The milestone

For the first time, crazy buyers ad greedy sellers have pushed the average price of a detached house over $2 million – in both Toronto and Vancouver.

That happened in the last few weeks, in the dead of winter and on the precipice of higher rates and a war in Europe. Meanwhile inflation is eating incomes, gas is two bucks a litre (just slightly less than milk) and the pandemic ain’t over yet. Not exactly a stable time. Yet family debt levels surge even higher. What are we thinking?

For the record, the average 416 SFH is now $2.075 million. Up 23% year/year. In the soulless suburban wasteland known as 905, the average is $1.727 million, a gain of 33% in twelve months. In Van the average detached is $2.044, up 25% since this time in 2021. In the Fraser Valley the cost of a detached is up 43% from last year, also at $1.7 million.

Generally, sales are down. Off less than 10% in Vancouver. In Toronto the decline is 13% and in 905, double that. Some realtors are reporting a drop in showing requests, fewer bidders and offers for each property, plus more successful bully bids as sellers see the ranks of the house horny thinning and eschew the blind auction process.

What does this mean?

Well, first, look at this. Prices of houses in Vancouver. How much more messed up can we get?

Click to enlarge. Remain seated. Source: Greater Vancouver Real Estate Board

The good news (sort of) is more listings. In February a lot of new stuff flooded onto the Toronto market. In the Fraser Valley it was a deluge – up 75%. Seems more vendors are getting the message that with the big change coming in monetary policy, this might be a good time to bail with as big a pot of windfall gains as possible. And they’re right. The smart money is selling into this market. Not buying.

There are a few things people need to know.

First, a price ceiling. Two million is a lot. Think about it. In Toronto that means finding a $400,000 downpayment, coughing up $73,000 in land transfer tax and shouldering a $1.6 million mortgage – plus paying rising property taxes and other ownership costs.

Remember that the average wage increase in Canada last year was 2.8% – when ‘official’ inflation hit 5% and house prices escalated six times that amount. This year it looks like employers are budgeting a compensation increase of 3.8%, on average. And with oil over $100 a barrel, plus food inflation, it’s safe to assume out cost-of-living increase will be the greatest in decades – even without factoring in house lust. In short, how many people are forced to give up on property when we have reached this price point.

Second, rates. This week the Bank of Canada raised its benchmark. The US Fed does the same on the 16th. Markets still expect four to six hikes in this country in the next 12 months, and four Stateside. The question is whether mortgages at 4%, then perhaps 5%, will chill the market or just push homes further out of reach, making real estate the preserve of the overloads among us (you know who you are).

Initially the first hike or two may accelerate things as people who thought mortgages could never go up realize history is repeating. Those newbies who pre-approved in the last few weeks now have a couple of months to make offers and take advantage of their cheap rates. After that, we should all expect a continued increase in lending costs will result in more listings, lower sales and a price impact, especially in the boonies.

Then we have the end of pandemic restrictions and the great migration back to the workplace. It’s coming. Maybe not for everyone. Maybe not full-time cubicle habitation. But, nonetheless, a big whack of people will be expected to have their butt in the chair (wearing actual pants) during part of the week. That’s hard to manage when you moved to Bunnypatch to get an affordable, non-Covid house. Will we see lots of resignations, or lots of listings?

Finally, consider the war. No surprise financial markets have gyrated as the missiles flew, oil went nuts and corporations around the world pulled out of Russia, affecting profits and global growth prospects. Will this mean more families retreat from RRSPs or TFSAs and divert money into investment real estate, or Bank of Mom loans to junior for her first condo? Maybe. And that would not be wise.

Well, this will be an interesting spring rutting season. It started in January, not April. Traditional price and sale patterns were shattered. It’s been more than 30 years since we’ve seen such a divergence between the growth of incomes and that of real estate. An entire generation of buyers has not experienced this level of inflation, nor seen a string of interest rate increases. And never before has an average, so-so, unspectacular, unremarkable, modest, routine, pedantic pile of bricks and sticks cost two million dollars. In Etobicoke or Burnaby, not Paris or Hong Kong.

I hope we know what we’re doing. But I’m pretty sure we don’t.

About the picture: “Your blog has helped us try to make sense of world that at times seems to be spinning out of control,” writes Kari. “Thank you for stepping up when others seem to choose to stay silent. This is Gideon, who suddenly passed on this week when hiking in Kananaskis. Gideon was a certified canine good neighbour and spent years as a therapy dog, as well as contributing as a blood donor in his home town of Cochrane, AB. It would be an honour to see him make your blog.”

186 comments ↓

#1 Anonymous on 03.03.22 at 4:09 pm

Canadian RE will crash! Bring on the interest rate hikes!

#2 TurnerNation on 03.03.22 at 4:12 pm

Hmmm. Also oil’s well that ends well?

“Ukraine supplies 90% of U.S. semiconductor-grade neon (and what it means to chip supply chain)”
https://venturebeat.com/2022/02/24/ukraine-supplies-90-percent-of-us-semiconductor-grade-neon-what-it-means-to-chip-supply-chain/


— When I say that this new global system is being run by Big Tech and A.I.
Look no further as they manage the data behind WW3 – they are larger than any government. Supranational. And holders of our future Social Credit Score ranking:::

“The Globe’s Temur Durrani writes that Apple has halted the sale of all products in Russia, taking down ApplePay services and restricting access to Kremlin-controlled news outlets such as RT and Sputnik. The U.S.-based tech giant has also stopped displaying live-traffic features for Apple Maps, after a move by Google parent Alphabet this week to temporarily disable similar functions on Google Maps. Alphabet said it took the action for the safety of local Ukrainian communities. SpaceX has activated satellite service in Ukraine through its Starlink system to safeguard the country’s broadband Internet. Microsoft said it is helping protect Ukraine from cyberattacks, disinformation campaigns and providing the country with humanitarian assistance. Also, Meta Platforms — which operates Facebook, WhatsApp and Instagram — said it has added new safety features such as locking accounts, labelling misinformation, removing the ability to view or search for friend lists and demoting posts that contain links to Russian media websites.” (stokwatch.com)

#3 Big Mac on 03.03.22 at 4:17 pm

Your graph looks a lot like the S&P 500, definitely interesting times!

#4 Etobicoke’r on 03.03.22 at 4:17 pm

Dem’s fighting words, Mr. Turner.

Etobicoke is much, MUCH cleaner than Paris.

#5 Reality Check on 03.03.22 at 4:19 pm

Ukraines “Winter on Fire” versus Trucker/ antivax Protest

I have heard antivaxxers compare the protests that went on in Ottawa with the Ukraine’s 2013 “Winter on Fire”protests.

The two events have absolutely nothing in common other than they happened in the winter. To compare the two really diminishes the brave Ukraine peoples’ fight for the future of their country.

The Ukrainians’ were protesting the government’s move to align with Russia when an election was fought and won on the basis that the government would align closer with the EU. The Ukraine protesters were protesting for the economic and political future of their country – whether to go backwards and align with the dictatorial Russia versus moving forward and aligning with the west.

The antivax protesters were basically one issue – wanting to have all the same rights as those who were vaxxed.
——————
The Ukraine protesters dug in on the main square in the capital. They served food, and built structures and barriers for protection against Ukrainian police.

The antivaxxers built hot tubs and stages for partying. They did make some sad little mounds of snow when the police were moving in.
————————
Ukrainian police used tear gas, pepper spray and brutally beat protesters with metal batons. They attack with brutal force and without warning.

Canadian police were a picture of restraint. The police gave protesters several chances to leave, and many did. Both police and protesters suffered few injuries and none serious. (Ya, ya I hear you, but if you know anything about horses you know to not get too close to a 1000 pound animal when in tight quarters.)
—————————
The Ukrainian protest drew huge crowds, some crowds estimated at several hundred thousand. The magnitude of the protest eventually wore down the government.

The antivaxxers drew a few thousand supporters, perhaps 3 to 4 thousand at its peak, and many of those looked like kids enjoying the spectacle of drinking beer on parliament hill.
————————-

Seriously we have such freedom in Canada. Antivaxxers should not embarrass themselves by comparing their actions with the brave people of the Ukraine fight with their lives for the survival/independence of their country.

#6 Firsttimeposter on 03.03.22 at 4:19 pm

Yup, starting April 4th 60,000 butts in chairs at least 3X per week, no messing around this time! Change from the last 2 years is a foot…

#7 crowdedelevatorfartz on 03.03.22 at 4:20 pm

Gas at the pumps in Burnaby this am $1.94.9 per liter
Expected to be up a few more cents before Monday.
Stay tuned kids.

#8 Ian on 03.03.22 at 4:21 pm

Wow $2M. So even a 25% fall in prices (“Crash”) would still be unaffordable. I’m glad all those cities are pro density to building more units on SFD lots……… :s

#9 Larr on 03.03.22 at 4:22 pm

Holy Moly

#10 crowdedelevatorfartz on 03.03.22 at 4:22 pm

Nice looking pooch.
Condolences.
Kananaskis Country… beautiful area for a last hike.

#11 Overheardyou on 03.03.22 at 4:23 pm

What happens when you renew a five year at a higher rate and can’t afford the payments? Does the lender simply increase interest payments like a variable rate?

#12 Cto on 03.03.22 at 4:23 pm

Umm….where we not all saying this 2010????

#13 Elon Fanboy on 03.03.22 at 4:24 pm

What ever you think of Musk……well this is just amazing.

What other company in the world can do this?

A tweet today with regards to the Ukraine Starlink network.

“Updating software to reduce peak power consumption, so Starlink can be powered from car cigarette lighter.

Mobile roaming enabled, so phased array antenna can maintain signal while on moving vehicle.”

#14 Shamus on 03.03.22 at 4:30 pm

How come none of you talk about Klaus Schwab & THE GREAT RESET?

Is it still a conspiracy theory about the influence the WORLD ECONOMIC FORUM has around the world?

#15 wallflower on 03.03.22 at 4:32 pm

He died while hiking in Kananaskis?
Oh glory. I am envious. What better way to go than doing what one loves?

#16 Mel on 03.03.22 at 4:32 pm

How can the banks lend to people earning average wages to buy these homes?

#17 SW on 03.03.22 at 4:36 pm

Sorry to hear about Gideon. He looks like he was a Good Dog!

I’ve seen in the UK and Canadian media reports about young fathers of young children, throwing everything up to run off to Ukraine to fight for freedom. No apparently useful skills.

I know it must have been hard being locked up with the wife and three kids for a couple of years, but really?

#18 Linda on 03.03.22 at 4:39 pm

RIP Gideon. At least he was doing what he loved.

‘the preserve of the overloads among us’ – LOL. I’m fairly sure the word was supposed to be overlords, but given the amount of debt folks are taking on ‘overloads’ is a very appropriate moniker:)

#19 Father’s Daughter on 03.03.22 at 4:39 pm

RIP Gideon, you were a great dog.
Even if I had $2M to spend on a house, they are as described, pretty average at that price. Ugh.

#20 Søren Angst on 03.03.22 at 4:40 pm

If it doesn’t crash this year it never will. Cdn retirement planning = Cdn RE.

Nor war, nor plague, nor the pestilence of rising costs can deter Cdn RE, nothing will.

Hades in tow.

——————-

Drone footage out a couple of hours ago of a town in Ukraine. Vlad is a war criminal.

https://www.bbc.com/news/av/world-europe-60608706

Reading Moscow Times today and it’s a Police State there. State Reporters quitting, protestors getting fired at their work, independent news media shut down, the list goes on and on.

Russians found some humor in Vlad’s really long meeting table.

I liked the vision test one the best.
https://www.themoscowtimes.com/2022/02/09/putins-white-table-in-macron-talks-sparks-endless-memes-a76300

Don’t forget to click on the short vid at the bottom of the page.

Ukraine-Russia in “peace talks” tentatively agree to safe corridors, aid delivery.
https://twitter.com/i/events/1483255084750282753

Grateful for where I live now and where I was raised.

#21 Yukon Elvis on 03.03.22 at 4:40 pm

STOCKHOLM — Four Russian fighter jets briefly entered Swedish territory over the Baltic Sea on Wednesday, the Swedish Armed Forces said, sparking a swift condemnation from Sweden’s defence minister.

https://www.ctvnews.ca/world/swedish-defence-minister-calls-russian-violation-of-airspace-unacceptable-1.5802868

#22 PeterfromCalgary on 03.03.22 at 4:42 pm

The big problem in Canada is geographic. For some reason most of our jobs crowd into a few cities. This means the house prices in those cities get higher and higher.

It also causes political alienation in places like Alberta. No matter that we overwhelmingly vote Conservative Liberals usually form the government because they tend to win in the over populated cities.

Canada geographically is the world’s second biggest country but most of it sits empty.

The Roman Empire covered around 5 million square kilometers at it’s peak. Canada is almost 10 million square kilometers. Despite that most of us live in just a few crowded metro areas.

#23 Dave on 03.03.22 at 4:50 pm

There is NO ceiling……a few years back the ceiling was $1M and then $1.5M

$2M is no problemo….yes for average Joe Smuck but not the others that know real estate is in hyperinflation mode. In less then 6 months the new ceiling will be $2.5M!!! May GOD have mercy!

Sadly Garth knows this…..the WAR is the new “long term” excuse the Central Banks will needed. Came conveniently just in time

#24 Mosey on 03.03.22 at 4:50 pm

No matter the amount of rate hike increase, central banks cannot raise rates much past 2% for fear of governments becoming insolvent. So the plan is, they will make small increases for a while but then they will be forced to back off. Increasingly it becomes clear that the plan is to encourage inflation while trying to avoid hyperinflation. So, low interest rates with profound inflation is the order of the day. If you can afford to buy a house, buy it. (Seen the numbers of immigrants who are moving to Canada lately? They are welcoming many people to Canada who have financial resources, and they need a place to call home. And consider investing in precious metals as an inflation hedge.

#25 Chalkie on 03.03.22 at 5:05 pm

History is a good judge and seldom wrong, we are about to hear the crying stories of POOR ME, at lease one word will be right.

#26 Barb on 03.03.22 at 5:07 pm

Gideon has golden wings now, Kari.
Thanks for letting us know this remarkable friend.

I shudder to think what Canadians’ enormous debt levels will do to “family life”. If workers see 3.8% wage increases — and many won’t — will more and more couples decide against having children?

#27 steve on 03.03.22 at 5:07 pm

Garth, I find it interesting you call the 905 “the soulless suburban wasteland known as 905” and yet you seem to adore the soulless wasteland known as the PATH.

#28 Ballingsford on 03.03.22 at 5:07 pm

I don’t how people are managing to come up with the money for these homes. I’m obviously travelling in the wrong circles.

#29 bdwy on 03.03.22 at 5:08 pm

with 1.5-2 million new beds reqd over 3 years when there is a real shortage right now where else is RE going to go but up?

#30 Ballingsford on 03.03.22 at 5:13 pm

#11 Overheardyou on 03.03.22 at 4:23 pm
What happens when you renew a five year at a higher rate and can’t afford the payments? Does the lender simply increase interest payments like a variable rate?
*****
You need to sell the house and find a place to rent. If you can’t afford the rent either, you sleep under the bridge.

#31 Happy Housing Crash Everyone! on 03.03.22 at 5:22 pm

This will be epic!

Watching the realtor-shysters battle each other for the few listings will be fun, too!

#32 Michael in-north-york on 03.03.22 at 5:23 pm

#223 pPrasseur on 03.03.22 at 4:23 pm

Second biggest loser is IMO China, financial/economic situation there is already precarious to say the least and a world recession would likely provoke a financial and economic meltdown of epic proportions.
===

Dependent on how it all ends, China might become a big winner.

If Ukraine falls, the West shows its impotence – then China can take Taiwan.

If Ukraine wins, Putin’s rule will not survive. Chaos will reign in the former empire, and China has a chance to take Siberia from Russia.

#33 T-Man on 03.03.22 at 5:27 pm

A new research brief released by the Quincy Institute for Responsible Statecraft said:

The report demonstrates how America’s over-militarized foreign policy is locked in by the influence of weapons manufacturers, revealing that the industry has spent $ 285 million on campaign contributions and $ 2.5 billion on lobbying over the past 2 decades, while receiving $ 7 trillion in contracts in the same period.
So the Yankees will spend almost $ 800 billion this year on their military. That’s more than the next 10 countries combined.
There’s a monster on the loose, it’s got our heads into the noose.

#34 bdwy on 03.03.22 at 5:34 pm

Further, though: do you see any reason that Berkshire’s stock would decline from current levels? Good gains in and of themselves are never a reason to sell
…………..
only because it’s up so fast and so far. and stagflation.

a mere 3% slide and i can get the same lot of shares back and buy a new truck and boat with the difference ;)

now where did i leave my horse parked? yeehawww

#35 Michael in-north-york on 03.03.22 at 5:37 pm

#160 Mike on 03.03.22 at 12:17 am

The Zelensky regime is handing out fully automatic weapons by the truckload to anyone willing to scavenge them from the ground
===

This is a very courageous act of President Zelensky. It shows that the citizens of Ukraine support their elected leader, and are ready to fight against the invaders.

Of course, Putin could never allow his subjects to be armed. If his subjects had weapons, they would instantly turn them against the Kremlin tyrant and his corrupt uber-rich cronies.

Glory to Ukraine!

Prime Minister of the Netherlands gives the words of support:

https://www.youtube.com/watch?v=kVKmZO958kU

The Mayor of the Ukrainian capital visits the subway station, where the residents are taking shelter from the aerial attacks – go to 1m 50s

https://www.youtube.com/watch?v=fJjuz6QiBwo

#36 Andrewski on 03.03.22 at 5:47 pm

Re #21 Yukon Elvis post:

Maybe Sweden will join NATO lickety split?!

https://www.nato.int/cps/en/natohq/nato_countries.htm

#37 Shirl Clarts on 03.03.22 at 5:48 pm

#17 SW on 03.03.22 at 4:36 pm

^^^^^^^^^^^^^^
I pray for this young family and for the fathers safety. It’s no joke, SW. It’s tragic.
https://www.bbc.com/news/av/world-europe-60611985

#38 JOHN PICKETT on 03.03.22 at 5:48 pm

Some observations on the war over in the Ukraine. The EU better hope that the Ukraine does not get membership. One of the poster in this blog commented that it was the vast influx of Poles into the UK that led to Brexit. My late friend over commented on that several times about the number of Poles in England. Almost like gypsies. I shudder to think of an influx of UKES into the EU and what will become of it. Next, it looks like Germany is going to be a big loser in all of this by cozying up to the Americans. Out of the frying pan and into the fire as it concerns energy costs. A big mistake to end Nord Stream 2. Energy costs will sky rocket in Germany effectively ending Germany as a major power. They bet on GREEN and Biden and are going to lose. Third, planting season in the Ukraine is 2 months away but farmers have to place orders for seeds and fertilizer now. There is going to be a lot of empty stomachs if the UKE farmers don’t plant. Fourth: it is very sad to see Christia Freeland represent the Ukrainians instead of the people who elected her. That is the problem of hyphenated Canadians. Our gasoline prices are sky high and food prices are getting to be exorbitant. How much longer will the American and Canadian consumer keep supporting these foreign adventures before cutting our losses? Lastly I see that the bleeding heart liberals want an investigation into war crimes in the Ukraine. Good gracious, the USA wrote the book on this and ended up killing civilians in Vietnam, Iraq (twice) and Afghanistan. A million or two as “collateral damage”? Less than 5 Americans were ever charged as I recall: Lt Calley in Vietnam and a couple of hillbilly guards at a prison in Afghanistan that were dumb enough to take photos of their activities. JOHN PICKETT

#39 willworkforpickles on 03.03.22 at 5:49 pm

“How much more messed up can we get?”

A great deal more and not just in the housing market.

18 months ago I said – when enough major world players finally succeed in replacing the US dollar with a world’s substitute primary reserve currency , we would eventually suffer the fall-out of hyper-inflation.

Garth … was adamantly opposed and said “never” to hyper-inflation . Not inasmuch from over a loss of US dollar supremacy that no one was even talking about then, but more a domestic economic point of view to which I replied with…”never say never” .

I responded with that – never say never – reply to hyper-inflation, because I knew at the time, major world forces were already developing payment transfer systems away from using Swift. Plotting to eventually upend the US dollars world supremacy status…many have now fully developed them.

As i said earlier, imposed sanctions barring Russia from Swift would prove eventually – to be the catalyst that breaks the back of the US dollar.

Now concerns that the US will ultimately suffer greater harm to its economy than Russia, using the barring of Swift against them, are all over the media today.

Talk that we will suffer eventual hyper-inflation over the US dollar upending of its primary worlds reserve currency status has suddenly become a big concern.

As it should be of big concern as the plot thickens greatly to replace US Dollar Hegemony.

I began talking about this here a couple years back and people laughed and sneered as they still do.
The very attitude of ignorance that will soon turn to shock and surprise i said then it eventually would.

…and the closer we get to these horrendous outcomes, the more seemingly unreal they become.

#40 IHCTD9 on 03.03.22 at 5:49 pm

I’ve posted this one before, but it seems a good ballad for post-Trudeau Canada’s prospects:

https://www.youtube.com/watch?v=Im5N-0ZNf14

Bottoms up dogs…

#41 cramar on 03.03.22 at 6:00 pm

You could take that chart of detached housing in VAN and replace it with a similar penny or meme-stock chart and nobody would know the difference. But most investment gurus know when a penny stock goes parabolic to twenty or two hundred, the collapse is epic. But RE is different. Right?

#42 Sail Away on 03.03.22 at 6:04 pm

#17 SW on 03.03.22 at 4:36 pm

I’ve seen in the UK and Canadian media reports about young fathers of young children, throwing everything up to run off to Ukraine to fight for freedom. No apparently useful skills.

I know it must have been hard being locked up with the wife and three kids for a couple of years, but really?

——–

This is common in every war. Gravitating to exciting usefulness holds great fascination and happens in every case, every time. I feel the urge.

War offers simplicity, excitement and camaraderie not found anywhere else. I have friends in Kyiv working with the defense force.

Everyone can be a Hemingway hero. I’m happy to make introductions. Full disclosure: individual experiences may vary

#43 Louis XIV on 03.03.22 at 6:04 pm

 Etobicoke’r on 03.03.22 at 4:17 pm

Dem’s fighting words, Mr. Turner.

Etobicoke is much, MUCH cleaner than Paris…….

And Paris is MUCH
X 1000 time interesting and thrilling than Etobicoke

#44 Everything on 03.03.22 at 6:05 pm

Everything has gone up.

Real Estate – Stocks – Bonds – Commodities – Everything

Its a monetary event.

Over the last 20 years, each time the fed tries to increase rates the ceiling keeps getting lower.

What next?

#45 willworkforpickles on 03.03.22 at 6:10 pm

#38 JOHN PICKET

“Energy costs will sky rocket in Germany effectively ending Germany as a major power.”
………………………………………………………………………………………………………..

Energy costs will be a tough pill to take for Germany, but they will rise up out of this a world superpower, building a military now of formidable force the US has emboldened them to do.

#46 Sue on 03.03.22 at 6:11 pm

#14 re-WEF Yes, Uncle Klaus loves to brag about how he’s penetrated half of the Canadian cabinet and says “you’ll own nothing, and be happy” and “we are not going back to normal” but we are conspiracy theorists. Nothing to see here.

#47 Sail Away on 03.03.22 at 6:11 pm

#34 bdwy on 03.03.22 at 5:34 pm

Further, though: do you see any reason that Berkshire’s stock would decline from current levels? Good gains in and of themselves are never a reason to sell

——–

only because it’s up so fast and so far. and stagflation.

a mere 3% slide and i can get the same lot of shares back and buy a new truck and boat with the difference ;)

——–

Sure, if you want to use the money now, that’s a good reason. It’s yours to do with as you will. Enjoy!

#48 Rook on 03.03.22 at 6:12 pm

“Yet family debt levels surge even higher. What are we thinking?”

My completely unfounded suspicion is a) the assumption that house prices only ever go up. They’re not making more land, and it’s not getting any cheaper to develop or build, so prices go up. B) Faith (unfortunately, probably well-founded) that if enough home owners get into trouble, the government will bail them out. And, honestly, I can’t convince myself they’re vwrong. It’s the classic, “you owe the bank $100 vs you owe the bank $1,000,000” dilemma.

When I used to rent in The Annex, around Bernard and Bedford, I would see houses in that hood sell for 1.5 million. And my buddy and I would go, “It can’t possibly get more expensive!” Then when they started going for 2-3 million, we went, “How much higher can it possibly go? Where are people getting the money?” Then when it got even higher, we asked the same questions.

It’s the old investment parable, writ in real estate. “The market can stay irrational longer than you can stay solvent.”

I don’t know where people are coming up with the down payments for $2 million properties, but they are. My inner rational mind is going, “Interest rate increases ought to make this a top.” But my inner cynic is going, “We’ll see rising real estate values right alongside rising rates, breaking the biggest financial law there is.”

I really don’t know what else to do other than to keep saving and investing, and hoping for a correction.

#49 neptunian on 03.03.22 at 6:12 pm

it is too early to cheer or worry about the 0.25 raise and the RE market. it is a problem created by CB (printing money), who knows it but has no idea how to fix it, if it is fixable.

CB will not raise the rate high enough to impact the RE market, at least, will not do it purposely. RE will be fine, just it is sad for a generation of Canadians.

#50 SI2K on 03.03.22 at 6:13 pm

At $2M housing in the GTA and its all-but-dead neighborhood cultures, commuter resignations in Bunnypatch is my guess. With the right skills you can easily freelance WFH for $USD$. (The bunnies really are the best part, though.)

#51 T-Man on 03.03.22 at 6:20 pm

DELETED

#52 Liberal plan on 03.03.22 at 6:21 pm

Liberal plans to bring in unlimited number of Ukrainian refugees. More demand for housing. Expect Toronto home prices to go to $5 million… or Canadian home prices to reach $3 million.

More immigrants when there is a severe shortage of housing and low inventory… Here is a Government which does not care about its citizens.

https://www.sherbrookerecord.com/canadian-government-to-welcome-unlimited-fleeing-ukrainians/

#53 T-Man on 03.03.22 at 6:28 pm

DELETED

#54 alf on 03.03.22 at 6:35 pm

#14 Shamus on 03.03.22 at 4:30 pm
How come none of you talk about Klaus Schwab & THE GREAT RESET?

Is it still a conspiracy theory about the influence the WORLD ECONOMIC FORUM has around the world?
———————–

Dude, take off the tinfoil hat! It’s clearly a conspiracy theory.
Come back in a year when it isn’t anymore.

#55 marnic on 03.03.22 at 6:35 pm

#38 John Pickett

That’s some list of grievances there, Johnny, most of which have nothing to do with Garth’s post—the only exception being a whine about what you have to pay for food and gas. On the bright side the chances of your home being shelled while you sleep tonight are precisely zero. What a joyless little mind you own.

#56 Ed on 03.03.22 at 6:38 pm

Why hasn’t Trudeau resigned yet? The non finance finance minister is pretty much doing his job anyway.

#57 Lumber on 03.03.22 at 6:39 pm

My dad’s estate finally settled, and our family ancestral home hit the market last weekend after being in the family for 98 years. Being split three ways, our agent listed at a high price, and we thought it would sit on the market. 35 offers showed up on the first day, selling for 78% over asking. We accepted an all cash offer of $10K less from a neighbour rather than a slightly higher cash from someone out-of-town. Now the out-of-town buyer is accusing us of racism and discrimination, and has filed a complaint with the real estate board. Were we wrong to sell to our dad’s neighbour who wants to restore the house rather the out-of-town buyer wanted to develop it for townhouses….? Last time I checked sellers were free to sell to whomever. Has that changed?

#58 pPrasseur on 03.03.22 at 6:51 pm

Canada delayed 2008 recession by printing money, and printed a whole lot more since. Not only that, it stupidly forfeited its capacity to become an energy superpower, just to please climate alarmist idiots!

The moment of reckoning is getting closer!

Don’t ever bet against the US (no matter how dumb their leaders are), but sadly bet against Canada all you want, the more the better!

#59 Daveyboy on 03.03.22 at 6:55 pm

If you make a 100k a year . That would only take you 31 years of after tax money to pay off the 2.2 million dollar home off. Good Luck Guys!

#60 T-Man on 03.03.22 at 7:01 pm

DELETED

#61 Scooby Snacks on 03.03.22 at 7:01 pm

What a beautiful dog! I had no idea dogs could be blood donors, RIP Gideon.
Major sticker shock at the grocery store today. I used to be able to fill the Superstore cart for $200. Today it was $320. Mostly No-Name brand. Brutal.

#62 pPrasseur on 03.03.22 at 7:11 pm

#32 Michael in-north-york Dependent on how it all ends, China might become a big winner.

Already 200 million Chinese are in “flexible employment” (the communist party euphemism for unemployment)

https://www.thinkchina.sg/200-million-chinese-are-flexible-employment-their-choice

and that’s before the potential collapse of their massive (Ponzi scheme) RE bubble and while western compagnies are massively, at least partially, pulling out of China.

https://www.lovemoney.com/gallerylist/98705/big-multinational-companies-moving-out-of-china

The problem with China is the same that has been seen so often elsewhere: as you kill personal freedom you kill your own chances at prosperity, so sad so few actually understand this, Xi and Putin certainly don’t…

#63 Shirl Clarts on 03.03.22 at 7:12 pm

#17 SW on 03.03.22 at 4:36 pm
#42 Sail Away on 03.03.22 at 6:04 pm
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Since you both have nothing to lose, please go and fight this war along side the people of Ukraine.

#64 ogdoad on 03.03.22 at 7:12 pm

Polish your teslas, groom your dogs, sign your kids up in extracurriculars and adjust your posture chairs…great that we can watch A WAR unfold on FOX. Jeesh, dying for a purpose? So the last few millennia…

I can’t even fathom in my entitled, cultured, selfish little brain the psychological effect that millions are/will suffer while we normalize it here on CNN.

You talk contentment in our lives, Garth? I call our lives a freaking miracle.

Og

#65 Kirk on 03.03.22 at 7:13 pm

So a lot of well know people in mortgage brokerages, as well as Globe’s Rob Carrick, believe variable is still the better play … and will continue to be.

What gives, Garth? You say otherwise.

Article: https://www.theglobeandmail.com/investing/personal-finance/article-a-realists-guide-to-winners-and-losers-in-the-wave-of-interest-rate/

#66 crowdedelevatorfartz on 03.03.22 at 7:16 pm

@#52 Liberal plan on a bar coaster
“Here is a Government which does not care about its citizens.”

+++

Not too sure where Trudeau plans on putting them all……

#67 Shirl Clarts on 03.03.22 at 7:23 pm

#52 Liberal plan on 03.03.22 at 6:21 pm

“More immigrants when there is a severe shortage of housing and low inventory… Here is a Government which does not care about its citizens.”

^^^^^^^^^^^^^^^^^^

I’m glad we are a country that cares about refugees in their desperate time of need. Try being on the right side of history.

#68 DON on 03.03.22 at 7:29 pm

Hey Dave

via bnn

“Canada’s top central banker says the first of several rate hikes from the Bank of Canada is aimed at staving off a problematic economic scenario that could be more costly to households than the double-whammy of higher inflation and interest rates.
Speaking to reporters Thursday, Governor Tiff Macklem looked back a half-century ago to the economy of the 1970s .
He said during that time consumers felt like they were being ripped off as prices rose and wages didn’t keep up — and labour strife followed. The economy doesn’t work well when people believe inflation will stay higher for longer, Macklem said.
Related Stories
Bank of Canada hikes key interest rate, revises inflation
via bnn

Governor of the Bank of Canada Tiff Macklem prepares for the start of a media availability at the Bank of Canada in Ottawa, on Wednesday, Dec. 15, 2021. THE CANADIAN PRESS/Justin Tang
To avoid a repeat of that scenario the bank must act to lower inflation through measures like Wednesday’s quarter-point rate hike, which shows Canadians their concerns are being taken seriously.
Inflation currently sits at a three-decade high and is set to rise further on the back of ongoing supply chain issues and rising global oil prices that make transporting goods and food even costlier.”

#69 Mike on 03.03.22 at 7:32 pm

ETOBICOKE GANG, ARE WE GOING TO TAKE THAT KIND OF SLANDER?!

Enjoy your daily derby of dodging the homeless, deranged, the drug zombies on the streets of Toronto while separated from them by just an inch of drywall and stucco. How can people in Toronto be so uncaring and cruel to allow human beings in such wretched condition to co-exist in their neighbourhoods, while pretending to be virtuous and good people with their little masks proudly riding over their noses….?

Cities are the true cesspits of cruelty and dehumanization.

#70 CJohnC on 03.03.22 at 7:36 pm

#46 Sue…Uncle Klaus loves to brag about how he’s penetrated half of the Canadian cabinet ……..and “we are not going back to normal”
—————-
Maybe Uncle Krause means penetrated in a different way……..not very woke for sure

#71 crowdedelevatorfartz on 03.03.22 at 7:37 pm

T-man
Deleted x 3

++++

A good start.

#72 Bdwy on 03.03.22 at 7:42 pm

Everything tanking as russia shells europes largest nuke plant

Market futures down a whopping 0.4%. Get a grip. – Garth

#73 jess on 03.03.22 at 7:45 pm

?Donald Trump Jr. reportedly admitted about 10 years ago that a lot of his family’s assets are from Russia.

Eric Trump Reportedly Bragged About Access to $100 Million in Russian Money“We don’t rely on American banks. We have all the funding we need out of Russia.”
https://www.vanityfair.com/news/2017/05/eric-trump-russia-investment-golf-course
By Tina Nguyen

Klepto CaptureWednesday, March 2, 2022
Attorney General Merrick B. Garland Announces Launch of Task Force KleptoCapture
Task Force Will Surge Federal Law Enforcement Resources to Hold Accountable Corrupt Russian Oligarchs

Today, Attorney General Merrick B. Garland announced the launch of Task Force KleptoCapture, an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions, and economic countermeasures that the United States has imposed, along with allies and partners, in response to Russia’s unprovoked military invasion of Ukraine. Task Force KleptoCapture will ensure the full effect of these actions, which have been designed to isolate Russia from global markets and impose serious costs for this unjustified act of war, by targeting the crimes of Russian officials, government-aligned elites, and those who aid or conceal their unlawful conduct.

“The Justice Department will use all of its authorities to seize the assets of individuals and entities who violate these sanctions,” said Attorney General Merrick B. Garland. “We will leave no stone unturned in our efforts to investigate, arrest, and prosecute those whose criminal acts enable the Russian government to continue this unjust war. Let me be clear: if you violate our laws, we will hold you accountable.”

“To those bolstering the Russian regime through corruption and sanctions evasion: we will deprive you of safe haven and hold you accountable,” said Deputy Attorney General Lisa O. Monaco. “Oligarchs be warned: we will use every tool to freeze and seize your criminal proceeds.”https://www.justice.gov/opa/pr/attorney-general-merrick-b-garland-announces-launch-task-force-kleptocapture

does that mean they will finally look into their own countries shell companies e.g. delaware nevada and perhaps Gov. Noem state -trident trust

#74 Stoph on 03.03.22 at 7:48 pm

#63 Shirl Clarts on 03.03.22 at 7:12 pm
#17 SW on 03.03.22 at 4:36 pm
#42 Sail Away on 03.03.22 at 6:04 pm
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Since you both have nothing to lose, please go and fight this war along side the people of Ukraine.

—————————————————–

I believe the reference SW made was to this man:

https://www.bbc.com/news/world-us-canada-60563278

It’s sad. Without military experience he’ll be putting fellow soldiers at risk and frankly will be cannon fodder. Plus he’s hemophilic, which made him unfit to serve in the Canadian forces. As a husband and father to three young kids, his family is his primary responsibility. He should look how he can support things from Canada rather than going to the front.

#75 Shawn on 03.03.22 at 7:53 pm

Who got the printed money?

Maybe I’m thick when it comes to how the printed money thing works.

Lots of investors on this blog. Printed money apparently drove stock prices up.

Did any of you big investors get any of the printed money and use it to buy stocks? I got none. Did someone?

Are home buyers getting printed money in their pocket?

I see a ton of complaints that wages have not risen much. No printed money for wage earners?

Where is all this printed money and how did it get from the central bank to whoever is holding it?

Those who think they understand printed money can surely tell me.

#76 VladTor on 03.03.22 at 7:54 pm

Garth…
Those newbies who pre-approved in the last few weeks now have a couple of months to make offers and take advantage of their cheap rates.

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

Looks like hidden sarcasm.

Should read:
Those newbies who pre-approved in the last few weeks now have a couple of months to get red of this stupid offers and forgot about this for couple years and be happy!

House in Etobicoke for 2 millions vs castle in Spain, Italy, France for less.

Yours choice newbies?

Big bang ahead !!!!!!!!!!!!

#77 What's Up. Houses. on 03.03.22 at 7:56 pm

Garth, I really don’t if you’re stupid or what. You’ve been preaching the same nonsense for years. Rates will not go up. They CAN’T. If they were to go up, we’d all be screwed. Sure, they always threaten to raise rates. Carney was famous for that. They always do that. Do they follow through. No.

Just did. More coming. – Garth

#78 Miletoast on 03.03.22 at 8:00 pm

DELETED

#79 VladTor on 03.03.22 at 8:01 pm

By the way, Garth, did you think that overweight / obese problem will be solved for current generation in next 20 years b’s price of houses? This is very positive effect from high price of houses.

#80 Rent the Podium on 03.03.22 at 8:03 pm

New policy proposal: 1 person, 1 CMHC-backed mortgage max. 2-adult families could still get the cottage, but otherwise we treat mortgages as the special policy tool they are for getting people shelter, not investments.

#81 Ballingsford on 03.03.22 at 8:11 pm

Found a loonie on the ground in the slush when I was filling the car with gas today. I wiped it off and kept it. Nobody was looking.

#82 we're all in big trouble on 03.03.22 at 8:13 pm

UKRAINE’S KULEBA: RUSSIA FIRING ON ZAPORIZHZHIA NUCLEAR PLANT

Markets are freaking out that Russia is bombing a nuclear power plant!

10-year yield down 16 basis points in 30 minutes (below)

ES futures down about 70 handles over the same time period.

#83 FLHTK on 03.03.22 at 8:18 pm

Not exactly a stable time. Yet family debt levels surge even higher. What are we thinking?

Well I am thinking it’s time to cash in on the overblown house, leave the job with DB Pension and move to Costa Rica where a family of four can live all expenses in for $2500 a month, all expenses! Canada is becoming a country for the rich! Too bad the wife won’t go for Costa rica! She’s got a DB pension too.

#84 Concerned Citizen on 03.03.22 at 8:45 pm

Home prices are no longer anchored to what regular families can afford. As others have said, there is no limit to how high home prices can go:

– Foreign money and citizens of convenience are looking for safe jurisdictions to put their money, and Canada is wide open for business

– Existing owners will continue parlaying their windfall gains into more properties via HELOCs

– The Moms and Dads of means will continue leading/gifting their spawn down payments, using their windfall gains

– Money launderers don’t care how expensive properties get

– Ultimately people need to live somewhere. Regular folks will pair up with more and more folks to afford a roof over their heads. A declining standard of living.

– Politicians of all stripes do not care one iota about the middle and working classes. They govern for the rich and foreign interests. This is not some conspiracy – look at what they do and say, it’s clear as day. Remember, they don’t want to hurt those “Mom and Pop” investors.

– The central bankers have aggressively denied folks a real rate of return. Is it any wonder housing is going crazy? And given how thoroughly disinterested the central bankers are in promoting price stability going forward, can we be surprised if housing prices go up another 50% in the next year or two?

We’re probably in the early innings of this. It wouldn’t surprise me if the average home price nationally is $1M by the summer. I’m off to look research stocks that make vans for living down by the river.

#85 Yukon Elvis on 03.03.22 at 8:49 pm

The Kyiv [email protected]·56m⚡️
Russian forces are firing at Europe’s largest nuclear power plant, the Zaporizhzhia Nuclear Power Station in Enerhodar, a city on the Dnipro River that accounts for about one-quarter of Ukraine’s power generation.

#86 Cici on 03.03.22 at 8:51 pm

#5 Reality Check on 03.03.22 at 4:19 pm

“The Ukrainians’ were protesting the government’s move to align with Russia when an election was fought and won on the basis that the government would align closer with the EU. The Ukraine protesters were protesting for the economic and political future of their country – whether to go backwards and align with the dictatorial Russia versus moving forward and aligning with the west.”

Unfortunately, that alignment with the West doesn’t seem to be helping too much at this critical time. Our big networks are making tons of ad revenue while we we gloat about our tough sanctions and film them getting decimated live on television.

Yet curiously, all these punitive sanctions don’t seem to be doing much to slow the Russian war machine, which only seems to be getting bigger and more deadly. And today at lunch, I was horrified to discover that all the Wall Street gurus who yesterday were claiming Russia was on the brink of default were today piling all-in on gold, driving prices to new highs and encouraging everyone else to do the same and get in on the rally. Are they not aware that Russia bought huge reserves of gold in 2018? I wonder if it ever occurred to them that their lusty greed could be fueling the Russian war machine? Or do they not care at all, so long as they’re growing ever richer?

The Ukrainians are tough, brave and heroic defenders, but they need loads more backup and lots more boots on the ground. Better still would be fighter planes and missiles.

https://www.youtube.com/watch?v=N7vCww3j2-w

#87 SorryAll on 03.03.22 at 8:51 pm

DELETED

#88 fishman on 03.03.22 at 9:00 pm

The Russians play ” positional chess.” The best have instinct for position. Not really teachable. The best ever was Anatoly”Boa Conscriptor” Karpov. He was able to positionally strangle his opponents, depriving them of countermoves until they selected only losing moves. He is an elected member of the Duma. Since 2007 a member of the Public Council under the Ministry of Defense.
Quote ” Style? I have no style.”

#89 crowdedelevatorfartz on 03.03.22 at 9:13 pm

Ahhh yes.
ICBC our govt car insurance has posted a $1.5 BILLION dollar profit in 2021 fiscal year.

Amazing what a govt monopoly can achieve when….they’re a monopoly …. and the govt doesnt raid the cash to balance the budget like the former Christy Clark Liberal govt did.

Gas is pushing towards $2/liter

Food is up, trucking costs are up, etc.

The Premier is suggesting that rather than dropping exorbitant carbon and transit fuel taxes….we should “change our driving habits” and use rapid transit more often.

Which begs the question.
Does a food delivery person have to pay double if the seat next to them on the Skytrain is full of frozen produce?

#90 jess on 03.03.22 at 9:17 pm

so all those evangelicals who love putin still love em as they have attacked the largest nuclear power plant in Ukraine

been calling for the end of times for 50 years ….

Pat Robertson came out of retirement to claim that Putin “is being compelled by God” to invade Ukraine in preparation for a massive End Times invasion of Israel.
https://twitter.com/RightWingWatch/status/1498410764113256455

Lauren Witzke, the Delaware GOP’s candidate for Senate in 2020, has nothing but praise for Putin and “his Christian nationalist nation”: “I identify more with Putin’s Christian values than I do with Joe Biden.” pic.twitter.com/oQ2nhlVGCR
— Right Wing Watch (@RightWingWatch) February 24, 2022

#91 Observer on 03.03.22 at 9:23 pm

Well this is not good. Ukrainian officials confirm huge nuclear power plant is on fire.

https://www.cbc.ca/news/world/ukraine-russia-invasion-march3-2022-1.6371091

#92 Sail Away on 03.03.22 at 9:23 pm

#63 Shirl Clarts on 03.03.22 at 7:12 pm
#17 SW on 03.03.22 at 4:36 pm
#42 Sail Away on 03.03.22 at 6:04 pm

———

Since you both have nothing to lose, please go and fight this war along side the people of Ukraine.

———

Sure… but we need you as the third Musketeer.

#93 VladTor on 03.03.22 at 9:25 pm

to #37 Shirl Clarts on 03.03.22 at 5:48 pm

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

Did you pray for kids who was killed by Ukrainian army in Donetsk for 8 years – from 2014?

Alley of Angels is a memorial complex in Donetsk in memory of the children who died during the armed conflict in eastern Ukraine.

According to UNICEF data published in October 2018, at least 149 children have died as a result of mine explosions in Donbas since 2014 during the armed conflict in eastern Ukraine since 2014.

In Russian in WIKI – text and photos:

https://ru.wikipedia.org/wiki/%D0%90%D0%BB%D0%BB%D0%B5%D1%8F_%D0%B0%D0%BD%D0%B3%D0%B5%D0%BB%D0%BE%D0%B2

#94 An engineer on 03.03.22 at 9:30 pm

I recently spoke to a Facebook recruiter. She said they plan to open a huge hub in Toronto.. not like the ones they have in Vancouver or Seattle, but a big one. Besides that, there are already Amazon who hires like crazy (even if I failed an interview with them recently, and there’s a 1 year cooldown period, they still call me at least once a month), then Uber, Google and Microsoft wants to join as well.
All these are jobs that pay on average 280k a year (a junior developer gets around 180 total compensation and a senior one gets around 350k total compensation).
Another interesting thing, I was talking to a colleague of mine who besides software developmer also is an amateur landlord. Fun fact, he is always buying the next house by taking equity from the previous one. He told me: when there’s demand for rental units, you don’t have to worry about finding tenants. And the rental market now is also pretty good, that’s why we have about 30% of real estate belonging to investors.
So with all due respect, I don’t think the housing prices will go down a lot. We had an increase of 40% from 2020 to 2021, and another 28% from 2021 to 2022, right? That’s an 80% increase from 2020.. so even with a crash of 44% from the current prices, we’re still over the 2020 levels. But with the rise of high paying jobs, I would expect to see a house in the next years here, at the price of 3-4 milions… like they have now in San Francisco.

#95 Cowtown Cowboy on 03.03.22 at 9:39 pm

#7 crowdedelevatorfartz on 03.03.22 at 4:20 pm

Gas at the pumps in Burnaby this am $1.94.9 per liter
Expected to be up a few more cents before Monday.
Stay tuned kids.

Reap what you sow..6yrs of these idiotic liberal policies and this country is unrecognizable

#96 Satori on 03.03.22 at 9:41 pm

#28 Ballingsford on 03.03.22 at 5:07 pm
I don’t how people are managing to come up with the money for these homes. I’m obviously travelling in the wrong circles.
———————————–
Ballingsford, I use to invest in the banks, then one fine day switched to Turner Investments… made more money in 3 years, than decades with the damn bank!! Garth has a good circle.

#97 Ivan the Moderate on 03.03.22 at 9:43 pm

Why use nukes, when you can set fire on a powerplant.

https://l.facebook.com/l.php?u=https%3A%2F%2Fglobalnews.ca%2Fnews%2F8658032%2Fukraine-russia-nuclear-plant-fire%2F%3Ffbclid%3DIwAR2CEe8idD7-UwsDhFrHmKvFiRwP0Z5EnBoQh0gPw7DGJmh7j1hzUjJ3cng&h=AT3MkcrHczSSthYANjRzIHhO7DOgeqqIudYIhswnOuYh5K-ipaSj-Pp5kHxWQ_Aizz59CPIe-iHthdZ27kW8PaKYQQn8DJVRyxlmi4tfbPcDhzLQNmu_XgvVYtBn2QflLuSY2nZ4PWld1Tr2GBA

#98 Doug t on 03.03.22 at 9:52 pm

#64 ogdoad

AMEN brother

#99 All lies and manipulated. on 03.03.22 at 10:00 pm

#67 Shirl Clarts on 03.03.22 at 7:23 pm
#52 Liberal plan on 03.03.22 at 6:21 pm

“More immigrants when there is a severe shortage of housing and low inventory… Here is a Government which does not care about its citizens.”

^^^^^^^^^^^^^^^^^^
I’m glad we are a country that cares about refugees in their desperate time of need. Try being on the right side of history.
——————–
You done the math bro?
Im a relist not a dreamer.
You know how many refugees are out the and their piling up.
Im sure you may know what housing cost? Especially when the stupid goverment builds..?
You know hown many homeless are here now?
And we already have a debt that can never be paid off.
No one said they don’t care about them we were all immigrints.
Be realistic. Lets fix our shit here first and see what we can afford.
Or we can pour more gas on the forest fire?

#100 PeterfromCalgary on 03.03.22 at 10:03 pm

The problem with killing everyone who disagrees with you is that pretty soon no one disagrees with you. This is true even if you have an insane idea like invading Ukraine.

#101 Mini-me on 03.03.22 at 10:09 pm

#26 Barb on 03.03.22 at 5:07 pm

If workers see 3.8% wage increases — and many won’t — will more and more couples decide against having children?

———-

Come now, Barb. You made me laugh.
Like any of you on this blog (or elsewhere for that matter) ever decided NOT to have their children because of their “financial situation” .

We all know that children are more about placating one’s ego than anything!

#102 Cici on 03.03.22 at 10:10 pm

Oops, I wandered off the page again… this was meant to go here:

More on gold… and Putin’s ambitions.

This is scary stuff, but only the tip of the iceberg. The West is definitely playing into Russia’s hands.

https://www.telegraph.co.uk/global-health/terror-and-security/putin-prepared-sanctions-tonnes-african-gold/

#103 Ponzius Pilatus on 03.03.22 at 10:14 pm

91 Observer on 03.03.22 at 9:23 pm
Well this is not good. Ukrainian officials confirm huge nuclear power plant is on fire.

https://www.cbc.ca/news/world/ukraine-russia-invasion-march3-2022-1.6371091
—————
That’s the problem with nuclear power plants.
Easy targets, huge damage.
I think getting your Teslas powered by them is not a good idea.

#104 AM in MN on 03.03.22 at 10:18 pm

#16 Mel on 03.03.22 at 4:32 pm
How can the banks lend to people earning average wages to buy these homes?

——————————————————–

Because they don’t take the risk, the Fed. taxpayer does. Time to kill CMHC and move to a free market system.

Try borrowing a tenth of that for your small business. You’d rather a trip to the dentist, because the bank is at risk.

#105 Praise the overlord! GTI on 03.03.22 at 10:25 pm

#96 Satori on 03.03.22 at 9:41 pm
#28 Ballingsford on 03.03.22 at 5:07 pm

I don’t how people are managing to come up with the money for these homes. I’m obviously travelling in the wrong circles.
———————————–
Ballingsford, I use to invest in the banks, then one fine day switched to Turner Investments… made more money in 3 years, than decades with the damn bank!! Garth has a good circle.

——

AND it’s a circle that depends on the likes of halfwits like you! The last 3 years have been the best 3 years in the past almost 30. What a silly thing to say!

You would need to go back to the second half of the 1990s to match this performance (using S&P500 as a proxy).

And we all know how that ended in 2000!

#106 Not very interesting! on 03.03.22 at 11:05 pm

#75 Shawn on 03.03.22 at 7:53 pm

Did any of you big investors get any of the printed money and use it to buy stocks? I got none. Did someone?

————
Duh? To the tune of 7 figures if you include repayments. You mean to say you didn’t?

I waited my entire life for such an opportunity. Then it just fell in my lap. Started suckling on the low interest teat nearly a decade ago. Backed the truck up you could say. Then the same gov’t let me write off those interest payments.

Win.. Win.. Win

#107 Daveyboy on 03.03.22 at 11:05 pm

@94
San Francisco IBEW electrician 80 usd an hour
Toronto IBEW electrician 45 cad( 35 usd)

Toronto is not San Fran.

I am in Portland and the wages for an IBEW electrician are higher than Toronto. By almost 20 dollars an hour.

Where2bro.com

#108 Lisa on 03.03.22 at 11:11 pm

Many people in Toronto work precarious jobs for less than 17 hr. How is this all sustainable? A few are lucky to get good paying jobs

#109 All lies and manipulated on 03.03.22 at 11:22 pm

#64 ogdoad on 03.03.22 at 7:12 pm
—————-
Thats why we all came to Kanada stability and to get away from commies.
The futures questionable though.
Trudeau doesnt have any idea or plans. Hes crap at math and now Everythings in a bubble.
Look at how effective all the added taxes put on houseing to curb speclulation ect. All the bullshit pumped out about making affordable houseing was a joke all along. The rudder fell off a long time ago.
In my world its a piss poor way to feel better by comparing ourselves to others because they have it worse… In fact your gov counts on that so they can grey the lines and slide crap through.
If we didnt have a bunch af power elite in control one would get their sh1t together, the aline and support others and get alone.
Theres enough for everyone.
Never going to happen dumb dumb humans.
Cheers

#110 Waystar Royco investor on 03.03.22 at 11:38 pm

HELOCs are to blame for this RE mess when you drill down far enough. It’s obvious, really.

Solution: Ban HELOCs.

#111 morrey on 03.03.22 at 11:48 pm

Given the huge amount of Canadian housing stock gobbled up by alleged money launderers, Cohen said uncovering them “would free up a ton of housing without ever hammering a single nail.”

And lest it be forgotten, not all dirty money comes from offshore.

“It’s not only Russia and China. There’s dirty domestic money swishing around in real estate as well. We’ve got our own drug dealers, tax dodgers and corrupt businesses right here.”

Most provinces still let rich foreigners buy property in Canada while concealing their identity. This also applies to locals who buy via numbered companies.

#112 Boy-zee on 03.04.22 at 12:28 am

Beautiful looking Weimaraner…Sorry about her sudden passing….

#113 Midnight’s on 03.04.22 at 12:45 am

DELETED

#114 Halibut Sam on 03.04.22 at 12:57 am

Wow!! Calling sellers “greedy”? Do all Liberals resort to name calling when they’re obviously in the wrong? Garth, I want to come over to your place and have you expose all your assets on a table in the front yard. I will be the only buyer and I will tell you what I’m willing to pay. Then if I can’t buy your crap at my price I’ll call you out as a greedy pig. Sound fair? What a stupid thing to say man !!

#115 Dr V on 03.04.22 at 1:05 am

32 Michael in NY

“Chaos will reign in the former empire, and China has a
chance to take Siberia from Russia.”
————————————–

They’ll just do it, and the world will be lucky if they
stop there.

#116 Midnight’s on 03.04.22 at 1:17 am

This is interesting; you should write about Freeland’s grandfather.

#117 willworkforpickles on 03.04.22 at 1:36 am

Why would foreign seekers of real estate even want to buy in any country (cold country) devolving into less than third world status.
A country facing or already under a coming dollar collapse. Or more specifically , one where the dollar already has crashed…(future tense of course post US dollar reserve currency status).

When the dollar collapses , (through hyper-inflation post US dollar reserve currency status)… there are those who would erroneously figure foreigners to pour in. Buying up real estate with much stronger currencies about then … driving RE prices ever higher.

When the dollar falls, drastically so in Canada, RE values will actually collapse along with it.
With the eventual total economic collapse, there will be no recovery.

This will bring never before seen violence and death in the streets , mass lootings and burnings and endless daily chaos throughout the land while many starve and perish … adding to the mounting numbers of dying and already dead.

(oh but that’s impossible , anyone thinking that could happen here is off his meds and insane)

Its those who hold out such high hopes for RE who will vehemently proclaim nothing of the sort could ever happen here …not to us it can. Not Ever … Period , and that’s that.

…but a hard devaluing of the dollar will bring all that and foreigners will look elsewhere to buy to say the very very least after hyper-inflation eventually crashes the buck .

#118 Cray Cray on 03.04.22 at 1:37 am

In the old days the fed wouldn’t bat an eyelid for a surprise 0.5% increase.

Bang, done like a moister.

Today, they need to spend months in advance jaw boning and hand waving to raise rates…

How much?

0.25%

Why do you think that is?

#119 HUNGRY BEAR on 03.04.22 at 4:52 am

At the end of the day…. it’s only monopoly money.

Trillions of it out there for the taking so why worry?
Be creative and you’ll get your share.

Just be thankful you have your health and bombs aren’t dropping on your heads.

#120 Summertime on 03.04.22 at 6:16 am

That is super-inflationary stick.

I don’t care if it is called hyperinflation or not, the result is the same, practically unlivable conditions.

#121 Summertime on 03.04.22 at 6:21 am

Pinocchio running out of tricks.

Bank of Canada says “considerable space” left to hike, 50 bps move possible

https://ca.finance.yahoo.com/news/bank-canada-says-not-actively-163709952.html

If their noses were growing every time they lie it would have hit the moon long time ago.

#122 Summertime on 03.04.22 at 6:49 am

#107 Daveyboy on 03.03.22 at 11:05 pm
@94
San Francisco IBEW electrician 80 usd an hour
Toronto IBEW electrician 45 cad( 35 usd)

Toronto is not San Fran.

I am in Portland and the wages for an IBEW electrician are higher than Toronto. By almost 20 dollars an hour.

Where2bro.com

—————————-

No problemo, the average uber-stupid Torontonian will be sold the idea of intergenerational mortgages by the banksters and politicians, ‘insured’ by CHMC and problem solved!

5 millions is the target in the next 3-5 years.

#123 crowdedelevatorfartz on 03.04.22 at 7:02 am

@#105 Praise the Lord
“AND it’s a circle that depends on the likes of halfwits like you! The last 3 years have been the best 3 years in the past almost 30.”

+++

Yes and the bank would have loaded all your money into high fee, low return garbage….and those 3 years of historical gains would have been squandered.

Tell me you’re not still invested 100% with the banks…..

#124 under the radar on 03.04.22 at 7:04 am

If you waited to own 416 because you thought a great reset was coming, your sadly mistaken. By the time a recession rolls around the peak to trough decline won’t mean much as an entry level home will still be millions of dollars.

#125 crowdedelevatorfartz on 03.04.22 at 7:10 am

@#103 Ponzie’s Perpetual Pollution Power Paradigm

“That’s the problem with nuclear power plants.
Easy targets, huge damage.
I think getting your Teslas powered by them is not a good idea.”

++++
The first nuclear power plant to be attacked in a war in 80 years and Ponzies dancing around it’s green glow cackling and pointing his finger screaming , ” I told you so!”

Coal fired powerplants ponzie?
Is that your answer?
Or should we beat all those electric cars into gas guzzling Ford F150’s that you constantly harp about and go back to fuel.
Cant have your electric cake and eat it too unless you’re smarter than Elon and have invented a perpetual motion machine that runs on hot air…..

hmmmmmmm.

#126 Steven Rowlandson on 03.04.22 at 7:18 am

What does this mean?

All the borrowing and greed causes inflation and price rises due tocreditcreation and the expectation that people can and will pay for other peoples financial fantasies.
Inflation isn’t caused by people getting an insignificant raise in pay over and above what is 50 or 60 years out of date relative to the cost of living.

#127 crowdedelevatorfartz on 03.04.22 at 7:20 am

Has Putin’s paranoia reached certifiable levels?

https://nationalpost.com/news/world/worst-is-yet-to-come-vladimir-putin-vows-to-take-the-whole-of-ukraine

“Until the end”.
“The worst is yet to come”

Rumours of martial law in Russia to crush dissent.

And this guy has access to nukes?

#128 Brian on 03.04.22 at 7:38 am

DELETED

#129 crowdedelevatorfartz on 03.04.22 at 7:49 am

A Russian Major General killed by a sniper and now things are turning from bad to unimaginable.

https://newlinesmag.com/reportage/chechens-fighting-chechens-in-ukraine/

Ukraine will be leveled and millions of refugees will stream west…overwhelming aid agencies, immigration protocols and Western budgets.

Its a shame Trudeau burnt half a trillion dollars on Covid votes because we could have used it in the coming months and years.

#130 Boggled Canook on 03.04.22 at 7:53 am

Garth can you explain why Trudeau/Carney are pushing for a deal to give Iran a nuke and let them pump dirty unethical oil but the insist on killing all Canadian oil and the jobs that go with them. You’re the political insider, what’s really going on? Why is Canada suffering with all the abundance of resources. We know globalist bootlicker Carney says Canada needs to change , but isn’t it a mistake to give dangerous Iran billions every day given the commitment they state to destroy us? Shouldn’t Canada be building hospitals and schools for all the new refugees and migrants coming in?

#131 Earlybird on 03.04.22 at 7:54 am

#110 Waystar Royco investor
Yes…the HELOC..
People are living off their helocs, and do so for a very long time. Every time house prices rise, and rates stay low…folks can sustain themselves for longer. Helocs play a role in this disaster.
What would happen when prices ease off and rates rise? I am genuinely curious.

#132 IHCTD9 on 03.04.22 at 8:14 am

#107 Daveyboy on 03.03.22 at 11:05 pm
@94
San Francisco IBEW electrician 80 usd an hour
Toronto IBEW electrician 45 cad( 35 usd)
_____

The problem with the IBEW is:

I Barely Ever Work.

So X/hr. doesn’t really amount to a hill of beans – and then you’re not allowed to work for a non-union outfit during your off time.

#133 I don’t know on 03.04.22 at 8:21 am

39 willworkforpickles on 03.03.22 at 5:49 pm

You are being selective with your historical lesson.

The last time the west was thought of as “weak” and “finished” because of the Great Depression, the ensuing conflict proved the opposite was true.

There will never be hyperinflation in the US (or Canada). It doesn’t matter what you have been saying for 2 years. Bond yields are inversely proportional to demand, and yields are low because there is still heavy demand for US debt. The fed has impact, but the bond market is huge and that impact is overstated to simplify the whole system. There is no alternative for safety in times of crisis on this earth, and won’t be for a long long time.

Stay off social media.

IDK

#134 TurnerNation on 03.04.22 at 8:28 am

— Is Australia still a test zone for the new world order? A culturally homogeneous and isolated test bed. Ideal.
All linked to your Digital ID (coming late 2022):

https://www.dailymail.co.uk › news › article-10561999
3 days ago — As Australian banks continue to focus on digital transactions for customers, ATMs and bank branches are disappearing across the country, …

—-
— Another Actor in power. (Will he declare “Tear down that wall”?)

https://en.wikipedia.org/wiki/Volodymyr_Zelenskyy#Entertainment_career ….
“Zelenskyy announced his candidacy for the 2019 Ukrainian presidential election on the evening of 31 December 2018,”

— The global governments care about our health. They really do. How’s that Hospital Capacity looking guys?

.Colin D’Mello CTVNews @ColinDMello
Ontario’s Health Minister said yesterday that the current surgical backlog is 58,000.
Today, Christine Elliot says it waitlist is actually 250,000. BUT, she says before the pandemic the waitlist was 200,000 so the COVID backlog is an additional 50k.

#135 BillyBob on 03.04.22 at 8:36 am

I try to avoid most of the media bombardment on the war, life being short and all that. But this one did make me smile at the esoteric reference: Ukrainian soldiers re-enacting “Reply of the Zaporozhian Cossacks”, a painting depicting the Cossacks sending an insulting reply to an ultimatum presented by the Sultan of the Ottoman Empire.

https://ibb.co/tX9mxd0

The folks in steerage who think they know how to toss an insult are rank amateurs compared to these guys lol. Translated text of the Cossack reply here:

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

Kinda makes you realize how the same culture came up with “Russian warship, go eff yourself!” hahah!

#136 Meh on 03.04.22 at 8:48 am

#118 Cray Cray on 03.04.22 at 1:37 am
In the old days the fed wouldn’t bat an eyelid for a surprise 0.5% increase.

Bang, done like a moister.

Today, they need to spend months in advance jaw boning and hand waving to raise rates…

How much?

0.25%

Why do you think that is?

____________________________

Because the economy is just so darn robust. Still printing hundreds of billions with interest rates at zero percent while acknowledging that real inflation probably at the highest rate in history. Still, right now. A central banker with real testicles would have had rates up to at least 5 percent with the money printer turned off 18 months ago. Buuuuuut, that would have stock markets and real estate at less than half of what they are ridiculously valued now with real employment and an easily affordable cost of living. With Elon Musk only worth 100 billion dollars. Oh the horror.

A 9th grader with an outdated history book could have told you how this would have all turned out.

#137 Brian on 03.04.22 at 8:58 am

DELETED

#138 IHCTD9 on 03.04.22 at 9:07 am

IMHO, a lot of the speculation in the GTA/GVA is fueled by immigration. 100’s of thousands every year, they don’t have a chance in hell to buy a home, so they need to rent. They will move heaven and earth to live among their own people/culture/language/religion etc… That’s why in Canada, where you see multiple and large ethnic and national burbs, you see high house prices. This has always been the case – but the intake is huge and regular these days, and the best burbs only exist in a few cities nationwide.

International students as well, some burbs in the GTA have 10-20 students packed into a single sfd. All under the table cash tax-free too. Young renters new to Canada who don’t know the rules, the system, or their rights, and many of whom are quite used to sub-standard living conditions. Talk about an “ideal scenario”.

It’s a tough situation to deal with. 95+% of immigrants need to rent, and the urban amateur / Mom and Pop LL’s are turning SFD’s into rental units to feed the demand. If we allow this to keep happening, sfd stock tanks, prices escalate, speculation is whipped up, and you create more M+P LL’s. If you prevent this from happening, rental stock tanks, and newcomers face an impossible shelter situation in the places where they really, really want to live.

This is why I’ve been saying for years that places like the GTA will become little more than landing pads for newcomers. We are filling up a handful of cities with folks who will do things the rest of us wouldn’t dream of to make life work. It’s the wild West. 1st Gen’s would not tolerate this lifestyle and do have the ability to move, but it takes 25 years to produce a crop of 1st Gens ready to take flight – in that time 12+ million more newcomers will have shown up, all trying to move into the same areas. It will become utterly intolerable in time, and everyone who has the gonads to brave the Canadian landscape outside the urban burbs will be working on getting out. It’s already happening.

So – no matter what the government may do, there will be a fallout – either further skyrocketing RE, or a no-vacancy rental stock and consequent shelter/immigration crisis. The reason is too many folks vying to live in too few of areas, and willing to do insane things to make it happen.

Canada is a country of immigrants and nothing about that has changed since Confederation. Stop being a drama queen and seeking to blame high house prices on newcomers. It’s bad monetary policy, loose lending practices, public financial illiteracy and taxpayer-insured mortgages which remove lender risk that we should be talking about. – Garth

#139 Satori on 03.04.22 at 9:19 am

#101 Mini-me on 03.03.22 at 10:09 pm#26
Barb on 03.03.22 at 5:07 pm

If workers see 3.8% wage increases — and many won’t — will more and more couples decide against having children?

———-

Like any of you on this blog (or elsewhere for that matter) ever decided NOT to have their children because of their “financial situation” .

We all know that children are more about placating one’s ego than anything!
——————————————————

BAM!! And Mini-me throws the mic on the floor to Huge Applause and a Standing Ovation!!!

#140 Observer on 03.04.22 at 9:34 am

128 Brian on 03.04.22 at 7:38 am
So much for the Ukrainian nuclear plant fire!

^^^^^^^^^^

You sound disappointed.

#141 Brian on 03.04.22 at 9:50 am

DELETED

#142 All lies and manipulated on 03.04.22 at 9:52 am

#129 crowdedelevatorfartz on 03.04.22 at 7:49 am
A Russian Major General killed by a sniper and now things are turning from bad to unimaginable.

https://newlinesmag.com/reportage/chechens-fighting-chechens-in-ukraine/

Ukraine will be leveled and millions of refugees will stream west…overwhelming aid agencies, immigration protocols and Western budgets.

Its a shame Trudeau burnt half a trillion dollars on Covid votes because we could have used it in the coming months and years.
——————-
Thats why l said repeatadly the fool couldnt run a lemonaid stand.

Personally Ive got no debt lots of RE
Folio 50% cash some gold, REITs.
Always have dry powder or your a crappy ceo or leader.

#143 unbalanced on 03.04.22 at 10:03 am

Drama queen——what a beaut!!!

#144 Chris L. on 03.04.22 at 10:05 am

BANNED

#145 Yukon Elvis on 03.04.22 at 10:09 am

#127 crowdedelevatorfartz on 03.04.22 at 7:20 am
Has Putin’s paranoia reached certifiable levels?

https://nationalpost.com/news/world/worst-is-yet-to-come-vladimir-putin-vows-to-take-the-whole-of-ukraine

“Until the end”.
“The worst is yet to come”

Rumours of martial law in Russia to crush dissent.

And this guy has access to nukes?
++++++++++++++++
One of our regulars posted here earlier in the week that if u consider the historical context and read The Saker it will all make sense to you. Maybe give that a try.

#146 willworkforpickles on 03.04.22 at 10:18 am

#133 I don’t know
“There will never be hyperinflation in the US (or Canada)”
””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””””
A statement from someone who knows nothing but loves to talk nonetheless…I don’t know , but an airhead that goes on and on.

If anyone should distance oneself from social media… you should.

Nowhere did I say we are in or near hyper-inflation conditions. The adversity engulfing the US dollar hasn’t near played out that will ultimately lead to that yet.
And the bond market you say, will for a very long time to come, serve as a safe-house for the world to run to in times of crisis?
Where did you get this outdated thinking from?…social media? investopedia?
The too big to fail and such US bond market is headed for collapse within the next few short years as the world eye’s the rising alternatives to US dollar hegemony.
For lack of better alternatives, the world has flocked to the US dollar as the safe haven currency, but this is ending.
The US debt bomb is going to blow up the bond market.
Developments your mainstream social media types aren’t quite up to speed with you really should steer clear of.

#147 Geoffrey on 03.04.22 at 10:24 am

The folks that secured this type of mortgage and had amassed $400,000 as a deposit clearly are high income earners. It may be risky but good for them, I presume these are statistical outliers (outside the norm).

#148 Observer on 03.04.22 at 10:24 am

Russian media say the threat to Ukrainian civilians doesn’t come from the Russian armed forces, it comes from Ukrainian nationalists using civilians as human shields.

Anastasiya, a BBC Ukrainian correspondent who moved to Kyiv 10 years ago, heard bombs exploding after waking and was worried about where would be hit next.

“I called my mum again. I told her I was scared. ‘Don’t worry’, she said, reassuringly. ‘They [Russia] will never bomb Kyiv’.”

But they are already doing it, Anastasiya replied.

“I told her there were casualties among civilians. ‘But that’s what we had too when Ukraine attacked Donbas!’, she said, laughing. For a moment I couldn’t breathe. Hearing my mum say this with such cruelty just broke my heart.”

Anastasiya believes the image Russian media has created is one of the “glorified Russian army” ridding Ukraine from Nazis. For years she avoided political arguments with her parents, but this time she slammed the phone down on her mum.

https://www.bbc.com/news/world-europe-60600487

#149 Sail Away on 03.04.22 at 10:37 am

There should be no question that Russia can take Ukraine if that is truly the plan. Infantry can’t effectively fight tanks regardless of antitank weapons and cheerleading. Artillery has not really been deployed yet, much less air power.

Russia so far is choosing to advance far less lethally than they could. If they are resolved, Ukraine’s defeat is a foregone conclusion. The only question is whether they are truly resolved.
Similar situation to the US deciding to acquire Canada.

International hand-waving, hard words and restriction of iPads do not seem to be a deterrent.

#150 All lies and manipulated on 03.04.22 at 10:49 am

Canada is a country of immigrants and nothing about that has changed since Confederation. Stop being a drama queen and seeking to blame high house prices on newcomers. It’s bad monetary policy, loose lending practices, public financial illiteracy and taxpayer-insured mortgages which remove lender risk that we should be talking about. – Garth
——————-
Exactly Garth. Also a country where you can launder some money, a somewhat stable currency, still pretty dam safe place and mosty great peeps.

#151 Ponzius Pilatus on 03.04.22 at 11:00 am

85 Yukon Elvis on 03.03.22 at 8:49 pm
The Kyiv [email protected]·56m⚡️
Russian forces are firing at Europe’s largest nuclear power plant, the Zaporizhzhia Nuclear Power Station in Enerhodar, a city on the Dnipro River that accounts for about one-quarter of Ukraine’s power generation.
————————————
That’s why power generation should never be concentrated.
Putin now has them at his mercy.
That’s why solar, wind and water will be the power sources of the future.
It’s mostly decentralized.

#152 Ponzius Pilatus on 03.04.22 at 11:03 am

#95 Cowtown Cowboy on 03.03.22 at 9:39 pm
#7 crowdedelevatorfartz on 03.03.22 at 4:20 pm

Gas at the pumps in Burnaby this am $1.94.9 per liter
Expected to be up a few more cents before Monday.
Stay tuned kids.

Reap what you sow..6yrs of these idiotic liberal policies and this country is unrecognizable
————————
I recommend you get your eyes checked.

#153 Shawn on 03.04.22 at 11:06 am

Who Got the printed money?

#106 Not very interesting! on 03.03.22 at 11:05 pm responded to me

#75 Shawn on 03.03.22 at 7:53 pm

Did any of you big investors get any of the printed money and use it to buy stocks? I got none. Did someone?

————
Duh? To the tune of 7 figures if you include repayments. You mean to say you didn’t?

I waited my entire life for such an opportunity. Then it just fell in my lap. Started suckling on the low interest teat nearly a decade ago. Backed the truck up you could say. Then the same gov’t let me write off those interest payments.

Win.. Win.. Win

*************************************
Thank you. You make a good point that you were able to borrow at a cheap rate due to central bank policies (perhaps even bond-buying or some form of money printing along with the low policy rate).

But the money you borrowed was not directly central bank printed money to my understanding.

The money you borrowed was created by you and your bank as part of the lending transaction. And I would highly doubt that your borrowed money ever really left the Canadian chartered bank system. Not likely you took out this 7 figures in paper money. Almost certainly it got transferred to another Canadian (business or personal) bank account and never left the banking system as you spent or invested it.

If you spent it outside of Canada things get more complicated.

Your scenario does not tell me where the printed money went.

#154 Brian on 03.04.22 at 11:14 am

QE-5 coming up!

#155 Sail Away on 03.04.22 at 11:15 am

An unfortunate dog incident on Nanaimo’s Extension trails yesterday. My wife and I with 2 dogs were out for a beautiful sunny trail run, when we met a biker with a Pyrenees/Chow- type dog, 130-140 lbs, that immediately hit ours and rolled him around. We separated and continued on, annoyed… then saw the blood.

Big chest gash, various other punctures, including a deep one in the groin. Cue the emerg vet, stitches, pills, cone of shame, no running for awhile, report to animal control.

And so easily prevented. If someone owns an aggressive dog, put a muzzle on the stupid thing! Now I’m on a mission to splash the story around so that beast is never seen offleash without a muzzle.

#156 Quintilian on 03.04.22 at 11:35 am

#75 Shawn on 03.03.22 at 7:53 pm

“Where is all this printed money and how did it get from the central bank to whoever is holding it?
Those who think they understand printed money can surely tell me.”

Shawn is joking right?

A big portion of the wealth represented by the printed money is being held by the banks and other mortgage companies.

You should understand that those million-dollar mortgages are assets for the lenders, and liabilities for the debtor.

The debt owed endures, even when the bubble bursts.
Banks shareholders are holding the money.

#157 Victor Maitland on 03.04.22 at 11:36 am

@#93 Vlad, you mean the kids killed in the Donetsk conflict being waged against Putin-backed separatists attempting to carve out a chunk of a sovereign nation to form an “independent republic”? Yes, we should pray for all of Putin’s victims, including the children you just mentioned.

#158 Brian on 03.04.22 at 11:38 am

DELETED

#159 Doug t on 03.04.22 at 11:53 am

#155 Sail

people are idiots –

#160 DON on 03.04.22 at 11:57 am

#102 Cici on 03.03.22 at 10:10 pm
Oops, I wandered off the page again… this was meant to go here:

More on gold… and Putin’s ambitions.

This is scary stuff, but only the tip of the iceberg. The West is definitely playing into Russia’s hands.

https://www.telegraph.co.uk/global-health/terror-and-security/putin-prepared-sanctions-tonnes-african-gold/

*********
Work behind the scenes:
Russia has been actively adding gold to their reserves over the table and if true under the table…makes sense. This means a bunch of madmen have even more gold in their war chest. Sounds like someone’s been planning this seemingly erratic invasion for quite some time. Putin had been busy running around the World as a ‘statesmen’ in the light but behind closed doors calculating. When Russia starting informing the World they had successfully tested a new hypersonic nuke…time to take notice.

The best time to strike is when your oponent’s resources are weak or preoccupied and/or dependent (etc) to some extent on your oil.

Create havoc in your adversaries home front. Rising gas prices in the West with a growing question mark on how we allowed ourselves to be entangle and dependent on madmen’s oil and the short-term cascading consequences. Over indebted western countries and over indebted civilians in a land brimming with paper millionaires who can’t afford rising gas or food prices?

All eyes on China and Taiwan and of course the computer chips. What happens to Taiwan as the West brings some manufacturing home?

#161 IHCTD9 on 03.04.22 at 11:59 am

Canada is a country of immigrants and nothing about that has changed since Confederation. Stop being a drama queen and seeking to blame high house prices on newcomers. It’s bad monetary policy, loose lending practices, public financial illiteracy and taxpayer-insured mortgages which remove lender risk that we should be talking about. – Garth
____

Canada wide, sure. My post was regarding GTA/GVA specifically.

I fully expect solid backtracking prices out here in the sticks, already looks to be happening. But in the GTA and GVA? Something else is at work in those two cities IMHO.

#162 DON on 03.04.22 at 12:06 pm

#155 Sail Away on 03.04.22 at 11:15 am
An unfortunate dog incident on Nanaimo’s Extension trails yesterday. My wife and I with 2 dogs were out for a beautiful sunny trail run, when we met a biker with a Pyrenees/Chow- type dog, 130-140 lbs, that immediately hit ours and rolled him around. We separated and continued on, annoyed… then saw the blood.

Big chest gash, various other punctures, including a deep one in the groin. Cue the emerg vet, stitches, pills, cone of shame, no running for awhile, report to animal control.

And so easily prevented. If someone owns an aggressive dog, put a muzzle on the stupid thing! Now I’m on a mission to splash the story around so that beast is never seen offleash without a muzzle.

***********
Agreed!

I believe I have heard multiple stories of dog’s off leash attacks in Nanaimo lately (on those trails). Some idiots still don’t get it. Hope for a speedy recovery. Did the person offer to pick up the vet bill?

#163 cto on 03.04.22 at 12:08 pm

#138 IHCTD9 opinion

“Canada is a country of immigrants and nothing about that has changed since Confederation. Stop being a drama queen and seeking to blame high house prices on newcomers. It’s bad monetary policy, loose lending practices, public financial illiteracy and taxpayer-insured mortgages which remove lender risk that we should be talking about. – Garth”

Sadly, I wish that was true, but IHCTD9 hit the nail on the head!!!
I have ethanoic family and they will tell you exactly what he just said. The whole economy is hooked on immigrating newcomers and renting them apartments / condos until they’re able to buy. There is no other industries, especially in these hoods. No factories, no job generators, no energy plants,…nothing.
Just condos….
Just drive up Young St north of 401 and look at the advertising.

#164 the Jaguar on 03.04.22 at 12:14 pm

@#149 Sail Away on 03.04.22 at 10:37 am
++
Exactly. But ‘ some of our regular posters’ here prefer their own narrative or version of events.
What’s interesting is they get so irritated if others hold a different view….why should it get under their skin so much? Why shake my tree if I hold another opinion?

Funny too how they never directly address the 8+ years of shelling, deaths, burning people alive or ties to extreme right groups. The situation is far more complex than that, and the western media isn’t being helpful by presenting only one side of events.

Sorry to hear about the dog attack. So many irresponsible people out there.

#165 Russ on 03.04.22 at 12:20 pm

Hey S A

I know it’s a long shot but I don’t see many chow types around here.

Take a spin through Living Forest camp (not far from Extension), there is a large fluffy white chow type less than half way up on the main road from the office.
Beautiful looking mutt.

It was on a long tether and I didn’t see a vehicle or bicycles. Like I said, a long shot.

Cheers, R

#166 Daveyboy on 03.04.22 at 12:34 pm

This is scary! My home town. There is nothing there.

https://housesigma.com/web/en/house/gAaOyL8ev5AyGxMb/22-Mulock-Dr-Bradford-West-Gwillimbury-L0G1B0-N5517547

#167 IHCTD9 on 03.04.22 at 12:38 pm

1.729 on the way home from work just now.

That’s a 222.00 fill up for me.

I think I just heard a couple grand fall of the resale value of the HD…

#168 Barb on 03.04.22 at 1:33 pm

#155 Sail Away
That’s awful. It’s hard to think of it at the time, but did you snap a photo of the biker/dog as the event ended? Hope a child never meets that careless biker and huge dog on the trail. Speedy recovery for your pooch.

#169 Apocalypse NOW on 03.04.22 at 1:40 pm

Oh no…………..

#170 Barb on 03.04.22 at 1:51 pm

I was only 5 when my parents escaped from Zschopau, DDR in 1955. One year in West Berlin, then a winter crossing of the Atlantic (ugh!) to Halifax, arriving by train in Vancouver (including a derailment near Lake of the Woods) in Feb or March.

Mom and Dad, in small ways each day thereafter, expressed gratitude for being accepted by Canada. I was ~10 when we three became Canadians with that lovely citizenship award. I remember Dad crying with joy. He had been planning an escape since he was released from POW camp in ’45. Even before he and Mom met!

As the years went by, they talked less and less about the horrors of East Germany under Russian control.

I wish Mom and Dad were still alive so we could share this well-written essay by Mary Elise Sarotte, “Russia, Ukraine, and the 30-year quest for a post-Soviet order”, from the Financial Times:

https://www.ft.com/content/742f15fc-675a-4622-b022-cbec444651cf?utm_source=pocket-newtab

#171 Faron on 03.04.22 at 2:00 pm

Sorry to hear about your dog Sail Away. Dogs are family and their being threatened is a real affront.

A reminder to manage those wounds. My sister lost a dog that was attacked. The vet didn’t allow enough perfusion in the limb and gangrene took hold. The dog had to be put down.

#172 Jenna on 03.04.22 at 2:05 pm

So let’s review:

1) Covid is still here with more severe strains lurking in the bushes. Another lockdown by Dec 2022.

2) Politicians say no more social distancing, masks, vaccine passports. Is there a provincial election in early June ? All Provinces need to create the illusion of normality to jump start an country economy that is on life support.

3) Canadians loaded up on tremendous debt because money borrowing is cheap. Now homes are 1 million dollars and upward

4) Canadian borrowing debt will not/cannot be payed off by saving pennies and keeping nose to the grind stone. Current household debt is now generational

The CB can attempt to continue to increase interest rate to tame inflation…excuse me hyper inflation….it will only help to push Canadian citizens into poverty/decade of recession.

Canadians households are in unknown territory and CB lost the opportunity for balance once cheap money become the economies life support. The sheep followed the CB’s trap to stimulate an economy… now heavily skewed towards real estate industry.

Increased interest rates is not the solution. Try harder CB !! Your tool box is empty.

#173 Michael in-north-york on 03.04.22 at 2:10 pm

#149 Sail Away on 03.04.22 at 10:37 am

There should be no question that Russia can take Ukraine if that is truly the plan. Infantry can’t effectively fight tanks regardless of antitank weapons and cheerleading. Artillery has not really been deployed yet, much less air power.
===

Ukraine situation is difficult, unfortunately. The Ukrainian army had some early successes during the first 5 days, they ambushed and destroyed some of the invading detachments as the invaders moved carelessly. After that, Putin’s generals became more careful, now they are slowly but steadily advancing.

On the positive side, the sanctions and the exodus of the Western businesses are wrecking economic havoc in Russia. Those sanctions will work eventually, but they might not work fast enough.

#174 Sail Away on 03.04.22 at 2:11 pm

#165 Russ on 03.04.22 at 12:20 pm

Hey S A

I know it’s a long shot but I don’t see many chow types around here.

Take a spin through Living Forest camp (not far from Extension), there is a large fluffy white chow type less than half way up on the main road from the office.
Beautiful looking mutt.

——–

Thanks. Animal control thinks it may have been an Akita cross: red-brown fur about 3-4″ thick and dense, not white. They’ll be putting out a notification, maybe with photos of our dog’s injuries.

And no, we didn’t snap photos or even think a whole lot about it until 10 minutes later when we noticed the blood.

If someone has a guard-type dog prone to biting, they almost surely know this. Just use a muzzle. Geez. $50 vs. a whole list of terrible outcomes.

#175 I don't know on 03.04.22 at 2:12 pm

#146 willworkforpickles on 03.04.22 at 10:18 am

-“A statement from someone who knows nothing but loves to talk nonetheless…I don’t know , but an airhead that goes on and on.

If anyone should distance oneself from social media… you should.”

-As is evidenced above, the nature of your posts speaks more volume than their content.

Inflation will ebb and flow, but there will never be hyperinflation (defined as greater than 50% price increases month over month) in the US (or Canada).

Believing otherwise is simply superimposing fear, paranoia, and frustration on the world economic system in far greater quantities than is reality.

IDK

#176 Brian on 03.04.22 at 2:27 pm

DELETED

#177 Canadian Patriot on 03.04.22 at 2:47 pm

@#155 Sail Away on 03.04.22 at 11:15 am
An unfortunate dog incident on Nanaimo’s Extension trails yesterday. My wife and I with 2 dogs were out for a beautiful sunny trail run, when we met a biker with a Pyrenees/Chow- type dog, 130-140 lbs, that immediately hit ours and rolled him around. We separated and continued on, annoyed… then saw the blood.

Big chest gash, various other punctures, including a deep one in the groin. Cue the emerg vet, stitches, pills, cone of shame, no running for awhile, report to animal control.

And so easily prevented. If someone owns an aggressive dog, put a muzzle on the stupid thing! Now I’m on a mission to splash the story around so that beast is never seen offleash without a muzzle.

—————————————————

ya these off-leash areas are becoming a no go zone because of inconsiderate dog owners.

#178 Love_The_Cottage on 03.04.22 at 2:50 pm

It would seem prudent for Trudeau to postpone the Apr 1 gas tax increase. The goal is to encourage people to use less gas. Not required right now.

#179 Overheardyou on 03.04.22 at 3:15 pm

#30 Ballingsford on 03.03.22 at 5:13 pm
—————

Thank you for the reply, was hoping that would be the case for my overextended real estate always goes up friends

#180 Shawn on 03.04.22 at 3:16 pm

Quintillian makes assertions on printed money

#156 Quintilian on 03.04.22 at 11:35 am
#75 Shawn on 03.03.22 at 7:53 pm

“Where is all this printed money and how did it get from the central bank to whoever is holding it?
Those who think they understand printed money can surely tell me.”

Shawn is joking right?

A big portion of the wealth represented by the printed money is being held by the banks and other mortgage companies.

You should understand that those million-dollar mortgages are assets for the lenders, and liabilities for the debtor.

The debt owed endures, even when the bubble bursts.
Banks shareholders are holding the money.

*********************************
Thank you. Yes, I do know that mortgages are assets for the banks and liabilities for the home buyer. What I said was that happens without any central bank printing. Borrowing creates money. Is that printing?

If you claim to understand where the printed money goes then show me step by step from when it is created to whose account it ended up in.

I have shares in Royal bank. Shares are wealth but not money.

#181 Yukon Elvis on 03.04.22 at 3:42 pm

#164 the Jaguar on 03.04.22 at 12:14 pm
@#149 Sail Away on 03.04.22 at 10:37 am
++
Exactly. But ‘ some of our regular posters’ here prefer their own narrative or version of events.
What’s interesting is they get so irritated if others hold a different view….why should it get under their skin so much? Why shake my tree if I hold another opinion?

Funny too how they never directly address the 8+ years of shelling, deaths, burning people alive or ties to extreme right groups. The situation is far more complex than that, and the western media isn’t being helpful by presenting only one side of events.
++++++++++++++++

It is those young Russian hockey players isn’t it ?

#182 DON on 03.04.22 at 3:46 pm

@Sail Away

Unfortunately, people outside of the heavily populated urban areas tread lightly on bylaw rules and simple animal safety practices. Two weeks ago, I was on a kids soccer field and a local women let her rather large aggressive dog run amok. I had to turn and give her the what the f#ck look with my arms raised in the air. Dummy put the dog back on the leash. In Victoria stretches of the galloping goose trail are lined with dog pooh. Better to go into the bus where stupid doesn’t venture. Install a trail cam?

#183 DON on 03.04.22 at 3:51 pm

last post…bush not bus.

#184 Sail Away on 03.04.22 at 5:18 pm

Thanks everyone for the best wishes for the pup. Hopefully all heals well.

#185 Don on 03.05.22 at 12:10 am

There’s little doubt Putin will ‘win’ the Ukrainian war, but occupying a country of 40 million pissed-off people with AKs will cost much treasure and blood

The first past is 100% correct. Russia is going to win it. See ! you are getting it.

YOu are wrong on the second. Putin has no intention of occupying Ukraine, for the very reason you mentioned. It is costly. Read the Art of War by Sun Tzu.

#186 Don on 03.05.22 at 12:35 am

@ sail away and Don

Dog attacks, off-leash dogs in NON-off-leash parks ( dog park is a very bad idea btw.), and dog poop trails

THIS IS WHAT HAPPENS WHEN DOGS BECOME DOG OWNERS

These idiots have no clue how to own, KNOW and manage a dog.

They also tend to think that their dog is the friendliest dog in the world and all other dogs should love them.
Each dog has a distinct personality. Just because it is a Golden retriever, it doesn’t mean it loves everyone. My dog is a Dutch Shepherd, not very common in Canada. He needs his personal space. I never take him near any other dog except two, whom he knew as a puppy. I walk him twice a day 4 to 6 miles. ALWAYS on leash.No exception. I carry a Dog and coyote repellent at all times, just in case the bully breeds of these rednecks charge my dog or me.