landlords, doctors, teachers, intellectuals etc. (Cultural Revolution). Wouldn’t you agree?

Mao’s Great Leap Forward cost upwards of another 50 million lives. The staggering stupidity of his policies should never be forgiven. And the environmental catastrophe he initiated lives on in today’s China. That’s Mao’s legacy – alongside the blood & bones of his innocent victims.

” Sparrows, (Mao) was told, ate a lot of grain seeds, so Zedong ordered the people to go forth and kill all the sparrows. During the Great Sparrow Campaign, as it has been called, hundreds of millions of sparrows were killed, mostly because people chased them until the birds were so tired that they fell out of the sky.

The problem with the Great Sparrow Campaign became evident in 1960. The sparrows, it seemed, didn’t only eat grain seeds. They also ate insects. With no birds to control them, insect populations boomed. Locusts, in particular, swarmed over the country, eating everything they could find — including crops intended for human consumption. People, on the other hand, quickly ran out of things to eat, and millions starved.”

https://www.treehugger.com/the-great-sparrow-campaign-was-the-start-of-the-greatest-mass-4864032

“According to Judith Shapiro’s authoritative new book, Mao’s War Against Nature, 2,976 dams had collapsed by 1980. In one incident, the 1975 Shimantan dam break, Chinese environmentalists estimate as many as 230,000 people died.”

ttps://www2.kenyon.edu/Depts/Religion/Fac/Adler/Reln270/FEER-environment.htm

Communist Party deforestation :

https://blogs.ubc.ca/umbreenbutt/forestry-under-agricultural-policy-1949-to-1976/

China has hardworking people. It’s these people who should be praised for lifting China’s economy. NOT the atheist organ harvesting CCP.

Chinese language reform is paramount and progress in this direction in still poor.

And, sadly, now Canada and the western nations have entered into a love affair with communist diktats – from censorship to lockdowns. A great evil will arise from this. I hope you understand that.

#191 Sail Away on 01.15.21 at 12:51 pm

Faron, just wondering: what’s the total return on my dbag portfolio that you’ve been tracking? No disclaimers needed… just a single number including divs… thanks.

#192 jess on 01.15.21 at 12:54 pm

the colour orange?

https://www.vice.com/en/article/epdmva/a-proud-boy-in-disguise-helped-lead-the-insurrection-at-the-capitol

#193 Faron on 01.15.21 at 1:08 pm

This quot highlights one important aspect of the tone of the insurrection:

“This is not America,” a woman said to a small group, her voice shaking. “They’re shooting at us. They’re supposed to shoot BLM, but they’re shooting the patriots.”

https://www.thenation.com/article/politics/capitol-trump-insurrection-explosions/

https://fivethirtyeight.com/features/the-polices-tepid-response-to-the-capitol-breach-wasnt-an-aberration/

https://fivethirtyeight.com/features/storming-the-u-s-capitol-was-about-maintaining-white-power-in-america/?cid=_inlinerelated

https://www.newyorker.com/news/our-columnists/the-capitol-invaders-enjoyed-the-privilege-of-not-being-taken-seriously

And if you want to really hear it from a true intillectual (almost as sharp as BillyBob).

https://www.theatlantic.com/magazine/archive/2017/10/the-first-white-president-ta-nehisi-coates/537909/

#194 Squire on 01.15.21 at 1:16 pm

#77 Guelph Guru on 01.14.21 at 5:21 pm
Totally made up:
Dont worry folks. The Govt is working on the housing affordability solution. Helicopter money. The Govt would soon start HERB. Housing Emergency Relief Benefit to pay for the mortgage payments. Worry not. Only need to vote for the Libs.
———————————–
Ha ! Good one. HERB + HERB = Liberal voter for a lifetime.
Socialism at it’s finest. Read up on the history of Detroit. Ever wonder why it ended up going downhill ?
Could be where we are headed too if we get too many progressive changes.
Why are so many moving to Texas and Florida you ask ? Is it because they love republicans ? or is it because too many regulations like Califorina (..and Ontario) push business away ?
Like Trump said “be careful what you wish for…”
RE: Homes If prices keep climbing, it could cause a bigger pop. Just saying.

#195 Rowdie on 01.15.21 at 1:17 pm

I see in BC quite a few land sales, seems owner’s with land are sub-dividing their properties. Land prices are pretty high, especially with no drilled water or electricity at the lot. The $$’s may be in the land now, if one cannot afford these nutty high priced homes. But, do a bit on investigating and there are reasonably priced land prices. Patience is waiting for a washout and interest rates to rise to cool down the RE.

#196 walltiger on 01.15.21 at 1:29 pm

#191

following your logic:
bad government from before= bad government now.
bad policy from before=bad policy now.
how far do you want to go back then? Do you want me to point out the atrocities the west did, including our own government?
all I know, and I see with my own eyes is that 1.4 billion Chinese people think the current government is doing the right thing and endorse its legitimacy.
you and many are brainwashed with western propaganda to smear and stall China. How many countries are suffering, how many millions of people are displaced and live in misery because of western ideology and the export of color revolution. why do you want to impose your “superior system” to any other country? One party bad, two party is supreme. i wish it can be that simple, just look at the leaders we elected, Trump, T2 ect. I want to remind you, Hitler was democratically elected.

#197 Faron on 01.15.21 at 1:29 pm

#192 Sail Away on 01.15.21 at 12:51 pm

Faron, just wondering… my dbag

I’ll leave it to you or your fans. All I had was TSLA, IEP, BAC and GEO purchased Apr 27th, 2020. Now that Biden is in office and the gov’t is blue, you probably should sell your GEO lest an Obama-like executive order come down the pipe.

Same day I posted ICLN +195%, VDE +24%, FIE +28% and XBM +95%. Those are all pre-dividend. At the time respective dividend rates were something like 2.5%, 10% and 4%. They represent much more diversity and thus lower volatility than your holdings. Thanks for the reminder though.

#198 Hookshott on 01.15.21 at 1:42 pm

#129 crowdedelevatorfartz on 01.14.21 at 8:40 pm
@#118 Ustabe
“Meanwhile I have to console myself with the hundreds of lakes or coastal hidey holes available to me on northern Vancouver Island.”

++++
Mile ‘0″ on the Trans Canada Hwy.
Ahhh the hike in to San Josef Bay or the drive to Bamfield…..
Is the military radar station still functioning up there?
……
1 of the 3 Holberg towers is still in place, I believe, but not sure if it is functioning.

#199 KLNR on 01.15.21 at 1:47 pm

@#193 jess on 01.15.21 at 12:54 pm
the colour orange?

https://www.vice.com/en/article/epdmva/a-proud-boy-in-disguise-helped-lead-the-insurrection-at-the-capitol

LOCK ‘EM UP.

#200 KLNR on 01.15.21 at 1:52 pm

@#185 IHCTD9 on 01.15.21 at 10:14 am
#176 Penny Henny on 01.15.21 at 9:31 am
“Over a 12-month period ending July 1, 2020, and overlapping with the first wave of the pandemic, the metropolitan area of Toronto saw a net intraprovincial outflow of 50,375 people, according to Statistics Canada figures released Thursday. That means 50,375 more people left the Toronto area for other parts of Ontario than moved in – a record high according to data going back almost two decades.”

Comments MF?

https://www.theglobeandmail.com/business/article-toronto-montreal-see-exodus-pick-up-pace-aggravated-by-covid-19/
___

Don’t start with MF on intraprovincial migration numbers, it’s just gonna “whoosh”.

Out here in the humid marshlands of rural Ontario, I don’t even need StatsCan to tell me this is happening anymore. It’s pretty obvious.

wonder what % of the exodus are just folks buying recreational country homes? Seems like everyone I know has bought second homes in PEC over the past year.

#201 Sail Away on 01.15.21 at 2:26 pm

#198 Faron on 01.15.21 at 1:29 pm
#192 Sail Away on 01.15.21 at 12:51 pm

Faron, just wondering… my dbag

I’ll leave it to you or your fans. All I had was TSLA, IEP, BAC and GEO purchased Apr 27th, 2020. Now that Biden is in office and the gov’t is blue, you probably should sell your GEO lest an Obama-like executive order come down the pipe.

Same day I posted ICLN +195%, VDE +24%, FIE +28% and XBM +95%. Those are all pre-dividend. At the time respective dividend rates were something like 2.5%, 10% and 4%. They represent much more diversity and thus lower volatility than your holdings. Thanks for the reminder though.

———-

Ah. Your 90% isn’t bad… not as good as 140%, mind you.. but not bad.

Although 50% lower, you just couldn’t help giving advice and justifying your picks over mine, eh? I point this trait out as it may be one of the things holding you back in life.

#202 Wait There on 01.15.21 at 5:10 pm

Garth says: “We apparently have a vax cock-up unfolding. ”

Well the later news for Canada is that Pfizer told us to expect less sooner. Not Good. But like I said yesterday, at best unless something magic breakthrough happens, it appears at this time only half the population will be vaccinated before the next winter/fall season sets in again.

Now for something better. Biden announced today that he wants 100 million vaccines done in the first 100 days of his term. SOUNDS marvellous. Those are big numbers. EXCEPT it looks like math is hard for him as well.
1 million vaccines jabs per day is only SEVEN times what we had targeted in Canada. But but but the USA population is approximately TEN times larger than Canada. Even if he were to keep 1 million jabs sustained per day….if you do the math, he’d take over two years to vaccinate the population of the USA!
Meanwhile we are hoping even if there are NO mutations, that the immunity lasts as long as 6 months and possibly less. That means many will need as many as 4 to 6 jabs perhaps. Pretty soon the vax system gets overwhelmed even at 1 million a day.
We have not even dealt with the already 3 mutations and more…another US mutation identified.
As much as I love a recovery, I’m wondering if it will materialize as soon as 2021. There are real headwinds.
The vax rollout might be harder than making the vax.

#203 Cici on 01.15.21 at 7:18 pm

I get why we’re pumping real estate; it’s an easy fix to structural problems like tepid wage growth and insufficient retirement savings. And of course, as you mentioned above, there’s those hidden yet whopping taxes that most don’t care about, since they can tuck them into the cozy blanket of a long amortization period, while low mortgage rates and ever-inflating house prices eventually make them magically disappear.

But, I worry that we’re headed for (or may even already be in) treacherous waters. If the vaccine roll out doesn’t speed up and prove effective in curbing the bug, the damage to the country’s economy is going to monumental. This latest RE pump is a short-term solution intended to bolster a stimulus frenzy fed by pent-up demand following a new return to normal.

But there could be huge hiccups. What happens if the US gets the virus under control before we do and are able to turn off the stimulus taps before us? Can we really continue going into debt if they’re pumping the breaks on spending? We managed it once, but only thanks to low NA rates.

I’m pretty sure that those countries, provinces and States which are able to keep COVID infections down to a bare minimum are going to come out of this major winners. In fact, I really don’t blame Horgan for not wanting us to ramp up COVID infections on his turf. The resulting costs to the healthcare system and the economy are staggering, not to mention that COVID’s political suicide. The virus doesn’t care what people think about it, so the politicians have to take the fallout from the angry, paranoid masses.

Garth, you really should thank Harper. He did you a tremendous favour ;-)

#204 Sprawl on 01.16.21 at 3:31 pm

Firstly, I fully support foreign aid and giving support to people in need. CMHC states on its website 18% of mortgages are Newcomer mortgages. Curious to know how distorting the CMHC Newcomer Mortgage, Shared Equity plan has on real estate? The fairness a recent immigrants principle residence & one vehicle being except from determining welfare eligibility. is driving up real estate costs? There’s nothing xenophobic about the question. https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/mortgage-loan-insurance-homeownership-programs/cmhc-newcomers