The return

Yesterday we dissed the CMHC boss who made a bad call. The housing market did not go down because of Covid. It went up. More than up. It went ballistic. Look at the February stats. Insanely unsustainable. But crusty Evan may be vindicated still. This movie ain’t over.

This week RBC’s housing economist made a point in saying “the market is far from risk-free.” No, the threat is not a melt-down, but a further melting-up.

“Super-strong demand is quickly depleting inventories across the country. Competition between buyers is extremely fierce in many markets (including smaller ones), and a ‘fear of missing out’ is taking hold. Such dynamics often lead to self-reinforcing price trends. The market then becomes highly vulnerable to a correction or crash when some event (e.g. bad economic news, a rise in interest rates or some policy announcement) causes bullish sentiment to turn bearish.”

The biggest publicized event is an uptick in mortgage rates. As the vaccines spread, the economy reopens, consumer spending ignites and inflation rekindles, rates will surely continue to plump. Everybody in the lending business knows that. It’s baked in.

But something else is afoot. It could be just as consequential. It involves pants.

How much of the real estate pandemic phenom was caused by five million people leaving their employers and working from home? Lots. Tons. In fact, WFH is the key driver of why suburban properties have inflated wildly in value, attracting flippers and speckers, and why satellite cities – often far beyond the realm of commuting – have been indelibly altered by urban refugees.

None of this is good for anyone other than owners with the smarts to recognize it as an historic selling opportunity. Remote working made millions feel they could stray beyond city limits, relocate in areas where getting a detached house on a big lot was still possible and find a work-life balance. In the process they imported urban real estate valuations, priced out the natives and depended on non-local income streams to finance their new lives.

Sound familiar? Yup, just like those ‘satellite families’ from offshore that citizens in Vancouver think destroyed their city. Interesting.

But it won’t last. Despite the bleatings, moaning and protestations of those on this site who never want to go back to work and be judged, well, suck it up. Once the herd is dosed (about six months from now) many won’t have the option. Employers are completely within their rights to call you back to a safe workplace, and most will be doing so. Maybe the schedule will be a hybrid one for a while – two or three days at the ant farm – but even that’ll be a challenge if you just moved 200 km away and now have pigs to slop.

First, the facts.

The vax has changed everything. Expect new virus infections and especially hospitalizations and deaths to plummet over the coming months. All Canadian governments are promising that every willing adult will have been jabbed by September. All Americans will be done (says Biden) by the end of May. Soon you’ll stop seeing Covid dominate every newsfeed. Then we can concentrate on the usual important stuff, like Kim Kardashian’s butt or how Prince Harry was gelded.

A new Nik Nanos survey finds 64% of DT office workers are okay to go back into the towers with another 21% feeling neutral about it. That’s a far cry from the 15% who were ready to return six months ago. The Toronto Board of Trade piles on, saying, “It’s the fatigue of this non-stop virtual world, of not being as productive as you can be if you can just get into a meeting face to face and work things through.”

Of course. WFH isn’t really work. Not really home. It’s a blurring of the lines between ‘work’ and ‘not work’ so most people end up doing everything in a fog of compromise. Zoom meetings suck. Emails fly around at all hours. Kids, chores, spouses, pets get in the way. Brain space is fractured. Stress builds. Lots of Covid psych surveys show people who thought WFH would give them more peace, time and balance find it’s turned their lives into a cocktail of competing demands. The lanes are gone. It’s a mess.

From the employer’s point of view, WFH is a gathering disaster. Not for all bosses, of course, since some sectors (like IT) can work perfectly with nobody sitting in a cubicle. But in most workplaces people need to interact, collaborate, assist each other, work collectively and accomplish goals in concert.

New employees need to be mentored, indoctrinated, trained, guided and immersed in a workplace culture. Those wanting careers instead of just jobs need to be seen, heard, experienced, noticed and evaluated. Zoom can’t do that. The virus didn’t change human nature. Nor how we judge each other.

The CEO of Goldman Sachs (34,000 employees) says WFH, “is not ideal for us and it’s not a new normal. It’s an aberration that we are going to correct as quickly as possible.” The boss of JPMorgan says WFH is killing spontaneous creativity. “There are a lot of people who have been hired into our companies who have never been into our company. How do you build a culture and character? How are you going to learn properly?”

And here’s the result of a survey of several thousand WFH folks in over 40 countries:

The vast majority of us are struggling with general and workplace well-being as the pandemic continues to rage. These struggles are affecting our mental health and involve some of the key predictors of burnout, including an unsustainable workload, the absence of a supportive community, and the feeling that you don’t have control over your life and work. Overwhelmingly, respondents reported mental health declines, challenges with meeting basic needs, and feelings of loneliness and isolation. They also noted increased job demands and growing disengagement at work.

People need people. For most, work is not an isolated set of chores. You fit into a structure, a company, an office, a workplace, a hierarchy, a group of colleagues. While the virus made the last year of remote employment a necessity, it’s also damaged productivity along with messing up heads. It’s unsocial. It will not last.

The implications?

Expect more listings in the sticks. Way fewer buyers. Thus, declining prices and seller angst. The condo revival will continue. Investors already swooped in and grabbed the bargains (when we told you they existed). Inventory will be a lot higher in two months. Rates will swell, too. But the real impact will be in a year, when we look back and understand how a virus not only killed and infected, but tricked.

The biggest losers? All those pandemic pups. They thought you’d be home forever. But the cat’s relieved.

176 comments ↓

#1 Roial1 on 03.03.21 at 1:06 pm

Hey Garth, How is wfh for you? You’ve been at it for a while.
Dorothy still love you? Or is she hinting that you “get the hell back” to the “Big smoke”

Inquiring minds want to know.

LOL

My office was shut for 2.5 weeks last year. Otherwise, fully open and staffed. And she’s grateful. – Garth

#2 Millennial 1%er on 03.03.21 at 1:10 pm

Garth,

Fastest growing job market in Canada is tech. Many tech workers have been remote before this whole thing started. My whole org is remote; that’s 400 people.

Sure; suburban home valuations won’t be as extreme as it is now because of the virus, and finance/sales/work with a social component will go back to being in person, but don’t pretend like remote work isn’t a wave that is here to stay.

Not only is remote staying for tech, it’s increasing salaries by a factor of 2. Thanks, USD!

#3 Mr Happy on 03.03.21 at 1:11 pm

But crusty Evan may be vindicated still…

Reminds me of the line in the “Big Short”…went kinda like:

“I wasn’t wrong….just early”

#4 Dogman01 on 03.03.21 at 1:12 pm

WFH and Offshoring

I agree with a few posters here that mass off-shoring by short term focused sociopath C-Suite has been a failure.

Over a decade ago I picked up the book “4 Hour Workweek” https://www.goodreads.com/book/show/368593.The_4_Hour_Workweek

The book is a bit all over the map, but one of the items described how he Hired three well educated MBA Types in India for a super low rate like $5 US an hour. They worked as “executive support” for him running his on-line business. Smart people, perfect English and their Day is North America’s night so by early morning he had his work day packaged for him. Overtime they got raises, he retained the same three people and delegated more and more.

So while mass culture dependent off-shoring is a customer service failure, targeted precise off-shoring is a different beast. His point was you can find smart capable, educated Humans anywhere. The wage arbitrage is so vast the technology so capable that you can work with and afford 3 MBA’s from India’s best schools for less then the cost of an Admin Assistance in North America.

This lesson will be learned by agile Executives.

An interesting chapter was how to force your boss to accept WFH, STEP 1: create a distant emergency during a critical business time, tell you boss you will juggle all the balls but you have to go. Then crush it with over-delivery. Then nudge
Advice for employees ; Be entirely competent, capable and essential but be slippery and difficult so the rules they apply to the normal cog employees are not applied to you.

An interesting chapter on Global cost arbitrage; he rented his house in Chicago, he and his wife moved to Argentina. Rented an apartment, took Tango and Spanish lesson. Six months later, had an adventure, learned Spanish and how to tango, net cost $ Zero, Chicago rent paid it all.

#5 Rook on 03.03.21 at 1:26 pm

In an interesting note, given the discussion for the past few days has bee interest rates, and what the government can do about them.

There is some scuttlebutt floating around that Mr. Powell might unveil an Operation Twist on Thursday, using the central bank’s quantitative easing program to shift purchases to the long end to bring down 10-year Treasury yields.

Nothing set in stone yet, but something to look out for. If the CBs diddle with the 10-year yield curve, it could keep mortgage rates lower, thus house prices up up up for awhile yet.

#6 Leftover on 03.03.21 at 1:29 pm

While I’m self-employed and have a home office, the vast majority of companies I deal with are mid-sized professional services companies that have all adopted some form of WFH.

They all report a significant drop in productivity, 20% to 40%. Once they can reopen safely they will, and their top employees will be banging on the door.

Sure, there’ll some hybrids, say 3 days at the office per week. But the bottom line is the office will again be center ice.

#7 Newbie on 03.03.21 at 1:43 pm

WFH being the driver of the suburb / exurb housing boom is overblown. The main driver by far is that the biggest current cohort, Millennials, are having families. That’s it.

Super low interest rates supercharged the real estate rotation, and COVID fearing boomers putting off downsizing until post vax reduced supply and you have crazy escalating prices as described.

There will not be a reversal due to a reduction in WFH. What we will see in the post vax world will be boomers listing to downsize, supply increasing in the suburbs, and prices stabilizing. Those that have moved to raise their families are staying.

You hope. – Garth

#8 Comments! on 03.03.21 at 1:49 pm

Garth, the Fed clearly controlling the yield curve since last week’s pop as expected. And Israeli studies showing conflicting results after mass vaccinations in all age groups.

Don’t know what to think anymore. Maybe if we had free markets and free exchange of information.

#9 SnowOwl on 03.03.21 at 1:49 pm

Hi, Garth,
Would you please comment on how the new interest rate environment for the USD is changing the narrative for Emerging Markets? Are you overweight or underweight of EMs?
Thanks!

#10 BlogDog123 on 03.03.21 at 2:04 pm

WFH is great if you have meetings at all hours spontaneously dropped in your Outlook. 7:30am to the far east. 7:00pm to Australia, etc… When does driving to work not conflict with a meeting?

But it really cuts into the work-life balance.

#11 gwcanuck on 03.03.21 at 2:05 pm

And now there are major tax implications for cross-border commuters that have WFH since the Canada-US border closed. The CRA has declared their income as 100% taxable in Canada for 2020 and will not allow a credit for US income tax paid, since those workers worked in Canada since March. The problem is they’ve already had US income tax withheld from their paychecks all year, so they’ll be double taxed on their income. Unless the IRS decides to give them their money back.

https://windsorstar.com/news/local-news/cross-border-workers-get-dinged-at-higher-tax-rate

#12 Doug t on 03.03.21 at 2:05 pm

Until the next pandemic

#13 cuke and tomato picker on 03.03.21 at 2:15 pm

Romy Bowers takes over for Evan Siddall next month
according to today’s TC. Also according to the Calgary Sun
JK is thinking of a sales tax. I know of two Albertans
from red neck coffee who are limping back to Alberta
after years of complaining about numerous extra cost in
BC.

#14 S.O on 03.03.21 at 2:17 pm

Dog prices have come down now that people are no longer in lock down, I expect the same for real estate once the pandemic is over…

#15 Mykhaylo Furtak on 03.03.21 at 2:19 pm

The rate of active cases, new hospitalizations and deaths in Canada have already plummeted during the last couple of months and keep falling without any vax (source https://health-infobase.canada.ca/covid-19/epidemiological-summary-covid-19-cases.html).

#16 Classical Liberal Millennial on 03.03.21 at 2:22 pm

I must say.. Our Christmas pup may be spoiled in his 1st year of life with someone (me) always being home, but even after this WFH experiment ends, he will still be loved and cared for all the same.

Now, to pay $2k to break my mortgage early and renew now or wait until October… hmmmm

#17 Felix on 03.03.21 at 2:25 pm

Well, of course, dogs are the biggest losers.

#18 Catalyst on 03.03.21 at 2:31 pm

Sure there of course will be a return to office in some form but you are wildly missing the macro. Work away from the office is the trend and gig style work like upwork and fvrr are just in their infancy.

Who employed the nanos for the survey? It’s employers doing a PR campaign to get workers back.

Also, if this was true, would JPM be looking to sublet 800k sq.ft?

https://www.bloomberg.com/news/articles/2021-03-02/jpmorgan-seeks-to-reduce-office-space-in-two-manhattan-towers

#19 Catalyst on 03.03.21 at 2:36 pm

Secondly, here is a link to the survey.

https://nanos.co/wp-content/uploads/2021/03/2021-1786-National-Business-District-Populated-report-with-Tabs.pdf

Only 500 respondents, and of those, only half actually work from home all the time, LOL. I would trust a garth blog poll over what passes for research these days.

Nanos is one of the country’s most credible pollsters. Check his methodology, then show us your survey results. – Garth

#20 Dolce Vita on 03.03.21 at 2:37 pm

“…five million people leaving their employers and working from home”

Holy Moses. That’s 25% of the workforce. Not a clue it was THAT widespread.

On Corporate Culture I agree, back to the office. Inevitable. Enjoy the lull for now. One thing though, Zoom et. al. did demonstrate that some meetings, buiness affairs can be conducted electronically…minor negative impact to the travel & hospitality industry post pandemic?
—————–
USA done vaxing in May…GREAT news for Canada. Maybe a lot of those production plants will look for easy sales just North of the border. I hate to say this to VAX HOG America but in this case I will:

All the way USA!

[proviso, send Canada your surplus vax after May…ALL of it]
—————-
Agree with your final prognostication Garth but again, timing. I would expect Cdns a little gunshy about returning to work until they know almost all vax’d and add time after that to be certain it has worked (Herd Immunity + Covid delenda est).
—————-

EU TRAVEL Update:

EU Vax Passsport a done deal this Summer. How that will affect you Canada travelling to the EU I do not know (and UK, they are coordinating with the EU for the same…so much for Brexit).

Use Google Translate, explains how it will function (more of an overview):

https://www.ilsole24ore.com/art/si-lavora-passaporto-vaccinale-europeo-l-estate-ecco-cosa-conterra-AD9cNFNB

EU Vax Passport Roadmap (in Inglese):

https://ec.europa.eu/health/sites/health/files/vaccination/docs/2019-2022_roadmap_en.pdf

If America after May sends Canada its vax, you may be travelling sooner than August, MUCH sooner (provided the damn variants are held at bay, the Provinces will do their bit of vax in arms I am certain). Here in Italia for me, probably July I will get vax’d (maybe sooner)…they’re vaxing the 80 yr olds…Italia, a nation of geriatrics.

#21 Sara on 03.03.21 at 2:41 pm

Speaking of pandemic pups, dog thievery is on the rise apparently. If you love your dog, never leave him unattended and keep a wary eye while out in public with him. A lady I know dropped her leash for a second (accidentally) while in a local dog park and some guy snatched the pup and ran off with it.

#22 The HT on 03.03.21 at 2:46 pm

The poor pooches! They thought this was the new normal. Small children as well. Our 4 year old has no idea how strange this year has been. Things can’t return to “normal” soon enough imo. I’ll sure miss waking up whenever the heck I want and having meetings in my flannel PJs though!

Thanks for the guidance and levity through all this, Garth!

One question, we are planning to buy a condo out in the yvr burbs this spring/summer (some factors out of my control). It’s to live in, and only to a lesser extent an investment. Terrible idea?

#23 604_housing on 03.03.21 at 2:47 pm

I am envisioning many people feeling entitled to work from home and telling their employer that they are going the independent contractor route (need more than one client…) and that they can be hired on an hourly basis.

Now, whether that phone rings for these contractors- that is another story.

#24 TurnerNation on 03.03.21 at 2:52 pm

#115 crowdedelevatorfartz on 03.02.21 at 9:37 pm

Yeah my take is that all new spending at the level of cities, by globalist order will be on the Poverty Industry.
Same in Toronto: ALL city parks large & small were at once filled by brand new tents – as of that fateful week in March 2020. Safe Injection sites [sic], Modular homes, Homeless Hotels. All will be dispersed into communities like ours.
Of course, favoured friends of the The Party will get these lucrative contracts.
https://en.wikipedia.org/wiki/Poverty_industrial_complex


The Economy and business: We’re one year into this how’s it looking? My prefecture is like many others in Kanada a no-go Warzone (Red. Grey. You name it.). I see long lineups, in the cold winds outside the open stores owned by the billionaires families.
All other small business, restaurants, gyms, cultural centres are closed and blackened. By order of our globalist-run government. Our cities and towns belong to them, look at all the signs posted, all the rules. Are those your signs and rules? Your culture? Your choice?
Most of Kanada is like this. AB, QC, ON, parts of the Least Coast.
…..

The US Border is closed – a Virtual Berlin Wall.
NORTH of the border we are under military house arrest.
SOUTH of the border more and more states are fully open up and Free. Any of this sounding familiar? Check your history books.

https://en.wikipedia.org/wiki/Berlin_Wall
“With the closing of the east–west sector boundary in Berlin, the vast majority of East Germans could no longer travel or emigrate to West Germany.
Many families were split, while East Berliners employed in the West were cut off from their jobs. West Berlin became an isolated exclave in a hostile land.”

^Hint hint guess which side of the wall were are on. The hostile side.

Even behind the Wall here they seek to tear apart families, keep us divided:

https://www.thestar.com/news/gta/2021/03/02/ontarians-need-realistic-guidance-on-seeing-friends-relatives-expert.html
“” There is a risk people may get used to seeing their loved ones when the weather is nice, and then break the rules when it’s too cold or snowy to meet outdoors, Mohan said. “”

#25 ElGatoNerodeYVR on 03.03.21 at 2:57 pm

Some back of the paper napkin quick math here. Back in 2000 the mortgage rates hovered around 8% which would’ve bought you a 400K mortgage with a 3K monthly payment.. Fast forward to now and the same 3K a month will buy you an 800k mortgage.
Given that the same priced condo will rent for 3K a month (give or take a couple hundred) this is the math people are doing and willing to take on these high level of debt.
I do not promote anyone taking on that much debt for a condo ,just looking at the numbers.
Going into suburbia the math is even more enticing for those willing to take the risk, throw an undeclared basement renter into a multifamily home and you can see how people can and do afford the debt.
Now, I am as upset as the next guy looking how my children won’t be able to buy anything until I move on an they inherit,on the other hand the silver lining is that they are growing as renters/ investors ( in securities not housing) so there is that.
Let us be clear,this crisis is brought upon by the governments not actually building or converting rental housing to keep pace with the population increase and lifestyle changes.
You may remember just a short decade or so ago how the whole housing was going to crash because boomers will sell ? Yeah ..how did that one panned out ,same as this one will,there will be a correction, no doubt about it ,however those that purchased smart( location) and within their budget with an appropriate leeway for rates increases will be fine.
Yes, expecting that WFH is forever was/is a folly and the usual small % will learn the hard way , not going to change significantly the long term trend,so be prepared to survive the short(maybe mid) term correction.

#26 Dr V on 03.03.21 at 2:58 pm

16 CLM – check on blend and extend with your lender if you can get a competitive new rate. Effectively you pay
the penalty, but not upfront. If the penalty is calculated with 3 mo interest vs the rate differential do it sooner rather than later.

https://www.ratehub.ca/blended-mortgages

#27 AGuyInVancouver on 03.03.21 at 2:59 pm

There’s no correction coming. People have been saying that for years.

#28 Linda on 03.03.21 at 3:01 pm

‘People need people.’ True, not being able to socialize does have a detrimental effect on one’s mental health. There is a reason why being put into solitary in jail is considered a punishment.

However, the points being made about lack of productivity by the WFH mob should also note that workplace socializing is also ‘unproductive’ when it doesn’t pertain to work. Everyone can probably relate a tale of the office social butterfly who spends most if not all day socializing & whose work task contributions are almost certainly on the light end of the scale. I’ll bet that the most eager to return to the office are said butterflies, not least because they are under scrutiny to perform. Hard to hide in the mob when you are in solitary…..

#29 Dr V on 03.03.21 at 3:02 pm

CLM Further to previous – make sure your lender takes into account the pre-payment privilege – typically 10% – if you haven’t used it this year

#30 S.Bby on 03.03.21 at 3:03 pm

I know of a lot of people who are on anti-depressants now …

#31 Ballingsford on 03.03.21 at 3:03 pm

The woman in the picture looks like she’s the only one working. The rest of the staff are just chatting.
Or, maybe she’s taking the meeting minutes.

#32 Dolce Vita on 03.03.21 at 3:03 pm

One thing I forgot to mention yesterday about:

Variant World

is that to find them you do not use a standard PCR test as in the Old Covid, genomic sequencing is needed.

News reports in Canada concur it takes a few weeks to do that.

So yesterdays:

1,515 cumulative cases

from A FEW WEEKS AGO. Again, the variants are spreading rapidly esp. the UK variant (variant total cases up 88% in the past 10 days) still a low % of overall Covid cases (3% Mar 2).

Question is:

How widespread are the variants today?

With those growth rates from a few weeks ago, it gives me pause.

——————-

IF ONLY Canada had the UK’s Cambridge capabilities of genomic sequencing 20,000 tests per week. Kipling wrote a whole poem on IF.

Not worried for now and keeping my fingers crossed as I think the variants could delay vaxing and economic recovery.

Here is the awesome UK when it comes to Covid genomic sequencing, WORLD BEATING:

https://www.wsj.com/articles/how-the-u-k-became-world-leader-in-sequencing-the-coronavirusgenome-11612011601

https://cen.acs.org/analytical-chemistry/sequencing/200000-counting-UK-sequenced-cases/99/web/2021/02

——————-

Why humanity can count its lucky stars the UK found their infectious and more deadly variant fast.

We owe the UK a debt of gratitude.

AND also why I believe Cdn health authorities are loathe to recommend a loosening of restrictions. They do not know what the variants are doing now in Canada, in real time…IF.

Again finger crossed that the variants will be in the end:

Much Ado…

#33 Planetgoofy on 03.03.21 at 3:08 pm

#53 Premature Economist on 03.02.21 at 5:04 pm
HERE ARE THE REAL REASONS WHY CANADA IS SO SCREWED UP. POOR POLICY AND LACK OF DIRECTIONS FROM THE LEADERSHIP OF THE COUNTRY. SHEESH!
https://liberal.ca/our-platform/drug-use-and-addiction/

You said it Bro….completely rudderless. A leader that rewards only failure….promotes more failure.

#34 Lefty on 03.03.21 at 3:24 pm

Yup. Vaccinations going up, global COVID case numbers dropping fast. Those with the power to do so (CEOs, Mayors, MPs, MPPs, BIAs) will soon want and have us back in person at our desks.

Quartz countertops in a far flung burb better be worth your 2 hour commute.

#35 Faron on 03.03.21 at 3:24 pm

#9 SnowOwl on 03.03.21 at 1:49 pm

Hi, Garth,
Would you please comment on how the new interest rate environment for the USD is changing the narrative for Emerging Markets? Are you overweight or underweight of EMs?
Thanks!

I know you didn’t ask me…

But: EMs have been mean reverting since about ’07 or even as early as ’04. 14 week RSI on EEM is overbought, 14 month RSI on EEM is getting close. Mean of EEM is $40ish currently trading at $54.

EEM is a lot of Asian tech, so if you want EM exposure word on the street is to look toward nations that have underperformed since the COVID crash such as Brasil — EWZ. Risk there is that Brasil is more susceptible to COVID going into NH spring/summer.

The USD has more short interest than it has had in a decade, if it jumps, it will squeeze hard. EM seems dangerous to me especially east Asian. Late trade as it were.

Not investment advice of course.

#36 Millennial Realist on 03.03.21 at 3:27 pm

Nope. Wrong.

Work and home life are changing, for generations, starting right now.

OK Boomers?

The confluence of events is only beginning, Garth. This is how big change happens usually, and we ignore it at our peril. It’s many events coming together. We’re barely past the beginning.

Changes over the next years will be much bigger than Boomers can imagine.

Watch for:

The next budgets –

-UBI and more changes to wealth distribution (the way you write today about office “culture” speaks so much to the dinosaur culture of corporate elitism and privilege, which is about to be blown apart, frankly)

Major environmental pressures to do things differently
(like, NOW!)

-There is already a lot of talk coming out about ‘environmental indexing’ – i.e. measuring the carbon impacts of in-office meetings and travel to work versus doing things online and WFH. It will be increasingly hard to justify work-related travel as we are swamped with the full reckoning of climate change issues that we have ignored for too long. (Yes, the airline, tourism, and car industries will be gutted until they can adapt)

Things in our world are NOT going back to the old ways.

Only old people are. It’s too comfortable for the elderly to think nothing is changing, I appreciate that.

Boomers, be part of the change.

Or be run over by it.

#37 Canadian Soldier on 03.03.21 at 3:29 pm

Houses are not expensive! They are cheap. Big increases 10% minimum yoy.
If you price Canadian houses in Gold, apple stock or bitcoin houses are cheap. They are only expensive when comparing against traditional fiat currencies. Houses are not going up, The CAD and the USD are losing value faster than ever. House’s don’t go up value, fiat currency loses value over time, making them seem more expensive. Welcome to the new world boomers!

Does the military pay you in crypto now? Otherwise houses are going up. – Garth

#38 truefacts on 03.03.21 at 3:42 pm

In Ottawa, government workers hit the jackpot – no commute, lower expenses, and free time during the day…

Why would their union agree to go back? Won’t they argue they just don’t feel “safe” for a LONG while or perhaps never agree to go back?

#39 Michael on 03.03.21 at 3:43 pm

“The vax has changed everything. Expect new virus infections and especially hospitalizations and deaths to plummet over the coming months. “

You presume that the virus won’t mutate and strains will appear that are resistent to the vaccine, much like the flu manages every year.

We put little evolutionary pressure on the virus until the end of last year. We mostly tried to not allow it to spread. The end result is two or three more infectious strains. There is no reason to believe that with the virus so widely spread throughout the global population that vaccine resistent strains won’t start showing up.

Sure, we can create a new vaccine (especially with mRNA), but it will take time to create, test, mass manufacture and inject it into people.

So I wouldn’t quite start celebrating yet. Maybe we’ll get lucky and we can beat it this year, but “normal” won’t be this year regardless. Maybe Christmas if we are really really lucky.

#40 SnowOwl on 03.03.21 at 3:51 pm

#35 Faron
Thank you, Faron.
Ray Dalio is somebody I like and follow. He is holding VWO in his portfolio, with a small position of FXI. But you are correct that it is a very late trade and I am not rushing into EMs yet.
Currently focusing on the defensive stuff – utilities, consumer staples, even nibbling back at some REITs.
Still not sure if I want to add PFF at this point.
Cheers.

#41 Canadian Soldier on 03.03.21 at 3:57 pm

Does the military pay you in crypto now? Otherwise houses are going up. – Garth
————————————-
Haha I wish Sir. They have been giving me CAD, which they do not earn through tax. They just create it out of thin air and debt, reducing the worth of the money my grandma has. But ya your right houses will keep skyrocketing as they spend as much CAD as they want. Man, being in control of a currency is real power, I sure wish their was something immutable that they couldn’t create more of? Maybe gold? Oh that’s counterfeited, taxed, and mer’d….oh maybe land? Also taxed. Maybe a house? Too much tax. Maybe stocks? Taxed…..is there anything that is immutable, impossible to counterfeit, not taxed, and scarce like land and gold? Bitcoin is changing the world! No one can steal my life’s work anymore, I can pass on my monetary energy to my great great great grandkids and we can escape serfdom! This might fail Sir, but it might not.

#42 IHCTD9 on 03.03.21 at 4:06 pm

#36 Millennial Realist on 03.03.21 at 3:27 pm

Watch for:

The next budgets –
____

The Liberal debt will be serviced by the Millennials and their kids – you guys can watch, I’ve got money to count.

I’m busy, Trudeau’s Covid polices have caused my house and financial asset values to just freaking explode over the last 6 months. All time highs reached on both fronts.

I am going to Church this Sunday, and I am going to pray that I keep getting run over by the change.

#43 ogdoad on 03.03.21 at 4:10 pm

‘it involves pants’ lol!!!

Great points, Garth. Social creatures need outlet to prove their worth. Otherwise our current for-profit system would turn nether regions up, right?

To your points – FIRE never sounded better!

Beer-thirty

Og

#44 Shirl Clarts on 03.03.21 at 4:12 pm

Why is GameStop still trading at $124? Didn’t the kids learn of a thing called P/E Ratio the first time around?

#45 Billy Buoy on 03.03.21 at 4:14 pm

YYC control starts tomorrow when Powell speaks at noon?

When is Yellen going to unlease 270 BILLION a month into the banks?

When this goes it’s going to be biblical…

#46 Billy Buoy on 03.03.21 at 4:16 pm

WFH?

How many are going to have jobs when this blows?

More like SAH (Stay at home) with no cash or options.

#47 Habitt on 03.03.21 at 4:17 pm

Garth your opinion and condescending attitude towards WFH simply reflects your bias. Keep your eyes and ears open and tomorrow will tell. Btw it’s okay to be wrong again. Good grief

My post referenced Nik Nanos, the Toronto Board of Trade, Goldman Sachs, JPMorgan, a couple of banks and a major US study. You, on the other hand, just attacked me. Conclusion: I win. – Garth

#48 Mattl on 03.03.21 at 4:21 pm

I find it hard to believe that there are a material number of people that bought in the suburbs hoping they wouldn’t have to go back to the office. More realistically these people spoke with their employers and there is a framework in place for what return to work would like like. And for lots – like my team – that means permanent work from home.

And WFH has been growing double digits YOY. Yes, lots of teams need to be together but the trend has been moving away from 9-5 for a long time. I could counter the Goldman quote with similar ones supporting WFH from other large orgs.

That said, the cities will revitalize. Immigration will increase and work models will evolve. It’s not an all or nothing, but I call BS on employees making life changing purchases in the sticks without any idea on what their employer is going to do in the future. Sounds like the deferral cliff that never materialized.

#49 Dragonslayer on 03.03.21 at 4:21 pm

Not ever having actually done the WFH gig, might be difficult to weigh in accurately, but here’s the counter argument.

Worked in a cube farm with different variations over the years and cannot understate what a time suck coworkers and management could be.

You would have the social butterflies (who never seemed to be behind on their work, or appear stressed) drop in on you and start rambling away. Your hand is poised over your mouse, you’re trying to send every social cue short of rudeness, that you just want to get on with your work. To no avail. These time wasters would just go on and on.

Then there’s the endless “mandatory” meetings. Took me a few years to figure out that the real purpose of these meetings was not to help you but rather to build the resumes of the presenters: “See, I led meetings on such and such.”

Don’t forget other time wasters such as fire drills, health and safety meetings, birthday cake cuttings, etc. On and on.

I would give a rough estimate that 1/3 of the day was lost to non productivity.

Not having a problem with self discipline I would MUCH rather have had the option to work from home, but can see how it would not be for everyone.

#50 Sail Away on 03.03.21 at 4:24 pm

#42 IHCTD9 on 03.03.21 at 4:06 pm
#36 Millennial Realist on 03.03.21 at 3:27 pm

Watch for:

The next budgets –

Boomers, be part of the change.

Or be run over by it.

———–

The Liberal debt will be serviced by the Millennials and their kids – you guys can watch, I’ve got money to count.

I am going to Church this Sunday, and I am going to pray that I keep getting run over by the change.

———–

Haha.

Luckily, I no longer need to worry about being run over by the change since I can just protect myself with a 3′ layer of $100 bills from last year’s returns.

MR, your predictions appear to have been 180 degrees wrong. Any chance you’re a financial analyst?

#51 Newbie on 03.03.21 at 4:25 pm

There will not be a reversal due to a reduction in WFH. What we will see in the post vax world will be boomers listing to downsize, supply increasing in the suburbs, and prices stabilizing. Those that have moved to raise their families are staying.

You hope. – Garth
——

People aren’t going to make a life changing decision, like moving from a condo in the city to a house in the suburbs because of the possibility that they’ll be able to WFH forever. They will however make a life changing decision, if their lives are actually changing. Like they’re starting a family.

#52 Shirl Clarts on 03.03.21 at 4:26 pm

#38 IHCTD9 on 03.03.21 at 4:06 pm

I am going to Church this Sunday, and I am going to pray that I keep getting run over by the change.

^^^^^^^^^^^^^
I keep praying that you’ll get run over by your tractor.

#53 Jake Celione on 03.03.21 at 4:26 pm

Millennial Realist, the change you are going to get is more poverty, more starvation, more food insecurity, more crime, more societal decay by the policies you keep championing for.

By the way, Garth is right, 3%+ mortgages by 2022, 4%+ mortgages by 2023. If you are depending on 1.5% to 2.00% mortgage rates to buy and keep your condo, house, you are in for a big sticker shock with $1,000 to $1,500 more a month in mortgage payments when buying in Vancouver, Victoria, Toronto, GTA, Montreal, Ottawa and many other major Canadian cities, centres.

#54 Guelph Guru on 03.03.21 at 4:26 pm

WFH was a nice change. Looking fwd to Work at Work.

#55 Prince Polo on 03.03.21 at 4:36 pm

Semantically speaking, Prez Biden said that there would be enough vaccines to cover all US adults by end of May. How soon will they open up the border so that desperate Canadians can be vaccine tourists? I’m willing to pony up the cash and relieve the pressure on photo-op Trudeau. He’s a lost cause, trying to buy up more votes for a useless summer election.

#56 Reximus on 03.03.21 at 4:50 pm

i can see how a shift from one area to another area (say downtown TO to the burbs) by enough home buyers would be why that area would see an increase in that area’s price by the sudden increase in local demand, but those homeowners also sold in their former hood, raising that area’s supply.
but if both areas are going up…there must be a net new buyer increase overall

#57 Don Guillermo on 03.03.21 at 4:58 pm

#50 Sail Away on 03.03.21 at 4:24 pm
#42 IHCTD9 on 03.03.21 at 4:06 pm
#36 Millennial Realist on 03.03.21 at 3:27 pm

Watch for:

The next budgets –

Boomers, be part of the change.

Or be run over by it.

———–

The Liberal debt will be serviced by the Millennials and their kids – you guys can watch, I’ve got money to count.

I am going to Church this Sunday, and I am going to pray that I keep getting run over by the change.

———–

Haha.

Luckily, I no longer need to worry about being run over by the change since I can just protect myself with a 3′ layer of $100 bills from last year’s returns.

MR, your predictions appear to have been 180 degrees wrong. Any chance you’re a financial analyst?

#52 Shirl Clarts on 03.03.21 at 4:26 pm
#38 IHCTD9 on 03.03.21 at 4:06 pm

I am going to Church this Sunday, and I am going to pray that I keep getting run over by the change.

^^^^^^^^^^^^^
I keep praying that you’ll get run over by your tractor.
******************************************

Aw, the little Millennials are so cute.

#58 Ustabe on 03.03.21 at 5:02 pm

For some of us it is pretty obvious that your world isn’t working for you any longer. The “tell” is in how you chose to proclaim your distrust or displeasure.

I’m pretty certain the answer is to construct a life you do not need to take a vacation from. I managed and it wasn’t even planned.

Obviously there will be outliers, failure along the way but I have never made as much money on a project as when I wasn’t really planning on making money.

I was helping a neighbour, both working the 9-5, with some logistics of getting an ageing parent into assisted living…doing the phone calls, setting up appointments, etc. Along the way I met the folks I’m currently involved with in the boutique assisted living enterprise. I’d tell you how lucrative that is but you’d probably not believe me. Here is the thing…they no longer need me, the banks would fall all over themselves to fund them now but they will not allow me to go…I was there for them in a time of need, my reward is ongoing.

The only other thing I have ongoing is the wild mushroom thing down to LA and San Francisco. Two guys you definitely would not want moving in next door in a bar. I bought a round because I over heard a snip of conversation and it intrigued me. My “plan” was to buy them a couple of drinks and hear some bush rat stories. Years on we all are making money. They wrestle with the pickers, the cleaners, the packers, I set up the logistics and communicate with the brokers in the US and provide the seed money to purchase the mushrooms each year.

They have gone from working out of the back of 10 year old pickups to leasing their own space to clean and pack while driving new SuperDuty Fords.

Both those ongoing events are recent, both serendipity, both lucrative. Neither planned.

Stop counting how many years to retirement, stop worrying about bonds and start investing in life. Open yourself up to what is actually happening and opportunity appears. Gather your info from this comment section and things probably won’t change much.

#59 Toronto_CA on 03.03.21 at 5:02 pm

https://www.bbc.co.uk/news/business-54413214

“The study follows a BBC survey in August which suggested that 50 of the biggest UK employers had no plans to return all staff to the office full-time in the near future.

The BBC questionnaire found that 24 firms did not have any plans in place to return workers to the office.

Nine in 10 workers who have worked from home during lockdown would like to continue in some form, researchers found in an academic study.”

________

Hybrid is permanently the wave of the future. It’s not temporary, Garth. For every Goldman suit mouthing to the press, there’s hundreds of others adopting the Future of Work model to work from home:

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/d2ad4ae3-6b40-4051-a6fe-6f8a75924e30

wC is carrying out a survey of its 22,000 UK staff, with preliminary findings suggesting many workers want a return to three or four days in the office.

“This will necessitate a fully hybrid model of working,” said Kevin Ellis, chair of the professional services company’s UK business.

Lloyds Banking Group will carry out trials of hybrid working in late spring, involving thousands of its staff, and finance director William Chalmers said 77 per cent of employees “expressed a desire” to continue to work from home.

Most of the roles at NatWest will have an element of homeworking when staff return to the bank’s offices later this year.

Deutsche Bank said plans were being developed “towards the implementation of a hybrid future working model, combining the benefits of flexible working with the benefits of spending time together in the office”.

Aon, the insurance broker, said it would undertake “an in-depth analysis of what the ‘future of work’ will look like . . . which will involve a hybrid of working from offices, from home and other locations”.

Virgin Media said it was starting on a “future ways of work” strategy, which was likely to result in offices being adapted for hybrid working.

Other companies have already concluded the future will involve flexible working, with staff dividing their time between the office and home.

Revolut, the online bank, will move most of its 2,000 staff to “permanent flexible working”, and convert much of its office space into “collaboration spaces”. 

Chris O’Shea, chief executive at Centrica, which has 15,000 office-based staff, said: “We won’t be back five days a week in the office and I certainly won’t. I will keep a mix of flexible working. It’s good for staff, it’s also good for customers.”

But I guess time will tell if you’re right or wrong.

#60 Faron on 03.03.21 at 5:03 pm

#40 SnowOwl on 03.03.21 at 3:51 pm

#35 Faron
Thank you, Faron.
Ray Dalio is somebody I like and follow. He is holding VWO in his portfolio, with a small position of FXI. But you are correct that it is a very late trade and I am not rushing into EMs yet.
Currently focusing on the defensive stuff – utilities, consumer staples, even nibbling back at some REITs.
Still not sure if I want to add PFF at this point.
Cheers.

I’m far from a pro here, so take what I say with a grain of salt. I’m also a pessimist, so there’s that too. I often fail to see upside.

I do see upside in rates though so maybe brush up on your sector correlations with rates as you do your analysis.

I personally am on board with financials, commodities, industrials, energy etc. Not sure what to say about clean energy. It’s following the sentiment of TSLA and the like (not for the green angle) so I worry that it’s now over-hyped and will follow TSLA into the gutter. ICLN (ZCLN from BMO) and IWM both are heavy in Plug Power which some analysts think is never going to be profitable. At some point fundamentals will matter and those ETFs will suffer.

#61 Stone on 03.03.21 at 5:04 pm

The biggest publicized event is an uptick in mortgage rates. As the vaccines spread, the economy reopens, consumer spending ignites and inflation rekindles, rates will surely continue to plump. Everybody in the lending business knows that. It’s baked in.

———

Lots of bond market indigestion today. Impact on mortgage rates? Impact on housing market? We’ll see. Impact on my B&D portfolio? Down 0.22% to 6.28% YTD. Sniff.

#62 Reximus on 03.03.21 at 5:06 pm

@ Prince Polo

I am a potential vaccine tourist in California; my Calgary sister has a place in Palm Springs and I am allowed to use her zip code to get on their list for when they open it up to 55+. In fact I am already registered with their health website for my notice when I am eligible to make an appointment. They already send me texts to update me on possible jab timing.
I am not playing a game or jumping their queue, they know where I live and are clear about letting me come there from Canada to get a jab when there’s enough medicine (est. is early-mid april) for both locals and visitors.
Their logic is I will spend tourist $$$ while there and they wont be in a shortage of vaccine anyway…

But I’ll be damned if I will go there and get vaccinated and then have to spend 3K in some gawdawful hotel here even though my test will show I’m negative AND I will have been vaccinated 10 days before!

#63 Jem on 03.03.21 at 5:06 pm

Home buying and condo selling during the pandemic has involved the element of fear in decision making. And a lot of fear these days seems to based on….limited and changing evidence that is becoming more and more politicized. So how will real estate transactions made during the first pandemic year look in hind sight when we are in post-pandemic life? And a bigger question – what circumstances will be the same and what will be different 1 or 2 years from now?

The return to offices and workplaces will be necessary to support a competitive canadian economy…. Those working from home or wanting to continue to WFH risk career advancement/opportunities. The human brain hasn’t evolved in thousands of thousands of years – we are physically social creatures and this is wired into our brains. In person workplaces align with this structuring of the human brain. WFH is difficult for many people because it goes against evolution in many ways.

#64 Millennial Realist on 03.03.21 at 5:11 pm

LOL!

No, my generation will not be paying for all the changes, all you Boomers Born on Third Base.

UBI, and massive appropriations of your assets are coming, one way or another.

Social justice and a healthier environment demand it.

Be part of the change.

Or be run over by it.

#65 Michael on 03.03.21 at 5:17 pm

“the change you are going to get is more poverty, more starvation, more food insecurity, more crime, more societal decay by the policies you keep championing for.”

And you think things would got that way if COVID-19 wouldn’t have hit?

It’s not disease or war that end once prosperous societies. It’s people who exploit the prosperity to only serve themselves. Then when a shock comes to the system the system fails and collapses.

Whatever the outcome of COVID-19 is going to be, on a societal level, it didn’t cause it, it was just a symptom of what was already going on. Much like Trump didn’t appear out of nowhere, neither will the changes that COVID-19 is accelerating.

#66 Jack on 03.03.21 at 5:22 pm

Working at a pension plan. Today we had a meeting with our VP. He said that if the productivity is good, we will not be forced to come to office 5 days a week, unless we want it. He said that “two to three days a week will be the norm, but if 1 day works for you, and you do your work, then why not”.
So no.. 5 days a week office work is not coming back.

#67 Ray Dijanaz on 03.03.21 at 5:29 pm

Jake Celione, don’t forget about the extra $700 to $800 a month in the next 5 years due to higher electricity, gas, utility, water, garbage taxes, fees, municipal property taxes, higher value property assessment provincial portion of your tax bill jacking up property taxes even more, higher home insurance, CMHC mortgage insurance etc. etc.

It will be a big shock by 2026 how expense and ridiculous it will cost just to pay month after month for a house, condo in Canada. Alot of people are going to lose alot even if the pandemic did not come in 2020.

#68 Triplenet on 03.03.21 at 5:32 pm

Well, it’s official –
Dr. Seuss and his cats are racist.
…… and this is not a dogmatic opinion!

#69 NOSTRADAMUS on 03.03.21 at 5:38 pm

BARK, BARK, BAAARK!
What’s wrong Lassie? Oh my God, Timmy’s back in the well again. How many times do we have to save the boy?
The analogy being, Timmy is the over indebted speculator, being carefree, adventuresome, a risk taker, slow to learn from past mistakes. And hard of hearing when it comes to taking well intended advice. The well signifies entrapment and the possibility of death or the ending of all your financial dreams.
The good Samaritan is Lassie, the Central Banker who comes to Timmy’s rescue time and again by providing liquidity and zero interest rates. Question for all the Timmy’s? What happens when one day Lassie the Central Banker falls into a deep well of its own making? Answer, The next time Timmy falls into the well, his cries for help go unheard. That’s all I have to say on that, for now.

#70 SnowOwl on 03.03.21 at 5:40 pm

@60 Faron:
I’m far from a pro here, so take what I say with a grain of salt. I’m also a pessimist, so there’s that too. I often fail to see upside.

I do see upside in rates though so maybe brush up on your sector correlations with rates as you do your analysis.

I personally am on board with financials, commodities, industrials, energy etc. Not sure what to say about clean energy. It’s following the sentiment of TSLA and the like (not for the green angle) so I worry that it’s now over-hyped and will follow TSLA into the gutter. ICLN (ZCLN from BMO) and IWM both are heavy in Plug Power which some analysts think is never going to be profitable. At some point fundamentals will matter and those ETFs will suffer.

Thank you Faron,
I am a long term oriented investor and I do not buy anything unless I believe that it will be a quality hold for me. The core of the portfolio is plain and simple VTI, plus under 10% each in financials, industirials, reits and utilities, plus VXUS.
The reason I do not hold oil or commodities is that I feel there are too many external factors there, which I am not an expert on.
The thesis for utilities is that if there is a general corporate tax raise, they will benefit.
Not an expert on bonds either.
Cheers

#71 Vancouverite on 03.03.21 at 5:41 pm

https://www.citynews1130.com/2021/03/03/metro-vancouver-home-buyers-subject-free/

This is insane

#72 Not Stone on 03.03.21 at 5:42 pm

#61 Stone on 03.03.21 at 5:04 pm
Lots of bond market indigestion today. Impact on mortgage rates? Impact on housing market? We’ll see. Impact on my B&D portfolio? Down 0.22% to 6.28% YTD. Sniff.

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

Boring & Dull (B&D) mostly Blue Chip All Canadian dividend payers meanwhile are chugging along.
1.2% paid out in dividends
8.8% capital gains
YTD

#73 IHCTD9 on 03.03.21 at 5:46 pm

#64 Millennial Realist on 03.03.21 at 5:11 pm

UBI, and massive appropriations of your assets are coming, one way or another.
— —-

Not really, we’ll all be retired pulling tax free gains from our TFSA’s, uhh.. income tax free. No revenue windfalls from us I’m afraid. We won’t even be able to pay for our own health care any more (that’ll be your job too, unfortunately).

Look at the bright side though, UBI will (might) be there for you when you need it, to the tune of about 1500.00/mo. or so. Don’t spend it all in one place!

#74 Sail Away on 03.03.21 at 5:48 pm

#64 Millennial Realist on 03.03.21 at 5:11 pm

LOL!

No, my generation will not be paying for all the changes, all you Boomers Born on Third Base.

UBI, and massive appropriations of your assets are coming, one way or another.

Social justice and a healthier environment demand it.

Be part of the change.

Or be run over by it.

———–

There is an old story about a boy who cried wolf as a joke when there was no wolf.

Eventually, everyone stopped listening to him.

Speaking of that, where’s Apocalypse?

#75 Dave on 03.03.21 at 5:56 pm

May take a while for WFH to be fully realized, but millennials do have time on their side to make it happen. Things will move quickly once the transition of power happens over the next decade, but until then, it’ll be an impressive last ditch power move from the boomers to regain their corner offices and all the inefficiencies of the old economy that come with it.

#76 Hurtin' Albertan on 03.03.21 at 5:56 pm

WFH is a nice perk, good for Mondays or Fridays, or for quarantining with the sniffles or a cough (or Covid), but I agree that for collaboration, mentoring, and focus, work at work is best.

Here’s a dog story for you: https://www.cbc.ca/news/canada/edmonton/shell-scotford-robodogs-1.5934940

Robodogs will take some jobs.

Also SpaceX Starlink is rolling out:
https://www.cbc.ca/news/technology/starlink-internet-beta-testing-in-canada-1.5831765

Beta testers are using it already and they are taking orders for more. This will be a huge leap forward for rural dwellers.

#77 Ponzius Pilatus on 03.03.21 at 5:59 pm

#151 Keith on 03.03.21 at 11:02 am
@115 crowdedelevatorfarts

The feds are providing fifty million in funding, SOME is buying the Days Inn. Price is not disclosed. Don’t allow your eagerness to find fault get in the way of the facts.
—————-
CEF and facts are like oil and water.
But he’s got great anecdotes.

#78 Niagara Region on 03.03.21 at 5:59 pm

News: “Real estate lawyers may have helped high rollers buy Vancouver homes like casino chips: inquiry”:
https://globalnews.ca/news/7672708/real-estate-lawyers-may-have-helped-high-rollers-buy-vancouver-homes-like-casino-chips-inquiry/

This report makes me wonder about Casino Niagara. How extensive is the money laundering through real estate in the Niagara Region?

#79 Brian Ripley on 03.03.21 at 6:02 pm

My Calgary Housing chart is up with FEB data:
http://www.chpc.biz/calgary-housing.html

Average single family detached prices pushed up towards the top of the channel that has defined prices in the last 7 years of sideways chop.

​Meanwhile strata market prices remained on their downtrends with condos trading at 2Q 2006 levels when the TSX Energy Index was trading 3 times higher.

December 2020 Provincial Employment Earnings​ (2 month reporting lag) ​Average Alberta earnings are now $62,396 and are:

5% above Ontario​
8% above the national Canadian average
8% above BC and
14% above Quebec (no typo). ​

#80 ..... on 03.03.21 at 6:05 pm

#64 Millennial Realist on 03.03.21 at 5:11 pm
Social justice and a healthier environment demand it.
Be part of the change.
Or be run over by it.
————————————
Pfffffft ….

#81 Rick Longworth on 03.03.21 at 6:06 pm

SnowOwl, interesting what you are stating in your post. I am self taught expert on bonds as I have been a longer term buyer and seller of them for over 2 decades.

I have made some pretty good financial moves since the early 2000’s. I have alot of Canada, provincial, corporate strips, zeros, residuals that have panned out with after compound interest annual returns plus capital appreciation of 20% to 25% a year for 10 to 21 years in many cases.

Many were in my RRSP’s, TFSA’s but my non-registered money is mostly still in long term Canada, provincial, corporate coupon paying bonds, semi-annually mostly giving good, steady income and capital gains time to time of 5% to 6% annually. All in all, I have averaged 8% a year since 2000 or 19% after compounding, reinvesting returns. This is pretty good without any equity positions. I don’t invest in anything I don’t understand or have a good handle on.

My personal opinion is going forward, I will stick and expect with a conservative 5% annual return, interest plus capital appreciation for the next 5 to 7 years, 2021 to 2028. Unless interest rates are back in the 4% to 4.5% annual yields a year on the provincial coupon paying bonds side like in 2010 to 2012, then I would consider 6.5% to 7% annual yearly returns of interest plus capital appreciation which is 8% to 9% a year after reinvesting, compounding returns.

#82 Ponzius Pilatus on 03.03.21 at 6:11 pm

#165 IHCTD9 on 03.03.21 at 2:01 pm
#161 Sail Away on 03.03.21 at 12:34 pm
#159 IHCTD9 on 03.03.21 at 11:59 am

Yep, I used to run a bordello with an Austrian theme. All the Ladies wore hot pink dirndls. Unfortunately, there just wasn’t enough business to stay open, so I sold out and moved on to collecting track layers.

————

That’s because Austria’s oldest profession is singing, as exemplified by two of the country’s most famous people: Julie Andrews and Christopher Plummer.
___

You mean to say maybe I should have had the ladies out front dancing the Viennese Waltz, and singing “Edelweiss” instead of letting them lay around slugging Schnaps all day?
—————
Very funny, guys.
I’ll gonna send Arnie by.
He’ll straighten you out.

#83 Rainman on 03.03.21 at 6:12 pm

I’m being greedy and listing high. If it sells great and if not, love where we are.

#84 Ponzius Pilatus on 03.03.21 at 6:23 pm

#75 Dave on 03.03.21 at 5:56 pm
May take a while for WFH to be fully realized, but millennials do have time on their side to make it happen. Things will move quickly once the transition of power happens over the next decade, but until then, it’ll be an impressive last ditch power move from the boomers to regain their corner offices and all the inefficiencies of the old economy that come with it.
——————
Dave,
In 10 years, most boomers will either be dead or in the rocking chair.
Then your “efficient” generation can move into the corner offices, and rule the world.
Enjoy.
No kissing the secretaries, though.

#85 Reximus on 03.03.21 at 6:25 pm

@ Rainman

and then where would you go? serious question

#86 Ponzius Pilatus on 03.03.21 at 6:30 pm

#66 Jack on 03.03.21 at 5:22 pm
Working at a pension plan. Today we had a meeting with our VP. He said that if the productivity is good, we will not be forced to come to office 5 days a week, unless we want it. He said that “two to three days a week will be the norm, but if 1 day works for you, and you do your work, then why not”.
So no.. 5 days a week office work is not coming back.
—————-
The VP said “if” the productivity is good.
And who decides “if” productivity is good?
The VP.
Get you suits dry cleaned.

#87 Mind ya bizness on 03.03.21 at 6:39 pm

I disagree. This is a sea change in how we think about working and WFH/Remote.

I was on a roundtable call this week with a number of global CIO’s and CISO’s (think large enterprises). One commented how they have already let go of 30+ office properties and were looking to divest the rest. Saves on overhead.

You might be surprised, Garth. The appetite for massive offices and hour long commutes is significantly reduced.

#88 BAC on 03.03.21 at 6:44 pm

Numbers just published in Australia, offices are ranging from 25-65% occupancy with only 50k vaccines given. They also have an enviable number of cases

#89 crowdedelevatorfartz on 03.03.21 at 6:44 pm

@#30 S.BBY
“I know of a lot of people who are on anti-depressants now …”

%%%%%%

I’ll drink to that….

#90 Pylot Project on 03.03.21 at 6:45 pm

I’ve been one of the lucky individuals to have had steady work during this pandemic. Ecom has been hair-straight-back busy. I am getting tired though of people giving each other looks that are worthy of Donald Sutherland in Invasion of the Body Snatchers.

With all the WFH going one, Transit has been empty of mortal souls. While it was fun for a while being one of the few drones commuting, I worry about the Service levels getting stripped if WFH continues, even at a 50% level. A couple of my examples:

The past two days, there were only two of us on a full-size bus from my pick-up point to SkyTrain. That’s about a 5 Km ride in rush-hour. There’s been a few times that I was the ONLY person on the bus going the other direction at 6:30pm. Nice silver/blue limo ride, but it’s not sustainable.

Hardly anybody is taking SkyTrain. We all sit one-person per row and there’s still empty seats available. If people want this infrastructure to expand, it needs people riding again.

Lastly, give generously to the SPCA. There is going to be a huge influx of dogs surrendered once people find out how the canines entertain themselves while your away at work.

#91 IHCTD9 on 03.03.21 at 6:45 pm

#82 Ponzius Pilatus on 03.03.21 at 6:11 pm
#165 IHCTD9 on 03.03.21 at 2:01 pm
#161 Sail Away on 03.03.21 at 12:34 pm
#159 IHCTD9 on 03.03.21 at 11:59 am

Yep, I used to run a bordello with an Austrian theme. All the Ladies wore hot pink dirndls. Unfortunately, there just wasn’t enough business to stay open, so I sold out and moved on to collecting track layers.

————

That’s because Austria’s oldest profession is singing, as exemplified by two of the country’s most famous people: Julie Andrews and Christopher Plummer.
___

You mean to say maybe I should have had the ladies out front dancing the Viennese Waltz, and singing “Edelweiss” instead of letting them lay around slugging Schnaps all day?
—————
Very funny, guys.
I’ll gonna send Arnie by.
He’ll straighten you out.
—-

I’m a big AS fan Ponzie, I often wonder if your accent makes you sound like him. If we ever met in person, there would be hours of laughter as I ask you to recite famous Arnie one-liners like “I’ll be back”, “I let him go”, “he had to split”, and my personal fav: “So I hear you want to be a farmer… here’s a couple of “achers” “.

#92 Stone on 03.03.21 at 6:45 pm

#72 Not Stone on 03.03.21 at 5:42 pm
#61 Stone on 03.03.21 at 5:04 pm
Lots of bond market indigestion today. Impact on mortgage rates? Impact on housing market? We’ll see. Impact on my B&D portfolio? Down 0.22% to 6.28% YTD. Sniff.

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

Boring & Dull (B&D) mostly Blue Chip All Canadian dividend payers meanwhile are chugging along.
1.2% paid out in dividends
8.8% capital gains
YTD

———

Hey Groupie. Or do you prefer to go by Penny Henny? Do you need a hug?

#93 crowdedelevatorfartz on 03.03.21 at 6:49 pm

@#64 Millenial Delusionist
“Social justice and a healthier environment ”

++++

Bwahahahaha
Is that what we’re calling Higher Taxes and Universal Unemployment Income now?
BWAHAHHAHAHAHAHAHHA.

Would the last tax paying Boomer please turn out the lights.

#94 Handsome Ned on 03.03.21 at 6:53 pm

In about 15 years Millennial realist will be changing my diapers. Old man poo would gag a vulture. It’s not going to be a bed of roses for him.

#95 Danger Dan on 03.03.21 at 6:53 pm

My gut feeling is the coming urban revival is overbought.

I don’t think the virus is the only reason people have been fleeing the cities.

Growing anti-white/conservative (“try to be less white”), anti-male (“toxic masculinity”) sentiment is having an impact. It’s destroying incentives that worked and creating perverse ones to replace them with.

Men that have been sufficiently alienated by feminism and progressivism; who don’t plan to ever have a wife or kids, have no real reason to compete in the urban rat race for a shot and building a career.

What’s the point, when there’s no job security anyway?

Single men can survive on $30k a year working some humble job in the peaceful hinterlands where they aren’t obligated to sit through sexual harassment training seminars and apologize for having been born white.

Yes, Dan, we agree. Go far away. – Garth

#96 Penny Henny on 03.03.21 at 6:54 pm

#92 Stone on 03.03.21 at 6:45 pm
#72 Not Stone on 03.03.21 at 5:42 pm
#61 Stone on 03.03.21 at 5:04 pm
Lots of bond market indigestion today. Impact on mortgage rates? Impact on housing market? We’ll see. Impact on my B&D portfolio? Down 0.22% to 6.28% YTD. Sniff.

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

Boring & Dull (B&D) mostly Blue Chip All Canadian dividend payers meanwhile are chugging along.
1.2% paid out in dividends
8.8% capital gains
YTD

———

Hey Groupie. Or do you prefer to go by Penny Henny? Do you need a hug?

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

No hug required, I’m good.
I just like to point out how annoying you can be at times.

#97 crowdedelevatorfartz on 03.03.21 at 6:58 pm

@#68 Triplenet
“Well, it’s official –
Dr. Seuss and his cats are racist.”
#######

Yep.
Who knew we were indoctrinated by the author of Green Eggs and Ham.
I want to sue someone.
Can I sue my parents?

Only a matter of time before children’s names are the next target and branded “gender biased” unless they can be unisex.

Bye bye Betty, Dave, Ken, Karen, etc……
Hello
Alex, Billy/Billi, Casey, Don/Dawn, Jody/Jodi, Pat…..

Its great to be alive.

#98 crowdedelevatorfartz on 03.03.21 at 7:01 pm

@#94 Handsome Ned
” In about 15 years Millennial realist will be changing my diapers. Old man poo would gag a vulture. It’s not going to be a bed of roses for him.”

+++

So I guess we’d rename you “Hand Some Ned” for Millennial Surrealists diaper duty?

#99 Faron on 03.03.21 at 7:02 pm

#91 IHCTD9 on 03.03.21 at 6:45 pm

#82 Ponzius Pilatus on 03.03.21 at 6:11 pm
#165 IHCTD9 on 03.03.21 at 2:01 pm
#161 Sail Away on 03.03.21 at 12:34 pm
#159 IHCTD9 on 03.03.21 at 11:59 am

lay around slugging Schnaps all day?

Oh, that’s where The Jaguar went.

#100 Nonplused on 03.03.21 at 7:07 pm

My wife was working from home for years before the pandemic hit. She is very productive and I can ensure you she puts in her hours. But her job is national, so being in a cubical wouldn’t actually put her face to face with many of the people she works with.

We did have to make some changes including setting up a full time office in an extra room. If you don’t have an extra room that is a major setback. That’s the nice thing about Alberta is you can have (if you can afford it) a 2000 sqft bungalow with a walk out basement and still only be 30 minutes from downtown (unless it snows). Or a 4000 sqft 3 story. Whatever fits your pistol. And it’ll cost a lot less than anything within 2 hours of Toronto.

So it will be interesting in my opinion to see how many people that moved to the burbs will actually return to the city. Perhaps they had knowledge that their job would remain WFH before they bought? Or maybe they found work that suits them just fine in the burbs? People are always talking about how they would like to get out of the city but can’t because of their job. Maybe covid led them to take that risk. We’ll see I guess.

I’m not too worried about the puppies. Sure, the rescue centers cleared out, but were there really that many more puppies? Demand went up, sure, but it may have been “pent up demand”, as they say. And for most people once you have a puppy you can’t give it up unless you can’t care for it anymore or you know it is going to a good home.

#101 Regjeg on 03.03.21 at 7:10 pm

#47 Habitt

It’s a bad habitt to attack Garth. Stop it!

#102 Faron on 03.03.21 at 7:12 pm

#76 Hurtin’ Albertan on 03.03.21 at 5:56 pm

Also SpaceX Starlink is rolling out:
https://www.cbc.ca/news/technology/starlink-internet-beta-testing-in-canada-1.5831765

Beta testers are using it already and they are taking orders for more. This will be a huge leap forward for rural dwellers.

There’s speculation that Elon will take this public with a SPAC, potentially one of Ackman’s.

#103 crowdedelevatorfartz on 03.03.21 at 7:15 pm

@#77 Pyromaniacal Ponzie
“CEF and facts are like oil and water.
But he’s got great anecdotes.”

+++++

It just so happens I DO have a oil and water story.
Years ago was delivering some material to a dock to be load on a ship.
Windy day. VERY windy day.
A forklift was sitting on the dock with some rags under it as it was leaking hydraulic fluid.
Suddenly the wind blew 3 rags out from under the forklift and into the harbor.
O….M….G….
The hydraulic fluid from 3 rags created an oil sheen a few meters across.
All hell broke loose.
Men were risking their lives to zip around in a small aluminum skiff tossing MORE oil adsorbent rags into the maelstrom. Oil booms were deployed, Oil skimmers were dispatched.
Pandemonium.
I counted 5 men on the clean up crew and 9 ( yes NINE) Publics Work Canada “Blue Helmets”, wearing Life Jackets, with clip boards standing on the dock taking notes, pictures, etc.
Not once did they set foot in a boat.
When it was all said and done.
10 large plastic garbage bags full of adsorbent rags. Two small boats burned gallons of gas.
Mountains of paperwork ensued.
Our fearless govt environmental warriors killed uncounted trees with the paperwork that was created…..their jobs justified for another year.

#104 Do we have all the facts on 03.03.21 at 7:15 pm

Prior to the 1950’s the focus of retail operations was in the central cores of every city with a population of more than 200,000. Municipal governments levied onerous taxes on major retailers and insisted that they provide off street parking.

It became increasingly difficult for retailers to pass on the cost of municipal demands to their customers and a move to less expensive suburban locations with free parking became the new retail focus.

We are now in the middle of shift from bricks and mortar retail, where operating costs are increasing every day to on line shopping where operating costs, including wages and taxes, are substantially reduced.

My point is that economics will dictate the fate of large and very expensive office buildings as municipal governments search for additional revenues. My gut feeling is that many bricks and mortar office buildings will follow the fate of flagship downtown department stores into obsolescence.

Why would companies continue to lease office space downtown at $40/sq. ft. when a wide variety of much cheaper options are available. Most of the work being performed downtown each day can be performed in much less expensive locations without the need to spend valuable hours commuting to and from work downtown.

The times are a changing boys and girls and I don’t see how all downtown office buildings can remain viable in a world ruled by the sharpest pencils.

#105 Job#1 on 03.03.21 at 7:21 pm

#58 Ustabe

I like your story, the conclusion and the advice.
Thanks, cheers.

#106 Lead Paint on 03.03.21 at 7:29 pm

The less accountability you have for other people’s work, the more you favour work from home. But if you manage people on tasks that aren’t easily quantifiable remotely , you want them nearby.

Thus the generational divide on wfh.

#107 Habitt on 03.03.21 at 7:30 pm

#75 Dave. Yes, times are changing. Thanks for the reality dose.

#108 Vic HOOD on 03.03.21 at 7:37 pm

Gather round lads, and listen to Great Grandad. Back in the day, I worked for Guaranty trust at corner of Bay and Adelaide. Regional income loans appraiser. Part of a small team who did our larger mortgage loans. I loved it .’Its where the action was, the money was good. I lived in Barrie and commuted a total of 3 hours +/- a day. It wore out a car every 2 years, within 5 years I was separated, 2 teenagers at home with me, drinking way to much, smoking way too much, resting heartrate at around 100. My doc scared me” make big changes or else, put your affairs in order” I hate to give up, some may call it pigheaded, stubborn, I prefer tenacious. however I made the necessary changes and life went on. no more commute. WFH will pass. I hope the commuters do better than I did. By the way, the traffic today , just south of Barrie is about the same as it was south of highway 7 back then. Best of luck to the new commuters. Talk nice to your friendly realtor, she may be able to give you a deal on commission . you’re going to need it

#109 Nonplused on 03.03.21 at 7:41 pm

#21 Sara on 03.03.21 at 2:41 pm
Speaking of pandemic pups, dog thievery is on the rise apparently. If you love your dog, never leave him unattended and keep a wary eye while out in public with him. A lady I know dropped her leash for a second (accidentally) while in a local dog park and some guy snatched the pup and ran off with it.

————————————-

I think someone may have stolen my dog’s radio collar. Maybe a collar vigilante. It is a big red thing and I can’t find it anywhere. Not in the yard and not in the house.

Anyway, off to the pet store. The quickest way to find something is to replace it, the old one always shows up the next day.

#110 Faron on 03.03.21 at 7:42 pm

#115 crowdedelevatorfartz on 03.02.21 at 9:37 pm

@#101 faron

Like it or not.
Private landlords are light years ahead of the govt.

I think the comparison isn’t quite apt. I’m fine with people running businesses dedicated to housing such as apartment owners etc. Dense development of multi-unit apartment buildings or condo buildings is great. I think it’s problematic that Air BnB and “suiting” everything under the sun within a RE market that awards speculation over secure housing has been allowed to grow. Private, one or two family dwelling units have become speculative instruments that has caused prices to explode way beyond realistic affordability. It’s almost impossible to buy a house right now without getting sucked into the suite trap because it’s the only way to make owning affordable for many and it’s de rigeur. This drive to generate cashflow from your house is at odds with needs for shelter on many levels and should be heavily regulated to near non-existence.

Yes, ultimately this affects the homeless population. There’s clear evidence that high housing prices drive up homelessness rates. And, once homeless and desperate, it’s only a matter of time before one wants to take a substance to get their mind off the hell they live in.

Like you, I wish more serious thought or action would be taken to help solve the combined substance abuse/homeless problem. Frankly, I don’t think much of it works unless Two things happen. 1) Outright fiscal support for people on the edge of losing their housing through much more progressive taxation and increased corporate taxes. And, 2) society changes to drive fewer people to feed addictions of all kinds.

Making drugs legal or illegal won’t solve the problem. Imprisonment wont either. Punitive sentencing or fining or other approaches don’t help. The only thing that will is the incredibly hard and almost impossible to legislate overall improvement of the human condition among those who are vulnerable for whatever reason. The simplest way for that to happen is to make damned sure that the poorest among us don’t fall through the cracks. Doing so will be far far far far cheaper than cleaning up after folks who have dropped through the cracks and struggle for decades.

People turn to addictions out of some kind of fundamental despair. Sometimes the addiction leads, other times the addiction trails, but the common denominator is despair. Once in it, it’s very very hard to break out.

#111 Stone on 03.03.21 at 7:50 pm

#96 Penny Henny on 03.03.21 at 6:54 pm
#92 Stone on 03.03.21 at 6:45 pm
#72 Not Stone on 03.03.21 at 5:42 pm
#61 Stone on 03.03.21 at 5:04 pm
Lots of bond market indigestion today. Impact on mortgage rates? Impact on housing market? We’ll see. Impact on my B&D portfolio? Down 0.22% to 6.28% YTD. Sniff.

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

Boring & Dull (B&D) mostly Blue Chip All Canadian dividend payers meanwhile are chugging along.
1.2% paid out in dividends
8.8% capital gains
YTD

———

Hey Groupie. Or do you prefer to go by Penny Henny? Do you need a hug?

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

No hug required, I’m good.
I just like to point out how annoying you can be at times.

———

Have you looked in the mirror lately? I normally just ignore you though.

I’ll give you a hug regardless. Looks like something has been annoying you lately.

#112 I have one too ... on 03.03.21 at 7:54 pm

#103 crowdedelevatorfartz on 03.03.21 at 7:15 pm

@#77 Pyromaniacal Ponzie
“CEF and facts are like oil and water.
But he’s got great anecdotes.”

+++++

It just so happens I DO have a oil and water story.
————————-
I was just a young bull pup working on the graveyard shift alone in a maintenance shop. The boss on dayshift would show up a little earlier than the rest of the crew to get things organized. He asked me to move a vehicle out of the way which I did but in the process tipped over a full 45 gallon barrel of used engine oil that someone left with no bung. Did not even know I had done it until it was too late. The boss looked at the black lake and said “what #@$%# left that there with no bung in it?” Don’t worry about it as you are going home … the janitor will look after it. Don’t think he spoke to me for a month.

#113 Nonplused on 03.03.21 at 8:01 pm

#64 Millennial Realist on 03.03.21 at 5:11 pm
LOL!

No, my generation will not be paying for all the changes, all you Boomers Born on Third Base.

UBI, and massive appropriations of your assets are coming, one way or another.

Social justice and a healthier environment demand it.

Be part of the change.

Or be run over by it.

———————————

Sigh. So much education and so little understanding of math or economics.

Assets are not generally money, unless the asset is cash. Rich people generally do not hold much cash compared to their “assets”.

The only way Jeff Bezos could pay a “wealth tax” is to either sell shares (to whom?) or start paying a dividend, which means less money for new “fulfillment centers” and jobs. I.e. economic contraction.

Try to remember this simple fact: Wealth as expressed in dollars is notional. It is just an idea in your head. The asset is not money until it is sold. And somebody else has to come up with the money to buy it.

There is no way to convert Bezos Amazon wealth to free potatoes for everyone. Amazon is not potatoes. Only cash can act as an intermediary.

When Bezos decides enough expansion is enough, he will start paying a dividend, and the government will get about 25% of that.

#114 Jem on 03.03.21 at 8:03 pm

Companies with a workforce WFH might be able to get workers in place or positions filled and work trickling along. But the competitive edge will increase for companies that attract workers into collaborative and focused workspaces, that produce more and better work.
The companies that can bring the best and brightest into workplace settings are set to have the greatest competitive advantage in the future. Not necessarily all staff in the office but the bulk of staff at a core workplace operation maximizes the possibilities that result from our wired in social connectedness.

#115 Gravy Train on 03.03.21 at 8:05 pm

#99 Faron on 03.03.21 at 7:02 pm
“Oh, that’s where The Jaguar went.” She seemed more like a cougar than a jaguar—if you get my drift. :P

#116 Ed on 03.03.21 at 8:07 pm

I remember only a few years ago we didn’t trust anyone over 30 and were going to stick it to the man!

Well we became the “Man”. Pretty sure today’s kids will as well, they don’t even drop acid.

#117 crowdedelevatorfartz on 03.03.21 at 8:09 pm

@#104 All the facts
“The times are a changing boys and girls and I don’t see how all downtown office buildings can remain viable in a world ruled by the sharpest pencils.”

++++
Vancouver has been converting old office buildings into Condos for about 15-20 years now.

The suburbs gladly accepted the idiots in Vancouver
City Clowncil for their anti business, anti traffic agenda.

Horrific traffic after the Greens “traffic calmed” downtown core streets, exorbitant meter parking fees, exorbitant property taxes….there is one gas station left in downtown core of Vancouver….so….dont run out of gas,
The Eatons building was closed and sat empty until other multiple tenants moved in.
Pacific Center Mall is a dated, shabby shadow of its former glory days in the 80’s and 90’s

Amazon is crushing Bricks and Mortars stores.

#118 YVR Renter on 03.03.21 at 8:19 pm

I was a pharma Rep in the GTA. Got big step up selling to specialists in DT TO at UHN, UofT, etc. That was 2007-2010. Lived by SAC in north west Aurora. If I didn’t leave before 6:15am to get DT it was going to take 2 hours. If I didn’t leave DT by 2:30 to get to WFH office to do planning and admin, it was min 1.5 hrs. Soul-sucking commute. By the time you get to the city, you already feel like you day should be half over but it hasn’t even begun. Mucho caffeine required. Then i did it 2 days/wk from Collingwood – 3 hour commute.
Fast forward to 2021. Places like Aurora, Newmarket, Collingwood, etc have exploded. A lot more cars, and no better transit than then. If WFHers in the north GTA, and surely all directions, folks who wanted a yard out in the boonies, all have to go back to the office, it’s going to be a dreadful, killer commute. Forsee those boony houses all going for sale in next few yrs.

#119 crowdedelevatorfartz on 03.03.21 at 8:24 pm

@#112 I have one too…

I took a Boiler course about 20 years ago at BCIT.
The instructor there used to work at Woodfibre in Squamish as a 1st Class Power Engineer.
Very smart guy, very qualified.
He told us a few horror stories of the Pulp Mill.
The one that stood out was a leak.
Seems they had these huge boiler separators that would boil pulp at incredible temps and pressures to separate out the useable material from the crap.
“Black” Liquor and “Green” Liquor was part of the process.
Apparently a security guard did rounds all over the site including beneath the tanks that held the “Black Liquor”
He had noted burnt out lights in the tunnel beneath the tanks for weeks and no one changed them.
One night he walked down the stairs and stepped into liquid and started walking down the tunnel…. “Black Liquor” had leaked into the tunnel filling it to a depth of 6 inches…,
Temps for black liquor were way above the boiling point for water , AND it was very corrosive…..
He burned both his feet so badly they had to amputate.
WCB came down on the plant like Hell on fire.
The Chief Engineer visited the guy in the hospital and the guard said, “Even if the lights were all on….I still would have walked into that liquid…It looked like water.”
The guard was a very rich man after that.

#120 YEG on 03.03.21 at 8:28 pm

Not sure if i agree with WFH changing, at least not 100% back to the way it was. Our employer in Edmonton (hint: tallest new shiny tower) is letting go of 30% of office space. We can work at home full time, part time or full time at work. I was surprised by that choice given to us but i figure the lease cost savings outweigh our productivity loss (if in fact there is one in our particular field).

One of our competitors downtown is doing the same thing. Not sure about the others but a few other competitors are in industrial areas with relatively lower leasing costs than in downtown.

#121 Cheese on 03.03.21 at 8:31 pm

Despair is all that is left when you can’t even get help, when you are not allowed to approach other living beings for fear of infection.

#122 ItsAllMagicToMe on 03.03.21 at 9:08 pm

“A new Nik Nanos survey finds 64% of DT office workers are okay to go back into the towers with another 21% feeling neutral about it.”

Garth, your comment above is not strictly correct on a number of fronts:
– The survey was not strictly office workers — 386 of the 507 respondents were office-based, while the rest were in hospitality, retail, or other
– 39% of the respondents are already working downtown at least part of the time, so there is no “go back” for them. They are back. A further percentage are out of work altogether and that may contribute to relative comfort of being back to work versus discomfort associated with being out of a job.

A couple more points:
– The question that led to the 64% number was “On a scale of 0 to 10 where 0 is not at all comfortable and 10 is very comfortable, how comfortable are you working on location in the downtown core?” However much respect you have for Nanos, it is difficult to argue that this question does not have ambiguity attached to it. It does not mention anything about a return or a time period during which this comfort exists, e.g. a respondent could quite easily read it as general downtown work comfort independent of the pandemic.
– According to the Toronto Star, “The research comes out of a committee on downtown recovery headed by Toronto Mayor John Tory, the board of trade, the Urban Land Institute of Toronto and the Financial District Business Improvement Area.” Hmmmm.

#123 crowdedelevatorfartz on 03.03.21 at 9:18 pm

My Goodness.
BC Global 6pm tv

“Dont let FOMO lead to Investment Fraud”….

No mention of FOMO leading to Real Estate purchases.

#124 westcdn on 03.03.21 at 9:19 pm

I had a very good run in 2021 so far, + 9.9% and there still 9 months to go. Time to start buying my line of credit down. I used it to buy equities during March 2020. It turned out well for me and I don’t need to push my luck.

I little faith in politicians but there are some good ones. I think the CPC missed a good one in Leslyn Lewis. I think most Ottawa bureaucrats exist to serve the politicians first, then other Canadians second – if we are lucky. I wonder many will continue to WFH when the chances of cutting their pay or benefits is zero.

#125 crowdedelevatorfartz on 03.03.21 at 9:51 pm

@#110 Faron
“Making drugs legal or illegal won’t solve the problem. Imprisonment wont either. Punitive sentencing or fining or other approaches don’t help. The only thing that will is the incredibly hard and almost impossible to legislate overall improvement of the human condition among those who are vulnerable for whatever reason. ”

+++

Well.
I’d love to “Buy the world a Coke and sing in Harmony” as well but…. reality check.
Homeless Drug addicts and the Homeless mentally disabled are increasingly violent and increasingly costly to manage.
So the federal Liberal (Pierre Trudeau ) social experiment of opening the asylums and pushing the “problem” on the Provincial Health Care system….. has ….eventually come back to kick us all in the face.

We can speak in “touchy feely” generalities of “legislating the overall human condition” as you so eloquently opined…….. or we can call a criminal…..a criminal and arrest, convict and jail them.
Not lock up and throw away the key but…..

Hold them while they sober up, OR in the case of mentally disturbed people, medicate up.
However .
I tired of the endless News stories of violent offenders “well known to police” that beat the crap out of some one ON VIDEO and are released the same day…..
Revolting if it happens to someone YOU know.
Jail the violent offenders.
Drug or Mental disorders…… doesnt matter.
They are habitually, consistently violent…
They do not deserve freedom.
Either way the Law abiding, tax paying citizens…..will breathe a bit easier.

#126 Condos on 03.03.21 at 9:53 pm

Garth I’ll give it to ya. You called that buying opportunity on the condos perfectly. Couldn’t have timed the bottom better. Were you a buyer?

#127 IHCTD9 on 03.03.21 at 9:56 pm

#103 crowdedelevatorfartz on 03.03.21 at 7:15 pm
@#77 Pyromaniacal Ponzie
“CEF and facts are like oil and water.
But he’s got great anecdotes.”

+++++

It just so happens I DO have a oil and water story.
—— —-

Hey, I love anecdotes too!

A long time ago, in a land far far away, a transport truck pulled into a yard with a load of steel plate I had ordered the week before. Full flatbed, 50 plus thousand pounds of 96 x 288’s. The yard guy decided that the big Taylor and the almost as big Hyster lift trucks could combine forces and unload it all in one lift. It was pouring rain after all, no one wanted to spend more time than necessary out there…

Unfortunately, the Hyster didn’t bring enough and started tipping forward under the weight, at a certain point, it got “tiddlywink’ed” and shot backwards 20 feet. The steel plates sagged off the forks of the Taylor, but it was too much. The 10 thousand lb counterweight on the back of the truck gently rose skyward, where a delicate balance was reached when the forks hit the ground. Not before the operator was ejected onto the ground in front of the machine though.

Immediately, hundreds of gallons of hydraulic oil and diesel fuel began relieving themselves from their respective tanks. I watched as the little streams of rainwater running past my feet turned into rivers of red and black. It just kept pouring out of there.

The GM put all of us present on shovels building a berm of gravel to direct the oily river into a nearby storm drain… No blue helmets or clipboards that day!

#128 april on 03.03.21 at 10:31 pm

#79 – Ross Kay- Howestreet.com
MLS is a “ponzi scheme”

#129 The Woosh on 03.03.21 at 10:45 pm

#74 Sail Away on 03.03.21 at 5:48 pm
#64 Millennial Realist on 03.03.21 at 5:11 pm

LOL!

No, my generation will not be paying for all the changes, all you Boomers Born on Third Base.

UBI, and massive appropriations of your assets are coming, one way or another.

Social justice and a healthier environment demand it.

Be part of the change.

Or be run over by it.

———–

There is an old story about a boy who cried wolf as a joke when there was no wolf.

Eventually, everyone stopped listening to him.

Speaking of that, where’s Apocalypse?

————————————————

He jumped in the bunker and sealed himself in using a laser torch. Unfortunately, he burned through his fiber internet connection at the same. Been banging morse code ever since hoping someone will come and free him. Too bad they don’t teach morse code anymore. And no…there’s app for that! To bad Stay Away didn’t go with him!

#130 Ustabe on 03.03.21 at 11:15 pm

Those of you who remain merely observers of this particular corner of the Internet will see what I mean when I say let them talk, print, publish without censorship because soon enough they will expose themselves for what they really are.

Today and tonight’s series of anecdotes is exhibit #1.

To engage in the type of things contained within these anecdotes is one thing but to openly post them here with apparent glee is another thing entirely.

That isn’t indicative of conservatism, that is indicative of being well and truly under the thumb of the capitalist who benefited from said activities.

#131 GreenBay on 03.03.21 at 11:38 pm

Madness continues -info from real estate agent from yesterday sales in Lower Mainland ( Vancouver area)

1) in Maple Ridge – SFH (60 yo),
BS Assessment – 744,000,
Seller price – 900,000,
sold for – 1080 with no subjects

2)in Coquitlam – SFH,
BS Assessment – 1,000,000,
Seller price – 1,500,000,
Sold for – 1,800,000 with no subjects

#132 GreenBay on 03.03.21 at 11:42 pm

Forgot to add that there were 15 and 16 bits for those properties respectively.

#133 Ponzius Pilatus on 03.03.21 at 11:44 pm

#91 IHCTD9 on 03.03.21 at 6:45 pm
#82 Ponzius Pilatus on 03.03.21 at 6:11 pm
#165 IHCTD9 on 03.03.21 at 2:01 pm
#161 Sail Away on 03.03.21 at 12:34 pm
#159 IHCTD9 on 03.03.21 at 11:59 am

Yep, I used to run a bordello with an Austrian theme. All the Ladies wore hot pink dirndls. Unfortunately, there just wasn’t enough business to stay open, so I sold out and moved on to collecting track layers.

————

That’s because Austria’s oldest profession is singing, as exemplified by two of the country’s most famous people: Julie Andrews and Christopher Plummer.
___

You mean to say maybe I should have had the ladies out front dancing the Viennese Waltz, and singing “Edelweiss” instead of letting them lay around slugging Schnaps all day?
—————
Very funny, guys.
I’ll gonna send Arnie by.
He’ll straighten you out.
—-

I’m a big AS fan Ponzie, I often wonder if your accent makes you sound like him. If we ever met in person, there would be hours of laughter as I ask you to recite famous Arnie one-liners like “I’ll be back”, “I let him go”, “he had to split”, and my personal fav: “So I hear you want to be a farmer… here’s a couple of “achers”
———————-
Arnie and I lived just about 100 km apart.
So our accent is about the same.
When I came to Canada, and when I got a date over the phone,
I never understood why I never got a second date.

#134 Ponzius Pilatus on 03.03.21 at 11:49 pm

#99 Faron on 03.03.21 at 7:02 pm
#91 IHCTD9 on 03.03.21 at 6:45 pm

#82 Ponzius Pilatus on 03.03.21 at 6:11 pm
#165 IHCTD9 on 03.03.21 at 2:01 pm
#161 Sail Away on 03.03.21 at 12:34 pm
#159 IHCTD9 on 03.03.21 at 11:59 am

lay around slugging Schnaps all day?

Oh, that’s where The Jaguar went.
—————-
I wonder where Jag and BillyBob are?

#135 crowdedelevatorfartz on 03.04.21 at 12:28 am

@#127IHCTD9

LOVE that story !

#136 Robert Ash on 03.04.21 at 12:35 am

Work from Home, ticks, the Day Care Boxes, Social Inequities, Environmental Gains, Some Child Care, and Disabled issues, Special Needs Child Health Stresses, and more.. and for many is the way to go… Happiness is just a wonderful bonus…. to top it all off…. I would be very surprised, if the Trudeau gang, doesn’t follows this path, and very soon… Also… Start to learn Mandarin. At minimum, or this sea change, needs to be co ordinated with Trade and Commerce controls, etc… Interesting times.

#137 Keith on 03.04.21 at 1:13 am

@#125 crowdedelevatorfartz

The western democracies with the lowest crime rates, don’t have a culture of “cracking down” on poverty and addiction. The failed war on drugs to the south is proof.

Your call for mental hospitals, is absolutely appropriate as the “experiment” of putting people with mental health issues into the community without paying for proper support has been a seminal factor in the mess we see today. That misguided action, along with massive cuts in welfare payments has led to the current reality of the IGA on Robson street facing ten armed assaults on staff per day. People with no home and no money have little to lose.

Sadly, the situation has to get so bad, the government has no choice but to take action. The social license is in place for dramatic policies now that we have allowed the outlaws to run free. Incarceration runs 70k per year. We should have meaningful addiction treatment at a lower cost to society, not free drugs and a blind eye to crime ridden violent tent cities.

#138 fishman on 03.04.21 at 1:32 am

#117 Vancouver has been converting old office buildings into condos for 15 to 20 years now. Vancouver closed this loophole 20 years ago. I know because I was one of the last to climb on that gravy train. Van City hired a consulting firm to do an analysis soon after I got my City Hall OK. The report found that contrary to common belief residential dwellings would bring in more tax dollars than commercial the opposite was true. Commercial pays about 5x mill rate as residential. But the real kicker was the additional expenses for infrastructure for residential like schools,transportation, recreation etc. Have ever dealt with Van City in a development project? Changing commercial zoning to residential? I mean its done, but wow thats a game for the really rich & connected. No mutts on here in that rarified atmosphere.
Oil & water? The Feds got a plane with an infrared radar system that can spot you pumping fuel or cleaning your bilges from 140 miles away. The freighters used to clean their bilges off Vancouver Island before coming in. Haven’t seen those bunker oil slicks since they got that radar system. Your tracked, so if they spot a spill they can get a sample, figure your track, analyze a sample from your bilge & if your the culprit? Big Trouble.

#139 Enigma on 03.04.21 at 1:50 am

Interesting discussion about the future of WFH. I’ve been working for a full year from home. It works, I am productive but it is also draining in a weird way. The nuances of personal relationships are missing and the spontaneous contact to others. It’s much harder to keep relationships balanced. I noticed that people became more “task” oriented, which reduces the human warmth of relationships.

People look stressed and try to keep their smiles going but the micro expressions tell a different story. I miss the office and the separation of office and home. Many days feel like groundhog day with a lack of diversity and the elements of surprise. It’s depressing. I often feel tired despite paying attention to keeping a healthy lifestyle and struggle to cope with feelings of isolation. It’s not healthy.

I’ve worked virtual before many years ago, but it was in a mixed environment. Then and now I felt like I had to work harder on maintaining good relationships, and keeping in touch what is going on. Opportunities often come through creative and spontaneous actions, this is hard to happen in a more scripted WFH environment. Keeping in the loop on all that is happening in the teams I work with, is harder as well.

Knew a guy some years ago, he had a cool working gig, worked mostly out of a mountain town and only came in occasionally. From a certain point on this changed and I was surprised as he really tried quite intensely to network and connect with people. I think he had noticed he was losing touch with the office. Not so long after that he was not working there anymore. I think this is easier to happen with WFH and in many industries it’s critical to stay as connected as possible. Jobs also seem to get more and more volatile and what happens to folks when they lose a job living in the boonies, wouldn’t it be harder to find another job that would not require moving or a long commute?

I am happy and grateful to have a job though. Many good paying jobs seem to be in the process to be globalized, especially if they can are WFH. If it does not matter where you are, why not look outside of the usual geographic area to fill jobs where cost of living and wages are cheaper?

#140 Go Figure on 03.04.21 at 2:43 am

International economists determine a Canada in collapse.

https://www.bloomberg.com/news/articles/2021-03-02/trudeau-s-debt-binge-shows-limits-in-canada-s-sharp-contraction

Trudeaus Liberals attacking with their own opposite numbers . Who do you believe?

#141 under the radar on 03.04.21 at 6:00 am

When a firm can shed 3 of the 5 floors they now occupy of prime DT space and save 10 million a year in rent while maintaining productivity I know change is not temporary.

RE Values are so stupidly silly people buying today, must either have a large DP or be big earners and pay down debt while rates are suppressed, and be happily prepared to see downside on their purchase price in the next 3 years.

Many amateurs RE investors I meet willingly incur negative returns believing their investment condo in Bowmanville will go up from $550 sq ft or their newly bought rental , an aluminum frame 1000 sq ft bungalow in St. Catherines will bounce higher from 450k . I have my doubts.

#142 B B on 03.04.21 at 6:34 am

Garth,

Sometimes the best course of action is to sit back in the corner and watch the clown show play out. Me and the wife decided to sell and we are now renting. If this housing market continues to ramp up and maintains inflated, we are completely satisfied we made the right call. Worst case when we retire we can move to NFL/New Brunswick if it get’s really bad in the future when we retire :)

#143 slick on 03.04.21 at 7:11 am

#161 Sail Away;
According to Wiki;
Christopher Plummer, born in Toronto, Canadian citizen

#144 maxx on 03.04.21 at 7:23 am

The boss at JP Morgan is one very, very smart guy in addition to his immediate field of expertise.

The spark that ignites spontaneous creativity often originates from face-to-face interaction. WFH almost completely decimates this wellspring of new ideas and solutions.

And that, ultimately costs a fortune.

#145 maxx on 03.04.21 at 7:43 am

@ #6

Part-time at the office may very well make it easier to systematically punt the WFH brigade should efficiencies increase due to AI, etc.

#146 Millennial Realist on 03.04.21 at 8:19 am

Yet another example, just a glimpse of the huge changes on the horizon:

https://www.thestar.com/news/world/europe/2021/03/04/eu-proposes-fix-for-gender-pay-gap-show-me-the-money.html

Be part of the change.

Or be run over by it.

#147 Armpit on 03.04.21 at 8:27 am

WFH is an old concept – Farmers have been doing it forever.

#148 Phylis on 03.04.21 at 8:53 am

I’ll admit it is much harder running the rumour mill from home. Looking forward to being back in the office.

#149 willworkforpickles on 03.04.21 at 9:02 am

No pandemic No more fear Sell this house Buy this house.

Come to this house!

Into this house

Come to this house
Be one of us

Make this your house
Be one of us

You can help
To collect some more in

Young and old people
Lets get them all in!

Into this house

Ask along that man who’s wearing a carnation
Bring every single person
From Victoria Station
Go into that hospital
And bring nurses and patients
Everyone go home and fetch their relations!

Come to this house
Be one of the comfortable people

There’s more at the door
There’s more at the door
There’s more at the door
There’s more at the door
There’s more at the door
There’s more at the door
There’s more at the door
There’s more

We need more room
Build an extension
A colorful palace
Spare no expense now

Come to this house
Be one of us

(The Who)

#150 Dharma Bum on 03.04.21 at 9:02 am

#38 true facts

In Ottawa, government workers hit the jackpot – no commute, lower expenses, and free time during the day…
———————————————————————–

Irrelevant.

Government employees do not work.

So, whether they are home or at the office is moot.

Either way, government employees eff the dee all day.

#151 TurnerNation on 03.04.21 at 9:11 am

Who would want to return and face the prison-like conditions, A.I./app based monitoring of vitals and biometrics scans, and the tracking/shock collars, all at work? That tech once installed is not going away.

Why else do you think UBI is being piloted in Kanada? They are telegraphing it, there will be fewer jobs.

Expect strict rules keeping us apart and ruining all fun activities and small business, for many years. CV Protocols = new global order. If you had not noticed.
“Distancing” is the ultimate silent weapon designed to keep us in chaos, and apart, and kill small space businesses. This will not be going away.

What’s a $5000 fine for Walmart? Peanuts. For a small
business? May be fatal.

This sounds PERMANANT. Enforcing the brutal new system.

https://www.cbc.ca/news/canada/toronto/ontario-labour-ministry-enforcement-occupational-health-safety-inspectors-1.5936019
Ontario hires over 100 new inspectors to ensure businesses comply with public health rules

…………

Check your history books

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

#152 willworkforpickles on 03.04.21 at 9:11 am

I need everything the world owes me…I tell that to myself and i agree.

(Alice Cooper)

#153 crowdedelevatorfartz on 03.04.21 at 9:20 am

@#146 Millennial Delusionist

Hurry!
There’s a smoking deal to be had in Toronto.

https://toronto.ctvnews.ca/dilapidated-garage-hits-the-toronto-housing-market-for-729-000-1.5332018

Dont forget to bid over the asking price ….

#154 Dharma Bum on 03.04.21 at 9:26 am

#50 Sail Away

MR, your predictions appear to have been 180 degrees wrong. Any chance you’re a financial analyst?
———————————————————————–

More likely an anal – yst.

#155 Sail Away on 03.04.21 at 9:45 am

#143 slick on 03.04.21 at 7:11 am
#161 Sail Away;

According to Wiki;
Christopher Plummer, born in Toronto, Canadian citizen

————-

Inside joke. Ponzi got it.

#156 Sail Away on 03.04.21 at 9:57 am

#130 Ustabe on 03.03.21 at 11:15 pm

Those of you who remain merely observers of this particular corner of the Internet will see what I mean when I say let them talk, print, publish without censorship because soon enough they will expose themselves for what they really are.

Today and tonight’s series of anecdotes is exhibit #1.

————-

You mean, like, judgmental bitterness and self-congratulatory stories?

Sure, they’re annoying, but much like the Covid vaccine: now and again one must put up with a little prick.

#157 Sail Away on 03.04.21 at 10:15 am

Speaking to the topic at hand:

My firm set up remote-working services with VPN and tried WFH early on. Productivity dipped big time, so we cancelled the experiment after about a month and have been banking $ ever since while our competitors continue to attempt it.

No WFH here. But we do pay more than the competition, so there’s that.

#158 SnowOwl on 03.04.21 at 10:16 am

#81 Rick Longworth,
SnowOwl, interesting what you are stating in your post. I am self taught expert on bonds as I have been a longer term buyer and seller of them for over 2 decades.

I have made some pretty good financial moves since the early 2000’s. I have alot of Canada, provincial, corporate strips, zeros, residuals that have panned out with after compound interest annual returns plus capital appreciation of 20% to 25% a year for 10 to 21 years in many cases.

Many were in my RRSP’s, TFSA’s but my non-registered money is mostly still in long term Canada, provincial, corporate coupon paying bonds, semi-annually mostly giving good, steady income and capital gains time to time of 5% to 6% annually. All in all, I have averaged 8% a year since 2000 or 19% after compounding, reinvesting returns. This is pretty good without any equity positions. I don’t invest in anything I don’t understand or have a good handle on.

My personal opinion is going forward, I will stick and expect with a conservative 5% annual return, interest plus capital appreciation for the next 5 to 7 years, 2021 to 2028. Unless interest rates are back in the 4% to 4.5% annual yields a year on the provincial coupon paying bonds side like in 2010 to 2012, then I would consider 6.5% to 7% annual yearly returns of interest plus capital appreciation which is 8% to 9% a year after reinvesting, compounding returns.

Thank you for your advice, Rick!
You are correct, I should take a much deeper interest in bonds, and I should educate myself about them, and actually, I am already doing exactly that. But it is a gradual gain of knowledge and confidence, takes a lifetime, really. I guess the bond market is more predicable, if you know the rules of the game, the players in that market are much more disciplined maybe.
What is your opinion on preferred shares?
Thank you.

#159 Sail Away on 03.04.21 at 10:50 am

#148 Phylis on 03.04.21 at 8:53 am

I’ll admit it is much harder running the rumour mill from home. Looking forward to being back in the office.

———–

Haha. Very good!

#160 KLNR on 03.04.21 at 10:51 am

@#130 Ustabe on 03.03.21 at 11:15 pm
Those of you who remain merely observers of this particular corner of the Internet will see what I mean when I say let them talk, print, publish without censorship because soon enough they will expose themselves for what they really are.

Today and tonight’s series of anecdotes is exhibit #1.

To engage in the type of things contained within these anecdotes is one thing but to openly post them here with apparent glee is another thing entirely.

That isn’t indicative of conservatism, that is indicative of being well and truly under the thumb of the capitalist who benefited from said activities.

so true.
so sad.

#161 protea on 03.04.21 at 11:36 am

Hi Garth,

On the subject of working from home in East Vancouver ? couple of things I notice my next door neighbor an IT person takes his beautiful Labrador Retriever, for long walks at least twice a day ! the dog needs its regular exercise at whose expense ?? Anyway under normal conditions the dog walker would be doing this task?

The other glaring WFH that I have noticed is customer service levels have dropped dramatically? example yesterday I had an issue on my cell phone account? after a 37 min wait got connected to a customer service person out of all things on PEI. On explaining my issue the cell phone person “Fxxx” gave me an answer that never even addressed my situation ? I just thought that the PEI customer service person was a “Stoner” who had just had some smoke weed ! flabbergasted I was to his response and drove down to the mall and spoke to the sales person who originally sold me the new phone who efficiently put things right for me. I kind of wonder if the consumption of weed has increased dramatically during Covid-19. If anyone else has experienced similar things comments would be interesting.

#162 IHCTD9 on 03.04.21 at 11:45 am

#135 crowdedelevatorfartz on 03.04.21 at 12:28 am
@#127IHCTD9

LOVE that story !
___

Thanks! I typed it up with a giant load of glee!

#163 IHCTD9 on 03.04.21 at 12:01 pm

#146 Millennial Realist on 03.04.21 at 8:19 am
Yet another example, just a glimpse of the huge changes on the horizon:

https://www.thestar.com/news/world/europe/2021/03/04/eu-proposes-fix-for-gender-pay-gap-show-me-the-money.html

Be part of the change.

Or be run over by it.
___

I want to be a part of this change 110%. After all, I expect to receive my CPP/OAS/Free Healthcare etc…

Every worker of your generation should get every last cent possible no matter what gender you choose.

Because you’re all sure gonna need it.

The Boomers are a big group, and health care ain’t getting any cheaper you know. Trudeau’s goliath pile of debt will also need servicing basically till the end of time.

After all, if they “show you the money”, that’s kind of like “showing me the money” too!

#164 Faron on 03.04.21 at 12:19 pm

#160 KLNR on 03.04.21 at 10:51 am

@#130 Ustabe on 03.03.21 at 11:15 pm
Those of you who remain merely observers of this particular corner of the Internet will see what I mean when I say let them talk, print, publish without censorship because soon enough they will expose themselves for what they really are.

Today and tonight’s series of anecdotes is exhibit #1.

To engage in the type of things contained within these anecdotes is one thing but to openly post them here with apparent glee is another thing entirely.

That isn’t indicative of conservatism, that is indicative of being well and truly under the thumb of the capitalist who benefited from said activities.

so true.
so sad

Boom. And their indignant anger at your revelation of it reminiscent of drones defending the queen.

#165 S.Bby on 03.04.21 at 12:23 pm

# 161 protea

I kind of wonder if the consumption of weed has increased dramatically during Covid-19

I have heard that some extra CERB cash has gone to increasing drug use.

#166 Cici on 03.04.21 at 12:26 pm

Yes, fixed-rate mortgages are edging up considerably, but the variable-rate counterparts are going down!

Not such a great time to lock in after all?

The things that make you go hmmmmmm.

https://ca.finance.yahoo.com/news/canadian-banks-raise-some-mortgage-rates-lower-others-192709963.html

#167 IHCTD9 on 03.04.21 at 12:42 pm

#161 protea on 03.04.21 at 11:36 am

If anyone else has experienced similar things comments would be interesting.
___________________________

I was on the phone with a rep from Bell, inquiring about their new internet service in our area. She sounded apathetic, and depressed. In the background I could hear a Cat meowing, and what sounded like a dryer running.

A couple houses sold down the road this fall. One home the cars never leave the driveway and several dishes were installed on the roof/walls of the house. Pretty sure this is a WFH couple. Possibly multi-gen family too (4 cars, lots of people) I walk by there almost every night, and yes – many times the dude is out on his front porch smoking weed.

#168 Planetgoofy on 03.04.21 at 1:01 pm

#163 IHCTD9 on 03.04.21 at 12:01 pm
————————————————-
You don’t realize how broke this country is.
Tops among any developed nation thanks to Socks guy..
The promises that gov. and the social net made will come home to roost. They are impossible to fulfill looking fwd..
Rising interest rates can’t be avoided.
The more free money the more dilution and what you thought you could live off will need to be more. This is a self full filling prophecy…
I don’t even count on CPP or any other thing that the gov has a hand in.

#169 Stone on 03.04.21 at 1:04 pm

Hmmm…Powell spoke today to reassure the markets. Markets apparently were not convinced and now markets are tanking while bond yields continue to rise.

Apparently, the Fed and Powell’s influence is waning (or have been overwhelmed).

#170 drydock on 03.04.21 at 1:33 pm

Fifteen days to flatten the curve:
17 March, 2020
353
days ago.

#171 Love_The_Cottage on 03.04.21 at 1:36 pm

#161 protea on 03.04.21 at 11:36 am
The other glaring WFH that I have noticed is customer service levels have dropped dramatically?
_________
Customer service is one of the jobs that is easiest to monitor regardless of where the customer service rep works. # of calls, length of calls, etc. are all easily tracked.

Lots of companies not spending to provide customer services goes back before covid.

#172 Comments! on 03.04.21 at 1:36 pm

#169 Stone on 03.04.21 at 1:04 pm

Jerome Powell and Janet Yellen (along with all other central bankers) are directly responsible for warping every market and asset class. They are mad with printing press power. Eventually, the market will tune them out and reality will set in. The stock markets and home prices would rightfully be in the toilet without their reckless abandon.

Corrections, crashes and bear markets need to play out naturally and recover when you have real numbers and a real economy. It doesn’t take a genius to figure that out.

#173 Love_The_Cottage on 03.04.21 at 1:43 pm

#168 Planetgoofy on 03.04.21 at 1:01 pm
————————————————-
You don’t realize how broke this country is.
Tops among any developed nation thanks to Socks guy..
_________
Even when you include Provincial debt this is simply not true. I agree the debt is a concern and I wish ALL levels of Canadian gov’t would take it more seriously but many developed countries are running up huge amounts of debt right now.

#174 Planetgoofy on 03.04.21 at 2:35 pm

There is rarely a time when this much speculation exists in markets. Very dangerous as history shows us. I sold a lot of my holdings and gold stuff the last month. I like cash. Time for caution IMHO and that was weeks ago. Last March was the extreme opposite where we backed up the truck…

#175 Andrew on 03.04.21 at 10:03 pm

If you want to attract the best employers your only going to do it by letting them work from home in industries where they can and businesses that are unwilling will die. Baby boomers aren’t the majority in the work force anymore so the “culture” is changing. They will pay 10 times what you paid for your home and they want to work from it. Keep up.

#176 Blutterfy on 03.05.21 at 12:14 am

The best thing about covid? It’s been 12 months now since anyone has drippingly said to me “you’re soooo lucky that your husband gets to work from home”. And my usual response “it has its pros and cons”. They all get it now haha.