Something

So who’s buying them?

As noted here yesterday the average detached price in both the GTA and Metro YVR just zipped passed $2 million. A grim milestone. And a staggering advance of between 20% and 30% in a single year when incomes have grown by less than 3%.

House-humpers in the steerage section say this will never end. Cheap money, boatloads of newcomers, the Bank of Mom, speculation and FOMO will fuel the fires for years to come, they allege. If a house can cost two million when 18 months ago it was $1 million, then why can’t it be worth $5 million in two years? Huh?

Let’s do the math.

The offer price is two mill. Closing costs (in Toronto) come out to about ninety thousand. You just sold a place and have equity to spend – putting up the required $400,000. (All deals for more than seven figures require a 20% down payment.)

So the mortgage of $1,690,000 at the current discounted rate of 3.09% (3 years, 25-year am) costs $8,076 a month. To pay that an annual income of at least $290,000 is required. If we assume it’s a family purchasing, there may be but one wage-earner (by the way, have you heard some banks are now asking for 35% down because they know what’s coming?).

How many people in Canada earn over $250,000?

Well, of the 26.8 million tax filers in the latest stats (2019) there were 291,540 in that group. That’s 1.08% of the population.

Obviously, this js not the group fuelling all those sales or swinging the deals. Most people earning that kind of bread already have houses. None of this actually makes sense, then. There must be another explanation.

Ron Butler is a well-known and oft-Tweeting GTA mortgage broker. He gave some indication last night of how such a phenom could unfold. It’s not good. Evidently a huge number of buyers lack incomes high enough to qualify for their home loans (no surprise there, as I just showed you). And that is why we’re seeing a co-signing revolution taking place.

“Homes are selling,” Butler says, “but for the last 3 weeks the level of multiple applicants on mortgages to get the application to qualify has gone through the roof – 3 people, 4 people maybe more. Used to be drive till you qualify, now it’s add family co-signers till you qualify.”

And do all those moms, dads, uncles, older brothers or aunts realize that by co-signing a mortgage they become equally responsible for the entire amount? If the homeowners sink into negative equity in a correction, lose employment or divorce in a funk, the other person who signed the app is just as financially responsible. It’s wasn’t a letter of recommendation or a FB thumbs-up, but rather a binding legal obligation.

The bottom line is our banks continue to finance houses for people who cannot afford to own them. Buyers are assuming epic risk with massive mortgages in a rising-rate environment and after the most rapid increase in asset values, ever.

What is – something – happened?

And that brings us to Ukraine. More specifically, Russia.

This week that country and its economy may have begun the descent into chaos. The impact of global sanctions cannot be overstated. Russian stocks, as a group, on the London equity market have lost 98% of their value. The Moscow exchange remains closed, because opening it would result in utter selling chaos. The ruble is now worth one American penny. Russian bonds have been reclassified as junk. People living there can get neither cash nor credit. The ATMs are emptying. Banks closed. Visa and Mastercard don’t function.

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. He cannot win the economy, recover his leadership stature or possibly control his own population. Already thousands of protestors have been jailed and a new law states journalists reporting the war can be jailed for 15 years. This is not how a confident society acts. Martial law could be coming. And Russia could be sliding into depression with a leader whose only tool is brutality.

That’s something. Be careful.

Financial markets are responding to this, adjusting, changing hourly as the risks and realities become apparent. That’s what they do. It still makes sense to stay invested with a balanced, prudent, diversified approach instead of going to cash when inflation is rampant.

But residential real estate doesn’t adjust this way – incrementally, every day. Housing markets lag the news by a wide margin and continue to be overwhelmed by buyer emotion. Months may pass before changed monetary policy or economic reversal hit. And when they do, it’s the over-leveraged, speculators and recent buyers who are whacked first. Dominoes fall.

Then people ask: what were we thinking?

About the picture: “I have a Tasmanian Devil in my life now – Duff,” writes Mark. “His parents are from Australia – ‘breed’ is called a Smithfield.  The groomer calls him the Tasmanian Devil. He is resilient, energetic, and always up for a romp and biscuits.  I’m still contributing to ETFs in a balanced way.  Never had to withdraw from RRSPs and TFSAs in the face of unexpected unemployment. I slept well knowing that personal finances were not a concern.  Now I feel like: ‘Compound returns rule.’ Thank you Garth!  Please know that your words are meaningful.”

155 comments ↓

#1 Don Guillermo on 03.04.22 at 3:50 pm

#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.
**************************
Using prudent, Trudeau and April 1st in one short sentence is super funny and clever.

#2 canada on 03.04.22 at 3:56 pm

Buy a house NOW. Canada to allow unlimited number of refugees.

This would lead to a huge demand for housing causing average home price to increase to over $5 million in GTA and over $3 million in other cities in Canada. Average Rents could increase to over $5,000 in the GTA due to this huge demand for housing

Assuming 1 million Ukranian refugees come to Canada, what will happen to your wages and salaries? You could actually lose your job or get a pay cut due to the increased competition for those jobs.

https://www.cbc.ca/news/politics/canada-unlimited-number-ukrainians-1.6371288

Yeah. Let’s just let ’em get bombed. Atta boy. – Garth

#3 Mattl on 03.04.22 at 3:57 pm

House-humpers in the steerage section say this will never end. Cheap money, boatloads of newcomers, the Bank of Mom, speculation and FOMO will fuel the fires for years to come, they allege.

—————————————————————-

I don’t agree with them, and have been mostly a RE bear. Never had a mortgage over 2x income. Could have made life changing money buying bigger and more properties. I mean Greater Fool was written in what, 2008, and since it’s been a rocket ship to the moon since. Looking back I’m sure lots feel foolish for espousing RE. Not a shot at you, it’s incredible what has occurred.

Personally I’ve been expecting a correction since about 2012 and it just never seems to come. I have to believe we are peak house, but who knows, maybe the never ending house humpers are right and we do have another decade to run.

#4 Paul on 03.04.22 at 3:58 pm

DELETED (Anti-vaccine)

#5 Dave on 03.04.22 at 3:58 pm

The numbers didn’t make sense 5 years ago so why should they now.
The debt keeps going higher, so does everything you purchase.
Inflation if you add real estate is over 20%+.
If you boss reduced your salary by 20% every year, where would you be now. Same place as reality…screwed by the global elites.
Rich are buying real estate, jewelry, art, etc. Keeps appreciating in value.
Rest of us should stay happy with 5% returns….or -15% if you add in reality

#6 Prince Polo on 03.04.22 at 3:58 pm

1 FOMO-fuel’d housing market – check
+
1 jenga-style tower of $1M+ mortgages as far as the eye can see placed upon said foundation – check
=
Financial pain galore? Not very priceless. :(

Tell me again why our illustrious Photo-op Minister won’t pose in front of the cameras and gleefully/diabolically announce 50yr (2-generation) amortizations as the new path to “affordable” housing?

#7 Squire on 03.04.22 at 3:59 pm

Real eye opener for everyone. Diesel is 1.84 per litre in GTA and guess what uses Diesel ? Trucks, machines, farm equipment etc. Carbon tax April 1st 2.5c per litre and summer gas blend coming up soon which is more expensive too. Buckle up for the ripple effect to be felt for a while. When it’s all said and done, gas prices might level off back to 1.50 per litre in the long term.
Inflation is a big issue and CB’s know it.

#8 Bigmac on 03.04.22 at 4:03 pm

Sub prime loans? Is it similar to the 2008 US housing crash?

#9 Dear Friends on 03.04.22 at 4:05 pm

Dear Friends, our journalist friends in Ukraine need our help. I know that there are many astute investors on this message board. If you bought Nutrien a week ago , you are up 25%. Please help. OPEN society is at stake. The Russian people deserve the truth.

https://news.liga.net/politics/chronicle/russian-invasion-in-ukraine-tanks-and-rocket-attacks-on-cities-breaking-news

#10 Buy High, Sell low. on 03.04.22 at 4:08 pm

“So who’s buying them?”

Putin?

#11 mj on 03.04.22 at 4:13 pm

would like to hear your view if you still believe now that everything is opening up, will we have a robust economy. Or do you see a recession in the next two years. The yield curve between the 10 year and 2 year US bonds are getting closer. also have you been in the PATH this week since everything opened up. Is it still quiet, or lots of people.

#12 Mr Fox on 03.04.22 at 4:22 pm

hey Garth, unban my IP. I’ll behave, I promise.
About Ukraine… My folks are nearby a keg of powder called Transnistria (war in ’92 made by russians..). They watch the tv channels from russia and this transistria region to see what the people are fed with… So here are the points to keep in mind:
1. The majority of the population are pro Putin and his politics.
2. The russians are told that “there’s no war in Ukraine. We don’t kill ukrainians. We are de-nazifying the nation” (yes the russian population are believing there are nazi in Ukrainian government that have to be overthrown).
3. I personally have a friend here in Canada that is not talking to his father who lives in Transnistria, because of the difference of views on the situation.
4. It was said in news how a girl from Kharkiv tells her mother (who’s in Moskow) that the city is in ruines and her own mother doesn’t want to believe her.
5. When trying to show pictures to simple people on the street, what’s become of the bombarded cities in Ukraine they say “I don’t believe it, I’m with Putin”.

So yeah… There are people who protest, but unfortunately the majority is still in favor of this madness.

#13 Brett in Calgary on 03.04.22 at 4:23 pm

So much in this world is moving, so fast. The first 41 years of my life were boring compared to 2020 – present. Anyone buying houses now in the GTA/YVR does not understand markets.

Did you see that natural gas spiked to the equivalent of $360/barrel in Germany after a pipe from Russia was shutdown? Wow.

#14 XEQT and chill on 03.04.22 at 4:24 pm

Just remember. They’re not sanctions. They are a special financial operation.

#15 Dave on 03.04.22 at 4:24 pm

No need for martial law in Russia, Putin has already created a dictatorship. These sanctions are hitting Russia hard and will have huge effects. The young and educated will leave, causing brain drain and the country will continue to decline. Let’s hope one of the oligarchs has had enough and puts a bounty on Putin’s head.

#16 Søren Angst on 03.04.22 at 4:27 pm

Good warning Garth.

We’ll see if Cdn RE loses value. It seems to me it’s the Cdn way to have equity on retirement and Cdns, rightly or wrongly, fear Mr. Market.

That’s going to be a hard sell to get Cdns to part their way with RE.

And for speculators it’s quick tax free money.

—————–

Some humour today on Twitter besides the incessant Russia Ukraine war…well, no horrific scenes humour.

Apple in their Map App without fanfare labels the Russian Defence Ministry as the Fascist Ministry.
https://twitter.com/rianru/status/1499836612364148739 [scroll replies for the translation and…yeah nerds]

Russian Foreign Ministry upset they can’t get Netflix & their Ugandan Office upset their cats are being sanctioned.
https://twitter.com/mfa_russia/status/1499401761567559683
https://twitter.com/RusEmbUganda/status/1499671953472376832
https://twitter.com/RusEmbUganda/status/1499721938729635850

Advice on the Ukranian Nuclear Plant:
https://twitter.com/thor_benson/status/1499549464767442948

And finally The Kid has added a new group whose aircraft he will track besides Elon and Olgarch jets:

Russian VIP & Putin Jets
https://twitter.com/PutinJet/status/1499750086003367936 [sample and yeah nerds]

#17 Bigmac on 03.04.22 at 4:28 pm

Is it time for Dr. Burry move Canada edition ala j.o’d?

#18 zxcvbnm on 03.04.22 at 4:29 pm

I am but a simple man. Can anybody explain to me why after Tiff raised rates my preferred share etf (CPD-to) went down instead of up? I was very much expecting up, I’m obviously disappointed and confused to see it down. What am I missing? (besides patience)

#19 the Jaguar on 03.04.22 at 4:30 pm

@#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+++++
“It is those young Russian hockey players isn’t it ?”+++
I’m kind of surprised you would post something like that. I guess I misjudged you. Not much of a rebuttal in addition to a borderline smear. Trust you got a little satisfaction out of it.


To Brian: if it’s the Alexei Danilov correspondence, forget it. Won’t get air time here.

To Faron: Notwithstanding your on and off again relationship with Sail Away, it shows character to post the message of concern about his dog.

Well, friday night, my last weekend of freedom. What’s not to be grateful for? That dog Duff has real star quality. What a terrific photo.

#20 Kirk on 03.04.22 at 4:34 pm

Two things:

1) Ron Butler has also recently stated that variable is the way to go, now and moving forward (see tweets).

2) Something is fishy with how Putin has planned all this, both militarily and diplomatically. He’s a psychopath, but he’s not this stupid. Something is coming.

#21 Joey Jeremiah on 03.04.22 at 4:34 pm

The Russians obviously want a buffer between them and NATO, how’s that different than the Cuba missile crisis? They aren’t going after civilians or they would have cut off the gas supply, stop spreading misinformation.

#22 Leftover on 03.04.22 at 4:35 pm

House prices are like building blocks – add to the foundation, up they go. First block was dual incomes, then came CMHC leverage, then FOMO, then zero interest rates. Or something like that.

By 2008, a lot ( a LOT) of Americans had taken out second mortgages to help their kids buy a house in the aftermath of 9/11 and the low rates that followed. That whipsaw created chaos and made the GFC worse when things turned. Multi-generational foreclosures.

Apparently now we’re even worse, with several members of the same family co-signing in addition to BOM down payments. Yikes.

#23 alexinvestor on 03.04.22 at 4:35 pm

Anyone notice that the TSX is the best performing index this year ? I was very down on the Canadian currency, but 100+ oil will solve a lot of issues.

I’m also pretty optimistic on Ukraine holding. Russian logistics are garbage due to rampant corruption, even if Russia has a lot of grunts, there’s no way to get them into Ukraine due to the muddy season. Once supply trucks are toast, there’s no way to build them up quickly either.

#24 Doug t on 03.04.22 at 4:37 pm

Recession guaranteed 2023-24 – rough times these days eh – people can’t catch a break – all that talk about a Great Reset is looking like a high probability- watch your back

#25 Søren Angst on 03.04.22 at 4:46 pm

On nat gas EU may or may not be sanctioned. Conflicting reports from Reuters today and Russian site that confirms it.
https://www.reuters.com/business/energy/russias-yamal-europe-westbound-gas-pipeline-flows-stopped-friday-2022-03-04/
[15% of total gas to EU]

https://www.reuters.com/business/energy/gazprom-says-russian-gas-flows-europe-via-ukraine-continue-normal-2022-03-04/
[this, came out after the above, say it is not]

Russians confirm it – not a pro-Russian site, they tow the line with Putin.
https://ruposters.ru/news/03-03-2022/ostanovlen-tranzit-rossiiskogo-germaniyu

Of course EU will be desperate for oil: Agreement to restore Iran nuclear deal expected within days: European diplomat.
https://twitter.com/FoxNews/status/1499850921483796484
[so much for all the anti-Iran nuclear press over the past few years]

Mind you, the Russians are/will be running out of customers.
https://www.bloomberg.com/news/articles/2022-03-04/white-house-considering-ban-on-russian-oil-imports-to-u-s
https://www.themoscowtimes.com/2022/03/04/russia-running-out-of-oil-customers-a76766

also, Nord Steam 2 AG filed for bankruptcy today.

If so, catastrophic implications for the World’s GDP.

——————

It’s getting real here in Europa folks.

A little more humour to lighten matters up.

https://babylonbee.com/news/8-ways-you-can-protest-the-russian-invasion

“1) Return your Russian mail order bride”

#26 Ben on 03.04.22 at 4:49 pm

Lol

This happened to my sister/parents.

Bought a custom built for 2 mill

Needed a mortgage of 1.2. Only qualified for 700k

Parents co signed

Mom went to lease a new car. Leasing company asked about their outstanding mortgage of 1.2 million.

Parents had no clue what they were signing.

#27 Honest Realtor on 03.04.22 at 4:49 pm

Let’s join together as Canadians to welcome at least 1,000,000 Ukrainians to our country.

This will strengthen our diverse culture and provide an even stronger foundation for decades of growth in property values.

Total number of displaced Ukrainians to date is 1.2 million. Ninety per cent of those are not coming to Canada. – Garth

#28 Sam on 03.04.22 at 4:50 pm

Bank of International Settlements has a risk indicator for banking crises
According to this system, BIS says rising prices are not a problem if they’ve been rising steadily for a decade.

So the rise is no issue for the Canadian bank system (or Australia’s, with their price rises).

I forget the other 3 metrics – but yeah, shocked the heck out of me – if prices had not been rising for 20 years, then rise suddenly, big risk to banking – if they’ve been rising 20 years AND rise again suddenly, no added risk.

#29 Oracle of Ottawa on 03.04.22 at 4:50 pm

I think Putin, with the KGB mindset that he has, will become delusional and paranoid like Stalin before him. And I don’t blame him. It’s just a matter of time before the Oligarchs, who are losing billions, or the population at large will deal with him…in Russian fashion. His days are numbered and it will happen internally.

#30 willworkforpickles on 03.04.22 at 5:00 pm

#175 I don’t know

“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.”
…………………………………………………………………………………………………..

Sorry to have rattled you with fear, but a wake-up call well in advance of the horrific times to come enables those savvy enough to take a closer look at the advanced warnings.

Many could be made aware (not of just inflation related matters as if that’s all i ever speak of here) even prepare, rather than follow the mainstream and bury your heads in the sand, finding out later how caught unawares in the middle of the worst of things all the time, when they arrive, is just mass ignorance and stupidity.

You really must get your information from an unchangeable source like an old encyclopedia or even investopedia.
Old outdated sources that define none of the current unprecedented extremities relevant to current economics.

But that’s okay…keep trying.
You may eventually come around to realize – that which is fed the mainstream with obsolete information, is done to keep the masses fooled, quiet and subdued. You may even one day find yourself a touch ahead of the curve with enough research under your belt if you learn where and how to find it.
Or…at the very least , pay some attention to those who do.

#31 Irony Man on 03.04.22 at 5:01 pm

“Already thousands of protestors have been jailed and a new law states journalists reporting the war can be jailed for 15 years. This is not how a confident society acts.”

I wonder if he’s going to invoke the Emergency Act-ski and freeze people’s assets who contributed to the protests.

#32 Ballingsford on 03.04.22 at 5:11 pm

It’s the speculators who are buying the homes. Probably not the $2 million ones though.
Case in point, I just moved into a new build a few months ago. There are 4 homes in the block next to me, and 5 homes in my block. Out of the 9, three are being rented.

Doesn’t matter how many homes get built to address the housing problem, the prices aren’t coming down and the speculators will buy a lot of them.

#33 Yukon Elvis on 03.04.22 at 5:11 pm

#19 the Jaguar on 03.04.22 at 4:30 pm
@#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+++++
“It is those young Russian hockey players isn’t it ?”+++
I’m kind of surprised you would post something like that. I guess I misjudged you. Not much of a rebuttal in addition to a borderline smear. Trust you got a little satisfaction out of it.
+++++++++++++
I was smiling when i typed that. Seems it wasn’t funny. My sincerest apologies Jag. No offence intended.

#34 Outrage on 03.04.22 at 5:12 pm

DELETED (Anti-immigrant)

#35 Søren Angst on 03.04.22 at 5:15 pm

One last bit of humour from Twitter on the attack of the Ukrainian nuclear reactor.

https://twitter.com/jenn_ruth/status/1499558065288491012

Everyone in the World ganging up on Russia. I cannot believe their economy is going to survive the onslaught for much longer.

For example, the Irish are repossessing leased Russian aircraft.
https://youtu.be/lVvMP0nclVQ?t=1

Let alone crazies like: Lindsey Graham calling on people – from Vladimir Putin’s inner circle – to take him out.

What a messed up World at the moment.

#36 theoryAndPractice on 03.04.22 at 5:16 pm

“How many people in Canada earn over $250,000?

Well, of the 26.8 million tax filers in the latest stats (2019) there were 291,540 in that group. That’s 1.08% of the population.” -GT

You have just started to ask right questions on housing market, but I’m not sure the rest is right explanation. These days, it is very brave to ask questions to find the right answer…

#37 NOSTRADAMUS on 03.04.22 at 5:18 pm

GOING AGAINST THE GRAIN,
At this point in time I believe it is imperative to stay underinvested, particularly when all the the investment gurus think it is foolish to do so. I believe that lowly humble cash has substantial option value,
Why, because it offers the opportunity to respond to potentially deep market losses. Often underestimated both mentally and physically, cash provides the margin of safety that allows one to sleep soundly. In addition, without it, you will continue to kiss the psycho’s ass you work for until the end of time. You can define a free person as someone whose fate is not centrally or directly dependent on his peer assessment. By going to cash now, the odds are extremely high that in the years ahead you will far outpace investors who remain invested. Sure they may get an edge on you in the short-term, and chastise you for missing out, but when the next mean reverting event occurs, the decline will destroy most, if not all, of the returns over the last decade. This isn’t a theoretical assumption, it’s a historical fact. Bonus, Life lesson # 1 when you win the game , stop playing. Sleep tight my little beauties.

#38 Bo Diddley on 03.04.22 at 5:28 pm

Its gonna blow!!!

None of this has added up for a long time, but now it’s just flat out insanity.

Wages are not keeping up with inflation by a long shot.
Interest rates are way the F off from where the would be in a sane world. Would you loan your buddy money for 1 year at 2% today? How about 30 years?

Oil at $115 and rising faster than Trudy’s IQ. We will be staring at $2 at the pumps come this spring/summer. Putin will go ballistic (no-pun intended) and launch a nuke at some point. Another false flag somewhere. Meanwhile, NATO just issued notice today (not making this crap up) that they are ‘ready to go’ should indeed everything hit the fan…

Food prices are off the charts. I just noticed a loaf of Country Harvest Bread is now $4.27 at Giant Tiger. Meanwhile, drugs/poverty/homelessness is out of control the likes of which I’ve never witnessed before, while all the parks in my city have been taken over by squatters and crackheads. Trash/drug paraphanelia lying in the streets everywhere. Corruption/waste at every level of government, along with a prime minister who seems utterly clueless as to how dire the situation really is. Shocker. This man is completely unfit to run a lemonade stand even.

Something is gonna give.

#39 chalkie on 03.04.22 at 5:32 pm

I could only begin to pity the large percentage of the past year’s buyers, when a renewal comes due for a million dollar home that is now only worth $600,000 18 months down the road, and by the way, the banks will now want the 5% plus range come next year, vs the 1.5% that was paid 18 months ago.
A lot of us have lived through a few down turns, to know enough of what is brewing in the distance, and Boo on the big banks for now only lending to someone, who should now have qualified for the loan in the first place, but in some cases encouraging the loans.
Did you know, that a 2% loan going up 2% to 4% is double your payments, so your $2500 loan is now $5000, so you thought is was $50? surprise surprise.
For those that got help, I hope mommy and daddy factored the increases coming at us, into their future payments.
Happy Landings when it strikes.

#40 Reality Check on 03.04.22 at 5:36 pm

The Russians obviously want a buffer between them and NATO, how’s that different than the Cuba missile crisis? They aren’t going after civilians or they would have cut off the gas supply, stop spreading misinformation.
———————-

Can we move on from something that happened 60 years ago, or is that the best the Putin “ain’t that bad” apologists have.

And the US didn’t bomb Havana into rubble.

Yes Cuba has been economically starved by the west but the Cuba leadership decide to throw in with the doomed USSR communist model rather than “evil capitalism”.

#41 dispatches from the basement of the sitataion mudroom on 03.04.22 at 5:38 pm

It’s difficult to understand why banks would allow multiple co-signers in order to reach qualification levels. I always thought co-signers were just for people who hadn’t yet established credit. Seems a recipe for disaster. All these interventions government, family and now banks apparently are why this market never corrected the many times it would have without them. I get that world events have played a hand too but all this has accomplished is making sure that when the inevitable correction does happen it will be very deep and painful for even more people.

#42 Observer on 03.04.22 at 5:40 pm

#21 Joey Jeremiah on 03.04.22 at 4:34 pm
They aren’t going after civilians or they would have cut off the gas supply, stop spreading misinformation.

^^^^^^^^^^^^^^^
If a foreign army came into Canada guns a blazing, intending to dismantle our democratic government and assasinate our elected leaders, would you think that was OK as well?

#43 willworkforpickles on 03.04.22 at 5:44 pm

#24 Doug t

” – all that talk about a Great Reset is looking like a high probability- ”
………………………………………………………………………………………………….
Many nations will resist or even fight this off. A single dominant world nation will have to take control of the planet first. It won’t be the US. Many nations are owed far more by the US than they owe themselves and won’t just settle for a peaceful reset.
It won’t happen on a world scale before WWIII comes sorting out and eliminating a grave many unsustainable economic conditions first.
It will be nothing like what has been sorted out, eliminated and re-made by the means of war ever before in living history.

#44 Let's talk then on 03.04.22 at 5:45 pm

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

So which of those things have changed recently?

Good monetary policy? BoC rate at 0.5% with inflation over 5% – nope.

Tighter lending practices? Maybe

Increased public financial illiteracy? Pfft

Taxpayer-insured mortgages? Isn’t CMHC planning to increase the price of homes eligible for insurance?

#45 Soviet Capitalist on 03.04.22 at 5:54 pm

My realtor told me he can arrange mortgage of over 1 mln with only 10% down, no problem. Hasn’t mentioned anything about co-signators. Said there are brokers who will gladly do it.

I am also not sure whether it’s the buyers taking the big risks here. I feel it’s the tax-payers.

If the buyers become insolvent, then the government will make it optional to pay mortgages and the banks will get some sort of bailouts. So it’s the person you see in the mirror that will have to pay for it.

#46 Blobby on 03.04.22 at 5:56 pm

@#2 canada

WHAT ON EARTH?

Where do you think these people from Ukraine are coming in with > $2m Canadian?

How do you think their money (or Russian money for that matter), suddenly is worth so much?

Grow up.

#47 Søren Angst on 03.04.22 at 5:58 pm

Total number of displaced Ukrainians to date is 1.2 million. Ninety per cent of those are not coming to Canada. – Garth

————-

It could be more than 1.2 million, as of today.

UN reckons there may be upwards of 5 million Ukraine refugees.
https://www.reuters.com/world/europe/invasion-could-drive-5-million-ukrainians-flee-abroad-un-2022-02-25/

Italian MSM figures anywhere from 8-900,000 may be settled in Italia.
https://www.repubblica.it/cronaca/2022/03/02/news/guerra_in_ucraina_mille_profughi_in_italia_ecco_come_funzionera_laccoglienza-339884985/

I say bring those refugees here to Italia. Who would not want such a determined, true grit and democracy loving people in their country?

————-

Appeals in my Region of FVG out today on Twitter for donations to our Civil Protection Agency.
https://twitter.com/ProtCivReg_FVG/status/1499454859090829317

Of course, me wanting to donate €100 this morning can’t ’cause the IDIOT ITALIANS screwed up the directions on how to donate.

So, I tweeted them to fix the issue.

Of course, Italia does not move her butt fast for nobody (she will slow you down to her pace…trust me on this after 7 years here) and has YET TO POST A FIX.

———————-

Benvenuti in Italia.

Ukrainian refugees coming here will have to Master Apparatchiks is all I’ll say.

#48 PeterfromCalgary on 03.04.22 at 6:00 pm

Instead of getting multiple co-signers move to Calgary! In the fourth quarter of last year the median single detached house in Calgary still went for only $515,000.

But hurry with oil over $100 USD these insanely low house prices will go up soon!

FYI: Alberta has no provincial sales tax and is forecasting a budget surplus this year.

#49 DON on 03.04.22 at 6:09 pm

We are all saved!

I just downloaded the Trump truth app. I expect to be even better informed after tonight.

#50 the jaguar on 03.04.22 at 6:28 pm

@#33 yukon elvis. O.k. and Ovechkin is a pretty good player.

#51 Søren Angst on 03.04.22 at 6:36 pm

Crazy Europa Mr. Market stuff.

Some of you I read past few days toying with commodities, resources…well, take a look at this high leverage/risk ETF on Nickel.
https://www.google.com/finance/quote/3NIL:BIT?window=1M

Similar on Wheat.
https://www.google.com/finance/quote/3WHL:BIT?window=1M

Garth, some crazy high risk speculative stuff going on here.

As for me besides today yeah nerds, yeah oil.

My ETN, ETF today:
Mar 4, 5:40:00 PM UTC-5

+0.54% and +1.5%

Good enough for me.

#52 devore on 03.04.22 at 6:40 pm

#41 dispatches from the basement of the sitataion mudroom

Why would a bank care? They just want a number to call to get their money.

#53 Stealth on 03.04.22 at 6:49 pm

Garth,

“ How many people in Canada earn over $250,000?

Well, of the 26.8 million tax filers in the latest stats (2019) there were 291,540 in that group. That’s 1.08% of the population.”

Is this for 1 person or family income (2 people)

Thank you

#54 Linda on 03.04.22 at 6:50 pm

I nominate ‘The Credit Song’ by the Arrogant Worms as the theme song for all those who embrace epic debt. The lyrics are ‘spot on’!

#55 willworkforpickles on 03.04.22 at 6:51 pm

Will the Canadian government expropriate land to build new tiny homes of approximately 750 square feet.
If they will allow unlimited numbers of displaced Ukrainians in , they will have to.
Where are they going to put them all otherwise.
A tiny home as they’re called, can be slapped together in a few days. They could slap 10’s of thousands of them together in a year and will have to if they have even a hope in hell of housing even a portion of that many people.
Trudeau’s gums have been flapping with his lips moving before his brain was engaged once again.

#56 Nick on 03.04.22 at 6:56 pm

Have been hearing overpriced RE since 2012, and it has doubled tripled. BoC and Govt will always come up with tricks to keep it pumped. Always.

#57 Well travelled on 03.04.22 at 6:57 pm

Watching the incredible run-up in housing prices, I wonder just how long it will be until 30 or even 40 year mortgage terms are allowed.

#58 C 340 on 03.04.22 at 7:00 pm

DELETED

#59 crowdedelevatorfartz on 03.04.22 at 7:03 pm

I amazed no one from The Lower Brainland has commented on the price of gas today.

6am today I was driving to work and a Chevron gas station in south Burnaby was selling regular gas at $2.00.9 per liter.
I passed several other stations that were selling at $1.99.9.
This afternoon the stations were all at $1.99.9

Filling up a work truck will now be $150- 200.
A Motorhome for summer vacation, $200- 400
Boats, seadoos, motorcycles, skidoos, etc etc etc.

Welcome to the recession.
Welcome to the recession.

#60 jess on 03.04.22 at 7:05 pm

Hospital bedsTotal, Per 1 000 inhabitants, 2020 or latest available Source: Health care resources
OECD (2022), Hospital beds (indicator). doi: 10.1787/0191328e-en (Accessed on 04 March 2022)

https://data.oecd.org/healtheqt/hospital-beds.htm

https://www.cbc.ca/news/canada/coronavirus-newsletter-2022-mar-4-1.6373440

#61 crowdedelevatorfartz on 03.04.22 at 7:07 pm

@#45 Soviet Capitalist
“If the buyers become insolvent, then the government will make it optional to pay mortgages and the banks will get some sort of bailouts.”

+++
Perhaps capitalism isn’t your cup of tea….

Speaking of T.
Where is the pugnacious little teabag?

#62 wallflower on 03.04.22 at 7:08 pm

Update on the MLS rental scene in my small Ontariowe city
1-Days on market for $1900 though $2500 units* has doubled in past 3 months
2-# basement rentals** at near peak and simply not moving

Finding qualified tenants appears to be pretty tuff stuff.

*Small, noisy places of ~800 sq ft and many built wood – noise from above untenable
**Basement rentals never used to appear on MLS but they are now priced so high …

#63 Quintilian on 03.04.22 at 7:09 pm

Shawn:
“I have shares in Royal bank. Shares are wealth but not money.”

Money is a unit of accounting, a medium of exchange, and yes, it is also a store of wealth.

Wealth, and money are therefore, the same and interchangeable

#64 jess on 03.04.22 at 7:11 pm

poor get more poor

monopsony power

Dollar Tree CEO Michael Witynski—who raked in around $11 million in total compensation last year—announced Tuesday that his company is raising prices to $1.25 at stores across the United States, pointing to the current “inflationary environment.”

“Corporations are using the excuse of inflation to raise prices and make fatter profits.”

But observers weren’t buying Witynski’s explanation for the imminent price hike, which was publicized as Dollar Tree reported $216.8 million in net profits for the third quarter of 2021. The 25% price increase is expected to take effect at Dollar Tree stores nationwide in early 2022.

“Dollar Tree made $1,230,000,000 in profits this year, gave its CEO $10,767,883, and pays workers as little as $8.32 an hour. Over 7,400 Dollar Tree employees are forced to rely on food stamps and Medicaid subsidized by U.S. taxpayers,” Warren Gunnels, majority staff director for Senate Budget Committee Chair Bernie Sanders (I-Vt.), pointed out on Twitter.

“Unfettered greed is corporate America closing U.S. factories where workers made $30/hour, opening sweatshops abroad where workers make 30 cents/hour, hiring U.S. workers to sell the sweatshop goods for $8/hour and blaming inflation for a 25% price increase at Dollar Tree,” Gunnels wrote.
https://www.commondreams.org/news/2021/11/24/dollar-tree-ceo-who-made-over-10-million-last-year-blames-inflation-price-hike-125

Family Dollar’s parent company, Dollar Tree, also has a long record of workplace violations.
In 2021, the Labor Department’s Occupational Safety and Health Administration said Dollar Tree inspections over the prior five years led to penalties of more than $9.3 million.
Dollar Tree has “a history of not taking the safety of its workers and customers seriously,” Danelle Jindra, an OSHA official in Florida, said last year.
ewwww gross what say you mr. icahn?

The conditions described by the US Food and Drug Administration at a Family Dollar warehouse in West Memphis, Arkansas, were skin-crawling.
“Live rodents, dead rodents in various states of decay, rodent feces and urine, evidence of gnawing, nesting and rodent odors throughout the facility, dead birds and bird droppings.” Foul stenches and odors and droppings “too numerous to count.”
A federal review of company records indicated more than 2,300 rodents were discovered in 2021, “demonstrating a history of infestation.”

“No one should be subjected to products stored in the kind of unacceptable conditions that we found in this Family Dollar distribution facility,” Judith McMeekin, the FDA’s associate commissioner for regulatory affairs, said in a statement.

https://www.cnn.com/2022/03/04/business/family-dollar-rat-infestation-memphis-dollar-tree/index.html

#65 Ponzius Pilatus on 03.04.22 at 7:11 pm

Interesting:
The Jews in Odessa, among them Holocaust survivors, are taking their children to safety – To Germany.

Die letzten Juden von Odessa

Die ukrainische Hafenstadt, einst ein Zentrum des Judentums, bereitet sich auf einen Einmarsch vor. Die jüdische Gemeinde, darunter Holocaustüberlebende, bringt ihre Kinder vor Putin in Sicherheit – nach Deutschland.
Aus Odessa berichtet Walter Mayr und Julia Kochetova (Fotos)
04.03.2022, 13.00 Uhr • aus DER SPIEGEL 10/2022

#66 Summertime on 03.04.22 at 7:14 pm

It seems the indications are for both oil (potentially) and grains (certainly) to double in short term and then keep rising, this will translate directly to much higher cost of living and food prices.

The soft spoken central ‘bankers’ charlatans and their interest rates – 0.5 % (?!?) with official CPI 7.5 %, (5.1 % in the place with the biggest ever lairs), unofficial 15 % and accelerating are becoming increasingly pathetic and the only thing still keeping the Ponzi together is the incredible exceptional stupidity of the sheeple who cheers their ‘gains’ without realizing that is not real gain but all smoke and mirrors in an environment that destroys the cost of labour with salaries and income capped in absolute values but quickly decreasing and being destroyed in real/purchasing value.

Let’s see for how long we can sustain exponential ‘gains’ in houses with the cost of labour capped and uber-stretched.

I align with willworkforpicles in the view that this has been highly inflationary for a very long time with the real impact of being hyperinflationary and that current prices are only indication of the total destruction of currency that combined with severely underreported inflation kills are who depend on fixed government ‘indexed’ income. It is basically a theft.

0.5 % rates with inflation 15%? Really?

With 2 % ‘indexing’ of income?

Really?

Houses at 2 millions/15-20 times before tax income? This is just a shelter for dog’s sake. In a worker’s dormitory place with no highly paid jobs but bad weather in the middle of nowhere.

And it seems the fun has not even started.

#67 leebow on 03.04.22 at 7:21 pm

#12 Mr Fox

You will be pleased to know that Transnistria was the next objective in Putin’s plan, as evidenced by Lukashenko’s map blooper (an *accidental* red arrow from Odessa to Moldova, all televised). Rumours are the Baltic countries (NATO members) were to follow after Moldova.

Even those who stupidly ignore human suffering can’t deny the importance of supporting Ukraine in light of the planned attack on a NATO member. Hopefully, Ukraine is where Putin’s ambitions die.

#20 Kirk

Now that more information is coming out, the plan was not stupid. It was crazy bold but actually had a chance of working out if not for multiple leaks and cyber security breaches. Seems, many enough high ranking people in Russia wanted to derail the madness.

Putin had hundreds of operatives placed in Ukraine months in advance. They were supposed to behead the Ukrainian government and seize air fields for paratrooper deployment, all within hours if not minutes. At the same time, the brand new police force was coming in by land. Ukrainians could wake up to a totally new government and a fully functional imported oppressive machine.

Of course this is all a hearsay, but if you recall the events of day 0 – it all fits.

#68 Yukon Elvis on 03.04.22 at 7:23 pm

#42 Observer on 03.04.22 at 5:40 pm

If a foreign army came into Canada guns a blazing, intending to dismantle our democratic government and assasinate our elected leaders, would you think that was OK as well?
+++++++++++++++++
It depends. Which leaders are u referring to ?

#69 Ponzius Pilatus on 03.04.22 at 7:26 pm

#29 Oracle of Ottawa on 03.04.22 at 4:50 pm
I think Putin, with the KGB mindset that he has, will become delusional and paranoid like Stalin before him. And I don’t blame him. It’s just a matter of time before the Oligarchs, who are losing billions, or the population at large will deal with him…in Russian fashion. His days are numbered and it will happen internally.
————————-
-Russian fashion?
What poison him?
Post his head on a spike?
All methods approved by CEF.
I’m tired of the Russian people being portrait as monsters.
Don’t forget the enormous sacrifice they made to defeat Hitler, and kept the West glorious and free.

#70 Ponzius Pilatus on 03.04.22 at 7:29 pm

#50 the jaguar on 03.04.22 at 6:28 pm
@#33 yukon elvis. O.k. and Ovechkin is a pretty good player.
————————
Canadian Hockey fans would be happy if Ovi would be censored.
He could break Gretzy’s record, God forbid.

#71 Nonplused on 03.04.22 at 7:29 pm

“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.”

Well, yes, that would be difficult. But their is no indication that is what Russia intends to do. (We should stop saying “Putin”, Russia has a large political, military, and intelligence apparatus just like the US does and major decisions like this don’t get made by one guy. Say “Russia” or “Russian leadership”.)

My guess is after making sure Ukraine doesn’t have one working AK-47 to their name Russia pulls back to the Danube and incorporates the Russian speaking eastern half of Ukraine, not the corrupt and useless western half. Who would want them? Nothing but a thorn in anybody’s side who choses to deal with them.

As for the Russian economy, well, they have the oil, gas, coal, fertilizer, wheat, steel, aluminum, etc. that the world cannot do without. It’ll be a tough couple of months, but they will just start transacting in Yuan.

You can’t win a fighting war with paper. Money isn’t real. Bullets are.

So who wins the Ukraine war? Well, China. They are going to get newfound access to energy and food, two things they must import, and it will be available by land, so the US navy is out of the picture. No single development in the last 75 years could have worked out more in China’s favor.

Who loses? Europe. Russia ain’t never going to trust doing business with the west again, and likely many other countries in the world will come to similar conclusions.

Sanctions never work. Otherwise we wouldn’t be worrying about Iran, and Cuba would be a capitalist paradise by now. North Korea wouldn’t be testing missiles either. Sanctions are merely a prelude to war.

But anyway, ya, housing. Well, it cost a similar amount to buy tulip bulbs at one point. Houses must be worth more than tulip bulbs, right?

#72 Jason on 03.04.22 at 7:37 pm

So why is my TFSA GICs, RRSP GICs growing now $51,000 a year in compound interest all guaranteed until 2027 a bad idea. As a 65 year old single person living off my CPP, OAS, $22,000 and with no debt, a modest size house and a 3 year old car I am glad my 35 year old plan is working. I am currently live very frugal and only need $11,000 a year of my CPP, OAS and still have $6,000 a year left over. I do have outside my TFSA, RRSP GICs a $12,000 per year laddered GIC for 10 years to help pay for supplemental expenses, inflation, cost of living expenses which I planned this for years as I knew my RRSP should be last thing to take out for my retirement.

#73 willworkforpickles on 03.04.22 at 7:38 pm

#45 Soviet Capitalist

“If the buyers become insolvent, then the government will make it optional to pay mortgages and the banks will get some sort of bailouts. So it’s the person you see in the mirror that will have to pay for it.”
……………………………………………………………………………………………………..

Not in the midst of a sovereign US and Canadian debt crises coming of epic proportion in the next few years.

#74 Flop… on 03.04.22 at 7:46 pm

I saw one of those new Ford Broncos this afternoon.

I know that being on this blog, for this long, has messed with my taste buds, but I thought it looked alright.

With gas being over 2 dollars a litre, I can only afford to drive as fast as O.J Simpson on the highway anyway…

M47BC

#75 KLNR on 03.04.22 at 7:47 pm

crazy amount of putin apologists in here.

Cross-reference them with Trump fans. – Garth

#76 John on 03.04.22 at 7:48 pm

Hey, Jess, with so many social programs, social benefits for kids, families, elderly and so on, the poor, low income Canadians are really well taken care of especially the last 6 years with the Trudeau, Freeland Liberals in power. By the way, all of these social programs, benefits are 100% income tax free unlike many of other Canadians are paying 30% to 50% income tax rates+ CPP, E.I. and many other taxes. The middle class, middle income earners are always getting the shaft.

#77 When Will They Raise Rates? on 03.04.22 at 7:48 pm

“Homes are selling,” Butler says, “but for the last 3 weeks the level of multiple applicants on mortgages to get the application to qualify has gone through the roof – 3 people, 4 people maybe more. Used to be drive till you qualify, now it’s add family co-signers till you qualify.”

That’s good news, because, assuming that one cannot co-sign for multiple properties, the number of eligible co-signers will eventually run out… Then the market will implode.

#78 Big Bucks on 03.04.22 at 7:50 pm

The Ruble has been in the 1 penny range for years and years.It is still not worthless after all the sanctions.It is down about 35% from 2015 but when you think about it so is the CAD$.Russians are used to suffering and it will take a lot more than losing their Google account—they have oil,stockpiles and other partners.Russia,Pakistan,Korea and China will lead the way in a new balance of power regardless of what the actors say.The West is seen as weak and living in a total illusion of debt—that is about to change.Wise to note suffering is relative—those not used to it will really feel it.Russia has played a brilliant chess match and just as oil will hit $200 a barrel they also have the resources for the batteries.This will get very ugly and Canada won’t even know what hit.

#79 Western Values® on 03.04.22 at 7:50 pm

@Nonplused
>Sanctions are merely a prelude to war.

Bingo. The US engineered this. The spineless Europeans will pay, dearly.

Sucks to have weak leaders beholden to US interests… Oh wait, we have Trudeau…

#80 PutinOnTheRitz on 03.04.22 at 7:50 pm

The ruble is worthless and can’t be converted to USD. The store shelves are empty. There’s not outside media allowed. People have worthless money and can’t buy anything. The economy is in shambles.

Guest old Vlad really did bring back the Soviet Union.

#81 willworkforpickles on 03.04.22 at 8:02 pm

#66 Summertime
“I align with willworkforpicles in the view that this has been highly inflationary for a very long time with the real impact of being hyperinflationary and that current prices are only indication of the total destruction of currency that combined with severely underreported inflation kills are who depend on fixed government ‘indexed’ income. It is basically a theft.”
…………………………………………………………………………………………………………

Careful using the word hyper-inflation. Its not weaved into today’s economic condition as bad as inflation is and getting worse anyway. The fallout total madness of hyper-inflation will not arrive before well after the US dollar is upended by an official alternate primary reserve currency.

#82 willworkforpickles on 03.04.22 at 8:10 pm

#78 Big Bucks

…………………….

Good to see others here that can see things from a current global economic perspective for a change.

#83 Sandy on 03.04.22 at 8:10 pm

Jason I hear what you are saying, I just locked in my 2 RRSPs, TFSAs for 10 years in 2 separate GICs being $290,000 today will be $400,000 by maturity. For me is quite an accomplishment as I am only 35. My goal is to have 6 to 7 times this amount by my 65th birthday.

#84 Albertaguy in AB on 03.04.22 at 8:15 pm

Does Ukraine military have required means to destroy stalled Russian tank convoy?

#85 Diamond Dog on 03.04.22 at 8:17 pm

There’s little doubt Putin will ‘win’ a war, but occupying a country of 40 million pissed-off people with AKs will cost much treasure and blood. He cannot win the economy, recover his leadership stature or possibly control his own population. Already thousands of protestors have been jailed and a new law states journalists reporting the war can be jailed for 15 years. This is not how a confident society acts. Martial law could be coming. And Russia could be sliding into depression with a leader whose only tool is brutality. – Garth

Well said, but I don’t think occupation is Putin’s objective. I think its scorched Earth. Putin’s objective with Ukraine is to drive out Ukrainians and slaughter the rest who remain, plant flags, move Russians in and basically just take over the land base.

Putin is on the path to reducing Ukraine’s cities to rubble as we speak. I don’t think there is a plan to occupy, just a plan to exterminate whoever remains and take over. That’s the vibe I’m getting now, it’s not an occupation, it’s “an example”.

The dehumanization of Ukrainians in Putin’s speeches, the cost of occupation, the long standing resentment, I don’t think the average person understands the history of the breakup of the U.S.S.R. . Lets remind, 15 states declared independence in 1991.

https://s3.amazonaws.com/s3.timetoast.com/public/uploads/photos/6846141/Screen-shot-2013-04-28-at-8.50.34-PM.png

Ukraine led the way. They had a large population base, resources and the differences in language and culture can’t be understated here:

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

All one has to do is look at the map below to see why Ukraine separated, not to mention the west had it’s economic poop in a group and Russia did not. The grass really was greener:

https://en.wikipedia.org/wiki/Languages_of_Ukraine#/media/File:UkraineNativeLanguagesCensus2001detailed-en.png

I hear arguments online about how NATO provoked Russia to attack with NATO aggression, It’s Russia provoking nations to join NATA. Even so, there are 2 of 15 nations (Latvia & Estonia) that separated from Russia in 1991, 2 that joined NATO in 2004.

https://en.wikipedia.org/wiki/Enlargement_of_NATO#/media/File:History_of_NATO_enlargement.svg

Sure, NATO has expanded away from Russia’s borders, but not much right at Russia’s borders for fear of provoking a war. And now we have one. The very existence of NATO, the very reason for being has become more than justified now.

The rest of Russia’s bordering nations don’t belong to NATO. Nor do any of Russia’s bordering nations have missiles pointed toward Russia, another myth we will continue to hear from Putin sympathizers, ill informed and propagandists. See for yourselves, who has the capability or could be put up to it. Would Russia even allow that if it was true:

https://wallpapercave.com/wp/wp1987911.jpg

NATO expansion provoking a Putin war on Ukraine, these are Trump era lies meant to pull the U.S. out of NATO and create sympathy for poor Russia. It’s politics backing a choice to support Trump who isn’t just a domestic terrorist, but all too friendly with Putin for election interference and bribery. Putin isn’t just an adversary to European democracies or the U.S., but the entire western world.

Sometimes there really are domestic terrorists and villains in our midst. Some of us just don’t have a BS meter, you know? We become cheerleaders to our political teams of choice but sometimes it gets all too real and we find ourselves on the wrong side of history and can’t accept it. Some of us, if we were shown the true face of evil, we wouldn’t know if from Adam. Some of us, if we were shown poor mental health, we won’t know it from night or day.

I hope I’m wrong about Putin’s objectives in Ukraine, scorched Earth to move in Russians and simply take over the land but logically, Putin doesn’t won’t have the time or resources to occupy. He’ll likely take the quicker route. The socio path. The human cost to that would be so extreme if his own people don’t stop him first… but I think that’s where it’s headed now.

#86 CJohnC on 03.04.22 at 8:21 pm

It’s as if the NRA is running NATO and the UN. “Thoughts and Prayers” only for Ukraine.

Essentially, let Putin have Ukraine as long as it doesn’t effect us too too much. Appeasement is a terrible thing that seldom works out.

#87 jess on 03.04.22 at 8:23 pm

Convoy Leaders’ Emails Reveal Planning Document That Outlines Early Plans to Illegally ‘Occupy’ Ottawa

Newly surfaced document raises questions about what organizers were planning and what Ottawa Police knew before the convoy arrived

https://pressprogress.ca/convoy-leaders-emails-reveal-planning-document-that-outlines-early-plans-to-illegally-occupy-ottawa/

#88 IHCTD9 on 03.04.22 at 8:27 pm

#38 Bo Diddley on 03.04.22 at 5:28 pm
Its gonna blow!!!

None of this has added up for a long time, but now it’s just flat out insanity.

Wages are not keeping up with inflation by a long shot.
Interest rates are way the F off from where the would be in a sane world. Would you loan your buddy money for 1 year at 2% today? How about 30 years?

Oil at $115 and rising faster than Trudy’s IQ. We will be staring at $2 at the pumps come this spring/summer. Putin will go ballistic (no-pun intended) and launch a nuke at some point. Another false flag somewhere. Meanwhile, NATO just issued notice today (not making this crap up) that they are ‘ready to go’ should indeed everything hit the fan…

Food prices are off the charts. I just noticed a loaf of Country Harvest Bread is now $4.27 at Giant Tiger. Meanwhile, drugs/poverty/homelessness is out of control the likes of which I’ve never witnessed before, while all the parks in my city have been taken over by squatters and crackheads. Trash/drug paraphanelia lying in the streets everywhere. Corruption/waste at every level of government, along with a prime minister who seems utterly clueless as to how dire the situation really is. Shocker. This man is completely unfit to run a lemonade stand even.

Something is gonna give.
——- –

House prices up 100% post-Trudeau. Public debt up 100% post-Trudeau. Government stupidity up 100% post-Trudeau.

See a trend here? Trudeau has wrecked this once great country. Hopefully you got a life on the go before he was elected. If not, look into your options for a US green card, this country ain’t worth near the cost anymore.

It’s amazing how much damage one guy can do. Average home price in Toronto before Trudeau was elected was 630k. Today it’s 1.3 Mil. Sfd’s over 2 Mil.

What a freaking disaster.

#89 Yukon Elvis on 03.04.22 at 8:27 pm

#50 the jaguar on 03.04.22 at 6:28 pm
@#33 yukon elvis. O.k. and Ovechkin is a pretty good player.
+++++++++++++++++
The best. Sigh….

#90 When Will They Raise Rates? on 03.04.22 at 8:37 pm

#80 PutinOnTheRitz on 03.04.22 at 7:50 pm

The ruble is worthless and can’t be converted to USD. The store shelves are empty. There’s not outside media allowed. People have worthless money and can’t buy anything. The economy is in shambles.

———-

Those with foresight converted their fiat to PMs and bitcoin and they will be ok… Everyone else is screwed.

Is there a lesson here?

#91 Satori on 03.04.22 at 8:39 pm

#39 chalkie on 03.04.22 at 5:32 pm

Did you know, that a 2% loan going up 2% to 4% is double your payments, so your $2500 loan is now $5000, so you thought is was $50? surprise surprise.
———————————————–
Yikes! Certainly going to be an interesting year ahead!

#92 IHCTD9 on 03.04.22 at 8:46 pm

#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…

———

Inexplicably, gas right back down to 1.659. Nearest enroute on the 401 is 1.81.

What a joke.

1K added back on to to sale of HD.

#93 Ustabe on 03.04.22 at 8:53 pm

#49 DON on 03.04.22 at 6:09 pm

We are all saved!

I just downloaded the Trump truth app. I expect to be even better informed after tonight.

Did you read the terms and conditions?

#94 John in Mtl on 03.04.22 at 8:59 pm

This just in (maybe its old news to some):

“Trump was not elected,
he was Putin office”

So there!

#95 neptunian on 03.04.22 at 9:00 pm

Canadian RE market has been well beyond any rational thinkings/theories. the current price doesn’t make any sense based on any analysis/theory etc, but it is a reality. those who have been bearish in last 10 years have paid huge price. How many 10 years we have in our life?

buy when you need it and can afford it, don’t time it

#96 Ever Wonder on 03.04.22 at 9:03 pm

Face it, the USA rate cycle is now over before it began.

The rising US$ will cause a global tightening of credit and dampen stock markets.

But commodities are up big time.

#97 CJohnC on 03.04.22 at 9:05 pm

LOL….Freedom Convoy called along 400 highways in Ontario for Saturday. Really people Get a Life.

Maybe volunteer to go to Ukraine and find out what fighting for freedom is really about.

#98 crowdedelevatorfartz on 03.04.22 at 9:10 pm

@#69 Ponzies Pantaloons Pop
“I’m tired of the Russian people being portrait as monsters.”

++++

Don’t get your knickers in a twist Ponzie.
I haven’t disparaged Russians.
Just the murderous monster in charge of them.

#99 crowdedelevatorfartz on 03.04.22 at 9:19 pm

@#69 Ponzies Poison Problem.

“What poison him?
Post his head on a spike?
All methods approved by CEF.”

++++

Sadly all I did was merely wonder if Putin should be subjected to the exact same thing he has done to his enemies….
Or did Navalny’s survival of a poison assassination attempt skip your mind?

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

Or the poisoning of multiple Russian enemys of Putin…

https://www.chicagotribune.com/nation-world/ct-nw-russian-tea-poisoning-20200820-6gweyb65srgffi7hk4kb6vulne-story.html

Poison Tea…. nice.

Would your prefer Putin drink some of his own “justice”?

Since poisoning seems to be a peculiar Russian form of execution.

I harken back to that age old British tradition of a Head on a Pike….not a spike….
To parade around the Kremlin square to show all the Russian people he’s actually gone and they can breathe again.

#100 Ponzius Pilatus on 03.04.22 at 9:24 pm

#80 PutinOnTheRitz on 03.04.22 at 7:50 pm
The ruble is worthless and can’t be converted to USD. The store shelves are empty. There’s not outside media allowed. People have worthless money and can’t buy anything. The economy is in shambles.

Guest old Vlad really did bring back the Soviet Union.
——————
That’s always been the view of the USSR by Western media during the cold war.
So nothing has changed.
Russians and Americans (capitalism vs. communism) in an eternal struggle.
I remember watching TV during the Cold War.
We got American and Russian News in Austria.
The Americans would always show long line ups and empty shelves.
And the Russians would show poor black neighbor hoods in Harleem and race riots and looting and burning.

#101 uncle dave on 03.04.22 at 9:24 pm

War is just a racket. A racket is best described, I believe, as something that is not what it seems to the majority of people. Only a small inside group knows what it is about. It is conducted for the benefit of the very few at the expense of the masses.

Smedley Butler

#102 PeterfromCalgary on 03.04.22 at 9:26 pm

Lets make a list of people who will benefit from this Ukraine humanitarian and Geo-political disaster.

Lawyers because no CEO wants to end up in prison from violating new sanction laws.

Oil, Gas and coal companies (not in Russia) because these commodities have risen in price.

Weapons manufactures.

Wheat and corn farmers (who are not in Ukraine or Russia) if this lasts long enough to disrupt harvest in Ukraine and exports from Russia.

Who gets hurt:

Everyone else who lives on earth.

#103 crowdedelevatorfartz on 03.04.22 at 9:38 pm

Here ya go people!

https://www.burnabynow.com/local-news/metro-vancouver-gas-prices-smash-all-time-record-high-5125934

2 buck a liter gas.

Ya gotta pay the big bucks to live in “The Best Place on Erf”

#104 just say no on 03.04.22 at 9:39 pm

Lotteries are something? We must not rule out Lotteries, imagine winning one of those weekly jackpots and then going and sharing it with a home seller such as paying way above asking so everybody wins? Why should home sellers not make a few hundred extra thousand from a lotto winner since it was easy money? It also stimulates the housing market because nobody knows really what is going on? So as long as we have weekly jackpot winners and no disclosure on payments it will continue. Up forever and ever.

#105 Ponzius Pilatus on 03.04.22 at 9:40 pm

Everybody is talking about taking in Ukraine refugees.
A few months ago everybody was talking about the Afghan refugees, and how they were left behind and abondend by our Government.
Where are they now?
No one cares.

#106 Doug t on 03.04.22 at 9:50 pm

I don’t have to tell you things are bad. Everybody knows things are bad. It’s a depression. Everybody’s out of work, or scared of losing their job. The dollar buys a nickel’s worth, banks are going bust, shopkeepers keep a gun under the counter, punks are running wild in the street, and there’s nobody anywhere who seems to know what to do, and there’s no end to it! We know the air is unfit to breathe and our food is unfit to eat, and we sit watching our TVs while some local newscaster tells us that today we had fifteen homicides and sixty-three violent crimes, as if that’s the way it’s supposed to be! We know things are bad — worse than bad. They’re crazy. It’s like everything everywhere is going crazy, so we don’t go out anymore. We sit in the house, and slowly the world we are living in is getting smaller, and all we say is: ‘Please, at least leave us alone in our living rooms. Let me have my toaster and my TV and my steel-belted radials and I won’t say anything. Just leave us alone.’ Well, I’m not gonna leave you alone. I want you to get MAD! I don’t want you to protest, I don’t want you to riot, I don’t want you to write to your congressman, because I wouldn’t know what to tell you to write. I don’t know what to do about the depression and the inflation and the Russians and the crime in the street. All I know is that first, you’ve got to get mad! [shouting] You’ve got to say: ‘I’m a human being, goddammit! My life has value!’ So, I want you to get up now. I want all of you to get up out of your chairs. I want you to get up right now and go to the window, open it, and stick your head out, and yell:

#107 45north on 03.04.22 at 9:52 pm

from yesterday

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

I looked up my old neighbourhood on Zolo. Wilson and Weston Road, Toronto

$1.3 million for a house on Walsh Avenue. In 1950, it was $10,000.

Quality of original is mediocre. Poor insulation, cement block foundation, basement has low ceiling, interior design is very limiting. Original walls were lath and plaster. Walsh is a continuation of Wilson Avenue, lots of traffic.

But residential real estate doesn’t adjust this way – incrementally, every day. Housing markets lag the news by a wide margin and continue to be overwhelmed by buyer emotion. Months may pass before changed monetary policy or economic reversal hit. And when they do, it’s the over-leveraged, speculators and recent buyers who are whacked first. Dominoes fall.

that rings true. I’m thinking the house on Walsh will be the first domino.

#108 the Jaguar on 03.04.22 at 9:58 pm

@#101 uncle dave on 03.04.22 at 9:24 pm (Smedley Butler)………….

I am as exhausted and windblown as the adorable Duffster who raises all hopes that some sliver of humanity might somehow lead us to salvation despite every attempt to sabotage such efforts. Before I ‘flake out’ I just have to ask you…… ” Do you think Churchill deliberately sacrificed the Lusitania to draw the Americans into the war?”

If so, how can this fact have been buried in history all these years, or are we just living in an age of deja vu all over again? ( Yogi Berra).

‘Love and memory last and will so endure till the game is called because of darkness.’ (Gene Fowler).

But that is a baseball reference, a superior game to hockey. Ovechkin would have been a five tool player if he had chosen baseball. Sigh.

#109 When Will They Raise Rates? on 03.04.22 at 10:02 pm

#105 Ponzius Pilatus on 03.04.22 at 9:40 pm

Everybody is talking about taking in Ukraine refugees.
A few months ago everybody was talking about the Afghan refugees, and how they were left behind and abondend by our Government.
Where are they now?
No one cares.

———-

Nobody ever cared. Ukraine is the new virtue signal, get with the times.

#110 Don Guillermo on 03.04.22 at 10:08 pm

#50 the jaguar on 03.04.22 at 6:28 pm
@#33 yukon elvis. O.k. and Ovechkin is a pretty good player.
He’s an awesome human being as well as a great athlete. I’ll never forget some years back he was wandering around Edmonton on an extremely cold evening buying winter clothing for a homeless person. He was doing this quietly and unannounced when someone noticed him and took a photo. He wasn’t happy about being recognized. When a reporter asked about it later he stated he’d take questions about the game but not about that. He clearly wasn’t doing it for attention. Classy.

#111 T-Man on 03.04.22 at 10:16 pm

DELETED

#112 canuck on 03.04.22 at 10:17 pm

Cross-reference them with Trump fans. – Garth
_____________________________________________

Yes, Trump the war time President, right? … Wait, what?

#113 Russ on 03.04.22 at 10:21 pm

Doug t on 03.04.22 at 9:50 pm

I don’t have to tell you things are bad. Everybody knows things are bad. It’s a depression. Everybody’s out of work, or scared of losing their job. The dollar buys a nickel’s worth, banks are going bust, shopkeepers keep …
=========================

Hey Doug,

Here’s a decent link for your rant. It is still golden almost 50 years later.

https://www.youtube.com/watch?v=dib2-HBsF08

And you forgot the best part , “… and I’m mad as hell and not going to take it anymore!”

Cheers, R

#114 canuck on 03.04.22 at 10:31 pm

#83 Sandy on 03.04.22 at 8:10 pm

Jason I hear what you are saying, I just locked in my 2 RRSPs, TFSAs for 10 years in 2 separate GICs being $290,000 today will be $400,000 by maturity. For me is quite an accomplishment as I am only 35. My goal is to have 6 to 7 times this amount by my 65th birthday.
___________________________________________

And then what?? You think you can just turn off your frugality after 40 years? Good luck with that. I envy the person that gets to blow all the money you spent a lifetime saving… not you.

Life is meant to be lived, not survived.

#115 Doug in London on 03.04.22 at 10:35 pm

What do you call a co-signer? A fool with a pen.

#116 Michael in-north-york on 03.04.22 at 10:55 pm

#71 Nonplused on 03.04.22 at 7:29 pm

As for the Russian economy, well, they have the oil, gas, coal, fertilizer, wheat, steel, aluminum, etc. that the world cannot do without. It’ll be a tough couple of months, but they will just start transacting in Yuan.
===

Yes and no. After the initial chaos, they will adjust to the Western economic blockade, and start relying mostly on trade with China and other Asian countries.

But they will suffer from a permanent handicap. When India / China / Indonesia can exchange the technologies and send their exports to the West, but Russia can’t, they won’t have much industries other than natural resources extraction.

Instead of being a challenger and a threat for the West, the Kremlin empire will be turned into a resource colony of its more populous and more technologically advanced Asian neighbours.

#117 presley1000 on 03.04.22 at 11:20 pm

Is it time to waste money on bullion yet?

#118 fishman on 03.04.22 at 11:33 pm

#75 (Crazy amount of Putin apologists on here. Cross reference them with Trump fans. Garth.) KLNR is so swarmy. Putin is either your man or he isn’t. If you apologized for him ,or Trump, for that matter, you’d never get off your knees. Otherwise two true statements. Lenin said that history never changes for decades ,then changes decades in weeks. We are now going through Lenin’s weeks.
Trump pumped the brakes on political correctness. Putin brought Liberal Hegemony to a screeching halt. Some of you will be horrified by us Putinistas & Trumpistas as you watch in real time the boa constrictor squeeze the life out of a country. Elections count & so do colour revolutions. Maybe if we play by our refs rules on here we can come to some understanding of this schism. I believe we start with our greatest Canadian, Marshall McLuhan. Instinctively understanding because if you intellectually understand Marshall your way above the pay grade of this blog.The old divisions of religious,class,Marxism,social Marxism,populists, wokettes, etc don’t hold up. Lets go post modern with Virtualists & Physicalists. The keypad/screen is an extension of the Virtualists nervous system. Virtualists control the flow of information & are everywhere the ruling elite. In this second post modern war (1st was Armenia- Azerbaijan war). Russia (Physicalists) have stymied Nato’s (Virtualists)kinetic power. Absorbing their overwhelming non-kinetic power, while judiciously,(for a Russian Army), increasing its kinetic power. Putanists practice realistic politics of the 20th century. Nato practices futuristic politics of the possible of the 21st. century.

#119 Dr V on 03.05.22 at 12:40 am

116 Michael in NY

“Instead of being a challenger and a threat for the West,
the Kremlin empire will be turned into a resource colony
of its more populous and more technologically advanced
Asian neighbours.”
————————————-

A very realistic possibility.

#120 Inadequate on 03.05.22 at 12:53 am

Bet you a dollar to a donut that the value of an apartment in downtown Moscow didn’t drop like “Russian stocks, as a group, on the London equity market have lost 98% of their value”. A prolonged high inflation period in Canada will justify that 2 million dollar house in GTA in no time.

#121 Robert Ash on 03.05.22 at 1:52 am

I watched a Video of Two Indian Generals, who have trained with the Russians, as I believe the Indian Army uses a lot of Russian Arsenals. The two Generals after debating a lot of different pros and cons, of NATOs capabilities and the Russian Armed forces capabilities. The Indians, were fairly confident that NATO could not will a serious Engagement with the Russians. So this is I think a pretty serious matter, not broadcast. The NATO members are somewhat concerned, as to their own limitations.

#122 millmech on 03.05.22 at 2:12 am

#103 CEF
Gas will be $3/liter by summer. A smart person would be watching Iran right now, they only pay attention to Russia.
Maybe a couple of oil tankers attacked and watch oil really jump.
No more fertilizer to be exported from Russia, last year was a bad year for food production and now more throttling of the global food supply.
WEAT is one to watch.

#123 willworkforpickles on 03.05.22 at 3:20 am

The Russian Ukraine war may not be the only major conflict the world will see in 2022.
If the tense Iran nuclear accord situation isn’t soon resolved and negotiations fail, Israel and Iran who have been itching to end each other, could even face off later this year.
This would bring Syria, ally to Iran into it with Israel ally the US.
Israel is greatly opposed to Iran obtaining nukes and Iran is mission bound to wipe out the state of Israel.
It will be a big one when it explodes into war.
Whether its later this year or soon after, war is coming nonetheless to the mid-east.

#124 Joe Lalonde on 03.05.22 at 5:43 am

Hey Garth,

Try booting your kid out to a house and Employment.
Impossible.
Even trying to send the little bastard to North Bay, Ontario was a bidding war on a house.
25 bidders and house went $125,000 over asking.
Of course, the parents would have to be co-signers as well.
So, chances are if they quit or became lazy…who’s still paying…

Hmmm, what to do, what to do?

#125 under the radar on 03.05.22 at 6:37 am

Putin cannot last. His brutal folly has guaranteed him a spot next to Slobidan.

Another 10 days in Miami- Real estate is hot, no inventory. However, a decent 1000 sq ft resale condo can still be purchased for $350-400.00 a sq ft but you will be competing and will need to spend $ on upgrades.

A Million still goes a long way once you get off the beach. Restaurants are busy as are the hotels. 2 years ago, a decent hotel room was $500 a night now its 1,000.00 and fully booked.

#126 crowdedelevatorfartz on 03.05.22 at 7:35 am

@#118 fishman

My head hurts from reading that twice but I’ll take a kinetic stab at it.
The Virtualists ( elite) generally rule until the dirty, smelly Physicalists ( the unwashed, uneducated plebes) revolt.
Europe ( and for the most part, the world) have lived, uncharacteristically, under 80 years of peace.

Time for a donneybrook where everyone has to take a side or be rendered a serf.

I see Trudeau is flying to Europe this week to meet with EU leaders to show a unified face against the Russian menace.
Hopefully he puts his stern face on and isn’t allowed to speak.

#127 crowdedelevatorfartz on 03.05.22 at 7:36 am

@#115 Doug

What do you call a fool with a pen?
A parent.

#128 Joe Lalonde on 03.05.22 at 7:44 am

Russia’s currency has also switched to a gold backed currency exchange standard.

Our Western Nations Economies are about to become ‘Roadkill’ as Russia realignment of countries crush the hangers on to the US Dollar with higher and higher inflation and a totally destroyed supply chain structure off of Russia and China.

https://www.algora.com/Algora_blog/2022/03/04/how-russia-will-counterpunch-the-u-s-eu-declaration-of-war

#129 millmech on 03.05.22 at 8:06 am

Tesla is still a great buy, not just for the EV, but for the battery technology. This will be needed because to charge the billions of EV vehicles, solar and wind would not be effective as most electric vehicles are charged overnight. The electrical infrastructure upgrades to support two charging EVs per household along with the power draw of regular life will cause rolling blackouts.

#130 Phylis on 03.05.22 at 8:36 am

#32 Ballingsford on 03.04.22 at 5:11 pm
It’s the speculators who are buying the homes. Probably not the $2 million ones though.
Case in point, I just moved into a new build a few months ago. There are 4 homes in the block next to me, and 5 homes in my block. Out of the 9, three are being rented.

Doesn’t matter how many homes get built to address the housing problem, the prices aren’t coming down and the speculators will buy a lot of them.
Xxxxxxxx
Won’t the speculators be the first to sell? Say, when they see the margins dry up? Dominos, races to the exit? The bagholders are the ones to be hurt. Fast spec’er remain spec’ers. The slow ones will change their hat for a bag.

#131 Catmandeux on 03.05.22 at 9:12 am

#105 Ponzius Pilatus
Everybody is talking about taking in Ukraine refugees.
A few months ago everybody was talking about the Afghan refugees, and how they were left behind and abondend by our Government.
Where are they now?

Some, including some of the translators who worked with the Canadian military, are in the Ukraine.
https://www.theglobeandmail.com/world/article-ukraine-leads-daring-rescue-of-canada-bound-afghans/
https://www.cbc.ca/radio/asithappens/as-it-happens-the-friday-edition-1.6364400/afghan-refugees-international-students-stranded-in-ukraine-as-russia-attacks-1.6364912

#132 VladTor on 03.05.22 at 9:24 am

Garth ….The impact of global sanctions cannot be overstated.

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

Agree! But….this is shooting in your own leg.

Russia has not yet submitted its counter-sanctions. They wait until the prices of everything go up and that’s when… they will impose sanctions that will raise prices even more! And that’s right !
The impact will be shocking for the Western economy. It should be remembered, and politicians in their narrow interests have forgotten about this. There is no Russian or Chinese economy in the modern world. There is only the global economy. See Garth – the price of gas in Europe was $ 2,000 yesterday. 2000 – growth from 1000 in a few days!!!!
The price of metals and commodities is growing rapidly!

Gasoline in Canada last night in Toronto was already 1.7. Every single day only UP…UP …UP!!!!

There are no Russian counter-sanctions yet. But they will! Sanctions is a two-way street. We are waiting ! Garth, why the Western economy should collapse in response to Western sanctions against Russia.

Personally, I don’t need such sanctions. These are sanctions not only against Putin, but also against all of us, against our wallets.

About the rest. Visa and Master will lose their remaining market share in Russia. Russia has its own payment system MIR. Everyone will use only it. The dollar exchange rate doesn’t matter now because the bank has stopped selling it. This is the right thing to do in a crisis. Russia need to protect they gold and foreign exchange reserves. And in general, in Russia, the economy is actually bad now, but not so much as CNN and others media write about it. This is all basically a lie.
Let’s look at our prices in a month or two and then see what will happen to the liberal government.

I am in favor of sanctions against countries that are on the other side of the globe, but which do not affect the well-being of my country and family.

#133 the Jaguar on 03.05.22 at 9:46 am

@#118 fishman on 03.04.22 at 11:33 pm
‘The old divisions of religious,class,Marxism,social Marxism,populists, wokettes, etc don’t hold up.’ ++

What does hold up are the old tribal divisions, i.e. the Polskies hate the Russians, Germany, Britain and France hate the Germans and vis versa, and when you wade into eastern areas like Bosnia the ethnic/religious divisions become searing. Believing these divisions don’t exist anymore also doesn’t ‘hold up’. Doesn’t help that the USA is currently is such a state of of decay. ( insert structural or moral there, as you like…).

Oh, and who is calling who a ‘resource colony’?

#134 All lies and manipulated on 03.05.22 at 9:47 am

China will have Putins back and the West will die overtime.
This war is a world changing event and not for our good.
It will never be the same.
There are idiots in charge of the west and thats scary as hell.

Mad Max has it bang on.
“The covid hysteria seems to be over, but it was quickly replaced by another one.
Stop worrying about the covid mess or the rising inflation. The Russians are coming!
Just two weeks ago, Justin Trudeau and Chrystia Freeland were giving themselves extraordinary powers to crush a peaceful demonstration and freeze the bank accounts of freedom loving Canadians.

Now they claim to be defending freedom on another continent!

I deplore the Russian invasion of Ukraine. The loss of innocent lives and the destruction that war brings can never be justified.

But Canada has no business getting involved in this conflict.

The West and NATO have horribly managed relations with Russia since the end of the Cold War.

Putin has a point when he says he can’t accept hostile troops and missiles in Ukraine, just like the US did not in Cuba in 1962 and would not if Mexico aligned with China or Russia today.

We could have avoided this war if we had given Russia assurances that Ukraine would not join NATO.

Instead of making empty promises and pushing Ukraine to defy Putin only to abandon it to its fate, the West should have supported this solution in the first place.

The economic sanctions on Russia are destabilizing the global financial and monetary system. We are also pushing the Russians into the arms of the Chinese communist regime.

I believe this is a geopolitical blunder on the West’s part that will have huge economic and military consequences.

This being said, we obviously cannot support a murderous autocrat willing to invade another country and to kill innocents instead of resorting to diplomacy.

Canada should stay out of this explosive situation. We should not take part in the escalation of this conflict. One that could lead to a nuclear war.”

#135 Dharma Bum on 03.05.22 at 9:49 am

#100 Ponzius

I remember watching TV during the Cold War.
We got American and Russian News in Austria.
The Americans would always show long line ups and empty shelves.
And the Russians would show poor black neighbourhoods in Harlem and race riots and looting and burning.
———————————————————————————————————–

Ahhhhh…the good old days!

When the media actually reported the truth!

#136 Dharma Bum on 03.05.22 at 9:52 am

#126 Crowdie

I see Trudeau is flying to Europe this week to meet with EU leaders to show a unified face against the Russian menace.
Hopefully he puts his stern face on and isn’t allowed to speak.
———————————————————————————————————

You think Trudeau will show a “unified face” and put on a “stern face”?

Possibly.

I think the only thing he actually knows how to put on is blackface.

#137 Michael in-north-york on 03.05.22 at 10:00 am

#128 Joe Lalonde

Nah, Russia will lose the economic war with us, and they will lose big time.

Of course, the West will not be the main winner there. You can guess who will. We have to accept that.

#138 George S on 03.05.22 at 10:02 am

One the first bit of financial advice that I remember from my childhood was to never co-sign a loan for anybody, ever, no matter who.
My grandfather co-signed on a loan to buy a binder (a grain harvesting machine) for his brother. Then his brother died. He paid monthly payments that he couldn’t afford for 20 years on a binder he never got to use.

#139 All lies and manipulated on 03.05.22 at 10:02 am

#78 Big Bucks on 03.04.22 at 7:50 pm
——————-
Our news is full of crap. Putin in China will have your asses in 10 years.
China already anounced their plans for global dominance. This is the beginning of the end for democracies in my view.
All you have to do in look at stupid 1 and stupid 2.
T2 Biden crew. Pathetic.

The only way to crush this is to take Putin out now.

#140 Sail Away on 03.05.22 at 10:43 am

#139 All lies and manipulated on 03.05.22 at 10:02 am

The only way to crush this is to take Putin out now.

———-

Ummm…

Please provide implementation details. Full frontal nukes? Captain America? Wishing really, really hard?

#141 canuck on 03.05.22 at 10:45 am

#124 Joe Lalonde on 03.05.22 at 5:43 am

Hey Garth,

Try booting your kid out to a house and Employment.
Impossible.
Even trying to send the little bastard to North Bay, Ontario was a bidding war on a house.
25 bidders and house went $125,000 over asking.
Of course, the parents would have to be co-signers as well.
So, chances are if they quit or became lazy…who’s still paying…

Hmmm, what to do, what to do?
___________________________________________

Quit coddling them so they learn to stand on their own two feet. The lost art of parenting…

#142 Linda on 03.05.22 at 10:45 am

#55 ‘will’ – first off, in order to be considered a ‘tiny’ house the square footage can’t exceed 400 square feet. So 750 would be a small house. Second, various levels of government have been making promises to build ‘affordable housing’ in vast quantities for quite some time now. Said promises range from 10,000 units to as many as 1 million units over a 10 year time span. Let’s just say none of the promises have come true in the allotted time span. Or at all in most cases. Third, while I for one agree that housing is a necessity & that arrangements would have to be made to house an influx of new refugees/immigrants, the true fly in the ointment right now is the ongoing supply chain disruptions. Goods are still arriving, items including houses are still being built but the estimated time for getting work done has had to be extended by a considerable amount. A neighbor down the street ordered a new garage door last autumn. It finally arrived & was installed this past week. Nothing ‘special’ or extra fancy – just a regular door from the catalogue but what normally would have been done in a week at most took nearly six months. If a single door takes so long, I’d say the chances building supplies for a completed house are going to see similar delays, even if the house is ‘only’ 750 square feet in size.

#143 All lies and manipulated on 03.05.22 at 10:50 am

DELETED

#144 Satori on 03.05.22 at 10:55 am

#83 Sandy on 03.04.22 at 8:10 pm

Jason I hear what you are saying, I just locked in my 2 RRSPs, TFSAs for 10 years in 2 separate GICs being $290,000 today will be $400,000 by maturity. For me is quite an accomplishment as I am only 35. My goal is to have 6 to 7 times this amount by my 65th birthday.
———————————————————-
You could have doubled your money, guess you haven’t been reading any free advice given on this blog. Sad to hear of your decade long deposit.

I hope you are at very least travelling, seeing the world, making memories rather than 9-5 then home then netflix then 9-5. You might be proud of being able to die rich but ‘time’ you will never get back… and that is “if” you make it to 65. Tick tock… you are running out of sand.

I work with a woman, 49, works, sleeps, works. She does nothing, goes nowhere, has no one and loves to brag about how much money she has saved. After all those years of making ‘saving’ her only goal in life… it’s calcified. She won’t suddenly become a spender when she retires and she will die rich.

Life is an adventure.

What do you need, a few pounds of food, shelter, 6 feet to lay in, and a work that gives you a sense of accomplishment. That is it, yet we get caught up with saving every nickel, then getting mortgages, doing time payments, preposterous gadgetry and before you know it… the doors of youth are closed. So what shall it be Sandy? Bankruptcy of purse, or bankruptcy of life?

#145 All lies and manipulated on 03.05.22 at 11:16 am

#140 Sail Away on 03.05.22 at 10:43 am
————
Biden cant tie his shoes. Look at Afghanistan and the boarder.
Time to act has long past.
US does have technologies that the public are unaware of.
First you need to locate Putin. They have what they call the Death Ray in satellites.
It has the ability to dematerialize anything.
Doesnt matter. It could all have been avoided.
Its too late.
They unleased what is now a mad man and China has his back in a big way. Just hope the nukes dont fly.
As we sit in Mexico sipping our bevies.

#146 willworkforpickles on 03.05.22 at 12:15 pm

#142 Linda

The government is just fast at printing money.

Regarding those tiny houses…they are called that stateside starting at 400 sq ft to 1000 sq ft with a 750 sq footer being the average.

#147 Brian on 03.05.22 at 12:20 pm

DELETED

#148 dragonfly58 on 03.05.22 at 12:37 pm

I am afraid it’s always a trade off Satori. At least for a good 85% of us.
Travel would be nice, but a very large commitment of an ever shrinking disposable $ in most Canadian households.
My plan was establish a home base, then branch out into whatever activities I developed an interest in.
As my life unfolded rising costs vs a nearly stagnant paycheque gave me a life of increasing limitations as the decades passed.
Sadly no money tree in the backyard , or even a Lottery win. Just a modest , middle class, Canadian income. In my early 20’s I made decent money when working , Skilled Trade, but did a significant amount of post secondary school to move beyond that life. Things were reasonably good for a time, even if paying back the student loan’s took a sizable bite, and house and family costs took care of most of what was left over.
These days retired, and yes , a modest house paid for. But travel ? Give me a break , unless you are talking about day trips in my geographic area.

#149 Sail Away on 03.05.22 at 12:41 pm

#145 All lies and manipulated on 03.05.22 at 11:16 am

US does have technologies that the public are unaware of.
First you need to locate Putin. They have what they call the Death Ray in satellites.
It has the ability to dematerialize anything.

——–

Ah, yes. The Death Ray.

#150 Overheardyou on 03.05.22 at 1:10 pm

On the upside, the more the merrier, if the primary applicant’s can’t afford the payments they have a legal back up payment plan from their co applicants

#151 Linda on 03.05.22 at 2:52 pm

#146 ‘will’ – I wonder how much in the way of supplies the government has to hand for printing money with? Talk about your specialized item.

Yes, States side would definitely place 750 square feet in the ‘tiny’ category!

#152 Phylis on 03.05.22 at 3:58 pm

#149 Sail Away on 03.05.22 at 12:41 pm
#145 All lies and manipulated on 03.05.22 at 11:16 am

US does have technologies that the public are unaware of.
First you need to locate Putin. They have what they call the Death Ray in satellites.
It has the ability to dematerialize anything.

——–

Ah, yes. The Death Ray.
Xxxxx
Ssshhh, Tesla papers did not disappear.

This is such a fun place to be.

#153 jefferson on 03.06.22 at 5:24 am

For what it’s worth, my landlord is a realtor around Newmarket, On and owns 6 houses from what I understand and rents them all out. I know he bought my rental for about $650k 4-5 years ago which has now doubled… So multiply that by six and you have a guy doing pretty well for himself…. People hear stories like that and aspire to that, not working like a slave breaking even then and making 4% on their meagre investments, or even losing some years…Not saying I agree or not, just what I see..

#154 DC on 03.06.22 at 10:17 am

Whoever posted that thing about GICs… ’10 years in 2 separate GICs’… well its a bit shameful on this site. First its about spreading your money around, that is diversifying into multiple different investments. Second, rates are going up, so if you really wanted to get into GICs, you could have slowly went in at hopefully higher rates each time. And third, really now GICs, there are some nice ETFs out there with better far rates of return; there might be some risk but over 10 years the ‘noise’ filters out.

#155 Mr Canada on 03.06.22 at 12:27 pm

If you co-sign a mortgage, ensure you have a generous secured HELCO set up for yourself beforehand. If you apply for mortgage financing later, your co-sign obligation will factor into your Gross Debt Service Ratio (GDS) even though the mortgagee you guaranteed is making all the payments. You might find it a challenge to get a new mortgage approved later.