Voracious

It is the best of times. It is the worst of times. It all depends if you’re selling or trying to buy a house. That time is now. Everywhere. We are setting our society up for a thumping.

Let’s fly into YYC for starters. In Calgary the jobless rate is close to 11%. The commercial vacancy rate is a withering 27%. Last week it was cold enough for the local kids on TikTok to throw hot water in the air and have it land with a thud. Given the Rona, Biden’s Keystone bomb and these damn EVs, the future’s been flickering in Alberta for a while.

So, damn, where did this come from….?

That’s the tally – as of Thursday – of property sales in Cowtown, where realtors have recently been driving Uber and delivering pizzas. Sales last month surged 40%. This month they have literally exploded by 74%. Average prices have jumped more than 8%, and multiple offers are everywhere. One agent told the local TV guys, “the market is like Mad Max.”

Not only have Calgary buyers discovered 1.5% mortgages and FOMO, but inventory is thin – down 22% from a year ago – as the virus keeps owners from flinging their doors open to the MLS masses. In short, one of the worst real estate markets in Canada has joined the frenzy. And this is not good news.

Okay, let’s pierce the Atlantic bubble now, winging into YHZ and a province where there’s virtually no virus with everything open. Halifax has traditionally been a super-affordable place to live, where three hundred grand was enough a year ago to snag a cozy little home within a walk of the historic harbour and Canada’s navy (yes, we have one).

No more. It’s nuts.

Buyers everywhere. Prices surging. No inventory.

“Things are definitely not looking good for the Spring market should this trend continue,” says blogger/agent Jeremiah Wallace, “since it’s the busiest time of year for buying and selling in our market.

“We should be seeing an inventory increase week to week at the moment, but it’s actually opposite and we need more listings before things get worse. Single family homes continue to take the brunt of reduction, and every new listing is getting swarmed with extreme showing numbers, making it really hard for buyers to gauge where they should place their offers. Obviously, the trend right now is over asking, but as this market carries on, the question become just how high do I have to go to secure bid, and will it be too much should the market turn, It’s a terrible balance for would be buyers to consider… the need for a home vs making the wrong financial decision.”

Two years ago it was a big deal for a $1 million house to sell in this city. Now heads don’t turn unless the sticker is north of $2 million. Even a hour away, along the South Shore, the price escalation has been 40% in twelve months. Most places are selling to GTA refugees, who view and buy over FaceTime to avoid the NS 14-day quarantine.

And speaking of southern Ontario, the storm clouds are gathering. Unbridled house lust, fear of missing out and the YOLO mentality of the moister gen are setting up an inevitable reckoning. Rest assured there will be political consequences.

How could there not be? Check this out…

A dodgy little house in gritty Oshawa that sold for $200,000 less than three years ago just fetched $802,000 in a multi-bid slugfest. Hours in the opposite direction, as a gobsmacked BMO economist just pointed out, the average house in little Woodstock rose $118,200 in the past year, in a community where the average income is $89,000. In fact, houses are making more money than regular people in Toronto, Peterborough, Brantford… everywhere.

Inventory is scare across Canada – in fact, at a 30-year low. Mortgage rates have never (thanks to the virus) been at this level, allowing more debt and higher sale prices. WFH has over four million people wanting space, moving to where real estate is ‘more affordable’ and totally screwing things up for millions of others who thought they lived in calm places. Juicing everything is human emotion. The higher prices go, the more people want real estate. It’s classic. We buy high because we think higher is coming. When it comes, we buy more. We believe this asset will go up forever, even though none has before. And infecting us all is Covid, instilling a fear of the wider world and an innate desire to cocoon.

What a combo.

The problem is that when a house on your street sells for a crazy-stupid pile of money, it automatically makes your worth more. Ceilings become floors. Affordability worsens. More families are shut out. Others are forced to distort their finances in order to buy, draining liquid assets from retirements and kids’ school accounts while swallowing huge gobs of debt. Rising rates could be fatal.

Meanwhile the wealth gap grows as society calves into owners and others. The top 20% of families now own 70% of real estate wealth while the bottom two-fifths hold 2% of it. None of this is sustainable. Or permissible. And, no, the government won’t ‘do anything to keep it going’ as people on this pathetic blog seem to believe.

What does this mean? Wat can we expect as this endless pandemic winds down?

RBC’s econo guy Bob Hogue says he expects, “some form of policy-induced cooling of demand” in the next few months. Plus, as reviewed here this week, it’s a slam-dunk that rates will begin their creep back towards normalcy, whatever the CB does.

Chew on that before you offer 40% over list. Ask the bunny.

190 comments ↓

#1 Another Deckchair on 02.18.21 at 12:35 pm

Hey #144 the Jaguar on 02.18.21 at 8:59 am

“Case you haven’t had enough of ‘consequences’, here are some Gamestop related ones….”

Back on at comment #111 on Jan 28 I wrote ‘As always “Follow the money” ‘.

About the only solid outcome is that it was not “sticking it to the man”

but “sticking it to the dweebs following along on Reddit”

Same stuff, different day. Nothing changes!

#2 Doug t on 02.18.21 at 12:42 pm

PEOPLE are living in a constant state of FEAR and are panicking – fear causes one to react in ways that are not reasonable – we have been pushed to the brink on a daily basis by media distortion, government intervention, health officials, financial ruin, massive debt, societal breakdown and moral decay! so logic goes out the window and the drive for a “nest” or “safe space” to hide from the world ensues = ruh roh

#3 Richard L on 02.18.21 at 12:44 pm

Canada – 38 000 000 souls with but a single thought – How much is my house worth?

#4 Dogman01 on 02.18.21 at 12:47 pm

#130 Nonplused on 02.18.21 at 1:59 am

I too suspected Faron would comment on the topic while not reading the article.

GenX
I lived in that “Canadian Dream”, where a single income father with only high school education was able to support a family of five and a dog, no debt, only a mortgage at 3.5 x earnings.
It was a benchmark I evaluate from.

Since then I noted the decline of the Canadian Standard of Living and questioned, What is going on?
I noticed the trend continuing, 1990’s harder and harder to find a decent paying job, education\credential inflation. Me and many of my male friends found ourselves in IT as there was little job growth in other sectors.

Free Trade and the “sucking sound” of jobs leaving the top parts of North America. Then Globalization , Mass Immigration, inflation, wage stagnation, disappearance of pensions. All moving the majority of Canadians further and further away from my Benchmark.

I concluded; a consensus occurred sometime in the 1970’s or 1980’s, “shattering the way value-added is shared between capital and labour in western society”. They constructively do not want the population to discuss this phenomena.
– Climate Change – give the righteous and active a distraction\cause to focus on.
– Identity politics – divide the plebs and set them against each other.
– China – slave wage arbitrage , extract more of value-added. (“Useful Idiots” destroying their power center and enabling a Chinese power center they are not part of)
– Red Tie\Blue Tie Political Systems – Keeps the plebs busy thinking about other issues (just like sports)
– MSM – narrative driven programming, example; Russia boogie man, China – partner (Eastasia friend\Eurasia enemy – Orwell)
– “Fake News”, censorship crusade, as the internet\free speech was getting away from them. Most Canadians negative on genocidal China, but look at virtue signal poster boy Trudeau flounder on this one.

It became just so obvious. Trudeau and “China Joe” Biden, the establishment. They put the economic interests of a small elite far far ahead of their populations.
When you view it as a “Farm” , it starts to a make more sense, the Farm is run for the farmers.
They knew what they were doing to their societies: 1994 Interview with Sir James Goldsmith; http://www.youtube.com/watch?v=4PQrz8F0dBI

As a GenX , I identified this trend, fortunately had a job providing excess capital to my needs, decided to do what the rich do and Invest. The alternative was remaining a farm animal until the Glue Factory called.

“Millennials would be fools to expect their lives to unfold as carbon copies of their parents’. No profligate hippiedom, no finding-myself-in-Europe, no sha-na-nah for them. This is Darwin, baby. And you’d best know that now.” – Garth Turner

#5 Ponzius Pilatus on 02.18.21 at 12:47 pm

#137 Sail Away on 02.18.21 at 7:21 am
#126 Nonplused on 02.18.21 at 1:47 am

Ah, I just knew you would come through. You didn’t read the article did you? The one police officer that died probably got pepper sprayed by his own fellow officers. The MAGA crowd killed nobody.

————-

Correct, and it also wasn’t an ‘armed insurrection’, since not a single weapon was in evidence. Well, except the raccoon guy’s horns.

Small wonder the media is not trusted.
————————————
Scary to think that there are more than 70 million Americans that think like Sailo and Nonplussed.

#6 Ponzius Pilatus on 02.18.21 at 12:54 pm

Good thing we just renewed our 5 year fixed.
Otherwise we would be tempted.
Last week we had 2 realtors come a-knocking.
Spring should be crazy, specially for SFH.

#7 Drill Baby Drill on 02.18.21 at 12:59 pm

That is not a bunny. It is a cat with long ears.

#8 TurnerNation on 02.18.21 at 1:03 pm

SO…who will be willing to return to the office for this, the electronic tracking/shock collar? No – people will work from home. From Day 1 of the New System rollout we were told #stayhome, right? It’s a year later and what has changed. Nothing. WFH is here to stay. Big chains like Wendy’s and some US ones now coming up here are opening only the Ghost Kitchens, in Toronto per BlogTO site, They know. Why in 2019 the ‘news’ sold us so hard on the Ghost Kitchens and the IPOs from Uber, Lyft and now Door Dash. Follow the money.

This company, FD.TO also sells these tracking shock collars to Liuna labour union and Air Canada — 6-6-6 feet apart:

“Ontario Government Investing in TraceSCAN Wearable Contact-Tracing Technology to Help Protect Workers from COVID-19
Facedrive developed TraceSCAN’s made-in-Ontario AI-powered solution, which can track staff exposure to COVID-19 without GPS information, in partnership with the University of Waterloo. Workers simply wear the device and the wearable technology will communicate with others within a workplace environment. If users are less than six feet apart, the device beeps to alert the users. If anyone in the working premises reports COVID-19 positive, HR or health and safety officials can log in to the online reporting dashboard and see who they have been in contact with and their risk level, then send an exposure notification. Contact tracing will be made simple with all of the close proximity contact having been recorded.”

— Our ruling elites must be roaring with laughter. Tracking us like cattle! In only one year – all because of what the telescreens said. Too easy.
…….

Well well all those empty Sport Stadiums. Why. This:

Using Lincoln Financial Field as Mass Vaccine Site May Take …www.nbcphiladelphia.com › news › local › using-linc-a…
Feb. 10, 2021 — A plan to use the Eagles’ stadium as a mass coronavirus vaccination site has buy-in from some City Council members, but Philadelphia’s top …

Philadelphia Mayor Kenney urged to use Lincoln Financial …6abc.com › philadelphia-vaccine-philly-vaccinations-li…
Feb. 10, 2021 — Outside Dodger stadium in Los Angeles are lines of cars, full of people ready to be vaccinated against COVID-19. Why not in Philadelphia, …

->> As noted last year SEPT and OCT:

#142 TurnerNation on 08.05.20 at 11:52 pm
Save this post. I will.
Toronto’s sports stadiums will remain closed until 2021. Hey they’ve banished the Blue Jays team from the country even. In 2021 they will re-open as Mass needle centers

#69 TurnerNation on 10.13.20 at 6:53 pm
I suspect the Skydome/Rogers Centre will remain closed until next summer, when it becomes a mass needle center.
#31 TurnerNation on 07.19.20 at 3:54 pm
I bet this is why the sports stadiums are being left empty till next year. Stand by…

#1 TurnerNation on 01.12.21 at 3:41 pm I’d suggested months ago that Skydome and other arenas are being kept closed, sports teams barred from our country to become mass needle sites.

……………

– As always the goal is limiting our Travel. Wartime Curfews, travel bans, mandadatory camp stays, shelter in place, house arrest; fictional states of emergency; virtual Berlin Walls; Wartime green/red zones. All for our health.
Google search: “Energy Poverty”. It’s coming. All big car makers are switching to electric.
This is just a taste:

“Spot electricity prices in Texas’ West hub spiked above the grid’s $9,000 per megawatt-hour cap. Power typically costs $25 per megawatt-hour.
The surge in prices was equivalent to the cost of charging a Tesla reaching $900. A full charge costs about $18 while a typical charge is less depending on how much power was used.”

…..

#9 Sail Away on 02.18.21 at 1:11 pm

#5 Ponzius Pilatus on 02.18.21 at 12:47 pm

Scary to think that there are more than 70 million Americans that think like Sailo and Nonplussed.

————

Nonreactionary, I assume you mean… and patiently waiting for exaggerations on all sides to be explored?

70 million seems a bit high.

#10 Catalyst on 02.18.21 at 1:14 pm

Tiff has his head squarely in the sand. CHMC is on twitter applauding the rise in prices as good for the nations wealth. This is madness!

I thought houses were insanely overpriced back in 2016 when I bought and they are 70% higher now.

The biggest issue as you point out is supply and they aren’t doing anything to address this other than build condos which only investors want. Barely any lowrise supply with a yard that people actually want. It also makes it impossible to move as even though I would love to sell my digs for the prices it would fetch, where would I go? Buy something even more overpriced down the street?

#11 Ponzius Pilatus on 02.18.21 at 1:18 pm

#165 Faron
Texas is in a world of hurt right now. Alberta, take note.
————————-
And Teddy cruzes to Cancun.

#12 Bezengy on 02.18.21 at 1:19 pm

Good job Pooch….but, where’s the beef?

#13 Wrong ... on 02.18.21 at 1:32 pm

that ain’t no bunny … but right on everything else I fear …

The person who took the shot says it is. – Garth

#14 Ponzius Pilatus on 02.18.21 at 1:34 pm

RE: Dog Picture
The dark blue hue is quite beautiful.
Coincidentally, I just read a story about blue street dogs in a Russian town.
Probably caused by industrial pollution.
Could humans be next?
I always pictured aliens as being kinda blueish.

#15 Roch on 02.18.21 at 1:34 pm

So should a homeless couple do? Buy now or wait?

I was under the impression that houses were overpriced a few years ago but in retrospect, we should have bought at that time.

Buy when you need a house and can afford one without gutting your finances or putting your family at risk. All else is irrelevant. – Garth

#16 TurnerNation on 02.18.21 at 1:45 pm

Stunning photos on our forum host’s Insta-Gram : https://www.instagram.com/p/CKrFJ_HntdU/

….
“The Globe and Mail reports in its Thursday edition that Morguard REIT is cutting its distribution in half for the second time since COVID-19 erupted. The Globe’s Tim Kiladze writes that Morguard was the first REIT in Canada to cut its payout last spring. Over the nine months since, many larger rivals have followed suit, including RioCan REIT, First Capital REIT and H & R REIT. © 2021 Canjex Publishing Ltd. All rights reserved.”

…..
–I’m curious, blog dogs love to breathlessly report on surges, ripping, variants, and mutations. Does anyone know anyone actually impacted? In my circles it’s 0.00 people.

…..
If you doubt this isn’t an ECONOMIC shutdown. This is about destruction of culture, places of gathering, and small independent places which cannot handle this financial takedown.

https://montreal.ctvnews.ca/with-popcorn-sales-banned-some-movie-theatre-owners-say-it-s-not-worth-it-to-reopen-1.5313707
“With popcorn sales banned, some movie theatre owners say it’s not worth it to reopen’

……….

— Don’t mess with Texas?

https://www.instituteforenergyresearch.org/the-grid/biden-rescinds-trump-order-banning-chinese-involvement-in-the-u-s-power-grid/
Biden Rescinds Trump Order Banning Chinese Involvement in the U.S. Power Grid
BY IER – FEBRUARY 4, 2021
China has become the world’s leading supplier of transformers, which presents significant challenges to U.S. grid security. In his May 1, 2020 order, President Trump stated that the United States should no longer purchase transformers and other electric grid equipment manufactured in China

— Welcome to forced communism and dependence on the State. UBI in every Former First World country is the goal. Why else would businesses be ordered shut?

“Ulster County is one of the first counties in the country to undertake a large-scale universal basic income pilot program. This program will provide much-needed economic relief directly to families throughout the county… 100 qualifying households with direct relief payments of $500 a month for an entire year, all funded through the generosity of community donations.”

—Any virologists or immuno-specialists here? I know there are it seems. What this mean. Two more weeks?

Ontario Public Health increases PCR threshold for VOC from 30 to 35. This will increase variant case numbers, regardless of symptoms.

https://www.publichealthontario.ca/en/laboratory-services/test-information-index/covid-19-voc
“Requests for VOC screening of specimens that were tested prior to February 3, 2021 must have a Ct ≤351 AND meet at least one of the indications for screening listed below. “

#17 Lee on 02.18.21 at 1:50 pm

New tombstone epithet: “…………..whose last house sold for $100,000.00 over asking”.

#18 Classical Liberal Millennial on 02.18.21 at 1:50 pm

Sure I’d love to sell and pocket a few hundred grand that I did very little to earn, but then I still need to find an over-inflated place to live. Seems like it’s only a jackpot if you are ready to downsize or move to a lower cost of living place.

#19 Blobby on 02.18.21 at 1:53 pm

Im due to move to Halifax for work in the next month or so. The idea (For me) was to finish my working life there, then retire in a decently priced home.

I was supposed to go there 2 years ago, but various things happened.

Looking at how property prices have changed. I now want to cry.

#20 alexinvestor on 02.18.21 at 1:56 pm

Government regulation is often too late, heavy handed and ends up creating other issues. In my neighbourhood, I see 1.6m houses having more more value than something selling for 1.3m. The person buying the 1.3m should go for the higher value house, unless affordability is kicking in even with these low rates. So a natural top might be at hand anyways, without government intervention.

#21 Ponzius Pilatus on 02.18.21 at 1:59 pm

#9 Sail Away on 02.18.21 at 1:11 pm
#5 Ponzius Pilatus on 02.18.21 at 12:47 pm

Scary to think that there are more than 70 million Americans that think like Sailo and Nonplussed.

————

Nonreactionary, I assume you mean… and patiently waiting for exaggerations on all sides to be explored?

70 million seems a bit high.
—————————
Reactionary? Hardly.
I actually watched most of the impeachment trial (I know, I should get a life).
And I found the case made by the Impeachment Managers very convincing.
Even Mitch McDonnell had to admit to that.
But he still voted not guilty.

#22 Blobby on 02.18.21 at 2:00 pm

@#13 : “that ain’t no bunny …”

You’re right, I’m pretty sure it’s a dog.

#23 Penny Henny on 02.18.21 at 2:01 pm

Sailo are you behind this?

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-loonie-threatened-as-canadians-move-money-offshore/

#24 BillyBob on 02.18.21 at 2:03 pm

#157 Faron on 02.18.21 at 11:28 am

When carbon-based energy failure ruined the day, it doesn’t get to save it. Sorry. That’s like claiming that putting out a fire you started is heroic. Zero sum. Nope.

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

Calm down, you’ll get spittle all over the monitor.

It actually seems all sources of energy struggled to cope with the cold. Texas is set up to deal with extremes of heat, not the opposite. No need to wave the eco-willy around for measuring. But you never did offer any credible counter to the report I quoted, that it is nuclear and coal (COAL!) that are back on line while the wind turbines and solar panels sit useless. Funny how people aren’t quite as concerned with the source of energy when they’re freezing to death.

You fancy yourself a scientist but it’s so patently obvious you’re just another green ideologue. Embrace it, you’ll feel better.

“Lies”, “lying”, “disgusting”, “stupid”, unhinged”, “efftards”.

Hmm. Do you ever read back though the bile you’ve spewed on any given day?

It’s obvious the anger management classes aren’t working.

Have you thought about getting a dog?

Or is it just time for another of your fortnightly “I’m sorry, I just get a little worked up on here sometimes and I’ll try to tone it down a bit in the future” posts?

#25 BillyBob on 02.18.21 at 2:07 pm

#17 Classical Liberal Millennial on 02.18.21 at 1:50 pm
Sure I’d love to sell and pocket a few hundred grand that I did very little to earn, but then I still need to find an over-inflated place to live. Seems like it’s only a jackpot if you are ready to downsize or move to a lower cost of living place.

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

Bingo!

Yet people are convinced they’re “rich” because they hold the mortgage on an inflated asset.

Ok then.

#WINNING

#26 Adam on 02.18.21 at 2:12 pm

Calgary and Edmonton are going nuts. Sales way up. It’s like 2007 all over again. Multiple bids, places going way over asking price… what’s going on?

#27 Dolce Vita on 02.18.21 at 2:14 pm

The 20% threw a RE party. 80% could not afford to come.

Pandemic. High unemployment. Near 0 economic growth. 1.3M on Regular EI and rising.

It will all end well.

————————–

-Pareto.

#28 Captain Uppa on 02.18.21 at 2:16 pm

I have a work colleague who sold back in 2014, thinking that he would avoid the “crash”.

Now? He won’t even talk about RE. Absolutely refuses and his hair has gone all grey.

Not sure where this ends, but it seems even with a correction, buying in 2016 say, was fine. If you didn’t gut your finances, as Garth points out.

#29 jess on 02.18.21 at 2:17 pm

weapon :a thing designed or used for inflicting bodily harm or physical damage.
So if these are not “weapons” what are they?
Stun guns, ‘stinger whips’ and a crossbow,
bear spray and sharpened flag poles used at spears
hand to hand combat
======
FINRA, which keeps track of fines and alleged wrongdoing by all regulators, Citadel Securities has been fined and/or censured 59 times in the past 12 years.

349m fail to deliver

https://www.sec.gov/litigation/admin/2018/34-84759.pdf
https://secwhistleblowerinformation.com/types-sec-whistleblower-cases/accounting-fraud/false-disclosures/
https://www.sec.gov/news/pressrelease/2017-11.html
https://bettermarkets.com/blog/everything-you-need-know-about-house-financial-services-committee-hearing-gamestop-robinhood
==========================
Mr. Griffin :
“During the period of frenzied retail equities trading, Citadel Securities was the only major market maker to provide continuous liquidity every minute of every trading day. When others were unable or unwilling to handle the heavy volumes, Citadel Securities stepped up. On Wednesday, January 27, we executed 7.4 billion shares on behalf of retail investors. To put this into perspective, on that day Citadel Securities executed more shares for retail investors than the average daily volume of the entire U.S. equities market in 2019
https://financialservices.house.gov/uploadedfiles/hhrg-117-ba00-wstate-griffink-20210218.pdf

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

Roubini called Bitcoin a “big criminal scam and nothing else,” the largest futures exchange in the world, the CME Group announced that it would begin trading options on its Bitcoin futures contracts.

#30 Dolce Vita on 02.18.21 at 2:18 pm

#24 BillyBob

Have you thought about getting a *dog?

——————-

*wolf.

#31 Comments! on 02.18.21 at 2:22 pm

15 years of touting, “this won’t end well”, but it keeps ending well for those that bought since 2005, unbelievably well. Absurd but undeniable.

If the markets just “cool off” or “flatline”, future buyers are truly and royally screwed with higher borrowing rates at these stratospheric prices.

Garth you mentioned ” normalcy” in regards to rates. Historically that’s 5% or 6% plus mortgage rates. We haven’t seen that since the late 90’s and not even close since the GFC unless we are redefining normalcy. Can you see that happening after another $30 trillion of worldwide collective debt in the past year alone? I’m not being a smart ass, just asking an honest question. Experiencing the stock market meltdown in late 2018 when prime was less than 2%, really makes me wonder.

Thanks as always.

#32 AlbertaGuy in AB on 02.18.21 at 2:23 pm

And yet property assessments drop in YYC – a disconnect somewhere

1965 3 bed 1200 sqft bung in SW on quiet street across from park

2019 440k
2020 420k
2021 408k

#33 NSNG on 02.18.21 at 2:29 pm

This is what central banks do. They are face-sucking vampire squids.

#34 leebow on 02.18.21 at 2:41 pm

I sold a rental east of GTA in early December. Made close to 450% over 5.5 years. How is that even possible? Not complaining but man… People are nuts.

Was considering a move to Nova Scotia for a couple of years now (since before Garth moved) but now it’s crazy over there too. Atlanta, Georgia is 2 hours shorter drive than Halifax – may be that’s the next stop.

#35 Dolce Vita on 02.18.21 at 2:45 pm

Like I said the other day:

It will be the Mother of all Vax Drives in Canada come this Summer:

https://twitter.com/AnitaOakville/status/1362448989036158978

GOOD news?

Yes. Plenty for all 38M Cdn souls to be vax’d by Sept end. Will not freeze to death in the process.

Bad news?

The variants may take hold before then and outpace vax’ng, can also make it less efficacious. Delay back to normal as new variant specific vax’s need to be developed.

———————-

What happens?

Only the Upper Deity of your choice knows.

[Big Electron for the non-believers]

#36 Bert on 02.18.21 at 2:49 pm

I think that’s as high as we go for oil. I think we go back to $40. The reopening trade is wildly over done.

#37 Sail Away on 02.18.21 at 2:49 pm

#23 Penny Henny on 02.18.21 at 2:01 pm
Sailo are you behind this?

https://www.theglobeandmail.com/investing/markets/inside-the-market/article-loonie-threatened-as-canadians-move-money-offshore/

———–

Nothing wrong with being prepared. Two words: South Dakota.

That Globe and Mail article is behind a paywall so I can’t see the way it frames the issue, but here’s a little tidbit from the Toronto Star:

“Offshore trusts are perfectly legal. Wealthy Canadians have long used them as estate-planning tools for moving wealth that has already been taxed in Canada to offshore jurisdictions with far lower — or even zero — taxation. If that wealth were left in Canada, tax would have to be paid on its investment returns every year.”

#38 GAV on 02.18.21 at 3:05 pm

#165 Faron
“Texas is in a world of hurt right now. Alberta, take note.”

Faron is a parody right? No one in their right mind would compare power supply in Texas to Alberta, would they?

But then again that would explain Faron’s previous energy postings.

On a similar note, Line 5 shutdown still not resolved.

Ontario take note.

#39 Faron on 02.18.21 at 3:06 pm

#24 BillyBob on 02.18.21 at 2:03 pm

#157 Faron on 02.18.21 at 11:28 am

When carbon-based energy failure ruined the day, it doesn’t get to save it. Sorry. That’s like claiming that putting out a fire you started is heroic. Zero sum. Nope.

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

Regarding epithets, when someone lies, I call them a liar. Nonplused continually spreads lies and misinformation. He’s a liar. Lying is disgusting. Efftard is a bit harsh, but it’s clear from his writing that he’s a few eggs short of a dozen.

It actually seems all sources of energy struggled to cope with the cold.

and

But you never did offer any credible counter to the report I quoted, that it is nuclear and coal (COAL!) that are back on line while the wind turbines and solar panels sit useless.

Nope, not at all useless. You are simply wrong.

Your own report (quoting Abbott, who publicly blamed wind [because muh oils money] while in documented meetings admits wider failure of thermal as the source of the issues) states that 17GW of renewables are offline. Sounds big, right? Total capacity is 30GW. Seasonality of wind in Texas is at a bottom in winter, so 13GW of production (or whatever the real number currently is, you nor I have real time breakdowns of grid supply) is actually oversupply at this time and was during the worst of the crisis according to the data published by ars technica. The grid almost went down because Texas failed to protect the O+G+C thermal sources against the cold. They are coming back online because it’s warming up. Those energy sources do not get a pat on the back.

I’m not saying that some wind or some solar was compromised, but this insane blame game of the grid failure on these technologies is sheer fabrication with an obvious motivation.

#40 wallflower on 02.18.21 at 3:10 pm

Caption: “You love me, still, right?”

#41 Sail Away on 02.18.21 at 3:16 pm

SoggyShorts, you were wondering about average CPD price. I’ve actually purchased 5 times in the last few years, in a few different accounts, as follows:

24 June 19: 11.98
26 Feb 20: 11.99
26 Apr 20: 10.38
25 Nov 20: 12.06
Feb 2021: 12.77

If we equal-weight those, the average is 11.84.

I’m happy with both the yield and the capital appreciation, but it pales in comparison to the Altagas pref series G from June 19, which are up 20% + div.

Pretty much fully subscribed on prefs. It’s Uranium time now!

#42 Faron on 02.18.21 at 3:21 pm

#24 BillyBob on 02.18.21 at 2:03 pm
#157 Faron on 02.18.21 at 11:28 am

When carbon-based energy failure ruined the day, it doesn’t get to save it. Sorry. That’s like claiming that putting out a fire you started is heroic. Zero sum. Nope.

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

Calm down, you’ll get spittle all over the monitor.

You fancy yourself a scientist

It’s obvious the anger management classes aren’t working.

Have you thought about getting a dog?

And nice work simultaneously crying about my personal attacks on nonplused while snidely cranking out your own, Mr. punchable face. If you are going to take the high road, you have to actually take the high road. Stick to the facts. You are clearly smart and capable of doing so and if you do without the snide remarks, you will get a level discussion with me. Soggy Shorts exemplifies this as have others.

If I apologize, it’s always to Garth for wasting his time with my verbosity.

I have a dog sleeping at my feet right this second BTW. Happy as a clam. Look forward to the usual pile on here.

#43 Linda on 02.18.21 at 3:26 pm

Property tax assessments tend to lag so will be interesting to see what happens in Alberta next year, as property tax assessments for residential properties have dropped both in Calgary & Edmonton as per recent headlines. I’d imagine commercial RE also saw assessment values decrease since occupancy rates have plummeted as a result of low oil & gas price cake with Covid frosting. Ugh. Just typing that made for a queasy tummy.

As for interest rates, yes, can see the lure of buying with the cost of borrowing being so low. But with average household income being under $60K in Canada, just can’t see how that inconvenient reality meshes with folks deciding to go all in on RE. Yes, a ‘get rich quick’ mentality is pushing this along with the need to stay socially distanced from fellow germ carriers. Wonder when the roulette wheel will stop spinning?

#44 GAV on 02.18.21 at 3:29 pm

#39 Faron on 02.18.21 at 3:06 pm

“Seasonality of wind in Texas is at a bottom in winter, so 13GW of production (or whatever the real number currently is, you nor I have real time breakdowns of grid supply) is actually oversupply at this time and was during the worst of the crisis according to the data published by ars technica.”

Over supply at this time.

hilarious

#45 S.Bby on 02.18.21 at 3:34 pm

Blind bids should be illegal. We need more transparency in the RE market for buyers and buying the biggest asset of most peoples lives in a situation where no one knows what’s on the table is ridiculous.

#46 IHCTD9 on 02.18.21 at 3:41 pm

#42 Faron on 02.18.21 at 3:21 pm

And nice work simultaneously crying about my personal attacks… blah, blah, blah etc.

______

FFS buddy, do you ever STFU even for just 1 day?

How about taking one of your “breaks” for a couple months?

#47 Winterpeg on 02.18.21 at 3:42 pm

Even in humble Winnipeg houses have got pricier.
That’s all my colleagues seem to talk about.
The boomers close to retirement talking about selling and cashing in; the younger folks talking about buying.
Same question: if selling, where do you move? If buying, will this be a mistake in a few years?

#48 SoggyShorts on 02.18.21 at 3:50 pm

#41 Sail Away on 02.18.21 at 3:16 pm
SoggyShorts, you were wondering about average CPD price….
********************
Thank you for the info, I appreciate real numbers like that.
I think I’m still happy without prefs as they seem to underperform the index on a total return basis while moving almost in sync with it so I don’t feel like they add diversity to a PF like mine.
I’m sure savvier investors with better market timing/awareness can do better than I would with my buy&hold PF though.

#49 Moss on 02.18.21 at 3:51 pm

“If the markets just “cool off” or “flatline”, future buyers are truly and royally screwed with higher borrowing rates at these stratospheric prices.”

If interest rates go up, the value of real estate will go down. The monthly mortage carrying cost is the only thing that’s remotely tied to fundamentals in the housing market at this point. The average 5-year fixed mortgage interest rate has decreased by 50% over the last two years. Despite the insane FOMO and reckless debt binging of many house-horny Canadians, they still need to be able to pay the mortgage every month. If rates go up to even what they were two years ago, a lot of sellers wanting to make a profit will find that there aren’t any more buyers.

#50 Jackie on 02.18.21 at 3:57 pm

Do you think lock into a 5 yr fixed or 10 yr fixed?

What about 5 yr variable?

Curious to hear more about what you think in mortgage rates Garth.

#51 Ustabe on 02.18.21 at 3:58 pm

That Globe and Mail article is behind a paywall so I can’t see the way it frames the issue, but here’s a little tidbit from the Toronto Star:

Who doesn’t have the ability to get through a newspaper paywall?

Try Outline for a browser based solution or install uBlock Origin or any number of applets from GitHub.

I use one called… ready? Bypass Paywalls (from GitHub.) works like a charm.

https://thehill.com/regulation/court-battles/534329-police-seized-alarming-number-of-weapons-on-capitol-rioters-court

snip from the above link:
One man, Lonnie Coffman, is facing multiple weapons charges after police say they found him in possession of five guns, eleven Molotov cocktails, a crossbow, smoke bombs and a stun gun.

Read the entire thing and then try and tell me it wasn’t an armed insurrection. Or, if the Hill is fake then try CNN’s coverage. Or Esquire. Or Reuters. Or Washington Post, NBC News, Boston Globe, Politifact, etc.

Those of you who continue to carry water for the alt right, the GOP and the lies they disseminate are tolerable when you babble amongst yourselves but to assume I want to read your fantasies here is laughable.

Parler is back up, go to parler.fbi.gov and sign up and role play to your hearts desire.

#52 Dr V on 02.18.21 at 4:04 pm

42 Faron – time to take a break.

From the CNN article

“The widespread outages stem from a weather disaster coupled with an unprepared infrastructure.”

The article also notes the ensuing finger pointing and
politicization of the problem.

You cant blame the backup QB for losing by 17 when he
had a 21 point deficit to start with.

#53 Tron Light on 02.18.21 at 4:05 pm

I have a friend that is looking for houses in Ottawa and she looked at one in an old cottage community on the outskirts of Ottawa about 40 minutes from downtown. It was listed at $399,900 and sold only a few days after being listed. It is a split model home with 3 bedrooms and two baths I believe.

It had 27 offers and sold for $605,000.

#54 Dan K on 02.18.21 at 4:06 pm

“Inventory is scare across Canada – in fact, at a 30-year low”

How do we continue to see record inventory lows year/year? Is Canada’s population growth or number of potential buyers really outpacing housing supply? Seems like the same story, but different year?

Apparently there’s a pandemic. – Garth

#55 Don Guillermo on 02.18.21 at 4:08 pm

#24 BillyBob on 02.18.21 at 2:03 pm
#157 Faron on 02.18.21 at 11:28 am

When carbon-based energy failure ruined the day, it doesn’t get to save it. Sorry. That’s like claiming that putting out a fire you started is heroic. Zero sum. Nope.

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

Calm down, you’ll get spittle all over the monitor.

It actually seems all sources of energy struggled to cope with the cold. Texas is set up to deal with extremes of heat, not the opposite. No need to wave the eco-willy around for measuring. But you never did offer any credible counter to the report I quoted, that it is nuclear and coal (COAL!) that are back on line while the wind turbines and solar panels sit useless. Funny how people aren’t quite as concerned with the source of energy when they’re freezing to death
*****************************************
I don’t believe carbon based energy or sustainable energy failed anyone. It’s obvious that the minimum design temperature used to build these installations didn’t hold up to the weather event. I don’t know what they use in Texas but I’m sure they’ll be looking at it. In Alberta we use -50 Deg C. Another component missing (a blog dog brought this up earlier) is a duel fuel design. I worked on a couple of gas fired combined cycle projects in Europe and they kept 14 days of liquid fuel stored on site with automatic seamless swapping capability. The concern was not about weather. Most European gas comes from Russia and Russia has a history of weaponizing delivery for political gains. I read that in Texas (and probably many other parts of NA) they don’t like the optics of keeping large back up diesel tanks on site. It doesn’t look very green.

Currently in Texas the electrical energy generation mix is 53.5% natural gas, 19.0% coal, 17.3% wind, 8.6% nuclear, 0.9% solar, 0.3% hydroelectric, 0.3% biomass, and 0.1% other sources. (wikipedia).

I can’t imagine what would happen if a similar upset occurred in central/northern Canada during one our arctic deep freezes. It would be catastrophic. Barring any major shifts into nuclear (which struggles to gain traction) a well designed carbon based energy source in northern climates is the safest.

Side note: We have a 4 unit combined cycle power plant supplying Mazatlán and surrounding area. I believe it’s puts out around 750 MW. Trans Canada recently built a pipeline system that moves gas from Texas down throughout Mexico. Our plant converted to gas from a dirty high sulphur diesel 3 years ago. I notice this morning that it is burning diesel. I can see the dirty particulate from my front terrace but can’t tell if all 4 units are dirty. They kept 2 large liquid fuel holding tanks for such events. I’m guessing the gas supply from Texas is down or restricted.

#56 MF on 02.18.21 at 4:13 pm

28 Captain Uppa on 02.18.21 at 2:16 pm

We know where it ends. The only question is when.

The whole thing is being held up by one factor: emergency interest rates, which are being artificially suppressed to the tune of billions of dollars or bond buying per week. That can’t continue forever.

The goal is to have everyone walking around feeling wealthy because they feel their house is “worth” a lot. They feel smart and secure. They will go buy things. The real estate industry is very savvy and giving this illusion.

Of course it’s not real, since the value of all assets have gone up at the same time as well..so it’s all a wash.

But that’s something we will deal with later, apparently. The higher houses go, the closer that day comes. Emergency interest rates are the only thing holding it all together. Nothing else. When they rise, it will be quick and the whole market will roll over in a flash, probably over night. Equity will go poof.

The overleveraged will hurt first. They will dump their multiple “investment” properties that nobody will want since general fear will start to slowly take hold, listings will increase but buyers will begin to start waiting for prices to drop more. It’s no secret we are in a huge bubble so everyone is just waiting for it. Then, news will take hold that the general market is being hit with a slowdown about 6 months or so later. Since many people depend on their house value rising to stay solvent, they will try to sell at the last minute to free equity that no longer exists since buyers are becoming even more scarce and listings bloating. By then the slowdown is talked about on the street by the average person. Then the economy will take a hit as building slows, people feel less wealthy and so on. The the debt levels (and our levels have never been this high and growing) the bigger and quicker the fall.

In the end the ultra wealthy (real wealth..billionaires not indebted fake millionaires) will start buying up many properties from desperate owners at much lower prices. This is what happens all the time during all real estate collapses and slowdowns. Well documented. All things in life are cyclical. Real estate markets included. All markers are flashing red with this gas bag.

MF

#57 jal on 02.18.21 at 4:14 pm

“Sure I’d love to sell and pocket a few hundred grand that I did very little to earn, …”

GEEEE!
I thought that’s what playing the stock market was suppose to do.

#58 n1tro on 02.18.21 at 4:17 pm

It’s been awhile since I’ve been reading the blog. Hope everyone is doing well. Reading through the comments, it looks like not much has changed.

I’ve been spending my time over on the dark side and playing with the “made up money” called Bitcoin and all of its spawn. Pulled out (ie. handed the bag over) to some greater fools and sitting on 6 figure returns. This is not for 99.9% of people. Do NOT get into crypto regardless of what you hear.

Anyways, retiring the diamond hands and going back to tried and true wealth building now that I have made back up for my wild days during my 30s.

Garth, I’ll be reaching out for you to possibly handle my small bag.

#59 Calgary Rip Off on 02.18.21 at 4:19 pm

@#32 Alberta Guy.

Yes property assessments have dropped. Mine in NW Calgary is still higher than when the mortgage was acquired in 2011 for $420K. Now its “worth” $450K according to the assessment. The principal is around $300K now.

Even so, Calgary property values are insane. The original owner bought it brand new in 1998 for $198K. So my neighbour bought his and I earn double his income and he is my neighbour and expects me to bring his trash out and bring it in while his spoiled brat stepdaughter in her 20s cant lift a finger. The expected benefits of living 8 feet away from people you dont like. I dont like the neighbours because he asked me to help and yet his wife and daughter are lazy. No reciprocation of effort. And as a bonus, once you have a mortgage you are pretty much stuck. I think Garth was right about renting and having mobility. The last couple living in my place divorced in the house, sold the property, to me, and then remarried. Bad vibes in my house, again, due to the too close neighbours.

And now people who are likely underqualified financially are going nuts buying properties in Calgary? Probably more of a bubble.

Unfortunately there is no easy answer. Fortunately I have first world problems of having clean water, clean food, and no warfare conditions. I should be grateful.

Calgary is a scary scary place. Savage.

#60 KNOW IT ALL on 02.18.21 at 4:19 pm

ONE DAY the internet is going to shutdown for a very long time and all our problems are going to go away.

#61 The West on 02.18.21 at 4:20 pm

#4 Dogman

May the odds be ever in (our) favor.

Your observations are astute. The ship hit the iceberg in 1978 and has been bailing ever since. It’s okay though – we’ve abandoned our children in every conceivable way. Many on this comment section who are still sleeping to the “American Dream” are delusional. The system is insolvent, the lies can no longer be buried beneath the governments who have not been held accountable in decades. This was already on its way long before the “pandemic”.

:)

Now go back to your kennel and “sit”. We’ll let you know when its safe to come out.

#62 Faron on 02.18.21 at 4:22 pm

#44 GAV on 02.18.21 at 3:29 pm

Real number is 6.7GW being produced right now. 1GW more than was projected yesterday.

O+G crapped the bed.

#63 BK on 02.18.21 at 4:24 pm

Most buyers in Alberta are probably not from there. Investors elsewhere who believe they see a bargain…

#64 Ponzius Pilatus on 02.18.21 at 4:28 pm

#24 BillyBob on 02.18.21 at 2:03 pm
#157 Faron on 02.18.21 at 11:28 am

When carbon-based energy failure ruined the day, it doesn’t get to save it. Sorry. That’s like claiming that putting out a fire you started is heroic. Zero sum. Nope.

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

Calm down, you’ll get spittle all over the monitor.

It actually seems all sources of energy struggled to cope with the cold. Texas is set up to deal with extremes of heat, not the opposite. No need to wave the eco-willy around for measuring. But you never did offer any credible counter to the report I quoted, that it is nuclear and coal (COAL!) that are back on line while the wind turbines and solar panels sit useless. Funny how people aren’t quite as concerned with the source of energy when they’re freezing to death.
————–
There’s a Fellow named Ed Hirs who is an energy expert with the University of Houston.
He’s been warning for ten years that the “Soviet Style” Energy Grid of Texas is ripe for a collapse.

#65 Pete on 02.18.21 at 4:29 pm

That’s a disturbing pic!

#66 Jack on 02.18.21 at 4:34 pm

If you want to see how much up can houses go, look at this map. And look at europe.
https://www.numbeo.com/property-investment/gmaps_rankings.jsp

#67 Faron on 02.18.21 at 4:36 pm

#55 Don Guillermo on 02.18.21 at 4:08 pm

#24 BillyBob on 02.18.21 at 2:03 pm
#157 Faron on 02.18.21 at 11:28 am

I don’t believe carbon based energy or sustainable energy failed anyone.

Thanks Don, that’s a reasonable take. I’ll rescind my “crap the bed” take.

What’s surprising is that they had a similar outage in 2011 (3.5 million affected) and apparently didn’t improve the systems.

https://www.ferc.gov/sites/default/files/2020-04/08-16-11-report.pdf

First instance of these kinds of outages were in 1989 and the above report makes clear that freeze-up of natty gas was the culpret.

Texas had plenty of time to fix the problem, didn’t, and some of the leadership (the ones not in Cancun) are now using social media to slander wind energy as the scapegoat.

#68 mark on 02.18.21 at 4:36 pm

Used to be you could happily get by in a region. No need to bother about the city folk preening about their million dollar dumps.

A very unfortunate outcome for livability. The playbook from here? Temp blow ins, having priced the locals out, will have businesses complaining they can’t get staff. Solution? Import some people desperate enough to live 12 to a room in a local slumlord’s flop. Of course, everyone will be suitably shocked when the horror of such exploitation is revealed.

Hopefully history will utterly condemn those who oversaw low interest rate policies without the appropriate lending restrictions to shelter being applied. Nothing but an ongoing spread of misery and servitude.

#69 Barb on 02.18.21 at 4:45 pm

But the really exciting news is that Percy landed on Mars.

#70 crowdedelevatorfartz on 02.18.21 at 4:47 pm

@#2014 Cpt Uppa
“I have a work colleague who sold back in 2014, thinking that he would avoid the “crash”.”
++++

We sold in 2012 .
Almost tripled my money so I cant really bitch and moan about it.
Invested the money into a balanced and diversified portfolio.
Doing good.
I’m old enough to remember the “haircut” home owners took in the early 1980’s
Houses that sold for 240k ….one year later were selling for 80k….

Time to stop typing.
Ponzie needs to comment…

#71 Rogerhomeinspector on 02.18.21 at 4:48 pm

#56 MF

Well said.

The fact that we’re in a bubble seems plenty obvious despite what we’re being told. It reminds me of a couple that’s on the rocks and putting on a good show for the kids sake. Facts are facts whether we’re will to acknowledge so or not.

#72 Flames fan on 02.18.21 at 4:50 pm

Let’s do some fact checks.
Calgary unemployment is at 11%, the highest in Alberta.
19% of all mortgages in Alberta are in deferral, the highest in the country.
Just three month ago the Calgary City Council declined applications for the development of 11 new communities. At the same time residents are receiving mail showing property values declined in value.
My property declined by 5.2% according to the city; despite the fact that my community now has a much better connection to a transportation corridor ($8 Billion dollars from the Province), the ring road (4 lanes in each direction) being in the final stages of completion that connects the community to the rest of the city.
Not a bad time to buy if you ask me, the residential properties are near the lows seen in the last 5 years.
Great time to buy in fact for those with jobs especially who works for hospitals.

#73 The Truth Hurts on 02.18.21 at 4:59 pm

If you are holding out hope for ‘another six months’ that price escalation will stop, or change its directory, and that some government demand side measures will be introduced, you will be holding your breath for a long time.

Lets have a recap of the federal and provincial demand side measures from the last 10 years and their impact on the market:

* elimination of the 40 year mortgage and reduced to 25 year
* increased down payment on anything over $500k
* cap on CMHC insurance to $1 million
* reduction from 80% to 65% of your equity for use on investment properties
* vacancy taxes, foreign buyers taxes, and land transfer taxes
* transparency of ownership rules

And with all of those demand side measures, the market only continued to go up. And it went up even with the negligible increases in interest rates that took 2 plus years to inch up 125 basis points – only to be wipe out to a zero increase with the start of the pandemic.

The divide between those that own and those that rent will be forever cemented this year.

Renting for the twenty years was, and continues to be, a complete waste of money for those trying to build their net worth. The only vehicle that has propelled the 70% of Canadians who own to the be the financially privileged class is real estate ownership – full stop.

Nobody wants to prick the bubble, and all past efforts that have been put on a pedestal as ‘the one that will make a change’ have failed dismally. That is the historical context that current buyers have to face. The truth hurts…

The current trajectory has resulted in historic levels of family debt and increased, destructive wealth disparity. Be as sanctimonious as you like but it will not last. – Garth

#74 crowdedelevatorfartz on 02.18.21 at 5:02 pm

@#60 Know it all
“ONE DAY the internet is going to shutdown for a very long time and all our problems are going to go away.”

+++

You sed it brudda.
The suicide rate among “under 30’s” will skyrocket for a few months…but will eventually subside when they discover life is still worth living without Facebook and Twitter.

#75 jim on 02.18.21 at 5:04 pm

as i said before….BoC = irresponsible home wreckers

#76 crowdedelevatorfartz on 02.18.21 at 5:06 pm

@# 69 Barb

Yeah.
How neat is that.
They actually put a little drone helicopter on the damn thing.
Should be some amazing footage if that starts flying around.

#77 Flames fan on 02.18.21 at 5:07 pm

#56 Captain Uppa on 02.18.21 at 2:16 pm
“The whole thing is being held up by one factor: emergency interest rates”

The whole world is at zero or negative rates. This gives you an idea: https://www.global-rates.com/en/interest-rates/central-banks/central-banks.aspx

Steven Poloz outlined the lower boundary for possible interest rates -0.5%. Yes you read this right, the negative”. Sure it is uncomfortable place for the banking industry, hence (imho) the overvalued CAD and the bitcoin frenzy.
Passes the popcorn…

There will be no negative rates. In fact, we are at the bottom. Only one direction remains. – Garth

#78 Dr V on 02.18.21 at 5:08 pm

66 Jack – looks like numbeo updated their site with that nice map.

Demographia has not yet put out their numbers for 2020 Q3, so have no comparison. But demo’s studies are very limited, and numbeo shows us how the rest of world is. Note the red cities with ratios of 20+.

I remember a blogger who claimed he had bought in Rio (Keith?) for “cheap” when compared to Canada. But, in the local perspective, he may be viewed as a “rich immigrant” guilty of driving up prices.

#79 Rook on 02.18.21 at 5:16 pm

This effing sucks.

I couldn’t afford to buy 5 years ago, because I was born at the wrong time and was busy building my savings and paying off my student loans.

I can’t afford to buy today, because rates are even lower-er, and I don’t qualify for a large enough mortgage (only $450k), and dropping every penny I have only brings it up to 700K, which Garth advises against.

I won’t be able to afford to buy in 4 years’ time, because rates will be even lower-er or negative. As an FYI (and take it for what you think it’s worth) I work for the banks, and every single one is getting their systems ready for zero or negative interest rates. Not anticipating rising ones.

I don’t like feeling like a second- or third-class citizen in my own country. Especially not one in a country with as much open land and as few people as Canada has.

Why am I saving for a retirement I won’t get? Why am I investing in stock markets I’ll end up being taxed to death on? Why am I working when I’ll be punished for doing so? Why am I even saving when the debtors will inevitably get bailed out at my expense? What benefit is there to being a responsible citizen, when I’ll be the one forced to suffer for the irresponsibility of the FOMOs and YOLOs? Why can’t I bring myself to go ‘screw it’ and FOMO/YOLO myself? Take my credit cards, line of credit, rrsp and tfsa, place them all on BTC and see what happens.

And, more importantly, WHERE IS THE $1 MILLION+ PEOPLE SEEM TO COME UP WITH FOR HOUSES COMING FROM???

The real question is why you think a house is the goal of life? Get a grip, kid. – Garth

#80 Drinking on 02.18.21 at 5:21 pm

#69 Barb

What an incredible feat of engineering; yep, I was one of those nerds watching the whole event unfolding, very exciting. Good for them!

#81 ogdoad on 02.18.21 at 5:24 pm

Ahh FOMO

Can someone tell youtube, twitter, fb and all other sources of media (or is that it?) that high leverage could end in high loss?

Before I stop looking for a Get-Rich-Quick method I would like to see people on social media platforms losing their shirts. I don’t see it. I see rich people doing rich things, skimpy clothing, boats, cars…

Mainstream isn’t trying to change my mind. So why would I?

Og

#82 yorkville renter on 02.18.21 at 5:25 pm

Recently I lamented that my wife and I wanted to buy this Spring but even my wife is now rethinking it – we don’t want to pull out $400K in cash for the honor of overpaying and taking on a massive mortgage.

We might just rent a house for more space in the neighborhood we’re thinking about buying in… we’ll get to test-drive the hood before taking the plunge.

#83 Flames fan on 02.18.21 at 5:26 pm

“Only one direction remains” – “sideways” is a another, and “how long” is the question.

#84 Bill on 02.18.21 at 5:29 pm

#59 Calgary Rip Off

Had myself a little giggle on that one….I’m in Powell River nearly bought a large commercial building Okotoks by city hall 4.5 yrs ago. Thank God I went for the one in Courtenay.
I bought my 1975 Powell house 1 acre 2450 sq house for $235,000 cash 2012. I thought it was a lot then. I gutted and redid the whole house myself for $100k back then. Now you could not replace it for $800,000.00
Inflation in material costs to putting in city services and permitting is out of site.
As long as crazy monetary policies and guys like socks are running the show NEVER sell.
Also location location. Alberta is cyclical to the patch. Now oil and commodities are set for a longer term upswing it does look better out there.
Powell River is on fire these days with multiple retirement centers being built.
I’m developing another Mini storage facility on my 4 acres here…I see nothing but blue sky. There’s always people with money the coast is a go to place.
My neighbor’s are retired and the closest house is 80ft away.
There’s a happy hour everyday if need be. Awesome people.
Sorry to here when you have a crappy close neighbor, that sucks.

This world has much bigger problems these days. We are being shoved in terrible direction of a complete control system. Socks is full speed ahead on this. He’s now empowered himself to cancel paper notes. It has begun.

#85 Bill on 02.18.21 at 5:37 pm

“Biden wants your land USA”
All you folks waisted your breath beating on Trump.
You wait and see what’s coming next. This fool already killed massive jobs and our pipeline. My friends are wealthy in the know types. They know what is coming.
Why do you think Socks could care less about the debt levels???
https://www.youtube.com/watch?v=Eipf-M7PtxE&feature=youtu.be

#86 The Truth Hurts on 02.18.21 at 5:43 pm

The current trajectory has resulted in historic levels of family debt and increased, destructive wealth disparity. Be as sanctimonious as you like but it will not last. – Garth

———-

Be that as it may, it still stands that despite historic debt levels, the net worth of owners far supersedes that of the renting savers and investors.

While prices shoot up 40% in a year, prices are ‘sticky’ on the way down, playing out over years. That is the other historical context that buyers need to be aware of instead of just waiting for a correction or flatlining of price escalation in six months. People will be waiting a very long time for any sense of moderation, and much longer than just six months.

There is no 1981 bubble popper of rising interest rates on the horizon to crash valuations 50% – these insane valuations are here for many many years as there is literally nothing in the foreseeable future to change things.

There will be no massive jump in interest rates; no effective government intervention; no change in the Canadian psyche of ownership; no change to a real estate dependent economy; no change in international student or immigration levels; no swelling of unemployment amongst the white collar class propping up the market; and no pandemic induced recession. Prices have been detached from economic fundamentals 20 years now – today is no different.

In order to justify renting over buying for the last many years, Canadians need their valuations to drop 50% – and we are all in agreement that that scenario will never occur. C’est la vie.

Pumpers like you fail those who cannot, or should not try to, afford an urban house. There is no shame in renting, choosing to be mobile, or wanting liquid wealth instead of debt. So stop with the degradation of others, and the hollow predictions. – Garth

#87 Leftover on 02.18.21 at 5:43 pm

Just as geezers are downsizing and wealth ought to be transferring from boomers to their juniors, houses spike and condos tank:

https://www.eitelinsights.com/marketupdateblog/2021/1/25/home-values-near-historical-highs-condo-values-near-their-bottom-why-the-divergence

So it’s the exact opposite. FOMO fever is making the rich richer and saturating young people in debt. As they say, the rich own stocks, the poor own houses.

#88 Guelph Guru on 02.18.21 at 5:45 pm

Introduce primary residence Cap gains tax, starting 2010. That would be fun.
Lot of things to do in life better than fretting over owning a house.
Be free, be safe. Enjoy life. Debt is slavery.

#89 Sail Away on 02.18.21 at 5:47 pm

#51 Ustabe on 02.18.21 at 3:58 pm

One man, Lonnie Coffman, is facing multiple weapons charges after police say they found him in possession of five guns, eleven Molotov cocktails, a crossbow, smoke bombs and a stun gun.

————-

Crossbow, eh? Did they arrest him on his war steed burnishing his armour?

What a tool.

#90 Sail Away on 02.18.21 at 5:52 pm

#76 crowdedelevatorfartz on 02.18.21 at 5:06 pm
@# 69 Barb

Re: Mars rover and drone

Yeah.

How neat is that.

They actually put a little drone helicopter on the damn thing.

Should be some amazing footage if that starts flying around.

————

Well. All vehicles on Mars are run completely with renewable energy.

It works because they’re patient: solar hasn’t charged the batteries yet? Stay. There’s a lesson here.

#91 Oracle of Ottawa on 02.18.21 at 5:57 pm

The frenzy are always the most extreme just before the bust.

#92 cuke and tomato picker on 02.18.21 at 5:58 pm

Number 59 why is Calgary a scary place?

#93 Vince on 02.18.21 at 6:03 pm

I think the best solution is to just not work and just live off government money. Whats the point?

#94 Faron on 02.18.21 at 6:04 pm

#87 Sail Away on 02.18.21 at 5:47 pm

#51 Ustabe on 02.18.21 at 3:58 pm

Crossbow, eh? Did they arrest him on his war steed burnishing his armour?

Correct, a crossbow is an excellent tool for bringing down medium to large sized mammals. But, as a hunter, I’m sure you already knew that.

In a few more months, y’all will be convinced that the worst thing that happened at the riot was MAGAs roasting hot dogs over a campfire. Kumbaya and all the rest.

#95 Ustabe on 02.18.21 at 6:15 pm

#88 Sail Away on 02.18.21 at 5:47 pm

Crossbow, eh? Did they arrest him on his war steed burnishing his armour?

What a tool.

You ignore the 5 guns, Molotov cocktails, smoke bombs and stun gun to make a flip remark about a cross bow.

What a tool indeed.

#96 Faron on 02.18.21 at 6:27 pm

#77 Flames fan on 02.18.21 at 5:07 pm

#56 Captain Uppa on 02.18.21 at 2:16 pm

There will be no negative rates. In fact, we are at the bottom. Only one direction remains. – Garth

Flames Fan, there is a very real possibility that with nascent inflation and reopening there is volatile upside to equities that may result in a bond puke in which case rates will rise fast. Christopher Cole, who writes about volatility among other things, talks about upside panic in that volatility doesn’t just go with downward market moves.

MOVE and VXTLT show stress in bond markets indicating that fear of a bond sell-off is growing. The only way for the gov’t to finance itself (gov’t meaning the never in-balance US budget) will be to issue debt at rates high enough to attract buyers.

The only way rates go substantially down right now is with a huge flight to safety from an equity sell-off, and there are no real catalysts for that. Some see the next week and a bit as a vulnerable time for the market and if downward momentum is established for a few days, there may be a correction, but that dip will be fiercely bought and any increase in bond prices will quickly be given back.

Over the longer term, there are a heap of inflationary forces that will necessitate high interest rates. Who knows, maybe even Europe will crack back into positive rate territory?

#97 S.O on 02.18.21 at 6:30 pm

Canada’s Expected Mortgage Credit Losses Reaches A Record $1.4 Billion While house sales soar. Sales up and so are mortgage losses what a strange time we’re in.

#98 Drinking on 02.18.21 at 6:33 pm

#89 Sail Away

Just like the Opportunity rover the Perseverance is powered by plutonium and solar.

——————————————–

Cowtown, really comparing to others large centers prices are reasonable but the spike does surprise me. I suspect people saving up during lock downs, price of oil and Nat gas going up may be a contributing factor of the recent spike; of course there are speculators’ that move it. Six months from now will tell the true story.

#99 Rook on 02.18.21 at 6:36 pm

The real question is why you think a house is the goal of life? Get a grip, kid. – Garth

—————————–

They’re not making any more land, and Canada’s population will only grow. And we need those wealthy immigrants to plug the massive tax hole Covid and Trudeau blew in the country’s finances. Can you come up with a better way than through property tax hikes?

Rent is going up, too. To about the same as my monthly mortgage payment. If I’m going to be paying half my monthly income for a roof over my head, I could at least have something to show for myself in 24-36 months when I sell it at a profit.

And who knows? Maybe I’ll be the one rewarded by the inevitable bailout and the one punished, because having savings and living in the black makes me ‘wealthy.’ That’d be nice for a change.

#100 crowdedelevatorfartz on 02.18.21 at 6:38 pm

That dog in the picture will need breath mints before giving its owner “kisses”.

#101 willworkforpickles on 02.18.21 at 6:41 pm

Major economies outside the US are not particularly enthused to be led economically into the future by communist countries China and Russia but see America much in decline and are taking measures to re-structure.
Europe has been greatly increasing its trade with China and Russia while turning away trade with the US and can see itself upending US trade supremacy in the balance for world economic dominance next to China.

Like support beams keeping a structure from collapsing, US economic strength is like those support beams long eaten away by termites to the core.

A shift is quietly taking place but not a good one for the US.

#102 Gravy Train on 02.18.21 at 6:51 pm

#79 Rook on 02.18.21 at 5:16 pm
“This effing sucks.[…] I can’t afford to buy today, because rates are [now] even [lower], and I don’t qualify for a large enough mortgage (only $450k), and dropping every penny I have only brings it up to 700K, which Garth advises against.[…]”

The real question is why you think a house is the goal of life? Get a grip, kid. – Garth

I live in a nice, quiet suburb of a major Canadian port city, and in 2020 nine homes on my block alone were sold. Here’s the relevant info on selling prices: $243,947 (mean), $244,750 (median), $270,000 (highest), and $218,000 (lowest). Most of these homes are 4-bed, 2-bath, 17-year-old buildings. You need to consider living in a city other than Toronto or Vancouver.

#103 Cow Man on 02.18.21 at 6:51 pm

For those who sold and did not reinvest in Real Estate, just remember Sir Garth always says to “never vacate any investment sector”. Do so at your own risk, no matter your profit. Does that include gold ?

#104 willworkforpickles on 02.18.21 at 6:55 pm

Is owning a home and being in debt 2 million dollars the new rich?
Bankruptcy will make them 2 million richer.

#105 Jack on 02.18.21 at 6:57 pm

Considering that:
1. Houses go very fast up in price and very slowly down
2. The ones who bought will not sell if they can keep up the payments
3. If they don’t sell eventually it will come back up

then why would the market not peak and stay there for a long time?
If the loss of jobs and a frikin’ pandemic made the house prices skyrocket, then why would they ever go down, especially when the BoC says that the low rates are here to stay?
I don’t see how that would play out.. do you?

#106 Jack on 02.18.21 at 7:02 pm

… another thing I forgot to say…
We live in a time when the 4000/month mortgage is a norm. If we have an increase in mortgage rates the amount you’ll have to pay for the mortgage every month won’t go down.
I agree with the blog dogs who say that there is nooo way the prices will go back even to the 2016 levels. So whoever had the balls to get a “huge mortgage” by that time and buy the biggest house he/she could, now is golden. Btw, buying a house back then would make you pay monthly about 1500-2000 for your mortgage. Not 4000 like today.

Nobody is ‘golden’ who has all their net worth in one asset. – Garth

#107 jess on 02.18.21 at 7:11 pm

no vax no entry

“The vaccinated and recovered will be able to enter gyms, events, hotels, and synagogues that are registered under the Green Pass certificate from Sunday,” Edelstein said. “This is how the first stage will look in the return to your almost normal lives.”

Still, he stressed the importance of continuing to wear masks — even those who’ve received both vaccine doses.

A black market for fake certificates is thriving on Telegram, where more than 100,000 users have joined groups that offer the forgeries at a price, Channel 12 News reported.

Ran Bar-Zik, an expert on cybersecurity, wrote in a Facebook post Tuesday that it is “easy, with a graphics program, to change the text on the pass, but the QR code is what looks scary and hard to forge, no? Actually, this is very easy,”

Bar-Zik explained that the QR code on the pass has no encryption, and corresponds directly to a string of text with the holder’s personal information, including name, ID number, and date of vaccination, identical to the text printed on the pass itself.

“Whoever scans the false pass will see the exact same details as are printed on the pass, and there are already tens of thousands of people forging it,” Bar-Zik said.

https://www.timesofisrael.com/government-launches-green-pass-for-vaccinated-warns-of-jail-for-fraudsters/

#108 BlogDog123 on 02.18.21 at 7:12 pm

Single family detached homes are the ‘gold standard’ by which prospective homeowners and real estate monthly stats are ‘judged’…

Societal pressure asks “why don’t you own a SFDH yet, loser? What’s wrong with you?…”

Hence the FOMO and ‘shame’ heaped on people prodding them into buying a place to live, regardless of the financial burden…

#109 Nonplused on 02.18.21 at 7:14 pm

#4 Dogman01 on 02.18.21 at 12:47 pm
#130 Nonplused on 02.18.21 at 1:59 am

I too suspected Faron would comment on the topic while not reading the article.

—————————-

Well I don’t know whether he didn’t read it or he read it and discarded it as “Fake News”. There is a lot of it going around these days. Just yesterday I saw a CNN clip where the lady was trying to blame the Texas power outages on natural gas and coal. The desire to save Biden’s green new deal is strong with these ones.

But the power outages were 100% wind and emissions policy and they were ten years or more in the making. And they foreshadow what our energy future is going to look like.

Yes a sizable amount of gas “froze off” just as gas heating demand went through the roof, but that happens every time there is a cold snap. The solution is not to add more wind that also freezes off.

The real culprit in all of this was environmental policy that favored wind and mandated that coal be phased out. So many of Texas’ coal plants had been mothballed for years. Even many of the ones that might still work couldn’t be started until Biden issued a declaration of emergency. But unfortunately you can’t just turn the key and a coal plant fires up. It takes at least 24 hours to get to full capacity. And that is if the thing is even in running condition, which many were not. Supply chains were broken, mines closed, stockpiles sold of, maintenance left undone, and many of them were in chapter 11 (I know, I worked on some of the filings). It would have taken months to restart them assuming they could get financing. Otherwise they would have, there was a lot of money to be made.

The lesson that we should learn from Texas is that intermittent power sources can only do so much. Baring a breakthrough in storage technologies, they aren’t always going to be there when we need them. Until said breakthrough arrives, there must always be backup generation equal to the total demand on standby. But it isn’t very economic to have it just sitting there producing no revenue.

However I do not expect a rational conversation to take place about this problem until at least 2024.

Also someone else in the comments said the problem was that Texas is not connected to the “national power grid”. There is no “national power grid”. There are 9 distinct power markets (or ISO’s) in the US that are not well interconnected with each other. (PJM probably being the largest.) It mostly has to do with the economics of building huge transmission systems from market to market that aren’t expected to be used very often. But even if such systems were in place, nobody had any power to spare for poor Texas, they would have been on their own anyway.

So ya, if this craziness looks like it will continue I am definitely getting one of those Generac backup generators and a huge bottle of propane. Not everyone can do that though. They are expensive to install and you need a place to put it.

#110 Linda on 02.18.21 at 7:15 pm

#47 ‘Winterpeg’ – the lure of cashing in vs. the reality of actually listing/selling. Reality check ensues. Are you going to retire/downsize/move to another locale because that was always the plan? If it isn’t, what is the plan? Cash in and???

#111 IHCTD9 on 02.18.21 at 7:17 pm

#79 Rook on 02.18.21 at 5:16 pm
This effing sucks.

I couldn’t afford to buy 5 years ago, because I was born at the wrong time and was busy building my savings and paying off my student loans.

I can’t afford to buy today, because rates are even lower-er, and I don’t qualify for a large enough mortgage (only $450k), and dropping every penny I have only brings it up to 700K, which Garth advises against.

I won’t be able to afford to buy in 4 years’ time, because rates will be even lower-er or negative.
———

You CAN buy a house in Canada, all you need to do is work where the wages are sufficient for you to do so. Or you may opt to commute from a lcol living area with cheaper houses, to a hcol work area that has higher wages. Yes I’m fully aware of the implications of this if the letters GTA describe where your employer is located. It’s your choice.

If you were hoping to buy a house where the wages are woefully inadequate to do so, then you are correct, it’ll never happen for you. At some point, it’s probably best to just admit that home ownership (in places like Toronto) might just be for the most financially privileged, and make alternate plans.

I am surrounded by 30 something couples and even singles who lead a great quality of life, own houses, nice vehicles and a few toys too.

It’s totally doable… although it’s getting harder by the month. The exodus out of places like the gta has reached a fever pitch, and the RE increases out here because of that are like nothing we’ve ever seen before. Domestic migration out of Toronto to other cities in the Province was already up over 300% pre Covid, it’s probably 600% now. This is becoming a fleeting avenue for a good, affordable quality of life.

If you ever want it to happen, don’t waste any more time.

#112 mike from mtl on 02.18.21 at 7:19 pm

#55 Don Guillermo on 02.18.21 at 4:08 pm

I can’t imagine what would happen if a similar upset occurred in central/northern Canada during one our arctic deep freezes. It would be catastrophic.
///////////////////////////////////////////////////////////

We already did, January 1998. Millions without power in the dead of winter for up to 3 weeks, I feel for those Texans affected.

On the flip side, that’s the negative of aggressive deregulation and price competitiveness, you’ve got so little slack. Infrastructure hacked to the bone and huge oversubscription in the name of the almighty profit. That’s the exact opposite to a monopoly state-owned energy utility.

#113 protea on 02.18.21 at 7:19 pm

#15 Roch

So should a homeless couple do? Buy now or wait?

I was under the impression that houses were overpriced a few years ago but in retrospect, we should have bought at that time.

Buy when you need a house and can afford one without gutting your finances or putting your family at risk. All else is irrelevant. – Garth

Yes I am in the same boat, can easily afford to pay cash for a house or townhouse but my common sense kicks in and says ” are you actually insane to buy into this crazy RE market” my gut tells me that the day of reckoning is not far off and well wait until that day comes and then take the plunge.

Until then sleeping really well in our 1800 sq. ft house with reasonable rent ?? Have yet to wake up at 3 am with anxiety over the crazy RE. market we have now. If I have to rent the rest of my life so be it.

#114 Faron on 02.18.21 at 7:19 pm

#46 IHCTD9 on 02.18.21 at 3:41 pm

#42 Faron on 02.18.21 at 3:21 pm

do you ever STFU even for just 1 day?

No, not when there are issues that I care about under discussion and being mis represented. Do you? Nonplused has it correct: there is a scroll wheel on your mouse or two finger swipe on a laptop. Use it.

#115 ogdoad on 02.18.21 at 7:36 pm

@#79 Rook on 02.18.21 at 5:16 pm

Wow, Dood,

couple books on The Art of Persuasion and you’ll come to term

Og

#116 Rossco on 02.18.21 at 7:37 pm

Any Mars footage will be CGI or from the NASA studio in California or Kennedy Space Center in Florida or Devon Island north of Newfoundland. Just sayin.

#117 Sail Away on 02.18.21 at 7:37 pm

#98 Drinking on 02.18.21 at 6:33 pm
#89 Sail Away

Just like the Opportunity rover the Perseverance is powered by plutonium and solar.

———–

Looks like, yes. The rover is the size of a car!

The plutonium is there partially to keep Matt Damon warm when he gets stuck on Mars and needs to locate mission-critical items.

#118 Drinking on 02.18.21 at 7:44 pm

#117 Sail Away

lol, I think that you are on to something, Damon owes you a drink! :)

#119 Bob Loblaw on 02.18.21 at 7:47 pm

I wouldn’t be surprised to see the average GTA home selling for over $100 million in a decade.

#120 Comments! on 02.18.21 at 8:01 pm

There will be no negative rates. In fact, we are at the bottom. Only one direction remains. – Garth

—————————————————

Allow me to illustrate:

6%
Where they need to be (never gonna happen)———————-

Current 0% rates __________________Rates in 2 years—————

Count on it.

#121 FriedEggs on 02.18.21 at 8:05 pm

Yes, for 2021 technology the MARS camera resolution is terrible. Like looking through a cut hole of a card board box.

Compare that to the 1970’s Viking Lander Pictures.

They are laughable in comparison like these home prices from coast to coast.

#122 Ponzius Pilatus on 02.18.21 at 8:08 pm

#117 Sail Away on 02.18.21 at 7:37 pm
#98 Drinking on 02.18.21 at 6:33 pm
#89 Sail Away

Just like the Opportunity rover the Perseverance is powered by plutonium and solar.

———–

Looks like, yes. The rover is the size of a car!

The plutonium is there partially to keep Matt Damon warm when he gets stuck on Mars and needs to locate mission-critical items.
——————-
Yeah,
Why does NASA waste billions on going to Mars?
Hollywood has been there probably more than 100 times already.

#123 Matt on 02.18.21 at 8:08 pm

What happened to the Happy housing crash guy? Mom must not have paid for the internet lately.

#124 the Jaguar on 02.18.21 at 8:11 pm

Poor Jaguar climbs out of the daily reality that can only be described as an “Opium- like den of iniquity where human greed and diabolical motive run free like antelopes on the plains of Africa”. Might as well be working in an Appalachian coal mine.

Oh never mind. I don’t know what the hell I’m talkin’ about.

But if I could curl up at the feet of Evan Siddall right now, and soak up his take on where it all might end, or do the same with an update from Fishman on where the Columbia River Treaty negotiations are at, or be invited for an evening cocktail on the terrace of Don Guillermo as he described the history of the City Centre of historic Mazatlan, I would truly feel I was in the presence of knowledge.

In this moment, I will just say thank you to + #69 Barb on 02.18.21 at 4:45 pm

‘But the really exciting news is that Percy landed on Mars.’.+++

Agreed. Exciting and very inspiring. Go little Percy, go.

#125 Faron on 02.18.21 at 8:17 pm

#109 Nonplused on 02.18.21 at 7:14 pm

#4 Dogman01 on 02.18.21 at 12:47 pm
#130 Nonplused on 02.18.21 at 1:59 am

But the power outages were 100% wind and emissions policy…

Yes a sizable amount of gas “froze off” just as gas heating demand went through the roof…

Cognitive dissonance much? That wind caused the failure is a complete lie. It may not be deliberate, but you are telling lies and absolutely refusing to access any data that doesn’t support your story.

Don G, Dr V, mike from mtl and even BillyBob to some extent have it right — systems failure across the board. I’m happy to back off my claim that it was O+G+C’s fault given that the more reasonable stance and the data support that all sources of generation struggled this week proportionate to the energy mix as laid out by Don. Blame should be laid at ERCOT’s feet for failing to mitigate the issues that led to the ’89 and ’11 outages.

BTW, there’s currently 6.5GW of wind on the grid as I write. Above daily forecasts.

And does gas “freeze off” on the prairies here in Canada? Did your gas furnace work last week? Thought so. How about wind turbines in Crowsnest Pass? Innicent misinformation = lies.

#126 Nonplused on 02.18.21 at 8:17 pm

#90 Sail Away on 02.18.21 at 5:52 pm

Well. All vehicles on Mars are run completely with renewable energy.

It works because they’re patient: solar hasn’t charged the batteries yet? Stay. There’s a lesson here.

——————————-

Well, according to National Geographic Perseverance is nuclear powered. Maybe they got tired of waiting for the batteries to charge.

https://www.nationalgeographic.com/science/article/nasa-perseverance-rover-has-just-landed-on-mars?cmpid=org=ngp::mc=crm-email::src=ngp::cmp=mars_rover21::add=Mars_SpecialEdition_20210218&rid=50186DB6986D44124F6A41FE8A6466AA

I think there is a lesson in there because Mars doesn’t get cloudy days. Mind you they only had so much room on the roof for panels as well.

Anyway now that this thing is down successfully we should be getting some interesting pictures. Don’t know if they will find evidence of “life”, seems a bit far fetched to me, but that would be truly remarkable if they did. I don’t know that there could be anything alive up there today but if there was water and a CO2 rich atmosphere in the past then it is at least possible that there was. Microbes or something maybe. I don’t think there was time for the evolution of higher forms before the atmosphere was mostly gone but if they find fossils that will be huge news.

#127 IHCTD9 on 02.18.21 at 8:20 pm

#114 Faron on 02.18.21 at 7:19 pm

No, not when there are issues that I care about under discussion and being mis represented.
————-

So every time you hear dissenting opinion on an issue you “care” about, you’re going to have a spaz attack?

#128 Pete from St. Cesaire on 02.18.21 at 8:20 pm

Mike from MTL We already did, January 1998. Millions without power in the dead of winter for up to 3 weeks, I feel for those Texans affected.

On the flip side, that’s the negative of aggressive deregulation and price competitiveness, you’ve got so little slack. Infrastructure hacked to the bone and huge oversubscription in the name of the almighty profit. That’s the exact opposite to a monopoly state-owned energy utility.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
First you say we already went through this back in 1998 then you say that this is the direct result of negative & aggressive deregulation, then you’re back to saying that this disaster is the exact opposite to what happens under a monopoly state-owned energy utility. What do you think Hydro-Quebec is?
I’d like to add, some places in Quebec were without power for months back in 1998 yet there was NO RIOTING or looting. Let’s see what parts of the USA can live up to Quebec’s standards.

#129 S.Bby on 02.18.21 at 8:20 pm

Random Length lumber now $889

#130 Pete on 02.18.21 at 8:21 pm

“Buy when you need a house and can afford one without gutting your finances or putting your family at risk. All else is irrelevant. – Garth”

Totally disagree. Buying a house in a market where multiple bids are creating panic buying is not wise…even if you can afford it. Wait for supply to normalize. It might take a few months or a few years, but it will normalize. There’s plenty of rentals and for good deals today. I scored a 3dbrm house in a great neighbourhood for $1800/mth. Investments pay the rent.

#131 MF on 02.18.21 at 8:21 pm

4 willworkforpickles on 02.18.21 at 6:55 pm

This poster is starting to really grow on me.

One cannot help but feel we are at the beginning of some painful stage for the world economy as we know
It. I know I know I’m no doomer, but how will we deal with the debt? Is there a plan? Low interest rates forever? Low interest rates just distort the economy and create a bigger wealth divide, eventually leading to societal unrest. Not good.

I do think the boom will continue until the stimulus is stopped. Its basically that simple. It’s the only thing holding it all together. Scary how much exhilaration is out there right now. Everyone long housing, Bitcoin, stocks, bonds. Everything.

MF

#132 Neo on 02.18.21 at 8:32 pm

#28 Captain Uppa on 02.18.21 at 2:16 pm
I have a work colleague who sold back in 2014, thinking that he would avoid the “crash”.

Now? He won’t even talk about RE. Absolutely refuses and his hair has gone all grey.

Not sure where this ends, but it seems even with a correction, buying in 2016 say, was fine. If you didn’t gut your finances, as Garth points out.

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

That’s exactly where I feel this will bottomed out at in the end. 2016 prices. Just not sure when that end will come. All that is being accomplished now is a harder fall.

#133 KLNR on 02.18.21 at 8:37 pm

@#46 IHCTD9 on 02.18.21 at 3:41 pm
#42 Faron on 02.18.21 at 3:21 pm

And nice work simultaneously crying about my personal attacks… blah, blah, blah etc.

______

FFS buddy, do you ever STFU even for just 1 day?

How about taking one of your “breaks” for a couple months?

lol, just scroll past [email protected]

#134 Sydneysider on 02.18.21 at 8:49 pm

Houses are not going up as fast as my investment account. I wonder which will drop first. Maybe this guy knows:

https://www.youtube.com/watch?v=9rHkXfaIRTM

#135 Faron on 02.18.21 at 8:58 pm

#127 IHCTD9 on 02.18.21 at 8:20 pm
#114 Faron on 02.18.21 at 7:19 pm

So every time you hear dissenting opinion on an issue you “care” about, you’re going to have a spaz attack?

I’d be happy to come over and put cucumbers slices on your eyes to relive the stressful reading you come across here. Rub your feet? Polish the tactical black quad?

Seriously, I’m reason number 49218 that WFH annoys Garth and needs to end. I get my work done, but I’m bored as a stump.

#136 Stone on 02.18.21 at 9:08 pm

#106 Jack on 02.18.21 at 7:02 pm
… another thing I forgot to say…
We live in a time when the 4000/month mortgage is a norm.

———

I can only smile at the stupidity of the above statement.

#137 mike from mtl on 02.18.21 at 9:14 pm

#128 Pete from St. Cesaire on 02.18.21 at 8:20 pm

I’d like to add, some places in Quebec were without power for months back in 1998 yet there was NO RIOTING or looting. Let’s see what parts of the USA can live up to Quebec’s standards.
//////////////////////////////////////////////////////////

Not sure if you’re really from south shore or not but yes 98 ice storm it was bad. Hydro Québec had their grid almost completely destroyed, no fault of theirs. Texas has localised problems with source generation and demand due to freak event at the same time, big difference. You can’t just throw a switch and power on a huge grid all at once, it’s more complicated than that.

Not saying one is better than the other, just in North East America we have a sync’d (or HVDC) and shared grid. Texas is an outlier in North America with a completely unique distribution. That works great until it does not.

We all can agree what separates the first world from the rest is, reliable running water, sewage and electrification. Take away any of those and there’s a HUGE priority 1 issue.

#138 crowdedelevatorfartz on 02.18.21 at 9:46 pm

@IHCTD9
“#42 Faron on 02.18.21 at 3:21 pm

do you ever STFU even for just 1 day?”

++++

ahahahaha

Faron’s incessant prattling reminds me of the old Bugs Bunny cartoon.

https://www.youtube.com/watch?v=qYa0jpGFUeY

Shut up shuttin up!

#139 Bert on 02.18.21 at 9:50 pm

Call me crazy but I think oil could get cut in 1/2 here and head back to $30. USD rallies.

#140 kc on 02.18.21 at 10:03 pm

16 TurnerNation on 02.18.21 at 1:45 pm

—Any virologists or immuno-specialists here? I know there are it seems. What this mean. Two more weeks?

Ontario Public Health increases PCR threshold for VOC from 30 to 35. This will increase variant case numbers, regardless of symptoms.

https://www.publichealthontario.ca/en/laboratory-services/test-information-index/covid-19-voc
“Requests for VOC screening of specimens that were tested prior to February 3, 2021 must have a Ct ≤351 AND meet at least one of the indications for screening listed below. “

XXXXXXXXXXXXXXXXXXXXXX

Not either a virologist nor dr. of any sort… however from what I have read about the PCR tests & CT…

They are increasing the Cycle Threshold of the tests from 30 Cycles to 35 Cycles.

read here what a Cycle is…

——————-

https://www.publichealthontario.ca/-/media/documents/ncov/main/2020/09/cycle-threshold-values-sars-cov2-pcr.pdf?la=en

“The Ct value is defined as the number of cycles of amplification (using rRT-PCR) required for the fluorescence of a PCR product (i.e. the target/amplicon) to be detected crossing a threshold”

—————-

They are saying that they are increasing the amplification from 30 cycles to 35 to find any variants of any type of covid.

In other words, they can not find anything at a lower cycle so, by increasing the cycles there is a greater chance of finding them.

Remember that anything above 25 cycles are voodoo numbers. meaning that you aren’t sick, but carry a string of the virus. or “viral Load” greater load the more sick you are. So by ramping up the Cycles you are what has been classified as a false positive or not sick but show a billionth of a spot of a minuscule speck of virus.

And then you are called a case. and need to quarantine for 14 days or what have you. Get off a plane and show this speck of nothing from a ramped up cycle test and you are denied a plane ride, even though you are not a risk.

Ask your doctor about it next time you see one…

cheers

#141 Bill on 02.18.21 at 10:05 pm

#4 Dogman01 on 02.18.21 at 12:47 pm
——————————
You bloody nailed it!!!
I saw it coming worked major hrs, invested and paid down debt now in the top 1%.
But these clowns still have secret plans to possibly confiscate property ect. Socks and Biden = CCP and this countries Sovereignty is pretty much over.
Far as I’m concerned nothing is safe with this fake democracy.

#142 kc on 02.18.21 at 10:13 pm

119 Bob Loblaw on 02.18.21 at 7:47 pm

I wouldn’t be surprised to see the average GTA home selling for over $100 million in a decade.

XXXXXXXXXXXXX

ya and 10,000 dollars a loaf of bread…..

#143 kc on 02.18.21 at 10:16 pm

129 S.Bby on 02.18.21 at 8:20 pm

Random Length lumber now $889

XXXXXXXXXXXX

Every bubble has winners and losers… which are you?

#144 Shawn Donaldson on 02.18.21 at 10:22 pm

Bond yields rising as well as other interest rates shortly rising, I warned my friend about buying long term provincial zero coupons and strip bonds just a few months ago. Even just mid to longer term bonds in general. He was looking and bought a few at Manitoba 2046 at $60 back in October-2020 now with interest rates going up sharply in the last 4 months+ it is now only worth $51. This is a 15% drop in just a few months. What makes it worse it is in TFSA’s, RRSP’s which you can’t claim any capital losses either.

They were in the 2.0% to 2.05% yields range and now interest rates, bond yields on these things in the 2.79% to 2.81% range this is just the start too. The way things are going with high government debt, deficits and spending here in Canada, US etc. and future inflation expectations rising, these strip bonds could easily drop to $37 to $40 maybe even lower $30 to $32 price of these strip bonds. This means yields in the 3.8% to 4.8% range.

If things get really bad to 6% yields like back in the early 2000’s, $20 to $25 price in these. He could lose 35% to 50% or more on these strip bonds and even with provincial bonds, 25% to 35% easily which are less volatile than provincial strip bonds.

Don’t get trapped in low interest rates, bond yields and I would not touch these if the don’t start in the 4%+ range or higher as you could easily lose 30%+ in a few short years. Buyer beware, caveat emptor.

#145 S.Bby on 02.18.21 at 10:23 pm

#123 Matt

or he bought a house…

#146 slick on 02.18.21 at 10:58 pm

If the current power grid can’t handle a night of 20 degree temperatures without rolling blackouts.
How are we going to plug 100 million electric cars up at night?

#147 Jack on 02.18.21 at 11:04 pm

#136 Stone on 02.18.21 at 9:08 pm

#106 Jack on 02.18.21 at 7:02 pm
… another thing I forgot to say…
We live in a time when the 4000/month mortgage is a norm.

———

I can only smile at the stupidity of the above statement.

——————

For some reason my previous comment with URLs didn’t get posted…
I’ll just say that the avg mothly mortgage in 2016 in Toronto was around $2900.
The average housing costs a year ago was $4200 per month.
What do you think the monthly mortgage payment is for the people who take 1M and more mortgages?
You have the internet to research it yourself.
I hope you’re still smiling :)

#148 pacific on 02.18.21 at 11:31 pm

Edmonton still looks like a bargain to me.

https://www.zolo.ca/edmonton-real-estate/9606-99a-street-north-west?utm_source=zolo&utm_medium=email&utm_campaign=new-listing

I bet it sells for 1.1

#149 45north on 02.19.21 at 12:10 am

RBC’s econo guy Bob Hogue says he expects, “some form of policy-induced cooling of demand” in the next few months. Plus, as reviewed here this week, it’s a slam-dunk that rates will begin their creep back towards normalcy, whatever the CB does.

so what kind of policy-induced cooling are we talking about? Not the kind where interest rates go up a half a point. We’re talking about the kind where some minor government official makes an announcement that takes everybody a week to figure out.

MF But that’s something we will deal with later, apparently. The higher houses go, the closer that day comes. Emergency interest rates are the only thing holding it all together. Nothing else. When they rise, it will be quick and the whole market will roll over in a flash, probably over night. Equity will go poof.

how about this for an analogy – super-heated water under pressure? If suddenly there’s no pressure it flashes into steam. And goes poof.

#150 Don Guillermo on 02.19.21 at 12:14 am

#124 the Jaguar on 02.18.21 at 8:11 pm

But if I could curl up at the feet of Evan Siddall right now, and soak up his take on where it all might end, or do the same with an update from Fishman on where the Columbia River Treaty negotiations are at, or be invited for an evening cocktail on the terrace of Don Guillermo as he described the history of the City Centre of historic Mazatlan, I would truly feel I was in the presence of knowledge
******************************

We should do this sometime. Could be fun.

#151 Carl Leger on 02.19.21 at 12:22 am

But surprised how little offense is taken by Facebooks hegemonic attack on democracy. Zuckerberg blanked a President out of office, now attacks Australia. You guys really have to pay more attention. Trudeau is already announcing that he’s ready to shut down free speech in Canada. His advisor on this is Chen, FB VP for Canada. If you don’t want your freedom, just wait , it can be taken away, you’ll have to fight to get it back.

#152 Lead Paint on 02.19.21 at 12:45 am

I think some other poster pointed this out, the 5th Estate We Day episode is on Youtube with comments turned off:

https://www.youtube.com/watch?v=FC_wos7MwHo

And if you click on this episode on the 5th Estate website it’s a 404 page not found error:

https://www.cbc.ca/fifth/episodes//the-price-we-paid

Having watched it, it doesn’t even cover (mention) how they had a for profit organisation presumably making the brothers rich sole-sourcing supplies and services to their charity.

No wonder they knew how to deal with a no tender bid when the liberals came a calling…

#153 Lead Paint on 02.19.21 at 1:06 am

#135 Faron on 02.18.21 at 8:58 pm

Seriously, I’m reason number 49218 that WFH annoys Garth and needs to end. I get my work done, but I’m bored as a stump.

Do you work for the government?

#154 Millenial CTO on 02.19.21 at 1:10 am

#90

Well. All vehicles on Mars are run completely with renewable energy.

It works because they’re patient: solar hasn’t charged the batteries yet? Stay. There’s a lesson here.

____

Aren’t you the one that brags about running an engineering firm?

Perseverance runs off nuclear.

Maybe there’s a lesson here?

https://mars.nasa.gov/mars2020/spacecraft/rover/electrical-power/

#155 fishman on 02.19.21 at 1:17 am

Hi Jaguar : Completed last week on a gramma condo in yourtown Cowtown. When starting 6 months ago everything for sale. Even accepting 6 weeks ago still lots of options. Windows closing. The same thing happened in Vantown. In September there was a window & picked up a little penthouse. By Dec quality listings closing. Quit looking, quit buying,nothing of quality now. Anyways, its by the bike trail so when biking do you wear running shoes & shorts like normal people? Or, is it full on cowboy boots & cowboy hat?
Bad drought so far this year in SouCal. Reservoirs are down even more from last years lowest records. New York sharks are circling as they smell blood on the diminishing returns. Monetizing water like they monetize everything else. By water I mean the Colorado River.
The Colombia River Treaty runs out in 2024. Of course you don’t hear anything about it. Both countries are scared sh**less of political fallout. Our side especially because they don’t want the west to know how they’ll get screwed till its too late. The Yanks, well the Yanks aren’t talking. The Yanks are desperate to get water down south. Incrementally, by order of the Bonneville Power Authority. And believe you me that Authority has power. Our feds will sell B.C. out for Yankee favours back east as per usual.
Its been nearly a hundred years since the Yanks started with the Hoover & Roosevelt Dams. Implementing their wish list for next 60 year plan? Unbelievable implications. 20 – 30 million thirsty Mexamericans coming up here for a drink of cool clear water or sell the water to the Yanks & transfer the cash from Washington to Quebec & the Maritimes by way of Ottawa. I wonder what they’ll do?
Any of you blogheads jump into R/E in the Columbia or Fraser watersheds. How about any young ones I told to move there & make a stand? Everything has averaged up a quarter million or so since I recommended. Too late now, quality isn’t coming onto the market anywhere in B.C.
Could be a R/E mania out here if the world gets a sniff that “lil potato” is implementing his favourite PM’s policy & banning foreigners from owning residential. If this mania does heat up you guys out east won’t be safe. Shocking how many B.C.ers I know that are ready to cash out, pack up & head over the mountains with the cash. Uppa Uppa Uppa.

#156 Sail Away on 02.19.21 at 1:33 am

Just thinking about imminent destruction…

A man hasn’t been feeling well, so goes in for some tests. When the doctor comes out, he says “ I can’t hide the bad news. You’re terminally ill… and its not long before you will die..

The patient is devastated. He says desperately to the doctor “how long have I got? “

The doctor says “10”

Patient pleads “10 ? .. weeks months or yrs?”

The doctor replies “9″

#157 BillyBob on 02.19.21 at 6:46 am

#114 Faron on 02.18.21 at 7:19 pm

No, not when there are issues that I care about under discussion and being mis represented.

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

I see. Well, best of luck setting things straight. Hopefully everyone will come to their senses and see things the right way (yours, natch) but I’m doubtful. I don’t think a martyr complex (“pile-on”?) enhances credibility.

In less than a week it’s gone from -13 to +11 here. Snow and slush on the street – gone in 2 days. Bare and dry. If this is climate change, I hope it continues. The Kona’s ready to go.

Headed into the city centre today, gliding along in a Porsche-designed, Škoda-built tram. Bright sun flickering between the Baroque architecture, a Bach oboe concerto on the earbuds, music beautiful to the point of near-obscenity. Clear blue skies, coffee and book in hand, only day’s task to kill time until squeeze finishes work and we head out to the countryside for the weekend.

Point is, in spite of a global pandemic, no job, and the prolonged inability to do many things I enjoy it’s still hard not to be filled with gratitude.

Makes it hard for me to grok the negativity, getting paid to sit around bored in Victoria. I think it must be the city, and why I prefer Albertans and Maritimers in general.

#158 maxx on 02.19.21 at 7:32 am

@ #3

…and the overwhelming majority of them are the ones who idiotically overpaid and are the proud owners of a single asset in the form of a mortgage.

Gawd Canuckleheads are dumb.

#159 crowdedelevatorfartz on 02.19.21 at 8:01 am

@#146 slick
“If the current power grid can’t handle a night of 20 degree temperatures without rolling blackouts.
How are we going to plug 100 million electric cars up at night?”
+++++++

While California will be the first State to ban ICE autos…..Oil Fracking, gas pumping Texas…..will be the very last…

#160 crowdedelevatorfartz on 02.19.21 at 8:26 am

@#157 Billybob
“Clear blue skies, coffee and book in hand, only day’s task to kill time until squeeze finishes work and we head out to the countryside for the weekend.”

+++

When I read comments from people in far away time zones from mine I am reminded about jet lag.

How, as a commercial pilot do you deal with flights requiring multiple time zone circuits over several days?
Even with a mandated “rest period” I would find trying to sleep in a strange hotel in a different city during the day time brutal.

#161 the Jaguar on 02.19.21 at 8:27 am

#157 BillyBob on 02.19.21 at 6:46 am

Likewise, BillyBob. We prefer you as well.

#162 Wrk.dover on 02.19.21 at 8:44 am

#129 S.Bby on 02.18.21 at 8:20 pm
Random Length lumber now $889

—————————————-

$1005 this morning

https://www.smgchampion.ca/index.php?id_product=782&controller=product&id_lang=1

This thing gave me a ten pound weight loss in a week, when I INVESTED in at 80% of it’s current price ago.

Lumber has since tripled.

It was bought to store it’s tangible value plus salvage blow downs as the dividend. The big unforeseen untaxable bonus is the volume of byproduct for the home heat department. Even if you buy logs delivered to you, a litre of gas will give your more pleasure and gain than yet another drive on a toy.

Watch for more mill price increase….lots of steel.
Best part of this excellent device is, made in PQ!

#163 the Jaguar on 02.19.21 at 8:54 am

Fishman owns property in my hood! I thought I saw an armour plated 1987 Grand National GNX prowling through the streets recently. Mercy.

Calgary has the most extensive urban pathway and bikeway network in North America. The City maintains approximately 1000 km of regional pathways and 96 km of trails, so your purchase could be anywhere in the city. It’s too early in the morning to break out the Tarot cards, but I will hazard a guess and say ‘Inglewood’.

No doubt the Yanks want that water. California has gone to the dogs with fires, rolling blackouts, and other mayhem. It’s armageddon in the land of Disneyland dreams. The only thing one can count on is that Canadians will be transfixed on some other Kardashian ass-et or shiny thing.
Thanks for checking in, Fishman. Off I go to plumb the depths of human misery for another day….

#164 Sue on 02.19.21 at 8:58 am

#156 Sail Away on 02.19.21 at 1:33 am

Ok, it could be my sick sense of humour, but that was really funny. More please.
Beats listening to faron whine. Best if people ignore the troll. That will hopefully simmer him down

#165 Sail Away on 02.19.21 at 9:14 am

#163 the Jaguar on 02.19.21 at 8:54 am

Fishman owns property in my hood!

———-

Cool. I’ll take this as confirmation the proposition has been accepted?

I’ve been practicing twerking in my Covid 2XL leopard print ginch on top the chimney in preparation for the tractor party.

#166 Dharma Bum on 02.19.21 at 9:36 am

Can somebody ask the dog in the picture if he’s done with those rabbit ears?

The reception on my 19″ Zenith is a little fuzzy.

#167 crowdedelevatorfartz on 02.19.21 at 9:43 am

@#165 Sail Away
“I’ve been practicing twerking in my Covid 2XL leopard print ginch on top the chimney in preparation for the tractor party.”

++++

Wa-a-a-a-a-y too many visuals…..and right after breakfast……

#168 Sail Away on 02.19.21 at 9:46 am

#154 Millenial CTO on 02.19.21 at 1:10 am
#90

Well. All vehicles on Mars are run completely with renewable energy.

It works because they’re patient: solar hasn’t charged the batteries yet? Stay. There’s a lesson here.

————-

Aren’t you the one that brags about running an engineering firm?

Perseverance runs off nuclear.

Maybe there’s a lesson here?

https://mars.nasa.gov/mars2020/spacecraft/rover/electrical-power/

————-

It’s true. I was wrong.

Cool system, eh?

#169 Dharma Bum on 02.19.21 at 9:51 am

#122 Ponzy

Why does NASA waste billions on going to Mars?
———————————————————————–

It’s Elon.

#170 Felix on 02.19.21 at 9:52 am

Another photograph of a useless canine, this time savagely killing a creature that actually benefits the planet.

What a dogawful species, an evolutionary dead end if there ever was one.

#171 crowdedelevatorfartz on 02.19.21 at 10:23 am

Hmmm

One errant missile to start WWIII ?

https://www.aljazeera.com/news/2021/2/19/taiwan-says-chinese-jets-entered-its-air-zone

#172 Damifino on 02.19.21 at 10:43 am

#159 crowdedelevatorfartz

While California will be the first State to ban ICE autos…..Oil Fracking, gas pumping Texas…..will be the very last…
———————————-

Yep. My money’s on Texas.

#173 Gabriel on 02.19.21 at 11:06 am

I work with clients and partners in places like San Jose and Greenwich. I see where my clients live. They live really close to legit billionaires and hedge fund guys on Wall Street. Martha Stewart lives 10 minutes away. That kind of stuff. Their houses have lower valuations – by like 100% – than comparables in places like Richmond Hill and Vaughan. I don’t think anyone has noticed but Scarborough is not Greenwhich and downtown TO is not Manhattan.

#174 IHCTD9 on 02.19.21 at 11:06 am

Canada: post Trudeau and BOC Fiscal/Monetary policies:

Long time established Canadians will no longer need to work. RE and portfolio gains will provide enough passive income that a little side work here and there will be the most ever required of them.

Canadian youth and new immigrants will get to shoulder the tax burden resulting from the enormous debt created by the Trudeau Liberals. All the benefit of this spending has already gone to wealthier Canucks thru market and RE gains.

When I say tax burden, I mean just servicing the debt – it’ll never get paid down without massive austerity measures (which won’t happen unless from external forces). Near 2 Trillion in total government debt, and only 19 million Canadians with a job to cover it. It’s not going to work. If rates ever go up, it’ll pretty much be the IMF who “fixes it”.

A couple decades from now, I wonder if I’ll even own any Loonies. I doubt they’ll be worth working very hard for. Canada is ripe to see the middle class pounded into a sliver of its former self. Plenty of rich well off folks on one side, and everyone else clawing to jump directly from poor to rich because the middle step was flattened by our blockheads in Ottawa. Maybe the future will see much more YOLO’ing in the markets, as slow and steady won’t cover the tax bill.

Some day, a better option for immigrants than Canada will rise in popularity. Things here will need to be sorted out by that time. Either that, or cloning technology had better exist.

#175 Don Guillermo on 02.19.21 at 11:07 am

#122 Ponzy

Why does NASA waste billions on going to Mars?
*********************************************
Trudeau spent enough to go to Mars 10 times. Wish he would have just went once and stayed

#176 S.Bby on 02.19.21 at 11:08 am

That dog in the picture is just trying to get ahead.

#177 Don Guillermo on 02.19.21 at 11:20 am

#122 Ponzy

Why does NASA waste billions on going to Mars?
****************************************

Trudeau spent enough to go to Mars 10 times. Should have said 100 times.

#178 willworkforpickles on 02.19.21 at 11:37 am

There was a wild suggestion made public in 2013 that could have alleviated a US state debt burden and somewhat solve the Canadian rising RE price crises.

(it wasn’t ready for prime time in 2013…but in the 20’s?…hell, i got a bridge i could sell ya…has a real diplomatic sounding name…they call it the ambassador)

In 2013 the state of Michigan offered to give Detroit to Canada. Just annex the entire city with Ontario.
Solve Michigan’s debt problems and give priced out first time home buyers a big break in Ontario.
Detroit has moderately milder winters (somewhat) and some friendly people…has lots of good distilleries… makes the best barbeque chips in the world. And…ah houses are cheap…(amazinglyaffordable)

Wouldn’t take much convincing the state to thinking like they did…with their former – here you guys take detroit for awhile idea.

Still don’t quite recall who it was that dreamt that one up (2013)…probably the same guy with the if all else fails ideas, they could turn half of Detroit into a zombie theme park.

#179 jess on 02.19.21 at 11:50 am

Frank Augstein/The Associated Press

The Supreme Court’s seven judges unanimously rejected Uber’s appeal against an employment tribunal ruling, which found that two Uber drivers were “workers” under British law.

#180 IHCTD9 on 02.19.21 at 11:53 am

#159 crowdedelevatorfartz on 02.19.21 at 8:01 am
@#146 slick
“If the current power grid can’t handle a night of 20 degree temperatures without rolling blackouts.
How are we going to plug 100 million electric cars up at night?”
+++++++

While California will be the first State to ban ICE autos…..Oil Fracking, gas pumping Texas…..will be the very last…
___

Maybe that’s why everyone in California seems to want to move to Texas lately…

#181 Doug in London on 02.19.21 at 12:05 pm

@slick, post #146:
I’ve been thinking the same thing. This idea of converting all motor vehicles to electric without significant investment in the power grid is pie in the sky at best. While renewable energy is good, quite simply it won’t be enough to meet all needs. If not from burning more fossil fuels, where will all this extra power generation come from? While you all think about that question, I’ll sign off now and check my investments in CCO-T, U-T, and URA-NY. I think these ones are keepers for the long haul.

#182 NSNG on 02.19.21 at 12:13 pm

#142 kc on 02.18.21 at 10:13 pm

119 Bob Loblaw on 02.18.21 at 7:47 pm

I wouldn’t be surprised to see the average GTA home selling for over $100 million in a decade.

XXXXXXXXXXXXX

ya and 10,000 dollars a loaf of bread…..

And minimum wage skyrocketing to $16 per hour

#183 Faron on 02.19.21 at 12:33 pm

#157 BillyBob on 02.19.21 at 6:46 am

#114 Faron on 02.18.21 at 7:19 pm

Makes it hard for me to grok the negativity,

Two things.

One: I sincerely wish I could read and listen to lies and not care. Unfortunately I can’t. Can I change nonplused’s, Sail Away’s or your garbage? Probably not, but at least I can tell myself that I didn’t live in a profound state of ignorance.

Two: if you, BillyBob, see everyone or certain regional (LOL lol lol) subsets as negative or having certain traits, the only thing that view reveals is your own set of biases. When everyone around you looks like a jerk, eventually you have to recognize that the jerk is the one staring at you in the mirror. Just as you continually try to frame me as an angry person. Sounds like your lens bud.

getting paid to sit around bored in Victoria.

I get paid to do my job. I do my job. I find working alone at home boring sometimes. Sometimes work is… work. If I wasn’t working, I would be out frolicking. Shove it plz.

I’ll note that you continue to cram me and others into your warped narrative of the world and to those who see what you do for what it is, it looks bad on you. Unfortunately, cramming people into simplistic molds is rampant in this world. I do it, you do it. Neither the left nor the right nor the up nor the down are free from doing so. This comments section is full of it. I’m glad you make it utterly clear for me at least.

#184 Faron on 02.19.21 at 12:39 pm

#182 NSNG on 02.19.21 at 12:13 pm

#142 kc on 02.18.21 at 10:13 pm

119 Bob Loblaw on 02.18.21 at 7:47 pm

And minimum wage skyrocketing to $16 per hour

Ha. Dude, there’s NO WAY an economy that’s overseen trillions of dollars of wealth transfer from the Fed to billionaires in under a year can afford that. No sir.

#185 Don Guillermo on 02.19.21 at 12:43 pm

#181 Doug in London on 02.19.21 at 12:05 pm
@slick, post #146:
I’ve been thinking the same thing. This idea of converting all motor vehicles to electric without significant investment in the power grid is pie in the sky at best. While renewable energy is good, quite simply it won’t be enough to meet all needs. If not from burning more fossil fuels, where will all this extra power generation come from?
*************************************
Also have to consider all the taxes that will need to shift from HC fuels to electricity.

#186 IHCTD9 on 02.19.21 at 12:53 pm

#168 Sail Away on 02.19.21 at 9:46 am
#154 Millenial CTO on 02.19.21 at 1:10 am

Perseverance runs off nuclear.

https://mars.nasa.gov/mars2020/spacecraft/rover/electrical-power/

————-

Cool system, eh?
____

I would like a “Radioisotope Thermoelectric Generator” to power my truck. Fill er up with plutonium dioxide, and drive for 16 years on one tank!

#187 NoName on 02.19.21 at 1:06 pm

Here they are, your dogs favorite snack, sourced from 100% Canadas rabbits, not some plant based funny staff.

https://bigcountryraw.ca/product/dehydrated-rabbit-ears-65g/

#188 NEVER GIVE UP on 02.19.21 at 1:30 pm

#4 Dogman01 on 02.18.21 at 12:47 pm

Maybe there is a bigger picture going on here?
Could it be possible that the Free Trade movement has prevented war?

Is not War the most devastating thing to our economies? Our well being overall.

Lifting poor nations out of poverty with lopsided trade agreements or looking the other way when they do not play fair in those agreements could have prevented devastating war already.

With Free trade the Elites may have been positing that they have much more control over perceived future enemies like China and Russia.

China is really in a pickle right now. They want to flex their muscle but do not want to kill the golden goose. Dont you think that perhaps the West has them by the balls?

Same with Russia. They know how easy it is for the West to hit them where it hurts. In their wallet.

Belligerent Nations are loathe to go to war when they know full well tat the well being of their material society will be devastated.

https://fee.org/articles/want-peace-promote-free-trade/

#189 Regjeg on 02.19.21 at 5:09 pm

Will it (the Cdn housing market) undergo a correction, or a deep dive, or a cataclysmic retrenchment during the next two years? Where and when will it start? How long before the bottom is reached?

Similar to the COVID-19 contagion, will large population markets be infected first? What measures will be implemented to control spread of the first wave? Will there be second or third waves?

What % of Cdn households will experience impacts on their financial health? How many will show mild symptoms of mortgage distress? how many will require intensive care, or expire in bankruptcy?

Time will tell.

#190 Malio on 02.20.21 at 4:18 pm

“And, no, the government won’t ‘do anything to keep it going’ as people on this pathetic blog seem to believe.”

Uh…isn’t the T2 government continuing to hand out 5-10% loans for first time down payments on homes? Do you think they’re gonna take the economic punch bowl away when it’s such a big driver of revenue and taxes? And torpedo that sector? Really?

“RBC’s econo guy Bob Hogue says he expects, “some form of policy-induced cooling of demand” in the next few months.”

Can this possibly be any more vague of a statement?

Honestly, this will just continue as it has since I started reading this pathetic (although informative) bog 6 years ago