Hitting the wall

Tougher stress test. Mortgage creep. Buyer fatigue. It’s all having an impact on the market. See the stats below.

But the biggest impact of all? That’s price. Now that less than 16% of all Canadians can afford real estate we’re hitting that inevitable, hulking wall of absolute unaffordability. Governments and central bankers ignored the effects of the pandemic, emergency rates and WFH to get us to this point. What happens now is an open guess. But I’d be a sleeket, cowran, tim’rous beastie these days when it comes to making an offer.

Staggering. The average detached in YVR is $1,800,600, a 23% advance over last May. In Toronto a detached averages $1,716,272. In the soulless burbs, it’s $1,331,176. The yearly advance is 37%.

Here’s the saddest news: In the massive GTA market (six million souls) the average property, at $1.1 million, puts the price-to-income ratio at nine. That’s 9. In a normal world it would be three, maybe four on a good street. In terms of the rest of the world this is a red-line number which screams out for a fix. It means in a country with a 70% ownership rate, the vast majority of Canadians could never afford to buy the homes they now occupy. And in Vancouver, pffft, the number is 13.

More misery: in the GTA houses sold last month typically in ten or 11 days. There’s enough inventory for four or five weeks, but it’s increasing. And why would anyone want to be an investor anymore, when the price-to-rent ratio is sitting at 33?

(Recall that the formula is this: Price to Rent Ratio = Average Property Price/Average Annual Rent = Average Property Price/ (Average Monthly Rent x 12).

  • 15 & Under: A price-to-rent ratio of 15 or less means it‘s more affordable to buy than rent. Call Mom for a loan.
  • 16-20: A price-to-rent ratio in this range suggests it may be better to rent than buy. Wait.
  • 21 & Higher: A price-to-rent ratio of 21 or more suggests it’s better to rent than buy, and you should hug your landlord – or refuse to become one.)

This might explain why fewer than 5% of buyers last month were investors. It also helps clarify what’s going down with the condo market, where most of this action occurs. Apartment sales in the GTA, for example, fell 23% last month. Core prices dipped a little to $1,066 per foot downtown and across the region the average sale was $676,000. But rents have dropped – still down 5% year/year – while condo fees, insurance and property taxes are all on the uppa-uppa. So without capital appreciation, only the rubes are wanting to be rentiers.

Well, back to the market. And what’s next.

There’s little doubt the slimy little pathogen pulled demand for real estate forward. What happened in the last six months or so should never have occurred, based on fundamentals like employment levels, GDP, lockdowns, travel restrictions and income gains. But it did. People went nuts with house lust, hormones and FOMO. It will be one of the most destructive legacies of the virus – pricing people out of homes, not just in the core, the city and the burbs, but also the hinterland far and wide.

Is it ending?

Maybe. The increases are unsustainable. Current prices are not supported by rents or incomes. Inventory has been increasing. The stress test is nibbling away at the amount people can borrow. As stated here a few days ago, mortgage guys are bracing for eight Bank of Canada increases in the next few years. Over a fifth of all new borrowers are gambling with debt levels exceeding 450% of their incomes. Political pressure is building as the largest population cohort feels shut out of the market. As the virus fades and the economy stabilizes, both monetary and fiscal stimulus (CB bond-buying, low rates and excessive government spending) will throttle back.

This is not conjecture. It will occur. Already sales peaked in April, dipped in May even as prices increased due to still-tight inventory. Average families cannot afford to buy – not just detached houses, but anything. Nor is this just an urban story any more. We’ve pooched almost the entire nation.

A year ago the average house in Victoria cost $855,000. Now it’s $1,036,100. In Richmond a detached is currently $1,931,300. The median household income is $85,700. Offshore buyers? They’ve largely vanished. We did this to ourselves.

Now tell me again how it ends well.

About the picture: “First the MSU, love your blog and a longtime reader. Appreciate all the free advice and wise words of wisdom,” writes Scott. “Here is a picture of Ruby our new 5 month old Goldendoodle. PS – yes hyperinflation on puppy prices!”

144 comments ↓

#1 Sail Away on 06.03.21 at 12:10 pm

Apropos of nothing, these elephants have been randomly wandering around China for the last year and a half:

https://www.wsj.com/video/wild-elephants-in-china-wreak-1-million-in-damage/A88D0F1E-BDBF-439C-BC7D-AC77CBF65E1B.html

#2 Doug t on 06.03.21 at 12:15 pm

don’t worry the government will be there to save everyone from everything – they will provide support animals, comfort weight blankets, weed, money, apologies etc etc – they will not let anyone suffer EVER – no Canadian should ever suffer any hardships

#3 Rony Bleak on 06.03.21 at 12:19 pm

No problem with high property prices since it looks that all property and assets will soon be expropriated. I got a robocall earlier today offering international Covid related credit card, mortgage, line of credit and overall all debt relief program. This kind of social engineering is nothing new and had happened before on a lesser or bigger scale around the world. When Stalin decided in 1932 to eliminate millions of Ukrainians in the genocide of Holodomor, he planned a famine as an instrument of social engineering, through which to nationalize agricultural lands by blaming “kulaks” for all the mishaps. Stalin then had wheat, beets, potatoes, vegetables, and every sort of food seized; he forbade any sort of commerce and confiscated the financial resources of the Ukrainians. Children fleeing the countryside were arrested and deported to collective farms and to orphanages, where they died from malnutrition. The Central Committee imposed lockdown, prohibited movement and accused those who denounced the massacre of the Ukrainians of being the enemy of the people. The regime’s censorship contributed to hiding a tragedy that today is recognized by many countries as a crime against humanity and that, upon analysis of its method and goal, was also an example of a Great Reset.

#4 Sask to AB on 06.03.21 at 12:24 pm

Well said! Thanks for this post.

F58AB

#5 ogdoad on 06.03.21 at 12:35 pm

Man, those are some scary stats, Garth. Almost as scary as the smugness owners exude at this point. Although you can’t see the stress behind their eyes, anybody buying into these numbers without some major coddling from BOMAD are in for some comin’ to Jesus moments haha…especially when they figure out that they have to pay for the light bulbs once they burn out…you don’t want to be around the moment ‘the entitled’ start to realize their mom was wrong – Waterworks!!! Nappy?

Oh, and to all the smug, wussy, Canadian owners out there – your not better than renters. AND YOUR GOING TO DIE!!! Most other, less wussy countries have figured this out – lol!!!

Og

#6 Yukon Elvis on 06.03.21 at 12:37 pm

So we have hit the wall. Maybe. I don’t see a crash or a wave of defaults / bankruptcies. Probably a minor pullback then a stall. Probably a long stall. People will tighten their belts and get room mates and struggle through. We will have inflation and higher taxes. And a lower standard of living for many. But Captain Crayon will be at the helm for a long time and the good ship Canada will poke along slowly. We are virtuous and woke. It’s all good.

#7 Concerned Citizen on 06.03.21 at 1:03 pm

I saw a survey recently where the majority of respondents indicated they no longer feel that hard work leads to success. And who can blame them – between unobtainable housing, crippling debt if housing is actually obtained, a rapidly increasing cost of living overall, and stagnant wages/precarious work. Not to mention the entire policy establishment making things worse. Of course, I would hope folks continue to work hard, because the alternative is worse. But I certainly appreciate how so many are demoralized.

We’ve all heard of, “No Country for Old Men”. Well, stay tuned for the upcoming sequel, “No Country for Young People”. Starring Tiff Macklem in a leading role, and co-starring Adam Vaughan, Chrystia Freeland, and Justin Trudeau.

#8 Millennial 1%er on 06.03.21 at 1:07 pm

please god

I’m begging you

crash this market with no survivors

#9 SoggyShorts on 06.03.21 at 1:07 pm

#178 Cancel Culture on 06.03.21 at 3:19 am
I’m 38 and have never supported the cancel Culture. I do believe I know everything though. How did the cancel Culture come about and how does such a minority have such strong influence over the majority?

*******************
A fairly common theory is just social media.

It used to be that a company would take a phone call complaint pretty seriously, and a hand-written one even more so, sometimes even equating it to 200 complaints based on the idea that if one person actually went to that much effort, 199 feel the same but were lazy.

I think that now with it being so easy to get your opinion in front of companies(or politicians) the squeaky wheel is still getting greased.
If you get 1% who have a complaint and 99% who don’t, the people in charge only hear from that 1%

#10 Millennial 1%er on 06.03.21 at 1:08 pm

let me rephrase

please god

correct the market such that we come back to sustainable levels in a manner that everyone wins

#11 Faron on 06.03.21 at 1:13 pm

#192 Sail Away on 06.03.21 at 10:21 am

I guess if you are dumb enough to think TSLA and BB move to fundamentals, then you are dumb enough to equate ISIL with what’s happening with statue removal here in Canada even though doing so is pearl clutching nonsense. No, it’s not a slippery slope from here to there and insinuating that it is is incredibly disingenuous, needlessly inflammatory and thoroughly non productive unless you are trying to escalate conflict. That’s BillyBob/The Jaguar level garbage there. But, Ngo and Elon are your gods, so that’s not surprising.

During my undergrad, my experience with engineers was that they were mindless, math drone, tools. I now have a very good friend who does geotechnical work and another in environmental and they have largely disabused me of that stereotype. You, however, are re-establishing it single handedly. “But but but, I’m rich-ann-I-drive-a-Tesla-ann-kno-about-spensive-dogs so I must be better than you” you will say. Well, you wont be the first idiot to have joined the ranks of rich fools that view themselves more highly than literally everyone who has interacted with them.

#12 Annek on 06.03.21 at 1:15 pm

#2 Doug t on 06.03.21 at 12:15 pm
don’t worry the government will be there to save everyone from everything – they will provide support animals, comfort weight blankets, weed, money, apologies etc etc – they will not let anyone suffer EVER – no Canadian should ever suffer any hardships
———-
I would like to emphasize “ apologies”. This government is big on that, apologize for everything , borrow more money to compensate , and the biggest bonus is that you buy votes for the next election!

#13 X on 06.03.21 at 1:17 pm

And it all happens before rates rise…..tipping point?

#14 Phil McCracken on 06.03.21 at 1:22 pm

Last night, I came across the Tik Tok account of Tatiana Londono, and I had to swallow my own vomit. If this little corner of Internet hell doesn’t tell us everything about peak Canadian real estate, then what does? Maybe time for a Greater Fool top 10 list of Realtor shame?

https://www.tiktok.com/@tatlondono?lang=en

Allah will find her. – Garth

#15 Joseph R. on 06.03.21 at 1:25 pm

“Now tell me again how it ends well”

We will all see the wisdom of B-21 stress tests and how it (or not) prevents mass defaults on mortgages.

#16 Gen Z on 06.03.21 at 1:30 pm

Adam Vaughan laughed at us and at Steve Paikin, while explaining that Canadian real estate is for wealthy global capital. Who voted that guy in?

He is a powerless backbencher. Ignore him. – Garth

#17 Alex on 06.03.21 at 1:32 pm

Chrystia is going to fix it, she has been really concerned for at least six years now. She will expropriate assets from those bad plutocrats!

#18 Joseph R. on 06.03.21 at 1:33 pm

#3 Rony Bleak on 06.03.21 at 12:19 pm

“I got a robocall earlier today offering international Covid related credit card, mortgage, line of credit and overall all debt relief program. This kind of social engineering is nothing new and had happened before on a lesser or bigger scale around the world.”

——————————————————————–

Robocall is not the government calling you; they are scammers. Don’t give them any info.

#19 VladTor on 06.03.21 at 1:35 pm

…you should hug your landlord – or refuse to become one.

***********

Applauding !

Garth, number–> 15 & Under looks like too much.

May be better to have one more category in addition
10 & under
15 & under

Typical income for household now 120000 – 15000
Lets take mortgage 3-4 times incomes.
Available mortgage for health RE will be 480000- 600000.

In health economy ( RE ) rent will not be more 1200 for 2 bedrooms. 14400 – per year.

So 10 & under will be reasonable to buy RE

What do you think?

#20 Beautiful Americans on 06.03.21 at 1:37 pm

As someone who was in the tourism industry outside of NA, Americans were 80% of my clientele, and they were without exception awesome. Generous, understanding, demanding at times but completely willing to overlook things that inevitably go wrong, as long as you explain with a smile and a free drink. I wish I could have had 100% Yanks. Not one ever claimed to be Canadian, despite the fantasies of my insecure Canadian compatriots. (The same ones who claim Americans are belligerent and brag about Texas, while sticking maple leaves on their luggage, riiiight.)
Any real tourism owner dreams of generous Americans as clients, as do staff. We Canucks are well known cheapskates who rarely tip. Europeans also rarely tip, but they don’t come from that culture. Canadians have no excuse, except we are cheap. And you know it.

#21 Wrk.dover on 06.03.21 at 1:37 pm

#177 IHCTD9 on 06.03.21 at 1:39 am
#109 Wrk.dover on 06.02.21 at 4:35 pm
#63 IHCTD9 on 06.02.21 at 2:21 pm

You are very macho with your assets and all yes, but, when you boast of milking the govt (just because it can be done) you come off like sounding more like a welfare mother.
———-

My “assets” don’t amount to a hill of beans on this blog.

______________________________

Never mind the pull toys behind your tall truck, and the yard you park them all in at the end of every day, you do indeed have mega assets.

To have joined the Branch Viridian cult, you needed to have enough loose change jingling in your pocket to be in the top 1% of 7 billion people, Mang!

A stack of 20’s about two feet tall!

Just because the socialist collective of Canada is helping po folk with energy efficiency grants, doesn’t mean you need the govt agent casing out your compound so you can pick up 5g’s of chump change.

I also hear that they give away food at the foodbank, but you don’t go there too do you?

I know a 6 figure pensioner with a wife getting half that, plus they hold a 7 figure estate from his Daddy, while living in their paid for million dollar house. The govt recently twisted in some LED light bulbs in their sockets for them though.

That’s just vulgar!

#22 Sail Away on 06.03.21 at 1:41 pm

#10 Faron on 06.03.21 at 1:13 pm
#192 Sail Away on 06.03.21 at 10:21 am

I guess if you are dumb enough to think TSLA and BB move to fundamentals, then you are dumb enough to equate ISIL with what’s happening with statue removal here in Canada even though doing so is pearl clutching nonsense. No, it’s not a slippery slope from here to there and insinuating that it is is incredibly disingenuous, needlessly inflammatory and thoroughly non productive unless you are trying to escalate conflict. That’s BillyBob/The Jaguar level garbage there. But, Ngo and Elon are your gods, so that’s not surprising.

During my undergrad, my experience with engineers was that they were mindless, math drone, tools. I now have a very good friend who does geotechnical work and another in environmental and they have largely disabused me of that stereotype. You, however, are re-establishing it single handedly. “But but but, I’m rich-ann-I-drive-a-Tesla-ann-kno-about-spensive-dogs so I must be better than you” you will say. Well, you wont be the first idiot to have joined the ranks of rich fools that view themselves more highly than literally everyone who has interacted with them.

——–

Personal insults? My apologies, but I find it difficult to debate a histrionic 12 yo.

#23 VladTor on 06.03.21 at 1:48 pm

….Это будет одно из самых разрушительных последствий вируса – люди будут вынуждены покинуть дома, причем не только в центре, городе и пригородах, но и во внутренних районах по всему миру.

*********

Garth, you absolutely right. But need keep in mind human psychology . They will save on food and healthy style of life to pay mortgage and will repeat like mantra – house prices will be grow before make decision to sell. To this time they will looks like ghosts with mental problems and cursing the day they bought RE. Sad is that can make years.

And only one reason for that – bad financial education (and not reading yours blog of course – don’t be proud, this is not compliment, just fixing fact)

#24 DON on 06.03.21 at 1:52 pm

https://www.cbc.ca/news/canada/british-columbia/rural-maple-ridge-residents-loud-goats-1.6048842

People moving to rural areas and complaining about animals = idiotic sense of entitlement.

#25 DON on 06.03.21 at 2:03 pm

#6 Yukon Elvis on 06.03.21 at 12:37 pm
So we have hit the wall. Maybe. I don’t see a crash or a wave of defaults / bankruptcies. Probably a minor pullback then a stall. Probably a long stall. People will tighten their belts and get room mates and struggle through. We will have inflation and higher taxes. And a lower standard of living for many. But Captain Crayon will be at the helm for a long time and the good ship Canada will poke along slowly. We are virtuous and woke. It’s all good.

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

Where are all these roomates coming from to live in a highly streesed 1/5 environment. Less housing starts could cause a cascading effect. Lots of trades rely on the new builds.

From what i have witnessed on Vancouver Island, is the building of big rental apartment complexes. At least 10 have went up where I live.

#26 Faron on 06.03.21 at 2:07 pm

#21 Sail Away on 06.03.21 at 1:41 pm

Yes, you were really interested in debate by going 0 to ISIL. Hilarious.

You went with “child” this time. I thought it would be “invective”. I guess “Chthulu” guides in mysterious ways.

I must correct myself: TSLA has moved to fundamentals since its ATH.

#27 dave on 06.03.21 at 2:10 pm

Prices have not been sustainable for years! Who can afford these prices…the elite have pushed and pushed the prices ensuring everything eventually has to give up and buy. They have succeeded, everyone has bought and now is in debt far beyond their means.

#28 Dolce Vita on 06.03.21 at 2:12 pm

#19 Beautiful Americans

Europeans also rarely tip, but they don’t come from that culture.

————

In Italia, the tip is INCLUDED in the price of the food and drink. Remembering way, way, back when I think it was something like 17%, my relatives say 20%. One or the other.

Why you do not see those annoying guilt trip panhandling tip jars in Italia unless they are hard up N. American students working in Italia.

This whole tipping nonsense in N. America is just that:

Nonsense.

And why Italians (tourists from Italia) will not tip you in Canada or the USA. Has nothing to do with culture, just how business is conducted here in Il Bel Paese.

The attitude in Italia is that our way (tip included in food, drink) Servers are guaranteed a living wage. Thus you get professionals serving you not some University Student with a chip on their shoulder.

As for Beautiful Americani here in Italia they are loud, malcontents that in general know nothing but think they know everything. The TripAdvisor cadre ratings literati by other people like themselves that:

Don’t know dung from clay.

At least Canadians are quiet but know it alls just the same.

#29 Tipping ridiculous on 06.03.21 at 2:21 pm

#19 Beautiful Americans

Ha ha, we all want tips all the time. What a joke.

I like tipping and giving out of the norm when it’s appreciated. Otherwise it’s about the buyer being slave to the lender, and it typically seals the experience with a bitter taste.

I have zero sympathy for restaurants that want us now tipping 20% on inflated prices. Cruise ships can tip themselves over too. Wtf is with pre paying tips. Talk about a$$ backwards.

#30 Beautiful Americans on 06.03.21 at 2:24 pm

#27 Dolce

Yes, Europeans love to use the ‘but in my country the tip is included!’ excuse for their cheapness, no need to remind me.

In terms of loudness, Brazilians are the clear (and happy) winners, Italians second, Argentines third, and Americans 4th.

At least you don’t try to push the apocryphal ‘Americans put maple leaves on their luggage’ while claiming they brag about their country at the same time.

It sure wasn’t Italians generosity who allowed my Peruvian employee to realize her lifelong dream of being able to return home to her family and buy a small plot of land.

I’ll take gregarious, loud, proud and generous over cheap and full of excuses any day.

#31 Dolce Vita on 06.03.21 at 2:28 pm

sleeket, cowran, tim’rous
-Garth

That was 3:

1. Highlight word.
2. Right click.
3. Select from the popup menu “Search Google for…”.
4. Read word meaning.

And it’s “sleekit” not sleeket. Extra step for me to learn the word meaning.

I liked sleekit and tim’rous. I didn’t like Cowran as much since it reads bovine to me…far from its meaning.

✓ Thank you for expanding my vocabulary Garth.

Welcome. But ‘sleeket’ was the original. “The best laid schemes o’ Mice an’ Men Gang aft agley, An’ lea’e us nought but grief an’ pain, For promis’d joy!” Damn straight. – Garth

#32 Dogman01 on 06.03.21 at 2:32 pm

Good comments yesterday.

My favorite:
#175 Michael in-north-york on 06.03.21 at 12:28 am

To summarize:
– The “useful idiots” of the woke crowd are being led hypocritically to destroy the founding myths.
– The woke crowds masterminds are challenging the established elite as they want that position in society.
– Most Canadians (as well as newer Canadians) supported the established elite as they oversee a pretty dam fine place.
– Our established elites have become too timid in the face of the Woke Challenge. (lost the fire in their belly)
– We will support regime change (a new elite) if the established elite are too timid to stand up to the destruction the Woke will create.

My observation:
Laurentian elite – Lead, follow of get the hell out of the way. The culture and economy are going down the toilet. You have hollowed out our economy by unfettered trade and tying to ride the woke train w Trudeau Jr. Uber Jobs and high house pricing will not support a thriving middle class. It is going to get ugly as the “adults in the room” do not want their kids standard of living to go down the toilet .

This, I think is why many in Western Canada are beginning to re-think Canada. Are they aligned to current Canadian values, get rid of the founding myths and it becomes closer to every man for themselves vs a common-wealth.

#33 Sail Away on 06.03.21 at 2:33 pm

#27 Dolce Vita on 06.03.21 at 2:12 pm

As for Beautiful Americani here in Italia they are loud, malcontents that in general know nothing but think they know everything.

———

Intolerance is ugly in all its guises.

#34 Dogman01 on 06.03.21 at 2:33 pm

Runner up best comment…LMFAO

#192 Sail Away on 06.03.21 at 10:21 am

You go, Captain Fantastic. Follow that ISIL playbook:
https://en.m.wikipedia.org/wiki/Destruction_of_cultural_heritage_by_ISIL

————————————-
Captain Fantastic…great reference.

#35 Dolce Vita on 06.03.21 at 2:33 pm

Nothing to do with cheapness in Italia.

Why you see our people serving in Italia happy, well dressed and professional.

I do not know about the other countries in the EU but Italia includes a healthy tip for the Servers and Kitchen in the price of the food and drink.

Unlike cheapass proprietors like you that probably pay their servers MINIMUM WAGE.

What do you pay your Servers?

#36 Dolce Vita on 06.03.21 at 2:37 pm

#32 Sail Away

Truth.

Sets you free.

And don’t confuse truth with ridiculous N. American political correctness statements like yours.

That’s on you, not me.

#37 ElGatoNerodeYVR on 06.03.21 at 2:39 pm

1)I really see an alignment to the global market in a globalized world. A working person cannot afford to buy in downtown London,Paris or LA or San Francisco for that matter ,not even touching Hong Kong or China tier 1 cities with their 1-2 mil condos ..so what made people think Vancouver or Toronto should be different.
They are not so it is a reset to the world average.
2) Age is a factor and while the boomers and Gen X have SFH’s that cannot be the norm for the millenals and younger.
Property ladder is a thing .
3) If you want to own of more importance are the suburbs affordability, especially the ones connected by transit.

We need to be pragmatic here and accept that the world has changed; crying over past times will not solve anything in practice and there will be no recokning, just realignment of expectations.
The investment advice goes for housing as well , the market will stay irrational far longer than you can stay on the sidelines .
You will simply be priced out so buy whatever it is that you can afford ,ideally 30% of net but maybe extend a bit to 40% , includes all housing costs. Buy close to transit.

#38 Faron on 06.03.21 at 2:42 pm

Thanks for the post today Garth. A friend has moved from Alta to BC (he’ll commute to the oilsands for work) and is looking for a place to purchase. He’s priced out despite about $700k of purchasing power.

Updated stats in Vic for May:
Median house $1,011,000
Average $1,173,701

Up 20.7% and 34% y.o.y respectively
condos up 22.6% y.o.y.
Manufactured… +53.6%
Out of Vic, median SFDs are up 47.9% y.o.y.

Sales: listings peaked in March at 115%. Now at 90%.

All price curves are parabolic since winter. The term “overbought” comes to mind…

#39 Father's Daughter on 06.03.21 at 2:45 pm

We saw a side-split with an awkward layout (four levels) in the burbs of Hamilton a few weeks ago. Nice backyard. The place was listed for $1.3 but we didn’t really like it and felt that it was overpriced for what it was..needed some work. Realtor commented that the place had “great paint colours.” Went home and ordered a new patio set for my rental to spruce up and embrace the place. Out of curiosity, I checked the sale price which turned out to be a whopping $1.65M after offer night! Unbelievable after seeing that very average at best place with my own eyes. Buyer’s remorse is coming and it’s coming soon.

#40 World's generosity on 06.03.21 at 2:46 pm

Some would benefit greatly from browsing the results of the World Giving Index: https://www.cafonline.org/docs/default-source/about-us-publications/caf_wgi_10th_edition_report_2712a_web_101019.pdf

TL/DR: USA #1 for the last decade. Italy, below places like Sierra Leone and 53 others.

I rest my case.

#41 Aftred on 06.03.21 at 2:54 pm

It will end the same way all of these “peak house” prognostications have since Real Estate became a lifestyle in this country with television stations pumping it into young minds.

A brief leveling off, then a slow steady increase in price.

Govern yourselves accordingly.

#42 Dolce Vita on 06.03.21 at 2:55 pm

Welcome. But ‘sleeket’ was the original*. “The best laid schemes o’ Mice an’ Men Gang aft agley, An’ lea’e us nought but grief an’ pain, For promis’d joy!” Damn straight. – Garth

Hanging my head in shame. Red faced.

As a kid, loved Robert Burns. Took English Literature in Sr. HS for all 3 years, me and 5 others in a HS of 800 students (it was as an Option).

Those particular neurons not firing anymore.

Thanks for the reminder Garth.

*Correct:

https://www.poetryfoundation.org/poems/43816/to-a-mouse-56d222ab36e33

#43 Faron on 06.03.21 at 2:57 pm

#192 Sail Away on 06.03.21 at 10:21 am

Last one on that poorly thought out ISIL comparison you made. Not hard to add up the number of religious fundamentalists among the right wing statue clutchers. Would look a lot more like ISIL (repressive and dogmatic and xenophobic) than folks who are okay rethinking what society reveres.

#44 Nobody knows ... on 06.03.21 at 2:58 pm

First time i hear about this rent/buy thresholds. According to this, the average house in canada costs more than twice what it should. But somehow, this keeps going on. Looking forward to see how this ends.
In my case, according to this, my rental apartment should cost 300k to be worth buying. Comparables are listed for more than 650$.

#45 GOD on 06.03.21 at 3:00 pm

#8 Millennial 1%er on 06.03.21 at 1:07 pm
please god

I’m begging you

crash this market with no survivors

———————————

GOD here. Sorry, no can do. Even I can’t budge this one. You’re SOL!

#46 ElGatoNerodeYVR on 06.03.21 at 3:03 pm

#32 Sail Away on 06.03.21 at 2:33 pm
#27 Dolce Vita on 06.03.21 at 2:12 pm

As for Beautiful Americani here in Italia they are loud, malcontents that in general know nothing but think they know everything.

———

Intolerance is ugly in all its guises.
=========

You may have not seen enough outside of their natural element.
I have seen enough Americans outside their own country and Dolce is spot on . The Americans are in majority ( yes exceptions do exist)the intolerant ones ,arrogant and disrespectful of local culture.

#47 the jaguar on 06.03.21 at 3:04 pm

@#21 Sail Away

Darling, have you seen my pearls? Did you borrow them? You know the ones…knock offs of Audrey Hepburns from Breakfast at Tiffanys..
I need them to go with something I’m wearing to that party with all those incredibly handsome and intelligent engineering types. Help me find them, Sail Away. Be a sport……

#48 Brian Ripley on 06.03.21 at 3:05 pm

FOMO Interruptus

My Chart updates with the MAY data for Vancouver & Toronto:

Vancouver:
http://www.chpc.biz/vancouver-housing.html

Toronto:
http://www.chpc.biz/toronto-housing.html

Vancouver vs Toronto:
http://www.chpc.biz/compare-toronto–vancouver.html

TOR has 1.1 x more Listings than VAN
TOR has 2.8 x more Sales than VAN

Inventory Sold Each Month: TOR = 98% VAN = 39%
Months of Inventory: TOR = 1 VAN = 3

VAN SFD is valued 37% higher than a TOR SFD
10 year inflation rate of SFDs VAN: 117% TOR: 134%

VAN T-House is valued 21% higher than a TOR T-House
VAN Condo is valued 4% higher than a TOR Condo

Average Annual Payroll Earnings
(MAR Data 2 mo. report lag)
ON: $60,878 and BC: $57,796
Annual Precipitation VAN:TOR = 2:1

#49 SoggyShorts on 06.03.21 at 3:05 pm

#27 Dolce Vita on 06.03.21 at 2:12 pm
#19 Beautiful Americans

Europeans also rarely tip, but they don’t come from that culture.

————

In Italia, the tip is INCLUDED in the price of the food and drink. Remembering way, way, back when I think it was something like 17%, my relatives say 20%. One or the other.

**************************
I can find no evidence of this through googling. Are you sure they are compensated through commission?
There is “servizio”, but that generally only applies to parties of 8 or more.

My understanding of “tips included in bill” was that
1. prices are xx% higher in non-tipping countries
2. wages are xx% higher in non-tipping countries

What you are implying seems to be that if I order $200 worth of menu items the waiter getsd $40 and the restaurant owner gets $160

#50 Richard L on 06.03.21 at 3:16 pm

Nobody can afford housing yet houses are selling like crazy?

I am reminded of the quote by Yogi Berra:

‘That restaurant is so busy nobody goes there anymore’

Last year 1.3% of Canadians moved. Keep things in perspective. – Garth

#51 Dolce Vita on 06.03.21 at 3:21 pm

Welcome. But ‘sleeket’ was the original*. “The best laid schemes o’ Mice an’ Men Gang aft agley, An’ lea’e us nought but grief an’ pain, For promis’d joy!” Damn straight. – Garth

————

PS on Poets (mad about Eng Lit):

Why I went to the Protestant Cemetery in Rome to give thanks at the graves of Keats and Shelley.

Also why I went to La Spezia, Golfo dei Poeti, so I could see where Lord Byron would start his swim across the gulf from Porto Venere to Lerici to visit Shelley, his muse at the time.

That man, Lord Byron, had a constitution.

Commemorative plaque in Portovenere near where he would be begin his swim across the gulf (L’Italia si ricorda):

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

and where Lord Byron would start his swim (backside of promentory, very rugged, large waves even on a calm day):

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

Golfo dei Poeti, Lerici in the foreground and in the distance Portovenere – Lord Byron’s “swim” to see Keats:

https://i.imgur.com/akt59Nq.png

———————–

The Region of Liguria and La Spezia are much more than Cinque Terre, much more esp. if you love poetry and English Lit.

Sadly, few tourists go there.

#52 Billy Buoy on 06.03.21 at 3:26 pm

Mr. T. I fully agree with you on rate increases, 8 sounds about right.

All will be in the .001% range adding up to .008% so everything doesn’t crash and the feel good Politicians can claim “See we are raising rates.” And of course “In the best interests of Canadians.” Always.

Now IF that .008% is a little too much for the eCONomy to handle, more stimulus will be quickly put into place so no one suffers except our kids and grandkids for the next 30 plus years until we have a proper reset.

The Central bankers are OUT OF OPTIONS. PERIOD. The masses are now fully conditioned by the mass media to believe that everything is rosy, life is fair and nothing bad will ever happen to anyone evermore…try letting things get back to reality with REAL price increases, actual price discovery and you will see a bigger hissy fit than mistakenly not giving out a larger participation trophy to Jr. for just showing up.

Who is going to pay for the mess IF % rates increase? Guess what? It won’t be the banks or the 1% who will own it all. Crumbs will then be offered to the losers to survive at a fee of course….watch and see.

Crash, then war….just like the 1930’s all over again.

Like George Carlin wisely said “If you believe in the American DREAM, you must be in a DREAM because what they sell you and lead you to believe just ain’t happening.”

#53 Don Guillermo on 06.03.21 at 3:37 pm

Come on SA. You know if Faron had ordered the destruction of the Bamiyan Buddhas it would only have been for the greater good of peoplekind – as he sees it.

#54 TurnerNation on 06.03.21 at 3:37 pm

An “off grid house”. Basically it has a few solar panels from Can Tire, two car batteries and a wood stove.

https://www.realtor.ca/real-estate/23257464/550-blue-road-4-sleeman-sleeman
……

Back to the state of permanent rolling Economic and Social Lockdowns:

Once again the media aka predictive programming is setting us up for endless Economic Lockdowns.
IMO into 2022-23 at minimum. Why else have the States of Emergencies been extended?
Apparently Australia and Kanada are the main globalist test zones for all this:

.Toronto Star: Another wave of COVID-19 for Ontario? A concerning new variant is threatening to take hold, data shows

.Australia’s Victoria extends Melbourne COVID-19 lockdown for 2nd weeks (reuters.com)

.New Jersey, USA: “Public outcry derailed legislative attempts to extend Gov. Phil Murphy’s sweeping pandemic powers last month, so legislative leaders are banning the public from having any say on the matter when it comes up for a vote later today. (nj1015.com)


— Control over our travel/movement is the main goal. Some say our rulers see *us* as the virus to be contained. Makes some sense.

.N.S. working on proof-of-vaccine strategy for those entering the province (Canada) (cbc.ca)

.Ottawa ups fine to $5,000 for travellers who refuse to quarantine in a hotel(cbc.ca)

………

— Offered without comment:

https://canucklaw.ca/executives-of-public-health-charities-drawing-huge-salaries-to-lock-you-down/

#55 Sail Away on 06.03.21 at 3:43 pm

#46 the jaguar on 06.03.21 at 3:04 pm
@#21 Sail Away

Darling, have you seen my pearls? Did you borrow them? You know the ones…

———

Yes, J, I left them on the statue of Mother Teresa riding the unicorn of kindness and mercy right over…

my God!

#56 Linda on 06.03.21 at 3:48 pm

‘the vast majority of Canadians could never afford to buy the homes they now occupy.’ How true & the reason why many who would like to ‘cash in’ on the crazy RE market are going, ‘Whoa, Nellie’. Yes, one can rent. Whether one can rent anywhere near the current digs for a reasonable price & whether renting is something folks are willing to do long term is another bag of oats entirely. Sad but true, if we wanted to downsize to smaller digs (buy) we’d likely pay more for said smaller space than what we’d realize for our current abode. Fortunately for us our current digs are comfortable, not cavernous. Under 1500 square feet so no need to downsize & enter the RE wars for either a rental or purchase. Even better, one level living so aging in place is a definite option:)

#57 Galina on 06.03.21 at 3:48 pm

Now tell me again how it ends well.

We’ve been hearing this for a very long time now, Garth. Considering the govt knows that most of the people hold their equity in their homes, and that the GDP depends on RE like never before, we’ll weather this the same way we were doing it since last housing crash. Look at the CAD/USD and we can see that the CB has a lot of room. Poloz said he’s not concerned, and he was a policy maker. Why should we believe that “this won’t end well” then? I can uderstand the prices declining by 5, maybe 7%. But we won’t see pre-pandemic prices ever again. Oh, did I mention that we should see wage rising soon as well? Simple economics.

#58 chris on 06.03.21 at 3:52 pm

Garth,

you should check out the Cullen Commission. Yes, we have done this to ourselves, but I think we have had a little help getting here…But, maybe we can build some more casinos, that always attracts the best kind of people.

#59 Craig Folton on 06.03.21 at 3:57 pm

Garth Turner, do you think that they could tax every year with an income tax on someone’s house, condo, stock, ETF, mutual funds, reits etc. like they do with Canadian interest, dividend, foreign interest dividend, royal income, annuity income etc.?

I can see them saying it is to cut down or curb excessive speculation on gains, appreciation in prices, values of these items as they are growing much faster than inflation and the yearly gains are not taxed every year. They will probably use the wealth gap as another excuse to tax yearly gains based on December-31 values, prices.

Capital gains are not currently taxed every year but only when an item is sold, transferred or upon one’s demise.

#60 Useless on 06.03.21 at 4:05 pm

#56 Galina.

You ignore the impact of higher rates which will inevitably have downward pressure on assets. How much prices decrease will remain to be seen. Wage inflation will be a reality very soon. Enter stagflation.

#61 Ok, Doomer on 06.03.21 at 4:10 pm

#10 Millennial 1%er on 06.03.21 at 1:08 pm
let me rephrase

please god

correct the market such that we come back to sustainable levels in a manner that everyone wins
++++++++++++++++++++++++++++++++++

I spoke with your Social Justice 401 Prof. Xe says that you’re part of the problem and that your desire for a house is nothing more than a deeply seated hostile expression of support for the patriarchical hegemony. You need to be purged of these bourgeoisie tendencies by welcoming equitable communal living in your grandparents basement. Oh, and Xe says there is no god but Marx. And Marx doesn’t like your man-bun.

Or something.

To which I say, “Rig for crash!” This one’s been a long time coming. We could have had a three minor housing corrections in the past ten years and the offending idiots would have been spanked, lost their shorts and maybe learned something. Instead we had an irresponsible government fire hose force feeding liquidity into every willing orifice.

And so it all ends.

#62 Jimmy Zhao on 06.03.21 at 4:19 pm

I’m not concerned, the Liberals and the Minister of Middle Class Prosperity will provide ‘a chicken in every pot and a car in every garage’ for all Canadians.

#63 KLNR on 06.03.21 at 4:27 pm

@#5 ogdoad on 06.03.21 at 12:35 pm

Oh, and to all the smug, wussy, Canadian owners out there – your not better than renters. AND YOUR GOING TO DIE!!! Most other, less wussy countries have figured this out – lol!!!

Og

https://www.youtube.com/watch?v=-FdKPEA17m4

#64 Sara on 06.03.21 at 4:27 pm

#42 Faron on 06.03.21 at 2:57 pm

Think about all the time and energy you waste here arguing with the ethically challenged when instead you could actually be putting your gifts to good use somewhere else. Just a thought meant to be helpful.

#65 wallflower on 06.03.21 at 4:39 pm

Along with this housing unaffordability fact, out goes the Trudeau immigration plan.
The tail of the dragon coming round to pound this market will be multi factor.

In 2019, international students in my smaller city (largely from India and Pakistan) told me they can no longer afford the pending tuition increases. They also claimed that housing was becoming untenable. That was a year before the pandemic.
The 2021 ‘immigration’ numbers we are racking up right now are mostly those already here, already housed (and already having trouble with it).
Their stories home will be: don’t do it.

This will likely favour the now more foreigner welcoming USA for international students as an immigration vector.

#66 greyswan on 06.03.21 at 4:43 pm

Hi Garth,

I grew up in Richmond and your telling me that
its not foreign money…what a disaster your policies have been over time!!
People next door are asian immigrants…still buying with foreign cash!!

Folks who immigrated and live here now full-time are called ‘Canadians’. But they still look Asian, which I am sure must be convenient for you. – Garth

#67 Squire on 06.03.21 at 4:47 pm

#19 Beautiful Americans on 06.03.21 at 1:37 pm
As someone who was in the tourism industry outside of NA, Americans were 80% of my clientele, and they were without exception awesome. Generous, understanding, demanding at times but completely willing to overlook things that inevitably go wrong, as long as you explain with a smile and a free drink. I wish I could have had 100% Yanks. Not one ever claimed to be Canadian, despite the fantasies of my insecure Canadian compatriots. (The same ones who claim Americans are belligerent and brag about Texas, while sticking maple leaves on their luggage, riiiight.)
Any real tourism owner dreams of generous Americans as clients, as do staff. We Canucks are well known cheapskates who rarely tip. Europeans also rarely tip, but they don’t come from that culture. Canadians have no excuse, except we are cheap. And you know it.
———————————————————–
LOL. There’s a lot of truth to this. Years ago I was in the tourism industry and can relate. As a Canadian myself, I’m ashamed of the holier than thou mentality many Canadians have. Cheap, cheap is true.

#68 Hilroy on 06.03.21 at 4:47 pm

#56 “Oh, did I mention that we should see wage rising soon as well? Simple economics.”

I think we’ll see longer work days and weeks before a rise in wages.

Check out the 996 work schedule.
https://en.wikipedia.org/wiki/996_working_hour_system

#69 NoOneOfConsequence on 06.03.21 at 4:56 pm

I am certain all kinds of ‘enlightened thinking’ by our “this time its different” folks in officialdom should be able to kick this can further down the road.

No reckoning here folks. Get in now or miss out!

#70 Leo Trollstoy on 06.03.21 at 5:02 pm

And price-to-rent ratio in the US during the foreclosure crisis was 4

That means if you took Gartho’s advice to buy US real estate back then, you’ve done better than buying real estate in Toronto or Vancouver AND you got USD cash flow

#71 Ponzius Pilatus on 06.03.21 at 5:03 pm

#32 Sail Away on 06.03.21 at 2:33 pm
#27 Dolce Vita on 06.03.21 at 2:12 pm

As for Beautiful Americani here in Italia they are loud, malcontents that in general know nothing but think they know everything.

———

Intolerance is ugly in all its guises.
————-
Well, you should know.
You’re the expert in that field.
BTW, this time I fully agree with Dolce Man.
I always enjoyed my stays in Italy.
My favorite moments were when I sat on a beautiful patio and witnessing the Italian waiters ignoring the Americans. 
Talking to the girl friend was more important.
Explaining what a Pizza Carbonara is, is much too time consuming. The locals are waiting for their Cappuccino 
My suggestion to Americans and Canadians, too, is go to Italy and France for the culture, food, vistas, but not for 
service.
And make just a little effort to speak the language.
And don’t brag how big the steaks in Texas are.

#72 Barb on 06.03.21 at 5:04 pm

“…debt levels exceeding 450% of their incomes.”

————————————-

Even when debt was 200%, 300% of their incomes, how could banks approve the loans?

Or do all banks want to open a Real Estate Department chock full of foreclosed properties?

#73 Faron on 06.03.21 at 5:08 pm

#52 Don Guillermo on 06.03.21 at 3:37 pm

Wow Don Guillermo, I took you for a slightly more level headed person than one who would lump cries for statue removal among indigenous people with ISIL’s jihad and violent religious intolerance and destruction of a UNESCO world heritage site. Okay bud.

I didn’t think you were one who would equate the Buddha (i.e. figure of deep religious significance for half a billion+ people) with a guy who murdered some savages to establish a small coastal town or a fellow in government however important JAM was.

You may recall that my view here is that when a statue becomes controversial because of a fuller understanding of history then the site should be added to in a way that demonstrates that fuller understanding. But, I know it looks all “tough-guy” to rail against anything you don’t like that remotely can be placed under the hectares-wide umbrella of cancel culture, so I understand. Sturdy conservatives and all.

Finally, this has been bugging me:

Reasonable people will want to know why kids died – disease, likely – before they jump to such conclusions. Hopefully facts will soon follow hyperbole. – Garth

You are right, they will and those facts are important. No, it wont be disease alone, the 2015 T+R report lists disease, accidents, abuse and neglect among the causes of death in residential schools. Regardless, will the cause of death matter nearly as much as the fact that they died nameless having been torn from their families and were interred without any effort at memorial let alone basic record keeping? Even if they weren’t abused in a way that lead to death (seems unlikely given the stories that have come out of both the Catholic church and residential schools) there is absolutely no forgiving forming a mass grave. And, no, this isn’t woke-ism. These are relatives of the abused and former residents of the schools calling who are the most outraged.

Give it up. A ‘mass grave’ is a common pit into which multiple bodies are heaped at the same time. There is zero evidence thus far (if ever) the Kamloops site was anything other than a cemetery. Nothing you say has any creds so long as you make absurd statements like that. – Garth

#74 Faron on 06.03.21 at 5:11 pm

#64 Sara on 06.03.21 at 4:27 pm

Cheers Sara. You are right.

#75 Reximus on 06.03.21 at 5:15 pm

The amazing thing is the avg NEW mortgage borrow amt in Ontario amount was still only about 395K (Q4 2020) with avg mortgage payments of 1840$…which means people have way more d/p $$$ than you might think.

Toronto is of course higher (460K I think?) but still, not that much considering the prices here

#76 Dork on 06.03.21 at 5:19 pm

Hi Garth, how did you arrive at a price-to-income ratio of 9 for the GTA? I thought the median household income was hovering around 80K. Wouldn’t that yield a ratio of 14?

Average Toronto household income is $110,000, says CMHC. – Garth

#77 TS on 06.03.21 at 5:22 pm

#72

“Even when debt was 200%, 300% of their incomes, how could banks approve the loans?”

Bank of Mom & Dad. Each side of the family gives a few hundred thousand and suddenly your million dollar house is 600k. Justin lets you raid your RRSP if you come up a bit short too. The market hasn’t been correlated to incomes for a long time, but it does make you wonder where it goes from here.

#78 Dork on 06.03.21 at 5:29 pm

Average Toronto household income is $110,000, says CMHC. – Garth

Thanks for your reply. Looking at their data, it seems 110,000 is the mean before tax income and 80,000 is the median. (Though everyone seems to be reporting 2016 census numbers, so I guess the real values are a little higher now.)

#79 TurnerNation on 06.03.21 at 5:45 pm

Yup Economic Lock downs not going away. There is a plan. And a timeline. Everything else is theatre.

.B.C. won’t relax more COVID-19 restrictions early regardless of vaccine progress, officials say
https://bc.ctvnews.ca/mobile/b-c-won-t-relax-more-covid-19-restrictions-early-regardless-of-vaccine-progress-officials-say-1.5454472

……
Control over our movements/travel might go like this.

https://www.ontario.ca/page/ontarios-digital-id-plan
“In late 2021 we will begin introducing digital ID (digital identity) – a new, electronic government-issued ID that lets people and businesses prove who they are online.”


— How to force a digital ID? ‘Think of the children’. Works every time.

https://nationalpost.com/news/politics/requiring-proof-of-age-to-look-at-online-porn-raises-privacy-issues-senate-committee-hears
Legislation that would require Canadians to verify their age before they could look at online pornography could result in a number of privacy concerns, the federal privacy commissioner said Thursday.

Bill S-203, introduced by Sen. Julie Miville-Dechêne last fall, doesn’t specify what that verification would look like. Options under consideration include presenting some type of ID to a third-party company or organization, or the use of technologies such as biometrics or artificial intelligence to estimate age.

#80 morrey on 06.03.21 at 5:50 pm

Regarding the wags of Waiters and Waitress in Italy:
https://bit.ly/3ccwqTS

basically servers get a pension contribution paid by the owner/ employer of restaurant.

and no tiping required.

#81 avocado on 06.03.21 at 5:50 pm

Garth, I think your formula is wrong, shouldn’t it be:

Price to Rent Ratio = Average Property Price/(Average Annual Rent+5000)

Because you’re forgetting to factor in missing out on all that federal houseowner green-improvement hand out money up for grabs.

#82 elderflower on 06.03.21 at 5:52 pm

Our price:rent in Vancity has been above 40 for close to a decade. In theory, it easily justifies continued renting. In reality, pre-sale townhomes next door are now being marketed at $1333/sq foot and Lotusland continues to exist under a massive bubble that over time only increases.

#83 Ponzius Pilatus on 06.03.21 at 5:53 pm

#53 Don Guillermo on 06.03.21 at 3:37 pm
Come on SA. You know if Faron had ordered the destruction of the Bamiyan Buddhas it would only have been for the greater good of peoplekind – as he sees it.
————–
Hey Donie G.
Read in Der Spiegel that there is an Election coming in Mexico.
About 100 LBGTQ candidates are running.
It kinda surprises me, because I always thought that the Latino Macho culture would not go for that sort of thing.
But I am glad to be proven wrong.
Will you be voting?

#84 Ponzius Pilatus on 06.03.21 at 6:13 pm

#62 Jimmy Zhao on 06.03.21 at 4:19 pm
I’m not concerned, the Liberals and the Minister of Middle Class Prosperity will provide ‘a chicken in every pot and a car in every garage’ for all Canadians.
————–
We’re long past that, my friend.
2 F-150 in every drive way is the new goal.
The garage is already full with useless, obsolete junk.
And the chicken is now lobster.
God’s country.

#85 Frank Dicastellano on 06.03.21 at 6:37 pm

I see nobody wants to believe that their house, condo, cottage, stocks, mutual funds, ETF’s, REIT’s etc. can be subject to annual income taxes in the near future like interest, investment income. It seems a tax loophole that government will likely close. Almost every type of monetary benefit is taxed every year with income taxes in Canada.

No, nobody believes you. Bye. – Garth

#86 Reximus on 06.03.21 at 6:39 pm

#79 TurnerNation

are you familiar with the term tl;dr. basically it means you bore us with your long-winded nonsense

I cant imagine that you actually have a job, so I assume you’re retired. Find something else to do, bro, like cheering for the habs

#87 [email protected] on 06.03.21 at 6:49 pm

Question – in Richmond, how can $86K get approved by the bank/broker for $1.9 million if local? Even double income at $172K is 11x income.

#88 Faron on 06.03.21 at 6:52 pm

Give it up. A ‘mass grave’ is a common pit into which multiple bodies are heaped at the same time. There is zero evidence thus far (if ever) the Kamloops site was anything other than a cemetery. Nothing you say has any creds so long as you make absurd statements like that. – Garth

Fair enough. I see that the WaPo has corrected their use of the term to “unmarked, undocumented burial site” according to the request of the first nation.

#89 S.Bby on 06.03.21 at 6:53 pm

#66 greyswan

Ask them if they have Canadian passports.

#90 Don Guillermo on 06.03.21 at 6:58 pm

#83 Ponzius Pilatus on 06.03.21 at 5:53 pm
#53 Don Guillermo on 06.03.21 at 3:37 pm
Come on SA. You know if Faron had ordered the destruction of the Bamiyan Buddhas it would only have been for the greater good of peoplekind – as he sees it.
————–
Hey Donie G.
Read in Der Spiegel that there is an Election coming in Mexico.
About 100 LBGTQ candidates are running.
It kinda surprises me, because I always thought that the Latino Macho culture would not go for that sort of thing.
But I am glad to be proven wrong.
Will you be voting
***†**”***
The areas of Mexico I’m familiar with are very LGBQ( forget the rest) tolerant. So am I. I have many friends that are gay, I don’t care and neither do they. We are all very tolerant. You should try it sometime. As for voting, foreign residences are not allowed in Mexico. As it should be.

#91 Wait There on 06.03.21 at 7:01 pm

It is simplistic to say we did this to ourselves. Because it might actually NOT be so.
So suppose you come in from the desert and you are extremely thirsty. I come in and offer you a bottle of whiskey. Will you drink it?
You have not eaten for a few days and I offer you a triple hamburger overloaded with all the goodies? Will you eat it?
So when the Bank of Canada and CMHC as well as the mortgage insurers and the BANKs offer low rates for mortgages and also entice you to purchase. Should you resist?
If the rates were not this low…..then also insurance also offered, would house prices have reached the state they are in?
If cities and municipalities did not allow basement suites ( Illegal many years ago!) would prices have reached this high? Does the CRA even check to see if people are reporting incomes from renting out?

All these parties have made the situation what it is today! It is not only the people who purchased. They were enticed and other parties watched and made it happen.

It ends well.

#92 To A Mouse on 06.03.21 at 7:03 pm

That was fun. More Easter Eggs please.

#93 Don Guillermo on 06.03.21 at 7:06 pm

Faron on 06.03.21 at 5:08 pm
#52 Don Guillermo on 06.03.21 at 3:37 pm

Wow Don Guillermo …..
+++++++++
Can’t be bothered to read the rest of your drivel. I knew you’d need to get in the last word but it’s more like the last endless paragraphs. Good thing our public service jobs in Canada are generous enough to give you all this blog time. Im sure your good at multitasking and are saving the planet at the same time.

#94 Tina Legrand on 06.03.21 at 7:08 pm

Garth, I believe Craig, Frank are on to something real. It will happen as the NDP will back the Trudeau Liberals to tax every year the gains, price appreciation with an income tax on real estate, stocks, mutual funds, etf’s, reit’s etc.

You have the same IP address as the posters you are supporting. Whoops. – Garth

#95 Sail Away on 06.03.21 at 7:10 pm

#80 morrey on 06.03.21 at 5:50 pm

Regarding the wags of Waiters and Waitress in Italy:

basically servers get a pension contribution paid by the owner/ employer of restaurant.

and no tiping required.

——–

No tiping, eh? Is tiping similar to swiving? Chaucer’s Miller’s Tale, had a lot of swiving- just wondering if this is a UK/Europe thing.

#96 Don Guillermo on 06.03.21 at 7:12 pm

#88 Faron on 06.03.21 at 6:52 pm
Give it up. A ‘mass grave’ is a common pit into which multiple bodies are heaped at the same time. There is zero evidence thus far (if ever) the Kamloops site was anything other than a cemetery. Nothing you say has any creds so long as you make absurd statements like that. – Garth

Fair enough. I see that the WaPo has corrected their use of the term to “unmarked, undocumented burial site” according to the request of the first nation

†******
WaPo’s your go-to? Oh my, next you’ll be quoting CBC.

#97 Wait There on 06.03.21 at 7:12 pm

Mortality rates for children over the ages.
YOU MUST SEE THIS to give some insight to the early 1900s.
https://www.statista.com/statistics/1041693/united-states-all-time-child-mortality-rate/

Those times….the reporters forgot to talk about.
You played with Tommy and then in a week, you see he is not around. He died of a “fever” or whatever. Mortality rates were HIGH for even Causcasions. 20+%!!! Next consider the amount of taxes the government collected to give to the schools and church to run these places. In hindsight, it was not a good thing to have these places but I assure you, at the time some thought it was the correct thing to do. This is history.
Yes, relative to today it seems like a horror show. Growing up in those days meant the weak were naturally weeded out and boys became men real quickly because even men did not last long either. Guess when we had antibiotics? Listerine was just starting to be used. We need to appreciate the progress of medicine and mortality rates we see today. The news failed to provide perspective.

#98 crossbordershopper on 06.03.21 at 7:17 pm

DELETED (Racist)

#99 Dogman01 on 06.03.21 at 7:18 pm

Prayer for Canadian Real Estate \economy

“Dear God please help, come yourself, do not send Jesus; this is no place for children”

Originally seen as – Graffiti at the Anzio beachhead.

#100 Job#1 on 06.03.21 at 7:23 pm

#64 Sara re Faron

“…instead you could actually be putting your gifts to good use somewhere else.”

Oh…would that it could be so. I’m all in regarding your advice to F.

#101 Jake on 06.03.21 at 7:23 pm

Could this just be the typical summer slow down? My guess everyone who wanted to move did over the last year.

Going forward, as people come back to the big cities, this will create a new wave of demand and possibly keep prices stable while the hinterlands take the biggest hit. Next Spring will be very interesting for sure.

#102 Don Guillermo on 06.03.21 at 7:24 pm

#64 Sara on 06.03.21 at 4:27 pm
#42 Faron on 06.03.21 at 2:57 pm

Think about all the time and energy you waste here arguing with the ethically challenged when instead you could actually be putting your gifts to good use somewhere else. Just a thought meant to be helpful.
*******
So true Sara, he could actually be working at the job taxpayers are paying him for.

#103 Barb on 06.03.21 at 7:28 pm

That lovely picture of Ruby reminded me of this other dog, now famous on TikTok.

We’re all dog lovers here so hopefully Garth will excuse the off-topic interruption:

https://www.ctvnews.ca/sci-tech/how-tiktok-s-famous-talking-dog-bunny-uses-buttons-to-communicate-1.5246347

…Bet Bunny (and Ruby) don’t insult people like some of the posters on here.

#104 Garry on 06.03.21 at 7:39 pm

Renting a decent apartment or house in Toronto is what? , From 3500?
40 k year ,
Rent guys ,do not buy.

#105 FNAiks on 06.03.21 at 7:40 pm

Price to rent of 67. It’s..just..math

#106 Working in my PJs on 06.03.21 at 7:44 pm

The Ice Wall between Trudeau and Biden is now so thick and impenetrable that we may as well be Mexico under Trump. In fact Trudeau had more meetings with the Trump Administration than he’s had with Biden. He at least met with Trump but not a handshake from “ our new best friend”. Why is Joes disinterest in working with Justin a big deal for Canada?

What’s caused the glacial Cold War? In a word ‘China’. Trudeau continues to front for the CCP and Biden has continued with Trumps China policy.

http://www.bnnbloomberg.ca/biden-to-blacklist-59-chinese-companies-in-amended-trump-order-1.1612330

No vaccines from Joe? Barriers to trade? Border closed? Lumber sanctions? Left out of the Quad? Frozen political relations?

Hey Justin, “ What’s going on?”

#107 Nonplused on 06.03.21 at 7:44 pm

#85 Frank Dicastellano on 06.03.21 at 6:37 pm
I see nobody wants to believe that their house, condo, cottage, stocks, mutual funds, ETF’s, REIT’s etc. can be subject to annual income taxes in the near future like interest, investment income. It seems a tax loophole that government will likely close. Almost every type of monetary benefit is taxed every year with income taxes in Canada.

No, nobody believes you. Bye. – Garth

——————————–

All those things are already taxed. In the case of real estate, the taxes are levied by the municipality. So there isn’t a whole lot of room for the federal government to impose annual taxes on real estate without squeezing the municipalities, who always seem short on cash as it is.

In Alberta, the municipal tax (at least in my county) is split about 50/50 between the county and the schools. But in Alberta it doesn’t go directly to the county school system, it goes to the Alberta government who then allocates it to the school boards across the province. This was done in the name of “equitable funding” so that poorer municipalities would get the same amount of school funds as richer municipalities. I suppose that makes sense since in Canada we treat K-12 as sort of a right.

But anyway there isn’t anything in Canada that isn’t taxed already, including real estate and including primary residences. It’s just a matter of which level of government is doing the taxing.

Do you own your home? If you do you should know this. I just paid my 2021 property taxes and it was not insubstantial. And I live in an area that has pretty low mill rates. If I own this house for 25 years, assuming the mill rate does not go up which is unrealistic because it goes up every year, I’ll pay $125,000 in property taxes just on my house! And I have to pay that with after tax money! Assuming a 50% tax bracket just to be simple, that means I have to earn $300,000 over that period just to pay my property taxes! That’s $12,000 a year!

Residential real estate is already taxed, along with just about everything else but the air and the sun. All they can do at this point is fiddle with the percentages. Even the so-called “carbon tax” is really just an increase in the GST. And a pretty big one too.

#108 Polecat on 06.03.21 at 7:49 pm

Come on man, bring back happy hour, and those beautiful downtown women. I been sticking it out in the city waiting.

#109 Yukon Elvis on 06.03.21 at 8:05 pm

Data from May, which was released Thursday by the Association of Interior Realtors, revealed the benchmark price for a single-family home in the Central Okanagan has topped the $900,000 mark for the first time. The benchmark price, which represents a dwelling with typical attributes to those traded in the area, checked in at a whopping $901,600, which was up from $880,000 in April.

One year ago, the benchmark price for a single-family home in the Central Okanagan was $685,900. Prices have shot up $120,000 in three months.

#110 catzndogz on 06.03.21 at 8:17 pm

La Dolce Vita,
With your dismissive comments, generalizations and faux superiority – you may have moved to Italy, but have not picked up any class over there. Wherever you go, there you are.

#111 espressobob on 06.03.21 at 8:18 pm

FOMO is an emotional disease that further feeds on itself. Intrinsic valuations on a box has no sensibility for some. It’s now or never.

Tulip mentality though old somehow permeated its way into the modern age.

Some lessons are distant, while the herd continues down this path…

#112 Nonplused on 06.03.21 at 8:21 pm

#97 Wait There on 06.03.21 at 7:12 pm
Mortality rates for children over the ages.
YOU MUST SEE THIS to give some insight to the early 1900s.
https://www.statista.com/statistics/1041693/united-states-all-time-child-mortality-rate/

We need to appreciate the progress of medicine and mortality rates we see today. The news failed to provide perspective.

——————————-

The residential schools were a result of another well intentioned but not thought out social policy: Mandatory primary education. It was happening in the larger landscape too, but most other Canadians did not live so remote from possible school locations. So the residential schools could be thought of as an attempt to squash native culture and assimilate the natives, but it could also be it was a ham-fisted attempt to provide the same education to natives everyone else was getting, but they lived too remotely and in not enough numbers to put the schools where the kids were.

And at the time, nobody really suspected that the Catholic church was being so abusive. At that time they were still considered a bunch of pious do-gooders. I’m sure at the time the Catholic church was being put in charge of the program the common thought would have been “What could go wrong? It’s a bunch of nuns. They live to be charitable.”

Fast forward to today and most natives go to the same schools as everyone else, riding on the same buses, being subject to the same curriculum, and playing in the same hockey leagues, but nobody complains about that. The main difference is that the resources including roads, buses, and many more schools spread out the landscape makes this possible.

So I don’t know if the residential schools were envisioned with abuse in mind. It may well have been a well intentioned in theory but disastrous in practice attempt to include natives in the education everyone else was entitled to.

Someone probably should have asked them if they actually wanted to participate first though. Clearly they did not at that time. In retrospect it would have been better to wait until there was a school nearby, roads, and buses before forcing them into our utopian education system.

#113 Figus Makum on 06.03.21 at 8:22 pm

“In terms of the rest of the world this is a red line number which screams out for a fix.”
To find out the “Price to Income ratio” of real estate in other countries go to:
http://www.numbeo.com

“Select a country” then, go down to:
“Moving to Country”, then select:” Property prices in Country”.

You may be surprised.

For example: ratio in US is 4.03
in Italy is 8.9
in Portugal is 12.97! (now don’t you feel better?)

Lots of other interesting price comparisons with Canada at this site.

#114 Hog on 06.03.21 at 8:43 pm

Offshore buyers have disappeared?…Garth please do provide your sources.

That’s not what the word on the street is according to the realtor I know.

Recently documented here. (What else would you expect a realtor to say?) – Garth

#115 Ponzius Pilatus on 06.03.21 at 9:17 pm

#113 Figus Makum on 06.03.21 at 8:22 pm
“In terms of the rest of the world this is a red line number which screams out for a fix.”
To find out the “Price to Income ratio” of real estate in other countries go to:
http://www.numbeo.com

“Select a country” then, go down to:
“Moving to Country”, then select:” Property prices in Country”.

You may be surprised.

For example: ratio in US is 4.03
in Italy is 8.9
in Portugal is 12.97! (now don’t you feel better?)

Lots of other interesting price comparisons with Canada at this site.
————
Thanks
Very good website:
I checked a few countries and compared to my own experience.
Very accurate.
I know house prices in Europe are also going through the roof.
But due to strict rent controls, rents are lower than in Canada.

#116 Wrk.dover on 06.03.21 at 9:21 pm

#187 IHCTD9 on 06.03.21 at 9:05 am

I’m not a regular smoker anymore – but I still buy a pack 1-2 times per year. I actually just bought a pack of du Maurier about 2 weeks ago – almost 19.00/pack!!!

_______________________________________

I was the guy that always had a loonie in my Wranglers change pocket when I was off property, for a smoke, until much too long ago it now seems. ( I didn’t want smokers running away when they saw me approaching the second time.)

The best I can do to sneak this into Garths blog, is to suggest you “invest ” in a pack of Studio, someday. I’ve had ’em all, and if du Maurier King is your sometime vice, you will certainly say “wow”!

Just a little message between brothers, Garth.

#117 greaterfool on 06.03.21 at 9:27 pm

no theory could explain why we have this RE market, and no theory could predict how it is going to end. 70% is a majority, every politician will make policies to please majority. The RE market is simply too big to fail.

the burst of this bubble will be triggered by something trivial at beginning and not intentionally by anyone, and beyond anyone’s control. It will not end well.

#118 45north on 06.03.21 at 9:46 pm

But the biggest impact of all? That’s price. Now that less than 16% of all Canadians can afford real estate we’re hitting that inevitable, hulking wall of absolute un-affordability.

in 2006-2008 the housing market in the US collapsed but not in Canada.

Here’s the saddest news: In the massive GTA market (six million souls) the average property, at $1.1 million, puts the price-to-income ratio at nine. That’s 9. In a normal world it would be three, maybe four on a good street. In terms of the rest of the world this is a red-line number which screams out for a fix. It means in a country with a 70% ownership rate, the vast majority of Canadians could never afford to buy the homes they now occupy. And in Vancouver, pffft, the number is 13.

and a fix is coming but it’s not the fix I asked for. A segment of the middle class will be wiped out.

#119 crowdedelevatorfartz on 06.03.21 at 9:49 pm

@#83 Ponzie’s Poncho
“Hey Donie G.
Read in Der Spiegel that there is an Election coming in Mexico.”

++++

Ahhh yes.
That uncorruptable socialist paragon of virtue President Obrador.
The man who has repeated snubbed Mexico’s major trading partner, the US, as unemployment, crime and covid wreak economic havoc.
The man who has virtually ignored the ultra violent Mexican Drug Cartels while they have begun targeting police and their families on a wide scale.

Mexico ( like Canada) needs a leader with a shred of financial acumen… not a student of social experimentation with nondeficit spending.

#120 Michael in-north-york on 06.03.21 at 10:05 pm

===
#180 Another Deckchair on 06.03.21 at 7:23 am
Please add to your list the stupid language laws we have in Canada
===

I personally love the sound of French. But I get your point, and you are right. As the demographics changes, it will become impractical to maintain the tiered system with English and French legislatively in the top tire, and all other languages a grade or two below.

===
#32 Dogman01 on 06.03.21 at 2:32 pm
This, I think is why many in Western Canada are beginning to re-think Canada.
===

Do re-think Canada, but please don’t leave the country. Our provinces face common challenges, and need common solutions. Just the phases differ, including the woke-demics phase.

Just like with Covid: Manitoba was still climbing to its peak a month ago, Ontario was steadily on the way down.

#121 Drill Baby Drill on 06.03.21 at 10:12 pm

I’d be a sleeket, cowran, tim’rous beastie these days when it comes to making an offer.

I do not understand a word.

#122 AB on 06.03.21 at 10:15 pm

#20 Beautiful American’s
Your are spot on. We have always enjoyed our American friends whether on a road trip or flying in. We are very blessed to have such good neighbors. Nobody in this world is perfect including us. Thankfully most of the world still appreciates the beautiful concept of freedom most Americans hold dear. Woe to those fools ( or worse) who attack this fundamental concept. It is a pity the “ woke “ do not understand this and choose to promote misery and confusion instead.

#123 Garth's Son Drake on 06.03.21 at 11:03 pm

RE already peaked last month.

It is hitting a wall on its own after all of the stimulus and bank pumping starts to slow, while prices have capped out at the absolute maximum after this fiscal adjustment managed by the Feds and BOC that basically pumped prices.

8 rate increases at .25 each = 2%

If rates raise 2%, prices on say the Vancouver detached at 1.8 it will will adjust down 29.89% or 538k and will undershoot (which means the potential to crash) given how precarious the market is propped up with debt.

That is why I can’t see 8 rate hikes without the BoC manipulating other factors to magically keep the party somewhat going or at least stable.

However, back to back rate hikes do start happening, at least there is some padding from recent price jumps, so that when the price falls it should settle somewhere around the previous price or maybe a slight leg up from where you started……….unless of course you just bought. Then you are screwed.

Extreme volatility either up or down is never a good thing. It signals out of control.

The RE market is out of control. Thing will unwind (or in the very least cool and become boring) over the next few years.

#124 Call Back on 06.03.21 at 11:07 pm

Just got the call to go back to the office after labour day weekend.

Ain’t happening.

Handing in my resignation.

I’m never going back to an office.

#125 Winterpeg on 06.03.21 at 11:14 pm

“I’d be a sleeket, cowran, tim’rous beastie these days when it comes to making an offer.”
LOL , besides Burns, it also sounds like the language used in the Scottish comedy on Netflix called “Still Game” about 2 Scottish pensioners and their buddies. It’s a howl. Highly recommend watching it . Seriously, you’ll end up binge watching it for a few days and miss the blog.

#126 Fortune500 on 06.03.21 at 11:31 pm

Like it has since this blog started. Slight breather then up higher with the help of the Federal government. Tons of tools left. 40 year mortgages, negative rates, fractional and shared ownership, rent-a-Boomer elderly care and home sharing program. As Adam Vaughan made clear … not even 10% down.

#127 Dr V on 06.03.21 at 11:33 pm

72 Barb

“Even when debt was 200%, 300% of their incomes,
how could banks approve the loans?”

Barb you may be misunderstanding this ratio. It is the total debt (NOT the debt payment) divided by the income. A ratio between 200% and 300% has proven
quite manageable even under more historically normal interest rates.

A “debt service ratio” of 32% was commonly used as a maximum payment for housing costs including mortgage, taxes and heating, with a total debt service ratio of 40% of income. Those figures may be different now.

#128 Overheardyou on 06.03.21 at 11:44 pm

A good thing that comes out of these prices could be the soon to retire can reign in that lottery ticket asap!

#129 Walk away from Canada on 06.04.21 at 1:04 am

I started to exercise the idea of moving away from Canada, either to Florida or Israel, where there are warm beaches, better GDP per capita than that in Canada, and cheaper real estate.
The flip side is as much “diversity” in the USA as in Canada and rockets flying from Gaza to Israel…

#130 Jim on 06.04.21 at 1:29 am

To #86, Reximus,
Are you completely closed minded, just because the comments of TN don’t fit your narrative does not mean anyone else can’t enjoy TN comments.ALL opinions are valid.

#131 Faron on 06.04.21 at 4:30 am

#96 Don Guillermo on 06.03.21 at 7:12 pm

Ah yes, soorry aboot that eh. Can you please tell me which media sources are acceptible to you so that I may school you from them next time? National Post? Here’s a good article that you may enjoy.

https://nationalpost.com/news/canada/this-school-is-a-jail-house-documents-reveal-the-horrors-of-indian-residential-schools

I work 10 to 12 hour days. I get paid for 6.

#132 Prince Polo on 06.04.21 at 5:36 am

Speaking of hitting the wall…

https://www.theglobeandmail.com/opinion/article-chrystia-freeland-has-painted-a-misleading-picture-of-canadas/

“The authors used International Monetary Fund (IMF) data to compare differences between gross and net debt for 2020 in 29 developed countries, and found that the gap between gross and net debt was far bigger in Canada than in any other country.”

#133 crowdedelevatorfartz on 06.04.21 at 8:26 am

Just when you thought Canada was a pariah in the eyes of the world for the Residential Schools….

The Czech Republic steals our headline.

https://www.citynews1130.com/2021/06/04/czech-bill-to-compensate-forcibly-sterilized-roma-passes/

#134 Dharma Bum on 06.04.21 at 9:22 am

I live in a GTA suburban neighbourhood where the average detached price has ballooned to approximately $2.2m. I’m maybe one of 3 people still here from over 30 years ago. The houses then were going for around the mid $400k range. There’s been quite a bit of turnover, but not excessive, given the length of time. Anyway, I’m trying to set the stage that it’s a very nice upper middle class neighbourhood of detached family homes where new buyers are typically in their 30’s or 40’s with a brood and a dog or two. Nice Beaver Cleaver type stuff.
So, a few weeks ago, I find out that around the corner, a house got rented to a sleazeball who turned the place into a rooming house (illegally of course). It’s now full of lowlife degenerates – alcoholics and drug addicts – who hang out on the street. As you can imagine, the immediate neighbours are FREAKED out. There’s all kinds of trash on the lawn, including old mattresses. Nice.
So, the other day, I see about 8 cop cars, a couple of ambulances and a couple of fire trucks outside of that house. There’s a couple of cops talking to 2 kids sitting on the curb. I nonchalantly walk by to rubberneck the situation. One of the cops says to the kids “I know this is a very sad day for you, but I have to ask you these questions”. Turns out that their parents OD’d. Tragedy.
In the meantime, the degenerates continue to proliferate.
Cops are there every 2-3 days.
Recent sales in the immediate area (not on that specific street) were $2.3m and $2.4m.
That’s what you get in a slum.
Beautiful.

#135 Sara on 06.04.21 at 9:29 am

#117 “70% is a majority, every politician will make policies to please majority”

Not all homeowners are happy with the insane price escalation and many would welcome a correction.

#136 Don Guillermo on 06.04.21 at 9:38 am

#119 crowdedelevatorfartz on 06.03.21 at 9:49 pm

Mexico ( like Canada) needs a leader with a shred of financial acumen… not a student of social experimentation with nondeficit spending.
++++++++++++++++++++++++++++++++
Yes and recent polls for the Monday mid-term election predict AMLO retains majority.

#137 crowdedelevatorfartz on 06.04.21 at 9:45 am

@#103 Barb

“Bet Bunny (and Ruby) don’t insult people like some of the posters on here.”

+++

Interesting video on the cognitive abilities of the dog.
I’m wondering if owner of “Bunny the dog” is doing way more interpretation than the dog is actually “speaking”.

I’ll believe it when “Bunny” tells the owner ” I’m a dog not a wabbit”
OR
“Do you want your slippers before the newspaper or after?”

#138 Re-Cowtown on 06.04.21 at 9:57 am

DELETED

#139 crowdedelevatorfartz on 06.04.21 at 10:28 am

@#136 Donnie G
“Yes and recent polls for the Monday mid-term election predict AMLO retains majority.”
+++

Sadly AMLO and Trudeau have learned one thing about voters that Jack Nicholson so eloquently explained in 4 seconds….

https://www.youtube.com/watch?v=MMzd40i8TfA

#140 crowdedelevatorfartz on 06.04.21 at 10:39 am

@#134 Dharma
“So, the other day, I see about 8 cop cars, a couple of ambulances and a couple of fire trucks outside of that house. There’s a couple of cops talking to 2 kids sitting on the curb. I nonchalantly walk by to rubberneck the situation. One of the cops says to the kids “I know this is a very sad day for you, but I have to ask you these questions”. Turns out that their parents OD’d. Tragedy.”

+++

Yep.
In B.C. the drug crisis has escalated to the point where heart attack or car accident victims are waiting HOURS for an ambulance because the paramedic crews are sitting in a lineup at ER waiting for their “patients to be released”
BC Ambulance has hit the “wall”
Short staffed due to burnout, sickness and people quitting.

https://globalnews.ca/news/7920023/surrey-crash-victim-waits-ambulance/

143 Overdose deaths in BC in April…another record.
And the politicians wash their hands and mumble excuses.

The emergency response health system is reaching crisis levels….stay tuned.

#141 Ponzius Pilatus on 06.04.21 at 11:07 am

#125 Winterpeg on 06.03.21 at 11:14 pm
“I’d be a sleeket, cowran, tim’rous beastie these days when it comes to making an offer.”
LOL , besides Burns, it also sounds like the language used in the Scottish comedy on Netflix called “Still Game” about 2 Scottish pensioners and their buddies. It’s a howl. Highly recommend watching it . Seriously, you’ll end up binge watching it for a few days and miss the blog.
———————-
I’d also recommend “Outlander”, a superbly casted and acted TV series about Scotland during the Jacobite movement.
After watching, you’ll understand why the Scots don’t fancy the English too much.
I spent about a week in Scotland.
Fantastic people. Highlands are breathtaking.
Bloody history, though.

#142 enthalpy on 06.04.21 at 11:24 am

why do I get the feeling they are trying to cram everyone in at the last moment….just before the music stops.

You can’t walk 2 ft downtown without overhearing people yammering on and on about real estate. It’s nauseating.

An epic opportunity to cash out if you are in the right place though.

#143 Don Guillermo on 06.04.21 at 11:35 am

#141 Ponzius Pilatus on 06.04.21 at 11:07 am
#125 Winterpeg on 06.03.21 at 11:14 pm
“I’d be a sleeket, cowran, tim’rous beastie these days when it comes to making an offer.”
LOL , besides Burns, it also sounds like the language used in the Scottish comedy on Netflix called “Still Game” about 2 Scottish pensioners and their buddies. It’s a howl. Highly recommend watching it . Seriously, you’ll end up binge watching it for a few days and miss the blog.
———————-
I’d also recommend “Outlander”, a superbly casted and acted TV series about Scotland during the Jacobite movement.
After watching, you’ll understand why the Scots don’t fancy the English too much.
I spent about a week in Scotland.
Fantastic people. Highlands are breathtaking.
Bloody history, though
***************************************
Scotland is awesome. Wife took me for a 60th birthday present. Loved every bit of it. You’re right about the history.

#144 BillyBob on 06.04.21 at 2:22 pm

#143 Don Guillermo on 06.04.21 at 11:35 am
#141 Ponzius Pilatus on 06.04.21 at 11:07 am
#125 Winterpeg on 06.03.21 at 11:14 pm
“I’d be a sleeket, cowran, tim’rous beastie these days when it comes to making an offer.”
LOL , besides Burns, it also sounds like the language used in the Scottish comedy on Netflix called “Still Game” about 2 Scottish pensioners and their buddies. It’s a howl. Highly recommend watching it . Seriously, you’ll end up binge watching it for a few days and miss the blog.
———————-
I’d also recommend “Outlander”, a superbly casted and acted TV series about Scotland during the Jacobite movement.
After watching, you’ll understand why the Scots don’t fancy the English too much.
I spent about a week in Scotland.
Fantastic people. Highlands are breathtaking.
Bloody history, though
***************************************
Scotland is awesome. Wife took me for a 60th birthday present. Loved every bit of it. You’re right about the history.

———————————————————————–

Do watch Outlander, if only for Caitríona Balfe. You Will Understand.

Incidentally, she’s Irish, but I enthusiastically add my endorsement to both the Scots and Irish. Toured Ireland extensively and had a distillery tour booked for Scotland that Covid’s postponed. Both cultures suit me to a T. Probably why I love the Maritimes so much. And why Wrkdover makes me smile – something a wee boy in Victoria can’t quite wrap his head around. Men don’t cry when someone insults them. They either laugh or throw a punch. Sometimes both.

Speaking of our self-professed ‘hard-working’ scientist friend, I see he’s engaged in his usual slap-fight with, well, everyone. Funny how someone who bleats on about trying to “effect change” by tearing down statues and whatnot is utterly incapable of change himself. Irony, thy name is Faron.

Thanks for sticking around to entertain us.