Pile it high

Days ago this blog referenced a vermin-infested, uninhabitable piece of crap real estate in Victoria listed for a million. It sold. Over asking. In six days.

Last week a garbage-strewn house in Markham, disintegrating, filled to the ceiling with rotting garbage and so disgusting no showings were allowed went to market for just under seven figures. The mold incubator sold in four days for $56,000 above asking.

How do we account for such excess? When sellers make absolutely no effort, and junk sells for insane values after mere hours on the market?

Well, as we’ve been documenting, these are not normal times. Money is still cheap and plentiful. Governments are still priming the real estate pump, from cities giving out free down payments to the feds creating a house-only tax shelter. The pandemic is over – especially now that a Covid pill is coming. And inventory levels have collapsed. There’s only a one-month supply of houses in big cities like Van and Toronto and zero months in hick burgs like Guelph. Mortgage rates have jumped, causing panic-buying among the house-lusty newbies. And as the economy continues to reopen, with wages rising and inflation roaring amid property escalation, FOMO’s in full bloom. Buy now, or buy never.

So, houses no one can inhabit become objects of desire. Yates said it: “Love has pitched his mansion in The place of excrement.”

While this pathetic site has dissed FOMO and mocked those who swallow debt, imperil their families and gut their finances for… stuff… recent history (and a pandemic) has shown what can happen to an asset class when the masses embrace it. Cold Canada is now one of the most expensive places in the world to live. Billions in financial assets earmarked for retirement, for example, have been plowed into houses which have never traded for more. The higher things go, the more the desire to have them.

Irrational? You bet. But in the spirit of balance and adulting let’s look at the reasons house lust will continue and the market survive despite the danger posed by garbage heaps selling for a million dollars. Here are the reasons economists at one of the major banks (BNS) say this will continue:

  • Our forecast is for rising short-term borrowing rates to go up 200bps over 2022–23 starting next summer. The underlying Government of Canada bond yield is forecast to rise by a total of about 150bps from this past September’s levels to the end of 2023 and so fixed rate mortgages will likely rise more slowly than variable rates.
  • It will therefore take ~2 years to get back to interest rates that are more neutral and only about 50bps above pre-pandemic levels. Housing moderated but survived back then.
  • It will then take years for the effects of higher rates to reprice existing mortgages given lagging effects on refinancings and renewals. During this period, we expect job and income gains to be offsetting from an affordability standpoint. The connection to how higher mortgage rates will feed into CPI involves much shorter lags of about 1–2 years.
  • Households had to qualify at the stress test levels for rate shocks. That means qualifying at 5.25% or the contractual rate plus 200bps, whichever is higher. This therefore invokes an automatic rate shock in the qualifying process. Existing mortgages should be well positioned to meet this shock.
  • For new mortgages, it’s unlikely that the best offers on mortgage rates now plus 200bps will come to sharply surpass the existing 5.25% stress test qualifying rate as higher fixed borrowing costs are factored in. We’ll be monitoring whether OSFI and the Minister of Finance will see fit to adjust how the stress test operates conditional upon housing’s evolution.
  • Of course, if existing mortgage borrowers after qualifying then turned around and spent the difference in interest payments at the stress test threshold and the actual contractual rate at the casino then that’s clearly not so good. The evidence suggests households generally behaved more rationally. The saving rate of 14% in Q2 has moved sharply higher during the pandemic due to risk aversion and goods shortages.
  • Further, large cash and liquidity balances on household balance sheets are now 16% higher than they were before the pandemic struck.
  • Home equity on the Canadian household balance sheet is very high at over 76% of the value of the real estate assets which is a record high and offers substantial padding around price risk.
  • The household debt service burden has fallen during the pandemic partly due to lower rates and income supports and Canada has fully recovered lost jobs. It will likely take years to get back to pre-pandemic debt service burdens alongside phased-in rate hikes.
  • Housing supply remains very tight. Cooler demand can be accommodated by tight supply conditions.
  • And last but not least, Canadians have a long and well understood history of paying our mortgages. Pandemic-era policies helped keep households whole on cash flows and avert earlier fears on what would happen to delinquencies.

Valid points? Mostly, they are. The bank has a conflict-of-interest bias, of course, since mortgages are a key source of revenue. But the key message is that folks will continue to do what they’re doing, supported by relatively cheap loans, accommodating politicians, an ocean of pandemic support money and the fact most families are pouring the bulk of their net worth into one thing. The stakes are huge. The bulk of the population has baked-in motivation to keep the party going. Real estate, the people cry, cannot fail. As they march toward that distant cliff.

Sigh. The credo here remains. If you truly need real estate and can afford it without creating risk to your family, then buy. But when fetid piles of trash sell for above-asking in hours, million-dollar mortgages become common and every kid expects a condo but wants a house, do not be complacent.

About the picture: “You published a picture of River when she was 6 months old. She’s now 9 months, and huge. Guarding the prairie homestead in Red Deer, AB. Either that, or just lazing around waiting for her next treat. She’s at the top of the class in her puppy training school – or so my son and his girlfriend tell me.  Life seems good in Alberta.”

Have a pooch to share with the pack? Send a picture and details to me at [email protected] – Garth

166 comments ↓

#1 crowdedelevatorfartz on 11.07.21 at 9:13 am

Ugh.
The Real Estate insanity continues…..

#2 the Jaguar on 11.07.21 at 9:47 am

This is where the rubber meets the road, and well put :

“Of course, if existing mortgage borrowers after qualifying then turned around and spent the difference in interest payments at the stress test threshold and the actual contractual rate at the casino then that’s clearly not so good. The evidence suggests households generally behaved more rationally. The saving rate of 14% in Q2 has moved sharply higher during the pandemic due to risk aversion and goods shortages.”

It’s the gazillion dollar question where opinions diverge, i.e what the Tiffster thinks will happen, versus what the CEO of RBC (David McKay) sees in his crystal ball. I’m stickin’ with the wiley bankster. ++++

“About the picture: “You published a picture of River when she was 6 months old. She’s now 9 months, and huge. Guarding the prairie homestead in Red Deer, AB. Either that, or just lazing around waiting for her next treat. She’s at the top of the class in her puppy training school – or so my son and his girlfriend tell me. Life seems good in Alberta.”

Yes, Dharma Bum. Life is good in Alberta despite reports of our demise. I knew it was Alberta the moment I saw the sky.
River looks like an RCMP dog to me, who preferred tickles and belly rubs to chasing after bad guys. Thanks to your son for giving her a beautiful life.

#3 Dharma Bum on 11.07.21 at 9:58 am

The masses chase rising assets.

Those that got in early benefit the most.

Some think that in terms of houses, it’s still “early”.

Time will tell.

In the meantime, I can’t wait to head back to Red Deer to visit River again.

She’s magnificent, as is her big brother Sunny.

#4 I’m stupid on 11.07.21 at 10:00 am

We’re just going to inflate our way out of this… you swallow a million $ mortgage today and in 5 years when you’re making 15-20% more in income it’s that much cheaper. What could go wrong?

#5 Joe on 11.07.21 at 10:09 am

Garth, did you not listen to the FED? He said he will taper and slowly eventually maybe raise rates. BUT if things start to crater in stocks and real estate he will quickly reverse course. Therefore, the madness will continue indefinitely. Perhaps no need for real estate and stocks blogs anymore since it’s now permanently rigged? They just sound repetitive.

Jerome Powell said no such thing. – Garth

#6 Prince Polo on 11.07.21 at 10:25 am

Build that Jenga-style mortgage tower to the heavens and beyond!
Hey JT – have you considered just printing up mortgage payments on your wonderful money-for-all-homeowners machine?
How else is a loser renter like me supposed to get ahead with my Cdn bank piddly divvies?

#7 Grandv!ew on 11.07.21 at 10:25 am

Canada now needs the Canadians (or anybody else for that matter) to continue buying into the radioactive and toxic real estate market. If the music stops there will be financial armageddon for the majority of the country.

https://mobile.twitter.com/MPelletierCIO/status/1457096904739672068

https://toronto.ctvnews.ca/mobile/sudden-113-spike-in-toronto-condo-fees-sparks-nasty-dispute-and-threats-1.5655442?utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&cid=sm%3Atrueanthem%3Actvtoronto%3Apost&utm_source=facebook

#8 Alberta Ed on 11.07.21 at 10:30 am

Someone tell Chrystia what’s coming down the road… oh, wait. Never mind.

#9 Flop... on 11.07.21 at 10:34 am

I shouldn’t have talked about flying to Glasgow on a private jet yesterday.

Last night I had a weird dream.

No, not the Salma Hayek one.

I was on a plane with Justin Trudeau en-route to Glasgow.

He asked me “What do you think all the poor people are doing today?”

I replied “Dunno, probably busting their asses trying to pay all their bills.”

He then looked me right in the eye and paused as if he was about to say something profound.

This is what he said.

Can you pass me another prawn sandwich…

M47BC

#10 willworkforpickles on 11.07.21 at 10:45 am

Another damned if they do damned if they don’t is the looming debt limit scenario republicans are against raising the limits on in the US.
World holders of US debt are starting to worry of potential default.
A default risks undermining the international reputation of the United States as a reliable and trustworthy economic and national security partner, as well as undermining the stature of the U.S. dollar as the global reserve currency of choice.
Rival China would be glad to step into that role as would Europe under a much needed revamped monetary system.
Additional rounds of raising the debt ceiling will fuel inflation pressure putting upward pressure on interest rates. By adding to the debt monster to no end, food inflation just as one example will practically rival inflation levels a national default would bring.
Faced with default or raising the debt ceiling, the debt ceiling will be raised. Until it no longer can be without matching interest rates a default would bring.
Raising the debt ceiling again will buy more time before the arrival of the days of monetary economic bedlam.

#11 crowdedelevatorfartz on 11.07.21 at 10:46 am

One wonders if world wide inflationary pressures will increase Bank of Canuckduh interest rates faster and higher than the “experts” have predicted…

Gotta keep that Canuck Buck solvent if we’re Liberal debt spending into financial oblivion……

#12 -=withwings=- on 11.07.21 at 11:02 am

People said the same thing about the USA mortgage market in 2010: households are fine, everyone is saving, Americans worship their homes and would never miss a payment(!). Then jingle mail started, and apparently people would rather eat than make a mortgage payment on a declining asset.

#13 RichardTO on 11.07.21 at 11:02 am

DELETED. Anti-vax. Pro-horse paste.

#14 Armpit on 11.07.21 at 11:05 am

Garth,

Everything is relative. Every day is to be savoured to the fullest.

I always told my young colleagues starting out in their careers that they must look after all aspects of their health – physical, emotional, spiritual, relationship and financial.

Enjoy each day with moderation. Appreciate what you have and pursue your goals without harming society.

In the meanwhile – limit yourself from people boasting their accomplishments. If they have to boast, then they are insecure and only wish to pull you down.

And finally – Smile – as much as you can.

#15 Ponzius Pilatus on 11.07.21 at 11:14 am

I bought a fixer upper once.
Had good bones.
Most of the work was on the outside.
Landscaping, garbage removal, power washing etc.
Did it myself
Found a good handy man to do the inside.
Put about 30k in.
Lived there for 4 years.
Sold it for a pretty Shilling.
Easy money in the Lower Manland.

#16 willworkforpickles on 11.07.21 at 11:20 am

Higher/better wages in various segments of the work force will bring even tougher times ahead for most.
With higher wages comes a worked in wage price spiral culminating in higher prices for everything.
The few at the top end of the wage scale will keep pace with the wage price spiral effect.
The many… the middle poor and poor will not keep up with the relentless inflation to come with their minuscule wage increases.
Inflating our way out of debt with higher wages is bunk. Always has been.
Even the days of inflating our way to riches via Real Estate time has come. That ship has sailed.

#17 Stealth on 11.07.21 at 11:21 am

Thanks Garth,
Lots of people talk about their children’s ability to purchase real estate a decade or two from now. So much so that it was a topic of discussion during election on some conservative candidate websites.

I listen a lot when people talk (90% of comm is listening ) and have heard this being mentioned with increasing frequency. Even more so than upcoming children vaccine talk…

Would you and your colleagues be able to put a post on this problem?
For example: get ready to rent, invests in education, invest for the kids now in informal trust or joint margin account, buy something for them now and rent the place with min down and longest amortization etc.

Thanks

#18 DON on 11.07.21 at 11:23 am

The Banks didn’t seem to notice the GFC run away train approaching either. Taxes increasing and inflation still roaring. What happens when people start to list their houses to realize their windfalls…as the boomers talk amongst themselves and what of the immigrants comimg to an even more expensive country. Wages rising basically to a living wage at the low end…who got a 5% raise this year and last?

Their analysis is based on happy path. When crazy enters the market things become harder to analyze but everything has a tipping point ans stress is a killer.

#19 Spaman on 11.07.21 at 11:29 am

I am a father with a SAH wife. I’m spend easily about 50% take home in order to pay my mortgage. Not including Strata, Utilities, Insurance etc.
Safe to say, I’m in over my head.

I’ve always wanted to get into the market, but the prices kept climbing and I finally forced myself to buy last year.

Best decision ever. Buy if you can’t afford. Borrow and borrow more. Use in-laws, friends, family, acquaintances if you have to. Get in or be forever left out.
I have a home, my kids have a future, my wife is happy. Way better than having a TFSA where the high score increases. My life score increased.

#20 Flop… on 11.07.21 at 11:29 am

“But when fetid piles of trash sell for above-asking in hours, million-dollar mortgages become common and every kid expects a condo but wants a house, do not be complacent.”- Thor Turner.

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

Big Boy, things have seemingly been going along quite nicely here for the speculators, investors, and innocent bystanders, who just bought a place to live.

I was scrolling a feed the other day and this one jumped out at me.

“Detached houses broke upwards from the consolidation. Average sale prices of 2.3-2.4 M coming in the next few months.

Townhouses looking to move higher.

Condos haven’t joined the party.”

Condos in Vancouver not happening?

Any truth to that statement?

When I think of condos in Vancouver the first place that pops into my meat-head is Coal Harbour.

Here are the latest stats from Zolo.

It’s ranked one of its Coldest Neighbourhoods.

Monthly change -20.6 %
Quarterly change -9.5%
Yearly change- 19.9%

It has a smattering of Townhouses in the numbers, if you look at just the overall yearly condo numbers Zolo currently has it pegged at a more dire minus 29%.

I looked at the inventory numbers, that are helping keep detached numbers healthy in other neighborhoods, doesn’t appear to be the culprit here as the numbers across the inventory section are all very similar than the same time last year.

I thought the next best thing to do was to try and corroborate any trend by looking at another neighborhood also noted for the amount of condominiums, that would be Yaletown.

Not as cold on the selling front as Coal Harbour, but here’s what they’ve got going on.

Monthly change -4.2%
Quarterly change-17.5%
Yearly change- 4-8%

Strip the townhouses out of it and overall condos in this part of town are down 6% apparently.

Every day in this city it seems like a new development gets the green light to proceed, but at the moment it appears existing condos are being shunned compared to the walk-up options, normally slightly further out.

I live in Detached-ville, so things have been humming along, not that many condo buildings in my area, where I’ve been told people blow pot smoke, and whisper “Covid’s gonna get ya” down ventilation shafts…

M47BC

#21 Linda on 11.07.21 at 11:31 am

River is just lazing around – looking very happy:)

So if I read between the lines correctly, CERB & other pandemic related support such as permitting mortgage holders to skip payments & renters to do the same has produced a (temporary?) pile of cash. So the expectation is that cash will now be used to buy RE.

Seems to me that the expectation that wages will increase enough to permit this party to continue into the foreseeable future is really over optimistic. If wages were not keeping up with inflation prior to Covid, what makes anyone think this would change post Covid? Employers are recovering & frankly the way costs have been shooting up across the board, no way can wage increases match the rise.

#22 Marc on 11.07.21 at 11:32 am

Garth, what is your recommendation for someone who doesn’t need a house per say but need a shelter? Is it better to buy than renting?

#23 Satori Black on 11.07.21 at 11:41 am

Do people even know how much they pay at the end of the mortgage? The grand total including interest after all the payments… I’ve asked many, and they all this it’s the selling price. ?

#24 Satori Black on 11.07.21 at 11:47 am

#21 Marc

At these prices, rent. Your strata fees, insurance, and tax almost are your rent, factor in the interest. There is a calculation.
At this point, as a renter, my invested savings return more cash to me, than my rent. I have an income from my cash… if I bought I would not have that income, I’d have costs.

#25 Dr V on 11.07.21 at 11:49 am

Still on the energy topic if anyone is interested

https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/provincial-territorial-energy-profiles/provincial-territorial-energy-profiles-british-columbia.html

BC is Canada’s highest user of biofuels.

https://irp.nspower.ca/files/key-documents/previous-irps/NS-Power-IRP-2014-Final-Report-October-15-2014.pdf

I did find a newer, shorter document, but could not re-locate it. Nova Scotia is still a relatively dirty power producer. Perhaps the rejected Quebec Hydro line can be a big part of the solution.

And finally

https://thenarwhal.ca/clean-b-c-is-quietly-using-coal-and-gas-power-from-out-of-province-heres-why/

Just a wee bit ironic.

#26 crowdedelevatorfartz on 11.07.21 at 11:52 am

@#14 Ponzies Profit Palace
“Easy money in the Lower Manland.”

+++
Freudian slip ponzie?
Or is there something you want to get off your chest?

#27 Quintilian on 11.07.21 at 11:58 am

Rising rates, at a snail’s pace are not the real issue, but a prop for the banksters’, realtors’ marketing hype machine.

When the price of a deteriorating asset increases by several hundred dollars per day without any corresponding increase in utility, it can’t be about financials.

It’s driven by something that can evaporate without notice.

#28 david on 11.07.21 at 12:07 pm

Who cares about stress test. At the end of the day, its the money we actually pay per month that matters. If the rates go up, it means either less savings or less consumption.

#29 millmech on 11.07.21 at 12:13 pm

Love the pink light fixture in the picture!

#30 Shawn Allen on 11.07.21 at 12:16 pm

Nova Scotia and Muskrat Falls Power Debacle

Wrok.dover said

Nova Scotia is about to receive the [Muskrat Falls] James Bay power from NFLD and Labrador to ship to New England, but Maine just said nope, not through here. Good Joke on PQ. This might play out well for Ontario. Pity the fool paying for the new under water line to NS. (Emera?)

********************************
Yikes, did Maine’s recent vote against Power transmission lines affect this power too? I hope Wrk.dover is wrong on that. This project was all about bypassing Quebec. Muskrat Falls is not James Bay Power.

I have followed this Muskrat Falls debacle from the start. I worked in the power industry for 29 years including 3 years at Nova Scotia Power.

This project sounded looney from the start. Power was to go under sea to Newfoundland, across that province, under ocean to Cape Breton, across Nova Scotia then under sea to New England and this was going to be cost effective? It was laughable on its face.

And that was before the generating dam went over budget by something over 100%.

But now it’s nearly done. Power has already flowed to Nov Scotia. I guess it has not yet reached New England? But the lines must be near completion there?

I sure hope the Maine vote had nothing to do with Muskrat Falls power. The Maine vote affected a line for power from James Bay. Nothing to do with Muskrat Falls.

I think Emera is okay on this stupid Muskrat Falls thing . The Canadian federal government has already paid for the cost overruns.

#31 9.25% to 11.25% qualifying mortgage rate is need within months on 11.07.21 at 12:17 pm

A qualifying mortgage rate of 7.25% is still too low. We need at least a 9.25% qualifying mortgage rate to make areal dent, 25% to 35% drop in real estate prices. I would prefer a 10.25% to 11.25% qualifying mortgage rate to get real estate prices to drop 50% over the next 3 to 3.5 years. It’s about time.

#32 Damifino on 11.07.21 at 12:22 pm

The equity sitting in a principal residence is nearly impossible to get one’s hands on. The instant it becomes liquid it must be immediately refrozen in another overpriced house (after several other legal entities get their piece of the action).

These unrealized windfalls are more a status symbol than a pool of wealth actually available to enjoy life. Progeny is eventually left to squabble over its subdivision after a lifetime of profit denial. I’m seeing that outcome amongst my peers now.

Realistically, it’s only flippers and speculators who are able to have their cake and eat it too. And it’s mostly the heavily mortgaged FOMO house lusters who’ve baked it for them.

#33 Ponzius Pilatus on 11.07.21 at 12:27 pm

#26 crowdedelevatorfartz on 11.07.21 at 11:52 am
@#14 Ponzies Profit Palace
“Easy money in the Lower Manland.”

+++
Freudian slip ponzie?
Or is there something you want to get off your chest?
———————
Haha
What can I say?
Freud was Austrian.
But so is Arnie.
Could go either way.

#34 Sail Away on 11.07.21 at 12:28 pm

There are few better schemes to keep almost all of a population’s free cash in circulation than by conjuring a shockingly expensive yet indispensable item that can be slowly accumulated, with the end product guaranteed(!) to store and return all the installment payments plus more.

Nefariously perfect. A collective fiction.

How to benefit? Well. Markets are so enormous that individual opportunists can reap massive rewards at their own small scale without having the slightest effect on the whole.

Contribute nothing to the collective fiction, set up your own money trap and catch some flies.

#35 Stone on 11.07.21 at 12:38 pm

Just grateful with all this strangeness going on, my wonderful and consistently stable B&D portfolio is riding this inflationary wave nice and high sitting at 22.36% ytd. Can’t believe that in the same week, it was below 21%. Hooray!

And my B&D in no way smells like excrement or like a mold incubator. Phew!!!

#36 Doug t on 11.07.21 at 12:44 pm

Lemmings – nothing goes up forever- and when the music stops, oh boy there are going to be some ugly consequences the likes of which most of these people have never faced in their lifetime = hard reality check

#37 Honest Realtor on 11.07.21 at 12:44 pm

“……house lust will continue and the market survive despite the danger …..”

Garth, we are in agreement once again, for which you have my thanks.

This is just the beginning of the next upswing. Over the next 15-25 years, there will likely be a 3X or more increase in property valuations in key centres.

Yes, there will be some volatility here and there. But the opportunity cost of missing out on this will be devastating for those left behind. It brings a tear to my eyes thinking of what people sitting on the sidelines may lose for themselves and their children. This is like 2001, or 2009, all over again in real estate.

Immigration levels are about to go through the roof, in response to climate change and global issues as well as the need to grow the base to manage Canada’s debt levels.

By all means, people seeking more stability should seek out competent firms like Garth’s to manage other liquid investments.

But keep in touch with your realtor, your mortgage broker and your bank to stay on top of and be prepared for the property opportunities now and in the future.

#38 I’m stupid on 11.07.21 at 12:45 pm

Elon Musk is brilliant… how do you cash out stock without causing the price to tumble? Easy ask your twitter followers if you should sell 10% to pay taxes. In what world would the answer be no don’t pay tax? So now he can sell 10% and not need to worry about confidence in Tesla. Brilliant move let’s see how the market views it lol

#39 ts on 11.07.21 at 12:47 pm

And no mention of the Evergrande meltdown? Could this contagion possibly spread to Canada?

#40 Ballingsford on 11.07.21 at 12:52 pm

#9 Flop

Pretty funny! Hard times everywhere.

#41 Ronaldo on 11.07.21 at 12:55 pm

#17 DON on 11.07.21 at 11:23 am
The Banks didn’t seem to notice the GFC run away train approaching either. Taxes increasing and inflation still roaring. What happens when people start to list their houses to realize their windfalls…as the boomers talk amongst themselves and what of the immigrants comimg to an even more expensive country. Wages rising basically to a living wage at the low end…who got a 5% raise this year and last?

Their analysis is based on happy path. When crazy enters the market things become harder to analyze but everything has a tipping point ans stress is a killer.
—————————————————————
Totally agree Don. Just wait til this panemic thingy is over with and unions start asking for more wages. I see many work disruptions on the horizon and lots of people out of work and all those savings will soon disappear. I can also see a flood of homes coming on the market and many foreclosures and bankruptcies as well. 2022 will be an interesting year.

#42 Barb on 11.07.21 at 12:56 pm

River’s GORGEOUS! So alert.
Looks like she’s spotted a rabbit in the distance…

#43 crowdedelevatorfartz on 11.07.21 at 1:00 pm

@#19 Spaman
“Buy if you can’t afford. Borrow and borrow more. Use in-laws, friends, family, acquaintances if you have to. Get in or be forever left out.”

+++
Just curious.
What Real Estate Agency do you work for?

#44 Brent on 11.07.21 at 1:02 pm

Thanks for my new screen save with pic o’ the day. :)

#45 crowdedelevatorfartz on 11.07.21 at 1:03 pm

@#13 RichardTO
Deleted.

+++

Did you hear about Vancouver’s local anti vaxx/Ivermectin salesman?

https://www.cbc.ca/news/canada/british-columbia/mak-parhar-dead-at-48-1.6238751

Good luck.

#46 Satori Black on 11.07.21 at 1:13 pm

#21 Marc

Another benefit of renting. I’m moving in April, I can leave when I want, no closing costs or no realtor fees.

Truthfully, I’d rather be a fox without a tail than drag a big heavy traps behind me… and I am free to go today, anywhere I want… and I don’t have to wait til my place sells, or until I find one to buy.

Ahhhh the Freedom!!

#47 RRSP Withdrawl Question on 11.07.21 at 1:17 pm

Hi I have 2 questions regarding RRSP withdrawls.
1) Can you contribute $10,000 to a spousal RRSP and in the same year withdraw $10,000 from your own RRSP without any penalty?
2) Is it better to draw down assets in your RRSP first before assets in a Prof Corp when one is approaching retirement?
Thanks.

No x 2. – Garth

#48 Satori Black on 11.07.21 at 1:25 pm

#29 Damifino

Absolutely!!! And Well said!!!

#49 Lee on 11.07.21 at 1:35 pm

The only conclusion one can draw from those bullet points is that housing is not going to crash in Canada, at least not in the GTA. Don’t look to Garth for salvation. He’s only human.

#50 canuck on 11.07.21 at 1:41 pm

DELETED. Anti-vax. Pro-horse paste.
_____________________________________________

Horses also get insulin shots. Are diabetics also taking pro horse paste?

#51 DON on 11.07.21 at 2:16 pm

I take it there will be no blog post on the day of the Adele concert. It’s one night only, don’t yah know.

#52 tea4two on 11.07.21 at 2:30 pm

When housing does soften it may grow legs and run the other way. The tipping point is when everyday sustenance + mortgage is too much to bear. Inflation will have to get really bad before they raise rates significantly, b/c Inflation is a wonderful hidden tax for the govts

#53 Faron on 11.07.21 at 2:40 pm

#31 Ponzius Pilatus on 11.07.21 at 12:27 pm

I’d vote Arnie for prez. I’m not a repub, but he’s a thoughtful leader. His statement after the Jan 6th coup attempt was spot on.

#54 Faron on 11.07.21 at 2:53 pm

#94 Dharma Bum on 11.07.21 at 10:12 am

#57 Faron

You need to learn the meaning of false equivalence.

You need to learn a lot of things, mind you, but this would be a good start.

Excuse me? Sounds like you need to learn the meaning of analogy with a glove-like fit albeit slightly more extreme. Probably some objective reading about your hero wouldn’t hurt either (AI to screen out uni courses that JP doesn’t want people to take? WTF?). Maybe a quick study on hypocrisy while you are at it? JP lectures on the importance self-control but, according to Sail Away and others who blather here about addicts and addiction, addiction is a self-control problem so why couldn’t the master of self-control pull it? Something is amiss there that you are more than willing to overlook because it’s inconvenient; because Jordan Peterson strokes your ego that has been a little dinged by people asking for respectful treatment.

Just as inconvenient as the amount of intolerance that JP’s fan base contains? Bunch of incels (who seem to like to mow down people with vans) and MGTOWs if they aren’t also racially intolerant. Sure, not all of them. Maybe not even you. But sometimes you have to look at the crowd that’s gathered around your thought leader and consider if you want to be in that company; consider why they are there with you; consider why, exactly, you are there.

You need to learn that not everything that makes you feel good and confirms your beliefs is helpful, productive or even good.

#55 Faron on 11.07.21 at 2:56 pm

#42 Brent on 11.07.21 at 1:02 pm

Thanks for my new screen save with pic o’ the day. :)

Garbage fetish? YDY

#56 Bdwy on 11.07.21 at 2:57 pm

Solar guy in NS.

While i appreciate much of your thinking you need to learn some VERY basic physics, as do so many of the solar cursaders today.

A Killowat is not a killowatt hour.
Your misuse of basic units weakens the rest of the argument.(and proves you skipped physics)

Repeat until clear;
“Distance is not speed . A kWh is not a kW.
=
Speeds x time = distance.
Kilowatts x time = kWh.

#57 Sail Away on 11.07.21 at 2:58 pm

#36 I’m stupid on 11.07.21 at 12:45 pm

Elon Musk is brilliant… how do you cash out stock without causing the price to tumble? Easy ask your twitter followers if you should sell 10% to pay taxes. In what world would the answer be no don’t pay tax? So now he can sell 10% and not need to worry about confidence in Tesla. Brilliant move let’s see how the market views it lol

——–

Elon the puppet master. Supporters love him and get rich, detractors dance his tune, and it all builds the brand.

So satisfying.

#58 S on 11.07.21 at 2:58 pm

Every bull market comes to an end. No exceptions. Covid stretched this one out to crazy levels. I have heard the fear of never getting in so many times before but there will be another chance, there always is.

#59 Faron on 11.07.21 at 3:01 pm

#79 ImGonnaBeSick on 11.06.21 at 10:00 pm

#71 crowdedelevatorfartz on 11.06.21 at 8:40 pm

Our resident Al Roker is the result of one’s entire social experience being derived from the internet…

Oops, sorry I missed your comment last night, I was having beers with friends. LOL.

#60 Dr V on 11.07.21 at 3:03 pm

Life in complicated

https://www.moneysense.ca/columns/ask-a-planner/how-much-to-take-out-of-your-rrsp-in-your-60s/

https://www.moneysense.ca/save/retirement/how-to-draw-money-out-of-your-corporation-in-retirement/

Glad I have an advisor and an accoutant.

#61 Faron on 11.07.21 at 3:04 pm

#66 Sail Away on 11.06.21 at 7:56 pm

Some loving counsel for our resident anger-monkey:

BillyBob thanks you, now do me!

#62 Sail Away on 11.07.21 at 3:08 pm

#52 Faron on 11.07.21 at 2:53 pm

JP lectures on the importance self-control but, according to Sail Away and others who blather here about addicts and addiction, addiction is a self-control problem so why couldn’t the master of self-control pull it?

——-

So callous, my goodness. Substance abuse is terribly damaging.

How viciously petty must a person be to abuse another for such a condition?

Have some empathy.

#63 Dolce Vita on 11.07.21 at 3:19 pm

Those points pretty much along historical lines. It will take rates of +5% for prices to stall then drop and even that may take a few years.

————-

CAREFUL Canada if you want to visit Europe. 4th wave on.

Pill or no pill, Europe looking ugly for new cases in the here and NOW:

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

Denmark declared early Sept Covid no longer a health emergency, cases/100K map was mostly yellow, light brown shaded then…now look at it from today:

https://i.imgur.com/72MTKh4.png

Portugues daily Correio da Manhã reporting Danish hospitals near collapse:

https://www.cmjornal.pt/mundo/detalhe/aumento-de-casos-de-covid-19-deixa-dinamarca-em-risco-de-colapso-nos-hospitais?ref=Coronav%C3%ADrus_OutrasNot%C3%ADcias1

Danes say it’s all good for now:

https://politiken.dk/forbrugogliv/sundhedogmotion/art7865673/Heunicke-advarer-danskerne-efter-stigende-smittetal-Vi-m%C3%A5-ikke-s%C3%A6tte-det-hele-over-styr-nu

National Pride, Ego, Gov’s that do not want to admit a mistake…Welcome to Planet Earth:

Have a Nice Day.

—-

Canada typical direct flights to Europe are London, Frankfurt, Amsterdam & Paris. From the 1st image it ought to be obvious which city to land in (and which countries to travel).

The rest you’re on your own.

FWIW Head’s Up

#64 cuke and tomato picker on 11.07.21 at 3:27 pm

Somebody from Alberta on their twitter has written “if you live in Alberta turn your clocks back to 1955”

#65 Wrk.dover on 11.07.21 at 3:32 pm

#93 crowdedelevatorfartz on 11.07.21 at 9:06 am

I’ve been VERY interested in Solar Vacuum tubes for pre heating a hot water system before additional heating with another (Solar? Wind?) source….

https://www.latitude51solar.ca/residential-solar-water/solar-vacuum-tubes
_________________________

There were two companies selling this system in NS, one folded, the other may have dropped it. Because lack of grants.

I bought my exchanger only, from one of without a grant, but I didn’t buy the at the time $1800 80 gallon Chinese tank which has an internal heat exchanger as well as electric elements with it.

I use two $300. hardware store 40’s in tandem and a stand alone $100 flat plate exchanger from E Bay. The one tank is wired in to maintain or bring the water to 46, the other feeds it with what ever temp water it has from circulation between it and the exchanger and the well feed. Today that tank hit 46 by the mid afternoon. Then the system started heating the hydronic basement floor with the extra heat.

I have one two sensor control and a separate one sensor control. It could have worked without them, if 12v sunshine ran the pumps instead of 120v, but I realized that too after completion.

I highly recommend it. The payoff is short and sweet.

It saves us about 8 or 10 kw/hrs of electricity a day, from March through about right now. Then not much at all.

I loves me a free hot shower…I have lived as a nomad and know/understand showering to be the most important thing right after food and a dry bed.

We have 80 gallons of free 46 degree water in stock right now.

This all happens on the compound that has never had a plumber set foot on.

#66 Yukon Elvis on 11.07.21 at 3:35 pm

OTTAWA — Bank of Canada Governor Tiff Macklem says inflation may be around longer than anticipated.
“I think transitory to economists, means sort of not permanent,” said Macklem in an interview with CTV’s Question Period with Evan Solomon, airing Sunday. “I think to a lot of people, transitory means it’s going to be over quickly and maybe I don’t know exactly what the right word is, but it’s probably something like you know, transitory but not short-lived.”

This guy is a genius !

#67 Dolce Vita on 11.07.21 at 3:39 pm

Forgot to mention, UK’s excellent The Economist, tracks excess deaths Worldwide, publishes the data every so often, e.g.,

https://www.economist.com/graphic-detail/coronavirus-excess-deaths-tracker

And they tally it all up as well. What they believe the true death toll due to Covid has been Worldwide:

https://www.economist.com/graphic-detail/coronavirus-excess-deaths-estimates

If the lower and upper limits are true (95% C.I. if I recall), then The Little Virus that Could will have pushed its way past the…

Third plague pandemic, Bubonic plague, 1855–1960

to the #5 spot of major epidemics and pandemics in recorded human history in just under 2 years:

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

——————-

And from my prior Comment about 4th Wave Europa…it ain’t over yet folks.

Mother Nature bangs on a different drum.

#68 TurnerNation on 11.07.21 at 3:40 pm

The War on Small Business. One of the multi-dimensional aspects of this WW3 – launched that cold week March 2020.
I mean are we ‘back to normal’ yet? Nope that never was the plan.

.Toronto’s PATH system faces crisis as companies announce permanent hybrid work arrangements (theglobeandmail.com)


– When Kandos attack.

https://toronto.ctvnews.ca/sudden-113-spike-in-toronto-condo-fees-sparks-nasty-dispute-and-threats-1.5655442


– And so it begins. 2030: “You will own nothing and be happy. And eat bugs”. Baby/paw steps:

https://catit.ca/shop/catit-nuna-insect-based/
Catit Nuna – Insect Protein-Based Cat Food



Blockchain. Why was it developed? For us. Every human must be placed into it. It’s why every country has the QR code. This is a Global rollout. Our leaders no longer work for us.
Listen to the WHO. This always was a Global rollout.

https://www.who.int/publications/i/item/WHO-2019-nCoV-Digital_certificates-vaccination-2021.1
Digital documentation of COVID-19 certificates: vaccination status: technical specifications and implementation guidance, 27 August 2021

#69 Wrk.dover on 11.07.21 at 3:48 pm

#56 S on 11.07.21 at 2:58 pm
Every bull market comes to an end. No exceptions. Covid stretched this one out to crazy levels. I have heard the fear of never getting in so many times before but there will be another chance, there always is.
_________________________

The trouble with getting in recently (like me) is, when it does tank you are down on your invested after taxed labour-money.

People who have already doubled and tripled their portfolio with gains, lose something they didn’t have to get out of bed for, but still retain their original labor money investment.

Maybe the new 1.2 trillion will bring the market to where I get beyond that lose loss point, so when it tanks again, my original investment will be extant.

#70 Stoph on 11.07.21 at 3:48 pm

The solar debate going on is reminding me of the importance of having government policy being reviewed by experts in the respective fields and not just driven by political ideals. Otherwise reality may get in the way of ideals when executing plans.

#71 crowdedelevatorfartz on 11.07.21 at 3:56 pm

@#60 Sail away
“re: the anger monkey”

I think Jorden Peterson might have an opening for one more participant in his clinical case study on angry narcissist’s lacking empathy with delusions of grandeur ….

#72 Wrk.dover on 11.07.21 at 4:03 pm

#54 Bdwy on 11.07.21 at 2:57 pm
Solar guy in NS.

While i appreciate much of your thinking you need to learn some VERY basic physics, as do so many of the solar cursaders today.

A Killowat is not a killowatt hour.
Your misuse of basic units weakens the rest of the argument.(and proves you skipped physics)
_________________________________

I have grade 12.

That is where I learned to extrapolate.

Try it sometime.

#73 Dolce Vita on 11.07.21 at 4:04 pm

You have to give credit to Elon, besides his swagger, for innovation.

New Panasonic battery – five times as much energy and cost half as much to build as the 2170 lithium-ion cells Tesla currently uses
https://www.caranddriver.com/news/a38093862/panasonic-4680-battery-future-tesla/

Cheaper cobalt-free Lithium Iron Phosphate (LFP) batteries
https://www.reuters.com/technology/panasonic-unveils-prototype-battery-tesla-2021-10-25/

Then, you look at this:

https://www.statista.com/statistics/960121/sales-of-all-electric-vehicles-worldwide-by-model/

and marvel at the Learning Curve Tesla must have vs. everyone else.

—————–

If I had time on my hands I would have bought TSLA awhile ago but as a retiree it’s all about:

Show me the Money, yesterday and
I want to keep your shares and not have to sell them for ATM cash, again yesterday.

At a Dividend Yield of 0.00%, TSLA interests me about as much as their yield and too expensive for me at US $1,222/share. Again, if younger definitely a buy.

If you can’t give me a relatively safe >= 10% dividend yield monthly, I’m not interested.

For example QYLD (YTD a paltry 0.84% gain, but a 10.22% monthly dividend).

My idea of fixed income and I don’t have to sell a single share for the ATM.

#74 WTF on 11.07.21 at 4:05 pm

#35 Kreskin, seer of the future “This is just the beginning of the next upswing. Over the next 15-25 years, there will likely be a 3X or more increase in property valuations in key centres.”
————————————————————–
OK Pumper, Please share how many props you personally have purchased over the past few months to take advantage of this wonderful opportunity.

Weasel words.

#75 Gravy Train on 11.07.21 at 4:21 pm

#54 Bdwy on 11.07.21 at 2:57 pm
“A [kilowatt] is not a [kilowatt-hour]. Repeat until clear:
Distance is not speed. A kWh is not a kW.” Agreed, but a better analogy is this: Energy (kWh) is not power (kW). :)

#76 Ponzius Pilatus on 11.07.21 at 4:22 pm

#32 Sail Away on 11.07.21 at 12:28 pm
There are few better schemes to keep almost all of a population’s free cash in circulation than by conjuring a shockingly expensive yet indispensable item that can be slowly accumulated, with the end product guaranteed(!) to store and return all the installment payments plus more.

Nefariously perfect. A collective fiction.

How to benefit? Well. Markets are so enormous that individual opportunists can reap massive rewards at their own small scale without having the slightest effect on the whole.

Contribute nothing to the collective fiction, set up your own money trap and catch some flies.
—————–
You, Sailo, Sir.
Just perfectly described the Life of a Leech.

#77 earthboundmisfit on 11.07.21 at 4:25 pm

“The pandemic is over” ?! Tell that to the the Brits, or the Europeans, who are at the epicenter of the newest variant breakout, and our borders are open. FFS Mr. T, more than half of the global population has yet to receive a single dose. I’m absolutely gobsmacked at your suggestion that it’s over.

Do we live in Britain or the EU? (By the way 2/3rds of the world has yet to be vaxed, not half.) – Garth

#78 Ponzius Pilatus on 11.07.21 at 4:28 pm

#51 Faron on 11.07.21 at 2:40 pm
#31 Ponzius Pilatus on 11.07.21 at 12:27 pm

I’d vote Arnie for prez. I’m not a repub, but he’s a thoughtful leader. His statement after the Jan 6th coup attempt was spot on.
—————
Well, personally I don’t care for him much.
But he’s a big cheerleader for the environment and he still has some pull with the Republicans.
So he could be a roadblock on Trump’s way to the White House in 24.

#79 Fantastic Mr Fox on 11.07.21 at 4:31 pm

A lot of commenters on this blog previously gave very good points why the houses here will never go down. Even with the rise of the rates.
I totally agree with the economists who say this will continue. Put here an additional “400k new Canadians arrive in this country”, 40-50% of which come to Toronto, and you’ll have even more demand with even less supply. Come on, you can’t ignore immigration.
Just accept it. The ones who bought even 2 years ago are cushy, and the ones who didn’t… well, good luck to them.

#80 Linda on 11.07.21 at 4:42 pm

#23 ‘Satori’ – an excellent question & a excellent point. While those selling can tell you the sale price, most sellers are unlikely to factor in the costs associated with the original purchase & upkeep when talking about any profit from selling their property. Instead most compare the original purchase price to the eventual selling price & leave it at that.

As a long term homeowner who purchased when housing prices were still affordable to average Canadians I wondered whether the cost of owning would have been more than the cost of renting. Insofar as I could estimate the cost of owning was about the same as the cost of renting over the same time period – but as I said, we bought when house prices were much more reasonable.

The costs I included in the own vs. rent comparison were mortgage, mortgage interest, property taxes, utilities, home insurance, renovation & maintenance costs for the property vs. rent, utilities & home insurance for a rental. Our house has 2 bedrooms so I compared to a 2 bedroom apartment. Now Garth will say the lost investment opportunity should be included in the comparison – but this presupposes that we didn’t contribute $ towards RRSP/TFSA or investments during our home ownership. We did & I think it fair to say that the sums we contributed/invested would not have been any more than if we had been renting. The concept that we could have borrowed the purchase price of a new house for investment purposes only works if a bank would have loaned the money for such a reason in the first place. Mortgage loans have an asset to secure the loan with. I rather doubt most banks would loan anyone investment $ without having some form of secure collateral to collect against should the investment lose value.

#81 Dogman01 on 11.07.21 at 4:44 pm

#25 Dr V on 11.07.21 at 11:49 am

Energy

It is my understanding that there has been a huge uptick in Thermal Coal being shipped out of Vancouver to China. Coal originating in Montana is avoiding the US West Coast port backlog and being shipped to Vancouver via Train.

https://www.nationalobserver.com/2021/09/15/opinion/vote-against-thermal-coal-exports-climate

This illustrates the problem with “Climate Change”, the policies are just incoherent.

You need to stop mining of the thermal coal, not simply convert our Power plants to natural Gas. You also have to ban transshipment of Thermal Coal. Then you have to get the “other guy” to also stop mining it. If you don’t do all these things then you are doing zero for the climate and instead rewarding those whom could care less about the climate.

So much a makes zero sense.

If we are moving to electric vehicles say in 2035 would we not be building new Natural Gas or Nuclear Power plants by now? This is Canada and It will take a decade just to get permits to build a electricity power plant. Where are they all being built?

#82 DC on 11.07.21 at 4:51 pm

Would one be best to wait a couple of years before moving, or do so by spring?

#83 Nonplused on 11.07.21 at 4:58 pm

#48 canuck on 11.07.21 at 1:41 pm
DELETED. Anti-vax. Pro-horse paste.
_____________________________________________

Horses also get insulin shots. Are diabetics also taking pro horse paste?

——————————————-

There isn’t much difference between people medicine and animal medicine other than dosage and care of handling. You can get a prescription for Ivermectin if you need it, it is a drug approved for human consumption and commonly used to treat certain ailments. Worms for example. People also get worms. But it is not known to do anything to prevent covid.
That is why people have taken to deriding it as “horse paste”.

Hopefully it doesn’t cause a backlash the other way where people who have worms won’t take “horse paste”. Ivermectin is a highly useful drug for certain things. Just not covid.

#84 Sail Away on 11.07.21 at 5:01 pm

#74 Ponzius Pilatus on 11.07.21 at 4:22 pm

You, Sailo, Sir.
Just perfectly described the Life of a Leech.

——–

Haha. All animals are equal in the eyes of the Creator.

#85 Bdwy on 11.07.21 at 5:16 pm

It saves us about 8 or 10 kw/hrs

Closer but still wrong. Respect the units man!

#86 Nonplused on 11.07.21 at 5:20 pm

#73 Gravy Train on 11.07.21 at 4:21 pm
#54 Bdwy on 11.07.21 at 2:57 pm
“A [kilowatt] is not a [kilowatt-hour]. Repeat until clear:
Distance is not speed. A kWh is not a kW.” Agreed, but a better analogy is this: Energy (kWh) is not power (kW). :)

—————————————

Kilowatts, kilowatt-hours, barrel of oil equivalents, Joules, British thermal units, it don’t matter at night. Them electrons are going to have to come from somewhere else. And wouldn’t you know that is just when everyone wants to charge their electric cars and run their appliances.

Here is the thing, you solar guys: If you do not have a stand-alone system, you have in the global scheme of things at best reduced your carbon footprint by only 50% and your capital requirements from the grid by 0%. The grid operator needs every bit of generation capacity it did before as if you didn’t have solar to get you through the night, and at night when he is running that generation to power your house and charge your electric car it is burning coal and natural gas.

This balancing service will not remain free. It can’t. You are costing the grid operator almost as much as everyone else. All you save the grid is a bit of fuel during the day.

Grid-tie solar is a scam. If you want to be real about it, man-up and go stand-alone and cut the connection. Even if you need a 10,000 kw standby generator for those rainy days, at least people will know you are covering the full cost yourself instead of scamming the grid.

#87 AM in MN on 11.07.21 at 5:31 pm

Garth,

While I agree in general that real estate has gotten out of control, I’d like to add to the list of why some markets are still a good long term value, assuming that the woke brigades don’t completely collapse the system of law and government that enables some semblance of private property rights left.

There is a global macro play to Canadian bonds, across the spectrum. Basically there are several key commodities that 7 Billion people need, and despite the best efforts of leftist governments at all levels, the Canadian private sector still produces a lot of them.

All levels of govt in Canada borrow in C$, so there’s no currency risk in the bonds, and the BoC can print however much it wants, so no one will take a haircut in C$ terms. The C$ will have value as long as it exports commodities, for which there is no slow down in the foreseeable future. Too bad they never got the LBG terminals built, but the other oil (+400k B/D from Line 3 soon), copper and other metals, lumber, grains, other foods… it isn’t going to stop.

There is a shortage of land, by geography in YVR and TO, by politics everywhere else. There are millions of people around the world who want to come, most wanting to live in the cities. HK for instance is just waiting to make the one-way trip trip to YVR.

But it could be a lot better if the guilt ridden white liberals that run the country would get over themselves and let the private sector loose. There wouldn’t be such inflation anxiety if the C$ were at par with the US$, which it easily could be.

For those who think we need to move to a more “high tech” economy, check out the amount of tech required in energy, minerals and modern agriculture…

We need much more STEM for these industries, and a lot less over privileged, whiny University leftists who want to destroy the nation.

#88 Faron on 11.07.21 at 5:36 pm

#76 Ponzius Pilatus on 11.07.21 at 4:28 pm

#51 Faron on 11.07.21 at 2:40 pm
#31 Ponzius Pilatus on 11.07.21 at 12:27 pm

Arnie can’t run.

#89 James on 11.07.21 at 5:44 pm

#69 crowdedelevatorfartz on 11.07.21 at 3:56 pm
@#60 Sail away
“re: the anger monkey”

I think Jorden Peterson might have an opening for one more participant in his clinical case study on angry narcissist’s lacking empathy with delusions of grandeur ….

______________________________________

You’re talking about yourself, right CEF?

#90 Faron on 11.07.21 at 5:50 pm

#60 Sail Away on 11.07.21 at 3:08 pm

#52 Faron on 11.07.21 at 2:53 pm

So callous, my goodness. Substance abuse is terribly damaging.

How viciously petty must a person be to abuse another for such a condition?

You are joking, right? Or are you really that two-faced? I laughed and then threw up in my mouth a little (my response to about 75% of your comments BTW. The GERD is killing me).

First, his substance abuse problem is the one and probably the only thing I have empathy for when it comes to JP. Roughly speaking, my line of thought was:

“Damn, poor guy. Must be all the pressure and possibly a guilty conscience. Oh, but his ideas are 67% utter trash, so who cares. There are more worthy people with problems to direct my concern toward if I care to.”

Coming from you, who has railed and railed about the weakness that is inherent in failing in making wrong “choices” when it comes to addiction is a true mind f—. And you have denigrated addicts countless times including the homeless ones who piss on your Tesla. Just wow. Little wonder people have a desire to piss on your Tesla.

So, we can conclude that JP gets a pass here because he’s nigh god to you but everyone else doesn’t. Can’t wait to talk with you about guys like Matt Gaetz. Don’t worry, I already know exactly what you think about the guy. All I had to do is listen to one Tucker Carlson bit and, viola.

#91 Fantastic Mr Fox on 11.07.21 at 6:02 pm

The way I see it, the housing market is indeed a bedrock of the economy and it is used to maintain a positive growth of the GDP. For example:
1. The central banks should have a little bit of manoeuvring, so they should keep the rate at ~2%. This is the moment when the houses are already expensive btw..
2. We have an emergency situation, the CB drops the rate and buys bonds. Here’s an important fact: the CB will never buy back their issued money.
3. The population will borrow more and we won’t have a negative GDP growth. Here’s the moment when the houses go up and we have borrowed from the future.
4. The emergency situation is over, we have to repay the debt. But now we have inflation, higher wages and revenues. Remember when 200$ was A LOT for some families due to too much debt? Do you think this is still the case? (I don’t think so).
5. Having the 5 years until mortgage renewal will give the person some time to find a better job (or a second one if they desire) in a crazy market we have right now where a dishwasher gets sign-in bonuses.

Generally, repaying a debt in the future will cost you less. That’s it.

There are exceptions of course. The very high inflation we had in 1989 when the rates spiked, and the housing crisis from 2008 in US. But these are extremes. Don’t expect a second 2008, in Canada, where the CMHC exists and the banks take very little risk.
Also don’t expect a 1989. We don’t have the same level of inflation.

So up it goes again. With the way the wages grow now I bet you’ll see higher prices next year.

#92 Paul on 11.07.21 at 6:04 pm

‘Yates said it.’?

Probably ‘W. B. Yeats’ in
‘Crazy Jane Talks with the Bishop’:
“Live in a heavenly mansion,
Not in some foul sty.”

#93 Steel City Kid on 11.07.21 at 6:29 pm

Curious about the junker in Victoria — any info about the address or realtor link for some online look-looing? I have searched but only finding overpriced yet tidy million dollar listings with sales pending.

#94 Bezengy on 11.07.21 at 6:30 pm

I had the pleasure of meeting some of our recent arrivals from Afghanistan this week as kiddo volunteered my services, and my truck to deliver donated furniture around the GTA. I was impressed with them to say the least. Some of these folks are already working two days after being released from the quarantine hotel. On one of my deliveries both kids were very happy to get their used single mattress, I guess sharing a single still beats sleeping on hardwood. Certainly does give one perspective. These folks will probably do fine, but I wouldn’t count on them buying a house anytime soon, at least not in the GTA.

#95 NOSTRADAMUS on 11.07.21 at 6:34 pm

TIRED, REALLY TIRED, OF COMING TOO SOON!
I am getting more than tired of driving through town, and all I see are Realtors for sale signs saying ” COMING SOON”, in large bold caption. Below in mouse print, to mls. Obviously, the friendly listing realtor is subtly suggesting , call me to get the inside scoop ahead of the buying crowd. What possible advantage is there for the seller to entertain an offer prior to M.L.S. exposure? Answer, absolutely none, nada. The only winner on this sleazed tactic is a double ender ( dual commission) for the listing agent. Or better still, scoop a couple of wanna be greedy buyers. Some things are better left unsaid, but eventually I’ll have a couple of beers and say them anyway. Amen Brother

#96 Satori on 11.07.21 at 6:37 pm

#78 Linda

Thank you for sharing, it makes sense I think, with the comparison. As for renting, I love my place it’s Wall to wall glass and magazine worthy. It’s my home, just like a “bought house” is, but most don’t see it that way. When I tell people I rent I get looks of pity. LOL!! It’s ok, I’m debt free – water off a ducks back.

I’ve spent $307,000 on rent in 34 years, not including utilities, never had home insurance… happily retiring early, next year April…no help, no inheritance from the bank of Mom or Dad. No six figure job and never owned or flipped. I might just sell all my stuff and travel for a bit…”sell my stuff” because storing, to me, is a waste of money – I can use that money to buy all new stuff.

#97 Gravy Train on 11.07.21 at 6:51 pm

#84 Nonplused on 11.07.21 at 5:20 pm
“Grid-tie solar is a scam.” Why don’t you call the police, and have me arrested? :)

#98 Sail Away on 11.07.21 at 7:16 pm

#88 Faron on 11.07.21 at 5:50 pm

All I had to do is listen to one Tucker Carlson bit and, viola.

——–

Tucker’s entertaining, isn’t he? Similar to Bill Maher.

Oh, it’s ‘voila’ by the way. Viola is a string instrument. Words matter.

#99 Amanda on 11.07.21 at 7:16 pm

Am I the only that finds it weird a family moved to Canada, moved $167 million through banks, bought $32 million in property, and only a Swiss bank asked them about it?

… and when BC figured it out, Canada sealed the deportation file that said they were wanted by Interpol?

#100 Bob Steel on 11.07.21 at 7:18 pm

What do you make of robert kiyosaki’s prediction?

https://finance.yahoo.com/news/robert-kiyosaki-just-warned-giant-130000215.html

Nothing. Selling fear is the last trick of a fading guru. – Garth

#101 AACI Homedog on 11.07.21 at 7:21 pm

It was most likely purchased by a developer or builder to demo & rebuild, for a (hopeful ?) profit…

#102 Ponzius Pilatus on 11.07.21 at 7:24 pm

#88 Faron on 11.07.21 at 5:36 pm
#76 Ponzius Pilatus on 11.07.21 at 4:28 pm

#51 Faron on 11.07.21 at 2:40 pm
#31 Ponzius Pilatus on 11.07.21 at 12:27 pm

Arnie can’t run
—————–
I know that.
Meant he could make it harder for Trump.
Thought that was obvious.

#103 Mattl on 11.07.21 at 7:29 pm

Further, large cash and liquidity balances on household balance sheets are now 16% higher than they were before the pandemic struck.

———————————————————

Bingo. Close to 10T in home equity, 40% don’t have a mortgage, average mortgage is 300K. A correction / higher interest rates will impact consumer cash flow but overwhelming majority of homeowners are so far ahead that it would take a 40% bath to really shake things up.

#104 Mattl on 11.07.21 at 7:40 pm

#35 Stone on 11.07.21 at 12:38 pm
Just grateful with all this strangeness going on, my wonderful and consistently stable B&D portfolio is riding this inflationary wave nice and high sitting at 22.36% ytd. Can’t believe that in the same week, it was below 21%. Hooray!

And my B&D in no way smells like excrement or like a mold incubator. Phew!!!

————————————————

Well for one, you aren’t B&D by any GT definition. Second, RE is up 30% YOY. Third, Sp500 is up 27 points YTD.

Strange flex, trailing the index in your landlords basement suite thinking you hit a homerun.

#105 Grasshopper on 11.07.21 at 8:29 pm

I think people don’t feel secure. So their first priority is to get shelter, heat, water. food…

https://www.simplypsychology.org/maslow.html

It follows why people are paying so much for “dirt”

(Garth, I met you at Cristellos in Campbellville. You were driving some huge black SUV 15 years ago, 20…)

#106 THE DANDADA on 11.07.21 at 9:07 pm

There are many immigrant students who have moved in to the mid-sized 1 college town where I live in southern Ontario.

Had a conversation with a group of them just last week.

They love Canada, hate America, don’t ever want to go back to India and will pay whatever it takes to buy a house anywhere in our city.

So there you go….

#107 Doug t on 11.07.21 at 9:10 pm

#95 Nostradamus

OMG ain’t that the truth – COMING SOON – “so get ready and don’t miss out on this once in a lifetime chance – bid early – bid HIGH – bid like there’s no tomorrow folks cause properties like this don’t come around everyday – Get ready to blow the load” – this message brought to you by your local realtor LMAO

#108 Stoph on 11.07.21 at 9:13 pm

The problem that solar energy faces in meeting grid electrical demand is described by the Duck Curve.

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

The problem is that generating system needs to be overbuilt to support peak power demand which typically occurs after sundown once solar is no longer producing. (The exception is when peak power occurs mid-day to run AC units on hot sunny days.) This leads to an increased cost of electricity.

This is where hydro power is great as it can be turn on and off relatively easy, plus energy that isn’t used now is stored for later. As Canada has a lot of hydro, we’re in a relatively good position to take advantage of renewables.

Increasing the electrical transmission capacity of Quebec’s hydropower to Eastern US will help Eastern US grids meet peak demand, especially as more and more renewables come online.

#109 HonestEnD on 11.07.21 at 9:18 pm

I went to see a open house today. Buyers coming in droves. Mostly older people that don’t like they need a house. Selling agent answering back to back calls on the phone. English not the preferred language. Yeah…I give up.

#110 Dr V on 11.07.21 at 9:23 pm

81 dogman01

“You need to stop mining of the thermal coal, not simply convert our Power plants to natural Gas. You also have to ban transshipment of Thermal Coal. Then you have to get the “other guy” to also stop mining it. If you don’t do all these things then you are doing zero for the climate and instead rewarding those whom could care less about the climate.”

I do not disagree. Appears JT is on the case. Sorta.

https://www.cbc.ca/news/science/thermal-coal-canada-ban-exports-1.6236441

“If we are moving to electric vehicles say in 2035 would we not be building new Natural Gas or Nuclear Power plants by now? This is Canada and It will take a decade just to get permits to build a electricity power plant. Where are they all being built?”

Beats me. I remember hearing that to electrify the
entire vehicle fleet in BC, the equivalent of 15 site C
dams would be required. You may be able to verify that starting with the link at comment 25.

Gravy Train and Non-plused – please get along or keep it technical and/or civil. I know it’s no fun that way. Sorry.

#111 crowdedelevatorfartz on 11.07.21 at 9:25 pm

@#89 Jimbo
“You’re talking about yourself, right CEF?”

+++

How astute of you.

@# Wrk.dvr

Thanks for the info.
Interesting ideas for a ” free” hot shower.
Kwh pedants be damned.

#112 wallflower on 11.07.21 at 9:33 pm

I think there is trouble brewing that is not in consideration. I am seeing a lot of newby-bought houses listing rental suites (begs the question, how much of this income is reported? because I constantly read about how ‘my brother-in-law doesn’t report his rental income’).
These suites are not getting snapped up – how to find reliable tenants who have the income at this crazy prices? and how many more prospective tenants are out there at these crazy prices?
I am also ‘hearing’ stories about tenants moving in and good for 3 months rent then crickets.
So there may be a lot more peril in those mortgage files than is being acknowledged.

#113 BCWally on 11.07.21 at 9:35 pm

I read somewhere in here 40% of mortgages are paid off. Pretty good, but I wonder how many of those properties have been used to fund the down payments for the other 60%?
Out of the 40% how many of those will enter the market and at what rate when the owners cash out, likely to fund retirements?
How many of the 60% will be able to absorb inflation of basic necessities and modestly risen rates?
The WFH issue, how will that go?
See what I mean, tons of variables to consider when buying in to this market.
I’m buying overseas.

#114 Dr V on 11.07.21 at 9:50 pm

Dogman01 – 15 seems close if we believe the figures supplied in this article accounting for increased demand plus 100% vehicle electrification by 2050

https://www.vancouverisawesome.com/outdoors/double-power-electric-cars-bc-1946694

#115 That guy on 11.07.21 at 10:25 pm

Gentle Garth and Blog Dogs,

Wifey and I are looking into downsizing. Not empty nesters, but we would like to be debt free. Cars are paid for but mortgage payoff would be out of reach for a while without downsizing. Thoughts?

#116 Doug in London on 11.07.21 at 11:00 pm

If YOU own one of those piece of junk houses, SELL IT NOW. There may be no better time.

#117 BillyBob on 11.07.21 at 11:12 pm

I’d just like to say I really love burning fossil fuels. Kind of like the 276 folks Canada sent to Copout 26. (Largest contingent of any country on the planet, btw. Same as in Paris. I guess that means Canadians care the most about climate change lol.)

Operated a flight recently from Shanghai to Chicago. Entire cargo was…needles. Medical ones. Apparently they’re quite essential these days for some reason.

(No need to thank me Faron, just doing my job. Science and expertise and whatnot. I may not be the star of the Saanich News but some of us must toil thanklessly in the shadows.)

If anything underlines how the need for carbon-based energy isn’t going away soon, it’s burning 110+ tons (bout 140,000 litres of dead dinosaurs) of Jet A to move vital things from A to B.

That’s but one flight, one aircraft, from one company on one day. Extrapolate and let that sink in.

I recall Vancouver was pumping about 4 million litres of Jet fuel/day pre-pandemic. That’s one airport, a secondary one, not a particularly busy one in a world with hundreds of far, far larger airports. Kind of puts the 60 litre minivan fill-up in perspective, no? People have no concept of scale.

But batteries and solar and pinwheels will take over any day now if we just wish hard enough and raise taxes and have some protests.

Sure.

It’s really interesting and not just a little entertaining to watch ideology run headlong into physical reality.

#118 Ponzius Pilatus on 11.07.21 at 11:45 pm

Was Jesus the first “wokester”?

A former Bush campaign adviser who is running as a Democrat in Texas’ lieutenant governor race said Sunday that Jesus Christ today would be declared “woke” by conservatives.
Matthew Dowd, who is seeking his party’s nomination to take on Republican Dan Patrick, said he came to the realization in church that today’s “wokeness” is just another term for human decency.

#119 TurnerNation on 11.07.21 at 11:52 pm

#67 Dolce…Science in Kanada. Mainstream newspaper.

https://www.thespec.com/news/hamilton-region/2021/11/04/covid-hamilton-latest-news.html
“Are Hamilton’s COVID deaths ‘overexaggerated?’”

—-
Control over Feeding, Breeding and Travel/Movement? Yup the New System – since March 2020.

.Canadian grocery shoppers warned to expect ‘several months of rockiness’ as food prices rise (ctvnews.ca)


— No more news…only Predictive Programming/Manufacturing of Consent.
Oh how our elite rulers must be roaring with laughter. The scared sheep.

https://ca.news.yahoo.com/bill-gates-warns-smallpox-terror-000100092.html
Mr Gates suggested that the “germ-games” could include preparing for acts of bioterrorism such as smallpox attacks on airports.

#120 Jane24 on 11.08.21 at 12:12 am

As I have said a million times before, how do these houses get bank appraisals? Is it cash under the table? Just, how?

#121 the Jaguar on 11.08.21 at 1:50 am

Oh my. This time change plays havoc with creatures of habit. Nothing to do but stay up a little later and take a walk on the wild side by reading the American papers. Here’s a snippet from James Carville, Democratic Party demogue. This sentiment cannot permeate the northern border soon enough :

“James Carville knows exactly why his party lost so badly on Tuesday: “Stupid wokeness.”

That’s the blunt diagnosis of the man who famously guided Bill Clinton to the White House in the early 1990s.

“Don’t just look at Virginia and New Jersey,” Carville told PBS’ Judy Woodruff. “Look at Long Island, look at Buffalo, look at Minneapolis, even look at Seattle, Washington. I mean, this ‘defund the police’ lunacy, this take Abraham Lincoln’s name off of schools. ”

“We’re letting a noisy wing of our party define the rest of us. And my point is we can’t do that,” I think they’re very naive, and they’re all into language and identity.

Carville’s argument is that by focusing on removing statues or defunding the police or on proper pronouns for transgender students, Democrats are talking too much about issues that matter less to a broad swath of Americans than, say, the economy.

“Some of these people need to go to a ‘woke’ detox center or something,” Carville told Woodruff. “They’re expressing a language that people just don’t use, and there’s backlash and a frustration at that.” ++

If there really is a ‘Woke Detox Center’ it must be time for Canadians to implement an ‘Intervention’ starting with our current PM. Doubt it would be effective. Mercy.

#122 the Jaguar on 11.08.21 at 1:52 am

‘demagogue’. Darn it.

#123 Wrk.dover on 11.08.21 at 6:31 am

#117 BillyBob on 11.07.21 at 11:12 pm
I recall Vancouver was pumping about 4 million litres of Jet fuel/day pre-pandemic. That’s one airport, a secondary one, not a particularly busy one in a world with hundreds of far, far larger airports. Kind of puts the 60 litre minivan fill-up in perspective, no? People have no concept of scale.
_______________________________

Which is why ETF’s are safe.

Nothing will change. The world is a perpetual motion machine. With profits at any cost.

#124 Another Deckchair on 11.08.21 at 6:46 am

@117 BillyBob.

Well spoken.

I think people should watch the ADS-B traffic (aircraft) sometime, or the AIS traffic around large marine ports. I find it quite informative…

Most have no clue how large the supply and transport infrastructure is, but we all depend on it.

(hints – marine traffic.com, adsbexchange.com are two places to start)

#125 Steven Rowlandson on 11.08.21 at 6:52 am

Whom the Gods would destroy they first make mad is so true.

#126 Re-Cowtown on 11.08.21 at 7:13 am

Biden’s latest pipeline target is Line 5, which sends Alberta oil and refined products to Eastern Canada, including Pearson International Airport.

I hope all of you Easterners are well stockpiled with gas, propane, and jet fuel. Seriously, I really do, as there will be nothing that we can do to help.

#127 crowdedelevatorfartz on 11.08.21 at 8:25 am

@# 118 Ponzies Prayer Pal.

“Was Jesus the first “wokester”?”

+++
Yes.
His holy bi, ci, tri-nity was 2000 years ahead of it’s time.

@#121 the jaguar

“Carville’s argument is that by focusing on removing statues or defunding the police or on proper pronouns for transgender students, Democrats are talking too much about issues that matter less to a broad swath of Americans than, say, the economy.”

+++
Yep.
The “Woke” backlash is building.
The endless bickering arguments.
New business cards with (he,she,they) in brackets at the end of every name seems so…..important…..in the grand scheme of things doesnt it?
Politicians take note.
There’s a lot of angry voters out there.
Canadian Conservative Party take note.
O’Toole lost to a unpopular, posturing, clown in charge of Woke , posturing, clowns.
Get rid of him asap.

#128 crowdedelevatorfartz on 11.08.21 at 8:35 am

Goodness gracious.

What IS China preparing it’s self for?

https://www.reuters.com/world/china/china-builds-mockups-us-navy-ships-area-used-missile-target-practice-2021-11-08/

#129 Dharma Bum on 11.08.21 at 9:00 am

#121 The Jaguar

“James Carville knows exactly why his party lost so badly on Tuesday: “Stupid wokeness.”

“Some of these people need to go to a ‘woke’ detox center or something,” Carville told Woodruff. “They’re expressing a language that people just don’t use, and there’s backlash and a frustration at that.” ++

If there really is a ‘Woke Detox Center’ it must be time for Canadians to implement an ‘Intervention’ starting with our current PM. Doubt it would be effective. Mercy.
—————————————————————————————–

Shhhhhhhhhhh!

Careful.

You might push another one of Faron’s buttons.

At least wait until his batteries recharge.

#130 Quintilian on 11.08.21 at 9:07 am

#120 Jane24

“As I have said a million times before, how do these houses get bank appraisals? Is it cash under the table? Just, how?

Some of it can be explained thus:

https://cullencommission.ca/files/reports/CullenCommission-InterimReport.pdf

#131 Don Guillermo on 11.08.21 at 9:11 am

#118 Ponzius Pilatus on 11.07.21 at 11:45 pm
Was Jesus the first “wokester”
*******************************
Our gardener’s name is Jesús “Chuy”. He’s not woke but very cool. He cruises along the Malecón on his motorcycle. Be more like Chuy.

#132 crowdedelevatorfartz on 11.08.21 at 9:46 am

@#121 The Jaguar

An interesting article from the Washington Post about the US Democratic Party defeats.

https://www.washingtonpost.com/politics/democrats-biden-virginia-new-jersey-infrastructure/2021/11/07/d5811f7e-3e43-11ec-bfad-8283439871ec_story.html

Voters are sick of the Woke , politically correct posturing from the Left….. apparently even when it’s their own political Party.

Our “Wokester” survived an uncessary election by the skin of his teeth.
One can only imaging if the Conservatives had spent more time preparing their Leader to say the same six word sentence over and over.
“We have a plan for that”.

Trudeau might be but a distant memory today.

#133 Do we have all the facts on 11.08.21 at 9:48 am

Prior to the Covid 19 lockdown the Parliamentary Budget Officer (PBO) determined that Canadian families held a total of $11.7 trillion in assets as net worth

$5.7 trillion as equity in real estate
$2.8 trillion in life insurance and pensions
$1.6 trillion as currency and deposits
$1.5 trillion in mutual funds
$1.2 trillion in listed and unlisted shares
$700 billion as consumer durables

These assets were reduced by

$1.5 trillion in mortgage debt
$700 billion in consumer credit

Based on the total net worth of $11.7 trillion held by Canadian families the PBO determined the following distribution of net worth from the top down in December 2019, just prior to the Covid 19 crisis

1.0% or 256,600 families held 25.7% of net worth
5.0% or 1,053,300 families held 43.7% of net worth
10.0% or 2,650,000 families held 56.7% of net worth
20.0% or 5,837,000 families held 73.8% of net worth
60.0% or 12,211,100 families held 98.9% of net worth

This left the bottom 40% of Canadian families holding 1.1% of the total net worth of all Canadian families.

Now consider that 68% of Canadian families already own their home and leaving 32% of all families who are renting or who are living in shared accommodation.

The experts who are predicting the continued escalation of home prices in Canada seem blind to the fact that 40% of all Canadian households entering 2020 had an average net worth of less than $20,200.

Approximately 80% of all new family formations in Canada will originate from families that had an average net worth of only $240,000 entering 2020. The idea that down payments covered by the Bank of Mom and Dad will enable home prices across Canada to continue to escalate seems a bit if a pipe dream based on current levels of wealth distribution.

Approximately 50% of the 100,000 families who will immigrate to Canada in 2021 will arrive with a modest amount of net worth. Even the most optimistic supporter of immigration as a source of new home buyers must admit that the current level of home prices will definitely restrict purchases by new arrivals.

In short the economic realities that exist in Canada do not, and cannot, support the continued escalation of house prices. Once the investor class gets a whiff of a decline in value that market will evaporate and tens of thousands of currently vacant units will begin to enter the market.

Facts are facts so don’t be too quick to buy into projections that cannot be justified.

#134 willworkforpickles on 11.08.21 at 9:53 am

Real estates last gasp/gush of greater fools is here.
The gamblers blinded with greed are all that’s left.
The smart buyer will wait now as they can sense the peak has come.
Real buyers remorse is going to set in over the next 2 years.
Those drawn and psyched by FOMO adrenaline insanity will come back to reality and begin to burn out, realizing after all … they are now paying forever for a million+ dollar shack losing value.
Many will soon be saying to themselves …
… What The Hell Was I Thinking …

#135 Phylis on 11.08.21 at 9:55 am

For the person who was asking about house deposits and questionable use of them.
Just extrapolate a bit and thx to the above cullen commish link.
“A related typology involves the use of cash to make deposits on luxury vehicles, with the sus- pects returning the next day, advising that they have changed their mind and requesting the return of the deposit. Because the dealerships have already deposited the cash in the bank, they issue a cheque to the suspects to repay the funds.”

#136 SunShowers on 11.08.21 at 10:14 am

Anybody got the Markham listing?
I love sharing these dumpster fires with my buddies.

#137 Zen Investor on 11.08.21 at 10:27 am

#30 Shawn. Emera is not part of Quebec’s power line suicide. EMA is an already installed buried undersea cable. Quebec is overland through disputed territory.

#138 Millennial 1%er on 11.08.21 at 10:29 am

And I thought I was being irresponsible when I went #balls-to-the-walls two years ago when I bought my house.

Jeez

#139 crowdedelevatorfartz on 11.08.21 at 10:38 am

@#135 Phylis

Yep.
A great way to “wash” your money.
Duffel bags of cash arrive at the Casino counter…
Buy tens, hundreds of thousands in chips.
Gamble for a few hours.
Win or lose a bit.
Cash in your chips.
Grab a Casino cheque.
Off to the bank.

Now ( as Garth previously mentioned) think about that if there is a 7 day “cooling off period” for house deposits/purchases.
Dump a huge deposit on a house ( with no intention of actually buying) and 6 days later announce you’re walking and get a cheque back for the deposit…..

#140 the Jaguar on 11.08.21 at 10:40 am

@#129 Dharma Bum on 11.08.21 at 9:00 am / #127 crowdedelevatorfartz on 11.08.21 at 8:25 am

It’s best just to ignore him. ‘Pushing his buttons’ is similar to a stroll through a north African land mine field as demonstrated this weekend re the JP rants.

It was only a matter of time before the Woke Revolution of Critical Theory began to eat their own. It won’t end there. At some point the incredible hypocrisy about the place of fossil fuels in the world will wash up on the beach of denial as well.. So tiresome to hear the constant bleating about electric cars, etc ( as cool and innovative as they are) while larger infrastructure and supply issues directly related are missing in action.
The average person driving their SUV doesn’t seem to have a clue who Bjorn Lomborg is or what’s really behind the world’s food supply and energy safety. Nor will they be willing to give up those little luxuries made possible by an industry that directly drives GDP and their comfortable lifestyle. I’m sure not willing to cancel my upcoming flight reservation on a Billy Bob Express to one of my favourite beaches.

Nothing like the sight of a good looking man in a pilot’s uniform. ( that ought to push Ponzi’s buttons, lol).

#141 crowdedelevatorfartz on 11.08.21 at 11:03 am

If Saskatchewan can find such an eloquent person for Premier….
Why can’t the National Conservative Party?

https://twitter.com/i/status/1457377470370521088

#142 Faron on 11.08.21 at 11:04 am

#98 Sail Away on 11.07.21 at 7:16 pm

#88 Faron on 11.07.21 at 5:50 pm

Tucker’s entertaining, isn’t he? Similar to Bill Maher.

Oh, it’s ‘voila’ by the way. Viola is a string instrument. Words matter.

Good job clippy. You wasted further moments of your Sunday correcting a typo. Well done. Shallower than a kiddie pool.

TC is a f-wit doing a heck of a lot of damage to the US by smearing his misinformation excrement around. Fox News lawyers have defended him against libel suits with the argument “no reasonable person would see his show as factual”. Let that sink in.

BM — well, his initials speak for themselves.

These two are true pompous dunces not unlike JP. Detecting a pattern in who you view as thought leaders. Maybe you are attracted to your kind?

#143 Ponzius Pilatus on 11.08.21 at 11:05 am

131 Don Guillermo on 11.08.21 at 9:11 am
#118 Ponzius Pilatus on 11.07.21 at 11:45 pm
Was Jesus the first “wokester”
*******************************
Our gardener’s name is Jesús “Chuy”. He’s not woke but very cool. He cruises along the Malecón on his motorcycle. Be more like Chuy.
————————
Be careful.
“The murderer is always the Gardener, or the Butler”
Chuy is probably your gated community drug supplier.
My favourite gardener is Chance.
He can walk on water.

#144 Shawn Allen on 11.08.21 at 11:05 am

The Wide Disperion of Wealth means that almost no one is average.

Do we have all the facts noted that:

1.0% or 256,600 families held 25.7% of net worth
5.0% or 1,053,300 families held 43.7% of net worth
10.0% or 2,650,000 families held 56.7% of net worth
20.0% or 5,837,000 families held 73.8% of net worth
60.0% or 12,211,100 families held 98.9% of net worth

This left the bottom 40% of Canadian families holding 1.1% of the total net worth of all Canadian families.

**********************************
Which means that the bell curve of wealth is very wide. Which in turn means that relatively few people are close to the median or average. How many within plus or minus 10% of average? Not that high a percentage.

I don’t like references to the average Canadian or average family since it sort of implies that most people are average. Not so.

#145 Faron on 11.08.21 at 11:08 am

#140 the Jaguar on 11.08.21 at 10:40 am

@#129 Dharma Bum on 11.08.21 at 9:00 am / #127 crowdedelevatorfartz on 11.08.21 at 8:25 am

Nothing like the sight of a good looking man in a pilot’s uniform. ( that ought to push Ponzi’s buttons, lol).

More like burbles of vomit through a grimmacing smile.

#146 Shawn Allen on 11.08.21 at 11:10 am

Emera and Muskrat Falls power line to the U.S.

#137 Zen Investor on 11.08.21 at 10:27 am

#30 Shawn. Emera is not part of Quebec’s power line suicide. EMA is an already installed buried undersea cable. Quebec is overland through disputed territory.

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

Right. It was Wrk.dover who said Emera was involved in Maine’s decision to block transmission lines.

The Muskrat Falls line through three ocean water crossings and three big land crossings to the U.S. is its own separate boondoggle with its own problems.

But now that it is built it would benefit from Quebec being blocked from expanding its far more logical over-land route.

#147 Do we have all the facts on 11.08.21 at 11:12 am

#133 correction

The top 1.0% should read 159,000 families not 256,000

The top 5.0% should read 796,700 families not 1,053,000

The top 10% should read 1,593,500 families not 2,650,000

The top 20% should read 3,187,000 families not 5,837,000

The top 60% should read 9,560,700 families not 12,211,100

I forgot to adjust my excel to stop aggregating cells from a previous exercise. Sorry

All other numbers are correct

#148 Ponzius Pilatus on 11.08.21 at 11:16 am

#140 Jag
BLAH, BLAH,BLAH

#149 Phylis on 11.08.21 at 11:27 am

#139 crowdedelevatorfartz on 11.08.21 at 10:38 am
@#135 Phylis

Yep.
A great way to “wash” your money.
Duffel bags of cash arrive at the Casino counter…
Buy tens, hundreds of thousands in chips.
Gamble for a few hours.
Win or lose a bit.
Cash in your chips.
Grab a Casino cheque.
Off to the bank.

Now ( as Garth previously mentioned) think about that if there is a 7 day “cooling off period” for house deposits/purchases.
Dump a huge deposit on a house ( with no intention of actually buying) and 6 days later announce you’re walking and get a cheque back for the deposit…..
Xxxxxx
Don’t forget to “rinse and repeat”. Ha ha.

#150 James on 11.08.21 at 11:44 am

#68 TurnerNation on 11.07.21 at 3:40 pm

The War on Small Business. One of the multi-dimensional aspects of this WW3 – launched that cold week March 2020.
I mean are we ‘back to normal’ yet? Nope that never was the plan.

.Toronto’s PATH system faces crisis as companies announce permanent hybrid work arrangements (theglobeandmail.com)


– When Kandos attack.

https://toronto.ctvnews.ca/sudden-113-spike-in-toronto-condo-fees-sparks-nasty-dispute-and-threats-1.5655442


– And so it begins. 2030: “You will own nothing and be happy. And eat bugs”. Baby/paw steps:

https://catit.ca/shop/catit-nuna-insect-based/
Catit Nuna – Insect Protein-Based Cat Food



Blockchain. Why was it developed? For us. Every human must be placed into it. It’s why every country has the QR code. This is a Global rollout. Our leaders no longer work for us.
Listen to the WHO. This always was a Global rollout.

https://www.who.int/publications/i/item/WHO-2019-nCoV-Digital_certificates-vaccination-2021.1
Digital documentation of COVID-19 certificates: vaccination status: technical specifications and implementation guidance, 27 August 2021
____________________________________________
Who would have even guessed a 113% increase in condo fees?
Everyone who has common sense. Condo fees do only one thing they go up and are uncontrolled.
That is why so many fixed income boomers buy a condo and only last for about 2-5 years before unloading and going back to a land based domicile where they can control their own expenses.

#151 Don Guillermo on 11.08.21 at 11:46 am

#143 Ponzius Pilatus on 11.08.21 at 11:05 am
131 Don Guillermo on 11.08.21 at 9:11 am
#118 Ponzius Pilatus on 11.07.21 at 11:45 pm
Was Jesus the first “wokester”
*******************************
Our gardener’s name is Jesús “Chuy”. He’s not woke but very cool. He cruises along the Malecón on his motorcycle. Be more like Chuy.
————————
Be careful.
“The murderer is always the Gardener, or the Butler”
Chuy is probably your gated community drug supplier.
My favourite gardener is Chance.
He can walk on water.
************************************
I hear you PP. Getting Mexican culture from Netflix Narcos is the way to do it. I decided to take a deep dive into South Korean culture and watched the Squid Game. Those Koreans are a nasty bunch, Won’t be travelling there anytime soon. Chauncey Gardiner was my favorite too. Unfortunately he wasn’t available. Back to watching Season 3 Narcos. Hasta Luego!

#152 crowdedelevatorfartz on 11.08.21 at 11:47 am

@#145 Faron.

So much bile and anger.

Your obvious jealous envy of Jordan Peterson is telling.
Don’t worry.
Ponzie still loves you.

#153 Sail Away on 11.08.21 at 11:48 am

#142 Faron on 11.08.21 at 11:04 am
#98 Sail Away on 11.07.21 at 7:16 pm

Oh, it’s ‘voila’ by the way. Viola is a string instrument. Words matter.

——–

Good job clippy. You wasted further moments of your Sunday correcting a typo. Well done.

——–

My pleasure. Listen well and hearken, my son.

As is written in Proverbs 12:15:

‘The way of a fool is right in his own eyes: but he that hearkeneth unto counsel is wise’

#154 Sail Away on 11.08.21 at 11:52 am

#145 Faron on 11.08.21 at 11:08 am

More like burbles of vomit through a grimmacing smile.

——-

‘grimacing’

#155 Dr V on 11.08.21 at 12:00 pm

117 Billy_Bob

Did a little googling on aircraft emissions. It surprised me. A very minor bit player in the big picture. Low single digit percentage.

https://www.c2es.org/content/reducing-carbon-dioxide-emissions-from-aircraft/

https://ourworldindata.org/co2-emissions-from-aviation

I would presume however that a reduction in air travel and freight would also reduce the need for manufacturing and shipment of raw materials and parts
in airplane manufacturing, construction of related facilities etc, which would lower the GHG emissions currently attributed to “industry”.

#156 Wrk.dover on 11.08.21 at 12:20 pm

#146 Shawn Allen on 11.08.21 at 11:10 am
Right. It was Wrk.dover who said Emera was involved in Maine’s decision to block transmission lines.
__________________________
I had insinuated that PERHAPS Emera has a financial stake in a line from Nfld to CB that is supposed to go on through Maine, whom said no it won’t.

Stories change on this blog.

#157 Wrk.dover on 11.08.21 at 12:25 pm

#126 Re-Cowtown on 11.08.21 at 7:13 am
Biden’s latest pipeline target is Line 5, which sends Alberta oil and refined products to Eastern Canada, including Pearson International Airport.

I hope all of you Easterners are well stockpiled with gas, propane, and jet fuel. Seriously, I really do, as there will be nothing that we can do to help.
_____________________________

I’m waiting for our friend here to finish building the gasifier powered ride. I’ll be hitchhiking.

#158 Bdwy on 11.08.21 at 12:33 pm

People say sail away is an uncaring monster.

What i see today is him freely giving of his time and knowledge to help out a fellow blog dog with his spelling .

,……
Landed in PV few days ago. Been a few years since i had a proper taco. I see a big change here. I recall littering to be a problem all over but the place is spotless now. Cant even find a cig butt on the ground. Apparently plastic bags are out.
Public trash cans with bags everywhere. Good job mexico!

Do you see the same in maz?

#159 Dragonfly 58 on 11.08.21 at 12:39 pm

Canada’s high cost of things { household and commercial } is making us very non- competetive with the U.S. The U.S. has a great transportation system. Anything can be anywere in very little time and for very low cost compared to Canada. U.S. Property for commercial use is often a fraction of the Canadian cost.
I will give you an example of a typical cost difference once you get away from ” Walmart ” type items. The good quality water filters I use on my well water system are $26.00 Cdn. each { plus tax } when bought in Canada. Looked high and low for a better price, but that was the best possible.
In the U.S. they are $48.00 USD for a 12 pack. { + $12.00 US for next day shipping to a U.S. address }
And once you get away from a very basic list of things a Canadian home or something like a light manufacturing Co. needs this sort of price difference is commonplace.
How can we possibly compete ?
A good friend is a maintenance supervisor for a small { 20 employee } manufacturing plant. The Co. is growing, the owner looked the cost of expansion here in S.W. British Columbia . He then started looking into the same sort of expansion in the U.S.
Needless to say the new division is going to be in the U.S. Absolutely every cost substantially lower in the U.S. but the products sell for the same $ regardless of where they are made.

#160 Linda on 11.08.21 at 12:41 pm

#96 ‘Satori’ – congratulations on your impending retirement! Sounds like you have worked towards achieving specific goals & renting gave you that ability, so don’t see why anyone would pity you for being financially secure & able to retire while you still have the health to enjoy it:)

#161 Giving up on RE on 11.08.21 at 1:16 pm

A dumpy house for $300k in Sarnia.

https://www.realtor.ca/real-estate/23805925/290-cromwell-street-sarnia

Two km away across the river in Michigan, a restored Victorian mansion for the same price in CAD.

https://www.zillow.com/homedetails/816-Court-St-Port-Huron-MI-48060/77906941_zpid/

The laws of physics will not allow this to continue…

#162 Faron on 11.08.21 at 2:19 pm

#152 crowdedelevatorfartz on 11.08.21 at 11:47 am
@#145 Faron.

So much bile and anger.

Your obvious jealous envy of Jordan Peterson is telling.

Pfffffff. LOL. Where does this come from? Honest list of people I envy (more like admire) will be provided if asked. JP is on the list of people I pity. You are a new entrant. Sail Away is a long-time veteran.

#153 Sail Away on 11.08.21 at 11:48 am

My pleasure.

Cool, where shall I send my draughts?

And the byble quoting is making me laugh harder than crowdie’s antics.

Having lost the arguments, you are falling back on childishness.

#163 Don Guillermo on 11.08.21 at 2:34 pm

#158 Bdwy on 11.08.21 at 12:33 pm
People say sail away is an uncaring monster.

What i see today is him freely giving of his time and knowledge to help out a fellow blog dog with his spelling .

,……
Landed in PV few days ago. Been a few years since i had a proper taco. I see a big change here. I recall littering to be a problem all over but the place is spotless now. Cant even find a cig butt on the ground. Apparently plastic bags are out.
Public trash cans with bags everywhere. Good job mexico!

Do you see the same in maz?
***********************************
Maz has improved over the years for litter but I don’t think it’s as clean as PV – yet. Maz has become the biggest tourist destination for Mexicans in Mexico and there is still a learning curve. Young Mexicans are leading the way and are constantly organizing street and beach cleanups. Plastic bags are being phased out but not completely gone. Seems everyone has switched to paper straws. I usually decline the “popotes” paper or plastic. I’ve been coming to Mexico since the 70’s (mostly Acapulco and area back then but some PV). Litter has always been my pet peeve. So yes, it’s improved a lot but still has a ways to go. Glad you’re enjoying this wonderful country Bdwy! As Jag likes to quote “Poor Mexico, so far from God, so close to the US.”

#164 Bdwy on 11.08.21 at 2:34 pm

#161 Giving up on RE on 11.08.21 at 1:16 pm

Two km away across the river in Michigan, a restored Victorian mansion for the same price in CAD.

The MI place has 4x size lot too.

But them’s rookie numbers. The 10ac we bought just over the line near vancouver was about 5% of the price of the equivalent land just a few km north. It had boomed down there, now maybe 15% of cdn equal.

#165 vanreal on 11.08.21 at 5:39 pm

Jane24 on 11.08.21 at 12:12 am
As I have said a million times before, how do these houses get bank appraisals? Is it cash under the table? Just, how?

———————————————-
The value is in the land not the house. This is true in many many cases. Houses depreciate over time but land does not it usually goes up especially in YVR and Toronto

#166 chalkie on 11.09.21 at 6:57 am

Real Estate prices: Its a powder Keg full of pied piper Millennials, with no where to go but in pieces of scatter brain when this wool sock comes unraveled.
Self pity will be so deep in getting caught up into this buying frenzy, when its over, even your own mirror will refuse to show your face, prices are complete stupidity, be smart and keep your money, your deal is just around the corner.