The landing

As of yesterday 144 million Americans had received at least one hit of vaccine. That’s 43% of the population. Of those almost 100 million are fully vaxed with the one-shot J&J stuff or doubled-dosed with an MRA jab.

Biden said he wanted 200 million inoculations within 100 days of being elected. That sounded impossible. But it happened with a week to spare. (Canada, meanwhile, has jabbed 34% of the population. Not bad, and about to get a lot better.)

Every day some 3,000,000 more people here and in the US receive their vaccinations. Herd immunity (70% of so of the population) will be achieved by July. Or August. Lockdowns, restrictions and quarantines will end. You can get your man bun chopped off and safely rejoin society.

This changes everything – at least in our privileged world (as opposed to poor India). Stock markets have been heralding this achievement for months, steadily rising on the expectation of normalcy. Central banks have been consistent in pushing down the cost of money while flooding the system with liquidity. The bankers are also well aware of what they’re doing:

“You are seeing things in the capital markets that are a bit frothy,” Fed boss Jerome Powell said this week. “That’s a fact. I won’t say it has nothing to do with monetary policy, but it also has a tremendous amount to do with vaccination and reopening of the economy.”

It’s working. Look at Q1 profits. Eight-seven per cent of 260 corps reporting thus far have come in with beats. The numbers from big US banks were huge. Apple was a monster. The US economy romped ahead at a 6.4% pace in the first few months of the year. The unemployment rate has gone from 14.8% (one year ago) to 6%. Real consumer spending was up almost 11% in the first quarter. Inflation is rekindling. Personal savings are at the highest level in decades.

So, unlike real estate – where emotion, FOMO, panic buying and rank greed are the drivers in a world of low rates and scant supply – equity markets have powered ahead on the data-driven expectation of reopening. At the heart of that lie vaccines. America is now awash in them. Canada’s turn comes in May.

More proof: look at US incomes. Numbers released Friday were historic. Personal incomes surged the most since records were first kept after WW2 – up 21.1% in March. Purchases of goods and services were the greatest in a year. The Covid disaster Donald Trump presided over is now relegated to the heap of history.

Us, too. The Canadian economy is aflame (despite the devastation among small businesses on Main Street), growing for 11 months running. First-quarter GDP growth was around 7% annualized, and we’re on track to achieve pre-pandemic levels by the second half of 2021 – which is why the Bank of Canada has accelerated its timetable for weaning us off emergency interest rates.

As a result of all this, your balanced and diversified portfolio has been on steroids. Or weed edibles. Or vats of Red Bull. Equity markets smelled all this good news coming.

The S&P 500 is up about 12% so far this year – and it’s only the end of April. Even Bay Street has added 10%. Most financial assets, in fact, have been plumping. And governments continue to do their part to make investors happy by spending up a storm.

Look at Biden. So far he’s the $6 trillion president, with a fat Covid recovery program, followed by an infrastructure bonanza and now a gargantuan family plan. More expenditures, more programs, more government, more tax – this seems to be exactly what the voters wanted after they threw out the last bums. If the slimy little pathogen has done anything irreversible it’s to massively increase reliance on politicians. Be worried about that.

What could go wrong?

Lots, as usual. The virus might mutate again and do an end run around the vaccines. It could rage out of control in India, Pakistan, Brazil and elsewhere, leading to a new global infection. China-US-Putin troubles could bubble up fast. The climate could eat us. The Internet could go down. The Canadian housing market could stumble and wound our GDP. Or Mr. Market might decide all this froth is too much based on cheap money and tawdry spending and take a dump.

But the odds today heavily favour an economic renaissance coming out of a crisis nobody thought would be so long or deep. Those with balanced and diversified portfolios (60/40, global exposure) skated through the Covid nightmare, and are likely to remain winners. Stick with the program. Stay away from debt. Don’t gamble.  You just dodged the ugliest bullet of a lifetime.

About the picture: “My Surrey pound rescue was so beautiful I couldn’t believe my luck when I saw her in there,” says Bill, in  Nanaimo. “So bright eyed, she came home with me without hesitation. 13 years of wild adventure with her on the west coast, mostly on a sailboat. She has been nose to nose with a black bear (Whistler), and a fully racked buck (Haida Gwaii),  been skunked (Vancouver), porcupined (Auke Bay, Alaska), stood up by a river otter (Pruth Bay, B.C.) plus several wolf encounters up the coast which turned out ok due to my presence. (They took off) She sailed more than 20,000 n.m. over the years. The King salmon was caught in Warm Springs Bay, Ak. It reminds me of the bloat of a fat mortgage – too big to swallow!”

134 comments ↓

#1 CJ on 04.30.21 at 10:47 am

Garth, great column. But you do realize that Trump is the reason the US is in such good shape vaccine-wise, right? He’s the one who secured the vaccines. Biden came in with the bases loaded and no outs. Sac fly.

Silly me. And here I thought it was Pfizer, Moderna, Oxford AZ and J&J than developed the vaccines. – Garth

#2 Daveyboy on 04.30.21 at 10:54 am

Getting my JJ vaccine tomorrow in Beaverton Oregon(38 years old). Most of my neighbors are all ready vaccinated!

#3 Ponzius Pilatus on 04.30.21 at 10:57 am

Many people said that the US economy would collapse under Biden.
Now it’s projected to grow by 6.5% this year.

#4 Dogman01 on 04.30.21 at 10:58 am

Frustrated Canada presses White House to keep Great Lakes oil pipeline open.
https://www.reuters.com/article/us-canada-pipeline-michigan-idUSKBN2CD0EA

Maine could derail Hydro-Québec’s $10-billion electricity sale
https://ipolitics.ca/2021/03/02/referendum-in-maine-could-derail-hydro-quebecs-10-billion-electricity-sale/

As a person living in western Canada, I am surprised at the level of “schadenfreude” I feel.

It would be some justice if Trudeau or Quebec was “hoisted by his own petard” of environmentalism by the friendly “Biden” regime.

“shutting Line 5 would cause fuel shortages and gas price spikes, and require 15,000 trucks and 800 rail cars a day to replace deliveries to Ontario.”
Scott Archer, business agent with Local 663 Pipefitters Union in Sarnia, home to three of Ontario’s refineries, described Line 5 as the “spinal cord of Ontario’s infrastructure”
“Shutting down Line 5 will in effect kill my hometown… and many more places like it in Canada and the U.S.,” he said.

This Liberal Government has led a campaign of prosperity and job destruction in Western Canada. Considering the all the Covid failures it becomes hard to comprehend that they could be supported by the eastern population.

There is a growing gap between western interests, fundamental values and perspective vs those of central Canada. The perspectives on economics, debt, environmental fanaticism, government dependence emanating from eastern Canada feels like a “foreign” set of values.

#5 Gordon Blaze on 04.30.21 at 10:59 am

DELETED

#6 Cve on 04.30.21 at 11:00 am

There is no long term tumble in houses or equities. A bear market isn’t allowed anymore, interest rates can’t go up, everything will unravel if they do. Most Canadians can’t afford their lifestyle already, what’s the plan when their mortgage costs double? Ain’t gonna happen, and if it did we would have a depression like the 30’s. The only thing actually beating money supply and defending against government balance sheets is tech. Everyday I come on and read Garth talking about the housing bubble. Devaluation of fiat GLOBALLY is what makes everything look like a bubble. Purchasing power is being obliterated and CPI is a bs metric

#7 Prince Polo on 04.30.21 at 11:07 am

An AAPL a day keeps eating cat food in retirement away…

The AAPL quarterly revenue number was simply astounding: $89B. Maybe they can run our CERB/UBI program?

#8 Joseph R. on 04.30.21 at 11:11 am

#1 CJ on 04.30.21 at 10:47 am
Garth, great column. But you do realize that Trump is the reason the US is in such good shape vaccine-wise, right?
—————————————

LOL!

#9 Joseph R. on 04.30.21 at 11:18 am

#4 Dogman01 on 04.30.21 at 10:58 am

There is a growing gap between western interests, fundamental values and perspective vs those of central Canada. The perspectives on economics, debt, environmental fanaticism, government dependence emanating from eastern Canada feels like a “foreign” set of values

———————————————

While its easy to point fingers, we can’t forget who purchased the Trans-Mountain Pipeline when the Free Market voted to reject it.

#10 Oakville Rocks! on 04.30.21 at 11:28 am

Garth, you are a glutton for punishment. Yesterday poking the WFH crowd and today effusive praise for Biden while casting shade on his predecessor.

Cue the parade of apologists. One thing is for sure, when the vaccine manufacturers were finalizing the vaccine manufacturing process and seeking FDA approval (late November to early December 2020), America was without a president as the person holding the office was too busy organizing rallies to contest the “stolen” election. How much farther along would the US be if the president actually acted like the president during this time.

#11 Immigrant man on 04.30.21 at 11:29 am

If the slimy little pathogen has done anything irreversible it’s to massively increase reliance on politicians. Be worried about that.
——————————–
I coma from a former soviet country. The government controlled everything. Life wasn’t that great (for those that weren’t killed by the government). I am worried. But at the same time, how can you worry about something you can’t change?

#12 crowdedelevatorfartz on 04.30.21 at 11:45 am

@#4 Dogman#1

“The perspectives on economics, debt, environmental fanaticism, government dependence emanating from eastern Canada feels like a “foreign” set of values.”

+++

Yup.
Everyone wants the evil oil and the evil pipeline to shut down immediately…..until they’re shivering in the dark and cold wondering why their fuel is unavailable and or grossly expensive.
A clean future is…..in the future.

Smash the evil oil machines Luddites and ride your bicycles.
Or
Lets go back to horse and carriage in Downtown Toronto and Montreal and see how many poo bags/bins get filled……..in the heat of the summer.

#13 Big Bucks on 04.30.21 at 12:01 pm

Being vaccinated is 2 shots—the USA is at 37% and Canada is at 2.8%—huge difference

#14 CHERRY BLOSSOM on 04.30.21 at 12:09 pm

Sperm count in 1973 was down 60%. If we stay on this trajectory the sperm count will be ZERO by 2045. Therefore we do not have to worry about climate change.

Speak for yourself. – Garth

#15 Leftover on 04.30.21 at 12:15 pm

At least Biden is honest enough to say how he’s going to pay for his historic spending spree – he’s going to tax rich people and corporations. Plenty of those to go around in the USA.

Canada? Not so much. When the press runs out of ink we could be on the road to serfdom.

#16 crowdedelevatorfartz on 04.30.21 at 12:26 pm

@#14 Cherry Blossom
” If we stay on this trajectory the sperm count will be ZERO by 2045. ”

++++

Apparently China’s birthrate has plummeted even faster than they were expecting.

https://www.scmp.com/news/china/article/3131341/china-reportedly-set-announce-its-first-decline-population-1949

#17 Swimmers on 04.30.21 at 12:26 pm

#14 CHERRY BLOSSOM

Sperm count in 1973 was down 60%. If we stay on this trajectory the sperm count will be ZERO by 2045. Therefore we do not have to worry about climate change.

Speak for yourself. – Garth

^^^^^^^^^^^^^^^^^

WOW. HUGE NEWS! I did not know this.

Is that because of that genetically modified sperm killing corn? That little discovery went underground, didn’t it.

https://www.theguardian.com/science/2001/sep/09/gm.food

Is all the plastics causing our testis to shrink?

Is it because of all those birth control pills adding estrogen to water?

https://www.businessinsider.com/birth-control-pills-hormones-estrogen-drinking-water-health-effects-2019-10

Is this forcing the adult film industry to rely more on CGI and special effects to make up for this 60% deficit in volume? Or is it a non-issue since they industry has existed on this side of the 60% decrease?

Maybe simply volume has decreased, but potency increased?

Fascinating info CHERRY BLOSSOM. Any links/science you can share?

#18 Jake on 04.30.21 at 12:27 pm

#3 Ponzius Pilatus on 04.30.21 at 10:57 am
Many people said that the US economy would collapse under Biden.

That was Trump who said that.

#19 Swimmers on 04.30.21 at 12:28 pm

#14 CHERRY BLOSSOM

It’s true!

https://www.abc.net.au/news/2021-04-18/male-fertility-how-chemicals-destroying-sperm-counts-in-humans/100073450

Time to invest in sperm banks!

Enough. – Garth

#20 Inequity on 04.30.21 at 12:32 pm

#9 Joseph R.

Everyone can forget it… it was a token gesture…. they buy a pipeline and C-48 insures no one can use it.

#21 CJohnC on 04.30.21 at 12:37 pm

The Markets do appear to be headed on a nice roll as the economy recovers, however the US vaccination rate has declined dramatically as they are now dealing with the MAGA supporters and anti Vaxers etc. This combined with a general opening up and the new variants tells me the US is not out of the woods yet.

As well, since derivatives caused the 2008 meltdown, I thought this article from Wall Street on Parade was interesting:
https://wallstreetonparade.com/2021/04/archegos-unpacked-equity-derivative-contracts-held-by-federally-insured-banks-have-exploded-from-737-billion-to-4-197-trillion-since-the-crash-of-2008/

#22 Ken on 04.30.21 at 12:40 pm

Government debt is growing much faster than GDP. How sustainable is that?

#23 Quintilian on 04.30.21 at 12:43 pm

#6 Cve:

“Purchasing power is being obliterated.”

” interest rates can’t go up,[Ain’t] gonna happen, and if it did we would have a depression like the 30’s.”

You can’t hold both beliefs at the same time.

If you do, may I respectfully suggest a remedial basic economics course.

#24 Dogman01 on 04.30.21 at 12:58 pm

#9 Joseph R. on 04.30.21 at 11:18 am

While its easy to point fingers, we can’t forget who purchased the Trans-Mountain Pipeline when the Free Market voted to reject it.

————————————

The free market voted to reject it as the LPC government constructively created a regulatory\aboriginal\ambiguity threat that no private sector entity could evaluate the “risk” of. Also, just because they bought it with Taxpayer money does not mean really care if it ever gets built. It is just Taxpayer money and they can print that. Have to see if it gets done.

They created an environment where it is too risky to invest in western Canada’s energy sector in any substantial manner.

Fossil fuels are going to continue to increase in use in the world. So all Canada’s doing by destroying its own industry is giving those production barrels and that opportunity to countries that don’t have the ethical system, and that don’t have the human rights system and that don’t have even the production efficiency of Canada.

“Those in Alberta who are thinking separatist thoughts, and who have separatist feelings, are doing so only because they have been driven, reluctantly and in sorrow, to the thought that separation might be the only way to achieve fair dealing from a careless national government and a blithe indifference from centrist mentalities.” – Rex Murphy

#25 Mitesh on 04.30.21 at 1:02 pm

Artificial money can create lot of artificial demand.

#26 Ken on 04.30.21 at 1:05 pm

DELETED

#27 CVE on 04.30.21 at 1:09 pm

#23

-both result in forced printing at a massive scale worldwide. Both to suppress interest rates and remain competitive in the global market by devaluation of each country’s currency. If you don’t understand this I suggest you throw your Econ books out if they are written on a system that requires inflation forever

#28 AB on 04.30.21 at 1:11 pm

#9 Joseph R
Junior’s meddling distorted the “ free market”and caused the loss of 150,000 good paying jobs. Buying the pipeline was the least he could do for the misery he caused. 6 billion dollars in return for the 600 billion dollars removed from Alberta. Good grief, what is there you do not understand about fair play and decency?

#29 G on 04.30.21 at 1:13 pm

re: in March. Purchases of goods and services were the greatest in a year

I thought I had been noticing lately that I was paying more for the same or less stuff, like food and gas…
I heard somewhere the 2×4’s and dogs even cost a lot more now. Inflation anyone? Certainly more PMT carbon tax on things like gasoline!

re: massively increase reliance on politicians. Be worried about that.

Remember the ministry of truth in George Orwell’s book 1984.
Guess what our Government PMT is trying to do now! See link.

Stop Censorship–defeat Bill C-10. 2-1/2min
https://www.youtube.com/watch?v=bEsQq_rS5FI

Would be nice if people are able to get back to work/jobs and there earnings increase also to keep up with the increase in cost of basics like food.
? if you’re out of work for more than a year or so, are you still counted in the unemployment numbers even if you have given up looking for work?

I found this interesting regarding climate change.
Yes climate change happens, always has.
Imagine that the variation is solar output could be having an Influence on our temperature and weather. Given the sun is the main energy input to the globe weather system. Sure there are other factors to take into account like the earths elliptical around the Sun, the global axis tilt, CO2…

Potential Link Between El Niño Anomaly and 22-Year Solar Cycles. 11min.
https://www.youtube.com/watch?v=hKugZ844tas

PMT wants to stop fossil fuel use and add the largest taxes on carbon used in Canada.
What did he/PMT teach in high school again anyway, Chemistry, physics, math?
It couldn’t have been anything to do with the energy need to grow food, run the tractors, make the fertilizer, and pump the water… and do many other things/work we all use to be at this stage of technology we are all benefiting from. Like ski hill lifts, Jet plane fuels, …
I hope nuclear power is included in his/PMT (misguided) plan being considered. To do stuff like help keep the lights on when the wind doesn’t blow and the Sun not up. You’d be surprised how much that happens. When it’s the coldest the wind doesn’t blow, or at correct speed and at night there is no Sun LOL.
To run things like the internet, street lights, and the electric furnace fan that uses natural gas to heat your homes. But PMT wants to get rid of that gas too. What is he smoking!

Sure we could work to switch stuff over to stuff like hydrogen fuel cells and… But that will take time and money/resources. Is the technology cost effective, do we even have enough of the stuff to make the new stuff for everyone even if we wanted to? (we can just buy it from China. Really?)
Is PMT going to use his own money to change your home over? I’d guess not.
But maybe he’s a better… that I think. LOL.

Maybe if the world does keep using more and more oil and gas each year we will run out sooner that we think? Assuming the population keeps growing or even stays as large as it is.
Hopefully the guesses some have been making, like Dr. Mikel Yeadon former Pfizer VP of R&D is incorrect. The so-called on line fact crackers say he’s wrong, so clearly there is no need to even look at what he has to say. I hope he’s wrong too BTW.

Main stream media has been already censoring (same as burning books, and we know how that worked out in the past), censoring some people for some time on most platforms if some issues are even mentioned.

For now anyway there are still places like Gab, rumble, telegram, BitChute and Parlor to name a few, to find some info you’re not supposed to know about for some reason, or even discuss. So much for hearing all side to find the best course of action if some action is even called for.
But what do I know, nothing really.

#30 Stephladimir Harputin on 04.30.21 at 1:16 pm

Thank you for sharing that, Garth….

But where’s your card and present for me?

Why no mention of me today?
https://en.wikipedia.org/wiki/Stephen_Harper

IT’S MY BIRTHDAY, DAMMIT, YOU UNGRATEFUL BUGGER!

https://www.greaterfool.ca/wp-content/uploads/2015/09/Harper-modified.jpg

Bend over and kiss my feet, NOW.

You are welcome :(

#31 DON on 04.30.21 at 1:28 pm

Judging by the new cases and lockdowns the new variants are in charge. Younger people in hospitals…younger deaths also. He fell asleep on the couch and never woke up RIP.

https://www.cbc.ca/news/canada/british-columbia/bc-covid-19-46-year-old-death-1.6008440

Spanish flu took years and it went after young people as well.

If the vacinne lessens the chance of getting deathly ill…get it. If you think you will have complications consult a doctor and stay away from stupid.

Most of all. Even with the shot continue to be diligent. And for the sake of all keep washings your paws.

Maybe Mother Nature is rebalancing. Humans became to smug. Dogs know better.

#32 BlogDog123 on 04.30.21 at 1:28 pm

The big questions in the next few months will be:
1. When can I sit down inside a crowded restaurant and order a meal and a beer? Will that restaurant be around/ready in the summer?
2. If kids are not vaccinated (no approval until later) what will the September school situation be?
3. Where will young people with money go to spend their time (nightclubs, bowling alleys, …) who’s ready to open?

#33 Ustabe on 04.30.21 at 1:29 pm

(Canada, meanwhile, has jabbed 34% of the population. Not bad, and about to get a lot better.)

Canada is 3rd among G20 nations for vax roll out despite Brian Mulroney’s selling of our Connaught labs vax manufacturing ability.

Because of exclusivity agreements Trump made the US based labs sign they are precluded from supplying us. So we rely on off shore labs and the political process that entails for our vax supply.

So, ya, not bad at all.

#34 ogdoad on 04.30.21 at 1:38 pm

Hopefully B&D portfolios keep eating Sativa edibles and don’t start dabbling with Indica….Chug a beer and light one up and all is gooood eh, Canada?

Happy Friday!

Og

#35 Blobby on 04.30.21 at 1:44 pm

@#1 CJ
Quote : “He’s the one who secured the vaccines.”

It’s amazing how Trump supporters gaslight even the most basic of events. Trump didnt secure nearly enough vaccine, he got lucky with Pfizer (developed in Germany) having production facilities in USA, so just signed a declaration to stop them from exporting.

#36 Ponzius Pilatus on 04.30.21 at 1:47 pm

#18 Jake on 04.30.21 at 12:27 pm
#3 Ponzius Pilatus on 04.30.21 at 10:57 am
Many people said that the US economy would collapse under Biden.

That was Trump who said that.
—————————-
He spoke for 70 mill Americans.

#37 S.Bby on 04.30.21 at 1:47 pm

This is all very concerning.

#38 Stone on 04.30.21 at 1:49 pm

But the odds today heavily favour an economic renaissance coming out of a crisis nobody thought would be so long or deep. Those with balanced and diversified portfolios (60/40, global exposure) skated through the Covid nightmare, and are likely to remain winners. Stick with the program. Stay away from debt. Don’t gamble. You just dodged the ugliest bullet of a lifetime.

———

Best time to retire with a plump B&D portfolio and zero leverage to enjoy the rest of your life?

Just about right now. Oh yeeeeaaaahhh!!!

#39 Faron on 04.30.21 at 1:53 pm

Thanks for the post today Garth and for your ongoing work for/on/with us. Great dog photo today too. Inspiring tales.

As a doomer, I have to put my two cents in that there is a correction of modest size (5% – 10%) every year. This is compatible with long term plumping portfolios. But, be ready to either hide the keys from yourself, have your broker hang up on you or to kill your internet for the month when the correction happens. Or, if you are diligent and of iron stomach, identify the cheapies and get in there when things go on sale.

Interesting today that gangbusters numbers on the economy came in all week but we have bonds, USD and the entire volatility complex up decently today. Could just be end of month rebalancing flows, but the markets are overdue for that correction. That said, the supportive options greeks come back into play this afternoon and onward until mid May. Window of weakness is almost closed.

#2 Daveyboy on 04.30.21 at 10:54 am

Getting my JJ vaccine tomorrow in Beaverton Oregon(38 years old). Most of my neighbors are all ready vaccinated!

— Sweet. My Oregon relatives are all vaxxed too. Uptick in case numbers there is worrying, but will probably die as the vaxxes continue.

#3 Ponzius Pilatus on 04.30.21 at 10:57 am

Many people said that the US economy would collapse under Biden.
Now it’s projected to grow by 6.5% this year.

— 6.4% annualized GDP growth in the last quarter Jan-Mar projected higher in Q2 then a slow taper back to normal. Interestingly, we are about back to economy size pre-pandemic yet there is still a ton of spare capacity of joblessness is an indicator. Get those people back to work and boom.

To be fair, pinning the economic performance on a new president is inaccurate. Getting an economy humming is a multiyear process so, if anything, we are still capitalizing on the overhot economy that arose from Trumpist deregulation — one that wasn’t sustainable. We wont see the systemic effects of Biden for a few years yet.

#40 Sean on 04.30.21 at 1:54 pm

Today’s headline explains where most of that goodness is coming from: “A Record 34% Of All Household Income In The US Now Comes From The Government”

No wonder millions decided it’s time to get a new iPad: not only that’s how they got the money, but also they don’t need to savings now that they know they’ll get more again.

#41 alexinvestor on 04.30.21 at 1:55 pm

The S&P is up an amazing 30% since the start of January 2020 … it’s like this whole virus thing never existed and we’ve had amazing growth since Jan 2020 and will have amazing growth in future. Something scares me when Wall Street just shrugs off the pain of Main Street.

#42 Joseph R. on 04.30.21 at 1:56 pm

#24 Dogman01 on 04.30.21 at 12:58 pm
#9 Joseph R. on 04.30.21 at 11:18 am

While its easy to point fingers, we can’t forget who purchased the Trans-Mountain Pipeline when the Free Market voted to reject it.

————————————

The free market voted to reject it as the LPC government constructively created a regulatory\aboriginal\ambiguity threat that no private sector entity could evaluate the “risk” of. Also, just because they bought it with Taxpayer money does not mean really care if it ever gets built. It is just Taxpayer money and they can print that. Have to see if it gets done.

They created an environment where it is too risky to invest in western Canada’s energy sector in any substantial manner.

—————————————–

I would point the finger on the BC NDP rather than JT.

Energy sectors are boom and bust, nothing to do who is the PM, it’s the nature of the beast. Capitalism did what it does best: overproduction that leads to a price crash. That’s what caused the 2015 oil price crash.
It’s unfair but that’s what the free market is.

The “idea” that he bought it so that he can cancel it makes no sense: “mind-reading” is a sign of anger; I only hear it from angry people at the PM or at the lost of jobs due to the oil price crash.

Rex Murphy is wrong. Instead, people are angry, They are angry due to the massive job lost and anti-oil sands protests, not pushed into seperation thoughts by centrist mentalities.

#43 Ponzius Pilatus on 04.30.21 at 1:57 pm

#24 dog an
After receiving several public complaints in 2014, the CBC’s ombudsman investigated claims that Mr. Murphy may have been in conflict of interest by criticizing opponents of the Alberta oil sands in his Point of view segments while receiving money from the oil industry for paid speeches. In the final report and subsequent to an investigation, the CBC’s ombudsman, Esther Enkin, did not say whether Murphy’s speeches presented a conflict of interest but did conclude that “since taking money leads to a perception of a conflict of interest, CBC management might want to consider, in the review they are undertaking, whether even with disclosure, it is appropriate for CBC news and current affairs staff to get paid for their speaking engagements.”[7]

#44 Damifino on 04.30.21 at 2:06 pm

#4 Dogman01

T2 has consistently disparaged the hydrocarbon industry that forms the largest source of Canadian wealth and a lifeline to Ontario with its shrinking manufacturing base.

While it would be tempting to wallow in schadenfreude if Michigan is successful in stopping Line 5, it would behoove us all to respectfully hold our tongues.

That is to say, to be bigger than our prime minister and instead shed a silent tear for the mislead eastern Canadians who elected him and will suffer as a result.

In the throne speech of the next majority, T2 might note how our green, carbon-free future arrived a few years early thanks to Liberal foresight.

Credit where credit is due, I always say.

#45 Bezengy on 04.30.21 at 2:08 pm

# 4 Dogman01

——————————-

For years here in Northern Ontario our politicians have decried gas prices rising by even pennies. Alberta is gouging us they say, outrageous. Funny thing though lately lumber prices have risen 500 percent, and I haven’t heard a single complaint from a local politician, funny how that works eh?

#46 Dolce Vita on 04.30.21 at 2:18 pm

Canada will not achieve 70% herd immunity by July or August. Would have to significantly increase its vax rate by 2X to 3X per day.

Gov Canada after a +1 wk drought, deliveries coming thru as promised.

Provinces would have to step up their vaxing game significantly. So far, they have not.

No one knows what herd immunity is. In Canada variants have taken over. Manaus Brazil with 76% prior infected still many, many news cases and they have 1 of the variants present in Canada.

The vax rate will have to be higher than 2-3 times at 76%.

Single dose Janssen (J&J EU) not enough to speed it up so far (300K doses recv’d?).

US will have to step in and send a lot of US J&J doses to Canada to make Jul, Aug happen.

And do not look at the UK and their vaxing, they are about as open as Italia so their lower new cases is due to their prior full lockdown.

No one has yet to report a herd immunity number. In fact medical pundits are saying 80% now.

70%, Jul, Aug admirable but reality so far is…pie in the sky.

#47 BillinBC on 04.30.21 at 2:24 pm

#74 Dolce Vita

“Still going to do it for myself and post the odd time on Twitter, where they seem to be grateful…even some in the Cdn MSM.”

Obviously, you’re not getting the level of recognition you need.
____________________________________________
Hey DV….
I apologize for yesterday’s juvenile reponses! My wife confirms that I was in a miserable mood and seemed relieved I took out my angst on somebody else.

Keep on posting.

BillinBC

#48 BlogDog123 on 04.30.21 at 2:27 pm

re: Line 5 shutdown…

Hey there’s all that Keystone XL2 pipe sitting unused… Redirect those pipes to snake the Alberta oil all the way to Sarnia via Canada.

Oh wait, Trudeau and Butts are in charge and they’ll scuttle that idea… oh well, worth a shot…

#49 Another Deckchair on 04.30.21 at 2:30 pm

@12 CEF

“Lets go back to horse and carriage in Downtown Toronto and Montreal and see how many poo bags/bins get filled……..in the heat of the summer.”

Can’t do that. No horses in Montreal,the “woke” ensured that the horses went to greener pastures rather than trudging around doing what they do best. Last time I was in Niagara On The Lake, there were protests and media cameras about the cruelty to the horses. If there are any in the big smoke, they’ll be put out to slaughter – err – pasture soon.

China’s out because of their evil ways, so, lets see – that removes about 90% of the shoes and bicycles. I guess bare feet is the new thing for eco-sustainable travel with us woke easteners! Take that western Canada – you see! no need for your oil! (til it gets cold, or til we have to bring that IKEA stuff home, or we need to fly south to warm up our tootsies..)

#50 Dolce Vita on 04.30.21 at 2:32 pm

Canada, like you say Garth, will rebound like crazy.

Optimistically late Summer, early Fall? if Canada can get a hold of the 1 dose vax and the Provinces step up their vaxing game.

I mean look it, today Feb GDP M/M was:

+0.4%

which is excellent in a pandemic economy.

So close to Feb 2020 peak GDP of $2T. Feb 2021 GDP:

$1.96T

https://www150.statcan.gc.ca/n1/daily-quotidien/210430/cg-a001-eng.htm

Minus the caveats imagine GDP after herd immunity?

Gangbusters I say and for all the reasons you cite. Still think it will be a long year due to the rest of the World with the pandemic but Canada, no, investors ought to have a great big smile come this XMas.

#51 Felix on 04.30.21 at 2:34 pm

Poor mutt is looking dogawfully distressed.

He’s realizing that even a dead fish is smarter and more useful than he is.

#52 Tarot card on 04.30.21 at 2:37 pm

Thanks for the blog Garth
As your friend Ed Pennock said…
The train has left the station,

Ha ha that was many moons ago,
We are now getting off the steam train and skipping diesel and going for the bullet train.

One point, to all the people who keep yapping oppps I mean taking about the conservatives selling our manufacturing facilities of vaccines, please go read the CBC we have many manufacturing facilities in Canada the main stumbling block for investment was current liberal non welcoming policies. Hmmmmm

I get jabbed next week!

Everyone conservative or liberal have a great weekend
Perhaps as a positive jester we could include NDP, green and the bloc. Or perhaps not.

#53 Chameleon on 04.30.21 at 2:43 pm

FINALLY!

A new animal species!

Appropriate to have fish featured on a Friday. A creature that is far superior to dogs. One that sacrifices their own life so that humans can have delicious dinners, sandwiches, sushi, salmon burgers.

Long live the king of fish, long live King Salmon!

#54 Dustmaker on 04.30.21 at 2:43 pm

“Lots, as usual. The virus might mutate again and do an end run around the vaccines. It could rage out of control in India, Pakistan, Brazil and elsewhere, leading to a new global infection. China-US-Putin troubles could bubble up fast. The climate could eat us.”
or Adele could start touring again…

#55 Tudval on 04.30.21 at 2:44 pm

You can disparage Trump all you want (even though the record time vaccines were produced happened on his watch), BUT he did get a record 75 million votes and a majority of Americans believe the guy in the oval office now got FEWER.

So what? He lost. Get over it. – Garth

#56 TurnerNation on 04.30.21 at 2:51 pm

Big Picture/Long Game
Control over our movements/travel. It’s been said Australia and Kanada are the test beds for this.
They are gunning for our borders to close, locked inside the country; as are Australia’s.
This is a slow motion Communist train wreck. For your health Comrades.

— How would you go about restricting travel within cites? By closure of the roads. But how?
Turn them into patios. Tell us if we even sit inside with other humans we will get sick! My god how have we done it this long.

https://www.blogto.com/eat_drink/2021/04/patios-toronto-summer/
The city has received more than 1,200 CaféTO applications since Feb. 26,


— Why leave the city anyway when the GOLF Courses are ordered closed in Ontario. Too dangerous you see. Here is a map of the closures. https://i.redd.it/mmz0foxzl7w61.jpg

–Once again, Movement/Travel right are the focus.
#stayhome were told from Day 1 right?

https://www.foxbusiness.com/energy/truck-driver-shortage-could-pose-threat-to-gas-supply.amp
Trucking industry could trigger gas shortage this summer
Truck driver shortage threatens gas supply, according to analyst Tom Kloza

#57 Billy Buoy on 04.30.21 at 2:59 pm

Since 2009, as long as CB print money out of thin air and flood the world, money has to go somewhere.

Once the printing actually stops (It can’t), everything will fall fairly quickly.

P.S. Why is the FED STILL BUYING MORTGAGES at a rate of 40 BILLION PER MONTH (Yes that’s right a cool 40 BILLION) as if the real estate market is so delicate and inventory so high it needs support? What a complete JOKE.

This is so out of touch with reality, SOMETHING MUCH bigger must be taking place behind the scenes….

#58 crowdedelevatorfartz on 04.30.21 at 3:01 pm

@#49 Another Deckchair
“Take that western Canada – you see! no need for your oil! (til it gets cold, or til we have to bring that IKEA stuff home,…..”

++++

Years ago I hiked the West Coast Trail from Port Refrew to Bamfield.

As I took the passenger ferry MV Lady Rose back to Port Alberni we all enjoyed the unbelievable scenery.
Most of the passengers were University Students blissfully soaking up the views when suddenly the ferry was thrown into a shadow.
We turned to see a MASSIVE freighter loaded up to the gunnels, stacked with thousands of board feet of cut lumber…..and on the side of the Ship “IKEA” in HUGE 20 ft high letters heading outward bound….

“Pave paradise and put up a parking lot……”

#59 Billy Buoy on 04.30.21 at 3:04 pm

https://wolfstreet.com/2021/04/29/inflation-jumps-by-3-8-in-q1-real-gdp-rose-1-6-dragged-down-by-record-trade-deficit-and-drop-in-inventories/

“The US economy, as measured by inflation-adjusted GDP, grew by 1.6% in the first quarter from Q4 2020, according to the advance estimate of the Bureau of Economic Analysis this morning.

If you read in the headline that it grew by “6.4%,” that sounded impressive, but it was “annualized”; it essentially multiplied the quarterly growth rate (1.6%) by 4. There are not many countries outside the US, if any, that report “annualized” GDP growth rates, because they’re really just misleading for normal people.”

#60 Ed on 04.30.21 at 3:07 pm

Might be fun to watch Line 5 get shut. If it happens hopefully an all Canada route for a pipe gets done. Will have to get rid of the small potato first though.

#61 Spade of Queens on 04.30.21 at 3:09 pm

#1 CJ on 04.30.21 at 10:47 am
Garth, great column. But you do realize that Trump is the reason the US is in such good shape vaccine-wise, right? He’s the one who secured the vaccines. Biden came in with the bases loaded and no outs. Sac fly.

Silly me. And here I thought it was Pfizer, Moderna, Oxford AZ and J&J than developed the vaccines. – Garth

__________________________________________

Yes, Garth. You are silly. It actually was Pfizer, Moderna, Oxford AZ and J&J than developed the vaccines…. but you are the one insisting on giving Biden the credit in the very short time since he got in office.

But hey, if it makes you feel better, most of your steerage is so gullible and will choose to believe you! Because people believe what they want to believe.

#62 Jake on 04.30.21 at 3:17 pm

#36 Ponzius Pilatus on 04.30.21 at 1:47 pm
#18 Jake on 04.30.21 at 12:27 pm
#3 Ponzius Pilatus on 04.30.21 at 10:57 am
Many people said that the US economy would collapse under Biden.

That was Trump who said that.
—————————-
He spoke for 70 mill Americans.
—————————-

They were all wrong.

#63 Bright eyes on 04.30.21 at 3:19 pm

#3 Ponzius Pilatus on 04.30.21 at 10:57 am

Many people said that the US economy would collapse under Biden.
Now it’s projected to grow by 6.5% this year.

______________

With each day that passes, your comments become more and more idiotic.

Wow… his term is only 1/8 over, so I guess I can extrapolate and expect 52% over his term.

Call back in 4 years and let us know how that works out for you.

#64 Guelph Guru on 04.30.21 at 3:22 pm

ZPR has creeped past 11. Bad for Mtg rates.
Turning attention to ZEO now. It’s holding ground even when the market is sliding. Valuations look good. Only sector which seems undervalued.
Mr. T2 needs to learn from Mr. B and send out some helicopter money. Let the party begin.
Usher in the roaring 20s.

#65 Dogman01 on 04.30.21 at 3:28 pm

#42 Joseph R. on 04.30.21 at 1:56 pm

Yes, BC has a role.
it would be diabolical if the intent was to not get it built, we will see. I legitimately have doubts.

The wealth being locked in Alberta could generate a great deal of good for Canada, by blocking our production we are not removing any barrels from world use , but instead sending prosperity to Russa and the Saudi’s at the direct expense of a subset of Canadians. This seems deliberate.

In Western regions the links to the south are becoming more important than those to the east. Not good as a Nation building strategy.

Rex I believe is correct; centrist mentalities are becoming more and more “foreign”. CBC is like watching a discussion from another reality.
Doubts about win-win, schadenfreude, basic values diverging. The next federal election may be a tipping point.

#66 Lefty on 04.30.21 at 3:31 pm

The last 12 months have been insanely good for me financially. My houses went up by several hundred k each, B&D portfolio up over 30%, all while working from home. Can’t wait for the next 12 months!

In hindsight, have to say being born in the 1970s was one of my best financial moves. It really was.

#67 Joseph R. on 04.30.21 at 3:47 pm

#20 Inequity on 04.30.21 at 12:32 pm
#9 Joseph R.

Everyone can forget it… it was a token gesture…. they buy a pipeline and C-48 insures no one can use it.

——————————————–

Bill C-48 applies to BC North Coast:

https://parl.ca/DocumentViewer/en/42-1/bill/C-48/royal-assent

The current Trans-Mountain Pipeline and it’s expansion goes through Burnaby, which is part of the South point of BC. It’s close to Vancouver.

#68 WTF on 04.30.21 at 3:51 pm

#55 the tudster “BUT he did get a record 75 million votes and a majority of Americans believe the guy in the oval office now got FEWER.”

Sure they do, at least the mouth breathers. The majority INCLUDING THE COURTS believe the election was above board. And Biden’s currently polling much higher then the Short Fingered Vulgarian who never got past 45%

https://www.npr.org/2020/12/09/944685514/most-americans-believe-the-election-results-some-dont

Yes, Putin’s lapdog did initiate operation Warp Speed but kinda undermined it (and himself….. again) with the 500K DEAD and “inject yourself with bleach” thingy.

You conspiracy nuts are hilarious. No court has AGREED to hear the fantasy that aliens or homeless or little green men from space have affected the voting and counting process.
You see, IF a lawyer was to repeat those ridiculous allegation/fantasies in court they would be disbarred.

https://www.usatoday.com/story/news/politics/elections/2020/12/11/supreme-courts-arizona-michigan-nevada-rejected-claims-voter-fraud/3869239001/

https://theconversation.com/why-trumps-election-fraud-claims-arent-showing-up-in-his-lawsuits-challenging-the-results-150505

That why Rudy/Sidney et al only go soo far, then STFU. They might be lying cowards, but not stupid. Mind you, Dominion, who is suing them for billions, may disagree on my assessment.

https://www.cbsnews.com/news/dominion-rudy-giuliani-defamation-lawsuit/

Your unsubstantiated nutbar lunacy is tiresome.

#69 Katrina on 04.30.21 at 3:52 pm

Sell in May, and go away !
The markets are so overbought and overhyped at this point. Think about it, a fake digital (non-existent) coin with a picture of a dog on it is now headed to the moon !

I thought this blog post was tongue in cheek… its is, right ?

#70 AB on 04.30.21 at 3:52 pm

#42 Joseph R
Yes, of course. That explains it. The dog ate your homework. Have a great day. Sheesh!

#71 Dave on 04.30.21 at 3:53 pm

“Garth, great column. But you do realize that Trump is the reason the US is in such good shape vaccine-wise, right? He’s the one who secured the vaccines. Biden came in with the bases loaded and no outs. Sac fly.”

Lol, Trump is the one who massively mismanaged the pandemic response, causing 10’s of 1000’s of unecessary deaths. First he tried to deny it and then to downplay it and consistently undermined health authorities. He was massively incompetent.

#72 CJohnC on 04.30.21 at 3:55 pm

#53 Chameleon

Long live the king of fish, long live King Salmon!
———
Apparently not if it is delicious dinners, sandwiches, sushi, salmon burgers.

#73 JEFF13 on 04.30.21 at 4:07 pm

@ #59 Billy Buoy

True, it doesn’t mean a lot. However, I am more worried with the 3,8% inflation…with the money printing machine being busy in all western countries.

#74 Linda on 04.30.21 at 4:10 pm

I’m impressed today’s blog dog was able to keep her teeth out of that fat, juicy salmon:)

I sure hope vaccination does ‘pick up’ in Canada. Am impatiently waiting to be able to book/receive my second dose, which if all goes well will be no later than July. Sadly infections/deaths are still increasing despite people rolling up their sleeves. Am beginning to think that masks are going to be a permanent part of the wardrobe going forward. Since the virus is mutating with such rapidity, seems likely that an annual jab will be needed.

#75 Cristian on 04.30.21 at 4:10 pm

“Herd immunity (70% of so of the population) will be achieved by July. Or August.”

Not so. According to recent studies done for BC, about 80% of the population are adults qualifying for the vaccine. Of those, only about 80% will choose to actually get vaccinated. Of those who do get the vaccine, about 80% will achieve immunity.
A simple calculation shows that this means about 51% of the population of BC will achieve immunity, which is far from the level of 70% (or 60% according to some sources) needed for herd immunity.
This will apparently be achievable only if and when a significant percentage of kids will be vaccinated as well.
The numbers for BC can certainly be extrapolated to the rest of Canada.

Dr. Theresa Tam said otherwise today. Do I believe her or some Internet guy? So hard to choose… – Garth

#76 William Tells It on 04.30.21 at 4:26 pm

“First-quarter GDP growth was around 7%”

Complete and utter B.S. The only thing making the GDP look positive is the fact that HOUSE prices are included.

How does a house selling for stupid money demonstrate that our economy is doing well?

Simple…IT DOESN’T

Absolute B.S. and when the housing market drops we will have an economic reckoning of unexpected severity.

Don’t buy into the B.S. the foul Harper regime started when they folded housing into GDP Folks!

Real estate = 9% of GDP. Stop being a drama queen. – Garth

#77 Barb on 04.30.21 at 4:30 pm

Perfect analogy, Bill.

#78 crowdedelevatorfartz on 04.30.21 at 4:38 pm

@# Ed
“Might be fun to watch Line 5 get shut. If it happens hopefully an all Canada route for a pipe gets done. Will have to get rid of the small potato first though.”

+++

Get ready for higher prices this summer.
I just filled up in the Lower Brain Land.
$1.52.9 per liter
I expect $1.75.9 by August.

#79 binky barnes on 04.30.21 at 4:46 pm

The Canadian economy surging you say? The PM PM is responsible! He is a monetary whiz.

BB

#80 R on 04.30.21 at 4:59 pm

What are the thoughts about Bill C10 ? The passage seem imminent.
It sounds very intrusive, is this healthy for a Canadian democracy ?
https://nationalpost.com/news/full-blown-assault-on-free-expression-inside-the-comprehensive-liberal-bill-to-regulate-the-internet
shadow

#81 Humbled ◇ Broke on 04.30.21 at 5:01 pm

Every new variant originates from a new “patient zero.” Patient Zeros are typically immuno compromised, and are biologically fecund as hyper breeder-reactors for opportunistic viruses.

Cough, wheeze, spew… sneeze and repeat. Times 8 billion and we have a real problem.

Vaccines alone cannot keep up with the diabolical efficiency of the Corona class of viruses, especially when recombinant with inserted gain of function features from who knows who. Refer to the usual cast of spy versus spy suspects.

Wholesale prophlactic renutrienting of the population with the vitamin cocktails in schools hospitals, nursing hones, and work sites and anywhere groups show up is recommended as an added battlefront for permanent healthier populations.. These medical cocktails have been clinically proven during illness (ref. “Meyers Cocktail” oral or intravenous as provided in many hospitals) Boosting missing nutrients is key to protecting against cytokine storms in deficient hosts. Strong immunity renders no Corona symptoms, or very mild symptoms. Naturally superboosting immunity is missing from long term public covid hardening solutions. In vaccine deprived areas of the world some experimentation with very low cost proven drug cocktails (such as developed in Japan in the 1970’s (combo ivermectin and malarial drugs, as well as nebulizing peroxide with saline and misting iodol/iodine are starting to be clinically proven in case studies in Latin America and Africa to lower the acute covid bloom phase and shorten illness duration and greatly reduce mortality from Covid 19 China Variety, Covid 20 Brazil and South African variety, and India Covid 21 version. Most treatments are on home settings.

Let’s stop polarizing solutions with a “vaccine only” strategy. So far the slimy bug has outsmarted the three amigo vaccines developed so far. I suspect every year new covid 22 ,23, 24 will manifest, and just like the common cold it had not been defeated. The human body typically has 330,000 unique viruses in it from birth to death. Human immunity is designed to coexist with viruses. Each drop of pond water has 7000 to 10,000 viruses in it. Foretifying natural immunity without additional risk or harm should be the goal. Let’s use every tool in the box and try what works well elsewhere. Let’s stop the “only vaccines are the answer. It is one huge untested wide scale experiment, and it may or may not be the needed solution to get back normal. There are too many rigid, ideological and political policies that discount other ways to get out of this global nightmare.

Unless that is the next unintended phase of the real estate cycle where a third of the population is took sick, broke, or dead to do their part in keeping house prices upward.

#82 Erick on 04.30.21 at 5:03 pm

Thanks again Garth for your relentless recommendations to stick to a balanced portfolio.
Whatever lies ahead (probably more surprises), we are equipped to surf the wave – once again and forever

#83 Reximus on 04.30.21 at 5:05 pm

“BUT he did get a record 75 million votes and a majority of Americans believe the guy in the oval office now got FEWER.”

1. he didnt get 75mm votes but even if he did, how can 75mm votes be a record when his opponent got 80mm?

2. there’s no majority of americans that believe that, you pulled that from your butt or from Rebel News, which is basically the same thing

#84 NOSTRADAMUS on 04.30.21 at 5:07 pm

TOPPED UP!
Pent up demand, initially maybe? Then I drive by all the recently built self storage units. They are all topped up and overflowing with credit card goodies. The only pent up demand I see is for more free money. When the free money stops, it has the potential to see the magic end. Much like Houdini, who died from an unexpected offstage punch to the guts. Shortly, you, your money and your financial Swamis will part company forever. There will be no breakup, makeup this time around. You can call me a dreamer, but I’m not the only one.

#85 Reximus on 04.30.21 at 5:10 pm

btw Pfizer is close to a covid vax in pill form. that’s a game-changer…you could vax a 100,000 student college campus in a day.

https://www.cnbc.com/2021/04/27/pfizer-at-home-covid-pill-could-be-available-by-year-end-ceo-albert-bourla-says.html

#86 William Tells It on 04.30.21 at 5:14 pm

Real estate = 9% of GDP. Stop being a drama queen. – Garth”

Drama queen Garth? Wow…your defence of the the GDP B.S. is surprising.

Trying to minimize the reality by citing a 9% proportion (it’s 9.4% by the way) is disingenuous at best.

Financial Post a few days ago: “..the housing share of GDP to a record high of 9.3 per cent — double the historical norm. Strip out housing, and GDP contracted 3.5 per cent in the past year”

Many financial analysts have delivered similar opinions on his matter.

Facts are facts. And this reality is important.

To all if us.

The FP article was about last year. The pandemic, remember? Try to keep up. – Garth

#87 Summertime on 04.30.21 at 5:21 pm

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

Real estate is 13 % of the economy. Construction adds 7 to a total of 20 %. Then we have financial services on top of it that depend on the rea estate and construction, totaling 27%. This is part of the base of the pyramid.

Manufacturing and mining total 18 %, the other parts of the base of the pyramid.

The rest is derived services that depend on the base.

I would say 65 % + of the economy depends on real estate, construction, finance.

As for the GDP numbers it seems the economy doubled in 20 years. Does somebody actually believe in that?
IMHO the standard of living in 2001 was higher than now.

The 13% includes commercial real estate. Residential is as stated. – Garth

#88 Cristian on 04.30.21 at 5:34 pm

BTW, I am a doctor too, although not a politician.

Neither is Tam. – Garth

#89 Love_The_Cottage on 04.30.21 at 5:36 pm

Shouldn’t where we live (Real Estate) and what we eat be a big part of ANY economy? Pretty important items.

Interesting to see Joe restrict trips to India a full week after T2. Thankfully we have a strong, insightful leader in charge in Canada who is in front of things.

#90 Love_The_Cottage on 04.30.21 at 5:39 pm

Meanwhile Ford is complaining about the border. Nice deflection, but maybe fix the things you are in charge of? Like the hospitals you didn’t help over the past 13 months and the vaccine rollout?

#91 Brian Ripley on 04.30.21 at 5:49 pm

I have my month end charts up on the Gobal Pandemic April data:

http://www.chpc.biz/history-readings/pandemic-update8865563

GLOBAL
% Deaths of Total Cases = 2
​% Recovereds of Total Cases = 85

New alarms are being sounded in India. From The Guardian

“​In the space of just 12 days, the Covid positivity rate doubled to 17%, while in Delhi it hit 30%. Hospitals across the country have filled to capacity but this time it is predominately the young taking up the beds; in Delhi, 65% of cases are under 40 years old.” and “Now it is people in their 20s and 30s who are coming in with very severe symptoms and there is a lot of mortality among young people,” Dr Amit Thadhani, director of Niramaya hospital in Mumbai

Hey Canada… let’s not fool around with this thing.

#92 Wait There on 04.30.21 at 6:02 pm

Today, Doug Ford sneaked the word 4th wave in.
I think there is something in this. He also mentioned that 90% of the cases in Ontario are of the variants of concern.
You will also notice that we bumped along for a few days with a downtrend of cases. Then we are starting to head back up.
This time the majority of cases are variants of concern. The beginning of the third wave, it was not so.
We are possibly drifting into a disguise of a 4th wave because the 3rd wave did not end. The new uptrend is of a different makeup.
The aspect that we are talking about masking in the open air tells you something that the authorities was not talking about in January 2021.
Any kind of talk comparing the current trend and protocols and comparing them to last year is imbecilic. This wave is different.
The informed knew that the race to vaccinate was on since December and even when the experts were talking time frames into late year, you had to know that there was a high risk involved.
India DID indeed beat the first wave but the variant is a different animal and not COVID of 2020.
The USA is different because they had been able to vaccinate in YUUUGE numbers early on and they “may” have gotten to the goal post in time. We don’t know yet because the variants are still lurking down there but they have less hosts to attach to because of their higher numbers vaccinated.

BTW, the next issue is going to be the decision to spread the Astra Zeneca around as many as possible. This could end up being an error because we just don’t know where the rest of it will be coming for the second doses.
I have my AZ jab and I am worried because the horizon does not have ships/planes loaded with AZ. India needs them badly. The AZ crowd could be left hanging.
My AZ jab originated from India when they thought it was OK to export. India is the story of the variant with millions of cases that will still occur any kind of variant could come up. You never know.

#93 Christian on 04.30.21 at 6:04 pm

So, unlike real estate – where emotion, FOMO, panic buying and rank greed are the drivers in a world of low rates and scant supply – equity markets have powered ahead on the data-driven expectation of reopening.

Really, data driven expectations? This is exuberance. All asset classes are highly valued. A stay at home crisis fuelled both markets. Its never been easier to get into equities. If that doesn’t tell you the market value look at the Shiller p/e.

#94 DC on 04.30.21 at 6:08 pm

Meanwhile Ford is complaining about the border. Nice deflection, but maybe fix the things you are in charge of? Like the hospitals you didn’t help over the past 13 months and the vaccine rollout?

—————————————–

Fair comment. But are you also attempting to imply that border and airport indiscretions are not occurring? Because they are. And until the feds deal with this in an effective manner cases in Ontario will continue to be a problem.

#95 Joseph R. on 04.30.21 at 6:18 pm

#65 Dogman01 on 04.30.21 at 3:28 pm
#42 Joseph R. on 04.30.21 at 1:56 pm

The wealth being locked in Alberta could generate a great deal of good for Canada, by blocking our production we are not removing any barrels from world use , but instead sending prosperity to Russa and the Saudi’s at the direct expense of a subset of Canadians. This seems deliberate.

In Western regions the links to the south are becoming more important than those to the east. Not good as a Nation building strategy.

————————————————————-

The eastern provinces have strong ties with the US, ever since the Canada-US Auto pact, which involved into strong ties regarding the Great Lakes, St-Lawrence corridor.

American companies ran away from Alberta during the 2015-2016 oil price crash. Suncor, CNRL, Athabasca Oil were able to purchase the “stranded assets” pennies on the dollar.

Trump’s attack on NAFTA. Keystone XL Canceled.

How can you claim Alberta’s economic ties are getting stronger with the US ?

#96 Faron on 04.30.21 at 6:25 pm

#74 Linda on 04.30.21 at 4:10 pm

I’m impressed today’s blog dog was able to keep her teeth out of that fat, juicy salmon:)

Raw salmon has parasites that are bad for a dog. Sizzle it up first. Our dog loves salmon skin — and everything else.

#97 Sheila Morris on 04.30.21 at 6:33 pm

Hello Garth. Just recently discovered you and your blog. Certainly enjoyed your latest. I wish to address Dogman 01’s comment Re Main Hydro- Quebec $10 billion electricity sale. This electricity is produced in Labrador from the Churchill River. Perhaps now Newfoundland & Labrador will be able to negotiate a much better deal than what they got from dealing with Quebec. Actually, it ought to be Newfoundland & Labrador that expresses “schadenfreuda” instead of the west. The west does a lot of whining and probably knows very little about the true east which is not Ontario and Quebec but the Maritimes. They should be screaming regarding the treatment they have received. Instead they keep trying to do the right thing. It would be great if the west supported them.

#98 Ponzius Pilatus on 04.30.21 at 6:41 pm

#78 crowdedelevatorfartz on 04.30.21 at 4:38 pm
@# Ed
“Might be fun to watch Line 5 get shut. If it happens hopefully an all Canada route for a pipe gets done. Will have to get rid of the small potato first though.”

+++

Get ready for higher prices this summer.
I just filled up in the Lower Brain Land.
$1.52.9 per liter
I expect $1.75.9 by August.
——————
As the pandemic wanes, we go back to the favorite Canadian pastime:
Whining about gas prices.

#99 Faron on 04.30.21 at 6:56 pm

#139 Nonplused on 04.29.21 at 10:24 pm

Fact is we live in a society where the “poor” drive their cars to the protest rallies which they organize on their smartphones.

This is so radically out of touch with what is actually happening in the world that it’s laughable, but is also a very typical view for a middle class suburb dweller insulated from just about everything. Yech.

#100 Nonplused on 04.30.21 at 7:06 pm

“Silly me. And here I thought it was Pfizer, Moderna, Oxford AZ and J&J than developed the vaccines. – Garth”

Yes they did, but Trump put up the money. Not that anyone else wouldn’t have, seems like a no-brainer. “Operation Warp Speed” he called it.

#101 Nonplused on 04.30.21 at 7:09 pm

#9 Joseph R. on 04.30.21 at 11:18 am

“While its easy to point fingers, we can’t forget who purchased the Trans-Mountain Pipeline when the Free Market voted to reject it.”

At what point did the “Free Market” vote to reject it? It was regulations and protesters that got in the way.

#102 espressobob on 04.30.21 at 7:15 pm

GET VAXXED. Be thankful for a solution that doesn’t hurt. Boomers remember this funny little instrument.

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

You could only imagine people hurling their guts out receiving this…

They bazooka’d us all with that in the school gym. Ouch! – Garth

#103 George S on 04.30.21 at 7:18 pm

From a couple of other posts:
“Sperm count in 1973 was down 60%. If we stay on this trajectory the sperm count will be ZERO by 2045. Therefore we do not have to worry about climate change.”

I have taken plenty of university level biology classes and read many many books and to the best of my knowledge all you need is one.

#104 Nonplused on 04.30.21 at 7:23 pm

#99 Faron on 04.30.21 at 6:56 pm
#139 Nonplused on 04.29.21 at 10:24 pm

Fact is we live in a society where the “poor” drive their cars to the protest rallies which they organize on their smartphones.

This is so radically out of touch with what is actually happening in the world that it’s laughable, but is also a very typical view for a middle class suburb dweller insulated from just about everything. Yech.

———————————–

My point is that, at least in the first world, living standards have risen so much in the last 150 years as to make the living conditions before that unfathomable. Yes, the wealth distribution is horrible, but say compared to India or Africa? I think I’ll stay here.

#105 45north on 04.30.21 at 7:24 pm

Dogman01 There is a growing gap between western interests, fundamental values and perspective vs those of central Canada. The perspectives on economics, debt, environmental fanaticism, government dependence emanating from eastern Canada feels like a “foreign” set of values.

I live in Ottawa and it feels like a foreign set of values to me too which will come crashing down when and if Michigan closes Line 5. Gasoline and diesel fuel shortages in Ontario and Quebec. Prices double.

#106 Ponzius Pilatus on 04.30.21 at 7:50 pm

#96 Faron on 04.30.21 at 6:25 pm
#74 Linda on 04.30.21 at 4:10 pm

I’m impressed today’s blog dog was able to keep her teeth out of that fat, juicy salmon:)

Raw salmon has parasites that are bad for a dog. Sizzle it up first. Our dog loves salmon skin — and everything else.
—————
I thought that most predators had highly acidic stomach juices, that kill about everything.
Are domesticated dogs different?
Well, good to know.
I know, for Sashimi the salmon has to be frozen for at least a few days.

#107 Random79 on 04.30.21 at 8:05 pm

#75 Cristian

——

Cristian, I think what you say makes sense. It’s a shame that it is completely dismissed.

We seem to have this right/wrong, black/white thing going. Like there is no middle, or no other colors.

Like realtors don’t fudge their numbers to pump their story line.
Like politicians don’t fudge inflation to for their narratives.

I am very concerned that this health issue will end up having same type of number spin put on it if we don’t get to the needed 70%+, because if reality is like you note, it just will not be admitted, and action taken to correct it.

Or, we’ll be shamed for it and another few trillion will be spent for our sins.

Wait a minute…does failure mean more government money from heaven?!?

#108 joblo on 04.30.21 at 8:20 pm

#81 Humbled ◇ Broke on 04.30.21 at 5:01 pm

Thanks, needs to be discussed.

#109 Ponzius Pilatus on 04.30.21 at 8:32 pm

#100 Nonplused on 04.30.21 at 7:06 pm
“Silly me. And here I thought it was Pfizer, Moderna, Oxford AZ and J&J than developed the vaccines. – Garth”

Yes they did, but Trump put up the money. Not that anyone else wouldn’t have, seems like a no-brainer. “Operation Warp Speed” he called it.
———-
Only Pfizer-BionTech was part of Warp Speed.

#110 Dogman01 on 04.30.21 at 8:33 pm

#97 Sheila Morris on 04.30.21 at 6:33 pm

Welcome aboard, Yes I should have been more precise and used Central Canada vs the more broad term of Eastern Canada.
I understand the dam was an epic good deal but only for Quebec. That fits the pattern I imagine.
Don’t know enough about the Maritimes to understand their situation.
The west isn’t whining, it is exasperation being expressed.
A deliberate undermining of a world class wealth creating local to Canada industry, weaking and creating dependency for an entire region, and simply moving the production value add to nefarious regimes.

#111 Yorkville renter on 04.30.21 at 8:50 pm

TRUMP SUPPORTERS HAVE NO CREDIBILITY

Did someone actually say a MAJORITY of Americans think Biden lost? Jesus, you are lost…

You want to give Trump credit for the vax? The same guy who hid the fact that he got immunized and still most of his (pathetic) followers won’t even take it. If he had any leadership abilities WAY more would be vaxxed.

DJT is a shuckster and you bought it!

The guy golfed more than ‘worked…he was in over his head from day 1

#sad

#112 Oscar on 04.30.21 at 8:57 pm

#51 Felix on 04.30.21 at 2:34 pm
Poor mutt is looking dogawfully distressed.

He’s realizing that even a dead fish is smarter and more useful than he is.

____________________

Felix …. long time no hear.

Unfortunately, not long enough!

#113 april on 04.30.21 at 9:12 pm

#61 – You have no idea who Garth is.

#114 crowdedelevatorfartz on 04.30.21 at 9:20 pm

@#110 Dogman1
“Welcome aboard, Yes I should have been more precise and used Central Canada vs the more broad term of Eastern Canada.”

++++

No apologies required.
Any province east of the BC border is “Eastern Canada”.

I’m from the Maritimes and am well aware of the hydro generation projects in Labrador and the money losing sweet heart deal that Quebec signed decades ago buying power at ($2 vs $50 Megawatt in the free market) less than it costs Newfoundland to produce and then re-selling the excess power to the US at a juicy profit…

https://policyoptions.irpp.org/magazines/making-parliament-work/the-churchill-falls-contract-and-why-newfoundlanders-cant-get-over-it/

Not to worry.
Those 45 year old deals will expire in 2041 ( 65 years after being signed) and with the huge cost overruns of Labradors newest Hydro Dam Muskrat Falls project ( Site C in BC comes to mind)
That “hydro deal” is going to be torn up and renegotiated at a hefty, hefty, hefty increase…

#115 greaterfool on 04.30.21 at 9:27 pm

household savings are up significantly in both Canada and U.S., thanks for our government, everything is more expensive.

It is interesting to see how long CBs can make up the inflation number so it is under 2% (yes, we all know the real inflation is already way higher than that) so they can keep the rate low.

If, If they are going to raise the rate, financial market is going down for sure. Doesn’t this mean there are same level of risk investing in financial market as in housing market?

#116 crowdedelevatorfartz on 04.30.21 at 9:35 pm

Cullen Commission update

Former police officer.
Former Liberal Solicitor General in 2010…..
Kash Heed ( Love the names of the people testifying at the Money Laundering testimony…Rich Coleman, Kash Heed….can’t make this up).

Kash Heed was secretly recorded in 2018 by the former police officer in charge of Money Laundering in BC Casinos Officer Fred Pennet.

Pennet was still angry that Rich Coleman and RCMP superiors had shut down the unit that investigated money laundering in casinos so he decided to meet Kash Heed as an old friend who had discussed these concerns several times before and secretly record him while they discussed the reasons the unit was disbanded.
“I knew what he was going to say before I recorded him because he had said the same thing many times before”, said Pennet

Kash Heed was recorded blaming corrupt politicians, and political interference while he was Solicitor General.

When questioned today at the Commission inquiry…. Kash Heed said he had no evidence to back up those statements

#117 Nonplused on 04.30.21 at 9:47 pm

#105 45north on 04.30.21 at 7:24 pm
Dogman01 There is a growing gap between western interests, fundamental values and perspective vs those of central Canada. The perspectives on economics, debt, environmental fanaticism, government dependence emanating from eastern Canada feels like a “foreign” set of values.

I live in Ottawa and it feels like a foreign set of values to me too which will come crashing down when and if Michigan closes Line 5. Gasoline and diesel fuel shortages in Ontario and Quebec. Prices double.

————————————

In some ways the coming shortages will be a positive in that they may help introduce into the public consciousness what “net zero” will look like. And they won’t even be at “net zero” because they will still have natural gas.

And 15,000 tanker trucks? Where are they going to get those plus the drivers? And where are they going to load up?

If Line 5 does get shut down, this is going to be a rough summer. The impact on Ontario will be like they are living under sanctions of the worst sort. But it will have ramifications all across Canada. Prices won’t just double, there will be shortages. And it could be Canada wide as I could see Trudeau imposing some sort of fuel sharing program but Alberta doesn’t have the refining capacity to replace what will be lost in Ontario. Perhaps we could ship them crude by rail but that itself will be quite the project. We could divert trains that currently head for Texas but I don’t know if Ontario has the offloading capacity.

In any case it will be interesting.

#118 Nonplused on 04.30.21 at 10:16 pm

#111 Yorkville renter on 04.30.21 at 8:50 pm
TRUMP SUPPORTERS HAVE NO CREDIBILITY

Did someone actually say a MAJORITY of Americans think Biden lost? Jesus, you are lost…

You want to give Trump credit for the vax? The same guy who hid the fact that he got immunized and still most of his (pathetic) followers won’t even take it. If he had any leadership abilities WAY more would be vaxxed.

DJT is a shuckster and you bought it!

The guy golfed more than ‘worked…he was in over his head from day 1

#sad

———————————–

Lots of mind reading going on there. But the fact is that the vaccines are being injected pretty much as fast as they are being produced (with the exception of the AstraZeneca version, nobody seems to want that one), so whatever else happened the vaccination rate has not been slowed.

Perhaps it is survival of the fittest? Trump supporting anti-vaxxers are facing an extinction event? Why does this make you sad?

#119 Stardate 2050 on 04.30.21 at 10:55 pm

It is the year 2050. All energy production in Canada has been switched to wind, solar, and legacy hydro. However due to the intermittency of these sources the grid is managed via brownouts. Power is only available on windy days. However even when renewables are available smart meters regulate consumption so that electric car charging and heating do not overload the system. Power is rationed. Water is also only available when power is available so everyone stores a 2 week supply of drinking water and keeps their bathtub full at all times. The rich have battery backup so they at least have lights during brownouts. Society has also moved to storing food at home, as grocery stores (and all other retail) cannot operate when browned out.

RV sales are strong as the airline industry has disappeared, and the airplanes have been scrapped. However due to the limited range of electric RV’s vacationing has become a “close to home” affair. RV’s are now equipped with 100 amp connections so they can charge at the campsite.

Wood furniture has all but disappeared as roving gangs have stolen anything made of wood to burn for heat. All Ikea products are steel, glass, or fire resistant plastic.

The value of high rise condos has crashed and anything above the 10th floor is worth nothing, since it is inaccessible during a brownout for many people.

Canada’s population is in steep decline as the US illegal immigration problem has shifted from Guatemalans looking for economic opportunities to Canadians trying to escape the cold. President Musk wins election proposing a northern border wall. The population of Arizona swells, gaining them 3 more house seats. But Utah and Colorado do even better. The most important factor on where to live becomes the weather. West coast cities continue to attract the highest housing prices in the country due to the moderate climate. An average single detached house in Vancouver is now worth $28 million (USD, the Canadian dollar long since having been abandoned).

The oil industry remains extremely profitable, but instead of supplying fuels it supplies resins and plastics, as well as other chemicals. The major use of petroleum has shifted from a fuel source to a source of resin to build wind turbine blades. CO2 emissions from these activities continue to escalate.

Meanwhile, the consumption of gasoline and diesel, now considered waste products in the west, continues to escalate in the east. China and India both set new records for CO2 emissions, as they have every year.

#120 Tyberious on 04.30.21 at 11:32 pm

Well, I come here for several reasons…one of them to see how this sampling of investing public feels about the markets. Sentiment.
The fact that the majority (including our host, it seems), is bullish and expecting the Roaring 20’s all over again, tells me: ‘caution ahead’!
By nearly all relevant metrics, we’re in uncharted waters of extreme overvaluation in many assets (minus energy, precious metals…). We’ve also had record inflows into the market over the past 6 months which exceeded the inflows of the last 12 years COMBINED! Look out below folks because the next dip will be of the serious kind.
Mark my words!

#121 Shaka More on 05.01.21 at 12:08 am

So, found it…..and it’s a CTV PEG PIECE. 34% have been dosed? Seriously? The photo op single shot is a runway slick as an election tidbit for the truly stupid.

Fact: getting a single dose is the same as getting no dose. A single dose is ineffective. In fact if the second dose isn’t administered within 14 days the first dose provides zero protection. The Trudeaus Logic to this is that he thinks you’re too stupid to know!!

The Americans are providing all Canadians charity shots if any make it across the border should they get past Trudeaus no shot dogs. Rush the border in groups. No fear in the face of Trudeaus manslaughter of Canadians.

My advice…get a test, if negative fly into any US state and get the free reliable shot that Trudeau won’t provide. If enough Canucks rush the border then Trudeau will be forced to ask America for the charity nationwide. His foolish camping has to come to an end. People are dying.

#122 Terry on 05.01.21 at 12:24 am

It didn’t take long for me to scan through Garth’s blog post today, 10 to 15 seconds, to come to the conclusion that all is NOT well with the world today. Garth like many others are preaching alot of HOPIUM. When you can read through the lies the world is in alot of trouble and we will not be returning to normal times any time soon in our lifetimes. The world is a toxic, diseased morally and socially corrupt and will soon be an economically bankrupt mess! As a society we are dying. Nothing new here……………nature is taking care of itself. It’s just that we forgot to teach everybody that life doesn’t owe you a living and this Pandemic is just getting started and mutating stronger to teach you who is really in charge. I suspect Garth will probably delete this post since it doesn’t fit with his narrative. At least HE will probably read what I’ve said since no one else will know what I’ve said.

#123 Go Away in May.... on 05.01.21 at 12:48 am

I don’t know if anyone noticed the S&P spy etf price action this week. It gapped up hard to 420, fell to fill the gap, then traded to double top the 420. It traded down for the rest of the week. Now if there ever was a stock market joke, it would be a high print of 420 on the chart for a long time. What were they smokin way up there? In April too!

#124 Km on 05.01.21 at 1:51 am

@cherry blossom.
Perhaps a little Google as to the population then and now. Maybe not such a big deal to worry about…

#125 Nonplused on 05.01.21 at 2:38 am

#150 Peter pickle on 04.30.21 at 7:00 am
Re

Most of the attempts I am aware of that tried to offshore suffered from a lack of quality, delayed responses, and security issues. No sane manager wants his mission critical software to be located on a server in India. Heck after Amazon bounced Parler I think a lot of companies don’t even want to use the cloud. They want their servers in the building. But with VPN and broadband, the IT manager doesn’t always have to be there

————–+

I recall many of these arguments being used in the 70, 80s, 90s, about why certain manufacturing couldn’t be offshored. Turned out, profit will motivate companies to figure out solutions, and quality is much less important than you think. Now those jobs are gone.

This won’t happen overnight, but by encouraging wfh, employees are encouraging companies to invest in solutions to figure this out. The technology is there now to do it. Buyer beware.

———————————

Ya no. You can’t have your critical infrastructure in China when you are at war with China. Poof. Gone.

#126 NSNG on 05.01.21 at 2:52 am

Much of your success in life will be determined by whether time is your friend or your enemy.

#127 sonnydaze on 05.01.21 at 5:42 am

for #111 Yorkville renter

https://www.rasmussenreports.com/public_content/politics/general_politics/april_2021/election_i

A majority (51%) of voters believe it is likely that cheating affected the outcome of the 2020 presidential election, including 35% who say it’s Very Likely cheating affected the election. Seventy-four percent (74%) of Republicans believe it is likely last year’s presidential election was affected by cheating, a view shared by 30% of Democrats and 51% of voters not affiliated with either major party.

#128 Glengarry Girl on 05.01.21 at 7:51 am

I find the pro Trump crowd, still desperately trying to pump up his miserable legacy, to be quite pathetic and sad. It’s true, he had 70 Million votes, but the election process worked as designed, He lost, get over it. it’s also true, he has an alarming cult like support, and he took over and still controls the Conservative Party. I personally think he might have destroyed it. What is left of the GOP, is ugly and in the light and has had many respectible Conservatives leave their Party and speak out against what it has become. The good news is, I have seen some small signs of deprogramming with my feet on the ground observations. Trump not having his pulpit and twitter 7-24 to spread propoganda and misinformation has many seeking out answers for themselves. Ultimately people want to have hope for their future, and are tired of all the fighting and drama. They want change and many will be waking up to the reality that Trump duped and conned them. We came way too close to becoming Trumps America, good news is that we all got a look at how far one movement could push things and distort the truth. I feel such a relief compaired to how I felt last year prior to his loss.

It’s worth noting 70 million people did not ‘vote for Trump.’ They voted Republican. Millions of people vote based on party, not leader. A GOP golden retriever would have garnered significant partisan support. – Garth

#129 Editrix on 05.01.21 at 8:02 am

I tried to book my vaccine appointment as I’m over 55 in Toronto. Not an appointment to be found. I tried the phone number. Zilch. It’s like trying to get a ticket to a hot rock concert, which always puts me in a sour mood. It was a breeze a month ago to book my mother-in-law, who is 79. And next week they’re going to lower the age again? If you can’t make appointments for most of the people over 55, why add more people to fight over the few appointments?

Also, Ontario’s site isn’t easy to use. You have to type in all your information BEFORE you get to see there are no appointments. Makes me not want to make too much of an effort. Sorry, Garth, but I’m going to be one of the last to get a shot because the system is too frustrating.

#130 Phylis on 05.01.21 at 8:09 am

#125 Nonplused on 05.01.21 at 2:38 am
…….I recall many of these arguments being used in the 70, 80s, 90s, about why certain manufacturing couldn’t be offshored. Turned out, profit will motivate companies to figure out solutions, and quality is much less important than you think. Now those jobs are gone.

Xxxxxxxxxx
Profit definitely a motivation, quality is just moved up into the design.

#131 mark on 05.01.21 at 8:32 am

I think someone needs to give these two the link to your site, Garth.

“On paper, they should have excellent prospects. They both have good jobs: Ms. Tassielli works in marketing for Telus, Mr. Foley as a kinesiology lab technician at Ontario Tech University and working toward his PhD. They have a “sizeable” down payment for a house worth somewhere between $700,000 and $900,000, and a combined household income of $200,000.”

https://www.theglobeandmail.com/canada/article-canadas-housing-market-is-hurting-your-brain-but-you-dont-have-to-lose/?ref=premium

#132 Dharma Bum on 05.01.21 at 9:50 am

Regardless of what happens, for better or worse, humans will simply have to learn to adapt and carry on.

NO MORE SHUTDOWNS OR LOCKDOWNS.

#133 The TDS is strong with this one on 05.01.21 at 9:45 pm

“It’s worth noting 70 million people did not ‘vote for Trump.’ They voted Republican. Millions of people vote based on party, not leader. A GOP golden retriever would have garnered significant partisan support. – Garth”

He’s just a man.

#134 Sheila Morris on 05.02.21 at 7:43 pm

Nonplused…..One thing many Canadians west of Ontario do not seem to know is, all oil produced from Newfoundland is sold to the US. There is only one off shore oil well making 35% royalties. That came about when Danny Williams turned the Newfoundland flag upside down. He wanted 45% but settled. All the rest receive something like 7%. Peter Lougheed had the best platform when he wanted 45% royalties. However Albertans sided with the oil companies and the plan did not fly. Hence his resignation. Norway took that same platform and received 80% telling people like Exxonmobil they get 20% or no deal. Norway is now almost free from oil. So Alberta needs to stop whining. There is not any one to blame for Alberta’s problem but Albertans.