Real estate values in some of the pricier hoods in the nation may start taking on water. Look at poor Abby. When the slimy little pathogen slithered into our lives the average detached home in Abbotsford cost less than $800,000. Today the same place tops $1.2 million. At least it did, before The Storm.
Suddenly living in the Best Place on Earth doesn’t seem so bucolic. The climate has been angry – drought, fires, bugs, floods. The local ag industry is a mess. Five hundred dairy cattle gave up their lives in the last week. Tens of thousands of chickens. Farming is a big part of the local economy, along with commuting to YVR, which the deluge made impossible for many. Anyway, no gas. Now, a looming drywall shortage.
Will climate change impact house prices? Even in one of the most desirable hunks of the nation?
Of course it will. And reflect on what residential real estate insurance premiums could be in the future. It’s tough enough paying a huge, inflated amount for a house that cost vastly less two years ago, but a nightmare to contemplate the damage water can do, the immense hassle involved in repairing it, the impact on the local economy and the elevated ongoing costs of living in the path of an atmospheric river.
It’s just one more threat the housing market faces. Along with rising interest rates. Historic levels of debt. And a central bank which this week set off the alarm over “the higher chance of a correction.”
Did you catch the latest?
First Teranet said the largest segment of the entire real estate market is now investors. These people (who already own houses) account for a staggering 25% of all new deals. For the first time that eclipses newbie buyers (at 22%). In fact, in a “normal” market (where people don’t wear masks, never work in their jammies and can afford houses) half of all real estate transactions are first-time buyers.
But no more. There’s nothing normal about what’s going on. And when the Bank of Canada squawks like it did this week, something significant may be coming.
The bank’s deputy governor says the rise of small-time investors, speculators, flippers and amateur landlords is bad news. The housing supply is shrinking. Competition is squeezing out the kiddos. Prices are escalating. Family-investors are draining puffed-up equity in existing homes to buy more of them. The CB reports the number of mortgages taken out by investors in the last year doubled. Loans to repeat buyers are up 60%. New buyers, in contrast, accounting for a 40% gain.
The CB talks about “extrapolative” demand. It’s not the good kind. It doesn’t come from population growth, economic expansion or the simple fact families are being formed and accommodation needed. Instead extrapolative demand flows from the expectation prices will keep rising. Period. It’s speculation. FOMO. Like buying a stock just because you know it will rise. It leads to the financialization of real estate. And we’re doing it to ourselves.
“A sudden influx of investors in the housing market likely contributed to the rapid price increases we saw earlier this year,” says the CB. “That can expose the market to a higher chance of a correction… extrapolative expectations risk creating a disconnect between actual home prices and their more fundamental levels.”
Layer on this an explosive overall growth in household mortgage debt, and the vulnerabilities real estate poses to the overall economy are on the rise again. Plus, immigration is about to rekindle. And the post-virus reopening trade is in full swing. Additionally, the federal Libs are out of control, about to (a) enhance the shared-equity mortgage plan, (b) double the first-time homebuyers’ credit, (c) hike the ceiling for CMHC-insured mortgages to $1.25 million, (d) create a new-rent-to-own program and (e) launch that weird, crazy FHSA which will make Bank of Mom down payment loans tax-deductible.
So, it appears the planet and the Bank of Canada are on one side, hormones and Liberals on the other. Who will prevail?
Will the CB walk the talk and accelerate its slate of interest rate increases? Or will it roll over and allow housing to turn into an investment commodity while placating the delusional policies of our elected overlords?
Meh. We’ll see.
Meanwhile consider an investment in something safe. Like hip waders.
But not at the Abby Canadian Tire. They’re sold out.
About the picture: “This is Nala, our 9 year old golden “shaking it off” after a dip in the lake,” writes Tim. “Been following your blog for a few years now and it has definitely helped improve my financial literacy. Thanks for sharing, and keep up the great work!”
149 comments ↓
Typically some prairie folk buy a second place or retire to the Oakanagan. Who would do that now with the constant threat of fires? Even if your place doesn’t get burnt to the ground, how much smoke will you have to breath in each summer. Central and Southern BC are definitely in for a reset.
It’s not just drywall in short supply.
A friend who installs carpet commented this am that there is amost no carpet glue in the Lower Brainland.
All snapped up.
No deliveries until next week ….maybe.
Seems there’s a ton o carpet being replaced…..
Economic shutdowns update. Every Former First World country is lockstep. The CV Rules are an intergral part of the plan. Flip what our rulers tell us 180 degrees to make sense. This always was a Permanent Closing Act:
.”Ontario to extend emergency orders under Reopening Ontario Act
Ontario has extended the government’s power keep all emergency orders in place under the Reopening Ontario Act until March 2022.” toronto.ctvnews.ca
—
— Next step of the Reset? I’m still expecting a severe consumer recession 2023-24. The trap is sprung.
.”The Globe and Mail reports in its Wednesday edition that the Bank of Canada says high levels of household debt could destabilize the economy as rates start to rise. … Canadians who stretched their finances to buy into the white-hot real estate market are highly exposed to rising debt servicing costs. He says the risk of a housing market correction has also increased of late….The Globe says the BOC is preparing to raise interest rates to counter galloping inflation, which hit an 18-year high of 4.7 per cent in October” (stockwatch.com)
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LOLOLOL Life in Kanada. This country is done. Stick a fork in it.
As I noted in Q2 2020 here all Fun has been removed in the New System. Compliance, submission is now a way of life.
“Mask Compliance Team on Patrol at Winnipeg Arena
Winnipeg Free Press – November 23, 2021
Staff at Canada Life Centre clad in bright blue vests bearing the words “mask compliance” have become a new feature at Winnipeg Jets games.”
—
My God.
Is there no end to the apologizing in Canada….?
https://nationalpost.com/news/womens-group-apologizes-for-using-14-92-the-year-of-colonization-and-genocide
Employees are the rungs on the ladder to success. Don’t hesitate to step on them.
Looks like Newfoundland and Nova Scotia are getting their turn.
Ah, good ol’ predictable and climate snoozefest, the GTA.
I say JT tries to get the CB to hold off. Yes, I know they’re independent of each other but taking into account how the liberals meddle in everything, I think this is no different.
More price increases until it goes nuclear.
I should have invested in real estate 10 years ago, I was always preaching “balance” and “diversification” to my friends who were gobbling up real estate like crazy…..now I look like an idiot….only time will tell I guess…seems like the government does not want this party to stop…jeeez
In the first eight years of our 50 year marriage we bought 4 properties one we could subdivide and we worked and
sacrificed to pay them all off. However as I heard today from a stay at home dad during our morning walk ” there is more to life than work”. Debt free for 42 years and fully
retired for 16 years handed the keys over from our last business on Dec.3rd 2005.
Who in their right mind would move to Central or Southern BC now? The Oakanagan? Your house could be burned to a crisp. Even if it doesn’t burn, you will have to breath in smoke for a month.
It’s just a matter of time I hope.
Climate change? Sure, why not. Here’s another idea; Don’t build in the middle of a lake bed surrounded by unmaintained dikes.
‘Family-investors are draining puffed-up equity in existing homes to buy more of them. The CB reports the number of mortgages taken out by investors in the last year doubled.’ GT—–
This has been the biggest elephant in the room for so long it boggles the mind that it has taken so long for it to finally hit print. I’ve posted previously that some segments of our population regard real estate as a safer investment than financial instruments, particularly many who fall into the ‘new to canada’ group. It just is what it is. Not a criticism. But the chickens are roosting big time. Cause and effect.
The methods used to obtain additional real estate investments should have been under a high powered microscope eons ago, but the ‘chicken hawks’ are so far removed from reality and busy attending climate change conferences it’s gone unchecked.
Everywhere one looks there are labour quality issues, but I used to think that in positions of great oversight we must have ensured only the best were recruited and rewarded for those roles. How naive. One begins to understand why ‘whistle blowers’ like Edward Snowdon surface. They are in short supply where matters of real estate are concerned.
Time to download that new QR code and leave all these depressing headlines………..
I saw somewhere that 1 in 5 Canadian homeowners, own more than 1 property. That alone is keeping over a million properties from being on the market. I believe more will be picked up from homeowners in the future and put more stress on inventory
I was born on the coast in the 1960’s in Metro Vancouver and have been here all my life, the last couple of years have been a wakeup call, unfortunately, a recency bias will not be forthcoming for the majority.
Meanwhile, a virtual real estate plot sold for 2.4 million. In a virtual shopping district. Selling virtual clothing for avatars? The lunatics are officially running the insane asylum. God help us.
The whole system is rigged because RE agents prefer to sell to investors because it means a ‘double’ listing for them. The agents want the second listing for the flip sale (usually to first-time home buyers) or for the rental. So blame the RE industry also because they artificially created bidding wars to help investors.
Someone tell me what I’m missing …
I saw 2 youtubers recently – one was reading a subreddit with folks asking for advice on scamming the lenders into qualifying for loans – with the mortgage broker’s help
The other just keeps talking about the immigration levels. Plus pulls up dozens of old articles calling for a major crash in Toronto housing prices.
It’s a somewhat ?? plausible ??? argument that the bears will always be wrong? maybe????
But this is where I’m really lost with this guy – since when did immigrants become able to get massive loans soon after immigrating?
Maybe combine the 2 youtubers and say the mortgage brokers helping all the immigrants scam the mortgage system?
@#10 Dave
“Who in their right mind would move to Central or Southern BC now? The Oakanagan? Your house could be burned to a crisp. Even if it doesn’t burn, you will have to breath in smoke for a month.”
++++
Try 3 months. July, Aug, Sept.
Prime forest fire months.
“Smokanogan” is the new reality.
What we desperately need and do not have today are proactive leaders who can foresee the bubbles & dark clouds over the country and stop them in prebuild up stage.
Unfortunately today, we see Leaders who give news releases (after the event) and political leaders making all kind of promises pre-election time
#4 crowdedelevatorfartz on 11.24.21 at 3:04 pm
My God.
Is there no end to the apologizing in Canada….?
https://nationalpost.com/news/womens-group-apologizes-for-using-14-92-the-year-of-colonization-and-genocide
_______
I love it when the extreme alt-lefty radical activists start fighting with each other :)
“Plus, immigration is about to rekindle.”
Profound words from our host.
Global migration, for economic, political and environmental reasons is about to go off the charts.
Canada will be hitting 50 million by 2035-2040, and 75 million by 2060.
Property values will easily triple by 2040 as a result, in major centres.
Don’t miss out.
#9 cuke and tomato picker on 11.24.21 at 3:22 pm
…as I heard today from a stay at home dad during our morning walk ” there is more to life than work”.
———
Yes, I hear people say that as well and have never understood it.
Life is work is life is work. And so on.
It takes a lot of time and effort to get established, pay your bills, gain experience, and slowly, over time, tailor the work you do to enjoyable things.
By that time, 20 years or so into your career, all the ‘more to life than work’ types are doing the unpleasant stuff for you.
Maybe another saying could be, ‘Look forward to years of longer, lower paying, less enjoyable work if you choose to avoid it when you’re young and energetic.’
#19 crowdedelevatorfartz on 11.24.21 at 3:56 pm
@#10 Dave
“Who in their right mind would move to Central or Southern BC now? The Oakanagan? Your house could be burned to a crisp. Even if it doesn’t burn, you will have to breath in smoke for a month.”
++++
Try 3 months. July, Aug, Sept.
Prime forest fire months.
“Smokanogan” is the new reality.
++++++++++++++++
Right you are. Summers and smoke seem to be getting worse too. Winter cloud overcast has started and usually lasts 5 or so months. But the place keeps growing by leaps and bounds, I can’t figure out why.
“Real estate values in some of the pricier hoods in the nation may start taking on water. Look at poor Abby. When the slimy little pathogen slithered into our lives the average detached home in Abbotsford cost less than $800,000. Today the same place tops $1.2 million. At least it did, before The Storm.
Will climate change impact house prices? Even in one of the most desirable hunks of the nation?
Of course it will.
a nightmare to contemplate the damage water can do, the immense hassle involved in repairing it, the impact on the local economy and the elevated ongoing costs of living in the path of an atmospheric river.”
—————————————————————-
Ahh yes, homes that were allowed to be built on low ground / flood plains…
This is where some personal due diligence should have been applied by many (adults), specially the residential, non farmers. It clearly sates on mortgage contracts (even the listing) if the home is on the floodplain.
Rational: 9 years ago we almost purchased, a nice A-frame in the Wack with a big shop on a suburban acre, even on a cul-de-sac that backed onto a small irrigation channel. Similar story on a home setup on two acres in Yarrow, that backed onto the larger irrigation canal.
These homes were priced very good at the time. It was hard to do, but once I checked property elevations and compared them to the mighty Fraser (that already had dikes outside Hope in questionable shape back then) we just played it safe found something else 200 ft (a guess) above the Valley floor in east Abby.
So yes, I believe BC house values will defiantly be affected. Anything low land or vulnerable to water, is going drop, a lot. I also think revised flood maps will be used to restrict building locals, going forward.
This will put yet more pressure on the remaining RE that enjoys a view with out hanging off the side of a mountain, like mine. I even removed 75% of the lawn outback 5 yrs ago and installed 6″ deep of 1/2″ granite crush for drainage, just to be safe.
Risk assessment in life is critical to avoiding bad outcomes, regardless of what some realtor tells you…
Garth, where are we at with the delegation of spending and financial authorities and the key internal control in the expenditure management processes?
Do these delegates still have a job?
#8 paddywhack “seems like the government does not want this party to stop…jeeez”
Nailed it, here in BC (and probably everywhere else in Canukistan) its the cash machine that keeps on giving. Till it doesn’t.
We are living in a false economy where profligate governments have been able to hide their fiscal incompetence. Will be interesting when the tide turns. House of cards.
https://theorca.ca/resident-pod/what-happens-if-the-bubble-bursts/
has the CB ever raised 1 full point? asking for a friend
#22 – you’re joking, right?
to have population jump 25 million in 20 years requires over 1mm new people a year… more than double current levels.
did you bother with the math, or just make it up as you go?
#5 Bob Dog on 11.24.21 at 3:08 pm
Employees are the rungs on the ladder to success. Don’t hesitate to step on them.
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This is one time, maybe the only time, I sorely miss that there is no “like’ button on this site.
That’s politically incorrect but hilarious… the imagery…
DELETED
#21 IHCTD9 on 11.24.21 at 3:59 pm
I love it when the extreme alt-lefty radical activists start fighting with each other :)
It makes me laugh as well, much like The People’s Front of Judea vs the Judea People’s Front.
===
All this hand-wringing, and twisting about real estate. It feels like a major train wreck coming in slow motion, and all I can do is shrug. What else can a person do? You can’t fix FOMO and greed.
@TurnerNation
May I ask why you’re still here In Kanada? All you do is whine about it lol. Is there no where better to be? Do you need a crowd funded airfare or something? What’s holding you up, maybe we can work something out.
@#29 Yorkville (your question to #22)
Look at his blog name – Since when does a REA use math or even knows anything about math? In school we called these peoples flunkies!
@#29 Yorkville Renter
“to have population jump 25 million in 20 years requires over 1mm new people a year… more than double current levels.”
+++
Trudeau is just getting started.
Covid caused a blip in immigration numbers for the past two years.
Just wait.
You aint seen nuthin yet.
#118 Dr V on 11.24.21 at 2:13 pm
109 Ponzie
“I meant real (choo-choo) trains.”
So you are advocating steam-powered trains using fossil
fuel on industrial “heavy rail” as a primary people mover?
————-
Haha
I knew you’d go for it.
Well, I think you’d just should go and see for yourself.
Japan, China, Europe.
Lots of choices.
Just seeing Americans taking VIA RAIL to go home for the holidays.
The tin sheet train cars.
So 50s.
Ahh c’mon GT! Your doing reverse discrimination to me.
When you call immigrants criminals you get what you deserve. – Garth
My understanding is that many of these homes in the lake bottoms were not insurable for flooding, only for other things. So, many of these homeowners will come up short in their claims. (Is that where JT comes riding in?)
However, it is clear that going forward, insurability is going to get really tight and elusive such that many of these areas will be cash purchase only. This is what is going to happen to many shoreline and flood-risk areas across Canada and will have an interesting impact on inflated RE values. Thud.
#27 WTF on 11.24.21 at 4:42 pm
#8 paddywhack “seems like the government does not want this party to stop…jeeez”
Nailed it, here in BC (and probably everywhere else in Canukistan) its the cash machine that keeps on giving. Till it doesn’t.
We are living in a false economy where profligate governments have been able to hide their fiscal incompetence. Will be interesting when the tide turns. House of cards.
https://theorca.ca/resident-pod/what-happens-if-the-bubble-bursts/
……….
The media farm team for the BC Liberal party. Their agenda is telling. Read everything with a grain of salt.
But yes the lost of real estate dollars will hurt. But then again Honest Realtor is saying prices will triple so no worries for another 20 years. Maybe the Orca can interview Honest Realtor to prove their theory wrong.
A timely reminder that things can change.
Fall check up for car – and for house. Make an emergency plan. Prepare etc.
Specifically:
Check & clear eavestroughs and downspouts.
Check the grading around the foundation.
Check & clear the catch basin grates in the street.
Clear the street gutters of leaves.
The last two used to be done by a municipal employee. As the lowest elevation property in the street, it’s to my benefit to do this, so I do.
We have flood and earthquake insurance from the “We Never Pay Up insurance Company”. Check your policy.
#15 Mean Gene
I was born on the coast in the 1960’s in Metro Vancouver and have been here all my life, the last couple of years have been a wakeup call…
———————————
I was born in Vancouver City in the year 1950 and have been here all my life. In my opinion, it’s pretty much business-as-usual.
I recall Typhoon Frieda (Oct 12-13, 1962, search it out). It knocked us silly. The destruction was even worse in Oregon and Washington state. No one mentioned climate change then. They said something like “Crap! That was a real humdinger of a storm, wasn’t it?”
While were cleaning up from that mess, the Cuban Missile Crisis began. I fully expected to die in nuclear fireball. Fidel Castro (P.E.T.’s good buddy) was all in favor. Cooler heads eventually prevailed but there was no guarantee. It was a nasty couple of weeks for a twelve-year-old boy with a nervous stomach.
Long before my time, this city has always been hotbed of stock market shysters (remember the VSE?) and real estate con artists. The floods of 1895 and 1948 were epic. The local beaches in the 60’s were often closed due to fecal contamination. And let’s not even get into a discussion of the two hideous world wars that book-ended a devastating global depression.
There were protests galore about anything and everything, endless labor disputes, gridlocked traffic, leaded gasoline and high interest rates. People smoked in grocery stores and considered it perfectly normal.
There is no wake up call, Gene. There is only the realization that one set of negatives slowly and invariably is replaced with a different set. It’s my considered opinion though, that on balance, life is rather better now than it was.
We owe a great deal of that fortune to abundant energy (most of it fossil-based) and fabulous human ingenuity on the part of dedicated people too busy improving the lot of humanity to glue their asses to an intersection and pout on the 6 o’clock news.
#2 crowdedelevatorfartz on 11.24.21 at 3:01 pm
It’s not just drywall in short supply.
A friend who installs carpet commented this am that there is amost no carpet glue in the Lower Brainland.
All snapped up.
No deliveries until next week ….maybe.
Seems there’s a ton o carpet being replaced…..
——————–
Carpet glue in short supply?
Can’t get any worse.
From Where do I get my daily high now?
And, people still install carpets?
My high school had a covered smoking area (no,really!), and there was always a sneak prankster that would stand behind a person standing in a group, and quickly bend their knees forward make the unsuspecting person in front of them involuntarily bend their knees and almost drop.
This whole RE surprise has done similar to our host.
The Bank of Canada is pointing fingers at everyone else when the elephant in the room is interest rates that are basically ZERO or lower in real terms.
Tiff Macklem needs to get a grip…if the economy was a sports team, he’d have been fired long ago.
@ #36 Ponzius Pilatus
“Just seeing Americans taking VIA RAIL to go home for the holidays.
The tin sheet train cars.
So 50s.”
—
No picking on the heritage fleet. They’ve been refurbished a few times, but they don’t build them like that anymore. The Budd stainless cars are going to outlive the Renaissance fleet (which was purchased in 2000 and entered service in 2002).
Ahhh the retro Train cars.
The new Billionaires’ toy.
Anyone can own a mega yacht…. but to have your own train and track…..
That screams money….
https://www.youtube.com/watch?v=x42Gmj4OCZY
Ponzie, You WISH you could ride in one of these “tin cans”….
#23 sail away
Another saying I hear lately- In the end we all end up dead
On the bright side, maybe manufacturing will return to Canada from China.
https://globalnews.ca/news/8398013/supply-chain-canada-factories-production/
#35 crowdedelevatorfartz on 11.24.21 at 4:57 pm
@#29 Yorkville Renter
“to have population jump 25 million in 20 years requires over 1mm new people a year… more than double current levels.”
+++
Trudeau is just getting started.
Covid caused a blip in immigration numbers for the past two years.
Just wait.
You aint seen nuthin yet.
————
At some point, probably soon, something has to give with the current deal. These newcomers in a lot of cases obviously have no idea what they’re getting into. I’ve watched young immigrants bounce from job to job to job for 2+ decades – today a scary amount of them work 2 jobs. That’s just to cover rent, col, and putting some savings away.
A lot of these kids have an education and aspirations for a white collar career, house, wife, family – to live the Canadian dream. They’re getting a raw deal like no other. It’s almost impossible at this point if you show up alone. It takes a while for them to figure out the long term math, but by then they’re broke, frustrated, and ready to head back home.
There’s no way we can accommodate ~half a million new folks every year stuffed mostly into 2 metros and provide them with a decent shot at making a good living. Especially with Trudeau out there chasing businesses out of the country and making everything cost more.
Dave / Yukon Elvis .. The Okanagan keeps growing because its a fantastic place to live ! Fire is a natural occurrence and smoke comes with it. A lot of air quality problems came up from the fires in the USA last year as well as local fires and as you know smoke was felt into Alberta and beyond. The Okanagan Valley continues to thrive … accept it.
#41 Damifino on 11.24.21 at 5:10 pm
I recall Typhoon Frieda (Oct 12-13, 1962, search it out). It knocked us silly.
___________________________
I visited south end Ft. Myers Beach annually before and after Hurricane Donna of 1960, it knocked stilts out of the sand under some beach houses, all houses were relieved of all glass and contents. Some concrete slab homes, simply tipped into the holes which washed in under them. Many remained un-salvaged for years.
Some impressionable little boys get a good lesson about what ifs, while others still have no idea what can go wrong by old age.
#1 Dave on 11.24.21 at 2:54 pm
Typically some prairie folk buy a second place or retire to the Oakanagan. Who would do that now with the constant threat of fires? Even if your place doesn’t get burnt to the ground, how much smoke will you have to breath in each summer. Central and Southern BC are definitely in for a reset.
________________________________________
If you hurry, Dave … there’s a few remaining $M properties just down the road from me in the burbs of Peachland. No, wait … you took too long! Better luck next time. Seems like a couple more farmers beat you to the punch!
#10 Dave on 11.24.21 at 3:24 pm
Who in their right mind would move to Central or Southern BC now? The Oakanagan? Your house could be burned to a crisp. Even if it doesn’t burn, you will have to breath in smoke for a month.
>>>>>>>>>>>>>>>>>>>>>>>>
So true, Dave. Buying property on a flood plain or a backwoods bungalow is never a good idea. But the air is still nicer than the putrid GTA smog alerts that I was subjected to for several decades. Besides, if you don’t like the smell of a campfire, stay in Alberta with your brothers!
And while you’re at it why not do a post on the crackup-boom in financial assets which is possibly underway as we speak. The money printing by the FED and all the other MMTheorists that follow are doing everything to destroy the wealth of the boomers that would literally be impossible for the BoC to pay out Cdn bonds at rates of 5 or 6% Think about it, how quickly does your money double in that instant if you could always reinvest it while preserving your return of capital. No nO nO, you couldn’t do that as a government. So it was better to screw the 90% and let the 10% grow their investments through rigged equities markets.
I haven’t even mentioned yet what is in store for the millennials!
#33 Scott on 11.24.21 at 4:54 pm there is nowhere to go to escape all this. This is a global event/reset.
—
— Almost back to normal right??! But you know already, CV is set to run globally, until 2025.
We are Booster Nation. I would expect by this time next year Shawn A will be on his 6th.
. Slovakia announces nationwide coronavirus lockdown (@bnodesk)
.California County Mandates Masks in Private Homes (nationalreview.com)
.Vax proof or negative test soon required to get Manitoba driver’s licence (globalnews.ca)
.Covid has cost Canadians their freedom. It must be restored (nationalpost.com)
.Australia: NSW Health officials are pushing for masks to remain mandatory beyond 95 per cent vaccination target (news.com.au)
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—- Science in Kanada. Treatments banned? Rationing health care? We love the experimental stuff up here. Ask the kids?
https://vocm.com/2021/11/24/preventative-treatment-covid19-antiviral-pill/
The province is advising against reliance on antiviral pills to treat sickness due to COVID-19.
Pfizer has asked U.S. regulators to authorize its experimental pill, with approval expected within weeks.
Dr. Natalie Bridger, clinical chief of infection prevention and control for Eastern Health, admits results have been promising for people who are unvaccinated, but she says that’s because studies weren’t able to find enough vaccinated people who got sick enough, adding that should underscore how well the vaccines work.
RE has been treated as an investment for quite some time now. Seems like a giant real life game of Monopoly. Funny though how the purchase of multiple properties by ‘investors’ hasn’t as yet triggered the same outcry as Airbnb property holding have done. Yet presumably at least some of those self same investors are renting out the properties in question.
Ironically properties located on or near water have always commanded a higher price, as have properties with aesthetic views. Yet when the water rises that on the water location suddenly becomes much less enjoyable. Climate change studies have proclaimed that rising water will result in massive property damages for quite some time now. There are places where homes once stood that are now underwater for the foreseeable future. The land itself has been washed away.
Climate change is nothing new. It has happened before. The difference between previous incarnations & now is that there are a lot more people who will be impacted by it. How we live & build needs to take those changes into account. My advice to those who want a water view? Buy a houseboat:)
#22 Honest Realtor
—-
do you take into account how many canadians will pass away over the next 25 years in that calculation?
Motivation to achieve any goal can not be quantified or measured but it can be easily observed.
All you need to do is :
-Look for direction of efforts,
-Intensity of efforts,
-Persistence in the face of adversity.
Looking at some of the Canadian stats (below) is very telling argument in favor of changing the scenery for more sane place.
1) In 2020, there were 92,173 physicians in Canada, representing 242 physicians per 100,000 population.
2) The Canadian Real Estate Association (CREA) reports that there are more than 140,000 real estate brokers, agents and salespeople, working through 79 real estate Boards and Associations across Canada. At the same time, Statista.com is reporting 258,054 employees in the Canadian real estate industry in March 2021
3) Room to grow – Toronto’s ongoing development boom continues to reshape its urban landscape.
220+ cranes in operation.
100+ buildings over 100m under construction.
300+ buildings over 100m proposed.
Cant find anything on the plan to build, or increase infrastructure in support of this development. Don’t even ask about the increasing the number of physicians or god forbid increasing the number of hospitals or hospital beds.
How far is the government planning to push this. What is the breaking point and people start demanding change?
Hip waders. That’s funny. But, no doubt, true.
Anyway, my take on loans like lines of credit is I want cash or liquidity backing the loan so that I can pay the loan back in a heartbeat if I need to and I can sleep at night. I’m not a big risk taker and I calculate it. I tend to take my time with purchases especially big ones. I can build liquid assets over time. It doesn’t have to be in one fell swoop. Real estate isn’t the only way to build assets and wealth. A little real estate and a whole lot of liquidity.
The smart specuvestors are dumping real estate and the newbie investors are filing in while they can still be counted among those in history who paid the most ever asinine highest price for a piece of real estate of any generation now (or to come).
…don’t bet on there being an – or to come – generation on this continent with any hopes of seeing real estate gains.
DELETED (Anti-vax)
@#21 IHCTD9 on 11.24.21 at 3:59 pm
#4 crowdedelevatorfartz on 11.24.21 at 3:04 pm
My God.
Is there no end to the apologizing in Canada….?
https://nationalpost.com/news/womens-group-apologizes-for-using-14-92-the-year-of-colonization-and-genocide
_______
I love it when the extreme alt-lefty radical activists start fighting with each other :)
–
the right vs left thing isn’t enough anymore.
good entertainment reading about the infighting amongst the nutters.
Trumpers calling their fellow republicans rinos (republican in name only) and fringe conservative party members here splintering the party for otoole – good times lol.
#50 JPN on 11.24.21 at 5:32 pm
Dave / Yukon Elvis .. The Okanagan keeps growing because its a fantastic place to live ! Fire is a natural occurrence and smoke comes with it. A lot of air quality problems came up from the fires in the USA last year as well as local fires and as you know smoke was felt into Alberta and beyond. The Okanagan Valley continues to thrive … accept it.
++++++++++++++++
Right you are about the smoke . Any time there is a fire in BC, Alberta, Washington, and even sometimes California the Okanagan gets the smoke. Recent years have been the worst cuz of all the standing dead wood in BC due to the pine beetle infestation and there is dry tinder everywhere waiting for a lightning strike or a cigarette butt or campfire. I can remember seeing “bug traps” on trees in the forests to control the beetle populations when I was a kid but I have not seen any since about the late 90’s. I guess maybe the forestry department scrapped the practice at some point. That is my empirical observation but maybe I just don’t get far enough out any more.
#50
I like living here. We don’t have fires at the moment. It’s currently raining. The winters are nice. You can actually enjoy them because it doesn’t get really cold. This may sound a little selfish but I don’t want any more people moving here. There’s too many already.
#57 Reximus
300,000 Canadians die per year, so that’s 6,000,000 in 20 years.
@#49 IHCTD9
“It takes a while for them to figure out the long term math, but by then they’re broke, frustrated, and ready to head back home.”
+++
I personally know of several long time Canadian immigrants that have retired back home or given up and moved back. Lock, stock and barrel.
As a student in the late 1980s I rented a basement apartment from the landlord (a firefighter) who had the main floor. The landlord had leveraged his home equity to the gills in order to cover downpayments on his 4 other “investment” properties, and he would often regale us with upbeat housing market news.
Fast forward to 1989/1990 and he was JUST able to hold onto his primary residence when the market crashed. Suddenly things got a lot quieter.
My impression is that housing speculation fever is MUCH worse now than it was then.
Gee.
That didnt take long.
12 hours as Prime Minister.
So much for a role model for the equality mavens.
https://www.reuters.com/markets/rates-bonds/swedish-pm-resigns-first-day-after-coalition-collapses-2021-11-24/
Into the history books as Sweden’s first female PM and shortest reigning PM.
Impressive.
A shame our PM doesnt follow in her footsteps.
Boomers had it easy?
Well there was that stagflation (high unemployment along with high inflation) of the 70’s with high unemployment lasting years.
Around 1991 every provincial government was cutting back staff. Even utilities that had no need to do it got into the act and let staff go. Brutal recession. Lots of job cuts in the private sector.
Brutal stock market crash of 1987 for the early boomers. TSX took about 3 years to recover while S&P 500 bounced back fast.
Brutal stock market crash of around 2001 and another 2008. Took 10 years for markets to surmount the year 2000 highs.
Not a bed of roses. It’s these last 10 years that put rocket fuel in home values and investment portfolios.
All crashes seem like blips in hind sight. But while living through them they can be brutal.
Boomers mostly have quite a few years to go. Not all have pensions. Some are 70 and can’t afford to retire.
There is no giant “team boomer” Every generation has its winners and losers. Not everyone lucked out in the parent department.
7 Reximus on 11.24.21 at 6:08 pm
Honest realtor might be correct.
It’s anyone’s guess, but interest rates will most likely rise only marginally because of the all the debt sloshing around the world.
An entire cohort of millennials (anyone born from 1983 to 1997) are in full family formation mode. We are just getting started with that trend.
Then you add in immigration, which is a huge positive to our economy.
With these backdrops, plus all the incentives (PR exemption, zoning, home buyers plan and so on) demand isn’t going anywhere.
Re: investors. The stat might be misleading. Currently I’d imagine 90% of those under 30 and 95%-99%
of those under 25 are completely priced out in our main cities (where most Canadians live). A large amount of these investors are probably family members realizing the urgency of the situation, and are using equity they have built up to buy for their children so they have a chance.
There is real fear out there.
Why? All anyone has to do is look at the over 40 cohort. Aside from savvy investors who understand equities and have proper portfolios, the demographic is completely divided. Divided between those who missed the boat and will most likely never own, and those that bought, have equity, and are sitting pretty. The differences are stark.
#41 Damifino
Maybe Sir Garth could ask you to write a guest post. Yours was one of the best posts that I have ever read on this sight. Thanks
Garth,
Thank you for taking the time to write a post.
Assuming financialization and gamification or real estate continues, what are some protection strategies?
First use case, how is anyone’s child when they mature, going to be able to purchase a property?
Or perhaps 70% will be renters similar to many European nations.
Thank you
Reincarnation moment.
“Where did all the water go?”
—Lucius Calpurnius Piso Caesoninus
Owner, Villa dei Papiri
Via Mare, 53
Herculaneum, SPQR
https://www.romanoimpero.com/2020/04/villa-dei-papiri.html
———————
Well Lucius. Mare Nostrum is now 500 m away and you’re 20 m above sea level. And ya, we dug your Villa out from under 25 m of pretty much rock. And no Lucius, it did not rise since AD 79, if anything it would have sunk under all that weight.
Note to Coastal Peoples on Planet Earth:
Build at least 20 m above sea level, for the Glory of the Empire.
‘Cause that’s where the ocean, sea was a mere 1942 years ago. How quickly they forget.
———-
BC *:
Get better soon, like yesterday.
* And why when there I lived either on Burnaby Mtn or New West Heights. Been to Herculaneum before living there.
House is a shelter, not a stock. If the Govt. of Canada passes the law that “one family one house” as needed. This housing problem will solve automatically within months. There is no shortage of houses, it’s just greediness. I know a couple of people who have multiple properties. Last week I was sitting in a restaurant and my both neighbour table customers were talking about mortgage, renovation and renting the property. There was another table in the corner where a real estate agent was meeting with the new buyer. Real estate is the talk of the town nowadays.
https://www.walmart.ca/en/ip/mini-babybel-advent-calendar-24-variety-pack/6000204030137
Hey children, eat half a kilo of cheese from an advent calendar before Santa brings you a kilo of chocolate.
My taxi driver in Athens in 2012 was a well educated English speaker that was driving on the side to make ends meet. I asked him about the housing crash and how it could go down so much so quickly. He told me “everyone” was into multiple properties, so when credit dried up there was a stampede for the exits to shed the excess properties. They don’t experience immigration like we do so housing was in oversupply, and demand was artificial due to speculation. Not sure how we’ll end up but specu-vesting driving demand and prices doesn’t sound very good. My taxi driver did say no one imagined that the crash was ever possible, until it happened overnight.
Well, we own 3 undeveloped plots of land outside of commercial RE and our home, but would not classify any of them as investment. Maybe capital preservation… but mostly for guaranteed access to Crown land.
It is truly magical to set up camp in a remote area with full access to thousands of hectares of bounteous wild country and know that it is yours all yours to enjoy forevermore.
@#57 Reximus
“do you take into account how many canadians will pass away over the next 25 years in that calculation?”
+++
Fewer than newly born Canadians?
Felix,
If a dog runs up to you and splatters you like the one in the photo – should the dog owner cover the dry cleaning bill?
For that matter, any dog that jumps on you with muddy paws and dirties your slacks.
Will the CB roll over and allow housing to turn into an investment commodity ?
Does anybody older than the age of 20 remember the words of an Alan G. speech on irrational exuberance all the while blowing the mother of all liquidity bubbles that created the GFC? And then his buddy bazooka Ben, Yoda, powder keg Powell and so on, and so on….
Is no one paying attention to Japan and the new Prime Minister talking about the failure of Abenomics and the 99%
???
The way (a way) to invest in RE of the not too distant future is to take that pile of cash from your RE sale/s and put it into holding secured first mortgages.
You will do this at a reasonably higher rate of return than today’s now reverting to gradually higher rates.
As rates rise, choice opportunity and property holdings will start to present themselves.
Bring it on.
36 Ponzie – we’ve had this discussion before, right?
Canada has more track per capita than almost every other country – over twice that of Austria.
Austria has a lower “track density” (km track per area) than many other central european countries.
Vancouver island had hundreds of km of logging railways decades ago. And both CN/CP freight, and CP passenger service – Victoria to Courtenay. All that is left now is one deteriorating mainline with a branch to Port Alberni.
The recent washout on the Malahat brought out the train
supporters.
#50 JPN on 11.24.21 at 5:32 pm
Dave / Yukon Elvis .. The Okanagan keeps growing because its a fantastic place to live ! Fire is a natural occurrence and smoke comes with it. A lot of air quality problems came up from the fires in the USA last year as well as local fires and as you know smoke was felt into Alberta and beyond. The Okanagan Valley continues to thrive … accept it.
*******
I wonder how many investment properties there are in and around Kelowna. They got exempted from the spec tax, if I remember correctly.
We Are All GHeed. There is no way salaries will ever be high enough to justify housing prices in this country
Saw David Suzuki blathering on about blowing up pipelines a few seconds after Horgan was on TV thanking Alberta for sending fuel to the Lower Mainland through…pipelines.
I wonder how much David Suzuki was paid by the pipeline organizers? My gues would be somewhere north of $50K. The math for Suzuki’s is simple: If Suzuki shows up, they get about $500,000 or more in free publicity.
Suzuki’s vig should then be around $50K. I’d be interested if someone knows the exact number.
The Reverend Jesse Jackson charges $250,000 to show up at your march for solidarity for (fill in the cause).
Just another episode of “Celebrity Sellouts”
“I’ll take David Suzuki for $50,000, Alex”
#50 JPN
The most overrated place to ever settle unless you love high prices, terrible crime, needles all over the place, smoke, traffic, this is coming from a guy that knew what a jewel it was 30 to 40 yrs ago, now it is just a tourist and crime infected S### hole!
Trust me Canucks there are so many better places to reside in Canada, do not fall for what the person is saying.
#22 Honest Realtor
Honest before Realtors is superfluous.
Is there any other kind of realtors?
Tokyo (Population: 37,435,191)
Delhi (Population: 29,399,141)
Shanghai (Population: 26,317,104)
Sao Paulo (Population: 21,846,507)
Mexico City (Population: 21,671,908)
Cairo (Population: 20,484,965)
Dhaka (Population: 20,283,552)
Mumbai (Population: 20,185,064)
Beijing (Population: 20,035,455)
Osaka (Population: 19,222,665)
So just what will the price be in Canadian cities before we hit these population numbers.
We are headed for great civil strife and street warfare.
Get ready for that realtors.
Hi Garth
Question – what would you invest in if you were an 84 year old senior and you had your savings in a GIC for the past couple of years @ 3.45% and now they are coming due?
Been reading the blog for the past few years and have learned a lot. Thanks.
#68 crowdedelevatorfartz on 11.24.21 at 7:09 pm
Gee.
That didnt take long.
12 hours as Prime Minister.
So much for a role model for the equality mavens.
https://www.reuters.com/markets/rates-bonds/swedish-pm-resigns-first-day-after-coalition-collapses-2021-11-24/
Into the history books as Sweden’s first female PM and shortest reigning PM.
Impressive.
A shame our PM doesnt follow in her footsteps.
——————
What does that have to with JT?
I’m not an expert on Swedish politics, so I can’t comment.
Obviously, you are.
So can you explain why the coalition collapsed?
Who are the coalition partners, and who is now in charge?
And then provide us with an explanation how this all affects Canada.
Remember there are facts, and then there is wishful thinking.
Always be on the side of the former.
#9 cuke and tomato picker Hey man good for you ! Similar to my wife and myself (32 yrs married) Bought beater properties and fixed them up ourselves and rented them out. Paid them off fast as we could ( interest rates between 7 and 10 %) I worked my day job then delivered Chinese food at night. I built fences and decks on the weekends. I retired at 52 years old 13 years ago. I am now 65. I am writing this from Sunny Southern California where we have Winter Snowbirded to for the past 15 years. We spend the 6 months up north on a boat. Yes your stayhome Dad friend of yours says “There is more to life than work ” is right. The best part is the reward for all the work .
#77 Sail Away on 11.24.21 at 7:30 pm
Well, we own 3 undeveloped plots of land outside of commercial RE and our home, but would not classify any of them as investment. Maybe capital preservation… but mostly for guaranteed access to Crown land.
It is truly magical to set up camp in a remote area with full access to thousands of hectares of bounteous wild country and know that it is yours all yours to enjoy forevermore.
——————–
So, you’re gonna grace this beautiful country with your presence “forevermore”
Sure, hope not.
Any comments on the Citizens Arrest case?
Just hearing that the dairy farmers are struggling.
It’s ridiculous that milk is cheaper than gas.
# 86 Drinking .. I’ve lived here a lot longer than 40 years..
52 to be exact.. I can’t tell if your still a resident but it looks like sellers remorse to me in your post .. You probably sold out too soon .. Hey .. but keep on trying to sell the Koolaid !
Cheers !
Hi Garth.
Where is it written that the Libs are about to raise CHMC ceiling to $1,25mill. for 5% down mortgages?
I can’t find any reference to it?
“Additionally, the federal Libs are out of control, about to (a) enhance the shared-equity mortgage plan, (b) double the first-time homebuyers’ credit, (c) Additionally, the federal Libs are out of control, about to (a) enhance the shared-equity mortgage plan, (b) double the first-time homebuyers’ credit, (c) hike the ceiling for CMHC-insured mortgages to $1.25 million, (d) create a new-rent-to-own program and (e) launch that weird, crazy FHSA which will make Bank of Mom down payment loans tax-deductible., (d) create a new-rent-to-own program and (e) launch that weird, crazy FHSA which will make Bank of Mom down payment loans tax-deductible.
Thanks
Liberal platform, page 11. – Garth
The CB will hold to its inflation mandate. Tiff Macklem will not be swayed by JT or Chrystia. Don’t ask me why, its just the feeling I get from him.
A man of that experience and age already knows the results of high inflation and what that does to low or fixed income earners. The kids and parents who overleveraged to get the kids a house have the means and time to recover, the poor and elderly do not.
Yesterday the end comment “when men were men” suggested there was no one left to make the hard decisions ahead, that is the ones to save the country from itself.
I think Tiff will. I think most of the Canadian west and rural voters in the central and east will.
Agree that there has been buying from all angles and especially investors but I think these people expect house prices to continue upwards. With the inflation news I suspect they’re right…
#92 Ponzius Pilatus on 11.24.21 at 8:50 pm
So, you’re gonna grace this beautiful country with your presence “forevermore”
Sure, hope not.
Any comments on the Citizens Arrest case?
——–
Of course. I hold both countries near and dear.
Regarding Arbery, what other verdict would make even the slightest sense?
Wonderful news everybody! Roxham Road is open again and fully staffed by RCMP porters. To think about all those poor refugees suffering under brutal oppression in the United States all this time broke my heart. And of course they don’t have to bother with Covid tests or vaccine mandates unlike Canadians returning to there own country.
#50 JPN
The Smokanagan is the smokanagan…choke, choke…accept it…..
#100 AB .. Hey, thanks for helping me make my point…
… You don’t live here either do you ….
#93 Ponzius Pilatus on 11.24.21 at 8:56 pm
Just hearing that the dairy farmers are struggling.
It’s ridiculous that milk is cheaper than gas.
—————-
Go to Washington. Milks dirt cheap and its ridiculous here. Hit Tillimook cheese factory / mansion.. Unreal and cheap.
The Milk board here with other Gov controls are a disaster.
Its called a free market in WA…not here.
Its a rigged market in Kanada and consumers get screwed.
#94 JPN
Never bought or sold, to each there own! Use to be a nice place to visit, now, you could not pay me enough! Enjoy, lol!!
AntMan Climate change? Sure, why not. Here’s another idea; Don’t build in the middle of a lake bed surrounded by unmaintained dikes.
water runs downhill
who knew?
WTF Nailed it, here in BC (and probably everywhere else in Canada) it’s the cash machine that keeps on giving.
Until it doesn’t.
We are living in a false economy where profligate governments have been able to hide their fiscal incompetence. Will be interesting when the tide turns. House of cards.
https://theorca.ca/resident-pod/what-happens-if-the-bubble-bursts/
from your link
In reality, we all know there’s only one way. BC better hope the real estate bubble never bursts, or the impact to its finances will be a financial disaster.
A shoutout to some poor folks who live on HW8 in BC.
Some of these folks will have to wait years to get back to their homes, if ever. Huge sections of the HW are gone, along with any possible option to rebuild along the original route.
It’s looking like a new route will need to be found and built if HW8 is to ever completely reopen.
Could you imagine the ultimate horror in this housing market? Buying a $1 1/4 million house in B.C., get severely damaged by flooding, and getting told by your insurance company, that they don’t cover this!
Let’s get real here. We were supposed to have a Covid housing price collapse but prices went the other way. The banks allowed forbearance so people would not lose their houses when they should have had to sell them. Now we’ll have major immigration over the next decade. House prices will not go down in inflation adjusted terms because there just are not enough houses to go around.
The Honest Realtor has the right idea.
The Fraser Valley. “ Best place in the country to live”? Whoa there Cowboy. My last trip to Abbotsford was a shocker. Thick crowds of crackheads riding BMX style bikes everywhere. I’ve never seen a major grocery store with that many security guards in and out. Auto break ins is a given. I lost a side mirror to a junkie leaning in to get a look inside, in the hotel parking lot, but was reimbursed by mgmt, it’s normal apparently throughout the valley. Drugs and murder are an every day blot in these once bucolic bergs.
Over ground insurance zero. You flood an upstairs shower OK, flood water intrusion by door or water, SOL pal. Pound a sand bag says Insurance Man. Federal/Provincial assistance? Ask anyone in Canada about that. ask Ft McMurray burn outs, Merrit, never mind a new rices down Mainstreet.
People who moved out were part of a mass FOMO event. Now they know why when things are cheaper there’s a reason. Vanc high ground, Valley flood plain. Whoops. In fact there should have never been residential occupation permits stamped. Wow!! How stupid Eh? Like building a nuke on a Fukushima beach prone to Tsunamis and Earthquakes. Like letting Vancouver City Council strip the FSR by-laws to build leaky condos and pass a law to exonerate architects, engineers and inspectors . Greed and stupidity.
Used car mileage collateral damage. Have you ever looked at used cars in Vancouver ads and wondered how a 3 year old Honda can over a hundred thousand klucks on it? Yup, that five hour commute is a killer.
And now we’ve hit another few years of Trudeau. What can go wrong? Oh well, knowledge of what can happen that people know about in advance, and still they come? Wow. Is it something in the water?
#101 JPN
The lady doth protest too much, methinks.
@#49 IHCTD9
“It takes a while for them to figure out the long term math, but by then they’re broke, frustrated, and ready to head back home.”
+++
I personally know of several long time Canadian immigrants that have retired back home or given up and moved back. Lock, stock and barrel.
*****************
It works both ways. I emigrated to the UK, became a citizen, had a kid, and after more than a decade I moved back to Canada for a much better quality of life [i.e. something better than a pokey, mouldy 400 sf flat costing a small fortune to rent each month]. I now have a house I built in the country [can’t really do that in the UK], an acreage, gardens, a sailboat and oceans and beaches and mountains all round. It’s pretty lush here and so I’ll stay permanently now.
BBC: South Korea raising rates to tackle price increases.
Its amazing the sheer number of people that are out of touch with the real world all living in their sterile cocoons.
The WFH’ers, the layabouts the dreamers the deadbeats…etc etc
The real world will one day arrive at all their doorsteps before this decade is out. Then all will be flushed out of their dwelling places by force, whether you own, rent, couch serf or squat.
As with the saying from empires past…Eat Drink and be Merry this day, for tomorrow we die. Many will.
Those who are out of touch with the real world today will go on this way until those days come…and within all of North America those days will come.
Well, I live in Chilliwack for the past 14 years, happily renting apt. Before I start complaining about living here in BC, let me first tell you why i prefer to rent in BC, rather than in Alberta.
First, BC has rent control. Give you my example. Moved to brand new 2 bedroom, 2 bath, underground parking, on top floor in Garrison crossing. At first, my rent was $975/month. Today it is $1,161. Why? Because there were years when my rent went up, and years when it did not. Mind you, if you stay put, that is where living under the protection of Provincial government is a win, win situation. Remember, increasing rents is a hot potato for the Government. Poor renters! Alberta has no such protection. Landlord in AB can raise rents any amount they wish, but only once a year.
When it comes to floods. If you bought, and you did know that your overpriced home could become a nightmare since you did not seem to care that there are two rivers going through Chilliwack/Abbotsford, then I do not want to see your tears. you pay for your own stupidity. What I object to is that our Government will be “restoring” people’s lives to make them whole once again on our dough is making my blood boil.
Yes, floods, fire, smoke, earthquake, insurance will be costly. Just another burden that ” nobody” saw coming until it is too late.
@#90 Nitpicking Ponzies Predicament.
“What does that have to with JT?
I’m not an expert on Swedish politics, so I can’t comment.
Obviously, you are.
So can you explain why the coalition collapsed?
Who are the coalition partners, and who is now in charge?
And then provide us with an explanation how this all affects Canada.”
++++++
Your wish is my command
Posted at 6:am on 11/24/21 (#102) by the amazingly astute CEF.
“A “new” coalition govt in Sweden to replace the old coalition govt.”
(Canada’s minority coalition govt comes to mind…)
“The Social democrats aligning themselves further Left with the Communist Party.” ( Libs and Dippers by another name)
“The govt may fall on it’s first vote…..and send them back to bickering, finger pointing and another election.” ( I wish)
My reference to Trudeau was the Swedish PM’s comment (as she began crying) about the importance of gender equality ( political correctness above all else including the economy?) and no mention of the looming crisis in her own govt…..
The parallels with the Trudeau are too many to mention.
But you just keep nitpicking ponzie.
It’s what you do best.
@#114 Jen
“What I object to is that our Government will be “restoring” people’s lives to make them whole once again on our dough is making my blood boil.”
++++
Govt promises are cheap to spew forth when the tv cameras are asking questions to a politician.
So far I’ve seen a $2000 “emergency payment” to people directly affected by the flooding and evacuation.
Similar to the Ft Mac payouts a few years back.
$2000 ?
Pffft.
Bupkis in the grand scheme of things. Barely cover a hotel and meals for a family of 4 for a week.
Did you see the pics of Princeton and the main street?
EVERY house has a mountain of construction garbage outside it. Carpet, drywall, insulation, tv’s, sofas, all piled outside, soaked and ruined.
A pile big enough to fill 2 huge bins.
Every house.
Winter is coming.
$2000 won’t cover the first months heating bill with zero insulation or the deductible of most insurance claims.
And who is going to do the work?
There….is…..no….one.
Good luck finding trades to drive out there or Merritt…they’re all busy in Van. or Vic or The Wack.
Gonna be an ugly Spring in BC….and then we’ll be back to the Fires of next Summer.
Now the anti-peoplekind Extinction Rebellion supports David Suzuki’s blow up the pipelines screed.
I’m thinking that the RCMP and CSIS better get at these guys. Or maybe Trudeau has them all busy conjugating personal pronouns?
#104 45north on 11.24.21 at 10:25 pm
AntMan Climate change? Sure, why not. Here’s another idea; Don’t build in the middle of a lake bed surrounded by unmaintained dikes.
water runs downhill
who knew?
+++++++++++++++++++++++++++
And somebody who can do math was paying attention. Too bad CTV and Global can’t/won’t follow your lead.
Garth, did you see this report?
https://www.cbc.ca/news/canada/ottawa/buyers-with-no-condition-offers-seek-legal-recourse-1.6261365
Apparently there is now a huge wave of buyer’s remorse out there from people gambling for the sake of FOMO in this market, only to find nasty suprises after closing.
No condition offers are the new normal, for some time now.
“Only about 5 per cent, or one in every 20 properties in Ontario are currently inspected at any point before or after the sale, according to Len Inkster, executive secretary of the Ontario Association of Certified Home Inspectors.”
Yikes.
Ponzies Prussian Pals
Enough about Confessions of a Swedish politician.
Ponzie.
Can you explain to me why Austrians ( and Germans to a lesser degree) love David Hasselhoff?
https://www.dw.com/en/why-germany-loves-david-hasselhoff/a-59048932
Ordered a new garage door in west Toronto – 16 weeks from order to delivery. The door is made in Toronto. Helped our daughter with a down payment to buy a new condo for herself, and its 70% owned by investors. 1 in 5 Toronto homeowners now own a 2nd home. Citizens of the GTA are the ones leveraging inflated home equity values to buy real estate and the circle continues. Then T2 dumps “free” helicopter money on the economy, inflation rises, and the average Joe with no assets is left far behind.
I am now TRIPLE VAXED!
Proudly flashing my up to date 3 dose vaccine passport every place I go. I even had it laminated, just in case my phone battery dies.
And by every place I go, I mean restaurants.
So far, restaurants are the only place that ask for proof of vaccine. Why? Who knows. It’s science – so they tell me.
I guess restaurants are the only place that covid can still spread.
I still laugh when seeing a guy driving in a car all by himself wearing a mask.
Paranoia rules.
I wonder when I will be getting VAX #4?
Big Pharma will find a reason to, sooner or later.
The government will eat it up.
Besides death and taxes, 2 things are certain: You will need a 4th vaccination by the end of 2022, and if you have a house in Toronto, it’s value will rise by another 25% by the end of 2022.
#115 crowdedelevatorfartz on 11.25.21 at 7:40 am
My reference to Trudeau was the Swedish PM’s comment (as she began crying) about the importance of gender equality ( political correctness above all else including the economy?) and no mention of the looming crisis in her own govt…..
The parallels with the Trudeau are too many to mention.
_______________________________
Just what we all need. To see Trudeau cry.
@#109 Smokey the Bear
“Used car mileage collateral damage. Have you ever looked at used cars in Vancouver ads and wondered how a 3 year old Honda can over a hundred thousand klucks on it? Yup, that five hour commute is a killer.”
+++
Yep.
A co worker lives in Agassiz.
Commutes daily into the lower brainland.
His 2013 car has gone through 580,000kms, $6000 per year in gas, and he’s on his 3rd ( yes third) engine.
He just got out of the Fraser valley Gulag on Monday after a week of sitting in Marooned-ville……. via the Lougheed hwy to come back to work.
We have a small one bed room apartment at the shop he can stay the week while he works.
Take a break from his family I suspect.
Oh and the best part….
He rents.
Just got
If owners with Lines of Credit are thinking of selling…
If flippers are thinking of selling…
The alarm bells are ringing and lights are flashing red…
https://www.bnnbloomberg.ca/bank-of-canada-says-investor-rush-into-housing-risks-correction-1.1686183
….and there are still people rushing in to buy……
#50 JPN
I guess the smokanagan will now be smoke filled even in the winter
https://globalnews.ca/news/8338313/burn-1100-piles-wood-debris-penticton-fire-zone/
#96 BCWally
“The CB will hold to its inflation mandate. Tiff Macklem will not be swayed by JT or Chrystia. Don’t ask me why, its just the feeling I get from him.”
Tiff won’t do the right thing. He is beholden to his political masters.
Sure there will be speeches how the bank is “Concerned “and” Keeping an Eye” on the housing market, and the latest: “ Extrapolative expectations risks” and other empty intimidations/ threats which they can reference to after the crash to absolve their reckless policies.
The truth is they are like arsonists who call yell “fire” after their criminal binge.
Don’t expect warnings of impeding rates to materialize.
Central Bankers are already suggesting that inflation and employment are not their only concern.
They are now dredging out the “Climate Change Impact” on the economy.
Basically, saying there will not be any significant rate hikes, as long as we have weather.
#50 JPN
I was up visiting Oliver this summer and did an early morning bike to Penticton and remember seeing all these people on Skaha beach with what I thought were metal detectors.
I rode over and questioned one of the workers as to what they were looking for and he told me “hypes”, the addicts bury the needles under the sand and people step on them. So everyday a crew of workers sift the beaches in town so you do not get poked while being on the beach.
The Boxable Elon Musk lives in looks pretty snazzy.
We briefly considered putting one on our Chilcotin property… then agreed that tipi camp life is a big part of the appeal. And zero maintenance is also nice. When forest fires rip across the property, for example, we don’t even care. Except about the bumper crop of spring morel mushrooms the fire will trigger.
https://www.boxabl.com/
#122 Dharma Bum on 11.25.21 at 8:51 am
I am now TRIPLE VAXED!
Proudly flashing my up to date 3 dose vaccine passport every place I go. I even had it laminated, just in case my phone battery dies.
And by every place I go, I mean restaurants.
So far, restaurants are the only place that ask for proof of vaccine. Why? Who knows. It’s science – so they tell me.
I guess restaurants are the only place that covid can still spread.
I still laugh when seeing a guy driving in a car all by himself wearing a mask.
Paranoia rules.
I wonder when I will be getting VAX #4?
Big Pharma will find a reason to, sooner or later.
The government will eat it up.
Besides death and taxes, 2 things are certain: You will need a 4th vaccination by the end of 2022, and if you have a house in Toronto, it’s value will rise by another 25% by the end of 2022.
++++++++++++++++++
I have had two Pfizer shots and one Moderna. I am hearing that the J&J vax is a one time shot. Hoping to get that one next.
Every generation finds out when given an inch and they take a mile they do so to their detriment.
#102 Philco
#102 Ponzius
“It’s ridiculous that milk is cheaper than gas.
—————-
Go to Washington.”
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Just returned from a week’s getaway to Washington state. Gas $3.56-$3.65 in Wenatchee. Dirt cheap compared to our $1.45/litre. Yet Americans complain about gas prices. Last year, gas was $2.79 there.
Oh…and the PCR test to return to Canada?!
Ask around when there…health departments, ambulance station, chamber of commerce. Forget Walgreen’s. I had 2 PCR tests b/c of the worry of results timing and the 72 hour thingy. Both tests were FREE!
But of course there are places that’ll charge $300 for it.
And the ArriveCAN app is a useless piece of garbage. You cannot edit a response without starting all over again. My attempt(s) bombed at Step 12. Four times.
I gave up. Even the Canadian border agent said “yeah, we’ve had lots of complaints about the ArriveCAN app.”
He didn’t even want to see it.
Only interested in the Negative COVID test result, which I had. Two of them, actually.
A wonderful getaway after 20+ months, despite Canada’s utterly stoooooopid rules for returning.
#129 Sail Away on 11.25.21 at 10:49 am
https://www.boxabl.com
__________________________________
Expand the kitchen into all of the so called living room, then attach a 20’X35′ open chalet as the living room, and then you have met every empty nest couple’s needs, nation wide.
128 Millmech – Wow. That’s sad.
129 Sailo – cool!
#124 crowdedelevatorfartz on 11.25.21 at 9:35 am
A co worker lives in Agassiz.
_______________________________
They hire people that don’t think, so how does that make you feel? Wait a minute, you do the hiring? Owner?
All that time spent in the car, not thinking. Wow.
#41
Well said
U.S gasoline prices?
US $4.65 per U.S. gallon. I saw it. Google it to confirm.
That’s 3.785 liters so US $1.23 per liter.
Divide by wholesale exchange rate of 0.79 and they are paying $1.56 per Canadian dollar per liter.
That’s higher than most of Canada, Edmonton right now is $1.30
Well maybe California is sensible enough to include road taxes and other taxes.
Okay but Houston is $2.65 so US$0.70 per liter or $0.89 Canadian per liter. But are their toll roads in Houston and Texas? Where does the state make up the revenue they miss with little or no tax on gasoline?
I meant to mention the $4.65 U.S. gas price was in Palm Springs California.
#127 Quintilian on 11.25.21 at 10:33 am
Don’t expect warnings of impeding rates to materialize.
______________________
There was an era when rates just changed…on Thursdays, at random. No predictions, just change.
Tiff, Poloz, same guy, unfortunately.
Barb just above at 132 said:
Just returned from a week’s getaway to Washington state. Gas $3.56-$3.65 in Wenatchee. Dirt cheap compared to our $1.45/litre.
****************
$3.56 is US. 94 cents per liter or $1.19 Canadian per liter. So not exactly dirt cheap compared to much of Canada. Edmonton is at $1.30. Math… Your $1.45 is 22% higher.
And does Washington State have toll roads?
#120 crowdedelevatorfartz on 11.25.21 at 8:17 am
Ponzies Prussian Pals
Enough about Confessions of a Swedish politician.
Ponzie.
Can you explain to me why Austrians ( and Germans to a lesser degree) love David Hasselhoff?
https://www.dw.com/en/why-germany-loves-david-hasselhoff/a-59048932
————————
To quote the late John Prine:
“A question ain’t really a question,
If you know the answer, too”
I can’t stand the drunken fool.
#130 Yukon Elvis on 11.25.21 at 11:23 am
++++++++++++++++++
I have had two Pfizer shots and one Moderna. I am hearing that the J&J vax is a one time shot. Hoping to get that one next.
++++++++++++++++++
You’re becoming a connoisseur!
Makes me think of those cards where you get stamps, and after 7 you get one item choice free.
#124 crowdedelevatorfartz on 11.25.21 at 9:35 am
A co worker lives in Agassiz.
_______________________________
They hire people that don’t think, so how does that make you feel? Wait a minute, you do the hiring? Owner?
————————————
Probably a prisoner on day parole. Agassiz’s claim to fame is the prison.
RE is quite cheep there, compared.
Can you guess why?
This blog is like a group of old men heckling where to plant their crop with a tornado two minutes away. Wake up, it all collapses very soon!
133 Wrk.dover……Hmmmm……
#141 Ponzius Pilatus on 11.25.21 at 12:01 pm
To quote the late John Prine:
“A question ain’t really a question,
If you know the answer, too”
I can’t stand the drunken fool.
**********************************
Love John Prine. He’s big on my playlists. I regret never seeing him live.
#140 Shawn Allen Nov.24/21
Hwy 97S through Wenatchee
#90 to Spokane.
No tolls there.
#144 SnakesInParliament on 11.25.21 at 1:16 pm
This blog is like a group of old men heckling where to plant their crop with a tornado two minutes away. Wake up, it all collapses very soon!
———
If it doesn’t collapse, you’re going to need my crop.
Not just BC…now parts of Nova Scotia and Newfoundland experiencing heavy rain and wind…flooding and washed out roads. Hopefully eveyone is safe.
On the market dowturn today, I have a hard time blaming it on the latest South African virus alert. Never ever ever let a good crisis go to waste.