Help wanted

The job numbers suck. Some people wonder what impact this might have on real estate. The economic recovery. On interest rates.

In case you missed it, Canada shed 207,000 positions in March. That just about nuked the gains seen in February. The jobless rate has gone in the wrong direction – up. Over 129,000 full-time paycheques vanished and close to seventy-eight thousand part-timers lost work. In the US, more than a quarter million new hires stared working last month in stark contrast to us, but this was far less than expected. Seems American employers can’t find enough people who want to work now that Uncle Joe sent everybody a fat cheque. In Canada, it’s the slimy little pathogen that’s eating the GDP.

So what happened upon the news?

The US dollar went down (disappointing labour stats) pushing the loonie up (despite our bad numbers). Bond yields fell sharply along with inflation expectations. That will put an end (temporarily) to the upward thrust of mortgage rates. Stock markets shrugged it all off, since traders and investors still have Roaring Twenties fever. Vaccines will triumph. Covid will fade. Global growth will resume. Companies will make boodles. Up she goes.

Now, back to real estate. This week we mused that peak house might be upon us as markets in Van and the GTA showed signs of lower sales and higher inventory. But in the pursuit of balance, this egalitarian and well-muscled blog now presents an alternative view. Two of them actually.

First, here’s what the government says.

Canada Mortgage and Housing Corp has done a 180. You may recall the now-departed boss, Evan Siddall, warned early in the pandemic that real estate prices could fall as much as 18%. Instead they went up 30%. Nobody anticipated that Millennial house lust combined with cheap money, slithery realtors, WFH and pliant lenders would create an historic bubble in the middle of a global health crisis, quarantines, job less and Main Street mayhem. But it happened. Re/Max, 1. Evan, 0.

The dark dude is gone, and now CMHC’s gone back to its historic role of pimping the market. The current forecast is that prices will continue to rise in 2021, adding about 14% to the average home’s value. Sales will power ahead to 602,300 from 550,000 last year.

Then what? Will it be over?

Nope: “Economic conditions are expected to return to pre-pandemic levels by the end of 2023, if broad immunity to COVID-19 takes hold by the end of 2021,” says Bob Dugan, the chief economist. “This includes the pace of home sales and prices, which we expect to see moderate from 2020 highs over the same period.” Sales will stay elevated for next year, too, and the average price will increase another 9% or so.

Is this realistic when incomes are advancing less than 2% annually? What about the Covid lockdowns that just crushed the jobs numbers?

Well, real estate is no longer rational. FOMO has gripped the nation. So when enough people think something will rise in value – and buy – values rise. Of course, household debt swells right along with it. And risk.

In Vancouver, meanwhile, where the average inner-city house is just one used Kia less than the $2 million mark, bearish analyst Dane Eitel seems to be throwing in the towel. As you may recall, he’s been quoted on this blog over the last two years warning the YVR market was wholly unsustainable, unsupported by the technicals that he follows.

So, wassup Dane?

The big news out of Van is a 46% jump in inventory of homes for sale over the last couple of months, while in 20 hoods he tracks, prices have failed to rise in 11 of them. “The perfect storm of historically low inventory coupled with immediate demand for larger accommodations and ultra low interest rates is beginning to fade,” he concludes.

But wait. Prices are still rising, albeit more slowly. Instead of making $37,000 a month on their houses, owners are now seeing a measly $14,000 appreciation. Eitel also ‘fesses that the market has yet to peak. What happens after that moment comes?

“The possibility of a 8-10% correction after the peak occurs is realistic. That would imply a retest os the previous market cycle high of $1.830M. To expect prices to correct below the previous channel is an unlikely outcome. More likely is an evolution out of the growth trend which increased home values over $386,000 to a period of sideways action, as price discovery confirms the previous technical break out.”

Translation: up, then down a little, then sideways. No crash because, “the Bank of Canada has created an artificial floor to home values,” through its quantitative-easing, mortgage-bond-buying frenzy.

What are we to make of this?

Beats me. I just come here for the dog pix. But when everybody’s throwing in the towel, it’s usually time to worry.

About the picture: “This is Punky,” writes Brian. “He is a poodle/jack russell mix who can perform a dozen tricks. He has one ear up, one ear down which allows him to hear things forwards and backwards at all times! He has a balanced and diversified portfolio mix of 60% beef bones and 40% dog treats! He lives in Kitchener with his owner Miss Kitty.”

132 comments ↓

#1 mitzerboyakaQueencitykidd on 05.07.21 at 12:56 pm

its friday im in love

Dogz r great
Beer iz good
people are crazie

#2 None on 05.07.21 at 1:11 pm

Ugh, I’m paralyzed. If things go up 14% and then a 10% correction why wouldn’t I buy now???

#3 Concerned Citizen on 05.07.21 at 1:23 pm

“the Bank of Canada has created an artificial floor to home values,”

And there you have it in a nutshell. The central banks continue to inflate massive asset bubbles. The solution to every problem is to make the bubbles ever “massiver”. Asset holders get trillions printed to inflate asset prices. Non-asset holders (aka young people) get higher cost of living (oh wait, all this inflation is supposed to be “transitory”). It’s 100% by design, and it’s reprehensible. Canada is no longer a place for young people. I continue to expect a significant exodus of skilled young people out of the country once the virus is vanquished. We’ve always had some of that Brain Drain, but what’s coming may make that look like but a drip. They’ll have to ramp up immigration even higher to keep the population up.

Did you see the Fed report yesterday warning about risk of loss due to high valuations and high corporate debt levels? Naturally the markets are surging again today.

The markets will not decline until the Fed and other central banks stop their moral hazard policy. That means when a Treasury Secretary states interest rates may need to rise, she doesn’t walk it back a couple hours later because the markets dropped a measly 1% in response.

It’s pretty transparent that the prime goal of the central banks is to keep the asset bubbles growing. Employment levels and inflation are a distant second and third. In fact I would argue they want much higher inflation. After all, the BoC is still pedal-to-the-metal buying billions of dollars of assets each and every week, despite housing being up 30% in a year. They really couldn’t care less, from my perspective.

#4 TurnerNation on 05.07.21 at 1:25 pm

Ontario’s Re-Opening Act law.
As usual take what our rulers tell us, flip it 180 deg to make sense. It’s a CLOSING act.
It’s been over 400 days. Go ahead, try and open your business. You will be fined/jailed under the ‘re-opening’ act.

This is not going away. The ‘news’ is openly talking about a Reset of Newfoundland’s debt.
Why there first? Same reason why Iceland was collapsed early on in the 2008 GFC; it’s the perfect test zone, island, isolated and homgeneous culture. Same-same with Newfoundland. (Why they were first the test zone for mail in ballots)

You know how in sports the players publically talk smack and goad against their opponents?
That’s what this is. We are being mocked. Here is the latest smack talk:

.Ontario [Canada] health official says she’d be surprised if lockdown restrictions lift by end of May (blogto.com)

#5 Even the fake stats are awful on 05.07.21 at 1:30 pm

“Stock markets shrugged it all off, since traders and investors still have Roaring Twenties fever. Vaccines will triumph. Covid will fade. Global growth will resume. Companies will make boodles. Up she goes.”

———————————–

And we all know how roaring 20’s fever ended. Yup keep shrugging it off.

If you’re afraid. don’t invest. Good luck with the next lost decade. – Garth

#6 Rainman on 05.07.21 at 1:33 pm

Real Estate is bizarre. At this point it has been a good play, well worked for us so far anyhow. What it will be in 10 years is anyone’s guess?

#7 Joseph R. on 05.07.21 at 1:35 pm

“But when everybody’s throwing in the towel, it’s usually time to worry.”

Housing fall under the umbrella of the Ministry of Families, Children and Social Development at the Federal level. Currently, Hon. Ahmed Hussen is its minister:

https://pm.gc.ca/en/cabinet/honourable-ahmed-hussen

He spoke against any attempts of removing the capital gain exemption on principal residence since it’s “the retirement plan for most Canadians.”

Before you say it’s a Liberal thing, O’Toole won’t have done any different if he were PM.

If I were to speculate on a new policy to deal with the increase cost of housing due to a raise in interest rates, I would bet Canadians will demand a Home Mortgage Interest Deduction, just our Southern neighbours have:

https://www.irs.gov/publications/p936

Fiscally impossible and, given the existing PR tax exemption, morally reprehensible since this would further favours homeowners, massively. – Garth

#8 Drill Baby Drill on 05.07.21 at 1:37 pm

It is interesting that some of the “experts” are throwing in the towel. I wonder how long the many many homeowners who are in massive debt and cannot keep up with the daily grind of making payments will eventually throw in the towel?

#9 Bezengy on 05.07.21 at 1:40 pm

The Greene Report – Newfoundland

“Greene said the current governance culture — one that views budgets as “notional” and deficits as something that don’t matter — has to end.”

……no kidding Sherlock

https://www.google.ca/amp/s/www.cbc.ca/amp/1.6016005

#10 Don Guillermo on 05.07.21 at 1:43 pm

If anyone is interested in a Snowbird reentry experience here’s ours. Off topic and sorry for the length Garth.

I registered with a Mazatlán app for the covid vaccine sometime in Feb. The Mexican Health Ministry called over 60 y/o residents by last name alphabetical order. My AZ shot came April 9th at a health center 10-minute walk from home. Pleasant easy experience. My wife’s age group did not come up before we left. Would have stayed until both of us were fully vaccinated but had to return for personal reasons. Many of our other expat friends are staying well into the summer

Booked AA flight home. MZT-DFW-YYC May 1st.
In order to travel we needed to have a negative PCR test result 72 hours or less before departure to a Canadian airport. In others words before the DFW-YYC flight. Any unforeseen delays could make the test invalid. We booked this test at a local private hospital in Mazatlán. They called us the night before to confirm our morning appointment and to reinforce that we were not to have breakfast, coffee or even brush our teeth before coming in. This is to ensure test accuracy. The testing included a deep dive swab for each nostril and a throat swab. Interesting to note that the PCR test we did when arriving at the YYC airport had no preceding eating restrictions and only did a throat swab.

We had to load our phones with the Mex travel app, ArriveCAN app, VERiFLY app and the AB Mandatory Testing app each providing unique codes that required displaying through various stages of travel.

We booked Best Western YYC hotel for our first quarantine step. A 3-night minimum booking for $720.00 is required. We were required to take an airport shuttle to BW from YYC with 7 strangers, one was coughing and sneezing throughout. Masked of course. 16 hours later our airport test came back negative and we Ubered home. No refunds but got two tasty burgers to go.

Day 7 or 8 of quarantine (today) we are required to drive to a Shoppers Drug Mart for another PCR test. No pretest eating requirements. Now awaiting results and will have 7 more quarantine days if results come back negative. Fingers crossed.

Side note: some US airports were reported offering free Covid vaccinations at terminals. We didn’t have time to check if DFW was.

#11 Tim on 05.07.21 at 1:45 pm

DELETED

#12 Doug t on 05.07.21 at 1:46 pm

I just shrug my shoulders and shake my head- nothing makes sense much anymore

#13 Millennial 1%er on 05.07.21 at 1:46 pm

Can interest rates go any lower? Probably not

#14 Tim on 05.07.21 at 1:47 pm

DELETED

#15 Tim on 05.07.21 at 1:48 pm

So much for an unbiased blog lol! Are you beholden to China like Trudeau is?

No links here to that hack journalist. – Garth

#16 household built on 05.07.21 at 1:50 pm

Loving little-sister Vancouver as she nears the $2 million mark,,, so that big-sister Toronto has a path established in her desires catch up… Go baby go as the middle-class train has become our homes…

#17 alexinvestor on 05.07.21 at 1:51 pm

BOC will not let rates rise until unemployment decreases. But why work when the government sends a paycheck ? Maybe inflation as calculated will rise, maybe not.

Who can afford these prices ? People who bought a long time ago, people who owned assets and saw their net worth increase during these past 2 years, and people who work for tech giants. The SFH is slowly becoming like Roman citizenship back in the day. You want it ? Do something great for the republic (like become a great coder).

#18 IHCTD9 on 05.07.21 at 1:55 pm

I guess I’m a towel chucker too. A couple years back you’d find me posting (gleefully) to the kids griping about the cost of living in YVR/YYZ to just bail to the hinterland where the old Canada, and prosperity still existed.

But, today I see the ability for the average working stiff to afford a good quality of life out here going to hell in a hand basket too. Thanks Mr. slimy, Mr. BOC, and Mr. Trudeau.

The bigger the RE gas bag gets, the less inclined our balloon heads in Ottawa will be to fix it. What a stinking mess. I’m beyond using common sense metrics to diagnose the stuff going on in this country, they just ain’t working right now.

Nope, it’s gonna be popcorn from here on in, maybe with a side order of unemployment if the current plan is also the long term one.

#19 G on 05.07.21 at 2:01 pm

Why is the Canadian Government so interested in what you can Hear, See and Say at the moment anyway?!
Sound like the MPT wants max control of on-line info like ‘the Minister of Truth’ from the book 1984.
Are you paying attention to what’s in Bill C-10 will do if passed!
Have you sent your MP and the other Parties an email yet? If not why not, really! It’s worth a trying anyway.

‘CENSORSHIP’ BILL CONTROVERSY Trudeau’s government attempting a creative takeover
4min Toronto Sun. https://www.youtube.com/watch?v=WnF7TGFIZKw

On May 4th, 4min. on Fox news
Jordan Peterson tells Tucker: Truth in speech is of divine significance
https://www.youtube.com/watch?v=rarY7pR03ns

Was Tucker listening on May 4th, I wonder. Because he dare ask a simple question yesterday on May 7th that might get him band. For just asking a question!
Why Tucker Carlson May Be Off The Air Tomorrow… Who Is Next? 8min.
https://www.youtube.com/watch?v=Wedqm1XprUw

What kind of country/World do you want you and your kids to wake up in tomorrow, 1984. Where you’re told what you’re allowed to hear, see, think and say. For your own good of course, if they repeat ‘safe and effective’ enough time it must be true right. If you think so every time, I guess you missed the history classes and books. On-line censorship is like book burning, and we know how that work out in the 1930’s.

Nazi Book Burning
On May 10, 1933, German students under the Nazi regime burned tens of thousands of books nationwide. These book burnings marked the beginning of a period of extensive censorship and control of culture in Adolf Hitler’s escalating reign of terror.
https://www.youtube.com/watch?v=yHzM1gXaiVo

This has been taking place under many, but not all, people’s noses for a while now and the window to correct it is closing fast.

I don’t think the PMT and his “friends” are up to the task of fixing things for us all.
When can we vote again?
But wait Bill C-10 hasn’t passed yet to control what the people can find out about who we might be voting for, and other things.

National Post Jan 3rd. 3-1/2min.
Trust Trudeau to censor internet ‘hate’? I sure don’t.
https://www.youtube.com/watch?v=QvZk-HpftGE

Ps, Dog Pix are the best!

#20 Brian Ripley on 05.07.21 at 2:05 pm

My chart of HOUSING PRICE MOMENTUM Y/Y RATE OF CHANGE for Vancouver, Calgary, Toronto Single Family Detached Prices and the TSX Real Estate Index is up with April data:
http://www.chpc.biz/housing-price-momentum.html

Single family detached price momentum zoomed yet again with Toronto buyers breaking above irrational exuberance on the Covid 19 rally.

Cash buyers represented by the TSX Real Estate Index have a hedging ability and can react in real time and their plot leaped 36% in lockstep with the brick and mortar crowd.

Now, 12.1 years after the crash into the March 2009 low and the imposed statecraft of ZIRP and NIRP that followed, anxiety is growing about valuations.​

We know what happens after irrational exuberance. Back in 1Q 2007 the TSX Real Estate Index plunged with the global troubles and 18 months later on the above Y/Y momentum chart, investor momentum found itself at the “Get Me Out level” (down 40% Y/Y).

“Global troubles” is now a global pandemic without regard to borders and we hug our border with the U.S. and recent polling suggests 25% of Americans (more than twice our population) will not get vaccinated and Trump is still out there spreading mendacity while the GOP feigns patriotism as it dismantles democratic access to the ballot box.

Our social contract is not just defined by economics and politics. Not only do we need to protect ourselves from physical infection but from mendacious memes that are not border-bound either.

#21 Stay the course on 05.07.21 at 2:08 pm

#15 Tim on 05.07.21 at 1:48 pm
So much for an unbiased blog lol! Are you beholden to China like Trudeau is?

No links here to that hack journalist. – Garth

___________________________________________

Garth, I would prefer if you let ME decide who the hacks are. I am a big boy. I can make my own decisions, thanks. Maybe Tim has something I would be interested in.

Nope. Those who allow hate to be disseminated are as guilty as those who breed it. – Garth

#22 Chameleon on 05.07.21 at 2:09 pm

A dog who’s owned by a Kitty. Miss Kitty no less.

ME-OW!

Why am I hearing Butt-Head trademark laugh in may head? Butt-Head of Beavis and Butt-Head.

#23 IHCTD9 on 05.07.21 at 2:14 pm

#3 Concerned Citizen on 05.07.21 at 1:23 pm
—— —-

Yep. We’re eventually going to pay for this BS in youth. Why would an educated, young up and coming dude hang out here in Canada when the USA promises an actual life compared to rent and tax peonship here in Canada? The future is global, Canada is going to have to put something on the table worth the price of living here – soon.

#24 Rook on 05.07.21 at 2:15 pm

Happy Friday, everyone!

Just a reminder: should zey still be alive, remember to wish your birthing person (or the birthing person of your indeterminently-gendered offspring) a Happy Birthing Person’s day this Sunday!

#25 BillinBC on 05.07.21 at 2:15 pm

#153 Don Guillermo
#152 BillinBC on 05.07.21 at 12:24 pm
——————————————————————
Yeah… I get it! Should have left the Tesla on the lot and invested the $55K. After driving small, fuel efficient cars all my life and now at 82 with a mid-seven figure diversified/balanced portfolio I decided to indulge myself (sort of like the Harley guys) and have some fun. Driving the Tesla has saved my sanity over the past two years and added a ton of spice to my otherwise boring life.
**************************************
Good for you Billin. I’m not quite your age but it’s the same reason I have my car. I admire you – motor on!!
…………………………………………………………………………
Thanks Don, Gotta have SOME fun, eh?

#26 In dubio on 05.07.21 at 2:20 pm

Dear Garth,

It would be great to know your opinion…

Financial markets and asset prices are inflated and are moving up steadily…If someone has funds to invest, about $30K,… does it make sense to invest it now or is it better to wait for a nice entry point (aka correction) sometime later this year?

In your past posts you recommended to allocate around 20% of portfolio to USD denominated assets. Given the weakening USD, does your advice remain the same this year? If a B&D portfolio has 30-35% of assets in USD (mostly in US/EUR/EM equity ETFs), would it be considered too risky?

Thanks,

With zero information about your circumstances no recommendation can be made. (But I’m sure that will not stop the steerage section cowboys.) – Garth

#27 Dieselgate on 05.07.21 at 2:33 pm

#25 BillinBC on 05.07.21 at 2:15 pm
#153 Don Guillermo
#152 BillinBC on 05.07.21 at 12:24 pm
——————————————————————
Yeah… I get it! Should have left the Tesla on the lot and invested the $55K. After driving small, fuel efficient cars all my life and now at 82 with a mid-seven figure diversified/balanced portfolio I decided to indulge myself (sort of like the Harley guys) and have some fun. Driving the Tesla has saved my sanity over the past two years and added a ton of spice to my otherwise boring life.
**************************************
Good for you Billin. I’m not quite your age but it’s the same reason I have my car. I admire you – motor on!!
…………………………………………………………………………
Thanks Don, Gotta have SOME fun, eh?
…………………………………………………………………………
Gentlemen!

Has the pandemic corrupted you so much that this is now defined as fun? EV-ing around town? Is there any way that some fun can be found with fluids? Bodily or drinkable? Or both?

Fun? In a Tesla Model 3 EV? What’s next? Fun on a 3-wheeler Harley?

I will never forget it. Was driving in NJ, and this tough guy on a 3 wheel Harley started yelling at me at a toll-booth.

As a Canadian I said “Sorry”! …and also…”Nice tricycle!”

Let’s men-up please. 8 cylinders in a car. Motorcycles with 2 wheels only. And more fluids!

#28 Even the fake stats are awful on 05.07.21 at 2:37 pm

#5 Even the fake stats are awful on 05.07.21 at 1:30 pm
“Stock markets shrugged it all off, since traders and investors still have Roaring Twenties fever. Vaccines will triumph. Covid will fade. Global growth will resume. Companies will make boodles. Up she goes.”

———————————–

And we all know how roaring 20’s fever ended. Yup keep shrugging it off.

If you’re afraid. don’t invest. Good luck with the next lost decade. – Garth

——————————

I’m fully invested and raking in huge gains in stocks and real estate. I’m just big enough to admit that’s all been distorted and has nothing to do with earnings and the real economy.

#29 Kiril Peev REALTOR® on 05.07.21 at 2:39 pm

Ottawa real estate stats for April 2021: IMO still a strong sellers’ market with a little bit more breathing room for buyers.

March 2021 to April 2021 Comparisons:

Average selling price for detached homes decreased by about $25,000.
Average selling price for townhomes decreased by about $7,000.
Average selling price for semi-detached homes increased by about $17,000.
Average selling price for condos decreased by about $10,000.
In my opinion, a 1-2% shift in month to month prices means little. The previous pace of price appreciation was unsustainable and the market will take some time to find it’s new equilibrium.

https://www.kirilpeev.ca/ottawa-real-estate-market-update-april-2021/

#30 IHCTD9 on 05.07.21 at 2:40 pm

#16 household built on 05.07.21 at 1:50 pm

Loving little-sister Vancouver as she nears the $2 million mark,,, so that big-sister Toronto has a path established in her desires catch up… Go baby go as the middle-class train has become our homes…
———

Are you a younger millennial or Gen Z? If so, read this ^ post a bunch of times if you’ve been unable to buy a home, or save much.

Median individual income in 2019 for BC is $35,100.00.

Average house price in Van…? Uhh, maybe just buy a van.

Your federal government has sold you down the river kids.

#31 Don Guillermo on 05.07.21 at 2:41 pm

#27 Dieselgate on 05.07.21 at 2:33 pm
#25 BillinBC on 05.07.21 at 2:15 pm
#153 Don Guillermo
#152 BillinBC on 05.07.21 at 12:24 pm
——————————————————————
Yeah… I get it! Should have left the Tesla on the lot and invested the $55K. After driving small, fuel efficient cars all my life and now at 82 with a mid-seven figure diversified/balanced portfolio I decided to indulge myself (sort of like the Harley guys) and have some fun. Driving the Tesla has saved my sanity over the past two years and added a ton of spice to my otherwise boring life.
**************************************
Good for you Billin. I’m not quite your age but it’s the same reason I have my car. I admire you – motor on!!
…………………………………………………………………………
Thanks Don, Gotta have SOME fun, eh?
…………………………………………………………………………
Gentlemen!

Has the pandemic corrupted you so much that this is now defined as fun? EV-ing around town? Is there any way that some fun can be found with fluids? Bodily or drinkable? Or both?

Fun? In a Tesla Model 3 EV? What’s next? Fun on a 3-wheeler Harley?

I will never forget it. Was driving in NJ, and this tough guy on a 3 wheel Harley started yelling at me at a toll-booth.

As a Canadian I said “Sorry”! …and also…”Nice tricycle!”

Let’s men-up please. 8 cylinders in a car. Motorcycles with 2 wheels only. And more fluids!
*********************************
You’re going to diss an 82 y/o man who enjoys driving his car around during this pandemic (no matter what type of car it is)? Sounds like you’re the tough guy pretender. No need to say sorry!

#32 VGRO and chill on 05.07.21 at 2:41 pm

#25 BillinBC on 05.07.21 at 2:15 pm
#153 Don Guillermo
#152 BillinBC on 05.07.21 at 12:24 pm
——————————————————————
Yeah… I get it! Should have left the Tesla on the lot and invested the $55K. After driving small, fuel efficient cars all my life and now at 82 with a mid-seven figure diversified/balanced portfolio I decided to indulge myself (sort of like the Harley guys) and have some fun. Driving the Tesla has saved my sanity over the past two years and added a ton of spice to my otherwise boring life.
**************************************
Good for you Billin. I’m not quite your age but it’s the same reason I have my car. I admire you – motor on!!
…………………………………………………………………………
Thanks Don, Gotta have SOME fun, eh?

——–

Ah yes, The Tesla. Pretend to care about the environment while looking rich.

#33 Faron on 05.07.21 at 2:42 pm

#21 Stay the course on 05.07.21 at 2:08 pm

#15 Tim on 05.07.21 at 1:48 pm

Garth, I would prefer if you let ME decide who the hacks are. I am a big boy. I can make my own decisions, thanks. Maybe Tim has something I would be interested in.

Nope. Those who allow hate to be disseminated are as guilty as those who breed it. – Garth

Tangential, but related and interesting:

https://www.newyorker.com/tech/annals-of-technology/inside-the-making-of-facebooks-supreme-court

#34 crowdedelevatorfartz on 05.07.21 at 2:43 pm

@#26 In dubio

Invest in Elevator stock.
I hear it’s down one minute and up the next.

#35 BillinBC on 05.07.21 at 2:43 pm

#25 BillinBC on 05.07.21 at 2:15 pm
#153 Don Guillermo
#152 BillinBC on 05.07.21 at 12:24 pm
——————————————————————
Yeah… I get it! Should have left the Tesla on the lot and invested the $55K. After driving small, fuel efficient cars all my life and now at 82 with a mid-seven figure diversified/balanced portfolio I decided to indulge myself (sort of like the Harley guys) and have some fun. Driving the Tesla has saved my sanity over the past two years and added a ton of spice to my otherwise boring life.
**************************************
Good for you Billin. I’m not quite your age but it’s the same reason I have my car. I admire you – motor on!!
…………………………………………………………………………
Thanks Don, Gotta have SOME fun, eh?
…………………………………………………………………………
Gentlemen!

Has the pandemic corrupted you so much that this is now defined as fun? EV-ing around town? Is there any way that some fun can be found with fluids? Bodily or drinkable? Or both?

Fun? In a Tesla Model 3 EV? What’s next? Fun on a 3-wheeler Harley?

I will never forget it. Was driving in NJ, and this tough guy on a 3 wheel Harley started yelling at me at a toll-booth.

As a Canadian I said “Sorry”! …and also…”Nice tricycle!”

Let’s men-up please. 8 cylinders in a car. Motorcycles with 2 wheels only. And more fluids

…………………………………………………………………………..
#27 Dieselgate
Not at my age :-)

#36 The Totally Unbiased, Highly Intelligent, Rational Observer on 05.07.21 at 2:44 pm

Seems American employers can’t find enough people who want to work now that Uncle Joe sent everybody a fat cheque. In Canada, it’s the slimy little pathogen that’s eating the GDP.” — Garth

Slimy little pathogen?

While I can certainly understand the feeling and tend to agree with it, Garth, I thought you did not believe in calling the Prime Minister names, out of respect for his office.

#37 Ballingsford on 05.07.21 at 2:45 pm

So mortgage rates are coming back down again? That’s good. I did the purchase and agreement for a new build last July and given a rate at the time which was low, but that was only good for 90 days or so, but I need to wait another month or so (possession date Oct) to see what the new rate will be.
Good it’s coming down again.

#38 gfd on 05.07.21 at 2:46 pm

Canada – 207,000 job loss and here is the reason why……

https://invest.misorobotics.com/zerohedge?utm_source=zerohedge&utm_medium=newsletter

#39 Dolce Vita on 05.07.21 at 2:48 pm

2 stats from the April Labour Force Survey.

1 a favorite of yours Garth.

WFH:

30.6%, ↑ from Mar 29.1%

——-

The other a crying shame.

Almost 1/2 the job losses were the young 15 to 24 years, ‘000’s:

-101.4
FT -26.1, PT -75.3

——————

VAX Lazarus:

https://i.imgur.com/r5NTHKQ.png

#40 Billy Buoy on 05.07.21 at 2:48 pm

They say the great 1930s depression was partially a result of cutting back government spending.

The one upcoming will be a result of TOO much spending.

I know it’s tough but thought CB leaders were geniuses and would know how to try and find a balance.

Heavy on the use of the word “thought”. At least your pals made out like bandits.

#41 Concerned Citizen on 05.07.21 at 2:48 pm

#5 Even the fake stats are awful

If you’re afraid. don’t invest. Good luck with the next lost decade. – Garth

Investing is a charitable word for a lot of what I’m seeing these days. Speculation is much more accurate word. And all the speculators view the central banks as the greater fool, which is good for them because central banks have infinite buying power and over the last 12 years have demonstrated no timidity in using it.

#42 KAC on 05.07.21 at 2:49 pm

#20 Brian Ripley

“ …… the GOP feigns patriotism as it dismantles democratic access to the ballot box.”

Agreed, surely the requirement for photo ID should only be required for truly important purposes like buying alcohol, claiming senior’s discounts, driving a car or boarding a commercial flight.

Photo I.D. Should not be required for trivial things like voting for who will run the government for the next four years. (Sarc off)

#43 IHCTD9 on 05.07.21 at 2:50 pm

#26 In dubio on 05.07.21 at 2:20 pm
Dear Garth,

It would be great to know your opinion…

Financial markets and asset prices are inflated and are moving up steadily…If someone has funds to invest, about $30K,… does it make sense to invest it now or is it better to wait for a nice entry point (aka correction) sometime later this year?

In your past posts you recommended to allocate around 20% of portfolio to USD denominated assets. Given the weakening USD, does your advice remain the same this year? If a B&D portfolio has 30-35% of assets in USD (mostly in US/EUR/EM equity ETFs), would it be considered too risky?

Thanks,

With zero information about your circumstances no recommendation can be made. (But I’m sure that will not stop the steerage section cowboys.) – Garth
—— –

Dude, just yolo gme, diamond hands, apes, yo! etc…

Seriously – just pound it in there right now (tips cowboy hat).

#44 Billy Buoy on 05.07.21 at 2:55 pm

Highlight of the day was hearing Joe claim “too much in benefits for staying home has nothing to do with the availability of people wanting to work.”

Ya Joe, I guess never really working a real job has put you a tad out with reality. Thanks for once again confirming to the world know most politicians with reality.

America really is an exceptional nation.

Real exceptional. Of bs that is. Glad that JT knows his place and follows along superbly.

God bless us all.

#45 Ken on 05.07.21 at 3:05 pm

Hey Garth, Punky’s stick is going for $20 bucks at the big orange store. Just last year they were only $5.

#46 Guelph Guru on 05.07.21 at 3:05 pm

Totally Confused after reading today’s post.
People are loosing jobs and house prices are shooting up. Something is not right here.

#47 Dolce Vita on 05.07.21 at 3:23 pm

Off topic.

Feeling very bad about what is happening in India. In late Feb they had all of 12K new cases/day.

Today from NDTV news:

Record daily new cases 412,000
Near 4,000 deaths
Record national test positivity rate of 22.1%
Selected area, city positivity rates yesterday:
– Goa 48%
– Haryana 37%
– West Bengal 33%
– Delhi 32%

1.37B people in India.

Low vax rate.

—–

The Indian variant, B.1.617, is in Canada.

36 in ON, Apr 23.
39 in BC, Apr 22.

https://globalnews.ca/news/7842023/covid-variant-india-british-researchers/
https://globalnews.ca/news/7780851/india-covid-variant-canada-cases/

————–

PS:

mRNA vax (Pfizer, Moderna) efficacy against variants…

This out today by VP Moderna Italia:

“Our NEW drug against the most dangerous variants is ready”

https://www.lastampa.it/topnews/primo-piano/2021/05/06/news/carfi-pronto-il-nostro-nuovo-farmaco-contro-le-varianti-piu-pericolose-1.40236481

Imply what you will from the above article. Americans are calling it a “booster shot”.

#48 tbone on 05.07.21 at 3:30 pm

# 27 dieselgate

Yep , i ditched the lexus GS 350 and got an Audi .
Lexus had the same old V6 engine with no pep for the last 20 years . Know why they are so reliable … they never change anything.
Germans know how to engineer a drivetrain .

#49 T-Rev on 05.07.21 at 3:31 pm

No offense bearded one, but Eital is saying what some of us have come to realize (very slowly and only recently in my case) and you have dismissed for a long time (but I suspect you may be grudgingly coming to accept): The price of money is no longer set by the market, as the central banks are actively keeping it suppressed through QE. We old fashioned types can yammer that the bond market sets fixed loans, but the fact is the CBs set the bond market. The Ponzi scheme is now too big to fail. It’s in the national interest to support the gasbag indefinitely, or at least try to until the gravity of it eventually pulls it downward spectacularly. The CBs are betting on their ability to keep it going sideways for a sustained period to let the real cost of housing come down without crashing. But interest rates will not be allowed to rise significantly without a fight. The country can’t afford the fallout.

Say it ain’t so, but it is.

#50 wallflower on 05.07.21 at 3:32 pm

soooooooooooo enjoying the doogies
this guy is a dish!

#51 Trojan House on 05.07.21 at 3:40 pm

“In Canada, it’s the slimy little pathogen that’s eating the GDP.”

It’s not the slimy pathogen that’s eating the GDP, it’s the governments’ responses to the slimy little pathogen that is eating the GDP. Remember, only people, aka the government, made the decision to close down society.

#52 Dolce Vita on 05.07.21 at 3:42 pm

Nothing save a 21.46% mortgage rate of the early 80’s will stop RE FOMO, nothing has since then in near 40 years.

Sure, a small downtick after the odd recession, Gov intervention until Canada’s Gollums figure out how bad it is and if not so bad, RE FOMO back on.

If a Global Pandemic and job losses cannot stop RE FOMO in the pursuit of “PRECIOUS” nothing will or has other than a withering mortgage rate.

That’s what it is. Accept it. Truth shall set you free.

You’re a nation of RE FOMO Gollums Canada. Go find your Precious. You know want to.

#53 Dieselgate on 05.07.21 at 3:43 pm

#35 BillinBC on 05.07.21 at 2:43 pm
…………………………………………………………………………
Thanks Don, Gotta have SOME fun, eh?
…………………………………………………………………………
Gentlemen!

Has the pandemic corrupted you so much that this is now defined as fun? EV-ing around town? Is there any way that some fun can be found with fluids? Bodily or drinkable? Or both?

Fun? In a Tesla Model 3 EV? What’s next? Fun on a 3-wheeler Harley?

I will never forget it. Was driving in NJ, and this tough guy on a 3 wheel Harley started yelling at me at a toll-booth.

As a Canadian I said “Sorry”! …and also…”Nice tricycle!”

Let’s men-up please. 8 cylinders in a car. Motorcycles with 2 wheels only. And more fluids

…………………………………………………………………………..
#27 Dieselgate
Not at my age :-)
…………………………………………………………………………..
If you’re whipping a Tesla, whip it like this BillinBC!

https://www.youtube.com/watch?v=NyOGIsds2C4

Hey Alexa!

#54 Benjamin on 05.07.21 at 4:01 pm

The government has made it clear they’ll do everything to protect home owners. The First Time Home Buyer Incentive is insane. Taxpayer money will be used to subsidize realtor profits. Even if you can’t afford a home, your tax money will be used to prop up the market. The government appears to have taken the position that it will take down everyone and everything to protect housing. I’m seriously thinking of moving to another country.

#55 Leichendiener on 05.07.21 at 4:12 pm

Meanwhile in Colorado…

https://youtu.be/zOLqZD5O9R8

#56 Damifino on 05.07.21 at 4:14 pm

It’s now official. It really is different this time. So glad I lived long enough to see the triumph of the unicorns.

Still, I’m happy having zero debt, zero real estate, and a solid investment income thanks to the sale of same ten years ago. You’ve got to take profits sometime.

#57 Stone on 05.07.21 at 4:34 pm

This Friday is a good day. My B&D portfolio finally crossed the 12% threshold to sit at 12.11% YTD. Yay!

And no itch to buy real estate.

#58 Dieselgate on 05.07.21 at 4:34 pm

#48 tbone on 05.07.21 at 3:30 pm
# 27 dieselgate

Yep , i ditched the lexus GS 350 and got an Audi .
Lexus had the same old V6 engine with no pep for the last 20 years . Know why they are so reliable … they never change anything.
Germans know how to engineer a drivetrain .

———-

Good on you tbone. Be the early adopter. Spend money on a car ranked “below average” in a reliability study. Don’t buy a car with a proven reliability and regularly top rated engine. Buy one that lingers below average from a company that pollutes the air millennials breathe.

Same reliability study was conducted in Germany, and Audi finished “below average” with 142 problems per 100 vehicles – in their home land! Behind Mercedes and BMW!

VW Group can go suck on their diesel exhausts! So can Mercedes and BMW – both ahead of Audi, but ranked below average. Germany engineering indeed.

#59 Oakville Sucks on 05.07.21 at 4:52 pm

“Stock markets shrugged it all off, since traders and investors still have Roaring Twenties fever.”

WRONG – The Federal Reserve is buying everything up! Have you looked at their balance sheet lately?

#60 Oakville Stinks on 05.07.21 at 5:00 pm

Great Article from Ireland!

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

Dr Rory Hearne: The Government does not want you to be able to afford to buy a home

https://www.thejournal.ie/readme/ireland-investment-housing-5428746-May2021/

#61 Faron on 05.07.21 at 5:16 pm

Ha. Seems ARK was seeded by Mr. Hwang himself. Could be nothing. But, if any of his dollars are still in ARK and Archegos is heavily indebted to various banks, the banks will force sales in ARK, potentially in size.

#5 Even the fake stats are awful on 05.07.21 at 1:30 pm

“Stock markets shrugged it all off, since traders and investors still have Roaring Twenties fever. Vaccines will triumph. Covid will fade. Global growth will resume. Companies will make boodles. Up she goes.”

———————————–

And we all know how roaring 20’s fever ended. Yup keep shrugging it off.

If you think day-to-day index moves have much to do with the economic news, especially at market open and close, you probably shouldn’t check your portfolio more than monthly IMO. Today’s pop was a reflexive response to the seeming doom — but not doomy enough — of previous trading days. They had enough people predicting doom that the indexes literally had to get bought. Today was a very nice trading day.

This market feels so bubbly (in all my two years of experience ;-) ). Yet, there are many elements that promise significant growth as Garth continually points out. It would be fitting if the correction happened among the profitless/IPO tech scams, and crypto to destroy retail sentiment while money rotated into industrials, materials, financials consumer cyclicals and etc. We’d get a sectoral correction to bring sentiment to less frothy levels and someone well invested wouldn’t get a scratch. Those in the gewgew names would get creamed. Look up recent notes from Kolanovic.

Kind of already happening.

#62 bdwy on 05.07.21 at 5:18 pm

many homeowners who are in massive debt and cannot keep up with the will eventually throw in the towel?

—-
zero?

daily grind of making rent payments has much to do with it.

#63 Ustabe on 05.07.21 at 5:19 pm

And now the purity test includes what kind of car you drive?

I recall, years ago, I mentioned I lifted light weights now, going for lots of reps in the hope that helped with my mobility as I age. All the tuff guys took that as an affront and started telling me how much weight they could lift. And that I was doing it wrong.

How insecure do you have to be to concern yourself with what kind of car someone drives? Or what they do in the gym?

For folks who supposedly don’t want government interfering in their lives you sure are comfortable interfering in other folks lives.

#64 NOSTRADAMUS on 05.07.21 at 5:23 pm

AND THIS IS A BIG BUT…
Amazing, simply amazing how well large public companies can do when the government forcibly close their competitors down, dropping billions in helicopter money to their base and make free money available on the capital markets. But, and this is a big but, it can’t last without a permanent stimulus. That’s the problem for people claiming the markets are forward looking. Todays speculators are so much like a free solo climber with no safety net (CASH) leaving the to the inevitable fate of fundamental economic gravity. You can call me a dreamer, but I’m not the only one.

#65 John Pickett on 05.07.21 at 5:25 pm

The dreaded Black Swan seems to be approaching. No, not a decline in housing prices. The environmental anarchist who is the Governor of Michigan. Will she close Line 5 and deliver a devastating blow to Ontario and Canada’s economy? Just think what $2 a liter for gasoline will do for our society! The Greens/NDP will be very pleased with the new carbon-free economy. Mind you the layoffs will be in the tens of thousands but the environmentalists won’t care about them. They are all wrapped up in their dogma like a Tehrain mullah. Will our PM, Justin, stick up for Canadians for this economic attack on Canada? About as much as he did for Keystone XL. Then we will see a big correction in housing prices with the ensuing recession. Stay tuned to what the Governess does with the backing of the environmental anarchists. JOHN

#66 Billin BC on 05.07.21 at 5:27 pm

#27 Dieselgate
Not at my age :-)
…………………………………………………………………………..
If you’re whipping a Tesla, whip it like this BillinBC!

https://www.youtube.com/watch?v=NyOGIsds2C4

Hey Alexa!
—————————————————————
Thanks Diesel…I needed that :-)

#67 IHCTD9 on 05.07.21 at 5:31 pm

#53 Dieselgate on 05.07.21 at 3:43 pm

As a Canadian I said “Sorry”! …and also…”Nice tricycle!
If you’re whipping a Tesla, whip it like this BillinBC

https://www.youtube.com/watch?v=NyOGIsds2C4

Hey Alexa!

—- ———

No one cares about cars…

https://www.youtube.com/watch?v=3X2Ixm-h6WI

Hell yeah!

#68 The Woosh on 05.07.21 at 6:11 pm

Beats me. I just come here for the dog pix. But when everybody’s throwing in the towel, it’s usually time to worry.

——————————————

Excellent! Grow real estate prices. Grow! More justification for additional renos. More economic activity that begets a larger investment portfolio. Sigh

#69 Alzheimer oldtimer on 05.07.21 at 6:12 pm

#31 Don Guillermo on 05.07.21 at 2:41 pm
#27 Dieselgate on 05.07.21 at 2:33 pm
#25 BillinBC on 05.07.21 at 2:15 pm
#153 Don Guillermo
#152 BillinBC on 05.07.21 at 12:24 pm
——————————————————————
Yeah… I get it! Should have left the Tesla on the lot and invested the $55K. After driving small, fuel efficient cars all my life and now at 82 with a mid-seven figure diversified/balanced portfolio I decided to indulge myself (sort of like the Harley guys) and have some fun. Driving the Tesla has saved my sanity over the past two years and added a ton of spice to my otherwise boring life.
**************************************
Good for you Billin. I’m not quite your age but it’s the same reason I have my car. I admire you – motor on!!
…………………………………………………………………………
Thanks Don, Gotta have SOME fun, eh?
…………………………………………………………………………
Gentlemen!

Has the pandemic corrupted you so much that this is now defined as fun? EV-ing around town? Is there any way that some fun can be found with fluids? Bodily or drinkable? Or both?

Fun? In a Tesla Model 3 EV? What’s next? Fun on a 3-wheeler Harley?

I will never forget it. Was driving in NJ, and this tough guy on a 3 wheel Harley started yelling at me at a toll-booth.

As a Canadian I said “Sorry”! …and also…”Nice tricycle!”

Let’s men-up please. 8 cylinders in a car. Motorcycles with 2 wheels only. And more fluids!
*********************************
You’re going to diss an 82 y/o man who enjoys driving his car around during this pandemic (no matter what type of car it is)? Sounds like you’re the tough guy pretender. No need to say sorry!

__________________________________________

No, but I’ll diss him for being 82 and still driving anything. Not a week passes where I don’t read or hear a story about old folks hitting the accelerator when they thought they were hitting the brakes. You realize that the testing for 80+ is really not that thorough and most are given a pass regardless of how poor their reaction times and cognitive skills are. You basically just need to be able to have a pulse or fog your rearview mirror. Most can’t do both!

Do us all a favor and STAY … OFF….THE…ROADS!

*** and NO… The Tesla safety measures won’t always save you. Just ask the two guys from Texas who burnt to a crisp.

#70 Steerage Cowboy on 05.07.21 at 6:13 pm

This country is going to resemble Mexico before 2030. At least its warm down there.

#71 S.Bby on 05.07.21 at 6:18 pm

https://www.burnabynow.com/local-news/17-of-burnaby-homeowners-own-more-than-1-property-some-own-4-or-more-3759777

17% of Burnaby homeowners own more than 1 property – some own 4 or more.
Out of that 17%, 13.1% own two properties, 2.9% own three properties and 1.4% own four or more properties.

I am not in this elite group.

Maybe revelations like this will make people understand that Canadians – not offshore buyers – are the driving force behind insane prices. – Garth

#72 tbone on 05.07.21 at 6:34 pm

# 58 Dieselgate

I have a car with gas engine .
Have you ever driven a german car … didnt think so .
Drive what you can afford .

#73 Zed on 05.07.21 at 7:00 pm

With this future “vaccine Passport”, are we just setting ourselves up like nazi Germany in the 1930’s-40’s? A QR code on your phone instead of a gold star to tell people apart?

Where will personal freedom stop?

You may want to go to a restaurant with that code but what about getting an apartment without one? Or travel insurance? Or a job?

You may think that it is your responsability as a citizen to get the shot or is it your obligation set by the government?

If flu shots were optional before, they will be mandatory very soon if you toe the line too much on this issue!

Two months in a row QC reports deaths numbers that are below the previous year yet the government tells us about the daily count of Covid deaths. We almost have more deaths by overdose than Covid and not much is being done about that.

Just get dosed. – Garth

#74 Baffled on 05.07.21 at 7:01 pm

How can this mean anything other than a bigger crash but just further on up the road (good song)? How many people are already just making mortgage payments and car loans/leases barely now? All of this 30% for housing costs, how does this work now, $1,500 for a one bedroom apartment means what pay in the range of $5,000 a month? I don’t think most of the people living in those places are making that.
$78,000 median household income, I don’t get it.

#75 Reximus on 05.07.21 at 7:07 pm

I guess were just 1 good jobs report from a mkt crash

#76 Hey Kanada on 05.07.21 at 7:09 pm

Hows the UBI ( welfare ) coming along?

#77 Wrk.dover on 05.07.21 at 7:15 pm

Best car I ever had was a 96 A6. Until I worked on it.

German Engineers are great, but oh man they have some stuff going on where simplicity would do it better.

That was the shortest time period I’ve ever owned a car.

#78 GrumpyPanda on 05.07.21 at 7:17 pm

A 3 month old goat was stolen from the Riverdale Farm in Cabbagetown in Toronto. About 2 days back. At that age it needs Mom’s milk to survive. Our society is becoming selfish, stupid or just plain sick.

Police are asking for the public’s help. Probably secretly glad to deal with something not related to masks, social distancing or protests.

#79 Faron on 05.07.21 at 7:17 pm

#63 Ustabe on 05.07.21 at 5:19 pm

For folks who supposedly don’t want government interfering in their lives you sure are comfortable interfering in other folks lives.

faux libertarianism in a nutshell.

#80 Cdn Mom on 05.07.21 at 7:27 pm

#116 prussian blue on 05.06.21 at 10:32 pm
Canadian mom….where are you? Sounds awesome. I am thinking of moving there…..Good internet connection?
………….
A couple of minutes north west of Sault Ste. Marie, ON. Easternmost shore of Lake Superior…grave of Edmund Fitzgerald on the horizon out my living room window.

Our internet connection is great, Bell turbo hub off a cell tower. Elon is coming to the rescue with his Starlink. In-laws have it, watching to see if we want to switch.

One nice thing about being so central here is you can drive to the airport, and be in downtown Toronto in an hour (via Billy Bishop/island airport). Or drive across the bridge (border) and drive to Detroit (auto show) or Chicago (for whatever) in about 5 hours. Or briefly fly out of our Michigan sister city to the hubs in Detroit, Chicago or Minneapolis and fly anywhere, skipping crazy Pearson. (We tend to travel.)

Kids can still afford houses here, and many choose to build their own (not a contractor). Lots of friends in trades. Lots of land, and lots of waterfront land around. My brother is sitting on 300+ acres of beautiful maple forest, slicing some off for one of his kids building. Or, you can go big with this, on the point out my window. A bit longer drive to the city than for me, but awesome spot.

https://www.realtor.ca/real-estate/23099459/2418-four-seasons-dr-goulais-river-goulais-river

#81 crowdedelevatorfartz on 05.07.21 at 7:30 pm

“Maybe revelations like this will make people understand that Canadians – not offshore buyers – are the driving force behind insane prices. – Garth”

++++

Yep.
Several friends own multiple properties.
One guy owns 9.
But the politicians and the money laundering commission make for great 6pm tv …

#82 S.Bby on 05.07.21 at 7:30 pm

RL lumber up another 3.92% $63.00 today to $1670.50

#83 DON on 05.07.21 at 7:36 pm

People throwing in the towel…yikes.

This wave of lock downs could explain the recents job stats.

More houses on the market…this is the variable to follow. The houses are expensive and there is a limited number of people that can or want trade up.

Lots of people buying second investment properties.

#84 Dr V on 05.07.21 at 7:43 pm

63 Ustabe

“I recall, years ago, I mentioned I lifted light weights now, going for lots of reps in the hope that helped with my mobility as I age.”

I sure miss the gym. I think at least some are still open
but I thought best to avoid til post-covid. Did use the bowflex for a bit but with better weather yardwork and the bike uses up most of my energy.

Last time I went to gym regularly was in my mid 50s, after a hiatus of several years. Even then, spent weeks
just getting that mobility back. Muscles and joints just not used to those motions.

Once I started to push it, strength came back steadily,
regaining as much as 80% from earlier days, though I
limited the total volume to maybe half that of years ago. Shed weight, felt way better.

#85 kommykim on 05.07.21 at 7:49 pm

RE: #72 Zed on 05.07.21 at 7:00 pm
With this future “vaccine Passport”, are we just setting ourselves up like nazi Germany in the 1930’s-40’s? A QR code on your phone instead of a gold star to tell people apart?

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

So what you are saying is that you want open borders with no passports…
I mean, that would be 100% freedom.

#86 mark on 05.07.21 at 7:49 pm

Hey Garth, down here in Australia you’ll be overjoyed to learn in the upcoming budget the government is planning to guarantee 2% down payments on mortgages for single parents who already can’t save a cent.

#87 Ponzius Pilatus on 05.07.21 at 7:50 pm

#76 Wrk.dover on 05.07.21 at 7:15 pm
Best car I ever had was a 96 A6. Until I worked on it.

German Engineers are great, but oh man they have some stuff going on where simplicity would do it better.

That was the shortest time period I’ve ever owned a car.
————-
I had an A6 too.
Great solid car. 300,000 km, few problems.
Not a speck of rust.
Brought it in to Canadian Tire for a oil change once.
They had no clue what to do.
German cars are not for weekend mechanics.
I have a Chinese mechanic who knows the Audis in and out.
Loves working on them.
But I have to admit, Germans like to over- engineer.

#88 Bob in Hamilton on 05.07.21 at 7:53 pm

Throw in the towel? Did that a long time ago… nothing makes sense in this country any longer.

However, not sure there are any better places on this planet than this one…and I’ve been around the bend….

#89 Flop... on 05.07.21 at 7:59 pm

Maybe revelations like this will make people understand that Canadians – not offshore buyers – are the driving force behind insane prices. – Garth

From Flop’s Book of Revelations.

Nearly 10% of West Vancouver owners own 3 or more properties.

Over 25% of West Vancouver owners own at least 2.

I don’t have as many interactions with foreign home owners, or potential ones as I use to in 2014-2016.

Still, players play for a reason.

Biggest game in town…

M46BC

#90 Flop... on 05.07.21 at 8:08 pm

Seems like as good a time as any to put this chart up with the blog chatter at the back bar where the heavy hitters hang out.

The envelope please.

And the winner is….

The Nissan Ariya.

Numbers quoted are in a useful currency, like USD for instance…

M46BC

How Far Can America’s Top 10 Cheapest Electric Cars Go On a Single Charge? GIF.

“Electric cars or electric vehicles, no matter the term used, are intriguing the minds (and pockets) of Americans. With so many options, pricing, and payoffs, which is the best option for you? As our visualization shows, electric cars can vary widely in terms of price but also in distance traveled per charge. This helps us answer the question of how long does an electric car battery lasts off a single charge.

* Ford Mustang Mach-E tops the list as the most expensive electric car at $42,895 but falls to the bottom half of car rankings in terms of miles traveled per charge (230 miles).

* The second most expensive electric car at $40,000, the Nissan Ariya, offers the most distance traveled per charge (300 miles).

* Chevrolet Bolt EV presents itself as a very affordable electric car option at $31,995 with a very modest amount of miles traveled per charge (259 miles).

* Mini Cooper SE presents itself as the cheapest option on the list at $29,900 and perhaps unsurprisingly travels the shortest distance per charge (110 miles).

* The average distance that most electric cars travel per charge is around 220 miles, with the majority of the cars that travel the average distance costing in between $34,000 to $40,000.

https://howmuch.net/articles/americas-top-10-cheapest-electric-cars-2021

#91 Boomer Bill on 05.07.21 at 8:14 pm

#18 IHCTD9 on 05.07.21 at 1:55 pm
I guess I’m a towel chucker too. A couple years back you’d find me posting (gleefully) to the kids griping about the cost of living in YVR/YYZ to just bail to the hinterland where the old Canada, and prosperity still existed.

But, today I see the ability for the average working stiff to afford a good quality of life out here going to hell in a hand basket too. Thanks Mr. slimy, Mr. BOC, and Mr. Trudeau.

The bigger the RE gas bag gets, the less inclined our balloon heads in Ottawa will be to fix it. What a stinking mess. I’m beyond using common sense metrics to diagnose the stuff going on in this country, they just ain’t working right now.

Nope, it’s gonna be popcorn from here on in, maybe with a side order of unemployment if the current plan is also the long term one.
————————————————————–

Hate to break this to you cowboy, but some of us have made money beyond our wildest dreams because of Mr.Socks and the BOC. Our children are millionaires because of it as well. There are big winners in all of this…

#92 Lumber on 05.07.21 at 8:29 pm

What can we call the ‘Roaring Twenties’ fever that traders and investors have…? Stock-Lust? FOMO? Seems like the 30% pop that home sellers are cashing in on is just the same as the 40% pop in stocks that traders and investors are cashing in on. If bad market news no longer affects stocks, how can we expect it to affect real estate prices?

#93 Bdwy on 05.07.21 at 8:30 pm

It would be fitting if the correction happened among the profitless/IPO tech scams, and crypto to destroy retail sentiment while money rotated into industrials, materials, financials consumer cyclicals and etc. We’d get a sectoral correction to bring sentiment to less frothy levels and someone well invested wouldn’t get a scratch. Those in the gewgew names would get creamed. Look up recent notes from Kolanovic.

Kind of already happening.

………
It is happening. Look at one month charts. The more stupid the price, the worse performance. Btc, tsla arkk nasdaq sp dow banks brk.b(or .a for garth types) in that order . I got in brk for the first time just the other day, feels like yesterday, at 250 and 265.
The damn thing is making gains every day, red or green. 291 now. Price to earnings is 16. No bubble here. 350 apparently not far off.

I figure you can buy 1. rock solid profitable businesses for a fraction of the s and p cost. And get free management from charlie and warren or 2. Hope the funny cartoons of a bitcoin lifting weights or riding a rocket keep dwawing more ‘smart’ new ‘investors ‘

#94 S.Bby on 05.07.21 at 8:32 pm

Toilet paper inflation:

https://www.cnn.com/2021/05/07/business/wood-pulp-prices-toilet-paper/index.html?utm_source=optzlynewmarketribbon

“We’ve never seen monthly price increases like this in the history of the business,” said Brian McClay, a pulp industry analyst. “It’s unheard of.”
Prices for market pulp have jumped from $606 per metric ton in September to more than $907 per metric ton in April, McClay said.

#95 Flop... on 05.07.21 at 8:35 pm

Hey Turner Nation, this guy found the best way to escape a lockdown.

Stand on another guy’s head…

M46BC

https://www.youtube.com/watch?v=iXedMU6PlbE

#96 Bdwy on 05.07.21 at 8:37 pm

German Engineers are great, but oh man they have some stuff going on where simplicity would do it better.
And
But I have to admit, Germans like to over- engineer.
,…….
They are either evil or retarted.
Helping my friend w electrical on his benz. Passenger window wont go. Look for fuse .
Listed as window control, fuse #3,#11,#13, AND #18
Wtf?

#97 Cici on 05.07.21 at 8:37 pm

#63 Ustabe,

Well said!

We women take a lot of heat for supposedly being “coy” and “catty” but some of the guys sure do know how to strut their stuff like the cockiest of peacocks.

____________________________________________

As for real estate, I’m having a hard time following the dialogue. So the message to an already indebted nation is to pile in high AGAIN because prices will for sure rise at least another 23% over the next two years, only fall ever so slightly and then go sideways for a little while before climbing again?

OK, so obviously the strategy is to stroke FOMO and speculation greed until the job numbers somehow miraculously come back. Yet the plebes are getting drunk off of free money and have decided not to work.

Prediction: people will keep speculating on houses to generate work-free wealth and the jobless numbers will continue to rise as employers fold because they can’t find anyone to work for them. Who needs a real job when you can just sit back and leverage? End result: no one will have a doctor (they’ll get bored of working day and night and performing surgeries and instead buy 20 to 40 homes each after working for 5 years tops), and nobody else will be able to buy anything despite all their instant real estate wealth (cause the houseless plebes will opt for UBI and low-income housing instead of slogging it out in restaurants, retail, big-box or even “coding” jobs). Then, just as the real economy is taking it in the face with businesses shutting down for lack of staff and high inflation driving up operations costs, real estate will start going sideways and a plethora of speculators will all decide to bail at once.

If not, which pieces of the miraculous MMT puzzle have I missed?

#98 Gary on 05.07.21 at 8:38 pm

Endbridge Line 5
This situation could of been avoided with a Energy East
Pipeline, would like to see how Trudeau & Legualt spin
this.
There would have been no need for Keystone if the 500,000 BPD were exported to Eastern Canada.
“We are the only country trying to destroy our Energy Industry” 10% of GDP

#99 Flounder on 05.07.21 at 8:41 pm

What happened to 50% of Canadians being near default of loans? What about covid variants continuing to thwart recovery? What about zombie companies shuttering post covid and sending tens of thousands into unemployment? What about world’s economies recovering at different rates? What about India giving the world another variant? Stop expecting everything to be peachy just because we’re vaxxing. Reality hasn’t set in yet. CBs are just throwing money at it expecting normal. Normal is 10 years away, and some shifts in the world economy are expected. Accept coming changes and live with it.

#100 binky barnes on 05.07.21 at 8:45 pm

Just wait until the PM PM (Mr. Justin Trudeau) gets stuck in to this housing mess. He will sort if out lickety-split. That is what the PM PM does: he sorts things out.

I propose a national holiday honouring the PM PM and is greatness. How does April 1 sound to people?

BB

#101 Wrk.dover on 05.07.21 at 8:46 pm

#86 Ponzius Pilatus on 05.07.21 at 7:50 pm

German cars are not for weekend mechanics.
I have a Chinese mechanic who knows the Audis in and out.
Loves working on them.

————————————————-
Your wrench sounds as nuts as Garth with his passion for educating the masses on the importance of B&D over excessively frivolous RE. Too hard to do, but he too does it with glee!

Does your wrench do it for free though?

(It’s Friday eve. liquor talking, not a suck-up)

#102 NSNG on 05.07.21 at 9:00 pm

#9 Bezengy on 05.07.21 at 1:40 pm

The Greene Report – Newfoundland

“Greene said the current governance culture — one that views budgets as “notional” and deficits as something that don’t matter — has to end.”

Sooner or later we all become fiscal conservatives…

#103 Jake on 05.07.21 at 9:01 pm

Whatever happened to the gang that setup that private equity fund to short the Canadian housing market a few years ago? They must have gotten smoked.

#104 BillyBob on 05.07.21 at 9:04 pm

#10 Don Guillermo on 05.07.21 at 1:43 pm
If anyone is interested in a Snowbird reentry experience here’s ours. Off topic and sorry for the length Garth.

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

It’s a shame your routing to YYC from Mexico couldn’t really facilitate a land crossing. I used Seatac to get to Victoria. I looked at flying into YVR but the hotel quarantine was over $1000 for the three nights for a mediocre airport hotel. For the same room I used to get for $120/night when I occasionally landed too late to catch the last ferry. More than the flight from Europe for chrissake. Gouging for 3X cause, y’know, /Corvid. The Uber to Peace Arch was $280. Taxi to Tsawassen was $75. Even with tips and the exchange that cut the cost by more than half. And no hotel bed or food.

Made for a long day but was much happier for the drivers to get their cut from the trips than support the profiteering “government-authorized hotels”.

But hey it’s been a boon to airports like Buffalo and Seattle and the airlines that serve them.

#105 Sunny Daze on 05.07.21 at 9:41 pm

Inflation out the window. Now Wall Street says it’s still coming. It’s the fault of lazy people that we don’t have it yet. Don’t look for integrity or admission there.

US jobs a big meh. Wages and hours worked a big meh. Manufacturing actuality negative.

Canada nothing short of a disaster with likely more to come.

Billions of people don’t care what North Americans want to pay for trees. There is more oil in the world than we will ever use. China is building electric cars for 5k. We are borrowing, renovating or busy printing money.

I gotta go with Rosie on this. Inflation ain’t coming. Debts will remain. We’re gonna have to compete. Nobody knows exactly when. It’s gonna be brutal.

Great day to be balanced on a bicycle.

#106 DON on 05.07.21 at 9:42 pm

#63 Ustabe on 05.07.21 at 5:19 pm

And now the purity test includes what kind of car you drive?

I recall, years ago, I mentioned I lifted light weights now, going for lots of reps in the hope that helped with my mobility as I age. All the tuff guys took that as an affront and started telling me how much weight they could lift. And that I was doing it wrong.

How insecure do you have to be to concern yourself with what kind of car someone drives? Or what they do in the gym?

For folks who supposedly don’t want government interfering in their lives you sure are comfortable interfering in other folks lives.
***********************

I stick to less weight and more reps. You just have to get the blood flowing. Roid monkeys will be roid monkeys. I used to lift heavy when I was younger and eager but now it is about maintenance.

The secret is to keep on doing it as you age, works for Dick Van Dyke. Recently, there was a documentary on the older comics, who are in their 90s and still going. Good show. Mel Brooks, Betty White, Dick etc.

Better to keep on lifting in your elder years than to stop because you can’t lift heavy anymore. Lifting heavy builds muscle fast but also reeks havoc on joints and is not worth it in the long run.

#107 Don Guillermo on 05.07.21 at 10:02 pm

#97 Gary on 05.07.21 at 8:38 pm
Endbridge Line 5
This situation could of been avoided with a Energy East
Pipeline, would like to see how Trudeau & Legualt spin
this.
There would have been no need for Keystone if the 500,000 BPD were exported to Eastern Canada.
“We are the only country trying to destroy our Energy Industry” 10% of GDP
*************************************
I had a heated discussion with Kent Hehr about this from my front lawn a few years back when he was door knocking for the last election. He tried to tell me there was no requirement for Energy East. He ended up rolling away in a huff muttering “I guess I won’t be getting your vote”. At least he was fired from our riding that year.

#108 espressobob on 05.07.21 at 10:05 pm

Anti vaxxers,

JUST

STAY

THE

HELL

AWAY.

Keep your negative covid issues to yourself and stay the hell away from the rest of US.

Get Vaxxed. THANKYOU.

#109 Faron on 05.07.21 at 10:05 pm

#91 Lumber on 05.07.21 at 8:29 pm

What can we call the ‘Roaring Twenties’ fever that traders and investors have…? Stock-Lust? FOMO?

Upside panic/risk. With inflation on the horizon and equities ramping, it’s more critical than ever to achieve gains and avoid cash. TINA on steroids and a primary reason analysts are expecting $1.5B equity inflows per day for the foreseeable. Read Chris Cole’s (of Artemis) pieces on volatility where he describes hedging upside “risk” with LEAPs to get convex exposure to upwardly exploding markets. Even if you don’t like his Dragon Portfolio, his arguments are a good read.

#110 Rogerhomeinspector on 05.07.21 at 10:08 pm

I watched a piece on YouTube today with Harry Dent.

He made a point I feel is under reported on- we just don’t allow recessions to happen any more for any reason.

I’m no economist but he makes what I feel are a series of good point on why recessions are valuable. Redeployment of unproductive capital and assets. Pressuring companies to restructure debts, rethink processes to eliminate waste and improve productivity. While it’s true some people will lose their jobs and businesses, other new opportunities will come about as a result- the result is an overall net benefit.

That said, I feel like at some point we’re going to have a barn burner rip through the economy to get us straight financially and economically. And why wouldn’t I think that’s coming sooner than later?

Governments at all levels are up to their eyeballs in debt- not to mention households and businesses. Interest rates are pretty much at their bottom- we haven’t really been able to let them normalize in the last 20 years. There’s not a lot of room to reduce rates to stimulate the economy. We’ve reduced our economic diversity and rely heavily on a few industries. We can’t produce much for ourselves nor the rest of the world. We have a tough time selling our resources efficiently as we can’t get them out of the ground or to market.

Although I’m sure there would be a lot of pain, it would seem like a good recession needs to happen to set things straight and rearrange priorities in the country.

#111 Two-thirds on 05.07.21 at 10:15 pm

T2 is putting our money to work on (what else?) real estate in the 2021 budget, implementing new interest-free loans for “greening homes.”

How does $40,000 sound, to reno your house?

New windows, insulation, roof, solar panels, etc.

Green our homes and generate even more housing-dependent GDP. With (borrowed) tax dollars, financed with debt.

Brilliant!

AND, with some luck, in a few years, those who took the loans will get forgiveness, if it turns out that they misunderstood the qualifications for eligibility, like CERB applications for those with less than $5,000 *annual income*, last year, who were told not to worry about repayment, for their honest mistake.

These are the priorities, set by our leaders, for our economy, fueled by weed, debt, and real estate.

Oh, Canada!

:(

#112 Don Guillermo on 05.07.21 at 10:15 pm

#103 BillyBob on 05.07.21 at 9:04 pm
#10 Don Guillermo on 05.07.21 at 1:43 pm
If anyone is interested in a Snowbird reentry experience here’s ours. Off topic and sorry for the length Garth.

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

It’s a shame your routing to YYC from Mexico couldn’t really facilitate a land crossing.
**************************************
It was possible but we were in a bit of a hurry. A few friends did land crossings through Montana to Sweetgrass, taxied up to Lethbridge and rented a car. I also know folks that are going for a land crossing in a couple of weeks by flying into Seattle and crossing somewhere up from there, not sure where. Their destination is Penticton. The crazy thing about all of this, including my flying and hotel experience, is how many extra points of contact people have to risk to get back. None of it is about safety, it’s about punishment.

#113 millmech on 05.07.21 at 10:36 pm

#72 Zed
Not to worry nothing will happen to the “anti vaccine people” just ask our Indigenous peoples and the Canadians of Japanese descent in the early 1940s how we deal with people who do not listen to the logic of the day.
One should go back and read how all the leaders knew what was best for Canada and put people on reserves or in camps, expropriated land and businesses, broke up families all because they would not conform.

#114 happygolucky on 05.07.21 at 10:52 pm

#51 Trojan House on 05.07.21 at 3:40 pm
“In Canada, it’s the slimy little pathogen that’s eating the GDP.”
It’s not the slimy pathogen that’s eating the GDP, it’s the governments’ responses to the slimy little pathogen that is eating the GDP. Remember, only people, aka the government, made the decision to close down society.
—————————————————————–

And I was just about to post the same. Pathogen is indifferent, and cares nothing. It is THE PANDEMIC.
Semantics anyone?

#115 Nonplused on 05.07.21 at 10:55 pm

#7 Joseph R. on 05.07.21 at 1:35 pm

“If I were to speculate on a new policy to deal with the increase cost of housing due to a raise in interest rates, I would bet Canadians will demand a Home Mortgage Interest Deduction, just our Southern neighbours have:

https://www.irs.gov/publications/p936

Fiscally impossible and, given the existing PR tax exemption, morally reprehensible since this would further favours homeowners, massively. – Garth”

——————————

I agree with Garth. You can have your capital gains exemption or your mortgage interest deduction but not both. In the US there is no capital gains exemption but they do have interest deductions, so opposite of here.

#116 Ostrich in Sand on 05.07.21 at 11:00 pm

“There are two ways to be fooled. One is to believe what isn’t true; the other is to refuse to believe what is true.”

― Soren Kierkegaard

https://www.scientificamerican.com/article/invisible-ink-could-reveal-whether-kids-have-been-vaccinated/

#117 kommykim on 05.07.21 at 11:03 pm

RE: #102 Jake on 05.07.21 at 9:01 pm
Whatever happened to the gang that setup that private equity fund to short the Canadian housing market a few years ago? They must have gotten smoked.

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

“The markets can remain irrational longer than you can remain solvent.”

– John Maynard Keynes

#118 happygolucky on 05.07.21 at 11:24 pm

#56 Turner Nation’s Psychiatrist on 05.06.21 at 5:54 pm
#26 Silentmajority on 05.06.21 at 2:55 pm
“I honestly have no idea why Turnernation is still allowed to post his daily drivel. So lost in his echo chamber he seems incapable of actual critical thinking – as opposed to the fake woke crap he’s based his entire identity on. Sad.”
—————————————————————
You would actually have sympathy for Turner Nation if you saw his daily routine in the asylum. He leaves his rubber padded room for an hour a day and it is then that he spews out his dribble for this blog. Then its his daily dose of meds and back to the rubber room…
————————————————————-

Neither funny nor witty, so what is it?
Dumb indeed.

#119 fishman on 05.07.21 at 11:39 pm

Cranking up the creaky mini-empire after a year & half shutdown for capital investment of equipment, sprinklers, rezoning, upgrades, replacing old stuff. Expensive but fun. My plan was regroup,re-equip, resupply, then kill the weak, drink their blood, drive a #1 SPF wooden stake into zombie businesses once the government cheese stopped, pick over the carcass, hire their best.
The most important person in a small business is always the purchasing agent. Since I’m him you can always spot my kind of hims in a new, loaded ,dirty white 4×4. Dirty because its paid for. Hanging around the lumberyard,shipyard, wholesaler,metal yard,machinist. I try to stay away from the scrapyards & junkyards. Unfortunately its a bad habit I acquired young. Like smoking pot. Hard to quit.
I’ve had to keep buying to finish off loose ends. Get things pretty,pretty for the inspectors & the ladies of course. I know you all know about inflation & in case you try not to, S. Burnaby, like a recurring bad breath, keeps reminding us. Knowing there’s inflation & experiencing inflation is like watching hockey & playing hockey. Now lets kick it up a notch. The last few months we’ve gone from university to Junior A level. I tried that briefly & I got my bell rung. I wasn’t near tough or good enough for those guys. For now no more plans for private company capital investments. I’m neither rich nor big enough for these times & this league. Anybody in small business knows that means minimum three year hiatus. Its grind out cash flow with what we’ve got till something changes.Then wait & see if world is sane again before getting toes wet. It ain’t Kansas out there in the real world of real stuff anymore my bloggie friends.

#120 Exodus 2020 on 05.08.21 at 1:16 am

#70 garths comment: “ Maybe revelations like this will make people understand that Canadians – not offshore buyers – are the driving force behind insane prices. – Garth”

Focus on offshore funds, not buyers. A Canadian or permanent resident can be using offshore origin funds, which impact housing prices astronomically. Gone are the days when grandpa showed up with $5 in pocket and built a successful business and generated wealth for family and country. Showing up with a suitcase of cash or a crypto wallet is akin to the CB printing money and resulting in a money multiplier effect… every offshore dollar used in real estate compounds as the seller uses the funds to buy another home and yada yada the money works its way further out. But the offshore funds are great for artificially balancing the trade deficit for the feds books!

#121 Nonplused on 05.08.21 at 2:04 am

#120 What did you win? on 05.06.21 at 10:45 pm
#71 Nonplused on 05.06.21 at 6:57 pm

#1 What did you win? on 05.06.21 at 1:22 pm
Instead of 1st, everyone should try to be 69th.

————————————

I think I got close.

————————————

NAILED IT!

Your eye candy prize?

https://qph.fs.quoracdn.net/main-qimg-848cbfb16cc67e791e79b4c117da4838

———————————–

So I get a NFT of 2 sperms having a brawl?

I think I would rather win a free 1 year subscription to GreaterFool.ca.

The picture does perhaps impart some wisdom though. Perhaps it is more important to swim faster than wrestle with the competition.

#122 Bugs Bunny on 05.08.21 at 3:24 am

Crypto is the new Mutual fund.

#123 IHCTD9 on 05.08.21 at 4:47 am

#90 Boomer Bill on 05.07.21 at 8:14 pm

#18 IHCTD9 on 05.07.21 at 1:55 pm

Hate to break this to you cowboy, but some of us have made money beyond our wildest dreams because of Mr.Socks and the BOC. Our children are millionaires because of it as well. There are big winners in all of this…
—-

Thanks for the news Bill. Despite my hundreds of posts on this exact topic, I actually had no idea that the BOC and Trudeau have greatly exacerbated the wealth divide via hard and liquid asset inflation.

Thanks for setting me straight homie.

#124 Under the radar on 05.08.21 at 5:06 am

Spent most of yesterday on my zero turn zen machine and with our German Sheppard pup.
Acreage in Mono is to the moon. Paper price increases are meaningless to me
, so are the inevitable broader market gyrations .
The key is no debt , making the most of what you have and living each day like it’s your last.

#125 Neo on 05.08.21 at 7:21 am

#84 kommykim on 05.07.21 at 7:49 pm
RE: #72 Zed on 05.07.21 at 7:00 pm
With this future “vaccine Passport”, are we just setting ourselves up like nazi Germany in the 1930’s-40’s? A QR code on your phone instead of a gold star to tell people apart?

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

So what you are saying is that you want open borders with no passports…
I mean, that would be 100% freedom.

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

No. I think what he is saying is by definition an “immunity passport” should offer immunity but these vaccines only offer protection from a particular strain of Corona Virus for a temporary period of time NOT lifelong immunity Corona virus in general.

There is NO immunity from all future Corona Viruses from a single/double dose of vaccine hence why there are flu shots every year and we’ve been in an endemic for thousands of years.

So the slight of hand in turning an endemic flu shot once the pandemic passes into mandatory flu shots or the civil liberties you enjoyed in 2019 while it was an endemic are expunged or suspended. That’s unacceptable.

Either we reach herd immunity or we don’t. If we don’t then the vaccine didn’t work and it’s a mute point. Once we do with a combination of natural herd immunity and vaccines these passports aren’t necessary whatsoever because the Corona Virus is NEVER going away in the first place.

#126 Steven Rowlandson on 05.08.21 at 8:18 am

“In Canada, it’s the slimy little pathogen that’s eating the GDP.”

Don’t mess with nature or God almighty or they will mess with you in more ways than one. Disbelieve it at your peril.

#127 BillyBob on 05.08.21 at 8:18 am

#111 Don Guillermo on 05.07.21 at 10:15 pm
#103 BillyBob on 05.07.21 at 9:04 pm
#10 Don Guillermo on 05.07.21 at 1:43 pm
If anyone is interested in a Snowbird reentry experience here’s ours. Off topic and sorry for the length Garth.

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

It’s a shame your routing to YYC from Mexico couldn’t really facilitate a land crossing.
**************************************
It was possible but we were in a bit of a hurry. A few friends did land crossings through Montana to Sweetgrass, taxied up to Lethbridge and rented a car. I also know folks that are going for a land crossing in a couple of weeks by flying into Seattle and crossing somewhere up from there, not sure where. Their destination is Penticton. The crazy thing about all of this, including my flying and hotel experience, is how many extra points of contact people have to risk to get back. None of it is about safety, it’s about punishment.

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

Ah I see. Yeah, absolutely not about safety. Might have made sense a year ago, or if they applied it to all borders. But with variants circulating already it’s the usual government locking of the barn door with the horses long gone. Mostly theatre, like airport security. And a whole cottage industry now, the testing, the apps, the procedures. Companies like LifeLabs and Switch Health are making out like bandits.

Colleague of mine did the hotel thing like yourself. 8 people crammed into the “government-approved” hotel shuttle van from the airport. Sure, that’s better than heading home individually to quarantine. Got his test results at 3am the very next morning. The other two nights of the hotel stay non-refundable, of course. Pointless, wasteful exercise. Can’t blame the hotels for trying to make a buck to recover their massive losses, but it doesn’t change if from being profiteering. During war that was a high crime.

Still, it’s great to be highly mobile again. Screw WFH, screw lockdowns.

#128 MT on 05.08.21 at 8:30 am

@Cici #96 –

“no one will have a doctor (they’ll get bored of working day and night and performing surgeries and instead buy 20 to 40 homes each after working for 5 years tops”

I don’t know if you are joking, but in fact this is literally happening. Source: am a doctor.

Like most aren’t doing it, but I know a few that are. You get what you incentivize, folks, that ain’t just a platitude.

#129 Dharma Bum on 05.08.21 at 10:08 am

#26 In dubio

If a B&D portfolio has 30-35% of assets in USD (mostly in US/EUR/EM equity ETFs), would it be considered too risky?
—————————————————————————-

If a tree falls in the forest and there’s no one there to hear it, does it make a sound?

Is the glass half full or half empty?

#130 Investx on 05.08.21 at 10:21 am

“That will put an end (temporarily) to the upward thrust of mortgage rates. ”

Shocker.

#131 Benjamin on 05.08.21 at 4:41 pm

Pierre Poilievre seems to be the only politician who is discussing the issue. Whether a politician will actually do anything about it is another story.

Let’s see what happens over the next 18 months as America adjusts their own policies.

https://www.youtube.com/watch?v=qIfP0FfHC9g

#132 Steven Rowlandson on 05.08.21 at 6:33 pm

“The dark dude is gone, and now CMHC’s gone back to its historic role of pimping the market.

Garth do we really need this organization and its works?
Surely this is one area of government activity that can be dispensed with and its liabilities repudiated.