The stilling

It’s not widespread yet. But wait. Soon there will be a few more listings and a lot more price reductions as the Pandemic Panic turns into defeatist dribble.

No, real estate in major centres will not crash. In fact the cities will be rejuvenating in 2022 as few could have imagined in late 2020. But in Bunnypatch and Armpit, it’ll be another story indeed. Already starting. Properties in demand areas outside of the GTA and in the LM are sitting for days and weeks, not hours. ‘Offer nights’ are coming and going with one or none on the table. Relistings seek to reset the clock and attract buyer interest with a lower price.

Much is changing. Soon there will be a federal election. Now mandatory vaxing in the civil service plus a slew of industries. And not long after that expect vaccine passports. Then Covid can die. Taxes will rise in the spring. Inflation is pushing the Bank of Canada into rate burps in 2022. Normal will return, complete with the destruction of all the things people thought were forever because of the pandemic. But, sigh, it’s not different this time. It never was.

For example, prices are hitting the wall. When it takes over 20 years for average people to accumulate a down payment, then an income of $200,000 to carry the average GTA or YVR house, the gig is up. Realtors who tell you prices will triple (to $4 million per detached) deserve ridicule. The pandemic surge was as temporary as the virus itself. It will unwind.

Second, the places where the pendulum swung hardest will see the greatest swing back. Property values in secondary, suburban, hinterland and hick locations are most at risk of a multi-year correction. Local incomes cannot justify or support the 40% gains that just occurred. No local in Guelph, Tillsonburg, Hope or Nelson will be buying a resale home that a refugee from Toronto or Vancouver is trying to unload for what they paid in 2021. So when the fresh supply of greater urban fools dries up, valuations will tumble.

Third, the silly belief people could enjoy Big City salaries while sitting in their sweats in a nice house in a cheap, distant town is being shattered daily. The latest salvo came from Google – not exactly a Boomer-run, old-school corp – where remote workers will be (surprise, kids!) earning less. The company will enforce tis common-sense policy of increased compensation for in-office serfs who dwell in higher-cost urban areas, and a reduction of up to 25% for those remote employees who want to raise chickens and WFH.

Yes, the Delta has delayed the reopening plans of several major companies, basically from September to October (and some into early 2022), but the bulk of people are returning either full-time or on a hybrid basis and the implications for real estate will be profound.

And here’s a new survey by Abacus Data, published Friday, showing 46% of prospective homebuyers under the age of 45 are seriously considering moving out of Ontario entirely – because housing in Canada’s largest province has turned into a gong show. So just imagine the impact of almost half of newbie purchasers – who provide the greatest fuel for the real estate market – being removed. Yikes.

Finally, there’s the investor factor. Almost a quarter of all the homes bought in Toronto, for example, are done so by people who won’t be living in them. These are folks who drank the Kool-Aid and believe realtors when they chant, “Prices only go up. Ummmmm. Immigrants coming. Ummmmmm. Houses will triple. Mmmmmm.”

The thing about investors – usually mom & pop getting a second property or maybe a couple who move up and keep a condo to rent out – is that they tend to employ more leverage, with small downs and big mortgages. These are the people willing to pay above asking and suffer lots of FOMO. That means more risk. When markets are rising, they win with outsized returns on their minimal invested capital. But when sentiment turns, they can be wiped out in a month or two if valuations tumble a few percent. Price declines hurt them a lot more than an end user, which is why they tend to bail first. The result – volaility. Steeper declines.

Well, we’re in the zone now. What Covid wrought will not last. Delta’s the last gasp. The vax shall lead us beside still waters. You may wish to repent.

By the way on Monday Canada’s realtors will report a 15% crash in sales during July.

About the picture: “This photo illustrates what Collies do best…mugging for the camera and reminding us that sometimes the best things in life can be a casual tummy rub,” writes Kris. “This is Chip the Border Collie , 4 months young, who resides in the USA and is now eligible to cross the border,  but pleased to share his goofy smile with all Canadian Blog Dogs in the interim.”

143 comments ↓

#1 crowdedelevatorfartz on 08.13.21 at 1:49 pm

“By the way on Monday Canada’s realtors will report a 15% crash in sales during July.”

+++

Not to fret.
Realtors always spin the bad news into ” its a great time to buy”…..

#2 TurnerNation on 08.13.21 at 1:51 pm

Almost over guys! Think 2022-23, 2025.
The age of permanent, global Economic Lockdowns. (Don’t call it a reset.)
Once you lose your freedom…it never comes back.

.‘An economic calamity’: Africa faces years of post-Covid instability (theguardian.com)

.Alberta to backtrack on plans to lift COVID-19 restrictions, government source says(cbc.ca)

.Israel now quarantines all arrivals from U.S., 41 other countries(haaretz.com)

.Aug 14th 2021 edition – Open up
Most covid-19 travel restrictions should be scrapped
The rules are ineffective, illiberal and often useless
https://www.economist.com/leaders/2021/08/14/most-covid-19-travel-restrictions-should-be-scrapped


— Always the children. What our global rulers need, less bright “herd animals”.

.Children born during pandemic have lower IQs, US study finds (theguardian.com)

.Referrals for eating disorder treatment for teens tripled during the pandemic (www.cbc.ca)

.Switzerland: teachers call for stricter measures for new school year (swissinfo.ch)


— Once again this WW3 is for our MINDS. Lockstep around the world. WrongThink. No debate.

“Debate on vaccine passports would expose Quebecers to conspiracy theories: Legault”
https://montreal.ctvnews.ca/debate-on-vaccine-passports-would-expose-quebecers-to-conspiracy-theories-legault-1.5544561

https://www.yukon-news.com/news/yukon-conservative-party-candidate-booted-from-position-due-to-vaccine-views/#
“Smith said he was told the reason for his disallowment was his “opposition to calls for implementation of mandated workplace vaccinations and vaccine passport requirements in the wake of the COVID-19 pandemic.””

#3 Number Two on 08.13.21 at 1:54 pm

Second biggest country on the planet!

We don’t have space.

Funny.

#4 Smokeycrowdedelevatorfartz on 08.13.21 at 1:58 pm

Man o man.
The wind just changed and is blowing all the interior smoke into the Lower Brain Land.
Unbelievable.
Its like sitting next to a smoky camp fire.
Visibility is brutal.
I wonder if flights will be cancelled.
Friday the 13th indeed.

#5 Honest Realtor on 08.13.21 at 2:08 pm

“No, real estate in major centres will not crash. In fact the cities will be rejuvenating in 2022 as few could have imagined in late 2020. ”

Glad to hear you are coming around, Garth!

RE will be golden for the next decade and more in the 416 and most of the 905.

Since 2008, most popular areas there are now 3-4x higher priced. In barely over a decade. The recovery of the New Roaring Twenties will push that way further.

And the wild “to the moon”card will be immigration.

Expect the annual influx to move to 500,000 or more within a year or two. This will generate a huge demand for major centres.

Canada with a population of 60 million? Bet on it, by 2040.

Nonetheless, ‘B&D’ is a great approach to investing, I agree with you.

As long as ‘B&D’ refers to Bloor & Danforth hoods, lol!

Don’t miss out on the next waves, everyone.

#6 Dis-Infect on 08.13.21 at 2:08 pm

Look, now it’s a Chinese Scientist collecting samples.

https://nationalpost.com/news/world/chinese-scientist-collecting-bat-samples-may-have-been-first-to-catch-covid-19-who-inquiry-chief

Soon, maybe we’ll get to the truth… “Chinese scientist collecting samples….of the hybrid coronavirus made to infect human cells…in the lab.”

#7 Leo Trollstoy on 08.13.21 at 2:10 pm

Billionaire Charlie Munger says there’s 3 ways an intelligent person can go broke – liquor, ladies and leverage

Combine for best results

#8 Phylis on 08.13.21 at 2:12 pm

Realtors don’t know how to spell ‘crash’, let alone report it.

#9 Taxman on 08.13.21 at 2:20 pm

“Then Covid can die”: sadly, that’s not own this works

#10 Boombust on 08.13.21 at 2:27 pm

No crash in Greater Vancouver? You’re dreaming. It’s already well-underway.

#11 Roial1 on 08.13.21 at 2:27 pm

That collie look like a heart grabber from the get go.

#12 Arctic Gringo: Qalunaaq on 08.13.21 at 2:33 pm

Early post.

Garth is hawg-bound to Port Dover for the weekend.

#13 zxcvbnm on 08.13.21 at 2:51 pm

Delta != Omega. Probably a lot more variants coming due to leaky vaccines

#14 Jane24 on 08.13.21 at 2:52 pm

Well here in England we are enjoying Delta’s last gasp otherwise known as the third/fourth wave. Govt has just announced 100 deaths and 32,700 cases in the last 24 hours alone. This in a country with one of the largest and fastest vaccination rates. Covid is not going away any time soon.

#15 Yorkville renter on 08.13.21 at 2:54 pm

while I applaud a return to normal, is a 15% drop in July from June in line with previous years? Seasonality?

#16 Felix on 08.13.21 at 2:54 pm

I am somewhat perplexed, dear blog host.

There appears to be a pic today of a dead dog. The title for today’s post is “The Stilling”.

A recommendation therefore? Ok, I’m good with that.

I can help – euthanasia and cremation of a mutt is available in most cities for less than $900. Check your business directory. (Plus some vets may be able to come to your home to kill the pooch, as well.) It may sound like a lot of money, but dog owners have already wasted so much on these animals, so what’s a bit more?

The cremated ashes can then be turned into cat litter.

At least, then, canine owners can take solace that their dogawful pet had a useful ultimate purpose in life.

#17 dave on 08.13.21 at 2:56 pm

Once the borders open up their will be a flood of money coming into Vancouver.

In September foreign students will bring bags of money and drive real estate prices higher.

I dont understand WHY this is now a downturn??? Vancouver is a destination for money – amazing life style and global warming has made our climate similar to Hawaii!!!

#18 cuke and tomato picker on 08.13.21 at 3:03 pm

The Victoria B.C. market appears to be very solid so far.
Weekend ferry traffic is very busy from the mainland also
there are many Alberta plates in Central Saanich and Sidney B.C. One small home near us was listed at a price people felt was too high and it had 5 bids and sold at
$181,000.00 over asking .Everybody is calculating there
net worth on a regular basis.

#19 Julio on 08.13.21 at 3:04 pm

###In fact the cities will be rejuvenating in 2022###

So you’re saying if I want to buy a house in Toronto, it’s now or never, because the house that costs here 1.5M will cost more?

#20 Linda on 08.13.21 at 3:06 pm

While I believe valuations in hinterland areas will drop, I have some doubts over the intent to move out of Ontario in order to buy expressed by the under 45’s. Key would be jobs. Folks already living in the destination province/territory will likely have most of the jobs sewn up already. Yes there are places for sale, but are those places anywhere near where potential employment beckons?

I’m also somewhat dubious about the plan to pay those working remotely a lower salary. Whatever happened to equal pay for equal work? Is physically being ‘in’ an office space as opposed to being ‘out’ enough to make such a salary difference? Especially for industries where work is done via computer – have internet, can work anywhere. Americans love their lawsuits & I can see one being filed by employees whose work is the same as the in-office employee citing discrimination based on location. How that would play out given that outsourcing to distant locales (where the workers get paid a lot less!) is common is anyone’s guess. Call it the downside to globalization – that ability of employers to outsource means employees are competing with a world wide workforce. Yes, that has been the case for some time but it appears the parameters are expanding.

#21 Left GTA on 08.13.21 at 3:09 pm

I don’t get how a 1700 sq ft bungalow that was likely worth $450,000 in 2019 before the reno’s is now worth $1,300,000 with shiplap walls. Crazy!

https://www.realtor.ca/real-estate/23524017/238-dawson-street-w-waterloo

#22 jimmy zhao on 08.13.21 at 3:10 pm

What ever happened to those people who bought a presale and the developer wanted more money ?
What are those house going for now?
If they had forked over the extra money the developer wanted would they be better off now that house prices have increased so much ?

#23 James on 08.13.21 at 3:16 pm

I’m not as concerned about Delta. It’s Lambda and the next variety after that. Had an intense discussion with my father about this 19 debacle. He said what has passed before us is only the precursor to what is coming. Basically the medical field has been saying get vaccinated as soon as is possible. Once we are all vaccinated this virus with run out of places to go and hide where it re-tools its genetic code to make even more deadly versions of itself. We will be dealing with this virus for a long time unless we get herd immunity. The problem is we are not reaching that goal faster that the virus can re-tool. Keep the wipes nearby and masks on people.

https://www.who.int/en/activities/tracking-SARS-CoV-2-variants/

#24 Official News from CDC on 08.13.21 at 3:18 pm

DELETED

#25 Bdwy on 08.13.21 at 3:22 pm

Lambda, b1 621 And more just getting Warmed up.

We have never ended a corona virus, this one is no different

https://coronavirus.nautil.us/colombian-covid-variant/

#26 Millennial 1%er on 08.13.21 at 3:29 pm

>delta’s the last gasp

ok boomer

#27 R on 08.13.21 at 3:30 pm

50 years ago today, on a Friday the 13th, Pat & I met on a blind date. We celebrated this today by riding the Can Am into Port Dover to participate in their biker fest. We each had a DQ blizzard .The secret to financial harmony I found was ” What is mine is hers, and what is hers is hers” Namaste

#28 Flop… on 08.13.21 at 3:30 pm

You know Garth, got an idea for a post, might have asked before but I think it would make a good post with your insight since you were on the front lines.

With the election looming one name keeps coming into my head.

David Emerson.

I live in the Vancouver Kingsway riding and ever since that guy crossed the floor of parliament from the Liberals to the Conservatives, maybe since 2008, our riding can’t stop voting in NDP.

Sure the demographics of the area have changed since I moved into the area but how long to the scorned voters give another party a chance.

I think when you got catapulted some drew comparisons.

Anyway, as the election looms would love to hear your take on the David Emerson debacle so I can tape it all the telegraph poles in the neighborhood…

M47BC

#29 Who are the unvaxxed? on 08.13.21 at 3:30 pm

As someone who is extremely pro-vax for at risk people like me, but who abhors the forced vax authoritarian precedent that will be regretted in the near future, I will watch in bemusement as the feds in Canada and the USA find out who the unvaxxed are.

And I can’t help but feel a little schadenfreude that bureaucrats will be the first to experience it.

The NYT: “Why only 28% of young black workers in NY are vaccinated”

https://www.nytimes.com/2021/08/12/nyregion/covid-vaccine-black-young-new-yorkers.html

#30 Trojan House on 08.13.21 at 3:34 pm

I think people should read the Universal Declaration of Human Rights from the UN:

https://www.un.org/en/about-us/universal-declaration-of-human-rights

#31 Catalyst on 08.13.21 at 3:38 pm

How about the lamda variant? Vaccine resistant don’t chya know!

#32 Dolce Vita on 08.13.21 at 3:38 pm

Well Garth, cutting WFH wages is not all Google has been up to.

Add inadvertent Green Pass enforcement here in Italia.

A person that is not asked for a Green Pass inside an establishment can report this via Google.

Then Google shows all the “Aperti e Liberi” Open and Free Green Pass establishments across Italia:

https://www.google.com/maps/d/viewer?mid=1INdrxWa1LXGRTBcb2oH_RioBGaS-ITIW&ll=42.246907909330844%2C13.846101389526474&z=6

Google, making Gov Italia’s find and fine dissident Green Pass establishment’s a breeze. The map creators say instead:

“This map supports Fundamental Rights and faithfully applies the Italian Constitution.”

No dissidents in my Province of Pordenone. Why we are called Italia’s Swiss.

——————

There you go Gov Québec, je t’en prie.

#33 Shakabra on 08.13.21 at 3:39 pm

Genuinely just trying to understand where the goal posts are for context of reading.

Everything outside GTA is considered “armpit” or “hinterland” in Garthspeak ?

#34 Fee lyin on 08.13.21 at 3:44 pm

Dogs to sniff out COVID-19 in Vancouver hospitals | Globalnews.ca

Poor Felix. Stuck with a creature that has only just evolved to “dump” in the kitty litter… If it feels like it.

#35 the Jaguar on 08.13.21 at 3:49 pm

A friend who works for an extremely large employer in this country told me employees have been asked if they will volunteer their status on the company HR site. Completely voluntary, of course, so no wailing about ‘privacy’, wink, wink. Similar to the data base the government has on who got vaxxed and who did not. These anti-vax peeps need to get a mitt and get in the game.

The Abacus Data numbers are interesting. If 46% want to bail out of Ontario where will they go? Equally expensive Lower Mainland or overpriced BC Okanagan. Montreal is a beautiful city, but with the new language law your French better be good. Halifax is supposed to be charming, but what are the job prospects like there? Based on the anti-Alberta comments that frequent this blog ( poor little Brooks), it couldn’t be Alberta. I hear New Brunswick has cheap real estate, but they also get legendary winters. Someone enlighten me…where will they go?

What to do, what to do. Alberta has hit the pause button on lifting further Covid restrictions until the end of September. Did someone say “Election Ploy”? A response to the Liberals potentially taking a few seats here with their “tough on Covid” stance while Kenney keeps a wary eye on his base and can’t publicly support a vaccine passport ?

Well folks, it’s like that moment in Casablanca when Captain Renault walks into the casino and says “I’m shocked, shocked to find that gambling is going on in here!”. The “Play” button will be pressed again after September 20th. What a great time to be alive.

#36 Sara on 08.13.21 at 3:51 pm

#24 Official News from CDC on 08.13.21 at 3:18 pm
Much is changing. Soon there will be a federal election. Now mandatory vaxing in the civil service plus a slew of industries. And not long after that expect vaccine passports.

You are a disgusting despicable old man, and I say that with a hand my heart.

Expect a wave of class action lawsuits for people that can’t take this garbage vaccine for medical reasons,auto immune diseases etc..

You are so Disgusting I on the verge of throwing up….loool. could be Garth vaccine side effects

Spare me all the politicians propaganda and garbage that I have seen in the last 18 months.

Read this and censor it…

Btw are u paid by Trudeau or by Pfizer ??? Loool

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

Loool is right!

#37 Brett in Calgary on 08.13.21 at 3:53 pm

Definitely evidence of weakness in commutes <1 hour from Calgary. About 25% of properties in Olds, AB have price reductions, for example.

#38 the Jaguar on 08.13.21 at 3:55 pm

Garth: Clean up on aisle 24.

#39 NOSTRADAMUS on 08.13.21 at 3:58 pm

BAKERY WINDOW.
Most Canadians have spent the last few years with their noses pressed up against the proverbial bakery window, watching the real estate speculators enjoy the life of ever increasing real estate appreciation and wealth. Along with seemingly total indifference to the multitude who aren’t favored by zero interest rates, big trust funds, political /corporate connections, along with big momma and poppa bears. Funny I’m hearing crickets from all the real estate speculators, where are they hiding? In a real estate or stock correction there are no hiding places. This is just the down payment on what’s likely ahead. Before long I suspect a great number of nose pressers will be allowed into the bakery shop. Anybody else out there thinking about a glass of wine right now? P.S. One day closer to the “Ides Of November.” I am on my throne and I will not step down.

#40 crowdedelevatorfartz on 08.13.21 at 3:58 pm

@#24 Official Q-Anon Loon

Is it the Summer heat or the smoke that drove you to madness?

#41 Cottagers STAY THE HELL AWAY! on 08.13.21 at 3:59 pm

Don’t come up here this weekend and put our healthcare resources at risk, all you inbred southern hillbillies.

Stay down there in Guelph or Tillsonburg and put your shack up for sale before you lose a lot of value, like Garth says.

Just.

Stay.

Home.

#42 NOSTRADAMUS on 08.13.21 at 4:02 pm

R on 08.13.21 at 3:30 pm
50 years ago today, on a Friday the 13th, Pat & I met on a blind date. We celebrated this today by riding the Can Am into Port Dover to participate in their biker fest. We each had a DQ blizzard .The secret to financial harmony I found was ” What is mine is hers, and what is hers is hers” Namaste. I take it you have been to Nepal, Hope you made base camp. Keep on climbing.

#43 Invasive species on 08.13.21 at 4:05 pm

#18 cuke and tomato picker on 08.13.21 at 3:03 pm

The Victoria B.C. market appears to be very solid so far.
Weekend ferry traffic is very busy from the mainland also
there are many Alberta plates in Central Saanich and Sidney B.C.

___________________________

Sorry…. There were too many of them here so we had to light our forests on fire to force them out of the Smokanogan. We thought they would have returned home but it appears they just continued on.

#44 Dolce Vita on 08.13.21 at 4:06 pm

Garth I agree the excesses will be clawed back thanks to vaxing. We’ll have to wait and see. My guess is some time next year when sanity returns to the rich nations.

I mean here, compare deaths vs. prior waves – a non-issue even with the much maligned Delta in the UK & US:

https://i.imgur.com/8J7Rgn3.png

Vaxing definitely keep people out of the morgue.

The only worry now is that a new variant will emerge from the rest of the World’s BILLIONS unvaxd and that it may the one to evade current vaccines.

#45 Sail Away on 08.13.21 at 4:08 pm

There are a few companies out there producing a recognized item with worldwide acceptance, government funding and nearly compulsory use requirement in many cases.

Their moat is wide and deep, their product is easy to produce and sells for massive profit. Continued consumption seems nearly guaranteed. Prepaid orders are through the roof.

This is as good a time as any to become richer. Or don’t. As always… free will is a wonderful thing.

#46 Inflation Time on 08.13.21 at 4:19 pm

Good work Garth on the blog, but I think your wrong on the crash part in Real estate. I am calling for at least a 30% correction. When you have Bradford homes selling for over one million along with Oshawa, how does this last. Always everyone I know 30 and under does not have or plan to have children, who is going to buy the 5 bedroom villas in Vaughan in the future. Take a look at the 13f’s of all the major investors, few buying anything, a lot of selling. Eventually if real estate does not go down in Toronto, young people will not go to the office, will move to a remote position.

#47 Redplatitis on 08.13.21 at 4:20 pm

#4 Smokeycrowdedelevatorfartz on 08.13.21 at 1:58 pm

Man o man.

_____________________

This is only the beginning. Wait until Sunday when the winds pick up. If you think the smoke is bad, wait until you get overrun by “red plates” .

-your friends in the Smokanogan!

#48 april on 08.13.21 at 4:21 pm

#17 – Fool.

#49 IHCTD9 on 08.13.21 at 4:25 pm

The latest salvo came from Google – not exactly a Boomer-run, old-school corp – where remote workers will be (surprise, kids!) earning less. The company will enforce tis common-sense policy of increased compensation for in-office serfs who dwell in higher-cost urban areas, and a reduction of up to 25% for those remote employees who want to raise chickens and WFH.
———

Exactly the way it should be. Also not necessarily a bad deal either. Some folks who wfh might receive a golden opportunity if a 25% haircut still comfortably pays the new bills out in the sticks.

#50 Meh on 08.13.21 at 4:26 pm

Capital gains taxes will increase under Trudeau and Singh, meanwhile primary residence will remain tax free, house has been way better investment than b & d portfolio since I’ve been reading this blog.

#51 Dolce Vita on 08.13.21 at 4:37 pm

#45 Sail Away

True. Captive market.

Realized what you write about in May of last year. Bought Novavax then and did well with it. Sold it only recently. Bought in May last year (46 USD, today 257 USD, I sold at about 175 USD). Bought more ETFs, REITS, Prefs with that money.

One stroke of LUCK was that I bought CureVac low, about 80 USD late 2020, and sold high at 110 USD just before their low efficacy announcement, which tanked the stock in June 2021. BLIND DUMB LUCK on that one. Bought ETFs etc. after with the proceeds.

Fool that I am, I never connected with BioNTech last May:

May 2020 183 USD
377 USD today.

Still, I have a threadbare, poor persons portfolio that thanks to Garth and dumb blind luck on my part has done well.

—————-

Enjoy the grouse hunt, wished I was there for that (Ruffed, Sharptail and Blue Grouse are faves, delicious).

I’d also take a shot at the trout in your streams if there. Dig large, deepish hole in gravel by stream. Fill with water. Catch trout. Put live in water hole. End of day start a campfire, warm skillet, kill and gut trout, toss in skillet – from swimming to skillet in 30 sec or less (now THAT’S melt in your mouth FRESH).

Did the trout thingy many a time in AB’s foothill trout streams.

And save the trees, bees, snail, whales people:

Hunters & Fishers do more for the preservation of wildlife habitat (like evil me & Sail Away) than all of you and your hot air.

Money where your mouth is.

#52 Victor Maitland on 08.13.21 at 4:43 pm

Speaking of investors, something is happening to the townhome market here in Ottawa. I see lots of newly built townhomes in my Kanata hood, with both for sale AND for rent signs in the front yard. Several just a five minute walk from my place. I can’t help but think such signs carry a hint of desperation. If selling, why even try to rent it out now? Unless you are in desperate cash flow straits.

#53 Dragonfly 58 on 08.13.21 at 4:47 pm

Not anti -vax in any way whatsoever. Both doses on board, even if the first shot was the seemingly useless for travel purposes AstraZeneca.
But I am a bit puzzled by the much touted Vaccine passport?
As I understand things a fully vaxed person can still catch and transmit covid much the same as an unvaxed person.
So exactly what does using a vaccine passport to gain admission to a public event accomplish ?
And even though those under 50 probably won’t believe me, there are still a significant number of Canadians who don’t have a smart phone.

Simple. The passport forces the selfish and cowardly to be jabbed or live a lesser life. How hard is that to grasp? – Garth

#54 CopyCatz on 08.13.21 at 4:51 pm

Albertans STAY THE HELL AWAY!

Don’t come up here this weekend and put our healthcare resources at risk, all you inbred southern hillbillies.

Stay over there in Okotoks or Brooks and put your shack up for sale before you lose even more value, like Garth says.

Just.

Stay.

Home.

#55 IHCTD9 on 08.13.21 at 4:57 pm

#50 Meh on 08.13.21 at 4:26 pm
Capital gains taxes will increase under Trudeau and Singh, meanwhile primary residence will remain tax free, house has been way better investment than b & d portfolio since I’ve been reading this blog.
———

Taxes will increase no matter what the government, Trudeau has cast this in stone with his goofball covid strategy where 15 year olds get cerb while living at home.

As for re, it’s been good for GTA and GVRD residents if they purchased 10+ years ago, and then sold spring of 2021. Also for long term owners in the sticks who inhaled massive profits from metro escapees.

Everyone else is still spinning the wheel hoping their colour comes up.

#56 Ian on 08.13.21 at 4:57 pm

With respect, I think you are way underestimating the impact of Delta and the likely to follow other VOCs. We are likely very far from the end of this.

https://www.telegraph.co.uk/global-health/science-and-disease/herd-immunity-mythical-goal-will-never-reached-says-oxford-vaccine/

https://www.theatlantic.com/health/archive/2021/08/delta-has-changed-pandemic-endgame/619726/

Read these, Garth. It may assist your future projections. The future is still very uncertain.

#57 crowdedelevatorfartz on 08.13.21 at 5:02 pm

An early election that no one wants is estimated to cost the Canadian Taxpayers $610 MILLION dollars…..

https://twitter.com/NEWS1130/status/1426248925267255300?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

Mr “The Budget Will Balance Itself” sure loves to spend your money……

#58 Doug t on 08.13.21 at 5:04 pm

#18 cuke and tomato

Victoria – where people judge each other by their house
Victoria – where city council destroys the downtown core
Victoria – now becoming the homeless capital
Victoria – the city losing its appeal through gentrification
Victoria – the city that shuts down a kids lemonade stand
Victoria – over rated over priced

#59 IHCTD9 on 08.13.21 at 5:07 pm

#19 Julio on 08.13.21 at 3:04 pm
###In fact the cities will be rejuvenating in 2022###

So you’re saying if I want to buy a house in Toronto, it’s now or never, because the house that costs here 1.5M will cost more?
———-

If Trudeau wins the election, yes. Of course. The guy has pretty much just one goal: make investors and home owners richer. I say that with 6 years of experience.

As long as the liberals run the show, poor folks will get poorer, and rich folks will get richer. This should be a common understanding to anyone who is paying attention.

#60 Stray Cat on 08.13.21 at 5:13 pm

Lesson for all B&D holders…please read carefully…

I have owned shares in a Canadian energy related mutual fund for years. Purchased before the energy market took a tumble. I have been waiting for (hoping for) a recovery.

Two days ago the mutual fund company CLOSED the fund.

No warning. I got “current market value”

Loss to me, $16,000.00.

Didn’t know mutual funds could do that.

Feels like theft.

You have been warned.

It’s dirty out there. Maybe sleazy is a better word?

Lesson: don’t buy managed mutual funds. – Garth

#61 Lauren on 08.13.21 at 5:16 pm

>Then Covid can die.

Wrong. Not once has a respiratory coronavirus been eradicated once rooted in the broader population.

Considering that the vaccines do not provide sterilizing immunity, and the vaccinated act as “reservoirs” and incubate and shed the live virus onto others, this will simply become a new addition to the mélange of bugs going around and causing what most people experience as “the cold” or “the flu”.

Start dealing with the reality, not delusional fantasies.

Of course the virus will survive. But the virus impact will not. That is the reality. – Garth

#62 TurnerNation on 08.13.21 at 5:28 pm

#29 Who are the unvaxxed?
“The NYT: “Why only 28% of young black workers in NY are vaccinated”

So they should be on vents by now right? It’s been 1.5 years.

———
Chart of the Day: Lond Bonds make a move off a bottom: https://finviz.com/futures_charts.ashx?t=ZB&p=h1

——-
The news today, the start of our A.I. based Social Credit score, how fast it is moving? So much must be in place by September. Decades of planning, we see the weekly changes.

Hers’s how travel might one day be almost ended, trapped in your UN Smart City.
More and more people will balk at the 3rd, 4th, 5th, 6th. They will catch on.

–Economic Shutdowns: Is there anything CV cannot do? Theorists say yes this is the planned collapse. We’ll see.
The Delta Force – in this global WW3.

https://finance.yahoo.com/news/massive-china-port-shutdown-raises-210441619.html
“A Covid outbreak that has partially shut one of the world’s busiest container ports is heightening concerns that the rapid spread of the delta variant will lead to a repeat of last year’s shipping nightmares”

#63 Stray Cat on 08.13.21 at 5:32 pm

“Lesson: don’t buy managed mutual funds.” – Garth

Nope.

Don’t trust commission investment advisors.

EVER

The advisor did not close the fund. The fund company did that. – Garth

#64 UCC on 08.13.21 at 5:39 pm

#53 Dragonfly 58 on 08.13.21 at 4:47 pm
But I am a bit puzzled by the much touted Vaccine passport?
As I understand things a fully vaxed person can still catch and transmit covid much the same as an unvaxed person.
So exactly what does using a vaccine passport to gain admission to a public event accomplish ?
And even though those under 50 probably won’t believe me, there are still a significant number of Canadians who don’t have a smart phone.
—-
Simple. The passport forces the selfish and cowardly to be jabbed or live a lesser life. How hard is that to grasp? – Garth

It exactly the opposite Garth. It actually it punishes the fully vaxxed people who did the right thing. It reeks of totalitarianism.

Solve the problem correctly. If the government wants everyone to be vaccinated, then pass a proper law making it mandatory. This will focus on the right people. And they might have to send 300 lbs body guards to administer it….but there the onus is on the right people.

Oh yes, did you know that some provinces (er Ontario) are denying vaccines to people who have cancer treatment, because they already had the vaccine shots? Some bureaucrats don’t seem to understand when you undergo cancer treatment you need to get all your vaccines again…..including those for covid. Its a travesty.

#65 Soviet Capitalist on 08.13.21 at 5:45 pm

Yeah, I feel the same. If I ever get a good job in US, I’ll be out of Ontario in no time.

#66 IHCTD9 on 08.13.21 at 5:46 pm

#60 Stray Cat on 08.13.21 at 5:13 pm
Lesson for all B&D holders…please read carefully…

I have owned shares in a Canadian energy related mutual fund for years. Purchased before the energy market took a tumble. I have been waiting for (hoping for) a recovery.

Two days ago the mutual fund company CLOSED the fund.

No warning. I got “current market value”

Loss to me, $16,000.00.

Didn’t know mutual funds could do that.

Feels like theft.

You have been warned.

It’s dirty out there. Maybe sleazy is a better word?

Lesson: don’t buy managed mutual funds. – Garth
——-

A 16k lesson in your ability to invest on your own. Years ago, I bought into an “investment” thanks to a co-worker whom I trusted. Turned out to be a Ponzie, and 7K went down the tubes, or one good used Grizzly 700 equivalent (pre-COVID).

I never did that again, I even said adios to the [email protected] and hello to a fee based manager eventually. Things worked out good in the end. Take it as a lesson, be honest, it’s probably worth the 1% to have folks who live and breath this stuff every single day to handle your pile.

#67 Stray Cat on 08.13.21 at 5:49 pm

Don’t trust commission investment advisors.

EVER

The advisor did not close the fund. The fund company did that. – Garth
———————————–
The (commission motivated) advisor HIGHLY RECOMMENDED the mutual fund.

I listened to him.

Had he told me it was possible for the mutual fund company to wrap up without warning (and siezel my retirement funds) it absolutely would have stopped me from buying.

This is a risk that I was not made aware of…and I posted here to warn others….

BEWARE

#68 Ponzius Pilatus on 08.13.21 at 5:53 pm

So we no longer have an overpriced housing emergency?
Good, JT can scratch this one off his election platform.
So he can focus on the important issues.
Will be a smooth election for him.

#69 Drew on 08.13.21 at 5:55 pm

Let them tumble

#70 Oh no, oh no...oh no, no, no, no, no on 08.13.21 at 5:55 pm

Consumer sentiment measure sees one of largest drops on record.

The lowest reading since 2011.

Two of those larger month-over-month movers were April 2020 amid the pandemic and October 2008, during the financial crisis.

Time for new stimulus.

#71 Tbone on 08.13.21 at 6:05 pm

Shots fired inside Sherway Gardens mall .
Police know who did it from video surveillance.
They will arrest them and then a judge will set them free .

#72 cramar on 08.13.21 at 6:06 pm

#169 TurnerNation on 08.12.21 at 9:22 pm
#90 cramar on 08.12.21 at 5:47 pm

Why not take responsibility for your own health – as you’ve done for the last 4-6 decades?
Go ahead and stay home, wear 3 masks. No one is stopping you.
Nobody I know even care about CV any longer. It’s an addiction. Many have moved to Florida to live normally. They ain’t coming back to Kanada. No fun allowed.

I have absolutely taken responsibility for my own health. That’s why I try to avoid the medical system as much as possible. They are a sickness industry, not a health care industry. They treat the effects, I like to deal with avoiding the causes.

Contrary to your part of the world, EVERYONE I know is concerned (even preocupied) with one issue-COVID! It is nothing to do with addiction, but rather dealing with the number one issue in everyones’ life. Weddings have to be posponed, then scaled back, people attending or not depending on the COVID situation. Vacations, shopping, visits, travelling, the cost of everything, the shortage of most things, and on and on. EVERYTHING in everyone’s life is being effected and altered by one thing—COVID.

As for FL, one of my sons lives there and we were hoping to visit. I wouldn’t be surprised if the cost of travel health insurance in a pandemic has gone through the roof. I’m not willing to risk needing medical services in a pandemic hot spot where the cost can bankrupt a millionaire. Nor willing to pay a fortune for insurance either. Not when health care is free here. I’ll keep my money—it’s more fun!

#73 Midnight’s on 08.13.21 at 6:06 pm

lmao…
As someone who is extremely pro-vax for at risk people like me, but who abhors the forced vax authoritarian precedent that will be regretted in the near future, I will watch in bemusement as the feds in Canada and the USA find out who the unvaxxed are.

And I can’t help but feel a little schadenfreude that bureaucrats will be the first to experience it.

The NYT: “Why only 28% of young black workers in NY are vaccinated”

https://www.nytimes.com/2021/08/12/nyregion/covid-vaccine-black-young-new-yorkers.html

You definitely weren’t a Quater back in that day. You sound more like a Jim Crow Supporter to me.

Pull the article, that more educated people are refusing the needle. Let me help you.
https://www.zerohedge.com/covid-19/study-finds-most-highly-educated-americans-are-also-most-vaccine-hesitant

#74 YVR 60% Crash on 08.13.21 at 6:08 pm

#17 dave on 08.13.21 at 2:56 pm

“amazing life style and global warming has made our climate similar to Hawaii!!!”

Of which planet?

#75 Roial1 on 08.13.21 at 6:09 pm

#32 Dolce Vita on 08.13.21 at 3:38 pm

I see that you live near the site where Hemingway’s book “A Farewell To Arms” took place.
Have you read it?
I was lucky enough to explore that region a few years ago. Still don’t see how they fought a war in those hights.

#76 Michael in-north-york on 08.13.21 at 6:10 pm

The inbred cottamaniac crawled in again, and occupied Petri dish #41.

We need a more powerful sanitiser to get rid of that slimy green pathogen.

#77 Sail Away on 08.13.21 at 6:10 pm

#51 Dolce Vita on 08.13.21 at 4:37 pm

Enjoy the grouse hunt, wished I was there for that (Ruffed, Sharptail and Blue Grouse are faves, delicious).

I’d also take a shot at the trout in your streams if there. Dig large, deepish hole in gravel by stream. Fill with water. Catch trout. Put live in water hole. End of day start a campfire, warm skillet, kill and gut trout, toss in skillet – from swimming to skillet in 30 sec or less (now THAT’S melt in your mouth FRESH).

Did the trout thingy many a time in AB’s foothill trout streams.

And save the trees, bees, snail, whales people:

Hunters & Fishers do more for the preservation of wildlife habitat (like evil me & Sail Away) than all of you and your hot air.

Money where your mouth is.

———-

Thanks! You are welcome to join for a day or two if you’re here in September. A warning, though, you may not want to leave. Let me know and I’ll send GPS coords. Bring a cot. Good idea on the fish, with one caveat: we did this with Dolly Varden once in Alaska and the eagles cleaned the pool out.

I’ve noted your Brooks pheasants comment.

Congrats on the NVAX win. Cowboying sometimes goes to 100 and sometimes to 0.

#78 Noble or not on 08.13.21 at 6:13 pm

I met an unvaxt couple a few days ago that felt it was not right to get the shot until 80% of minorities worldwide had it.

Garth, do they fall into the selfish or generous cohort?

#79 Stray Cat on 08.13.21 at 6:16 pm

Question Mr. Turner.

Can an ETF also wrap up without warning like the mutual fund just did to me?

Can an ETF just cut and run and leave me holding the (empty) bag?

#80 IHCTD9 on 08.13.21 at 6:16 pm

#234 Wrk.dover on 08.13.21 at 1:23 pm
#213 IHCTD9 on 08.13.21 at 10:53 am
Would you go to work if income taxes were 100%?
_________________________________

I wouldn’t work if income tax was negative 100%!

It takes too much time.
———

I’m down for that plan too! But I still got bills to pay… 5 more years, and at long last, after 24 years – it ends.

BTW, I’ve given up trying to buy a diesel p/u. 10k+ for what amounts to a junk truck. I got a plan B, I think you’ll like it :)

#81 Imminent Recession on 08.13.21 at 6:38 pm

UBS economist Paul Donovan says “there has been a US consumer goods demand surge, as consumers have spent the savings they acquired against their will. Once those savings have gone, US consumers’ demand will be based off incomes, plus whatever credit they can get. But the real spending power of US income is now falling, as headline inflation exceeds income growth. This limits the power of future demand to push up prices indefinitely.”

70% of US GDP is derived from consumer spending.

Record number of respondents remarking on the bad buying conditions for virtually every product category.

Everything at a record. Time to “record” a nice record cash out of the markets and head to the Cayman Islands and apply to work at real vision.

#82 Annek on 08.13.21 at 6:38 pm

Can someone please explain why an influx of immigrants will increase prices of real estate here in Canada?
The assumption is that immigrants are all rich and they all buy houses at these prices.
Once upon a time, immigrants came to this country for a better life, scrimped and saved and then bought a house.
Has this all changed?
For example, the 20,000 Afghanistan refugees.. are they all coming here and buying houses in a year or two?
At these prices?
I was an immigrant kid, born here and remember how hard my parents worked to purchase a home. And homes were reasonable then.
Not everyone will have 3 families living in one home.
Perhaps these people should pay school taxes in proportion of the number of families living in a home.
So what has changed? Are all new immigrants rich? My kids, born here cannot afford a house.What gives?

#83 F Cook on 08.13.21 at 6:43 pm

“#17 dave on 08.13.21 at 2:56 pm
Once the borders open up their will be a flood of money coming into Vancouver.
In September foreign students will bring bags of money and drive real estate prices higher.”

This is true. Been living in Richmond for over ten years. Before covid, you take a short 15-min drive and routinely see three to five Ferraris and Lambos on the road. You take a peek at the lucky guy/gal in the driver seat, and 9/10 times it’s a young Asian boy/girl looking fresh out of high school. Then covid hit, foreign students bailed and zero Ferraris/Lambos on the road. ZERO since May 2020. Wouldn’t be surprised to see these supercars come back in droves again come September this year.

#84 crowdedelevatorfartz on 08.13.21 at 6:46 pm

@#63 Stray Cats

I used to have an “investment” advisor like that.
A glorified used car salesman.
Didnt give two turds about my retirement, just cared about his commission.
I began asking him questions about his fees, the fund performance, etc etc etc and he became very evasive.

See ya.

#85 BROCK on 08.13.21 at 6:47 pm

The bigger they are, the harder they fall.
I was just looking at data from the 2008 housing crash.
Guess what the major predictor of crash magnitude per city was ?

Pretty simple- The houses that went up the most, came down the most. That’s Toronto and Vancouver…

#86 WTF on 08.13.21 at 6:54 pm

“No, real estate in major centres will not crash”

Lets use YVR as an example.

Is the Money Washing as exposed by Willful Blindness so yuuge we have thrown in the towel?

Vancouver is waaay overpriced when using the accepted calculations based on price to rent/income. No reversion to the mean? Me Confused

#87 jess on 08.13.21 at 7:00 pm

Pols Group POLS is a Panamanian law firm
https://www.justice.gov/usao-sdny/pr/irs-obtains-court-order-authorizing-summonses-records-relating-us-taxpayers-who-used
https://international-adviser.com/us-targets-wealthy-tax-evaders-using-panama-law-firm/

https://www.independent.co.uk/news/business/news/amazon-tax-avoidance-luxembourg-proft-shifting-b1898781.html

#88 WTF on 08.13.21 at 7:03 pm

#58
“Victoria – where people judge each other by their house
Victoria – where city council destroys the downtown core
Victoria – now becoming the homeless capital
Victoria – the city losing its appeal through gentrification
Victoria – the city that shuts down a kids lemonade stand
Victoria – over rated over priced”

You forgot Woke Mayor and statues tossed in the harbour by imbecilic childish miscreants.

#89 CJohnC on 08.13.21 at 7:05 pm

Garth, To be fair, lots of ETFs close each year as well.

https://www.etf.com/etf-watch-tables/etf-closures?nopaging=1

https://www.forbes.com/sites/lcarrel/2020/04/30/more-etfs-closed-so-far-this-year-than-launched/?sh=54331e2160e5

#90 Quintilian on 08.13.21 at 7:11 pm

Bit confusing, the sustainability of the bubble is predicated on continuing prices appreciation, roaring twenties style economic growth, rich immigrants flooding the country, and real negative interest rates.

Honest Realtor will have to explain this enigma.

#91 ER Doc on Delta on 08.13.21 at 7:17 pm

Buckle Up.

There were 717 new COVID-19 cases identified in British Columbia in the past 24 hours, the most single-day cases in the province since early May. Of these, 376 came from the Interior, mostly Kelowna.

A KGH healthcare worker, who requested to stay anonymous for job security, said “‘it’s never been this bad.”

The COVID-19 ward at KGH is overflowing and other units are being turned into makeshift COVID-19 units.

Multiple employees at KGH have contacted the news media to claim that hospitalization stats released by the BCCDC are underreporting the situation.

Active COVID-19 outbreaks include ones at Kelowna’s Cottonwoods Care Centre, Kelowna’s Village at Mill Creek, Kelowna’s Hawthorn Park, Kelowna’s David Lloyd Jones assisted living facility and West Kelowna’s Brookhaven Care Centre.

#92 Dr V on 08.13.21 at 7:24 pm

60 stray cat

“Two days ago the mutual fund company CLOSED the
fund.

No warning. I got “current market value” ”

So did you take that money and re-invest in an energy fund with similar holdings? That would basically put you where you were before the fund wound up, and then you can hope for that recovery.

Oh, and first rule of investing, in anything, anywhere, at anytime:

“you could lose money”

#93 Sail Away on 08.13.21 at 7:28 pm

#80 IHCTD9 on 08.13.21 at 6:16 pm
#234 Wrk.dover on 08.13.21 at 1:23 pm

I wouldn’t work if income tax was negative 100%!

It takes too much time.

———

I’m down for that plan too! But I still got bills to pay… 5 more years, and at long last, after 24 years – it ends.

BTW, I’ve given up trying to buy a diesel p/u. 10k+ for what amounts to a junk truck. I got a plan B, I think you’ll like it :)

———

Well, everybody works, whether for themselves or someone else. I consider the 0530 quail hunt/dog walk the start of my workday, then reading the WS Journal in preparation for market opening. Then the engineering gig for several hours, finishing off with a little blackberry picking work and 1/2 hr prep for the next day.

Lots of work, some paying better, but all interesting and enjoyable. May as well keep doing it forever, like uncles Warren and Charlie.

#94 Drill Baby Drill on 08.13.21 at 7:54 pm

Biden after cancelling Keystone Pipeline in January is now calling on OPEC to increase production so that the USA can lower gasoline prices. What fools we elect. I am truly exasperated at the lack of energy policy smarts in both of our countries.

#95 Ponzius Pilatus on 08.13.21 at 8:04 pm

How has the US not learned from Korea, Vietnam, Irak, Nicaraqua?
Now they are skrewing up in Afghanistan again.
Countries want to determine their own fate.
The Americans are outsiders.
What the Americans don’t know, the Taliban are the major tribe in Afghanistan.
The majority of the American trained Afghan forces are Taliban.
How else can you explain that the Taliban are taking over half of the country within two weeks?

#96 april on 08.13.21 at 8:19 pm

#73 – Zero hedge, extreme right wing conspiracy website.

#97 Franceso Giannino on 08.13.21 at 8:24 pm

Dolce Vita, you like big government, stupido. Wait until the EU, European Union splits up and Italy, France and many others are in economic crisis and civil war. The ECB, Euro and even IMF cannot save Europe. UK was smart to not adopt the Euro and live by the crappy, one sided rules of the EU.

UK will be ahead, Europe will decay under it’s socialism and keep going down. Italy is already decaying day by day.

#98 april on 08.13.21 at 8:25 pm

#61 – vaccinated people are very low risk of getting infected or transmitting the infection.

#99 Steven Rowlandson on 08.13.21 at 9:09 pm

DELETED

#100 Ponzius Pilatus on 08.13.21 at 9:09 pm

Just heard that JT is going to bring in 20 K Afghanistan refugees.
May cost him the election.

#101 They are confusing people on 08.13.21 at 9:09 pm

April, tell that to your fear pushing leaders, politicians, news media, medical professionals. If there is no so much to worry about, why are they in panic.

Why are we supposedly having an election announcement that will be called on Sunday but it is so dangerous out there. Typical double speak.

#102 Pics or it didn't happen on 08.13.21 at 9:27 pm

#91 ER Doc on Delta

“A KGH healthcare worker, who requested to stay anonymous for job security, said “‘it’s never been this bad.”

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

Why are there never any pics of these over-run hospitals?

Lots of tiktoks of dancing HCWs, but no pics of crowded wards and all the other horrors claimed.

Just a few pics that weren’t from another country or emergency is all we media skeptics ask.

Shouldn’t be that hard. Everyone has a camera on them at all times now after all.

#103 crowdedelevatorfartz on 08.13.21 at 9:50 pm

@#95 Ponzie’s Painful Prevarications
“What the Americans don’t know, the Taliban are the major tribe in Afghanistan.”

+++

The Taliban is not a “Tribe”.
It’s a movement.
Like Black Lives Matter.
Or GreenPeace.
The majority of Taliban are Pashtunwali tribesmen.

Why has Afghanistan collapsed into Taliban anarchy?
Corruption.
After almost 20 years of rebuilding, training, and educating the masses and ONE TRILLION DOLLARS and thousands of US military lives……
Blood and bullion hasnt worked.
The US has had enough.

The corrupt politicians at every level of Afghanistan rule….from the very bottom to the very top are to blame.

Not US policy.

Covid is exposing inept, corrupt politicians from South Africa to Cuba to Malaysia……Afghanistan is just the people on steroids joining in the Taliban looting,…..overthrowing a corrupt govt….

Canadian politicians should take note.

It will set the country back 50 years.

#104 IHCTD9 on 08.13.21 at 9:50 pm

#82 Annek on 08.13.21 at 6:38 pm
Can someone please explain why an influx of immigrants will increase prices of real estate here in Canada?
The assumption is that immigrants are all rich and they all buy houses at these prices.
Once upon a time, immigrants came to this country for a better life, scrimped and saved and then bought a house.
Has this all changed?
For example, the 20,000 Afghanistan refugees.. are they all coming here and buying houses in a year or two?
At these prices?
I was an immigrant kid, born here and remember how hard my parents worked to purchase a home. And homes were reasonable then.
Not everyone will have 3 families living in one home.
Perhaps these people should pay school taxes in proportion of the number of families living in a home.
So what has changed? Are all new immigrants rich? My kids, born here cannot afford a house.What gives?
—- —-

They don’t. “Honest Realtor” is a house pumping twit. Average brought in by an economic immigrant is 45k, and they blow half of that getting settled. House prices are pumped 90% by established Canadians with wealth, assets or family $$ – that’s it.

Refugees are funded by the taxpayer 100% – for life. They’ll never own a house at the levels we’re at today. Not a chance in hell.

#105 Flop... on 08.13.21 at 9:54 pm

Race to a million.

I’ve noticed a cooling at the bottom of the market, less options, but also less competitive juices flowing.

The details…

2120 Nanaimo Street, Vancouver.

Asking 1.22

Just sold for 1 million bucks.

Cheapo house on Heatley Street is listed for 875k and no one had jumped on it yet, shared block, perhaps shared pain…

M47BC

#106 crowdedelevatorfartz on 08.13.21 at 9:56 pm

@#100 Ponzie’s Political Prophecies
“Just heard that JT is going to bring in 20 K Afghanistan refugees.
May cost him the election.”

+++
Bwahahahaha
You are kidding right?
Canadian Bureaucrats couldnt do the paperwork for 2000 refugees that fast let alone 20,000.
They have maybe 2 more weeks to get their sh!t together before Afghanistan falls.
They should have been rounding these people up weeks ago to get them out.
No.
Sadly
The executed Afghani civilians on tv that worked for the Canadian Govt will cost Trudeau a few votes..
Cynics might suggest as much as our PM will stutter, moan and wail at the barbarity of it all and blame the Taliban for these atrocities….he’ll still sleep well that night……….its all about votes…..not refugees

#107 mike from mtl on 08.13.21 at 10:12 pm

Simple. The passport forces the selfish and cowardly to be jabbed or live a lesser life. How hard is that to grasp? – Garth
////////////////////////////////////////////////////

Garth watching too much CBC? Really as a business owner are you personally (yeah right) going to verify and likely have ugly interactions with patrons should such a mandate come to your locale? How is your local pizza joint going to do this? Nah they’re going to half-ass until they get a fine which is probably as far as this goes.

Sure there are some who simply won’t accept given strong concerns, legitimate issues or cowards as you put it. The current stats show such a high uptake you’re unlikely to encounter a dirty one, again what are you afraid of? Oh right the government tells you who to be scared of.

Given the mass psychosis of the last going on two years probably more at this point, nothing any government has changed the result, the virus does what it does. The current vaccines seem to be better than nothing yes, in the real world not the silver bullet and no amount of lies changes that. Something is better than nothing for sure but let’s be real, this is not magically going away.

#108 Trojan House on 08.13.21 at 10:13 pm

DELETED

#109 Ustabe on 08.13.21 at 10:15 pm

Refugees are funded by the taxpayer 100% – for life.

This statement is incorrect.

#110 mmehan on 08.13.21 at 10:21 pm

We were told (west Gov’t workers) that there will be minimal WFH starting Dec 1 and by Jan 1 no WFH unless an exceptional case which would be handled by a special panel.

After today’s vax announcement a few 50+ workers are puffing their chest threatening that they are going to quit/retire if they’re forced to get a shot. Honestly I think some of them had a shot but they just want to complain.

Can’t wait for them to leave and to get back in the office. Many of my co-workers want to be back in the office but we stay quiet about it because the senior troublemakers are aggressive about people who want WFH to end. I know one co-worker who told me that she actually worked less than 30 hrs in july and did home reno’s instead and made stuff up that she said she did.

#111 Moving on 08.13.21 at 10:26 pm

I am looking to change careers, to be able to move abroad and leave Canada. Somewhere affordable and with safer politics.

Some of my friends already left to the US. Almost everyone is talking about leaving GTA. Some went to other provinces already. People can afford much higher quality of lives abroad and get value for their money and hard work. Here, you’ll just be a modern serf forever. People are tired of waiting for change, in their 30s, 40s, 50s… never coming.

Any young person should aim for a career, or re-train, so they can leave Canada asap.

Whenever prices do crash, the dollar will go along with it, and the economy… so more brain/people drain.

#112 DON on 08.13.21 at 10:35 pm

#43 Invasive species on 08.13.21 at 4:05 pm
#18 cuke and tomato picker on 08.13.21 at 3:03 pm

The Victoria B.C. market appears to be very solid so far.
Weekend ferry traffic is very busy from the mainland also
there are many Alberta plates in Central Saanich and Sidney B.C.

___________________________

Sorry…. There were too many of them here so we had to light our forests on fire to force them out of the Smokanogan. We thought they would have returned home but it appears they just continued on.

*************
Fires are breaking out on the Island – the fir trees are turning red on the branch tips.

Mid to south island covered in smoke…good thing we have mast. Not exactly a vacation paradise.

We always see a lot of Albertain plates in the summer… same as usual.

Low real estate listings and the moment, lots of rental buildings going up.

Tomatoes are ripening though.

#113 morrey on 08.13.21 at 10:39 pm

#3 Number Two

yep no space for building new homes that are close to Vancouver. Time to build up the other areas and leave vancouver behind. Cty of Langley should become the new hub.

#114 DON on 08.13.21 at 10:44 pm

#95 Ponzius Pilatus on 08.13.21 at 8:04 pm
How has the US not learned from Korea, Vietnam, Irak, Nicaraqua?
Now they are skrewing up in Afghanistan again.
Countries want to determine their own fate.
The Americans are outsiders.
What the Americans don’t know, the Taliban are the major tribe in Afghanistan.
The majority of the American trained Afghan forces are Taliban.
How else can you explain that the Taliban are taking over half of the country within two weeks?

***********
Rare earth metals in them there mountains

and

Fields of Drugs

China and Russia worried about spill over into their less controlled regions.

#115 Father's Daughter on 08.13.21 at 10:47 pm

#104 IHCTD9 on 08.13.21 at 9:50 pm
#82 Annek on 08.13.21 at 6:38 pm
Can someone please explain why an influx of immigrants will increase prices of real estate here in Canada?
The assumption is that immigrants are all rich and they all buy houses at these prices.
Once upon a time, immigrants came to this country for a better life, scrimped and saved and then bought a house.
Has this all changed?
For example, the 20,000 Afghanistan refugees.. are they all coming here and buying houses in a year or two?
At these prices?
I was an immigrant kid, born here and remember how hard my parents worked to purchase a home. And homes were reasonable then.
Not everyone will have 3 families living in one home.
Perhaps these people should pay school taxes in proportion of the number of families living in a home.
So what has changed? Are all new immigrants rich? My kids, born here cannot afford a house.What gives?
—- —-

They don’t. “Honest Realtor” is a house pumping twit. Average brought in by an economic immigrant is 45k, and they blow half of that getting settled. House prices are pumped 90% by established Canadians with wealth, assets or family $$ – that’s it.

Refugees are funded by the taxpayer 100% – for life. They’ll never own a house at the levels we’re at today. Not a chance in hell.

—————————————————

That is not necessarily true. My husband and I sponsored a young refugee family four years ago. They came with nothing. The young man had some University education from back home. He drove Uber and side jobs, studied formal English at College, and just finished HVAC training. They left Toronto (too expensive) and just bought a house a few hours away where job prospects were good. Home ownership is very important to many newcomers that I know. How this affects the overall housing market, not sure.

Refugees are often painted with a single brush. It’s just not accurate or representative of all the different walks that they come from. I know many refugees with meaningful careers. Many smart and educated people know how to get out when their country goes to shit.

#116 BC Renovator on 08.13.21 at 10:57 pm

I’ll believe it when I see it. This Blog has been pumping this narrative since I started reading in 2017. And RE has gone up how much since then? Clearly it is a supply/demand issue with Intrest rates to Boot.
With 3 levels of Idiots (Gov) not allowing us to build. Add in Garth’s beloved Immigrants and we have an equation for probably more price growth… insert smart remark here _______ (Garth)

#117 Ponzius Pilatus on 08.13.21 at 11:19 pm

Afghanistan may be Biden’s downfall.
Even though he did not start it.
The optics are just terrible.
Another casualty of failed American Imperialism.
And now innocent people have to pay the ultimate price.

#118 IHCTD9 on 08.13.21 at 11:37 pm

#114 Father’s Daughter on 08.13.21 at 10:47 pm
—-

I’m not new to this. A sponsored refugee is a lucky one. They are in a much better position than one shipped in by government. The support network a SR has makes all the difference. Where I’ve been involved, a SR might have 10-20 people working on behalf of a single family. One piped into the country by government is not going to get near the support of a SR. Not even close.

Either way, refugees are absolutely not the driving force behind the 700k average sfd price in Canada…

#119 Russ on 08.13.21 at 11:52 pm

DON on 08.13.21 at 1:33 pm

@Russ

Was it the agreed part?

I only agreed with the premise of age and wisfom in one’s craft, not the rest of the mumble jumble trolling session. I see how you might have read into it. These days i read the blog from latest comment to first…I hadn’t gotten to the trolling comments.

On another note got my second shot.
.Friday the 23th muhaha ha!
=============================

Hi DON,

Sorry for the delay in reply.
I banged off that comment and then the missus & I, with another couple, went for a very good bike ride to Gold River & back. Epic, almost 12 hours today. No incidents, so a good Friday the 13th.

I expected to get some heat reprieve with adiabatic winds coming up from the cool Muschalet Inlet but it was hot right down to within a few hundred yards to the water.
There was a bit of heat softening with smoke UV protection and some forest shade cooling. Mother Nature knows best, as one problem might benefit another to achieve an elegant balance.

We need to remember things like this when critically thinking (analyzing) a problem.

Anyhoo, I intended no direct critique on your comment. I simply gathered it in haste as it seems to support SA’s myopic and confirmation-type biased viewpoint of things in general.

As an aside, last week the missus & I were approaching the Comox/HWY 1 intersection from the west where there is a splendid view of the recent city’s “Immobilty Improvement” plan executed on Front Street and she remarked “What idiot came up with the plan for that road? It looks like an accident waiting to happen.”

I suggested it was done by committee, bike lane et al. I sincerely hope SA was not on that committee as it is really bad.

Cheers, R

#120 Ponzius Pilatus on 08.13.21 at 11:57 pm

113 DON on 08.13.21 at 10:44 pm
#95 Ponzius Pilatus on 08.13.21 at 8:04 pm
How has the US not learned from Korea, Vietnam, Irak, Nicaraqua?
Now they are skrewing up in Afghanistan again.
Countries want to determine their own fate.
The Americans are outsiders.
What the Americans don’t know, the Taliban are the major tribe in Afghanistan.
The majority of the American trained Afghan forces are Taliban.
How else can you explain that the Taliban are taking over half of the country within two weeks?

***********
Rare earth metals in them there mountains

and

Fields of Drugs

China and Russia worried about spill over into their less controlled regions.
————————-
Yeah,
China not happy about the American withdrawal.
They’ll have to deal with the drug producers and traffickers.

#121 DON on 08.13.21 at 11:57 pm

#115 BC Renovator on 08.13.21 at 10:57 pm
I’ll believe it when I see it.

***********

You have to see it to believe it?

They said the same thing in the US…Ireland…Spain.

But you need to see it to believe it.

Every action has an equal and opposite reaction. But you have to see it to believe it…Are you even paying attention.

#122 Jason Ballzerdo on 08.14.21 at 12:06 am

I find the conclusion by “The Googles” that persons working remote but still doing the same work, and in many cases an increased workload, that they should receive a lesser compensation. Bizarre and predatory behavior. I don’t know anyone who was initially hired based on postal code. You were hired for you qualifications and work experience. HR never once expressed an interest in where you lived during the hiring interview. Nor was commute time or other such drudgery a factor they consider still. The idea of throwing the “residential costs” as a quantum of salary is flat-out ridiculous. In fact Google” specifically is balls deep in hypocrisy because they currently operate shuttle busses from San Francisco’s far flung suburbs for employees who can afford to live anywhere near the campus in San Jose. Result will be the continued increases in compensation for the workers who Goog can’t do without and the savings made up from those who moved because they couldn’t afford to stay. Trust this, no company will begin firing top developers and code artists because the top level people get alternative offers every day/hour. The ones who suffer are the lowest rung employees that would have to live in a motor home in any of the Silicon Valley burbs to afford anything close to work. It’s a stupid suggestion and will not go forward.

#123 Adam on 08.14.21 at 12:26 am

“nd here’s a new survey by Abacus Data, published Friday, showing 46% of prospective homebuyers under the age of 45 are seriously considering moving out of Ontario entirely – because housing in Canada’s largest province has turned into a gong show. So just imagine the impact of almost half of newbie purchasers – who provide the greatest fuel for the real estate market – being removed. Yikes.”

—-

Welcome to Alberta! No where else to go. There’s only 4 metro areas outside of Ontario with a population over 1 million. One of them speaks French, one of them is worse than Toronto, and the other two are in Alberta. Guess where people will go to? Prices in Edmonton and Calgary are roughly the same as they were in 2007 at the peak. That’s right – 14 years and prices are the same. I wish you, Garth, would cover that aspect a bit more. Not all real estate is overpriced. It’s possible to get a newer 4 bedroom house in Edmonton or Calgary for under $400,000, or a decent townhouse in the 2’s.

#124 Diamond Dog on 08.14.21 at 3:46 am

Of course the virus will survive. But the virus impact will not. That is the reality. – Garth

You might be right Garth. However, that will take time and there are 2 factors to consider in the world of macro economics: Delta’s effect on North America and the globe, & future mutations.

https://www.worldometers.info/coronavirus/

The U.S. had 155,000 cases on Friday. It’s a far cry from the 300k peak reached on Jan 8th, but it’s August 14th. The go to for how it might play out has been Scott Gottlieb for many:

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

Scott has suggested a couple weeks ago that as many as a million are being infected daily. Today, he’s suggesting that the numbers reported are the tip of the ice burg and that this virus has already burned through large swaths of the population in the south and soon taper off. Is he right? Is it a million infected daily, a half a mil asymptomatic, 15% diagnosed as infected and the other 35% a benign reaction?

Or… is it a half a million infected daily, 150k infected and trending higher, 100k with a benign reaction and 250k asymptomatic… ? And what happens as people are herded indoors from the cold? Higher viral loads of infection, that’s what happens with a virus replicating much more quickly and we haven’t seen this yet. We haven’t seen as winter comes, the worst of what Delta can do (maybe India until the season changed lulling us into a false sense of security perhaps?).

Lets stick with what we know. 60% of the U.S. population has been vaccinated:

https://usafacts.org/visualizations/covid-vaccine-tracker-states/

This doesn’t count some 23% with natural immunity from past infections, half of which have likely been vaccinated. We know that as much as a third of the vaccinated can become infected and readily spread to the rest of the guessed third that is vaccinated and the roughly 30% average guessed over winter unvaccinated or some 25% with no form of immunity whatsoever (not counting kids) over the winter months, leaving the chances of herd immunity still unreachable with a retooled virus that has become significantly more airborne and efficient at replication. Possibly as infectious as Chickenpox.

What I’m getting out of this is that this pandemic isn’t over certainly for the unvaccinated even with low percentages (25%) of the gen pop and we may well see 200k+, maybe as high as 250k as late as Nov/Dec with hospitals regionally overwhelmed.

So what if this plays out, what does this do to macro economics and the markets? I think the answer is less about what happens in North America and more about what happens with the world. We’ve seen this virus before. The virus has some different looks but in North America, the shock and awe has worn off. When we look at the total cases by U.S. state per million pop, the national average is 11.3% infected and double it to count asymptomatic and benign cases. (If one can trust Red Cross numbers doubling reported cases and we can)

Sure, there will be a continued macro economic drain but nothing to get completely alarmed over in North America but how is the world going to handle Delta?

https://www.pharmaceutical-technology.com/covid-19-vaccination-tracker/

When one looks at the link above, we see the problem. The poorer, many of them densely populated nations, have a low vaccination rate with less effective vaccines. One can say “these are small economies, not much to worry about” but India was the 5th largest in the world pre-Covid. What happens if infectious Delta rips through India again? Or the world’s 2nd largest… China?

Quick answer, we don’t know. We don’t know if it will or won’t or how severe it could be. Oh, we think we know that some day soon Covid19 will run its course because of vaccines or a new theraputic drug breakthrough because we like hopium and we like to think civilization is in control of things but are we really? Maybe the opposite happens, a new strain develops with it’s own serotype and creates a brand new Covid19 pandemic 2.0. Certainly with the world approaching 700,000 cases a day, there’s a chance of it. But can we really say with surety either or will happen?

We can’t, because we really don’t know. If we did know, we would have seen Covid19 coming in the first place. (and bought Moderna, right?)

I’m reminded of what Elon Musk, someone with more resources than everyone who likely follows this blog put together. It’s a 3 minute video:

https://www.youtube.com/watch?v=95yn0EJXiys

Its a peak into the mind of someone who has an excellent grasp of Moore’s law and the threats to someone like himself from drones and AI (his example of this is propaganda) to the threats to environments that sustain his life like climate change and he makes a really interesting point. “The pace of which regulation takes place is slow and linear and we are facing an exponential threat. If you have a linear response to an exponential threat, its quite likely the exponential threat will win.”

#125 Nonplused on 08.14.21 at 3:53 am

#114 Father’s Daughter on 08.13.21 at 10:47 pm

“Refugees are often painted with a single brush. It’s just not accurate or representative of all the different walks that they come from. I know many refugees with meaningful careers. Many smart and educated people know how to get out when their country goes to shit.”

On my small cul-de-sac we have a few immigrants. Hmmm one is in IT and his wife is a family doctor. Another one is a VP in the oil patch. Another imports stuff and he has more money than he knows what to do with, despite all the ideas his wife and kids have. 2 other immigrant families that I do not know what they do but the cover charge to live here is not cheap.

Do we so -called “native born” feel crowded out? Naw. They are all great neighbors. I’d rather live among them, they don’t steal my stuff. They are friendly. Maybe they are just faking it because they want to be accepted, but it doesn’t really feel that way.

They say you should judge a man by his actions, not his words. These people are pretty ok. I hate to say it, but I feel elitist hanging with them rather than the people I went to high school with.

Oh and don’t get me started on my son’s soccer team, or the supporting parents. Or the coach. I can’t see anything wrong there either.

#126 Nonplused on 08.14.21 at 4:12 am

PROPOSAL

I would like to propose a 7 day moratorium on all discussion of covid case rates, vaccine effectiveness, anti-vaxxers, mask efficacy, and other such related topics. Oh and flat-earth too.

Notice that when Garth talks about covid, well ok I do have to admit that he handles people in the comments by telling them not to be a dufus, but he mostly talks in his own posts about what we can expect going forward economically. He reminds us that life goes on and always has. He tells us what is coming, not what is past.

This is an economic blog. I don’t care whatsoever what the delta variant is doing in Italy. I don’t care if “vaccine passports” are a path to the “new world order” when I know for certain it is my phone all along, not one more app and not covid. That all started with credit cards, not a virus.

So let’s stop with the covid for 7 days, please. If you survive, which most of you will, you have bigger things to worry about. Keystone and Biden asking the Saudis for more oil, for example. WTF?

Also I know people who are on the waiting list for cancer surgery, and it is all backed up because the ICU is full up with covid patients. Just get your shots. And don’t talk covid in front of cancer patients because frankly they find it insulting. All you have to do is get a jab. Well, two.

#127 Wrk.dover on 08.14.21 at 4:45 am

Wanna get rich in short time?

The only guy that places concrete (aka pours slabs) here is charging in the $500/$1000 per hour range from forming to finishing, and getting it!

I scabbed him out a few years ago, by rounding up two other wrinklies and the three of us did a fellow a favor by doing a 16X40 slab @ a quart of Johnny Walker Black each, just for fun and saving Buddy $3000 in the process.

My neighbor and I are going to do his barn slab in two 15X40 sections (two separate days) to make the screeding a cake walk, and save him $7000 from the estimate he was given.

The local greed meister is booked months ahead….

If I needed MORE money as bad as Sail Away does, I’d do just this.

#128 Wendy on 08.14.21 at 7:21 am

Hey, drill baby drill, Biden and the democrats are anti-American and socialist in nature. They don’t want the money and jobs to stay in the US. They want to make other world governments and corporations they like to get rich off America’s oil, gas resources.

Prop up dangerous regimes around the world and destabilize the world more and make America poorer. Sounds like a great democrat, Biden, Obama plan for making America weaker and making China, communists and other dictatorial regimes stronger.

#129 Another Deckchair on 08.14.21 at 9:08 am

@121 Jason;

Businesses make money; if they don’t they close.

Offshoring of jobs has been happening for a long time now. Googles’ policy of WFH is just another step into reducing business costs.

The next step is offshoring these jobs. If you are not in the office doing the f2f stuff (which has incredible value), why not replace you with a less expensive serf?

WFH during COVID has opened pandoras’ box, and I’m not sure people will like the eventual outcome.

#130 Don't be fooled on 08.14.21 at 9:18 am

I don’t understand why even have a vaccine passport? Why is the Liberal government trying so hard to show it is always for Canadians but we really know wants to control everything by acting more like a dictator, just take away everyone’s property and rights. We all know that they can do anything now after the use the excuse of an emergency.

Instead of having vaccine passports, subsidize businesses, tax us to the hill, regulate everyone to the hill, create trillions in new debt and keep slowly sucking the life out of Canadians and the country. Just take it over.

Businesses are not going to be saved and it will get worse, they are fooling themselves. It is not going to get better no matter what they tell you.

Mostly Liberals, NDP, Greens, socialists, communists, marxists, other left leaning ideologies etc. steer governments eventually. Canada is not a true democracy. It is a slow tyrannical pseudo democracy that will eventually fall into socialism and then communists no matter what people say.

#131 crowdedelevatorfartz on 08.14.21 at 9:19 am

@#116 Ponzie’s “Pax Politica”

“Another casualty of failed American Imperialism.
And now innocent people have to pay the ultimate price.”

+++

Well if it wasn’t for “American Imperialism” Hitler’s 1000 Year Reich would still be calling the shots.

Or did you conveniently forget about that minor skirmish called World War II??

Careful Ponzie.
Your anti American Euro snobbishness is rearing its ugly head again. Just like the nazi’s in Austria. I seem to recall the current young naïve Austrian leader( who’s name escapes me but we can refer to him as “Adolph”) fondly remembered the Nazi’s rule for its anti immigration policies, among other things….

#132 NoName on 08.14.21 at 9:20 am

#126 Wrk.dover on 08.14.21 at 4:45 am

Black label…

If you have sad green label i would believe you… You don’t live in Easter yourope, but in eastern Canada, green label would sound more believe…

#133 crowdedelevatorfartz on 08.14.21 at 9:25 am

@#119 Ponzies Poppy Pals
“Yeah,
China not happy about the American withdrawal.
They’ll have to deal with the drug producers and traffickers.”

+++

Well, China has a funny way of showing it.
They just had a sit down meeting with the Taliban murderers and thieves.
Perhaps China is negotiating a new trade route for fentynal?

https://www.aljazeera.com/news/2021/7/28/chinese-officials-taliban-vow-warm-ties-in-meeting

It surprised me.
I didnt realize the Devil could sign a deal with….the devil.

#134 Prince Polo on 08.14.21 at 9:26 am

The Liberal Party appears to be losing its momentum and now faces the prospect of eking out another minority government as Prime Minister Justin Trudeau is set to trigger an election on Sunday, according to a new poll.

The poll by Nanos Research, completed Friday, shows the Liberals with only 33.4-per-cent voter support, a drop of 5.9 percentage points from four weeks ago when the party appeared headed for a majority government.

“They are not in majority territory any more – and based on our internal seat projections – the hot election speculation has turned off enough voters for the Liberals to go from a majority to putting 40 Liberal [potential] wins at risk,” said Nik Nanos, the polling firm’s founder.

*FLUSH*
The sound of even more taxpayer dollars going needlessly down the toilet.

https://www.theglobeandmail.com/politics/article-new-election-poll-shows-liberal-support-on-the-decline-suggesting/

#135 Father's Daughter on 08.14.21 at 9:29 am

#117 IHCTD9 on 08.13.21 at 11:37 pm
#114 Father’s Daughter on 08.13.21 at 10:47 pm
—-

I’m not new to this. A sponsored refugee is a lucky one. They are in a much better position than one shipped in by government. The support network a SR has makes all the difference. Where I’ve been involved, a SR might have 10-20 people working on behalf of a single family. One piped into the country by government is not going to get near the support of a SR. Not even close.

Either way, refugees are absolutely not the driving force behind the 700k average sfd price in Canada…

—————————————————————-
My point was just that privately sponsored refugees are included in the 100% rate you quoted for lifelong government dependence. Based on the criteria quoted in terms of Afghan refugees

“Those groups will include: “Women leaders, human rights defenders, journalists, persecuted minorities, LGBTQI members, and family of previously resettled interpreters,” Mendicino said.”

I have a hard time believing that they will all be permanently on support as well. Family reunification is very protective. One of my friends was government sponsored in the last big wave of Syrians. Now she works on Bay Street (job she got within about 4 months of arriving.)

But I agree with the housing point. Not the driving force. Will take some time to settle in. Some economic immigrants could be a different story. Build more houses.

#136 45north on 08.14.21 at 10:48 am

Annek

Can someone please explain why an influx of immigrants will increase prices of real estate here in Canada?
The assumption is that immigrants are all rich and they all buy houses at these prices.
Once upon a time, immigrants came to this country for a better life, scrimped and saved and then bought a house.
Has this all changed?
For example, the 20,000 Afghanistan refugees.. are they all coming here and buying houses in a year or two?
At these prices?
I was an immigrant kid, born here and remember how hard my parents worked to purchase a home. And homes were reasonable then.
Not everyone will have 3 families living in one home.
Perhaps these people should pay school taxes in proportion of the number of families living in a home.
So what has changed? Are all new immigrants rich? My kids, born here cannot afford a house.What gives?

What gives is Canada as it was. Canada that emerged victorious from the Second World War. That provided an opportunity for people like your parents. That opportunity is now considerably diminished – it’s not gone, there’s still opportunity but at the high end of the education, skill and determination. Globalization means your kids have to compete with the best in the world. They need all the help you can give them.

The 20,000 Afghan refugees are fleeing because Joe Biden pulled out – the collapse of the Afghan government resembles the fall of Saigon but he’s given a free pass.

#137 Dharma Bum on 08.14.21 at 10:53 am

Virus? What virus?

I’ve been visiting in Alberta for the past week and a bit.

Arriving here was like landing on a different planet.

No masks.

No lineups.

Restaurants buzzing.

Bars hopping.

Malls and stores thriving.

Heavy vehicle traffic.

It seemed so weird to be thrust into normalcy.

It took me about 30 seconds to readjust.

It’s a beautiful thing.

Albertans RULE!

Alas, I must return to Fat Ford Nation soon. Sigh.

#138 Sail Away on 08.14.21 at 11:29 am

#126 Wrk.dover on 08.14.21 at 4:45 am

Wanna get rich in short time?

The only guy that places concrete (aka pours slabs) here is charging in the $500/$1000 per hour range from forming to finishing, and getting it!

I scabbed him out a few years ago, by rounding up two other wrinklies and the three of us did a fellow a favor by doing a 16X40 slab @ a quart of Johnny Walker Black each, just for fun and saving Buddy $3000 in the process.

————

Skippy the Renovator and his buddies did lots of work on our house before we bought.

Sure would’ve been nice if they hired the $500/hr guy instead.

#139 Linda on 08.14.21 at 11:53 am

Yes, Covid cases are increasing. The relaxation or lifting of mask mandates plus folks dying (some literally, it appears!) to crowd together in vacation spots after the long lockdown are your classic example of cause = effect. To be fair, it does appear that Covid is beginning to surge again across the globe, not just here in North America. More concerning for those with children – especially since there is still no approved vaccine for the under 12 age group – is that the more infectious variants are apparently powerful enough to sicken children to the point that they end up in the local ICU. Or die. As for the extension of masking etc. in Alberta, given the marked increase in cases since the ‘Open for Business’ announcement I’d say that Kenney & crew may have made yet another bad call, though I’ve no doubt that they’ll place all the blame on Dr. Hinshaw.

#140 Sail Away on 08.14.21 at 11:58 am

#123 Diamond Dog on 08.14.21 at 3:46 am

If we did know, we would have seen Covid19 coming in the first place. (and bought Moderna, right?)

———-

Moderna can also be bought now. Worldwide acceptance of their product has been achieved and governmental money is flooding the company.

#141 Sally on 08.14.21 at 12:21 pm

I read Rocco Rossi, president of Ontario chamber of commerce wants avoid another lockdown and the only way is he believes are vaccine passports . It looks like to me basically that Liberal Federal Party of Canada is in my opinion trying to nationalize, government take over all businesses in Ontario. This is a good ploy to do this under the emergency excuse of health.

By the way, he is a former national director of the liberal party of Canada.

#142 It is Not Temporary on 08.14.21 at 2:06 pm

I agree, this looks like a power grab. I say that because they will not going to be temporary like taxes, inflation, bank service charges, they stay there and only keeping growing the bureaucracy.

Vaccine passports, vaccine certificates, mask mandates, lockdowns, social distancing and anything else they do is not for just 2 weeks as they promised.

#143 Greg on 08.14.21 at 2:59 pm

I think we should put a $10,000 surcharge, fee for anyone that has Covid, variants, whatever else they want to name in the future, for anyone that goes to the hospital. Even in ICU and not ICU, with a vaccine or not with a vaccine. This way we can reduce hospital visits, stays and only the really sick will go to the hospital. There are many ways to make people pay, attach on property like houses, cars, condos, RRSP’s, TFSA’s, GIC’s, money in the bank, anything of value really.